Ascencio Sa · EURONEXT:ASCE
Ascencio Sa — H1 2024/2025 Earnings Presentation
46 slides from Ascencio Sa's earnings presentation, August 2025
Slide 1: Presentation Half-year results 2024/2025
Presentation Half-year results 2024/2025
Slide 2: Table of contents
Table of contents 01 02 03 04 Financial & Activity Financials Outlook real estate summary markets 05 06 Q&A Appendices
Slide 3: Financial & real estate markets
Financial & real estate markets 01
Slide 4: Financial Market: interest rates, inflation and stock market
4,00 -1,00 0,00 1,00 3,00 2,00 -0,50 4,50 0,50 3,50 1,50 2,50 sept.-19 déc.-19 01 mars-20 juin-20 Interest rates sept.-20 déc.-20 mars-21 juin-21 sept.-21 déc.-21 mars-22 Financial Market FINANCIAL & REAL ESTATE MARKETS juin-22 sept.-22 déc.-22 mars-23 juin-23 sept.-23 ASCENCIO IN A NUTSHELL déc.-23
Slide 5: Real Estate Market - Retail
01 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Prime yields 7,00% 6,00% 5,00% 4,00% Real Estate Market - Retail 2019 2020 2021 2022 2023 2024 Belgium France Spain Prime rents Investment volumes 7,000 250 6,000 200 5,000 € bilion 150 4,000
Slide 6: Activity summary
— ascencio Activity a’ summary =
Slide 7: Letting activity summary
03 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Letting activity summary 9 new leases 7 leases renewed 2 short term 17,000 m portfolio surface) + 15 leases (4% of the Previous rental level -8.4% New rental level Estimated +7.5% rental valu
Slide 8: EPRA occupancy rate
03 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES EPRA occupancy rate Occupancy rate evolution Evolution of EPRA occupancy rate 31.03.25 30.09.24 ∆ 100% Belgium 95,8% 96.9% -1,1% 96% France 97.7% 98,7% -1,0% 95% Spain 100.0% 100.0% 0.0% TOTA
Slide 9: Operational activity
03 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Operational activity €0.4 million €0.5 million Ghlin Gent (BE) (BE) & Hannut (BE) & Chanas (FR) Disposal: +2 Preliminary sale Investments: agreements: Roofs & facade renovation Stand alone –
Slide 10: ESG Achievements
03 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES ESG Achievements Environment Social Governance Car charging stations : Ascencio Academy : Revaluation of internal operational process Commissioning of first stations in France organization of
Slide 11: Valuations
03 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Valuations Evolution of portfolio valuation Change in Fair Value 31.03.25 30.09.24 (half year 2024/2025) : 15,0% - €0,6 million Δ Fair Value INVESTMENT Geographical Fair Value Fair Value (exc
Slide 12: Financial activity
03 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Financial activity Refinancing activity HY 2024/2025 Outstanding debt maturities as of 31.03.2025 3 new revolving bank credit lines €60 million Duration 6 years (millions EUR) 110 100 90 80 O
Slide 13: Financial activity: hedging
03 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Financial activity Hedge Ratio as of 31.03.2025 : 95.2% (vs 95.5% as of 30/09/24) Hedging activity 2024/2025 Hedge structure as of 31.03.2025 (€ million) 1 Acquisition of 5 IRS payers : €55 m
Slide 14: Cost of debt evolution
03 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Cost of debt evolution Average cost of debt 2.18% (vs 2.22% as of 30/09/24) 4,5% 4,0% 3,5% 3,0% 2,5% 2,0% 1,5% 1,0% 0,5% 0,0% -0,5% -1,0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 202
Slide 15: Financials
Financials 03
Slide 16: Annual consolidated results HY 2024/2025
04 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Annual consolidated results HY 2024/2025 Rental income evolution 31.03.2025 31.03.2024 (€000s) 31.03.2025 31.03.2024 Δ Operating margin 82.4% 82.4% Belgium 15,044 14,859 1.2% Net result per s
Slide 17: Balance sheet as of 31/03/2025
04 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Balance sheet as of 31/03/2025 Evolution IFRS NAV (HY) 2024 68,00 2025 67,15 Total real estate 67,00 portfolio 746.0 748.6 (€ million) 66,00 2,88 0,05 65,69 -0,09 0,00 Total balance sheet 65,
Slide 18: Stock market context vs Ascencio
04 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Stock market context vs Ascencio Share price & dividend policy 130 150 110 90 100 70 50 50 31.03.2025 30.09.2024 30 0 mars-25 sept.-21 sept.-22 sept.-24 sept.-19 sept.-20 sept.-23 mars-21 mar
Slide 19: Outlook
Outlook 04
Slide 20: Portfolio Management
04 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Portfolio Management • Anticipating retailers’ needs & monitoring their financial health →Continuous dialogue Further implementation of ESG initiatives & value creation within the portfolio C
Slide 21: Financial calendar 2024/2025
04 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Financial calendar 2024/2025 6 February 2025 31 January 2026 (2:30 p.m.) Coupon payment date Ordinary General Meeting (Ex date) of Shareholders 2024/2025 7 February 2025 13 August 2025 (5:40
Slide 22: Ascencio
— ascencio
Slide 23: Appendices
Appendices 06
Slide 24: Valuations (as of 30.09.2024)
07 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Valuations (as of 30.09.2024) Average rent of the portfolio Portfolio yield vs interest rates evolutions €/m² 8,00% 200 7,00% 180 171 6,00% 160 150 140 5,00% 120 123 4,00% 107 Belgium France
Slide 25: Rental income evolution (K€)
07 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Rental income evolution (K€) 27.400 62 27.200 843 0 27.078 -160 -16 27.000 26.800 26.600 26.400 26.349 26.200 26.000 Rental income 31/03/24 Base rents evolution ESG rents evolution Acquisitio
Slide 26: Consolidated results
07 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Consolidated results (€000s) 31.03.2025 31.03.2024 Δ% Belgium 15.044 14.859 1.2% France 11.032 10.517 4.9% (€000s) 31.03.2025 31.03.2024 Δ Spain 1.002 973 3.0% RENTAL INCOME 27,078 26,349 2.8
Slide 27: Evolution EPRA NTA (€/share)
07 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Evolution EPRA NTA (€/share) 70,00 68,00 66,00 65,80 2,88 64,23 64,00 -0,06 -0,09 62,00 -4,30 60,00 58,00 EPRA NTA 30/09/2024 dividend paid EPRA Earnings Others RE portfolio revaluation EPRA
Slide 28: Balance sheet
07 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Balance sheet (€000s) 31/03/2025 30/09/2024 ASSETS 780,385 780,658 Intangible assets 363 375 Investment properties 746,034 748,621 Other tangible assets 823 963 Other non-current assets 16,30
Slide 29: Who we are
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Slide 30: REIT Belgium, France & Spain
07 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Operating in Investing in Listed Belgium, Under the on Euronext supermarkets A Belgian France & Spain SIR/GVV, SIIC Brussels & retail parks & SOCIMI status REIT Since 2007
Slide 31: Supermarkets
07 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Supermarkets Strategic locations 40% of Intermarché, Ascencio’s Ottignies (BE) income Meeting consumers’ i primary needs Ascencio’s DNA Limited impact of e-commerce Grand frais, Échirolles (F
Slide 32: Retail parks
07 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Retail parks Retail mix Parc des Drapeaux, Primary Caen (FR) needs Good conversion rate Accessibility in periphery Size and flexibility of retail spaces (omnicanality) Bellefleur, Charleroi (
Slide 33: Customer-centric approach
07 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Customer-centric approach Asset Management Marketing & Property Communication Tenants Management Customer Operations services & ESG
Slide 34: Active in Belgium, France & Spain
07 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Active in Belgium, France & Spain Retail parks Supermarkets Others
Slide 35: Evolution of the portfolio
07 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Evolution of the portfolio 101 440.000 m2 Retail properties Size of portfolio (€ million) 800 700 600 500 400 300 200 100 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (HY) Belgium
Slide 36: History
07 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES History 2006 2007 2010 2011 Creation of Ascencio Ascencio is listed on Acquisition of 7 Grand Frais Acquisition of 2 retail parks : Euronext Brussels supermarkets (FR) • « Le parc des Bouchar
Slide 37: Shareholding structure
07 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Shareholding structure 5% 10% Patronale Life Carl, Eric, John Mestdagh and controlled companies 85% Free float
Slide 38: Status
07 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Status SIR/GVV SIIC SOCIMI (Belgium) (France) (Spain) • Risk diversification (20%) • No limitation of debt • Identification of shareholder’s structure • Limitation of debt (65%) • Tax transpa
Slide 39: Ascencio's ESG strategy
07 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES ASCENCIO’S ESG STRATEGY Environment Social Governance • Labelling • Training • Governance structure • Decision-making criteria • In-house consultations • IT tools development • Database & man
Slide 40: Ascencio team
07 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Ascencio team Number of team members : 21 13 08 women men Average age of employees : 42 years Human Resources CEO Marketing, Communication & Investors Relations Asset Legal management Finance
Slide 41: Company values
07 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Company values Connected Ambition Positive Mind with our customers, our employees, to grow, while respecting Because our projects and adventures are always our partners, our markets market cy
Slide 42: Contacts
07 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Contacts Vincent Cédric Aurore H. Querton Biquet Anbergen Chief Executive Officer Chief Financial Officer Head of IR, Marketing & Communication +32 71 91 95 00 +32 71 91 95 00 aurore.anbergen
Slide 43: Ascencio in a nutshell
Ascencio in a nutshell 7.1
Slide 44: Key Performance Indicators
7.1 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Key Performance Indicators (as of 30.09.24) 440,000 m2 101 Size of the portfolio Number of properties €750 million €54 million 97.8% Fair value of the Annual rental Occupancy portfolio incom
Slide 45: Retail sector & tenant distribution
7.1 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Retail sector & tenant distribution (as of 30.09.24) Sectors Tenants Other 11.3% Horeca 2.4% Food 40.3% Intermarché 18.1% Pet shop 3.3% Shoe 3.3% Electro / Multimedia 6.7% Grand Frais 8.6% O
Slide 46: Ascencio SA
Ascencio SA Avenue Jean Mermoz, 1/4 info@ascencio.be 6041 Gosselies +32 (0) 71 91 95 23 www.ascencio.be