Slide 1: Presentation Half-Year Results 2023/2024
P R E S E N TAT I O N H A L F - Y EA R R E S U LT S 2023 / 2024
Slide 2: Financial & Real Estate Markets
FINANCIAL & REAL ESTATE MARKETS REAL ESTATES & 2 FINANCIAL MARKETS
Slide 3: Financial Market
• Inflation FINANCIAL MARKET 14% Belgium France Spain Euro Zone 12% 10% 8% • Interest rates context 6% 4% EURIBOR 3 months IRS 5 years (against E3M) 2% 4,50 0% -2% 4,00 -4% 06-23 09-22 12-22 03-23 09-23 12-23 03-24 3,50 3,00 2,50 • Stock market context BEL 20 total return index EPRA Retail Europe to
Slide 4: Real Estate Market
• Retail prime yields • Retail prime rents REAL ESTATE In €/m2/year 7,0% MARKET 6,5% 6,0% 5,5% 5,0% 4,5% 4,0% 2018 2019 2020 2021 2022 2023 • Investment volumes 7 Belgium 6 France 5 Average Spain In € billion 4 3 2 Average 1 Average 0 REAL ESTATE & 4 2018 2019 2020 2021 2022 2023 FINANCIAL MARKETS
Slide 5: Activity Summary
ACTIVITY SUMMARY ACTIVITY SUMMARY 5
Slide 6: Letting Activity Summary
LETTING ACTIVITY SUMMARY Previous passing rent -3.9% New rental level 3 +12.2% new leases ERV 8 Post-closing info leases renewed Confirmation of the takeover of the 5 Casino stores : • 4 by Intermarché (total rental income ITM : +/-18%) • 1 by Auchan (new tenant) • 9.500 m2 (2.2% of portfolio’s surf
Slide 7: EPRA Occupancy Rate
• EPRA OCCUPANCY RATE • Evolution of EPRA occupancy rate 100,0% 99,0% 98,0% 31/03/2024 30/09/2023 ∆ 97,0% 96,0% Belgium 97.8% 96.9% 0.9% 95,0% France 99.5% 99.0% 0.5% 94,0% 93,0% Spain 100.0% 100.0% 0.0% 92,0% Total 98.6% 97.9% 0.7% 91,0% 90,0% 13/14 14/15 15/16 16/17 17/18 18/19 19/20 20/21 21/22 2
Slide 8: Operational Activity: Developments
OPERATIONAL ACTIVITY €0.6 million • DEVELOPMENTS : ‒ Roof renovations in Belgium & France ‒ Head office renovation ‒ Tenants' installation works Bruges (BE) Gosselies (BE) ACTIVITY SUMMARY 8
Slide 9: Operational Activity: Acquisitions and Disposal
OPERATIONAL ACTIVITY • ACQUISITIONS : • DISPOSAL : Acquisition of 3 newly developed & fully let Disposal of shopping complex in Jemappes retail units in the Bellefleur retail park (Belgium) – 10,000 m² (Belgium) – 3,000 m2 €7.0 million €8.5 million Bellefleur, Couillet (BE) Jemappes (BE) ACTIVITY SU
Slide 10: ESG Achievements
ESG ACHIEVEMENTS Environment Social Governance ✓ Car charging station : ✓ Head office redevelopment / submission of (ongoing) authorization requests ✓ Car policy adaptation : to ✓ Car parks relighting : 100% electric vehicles 15 sites - 70,000m2 + DIGITALISATION PROGRAM ✓ New management system imple
Slide 11: Valuations
VALUATIONS • Evolution of portfolio valuation €000s Average annual portfolio value (in %) % 31/03/2024 30/09/2023 20,0% Δ Fair Value Fair Value Gross Fair Value Gross 15,0% Investment properties % 2023/2024 (€000s) yield (€000s) yield (6 m) 10,0% Belgium 54% 404,822 7.23% 404,493 7.23% 0.9% 5,0% Fra
Slide 12: Financial Activity: Refinancing H1 2023/2024
FINANCIAL ACTIVITY • REFINANCING H1 2023/2024 ✓ 1 new bank credit loan (new financial partner) : €30 million ✓ New emission of Medium Term Notes : €20 million → Average duration : 3.6 years Total debt duration: 3.2 years Average cost of financing H1 2023/2024: 2.16% Total debt duration: 3.2 years AC
Slide 13: Financial Activity: Interest Rate Context and Debt Maturities
FINANCIAL ACTIVITY • INTEREST RATE CONTEXT VS • DEBT MATURITIES AS OF 31/03/2024 ASCENCIO’S COST OF FINANCING (€ million) 4,50% 110 4,00% 100 3,50% 90 3,00% 80 2,50% 70 2,00% 60 1,50% 50 1,00% 40 0,50% 30 0,00% 20 -0,50% 10 -1,00% 0 2019 2020 2021 2022 2023 2024 (6m) 2023/24 2024/25 2025/26 2026/27
Slide 14: Financial Activity: Hedge Ratio and Hedging Policy
FINANCIAL ACTIVITY • HEDGE RATIO AS OF 31/03/2024 • REVIEW OF HEDGING POLICY ✓ Confirmation of strong targeted hedging ratio ✓ Introduction of ranges for increased flexibility ✓ Extended time scope (from 5 to 7 years) • HEDGING ACTIVITY H1 2023/2024 ✓ Acquisition of 5 new IRS (€100 million / 2027-20
Slide 15: Financials
FINANCIALS FINANCIALS 15
Slide 16: Consolidated Results
CONSOLIDATED RESULTS (€000s) 31/03/2024 31/03/2023 Δ% (€000s) 31/03/2024 31/03/2023 Δ Belgium 14,859 14,126 5.2% RENTAL INCOME 26,349 25,066 5,1% France 10,517 10,091 4.2% Rental related charges -76 -155 Spain 973 849 14.6% TOTAL 26,349 25,066 5.1% Recovery of property charges 438 469 Like for Like
Slide 17: Balance Sheet
BALANCE SHEET 31/03/2024 30/09/2023 Total balance sheet (€ million) 775,8 786,5 Total portfolio (€ million) 738,6 740,9 Total equity (€ million) 423,1 444,8 IFRS NAV (€/share) 64,15 67,43 EPRA NTA (€/share) 61,88 63,59 Total debt (€ million) 328,5 320,5 Debt Ratio 44.9% 44.0% EPRA LTV 44.8% 43.4% FI
Slide 18: Share Price & Dividend Policy
SHARE PRICE • Stock market context Ascencio total return index BEL 20 total return index EPRA Retail Europe total return index & DIVIDEND POLICY 140 130 120 31/03/2024 30/09/2023 110 Closing Price 47.60€ 41.30€ 100 Premium/discount (EPRA NTA) -23.1% -38.8% 90 Market cap (€ million) 320.0 272.4 80 Di
Slide 19: Outlook
OUTLOOK OUTLOOK 19
Slide 20: Outlook: Portfolio Management and ESG
✓Portfolio Management • Dynamic letting & property activity • Asset rotation - Targeted divestment of non core assets - Seize investment opportunities ✓ Further implementation of ESG initiatives • Portfolio energy efficiency improvement • Training program of Ascencio team • Optimization of IT manage
Slide 21: Q&A
Q&A Q & A 21
Slide 22: Who We Are
WHO WE ARE WHO WE ARE 22
Slide 23: REIT SIR/GVV, SIIC & SOCIMI
A Belgian Operating in Investing in REIT Belgium, supermarkets France & retail parks & Spain Under the Listed on SIR/GVV, SIIC & SOCIMI Euronext Brussels Since 2007 status WHO WE ARE 23
Slide 24: Supermarkets
SUPERMARKETS STRATEGIC LOCATIONS 40% OF ASCENCIO’S Grand Frais, Echirolles (FR) INCOME MEETING CONSUMERS’ PRIMARY NEEDS ASCENCIO’S DNA LIMITED IMPACT Intermarché, Ottignies (BE) OF E-COMMERCE WHO WE ARE 24
Slide 25: Retail Parks
RETAIL PARKS RETAIL MIX PRIMARY Parc des Drapeaux, Caen (FR) NEEDS GOOD CONVERSION RATE ACCESSIBILITY IN PERIPHERY SIZE AND FLEXIBILITY Bellefleur, Charleroi (BE) OF RETAIL SPACES (OMNICANALITY) WHO WE ARE 25
Slide 26: Active in Belgium, France & Spain
ACTIVE IN BELGIUM, FRANCE & SPAIN • Retail parks • Others WHO WE ARE 26
Slide 27: Evolution of the Portfolio
EVOLUTION OF THE PORTFOLIO Retail properties 100 Size of portfolio 450.000 m2 Belgium France Spain WHO WE ARE 27
Slide 28: Diversification of Tenants & Retail Sectors
DIVERSIFICATION OF TENANTS & RETAIL SECTORS (at 30/09/2023) WHO WE ARE 28
Slide 29: Evolution of the Occupancy Rate
EVOLUTION OF THE OCCUPANCY RATE 100,0% 99,0% 98,0% 98.6% at 31/03/2024 97,0% 96,0% 95,0% 94,0% 93,0% 92,0% 91,0% 90,0% 13/14 14/15 15/16 16/17 17/18 18/19 19/20 20/21 21/22 22/23 23/24 (6m) WHO WE ARE 29
Slide 30: Customer-Centric Approach
CUSTOMER-CENTRIC APPROACH Asset Management Marketing & Property Communication Management TENANTS Customer Operations services & ESG WHO WE ARE 30
Slide 31: History
HISTORY • 2006 • 2007 • 2010 • 2011 Ascencio is listed on Acquisition of Acquisition of 2 retail parks in Creation of Ascencio Euronext Brussels 7 Grand Frais France (« Le parc des Bouchardes » and « Le Parc des Cyprès ») • 2012 • 2013 • 2014 • 2015 • Contribution in kind Acquisitions: Capital incre
Slide 32: Shareholding Structure
SHAREHOLDING STRUCTURE Patronale Life APPENDIX 32
Slide 33: Status
STATUS SIR/GVV SIIC SOCIMI (Belgium) (France) (Spain) • Risk diversification (20%) • No limitation of debt • Identification of shareholder’s structure (> 95%) • Limitation of debt (65%) • Tax transparency • At least 80% of eligible assets • Obligation of distribution (80%) • Obligation of distributi
Slide 34: Ascencio's ESG Strategy
ESG STRATEGY ASCENCIO’S ESG STRATEGY Environment Social Governance • Labelling • Training • Governance structure • Decision-making criteria • Internal satisfaction survey • Remuneration policy • Database & management • Positive office • Communication of ESG standards platform • Telework policy • Opt
Slide 35: Ascencio Team
ASCENCIO TEAM • Number of employees: 21 13 8 women men • Average age of employees : 41 years APPENDIX 35
Slide 36: Company Values
COMPANY VALUES “Connected” “Ambition” with our customers, to grow, while our employees, respecting market cycles our partners, our markets “Positive Mind” Because our projects and adventures are always more attractive thanks to the positive energy brought to them by our talented team APPENDIX 36
Slide 37: Contacts
CONTACTS Vincent H. Querton Cédric Biquet Aurore Anbergen Chief Executive Officer Chief Financial Officer Head of IR, Marketing +32 71 91 95 00 cedric.biquet@ascencio.be & Communication +32 71 91 95 00 aurore.anbergen@ascencio.be +32 71 91 95 23 APPENDIX 37
Slide 38: Ascencio SA
Ascencio SA Av e n u e J e a n M e r m o z , 1 / 4 6041 Gosselies - aurore.anbergen@ascencio.be +32 (0) 71 91 95 23 w w w. a s c e n c i o . b e 38