Ascencio Sa · EURONEXT:ASCE
Ascencio Sa — FY2024/2025 Earnings Presentation
41 slides from Ascencio Sa's earnings presentation, November 2025
Slide 1: Presentation annual results 2024/2025
Presentation annual results 2024/2025
Slide 2: Table of contents
Table of contents 01 02 03 04 Key Retail Real Activity Financials performance Estate Market summary indicators 05 06 07 Outlook Q&A Appendice
Slide 3: Key Performance Indicators
01 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Key Performance Indicators (as of 30.09.25) 438,000 m2 98 Size of the portfolio Number of properties €746,5 €53,9 97.2% million million Occupancy rate Portfolio fair value Annual rental income €124/m² 6.
Slide 4: Retail Real Estate Market
Retail Real Estate 9 "| Market — — -
Slide 5: Retail Real Estate Market: prime yields, rents, investment volumes
02 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Prime yields 7% 6% 5% 4% Retail Real Estate Market 2019 2020 2021 2022 2023 2024 2T 2025 Belgium France Spain Prime rents Investment volumes Stabilization 250 8,000 200 6,000 € bilion €/m²/year 150 4,000
Slide 6: Activity summary
— ascencio Activity a’ summary =
Slide 7: Ascencio's resilient retail portfolio
03 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Ascencio’s resilient retail portfolio Others • Food retail 9,7% Horeca 2,4% → After a consolidation phase (2022-2024), Discount 2,6% Shoes 3,0% emergence of a skimming phase (2025) Food 39,6% Pet shop 3,
Slide 8: Letting activity summary
03 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Letting activity summary 17 new leases 11 leases renewed 27,000 m2 (4% of the portfolio surface) + 21 short term leases ( VS 10 in 23/24) ( VS 15 in 23/24) ( VS 21,000m² in 23/24) (VS 12 in 23/24) Previo
Slide 9: EPRA occupancy rate
03 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES EPRA occupancy rate Breakdown by countries (2024/2025) 100% Occupancy rate evolution Evolution of EPRA occupancy rate 98% 96% 100% 94% 99% 92% 98% 97% 90% 96 % 96% 30-09-24 31-12-24 31-03-25 30-06-25 30-
Slide 10: Operational activity
03 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Operational activity • • Châtelet (BE) Messancy (BE) • Chanas (FR) • Barcelona (ES) Belgium: • Ghlin (1,900 m²) • Couillet (BE) • Hannut (3,400 m²) Investments : • Uccle (BE) • Tournai (1,900 m²) • Roofs
Slide 11: ESG Achievements
03 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES ESG Achievements Environment Social Governance Car charging stations : Inauguration of new headquarters : Revaluation of internal operational 65 charging points commissioned in France (25% INT Interior D
Slide 12: Valuations
03 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Valuations Change in Fair Value (2024/2025) : Evolution of portfolio valuation +€0,1 million 140 €/m² 19% 17% 120 €/m² 15% 13% 100 €/m² 11% 9% 80 €/m² 7% 60 €/m² 5% 3% 40 €/m² 1% -1% 20 €/m² -3% -5% 0 €/
Slide 13: Financial activity
03 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Financial activity Refinancing activity 2024/2025 Outstanding debt maturities as of 30/09/2025 5 new revolving bank credit lines €90 million Duration > 5.5 years (€ million) 110 Non refinancing of a €10
Slide 14: Financial activity: hedging
03 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Financial activity Hedge structure as of 30.09.25 Hedging activity 2024/2025 (€ millions) Acquisition of 6 IRS payers : 100% 300 €75 million - 2029 to 2032 90% 250 80% Restructuring of 3 IRS payers : €95
Slide 15: Cost of debt evolution
03 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Cost of debt evolution Average cost of debt 2.15% (vs 2.22%) 4,50% 4,00% 3,50% 3,00% 2,50% 2,00% 1,50% 1,00% 0,50% 0,00% -0,50% -1,00% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026* 2027* Average cos
Slide 16: Financials
Financials 04
Slide 17: EPRA Earnings evolution 2024/2025
04 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES EPRA Earnings evolution 2024/2025 (€000s) 37.000 36.800 142 522 36.678 53 36.600 -87 -136 +1.0% 36.400 36.200 36.185 36.000 35.800 35.600 35.400 Δ +1.4% 35.200 35.000 EPRA Earnings 30/09/2024 Rental inco
Slide 18: Balance sheet as of 30/09/2025
04 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Balance sheet as of 30/09/2025 IFRS equity evolution (€000s) 460.000 1.138 36.678 450.195 450.000 -1.951 -228 (€ million) 24/25 23/24 442.921 Total real estate portfolio 746,5 748,6 440.000 Total balance
Slide 19: Share price & dividend policy
04 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Stock market context vs Ascencio Share price & dividend policy 150 130 30/09/2025 30/09/2024 110 90 Closing share price (€/share) 51.30 48.65 70 Premium/discount (vs IFRS NAV) -24.8% -27.6% 50 30 Market
Slide 20: Outlook
Outlook 05
Slide 21: Outlook: niche strategy and active portfolio management
05 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Pursue of niche strategy : supermarkets & retail parks Active portfolio management & maintaining close relationship with tenants Continuous disciplined financial activity Further implementation of ESG in
Slide 22: Financial calendar 2025/2026
05 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Financial calendar 2025/2026 5 February 2026 29January 2027 (5:40 p.m.) Coupon payment date Ordinary General (Ex date) 22 July 2026 (5:40 p.m.) Shareholders’ Meeting 6 February 2026 Interim Statement 202
Slide 23: Ascencio
— ascencio
Slide 24: Appendices
Appendices 07
Slide 25: REIT Belgium, France & Spain
07 KPIs / RETAIL REAL ESTATE MARKET / 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 26: Active in Belgium, France & Spain
07 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Active in Belgium, France & Spain Retail parks Supermarkets Others
Slide 27: Evolution of the portfolio
07 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Evolution of the portfolio 98 438.000 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 Belgium France Spain
Slide 28: Shareholding structure
07 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Shareholding structure Patronale Life 5% Carl, Eric, John Mestdagh* 10% Free float 85% *and controlled companies
Slide 29: Valuations (as of 30.09.2025)
07 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Valuations (as of 30.09.2025) Average rent of the portfolio Portfolio yield vs interest rates evolutions 8,00% €/m² 7,00% 200 180 170 6,00% 160 152 5,00% 140 124 120 4,00% 107 Belgium France 100 3,00% Sp
Slide 30: Rental income evolution
07 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Rental income evolution (€000s) 54.350 86 54.150 794 0 53.950 53.866 -319 -38 53.750 53.550 53.345 53.350 53.150 52.950 52.750 Rental income 30/09/24 Base rents evolution ESG rents evolution Acquisitions
Slide 31: Consolidated results
07 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Consolidated results (€000s) 30/09/2025 30/09/2024 Δ Belgium 29.719 29.831 -0,4% France 22.127 21.538 2,7% Spain 2.021 1.975 2,3% (€000s) 30/09/2025 30/09/2024 ∆ TOTAL 53.866 53.345 1,0% RENTAL INCOME 53
Slide 32: Balance sheet
07 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Balance sheet (€000s) ASSETS 30/09/2025 773.579 30/09/2024 780.658 Non current assets 761.889 766.104 Intangible assets 459 375 Investment properties 746.468 748.621 Other tangible assets 778 963 Other n
Slide 33: A niche strategy: Supermarkets & Retail Parks
07 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES A niche strategy : Supermarkets & Retail Parks Food retail : 40% of rents
Slide 34: Customer-centric approach
07 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Customer-centric approach Asset Management Marketing & Property Communication Tenants Management Customer Operations services & ESG
Slide 35: History
07 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES History 2006 2007 2010 2011 Creation of Ascencio Ascencio is listed on • 1st acquisition in France (7 Acquisition of 2 retail parks in France : Euronext Brussels Grand Frais supermarkets) • « Le parc des
Slide 36: Status
07 KPIs / RETAIL REAL ESTATE MARKET / 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 transparency (> 95%
Slide 37: Ascencio's ESG Strategy
07 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES ASCENCIO’S ESG STRATEGY Environment Social Governance • Labelling • Assessment & training • Governance structure & CSR standards communication • Decision-making criteria • In-house consultations • Develo
Slide 38: Ascencio team
07 KPIs / RETAIL REAL ESTATE MARKET / ACTIVITY SUMMARY / FINANCIALS / OUTLOOK / Q&A / APPENDICES Ascencio team Number of team members : 22 15 07 women men Average age of employees : 41 years Human Resources CEO Marketing, Communication & Investors Relations Asset Legal management Finance & Acquisiti
Slide 39: Company values
07 KPIs / RETAIL REAL ESTATE MARKET / 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 cycles more at
Slide 40: Contacts
07 KPIs / RETAIL REAL ESTATE MARKET / 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 03 +32 71 91 95 23 cedric.biqu
Slide 41: Ascencio SA
Ascencio SA Avenue Jean Mermoz, 1/4 info@ascencio.be 6041 Gosselies +32 (0) 71 91 95 23 www.ascencio.be