Annual results 2024/2025

REGULATED INFORMATION

26 Novembre 2025

ASCENCIO's head office renovation internationally recognized at the 2025 INT Interior Design Awards - Los Angeles

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EPRA OCCUPANCY RATE

GROSS YIELD ON THE PORTFOLIO

AVERAGE COST OF DEBT

INTEREST RATES HEDGE

RATIO

GROSS DIVIDEND YIELD

Operational results

• Rental income: €53.9 million, up by 1.0% compared to

  €53.3 million at 30/09/2024

• EPRA earnings: €36.7 million, up by 1.4% compared to

  €36.2 million at 30/09/2024

• EPRA earnings (per share): €5.56 (vs €5.49 at 30/09/2024)

• Net result: €35.6 million (vs €25.5 million at 30/09/2024)

  Balance sheet information

• Fair value of the portfolio: €746.5 million (vs €748.6 million at 30/09/2024)

• EPRA Debt ratio (EPRA LTV): 40.7%, down from 42.1% at 30/09/2024

• Net asset value (EPRA NTA) per share: €67.14 (vs €65.80 at 30/09/2024)

DIVIDEND

HIGHLIGHTS OF THE YEAR

MACROECONOMIC CONTEXT

In 2025, the euro zone is trying to strike a balance between supporting growth and maintaining price stability. After soaring in 2022-2023, inflation is gradually returning to the medium-term target of around 2% set by the European Central Bank (ECB), standing at 2.2% at 30/09/2025.

In response to this normalisation of inflation, the ECB has continued to ease its monetary policy by cutting its key rates several times, bringing them down from a level of 4.0% at the end of 2023 to 2.0% in September 2025. The markets expect this rate level to remain relatively stable over the coming months. The past financial year also saw the yield curve return to positive territory, with long-term rates once again higher than short-term rates, a situation not seen for more than two years.

Against this backdrop of normalisation, geopolitical and trade tensions are nevertheless prompting investors to reduce risk, and consumers to favour savings. This is weighing on overall economic growth. In addition, European governments are seeking solutions to their debt overhang, notably through changes in fiscal and regulatory policy, fuelling uncertainty and reducing trading volumes on the markets.

In terms of the property market, the out-of-town retail segment in 2025 is a robust commercial property sub-sector in Europe, offering a good compromise between return and risk. These assets are highly attractive thanks to affordable rents, high yields and generally low vacancy rates. However, their performance remains sensitive to the quality of the location, accessibility, flexibility of spaces and a retail mix that meets consumers' essential needs.

In Belgium, out-of-town retail remains stable, with little fluctuation in rents and yields. The rise in investment volumes was driven by a few large transactions, while weak activity and falling demand reflected the impact of macroeconomic uncertainties.

In France, the market is showing a moderate recovery: retailer demand remains solid and financial indicators stable, but political uncertainties are dampening business and consumer confidence, limiting investment.

Spain is where the periphery retail sector is the most dynamic, with a large number of projects under development, sustained occupancy demand and a sharp rise in investment volumes. The market offers good potential returns, although caution is called for in view of the risk of overcapacity.

OPERATIONAL ACTIVITY

Letting

Over the past financial year, Ascencio has once again demonstrated the relevance of its strategy in a demanding market environment. It has actively managed its portfolio of commercial assets, maintaining a sustained pace of letting transactions and a number of new leases that is at least comparable to that of the previous financial year.

A total of 28 transactions were concluded (17 new leases and 11 lease renewals), for a rental area of more than 27,000 m² and €3.2 million in annual rental income, representing around 6% of the surface area of its portfolio and of its rents. For comparison, 25 transactions covering a total of 21,000 m² and

€2.5 million in rent were concluded during the previous financial year. The rents negotiated this year were on average 10.8% higher than the estimated rental value, and on average 4.2% lower than the previous rents for the rental units concerned.

This impact was exclusively due to the renewal of two long-term leases, with rents set at market levels. Excluding these two specific renewals, average renegotiated rents are slightly higher than previous rents.

The following commercial transactions were completed, among others:

• In Belgium:

  • Hannut (Route de Landen): 3 new leases (Vanden Borre, Maxi Zoo and Boulangerie Louise);

  • Couillet (Bellefleur): 2 new leases (Extra and Jules);

  • Genval (Papeteries de Genval): 1 new lease (Les Petites Françaises) and 1 renewal;

  • La Louvière (Cora): 2 renewals.

• In France:

  • Crêches-sur-Saône (Parc des Bouchardes): 3 new leases (Dalery, Atol and Tedi) and 3 renewals.

• In Spain:

  • Barcelona: 1 new lease (Fitness Park).

In addition, Ascencio concluded or renewed 21 short-term leases, primarily to maintain flexibility of occupancy in buildings affected by renovation or redevelopment projects. This is particularly the case in Belgium at Uccle, where 15 short-term leases were signed ahead of a forthcoming major renovation of the site.

However, commercial property was also hit by the bankruptcy of a number of long established retail chains, including home furnishings specialists Casa and Leen Bakker and the textile chain Cassis Paprika. Even so, these bankruptcies had a relatively limited impact on Ascencio's portfolio, which only includes 4 Casa, 1 Leen Bakker and 2 Cassis Paprika shops. To date, most of the commercial units have already been re-let or are in advanced discussions about re-letting.

This interest in vacant units illustrates the resilience of the portfolio and the attractiveness of the strategic locations held by Ascencio.

The year was also marked by the announcement of the closure of Cora hypermarkets in Belgium by 2026 and the takeover of these sites by Mitiska with a view to their redevelopment. Ascencio, which owns several neighbouring retail parks (in La Louvière, Châtelineau, Messancy and Rocourt), welcomes this revitalisation project, which will ultimately boost the overall appeal of the sites concerned. Ascencio intends to collaborate positively with Mitiska to bring these redevelopments to fruition, creating value for all stakeholders.

Against this backdrop, the EPRA occupancy rate for Ascencio's property portfolio remains at a high

level, standing at 97.2% at 30/09/2025 (vs 97.8% at 30/09/2024).

At 30/09/2025, the average residual term of the occupancy contracts for Ascencio's properties was 2.9

years to lease breaks ("WALB") and 7.5 years to lease terms ("WALT").

Disposals:

Ascencio worked to rotate its portfolio by reallocating capital from assets that had become non-strategic within its Belgian portfolio in Ghlin, Tournai, Châtelineau and Hannut, for a cumulative sale price of €5.6 million. These disposals took place at values that were higher overall than the last fair values of these assets, generating a total realised gain of €1.1 million.

Investments:

The Company continued its multi-year investment programme within its portfolio, carrying out work worth €2.1 million, mainly on roof renovation projects in Belgium (Châtelet, Châtelineau, Ottignies, etc.), France (Chanas) and Spain (Barcelona and Valencia). It also redeveloped a commercial unit in Messancy (Belgium) and carried out various works to welcome new tenants in France (Crêches-sur-Saône and Bourgoin-Jallieu).

Property valuations:

At 30/09/2025, the value of Ascencio's consolidated portfolio stood at €746.5 million, completely stable (+€0.2 million/+0.0%), excluding investments and divestments, from its value at 30/09/2024. This stability is even more remarkable in the current market context, which is characterised by many uncertainties and increased pressure on certain sectors of commercial activity. This trend, which has already been observed for several years, once again illustrates the resilience of the food retail and out-of-town retail property sector as held by Ascencio.

The valuations of Ascencio's real estate portfolio at the end of the last two financial years were as

follows:

ESG achievements

Over the past financial year, Ascencio carried out an analysis exercise designed to establish its double materiality matrix, which consists of assessing the impact of Ascencio's activities on its environment on the one hand, and its influence on the Company on the other, in order to define the priority areas of its ESG commitments. Although Ascencio is not required anymore to publish a sustainability report in accordance with the Corporate Sustainability Reporting Directive ("CSRD") since the publication of the Omnibus Regulation, the Company has used the principles of the CSRD to structure its ESG approach and drive its sustainability priorities.

In summary, this analysis confirmed the main strategic thrusts of Ascencio's ESG policy.

The main initiatives and achievements during the year were as follows: At the environmental level:

1. Commissioning the first charging points in its French portfolio, representing a total of 65 charging points, or around 25% of the overall programme. This step marks a significant advance in the rollout of the programme and will help to boost the attractiveness of the sites concerned. Ultimately, the 276 charging stations planned across the French portfolio will generate a guaranteed minimum additional income of around €0.4 million a year;

2. Installing 750m² of photovoltaic panels on the roof of its supermarket in Ottignies (Belgium) and signing a framework agreement to install, in spring 2026, 4,250 m2 of panels on the roofs of several retailers in its Bellefleur retail park (Couillet - Belgium), at a more advantageous price than market prices. The energy produced will primarily benefits Ascencio's tenants. These investments, amounting to around €500,000, will also generate additional income for Ascencio and, in the case of the Bellefleur retail park, will enable the BREEAM In-Use certification process to continue;

3. Signing framework agreements with two third-party investor partners for the installation of 17,500 m2 of shade structures, covered with photovoltaic panels, at 4 sites in France. The model put in place should enable the electricity generated to be largely self-consumed by the retailers concerned;

4. Performing a carbon audit. This initiative is part of Ascencio's decarbonisation programme, designed to provide a robust basis for measurement, identify potential levers for action and gradually establish a carbon management culture within the Company.

At the social level:

1. Inaugurating Ascencio's renovated headquarters offering its employees modern, flexible workspaces that encourage communication and collaboration. This fit-out received international recognition at the INT Interior Design Awards 2025 - Los Angeles;

2. Continuing to organise Academy and apprenticeship programmes for its employees;

3. Supporting students from ICHEC and the Louvain School of Management with their final projects;

4. Participating in events supporting sport and the fight against hunger, both at team level and by organising activities in its retail parks.

At the corporate governance level :

1. Re-evaluating its internal operating processes in the light of its new system for managing rental, administrative and accounting activities;

2. Beginning the process of implementing a new IT tool designed to enhance the automation of its property analysis and reporting systems;

3. Performing audits to verify the robustness of the IT systems set up by the Company, both in terms of infrastructure security and the back-up environment to ensure business continuity;

4. Publishing its sustainability report describing the Company's performance in this area, in accordance with the EPRA sBPR ("sustainability Best Practice Recommendations") principles, for which Ascencio was awarded a Gold label for the third year running, in recognition of the transparency of the information published.