Half-yearly financial report at 31.03.2025

REGULATED INFORMATION

21/05/2025

GROSS YIELD ON THE PORTFOLIO

AVERAGE COST OF DEBT

CHANGE IN FAIR VALUE OF THE PORTFOLIO

EPRA OCCUPANCY RATE

INTEREST RATE HEDGE RATIO

Results at 31/03/2025

OPERATING RESULTS

• Rental income: €27.1 million, up by 2.8%from €26.3 million

  at 31/03/2024

• EPRA Earnings: €19.0 million, up 5.7% from

  €18.0 million at 31/03/2024

  - EPRA Earnings (per share): €2.88 (vs €2.72 at 31/03/2024)

• Net result: €18.7 million (vs €5.7 million at 31/03/2024), the significant increase being due to the difference in revaluations (-€0.3 million vs -€12.2 million) between the two periods

• EPRA occupancy rate: 96.7%, down from the 97.8% recorded at 30/09/2024

  BALANCE SHEET INFORMATION

• Fair value of the real estate portfolio: €746.0 million (vs

  €748.6 million at 30/09/2024)

• EPRA Debt ratio (EPRA LTV): 43.5% (vs 42.1% at 30/09/2024)

• Net asset value per share (EPRA NTA): €64.23 (vs €65.80 at

  30/09/2024)

  
  
  

  TABLE OF CONTENTS

  1. MANAGEMENT REPORT 3

     1. GENERAL CONTEXT 3

     2. SUMMARY OF ACTIVITY DURING THE 1ST HALF OF THE FINANCIAL YEAR 3

     3. SIMPLIFIED CONSOLIDATED RESULTS AT 31/03/2025 9

     4. SIMPLIFIED CONSOLIDATED BALANCE SHEET AT 31/03/2025 12

     5. CONSOLIDATED DATA PER SHARE 14

     6. CORPORATE GOVERNANCE 14

     7. SIGNIFICANT EVENTS AND TRANSACTIONS AFTER 31/03/2025 15

     8. MAIN RISKS AND UNCERTAINTIES 15

     9. OUTLOOK 15

  2. PROPERTY EXPERTS' REPORT 16

     1. PROPERTY EXPERTS 16

     2. EXPERTS' REPORT 16

  3. ASCENCIO ON THE STOCK EXCHANGE 20

     1. TRENDS IN CLOSING PRICE AND INTRINSIC VALUE 20

     2. DIVIDEND FOR THE FINANCIAL YEAR 2023/2024 20

     3. SHAREHOLDERS OF ASCENCIO SA 20

  4. CONSOLIDATED FINANCIAL STATEMENTS 21

     1. CONSOLIDATED BALANCE SHEET AT 31/03/2025 21

     2. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME AT 31/03/2025 23

     3. CONSOLIDATED CASH FLOW STATEMENT AT 31/03/2025 25

     4. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 26

     5. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 27

        NOTE 1 General information and accounting methods 27

        NOTE 2 Investment properties 28

        NOTE 3 Financial debts 29

        NOTE 4 Financial instruments 30

        NOTE 5 Dividend 30

        NOTE 6 Segment information at 31/03/2025 31

     6. STATUTORY AUDITOR'S REPORT 33

  5. DECLARATION BY RESPONSIBLE PERSONS 34
  6. INFORMATION ON FORWARD-LOOKING STATEMENTS 34
  7. FINANCIAL CALENDAR 34
  8. FACT SHEET 34

1. ‌MANAGEMENT REPORT

   1. ‌GENERAL CONTEXT

      At macro-economic level, the first half of the 2024-2025 financial year was marked by a high degree of uncertainty linked to the US government's uncertainties on its tariff policy, leading to volatility in the outlook for both inflation and interest rates. The threat of a trade war has also weighed heavily on consumer and investor confidence, raising fears of a fall in global economic growth and even the prospect of recession.

      Against this backdrop, out-of-town commercial property continues to demonstrate its resilience, despite the current pressure on certain business sectors. In particular, the household goods sector, which had performed particularly well during the Covid period, suffered a setback with the financial difficulties experienced by some well-established brands (Maison du Monde, Casa, etc.). More than ever, this situation meant that Ascencio's teams have to maintain close contact with its tenants in order to anticipate their needs as effectively as possible, and to adjust its letting policy and tenant mix within the property portfolio where necessary. Moreover, in the investment market, the current uncertainties have generally prevented any significant increase in transaction volumes and have led the Company to remain cautious about the opportunity to engage in new investment projects.

   2. ‌SUMMARY OF ACTIVITY DURING THE 1ST HALF OF THE FINANCIAL YEAR

      A. OPERATIONAL ACTIVITY

      Letting

      Ascencio entered into 16 rentals (9 new leases and 7 renewals), covering a total surface area of approximately 17,000 m2, or 3.9% of the total surface area of the portfolio, at rent levels on average 7.5% higher than the estimated rental values and on average -8.4% lower than the previous rents for the spaces concerned. The latter percentage is explained exclusively by the renewal at market values of 2 long-term leases (18 years) whose indexed rents had reached levels well above market values.

      This rental activity was namely achieved by completing the following transactions:

      • In Belgium:

        • in Hannut: 2 new leases (Vanden Borre Kitchen and Maxi Zoo);

        • in La Louvière: 2 renewals;

      • In France:

        • in Crêches-sur-Saône (Les Bouchardes): 3 new leases (Dalery, Atol and Chaussea) and 4 renewals.

In addition, Ascencio concluded 15 short-term leases, mostly in Uccle (Belgium), to maintain flexibility of occupancy in this building which is involved in a conversion and renovation project and for which planning permission has been sought.

In addition to these lettings and re-lettings, the Company saw a number of vacancies end within its portfolio, notably at the Genval, Hamme-Mille, Gerpinnes and Jodoigne sites in Belgium, and at the Crèches-sur-Saône and Bourgoin-Jallieu sites in France. These lease terminations, most of which had been anticipated, are already being remarketed.

On 29/10/2024 and 30/10/2024, the Valence region experienced severe weather conditions, notably affecting the Valence retail site, where Ascencio owns two units. After a forced closure period to restore the interior fittings, the retailers were able to resume their activities. This event did not have any financial impact on the Company, either in terms of revenue or valuation.

On 05/03/2025, Casa, tenant of 3 shops in the Belgian portfolio (+/-2,200 m² - €0.3 million in annual revenues), announced that it was going bankrupt. Although the premises are still occupied by the brand, Ascencio has already begun the process of remarketing the spaces. To date, advanced discussions are underway to market the 3 concerned spaces.

On 03/04/2025, Intermarché announced the closure of 30 stores in France out of the 294 acquired from Casino. It should be noted that none of the supermarkets in Ascencio's portfolio are affected by this announcement.

On 08/04/2025, Cora announced the closure of its hypermarkets in Belgium by 2026. It should be noted that, although Ascencio owns several neighbouring retail units in the car parks of these hypermarkets, this chain is not a tenant in Ascencio's portfolio. Based on the announcements made in the press, Ascencio welcomes the plans to redevelop and revitalise these sites.

Taking these rental events into account, the EPRA occupancy rate stood at 96.7% at 31/03/2025 (vs 97.8% at 30/09/2024), with the following breakdown by country:

At 31/03/2025, the average residual term of the occupancy contracts in the portfolio was 2.7 years to lease breaks (WALB) and 6.9 years to lease terms (WALT).

Acquisitions/disposals

In Belgium, as part of its process of arbitraging small non-strategic assets within its portfolio, Ascencio sold its Ghlin building for €0.4 million and also signed preliminary sale agreements for a retail unit on the Route de Landen in Hannut and for a building in Châtelineau, for a total value of around €3 million.

Investments

The Company invested €0.5 million in works within its property portfolio, mainly in the renovation of roofs and façades to improve their sustainability.

Sustainability

With regard to ESG aspects, Ascencio has notably:

Environmental:

• commissioned the first charging stations in its French portfolio, at sites in Cormontreuil,

  Isle d'Abeau and Guyancourt;

• installed 750m² of photovoltaic panels on the roof of its supermarket in Ottignies (Belgium).

  Social:

• continued to organise its Academy and apprenticeship programmes for its employees, and supported students from ICHEC and the Louvain School of Management in their final year projects.

  Governance:

• re-evaluated its internal operating processes in the light of its new system for managing rental, administrative and accounting activities;

• began implementing an asset management IT solution designed to enhance the automation of its property analysis and reporting systems.