Ascencio (ASCE) H1 24/25 earnings summary

Executive summary

• Rental income rose 2.8% year-over-year to €27.1 million, driven by indexation, despite a slight drop in occupancy rate to 96.7%.

• EPRA Earnings increased 5.7% to €19.0 million, with net result surging to €18.7 million from €5.7 million, mainly due to improved revaluations.

• Portfolio fair value remained stable at €746.0 million, with a gross yield of 6.95%.

• Dividend of €4.30 per share was distributed for FY 2023/2024.

Financial highlights

• Operating margin held steady at 82.4% year-over-year.

• Net interest charges fell 7.2% to €2.99 million, reflecting lower average debt.

• EPRA NTA per share was €64.23, down from €65.80 at 30/09/2024.

• EPRA debt ratio (LTV) increased to 43.5% from 42.1% at 30/09/2024, mainly due to dividend payment.

• Average cost of debt was 2.18%, with a 95.2% interest rate hedge ratio.

Outlook and guidance

• Company expects to maintain dividend at least in line with previous year, barring major macroeconomic deterioration.

• Focus remains on value creation, ESG initiatives, and prudent financial policy.