Ascencio (ASCE) H1 25/26 earnings summary

Executive summary

• Rental income remained stable at €27.2 million (+0.3%) compared to the same period last year, with EPRA earnings at €18.4 million (-0.3%).

• Net result increased to €19.5 million from €18.7 million, mainly due to positive revaluations.

• Portfolio fair value rose to €768.6 million, driven by the acquisition of Horizon Provence retail park in France.

• EPRA occupancy rate stood at 96.5%, reflecting strong tenant demand and successful reletting of units.

Financial highlights

• Rental income: €27.2 million (+0.3% year-over-year); like-for-like growth of +0.8%.

• EPRA earnings: €18.4 million (-0.3% year-over-year), or €2.80 per share.

• Net result: €19.5 million (+4.6% year-over-year), or €2.96 per share.

• Operating margin stable at 82.3%.

• Average cost of debt increased slightly to 2.23%.

• EPRA NTA per share: €65.18 (down from €67.14 at 30/09/2025).

• Debt ratio (EPRA LTV): 44.1% (up from 40.7%).

Outlook and guidance

• Management expects to maintain operational excellence and financial discipline amid macroeconomic volatility.

• Focus remains on selective investments, cost control, and maintaining a solid balance sheet.

• Continued active market monitoring to identify value-creating acquisitions.