Ascencio (ASCE) H2 23/24 earnings summary

Executive summary

• Rental income rose 3.9% year-over-year to €53.3 million, driven by indexation, higher occupancy, and expiry of rent-free periods in Belgium and France, offsetting a decline in Spain.

• EPRA earnings per share increased 0.5% to €5.49, while net result per share dropped 24.5% to €3.87 due to negative fair value and hedging adjustments.

• Portfolio fair value reached €748.6 million, up €7.8 million from the previous year, with 97.8% occupancy.

• Dividend proposed at €4.30 per share, a 3.6% increase and the 10th consecutive annual rise, with a pay-out ratio of 79.1%.

Financial highlights

• Operating margin was 81.6%, slightly down from 82.7% year-over-year.

• EPRA earnings totaled €36.2 million, up 0.5% year-over-year.

• Net result fell to €25.5 million from €33.8 million, mainly due to negative fair value and hedging revaluations.

• EPRA NTA per share increased to €65.8 from €63.6, while IFRS NAV per share decreased to €67.15 from €67.43.

• EPRA LTV improved to 42.1% from 43.4% year-over-year.

Outlook and guidance

• Focus on dynamic letting, asset rotation, and further ESG initiatives.

• Continued dialogue with retailers and preservation of a healthy balance sheet and liquidity.

• Consideration of new investment opportunities as market conditions allow.

• Management expects medium-term recovery as inflation stabilizes and interest rates fall, but geopolitical uncertainties may delay normal market dynamics.

• Focus remains on optimizing the property portfolio, prudent financial management, and selective investment in niche retail property.