Ascencio (ASCE) H2 24/25 earnings summary

Executive summary

• Portfolio consists of 98 retail properties in Belgium, France, and Spain, valued at €746.5 million as of 30/09/2025, with a total surface area of 438,000 m² and annual rental income of €53.9 million.

• Occupancy rate stands at 97.2%, with a portfolio yield of 6.96% and an average rent of €124/m².

• Food retail represents 40% of rents, focusing on supermarkets and retail parks as part of a niche strategy.

• Net result rose 39.7% to €35.6 million, with EPRA earnings of €36.7 million (+1.4%) and EPRA earnings per share at €5.56.

• Proposed gross dividend of €4.45 per share, marking the 11th consecutive annual increase (+3.5%).

Financial highlights

• Rental income grew by 1.0% to €53.9 million, with like-for-like growth at 1.5%.

• Operating margin remained stable at 81.8%.

• EPRA LTV improved to 40.7% from 42.1% year-over-year.

• Net asset value (EPRA NTA) per share increased to €67.14 from €65.80.

• Average cost of debt reduced to 2.15%, with a 96.6% hedge ratio.

Outlook and guidance

• Continued focus on supermarkets and retail parks, active portfolio management, and disciplined financial activity.

• Prudent debt management and disciplined capital use position the company for long-term profitability.

• Further implementation of ESG initiatives and value creation within the portfolio.