Ascencio (ASCE) Q3 23/24 earnings summary

Executive summary

• Rental income rose 4.1% year-over-year to €39.9 million, driven by rent indexation and higher occupancy.

• EPRA Earnings increased 4.2% to €27.9 million, with EPRA EPS at €4.23 versus €4.06 last year.

• Net result declined to €21.0 million from €33.2 million, due to negative revaluation of hedging instruments.

• Portfolio fair value reached €743.0 million, up €2.1 million since September 2023.

• EPRA occupancy rate remained high at 97.7%.

Financial highlights

• Gross yield on the portfolio was 6.94%, up from 6.71% a year earlier.

• Operating margin stable at 83.6% (vs 83.7% last year).

• Debt ratio (EPRA LTV) stable at 43.4% compared to September 2023.

• Net asset value (EPRA NTA) per share at €63.88, slightly up from €63.59.

• Average cost of debt increased marginally to 2.20%.

Outlook and guidance

• Dividend for the current year expected at least in line with the previous year, barring major macroeconomic changes.

• Company remains selective in investments, focusing on food and retail parks.

• Solid balance sheet and liquidity position support readiness for new opportunities.