ASC Ascencio SCA

Half-yearly financial report of Ascencio SA

Half-yearly financial report of Ascencio SA

DYNAMIC LETTING ACTIVITY & SOLID DEBT STRUCTURE



6.95%

GROSS YIELD ON THE PORTFOLIO		2.18%

AVERAGE COST OF DEBT		-0.1%

CHANGE IN FAIR VALUE OF THE PORTFOLIO		96.7%

EPRA OCCUPANCY RATE		95.2%

INTEREST RATE HEDGING RATIO





OPERATING RESULTS

  • Rental income: €27.1 million, up by 2.8% from €26.3 million at 31/03/2024
  • EPRA Earnings: €19.0 million, up 5.7% from €18.0 million at 31/03/2024
  • EPRA Earnings per share: €2.88 (vs €2.72 at 31/03/2024)
  • Net result: €18.7 million (vs €5.7 million at 31/03/2024), the significant increase being due to the difference in revaluations (-€0.3 million vs -€12.2 million) between the two periods
  • EPRA occupancy rate: 96.7%, down from the 97.8% recorded at 30/09/2024

BALANCE SHEET INFORMATION

  • Fair value of the real estate portfolio: €746.0 million (vs €748.6 million at 30/09/2024)
  • Debt ratio (EPRA LTV): 43.5% (vs 42.1% at 30/09/2024)
  • Intrinsic value per share (EPRA NTA): €64.23 (vs €65.80 at 30/09/2024)

Attachment



EN
21/05/2025

Underlying

ASCAscencio SCA

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Reports on Ascencio SCA

ING Helpdesk
  • ING Helpdesk
RAND RANDSTAD NV
ASRNL ASR Nederland N... ... (+3)

Benelux Morning Notes

ASR: Acquisition of P&C insurer, another good use of capital. Staffing Sector: French staffing - November underlying trend stable; December outlook better but on easier comps. Events Calendar.

RAND RANDSTAD NV
ASRNL ASR NEDERLAND NV
ASC ASCENCIO SCA
01/09/26 January 9, 2026 1 EN
Francesca Ferragina ... (+2)
  • Francesca Ferragina
  • Michiel Vereycken
ASC ASCENCIO SCA

Ascencio/Ending the year with an acquisition/HOLD

Right before year-end, Ascencio acquired a €23m retail park that strengthens its presence in south-east France. Despite no yield being disclosed (ING estimate of 6.5%), we like this acquisition activity as the asset fits the strategy being food dominated and located in an attractive region. Although the press reported potential store closures by Intermarché Belgium (c.10% of rental income) and Carrefour Belgium (4.4%), Ascencio does not anticipate any material impact. We continue to appreciate t...

01/09/26 January 9, 2026 1 EN
Lynn Hautekeete
  • Lynn Hautekeete
ASC ASCENCIO SCA

Ascencio Model update after FY25 results and French acquisition

We update our model via a Company Note on Ascencio after the FY25 results and its new acquisition in France of € 22.8m (excl. VAT and incl. transfer costs). The acquisition and multiple expansion among the peer group result in a TP increase from € 52.0 to € 56.0. Given the 3.3% upside and lack of additional trigger we repeat our HOLD recommendation.

01/07/26 January 7, 2026 1 EN
Wim Lewi
  • Wim Lewi
ASC ASCENCIO SCA

Ascencio Acquires retail park is South-East of France for €22.8m

Ascencio acquired the Horizon Provence retail park in Monteux, southeastern France, for €22.8 million (excl. VAT). Covering over 12,000 m², the park hosts around 20 stores focused on quality food retail, including Super U and Maison des Agriculteurs. This is in line with the food centered strategy of Ascencio. Complementary brands such as Krys, Marie Blachère, and Basic Fit enhance the commercial mix. Located in a tourist and residential area in Provence-Alpes-Côte d'Azur, the site benefits from...

12/31/25 December 31, 2025 1 EN
 PRESS RELEASE
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ASC ASCENCIO SCA

Ascencio acquires the Horizon Provence retail park in the south-east o...

Ascencio acquires the Horizon Provence retail park in the south-east of France Ascencio announces the acquisition of the Horizon Provence retail park in Monteux, south-east of France, for €22.8 million excluding VAT. Covering an area of more than 12,000 m², the retail park comprises around twenty retail units and is built around a first-class food offering, with the Super U chain and the Maison des Agriculteurs distributing products from more than 150 local producers. This dominance of food retailers, perfectly in line with Ascencio’s strategy, is complemented by the presence of others suc...

December 30, 2025 1 EN

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