Ascencio FY25 results: +3.5% dividend per share

Ascencio reports FY25 results slightly below our expectations at € 5.56 EPRA EPS vs € 5.66 KBCSe. The difference comes from slightly lower rental income at € 53.9m vs € 54.4m KBCSe. Even though, the occupancy rate recovered 120bps versus 3Q25, the like-for-like rental income at 1.5% was still negatively impacted by rent reversion on two large Belgian leases. The property charges came in higher than expected on higher lawyer and agency fees due to FY25 bankruptcies. Combined with the overall lower occupancy and rent reversion, this pushed the operating margin to 81.8%, 110 bps below its 10 year average. The EPRA earnings grew faster at +1.4% YoY driven by lower than expected interest costs at 2.15% average CoD (-7bps YoY). All in all, the good financing profile will support EPS + DPS growth (albeit modest) in the coming years even if negative rent reversion dampens rent indexation. This modest growth is already reflected in the EPRA EPS forward multiple at 9.0x. Hold recommendation and € 52.0 TP reiterated.