reports
- Francesca Ferragina
- Michiel Vereycken
Retail Real Estate Update/Looking for defensiveness
The retail segment outperformed in 2025 driven by strong operational momentum. Fundamentals remain strong but the Middle East conflict is a risk due to its impact on inflation/rates, energy prices and purchasing power. That is why we favour defensive names: we reward food exposure, convenience centres and low OCRs mixed with healthy balance sheets. Retail Estates ticks all the boxes. Eurocommercial has the cheapest valuation (41.5% discount to 2026F NAV) and its dominant shopping centres have de...
- Lynn Hautekeete
- Wim Lewi
WEB WAREHOUSES ESTATES BELGIUM S.C.A.
LEAS LEASINVEST REAL ESTATE SCA
IMMO COMPAGNIE IMMOBILIERE DE BELGIQUE SA
RET RETAIL ESTATES NV
ELI ELIA GROUP SA/NV
MONT MONTEA SCA
AED AEDIFICA SA
QRF QRF COMM
CPINV CARE PROPERTY INVEST SA
ATEB ATENOR S.A.
ASC ASCENCIO SCA
ARG ARGAN SA
VGP VGP NV
TINC TINC COMM. VA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
HOMI HOME INVEST BELGIUM
SHUR SHURGARD SELF STORAGE LIMITED
ENRGY ENERGYVISION
- Lynn Hautekeete
- Wim Lewi
LEAS LEASINVEST REAL ESTATE SCA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
IMMO COMPAGNIE IMMOBILIERE DE BELGIQUE SA
RET RETAIL ESTATES NV
ELI ELIA GROUP SA/NV
MONT MONTEA SCA
AED AEDIFICA SA
QRF QRF COMM
CPINV CARE PROPERTY INVEST SA
ATEB ATENOR S.A.
ASC ASCENCIO SCA
ARG ARGAN SA
VGP VGP NV
TINC TINC COMM. VA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
HOMI HOME INVEST BELGIUM
SHUR SHURGARD SELF STORAGE LIMITED
ENRGY ENERGYVISION
- Francesca Ferragina
- Michiel Vereycken
WHA WERELDHAVE N.V.
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
RET RETAIL ESTATES NV
VASTB VASTNED RETAIL BELGIUM NV
MONT MONTEA SCA
AED AEDIFICA SA
ASC ASCENCIO SCA
VGP VGP NV
NSI NSI N.V.
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
19XX NEPI ROCKCASTLE N.V.
- ING Helpdesk
Benelux Morning Notes
AEGON: Uneventful results, US weaker, underlying OCG in line / Air France-KLM: Productivity gains starting to filter through / Arcadis: Weak revenues and EBITA, but strong NWC / Ascencio: Results in line, no concerns on Carrefour Belgium exposure / Azelis: Persisting softness in 4Q25, continued focus on costs and cash / BAM Group: Solid 2H25 results, 2026 outlook in line / Belgian telecoms: Telenet improved net adds, to relist as part of Ziggo in 2027, Liberty to sell half of its 66% Wyre stake ...
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
BAMNB KONINKLIJKE BAM GROEP NV
AF AIR FRANCE-KLM SA
GIMB GIMV NV
ARCAD ARCADIS NV
ASC ASCENCIO SCA
VGP VGP NV
KIN KINEPOLIS GROUP NV
OBEL ORANGE BELGIUM SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
AZE AZELIS GROUP NV
AGN AEGON N.V.
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
- Lynn Hautekeete
Ascencio 1Q26 trading update: No mention of Carrefour exit in report
Ascencio reports EPRA earnings in line with our expectations. Rental income came in slightly below due to a 60 bps increase in vacancy at an unknown Walloon site requiring repositioning. In its report, Ascencio hints at further acquisitions as it feels comfortable at its 41,4% debt ratio (before dividend payment, incl. € 22,8m acquisition). There is no mention of Carrefour in its trading update. Carrefour has 4,4% of Ascencio's contractual rents. The assets are on average 22,5% overrented. Hence...
Interim statement at 31/12/2025
Interim statement at 31/12/2025 Growth of the property portfolio Retail Park Horizon Provence (France) €22,8 million EURINVESTMENT AMOUNT Results for the 1st quarter for the financial year 2025/2026 €1.39EPRA EARNINGS PER SHARE€68.56INTRINSIC VALUE PER SHARE (EPRA NTA)StabilityOF THE FAIR VALUE OF THE PORTFOLIO96.6%EPRA OCCUPANCY RATE41.4%EPRA DEBT RATIO (EPRA LTV) ESG implementation: 90 new charging stations installed in France Attachment
Déclaration intermédiaire au 31/12/2025
Déclaration intermédiaire au 31/12/2025 Croissance du portefeuille immobilier Retail Park Horizon Provence (France) 22,8 millions EURMONTANT DE L’INVESTISSEMENT Résultats du 1er trimestre de l’exercice 2025/2026 1,39 EURRESULTAT EPRA PAR ACTION68,56 EURVALEUR INTRINSEQUE PAR ACTION (EPRA NTA)StabilitéDE LA JUSTE VALEUR DU PORTEFEUILLE96,6%TAUX D’OCCUPATION EPRA41,4%RATIO D’ENDETTEMENT EPRA (EPRA LTV) Réalisation ESG : 90 nouvelles bornes de recharge installées en France Pièce jointe
Tussentijdse verklaring op 31/12/2025
Tussentijdse verklaring op 31/12/2025 Groei van de vastgoedportfeuille Retail Park Horizon Provence (Frankrijk) 22,8 miljoen EURBEDRAG VAN DE INVESTERING Resultaten van het 1ste kwartaal van het boekjaar 2025/2026 €1.39EPRA EARNINGS PER AANDEEL€68.56NETTOACTIEFWAARDE PER AANDEEL (EPRA NTA)StabieleREËLE WAARDE VAN DE PORTEFEUILLE96.6%EPRA BEZETTINGSGRAAD41.4%EPRA SCHULDRATIO (EPRA LTV) ESG-realisatie: 90 nieuwe laadpalen geïnstalleerd in Frankrijk Bijlage
Disclosure of transparency notification
Disclosure of transparency notification Article 14, paragraph 1 of the law of 2 May 2007 on disclosure of major shareholdings Ascencio has received a transparency declaration from Carl, Eric and John Mestdagh as well as the controlled companies informing her that they now jointly hold 787,418 voting rights in the Company. They jointly declare a 11.94% shareholding. Crossing of the 5% threshold upwards by Carl Mestdagh and CMHC SRL. Attachment
Publication relative à une notification de transparence
Publication relative à une notification de transparence Article 14, Alinéa 1 de la loi du 2 mai 2007 relative à la publicité des participations importantes Ascencio a reçu une notification de transparence de la part de Carl, Eric et John Mestdagh ainsi que les sociétés liées l’informant qu’ils détiennent désormais conjointement 787.418 droits de vote de la Société. Ils déclarent de concert un actionnariat à 11,94%. Franchissement du seuil de 5% à la hausse par Carl Mestdagh et CMHC SRL. Pièce jointe
Openbaarmaking over een transparantieverklaring
Openbaarmaking over een transparantieverklaring Artikel 4,1E lid van de Wet van 2 mei 2007 op de openbaarmaking van belangrijke deelnemingen Ascencio heeft een transparantieverklaring van Carl, Eric en John Mestdagh en de verbonden ondernemingen die hem medelen dat zij nu gezamenlijk 787.418 stemrechten van de Vennootschap bezitten. Ze verklaren gezamenlijk een aandelenbezit van 11,94%. Overschrijding van de drempel van 5% naar boven door Carl Mestdagh en CMHC SRL. Bijlage
Ordinary General Meeting of 30 January 2026 - Result
Ordinary General Meeting of 30 January 2026 - Result The Ordinary General Meeting of Shareholders of 30 January 2026 approved all the proposed resolutions on the agenda, which mainly concerned the financial statements of Ascencio SA for the year ended 30 September 2025. 1.779.647 shares of Ascencio SA were represented, or 27 % of the total number of shares in existence. Approval of the annual accounts of Ascencio SA and appropriation of profit The Meeting approved the distribution of a gross dividend of EUR 4.45 per share. The Meeting gave discharge, by separate vote, to the sole statut...
Assemblée générale ordinaire du 30 janvier 2026 - Résultats
Assemblée générale ordinaire du 30 janvier 2026 - Résultats L'assemblée générale ordinaire du 30 janvier 2026 a approuvé tous les points mis à l’ordre du jour portant principalement sur les comptes annuels clôturés au 30 septembre 2025 d’Ascencio SA. 1.779.647 actions d’Ascencio SA étaient représentées, soit 27 % des actions existantes. Approbation des comptes annuels d’Ascencio SA et affectation du résultat L'assemblée a approuvé la distribution, à titre de rémunération du capital d’un dividende brut de 4,45 EUR par action. L’assemblée a donné décharge pour l’exercice de leur mand...
Gewone Algemene Vergadering van 30 januari 2026
Gewone Algemene Vergadering van 30 januari 2026 De gewone algemene vergadering van 30 januari 2026 heeft alle agendapunten goedgekeurd die voornamelijk de jaarrekening van Ascencio NV, afgesloten op 30 september 2025 behandelden. 1.779.647 aandelen van Ascencio NV waren vertegenwoordigd, hetzij 27 % van de bestaande aandelen. Goedkeuring van de jaarrekening van Ascencio NV en toewijzing aan het resultaat De vergadering keurde de uitkering goed van een brutodividend van 4,45 EUR per aandeel. De vergadering verleent kwijting aan de enige wettelijke bestuurder en aan de commi...
- Francesca Ferragina
- Michiel Vereycken
Real Estate Update/A new normality
European real estate rebounded in 2025, signalling positive momentum after two difficult years. In 2026, we expect investors to adapt to a new, normalised environment with recalibrated profitability that should drive transaction activity. This comes alongside a normalisation of rents (on the back of lower inflation) – a slowdown that will be notable but largely expected. We see a company's ability (and willingness) to pursue EPS-accretive investments and being active in capital recycling opportu...
WHA WERELDHAVE N.V.
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
RET RETAIL ESTATES NV
VASTB VASTNED RETAIL BELGIUM NV
MONT MONTEA SCA
AED AEDIFICA SA
ASC ASCENCIO SCA
VGP VGP NV
NSI NSI N.V.
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
19XX NEPI ROCKCASTLE N.V.
- ING Helpdesk
- Francesca Ferragina
- Michiel Vereycken
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...
- Lynn Hautekeete
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.
- Wim Lewi
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...
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