Ascencio (ASCE) Q1 2026 earnings summary

Executive summary

• Portfolio comprises nearly 100 properties totaling 450,000 m² across Belgium, France, and Spain, with a fair value of €770.7 million and annual rental income of €55 million.

• Focus remains on supermarkets and retail parks, with food retail accounting for 40% of rents.

• Acquired Horizon Provence retail park in France for €22.8 million (12,000 m²), expanding the portfolio.

• Active asset rotation with disposals totaling €5.6 million and investments in renovations and redevelopment.

Financial highlights

• Rental income was €53.87 million for the year, with a 1.0% year-over-year increase and 1.5% like-for-like growth; quarterly rental income was €13.3 million, but annual rental income decreased by 1.3% year-over-year due to disposals.

• EPRA Earnings rose 1.4% to €36.68 million for the year, but quarterly EPRA earnings fell 2.6% to €9.2 million; EPRA Earnings per share was €5.56 for the year and €1.39 for the quarter.

• Net result per share increased to €5.40 from €3.87 year-over-year; quarterly net result per share rose to €1.59 from €1.36.

• Operating margin stable at 81.8%.

• EPRA NTA per share increased to €68.56 from €67.14.

Outlook and guidance

• Continued focus on niche strategy in supermarkets and retail parks, with defensive positioning and higher yields.

• Ongoing disciplined financial management, further ESG initiatives, and available financing lines for acquisitions.

• Active portfolio management and tenant engagement to support value creation.