Deutsche EuroShop (DEQ) Company presentation summary

Business and portfolio overview

• Operates 21 shopping centers with €4.6bn in assets, mainly in Germany and Central Europe.

• Centers are in high-footfall, urban locations with a retail mix focused on fashion and daily necessities.

• 2025 revenue was €270m, with 83% from Germany and 17% from Central Europe.

• Occupancy rates improved to 96% in 2025.

• Over 135 million visitors in 2025 across the portfolio.

Financial performance and outlook

• 2025 revenue slightly decreased to €270.4m, mainly due to rental incentives and lower land tax apportionments.

• EBIT for 2025 was €214.4m, down 0.9% due to one-off expenses and lower rental revenue.

• Financial result declined due to higher interest expenses from the green bond and loan increases.

• Consolidated profit rose to €215.1m, driven by positive valuation and lower taxes.

• FFO fell 9.2% to €147.6m, with FFO per share at €1.95.

Capital structure and financing

• Equity ratio at 47.1%, LTV at 41.3%, and group liquidity of €387.4m at year-end 2025.

• €500m green bond issued in June 2025, maturing in 2030 with a 4.5% coupon, rated BBB-.

• No major refinancing needs until 2028; average loan maturity is 4.9 years at a 3.2% interest rate.

• EPRA NTA per share decreased to €28.45 due to dividend payments.