Deutsche EuroShop (DEQ) Company presentation summary

Business and portfolio overview

• Operates 21 high-quality shopping centers, mainly in Germany, with assets totaling €4.6bn.

• Portfolio is concentrated in dense urban locations with strong footfall and a retail mix focused on fashion and daily necessities.

• 2025 revenue reached €270m, with occupancy rates rising to 96%.

• Over 150 million visitors in 2025 across all centers.

• Low dependence on top tenants, with the top 10 accounting for 22.5% of rental income.

Financial performance and outlook

• 2025 consolidated profit rose to €215.1m, driven by higher property valuations and lower taxes.

• EBIT for 2025 was €214.4m, slightly down due to one-off expenses, while FFO decreased to €147.6m.

• Financial result declined due to increased interest expenses, mainly from the green bond and higher loan rates.

• 2026 forecast: revenue €269–277m, EBIT €211–219m, FFO €134–142m.

• Dividend of €1.00 per share paid for FY 2025.

Operational trends and retail environment

• Retail sales grew by 2.4% in H1 2026, despite a 1.3% drop in footfall.

• Like-for-like retail turnover up 0.8% in H1 2026, with electronics and food catering sectors outperforming.

• Major investments in gastronomy and retailtainment increased visitor numbers, e.g., Main-Taunus-Zentrum saw a 12% rise after Food Garden expansion.

• Balanced sector diversification, with fashion comprising 47% of rental space.