Deutsche EuroShop (DEQ) Company presentation summary

Portfolio and operating model

• 21 shopping centers across Germany, Austria and Central Europe; 17 are in Germany, with total assets of €4.6bn and 2025 revenue of €270.4m.

• Assets are positioned mainly in city and district centers; the retail mix emphasizes fashion, daily necessities and other non-discretionary spending.

• Centers recorded more than 150m visitors in 2025; occupancy was 96% for FY 2025 and 95.6% for 9M 2026.

• Top 10 tenants accounted for 22.5% of retail rents at year-end 2025, versus 20.6% in 2024.

Trading and leasing

• 9M 2026 retail sales rose 1.9% YoY in absolute terms and 0.7% on a like-for-like basis; footfall declined 1.5%.

• German centers' like-for-like sales increased 0.5% in 9M 2026, versus 1.4% abroad; total occupancy cost ratio was 10.8%.

• At Main-Taunus-Zentrum, the Food Garden was fully let and visitor numbers increased 12% after opening.

• Rhein-Neckar-Zentrum expanded its gastronomy, sports and entertainment offer, including a new restaurant building, indoor skydiving and three tenants in a former DIY store.

9M financial performance

• Revenue increased 2.5% YoY to €202.5m, including higher contractual rents of 1.7% and increased tenant severance payments.

• EBIT rose 4.3% to €162.1m; the increase included €4.1m of one-off income from released real estate transfer tax provisions.

• EBT excluding valuation increased 1.3% to €108.9m; consolidated profit rose 5.6% to €98.8m, and earnings per share increased to €1.30 from €1.23.

• FFO fell 4.6% to €103.8m and FFO per share declined to €1.37 from €1.44, mainly due to higher financing costs; one-time effects were excluded.