Deutsche EuroShop (DEQ) Q1 2026 earnings summary

Executive summary

• Revenue rose 2.0% year-over-year to €67.6 million, driven by higher contractual rents and settlement payments.

• Net operating income (NOI) increased 0.3% to €53.3 million, while EBIT was up 0.2% to €53.5 million.

• Consolidated profit declined 10.7% to €28.4 million, mainly due to higher interest expenses from a 2025 bond issue.

• EPRA earnings per share fell 11.8% to €0.45; FFO per share dropped 11.5% to €0.46.

• Footfall in shopping centers was 0.5% below last year, but tenant turnover rose 0.7% year-over-year.

Financial highlights

• Revenue: €67.6 million (+2.0% year-over-year).

• NOI: €53.3 million (+0.3% year-over-year).

• EBIT: €53.5 million (+0.2% year-over-year).

• EBT (excl. measurement gains/losses): €35.7 million (-10.1% year-over-year).

• Consolidated profit: €28.4 million (-10.7% year-over-year).

• Cash and cash equivalents: €417.1 million (+7.7% from year-end 2025).

Outlook and guidance

• Full-year 2026 guidance reaffirmed: revenue €269–277 million, EBIT €211–219 million, EBT (excl. measurement gains/losses) €134–142 million, FFO €134–142 million.

• Dividend proposal for 2025: €1.00 per share, with potential for adjustment at the AGM.