Deutsche EuroShop (DEQ) Q3 2026 earnings summary

Executive summary

• 9M revenue rose 2.5% to €202.5m and EBIT increased 4.3% to €162.1m; consolidated profit rose 5.6% to €98.8m, while FFO fell 4.6% to €103.8m.

• Shopping centers performed as expected; occupancy was 95.6% at 30 September amid subdued consumer spending and geopolitical uncertainty.

Financial highlights

• NOI increased 1.8% to €158.3m; EBT excluding measurement gains/losses rose 1.3% to €108.9m.

• Consolidated profit rose 5.6% to €98.8m and EPS increased to €1.30 from €1.23, supported by valuation results and lower taxes.

• EPRA earnings declined 2.8% to €100.7m (€1.33/share); FFO fell 4.6% to €103.8m (€1.37/share).

• Revenue growth reflected contractual rents up 1.7% and €1.9m of additional tenant settlement income.

• Financial result worsened by €5.3m to -€53.2m; interest expense rose €9.7m to €54.3m, partly due to the June 2025 bond and higher rates on follow-on loans.

Outlook and guidance

• FY2026 revenue guidance narrowed to €272–277m from €269–277m; EBIT guidance rose to €220–225m from €211–219m.

• EBT excluding measurement gains/losses guidance increased to €149–154m from €134–142m; FFO guidance rose to €144–149m from €134–142m.

• FY2026 FFO/share guidance is €1.91–1.97, with a forecast weighted average share count of 75.7m; non-recurring tax provision reversals are excluded from FFO.