Deutsche EuroShop AG · XETR:DEQ

Deutsche EuroShop — Investor Presentation (November 2026)

41 slides from Deutsche EuroShop's investor presentation, Nov 13, 2026

1. Slide 1: Company Presentation

   Company Presentation November 2026

2. Slide 2: Company overview

   COMPANY COMPANY PRESENTATION | NOVEMBER 2026 Company overview Business and portfolio overview Investment portfolio Shareholder structure  Deutsche EuroShop SE is a German listed shopping center company  DES has total assets of €4.6bn, comprising of 21 centers, 17 in Germany and 4 in Germany 83% He

3. Slide 3: Update on Business Activities 9M 2026 – Summary

   COMPANY COMPANY PRESENTATION | NOVEMBER 2026 Update on Business Activities 9M 2026 – Summary Business Development  Consumption trend: positive momentum in retail sales (+1.9%) despite decrease of footfall (-1.5%)  Occupancy: high occupancy rate (95.6%), driven by continuous upgrades and investment

4. Slide 4: Update on Business Activities 9M 2026 – Summary: Financing and ESG

   COMPANY COMPANY PRESENTATION | NOVEMBER 2026 Update on Business Activities 9M 2026 – Summary Financing and ESG  Dividend: €1.00 per share paid for financial year 2025  Capital structure: LTV of 40.9% and substantial cash position of €399.3m provide flexibility for further investments  Financing s

5. Slide 5: Positive Development of Retail Turnover and Footfall

   SHOPPING CENTERS COMPANY PRESENTATION | NOVEMBER 2026 Positive Development of Retail Turnover1 and Footfall 50,000 1,000 avg. daily footfall per center retail turnover per quarter in €m 40,000 800 CAGR +2.2% 30,000 600 20,000 400 CAGR +1.0% 10,000 200 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23

6. Slide 6: Insight into Retail Turnover 9M 2026

   SHOPPING CENTERS COMPANY PRESENTATION | NOVEMBER 2026 Insight into Retail Turnover 9M 20261 % change occupancy cost % of % of RETAIL SECTOR in 2026 ytd ratio (OCR) in % sales space Food/Supermarkets/Discounter +1.8 8.2 12.0 8.6 Fashion Textiles -1.4 14.4 26.2 39.7 Shoes & Leather Goods -4.1 15.5 3.3

7. Slide 7: European Portfolio with Focus on Germany

   SHOPPING CENTERS COMPANY PRESENTATION | NOVEMBER 2026 European Portfolio with Focus on Germany Germany A10 Main-Taunus- Altmarkt- Rhein-Neckar- Herold- Rathaus- Center Zentrum Galerie Zentrum Center Center 19 Gdansk 1 2 3 4 5 6 Poland 5 Norderstedt Allee- Phoenix- Billstedt- Saarpark- Allee- 8 9 Ham

8. Slide 8: Maturity Distribution of Rental Contracts

   SHOPPING CENTERS COMPANY PRESENTATION | NOVEMBER 2026 Maturity Distribution of Rental Contracts1 2026 2031 onwards Long-term contracts base 11% rental income 2027 Weighted maturity 4.9 years 11% 2024 4.7 years 41% Occupancy rate 95.42% 10% 2028 2025 95.7% 14% 13% 2029 2030 1 As % of rental income as

9. Slide 9: Tenant Structure – Low Dependence on Top Tenants

   SHOPPING CENTERS COMPANY PRESENTATION | NOVEMBER 2026 Tenant Structure – Low Dependence on Top Tenants 20251 2024 Low level of dependence on the Top 10 Tenants1 H&M 2.6% 2.7% Deichmann 2.5% 2.4% C&A 2.5% 2.1% Ceconomy 2.4% 2.2% 23% New Yorker 2.3% 2.4% P&C Düsseldorf 2.3% 2.2% Bestseller 2.3% 1.5% D

10. Slide 10: Sector Mix – Balanced Sector Diversification

    SHOPPING CENTERS COMPANY PRESENTATION | NOVEMBER 2026 Sector Mix1 – Balanced Sector Diversification Health & beauty Food & supermarkets 7.5% 10.3% Catering 5.7% Drug stores & Non-food/electronics hypermarkets 18.9% 4.4% Leisure & entertainment 4.1% Services 2.0% Balanced sector diversification Fashi

11. Slide 11: Vision – Omnichannel-Platform

    SHOPPING CENTERS COMPANY PRESENTATION | NOVEMBER 2026 Vision – Omnichannel-Platform Digitalization as key to integration of retail platforms Customers Offline Online Marketing channels Website, apps and Market Online shop Mall visit newsletter places tenant Pick up in mall Delivery from mall Center

12. Slide 12: Main-Taunus-Zentrum: Food Garden attracts 12% more visitors

    SHOPPING CENTERS COMPANY PRESENTATION | NOVEMBER 2026 Main-Taunus-Zentrum: Food Garden attracts 12% more visitors to the center  Major investment significantly expanding and broadening the center's gastronomy offering  High sustainability standards for the five new buildings  Completely let, high

13. Slide 13: Rhein-Neckar-Zentrum: Food & Fun Park @RNZ

    SHOPPING CENTERS COMPANY PRESENTATION | NOVEMBER 2026 Rhein-Neckar-Zentrum: Food & Fun Park @RNZ  Rhein-Neckar-Zentrum expanded with attractive retailtainment, featuring tenants in gastronomy, sports and entertainment  L'Osteria, pizza and pasta in a new modern restaurant building with outdoor ter

14. Slide 14: Valuation – Investment Properties December 2025

    FINANCIALS COMPANY PRESENTATION | NOVEMBER 2026 Valuation1 – Investment Properties 31 December 2025 in € thousand 01.01. – 31.12.2025 01.01. – 31.12.2024 CHANGE Stable property valuation Revaluation 14,881 -25,923 40,804  Slightly positive valuation result before taxes of €14.4 m Revaluation at-equ

15. Slide 15: Revenues – Rising Rents and Severance Payments from Tenants

    FINANCIALS COMPANY PRESENTATION | NOVEMBER 2026 Revenues – Rising Rents and Severance Payments from Tenants Revenues  Revenues increased by €5.1m to €202.5m in € million  Higher contractual rents (+1.7%) 197.4 202.5  Revenue from severance payments received from tenants increased by €1.9m compare

16. Slide 16: EBIT – Increase Amplified by Positive Extraordinary Effects

    FINANCIALS COMPANY PRESENTATION | NOVEMBER 2026 EBIT – Increase Amplified by Positive Extraordinary Effects EBIT  EBIT above the previous year by 4.3% (€6.7m) in € million  Based on a Revenue increase of 2.5% (+€5.1m) 155.4 162.1  Property expenses increased by 3.2%, primarily due to higher non-r

17. Slide 17: Financial Result – Increased Interest Expenses and Higher Interest Income

    FINANCIALS COMPANY PRESENTATION | NOVEMBER 2026 Financial Result1 – Increased Interest Expenses and Higher Interest Income Financial result1  Financial result decreased by €5.3m in € million 9M 2025 9M 2026  Interest expenses went up by €9.7m due to interest on the inaugural Green Bond as well as

18. Slide 18: EBT – Above Previous Year, Driven by Positive Extraordinary Effects

    FINANCIALS COMPANY PRESENTATION | NOVEMBER 2026 EBT1 – Above Previous Year, Driven by Positive Extraordinary Effects EBT1  EBT excl. valuation above previous year by 1.3% (€1.4m), in € million mainly due to increase in EBIT (+4.3%), impacted by one-off 107.5 108.9 effects from the release of provis

19. Slide 19: Consolidated Result

    FINANCIALS COMPANY PRESENTATION | NOVEMBER 2026 Consolidated Result Consolidated result Consolidated result increased by €5.3 m in € million  Increased result from operations (EBT +€1.4m)  Valuation result (+€1.7m) 93.5 98.8  Lower taxes (+€2.2m), mainly caused by decreased deferred taxes due to

20. Slide 20: Funds From Operations (FFO) – Lower Due to Higher Financing Costs

    FINANCIALS COMPANY PRESENTATION | NOVEMBER 2026 Funds From Operations (FFO) – Lower Due to Higher Financing Costs FFO  FFO decreased from €108.8m to €103.8m due to higher in € million financing costs, despite higher EBIT and increased EBT  One-time effects, mainly release of real estate transfer t

21. Slide 21: Balance Sheet – Solid and Robust Structure

    FINANCIALS COMPANY PRESENTATION | NOVEMBER 2026 Balance Sheet – Solid and Robust Structure  Equity ratio 47.4%, LTV at 40.9% (EPRA LTV 43.0%) Balance sheet structure  Increase of non-current assets mainly due to recognized in € million construction measures (€15.4m) and unrealized changes in fair

22. Slide 22: Net Tangible Assets (EPRA) 2025 – Decrease Following Dividend Payments

    FINANCIALS COMPANY PRESENTATION | NOVEMBER 2026 Net Tangible Assets (EPRA) 2025 – Decrease Following Dividend Payments EPRA NTA  EPRA NTA per share decreased due to dividend payments in € million (per share in €) to €28.45 (-2.0%)  Share price discount to NTA: 29% (30 March 2025) -2.0% 2,414.4 EPR

23. Slide 23: Financing Structure

    FINANCIALS COMPANY PRESENTATION | NOVEMBER 2026 Financing Structure1 Key credit metrics Maturity profile Share of LTV Secured LTV ICR financial 0% 2% 7% 8% 34% 21% 15% 11% 2% 100% liabilities 40.9% 28.0% 3.7x 800,000 7.0% Average interest rate Weighted maturity Net Debt / EBITDA 700,000 6.0% 3.4% 4.

24. Slide 24: Forecast

    FINANCIALS COMPANY PRESENTATION | NOVEMBER 2026 Forecast REVENUE EBT EXCL. VALUATION FFO €m €m €m 272 - 277 162.5 271.4 165.2 144 - 149 270.4 149 - 154 147.6 147.8 2024 2025 2026 2024 2025 2026 2024 2025 2026 EBIT NUMBER OF SHARES1 FFO PER SHARE €m mn € 220 - 225 216.3 214.4 76.1 75.7 75.7 2.14 1.95

25. Slide 25: Share Performance and Dividend Track Record

    SHARE COMPANY PRESENTATION | NOVEMBER 2026 Share Performance and Dividend Track Record Dividend per share1 NTA (NAV) per share Share price 5.00 43.24 45 40.46 4.50 40 4.00 35 3.50 28.453 30 3.00 2.50 25 2.00 20 16.385 1.50 15 1.00 0.50 10 1.05 1.10 1.10 1.20 1.25 1.30 1.35 1.40 1.45 1.50 0.00 0.04 1

26. Slide 26: Shareholder Structure

    SHARE COMPANY PRESENTATION | NOVEMBER 2026 Shareholder Structure1 Other Hercules BidCo 2.0% 77.2% Germany 98.0% Institutional Investors 4.4% 10,500 shareholders Private Investors Maren Otto Free float 16.2%² 11.8% 6.6% 1 As of 11 November 2026 | 2 In accordance with the rules and regulations of Deut

27. Slide 27: Analysts' Consensus

    SHARE COMPANY PRESENTATION | NOVEMBER 2026 Analysts‘ Consensus1 in € 2026 2027 100% Revenue (€ m) 273.6 277.0 90% negative 80% EBIT (€ m) 217.6 220.3 70% FFO per share 1.85 1.87 60% neutral NTA per share 28.70 29.35 50% Dividend 1.02 1.04 40% 30% Price target (mean) 20.26 positive 20% 10% 0% Q2 Q4 Q

28. Slide 28: Key Data of the Share

    APPENDIX COMPANY PRESENTATION | NOVEMBER 2026 Key Data of the Share Listed since 02.01.2001 Nominal capital €75,743,854.00 Outstanding shares 75,743,854 Class of shares Registered shares Dividend for 2025 (paid on 23 June 2026) €1.00 52W High €21.10 52W Low €14.68 Share price (11 November 2026) €16.

29. Slide 29: Key Data of the €500 Million Green Bond Maturing in 2030 (4.50%)

    FINANCIALS COMPANY PRESENTATION | NOVEMBER 2026 Key Data of the €500 Million Green Bond Maturing in 2030 (4.50%) Issuer Deutsche EuroShop AG Issue date 18 June 2025 Stock exchange admission / listing Euro MTF Market of the Luxembourg Stock Exchange (unregulated) Issue volume €500,000,000 Issue price

30. Slide 30: Consolidated Income Statement 9M 2026

    APPENDIX COMPANY PRESENTATION | NOVEMBER 2026 Consolidated Income Statement 9M 2026 € thousand 01.01. – 30.09.2026 01.01. – 30.09.2025 Revenue 202,471 197,432 Property operating costs -26,319 -25,170 Property management costs -11,426 -11,415 Write-downs and disposals of financial assets -6,406 -5,36

31. Slide 31: Consolidated Balance Sheet 9M 2026

    APPENDIX COMPANY PRESENTATION | NOVEMBER 2026 Consolidated Balance Sheet 9M 2026 € thousand 30.09.2026 31.12.2025 € thousand 30.09.2026 31.12.2025 ASSETS LIABILITIES Intangible assets 51,741 51,746 Subscribed capital 75,744 75,744 Property, plant and equipment Equity and Capital reserves 781,582 781

32. Slide 32: Our Partner

    APPENDIX COMPANY PRESENTATION | NOVEMBER 2026 Our Partner  ECE develops, plans, builds, leases and manages shopping centers since 1965  Originally ECE was an abbreviation for the German word Einkaufscenterentwicklung (Shopping center development)  100% privately owned by the Otto family  Assets

33. Slide 33: Environmental, Social & Governance

    SHOPPING CENTERS COMPANY PRESENTATION | NOVEMBER 2026 Environmental, Social & Governance Reduction of CO2 Emission and Electricity Consumption  Climate protection is a top priority for Deutsche EuroShop  We firmly believe that sustainability and profitability are not mutually 90,000 90,000 exclusi

34. Slide 34: Environmental, Social & Governance

    SHOPPING CENTERS COMPANY PRESENTATION | NOVEMBER 2026 Environmental, Social & Governance DGNB Sustainability certificates The German Sustainable Building Council (DGNB) has awarded sustainability certificates to all 21 Deutsche EuroShop shopping centers, 20 in Gold and 1 in Platinum. Since 2025, all

35. Slide 35: Rhein-Neckar-Zentrum: New Photovoltaic Plant

    APPENDIX COMPANY PRESENTATION | NOVEMBER 2026 Rhein-Neckar-Zentrum: New Photovoltaic Plant Further sustainability investments in the Rhein-Neckar-Zentrum Photovoltaic system has been installed on the roof of the center Completed in April 2024 Investment: €1.1 m Output: 770 kilowatt peak (kWp) Level

36. Slide 36: Green Finance Framework | Allocation & Impact Report 2025

    FINANCIALS COMPANY PRESENTATION | NOVEMBER 2026 Green Finance Framework | Allocation & Impact Report 2025 Green Finance Framework Green Finance Allocation & Impact Report  Links sustainability and financing  Details of allocation and impact of  Basis for green financing instruments; financing pro

37. Slide 37: Germany 1/2

    APPENDIX COMPANY PRESENTATION | NOVEMBER 2026 Germany 1/21 A10 Main-Taunus- Altmarkt- Rhein-Neckar- Herold- Rathaus- Allee- Phoenix- Center Zentrum Galerie Zentrum Center Center Center Center Wildau/ Sulzbach/ Viernheim/ Location Dresden Norderstedt Dessau Magdeburg Hamburg Berlin Frankfurt Mannheim

38. Slide 38: Germany 2/2

    APPENDIX COMPANY PRESENTATION | NOVEMBER 2026 Germany 2/21 Billstedt- Saarpark- Allee- City- City- City- Stadt- Stadt- Center Center Forum Center Galerie Arkaden Point Galerie Galerie Location Hamburg Neunkirchen Wetzlar Hamm Wolfsburg Wuppertal Kassel Passau Hameln Investment 100% 95.0% 100% 100% 1

39. Slide 39: Europe

    APPENDIX COMPANY PRESENTATION | NOVEMBER 2026 Europe1 Galeria City Olympia Bałtycka Arkaden Árkád Brno, Gdansk, Klagenfurt, Pécs, Location Czech Republic Poland Austria Hungary Investment 100% 100% 50.0% 50.0% Lettable Space sqm 85,000 48,700 36,900 35,400 Parking 4,000 1,050 880 850 Number of Shops

40. Slide 40: Financial Calendar

    APPENDIX COMPANY PRESENTATION | NOVEMBER 2026 Financial Calendar 2026 12.11. Quarterly statement 9M 2026 2027 20.01. Kepler Cheuvreux German Corporate Conference, Frankfurt 22.-24.03. Bank of America EMEA Real Estate CEO Conference, London 31.03. Annual Report 2026 13.05. Quarterly statement 3M 2027

41. Slide 41: Contact

    APPENDIX COMPANY PRESENTATION | NOVEMBER 2026 Contact Deutsche EuroShop SE Investor & Public Relations instagram.com/deutscheeuroshop Heegbarg 36 youtube.com/DeutscheEuroShop 22391 Hamburg facebook.com/euroshop Tel. +49 (40) 41 35 79 – 20/– 22 slideshare.net/desag Fax +49 (40) 41 35 79 – 29 flickr.c

Deutsche EuroShop — Investor Presentation (November 2026) on 6ix