Deutsche Euroshop Ag · XETR:DEQ
Deutsche Euroshop — FY2025 Earnings Presentation
28 slides from Deutsche Euroshop's earnings presentation, Apr 1, 2026
Slide 1: Conference Call Financial Results 2025
Conference Call Financial Results 2025 1 April 2026
Slide 2: Update on Business Activities FY 2025 – Summary
COMPANY CONFERENCE CALL – FINANCIAL RESULTS 2025 | 1 APRIL 2026 Update on Business Activities FY 2025 – Summary Business Development § Upward consumption trend: positive momentum in retail sales (+2.2%) despite slight decrease of footfall (-0.4%) § Lower results: rising rents offset by higher deferr
Slide 3: Update on Business Activities FY 2025 – Summary
COMPANY CONFERENCE CALL – FINANCIAL RESULTS 2025 | 1 APRIL 2026 Update on Business Activities FY 2025 – Summary Financing and ESG § Dividend proposal of €1.00 per share for FY 2025 § LTV of 41.3% and significant cash position of €387.4 m, following €200.7 m dividend payments for 2024 § Steady fundin
Slide 4: Introduction of ESG Policies
COMPANY CONFERENCE CALL – FINANCIAL RESULTS 2025 | 1 APRIL 2026 Introduction of ESG Policies § The new ESG Policies include: − Code of Conduct for Employees − Code of Conduct for Business Partners & Suppliers − Climate Protection & Energy Policy − Water Policy − Environmental Protection & Waste Poli
Slide 5: Green Finance Framework | Allocation & Impact Report 2025
FINANCIALS CONFERENCE CALL – FINANCIAL RESULTS 2025 | 1 APRIL 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 instrum
Slide 6: Positive Development of Retail Turnover and Footfall
SHOPPING CENTERS CONFERENCE CALL – FINANCIAL RESULTS 2025 | 1 APRIL 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 +3.9% 30,000 600 20,000 400 CAGR +2.5% 10,000 200 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23
Slide 7: Insight into Retail Turnover 2025
SHOPPING CENTERS CONFERENCE CALL – FINANCIAL RESULTS 2025 | 1 APRIL 2026 Insight into Retail Turnover 20251 % change occupancy cost % of % of RETAIL SECTOR in 2025 ytd ratio (OCR) in % sales space Food/Supermarkets/Discounter +0.8 8.5 11.1 8.0 Fashion Textiles -0.5 14.6 27.9 40.7 Shoes & Leather Goo
Slide 8: Maturity Distribution of Rental Contracts
SHOPPING CENTERS CONFERENCE CALL – FINANCIAL RESULTS 2025 | 1 APRIL 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 95.72% 10% 2028 2024 95.4% 14% 13% 2029 2030 1 As %
Slide 9: Tenant Structure – Low Dependence on Top Tenants
SHOPPING CENTERS CONFERENCE CALL – FINANCIAL RESULTS 2025 | 1 APRIL 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% Bes
Slide 10: Sector Mix – Balanced Sector Diversification
SHOPPING CENTERS CONFERENCE CALL – FINANCIAL RESULTS 2025 | 1 APRIL 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 di
Slide 11: Valuation – Investment Properties December 2025
FINANCIALS CONFERENCE CALL – FINANCIAL RESULTS 2025 | 1 APRIL 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
Slide 12: Revenues – Rising Rents Offset by Higher Deferrals and Allocation Effects
FINANCIALS CONFERENCE CALL – FINANCIAL RESULTS 2025 | 1 APRIL 2026 Revenues – Rising Rents Offset by Higher Deferrals and Allocation Effects Revenues § Revenues decreased by €1.0 m to €270.4m in € million § While contractual rents increased, revenue from rental income 271.4 270.4 fell slightly overa
Slide 13: EBIT – Lower Rental Revenue and One-Off Expenses
FINANCIALS CONFERENCE CALL – FINANCIAL RESULTS 2025 | 1 APRIL 2026 EBIT – Lower Rental Revenue and One-Off Expenses EBIT § EBIT below the previous year -0.9% (€-1.9m) in € million § Largely due to one-off expenses related to non-apportionable 216.3 214.4 ancillary costs associated with the renewal o
Slide 14: Financial Result – Increased Interest Expenses
FINANCIALS CONFERENCE CALL – FINANCIAL RESULTS 2025 | 1 APRIL 2026 Financial Result1 – Increased Interest Expenses Financial result1 § Financial result decreased: €-15.5 m in € million 2024 2025 § Interest expenses went up by €13.5 m due to interest on the inaugural Green Bond, loan increases in the
Slide 15: EBT – Below Previous Year due to Increased Interest Expenses
FINANCIALS CONFERENCE CALL – FINANCIAL RESULTS 2025 | 1 APRIL 2026 EBT1 – Below Previous Year due to Increased Interest Expenses EBT1 § EBT excl. valuation below previous year by -10.5% (€-17.4m) in € million due to a downturn in the financial result – mainly due to the 165.2 147.8 increase in inter
Slide 16: Consolidated Result – Marked Increase Resulting from Higher Valuation
FINANCIALS CONFERENCE CALL – FINANCIAL RESULTS 2025 | 1 APRIL 2026 Consolidated Result – Marked Increase Resulting from Higher Valuation Consolidated result Consolidated result increased by €91.6 m in € million 215.1 § Decreased result from operations (EBT €-17.4 m) § Valuation result (€+29.1 m) 123
Slide 17: Funds From Operations (FFO) – Lower due to Decreased EBIT and Financial Result
FINANCIALS CONFERENCE CALL – FINANCIAL RESULTS 2025 | 1 APRIL 2026 Funds From Operations (FFO) – Lower due to Decreased EBIT and Financial Result FFO § FFO decreased from €162.5 m to €147.6 m in € million due to lower EBIT as well as lower financial result 162.5 § FFO per share decreased from €2.14
Slide 18: Balance Sheet – Solid and Robust Structure
FINANCIALS CONFERENCE CALL – FINANCIAL RESULTS 2025 | 1 APRIL 2026 Balance Sheet – Solid and Robust Structure § Equity ratio 47.1%, LTV at 41.3% (EPRA LTV 43.4%) Balance sheet structure § €500.0 m bond issue, €208.5 m total loan repayments in € million § Decrease in deferred taxes due to gradual red
Slide 19: Net Tangible Assets (EPRA) – Decrease Following Dividend Payments
FINANCIALS CONFERENCE CALL – FINANCIAL RESULTS 2025 | 1 APRIL 2026 Net Tangible Assets (EPRA) – 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.
Slide 20: Financing Structure
FINANCIALS CONFERENCE CALL – FINANCIAL RESULTS 2025 | 1 APRIL 2026 Financing Structure1 Key credit metrics Loan maturity profile Share of LTV Secured LTV ICR total loans 7% 2% 7% 8% 33% 14% 16% 11% 2% 100% 41.3% 28.6% 4.2x 800,000 7.0% Average interest rate Weighted maturity Net debt / EBITDA 700,00
Slide 21: Key Data of the €500 Million Green Bond Maturing in 2030 (4.50%)
FINANCIALS CONFERENCE CALL – FINANCIAL RESULTS 2025 | 1 APRIL 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,
Slide 22: Main-Taunus-Zentrum: Food Garden attracts 12% more visitors to the center
SHOPPING CENTERS CONFERENCE CALL – FINANCIAL RESULTS 2025 | 1 APRIL 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 § C
Slide 23: Rhein-Neckar-Zentrum: Food & Fun Park @RNZ
SHOPPING CENTERS CONFERENCE CALL – FINANCIAL RESULTS 2025 | 1 APRIL 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 buildi
Slide 24: Environmental, Social & Governance
SHOPPING CENTERS CONFERENCE CALL – FINANCIAL RESULTS 2025 | 1 APRIL 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
Slide 25: Environmental, Social & Governance
SHOPPING CENTERS CONFERENCE CALL – FINANCIAL RESULTS 2025 | 1 APRIL 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 Platin
Slide 26: Forecast
FINANCIALS CONFERENCE CALL – FINANCIAL RESULTS 2025 | 1 APRIL 2026 Forecast REVENUE EBT EXCL. VALUATION FFO €m €m €m 269 - 277 165.2 162.5 271.4 270.4 147.6 134 - 142 147.8 134 - 142 2024 2025 2026 2024 2025 2026 2024 2025 2026 EBIT NUMBER OF SHARES1 FFO PER SHARE €m mn € 216.3 214.4 211 - 219 76.1
Slide 27: Financial Calendar
APPENDIX CONFERENCE CALL – FINANCIAL RESULTS 2025 | 1 APRIL 2026 Financial Calendar 2026 31.03. Financial Report 2025 28.04. Annual Report 2025 29.04. JP Morgan Fixed Income IG Real Estate Conference, London 12.05. Quarterly statement 3M 2026 18.06. Annual General Meeting, Hamburg 25.06. Small Cap P
Slide 28: Contact
APPENDIX CONFERENCE CALL – FINANCIAL RESULTS 2025 | 1 APRIL 2026 Contact Deutsche EuroShop AG instagram.com/deutscheeuroshop Investor & Public Relations Heegbarg 36 youtube.com/DeutscheEuroShop 22391 Hamburg facebook.com/euroshop slideshare.net/desag Tel. +49 (40) 41 35 79 – 20/– 22 x.com/des_ag Fax