Deutsche Euroshop Ag · XETR:DEQ
Deutsche Euroshop — Investor Presentation (October 2026)
41 slides from Deutsche Euroshop's investor presentation, October 2026
Slide 1: Company Presentation
Company Presentation October 2026
Slide 2: Company overview
COMPANY COMPANY PRESENTATION | OCTOBER 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% Her
Slide 3: Update on Business Activities H1 2026 – Summary
COMPANY COMPANY PRESENTATION | OCTOBER 2026 Update on Business Activities H1 2026 – Summary Business Development Consumption trend: positive momentum in retail sales (+2.4%) despite decrease of footfall (-1.3%) Results: higher contractual rents, operating expenses, lower write-downs and increase
Slide 4: Update on Business Activities H1 2026 – Summary
COMPANY COMPANY PRESENTATION | OCTOBER 2026 Update on Business Activities H1 2026 – Summary Financing and ESG Dividend of €1.00 per share for FY 2025 LTV of 41.5% and significant cash position of €371.6 m Steady funding situation with long-term financing partners Refinancings due in 2026 alrea
Slide 5: Positive Development of Retail Turnover and Footfall
SHOPPING CENTERS COMPANY PRESENTATION | OCTOBER 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 +2.1% 30.000 600 20.000 400 CAGR +1.2% 10.000 200 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q
Slide 6: Insight into Retail Turnover H1 2026
SHOPPING CENTERS COMPANY PRESENTATION | OCTOBER 2026 Insight into Retail Turnover H1 20261 % change occupancy cost % of % of RETAIL SECTOR in 2026 ytd ratio (OCR) in % sales space Food/Supermarkets/Discounter +2.1 8.1 11.5 8.1 Fashion Textiles -0.7 14.3 26.4 39.4 Shoes & Leather Goods -4.0 15.5 3.2
Slide 7: European Portfolio with Focus on Germany
SHOPPING CENTERS COMPANY PRESENTATION | OCTOBER 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 Hamb
Slide 8: Maturity Distribution of Rental Contracts
SHOPPING CENTERS COMPANY PRESENTATION | OCTOBER 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
Slide 9: Tenant Structure – Low Dependence on Top Tenants
SHOPPING CENTERS COMPANY PRESENTATION | OCTOBER 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% Do
Slide 10: Sector Mix – Balanced Sector Diversification
SHOPPING CENTERS COMPANY PRESENTATION | OCTOBER 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 Fashio
Slide 11: Vision – Omnichannel-Platform
SHOPPING CENTERS COMPANY PRESENTATION | OCTOBER 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 1
Slide 12: Main-Taunus-Zentrum: Food Garden attracts 12% more visitors to the center
SHOPPING CENTERS COMPANY PRESENTATION | OCTOBER 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-
Slide 13: Rhein-Neckar-Zentrum: Food & Fun Park @RNZ
SHOPPING CENTERS COMPANY PRESENTATION | OCTOBER 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 terr
Slide 14: Valuation – Investment Properties December 2025
FINANCIALS COMPANY PRESENTATION | OCTOBER 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-equi
Slide 15: Revenues 2025 – Rising Rents Offset by Higher Deferrals and Allocation Effects
FINANCIALS COMPANY PRESENTATION | OCTOBER 2026 Revenues 2025 – 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 overall due to renta
Slide 16: EBIT 2025 – Lower Rental Revenue and One-Off Expenses
FINANCIALS COMPANY PRESENTATION | OCTOBER 2026 EBIT 2025 – 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 of technical equ
Slide 17: Financial Result 2025 – Increased Interest Expenses
FINANCIALS COMPANY PRESENTATION | OCTOBER 2026 Financial Result1 2025 – 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 prior year as
Slide 18: EBT 2025 – Below Previous Year due to Increased Interest Expenses
FINANCIALS COMPANY PRESENTATION | OCTOBER 2026 EBT1 2025 – 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 interest expenses (€
Slide 19: Consolidated Result 2025 – Marked Increase Resulting from Higher Valuation
FINANCIALS COMPANY PRESENTATION | OCTOBER 2026 Consolidated Result 2025 – 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) 123.5 Lower taxe
Slide 20: Funds From Operations (FFO) 2025 – Lower due to Decreased EBIT and Financial Result
FINANCIALS COMPANY PRESENTATION | OCTOBER 2026 Funds From Operations (FFO) 2025 – 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 to €1.95 147.6
Slide 21: Balance Sheet 2025 – Solid and Robust Structure
FINANCIALS COMPANY PRESENTATION | OCTOBER 2026 Balance Sheet 2025 – 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 reduction of corpo
Slide 22: Net Tangible Assets (EPRA) 2025 – Decrease Following Dividend Payments
FINANCIALS COMPANY PRESENTATION | OCTOBER 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 EPRA
Slide 23: Financing Structure
FINANCIALS COMPANY PRESENTATION | OCTOBER 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 700.000 6,0% 600.000 5,0%
Slide 24: Forecast
FINANCIALS COMPANY PRESENTATION | OCTOBER 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 75.7 75.7 2.14 1.95
Slide 25: Share Performance and Dividend Track Record
SHARE COMPANY PRESENTATION | OCTOBER 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 17.405 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,
Slide 26: Shareholder Structure
SHARE COMPANY PRESENTATION | OCTOBER 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 29 September 2026 | 2 In accordance with the rules and regulations of Deut
Slide 27: Analysts' Consensus
SHARE COMPANY PRESENTATION | OCTOBER 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 Q2
Slide 28: Key Data of the Share
APPENDIX COMPANY PRESENTATION | OCTOBER 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 €17.32 Share price (28 September 2026) €17.
Slide 29: Key Data of the €500 Million Green Bond Maturing in 2030 (4.50%)
FINANCIALS COMPANY PRESENTATION | OCTOBER 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
Slide 30: Consolidated Income Statement H1 2026
APPENDIX COMPANY PRESENTATION | OCTOBER 2026 Consolidated Income Statement H1 2026 € thousand 01.01. – 30.06.2026 01.01. – 30.06.2025 Revenue 133,328 131,363 Property operating costs -17,814 -16,717 Property management costs -7,605 -7,591 Write-downs and disposals of financial assets -3,002 -3,841 N
Slide 31: Consolidated Balance Sheet H1 2026
APPENDIX COMPANY PRESENTATION | OCTOBER 2026 Consolidated Balance Sheet H1 2026 € thousand 30.06.2026 31.12.2025 € thousand 30.06.2026 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,
Slide 32: Our Partner
APPENDIX COMPANY PRESENTATION | OCTOBER 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 u
Slide 33: Environmental, Social & Governance
SHOPPING CENTERS COMPANY PRESENTATION | OCTOBER 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 exclusiv
Slide 34: Environmental, Social & Governance
SHOPPING CENTERS COMPANY PRESENTATION | OCTOBER 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
Slide 35: Rhein-Neckar-Zentrum: New Photovoltaic Plant
APPENDIX COMPANY PRESENTATION | OCTOBER 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 o
Slide 36: Green Finance Framework | Allocation & Impact Report 2025
FINANCIALS COMPANY PRESENTATION | OCTOBER 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 proc
Slide 37: Germany 1/2
APPENDIX COMPANY PRESENTATION | OCTOBER 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
Slide 38: Germany 2/2
APPENDIX COMPANY PRESENTATION | OCTOBER 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% 10
Slide 39: Europe
APPENDIX COMPANY PRESENTATION | OCTOBER 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 Shops2
Slide 40: Financial Calendar
APPENDIX COMPANY PRESENTATION | OCTOBER 2026 Financial Calendar 2026 12.11. Quarterly statement 9M 2026 40
Slide 41: Contact
APPENDIX COMPANY PRESENTATION | OCTOBER 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.co
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