Deutsche EuroShop (DEQ) investor relations material

Executive summary

• Footfall decreased by 0.2% year-over-year for the first nine months of 2025, while tenant sales increased by 2.2%, with a positive trend in both metrics after a subdued first quarter.

• Revenues declined by 1.3% to €197.4 million, EBIT fell 4.5% to €155.4 million, and FFO dropped 12.8% to €108.8 million, mainly due to higher deferrals, one-off costs, and increased financing expenses.

• Consolidated profit rose 13.4% to €93.5 million, driven by positive valuation results.

• Major investment projects were completed on time and within budget, including new gastronomy and entertainment offerings at Main-Taunus-Zentrum and Rhein-Neckar-Zentrum, boosting footfall and tenant mix.

• A €500 million green bond was issued in June 2025, diversifying funding and supporting sustainable projects.

Financial highlights

• Revenue for the first nine months was €197.4 million, down 1.3% year-over-year.

• EBIT decreased by 4.5% to €155.4 million; EBIT excluding valuation dropped 13.9% to €107.5 million.

• FFO declined from €124.7 million to €108.8 million; FFO per share fell from €1.64 to €1.44.

• Earnings per share rose from €1.08 to €1.23 due to higher valuation results.

• Total assets increased to €4.55 billion, and consolidated liquidity stood at €376 million as of 30 September 2025.

Outlook and guidance

• Revenue for FY2025 is expected in the lower range of €268–273 million (previously €268–276 million).

• EBIT is forecasted at €211–216 million, EBIT excluding valuation at €144–149 million, and FFO at €146–151 million.

• EBT (excluding valuation) forecast lowered to €144–149 million, reflecting higher interest expenses.

• Guidance range remains broad due to potential volatility in year-end turnover rents.