Deutsche EuroShop (DEQ) Company Presentation summary

Business development and operations

• Key Q1 2025 operating figures met expectations, with revenue at €66.3m (+0.4%) and EBIT at €53.4m (-1.7%).

• Footfall decreased by 3.4% and retail sales by 0.4%, mainly due to later Easter holidays and a mild winter.

• Occupancy rate remained high at 94.8%, with property valuation stable at €4.1bn.

• Major investment projects completed on time and on budget across several centers.

• Balanced sector diversification, with fashion representing 47.6% of rental space.

Financial performance

• Revenues for 2024 decreased by €1.9m to €271.4m, mainly due to temporary vacancies from investment measures.

• EBIT increased by 1.7% to €216.3m, driven by lower operating costs.

• Financial result declined by €7.9m due to higher interest expenses and loan increases.

• EBT (excluding valuation) fell by 2.5% to €165.2m, mainly from increased interest expenses.

• Consolidated result rose by €161.8m, supported by a positive valuation result of €194.5m.

Funds from operations and dividends

• FFO decreased from €171.3m to €157.1m, but exceeded the increased forecast range.

• FFO per share dropped from €2.28 to €2.06.

• Dividend proposal of €1.00 per share for FY 2024.

• Share buyback program completed, acquiring 720,465 shares at an average price of €20.82.