Deutsche EuroShop (DEQ) Company Presentation summary

Business development and operational performance

• Operational results exceeded full-year forecasts, with revenue at €271.4m (-0.7%), EBIT at €216.3m (+1.7%), and FFO at €157.1m (-8.3%).

• Footfall increased by 0.6% and retail sales rose by 2.5%, with occupancy rate up to 95.4% (+2.4pp) due to timely investment project completions.

• Portfolio value increased by €28.5m, driven by investments, with stable property valuation at €4.1bn.

• Major investment projects included the Main-Taunus-Zentrum Food Garden (€28m), new tenants at A10 Center, Rhein-Neckar-Zentrum, and Stadt-Galerie Hameln.

• Over 150 million visitors in 2024 across a diversified European portfolio, mainly in Germany.

Financial position and capital structure

• Dividend proposal of €1.00 per share for FY 2024; share buyback program completed with 720,465 shares acquired at €20.82 average price.

• LTV at 39.2%, equity ratio at 49.2%, and cash position of €212.4m after €346.6m dividend payments.

• Refinancing for 2025 completed; no loan maturities before June 2026, with a weighted loan maturity of 5.5 years and average interest rate of 2.76%.

• EPRA NTA per share decreased to €29.02 (-8.1%) due to dividend payments; share price discount to NTA at 31%.

• Analyst consensus for 2025: revenue €272.4m, EBIT €215m, FFO/share €1.98, NTA/share €29.62, dividend €1.05.

Retail and tenant structure

• Balanced sector diversification: fashion 47.6%, food & supermarkets 10.8%, non-food/electronics 19.1%, health & beauty 7.6%.

• Low dependence on top 10 tenants, accounting for 20.8% of total retail rents.

• Long-term rental contracts with a weighted maturity of 4.7 years; occupancy rate at 95.4%.

• Retail turnover up 2.5% overall, with like-for-like growth of 2.3% in Germany and -1.0% abroad.

• Omnichannel strategy integrates digital and physical retail platforms, enhancing customer engagement.