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 declined 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, including upgrades at several centers.

• Balanced sector diversification and low dependence on top tenants, with the top 10 tenants accounting for 20.8% of retail rents.

Financial performance

• Revenue for 2024 was €271.4m (-0.7%), mainly due to temporary vacancies from investment measures.

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

• Financial result declined due to higher interest expenses, leading to EBT (excl. valuation) of €165.2m (-2.5%).

• Consolidated result rose significantly to €123.5m, mainly from a positive valuation result of €194.5m.

• FFO decreased to €157.1m (-8.3%) but exceeded the increased forecast range.

Financing, liquidity, and capital structure

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

• LTV at 39.2% and cash position of €212.4m, with refinancing for 2025 completed and no loan maturities before June 2026.

• Share buyback program completed, acquiring 720,465 shares for €15.0m at an average price of €20.82.

• EPRA NTA per share decreased to €29.02 (-8.1%) following dividend payments.

• Long-term diversified financing structure with an average interest rate of 2.76% and weighted maturity of 5.5 years.