Deutsche EuroShop (DEQ) Company presentation summary

Business and portfolio overview

• Operates 21 shopping centers with €4.6bn in assets, mainly in Germany and Central Europe.

• Centers are in high-footfall, urban locations with a retail mix focused on fashion and daily necessities.

• Portfolio occupancy improved to 96% in 2025.

• Over 135 million visitors in 2025, with balanced sector and tenant diversification.

• Low dependence on top 10 tenants, accounting for 22.5% of rental income.

Financial performance and outlook

• 2025 revenue was €270.4m (down 0.4%), EBIT €214.4m (down 0.9%), and FFO €147.6m (down 9.2%).

• Consolidated profit rose to €215.1m, driven by higher property valuations and lower taxes.

• Dividend proposal of €1.00 per share for FY2025.

• Analyst consensus for 2026: revenue €275.2m, EBIT €219.9m, FFO/share €1.95, dividend €1.10.

Operational developments

• Retail turnover grew 2.2% in 2025, with a positive trend despite a slight decline in footfall.

• Major investments completed: Food Garden at Main-Taunus-Zentrum (+12% visitors) and Food & Fun Park at Rhein-Neckar-Zentrum.

• Balanced sector mix: fashion (47%), food/supermarkets (10.3%), electronics (18.9%), health & beauty (7.5%).