Deutsche EuroShop (DEQ) Q1 2025 earnings summary

Executive summary

• Revenue rose 0.4% year-over-year to €66.3 million, driven by higher occupancy from recent investments and new leases.

• Net operating income (NOI) declined 1.2% to €53.1 million due to increased center operating expenses.

• EBIT fell 1.7% to €53.4 million, and consolidated profit decreased 2.6% to €31.9 million compared to Q1 2024.

• EPRA earnings per share and FFO per share both dropped to €0.51, below prior-year levels.

• The opening of the new Food Garden at Main-Taunus-Zentrum was highlighted as a key development.

Financial highlights

• Revenue: €66.3 million (+0.4% year-over-year); NOI: €53.1 million (-1.2%); EBIT: €53.4 million (-1.7%).

• EBT (excluding measurement gains/losses): €39.7 million (-6.4%); consolidated profit: €31.9 million (-2.6%).

• EPRA earnings: €38.5 million (-11.1%); FFO: €38.3 million (-8.4%).

• Earnings per share: €0.42 (Q1 2024: €0.43); EPRA EPS: €0.51 (Q1 2024: €0.57).

• Cash and cash equivalents increased to €221.7 million (+4.4% from year-end 2024).

Outlook and guidance

• Full-year 2025 guidance reaffirmed: revenue €268–276 million, EBIT €209–217 million, EBT (excl. measurement gains/losses) €150–158 million, FFO €145–153 million.

• Dividend proposal of €1.00 per share for 2024, with potential for adjustment based on liquidity.