Deutsche EuroShop (DEQ) Q2 2025 earnings summary

Executive summary

• Operating business performed in line with expectations; visitor numbers fell 1% year-over-year, but tenant sales rose 1.3% and like-for-like minimum contractual rents increased 0.5%.

• Revenue declined 1.1% to €131.4 million and NOI decreased 3.0% to €103.2 million due to higher operating expenses.

• EBIT fell 3.2% to €103.9 million; EBT (excluding measurement gains/losses) dropped 8.4% to €75.1 million, mainly from higher interest expense.

• Measurement gain of €10.3 million led to a 17.3% increase in consolidated profit to €69.8 million.

• Successful placement of a €500 million green bond in June 2025, oversubscribed seven times.

Financial highlights

• Revenue: €131.4 million, down 1.1% year-over-year.

• Net operating income (NOI): €103.2 million, down 3.0% year-over-year.

• EBIT: €103.9 million, down 3.2% year-over-year.

• EBT (excluding measurement gains/losses): €75.1 million, down 8.4% year-over-year.

• Consolidated profit: €69.8 million, up 17.3% year-over-year.

• EPRA earnings per share: €0.92 (down from €1.06); FFO per share: €0.98 (down from €1.06); EPS: €0.92 (up from €0.78).

Outlook and guidance

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

• Dividend of €2.65 per share for 2024 approved and paid in July 2025.

• Economic growth in Germany expected to be modest, with GDP forecast at +0.3% for 2025.