EQS-News: Deutsche EuroShop with expected results and positive momentum

Deutsche EuroShop with expected results and positive momentum

• Upward trend in consumption emerging
• Special and one-off effects weigh on results
• Food & Fun Park @ RNZ expands shopping and leisure offerings
• Introduction of ESG policies
• Refinement of the forecast

Hamburg, 13 November 2025 – The first nine months of the 2025 financial year have largely been in line with expectations for shopping center investor Deutsche EuroShop AG (DES), and the full-year forecast has been refined accordingly.

Upward trend in consumption emerging

While the first quarter was still below the previous year's level due to calendar and weather effects, visitor frequencies and tenant sales showed an upward trend over the course of the year. Although visitor frequencies in the 21 DES shopping centers were still 0.2% below the level of the same period last year, a clear upward trend emerged during the reporting period. Tenant turnover in the centers also developed positively, rising 2.2% above the previous year's figure. Contract rents rose by 0.4% on a like-for-like basis.

Special and one-off effects weigh on results

The DES Group's sales revenues amounted to €197.4 million in the first nine months, representing a decline of 1.3%. Higher contractual rents were offset by rental incentives and lower property tax and insurance charges – positive effects due to a reduced burden on shopping centers and rental partners, which, however, had a negative impact on sales.

Net operating income (NOI) fell by 4.7% to €155.5 million and EBIT decreased by 4.5% to €155.4 million, influenced by one-off expenses from non-apportionable ancillary costs, which led to increased operating centre expenses. EBT excluding valuation was €107.5 million, down 13.9% on the previous year, mainly due to an €8.8 million increase in interest expenses. The valuation result benefited from higher rental income and improved by €31.2 million to €4.5 million.

As a result, consolidated net income increased by 13.4% to €93.5 million. EPRA earnings per share amounted to €1.33, while FFO per share amounted to €1.44. Both figures remained below the comparative figures for the same period of the previous year (€1.54 and €1.64 respectively).

Food & Fun Park @ RNZ expands shopping and leisure offerings

With the completion of the Food & Fun Park @ RNZ in recent weeks, the Rhein-Neckar-Zentrum has also been expanded to include an attractive retailtainment component, with new tenants from the catering, sports and entertainment sectors. Leisure, enjoyment and shopping are also the focus of the new "Food Garden" in the Main-Taunus-Zentrum. The modern, sustainably designed catering area has been very popular since its opening in April – visitor frequency has increased by around 17% since then.

Financing structure diversified with green bond

A financial milestone for the company was the first-time achievement of a corporate rating and the opening up of the capital market for future corporate financing. With the successful placement of its first green bond in June, Deutsche EuroShop expanded its sources of financing and diversified its financing structure. The bond, with a volume of €500 million and a term until October 2030, was heavily oversubscribed and reflects institutional investors' confidence in the company's strategy and solidity. The net proceeds will be used for general corporate financing and, in line with the Green Finance Framework, will flow into eligible sustainable projects.

Comprehensive ESG policies introduced

Following the materiality analysis and the successful issue of its first green bond, Deutsche EuroShop has further strengthened its sustainability strategy. As part of this, ESG policies have been introduced that create a clear, structured framework for responsible corporate governance and sustainable business practices.

The new ESG policies include a code of conduct for employees and a code of conduct for business partners and suppliers, as well as topic-specific policies on climate protection & energy, water, and environmental protection & waste. They define binding standards for ethical conduct, fair cooperation and the environmentally conscious operation of the 21 shopping centers in Germany and abroad and are available at www.deutsche-euroshop.com/esg-en

"Our sustainability strategy increases the resilience of the company and secures our future viability," emphasises DES‘ CEO/CFO Hans-Peter Kneip. "The green bond was an important step in implementing our strategy – the new policies are the next."

The policies are based on legal requirements and international and national standards. Clear processes, training and systematic monitoring ensure concrete implementation in day-to-day business. With the new ESG policies, Deutsche EuroShop creates transparency, promotes integrity and assumes responsibility for the environment, society and investors.

Refinement of the forecast

In view of developments in the first nine months, the Management Board is revising its forecast for the 2025 financial year. It now expects revenue to be at the lower end of the original forecast and EBIT and FFO to be in the middle range. EBT excluding valuation gains is expected to be slightly below the original forecast, partly as a result of higher interest expenses due to the adjusted financing structure. The new forecast for the 2025 financial year is now as follows:

• Revenue: €268 to €273 million (previously: €268 to €276 million)
• EBIT: €211 to €216 million (previously: €209 to €217 million)
• EBT excluding valuation gains: €144 to €149 million (previously: €150 to €158 million)
• FFO: €146 to €151 million (previously: €145 to €153 million)

Full quarterly report

The full nine-month report is available as a PDF file and as an ePaper on the Internet at www.deutsche-euroshop.com/ir

Internet broadcast of the conference call

Deutsche EuroShop will hold a conference call for analysts in English on Friday, 14 November 2025 at 10:00 a.m. CET, which will be transmitted as a live webcast at www.deutsche-euroshop.com/ir

Deutsche EuroShop - The Shopping Center Company

Deutsche EuroShop is the only public company in Germany to invest exclusively in shopping centers in prime locations. The company currently has investments in 21 shopping centers in Germany, Austria, Poland, the Czech Republic and Hungary. The portfolio includes the Main-Taunus-Zentrum near Frankfurt, the Altmarkt-Galerie in Dresden and the Galeria Baltycka in Gdansk, among many others.

Key Group figures

1 Including the share attributable to equity-accounted joint ventures and associates
2 European Public Real Estate Association
3  Including third-party interests in equity
4 Loan-to-value (LTV): Ratio of net financial liabilities (financial liabilities less cash and cash equivalents) to non-current assets (investment properties and financial investments accounted for using the equity method)
5 EPRA Loan-to-Value (EPRA LTV): Ratio of net debt (financial liabilities and lease liabilities less cash and cash equivalents) to real estate assets (investment properties, owner-occupied properties, intangible assets and other assets (net)). Net debt and real estate assets are calculated on the basis of the Group’s share in the subsidiaries and joint ventures.
6 The number of no-par value shares issued includes the treasury shares which were acquired. These shares were factored in on a time-weighted basis in the comparative period.
7 Due to the first-time adjustment of FFO for non-cash interest expenses and non-recurring effects, the previous year’s figures have been adjusted accordingly.