Deutsche EuroShop AG / DE0007480204

Slight decline in key operating figures Late Easter creates seasonal effects Opening of the new "Food Garden" in the Main-Taunus-Zentrum Annual forecast confirmed Dividend proposal € 1.00 per share
Hamburg, 14 May 2025 - Shopping center investor Deutsche EuroShop (DES) has started the 2025 financial year as planned. "Our key operating figures developed in line with our expectations in the first quarter," explains Hans-Peter Kneip, CEO of Deutsche EuroShop. "Seasonal effects such as the late Easter date influenced customer behaviour, but should have a positive impact in the second quarter." Compared to the same period of the previous year, footfall in the 21 shopping centers in the DES portfolio fell by 3.4%, while tenant sales also declined by 0.4%. Consolidated sales rose slightly by 0.4% to € 66.3 million thanks to a higher occupancy rate compared to the same quarter of the previous year as a result of completed modernisation measures and newly concluded rental agreements. At the same time, operating expenses in the centers increased, causing net operating income (NOI) to fall by 1.2% to € 53.1 million. EBIT fell by 1.7% to € 53.4 million, while EBT (excluding valuation) fell by 6.4% to € 39.7 million as a result of higher interest expenses. Consolidated net income decreased by 2.6% to € 31.9 million. At € 0.51 per share, the key operating figures EPRA Earnings and FFO were both below the level of the same quarter of the previous year (€ 0.57 and € 0.55 respectively). New opening in the Main-Taunus-Zentrum as a milestone A particular highlight was the completion and opening of the new "Food Garden" in the Main-Taunus-Zentrum on 10 April 2025. The approximately 9,000 m² catering area was built using sustainable timber construction methods and significantly enhances one of Germany's highest-turnover shopping centers with eight restaurants and varied culinary concepts. The response from customers and tenants to the new offering has been consistently positive. Annual forecast confirmed Against the backdrop of the business development in the first quarter of 2025, which was in line with expectations, Deutsche EuroShop confirms its forecast for the full year published in March: Turnover: € 268 to 276 million EBIT: € 209 to 217 million EBT without valuation result: € 150 to 158 million FFO: € 145 to 153 million or € 1.91 to 2.02 per share Annual General Meeting at the end of June in Hamburg The Executive Board and Supervisory Board intend to propose a dividend of € 1.00 per share for the 2024 financial year to the Annual General Meeting, which is scheduled to take place on 27 June 2025 as an in-person event in Hamburg. However, the management reserves the right to adjust this proposal if a higher dividend should prove possible and expedient due to the creation of additional liquidity.
  Complete quarterly statement The full quarterly statement is available as a PDF file and as an ePaper on the Internet at
www.deutsche-euroshop.com/ir
Deutsche EuroShop - The Shopping Center AG 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

in € million		01.01.-31.03.2025		01.01.-31.03.2024		+/-
Revenue		66.3		66.0		0.4 %
Net operating income (NOI)		53.1		53.8		-1.2 %
EBIT		53.4		54.4		-1.7 %
EBT (without valuation result1)		39.7		42.4		-6.4 %
EPRA2 Earnings		38.5		43.3		-11.1 %
FFO		38.3		41.8		-8.4 %
Consolidated profit		31.9		32.7		-2.6 %
in €		01.01.-31.03.2025		01.01.-31.03.2024		+/-
EPRA2 Earnings per share		0.51		0.57		-8.9 %
FFO per share		0.51		0.55		-7.3 %
Earnings per share		0.42		0.43		-2.3 %
Weighted number of shares with dividend rights6		75,743,854		76,377,874		-0.8 %
in € million		31.03.2025		31.12.2024		+/-
Equity3		2,178.2		2,145.7		1.5 %
Liabilities		2,195.4		2,218.7		-1.0 %
Balance sheet total		4,373.6		4,364.4		0.2 %
Equity ratio in %3		49.8		49.2
LTV ratio in %4		38.5		39.2
EPRA2LTV in %5		40.2		41.1
Cash and cash equivalents		221.7		212.4		4.4 %
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 ratio (LTV ratio): 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 ratio (EPRA LTV ratio): 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. 6The number of no-par value shares issued takes into account (time-weighted in the comparative period) the treasury shares acquired.