Deutsche EuroShop improves its operating performance over the course of 2025

Deutsche EuroShop improves its operating performance over the course of 2025

• Earnings in line with expectations
• Higher retail turnover and occupancy rate
• Successful financing with a €500 million green bond
• Slight increase in the value of the property portfolio
• Proposed dividend: €1.00 per share

Hamburg, 31 March 2026 – Shopping center investor Deutsche EuroShop, Hamburg, today presented its audited results for the 2025 financial year. The Group financial report, the parent company's separate financial statements and the Green Finance Allocation & Impact Report are now available for download at www.deutsche-euroshop.com/ir

Revenue and earnings in line with expectations

Deutsche EuroShop performed steadily overall in the 2025 financial year despite a challenging market environment. Following a subdued start to the year, there was a noticeable operational upturn as the year progressed, which was also reflected in rising tenant turnover (+2.2%) and rising like-for-like minimum rents (+0.6%). The key performance indicators were in line with expectations:

• Revenue amounted to €270.4 million (2024: €271.4 million, forecast: €268 to €273 million).
• Earnings before interest and taxes (EBIT) stood at €214.4 million (2024: €216.3 million, forecast: €211 to €216 million).
• Earnings before tax (EBT) excluding valuation gains decreased from €165.2 million (2024) to €147.8 million (forecast: €144 to €149 million)
• Funds from Operations (FFO) reached €147.6 million or €1.95 per share (2024: €162.5 million or €2.14 per share, forecast: €146 to €151 million).

Subdued operating performance in Q1, followed by a significant recovery

The first quarter of 2025 was characterised by one-off effects. A late Easter and a mild winter led to lower demand, particularly in the seasonal textile retail sector, and weighed on visitor numbers.

However, a steady recovery set in from the second quarter onwards. Consequently, both visitor numbers and retail turnover developed positively. For the full year, this results in:

• Visitor footfall: -0.4%
• Retail turnover: +2.2%

Letting activity also developed positively over the course of the year. The EPRA occupancy rate stood at 95.0% as at 31 December 2025 (2024: 93.3%).

Main-Taunus-Zentrum: Food Garden as a key driver of footfall

A key operational milestone was the opening of the “Food Garden” at the Main-Taunus-Zentrum in April 2025. A modern dining and leisure concept was realised across an area of around 9,000 m². Since the opening, visitor footfall at the center has increased by approximately 12%.

Successful placement of the first green bond strengthens financing structure

In June 2025, Deutsche EuroShop successfully placed its first green bond on the capital market, with a volume of €500 million and a maturity of 5.3 years. The issue was significantly oversubscribed, underscoring the high level of investor confidence.

The weighted average remaining maturity across all financing arrangements stood at 4.9 years at the end of the year, with an average interest rate of 3.2%. All loans due in the current year have already been refinanced. Further refinancing is not due until 2027.

“The 2025 financial year has shown that our shopping centers are performing resiliently even in a challenging environment,” says CEO/CFO Hans-Peter Kneip with satisfaction. “In particular, the positive momentum over the course of the year and the successful placement of our green bond underline the stability of our business model.”

Sustainability: Introduction of comprehensive ESG guidelines

In the 2025 financial year, Deutsche EuroShop implemented structured ESG governance (www.deutsche-euroshop.com/esg-en) for the first time.

Among other things, the following were introduced:

• Codes of conduct for employees, business partners and suppliers
• Guidelines in the areas of climate and energy, water, and environmental and resource protection

This created a clear framework for sustainable action that supports the further development of shopping centers and addresses regulatory requirements.

Slight increase in the value of the property portfolio

Property values showed a slight positive trend in 2025, resulting in a valuation gain of €14.4 million (2024: -€14.6 million), including investments in the property portfolio. The value of investment properties consequently increased by €54.0 million to €4,020.7 million. Due to rising contractual rents, property valuations stabilised in the reporting year and, following years of declining valuations, there was once again a slight revaluation of the property portfolio. The EPRA Net Tangible Assets (EPRA NTA) metric fell by 2.0% from €29.02 to €28.45 per share, primarily due to the dividend payment (€2.65 per share).

At €215.1 million, consolidated profit was €91.5 million higher than in the comparative period (€123.5 million) due to the increased valuation result, and earnings per share rose accordingly from €1.62 to €2.84. EPRA earnings, which exclude the valuation result, fell to €145.2 million or €1.92 per share. Funds from Operations (FFO) fell by 9.2% to €147.6 million or €1.95 per share.

Forecast for 2026

For the 2025 financial year, the forecast (excluding one-off items) for the four key performance indicators is as follows:

• Revenue: €269 to €277 million
• EBIT: €211 to €219 million
• EBT excluding valuation gains: €134 million to €142 million
• FFO: €134 to €142 million or €1.77 to €1.87 per share

“For the 2026 financial year, we expect rising rental income and, as a result, a slight increase in revenue and EBIT. However, we anticipate a slight decline in EBT excluding valuation gains and in FFO compared with the 2025 financial year due to planned higher interest expenses,” said Hans-Peter Kneip, commenting on the forecast.

Dividend proposal

For the 2025 financial year, the Executive Board, together with the Supervisory Board, has resolved to propose to the Annual General Meeting on 18 June 2026 in Hamburg the distribution of a dividend of €1.00 per share.

Financial reporting dates for 2026

Deutsche EuroShop will publish its financial reports for the current financial year on the following dates, in each case after the close of trading:

• Annual Report 2025: 28 April 2026
• Q1 – First Quarter Report: 12 May 2026
• H1 – Half-yearly financial report: 13 August 2026
• 9M – Third-quarter update: 12 November 2026

Webcast of the conference call

Deutsche EuroShop will broadcast its English-language conference call live as a webcast on the internet at www.deutsche-euroshop.com/ir on Wednesday, 1 April 2026 at 10:00 am.

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