Company Presentation
January 2025
Eat. Shop. Laugh.
C O M P A N Y
Update on Business Activities 9M 2024 – Summary
COMPANY PRESENTATION | JANUARY 2025
2
Business Development
 Positive development of operational business
 Increase of footfall (+0.2%) and retail sales (+1.9%)
compared to 9M 2023
 Revenue €200.0 m (-1.6%), EBIT €162.8 m (+4.7%)
 FFO €119.7 m (-7.7%)
 Investment projects at several locations successfully
completed – on time and on budget
− A10 Center
− Rhein-Neckar-Zentrum
− Stadt-Galerie Hameln
− City-Galerie Wolfsburg
− Main-Taunus-Zentrum (Food Garden) to follow in spring 2025
C O M P A N Y
Update on Business Activities 9M 2024 – Summary
COMPANY PRESENTATION | JANUARY 2025
3
Financing and Liquidity
 Dividend of €2.60 per share (paid on 3 September 2024)
 LTV of 39.9% and solid cash position of €198.7 m
(after €198.8 m dividend in September)
 Steady funding situation with long-term financing partners
 Larger refinancings only from 2026 onwards
 Share buyback program completed:
From 21 December 2023 to 13 December 2024
– 720,465 shares acquired
– €20.82 average price
– €15.0 m purchased volume
S H O P P I N G C E N T E R S
200
400
600
800
1,000
10,000
20,000
30,000
40,000
50,000
Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24
avg. daily footfall per center retail turnover per quarter in €m
Development of Retail Turnover1 and Footfall
COMPANY PRESENTATION | JANUARY 2025
4
1 Source: ECE | the data only refer to the DES portfolio (incl. international centers) | nominal sales development, not adjusted for inflation | in € (with exchange rate effects)
Compared to the
same quarter of
the previous year:
CAGR +3.1%
CAGR +1.7%
18.1%
24.0%
5.7% 6.2%
0.7%
4.3%
1.6%
3.5% 3.7% 4.1%
-1.0%
0.8%
-1.6%
1.9%
24%
17%
7%
S H O P P I N G C E N T E R S
Retail Turnover 9M 20241
COMPANY PRESENTATION | JANUARY 2025
5
1 German centers on a like-for-like basis (estimated turnover 2024: €1.9 billion) | 2 The sum may not equal the totals due to rounding
 Retail turnover development on a like-for-like basis: +2.1% -1.3% +1.3%
RETAIL SECTOR
% change
in 2024
occupancy cost
ratio (OCR) in %
% of
sales
% of
space
Food/Supermarkets/Discounter +2.6 8.5 11.3 8.5
Fashion Textiles +2.4 14.7 29.8 44.7
Shoes & Leather Goods +5.8 15.7 3.8 4.3
Sports +1.2 13.8 5.0 6.7
Health & Beauty +6.2 9.0 16.7 9.1
General Retail (incl. Department Stores) +4.3 13.9 10.1 12.0
Electronics -3.7 4.7 13.2 7.5
Services -0.5 8.7 4.1 2.2
Food Catering -1.3 15.6 6.0 5.0
TOTAL +2.1 11.4 100² 100²
 Absolute retail turnover development: +2.7% -0.8% +1.9%
Germany Abroad Total
S H O P P I N G C E N T E R S
Vision – Omnichannel-Platform
COMPANY PRESENTATION | JANUARY 2025
6
Digitalization as key to integration of retail platforms
Center
Mall visit
Online shop
tenant
Marketing channels
Market
places
Website, apps and
newsletter
Customers
Pick up in mall Delivery from mall
Offline Online
S H O P P I N G C E N T E R S
European Portfolio with Focus on Germany
COMPANY PRESENTATION | JANUARY 2025
7
5
9
8
Norderstedt
Hamburg
17
Hameln
12
Hamm
14
Wuppertal 15 Kassel
11 Wetzlar
1
Sulzbach/Frankfurt
4 Viernheim/
Mannheim
10
Neunkirchen
13
Wolfsburg
2 Wildau/Berlin
7
Magdeburg
6 Dessau
3 Dresden
6 Passau
19 Gdansk
Poland
18 Brno
Czech Republic
20 Klagenfurt
Austria
21 Pécs
Hungary
>170 million visitors in 2023
City-
Arkaden
14
Allee-
Center
12
Billstedt-
Center
9
Phoenix-
Center
8
Herold-
Center
5
Stadt-
Galerie
17
A10
Center
2
Altmarkt-
Galerie
3
Forum
11
Main-Taunus-
Zentrum
1
Rhein-Neckar-
Zentrum
4
Saarpark-
Center
10
Allee-
Center
7
Rathaus-
Center
6
City-
Galerie
13
City-
Point
15
Stadt-
Galerie
16
20
City
Arkaden
19
Galeria
Bałtycka
21
Árkád
Olympia
18
Germany
Europe
S H O P P I N G C E N T E R S
Maturity Distribution of Rental Contracts1
COMPANY PRESENTATION | JANUARY 2025
8
1 As % of rental income as at 31 December 2023
Weighted maturity 4.7 years
2022 5.7 years
Long-term contracts base
rental income
Occupancy rate:
30 June 2024 94.1%
31 December 2023 93.3%
6%
11%
17%
11%
12%
43%
2029 onwards
2027
2026
2025
2024
2028
S H O P P I N G C E N T E R S
Tenant Structure – Top 10 Tenants
COMPANY PRESENTATION | JANUARY 2025
9
1 In % of total retail rents as at 31 Dec. 2023
20231 2022
H&M 2.6% 2.8%
New Yorker 2.3% 2.3%
Deichmann 2.3% 2.3%
P&C Düsseldorf 2.2% 2.1%
Ceconomy 2.2% 2.4%
C&A 2.2% 2.2%
Douglas 1.8% 1.9%
TK Maxx 1.7% 1.8%
Thalia 1.6% 1.5%
dm-drogerie markt 1.5% 1.6%
Total 20.4% 20.9%
Low level of dependence on the Top 10 Tenants1
80%
20%
Top 10 Tenants
S H O P P I N G C E N T E R S
Sector Mix1
COMPANY PRESENTATION | JANUARY 2025
10
1 As % of rental space as at 31 December 2023
Balanced sector
diversification
Fashion
48.9%
Non-food/electronics
18.0%
Drug stores & hypermarkets
9.6%
Food & supermarkets
6.6%
Health & beauty
6.4%
Catering
5.1%
Leisure &
entertainment
3.5%
Services
1.9%
S H O P P I N G C E N T E R S
Rhein-Neckar-Zentrum: Retailtainment & Casual Dining
COMPANY PRESENTATION | JANUARY 2025
Source: ECE
 L'Osteria, pizza and pasta in a modern, free-
standing restaurant building with attractive
outdoor terraces (opened in 02/24)
 Three new tenants moved into the property of
a former DIY store:
− B.O.C., a specialist bicycle retailer
(opened in 04/24)
− JUMP House, an adventure concept
(opened in 09/24)
− Gate99, a dark light minigolf and escape
room experience (opening soon)
L'Osteria
B.O.C.
JUMP House
11
S H O P P I N G C E N T E R S
Stadt-Galerie Hameln: New Promising Tenants
COMPANY PRESENTATION | JANUARY 2025
Source: ECE
 Action (non-food discount store) and
Netto (supermarket) opened in 10/24
on the site of the former Real hypermarket
12
S H O P P I N G C E N T E R S
A10 Center: New Promising Tenants
COMPANY PRESENTATION | JANUARY 2025
Source: ECE
 TK Maxx (clothing and homeware, opened in 09/24) and
Media Markt (consumer electronics, opened in 10/24)
as complementary neighbours for the successful Kaufland
13
S H O P P I N G C E N T E R S
Main-Taunus-Zentrum: Food Garden
COMPANY PRESENTATION | JANUARY 2025
Source: ECE (photos and visualisation)
 Major investment in the DES portfolio
 Approx. €28 m total investment for the strategic
advancement of the center
 Very high sustainability standards
 Completely pre-let, high-quality tenant structure:
Alex, L’Osteria, The Ash, and others
 Opening planned for spring 2025
14
S H O P P I N G C E N T E R S
Rhein-Neckar-Zentrum: New Photovoltaic Plant
COMPANY PRESENTATION | JANUARY 2025
15
Source: ECE
 Further sustainability investments in the
Rhein-Neckar-Zentrum
 Photovoltaic system has been installed on the roof of the center
 Completed in April 2024
 Investment: €1.1 m
 Output: 770 kilowatt peak (kWp)
 Level of self-sufficiency: 21%
 Electricity costs of around €139 k per year
can be saved in future
F I N A N C I A L S
Valuation1 – Investment Properties 30 June 2024
COMPANY PRESENTATION | JANUARY 2025
16
1 External appraiser: JLL (since 2015) | 2 Attributable to group shareholders | 3 Nominal rate of rent increases using the DCF method during the 10-year measurement period, including inflation-related rent
indexing and changes in the occupancy rate
Valuation result H1 2024
 Property values stable at 30 June 2024
 EPRA NIY unchanged at 5.9%
 Valuation result -€12.6 m
 Still muted transaction market for shopping centers
in € thousand Basis Change of -25bps Change of +25bps
Rent increase rates3
1.46% -108.6 +121.4
Cost ratio 12.16% +43.3 -43.1
Discount rate 7.10% +71.6 -65.6
Capitalization rate 5.64% +106.6 -93.3
Sensitivity Analysis
5.97 5.87
5.46
5.24 5.23 5.32 5.43
5.73 5.78
6.37
6.64 6.55
5.69
5.53
5.13
4.94 4.93 5.01 5.12
5.41 5.45
6.01
6.25 6.17
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024H1
Net operating yield in % Net initial yield in %
in € thousand 30.06.2024 30.06.2023 CHANGE
Revaluation -20,172 -43,789 23,617
Revaluation at-equity 5,071 1,422 3,649
Minority interest 2,503 2,564 -61
Valuation result before taxes -12,598 -39,803 27,205
Deferred taxes 2,267 6,555 -4,288
Valuation result after taxes2
-10,331 -33,248 22,917
F I N A N C I A L S
61.8 76.1
Number of shares as at the Reporting Date (in m)
61.8
61.8 76.5
2,309.7 2,374.4 2,335.9 2,414.4 2,326.5
37.38 € 38.43 € 37.81 € 31.58 € 30.57 €
2020 2021 2022 2023 2024H1
Net Tangible Assets (EPRA) 30 June 2024
COMPANY PRESENTATION | JANUARY 2025
17
1 Including the share attributable to equity-accounted joint ventures and associates | 2 as of 16 August 2024
EPRA NTA
in € million (per share in €)
 EPRA NTA declines mainly due to dividend payment
at the beginning of the year: €30.57 (-3.2%)
 Share price discount to NTA reduced to 11.2%2
EPRA NTA
-3.6%
30.06.2024 31.12.2023
in € thousand per share in € in € thousand per share in €
Equity 2,026,609 26.63 2,119,667 27.72
Derivative financial instruments
measured at fair value1
2,443 0.03 6,427 0.08
Equity excluding derivative
financial instruments 2,029,052 26.66 2,126,094 27.80
Deferred taxes on investment properties
and derivative financial instruments1
349,152 4.59 340,042 4.45
Intangible assets -18 0.00 -23 0.00
Goodwill as a result of deferred taxes -51,719 -0.68 -51,719 -0.67
EPRA NTA 2,326,467 30.57 2,414,394 31.58
Weighted number of
no-par-value shares issued
76,105,155 76,455,319
F I N A N C I A L S
18
1 Including third-party interest in equity | 2 Ratio of net financial liabilities (financial liabilities less cash and cash equivalents) to non-current assets (investment properties and investments accounted for using the equity
method) | 3 Ratio of net debt (financial liabilities and lease liabilities less cash and cash equivalents) to property assets calculated on the basis of the Group’s share in the subsidiaries and joint ventures.
Balance sheet structure
in € million
 LTV 39.9% (EPRA LTV 42.0%3) higher due to loan increases
and dividend distributions
 Equity ratio decreased from 53.3% to 48.7%
 Group liquidity: €198.7m (€-137.4m)
in € thousand 30.09.2024 31.12.2023 Change
Non-current assets 4,093,273 4,091,953 1,320
Cash and cash equivalents 198,686 336,071 -137,385
Other current assets 27,475 32,173 -4,698
Total assets 4,319,434 4,460,197 -140,763
Equity 1,847,002 2,119,667 -272,665
Non-controlling interests of limited partners 257,265 259,380 -2,115
Equity (including minority interest) 2,104,267 2,379,047 -274,780
Financial liabilities 1,812,520 1,677,600 134,920
Deferred taxes 342,766 331,918 10,848
Other liabilities 59,881 71,632 -11,751
Total equity and liabilities 4,319,434 4,460,197 -140,763
Equity ratio in %1 48.7% 53.3%
LTV ratio in %2 39.9% 33.2%
EPRA LTV in %3 42.0% 34.8%
Balance sheet as at 30 September 2024
4,092.0 4,093.3
368.2 226.1
4,460.2 4,319.4
2023 2024
Non-current assets
Current assets
2,104.2 2,379.0
2,088.5
2,004.8
126.7
76.4
4,319.4 4,460.2
2024 2023
Current liabilities
Non-current liabilities
Equity (incl. non controlling interests)
Assets Liabilities
Balance Sheet – Solid and Robust Structure
COMPANY PRESENTATION | JANUARY 2025
F I N A N C I A L S
Financing Structure1
COMPANY PRESENTATION | JANUARY 2025
19
Loan maturity profile
1 As of 30 September 2024, last twelve months (LTM) for Net debt/EBITDA and EBITDA/interest
3% 13% 11% 11%
8% 2%
16%
14%
9% 12%
LTV
39.9%
EBITDA/interest
5.2x
Weighted maturity
5.4 years
Average interest rate
2.60%
Total debt
€1,813m
 Long-term diversified financing structure at low average
interest costs
 Strong and sustainable investment-grade credit metrics
 Steady funding situation with 20 long-term financing partners
 Larger refinancings only from 2026 onwards
Key credit metrics
100%
Share of
total loans
Net debt/EBITDA
7.3x
2.1%
2.3%
3.0%
1.8% 2.0%
1.6%
2.4%
3.4%
3.6%
4.3%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
0
50
100
150
200
250
300
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Total amount Average interest rate
€ m
5.50 5.36 5.33 5.27 5.03
4.59
4.16 3.88 3.76 3.69 3.67
2.89 2.72 2.47 2.18 2.09 2.43 2.43 2.60
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Development of the annual average interest rate
%
F I N A N C I A L S
2.11 2.08
-0.124
0.203
2022 2023 2024
152.4
197.7
41.8
15.03
2022 2023 2024
130.1
156.3
19.5
15.03
2022 2023 2024
130.2
154.5
19.4
15.03
2022 2023 2024
61.8
13.3
2022 2023 2024
Forecast
COMPANY PRESENTATION | JANUARY 2025
1 Pro forma | 2 For the purpose of improving comparability, the same weighted number of no-par value shares issued was used in the disclosure of consolidated key figures per share for 2022
3 One-off effect on other operating income in the amount of around € 15 million or €0.20 per share (excl. taxes) | 4 Pro forma dilution | 5 Calculated with the weighted number of shares (w/o treasury shares)
as of 30 Sep. 2024
REVENUE
€m
EBT EXCL. VALUATION
€m
FFO
€m
EBIT
€m
NUMBER OF SHARES
mn
FFO PER SHARE
€
212.8
51.9
2022 2023 2024
2024 w/o share buyback
264.71 273.3
149.61
169.5
149.61
171.3
194.21
212.7
75.12
75.1 76.5
1.991
268 - 271
156 - 160 151 - 155
207 - 211
2.28
1.98 – 2.03
20
S H A R E
Share performance and dividend track record
COMPANY PRESENTATION | JANUARY 2025
21
1 Respectively paid for the previous FY | 2 2024: As of 30 December 2024 | 3 €2.50 paid on 1 September 2023 and €1.95 paid on 11 January 2024 |
4 As of 30 June 2024
Dividend per share1
1.05 1.10 1.10 1.20 1.25 1.30 1.35 1.40 1.45 1.50 0.00 0.04 1.00 4.453 2.60
43.24
30.574
40.46
18.48
5
10
15
20
25
30
35
40
45
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
5.00
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
NTA (NAV) per share
Share price2
S H A R E
Shareholder Structure1
COMPANY PRESENTATION | JANUARY 2025
22
1 As of 30 December 2024
Germany
98.0%
Other
2.0%
Hercules BidCo
76.4%
Treasury
Shares
0.8%
Maren Otto
6.6%
Private
Investors
13.2%
Institutional
Investors
3.0%
8,600 shareholders
Free float 23.6%
S H A R E
Analysts‘ Consensus1
COMPANY PRESENTATION | JANUARY 2025
23
1 Aggregated by DES, median values, status: 21 November 2024, 5 analysts
Neutral
 Berenberg Bank
 Kepler Cheuvreux
 M.M. Warburg
Outperform Buy
in € 2024 2025
Revenue (€ m) 271.8 275.0
EBIT (€ m) 209.7 213.7
FFO per share 1.99 2.03
NTA per share 29.00 28.74
Dividend 1.30 1.30
Price target (mean) 22.18
Sell Underperform
 Baader Bank
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Q2
04
Q4
04
Q2
05
Q4
05
Q2
06
Q4
06
Q2
07
Q4
07
Q2
08
Q4
08
Q2
09
Q4
09
Q2
10
Q4
10
Q2
11
Q4
11
Q2
12
Q4
12
Q2
13
Q4
13
Q2
14
Q4
14
Q2
15
Q4
15
Q2
16
Q4
16
Q2
17
Q4
17
Q2
18
Q4
18
Q2
19
Q4
19
Q2
20
Q4
20
Q2
21
Q4
21
Q2
22
Q4
22
Q2
23
Q4
23
Q2
24
Q4
24
negative
neutral
positive
 Bank of America
A P P E N D I X
24
Listed since 02.01.2001
Nominal capital €76,464,319.00
Outstanding shares 76,464,319
Class of shares Registered shares
Number of treasury shares (8 November 2024) 720,465
Dividend for 2023 (paid on 3 September 2024) €2.60
52W High €27.45
52W Low €17.92
Share price (13 January 2025) €18.34
Market capitalization €1.40 billion
Avg. turnover per day last 12 months (XETRA) 19,715 shares
Indices SDAX, CDAX, EPRA, HASPAX, Prime All Share
Index, Classic All Share Index
Official market Prime Standard Frankfurt and XETRA
OTC market Berlin, Dusseldorf, Hamburg, Hanover,
Munich and Stuttgart
ISIN DE 000 748 020 4
Ticker DEQ, Reuters: DEQGn.DE
Market maker Baader Bank
Key Data of the Share
COMPANY PRESENTATION | JANUARY 2025
A P P E N D I X
25
1 Income and expenses from the change in the scope of consolidation were reported in the interim report as at 30 September 2023 in measurement gains / losses – in contrast to 31 December 2023, when they were reported
under other operating income and expenses. Furthermore, in deviation from 31 December 2023, no deferred taxes were Recognised as part of the initial consolidation. The previous year’s figures have been adjusted to the
year-end figures, taking deferred taxes into account.
€ thousand 01.01. – 30.09.2024 01.01. – 30.09.20231
Revenue 199,964 203,172
Property operating costs -19,979 -25,486
Property management costs -11,076 -10,561
Write-downs and disposals of financial assets -5,816 -6,896
Net operating income (NOI) 163,093 160,229
Other operating income 6,716 29,563
Other operating expenses -7,010 -34,286
EBIT 162,799 155,506
Share in the profit or loss of associates and joint
ventures accounted for using the equity method 11,591 7,607
Interest expense -35,798 -32,328
Profit / loss attributable to limited partners -10,920 -112,293
Other financial expense -1,876 0
Interest income 4,022 3,756
Financial gains/losses -32,981 -32,258
Measurement gains/losses -31,695 -47,695
EBT 98,123 75,283
Taxes on income and earnings -15,666 -7,093
Consolidated profit 82,457 68,190
Earnings per share (€) 1.08 0.91
COMPANY PRESENTATION | JANUARY 2025
Consolidated Income Statement 9M 2024
A P P E N D I X
Consolidated Balance Sheet 9M 2024
COMPANY PRESENTATION | JANUARY 2025
€ thousand 30.09.2024 31.12.2023
ASSETS
Non-
current
assets
Intangible assets 51,734 51,742
Property, plant and equipment 420 449
Investment properties 3,943,021 3,947,021
Investments accounted for
using the equity method
98,098 92,741
Total Non-current assets 4,093,273 4,091,953
Current
assets
Trade receivables 10,857 13,419
Other current assets 16,618 18,754
Cash and cash equivalents 198,686 336,071
Total Current assets 226,161 368,244
TOTAL ASSETS 4,319,434 4,460,197
€ thousand 30.09.2024 31.12.2023
LIABILITIES
Equity and
reserves
Subscribed capital 76,464 76,464
Capital reserves 793,943 793,943
Retained earnings 977,135 1,249,269
Treasury shares -540 -9
Total equity 1,847,002 2,119,667
Non-current
liabilities
Financial liabilities 1,741,727 1,665,679
Deferred tax liabilities 342,766 331,918
Liabilities from limited
partner contributions of
non-controlling interests 257,265
259,380
Other liabilities 3,937 7,126
Total Non-current liabilities 2,345,695 2,264,103
Current
liabilities
Financial liabilities 70,793 11,921
Trade payables 9,619 10,635
Tax liabilities 16,454 19,891
Other provisions 9,349 14,459
Other liabilities 20,522 19,521
Total Current liabilities 126,737 76,427
TOTAL EQUITY AND LIABILITIES 4,319,434 4,460,197
26
A P P E N D I X
Our Partner
COMPANY PRESENTATION | JANUARY 2025
27
 ECE Group develops, plans, builds, leases and manages real
estate in the sectors shopping, office, hotel, residential and
industries since 1965
 Originally ECE was an abbreviation for the German word
Einkaufscenterentwicklung (Shopping center development)
 100% privately owned by the Otto family
 Assets under management
– Approx. 200 shopping centers
– €33.3 billion market value
– 7.0 million sqm overall sales area
– Approx. 20,000 retail businesses
– 4.0 million daily visitors
 Active in 13 countries
– Austria, China, Czech Republic, Denmark, Germany,
Hungary, Italy, Poland, Qatar, Slovakia, Spain, Turkey
and United Kingdom
Close alliance with a European market leader
in the shopping center business
A P P E N D I X
0
5
10
15
20
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Reduction of CO2 Emission and Electricity Consumption
Environmental, Social & Governance (ESG)
COMPANY PRESENTATION | JANUARY 2025
28
 Climate protection is a top priority for Deutsche EuroShop.
We firmly believe that sustainability and profitability are not
mutually exclusive. Neither are shopping experience and
environmental awareness. Long-term thinking is part of our
strategy, and that includes a commitment to environmental
protection
 Deutsche EuroShop also supports a diverse range of local
and regional activities that take place in our shopping centers
in the areas of the environment, society and the economy
 The following institutions1 regularly analyse Deutsche
EuroShop with regard to its ESG factors: EthiFinance2,
ISS ESG3, MSCI ESG Ratings4, S&P Global Corporate
Sustainability Assessment5 and Sustainalytics6
1 The use by Deutsche EuroShop of any ISS Corporate Solutions, Inc. or its affiliates (“ISS”) data, and the use of ISS logos, trademarks, service marks or index names herein, do not
constitute a sponsorship, endorsement, recommendation, or promotion of Deutsche EuroShop by ISS. ISS services and data are the property of ISS or its information providers and
are provided “as-is” and without warranty. ISS names and logos are trademarks or service marks of ISS. | 2 Rating action date 07/24, Score: 54/100 | 3 Rating action date 07/24,
Corporate ESG Performance: Prime | 4 Rating action date 03/23, MSCI ESG Ratings: BBB | 5 Rating action date 02/23, Score: 15 | 6 Rating action date 12/23, ESG Risk Rating: Low
Number of centers included
Total electricity consumption in mwh
CO2 reduction in t
A P P E N D I X
DGNB Sustainability certificates
ESG
COMPANY PRESENTATION | JANUARY 2025
29
The German Sustainable Building Council (DGNB) has awarded
sustainability certificates to all 21 Deutsche EuroShop
shopping centers, 20 in Gold and 1 in Platinum.
TÜV Süd has certified the electricity used in
Deutsche EuroShop’s German centers with the
prestigious “Ökostrom” green electricity label.
2023 saw Deutsche EuroShop awarded the EPRA
sBPR Award in “Gold” by the European Public Real
Estate Association (EPRA) for the sixth time in a row.
Deutsche EuroShop has participated in the Carbon
Disclosure Project (CDP) since 2010 and reports
the environmental data pertaining to its portfolio.
A P P E N D I X
Germany 1/21
COMPANY PRESENTATION | JANUARY 2025
30
1 Status: 31 Dec. 2023 | 2 Approximately | 3 As % of market rent
Main-Taunus-
Zentrum
A10
Center
Altmarkt-
Galerie
Rhein-Neckar-
Zentrum
Herold-
Center
Rathaus-
Center
Allee-
Center
Phoenix-
Center
Location
Sulzbach/
Frankfurt
Wildau/
Berlin
Dresden
Viernheim/
Mannheim
Norderstedt Dessau Magdeburg Hamburg
Investment 52.0% 100% 100% 100% 100% 100% 100% 75.0%
Lettable Space sqm 124,000 121,000 77,000 69,500 54,300 52,500 51,300 43,400
Parking 4,500 4,000 500 3,800 850 850 1,300 1,400
Number of Shops2 170 200 200 110 140 90 150 130
Occupancy Rate3 93% 89% 96% 91% 93% 91% 96% 96%
Catchment Area2 2.1 m inhabitants 1.1 m inhabitants 1.4 m inhabitants 1.6 m inhabitants 0.5 m inhabitants 0.3 m inhabitants 0.8 m inhabitants 0.5 m inhabitants
Visitors 2023 7.8 m 4.6 m 11.7m 8.2 m 8.9 m 4.8 m 8.4 m 7.7 m
Opening/
last refurbishment
1964/2024 1996/2011 2002/2019 1972/2018 1971/2018 1995/2019 1998/2019 2004/2020
A P P E N D I X
Germany 2/21
COMPANY PRESENTATION | JANUARY 2025
31
1 Status: 31 Dec. 2023 | 2 Approximately | 3 As % of market rent
Billstedt-
Center
Saarpark-
Center Forum
Allee-
Center
City-
Galerie
City-
Arkaden
City-
Point
Stadt-
Galerie
Stadt-
Galerie
Location Hamburg Neunkirchen Wetzlar Hamm Wolfsburg Wuppertal Kassel Passau Hameln
Investment 100% 95.0% 100% 100% 100% 100% 100% 100% 100%
Lettable Space sqm 42,500 35,600 34,500 34,000 30,800 28,700 27,800 27,700 26,000
Parking 1,500 1,600 1,700 1,300 800 650 220 500 500
Number of Shops2 110 115 110 90 100 80 60 90 85
Occupancy Rate3 98% 94% 98% 96% 92% 95% 92% 97% 84%
Catchment Area2 0.8 m inhabitants 0.7 m inhabitants 0.5 m inhabitants 0.4 m inhabitants 0.5 m inhabitants 0.7 m inhabitants 0.6 m inhabitants 0.8 m inhabitants 0.3 m inhabitants
Visitors 2023 10.1 m 4.9 m 7.2 m 4.8 m 5.9 m 7.7 m 7.5 m 6.4 m 4.4 m
Opening/
last refurbishment
1969/2019 1989/2020 2005/2020 1992/2023 2001/2023 2001/2023 2002/2015 2008 2008/2024
A P P E N D I X
Olympia
Galeria
Bałtycka
City
Arkaden Árkád
Location
Brno,
Czech Republic
Gdansk,
Poland
Klagenfurt,
Austria
Pécs,
Hungary
Investment 100% 100% 50.0% 50.0%
Lettable Space sqm 85,000 48,700 36,900 35,400
Parking 4,000 1,050 880 850
Number of Shops2 200 193 120 130
Occupancy Rate3 94% 97% 98% 99%
Catchment Area2 1.2 m inhabitants 1.1 m inhabitants 0.4 m inhabitants 0.7 m inhabitants
Visitors 2023 8.4 m 7.1 m 4.9 m 10.6 m
Opening/
last refurbishment
1999/2023 2007/2023 2006 2004
Europe1
COMPANY PRESENTATION | JANUARY 2025
32
1 Status: 31 Dec. 2023 | 2 Approximately | 3 As % of market rent
A P P E N D I X
Financial Calendar
COMPANY PRESENTATION | JANUARY 2025
2025
22.01. Kepler Cheuvreux German Corporate Conference, Frankfurt
18.03. Preliminary Results FY 2024
20.03. Bank of America EMEA Real Estate CEO Conference, London
29.04. Publication of the Annual Report 2024
14.05. Quarterly Statement 3M 2025
27.06. Annual General Meeting, Hamburg
14.08. Half-year Financial Report 2025
22.09. Berenberg and Goldman Sachs German Corp. Conference, Munich
23.09. Baader Investment Conference, Munich
13.11. Quarterly Statement 9M 2025
33
A P P E N D I X
Contact
COMPANY PRESENTATION | JANUARY 2025
34
Deutsche EuroShop AG
Investor & Public Relations
Heegbarg 36
22391 Hamburg
Tel. +49 (40) 41 35 79 – 20/– 22
Fax +49 (40) 41 35 79 – 29
E-Mail: ir@deutsche-euroshop.com
Web: www.deutsche-euroshop.com
Important Notice: Forward-Looking Statements
Statements in this presentation relating to future status or circumstances, including statements regarding management’s plans and objectives for future operations, sales and earnings
figures, are forward-looking statements of goals and expectations based on estimates, assumptions and the anticipated effects of future events on current and developing circumstances and
do not necessarily predict future results.
Many factors could cause the actual results to be materially different from those that may be expressed or implied by such statements. Deutsche EuroShop does not intend to update these
forward-looking statements and does not assume any obligation to do so.
Rounding and rates of change
Percentages and figures stated in this report may be subject to rounding differences. The rates of change are based on economic considerations: improvements are indicated by a plus (+);
deterioration by a minus (-).
instagram.com/deutscheeuroshop
youtube.com/DeutscheEuroShop
facebook.com/euroshop
slideshare.net/desag
twitter.com/des_ag
flickr.com/desag
ir-mall.com
Patrick Kiss
IR
Hans-Peter Kneip
CEO/CFO
Nicolas Lissner
IR

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Deutsche EuroShop | Company Presentation | 01/25

  • 2. C O M P A N Y Update on Business Activities 9M 2024 – Summary COMPANY PRESENTATION | JANUARY 2025 2 Business Development  Positive development of operational business  Increase of footfall (+0.2%) and retail sales (+1.9%) compared to 9M 2023  Revenue €200.0 m (-1.6%), EBIT €162.8 m (+4.7%)  FFO €119.7 m (-7.7%)  Investment projects at several locations successfully completed – on time and on budget − A10 Center − Rhein-Neckar-Zentrum − Stadt-Galerie Hameln − City-Galerie Wolfsburg − Main-Taunus-Zentrum (Food Garden) to follow in spring 2025
  • 3. C O M P A N Y Update on Business Activities 9M 2024 – Summary COMPANY PRESENTATION | JANUARY 2025 3 Financing and Liquidity  Dividend of €2.60 per share (paid on 3 September 2024)  LTV of 39.9% and solid cash position of €198.7 m (after €198.8 m dividend in September)  Steady funding situation with long-term financing partners  Larger refinancings only from 2026 onwards  Share buyback program completed: From 21 December 2023 to 13 December 2024 – 720,465 shares acquired – €20.82 average price – €15.0 m purchased volume
  • 4. S H O P P I N G C E N T E R S 200 400 600 800 1,000 10,000 20,000 30,000 40,000 50,000 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 avg. daily footfall per center retail turnover per quarter in €m Development of Retail Turnover1 and Footfall COMPANY PRESENTATION | JANUARY 2025 4 1 Source: ECE | the data only refer to the DES portfolio (incl. international centers) | nominal sales development, not adjusted for inflation | in € (with exchange rate effects) Compared to the same quarter of the previous year: CAGR +3.1% CAGR +1.7% 18.1% 24.0% 5.7% 6.2% 0.7% 4.3% 1.6% 3.5% 3.7% 4.1% -1.0% 0.8% -1.6% 1.9% 24% 17% 7%
  • 5. S H O P P I N G C E N T E R S Retail Turnover 9M 20241 COMPANY PRESENTATION | JANUARY 2025 5 1 German centers on a like-for-like basis (estimated turnover 2024: €1.9 billion) | 2 The sum may not equal the totals due to rounding  Retail turnover development on a like-for-like basis: +2.1% -1.3% +1.3% RETAIL SECTOR % change in 2024 occupancy cost ratio (OCR) in % % of sales % of space Food/Supermarkets/Discounter +2.6 8.5 11.3 8.5 Fashion Textiles +2.4 14.7 29.8 44.7 Shoes & Leather Goods +5.8 15.7 3.8 4.3 Sports +1.2 13.8 5.0 6.7 Health & Beauty +6.2 9.0 16.7 9.1 General Retail (incl. Department Stores) +4.3 13.9 10.1 12.0 Electronics -3.7 4.7 13.2 7.5 Services -0.5 8.7 4.1 2.2 Food Catering -1.3 15.6 6.0 5.0 TOTAL +2.1 11.4 100² 100²  Absolute retail turnover development: +2.7% -0.8% +1.9% Germany Abroad Total
  • 6. S H O P P I N G C E N T E R S Vision – Omnichannel-Platform COMPANY PRESENTATION | JANUARY 2025 6 Digitalization as key to integration of retail platforms Center Mall visit Online shop tenant Marketing channels Market places Website, apps and newsletter Customers Pick up in mall Delivery from mall Offline Online
  • 7. S H O P P I N G C E N T E R S European Portfolio with Focus on Germany COMPANY PRESENTATION | JANUARY 2025 7 5 9 8 Norderstedt Hamburg 17 Hameln 12 Hamm 14 Wuppertal 15 Kassel 11 Wetzlar 1 Sulzbach/Frankfurt 4 Viernheim/ Mannheim 10 Neunkirchen 13 Wolfsburg 2 Wildau/Berlin 7 Magdeburg 6 Dessau 3 Dresden 6 Passau 19 Gdansk Poland 18 Brno Czech Republic 20 Klagenfurt Austria 21 Pécs Hungary >170 million visitors in 2023 City- Arkaden 14 Allee- Center 12 Billstedt- Center 9 Phoenix- Center 8 Herold- Center 5 Stadt- Galerie 17 A10 Center 2 Altmarkt- Galerie 3 Forum 11 Main-Taunus- Zentrum 1 Rhein-Neckar- Zentrum 4 Saarpark- Center 10 Allee- Center 7 Rathaus- Center 6 City- Galerie 13 City- Point 15 Stadt- Galerie 16 20 City Arkaden 19 Galeria Bałtycka 21 Árkád Olympia 18 Germany Europe
  • 8. S H O P P I N G C E N T E R S Maturity Distribution of Rental Contracts1 COMPANY PRESENTATION | JANUARY 2025 8 1 As % of rental income as at 31 December 2023 Weighted maturity 4.7 years 2022 5.7 years Long-term contracts base rental income Occupancy rate: 30 June 2024 94.1% 31 December 2023 93.3% 6% 11% 17% 11% 12% 43% 2029 onwards 2027 2026 2025 2024 2028
  • 9. S H O P P I N G C E N T E R S Tenant Structure – Top 10 Tenants COMPANY PRESENTATION | JANUARY 2025 9 1 In % of total retail rents as at 31 Dec. 2023 20231 2022 H&M 2.6% 2.8% New Yorker 2.3% 2.3% Deichmann 2.3% 2.3% P&C Düsseldorf 2.2% 2.1% Ceconomy 2.2% 2.4% C&A 2.2% 2.2% Douglas 1.8% 1.9% TK Maxx 1.7% 1.8% Thalia 1.6% 1.5% dm-drogerie markt 1.5% 1.6% Total 20.4% 20.9% Low level of dependence on the Top 10 Tenants1 80% 20% Top 10 Tenants
  • 10. S H O P P I N G C E N T E R S Sector Mix1 COMPANY PRESENTATION | JANUARY 2025 10 1 As % of rental space as at 31 December 2023 Balanced sector diversification Fashion 48.9% Non-food/electronics 18.0% Drug stores & hypermarkets 9.6% Food & supermarkets 6.6% Health & beauty 6.4% Catering 5.1% Leisure & entertainment 3.5% Services 1.9%
  • 11. S H O P P I N G C E N T E R S Rhein-Neckar-Zentrum: Retailtainment & Casual Dining COMPANY PRESENTATION | JANUARY 2025 Source: ECE  L'Osteria, pizza and pasta in a modern, free- standing restaurant building with attractive outdoor terraces (opened in 02/24)  Three new tenants moved into the property of a former DIY store: − B.O.C., a specialist bicycle retailer (opened in 04/24) − JUMP House, an adventure concept (opened in 09/24) − Gate99, a dark light minigolf and escape room experience (opening soon) L'Osteria B.O.C. JUMP House 11
  • 12. S H O P P I N G C E N T E R S Stadt-Galerie Hameln: New Promising Tenants COMPANY PRESENTATION | JANUARY 2025 Source: ECE  Action (non-food discount store) and Netto (supermarket) opened in 10/24 on the site of the former Real hypermarket 12
  • 13. S H O P P I N G C E N T E R S A10 Center: New Promising Tenants COMPANY PRESENTATION | JANUARY 2025 Source: ECE  TK Maxx (clothing and homeware, opened in 09/24) and Media Markt (consumer electronics, opened in 10/24) as complementary neighbours for the successful Kaufland 13
  • 14. S H O P P I N G C E N T E R S Main-Taunus-Zentrum: Food Garden COMPANY PRESENTATION | JANUARY 2025 Source: ECE (photos and visualisation)  Major investment in the DES portfolio  Approx. €28 m total investment for the strategic advancement of the center  Very high sustainability standards  Completely pre-let, high-quality tenant structure: Alex, L’Osteria, The Ash, and others  Opening planned for spring 2025 14
  • 15. S H O P P I N G C E N T E R S Rhein-Neckar-Zentrum: New Photovoltaic Plant COMPANY PRESENTATION | JANUARY 2025 15 Source: ECE  Further sustainability investments in the Rhein-Neckar-Zentrum  Photovoltaic system has been installed on the roof of the center  Completed in April 2024  Investment: €1.1 m  Output: 770 kilowatt peak (kWp)  Level of self-sufficiency: 21%  Electricity costs of around €139 k per year can be saved in future
  • 16. F I N A N C I A L S Valuation1 – Investment Properties 30 June 2024 COMPANY PRESENTATION | JANUARY 2025 16 1 External appraiser: JLL (since 2015) | 2 Attributable to group shareholders | 3 Nominal rate of rent increases using the DCF method during the 10-year measurement period, including inflation-related rent indexing and changes in the occupancy rate Valuation result H1 2024  Property values stable at 30 June 2024  EPRA NIY unchanged at 5.9%  Valuation result -€12.6 m  Still muted transaction market for shopping centers in € thousand Basis Change of -25bps Change of +25bps Rent increase rates3 1.46% -108.6 +121.4 Cost ratio 12.16% +43.3 -43.1 Discount rate 7.10% +71.6 -65.6 Capitalization rate 5.64% +106.6 -93.3 Sensitivity Analysis 5.97 5.87 5.46 5.24 5.23 5.32 5.43 5.73 5.78 6.37 6.64 6.55 5.69 5.53 5.13 4.94 4.93 5.01 5.12 5.41 5.45 6.01 6.25 6.17 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024H1 Net operating yield in % Net initial yield in % in € thousand 30.06.2024 30.06.2023 CHANGE Revaluation -20,172 -43,789 23,617 Revaluation at-equity 5,071 1,422 3,649 Minority interest 2,503 2,564 -61 Valuation result before taxes -12,598 -39,803 27,205 Deferred taxes 2,267 6,555 -4,288 Valuation result after taxes2 -10,331 -33,248 22,917
  • 17. F I N A N C I A L S 61.8 76.1 Number of shares as at the Reporting Date (in m) 61.8 61.8 76.5 2,309.7 2,374.4 2,335.9 2,414.4 2,326.5 37.38 € 38.43 € 37.81 € 31.58 € 30.57 € 2020 2021 2022 2023 2024H1 Net Tangible Assets (EPRA) 30 June 2024 COMPANY PRESENTATION | JANUARY 2025 17 1 Including the share attributable to equity-accounted joint ventures and associates | 2 as of 16 August 2024 EPRA NTA in € million (per share in €)  EPRA NTA declines mainly due to dividend payment at the beginning of the year: €30.57 (-3.2%)  Share price discount to NTA reduced to 11.2%2 EPRA NTA -3.6% 30.06.2024 31.12.2023 in € thousand per share in € in € thousand per share in € Equity 2,026,609 26.63 2,119,667 27.72 Derivative financial instruments measured at fair value1 2,443 0.03 6,427 0.08 Equity excluding derivative financial instruments 2,029,052 26.66 2,126,094 27.80 Deferred taxes on investment properties and derivative financial instruments1 349,152 4.59 340,042 4.45 Intangible assets -18 0.00 -23 0.00 Goodwill as a result of deferred taxes -51,719 -0.68 -51,719 -0.67 EPRA NTA 2,326,467 30.57 2,414,394 31.58 Weighted number of no-par-value shares issued 76,105,155 76,455,319
  • 18. F I N A N C I A L S 18 1 Including third-party interest in equity | 2 Ratio of net financial liabilities (financial liabilities less cash and cash equivalents) to non-current assets (investment properties and investments accounted for using the equity method) | 3 Ratio of net debt (financial liabilities and lease liabilities less cash and cash equivalents) to property assets calculated on the basis of the Group’s share in the subsidiaries and joint ventures. Balance sheet structure in € million  LTV 39.9% (EPRA LTV 42.0%3) higher due to loan increases and dividend distributions  Equity ratio decreased from 53.3% to 48.7%  Group liquidity: €198.7m (€-137.4m) in € thousand 30.09.2024 31.12.2023 Change Non-current assets 4,093,273 4,091,953 1,320 Cash and cash equivalents 198,686 336,071 -137,385 Other current assets 27,475 32,173 -4,698 Total assets 4,319,434 4,460,197 -140,763 Equity 1,847,002 2,119,667 -272,665 Non-controlling interests of limited partners 257,265 259,380 -2,115 Equity (including minority interest) 2,104,267 2,379,047 -274,780 Financial liabilities 1,812,520 1,677,600 134,920 Deferred taxes 342,766 331,918 10,848 Other liabilities 59,881 71,632 -11,751 Total equity and liabilities 4,319,434 4,460,197 -140,763 Equity ratio in %1 48.7% 53.3% LTV ratio in %2 39.9% 33.2% EPRA LTV in %3 42.0% 34.8% Balance sheet as at 30 September 2024 4,092.0 4,093.3 368.2 226.1 4,460.2 4,319.4 2023 2024 Non-current assets Current assets 2,104.2 2,379.0 2,088.5 2,004.8 126.7 76.4 4,319.4 4,460.2 2024 2023 Current liabilities Non-current liabilities Equity (incl. non controlling interests) Assets Liabilities Balance Sheet – Solid and Robust Structure COMPANY PRESENTATION | JANUARY 2025
  • 19. F I N A N C I A L S Financing Structure1 COMPANY PRESENTATION | JANUARY 2025 19 Loan maturity profile 1 As of 30 September 2024, last twelve months (LTM) for Net debt/EBITDA and EBITDA/interest 3% 13% 11% 11% 8% 2% 16% 14% 9% 12% LTV 39.9% EBITDA/interest 5.2x Weighted maturity 5.4 years Average interest rate 2.60% Total debt €1,813m  Long-term diversified financing structure at low average interest costs  Strong and sustainable investment-grade credit metrics  Steady funding situation with 20 long-term financing partners  Larger refinancings only from 2026 onwards Key credit metrics 100% Share of total loans Net debt/EBITDA 7.3x 2.1% 2.3% 3.0% 1.8% 2.0% 1.6% 2.4% 3.4% 3.6% 4.3% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 0 50 100 150 200 250 300 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Total amount Average interest rate € m 5.50 5.36 5.33 5.27 5.03 4.59 4.16 3.88 3.76 3.69 3.67 2.89 2.72 2.47 2.18 2.09 2.43 2.43 2.60 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Development of the annual average interest rate %
  • 20. F I N A N C I A L S 2.11 2.08 -0.124 0.203 2022 2023 2024 152.4 197.7 41.8 15.03 2022 2023 2024 130.1 156.3 19.5 15.03 2022 2023 2024 130.2 154.5 19.4 15.03 2022 2023 2024 61.8 13.3 2022 2023 2024 Forecast COMPANY PRESENTATION | JANUARY 2025 1 Pro forma | 2 For the purpose of improving comparability, the same weighted number of no-par value shares issued was used in the disclosure of consolidated key figures per share for 2022 3 One-off effect on other operating income in the amount of around € 15 million or €0.20 per share (excl. taxes) | 4 Pro forma dilution | 5 Calculated with the weighted number of shares (w/o treasury shares) as of 30 Sep. 2024 REVENUE €m EBT EXCL. VALUATION €m FFO €m EBIT €m NUMBER OF SHARES mn FFO PER SHARE € 212.8 51.9 2022 2023 2024 2024 w/o share buyback 264.71 273.3 149.61 169.5 149.61 171.3 194.21 212.7 75.12 75.1 76.5 1.991 268 - 271 156 - 160 151 - 155 207 - 211 2.28 1.98 – 2.03 20
  • 21. S H A R E Share performance and dividend track record COMPANY PRESENTATION | JANUARY 2025 21 1 Respectively paid for the previous FY | 2 2024: As of 30 December 2024 | 3 €2.50 paid on 1 September 2023 and €1.95 paid on 11 January 2024 | 4 As of 30 June 2024 Dividend per share1 1.05 1.10 1.10 1.20 1.25 1.30 1.35 1.40 1.45 1.50 0.00 0.04 1.00 4.453 2.60 43.24 30.574 40.46 18.48 5 10 15 20 25 30 35 40 45 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 NTA (NAV) per share Share price2
  • 22. S H A R E Shareholder Structure1 COMPANY PRESENTATION | JANUARY 2025 22 1 As of 30 December 2024 Germany 98.0% Other 2.0% Hercules BidCo 76.4% Treasury Shares 0.8% Maren Otto 6.6% Private Investors 13.2% Institutional Investors 3.0% 8,600 shareholders Free float 23.6%
  • 23. S H A R E Analysts‘ Consensus1 COMPANY PRESENTATION | JANUARY 2025 23 1 Aggregated by DES, median values, status: 21 November 2024, 5 analysts Neutral  Berenberg Bank  Kepler Cheuvreux  M.M. Warburg Outperform Buy in € 2024 2025 Revenue (€ m) 271.8 275.0 EBIT (€ m) 209.7 213.7 FFO per share 1.99 2.03 NTA per share 29.00 28.74 Dividend 1.30 1.30 Price target (mean) 22.18 Sell Underperform  Baader Bank 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Q2 04 Q4 04 Q2 05 Q4 05 Q2 06 Q4 06 Q2 07 Q4 07 Q2 08 Q4 08 Q2 09 Q4 09 Q2 10 Q4 10 Q2 11 Q4 11 Q2 12 Q4 12 Q2 13 Q4 13 Q2 14 Q4 14 Q2 15 Q4 15 Q2 16 Q4 16 Q2 17 Q4 17 Q2 18 Q4 18 Q2 19 Q4 19 Q2 20 Q4 20 Q2 21 Q4 21 Q2 22 Q4 22 Q2 23 Q4 23 Q2 24 Q4 24 negative neutral positive  Bank of America
  • 24. A P P E N D I X 24 Listed since 02.01.2001 Nominal capital €76,464,319.00 Outstanding shares 76,464,319 Class of shares Registered shares Number of treasury shares (8 November 2024) 720,465 Dividend for 2023 (paid on 3 September 2024) €2.60 52W High €27.45 52W Low €17.92 Share price (13 January 2025) €18.34 Market capitalization €1.40 billion Avg. turnover per day last 12 months (XETRA) 19,715 shares Indices SDAX, CDAX, EPRA, HASPAX, Prime All Share Index, Classic All Share Index Official market Prime Standard Frankfurt and XETRA OTC market Berlin, Dusseldorf, Hamburg, Hanover, Munich and Stuttgart ISIN DE 000 748 020 4 Ticker DEQ, Reuters: DEQGn.DE Market maker Baader Bank Key Data of the Share COMPANY PRESENTATION | JANUARY 2025
  • 25. A P P E N D I X 25 1 Income and expenses from the change in the scope of consolidation were reported in the interim report as at 30 September 2023 in measurement gains / losses – in contrast to 31 December 2023, when they were reported under other operating income and expenses. Furthermore, in deviation from 31 December 2023, no deferred taxes were Recognised as part of the initial consolidation. The previous year’s figures have been adjusted to the year-end figures, taking deferred taxes into account. € thousand 01.01. – 30.09.2024 01.01. – 30.09.20231 Revenue 199,964 203,172 Property operating costs -19,979 -25,486 Property management costs -11,076 -10,561 Write-downs and disposals of financial assets -5,816 -6,896 Net operating income (NOI) 163,093 160,229 Other operating income 6,716 29,563 Other operating expenses -7,010 -34,286 EBIT 162,799 155,506 Share in the profit or loss of associates and joint ventures accounted for using the equity method 11,591 7,607 Interest expense -35,798 -32,328 Profit / loss attributable to limited partners -10,920 -112,293 Other financial expense -1,876 0 Interest income 4,022 3,756 Financial gains/losses -32,981 -32,258 Measurement gains/losses -31,695 -47,695 EBT 98,123 75,283 Taxes on income and earnings -15,666 -7,093 Consolidated profit 82,457 68,190 Earnings per share (€) 1.08 0.91 COMPANY PRESENTATION | JANUARY 2025 Consolidated Income Statement 9M 2024
  • 26. A P P E N D I X Consolidated Balance Sheet 9M 2024 COMPANY PRESENTATION | JANUARY 2025 € thousand 30.09.2024 31.12.2023 ASSETS Non- current assets Intangible assets 51,734 51,742 Property, plant and equipment 420 449 Investment properties 3,943,021 3,947,021 Investments accounted for using the equity method 98,098 92,741 Total Non-current assets 4,093,273 4,091,953 Current assets Trade receivables 10,857 13,419 Other current assets 16,618 18,754 Cash and cash equivalents 198,686 336,071 Total Current assets 226,161 368,244 TOTAL ASSETS 4,319,434 4,460,197 € thousand 30.09.2024 31.12.2023 LIABILITIES Equity and reserves Subscribed capital 76,464 76,464 Capital reserves 793,943 793,943 Retained earnings 977,135 1,249,269 Treasury shares -540 -9 Total equity 1,847,002 2,119,667 Non-current liabilities Financial liabilities 1,741,727 1,665,679 Deferred tax liabilities 342,766 331,918 Liabilities from limited partner contributions of non-controlling interests 257,265 259,380 Other liabilities 3,937 7,126 Total Non-current liabilities 2,345,695 2,264,103 Current liabilities Financial liabilities 70,793 11,921 Trade payables 9,619 10,635 Tax liabilities 16,454 19,891 Other provisions 9,349 14,459 Other liabilities 20,522 19,521 Total Current liabilities 126,737 76,427 TOTAL EQUITY AND LIABILITIES 4,319,434 4,460,197 26
  • 27. A P P E N D I X Our Partner COMPANY PRESENTATION | JANUARY 2025 27  ECE Group develops, plans, builds, leases and manages real estate in the sectors shopping, office, hotel, residential and industries since 1965  Originally ECE was an abbreviation for the German word Einkaufscenterentwicklung (Shopping center development)  100% privately owned by the Otto family  Assets under management – Approx. 200 shopping centers – €33.3 billion market value – 7.0 million sqm overall sales area – Approx. 20,000 retail businesses – 4.0 million daily visitors  Active in 13 countries – Austria, China, Czech Republic, Denmark, Germany, Hungary, Italy, Poland, Qatar, Slovakia, Spain, Turkey and United Kingdom Close alliance with a European market leader in the shopping center business
  • 28. A P P E N D I X 0 5 10 15 20 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Reduction of CO2 Emission and Electricity Consumption Environmental, Social & Governance (ESG) COMPANY PRESENTATION | JANUARY 2025 28  Climate protection is a top priority for Deutsche EuroShop. We firmly believe that sustainability and profitability are not mutually exclusive. Neither are shopping experience and environmental awareness. Long-term thinking is part of our strategy, and that includes a commitment to environmental protection  Deutsche EuroShop also supports a diverse range of local and regional activities that take place in our shopping centers in the areas of the environment, society and the economy  The following institutions1 regularly analyse Deutsche EuroShop with regard to its ESG factors: EthiFinance2, ISS ESG3, MSCI ESG Ratings4, S&P Global Corporate Sustainability Assessment5 and Sustainalytics6 1 The use by Deutsche EuroShop of any ISS Corporate Solutions, Inc. or its affiliates (“ISS”) data, and the use of ISS logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of Deutsche EuroShop by ISS. ISS services and data are the property of ISS or its information providers and are provided “as-is” and without warranty. ISS names and logos are trademarks or service marks of ISS. | 2 Rating action date 07/24, Score: 54/100 | 3 Rating action date 07/24, Corporate ESG Performance: Prime | 4 Rating action date 03/23, MSCI ESG Ratings: BBB | 5 Rating action date 02/23, Score: 15 | 6 Rating action date 12/23, ESG Risk Rating: Low Number of centers included Total electricity consumption in mwh CO2 reduction in t
  • 29. A P P E N D I X DGNB Sustainability certificates ESG COMPANY PRESENTATION | JANUARY 2025 29 The German Sustainable Building Council (DGNB) has awarded sustainability certificates to all 21 Deutsche EuroShop shopping centers, 20 in Gold and 1 in Platinum. TÜV Süd has certified the electricity used in Deutsche EuroShop’s German centers with the prestigious “Ökostrom” green electricity label. 2023 saw Deutsche EuroShop awarded the EPRA sBPR Award in “Gold” by the European Public Real Estate Association (EPRA) for the sixth time in a row. Deutsche EuroShop has participated in the Carbon Disclosure Project (CDP) since 2010 and reports the environmental data pertaining to its portfolio.
  • 30. A P P E N D I X Germany 1/21 COMPANY PRESENTATION | JANUARY 2025 30 1 Status: 31 Dec. 2023 | 2 Approximately | 3 As % of market rent Main-Taunus- Zentrum A10 Center Altmarkt- Galerie Rhein-Neckar- Zentrum Herold- Center Rathaus- Center Allee- Center Phoenix- Center Location Sulzbach/ Frankfurt Wildau/ Berlin Dresden Viernheim/ Mannheim Norderstedt Dessau Magdeburg Hamburg Investment 52.0% 100% 100% 100% 100% 100% 100% 75.0% Lettable Space sqm 124,000 121,000 77,000 69,500 54,300 52,500 51,300 43,400 Parking 4,500 4,000 500 3,800 850 850 1,300 1,400 Number of Shops2 170 200 200 110 140 90 150 130 Occupancy Rate3 93% 89% 96% 91% 93% 91% 96% 96% Catchment Area2 2.1 m inhabitants 1.1 m inhabitants 1.4 m inhabitants 1.6 m inhabitants 0.5 m inhabitants 0.3 m inhabitants 0.8 m inhabitants 0.5 m inhabitants Visitors 2023 7.8 m 4.6 m 11.7m 8.2 m 8.9 m 4.8 m 8.4 m 7.7 m Opening/ last refurbishment 1964/2024 1996/2011 2002/2019 1972/2018 1971/2018 1995/2019 1998/2019 2004/2020
  • 31. A P P E N D I X Germany 2/21 COMPANY PRESENTATION | JANUARY 2025 31 1 Status: 31 Dec. 2023 | 2 Approximately | 3 As % of market rent Billstedt- Center Saarpark- Center Forum Allee- Center City- Galerie City- Arkaden City- Point Stadt- Galerie Stadt- Galerie Location Hamburg Neunkirchen Wetzlar Hamm Wolfsburg Wuppertal Kassel Passau Hameln Investment 100% 95.0% 100% 100% 100% 100% 100% 100% 100% Lettable Space sqm 42,500 35,600 34,500 34,000 30,800 28,700 27,800 27,700 26,000 Parking 1,500 1,600 1,700 1,300 800 650 220 500 500 Number of Shops2 110 115 110 90 100 80 60 90 85 Occupancy Rate3 98% 94% 98% 96% 92% 95% 92% 97% 84% Catchment Area2 0.8 m inhabitants 0.7 m inhabitants 0.5 m inhabitants 0.4 m inhabitants 0.5 m inhabitants 0.7 m inhabitants 0.6 m inhabitants 0.8 m inhabitants 0.3 m inhabitants Visitors 2023 10.1 m 4.9 m 7.2 m 4.8 m 5.9 m 7.7 m 7.5 m 6.4 m 4.4 m Opening/ last refurbishment 1969/2019 1989/2020 2005/2020 1992/2023 2001/2023 2001/2023 2002/2015 2008 2008/2024
  • 32. A P P E N D I X Olympia Galeria Bałtycka City Arkaden Árkád Location Brno, Czech Republic Gdansk, Poland Klagenfurt, Austria Pécs, Hungary Investment 100% 100% 50.0% 50.0% Lettable Space sqm 85,000 48,700 36,900 35,400 Parking 4,000 1,050 880 850 Number of Shops2 200 193 120 130 Occupancy Rate3 94% 97% 98% 99% Catchment Area2 1.2 m inhabitants 1.1 m inhabitants 0.4 m inhabitants 0.7 m inhabitants Visitors 2023 8.4 m 7.1 m 4.9 m 10.6 m Opening/ last refurbishment 1999/2023 2007/2023 2006 2004 Europe1 COMPANY PRESENTATION | JANUARY 2025 32 1 Status: 31 Dec. 2023 | 2 Approximately | 3 As % of market rent
  • 33. A P P E N D I X Financial Calendar COMPANY PRESENTATION | JANUARY 2025 2025 22.01. Kepler Cheuvreux German Corporate Conference, Frankfurt 18.03. Preliminary Results FY 2024 20.03. Bank of America EMEA Real Estate CEO Conference, London 29.04. Publication of the Annual Report 2024 14.05. Quarterly Statement 3M 2025 27.06. Annual General Meeting, Hamburg 14.08. Half-year Financial Report 2025 22.09. Berenberg and Goldman Sachs German Corp. Conference, Munich 23.09. Baader Investment Conference, Munich 13.11. Quarterly Statement 9M 2025 33
  • 34. A P P E N D I X Contact COMPANY PRESENTATION | JANUARY 2025 34 Deutsche EuroShop AG Investor & Public Relations Heegbarg 36 22391 Hamburg Tel. +49 (40) 41 35 79 – 20/– 22 Fax +49 (40) 41 35 79 – 29 E-Mail: [email protected] Web: www.deutsche-euroshop.com Important Notice: Forward-Looking Statements Statements in this presentation relating to future status or circumstances, including statements regarding management’s plans and objectives for future operations, sales and earnings figures, are forward-looking statements of goals and expectations based on estimates, assumptions and the anticipated effects of future events on current and developing circumstances and do not necessarily predict future results. Many factors could cause the actual results to be materially different from those that may be expressed or implied by such statements. Deutsche EuroShop does not intend to update these forward-looking statements and does not assume any obligation to do so. Rounding and rates of change Percentages and figures stated in this report may be subject to rounding differences. The rates of change are based on economic considerations: improvements are indicated by a plus (+); deterioration by a minus (-). instagram.com/deutscheeuroshop youtube.com/DeutscheEuroShop facebook.com/euroshop slideshare.net/desag twitter.com/des_ag flickr.com/desag ir-mall.com Patrick Kiss IR Hans-Peter Kneip CEO/CFO Nicolas Lissner IR