Deutsche EuroShop | Company Presentation | 05/25

C O M P A N Y
Update on Business Activities FY 2024 – Summary
COMPANY PRESENTATION | MAY 2025
Business Development
 Positive development of operational business,
results above full-year forecast
 Increase of footfall (+0.6%) and retail sales (+2.5%)
 Revenue €271.4 m (-0.7%), EBIT €216.3 m (+1.7%),
FFO €157.1 m (-8.3%)
 Stable property valuation at €4.1 bn
 Increase of occupancy rate to 95.4% (+2.4%-points) due to
investment projects completed on time and on budget
− A10 Center
− Rhein-Neckar-Zentrum
− Stadt-Galerie Hameln
− City-Galerie Wolfsburg
− Main-Taunus-Zentrum (Food Garden)
2

C O M P A N Y
Update on Business Activities FY 2024 – Summary
Financing and Liquidity
 Dividend proposal of €1.00 per share for FY 2024
 LTV of 39.2% and solid cash position of €212.4 m
(after €346.6 m dividend payments in 2024)
 Steady funding situation with long-term financing partners
 Refinancing for 2025 completed, no loan maturities
before June 2026
 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
3

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 Q4 24
avg. daily footfall per center retail turnover per quarter in €m
Positive Development of Retail Turnover1 and Footfall
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 +4.8%
CAGR +3.2%
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% 1.7% 1.9%
24%
17%
7%
4

Insight into Retail Turnover 20241
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: +2.3% -1.0% +1.6%
RETAIL SECTOR
% change
in 2024
occupancy cost
ratio (OCR) in %
% of
sales
% of
space
Food/Supermarkets/Discounter +2.3 8.3 12.2 9.8
Fashion Textiles +2.3 14.6 29.7 44.6
Shoes & Leather Goods +3.5 16.0 3.7 4.2
Sports -0.2 14.0 4.8 6.6
Health & Beauty +6.1 9.0 16.5 9.0
General Retail (incl. Department Stores) +2.6 14.1 9.7 11.4
Electronics -0.5 4.5 13.4 7.5
Services +1.6 8.4 4.1 2.1
Food Catering -0.4 15.7 5.9 4.9
TOTAL +2.3 11.3 100² 100²
 Absolute retail turnover development: +3.3% -0.2% +2.5%
Germany Abroad Total
5

Vision – Omnichannel-Platform
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

European Portfolio with Focus on Germany
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
>150 million visitors in 2024
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

Maturity Distribution of Rental Contracts1
1 As % of rental income as at 31 December 2024 | 2 Occupancy rate based on leasable space, EPRA occupancy rate based on market rents stands at 93.3%
Weighted maturity 4.7 years
2023 4.7 years
Long-term contracts base
rental income
Occupancy rate 95.42%
2023 93.0%
5%
15%
12%
10%
18%
40%
2030 onwards
2028
2027
2026
2025
2029
8

Tenant Structure – Low Dependence on Top Tenants
1 In % of total retail rents as at 31 December 2024
20241 2023
H&M 2.7% 2.6%
Deichmann 2.4% 2.3%
New Yorker 2.4% 2.3%
P&C Düsseldorf 2.2% 2.2%
Ceconomy 2.2% 2.2%
C&A 2.1% 2.2%
Douglas 1.9% 1.8%
TK Maxx 1.7% 1.7%
Thalia 1.6% 1.6%
dm-drogerie markt 1.6% 1.5%
Total 20.8% 20.4%
Low level of dependence on the Top 10 Tenants1
79%
21%
Top 10 Tenants
9

Sector Mix1 – Balanced Sector Diversification
1 As % of rental space as at 31 December 2024
Balanced sector
diversification
Fashion
47.6%
Non-food/electronics
19.1%
Food & supermarkets
10.8%
Health & beauty
7.6%
Catering
5.2% Drug stores &
hypermarkets
4.2%
Leisure &
entertainment
3.5%
Services
2.0%
10

Rhein-Neckar-Zentrum: Retailtainment & Casual Dining
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

Stadt-Galerie Hameln: New Major Tenants
Source: ECE
 Action (non-food discount store) and
Netto (supermarket) opened in 10/24
on the site of the former Real hypermarket
12

A10 Center: New Major Tenants
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

Main-Taunus-Zentrum: Food Garden
Picture: ECE 14
 Major investment in the DES portfolio
 Approx. €28 m total investment for the
strategic advancement of the center
 Very high sustainability standards
 Completely let, high-quality tenant
structure: Alex, L’Osteria, The Ash
and others
 Grand opening on 10 April 2025

F I N A N C I A L S
Valuation1 – Investment Properties 31 December 2024
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 | 4 Change of -/+100bps
Stable property valuation
 Slightly negative valuation result of €-14.6 m
 Yields marginally improved, EPRA NIY down from 5.91% to 5.84%
 Gradual recovery of the shopping center transaction market
 Portfolio value increased by €28.5 m, driven by investments
 Sale of extension plot in Gdansk, Poland for €6.9 m, c. 10% above
book value
in € thousand Basis Change of -25bps Change of +25bps
Rent increase rates3
1.52% -113,6 +122,3
Cost ratio 11.96% +40,54 -42,94
Discount rate 7.05% +67,6 -70,7
Capitalization rate 5.75% +103,8 -97,3
Sensitivity Analysis
5.97 5.87
5.46
5.24 5.23 5.32 5.43
5.73 5.78
6.37
6.64 6.61
5.69
5.53
5.13
4.94 4.93 5.01 5.12
5.41 5.45
6.01
6.25 6.24
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Net operating yield in % Net initial yield in %
in € thousand 31.12.2024 31.12.2023 CHANGE
Revaluation -25,923 -229,365 203,442
Revaluation at-equity 8,231 -3,426 11,657
Profit from disposal 606 0 606
Minority interest 2,447 23,664 -21,217
Valuation result before taxes -14,639 -209,127 194,488
Deferred taxes 3,520 37,375 -33,855
Valuation result after taxes2
-11,119 -171,752 160,633
15

F I N A N C I A L S
Revenues – Impacted by Temporary Vacancies due to Investment Measures
1 “Look through” (calculated on the basis of the group share) | 2 Consolidated
 Revenues decreased by €1.9 m to €271.4m
 Essentially due to temporary vacancies as a result of
investment measures as well as lower settlement payments.
Turnover rents increased compared to the prior year
-0.7% 2024
Share of revenue
2023
Share of revenue
Abroad
20%1
(15%2)
Abroad
21%1
(16%2)
Domestic
79%1
(84%2)
Domestic
80%1
(85%2)
Revenues
in € million
2023 2024
273.3 271.4
16

F I N A N C I A L S
-1.9
3.3 1.1 1.1
212.7 216.3
2023 Revenue Operating and
administrative
costs for property
Allowance and
write-off of
receivables
Other operating
income and
expenses
2024
EBIT – Increase Resulting from Declining Operating Costs
EBIT bridge 2024
in € million
 EBIT above the previous year +1.7% (€+3.6m)
 Largely due to the rise in net operating income (NOI) related to
declining operating center expenses and an expected year-on-
year decline in revenues
+1.7%
in € thousand 01.01. – 31.12.2024 01.01. – 31.12.2023
Revenue 271,403 273,304
Operating and administrative
costs for property
-46,252 -49,542
Allowance and write-off
of receivables
-7,731 -8,858
NOI 217,420 214,904
Other operating income 9,074 35,335
Other operating expenses -10,189 -37,578
EBIT 216,305 212,661
EBIT
in € million
2023 2024
212.7 216.3
17

F I N A N C I A L S
Financial Result1 – Increased Interest Expenses following Loan Increases
1 Excluding valuation
Financial result bridge 2024
in € million
 Financial result decreased: €-7.9 m
 Interest expenses up by €5.8 m due to further loan increases
and higher interest rates for follow-on loans
 Other financial result decreased by €-1.9 m mainly due to the
termination of a swap in the course of the refinancing and loan
increase for Allee-Center Hamm
-18.3%
in € thousand 01.01. – 31.12.2024 01.01. – 31.12.2023
At-equity profit/loss 16,581 5,005
Measurement gains/losses
(at equity)
-8,231 3,426
Deferred taxes (at-equity) 474 65
At-equity (operating) profit/loss 8,824 8,496
Interest expense -49,083 -43,313
Profit/loss attributable
to limited partners
-14,397 -13,876
Other financial result (incl. Swaps) 3,532 5,492
Financial result1 -51,124 -43,201
Financial result1
in € million
-5.8
0.3
-1.9 -0.5
-43.2
-51.1
2023 Interest
expenses
At-Equity Other financial
result
Minority
profitshare
2024
2023 2024
-43.2
-51.1
18

F I N A N C I A L S
in € thousand 01.01. – 31.12.2024 01.01. – 31.12.2023
EBIT 216,305 212,661
Financial result1 -51,124 -43,201
EBT1 165,181 169,460
-1.9
169.5
12.6
-5.8 -0.1 -9.1
165
2023 Standing
assets
Interest
expenses
Other financial
expenses
Interest
income
Result from
ancillary costs
2024
EBT1 – Below Previous Year due to Increased Interest Expenses
1 Excluding valuation
EBT1 bridge 2024
in € million
 EBT excl. valuation below previous year by -2.5% (€-4.3m) due
to a downturn in the financial result – mainly due to the
increase in interest expenses (€+5.8m) and other financial
expenses (€+1.9m)
 Interest income from short-term bank deposits in line with
prior year at € 5.4m
-2.5%
EBT1
in € million
2023 2024
169.5 165.2
19

F I N A N C I A L S
Consolidated Result – Significant Increase from Higher Valuation Result
1 Including the share attributable to equity-accounted joint ventures and associates
Consolidated result increased by €161.8 m
 Slightly decreased result from operations (EBT €-4.3 m)
 Valuation result (€+194.5 m)
 Higher taxes (€-28.4 m), mainly due to increased deferred taxes
Earnings per share increased from €-0.51 to € 1.62
Consolidated result
in € million
in € thousand 01.01. – 31.12.2024 01.01. – 31.12.2023
EBT1 165,181 169,460
Valuation result1 -14,639 -209,127
Taxes1 -27,028 1,390
Consolidated result 123,514 -38,277
Consolidated result per share in € 1.62 -0.51
Weighted number of
no-par-value shares issued
76,090,428 75,136,922
2023 2024
-38.3
123.5
20

F I N A N C I A L S
Funds From Operations (FFO) – Lower but Above Increased Forecast Range
1 Including the share attributable to equity-accounted joint ventures and associates I 2 Including acquisition costs after consideration of taxes
 FFO decreased from €171.3 m to €157.1 m
due to lower financial result
 Exceeding the increased forecast range of €151 m to €155 m
 FFO per share decreased from €2.28 to €2.06
01.01. – 31.12.2024 01.01. – 31.12.2023
in € thousand per share in € in € thousand per share in €
Consolidated profit 123,514 1.62 -38,277 -0.51
Valuation investment properties1 14,639 0.19 209,127 2.78
Result from changes in the scope of
consolidation2 0 0.00 7,258 0.10
Deferred taxes1 18,913 0.25 -6,769 -0.09
FFO 157,066 2.06 171,339 2.28
Weighted number of
76,090,428 75,136,922
(€1.47) (€1.43)
Funds From Operations
Funds From Operations (FFO)
are used to finance the distribution of dividends, scheduled repayments on
our long-term bank loans and ongoing investments in portfolio properties.
-8.3%
FFO
in € million
171.3 157.1
2023 2024
21

F I N A N C I A L S
Balance Sheet – Solid and Robust Structure
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 financial liabilities to long-term assets, calculated on the basis of the group share
Balance sheet structure
in € million
 Equity ratio slightly decreased to 49.2%1
 LTV at 39.2%2 (EPRA LTV (“look through”) 41.1%3)
 Group liquidity: €212.4 m
in € thousand 31.12.2024 31.12.2023 Change
Non-current assets 4,120,357 4,091,953 28,404
Cash and cash equivalents 212,438 336,071 -123,633
Other current assets 31,610 32,173 -563
Total assets 4,364,405 4,460,197 -95,792
Equity 1,884,540 2,119,667 -235,127
Non-controlling interests of limited partners 261,156 259,380 1,776
Equity (including minority interest) 2,145,696 2,379,047 -233,351
Financial liabilities 1,808,374 1,677,600 130,774
Deferred taxes 350,887 331,918 18,969
Other liabilities 59,448 71,632 -12,184
Total equity and liabilities 4,364,405 4,460,197 -95,792
Equity ratio in %1 49.2% 53.3%
LTV ratio in %2 39.2% 33.2%
EPRA LTV ratio in %3 41.1% 34.8%
Balance sheet as at 31 December 2024
4,092.0 4,120.4
368.2 244.0
4,460.2 4,364.4
2023 2024
Non-current assets
Current assets
2,145.7 2,379.0
2,151.5
2,004.7
67.2 76.5
4,364.4 4,460.2
2024 2023
Current liabilities
Non-current liabilities
Equity (incl. non controlling interests)
Assets Liabilities
22

F I N A N C I A L S
61.8 75.7
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
2,198.0
37.38 € 38.43 € 37.81 € 31.58 € 29.02 €
2020 2021 2022 2023 2024
Net Tangible Assets (EPRA) – Decrease Following Dividend Payments
1 Including the share attributable to equity-accounted joint ventures and associates
EPRA NTA
in € million (per share in €)
 EPRA NTA per share decreased due to dividend payments
to €29.02 (-8.1%)
 Share price discount to NTA: 31% (26 March 2025)
EPRA NTA
-8,1%
31.12.2024 31.12.2023
in € thousand per share in € in € thousand per share in €
Equity 1,884,540 24.88 2,119,667 27.72
Derivative financial instruments
measured at fair value1
3,128 0.04 6,427 0.08
Equity excluding derivative
financial instruments 1,887,668 24.92 2,126,094 27.80
Deferred taxes on investment properties
and derivative financial instruments1
362,055 4.78 340,042 4.45
Intangible assets -12 0.00 -23 0.00
Goodwill as a result of deferred taxes -51,719 -0.68 -51,719 -0.67
EPRA NTA 2,197,992 29.02 2,414,394 31.58
Weighted number of
75,743,854 76,455,319
23

F I N A N C I A L S
Financing Structure1
24
Loan maturity profile
1 As of 31 December 2024
0% 10% 11% 11%
8% 2%
19%
17%
9% 12%
LTV
39.2%
EBITDA/interest
4.4x
Weighted maturity
5.5 years
Average interest rate
2.76%
Total debt
€1,808m
 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
 Refinancings only from 2026 onwards
Key credit metrics
100%
Share of
total loans
Net debt/EBITDA
7.4x
2.4%
3.0%
1.8% 1.9%
1.6%
2.8%
3.5% 3.6%
4.3%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
0
50
100
150
200
250
300
350
400
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 2.76
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
-0.201
2023 2024 2025
197.7
15.01
2023 2024 2025
156.3
15.01
2023 2024 2025
154.5
15.01
2023 2024 2025
2023 2024 2025
Forecast
1 One-off effect on other operating income in the amount of around € 15 million or €0.20 per share (excl. taxes) | 2 Avg. numbers, 2024 incl. 373,891 treasury shares, 2025 incl. 720,465 treasury shares
REVENUE
€m
EBT EXCL. VALUATION
€m
FFO
€m
EBIT
€m
NUMBER OF SHARES2
mn
FFO PER SHARE
€
2023 2024 2025
273.3 271.4
169.5 165.2
171.3
157.1
212.7 216.3 75.1 76.1 75.7
2.28
268 - 276
150 - 158 145 - 153
209 - 217
2.06 1.91 – 2.02
25

S H A R E
Share performance and dividend track record
26
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 26 March 2025 | 5 Proposal
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 1.005
43.24
29.02
40.46
20.054
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 2025
NTA (NAV) per share
Share price2

S H A R E
Shareholder Structure1
27
1 As of 5 May 2025
Germany
98.0%
Other
2.0%
Hercules BidCo
76.4%
Treasury
Shares
0.9%
Maren Otto
6.6%
Private
Investors
13.1%
Institutional
Investors
3.0%
9,400 shareholders
Free float 23.6%

S H A R E
Analysts‘ Consensus1
28
1 Aggregated by DES, median values, status: 2 May 2025, 5 analysts
Neutral
 Berenberg Bank
 Kepler Cheuvreux
 M.M. Warburg
Outperform Buy
in € 2025 2026
Revenue (€ m) 272.4 274.5
EBIT (€ m) 215.0 216.7
FFO per share 1.98 1.99
NTA per share 29.62 30.38
Dividend 1.05 1.10
Price target (mean) 21.18
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
Q2
25
negative
neutral
positive
 Bank of America

A P P E N D I X
29
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 (26 March 2025) 720,465
Dividend for 2024 (proposal) €1.00
52W High €27.45
52W Low €17.78
Share price (26 March 2025) €20.15
Market capitalization €1.54 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

A P P E N D I X
30
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. – 31.12.2024 01.01. – 31.12.2023
Revenue 271,403 273,304
Property operating costs -31,350 -34,808
Property management costs -14,902 -14,734
Write-downs and disposals of financial assets -7,731 -8,858
Net operating income (NOI) 217,420 214,904
Other operating income 9,074 35,335
Other operating expenses -10,189 -37,578
EBIT 216,305 212,661
Share in the profit or loss of associates and joint
ventures accounted for using the equity method 16,581 5,005
Interest expense -49,083 -43,313
Profit / loss attributable to limited partners -14,397 -13,876
Other financial expense -1,876 0
Interest income 5,408 5,492
Financial gains/losses -43,367 -46,692
Measurement gains/losses -22,870 -205,701
EBT 150,068 -39,732
Taxes on income and earnings -26,554 1,455
Consolidated profit 123,514 -38,277
Earnings per share (€) 1.62 -0.51
Consolidated Income Statement 2024

A P P E N D I X
Consolidated Balance Sheet 2024
€ thousand 31.12.2024 31.12.2023
ASSETS
Non-
current
assets
Intangible assets 51,731 51,742
Property, plant and equipment 371 449
Investment properties 3,966,721 3,947,021
Investments accounted for
using the equity method
101,534 92,741
Total Non-current assets 4,120,357 4,091,953
Current
assets
Trade receivables 14,711 13,419
Other current assets 16,899 18,754
Cash and cash equivalents 212,438 336,071
Total Current assets 244,048 368,244
TOTAL ASSETS 4,364,405 4,460,197
€ thousand 31.12.2024 31.12.2023
LIABILITIES
Equity and
reserves
Subscribed capital 76,464 76,464
Capital reserves 793,943 793,943
Retained earnings 1,014,853 1,249,269
Treasury shares -720 -9
Total equity 1,884,540 2,119,667
Non-current
liabilities
Financial liabilities 1,795,909 1,665,679
Deferred tax liabilities 350,887 331,918
Liabilities from limited
partner contributions of
non-controlling interests 261,156
259,380
Other liabilities 4,715 7,126
Total Non-current liabilities 2,412,667 2,264,103
Current
liabilities
Financial liabilities 12,465 11,921
Trade payables 7,349 10,635
Tax liabilities 16,876 19,891
Other provisions 12,669 14,459
Other liabilities 17,839 19,521
Total Current liabilities 67,198 76,427
TOTAL EQUITY AND LIABILITIES 4,364,405 4,460,197
31

A P P E N D I X
Our Partner
32
 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

Environmental, Social & Governance
33
Reduction of CO2 Emission and Electricity Consumption
Number of centers included
Total electricity consumption in mwh
CO2 reduction in t
 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 institutions regularly analyse Deutsche EuroShop with
regard to its ESG factors:
o EthiFinance
o ISS ESG
o S&P Global Corporate Sustainability Assessment
o Sustainalytics
0
4
8
12
16
20
0
15,000
30,000
45,000
60,000
75,000
2008 2010 2012 2014 2016 2018 2020 2022 2024

Environmental, Social & Governance
Source: ECE (photos and visualisation) 34
DGNB Sustainability certificates
The German Sustainable Building Council (DGNB) has
awarded sustainability certificates to all 21 Deutsche
EuroShop shopping centers, 20 in Gold and 1 in Platinum.
2024 saw Deutsche EuroShop awarded the EPRA sBPR
Award in “Gold” by the European Public Real Estate
Association (EPRA) for the eigth time in a row
TÜV Süd has certified the electricity used in Deutsche
EuroShop’s German centers with the prestigious
“Ökostrom” green electricity label

Rhein-Neckar-Zentrum: New Photovoltaic Plant
Source: ECE 35
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

Green Finance Framework Published
36
Renewable Energy
 EU Taxonomy activity number 7.6 Installation, maintenance and repair of renewable energy technologies
Green Buildings
 EU Taxonomy activity number 7.1 Construction of new buildings
 EU Taxonomy activity number 7.2 Renovation of existing buildings
 EU Taxonomy activity number 7.3 Installation, maintenance and repair of energy efficient equipment
 EU Taxonomy activity number 7.7 Acquisition and ownership of buildings
Clean Transport
 EU Taxonomy activity number 7.4 Installation, maintenance and repair of charging stations for electric
vehicles in buildings (and parking spaces attached to buildings)
Second Party Opinion (SPO)
 Sustainable Fitch has provided a SPO on Deutsche EuroShop’s Green
Finance Framework
 Sustainable Fitch Limited assessed transactions under the framework
to be aligned with the ICMA Green Bond Principles and the Loan
Market Association, Loan Syndications and Trading Association, and
Asia Pacific Loan Market Association Green Loan Principles
36

A P P E N D I X
Germany 1/21
37
1 Status: 31 Dec. 2024 | 2 Approximately | 3 As % of leasable space
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 99% 95% 94% 95% 93% 89% 97% 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 2024 7.8 m 4.7 m 12.0m 8.4 m 9.2 m 5.0 m 8.5 m 7.8 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
38
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% 95% 94% 97% 91% 98% 79% 97% 88%
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 2024 10.3 m 4.9 m 7.5 m 4.9 m 5.9 m 7.8 m 7.5 m 6.4 m 4.6 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 97% 99% 97% 99%
Catchment Area2 1.2 m inhabitants 1.1 m inhabitants 0.4 m inhabitants 0.7 m inhabitants
Visitors 2024 8.2 m 7.0 m 4.9 m 10.5 m
Opening/
last refurbishment
1999/2023 2007/2023 2006 2004
Europe1
39

A P P E N D I X
Financial Calendar
2025
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
20.11. Kepler Cheuvreux Pan-European Real Estate Conference, London
40

A P P E N D I X
Contact
41
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
x.com/des_ag
flickr.com/desag
ir-mall.com
Patrick Kiss
IR
Hans-Peter Kneip
CEO / CFO
Nicolas Lissner
IR

Deutsche EuroShop | Company Presentation | 05/25

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