Deutsche EuroShop | Conference Call Presentation - Quarterly Statement 9M 2024

Conference Call
Quarterly Statement 9M 2024
15 November 2024
Eat. Shop. Laugh.

COMPANY
Update on Business Activities 9M 2024 – Summary
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2024 | 15 NOVEMBER 2024
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
2

COMPANY
Update on Business Activities 9M 2024 – Summary
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:
Up to €15.0 m or 750,000 shares until 20 December 2024
Status as of 8 November 2024:
– 639,829 shares acquired
– €20.99 average price
– €13.4 m purchased volume
3

SHOPPING CENTERS
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
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%
4

SHOPPING CENTERS
Retail Turnover 9M 20241
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
5

FINANCIALS
6
Revenue
in € million
 Revenues decreased by €3.2m to €200.0m (-1.6%)
 Essentially due to
– temporary vacancies resulting from investment measures in
the portfolio
– lower turnover rents and settlement payments
– some cases of lower follow-on rents
-1.6%
9M 2024
Share of revenue
9M 2023
Share of revenue
Abroad
20%1
(15%2)
Abroad
22%1
(21%2)
Domestic
78%1
(79%2)
Domestic
80%1
(85%2)
9M 2023 9M 2024
203.2 200.0
1 “Look through” (calculated on the basis of the group share) | 2 Consolidated
Revenues – Slight Decrease in Line with Plan

FINANCIALS
-3.2
1.1 4.4
155.5 5.0 162.8
2023 Revenue Operating and
administrative
costs for property
Allowance and
write-oﬀ of
receivables
Other operating
income and
expenses
2024
EBIT above previous Year
1 Income and expenses from the change in the scope of consolidation were reported in the interim report as at 30 September 2023 under 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.
EBIT bridge 2023
in € million
 EBIT above previous year +4.7% (€+7.3m) driven mainly by the
impact on earnings from the change in the scope of
consolidation in the prior year
 Operating and administrative costs for property declined,
mainly due to higher maintenance expenses in the prior-year
period, as well as optimisations to costs for center marketing
+4.7%
in € thousand 01.01. – 30.09.2024 01.01. – 30.09.20231
Revenue 199,964 203,172
Operating and administrative
costs for property
-31,055 -36,047
Allowance and write-off
of receivables
-5,816 -6,896
NOI 163,093 160,229
Other operating income 6,716 29,563
Other operating expenses -7,010 -34,286
EBIT 162,799 155,506
EBIT
in € million
2023 2024
155.51 162.8
7

FINANCIALS
in € thousand 01.01. – 30.09.2024 01.01. – 30.09.20232
EBIT 162.799 155.506
Financial result1
-37.839 -33.310
EBT1
124.960 122.196
8
1 Excluding valuation | 2 Income and expenses from the change in the scope of consolidation have been reported in the Interim Financial 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
 EBT (excl. valuation) above previous year +2.3% (€+2.8m)
 Increase in EBIT partly offset by lower financial result due
to loan increases (€-4.5m)
+2.3%
EBT1
in € million
9M 2023 9M 2024
122.2 125.0
EBT1 – Slightly Increased

FINANCIALS
Funds From Operations (FFO) – Lower due to one-off Effects in the Previous Year
9
1 Including the share attributable to equity-accounted joint ventures and associates
 FFO decreased from €129.7m to €119.7m due to
– higher other income from additional payments with respect
to ancillary costs in the prior year
– lower financial result
 FFO per share decreased from €1.74 to €1.57
01.01. – 30.09.2024 01.01. – 30.09.2023
in € thousand per share in € in € thousand per share in €
Consolidated profit 82,457 1.08 68,190 0.91
Valuation investment properties1
26,662 0.35 46,826 0.63
Income and expenses from changes in
the scope of consolidation 0 0.00 8,333 0.11
Deferred taxes 10,532 0.14 6,329 0.09
FFO 119,651 1.57 129,678 1.74
Weighted number of
no-par-value shares issued
76,186,237 74,689,725
-7.7%
FFO
in € million
(per share in €)
(€0.88) (€1.08)
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.
9M 2023 9M 2024
129.7 119.7

FINANCIALS
10
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

FINANCIALS
Financing Structure1
11
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
11
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

SHOPPING CENTERS
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
12

SHOPPING CENTERS
Stadt-Galerie Hameln: New Promising Tenants
Source: ECE
 Action (non-food discount store) and
Netto (supermarket) opened in 10/24
on the site of the former Real hypermarket
13

SHOPPING CENTERS
A10 Center: New Promising 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
14

SHOPPING CENTERS
Main-Taunus-Zentrum: Food Garden
 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
Source: ECE (visualisation)
15

FINANCIALS
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
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
16

APPENDIX
17
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) 639,829
Dividend for 2023 (paid on 3 September 2024) €2.60
52W High €27.45
52W Low €17.98
Share price (8 November 2024) €20.10
Market capitalization €1.54 billion
Avg. turnover per day last 12 months (XETRA) 17,046 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

APPENDIX
Financial Calendar
2024
14.11. Quarterly Statement 9M 2024
21.11. CIC Forum by Market Solutions (virtual)
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
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
18

APPENDIX
19
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
Consolidated Income Statement 9M 2024

APPENDIX
Consolidated Balance Sheet 9M 2024
€ 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
20

APPENDIX
21
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 (-).
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Patrick Kiss
IR
Hans-Peter Kneip
CEO/CFO
Nicolas Lissner
IR
Contact

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