Deutsche EuroShop | Half-Year Financial Report 2022

Letter from the Executive Board
DEAR SHAREHOLDERS,
DEAR READERS,
For Deutsche EuroShop, the first six months of 2022 were good and
remained stable in terms of operations. Like-for-like revenue grew by
0.7% from €104.9 million to €105.7 million. At €84.1 million, net oper-
ating income (NOI) was 17.1% above the previous year’s level, while
earnings before interest and taxes (EBIT) improved to €76.0 million.
The main reason for this improvement was the waning influence as
well as the after-effects of the corona pandemic, which had a particu-
lar impact in the first half of the previous year. This year, new nega-
tive factors have unfortunately emerged such as the war in Ukraine,
increased supply chain problems and significantly rising inflation, all
of which are weighing on the consumer climate.
As expected, customer footfall in the first half of 2022 was significantly
better (+72%) than the same half of the previous year, which saw long
periods of lockdown. However, visitor numbers were still significantly
lower (-24%) compared to the first half of 2019, which was not affected
by the pandemic. Our tenant revenue from January to May 2022 aver-
aged about 89% of the revenue during the same period in 2019. For the
collection ratio, the ratio of incoming payments to rent and ancillary
cost receivables from tenants, we again registered almost the usual
normal level for agreed incoming payments (98%).
Earnings before taxes and valuation gains/losses (EBT before valu-
ation) increased by 16.1% in the first half of the year to €64.7 million.
Consolidated profit also increased significantly by 25.5% to €46.2 mil-
lion, and EPRA earnings also rose by 12.0% to €60.8 million. Funds
from operations (FFO) adjusted for measurement gains/losses and
non-recurring effects were up €12.4 million up on the first half of the
previous year to €66.7 million (+22.8%), which equates to FFO per
share of €1.08. Our balance sheet ratios are good – even after more
than two years of the pandemic. The equity ratio was stable at 56.3%
and the loan-to-value (LTV) ratio was low at 29.0%. Group liquidity as
of the balance sheet date amounted to €377.8 million.
KEY CONSOLIDATED FIGURES
in € million
01.01. –
30.06.2022
01.01. –
30.06.2021 +/-
Revenue 105.7 104.9 0.7%
Net operating income (NOI) 84.1 71.9 17.1%
EBIT 76.0 70.5 7.8%
EBT (excluding measurement
gains/losses1
) 64.7 55.7 16.1%
EPRA 2
earnings 60.8 54.3 12.0%
FFO 66.7 54.3 22.8%
Consolidated profit 46.2 36.8 25.5%
in €
01.01. –
30.06.2022
01.01. –
30.06.2021 +/-
EPRA 2
earnings per share 0.98 0.88 11.4%
FFO per share 1.08 0.88 22.7%
Earnings per share 0.75 0.60 25.0%
Weighted number of
no-
par-value shares issued 61,783,594 61,783,594 0.0%
in € million 30.06.2022 31.12.2021 +/-
Equity3
2,432.6 2,377.8 2.3%
Liabilities 1,888.6 1,901.0 -0.7%
Total assets 4,321.2 4,278.8 1.0%
EPRA 2
NTA 2,427.1 2,374.4 2.2%
EPRA 2
NTA per share in € 39.29 38.43 2.2%
Equity ratio in % 3
56.3 55.6
LTV ratio in % 4
29.0 30.5
LTV ratio (pro rata) in % 4
31.7 33.3
Cash and cash equivalents 377.8 328.8 14.9%
1
Including the share attributable to joint ventures and associates
accounted for using the equity method
2
European Public Real Estate Association
3
Including third-party interests in equity
4
Loan-to-value ratio (LTV ratio): ratio of net financial liabilities (financial liabilities less
cash and cash equivalents) to non-current assets (investment properties and finan-
cial investments accounted for using the equity method). The LTV ratio (pro rata) is
calculated on the basis of the Group’s share in the subsidiaries and joint ventures.
H1 2022 / Half-year Financial Report dated 30 June 2022

It is clear from these figures that our operating business is now grad-
ually putting the pandemic behind it and is well positioned for the
future. The same applies to the financing of the Company. We have
already concluded all follow-up financing for 2022, and so will be able
to reduce annual interest expenses by a further €0.5 million. The Com-
pany has already agreed a term sheet with a consortium of banks for
€209 million of funding for the Main-Taunus-Zentrum, which is the only
financing due in 2023. No additional follow-up financing is then due
until September 2025.
An update on the portfolio: we recently published new investment
plans for the Main-Taunus-Zentrum (MTZ), one of the largest and
highest-turnover shopping centers in Germany. A new highlight is to
be added to the MTZ, creating a new lively urban center with a high-
quality and varied gastronomy and food offering. Five new freestand-
ing restaurant buildings are to be built by 2024, some with covered

terraces and some with open terraces, attractively landscaped out-
door areas and sophisticated architecture. The new “Foodgarden” will
be built on an area of around 7,000 m² in the heart of the shopping
center on the site of a former department store building.
At the Annual General Meeting to be held on 30 August 2022, the Exec-
utive Board and Supervisory Board have proposed the distribution of
a dividend for financial year 2021 of just under €61.8 million, or €1.00
per share. We confirm our forecast for the year as a whole based on
the first six months of 2022.
In July, Wilhelm Wellner and I reached an agreement with the Super
visory Board that following the takeover of Deutsche EuroShop by

Oaktree and CURA, which has now been completed, we would no
longer be available to continue working together as the Executive
Board in the long term. After 17 exciting and enjoyable years serv-
ing Deutsche EuroShop with its small and effective team, I will bid you
farewell on 30 September and would like to thank you for your trust.
I wish the future Executive Board much success and wish you all the
best and a lot of fun shopping!
Hamburg, August 2022
Olaf Borkers
Main-Taunus-Zentrum, Sulzbach/Frankfurt
H1 2022 / Half-year Financial Report dated 30 June 2022 Deutsche EuroShop AG

BASIC INFORMATION ABOUT THE GROUP
TAKEOVER OFFER
On 23 May 2022, Deutsche EuroShop entered into an investment
agreement with Hercules BidCo GmbH (“Bidder”), Munich, regard-
ing a voluntary public takeover offer for the acquisition of all shares
in Deutsche EuroShop AG not directly held by the Bidder against
payment of a consideration. The takeover offer was published by
the Bidder on 9 June 2022. The Executive Board and Supervisory
Board support the takeover offer in their written statement of rea-
sons published on 21 June 2022 (www.deutsche-euroshop.com/
Takeover-Offer).
The acceptance period for the Bidder’s offer to the shareholders of
Deutsche EuroShop ended on 7 July 2022. On 8 July 2022, the Bidder
announced that the predefined minimum acceptance threshold had
been exceeded and that all other offer conditions had also been met.
At the end of the final tender period (end of July), the Bidder directly
and indirectly holds 84.38% of the shares in Deutsche EuroShop AG.
The new majority shareholder has undertaken to provide strategic
and financial support to the Executive Board in the further imple-
mentation of Deutsche EuroShop’s business strategy. Furthermore,
the Bidder supports Deutsche EuroShop’s efforts to optimise its
portfolio, among other things by streamlining the portfolio struc-
ture and upgrading the portfolio through the acquisition of invest-
ments in shopping centers which have so far been made jointly with
co-partners. In addition, the Bidder intends to cooperate with the
Executive Board and the Supervisory Board of Deutsche EuroShop
with regard to the optimisation of its capital structure in order to
increase its ability to pay dividends in the future and to increase
Deutsche EuroShop’s leverage ratio to 50% to 60%.
GROUP BUSINESS MODEL
Deutsche EuroShop is an Aktiengesellschaft (public company)
under German law. The Company’s registered office is in Hamburg.
Deutsche EuroShop is the only public company in Germany to invest
solely in shopping centers in prime locations. A total of 21 shop-
ping centers in Germany, Austria, Poland, Hungary and the Czech
Republic are held in the real estate portfolio. The Group generates
its reported revenue from rental income on the space it lets in the
shopping centers.
The shopping centers are held by independent companies, with
Deutsche EuroShop holding stakes of 100% in twelve of them and
between 50% and 75% in the other nine. The operational manage-
ment of the shopping centers is contracted out to external service
providers under agency contracts.
The Group managing company is Deutsche EuroShop AG. It is
responsible for corporate strategy, portfolio and risk management,
financing and communication. The Deutsche EuroShop Group has a
central structure and lean personnel organisation.
The share capital amounted to €61,783,594 on 30 June 2022 and
was composed of 61,783,594 no-par value registered shares. The
notional value of each share in the share capital is €1.00.
OBJECTIVES AND STRATEGY
The management focuses on investments in high-quality shopping
centers in inner cities and established locations offering the poten-
tial for stable, long-term value growth. A key investment target is the
generation of high surplus liquidity from leases in shopping centers,
of which a significant part can be paid out to shareholders in the
form of an annual dividend. To this end, the Company invests its cap-
ital in shopping centers in different European regions in accordance
with the principle of risk diversification. Germany is the main focus
of investment. Indexed and revenue-linked commercial rents ensure
that high earnings targets are achieved.
The Company may invest up to 10% of equity in joint ventures in
shopping center projects in the early stages of development.
New investments should be financed from a balanced mix of
sources, and external financing may not account for more than
55% of financing across the Group over the long term. As a general
rule, long-term interest rates are fixed when loans are taken out or
renewed, with the goal of keeping the term (average fixed interest
period) at over five years.
Due to the new ownership structure, Deutsche EuroShop AG’s objec-
tives and strategy will be revised in the next few months, which we
will then report on in a timely manner.

MANAGEMENT SYSTEM
The Executive Board of Deutsche EuroShop AG manages the Com-
pany in accordance with the provisions of German company law and
with its rules of procedure. The Executive Board’s duties, responsi-
bilities and business procedures are laid down in its rules of proce-
dure and in its schedule of responsibilities.
The management indicators (performance indicators) are based on
the targets of having shopping centers with sustainable and sta-
ble value growth and generating a high liquidity surplus from their
long-term leases. These indicators are revenue, EBIT (earnings
before interest and taxes), EBT (earnings before taxes) excluding
measurement gains/losses and FFO (funds from operations).
Due to the higher rent defaults and arrears as a result of the corona
pandemic, these management metrics currently have only limited
information value in some cases, so the collection ratio will be used
for management purposes as a supplement until further notice. The
collection ratio measures the ratio of incoming payments to rent and
ancillary cost receivables from tenants.
ECONOMIC REVIEW
MACROECONOMIC AND SECTOR-SPECIFIC
CONDITIONS
Despite difficult global economic conditions, the German economy
grew slightly in the first half of the year. In particular, the war in
Ukraine as well as the corona pandemic which is still ongoing have
further exacerbated existing distortions such as disrupted supply
chains and rising wages. Although on the one hand private consump-
tion benefited from the easing of the corona measures, rising prices
caused restraint on the other. In Germany, Deutsche EuroShop’s
main market, gross domestic product (GDP) stagnated in the second
quarter following a 0.8% rise in the opening quarter of 2022. Year-
on-year, price-adjusted GDP in the second quarter of 2022 was 1.5%
higher than in the second quarter of 2021, when the German econ-
omy was significantly affected by the impact of the third wave of the
corona pandemic. Adjusted by price and calendar effects, GDP in the
second quarter of 2022 was 1.4% higher than in the previous year.
The unemployment rate at the end of June 2022 stood at 5.2% (end-
June 2021: 5.7%).
Since the start of the war in Ukraine at the end of February 2022,
consumer sentiment in Germany has deteriorated massively. A
slight turnaround was achieved here in June, with consumer sen-
timent returning to levels seen in April. Despite this increase, con-
sumer confidence is still significantly lower than in the same month
of the previous year. Economic expectations also improved in June,
but still remain in negative territory. Income expectations paint a
more optimistic picture. In terms of propensity to buy, the previous
negative trend can still be seen. In June, this figure reached a new
all-time low. In the process, consumer interests are shifting a step
further away from “purchases” to “savings”.
According to the Federal Statistical Office, total German retail sales
rose by 0.7% year on year in real terms in the first six months of
2022. Despite high inflation, the corona pandemic and the war in
Ukraine, the non-food retail sector ended the first half of the year
with an increase of 5.8%.
The main growth driver was textiles, apparel, footwear and leather
goods (+69.1%), which had suffered badly from lockdown meas-
ures in the previous-year period. The online and mail order busi-
ness lost 11.3% in real terms during the same period. In June 2022,
retail sales slumped as a result of this. Non-food retail sales fell
-3.3% month-on-month in real terms in June 2022. The trade in tex-
tiles, clothing, footwear and leather goods in particular was unable
to continue the positive trend of the year to date, posting a significant
decline of 5.4% on the previous month and 10.1% on the same month
of the previous year. Compared to June 2019, sales are still 13.6%
below pre-pandemic levels. Online and mail order sales were also
down 3.8% on the previous month, and were significantly lower than
in the same month of the previous year (-15.1%). However, compared
to June 2019, sales in this segment are still 22.3% above pre-pan-
demic levels.

Revenue at previous year’s level
In contrast to the previous year, which was significantly affected by
store closures ordered by the authorities, all our tenants were able
to open their stores in the first half of 2022. The rental concessions
granted for the closure phases in the first half of 2021 are mainly
reflected in the previous-year item “Write-downs and derecognition
of receivables” and only to a small extent in revenue. As a result,
revenue of €105.7 million was roughly on a par with the previous
year. The protective measures still in place in particular the first
quarter of 2022 in particular and the continued effects of the corona
pandemic – such as defaults by tenants who got into payment dif-
ficulties, lower revenue-linked rents, longer post-rental periods
and higher vacancy rates – mean that revenue remains far off its
pre-pandemic levels.
Center operating expenses up on previous year
due to higher non-apportionable ancillary costs
The center operating expenses of €16.2 million in the reporting
period, mainly comprising center management fees, non-apportion-
able ancillary costs, land taxes, building insurance and maintenance,
increased year on year by 8.0%. This was due to higher vacancy-
related, non-apportionable ancillary costs as well as delayed main-
tenance measures.
RESULTS OF OPERATIONS
in € thousand 01.01. – 30.06.2022 01.01. – 30.06.2021
Change
+/- in %
Revenue 105,691 104,928 763 0.7
Operating and administrative costs for property -16,155 -14,962 -1,193 -8.0
Write-downs and derecognition of receivables -5,404 -18,103 12,699 70.1
NOI 84,132 71,863 12,269 17.1
Other operating income 2,480 2,309 171 7.4
Other operating expenses -10,570 -3,650 -6,920 -189.6
EBIT 76,042 70,522 5,520 7.8
At-equity profit/loss 13,749 13,278
Measurement gains/losses (at equity) 951 -1,777
Deferred taxes (at equity) 53 11
At-equity (operating) profit/loss 14,753 11,512 3,241 28.2
Interest expense -18,066 -20,483 2,417 11.8
Profit/loss attributable to limited partners -8,045 -5,807 -2,238 -38.5
Other financial gains/losses 45 4 41 1,025.0
Financial gains or losses
(excl. measurement gains/losses) -11,313 -14,774 3,461 23.4
EBT (excl. measurement gains/losses) 64,729 55,748 8,981 16.1
Measurement gains/losses -7,255 -13,090
Measurement gains/losses (at equity) -951 1,777
Measurement gains/losses
(including at-equity profit/loss) -8,206 -11,313 3,107 27.5
Taxes on income and earnings -3,900 -1,479 -2,421 -163.7
Deferred taxes -6,385 -6,138
Deferred taxes (at equity) -53 -11
Deferred taxes (including at equity) -6,438 -6,149 -289 -4.7
CONSOLIDATED PROFIT 46,185 36,807 9,378 25.5

Decline in write-downs
The write-downs and derecognition of receivables in the previous
year took into account the major part of the agreed and expected
rental concessions implemented to mitigate the economic conse-
quences of the far-reaching store closures at the beginning of 2021.
Furthermore, in both the first half of the previous year as well as
the first half of 2022, receivables at risk of default had to be written
down and insolvency-related receivables had to be derecognised.
Overall, write-downs and derecognition of receivables decreased
from €18.1 million to €5.4 million compared with the previous year.
Other operating income and expenses
Other operating income, stemming primarily from the reversal of
provisions, from income from rental receivables for which impair-
ment losses had been recognised in previous years and from
additional payments with respect to ancillary costs, amounted
to €2.5 million, representing an increase on the previous year. At
€6.9 million, other operating expenses, which mainly comprised

general administrative costs and personnel costs, were higher than
in the same period of the previous year, due in particular to higher
consultancy costs in connection with the takeover offer.
EBIT higher than in the previous year
Earnings before interest and taxes (EBIT) at €76.0 million were above
the figure for the previous year (€70.5 million), mainly as a result of
the higher rental concessions granted in the previous year for the
closure periods.
Improvement in financial gains/losses
excluding measurement effects
At €-11.3 million, financial losses (excluding measurement effects)
improved year on year (previous year: €-14.8 million). At-eq-
uity (operating) earnings increased year on year by €3.2 million to
€14.8 million, due in particular to higher write-downs on rent receiv-
ables and revenue shortfalls as a result of the corona pandemic. The
interest expenses of Group companies were reduced by a further
€2.4 million. In addition to scheduled repayments, the refinancing
terms agreed at lower interest rates for the Billstedt-Center Ham-
burg, the City-Galerie Wolfsburg and the
Altmarkt-Galerie Dresden
had a particularly positive effect here. The share of earnings attrib-
utable to limited partners increased by €2.2 million to €8.0 million
due to the improved EBIT.
EBT (excluding measurement gains/losses) up significantly
The improvement in EBIT and at-equity profit/loss plus the further
reduction in interest expenses caused EBT (excluding measurement
gains/losses) to jump from €55.7 million to €64.7 million (+16.1 %).
Measurement gains/losses slightly negative
Property values remained largely stable in the first half of 2022,
resulting in a negative valuation result of €8.2 million after
investments.
Of this, €-7.3 million after minority interests was attributable to the
measurement of the real estate assets reported by the Group and
€-0.9 million to the measurement of the real estate assets of joint
ventures accounted for using the equity method.
The average value of Group properties after ongoing investments
was unchanged in the first half of 2022, whereby the range of
changes in market value remained between -1.9% and +1.5%. The
occupancy rate of 94.5% (+0.2% compared with the last reporting
date) improved slightly and remained at a high level.
Taxes on income and earnings
Taxes on income and earnings rose to €3.9 million (previous year:
€1.5 million) as a result of the improvement in earnings. Deferred
taxes resulting mainly from the systematic amortisation of the tax
balance sheet values of our real estate assets amounted to €6.4 mil-
lion (previous year: €6.1 million).

EPRA earnings and consolidated profit
higher than previous year
EPRA earnings, which exclude measurement gains/losses, recov-
ered to €60.8 million or €0.98 per share, in particular as a result
of the previous year’s lower write-downs on rental receivables. At
€46.2 million, consolidated profit was €9.4 million higher than the
previous year (€36.8 million) and earnings per share increased from
€0.60 to €0.75.
EPRA EARNINGS
01.01. – 30.06.2022 01.01. – 30.06.2021
in €
thousand
per share
in €
in €
thousand
per share
in €
Consolidated profit 46,185 0.75 36,807 0.60
Measurement gains/
losses on investment
properties1
8,206 0.13 11,313 0.18
Deferred tax adjust-
ments pursuant to
EPRA 2
6,438 0.10 6,149 0.10
EPRA EARNINGS 60,829 0.98 54,269 0.88
Weighted number
of no-par-value
shares issued 61,783,594 61,783,594
1
2
Relates to deferred taxes on investment properties and derivative
financial instruments
Development of funds from operations
Funds from operations (FFO) are used to finance our ongoing invest-
ments in portfolio properties, scheduled repayments on our long-
term bank loans and as the basis for the distribution of dividends.
Significant non-recurring effects that are not part of the Group’s
operating activities are eliminated in the calculation of FFO. FFO
increased from €54.3 million to €66.7 million or from €0.88 to €1.08
per share.
FUNDS FROM OPERATIONS
01.01. – 30.06.2022 01.01. – 30.06.2021
in €
thousand
per share
in €
in €
thousand
per share
in €
Consolidated profit 46,185 0.75 36,807 0.60
Measurement gains/
losses on investment
properties1
8,206 0.13 11,313 0.18
Expenses in

connection with the
takeover offer 5,871 0.10 0 0.00
Deferred taxes1
6,438 0.10 6,149 0.10
FFO 66,700 1.08 54,269 0.88
Weighted number
of no-par-value
shares issued 61,783,594 61,783,594
1
REVENUE
in € million
H1 2022
105.7
0.7%
H1 2021
104.9
EBIT
in € million
H1 2022
7.8%
76.0
H1 2021
70.5
* excluding measurement gains / losses
EBT *
in € million
H1 2022
16.1%
64.7
H1 2021
55.7
FFO PER SHARE
in €
H1 2022
22.7%
H1 2021
0.88
1.08

FINANCIAL POSITION AND NET ASSETS
NET ASSETS AND LIQUIDITY
The Deutsche EuroShop Group’s total assets increased slightly
compared with the last reporting date, rising by €42.5 million to
€4,321.2 million.
in € thousand 30.06.2022 31.12.2021 Change
Current assets 419,049 377,900 41,149
Non-current assets 3,902,194 3,900,890 1,304
Current liabilities 269,072 279,230 -10,158
Non-current liabilities 1,619,528 1,621,780 -2,252
Equity (including third-party
interests) 2,432,643 2,377,780 54,863
TOTAL ASSETS 4,321,243 4,278,790 42,453
The collection ratio, representing the ratio of incoming payments
to rent and ancillary cost receivables from tenants, showed the fol-
lowing movements in each individual month in 2021 up to the end
of June 2022 as a result of the corona pandemic (adjustments from
agreed rent reductions already taken into account):
COLLECTION RATIO *
in %
Q1 2021
89%
90
Jan.
89
Feb.
88
Mar.
Q2 2021
93%
92
Apr.
91
May
95
June
Q3 2021
99%
99
Jul.
99
Aug.
100
Sep.
Q4 2021
98%
99
Oct.
100
Nov.
96
Dec.
Q1 2022
98%
97
Jan.
99
Feb.
97
Mar.
98
Apr.
99
May
96
June
Q2 2022
98%
* after rent reductions
The improved collection ratio meant that the Group’s receivables
(after write-downs) decreased by €4.0 million to €18.8 million (previ-
ous year: €22.8 million). The Group’s liquidity improved by €49.0 mil-
lion to €377.8 million compared with the last reporting date.

Current assets
Non-current assets
Current liabilities
Non-current
liabilities
Equity (includ-
ing third-party
interests)
BALANCE SHEET STRUCTURE
in € million
Assets Liabilities
2022
4,321.2
269.1
1,619.5
2,432.6
2022
419.0
3,902.2
4,321.2
2021
377.9
3,900.9
4,278.8
2021
4,278.8
279.2
1,621.8
2,377.8
Equity ratio of 56.3%
The equity ratio (including the shares of third-party shareholders)
was 56.3%, almost unchanged from the previous reporting date
(55.6%) and still at a very solid level.
Leverage ratio remains low
As at 30 June 2022, current and non-current financial liabilities
stood at €1,495.9 million, €6.2 million lower than at the end of 2021,
due to scheduled repayments. The refinancing for 2022 has been
completed. We are in advanced negotiations regarding the 2023 refi-
nancing. We regularly exchange information with our banks on the
impact of the pandemic-related business closures and their after-ef-
fects on our financial ratios and loan covenants. As at 30 June 2022,
all loan covenants were met.
Non-current, deferred tax liabilities increased by €8.8 million to
€341.8 million due to further additions. Other current and non-
current liabilities and provisions decreased by €15.0 million.
Net tangible assets according to EPRA
Net tangible assets (NTA) as at 30 June 2022 were €2,427.1 million,
compared with €2,374.4 million at the end of 2021. This was equiv-
alent to a increase in NTA per share of €0.86, from €38.34 to €39.29
per share (2.2%).
EPRA NTA 30.06.2022 31.12.2021
in € thousand per share in € in € thousand per share in €
Equity 2,117,468 34.27 2,062,866 33.39
Derivative financial instruments measured at fair value1
12,579 0.20 23,398 0.38
Equity excluding derivative financial instruments 2,130,047 34.47 2,086,264 33.77
Deferred taxes on investment properties
and derivative financial instruments1
348,776 5.66 339,937 5.50
Intangible assets -34 0.00 -32 0.00
Goodwill as a result of deferred taxes -51,719 -0.84 -51,719 -0.84
EPRA NTA 2,427,070 39.29 2,374,450 38.43
Number of no-par-value shares issued as at the reporting date 61,783,594 61,783,594
1
Including the share attributable to equity-accounted joint ventures and associates

REPORT ON EVENTS AFTER THE REPORTING DATE
Hercules BidCo GmbH (“Bidder”) announced on 8 July 2022 that the
predefined minimum acceptance threshold of the takeover offer has
been exceeded and that all other offer conditions have also been
met. At the time of the preparation of the financial statements,
the Bidder directly and indirectly holds 84.38% of the shares in
Deutsche EuroShop AG.
A termination agreement was concluded on 19 July 2022 with

Wilhelm Wellner, who had temporarily stepped down from the
Executive Board as of 20 April 2022, and his reappointment to
the Executive Board as of 1 October 2022 was therefore revoked.
In addition, the current sole member of the Executive Board, Olaf

Borkers, has asked the Supervisory Board not to renew his Exec-
utive Board contract, which expires on 30 September 2022. The
Supervisory Board has begun the search for successors.
No further significant events occurred between the reporting date of
30 June 2022 and the date on which the financial statements were
prepared.
OUTLOOK
ECONOMIC CONDITIONS
For 2022, the German Council of Economic Experts expects German
GDP to increase by 1.8%. With regard to price developments, the
experts at the German Federal Ministry for Economic Affairs and
Energy expect inflation to rise to 6.1% and average unemployment
figures to fall during the course of the year, the latter due in particu-
lar to the increasing phasing out of restrictions related to the pan-
demic. Economists expect this to be accompanied by at least a slight
recovery in private consumer spending of 3.2% in nominal terms
and a decline in the savings ratio from 15.0% to 11.1% of disposable
income. Experts believe that the war in Ukraine will increase uncer-
tainty about the economy and put a dampener on growth. They also
believe that this is contributing to the rise in energy and consumer
prices.
The German Council of Economic Experts expects economic output
for the coming year to grow by 3.6% and inflation by 3.4%. However,
experts say that these forecasts are highly uncertain, as it is difficult
at present to fully assess the impact of the war in Ukraine. In par-
ticular, the German economy could fall into recession as a result of
a ban on importing Russian energy sources, regardless of whether
this ban comes from the EU or Russia. In addition to this, economic
experts said there is still a risk that a renewed increase in infections
as a result of new mutations of the coronavirus could once again
have a significant economic impact, and thus slow the recovery in
the consumption of contact-intensive services. The regulations of
the new Infection Protection Act, which will come into force in Ger-
many in autumn 2022, may also have an impact on our tenants’ retail
and restaurant sales depending on how they are implemented in the
respective countries.
EXPECTED RESULTS OF OPERATIONS
AND FINANCIAL POSITION
After a good first half with funds from operations (FFO) of €1.08 per
share, we confirm our forecast for financial year 2022 with FFO of
€1.95 to €2.05 per share (2021: €1.98). The one-off legal and consult-
ing expenses incurred in connection with the takeover offer were not
included in calculating FFO.
FFO PER SHARE
in €
2020
Result
2.00
2021
Result
1.98
2022
Gain
1.95 – 2.05
Dividend planning
The Executive Board, together with the Supervisory Board, has
resolved to propose to the (virtual) Annual General Meeting sched-
uled for 30 August 2022, the payment of a dividend of €1.00 per
share for financial year 2021.

RISK REPORT
Since the beginning of the financial year, economic uncertainties
have increased significantly due to the war in Ukraine, the coro-
na-related lockdown in China as well as higher energy prices affect-
ing consumer behaviour and the cost burden on households. It is
not yet possible to quantify the impact on our business at present.
We are monitoring these developments on an ongoing basis and will
adjust our assessment of future business performance where nec-
essary. There have been no significant changes to information pro-
vided in the risk report of the combined management report as at
31 December 2021 (see Annual Report 2021, p. 19 onwards). We do
not believe that the Company currently faces any risks capable of
jeopardising its continued existence.
CONSOLIDATED BALANCE SHEET
ASSETS
in € thousand 30.06.2022 31.12.2021
ASSETS
Non-current assets
Intangible assets 51,753 51,751
Property, plant and equipment 172 244
Investment properties 3,395,616 3,393,554
Investments accounted for using
the equity method 454,653 455,341
Non-current assets 3,902,194 3,900,890
Current assets
Trade receivables 18,824 22,763
Other current assets 22,464 26,298
Cash and cash equivalents 377,761 328,839
Current assets 419,049 377,900
TOTAL ASSETS 4,321,243 4,278,790
LIABILITIES
in € thousand 30.06.2022 31.12.2021
EQUITY AND LIABILITIES
Equity and reserves
Subscribed capital 61,784 61,784
Capital reserves 1,217,560 1,217,560
Retained earnings 838,124 783,522
Total equity 2,117,468 2,062,866
Non-current liabilities
Financial liabilities 1,264,487 1,264,748
Deferred tax liabilities 341,822 333,037
Right of redemption of limited partners 315,175 314,914
Other liabilities 13,219 23,995
Non-current liabilities 1,934,703 1,936,694
Current liabilities
Financial liabilities 231,395 237,366
Trade payables 6,801 5,345
Tax liabilities 110 196
Other provisions 11,610 10,120
Other liabilities 19,156 26,203
Current liabilities 269,072 279,230
TOTAL EQUITY AND LIABILITIES 4,321,243 4,278,790

CONSOLIDATED INCOME STATEMENT
in € thousand
01.04. –
30.06.2022
01.04. –
30.06.2021
01.01. –
30.06.2022
01.01. –
30.06.2021
Revenue 53,630 53,024 105,691 104,928
Property operating costs -5,182 -5,204 -10,792 -9,901
Property management costs -2,728 -2,259 -5,363 -5,061
Write-downs and disposals of financial assets -1,947 -6,235 -5,404 -18,103
Net operating income (NOI) 43,773 39,326 84,132 71,863
Other operating income 787 1,525 2,480 2,309
Other operating expenses -7,797 -1,772 -10,570 -3,650
Earnings before interest and taxes (EBIT) 36,763 39,079 76,042 70,522
Share in the profit or loss of associates and joint ventures
accounted for using the equity method 6,832 8,890 13,749 13,278
Interest expense -8,971 -10,278 -18,066 -20,483
Profit/loss attributable to limited partners -4,102 -3,514 -8,045 -5,807
Interest income 32 2 45 4
Financial gains/losses -6,209 -4,900 -12,317 -13,008
Measurement gains/losses -4,039 -15,933 -7,255 -13,090
Earnings before tax (EBT) 26,515 18,246 56,470 44,424
Taxes on income and earnings -4,872 -3,761 -10,285 -7,617
CONSOLIDATED PROFIT 21,643 14,485 46,185 36,807
Earnings per share (€), undiluted and diluted 0.37 0.24 0.75 0.60
STATEMENT OF COMPREHENSIVE INCOME
in € thousand
01.04. –
30.06.2022
01.04. –
30.06.2021
01.01. –
30.06.2022
01.01. –
30.06.2021
Consolidated profit 21,643 14,485 46,185 36,807
Items which under certain conditions in the future will
be reclassified to the income statement:
Actual share of the profits and losses from instruments
used to hedge cash flows 4,694 1,335 10,819 -1,156
Deferred taxes on changes in value offset directly against equity -1,038 -291 -2,402 270
Total earnings recognised directly in equity 3,656 1,044 8,417 -886
TOTAL PROFIT 25,299 15,529 54,602 35,921
Share of Group shareholders 25,299 15,529 54,602 35,921

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
in € thousand
Number of
shares
outstanding Share capital
Capital
reserves
Other
retained
earnings
Statutory
reserve
Cash flow
hedge
reserve Total
01.01.2021 61,783,594 61,784 1,217,560 742,183 2,000 -20,281 2,003,246
Total profit 0 0 36,807 0 -886 35,921
Dividend payments 0 0 -2,471 0 0 -2,471
30.06.2021 61,783,594 61,784 1,217,560 776,519 2,000 -21,167 2,036,696
01.01.2022 61,783,594 61,784 1,217,560 799,657 2,000 -18,135 2,062,866
Total profit 0 0 46,185 0 8,417 54,602
Dividend payments 0 0 0 0 0 0
30.06.2022 61,783,594 61,784 1,217,560 845,842 2,000 -9,718 2,117,468
CONSOLIDATED CASH FLOW STATEMENT
in € thousand 01.01. – 30.06.2022 01.01. – 30.06.2021
Consolidated profit 46,185 36,807
Income taxes 10,285 7,617
Financial gains/losses 12,317 13,008
Amortisation/depreciation of intangible assets and property,
plant and equipment with a finite life 78 63
Unrealised changes in fair value of investment property and other measurement gains/losses 7,255 13,090
Distributions and capital repayments received 14,437 6,464
Changes in trade receivables and other assets 8,077 -10,815
Changes in current provisions 1,490 -2,737
Changes in liabilities -5,500 -696
Cash flow from operating activities 94,624 62,801
Interest paid -18,395 -20,333
Interest received 45 4
Income taxes paid -4,290 -494
Net cash flow from operating activities 71,984 41,978
Outflows for the acquisition of investment properties -10,417 -3,110
Outflows for the acquisition of intangible assets and property, plant and equipment -9 -36
Cash flow from investing activities -10,426 -3,146
Inflows from financial liabilities 0 5,059
Outflows from the repayment of financial liabilities -5,903 -38,785
Outflows from the repayment of lease liabilities -49 -45
Payments to limited partners -6,684 -529
Payments to Group shareholders 0 -2,471
Cash flow from financing activities -12,636 -36,771
Net change in cash and cash equivalents 48,922 2,061
Cash and cash equivalents at beginning of period 328,839 266,030
CASH AND CASH EQUIVALENTS AT END OF PERIOD 377,761 268,091

DISCLOSURES
REPORTING PRINCIPLES
These interim financial statements of the Deutsche EuroShop Group
as at 30 June 2022 have been prepared in compliance with IAS 34
(Interim Financial Reporting) in an abridged form. The abridged
interim financial statements are to be read in conjunction with the
consolidated financial statements as at 31 December 2021.
The interim financial statements have been prepared in accordance
with the International Financial Reporting Standards (IFRS), as they
must be applied in the EU. The accounting policies applied corre-
spond to those used in the last consolidated financial statements
as at the end of the financial year. For a detailed description of the
methods applied, please refer to the notes to our consolidated finan-
cial statements for 2021 (2021 Annual Report, p. 42 onwards).
The new accounting standards and interpretations for which appli-
cation became compulsory on 1 January 2022 were observed;

however, these did not have any impact on the presentation of the
financial statements.
The interim financial statements as at 30 June 2022 have neither
been audited in accordance with Section 317 of the German Com-
mercial Code (HGB) nor reviewed by an auditor.
DISCLOSURES ON THE CONSOLIDATED

BALANCE SHEET AND THE CONSOLIDATED
INCOME STATEMENT
Investment properties
Investment properties performed as follows in the first half of 2022:
in € thousand 2022 2021
Carrying amount as at 1 January 3,393,554 3,437,145
Recognised construction measures 10,417 18,732
Unrealised changes in fair value -8,355 -62,323
Carrying amount at
30 June /31 December 3,395,616 3,393,554
Investment properties (IAS 40) were measured at fair value. Meas-
urements were performed by the appraiser JLL as at 31 Decem-
ber 2021 and 30 June 2022. The discounted cash flow method (DCF)
was used as at 31 December 2021. Please refer to the notes on the
DCF method in our 2021 Annual Report on page 42 onwards. This
is a Level 3 valuation method in the valuation hierarchy of IFRS 13.
The following overview shows the key assumptions used by JLL to
determine the market values:
Valuation parameters in % 30.06.2022 31.12.2021
Rate of rent increases1
1.49 1.34
Cost ratio 12.18 11.59
Discount rate 6.26 6.06
Capitalisation interest rate 5.25 5.24
1
Nominal rental growth rate in the DCF model over the measurement period
of 10 years, taking into account inflation-related rent indexation and changes
in the occupancy rate
A 25 or 100 bp change in a material parameter (sensitivity analysis)
of real estate appraisals would have the following pre-tax impact
on measurement gains/losses (including the share attributable to
at-equity consolidated companies):
Sensitivity analysis –
Valuation parameters Basis
Change in
parameter
in points
in €
million in %
Rate of rent increases 1.49
+ 0.25%
- 0.25%
148.2
-109.7
4.2
-3.1
Cost ratio 12.18
+ 1.00%
- 1.00%
-32.3
41.3
-0.9
1.2
Discount rate 6.26
+ 0.25%
- 0.25%
-68.0
68.8
-1.9
1.9
Capitalisation interest rate 5.25
+ 0.25%
- 0.25%
-105.3
112.5
-3.0
3.2
The appraisal showed that for the first half of 2022 the real estate
portfolio had a net initial yield before transaction costs of 5.87 %,
compared with 5.78% in 2021, and a net initial yield after transac-
tion costs of 5.54%, compared with 5.45% in 2021.
Outstanding tenant incentives granted and still to be spread over the
term of the leases amounting to €17.2 million were deducted from
the appraisal value. These were reported under other assets and
trade receivables.

Financial instruments
With the exception of derivative financial instruments and other
financial investments measured at fair value, financial assets and
liabilities were measured at amortised cost. Due to the predomi-
nantly short-term nature of trade receivables, other assets and
other liabilities and cash and cash equivalents, the carrying amounts
on the reporting date did not deviate significantly from the fair
values.
The fair values of financial liabilities measured at amortised
cost were equal to the net present value of debt-related pay-
ments based on current yield curves (Level 2 under IFRS 13) and
amounted to €1,412.0 million as at 30 June 2022 (31 December 2021:
€1,522.8 million).
The derivative financial instruments measured at fair value were
interest rate hedges. Here, the fair value was equivalent to the cash
value of future net payments expected to be received from hedging
transactions (Level 2 in accordance with IFRS 13) based on current
yield curves. Liabilities from interest rate hedges totalled €12.6 mil-
lion as at 30 June 2022 (31 December 2021: €23.4 million).
SEGMENT REPORTING
Segment reporting by Deutsche EuroShop AG is carried out on the
basis of internal reports that are used by the Executive Board to
manage the Group. Internal reports distinguish between shopping
centers in Germany (“domestic”) and other European countries
(“abroad”).
As the Group’s main decision-making body, the Executive Board
of Deutsche EuroShop AG first and foremost assesses the perfor-
mance of the segments based on revenue, EBIT and EBT excluding
measurement gains/losses. The measurement principles for seg-
ment reporting correspond to those of the Group.
To assess the contribution of the segments to the individual perfor-
mance indicators as well as to the Group’s performance, the income,
expenditure, assets and liabilities of the joint ventures are included
in internal reporting in proportion to the Group’s share in them. Sim-
ilarly, for subsidiaries in which the Group is not the sole shareholder,
income, expenditure, assets and liabilities are only consolidated in
proportion to the corresponding Group share. This results in the
segments being divided as follows:
BREAKDOWN BY SEGMENT
in € thousand Germany Abroad Total Reconciliation
01.01. –
30.06.2022
Revenue
(01.01. – 30.06.2021)
90,714
(92,598)
22,470
(19,871)
113,184
(112,469)
-7,493
(-7,541)
105,691
(104,928)
EBIT
(01.01. – 30.06.2021)
71,424
(63,578)
19,621
(14,766)
91,045
(78,344)
-15,003
(-7,822)
76,042
(70,522)
EBT excl. measurement gains/losses
(01.01. – 30.06.2021)
57,332
(46,705)
16,274
(11,349)
73,606
(58,054)
-8,877
(-2,306)
64,729
(55,748)
30.06.2022
Segment assets
(31.12.2021)
3,091,746
(3,079,136)
725,358
(719,686)
3,817,104
(3,798,822)
504,139
(479,968)
4,321,243
(4,278,790)
of which investment properties
(31.12.2021)
2,862,840
(2,866,680)
682,708
(677,468)
3,545,548
(3,544,148)
-149,932
(-150,594)
3,395,616
(3,393,554)

The adjustment of the proportionate consolidation of the joint ven-
tures and subsidiaries in which the Group does not own a 100%
stake is carried out in the reconciliation column. Deferred tax liabili-
ties are considered by the Executive Board of Deutsche EuroShop AG
in a cross-segment manner, and are therefore included in the rec-
onciliation column of the segment liabilities. Accordingly, the good-
will from the acquisition of Olympia Brno was allocated to the rec-
onciliation column of the segment assets. The reconciliation column
also contains the companies that are not allocated to either of the
two segments (Deutsche EuroShop AG, DES Management GmbH and
DES Beteiligungs GmbH Co. KG).
In view of the geographical segmentation, no further information
pursuant to IFRS 8.33 is given.
RELATED PARTIES FOR THE PURPOSES
OF IAS 24
With regard to disclosures regarding related parties in the consoli-
dated financial statements as at 31 December 2021 (Annual Report
2021, p. 58), the following significant change occurred after the bal-
ance sheet date of 30 June 2022:
After fulfilling all conditions of the takeover offer, Hercules BidCo
GmbH is considered a related party within the meaning of IAS 24. Her-
cules BidCo GmbH is indirectly jointly controlled by the
Oaktree Group,
Alexander Otto as well as Cura Vermögensverwaltung GmbH. There-
fore, the ECE Group and Curatax GmbH via Alexander Otto are still
continued considered related parties within the meaning of IAS 24.
OTHER DISCLOSURES
Responsibility statement by DES Executive Board
To the best of my knowledge, and in accordance with the applicable
reporting principles for interim financial reporting, the interim con-
solidated financial statements give a true and fair view of the assets,
liabilities, financial position and profit or loss of the Group, and the
interim management report of the Group includes a fair review of
the performance of the business, including the operating results and
the position of the Group, together with a description of the principal
opportunities and risks associated with the expected performance
of the Group for the remainder of the financial year.
Hamburg, 11 August 2022
Olaf Borkers

THE SHOPPING CENTER SHARE
After closing * 2021 at €14.64, the Deutsche EuroShop share started
the first weeks of 2022 positively, climbing to €18.36 by 17 Febru-
ary 2022. In the following days, the stock fell in connection with the
uncertain situation in Ukraine, as well as the subsequent invasion
by Russia, which began on 24 February 2022. It reached its lowest
price of the first half of the year on 7 March 2022 at €14.02. Subse-
quently, the DES share price recovered somewhat and rose to €18.53
by 29 March 2022. With the announcement that an investor agree-
ment had been concluded with regard to a voluntary public takeover
offer by Oaktree and CURA on 23 May 2022, the share price settled
at a level roughly between €22.00 and €22.20. DES shares reached
their high for the period of €22.26 on 29 June 2022, and closed the
first half of the year with a performance of +51.6%. The SDAX fell
by 27.6% over the same period. Deutsche EuroShop’s market capi-
talisation stood at €1.4 billion as at the end of the reporting period.
* Unless otherwise specified, all information and calculations are based
on Xetra closing prices.
KEY SHARE DATA
Sector/industry group Financial Services/Real Estate
Share capital on 30.06.2022 €61,783,594.00
Number of shares on 30.06.2022
(no-par-value registered shares) 61,783,594
Dividend for 2021 (proposed) €1.00
Share price on 30.12.2021 € 14.64
Share price on 30.06.2022 € 22.20
Low/high for the period under review €14.02/€22.26
Market capitalisation on 30.06.2022 €1.37 billion
Prime Standard Frankfurt and Xetra
OTC markets Berlin, Düsseldorf, Hamburg,
Hanover, Munich
and Stuttgart
Indices SDAX, EPRA, GPR 250,
EPIX 30, MSCI Small Cap,

HASPAX, F.A.Z. Index
ISIN DE 000748 020 4
Ticker-Symbol DEQ, Reuters: DEQGn.DE
January February March April May June July August
DEUTSCHE EUROSHOP VS SDAX AND EPRA
COMPARISON, JANUARY TO AUGUST 2022
indexed, base of 100, in %)
EPRA SDAX Deutsche EuroShop
170
160
150
140
130
120
110
100
90
80
70
70
80
90
100
110
120
130
140
150
160
170

Forward-looking statements
This quarterly statement contains forward-looking statements
based on estimates of future developments by the Executive Board.
The statements and forecasts represent estimates based on all of
the information available at the current time. If the assumptions on
which these statements and forecasts are based do not materialise,
the actual results may differ from those currently forecast.
Rounding and rates of change
Percentages and figures stated in this report may be subject to round-
ing differences. The sign used to indicate rates of change is based on
economic considerations: improvements are indicated by a plus (+);
deterioration by a minus (-).
11 August Half-year Financial Report 2022
30 August Annual General Meeting, Hamburg
08 September
Commerzbank Oddo BHF Corporate
Conference, Frankfurt
13 - 14 September
BofA Global Real Estate Conference, New York
19 September
Berenberg and Goldman Sachs German

Corporate Conference, Munich
19 - 23 September
Baader Investment Conference, Munich
20 October
Société Generale The Pan-European
Real Estate Conference, London
10 November Quarterly statement 9M 2022
Our financial calendar is updated continuously.
Please check our website for the latest events:
www.deutsche-euroshop.com/ir
FINANCIAL CALENDAR 2022
Nicolas
Lissner and
Patrick Kiss
WOULD YOU LIKE FURTHER
INFORMATION?
Then visit us online or call us:
Patrick Kiss and Nicolas Lissner
Phone: +49 (0)40 – 41 35 79 20/-22
Fax: +49 (0)40 – 41 35 79 29
E-Mail: ir@deutsche-euroshop.de
Internet: www.deutsche-euroshop.com

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