Deutsche EuroShop | Half-Year Financial Report 2023

Key consolidated figures
in € million
01.01.–
30.06.2023
01.01.–
30.06.2022 +/-
01.01.-30.06.2022
(pro forma)7
+/-
Revenue 135.4 105.7 28.1% 132.4 2.2%
Net operating income (NOI) 107.5 84.1 27.8% 104.8 2.6%
EBIT 113.5 76.0 49.3% 97.0 17.1%
EBT (excluding measurement
gains/losses1
) 90.9 64.7 40.4% 74.5 21.9%
EPRA 2
earnings 87.6 60.8 44.1% 70.6 24.0%
FFO 87.5 66.7 31.2% 76.5 14.5%
Consolidated profit 37.1 46.2 -19.7% 54.8 -32.3%
in €
01.01.–
30.06.2023
01.01.–
30.06.2022 +/-
01.01.-30.06.2022
(pro forma)7
+/-
EPRA 2
earnings per share6
1.19 0.98 21.4% 0.96 24.0%
FFO per share 1.19 1.08 10.2% 1.04 14.5%
Earnings per share 0.50 0.75 -33.3% 0.74 -32.7%
Weighted number of no-par-value
shares issued6
73,787,722 61,783,594 19.4% 73,787,722 0.0%
in € million 30.06.2023 31.12.2022 +/-
31.12.2022
(pro forma)7
+/-
Equity3
2,672.1 2,343.4 14.0% 2,627.8 1.7%
Liabilities 2,035.0 1,864.7 9.1% 2,040.1 -0.3%
Total assets 4,707.1 4,208.1 11.9% 4,667.9 0.8%
EPRA 2
NTA 2,689.5 2,335.9 15.1% 2,643.2 1.8%
EPRA 2
NTA per share in € 35.17 37.81 -7.0% 34.57 1.7%
Equity ratio in %3
56.8 55.7 56.3
LTV ratio in %4
28.7 30.3 30.0
EPRA 2
LTV in %5
30.0 33.1 32.1
Cash and cash equivalents 432.2 334.9 29.0% 366.3 18.0%
1 Including the share attributable to equity-accounted joint ventures and associates
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 financial investments accounted for using the equity method).
5 EPRA loan-to-value ratio (EPRA LTV): ratio of net debt (financial liabilities and lease liabilities less cash and cash equivalents) to property
assets (investment properties, owner-occupied properties, intangible assets and other assets (net)). Net debt and real estate assets are
calculated on the basis of the Group’s share in the subsidiaries and joint ventures.
6 The number of no-par value shares issued for the first half of 2023 takes into account, on a time-weighted basis, the capital increase against
cash and non-cash contributions carried out at the beginning of 2023 and entered in the Commercial Register on 3 February 2023, as a result of
which the number of Deutsche EuroShop AG shares in circulation increased from 61,783,594 to 76,464,319 no-par value shares.
7 The pro-forma figures given relate to a comparable group, which was prepared under the assumption that the acquisition of the six property
companies had already taken place at the beginning of 2022. Non-recurring effects resulting from the change in the consolidation method and
the initial consolidation were not taken into account. Likewise, no ancillary acquisition costs were recognised in the pro-forma figures. For the
purpose of improving comparability, the same weighted number of no-par value shares issued was used in the disclosure of the key Group
figures per share.
HALF-YEAR FINANCIAL REPORT DATED 30 JUNE 2023
Letter from the Executive Board
DEAR SHAREHOLDERS,
DEAR READERS,
Deutsche EuroShop recorded further growth in
the first half of 2023, both operationally as well
as in the investment portfolio. Customer foot-
fall and tenant turnover continued their recov-
ery. Compared to the first half of 2022, 11.4%
more people visited our shopping centers
and our tenants recorded a 14.5% increase in
retail sales. This means that trading volumes
have returned to 2019 levels. The acquisitions
of additional shares in six shopping centers at
the beginning of the year improved our key per-
formance indicators in addition to the resur-
gent business of the existing portfolio. In a pro
forma comparison based on an identical port-
folio, the trend looks like this:
Revenue grew 2.2%, from €132.4 million to
€135.4 million. Net operating income (NOI)
followed a similar positive trend, improv-
ing to €107.5 million – partly due to substan-
tially lower write-downs on rent receivables –
while earnings before interest and taxes (EBIT)
rose sharply by 17.1% to €113.5 million due to
income from the release of provisions for non-
allocable ancillary costs and maintenance as
well as lower write-downs.
Earnings before taxes and measurement
gains/losses (EBT excluding measurement)
climbed by 21.9% to €90.9 million, and EPRA
earnings adjusted for valuation effects were
up by just under one quarter from €70.6 mil-
lion to €87.6 million. Funds from operations
(FFO) adjusted for measurement gains/losses
and non-recurring effects increased from
€76.5 million to €87.5 million, which repre-
sents a gain of 14.5%. Group liquidity rose from
€366.3 million to €432.2 million since year-end
2022.

BASIC INFORMATION ABOUT THE GROUP
Acquisition of minority interests
On 12 January 2023, the Deutsche EuroShop Group acquired additional
shares in six property companies in which it already held an interest of
between 50% and 75%.
Specifically, this involved the following companies:
Group share
Property company Before acquisition Acquisition in 2023 After acquisition
1. Allee-Center Magdeburg KG, Hamburg 50% 50% 100%
2. Stadt-Galerie Passau KG, Hamburg 75% 25% 100%
3. Saarpark Center Neunkirchen KG, Hamburg 50% 40% 90%
4. Immobilienkommanditgesellschaft FEZ Harburg, Hamburg 50% 25% 75%
5. Einkaufs-Center Galeria Baltycka G.m.b.H. Co. KG, Hamburg 74% 26% 100%
6. Forum Wetzlar KG, Hamburg 65% 35% 100%
These acquisitions were financed through a capital increase against
cash and non-cash contributions. As a result of the acquisition of addi-
tional shares, four property companies previously accounted for using
the equity method were fully included in the consolidated financial state-
ments for the first time with economic effect from 1 January 2023. These
are the four companies listed first in the table above (we refer to the cor-
responding explanations in the Annual Report 2022 on p. 168 ff.). A com-
parison with the previous year is only possible to a limited extent due to
the change in the scope of consolidation.
When describing the results of operations, financial position and net
assets of the Group, information is also provided below on the basis of
a comparable group (pro forma) if this serves to improve comparabil-
ity with the same period in the previous year. The comparable group was
prepared under the assumption that the acquisition of the six property
companies had already taken place at the beginning of 2022.
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 exclusively
in shopping centers in prime locations. A total of 21 shopping 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 100% stakes in 16 of them and stakes of between 50%
and 90% in the other five. The operational management of the shopping
centers is contracted out to external service providers under agency
contracts.
The value of our properties fell slightly (-0.7%)
in the first half of 2023, resulting in a negative
valuation result of €39.8 million. As a result,
consolidated profit fell to €37.1 million, which
is around one-third lower than the first half-
year 2022.
In addition to the operating business meeting
its targets, the first half of 2023 was positively
influenced by one-off income, not least due to
the partial reversal of provisions and write-
downs made in 2020 and 2021 when business
was heavily affected by the coronavirus pan-
demic. As a result, we are increasing our fore-
cast to take account of this one-off income and
expect funds from operations (FFO) of €2.08 to
€2.18 per share for financial year 2023 (previ-
ous year: between € 2.00 and € 2.10).
At the Annual General Meeting, to be held in
Hamburg on 29 August 2023, we have proposed
the distribution of a dividend of €191.16 million,
or €2.50 per share, for financial year 2022.
Thank you for the confidence you have placed
in us.
Hamburg, August 2023
Hans-Peter Kneip
Deutsche EuroShop AG
2
H1 2023 / Half-year Financial Report dated 30 June 2023

The Group managing company is Deutsche EuroShop AG. It is respon-
sible for corporate strategy, portfolio and risk management, financing
and communication. The Deutsche EuroShop Group has a central struc-
ture and lean personnel organisation. The share capital amounted to
€76,464,319 on 30 June 2023 and was composed of 76,464,319 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 city centers and established locations offering the potential 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 sig-
nificant portion can be paid out to shareholders in the form of an annual
dividend. To this end, the Company invests its capital according to the
principle of risk diversification in shopping centers in different European
regions, with a focus on Germany. Indexed and revenue-linked commer-
cial rents ensure that high earnings targets are achieved.
Deutsche EuroShop aims to take advantage of favourable financing con-
ditions while maintaining and expanding its pool of lenders and funding
sources. The Company has historically financed its investment activities
primarily through secured borrowings from various lenders. In order to
further diversify its capital and financing structure, especially in a mar-
ket environment of rising interest rates and a tendency towards stricter
credit requirements, the management examines ways of further devel-
oping the capital and financing structure. Market opportunities for the
issue of one or more capital market instruments are also weighed up. As
a result, the Group’s LTV ratio has been increased to a range of 50-60%.
An issue is subject to prevailing market conditions, and is intended to
have an investment grade rating depending on the financing instrument.
Management system
The Executive Board of Deutsche EuroShop AG manages the Company in
accordance with the provisions of German company law and with its rules
of procedure. The Executive Board’s duties, responsibilities and business
procedures are laid down in its rules of procedure and in its schedule of
responsibilities.
The management indicators (performance indicators) are based on the
targets of having shopping centers with sustainable and stable value
growth and a high liquidity surplus generated by 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).
ECONOMIC REVIEW
Macroeconomic and sector-specific conditions
The German economy continued to face headwinds in the first half of
2023. The global economic situation remained weak overall, given the
ongoing geopolitical tensions and the increasingly noticeable mone-
tary tightening by a number of central banks. Inflation, although declin-
ing, remains above average (end of June: +6.4%) and the associated loss
of purchasing power continued to have a negative impact on private
consumption.
In Germany, Deutsche EuroShop’s main market, gross domestic product
(GDP) stagnated in the second quarter of 2023 when adjusted for price
and calendar effects, following two consecutive recessive quarters. The
unemployment rate at the end of June 2023 stood at 5.5% (previous year:
5.3%).
Consumer sentiment in Germany has deteriorated significantly since the
beginning of the war in Ukraine at the end of February 2022. At the end
of the first half of 2023, consumer confidence was only marginally better
than in the previous year. Although income expectations have improved,
people’s propensity to buy also remains low. The consumer research
company GfK saw two main reasons for this: the persistently high infla-
tion rate as well as the discussions regarding the heating law, and the
expectation that the energy renovations which would be required as a
result would result in financial burdens.
According to the German Federal Statistical Office, total retail sales in
Germany fell by 4.5% year on year in real terms in the first six months
of 2023. Non-food retail sales recorded a price-adjusted decline of 3.6%.
The decline in turnover was particularly high in the online and mail order
business, which recorded a real decline of 7.3% compared to the same
period last year. In contrast, retail sales of textiles, clothing, footwear
and leather goods increased by 7.3% in real terms in the first half of 2023.
The results are likely to be partly due to base effects from coronavirus-
related trends in the same period last year.
With a share of just under 29% of the commercial investment volume,
retail properties recorded the highest sales among all usage types in the
first half of the year, according to real estate consultancy Savills. The
total transaction volume amounted to €2.7 billion, which represented a
decline of 33% compared to the same period in the previous year. Nev-
ertheless, the investment market for retail property was more stable
compared to other segments. This was due, among other factors, to this
year’s large-volume share acquisitions, including by Deutsche EuroShop,
to the robust local shopping segment, as well as pricing for retail prop-
erties being at an advanced stage compared to other segments. Reduced
purchase price expectations on the one hand and a renewed increase
in investor interest in retail properties on the other hand resulted in
increased transaction activity.
3

Results of operations
Change
in € thousand 01.01. – 30.06.2023 01.01. – 30.06.2022 +/- in %
Revenue 135,355 105,691 29,664 28.1
Operating and administrative costs for property -23,037 -16,155 -6,882 -42.6
Write-downs and derecognition of receivables -4,810 -5,404 594 11.0
NOI 107,508 84,132 23,376 27.8
Other operating income 9,577 2,480 7,097 286.2
Other operating expenses -3,551 -10,570 7,019 66.4
EBIT 113,534 76,042 37,492 49.3
At-equity profit/loss 5,804 13,749
Measurement gains/losses (at equity) -1,422 951
Deferred taxes (at equity) 32 53
At-equity (operating) profit /loss 4,414 14,753 -10,339 -70.1
Interest expense -21,501 -18,066 -3,435 -19.0
Profit /loss attributable to limited partners -7,458 -8,045 587 7.3
Other financial gains or losses 1,870 45 1,825 4,055.6
Financial gains or losses
(excl. measurement gains/losses) -22,675 -11,313 -11,362 -100.4
EBT (excl. measurement gains/losses) 90,859 64,729 26,130 40.4
Measurement gains/losses -49,558 -7,255
Measurement gains/losses (at equity) 1,422 -951
Measurement gains/losses
(including at-equity profit /loss) -48,136 -8,206 -39,930 -486.6
Taxes on income and earnings -3,371 -3,900 529 13.6
Deferred taxes -2,242 -6,385
Deferred taxes (at equity) -32 -53
Deferred taxes (including at equity) -2,274 -6,438 4,164 64.7
Consolidated profit 37,078 46,185 -9,107 -19.7
Revenue up 2.2% on like-for-like basis
Revenue rose by €29.7 million (+28.1%) compared to the same period in
the previous year. The lion’s share of the increase (€26.7 million) can be
attributed to the fact that the four companies previously accounted for
at-equity were included in full for the first time. The remaining increase
of €3.0 million (+2.2%) reflects the increase in turnover compared to the
previous year on a like-for-like basis.
Share of operating center expenses rises slightly
The operating center expenses of €23.0 million during the reporting
period, mainly comprising center management fees, non-apportionable
ancillary costs, land taxes, building insurance and maintenance, were
slightly above the previous year in terms of their percentage of revenue
at 17.0% due to higher maintenance expenses (previous year: 15.3%).
Decline in write-downs
Write-downs and the derecognition of receivables decreased by €0.6 mil-
lion (11.0%) compared to the previous year. In relation to the compara-
ble group (pro forma), write-downs and the derecognition of receivables
were reduced by €1.9 million (28.0%). The ongoing effects of the corona-
virus pandemic in the previous year had an especially significant impact
here, necessitating higher write-downs of receivables at risk of default
as well as insolvency-related write-offs.
Other operating income and expenses
Other operating income, stemming primarily from the reversal of provi-
sions, from income from rental receivables for which impairment losses
had been recognised in previous years as well as from additional pay-
ments with respect to ancillary costs, amounted to €9.6 million, repre-
senting a significant increase on the previous year. The main reason for
this are the provisions for non-allocable ancillary costs and maintenance
formed in 2020 and 2021 due to the coronavirus pandemic, which this
year were able to be released with the ancillary costs. At €3.6 million,
other operating expenses, which mainly comprised general administra-
tive costs and personnel costs, were lower year over year, in particular
due to higher consultancy costs in the previous year.
EBIT significantly higher than in previous year
Earnings before interest and taxes (EBIT) at €113.5 million was signifi-
cantly higher than the previous year (€76.0 million) due to the acquisition
of €21.0 million in minority interests. Also in a pro-forma comparison,
however, EBIT was €16.5 million (+17.1%) higher than in the previous year,
in particular due to income from the release of provisions for non-alloca-
ble ancillary costs and maintenance as well as lower write-downs.
4

Financial gains/losses excluding measurement effects
below previous year
At € -11.3 million, financial losses (excluding measurement gains/losses)
were € 11.4 million lower than in the previous year (€ -22.7 million). In the
process, the at-equity result (operating) decreased by €10.3 million to
€4.4 million, owing chiefly to the changed scope of consolidation.
The interest expense of Group companies increased by €3.4 million. This
was affected not only by the change in the scope of consolidation, but also
by the increased interest rate and loan amount in connection with the
refinancing agreement for the Main-Taunus-Zentrum.
Other financial gains/losses increased significantly by €1.8 million com-
pared to the previous year, in particular due to interest income from the
short-term investment of funds.
EBT (excluding measurement gains/losses) up sharply
due to minority purchase
The acquisition of minority interests led to a significant increase in
EBT (excluding measurement gains/losses) from €64.7 million to
€90.9 million (+40.4%). In a pro-forma comparison, EBT (excluding
measurement gains/losses) increased by €16.4 million (+21.9%).
The measurement result takes into account the effects of the change
in the scope of consolidation
The measurement result includes € -39.8 million from the valuation of
real estate values, € +12.7 million from the effects of the change in the
scope of consolidation and € -21.0 million from the ancillary acquisition
costs from the purchase of the additional shares, which mainly include
the land transfer tax (based on a best estimate). A land transfer tax
assessment had not been completed by the date these financial state-
ments were prepared.
Property values fell slightly (-0.7%) in the first half of 2023, resulting in a
negative valuation result after investments of €39.8 million.
Of this, €-41.2 million after minority interests was attributable to the
measurement of the real estate assets reported by the Group, and
€+1.4 million to the measurement of the real estate assets of joint ven-
tures accounted for using the equity method.
The changes in market value of the individual property values ranged
from -9.5% to +4.5%. The occupancy rate of 94.0% has fallen slightly since
the last reporting date (-0.5 percentage points), though it has remained
at a high level.
Taxes on income and earnings
Taxes on income and earnings fell to €3.4 million (previous year: €3.9 mil-
lion) due to the use of tax loss carryforwards. Deferred taxes, resulting
mainly from the scheduled amortisation of the tax balance sheet for our
real estate assets as well as the market value of properties during the
half-year, amounted to €2.3 million (previous year: €6.4 million).
EPRA earnings above previous year
EPRA earnings, which exclude measurement gains/losses, improved sig-
nificantly by €26.8 million or €0.21 per share due to the acquisition of
minority interests. However, there was also an increase of €17.0 million in
a pro-forma comparison, in particular due to the higher write-downs on
rent receivables and consultancy costs in the previous year.
Group result lower due to measurement gains/losses
At €37.1 million, consolidated profit was €9.1 million lower than in the
previous year (€46.2 million) and earnings per share fell disproportion-
ately from €0.75 to €0.50 due to the higher weighted number of no-par-
value shares issued.
EPRA earnings
01.01. – 30.06.2023 01.01. – 30.06.2022
in €
thousand
per share
in €
in €
thousand
per share
in €
Consolidated profit 37,078 0.50 46,185 0.75
Measurement gains/losses on
investment properties1
39,803 0.54 8,206 0.13
Income and expenses from changes
in the scope of consolidation3
8,333 0.11 0 0.00
Deferred tax adjustments pursuant
to EPRA 2
2,394 0.04 6,438 0.10
EPRA earnings 87,608 1.19 60,829 0.98
Weighted number of
no-par-value shares issued 73,787,722 61,783,594
1
Including the share attributable to joint ventures and associates accounted for using the equity method
2
Relates to deferred taxes on investment properties and derivative financial instruments
3 Including acquisition costs from the purchase of additional shares
Development of funds from operations
Funds from operations (FFO) are used to finance our ongoing invest-
ments in portfolio properties and scheduled repayments on our long-
term bank loans, and as the basis for the distribution of dividends. Sig-
nificant non-recurring effects that are not part of the Group’s operating
activities are eliminated in the calculation of FFO. FFO increased from
€66.7 million to €87.5 million or from €1.08 to €1.19 per share based on a
time-weighted number of no-par value shares issued.
Funds from operations
01.01. – 30.06.2023 01.01. – 30.06.2022
in €
thousand
pershare
in€
in €
thousand
per share
in €
Consolidated profit 37,078 0.50 46,185 0.75
Measurement gains/
losses on investment properties1
39,803 0.54 8,206 0.13
Income and expenses from changes
in the scope of consolidation2
8,333 0.11 0 0.00
Expenses in connection
with the takeover offer 0 0.00 5,871 0.10
Deferred taxes1
2,274 0.04 6,438 0.10
FFO 87,488 1.19 66,700 1.08
Weighted number of
no-par-value shares issued 73,787,722 61,783,594
1
Including the share attributable to joint ventures and associates accounted for using the equity method
2 Including acquisition costs from the purchase of additional shares
5

Financial position and net assets
Net assets and liquidity
The Deutsche EuroShop Group’s total assets increased significantly by
€499.0 million to €4,707.1 million compared with the last reporting date
due to the acquisition of minority interests. On a pro-forma basis, the total
assets increased by €39.2 million.
in € thousand 30.06.2023 31.12.2022 Change
Current assets 483,260 382,858 100,402
Non-current assets 4,223,850 3,825,248 398,602
Current liabilities 71,209 59,085 12,124
Non-current liabilities 1,963,760 1,805,654 158,106
Equity (including third-party interests) 2,672,141 2,343,367 328,774
Total assets 4,707,110 4,208,106 499,004
Revenue EBIT EBT *
in € million
in € million
in € million in €
FFO per share
H1 2023
H1 2022 H1 2023
H1 2022 H1 2023
H1 2022 H1 2023
H1 2022
135.4
105.7
113.5
76.0
90.9
64.7
1.19
1.08
28.1 % 49.3 % 40.4% 10.2 %
* excluding measurement gains / losses
Balance sheet structure
Balance sheet structure in € million
Current assets
Non-current assets
Current liabilities
Non-current liabilities
Equity (including third-
party interests)
Assets
382.9
483.3
3,825.2 4,223.8
2023
4,707.1
2022
4,208.1
Liabilities
71.2
59.1
1,963.8
2,672.1
1,805.6
2,343.4
2022
4,208.1
2023
4,707.1
6

Equity ratio of 56.8%
The equity ratio (including the shares of third-party shareholders) was
56.8%, up slightly compared with the last reporting date (55.7%) and still
at a very healthy level.
Liabilities
As at 30 June 2023, current and non-current financial liabilities stood at
€1,630.8 million, which was €151.6 million higher than at the end of 2022
due to the acquisition of minority interests. Financial liabilities increased
by €4.1 million based on the comparable group. As at 30 June 2023, all
loan covenants were met.
Non-current deferred tax liabilities increased by €1.8 million to
€336.2 million due to additional provisions. Other current and non-
current liabilities and provisions increased by €16.9 million.
Net tangible assets according to EPRA
Net tangible assets (NTA) as at 30 June 2023 were €2,689.5 million, com-
pared with €2,335.9 million at the end of 2022. Due to the higher amount
of shares issued, the NTA per share decreased by €2.64 from €37.81 to
€35.17 per share (-7.0%).
EPRA NTA
30.06.2023 31.12.2022
in €
thousand
per share
in €
in €
thousand
per share
in €
Equity 2,388,378 31.24 2,036,237 32.96
Derivative financial instruments
measured at fair value1
4,384 0.06 5,637 0.09
Equity excluding derivative
financial instruments 2,392,762 31.30 2,041,874 33.05
Deferred taxes on investment properties
and derivative financial instruments1
348,469 4.55 345,789 5.60
Intangible assets -24 0.00 -29 0.00
Goodwill as a result of deferred taxes -51,719 -0.68 -51,719 -0.84
EPRA NTA 2,689,488 35.17 2,335,915 37.81
Number of no-par-value shares issued
as at the reporting date 76,464,319 61,783,594
1
Including the share attributable to equity-accounted joint ventures and associates
EPRA loan-to-value ratio (EPRA LTV)
The EPRA LTV, which is based on the Group’s proportional share in the
joint ventures and subsidiaries, amounted to 30.0% on the reporting date
(previous year: 33.1%).
EPRA loan-to-value ratio (EPRA LTV)
Proportional values in € thousand 30.06.2023 31.12.2022 Change
Non-current and current
liabilities to banks 1,552,540 1,481,149 71,391
Owner-occupied property
(IFRS 16 liability) 334 354 -20
Other liabilities (net) 11,839 0 11,839
Cash and cash equivalents -415,740 -330,894 -84,846
Net financial debt 1,148,973 1,150,609 -1,636
Investment properties 3,829,524 3,474,145 355,379
Owner-occupied property
(IFRS 16 Right of use) 339 351 -12
Intangible assets 24 29 -5
Other assets (net) 0 3,445 -3,445
Property assets 3,829,887 3,477,970 351,917
EPRA LTV in % 30.0 33.1 -3.1
REPORT ON EVENTS AFTER
THE REPORTING DATE
No further significant events occurred between the balance sheet date
of 30 June 2023 and the date of preparation of the financial statements.
OUTLOOK
Economic conditions
For 2023, the Kiel Institute for the World Economy (IfW) is expecting a
slight decline in gross domestic product of 0.3%. With the decline in GDP
in the first half of the year and the recent deterioration in economic indi-
cators, it says that concerns have increased that the after-effects of the
energy crisis and the tightening of monetary policy could weigh more
heavily on the economy than previously expected. Overall, however, it
would appear more likely that the German economy will return to moder-
ate growth during the course of the year, despite the headwinds. The ifo
Institute forecasts inflation to decline to 5.8% and unemployment to rise
slightly to 5.5%. In the second half of the year, incomes should rise more
sharply than prices and private consumption should pick up.
7

The IfW expects economic output for the next year to grow by 1.8% and
an inflation rate of 2.1%. Overall, the economy is caught between consid-
erable scope for expansion and constraints on the production side, which
have been proven quite persistent to date. There is also the possibility of
an upturn in economic performance if these constraints can be gradu-
ally overcome. For the time being, however, it believes that the significant
correction of financing conditions in the course of monetary policy tight-
ening will continue to weigh on the economy. For private consumption to
recover, especially in the wake of significant increases in wages, it will be
crucial to see a boost in the real purchasing power of average incomes
after having been dragged down by inflation for so long.
Expected results of operations and financial position
In addition to the operating business meeting its targets, the first half
of 2023 was positively influenced by one-off income from the rever-
sal of provisions and income from impaired receivables, not least due
to the partial reversal of provisions and write-downs made in 2020 and
2021 when business was heavily affected by the coronavirus pandemic.
As a result, we are increasing our forecast to take account of this one-
off income and expect funds from operations (FFO) of €2.08 to €2.18 per
share for financial year 2023 (previous year: between €2.00 and €2.10).
The forecast FFO per share for the financial year 2023 was based on a
time-weighted number of 75,137,020 no-par value shares issued.
FFO per share
in €
Result
1.98
2021
Result
2.11
2022
Gain
2.08 to 2.18
2023
Dividend planning
The Executive Board, together with the Supervisory Board, has resolved
to propose the payment of a dividend of €2.50 per share for financial year
2022 to the Annual General Meeting, scheduled for 29 August 2023 in
Hamburg.
RISK REPORT
Since the beginning of the financial year, there have been no significant
changes to the information provided in the risk report of the combined
management report as at 31 December 2022 (see Annual Report 2022,
p. 142 onwards). We do not believe that the Company currently faces any
risks capable of jeopardising its continued existence.
Deutsche EuroShop’s dividend payments
in € per share for the respective financial year
0.96
2001
*proposal
2002
0.96
2003
0.96
2004
0.96
2005
1.00
2021
1.00
2006
1.05
2008
1.05
2007
1.05
2009
1.05
2010
1.10
2011
1.10
2012
1.20
2013
1.25
2014
1.30
2015
1.35
2016
1.40
2017
1.45
2018
1.50
2022
2.50*
2019
0.00
2020
0.04
8

CONSOLIDATED BALANCE SHEET
Assets in € thousand 30.06.2023 31.12.2022
ASSETS
Non-current assets
Intangible assets 51,743 51,748
Property, plant and equipment 384 436
Investment properties 4,075,536 3,329,995
Investments accounted for using the equity method 96,187 443,069
Non-current assets 4,223,850 3,825,248
Current assets
Trade receivables 17,633 16,991
Other current assets 33,400 30,924
Cash and cash equivalents 432,227 334,943
Current assets 483,260 382,858
Total assets 4,707,110 4,208,106
Liabilities in € thousand 30.06.2023 31.12.2022
EQUITY AND LIABILITIES
Equity and reserves
Subscribed capital 76,464 61,784
Capital reserves 793,943 494,526
Retained earnings 1,517,971 1,479,927
Total equity 2,388,378 2,036,237
Non-current liabilities
Financial liabilities 1,622,618 1,464,917
Deferred tax liabilities 336,200 334,404
Right of redemption of limited partners 283,763 307,130
Other liabilities 4,942 6,333
Non-current liabilities 2,247,523 2,112,784
Current liabilities
Financial liabilities 8,203 14,334
Trade payables 4,727 8,067
Tax liabilities 1,450 474
Other provisions 31,836 11,267
Other liabilities 24,993 24,943
Current liabilities 71,209 59,085
Total equity and liabilities 4,707,110 4,208,106
9

CONSOLIDATED INCOME STATEMENT
in € thousand 01.04. – 30.06.2023 01.04. – 30.06.2022 01.01. – 30.06.2023 01.01. – 30.06.2022
Revenue 67,570 53,630 135,355 105,691
Property operating costs -9,114 -5,182 -16,209 -10,792
Property management costs -3,290 -2,728 -6,828 -5,363
Write-downs and disposals of financial assets -2,178 -1,947 -4,810 -5,404
Net operating income (NOI) 52,988 43,773 107,508 84,132
Other operating income 4,837 787 9,577 2,480
Other operating expenses -1,723 -7,797 -3,551 -10,570
Earnings before interest and taxes (EBIT) 56,102 36,763 113,534 76,042
Share in the profit or loss of associates and joint ventures
accounted for using the equity method 3,600 6,832 5,804 13,749
Interest expense -10,813 -8,971 -21,501 -18,066
Profit /loss attributable to limited partners -3,653 -4,102 -7,458 -8,045
Interest income 1,499 32 1,870 45
Financial gains/losses -9,367 -6,209 -21,285 -12,317
Measurement gains/losses -35,374 -4,039 -49,558 -7,255
Earnings before taxes (EBT) 11,361 26,515 42,691 56,470
Taxes on income and earnings -830 -4,872 -5,613 -10,285
Consolidated profit 10,531 21,643 37,078 46,185
Earnings per share (€), undiluted and diluted 0.13 0.37 0.50 0.75
STATEMENT OF COMPREHENSIVE INCOME
in € thousand 01.04. – 30.06.2023 01.04. – 30.06.2022 01.01. – 30.06.2023 01.01. – 30.06.2022
Consolidated profit 10,531 21,643 37,078 46,185
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 1,362 4,694 1,252 10,819
Deferred taxes on changes in value
offset directly against equity -308 -1,038 -286 -2,402
Total earnings recognised directly in equity 1,054 3,656 966 8,417
Total profit 11,585 25,299 38,044 54,602
Share of Group shareholders 11,585 25,299 38,044 54,602
10

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
01.01.2022 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
01.01.2023 61,783,594 61,784 494,526 1,482,264 2,000 -4,337 2,036,237
Total profit 0 0 37,078 0 966 38,044
Capital increase 14,680,725 14,680 299,417 0 0 0 314,097
Dividend payments 0 0 0 0 0 0
30.06.2023 76,464,319 76,464 793,943 1,519,342 2,000 -3,371 2,388,378
CONSOLIDATED CASH FLOW STATEMENT
in € thousand 01.01. – 30.06.2023 01.01. – 30.06.2022
Consolidated profit 37,078 46,185
Income taxes 5,613 10,285
Financial gains/losses 21,285 12,317
Amortisation/depreciation of intangible assets and property, plant and equipment with a finite life 55 78
Unrealised changes in fair value of investment property and other measurement gains/losses 49,558 7,255
Distributions and capital repayments received 3,689 14,437
Changes in trade receivables and other assets 1,350 8,077
Changes in current provisions -431 1,490
Changes in liabilities -10,144 -5,500
Cash flow from operating activities 108,053 94,624
Interest paid -20,427 -18,395
Interest received 1,870 45
Income taxes paid -2,390 -4,290
Net cash flow from operating activities 87,106 71,984
Outflows for the acquisition of investment properties -16,330 -10,417
Outflows for the acquisition of intangible assets and property, plant and equipment -7 -9
Acquisition of subsidiaries less acquired cash and cash equivalents -33,087 0
Cash flow from investing activities -49,424 -10,426
Inflows from financial liabilities 10,906 0
Outflows from the repayment of financial liabilities -7,836 -5,903
Outflows from the repayment of lease liabilities -39 -49
Payments to limited partners -5,410 -6,684
Inflows from capital increases 61,981 0
Payments to Group shareholders 0 0
Cash flow from financing activities 59,602 -12,636
Net change in cash and cash equivalents 97,284 48,922
Cash and cash equivalents at beginning of period 334,943 328,839
Cash and cash equivalents at end of period 432,227 377,761
11

DISCLOSURES
Reporting principles
These interim financial statements of the Deutsche EuroShop Group as
at 30 June 2023 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 2022.
The interim financial statements have been prepared in accordance with
the International Financial Reporting Standards (IFRS), as applicable in
the EU. The accounting policies applied correspond 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 financial statements for 2022 (Annual Report
2022, p. 171 onwards).
The new accounting standards and interpretations for which application
became compulsory on 1 January 2023 were observed; however, these
did not have any impact on the presentation of the financial statements.
The interim financial statements as at 30 June 2023 have neither been
audited in accordance with Section 317 of the German Commercial 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 2023:
in € thousand 2023 2022
Carrying amount as at 01.01. 3,329,995 3,393,554
Change in scope of consolidation 773,000 0
Recognised construction measures 16,330 39,483
Unrealised changes in fair value -43,789 -103,042
Carrying amount as at 30.06. / 31.12. 4,075,536 3,329,995
Investment properties (IAS 40) were measured at fair value. Valuations
were performed by the appraiser Jones Lang LaSalle (JLL) as at 30 June
2023, as well as at 31 December 2022. The discounted cash flow method
(DCF) was used as at 31 December 2022. Please refer to the notes on the
DCF method in our Annual Report 2022 on page 176 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 deter-
mine the market values:
Valuation parameters
in % 30.06.2023 31.12.2022
Rate of rent increases1
1.64 1.77
Cost ratio 12.25 12.51
Discount rate 6.99 6.90
Capitalisation interest rate 5.39 5.32
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 meas-
urement gains/losses (including the share attributable to at-equity con-
solidated companies):
Sensitivity analysis – Valuation parameters
Basis Change in parameter in € million in %
Rate of rent
increases 1.64
+0.25% percentage points
-0.25% percentage points
137.4
-121.0
15.6
-3.2
Cost ratio 12.25
-47.2
43.7
-1.2
1.1
Discount rate 6.99
-71.5
71.5
-1.9
1.9
Capitalisation
interest rate 5.39
-105.3
116.9
-2.7
3.0
The appraisal showed that for the first half of 2023 the real estate port-
folio had a net initial yield before transaction costs of 6.39% compared
with 6.37% in 2022, and a net initial yield after transaction costs of 6.02%
compared with 6.01% in 2022. The EPRA net initial yield for the first half
of 2023 was 5.5% compared to 5.4% in 2022.
Outstanding tenant incentives granted and still to be spread over the
term of the leases amounting to €24.4 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 predominantly 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 payments based on current
yield curves (Level 2 under IFRS 13), and amounted to €1,454.3 million as
at 30 June 2023 (31 December 2022: €1,327.0 million).
12

The derivative financial instruments measured at fair value were inter-
est 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. Lia-
bilities from interest rate hedges totalled €4.4 million as at 30 June 2023
(31 December 2022: €5.6 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 performance of
the segments based on revenue, EBIT and EBT excluding measurement
gains/losses. The measurement principles for segment reporting corre-
spond to those of the Group.
To assess the contribution of the segments to the individual performance
indicators as well as to the Group’s performance, the income, expend-
iture, assets and liabilities of the joint ventures are included in inter-
nal reporting in proportion to the Group’s share in the same. Similarly,
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.–30.06.2023
Revenue 103,470 26,373 129,843 5,512 135,355
(01.01.–30.06.2022) (90,714) (22,470) (113,184) (-7,493) (105,691)
EBIT 86,137 24,911 111,048 2,486 113,534
(01.01.–30.06.2022) (71,424) (19,621) (91,045) (-15,003) (76,042)
EBT excl. measurement gains/losses 70,758 21,404 92,162 -1,303 90,859
(01.01.–30.06.2022) (57,332) (16,274) (73,606) (-8,877) (64,729)
30.06.2023
Segment assets 3,272,967 789,119 4,062,086 645,024 4,707,110
(31.12.2022) (3,002,022) (712,375) (3,714,397) (493,709) (4,208,106)
of which investment properties 3,075,248 754,276 3,829,524 246,012 4,075,536
(31.12.2022) (2,797,177) (676,968) (3,474,145) (-144,150) (3,329,995)
The adjustment of the proportionate consolidation of the joint ventures and
subsidiaries in which the Group does not own a 100% stake is carried out
in the reconciliation column. Deferred tax liabilities are considered by the
Executive Board of Deutsche EuroShop AG in a cross-segment manner, and
are therefore included in the reconciliation column of the segment liabil-
ities. Accordingly, the goodwill from the acquisition of Olympia Brno was
allocated to the reconciliation column of the segment assets. The reconcil-
iation 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 pursu-
ant to IFRS 8.33 is given.
Related parties for the purposes of IAS 24
On 12 January 2023, the Group entered into share purchase agree-
ments with Kommanditgesellschaft ARENA Vermögensverwaltung
G.m.b.H. Co. KG and KG Vermögensverwaltungsgesellschaft
Einkaufs-Center Danzig, both of which are ultimately controlled by
Alexander Otto and who is considered a related party as defined by
IAS 24, for the acquisition of additional shares in Immobilienkom-
manditgesellschaft FEZ Harburg, in Forum Wetzlar KG and in Einkau-
fs-Center Galeria Baltycka G.m.b.H. Co. KG for a total purchase
price of €91,979 thousand (please also refer to section “Acquisition
of minority interests”).
Furthermore, we also refer to the consolidated financial statements
as at 31 December 2022 (Annual Report 2022, p. 197) for information
on related parties which were not subject to any significant changes
in the year up to 30 June 2023.
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 consol-
idated financial statements give a true and fair view of the assets, lia-
bilities, financial position and profit or loss of the Group, and the interim
management report of the Group includes a fair review of the perfor-
mance 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, 14 August 2023
Hans-Peter Kneip
13

Deutsche EuroShop vs SDAX and EPRA
Comparison, January to August 2023
(indexed, base of 100, in %)
EPRA SDAX Deutsche EuroShop
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/ir
PATRICK KISS
AND NICOLAS LISSNER
Forward-looking statements
This quarterly statement contains forward-looking statements based
on estimates of future developments by the Executive Board. The state-
ments and forecasts represent estimates based on all of the information

available at the current time. If the assumptions on which these state-
ments 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
rounding
differences. The sign used to indicate rates of change is based on

economic considerations: improvements are indicated by a plus (+);

deterioration by a minus (-).
THE SHOPPING CENTER SHARE
The Deutsche EuroShop share closed 2022 at a price of €22.12. Right at
the turn of the year on 2 January 2023, it reached its highest price for the
first half-year at €23.38. The share price declined after a subscription
rights offering was announced on 12 January 2023. It hit its lowest price
during the first six months of the year on 28 March 2023 at €18.19, and
then followed an upward trajectory to close the first half at €20.90. This
equated to a performance for the reporting period of -5.5%. The SDAX
rose by 12.4% over the same period. Deutsche EuroShop’s market capi-
talisation stood at €1.6 billion at the end of June 2023.
Key share data
Sector/industry group Financial services / real estate
Share capital on 30.06.2023 €76,464,319.00
Number of shares on 30.06.2023
(no-par-value registered shares) 76,464,319
Dividend for 2022 (proposed) € 2.50
Share price on 30.12.2022 € 22.12
Share price on 30.06.2023 € 20.90
Low/high for the period under review €18.19/€23.38
Market capitalisation on 30.06.2023 €1.6 billion
Prime Standard Frankfurt and Xetra
OTC markets Berlin,Düsseldorf,Hamburg,Hanover,
Munich and Stuttgart
Indices CDAX,EPRA,MSCI Small Cap (+ ESG Screened),
HASPAX,Prime All Share Index,
Classic All Share Index
ISIN DE 000748 020 4
Ticker symbol DEQ,Reuters: DEQGn.DE
Unless otherwise specified, all information and calculations are based on Xetra closing prices.
FINANCIAL CALENDAR 2023
14.08. Half-year Financial Report 2023
29.08. Annual General Meeting, Hamburg
18.09.
Berenberg and Goldman Sachs German
Corporate Conference, Munich
19.09. Baader Investment Conference, Munich
14.11. Quarterly statement 9M 2023
16.11.
Kepler Cheuvreux UniCredit Pan-European
Real Estate Conference, London
Our financial calendar is continuously being updated. Please check our
website for the latest events:
www.deutsche-euroshop.com/ir
120
115
110
105
100
95
90
85
80
January February March April May June July August
14

Deutsche EuroShop | Half-Year Financial Report 2023

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