Deutsche EuroShop | Quarterly Statement 3M 2025
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Deutsche EuroShop | Quarterly Statement 3M 2025
Deutsche EuroShop | Quarterly Statement 3M 2025
- 1. the MALL s life 3M Quartalsmitteilung zum 31. März 2025 the MALL s life 3M Quarterly statement as at 31 March 2025
- 2. Key consolidated figures in € million 01.01.– 31.03.2025 01.01.– 31.03.2024 +/- Revenue 66.3 66.0 0.4 % Net operating income (NOI) 53.1 53.8 -1.2 % EBIT 53.4 54.4 -1.7 % EBT (excluding measurement gains/ losses1 ) 39.7 42.4 -6.4 % EPRA2 earnings 38.5 43.3 -11.1 % FFO 38.3 41.8 -8.4 % Consolidated profit 31.9 32.7 -2.6 % in € 01.01.– 31.03.2025 01.01.– 31.03.2024 +/- EPRA2 earnings per share 0.51 0.57 -8.9 % FFO per share 0.51 0.55 -7.3 % Earnings per share 0.42 0.43 -2.3 % Weighted number of no-par-value shares with dividend rights6 75,743,854 76,377,874 -0.8 % in € million 31.03.2025 31.12.2024 +/- Equity3 2,178.2 2,145.7 1.5 % Liabilities 2,195.4 2,218.7 -1.0 % Total assets 4,373.6 4,364.4 0.2 % Equity ratio in %3 49.8 49.2 LTV ratio in %4 38.5 39.2 EPRA2 LTV in %5 40.2 41.1 Cash and cash equivalents 221.7 212.4 4.4 % 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 (LTV): Ratio of net financial liabilities (financial liabilities less cash and cash equivalents) to non-current assets (investment properties and financial invest- ments accounted for using the equity method) 5 EPRA Loan-to-Value (EPRA LTV): Ratio of net debt (financial liabilities and lease liabilities less cash and cash equivalents) to real estate 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 includes the treasury shares which were acquired. These shares were factored in on a time-weighted basis in the comparative period. 2 Quarterly statement as at 31 March 2025 2
- 3. DEAR SHAREHOLDERS, DEAR READERS, Our key operating figures were in line with our expectations in the first quarter of 2025. Visitor numbers in our shopping centers fell by 3.4 % year-on-year, and our tenants’ sales declined by 0.4 %. Both decreases were anticipated and stemmed largely from the Easter holidays occur- ring three weeks later than last year, as well as another mild winter, which dampened demand for seasonalmerchandise such aswinter apparel. Occupancy rates increased overall due to the investments we made in the past financial year to modernise several locations and enhance their appeal, leading to new leases being secured. As a result, revenue went up to €66.3 million, a slight 0.4 % increase compared with the same quarter of the previous year. Net operating income (NOI) decreased slightly by 1.2 % to €53.1 million, pri- marily due to higher center operating expenses, and EBIT fell by 1.7 % to €53.4 million. EBT (excluding measurement gains/losses) was down 6.4 % at €39.7 million, chiefly reflecting an increase of €1.8 million in interest expense. Con- solidated profit declined by 2.4 % to €31.9 million. EPRA earnings and FFO per share both came to €0.51 and fell below the prior-year figures of €0.57 and €0.55 respectively. A particular highlight was the opening of the new Food Garden at the Main-Taunus-Zentrum on 10 April. Covering an area of approximately 9,000 m², this modern, sustainably built food and drink precinct is a pioneering project that noticeably enhances the experience of visitors who come to the center. The MTZ has long ranked among Germany’s leading shopping centers in terms of both sales and visitor num- bers. The initial feedback we have received from customers and tenants about the Food Garden has been extremely positive. Due to our first-quarter performance being in line with expectations, we hereby reaffirm the full-year forecast we published in March. Thank you for the confidence you have placed in us. Hamburg, May 2025 Kind regards, Hans-Peter Kneip Letter from the Executive Board “A particular highlight was the opening of the new Food Garden at the Main-Taunus-Zentrum on 10 April.” Hans-Peter Kneip, CEO/CFO 3 the MALL s life Deutsche EuroShop 3
- 4. RESULTS OF OPERATIONS Change in € thousand 01.01.– 31.03.2025 01.01.– 31.03.2024 ± in % Revenue 66,274 66,017 257 0.4 Operating and administrative costs for property -10,983 -10,314 -669 -6.5 Write-downs and derecognition of receivables -2,165 -1,950 -215 -11.0 NOI 53,126 53,753 -627 -1.2 Other operating income 2,156 2,318 -162 -7.0 Other operating expenses -1,849 -1,710 -139 -8.1 EBIT 53,433 54,361 -928 -1.7 At-equity profit/loss 2,108 2,067 Measurement gains/losses (at equity) 21 118 Deferred taxes (at equity) 0 0 At-equity (operating) profit/loss 2,129 2,185 -56 -2.6 Interest expense -12,991 -11,217 -1,774 -15.8 Profit/loss attributable to limited partners -3,606 -3,646 40 1.1 Interest income 715 705 10 1.4 Financial gains/losses (excluding measurement gains/ losses) -13,753 -11,973 -1,780 -14.9 EBT (excluding measurement gains/losses) 39,680 42,388 -2,708 -6.4 Measurement gains/losses -3,414 -4,727 Measurement gains/losses (at equity) -21 -118 Measurement gains/losses (including at equity) -3,435 -4,845 1,410 29.1 Taxes on income and earnings -1,338 -610 -728 – Deferred taxes -3,048 -4,223 Deferred taxes (at equity) 0 0 Deferred taxes (including at equity) -3,048 -4,223 1,175 27.8 Consolidated profit 31,859 32,710 -851 -2.6 SLIGHT YEAR-ON-YEAR INCREASE IN REVENUE Revenue increased slightly by €0.3 million (0.4 %) com- pared to the same quarter of the previous year. This was primarily driven by a higher occupancy rate following suc- cessful investment projects and subsequent new leases at a number of shopping centers. CENTER OPERATING EXPENSES UP ON PREVIOUSbYEAR Center operating expenses, which mainly comprise center management fees, non-apportionable ancillary costs, land taxes, building insurance and maintenance, came to €11.0 million in the reporting period, up 6.5% on the pre- vious year. Business performance 4 Quarterly statement as at 31 March 2025
- 5. INCREASE IN NECESSARY WRITE-DOWNS Write-downs and the derecognition of receivables increased year-on-year by €0.2 million (11.0 %) to €2.2 million. OTHER OPERATING INCOME AND EXPENSES Other operating income – stemming primarily from income from rental receivables for which impairment losses had been recognised in previous years, additional payments with respect to ancillary costs and the reversal of provi- sions – amounted to €2.2 million, a slightly lower figure than in the first quarter of the previous year (€2.3 million). Other operating expenses, which mainly comprised gen- eral administrative costs and personnel costs, increased slightly to €1.8 million (previous year: €1.7 million). EBIT DOWN SLIGHTLY COMPARED TO PREVIOUS YEAR At €53.4 million, earnings before interest and taxes (EBIT) were slightly lower than in the previous year (€54.4 mil- lion). This was mainly due to higher center operating expenses. EXPECTED DECREASE IN FINANCIAL GAINS/ LOSSES Financial gains/losses (excluding measurement gains/ losses) came to €-13.8 million, down from €-12.0 million in the previous year. This was largely attributable to a €1.8 million increase in interest expense. This was affected by loan increases for the Allee-Center Hamm and the Allee- Center Magdeburg, as well as by first-time borrowing for the Rathaus-Center Dessau in the 2024 financial year. Interest income remained unchanged at €0.7 million. DOWNTURN IN EBT (EXCLUDING MEASUREMENT GAINS/LOSSES) As a result of the fall in financial gains/losses and EBIT, EBT (excluding measurement gains/losses) declined by 6.4 % to €39.7 million (previous year: €42.4 million). MEASUREMENT GAINS/LOSSES Measurement gains/losses included €3.4 million (previous year: €4.8 million) in costs incurred for investments at our existing properties (including the share attributable to at-equity consolidated companies). TAXES ON INCOME AND EARNINGS Taxes on income and earnings went up to €1.3 million (previous year: €0.6 million). Deferred taxes, resulting mainly from the systematic depreciation of the tax balance sheet values of our real estate assets, amounted to €3.0 million (previous year: €4.2 million). SLIGHT FALL IN EPRA EARNINGS EPRA earnings, which exclude measurement gains/losses, fell by €4.7 million or € 0.06 per share. At €31.9 million, consolidated profit was €0.8 million lower than in the same period of the previous year (€32.7 million), while earnings per share came to € 0.42 (previous year: €0.43) based on a reduced number of dividend-entitled shares. EPRA earnings 01.01.–31.03.2025 01.01.–31.03.2024 in € thousand per share in € in € thousand per share in € Consolidated profit 31,859 0.42 32,710 0.43 Measurement gains/losses on investment properties1 3,435 0.05 4,845 0.06 Deferred tax adjustments pursuant to EPRA2 3,252 0.04 5,727 0.08 EPRA earnings 38,546 0.51 43,282 0.57 Weighted number of no-par-value shares with dividend rights 75,743,854 76,377,874 1 Including the share attributable to equity-accounted joint ventures and associates 2 Affects deferred taxes on investment properties and derivative financial instruments 5 the MALL s life Deutsche EuroShop 5
- 6. DEVELOPMENT OF FUNDS FROM OPERATIONS (FFO) Funds from operations (FFO) are used to finance our ongo- ing investments in portfolio properties, scheduled repay- ments 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 decreased from €41.8 million to €38.3 million or from € 0.55 per share to € 0.51 per share. Funds from operations 01.01.–31.03.2025 01.01.–31.03.2024 in € thousand per share in € in € thousand per share in € Consolidated profit 31,859 0.42 32,710 0.43 Measurement gains/losses on investment properties1 3,435 0.05 4,845 0.06 Deferred taxes1 3,048 0.04 4,223 0.06 FFO 38,342 0.51 41,778 0.55 Weighted number of no-par-value shares with dividend rights 75,743,854 76,377,874 1 Including the share attributable to equity-accounted joint ventures and associates Revenue in € million 2024 2024 2024 2025 2025 2025 EBIT in € million EBT in € million (excluding measurement gains/losses) FFO per share in € 2024 3M 3M 3M 3M 3M 3M 3M 3M 2025 66.0 66.3 53.4 39.7 0.55 0.51 54.4 42.4 6 6 Quarterly statement as at 31 March 2025
- 7. FINANCIAL POSITION AND NET ASSETS NET ASSETS AND LIQUIDITY The total assets of the Deutsche EuroShop Group rose slightly by €9.2 million compared with the last reporting date to €4,373.6 million (31 December 2024: €4,364.4 mil- lion). EQUITY RATIO OF 49.8b% The equity ratio (including the shares of third-party share- holders) of 49.8 % increased slightly compared to the last reporting date (49.2 %) and remains at a robust level. LIABILITIES As at 31 March 2025, current and non-current financial liabilities stood at €1,790.2 million, down €18.2 million from year-end 2024 due to one-off and scheduled repay- ments. As at 31 March 2025, all loan covenants were met. Non-current deferred tax liabilities increased by €3.1 mil- lion to €354.0 million due to additional provisions. Other current and non-current liabilities and provisions fell by €8.2 million. Non-current assets Non-current liabilities Total equity (incl. third-party shareholders) Current assets Current liabilities 31.12. 31.3. 31.3. 31.12. Balance sheet structure Balance sheet total in € million 4,120.4 244.0 4,364.4 4,120.8 252.8 4,373.6 2025 2024 Assets 4,364.4 2024 2,145.7 2,151.5 67.2 4,373.6 2025 2,134.6 60.8 Liabilities 2,178.2 7 the MALL s life Deutsche EuroShop 7
- 8. REPORT ON EVENTS AFTER THE REPORTING DATE No significant events occurred between the balance sheet date of 31 March 2025 and the date of preparation of the financial statements. OUTLOOK EXPECTED RESULTS OF OPERATIONS AND FINANCIAL POSITION Following a performance in the first quarter in line with projections, we can reaffirm our forecast for the 2025 financial year: Revenue: €268–276 million Earnings before interest and taxes (EBIT): €209–217 million Earnings before taxes (EBT) excluding measurement gains/losses: €150–158 million Funds from operations (FFO): €145–153 million DIVIDEND PROPOSAL For financial year 2024, in view of the liquidity available and the operating outlook, the Executive Board and the Supervisory Board have decided to propose the payment of a dividend of €1.00 per share to the Annual General Meeting scheduled for 27 June 2025.The Company reserves the right to adjust its proposed resolution before or at the latest during the Annual General Meeting if it should prove possible and expedient to distribute a higher dividend owing to changed circumstances, in particular due to the creation of additional liquidity. 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 2024 (see Annual Report 2024,p. 152 onwards). We do not believe that the Company currently faces any risks capable of jeopardising its continued existence. 8 8 Quarterly statement as at 31 March 2025
- 9. Consolidated balance sheet Assets in € thousand 31.03.2025 31.12.2024 ASSETS Non-current assets Intangible assets 51,749 51,731 Property, plant and equipment 377 371 Investment properties 3,966,721 3,966,721 Investments accounted for using the equity method 101,992 101,534 Non-current assets 4,120,839 4,120,357 Current assets Trade receivables 13,685 14,711 Other current assets 17,366 16,899 Cash and cash equivalents 221,707 212,438 Current assets 252,758 244,048 Total assets 4,373,597 4,364,405 Liabilities in € thousand 31.03.2025 31.12.2024 EQUITY AND LIABILITIES Equity and reserves Subscribed capital 76,464 76,464 Capital reserves 793,943 793,943 Retained earnings 1,046,978 1,014,853 Treasury shares -720 -720 Total equity 1,916,665 1,884,540 Non-current liabilities Financial liabilities 1,776,852 1,795,909 Deferred tax liabilities 353,988 350,887 Limited partner contributions of non-controlling interests 261,484 261,156 Other liabilities 3,793 4,715 Non-current liabilities 2,396,117 2,412,667 Current liabilities Financial liabilities 13,314 12,465 Trade payables 7,780 7,349 Tax liabilities 14,200 16,876 Other provisions 10,108 12,669 Other liabilities 15,413 17,839 Current liabilities 60,815 67,198 Total equity and liabilities 4,373,597 4,364,405 9 the MALL s life Deutsche EuroShop 9
- 10. Consolidated income statement in € thousand 01.01.– 31.03.2025 01.01.– 31.03.2024 Revenue 66,274 66,017 Property operating costs -7,241 -6,814 Property management costs -3,742 -3,500 Write-downs and disposals of financial assets -2,165 -1,950 Net operating income (NOI) 53,126 53,753 Other operating income 2,156 2,318 Other operating expenses -1,849 -1,710 Earnings before interest and taxes (EBIT) 53,433 54,361 Share in the profit or loss of associates and joint ventures accounted for using the equity method 2,108 2,067 Interest expense -12,991 -11,217 Profit/loss attributable to limited partners -3,606 -3,646 Interest income 715 705 Financial gains/losses -13,774 -12,091 Measurement gains/losses -3,414 -4,727 Earnings before taxes (EBT) 36,245 37,543 Taxes on income and earnings -4,386 -4,833 Consolidated profit 31,859 32,710 Earnings per share (€) 0.42 0.43 Statement of comprehensive income in € thousand 01.01.– 31.03.2025 01.01.– 31.03.2024 Consolidated profit 31,859 32,710 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 320 1,378 Deferred taxes on changes in value offset directly against equity -54 -227 Total earnings recognised directly in equity 266 1,151 Total profit 32,125 33,861 Share of Group shareholders 32,125 33,861 10 10 Quarterly statement as at 31 March 2025
- 11. Consolidated statement of changes in equity in € thousand Number of shares out- standing Sub- scribed capital Capital reserves Other retained earnings Statutory reserve Cash flow hedge reserve Treas- ury shares Total 01.01.2024 76,455,319 76,464 793,943 1,252,635 2,000 -5,366 -9 2,119,667 Total profit 0 0 32,710 0 1,151 0 33,861 Acquisition of treasury shares -155,350 0 0 -2,840 0 0 -155 -2,995 Dividend payments 0 0 -149,081 0 0 0 -149,081 31.03.2024 76,299,969 76,464 793,943 1,133,424 2,000 -4,215 -164 2,001,452 01.01.2025 75,743,854 76,464 793,943 1,015,451 2,000 -2,598 -720 1,884,540 Total profit 0 0 31,859 0 266 0 32,125 Dividend payments 0 0 0 0 0 0 0 31.03.2025 75,743,854 76,464 793,943 1,047,310 2,000 -2,332 -720 1,916,665 the MALL s life 11 Deutsche EuroShop
- 12. Consolidated cash flow statement in € thousand 01.01.– 31.03.2025 01.01.– 31.03.2024 Consolidated profit 31,859 32,710 Income taxes 4,386 4,833 Financial gains/losses 13,774 12,091 Amortisation/depreciation of intangible assets and property, plant and equipment with a finite life 33 34 Unrealised changes in fair value of investment property and other measurement gains/losses 3,414 4,727 Distributions and capital repayments received 1,650 1,569 Changes in trade receivables and other assets 610 1,866 Changes in current provisions -2,561 -6,815 Changes in liabilities -2,572 2,116 Cash flow from operating activities 50,593 53,131 Interest paid -11,758 -10,095 Interest received 715 705 Income tax payments -4,300 -1,142 Net cash flow from operating activities 35,250 42,599 Outflows for the acquisition of investment properties -4,157 -6,162 Outflows for the acquisition of intangible assets and property plant and equipment -57 -4 Cash flow from investing activities -4,214 -6,166 Inflows from the assumption of financial liabilities 0 0 Outflows from the repayment of financial liabilities -19,441 -2,157 Outflows from the repayment of lease liabilities -26 -25 Acquisition of treasury shares 0 -2,995 Payments to limited partners -2,300 -2,303 Payments to Group shareholders 0 -149,081 Cash flow from financing activities -21,767 -156,561 Net change in cash and cash equivalents 9,269 -120,128 Cash and cash equivalents at beginning of period 212,438 336,071 Cash and cash equivalents at end of period 221,707 215,943 12 12 Quarterly statement as at 31 March 2025
- 13. 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 rev- enue, EBIT and EBT excluding measurement gains/losses. The measurement principles for segment reporting cor- respond to those of the Group. To assess the contribution of the segments to the individ- ual performance indicators as well as to the Group’s per- formance, the income, expenditure, assets and liabilities of the joint ventures are included in internal reporting in proportion to the Group’s share in the same. Similarly, for subsidiaries in which the Group is not the sole share- holder, income, expenditure, assets and liabilities are only consolidated in proportion to the corresponding Group share. This results in the segments being divided as fol- lows: Breakdown by segment in € thousand Domestic Abroad Total Reconciliation 01.01.– 31.03.2025 Revenue (01.01.–31.03.2024) 50,023 (50,027) 13,977 (13,551) 64,000 (63,578) 2,274 (2,439) 66,274 (66,017) EBIT (01.01.–31.03.2024) 39,603 (50,839) 12,818 (12,407) 52,421 (63,246) 1,012 (-8,885) 53,433 (54,361) EBT (excluding measurement gains/losses) (01.01.–31.03.2024) 29,767 (42,655) 11,198 (10,799) 40,965 (53,454) -1,285 (-11,066) 39,680 (42,388) 31.03.2025 Segment assets (31.12.2024) 3,125,254 (3,135,733) 808,932 (804,027) 3,934,186 (3,939,760) 439,411 (424,645) 4,373,597 (4,364,405) of which investment properties (31.12.2024) 2,980,295 (2,980,295) 763,960 (763,960) 3,744,255 (3,744,255) 222,466 (222,466) 3,966,721 (3,966,721) 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 cross-segmen- tally and are therefore included in the reconciliation col- umn for segment liabilities. Accordingly, the goodwill from the acquisition of Olympia Brno is allocated to the recon- ciliation column of the segment assets. The income and expenses in connection with the change in the scope of consolidation and the real estate transfer tax as part of the acquisition of minority interests in the previous year are also allocated to the reconciliation column. The rec- onciliation column also contains the companies that are not allocated to either of the two segments (Deutsche EuroShop AG, DES Management GmbH, DES Beteiligungs GmbH Co. KG). In view of the geographical segmentation, no further infor- mation pursuant to IFRS 8.33 is given. OTHER DISCLOSURES RESPONSIBILITY STATEMENT BY THE EXECUTIVEbBOARD To the best of my knowledge, and in accordance with the applicable reporting principles for interim financial report- ing, the interim consolidated financial statements give a true and fair view of the assets, liabilities, financial posi- tion and profit or loss of the Group, and the interim man- agement 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 asso- ciated with the expected performance of the Group for the remainder of the financial year. Hamburg, 14 May 2025 Hans-Peter Kneip 13 the MALL s life Deutsche EuroShop 13
- 14. Deutsche EuroShop share EPRA SDAX Deutsche EuroShop vs. DAX and EPRA Comparison, January to May 2025 (indexed, base of 100, in %) 120 115 110 105 100 95 Jan 25 Feb 25 Mar 25 Apr 25 May 25 THE SHOPPING CENTER SHARE After closing 2024 at €18.501 , Deutsche EuroShop’s share traded sideways in the first few weeks of 2025, fluctuating within a relatively narrow range between just under €18.00 and €19.00. The lowest price in the first three months was recorded on 6 March 2025 at €17.88. In the second half of March, the share broke through the €19.00 mark and reached its quarterly high of €20.15 on 26 March. The last share price recorded in the first quar- ter was €18.48. This corresponds to a performance of -0.1 %. The small cap index SDAX rose by 11.1 % over the same period. Deutsche EuroShop’s market capitalisation stood at €1.41 billion at the end of March 2025. KEY SHARE DATA Sector/industry group Financial services/real estate Share capital on 31.03.2025 €76,464,319.00 Number of shares on 31.03.2025 (no-par-value registered shares) 76,464,319 Number of treasury shares on 31.03.2025 720,465 Dividend for 20242 €1.00 Share price on 30.12.2024 €18.50 Share price on 31.03.2025 €18.48 Low/high for the period under review €17.88/€20.15 Market capitalisation on 31.03.2025 €1.41 billion Prime Standard Frankfurt and Xetra OTC markets Berlin, Düsseldorf, Hamburg, Hanover, Munich and Stuttgart Indices SDAX, CDAX, EPRA, HASPAX, Prime All Share Index, Classic All Share Index ISIN DE 000748 020 4 Ticker symbol DEQ, Reuters: DEQGn.DE 1 Unless otherwise specified, all information and calculations are based on Xetra closing prices. 2 Proposal FINANCIAL CALENDAR 2025 14.05. Quarterly statement 3M 2025 27.06. Annual General Meeting, Hamburg 14.08. Half-year Financial Report 2025 22.09. Berenberg and Goldman Sachs German Corporate Conference, Munich 23.09. Baader Investment Conference, Munich 13.11. Quarterly Statement 9M 2025 20.11. Kepler Cheuvreux Pan-European Real Estate Conference, London Our financial calendar is updated continuously. Please check our website for the latest events: www.deutsche- euroshop.de/Investor-Relations-en 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. Would you like further information? Then visit us online or call us: Patrick Kiss and Nicolas Lissner Tel.: +49 (0)40 - 41 35 79-20 / -22 Fax: +49 (0)40 - 41 35 79-29 Email: [email protected] Website: www.deutsche-euroshop.de/ir Rounding and rates of change Percentages and fi gures stated in this report may be subject to rounding diff erences. The signs used to indicate rates of change are based on economic considerations: improvements are indicated with a plus sign (+); deteriorations with a minus sign (-). 14 14 Quarterly statement as at 31 March 2025