Deutsche EuroShop's first quarter on schedule - new impetus from investments

Deutsche EuroShop's first quarter on schedule - new impetus from investments

• Slight decline in key operating figures
• Late Easter creates seasonal effects
• Opening of the new "Food Garden" in the Main-Taunus-Zentrum
• Annual forecast confirmed
• Dividend proposal € 1.00 per share

Hamburg, 14 May 2025 - Shopping center investor Deutsche EuroShop (DES) has started the 2025 financial year as planned. "Our key operating figures developed in line with our expectations in the first quarter," explains Hans-Peter Kneip, CEO of Deutsche EuroShop. "Seasonal effects such as the late Easter date influenced customer behaviour, but should have a positive impact in the second quarter." Compared to the same period of the previous year, footfall in the 21 shopping centers in the DES portfolio fell by 3.4%, while tenant sales also declined by 0.4%.

Consolidated sales rose slightly by 0.4% to € 66.3 million thanks to a higher occupancy rate compared to the same quarter of the previous year as a result of completed modernisation measures and newly concluded rental agreements. At the same time, operating expenses in the centers increased, causing net operating income (NOI) to fall by 1.2% to € 53.1 million. EBIT fell by 1.7% to € 53.4 million, while EBT (excluding valuation) fell by 6.4% to € 39.7 million as a result of higher interest expenses. Consolidated net income decreased by 2.6% to € 31.9 million.

At € 0.51 per share, the key operating figures EPRA Earnings and FFO were both below the level of the same quarter of the previous year (€ 0.57 and € 0.55 respectively).

New opening in the Main-Taunus-Zentrum as a milestone

A particular highlight was the completion and opening of the new "Food Garden" in the Main-Taunus-Zentrum on 10 April 2025. The approximately 9,000 m² catering area was built using sustainable timber construction methods and significantly enhances one of Germany's highest-turnover shopping centers with eight restaurants and varied culinary concepts. The response from customers and tenants to the new offering has been consistently positive.

Annual forecast confirmed

Against the backdrop of the business development in the first quarter of 2025, which was in line with expectations, Deutsche EuroShop confirms its forecast for the full year published in March:

• Turnover: € 268 to 276 million
• EBIT: € 209 to 217 million
• EBT without valuation result: € 150 to 158 million
• FFO: € 145 to 153 million or € 1.91 to 2.02 per share

Annual General Meeting at the end of June in Hamburg

The Executive Board and Supervisory Board intend to propose a dividend of € 1.00 per share for the 2024 financial year to the Annual General Meeting, which is scheduled to take place on 27 June 2025 as an in-person event in Hamburg. However, the management reserves the right to adjust this proposal if a higher dividend should prove possible and expedient due to the creation of additional liquidity.
 

Complete quarterly statement

The full quarterly statement is available as a PDF file and as an ePaper on the Internet at
www.deutsche-euroshop.com/ir

Deutsche EuroShop - The Shopping Center AG

Deutsche EuroShop is the only public company in Germany to invest exclusively in shopping centers in prime locations. The company currently has investments in 21 shopping centers in Germany, Austria, Poland, the Czech Republic and Hungary. The portfolio includes the Main-Taunus-Zentrum near Frankfurt, the Altmarkt-Galerie in Dresden and the Galeria Baltycka in Gdansk, among many others.
 

Key Group figures