First half of 2025: Deutsche EuroShop reports operating performance in line with expectations and sustainable growth momentum

First half of 2025: Deutsche EuroShop reports operating performance in line with expectations and sustainable growth momentum

• Positive valuation result due to rising contractual rents
• Significantly improved consolidated result
• Food Garden in Main-Taunus-Zentrum attracts visitors
• Green bond with a volume of €500 million successfully placed
• Dividend of €2.65 per share distributed – change to the Supervisory Board completed

Hamburg, 14 August 2025 – Shopping center investor Deutsche EuroShop (DES) today published its results for the first six months of 2025. “We can look back on a first half of the year in which our operating business developed largely in line with our expectations,” explains Hans-Peter Kneip, CEO of Deutsche EuroShop. “Visitor numbers at our shopping centers were 1% below the previous year’s level, while our tenants’ sales rose by 1.3%. Like-for-like minimum contractual rents increased by 0.5%. The second quarter was positive in terms of footfall and retail sales compared with the same period last year, while the first quarter was below the level of the same period last year due to calendar and weather effects. Overall, the first half of the year saw a satisfactory performance.”

Valuation result boosts consolidated result (+17.3%)

Consolidated revenue fell slightly by 1.1% to €131.4 million in the first half of 2025, and net operating income (NOI) decreased by 3.0% to €103.2 million due to higher operating center expenses. EBIT declined to €103.9 million (-3.2%). Higher contract rents in the first half of 2025 were offset by higher accruals and one-off allocation and cost effects, resulting in an overall decline in revenue, NOI and EBIT. EBT (excluding measurement gains/losses) fell by 8.4% to €75.1 million, primarily due to a €3.9 million increase in interest expenses.

Due to higher contractual rents, the valuation result improved by just under €23 million to €10.3 million. As a result, consolidated net income was significantly higher (+17.3%) at €69.8 million compared with the same period of the previous year (€59.5 million).

The key figures EPRA earnings and funds from operations (FFO) amounted to €0.92 and €0.98 respectively, down on the previous year's figures (€1.06 in each case).

‘Food Garden’ attracts significantly more visitors to the Main-Taunus-Zentrum

A highlight in the first half of the year was the opening of the new Food Garden at the Main-Taunus-Zentrum (MTZ) near Frankfurt am Main on 10 April 2025. Covering an area of around 9,000 m², a modern, architecturally sophisticated and sustainably designed food court with a diverse culinary offering has been created. Since opening, visitor numbers at the MTZ have risen by over 17% – a clear sign of the high level of acceptance and appeal of the new concept.

Green bond successfully placed

In June 2025, Deutsche EuroShop placed its first green corporate bond with a volume of €500 million and a term until October 2030.

The issue was oversubscribed sevenfold and met with broad interest from institutional investors – a strong signal of confidence in Deutsche EuroShop's business model, ESG strategy and financial solidity. The funds will be used for general corporate purposes and will also be invested in eligible sustainable projects in accordance with the company's Green Finance Framework.

Annual General Meeting: Dividend and personnel changes

At the Annual General Meeting on 27 June 2025 in Hamburg, the shareholders approved all items on the agenda with a large majority. A dividend of €2.65 per share for the 2024 financial year was approved. In addition, Reiner Strecker stepped down from the Supervisory Board after many years of successful service. Peter M. Ballon, an internationally experienced real estate expert, will take over as Chairman of the Supervisory Board.

Outlook

“Investments such as the new ‘Food Garden’ and the successful green bond issue are strengthening our position in a sustainable way – literally,” said Hans-Peter Kneip. “We see further potential for stable growth at the operating level in the second half of the year.”

Full half-year financial report

The full half-year financial report is available as a PDF file and as an ePaper on the Internet at www.deutsche-euroshop.com/ir

Deutsche EuroShop - The Shopping Center Company

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