Deutsche EuroShop on track – 2026 forecast raised

• Turnover rises by 2.5% to €202.5 million
• EBIT rises by 4.3% to €162.1 million
• Consolidated profit rises by 5.6% to €98.8 million
• Occupancy rate remains high at 95.6%
• Forecast for EBIT, EBT excluding valuation gains and FFO raised due to positive extraordinary effects

Hamburg, 12 November 2026 – The shopping center investor Deutsche EuroShop SE (DES) performed in line with plans in operational terms during the first nine months of the 2026 financial year, against a backdrop of a continuing challenging economic environment. Consumer caution and geopolitical uncertainties continued to characterise the overall economic situation.

Tenant turnover rises by 1.9% – occupancy rate at 95.6%

Tenant turnover in the shopping centers rose by 1.9% compared with the same period last year. Visitor footfall was 1.5% below the previous year’s figure. With an occupancy rate of 95.6% as at 30 September 2026, demand for retail space in Deutsche EuroShop’s portfolio remained at a high level.

Turnover rises by 2.5%, EBIT by 4.3%

The DES Group’s turnover rose by 2.5% to €202.5 million in the first nine months. Net operating income (NOI) rose by 1.8% to €158.3 million, whilst EBIT increased by 4.3% to €162.1 million. EBT, excluding valuation gains and losses, improved by 1.3% to €108.9 million.

Consolidated profit reached €98.8 million, 5.6% higher than the previous year’s figure. EPRA earnings amounted to €1.33 per share, whilst Funds from Operations (FFO) stood at €1.37 per share. The decline in FFO and EPRA earnings compared with the same period last year is primarily due to higher interest expense resulting from the issue of the green bond in June 2025.

Forecast for 2026 raised

In view of the business performance being in line with expectations, combined with positive one-off effects, the Executive Board is revising its forecast for the 2026 financial year. Higher rents, severance payments to tenants and costs expected to fall slightly for the year as a whole are having a positive impact on operating performance. Added to this are one-off gains from the release of provisions for land transfer tax liabilities, as well as higher interest income.

"Operating performance is in line with our expectations and will be bolstered by positive extraordinary effects in the current financial year. Overall, we expect this to result in an additional contribution to earnings of around €10 million. Against this backdrop, we are raising our forecasts for EBIT, EBT excluding valuation gains and FFO. However, due to the extraordinary effects, the revised forecast does not represent a new baseline for the coming financial years,” explains Hans-Peter Kneip, CEO of Deutsche EuroShop.

 The new forecast for the 2026 financial year is as follows:

• Revenue: €272–277 million (previously: €269–277 million)
• EBIT: €220–225 million (previously: €211–219 million, change from the mid-point: approx. +3.5)
• EBT excluding valuation gains: €149–154 million (previously: €134–142 million, change from mid-point: approx. +9.8%)
• FFO: €144–149 million (previously: €134–142 million, change from mid-range: approx. +6.2%)

Deutsche EuroShop considers itself well positioned for the rest of the year, despite the challenging consumer environment.

 

Full quarterly report

The full quarterly report is available online as a PDF file and as an e-paper at www.deutsche-euroshop.com/ir

 

Deutsche EuroShop – The Shopping Center Company

Deutsche EuroShop is Germany’s only listed company that invests exclusively in shopping centers in prime locations. The company currently holds stakes in 21 shopping centers in Germany, Austria, Poland, the Czech Republic and Hungary. The portfolio includes, amongst others, the Main-Taunus-Zentrum near Frankfurt, the Altmarkt-Galerie in Dresden and the Galeria Baltycka in Gdańsk.

 

Key Group figures

in millions of €		01.01.-30.09.2026		01.01.-30.09.2025		+/-
Revenue		202.5		197.4		2.5%
Net operating income (NOI)		158.3		155.5		1.8%
EBIT		162.1		155.4		4.3%
EBT (excluding valuation gains and losses1 )		108.9		107.5		1.3%
EPRA2  Earnings		100.7		103.6		-2.8%
FFO		103.8		108.8		-4.6%
Consolidated profit		98.8		93.5		5.6 %
in €		01.01.-30.09.2026		01.01.-30.09.2025		+/-
EPRA2  Earnings per share		1.33		1.37		-2.9%
FFO per share		1.37		1.44		-4.9%
Earnings per share		1.30		1.23		5.7%
Weighted number of ordinary shares in issue		75,743,854		75,743,854		0.0%
in millions of €		30.09.2026		31.12 2025		+/-
Equity3		2,196.9		2,170.1		1.2%
Liabilities		2,439.0		2,433.7		0.2%
Total assets		4,635.9		4,603.8		0.7%
EPRA2  NTA		2,189.4		2,154.6		1.6%
EPRA2  NTA per share in €		28.91		28.45		1.6%
Equity ratio in %3		47.4		47.1
LTV ratio in %4		40.9		41.3
EPRA2  LTV as a percentage5		43.0		43.4
Cash and cash equivalents		399.3		387.4		3.1%
1 including the share attributable to joint ventures and associates accounted for using the equity method 2 European Public Real Estate Association 3 Including minority 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 assets accounted for using the equity method) 5 EPRA Loan-to-Value (EPRA LTV): the 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 property assets are calculated on the basis of the Group’s share in subsidiaries and joint ventures.