DES_GB24

DES_GB24_EN

Deutsche EuroShop at a glance the sMALL life magazine Editorial sMALL treasures sMALL talks What I bought in 2024 sMALL time-outs sMALL revolution Our shopping centers Our shopping centers Events at our centers New concepts Food Garden Center overview ESG Report EPRA sBPR Report – 2024 The Super visory Board Memberships and recognised codes Report of the Supervisory Board Declaration on Corporate Governance 2024 Investor Relations The shopping center share Our online channels Letter to the shareholders Combined management report Basic information about the Group Economic review Report on events after the reporting date Outlook Risk report Opportunity report Report of the Executive Board on relations with affiliated companies Acquisition reporting Declaration on corporate governance Reporting on the annual financial statements of Deutsche EuroShop AG Consolidated financial statements Consolidated balance sheet Consolidated income statement Statement of comprehensive income Consolidated statement of changes in equity Consolidated cash flow statement Notes to the consolidated financial statements for financial year 2024 Information and service Shareholdings Responsibility Statement by the Executive Board Independent auditor’s report EPRA reporting Multi-year overview Glossary Contact and legal 1 4 6 8 16 26 28 36 44 47 58 60 62 64 76 90 100 104 106 111 118 118 126 128 132 134 136 150 150 152 159 160 160 161 162 166 168 170 171 172 174 175 206 208 209 210 216 226 228 232

the MALL s life magazine: 12 Small shopping treasures, big passion The founders of the innovative stores “Bavarian Caps” and “Mein Fischer” talk us through their exciting backstories. Time to experience something new With a multitude of options for fun events, like the black light minigolf experience, our centers have something exciting to offer to visitors of all generations. A look at Viernheim. 32 20 Conversations make all the difference Get a good make-up tip at Douglas or ask a quick question at the info point – there is something special about the interaction between customers, employees and tenants that happens on site. 40 The future of customer experience Visionary perspectives by the Austrian architect and university professor Christoph M. Achammer and shopfitting expert Wolfgang Gruschwitz.

Deutsche EuroShop at a glance Key figures in € million/per share in € Revenue Net operating income (NOI) EBIT Net finance costs (excluding measurement gains/losses1) EBT (excluding measurement gains/losses1) Measurement gains/losses1 Consolidated profit FFO per share Earnings per share EPRA Earnings per share Equity2 Liabilities Total assets Equity ratio in %2 LTV ratio in % EPRA LTV in %3 Cash and cash equivalents Net tangible assets (EPRA) Net tangible assets per share (EPRA) Dividend per share 2024 271.4 217.4 216.3 -51.1 165.2 -14.6 123.5 2.06 1.62 2.10 2,145.7 2,218.7 4,364.4 49.2 39.2 41.1 212.4 2,198.0 29.02 1.004 2023 273.3 214.9 212.7 -43.2 169.5 -209.1 -38.3 2.28 -0.51 2.29 2,379.0 2,081.2 4,460.2 53.3 33.2 34.8 336.1 2,414.4 31.58 2.60 +/- -1 % 1 % 2 % -18 % -3 % 93 % - -10 % - -8 % -10 % 7 % -2 % -37 % -9 % -8 % - 1 Including the share attributable to equity-accounted joint ventures and associates 2 Including non-controlling interests 3 EPRA LTV: Ratio of net debt (financial liabilities and lease liabilities less cash and cash equivalents) to real estate assets (investment properties, owner-occupied prop- erties, 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. 4 Proposal REVENUE IN € MILLION EBIT IN € MILLION EBT (EXCLUDING MEAS- UREMENT GAINS/LOSSES) IN € MILLION 273.3 271.4 212.8 216.3 212.7 169.5 165.2 152.4 130.2 FFO PER SHARE IN € 2.28 2.11 2.06 2022 2023 2024 2022 2023 2024 2022 2023 2024 2022 2023 2024 1

Our values We are the only public limited company in Germany to invest exclusively in shopping centers in prime locations. We invest only in selected properties. High quality standards and a high degree of flexibility are just as important to us as sustainable income development through indexed and turnover- linked rental agreements. Added to this is an above-average occupancy rate and professional centre management. These are the core values of our success. Our goals For Deutsche EuroShop, it is not quick success that counts but a constantly stable portfolio performance. Our goal is to generate a high liquidity surplus from the long-term leasing of the shopping centers so that we can distribute an attractive dividend to our shareholders. With our investments, we focus on large, high-quality shopping centers in city centre locations and at established sites that operate as vibrant marketplaces in the commuter belt. shopping centers in five different countries... Norderstedt 5 8 9 Hamburg 19 Gdańsk Poland We have 21 1 Main-Taunus-Zentrum 2 A10 Center 3 Altmarkt-Galerie 4 Rhein-Neckar-Zentrum 5 Herold-Center 6 Rathaus-Center 7 Allee-Center 8 Phoenix-Center 9 Billstedt-Center 10 Saarpark-Center 11 Forum 12 Allee-Center 13 City-Galerie 14 City-Arkaden 15 City-Point 16 Stadt-Galerie 17 Stadt-Galerie 18 Olympia Center 19 Galeria Bałtycka 20 City-Arkaden 21 Árkád 2 Wolfsburg 13 7 Hamelin 17 Hamm 12 14 15 Kassel 2 Wildau/Berlin Magdeburg 6 Dessau 3 Dresden Wuppertal 11 1 Wetzlar Sulzbach/Frankfurt 4 Viernheim/ Mannheim 10 Neunkirchen 18 Brno Czech Republic 16 Passau Klagenfurt Austria 20 21 Pécs Hungary

The magazine Editorial sMALL treasures sMALL talks What I bought in 2024 sMALL time-outs sMALL revolution around 500thousand visitors experience special moments at our shopping centers every day Deutsche EuroShop 6 8 16 26 28 36 5

Editorial Dear friends of our shopping centers, Tell me if this sounds familiar: You hear a single word, and in a fraction of a sec- ond, countless images come to mind. That happened to me a few weeks ago. I was sitting down with my IR team, dis- cussing the reporting process for 2024. We were discussing what our central theme should be when somebody sug- gested the phrase “sMALL life”. sMALL life. Just two words. But they capture so much of what a shopping center truly represents: a world full of experiences – things to see, buy, and enjoy. And many things that hap- pen behind the scenes, long after we have left for home. With planned tasks and unexpected encounters. A living “small city” where everything somehow belongs together. I have always enjoyed spending time in shopping centers. Early in my career, I worked at Société Générale in La Défense in Paris, a business district whose beating heart was (and still is) a large shopping center. I will admit that I spent more than a few euros there, both alone and with my wife – some- times planned, sometimes on impulse. Back then, I had no idea that I’d be on the Exec- utive Board of Deutsche EuroShop one day. But I already knew back then what makes for a great shopping center: it’s a place that seam- lessly meets our everyday needs and beyond. A dry cleaner, a supermarket, fashion stores, a cinema, restaurants – you name it, it had it. Today, I understand that this effortless con- venience is the end result of a lot of hard work. It takes people who think about these things every single day. That’s exactly what we do – together with our outstanding part- ner, ECE, which has been managing our shop- ping centers for many years. I am extremely pleased that we can entrust our 21 shopping centers to the expertise of our partner. With over 3,000 employees and 200 shopping centers under management, ECE brings more experience to our properties than anyone else in Europe could. We are constantly working together to ensure the perfect tenant mix in our shopping centers. We make sure to include space for smaller store concepts, even if they pay lower rent. We also take care to allocate space to local 6

Deutsche EuroShop the MALL s life Hans-Peter Kneip, CEO/CFO retailers. Our rule of thumb? One-third international, one- third national, one-third regional. This balanced approach creates an optimal tenant mix, leading to high visitor num- bers, sales and rental payments. Bringing in new tenants from time to time is important too. The last thing we want is for our shopping centers to feel stuck in the past. There must always be room for something new. You could even say that a shopping center, by defini- tion, is always evolving. A turnover rate of around 5% gives us a good degree of control over our future. Consumer behaviour is becoming more complex, and custo- mers are demanding more. Shopping centers are no longer just about getting the shopping done. Nowadays, people want to spend time there and enjoy themselves. We expect this perspective to become even more prevalent in future. Atmosphere is everything. It has a huge impact on the shop- ping experience. Entertainment and food outlets are two key elements that hold a shopping center together at its core – across all age groups. That’s why our Rhein-Neckar-Zentrum offers visitors experiences like indoor skydiving and a jump house for the whole family. For those who prefer outdoor activities, a large bike shop provides a wide selection of bicycles. And if you love great food, be sure to visit the Food Garden at Main- Taunus-Zentrum. Customers can choose between eight top- quality restaurants for an experience they would normally only find in the city centre. Dear readers, The entertainment section of this report contains some fascinating insights into a world you’re surely familiar with – sometimes as a professional, and always as an individual. Enjoy reading! 7

MALL easures IT ALL BEGAN WITH FIVE FRIENDS AT OKTOBERFEST. The mood was relaxed and their traditional outfits were on point – lederhosen, checked shirts and wool socks. Just what you’d expect from a group of young people who cherish their roots. But then came the spark: they loved wear- ing baseball caps in everyday life – why not bring that look to Oktoberfest? A new business idea was born. A bold one, too, as none of them had any experience in fashion or retail. What they did have was passion and a drive to work together to see their idea become a reality. That was ten years ago. Today, Bavarian Caps is a full-fledged brand universe, drawing in visitors from as far as Asia and the USA.  Deutsche EuroShop Tenants in shopping centers often have powerful stories to tell – from creative start-ups to family traditions passed down through the generations. Here are two of them. 2out of 5 Bavarian Caps stores are located in shopping centers “Success wasn’t even the goal at first. We just wanted to create the first-ever traditional Bavarian cap.” Peter Schels, Co-founder, Bavarian Caps 9

THE FIRST DECISIONS YOU MAKE ARE THE MOST IMPOR- TANT. With the early organisational challenges behind them and a retail space secured, the dream of entrepre- neurship became real. The founders of Bavarian Caps came from entirely different backgrounds. They included a lawyer, a business IT specialist and a teacher. This diver- sity helped them tackle the wide range of tasks ahead of them. From day one, they had to make countless decisions – like how to trademark the unique shape of their Bavarian cap. The team devoted a lot of effort to the brand itself. Before launching their first store, they had to define a clear phi- losophy – and make it come to life in the retail space. They wanted Bavarian Caps to have an authentic, fresh and high-quality feel. Collaboration with established brands like the Bavarian comic icon “Pumuckl” on limited-edition caps was a clever move, and they’re still top sellers today. When celebrities began posting photos of themselves wearing Bavarian Caps on social media, it became clear that this Bavarian success story was unstoppable. Today, the company employs 70 people and appeals to a younger audience across five locations in and around Munich. In 2025, the company is launching a special anniversary edition of their very first Trachten cap – exactly ten years after they started. 12 The founders hold creative sessions by Lake Chiemsee to brainstorm new product ideas and keep the brand fresh.

Deutsche EuroShop MALL s treasures “Customers get a free local drink with every purchase. People love that, and word gets around.” Peter Schels, Co-founder, Bavarian Caps 28 breweries have partnered up with Bavarian Caps THERE’S NO BLUEPRINT FOR SUCCESS. The Bavarian Caps journey is one of a kind. If there are any universal keys to success when starting a company, they might include believing in yourself and your idea, keeping momentum going, and daring to go your own way. The founders of Bavarian Caps, for exam- ple, made a conscious decision to open physical stores just as online retail was booming ten years ago. Their goal was to create immersive, real-world brand experiences in shopping centers for their young, energetic brand. Direct customer feedback was also massively important to them. That strategy paid off and has delivered steady, sustain- able growth.  The founders of Bavarian Caps: Peter Schels, Johannes Sänger, André Lang and Sebastian Kolbinger 13

REAL HOSPITALITY. The fashion house Mein Fischer, founded back in 1832, rep- resents continuity like few others. Now in its sixth generation under Ulrich Fischer, the company is guided by one core value: long-term thinking over quick wins. Every decision is made with the goal of building lasting relationships with its guests. And yes, you read that right – at Mein Fis- cher, customers are called guests. Whether at their store in the Rathaus- Center Dessau or elsewhere, the experi- ence is designed to be memorable, per- sonal, and welcoming. This guest-first philosophy runs deep through the com- pany’s history. But Mein Fischer has never rested on its achievements – the past was far too eventful for that. “Everyone’s talking about AI, processes, and so on – but in the end, it still comes down to people making the right decisions.” Ulrich Fischer, Managing Director, Mein Fischer Mein Fischer now operates stores in eastern Germany 19 99 A styling consultation at Mein Fischer costs € 14 Mein Fischer Store at Rathaus-Center Dessau

To remain successful as a traditional company, you need to be adaptable. Deutsche EuroShop MALL s treasures NEVER STAND STILL. It’s no surprise that start-ups face big challenges. But compared to what Mein Fischer has overcome over its almost 200-year history, those struggles seem minor: Two world wars. Threats of expropriation in the former East Germany. A complete political and eco- nomic transformation after reunification. And yet: with 19 stores across eastern Germany, Mein Fischer is now one of the region’s most beloved fashion retailers. They must be doing something right. One reason for the company’s success has been the smooth transition from one gener- ation to the next. Another has been its constant willingness to evolve. The expectations of guests have changed dramatically in recent years, particularly in the fashion sector. Over the last 13+ years, Mein Fischer’s events and services have made it into a regional fashion powerhouse. Stores became emotional stages – with personal styling sessions, inspir- ing fashion shows, curated collections and expert advice. These have created strong bonds with guests and fos- tered a deep loyalty to the brand. Digitalisation was embraced early on. Mein Fischer uses business intelli- gence tools to help the company understand its clientele and their needs in detail. Mein Fischer has always moved with the times. At Mein Fischer, this ability to change comes from a number of different areas. Young talents are paired with experienced staff. The company adapts its culture continuously and sensitively to reflect both internal and external developments. The constant drive for innovation is firmly embedded in the company’s culture. The company also relies on flat hierarchies and fast decision- making to keep things moving. 15

MALL Deutsche EuroShop Every day, people come together while shopping – in all kinds of little moments. A continuous cycle of small stories and beautiful interactions. THE CLEANING CREW are the first people on site. Coffee and a chat before the day begins. Just a few hours later, the center is in full swing. At Douglas, the first make-up tutorial sessions start at 9 in the morning. “Natural or glam?” the expert asks to find out the customer’s style. Soon, they’re talk- ing about their favourite perfumes; about their partners and children; about their last holiday. A charming moment of connection between two people. These little interactions happen all the time at shopping centers. And thank good- ness for that! Social interaction is good for the soul. It makes for a better workday and a happier shopping experience.  5in the morning: the shopping center wakes up... “Before I start my shift, I say hello to everyone. That helps us all kick off the day in a good mood.” Tanya Ciesla, Receptionist, Phoenix-Center Hamburg

CONVERSATIONS HAPPEN NATURALLY. Whether you’re buying rolls, trying on a new pair of trousers, or getting a book tip from a sales assistant – shopping centers provide endless opportunities for a lovely bit of sMALLtalk. For many, it’s precisely these moments that make shopping so special. The personal touch. The connections. Over time, these interactions can turn into real relationships – and loyal customers. Older ladies often have a favourite salesperson - and they won’t let anyone else help them. They swap stories about life – the good times and the bad times. A heartfelt connection. There are thousands of these relationships in shopping centers all across Ger- many. A wonderfully human world that offers something digital spaces simply can’t. LIVES LIVED TOGETHER. Real connections exist behind the scenes too. Every day, hundreds of employees give their all to make sure their customers have a good time. From cleaning and security, to retail teams, food court staff and center management. There’s always time for a quick chat. People who work together feel connected, help each other out, and love sharing anecdotes about hilarious cus- tomer requests. Lots of people say the center even feels a bit like home. That’s something truly special in these turbulent times. A couple from Viernheim met 50 years ago at the Rhein-Neckar-Zentrum. They still come here together to stroll around. At the Phoenix-Center in Hamburg, someone recently proposed – and it was a yes! 20

Deutsche EuroShop MALL s talks So many floors, so much space – and yet, there’s always room for connection. A POPULAR HUB. People who work at shopping center info points are right in the thick of the action. Nothing gets past them. They know the location of every store, the nearest toilets, and what to do if some- thing’s lost or found. If you want to know what’s going on at the shopping center, just ask them. They’re also usually up to date on all of the latest center gossip. Their three main responsibilities are to give peo- ple a warm welcome, know what’s going on, and be happy to help. Oh, and they’re always up for a little sMALLtalk. Sounds like a great job.  21

THE HIDDEN WORLD OF TENANTS. “This product is flying off the shelves right now.” “You’re looking for someone in sales? Maybe I know someone.” “Watch the foot- ball at the weekend?” When you work side- by-side with your neighbours in the shop- ping center every day, conversations happen. Sometimes it’s just small talk, sometimes it’s real support – like helping with staff, lending some decorations, or grabbing a coffee for someone from the café around the corner. Competitiveness? Doesn’t usually rear its head. Most people support each other and develop neigh- bourly – often even friendly – relation- ships. It’s not something customers usually see, but for tenants, it’s a vital part of the day-to-day. 22 Whether it’s between tenants, staff, or customers – there’s always an opportunity for a chat at a shopping center. 90% of the staff at Douglas are women

Deutsche EuroShop MALL s talks “When customers share their life stories with me, I’m all ears. For me, that’s a sign of trust.” Morten Hausotte, Store Manager, Douglas Here’s a small experiment for you to try: The next time you’re walking through a shopping center, keep your eyes open. Who’s talking to whom? Where are those little moments happening? You’ll spot them right away. And if you’re in the mood for a bit of sMALLtalk yourself – just say hello! 23 IT BEGINS WITH A CONVERSATION. Each store has its own rituals. At one Douglas store in Hamburg, the day starts like this: 9 a.m.: Time for the daily update. What went well yesterday? Where could we improve? Of the 42 members of staff, 90% are women. The youngest is 17, the oldest 66. A colourful mix of ages, cultures, and work- ing hours. Their team motto: We talk to each other, not about each other. It works well – and has for years. The other day, a customer walked in to the branch and asked where the perfume shop was. In the middle of Douglas! Those are the kind of stories you love to share when you get home later. Despite all their differences, they all share a common goal: to provide service with a personal touch. When you have people who are authentic, love their job, and enjoy chatting with customers, sMALLtalk happens almost nat- urally – and with it, the feeling that you’re in good hands. Conversations bring people together in all kinds of ways and build trust. And our shopping centers are full of these conversations, every single day.

What I bought in 2024 . Hans-Peter Kneip, CEO/CFO I like to write notes by hand, but I’m also a fan of the paperless office. The Montblanc Augmented Paper is a great way to bring these two worlds together. It reads the notes I write in my classic note- book and automatically digitises them and syncs them with the app, making them a breeze to edit. I discovered it while visiting the MONTBLANC HOUSE at the company’s headquarters in Ham- burg. I would really recommend a visit – there’s an interesting exhibition that is not just about fountain pens. p o h s o t o h P e b o d A d n a ) E L L A D · , T P G t a h C ( e c n e g i l l e t n i l a i c fi i t r a g n i s u s s i K k c i r t a P y b d e t a e r c e r e w r e t p a h c s i h t n 24 i s n o i t a r t s u l l i e h T

Britta Behrmann, Senior Finance Manager After an urgent need for new running shoes, I visited a sports shop in a shopping center in Hamburg for some expert advice. The salesperson, who was a long-distance runner, gave me some great tips and, after a quick running analysis, immediately recommended the right shoe. The final result was a pair from a brand I hadn’t come across before, plus some leggings and tops for running in summer and winter. The new clothes fit perfectly and have already proved their worth on my runs. I will definitely be going back there for some more expert advice in the future. Deutsche EuroShop Patrick Kiss, Head of Investor & Public Relations I invested strategically in 2024. I bought a new sofa – which was not only cheaper in the shop than it was online, but came with the decisive advantage of being able to try it out beforehand. This sofa proves its worth every evening, with high dividends in the form of comfort and excellent performance when doing nothing. Christoph Rinck, Head of Accounting & Controlling My purchase of the year was a pair of chinos from Brax, which are extremely comfortable with a customised fit. I am well set up for both professional and private occasions. At the shopping center, I not only received good advice, but was also able to try the trousers on and take them home straight away.  25

What I bought in 2024 Mathis Freundl, Head of Corporate Finance I recently discovered a fantas- tic new espresso blend made with beans from Brazil, India and Indonesia for my portafilter machine at a traditional coffee roastery in Hamburg. The mix of mild and strong coffees makes for a really unique flavour that gets me going in the morning, making it almost like starting the day in southern Italy. 26 Gwendolin Tommalla, Director Asset & Portfolio Management I’m a big fan of my new air fryer. It’s very versatile, extremely energy-efficient and I can make really delicious food in a much shorter time, using less fat than I would with a pan or oven. And it’s so easy to clean, making it really practical.

Deutsche EuroShop Birgit Schäfer, Secretary to the Executive Board My purchase of the year was a cream whipper for whipping up cream and sauces. My culinary highlight so far has to be my home-made foamed hollandaise sauce. It’s light and fluffy and goes really well with asparagus and other vegetables, as well as beef fillet. Nicolas Lissner, Senior Manager Investor & Public Relations I’ve had my rowing machine from the Brandenburg start-up Augletics for a year now. It fits anywhere, and you can put it away quickly and easily. It has a monitor that you can use to explore a new rowing route every week and you can even meet up with fellow rowers virtually. The best thing is that it engages 85% of your muscles and has sensors to keep track of your technique. 27

Deutsche EuroShop Deutsche EuroShop The lines between retail and entertainment are blurring. It’s about more than just shopping – it’s about quality time. With new experiences in physical spaces. FROM BLACK LIGHT MINIGOLF to open- air cinema to art exhibitions, shopping centers are becoming places where special moments happen. Today, creative approaches are needed to meet people’s evolving expectations. 30%of shopping centers worldwide use retailtainment* A WARM SUMMER EVENING. The first scenes of “Der Nachname” flicker across the weatherproof 100- square-metre screen. Not a single seat is left empty at the open-air cinema at the Rhein-Neckar-Zentrum, right in front of the Kinopolis. A sea of people lounging in deck chairs. Many are barefoot, enjoying the warm sand beneath their feet. Everything’s just right – sound quality, security – even the popcorn and drinks are spot on. And the weather is perfect, too. A fantastic (and free) experience for everyone. It takes a lot to organise an event like this behind the scenes, but the center manager worked with reliable partners to find solutions for everything. He even discussed sand quality with his suppliers. “We plan out every detail for the open-air cinema – even how the sand feels under your feet.” Dani Marquardt, Center Manager, Rhein-Neckar-Zentrum, Viernheim * Source: Forbes 29

Deutsche EuroShop MALL s time -out CHANG ING EX PEC TA TIONS Looking for more than just shopping WHAT IS IT THAT MAKES SHOPPING CENTERS SUCH MAGICAL PLACES? It goes without saying that they are safe, clean and weatherproof places where people of all ages can do their shopping quickly and easily. But times are changing – and so are the needs of customers. Demand for creative experiences that go beyond shopping has grown over the years. Centers have started to provide a harmonious blend of architecture, dining and inspiring events to improve the quality of people’s visits.  This is experience-driven architecture at its best. 31

Gen Z is rediscovering the joys of real life. Meeting friends in public spaces is more popular than ever. CRAVING THE MOMENT. How can shopping centers meet this growing demand for experiences? The most impor- tant things they need are passion and initiative. Big events always mean one thing: networking. Once an idea is born, you need partners you can rely on to cover everything from stage construction to security. You also need sponsors and supporters to make the budget work, not to mention connections at local authorities in charge of issuing permits. You also need to stay in constant dia- logue with tenants to ensure they are involved and add- ing value. Sounds like a lot, but it’s worth it. By offering experiences, shopping centers can boost their appeal as regional destinations, attract new audiences, and increase foot traffic for tenants. FOCUSING ON WHAT COUNTS. Something that excites the masses in one shopping center could be a complete flop somewhere else. The key is to truly understand the local population and their needs before diving into plan- ning. It’s also important to cater to all generations equally. If you can take care of all that, then (almost) anything is possible. From drive-in cinemas and drone shows to pub- lic screenings, concerts, and even a winter village at Christmas. Inspiring live events allow shopping centers to position themselves as emotional, real-world expe- riences in contrast to online retail. What an opportunity! The Rhein-Neckar- Zentrum in Viernheim will host a cosplay convention for the first time in summer 2025. 32

Deutsche EuroShop MALL s time -out “We want our center to be a place where everybody – young and old – has a good time. That’s what drives me – even if it means planning something a little crazy sometimes.” Dani Marquardt, Center Manager, Rhein-Neckar- Zentrum Viernheim Gen Z wants inspiration when they shop. UNDERSTANDING YOUR AUDIENCE. Cre- ating an experience sounds like quite a big deal. It can definitely involve a lot of work, money, planning and countless meetings. But sometimes it’s the smallest and most simple ideas that have the biggest impact. Campaigns where tenants donate items for school bag kits tend to get a lot of trac- tion on social media. They also create meaningful moments for children, parents and grandparents alike. Partnering with local influencers is another smart move. They can put a spotlight on special events at the shopping centers with little effort – and they speak directly to Gen Z. They’re also an excellent source of clever and inno- vative ideas.  33

BACK TO REAL LIFE. That’s what makes Gen Z tick. Most of them crave a more ana- logue life: meeting friends, working out, a bit of shopping – but all low-key. No stress, please. Social media? For many, it’s just a time-waster. But sure – they’ll still take inspiration from an influencer from time to time. Seen a fire fit online? Off to the shop- ping center to find it. Or maybe just take some time to chill with friends and hit up some shops for a bit. Cheap eats and lit events – what more could Gen Z want? Forget gaming or social media challenges. Bring them up, and you’ll hear something like “That’s something my younger siblings are into.” 72% of surveyed companies say optimised and unique in-store experiences are a top priority Source: “The Customer of the Future,” Blake Morgan 77% of millennials would choose to spend money on an experience or event over buying something desirable Source: Harris Group 74% of consumers prefer experiences over physical products Source: Eventbrite 34 250 $ billion is expected to be spent on experiential retail globally by 2030 Source: McKinsey

Deutsche EuroShop MALL s time -out Young Gen Z men are typically rather pragmatic when shopping. The stylish outfits the models are wearing in this chapter were provided by the fashion house SiNN. Thank you! SURPRISING? MAYBE. But one thing’s clear: Gen Z likes to keep things chill. Shopping centers fit their lifestyle perfectly. They offer a familiar, predictable environment where big-name stores provide affordable finds. Most people have a favourite shopping center nearby that’s easy to reach. If somewhere’s a bit tricky to get to, that’s a turn-off for Gen Z. Even the best event will be ignored if the shopping center isn’t easy to get to from where they live. On the flip side, if a local shopping center puts on something special for their age group – they’ll be there. This gener- ation is curious and always up for inspiration. They’re hun- gry for (new) experiences: food trends, undiscovered brands and exciting places to explore. That’s why pretty much their first port of call whenever they go on holiday is a big, modern mall – just to check out something fresh. The bottom line is that Gen Z is definitely open to expe- riences at shopping centers – as long as they can hop on the latest trend or start a new one. The catch is that you have to move fast. Hype builds quickly, then it’s his- tory before you know it. It’s no wonder that our centers have so many partnerships with influencers – they’re the ones who shape the trends. Shopping centers are, above all, practical for Gen Z. Whenever they need something, they know they’ll find it there. Sometimes, your favourite kebab spot is reason enough to choose one center over another. It doesn’t always have to be a major live event to get people excited. Sometimes, it’s enough to offer the right thing at the right moment. Dani Marquardt, Center Manager, Rhein-Neckar-Zentrum Viernheim 35

re Research suggests that 95% of purchasing decisions are made unconsciously THE ENTRANCE is brightly lit. Lighting designers say that this encourages people to come into the shop. Sales staff wear bold outfits that spark connection. Special offers at the very back of the shop entice customers through a showcase of tempt- ing items. Selected highlight products in glass display cabinets within arm’s reach vie for attention. A subtle music track sets the rhythm. And in the background, AI adjusts the room temperature in real time based on the weather outside. Shop designs are driven by brand storytell- ing, tech and increasing customer demand for experiences. Every detail is carefully planned. Deutsche EuroShop Product presentation, materials, lighting, music and scents come together to create immersive brand worlds, each one carefully tailored to a location and the brand identity. 37

Deutsche EuroShop MALL s revolution DRIVEN BY SCIENCE Simulating designs Visionary perspectives by the Austrian architect and university professor Christoph M. Achammer and shopfitting expert Wolfgang Gruschwitz. IN THE INDUSTRIAL SECTOR, digital twins have long been used to simulate building construction before a single brick is laid. Building information modelling (BIM) can be used to analyse visitor flows and test out different scenarios, allowing architects to address critical questions early in the planning process. These systems are well-established in construction, but are rarely used to design retail spaces. That’s likely to change soon, according to industry experts.  39

AI-powered dynamic pricing is also making inroads. When demand rises, prices follow; when demand falls, prices drop. Touchscreens are on the decline due to hygiene concerns. Information is once again being provided via QR codes, giving customers access to content – such as sustainability information – on their own smartphones. CUSTOMER EXPERIENCE – HOW TO WOW. Even with all this innovation, one principle remains: it all begins with the brand. What does it stand for? What story does it tell? Storytelling continues to be the emotional cornerstone of shopfitting. Today, it’s about far more than designing sales areas. It’s about creating immersive spaces where people feel at ease – places where trust in a brand can grow, away from social media. Location plays a major role in a brand’s identity. It’s no longer just about what a store should look like, but where it should be. For example, a traditional southern brand might need a gradual roll-out before expanding into the north. Brands analyse data to answer important ques- tions: What are the target groups in the immediate vicinity of the shopping center? What barriers need to be removed? How much emotion should the branch evoke? The Eintracht Frankfurt fan shop at the stadium should feel different to one in a shopping center, where the highs and lows of football aren’t as immediate. The answers to these questions lay the foundation for a truly authentic customer experience. Brands typically ask for two or three designs to fit different budgets. But it’s not just about the look and feel of a place. 40 “The digital world lacks surprise. In a shop, people expect the unexpected.” Prof. Christoph M. Achammer, CEO, ATP architekten ingenieure

Deutsche EuroShop MALL s revolution “When do we need to add emotion? Is the environment emotional enough on its own? These are the kind of questions that we look at right from the start.” Wolfgang Gruschwitz, Founder and managing director, Gruschwitz GmbH A COMBINATION OF DIFFERENT NEEDS. Shop design is an interdisciplinary endeavour. Design is key, but a whole host of other factors come into play early on as well – from ventilation through to power, fire safety, and of course, sustainability. Sustainability is no longer a nice-to-have. It’s expected. The question isn’t whether a store is sustainable, but how. The same goes for simplicity. Orientation is everything. Clear paths, logical product placement, and a “less is more” approach can make or break even the most elaborate brand storytelling.  41

WHAT CUSTOMERS VALUE 100 people were asked what they value when they go shopping in shopping centers and pedestrian zones: Lots of shops close together 85 Discounts and special offers 76 Sufficient free parking 75 Flair/atmosphere 70 Lots of regional products 66 Stores not too cramped 61 Good public transport connections 53 Lots of major chains 43 A wide range of food options 36 Events and promotions 29 Free Wi-Fi 27 Source: ECE study “Zukunft des Konsums”, ECE, 2019 42 Gone are the days of tossing out entire shopfitting setups after ten years or so. Today’s emphasis on recycling gives materials a second life. “teo” at the Main-Taunus-Zentrum SMART STORES. It’s easier than ever to relocate a store. Pop-up formats paved the way by giving stores a cost-effective way to trial new locations and business models. Today, even larger shops are being built with this flexibility in mind. The “teo” smart store concept at the Main-Taunus- Zentrum is a perfect example. Originally set up outdoors, it was easily dismantled and rebuilt inside the shopping center thanks to its inno- vative wooden structure. There’s no need for sealed floors or permanent walls, giving this design a real edge in terms of sustainability.

Deutsche EuroShop MALL s revolution Leaders of the sMALL revolution: sports equipment manufacturers DIGITALISATION AS AN INNOVATOR. The ongoing tech- nological advances in digitalisation and artificial intelli- gence are probably the biggest disruptors right now in the shopfitting space. Multisensory tracking will soon enable stores to better understand their visitors, anticipate their moods, and tailor their offerings accordingly. Interactive, emotionally engaging, and hyper-targeted. The relevant departments and roles already exist and are working hand in hand with the shopfitting industry. Virtual experience spaces, consulting avatars – nothing is unthinkable. Almost everything will be possible in the future. Not as an end in itself, but always with a clear focus on specific customer needs. When Viennese archi- tectural visionary Victor Gruen (Austrian architect and urban planner) invented the concept of the shopping center in Minnesota in the 1950s – envisioning a “city within the city” complete with a church, post office, res- taurant, and more – he surely couldn’t have imagined the sMALL revolution today’s shopping centers are going through as a result of digitalisation. But Victor Gruen would no doubt have enjoyed working with AI and mod- ern technology. The sMALL revolution in shopfitting has begun It’s all about the details, harnessing the potential of technology and scientific insight and embracing major trends such as sustainability. The aim is to create new, multi sensory show rooms for brand experiences that bring digital experiences to life in the real world. We’re on an exciting journey, and it has only just begun. 43

Deutsche EuroShop 47 58 60 62 64 Our shopping centers Events at our centers New concepts Food Garden Center overview 21shopping centers are part of our Europe-wide portfolio 45

Our shopping centers Deutsche EuroShop the MALL s life The success of our company lies in our portfolio. We have 21 shopping centers, each of which is unique. Seventeen of these are in Germany, and there is also one each in Austria, Poland, the Czech Republic and Hungary. Together, they contain 2,673 shops on an area covering 1,085,400 m². Even in these persistently challenging times for the retail sector, we are satisfied with an average occupancy rate of more than 95% at the end of 2024, and we are optimistic about the future. This figure confirms the quality of our portfolio, particularly given the current situation. It has remained at a consistently very high level ever since Deutsche EuroShop was established. Our investments are squarely focused on Germany, where 80% of our centers are located. THE IMPORTANCE OF LOCATION FOR SUCCESS A property’s location has always been an essential factor. If this property is a retailer, the location is the basis for success. Our tenants naturally want to be where their cus- tomers expect them to be. Our tenants and visitors can be sure that each of our 21 shopping centers boast prime loca- tions. Most of our properties are situated in urban centers – places where people have been gathering for hundreds of years to meet and sell their goods. In many cases, our centers are immediately adjacent to local pedestrian zones. Number of centers Leasable space in m² Number of stores Occupancy rate* Inhabitants in the catchment area, in million * In relation to leasable space As at 31 December 2024 Germany 17 Abroad 4 Total 21 879,400 2,030 94% 206,000 1,085,400 2,673 95% 643 98% 13.9 3.4 17.3 A10 CENTER WILDAU/BERLIN 95% occupancy rate* Our portfolio also includes shopping centers in established out-of-town locations. These centers, with their excellent transport links, have offered visitors and customers a wel- come change for many years. In lots of cases, they even replace city shopping expeditions altogether and frequently have a strong pull beyond the immediate region. 47 ###########################################################################BerlinBrandenburgSachsenSachsen-AnhaltPolandFrankfurtan der OderKostrzynHohenNeuendorfHennigsdorfLudwigsfeldeBernauFurstenwaldeStrausbergLubbenauEisenhuttenstadtForstGubenCottbusA103A100A113A10A114A11A12A111A115A15A10A13A13A15B96B87B112B179B1B246B167B115A10 CenterWildau beiBerlinEsri, Garmin, FAO, NOAACopyright © Esri. All rights reserved.

Our shopping centers CITY- ARKADEN WUPPERTAL The first and last touchpoint on a visit to a center is the car park. Our Car Finder makes life easier in this regard: customers simply scan the QR code on a Car Finder sign near the vehicle, sto- ring the parking spot in their smartphones. After shopping, they can then scan another QR code at one of the pay machines and conveniently be gui- ded back to their cars. CITY-ARKADEN KLAGENFURT BILLSTEDT-CENTER HAMBURG Even on their way to the shops, our customers can do something for the environment: all our centers offer a connection to the public transport system. FORUM WETZLAR OPTIMUM ACCESSIBILITY Whether in the city centre or outside the city limits, we pay particular attention to transport links for our properties. In towns and cities, we like to be close to public transport hubs. In Hamelin and Passau, for example, our centers are right next to the main bus stations, while our properties in Norderstedt and Hamburg-Billstedt are directly above or adjacent to underground stations. In Brno, we offer our vis- itors a shuttle bus that runs several times a day between the centre of town and the Olympia Center. All our centers also have their own parking facilities that offer our customers convenient and affordable parking, even in downtown areas, thus ensuring optimum accessi- bility by car. Many of our properties outside inner cities offer free parking. These particular locations are alongside motorways, making them very easy to reach. Examples include the A10 Center in Wildau on the A10 (Berlin ring road) and the Main-Taunus-Zentrum in Sulzbach on the A66. Parking spaces reserved for people with disabilities, fam- ilies and women as well as extra-wide parking spaces are offered as part of our service at all our shopping centers. Electric vehicle charging stations are an example of how we are always thinking about tomorrow. In addition, we are gradually fitting more and more of our parking facilities at the centers with LED parking space indicators or parking guidance systems, which enable visitors to find a conven- ient vacant parking space much more quickly. QR code- based guidance systems also efficiently direct our visitors back to their parking spaces after they have finished brows- ing our shops. 48

SUCCESSFUL MIX Each of our 21 shopping centers has a unique leasing struc- ture that is the result of a long, intensive and constantly evolving process. In these times of continuously increasing online shopping, it is particularly important to take a tar- geted approach to meeting customer demands and expand- ing product ranges at the relevant inner-city location – and, of course, always to offer something special and new. Our overriding goal is to work with retailers in our neighbour- hood to make the entire location more attractive so that everyone can benefit from the increased appeal of the downtown area as a whole. Our centers often actively engage in location marketing and city management together with the relevant town or city, providing financial support as well as manpower and cre- ative input. We attach great value to fair collaboration and partnerships. SAARPARK-CENTER NEUNKIRCHEN ALLEE-CENTER MAGDEBURG Deutsche EuroShop the MALL s life 49

Our shopping centers CITY-GALERIE WOLFSBURG ARCHITECTURE WITH SOMETHING SPECIAL When designing our locations, special attention is always paid to the architecture. Specific plot requirements are deemed just as important as the functional needs of our tenants. We also always have a responsibility towards the city and its residents, and it is important to us that we fulfil this. This includes the best-possible integration into the urban landscape, combined with an exterior that meets modern architectural standards. In seeking to achieve this, we work very closely with the local authorities. The results speak for themselves: the outcome is often an architectural gem, where even unique historical buildings are lovingly integrated into the center if feasible. This is the case, for example, with the listed former Intecta department store, which is now a structural element of the Alt- markt-Galerie Dresden. ALLEE-CENTER MAGDEBURG What’s inside counts, too. The interiors of our shopping centers also need to be impressive, as the key consideration is that our visitors and customers should enjoy shopping there and experience the space as something special. To achieve this, we opt for simple and timeless architecture, making use of premium materials that are often sourced from the local region. Quiet zones, pleasant greenery and fountains are an open invitation to linger. An innovative and energy-saving lighting concept provides a suitable atmos- phere in the mall depending on the time of day, while state- of-the-art air-conditioning systems guarantee a pleasant “shopping climate” as well as clean and safe air all year round. Everything is designed to ensure that all visitors enjoy spending time at the center and want to come back. Ongo- ing modernisation and optimisation mean that our centers retain their value and remain competitive. With that in mind, we teamed up with our center management partner ECE to launch “At Your Service” – a large-scale initiative to exam- ine all the aspects of our centers’ service, to highlight the existing services even more clearly, and to optimise and supplement them where this is sensible and necessary. This includes major improvements to the signage inside the center, lighting upgrades and new colour schemes in the malls. Seating and lounge areas with smartphone charging facilities offer a relaxing break from shopping. Children’s play areas are provided for our smallest visitors. ALTMARKT-GALERIE DRESDEN 50

Deutsche EuroShop the MALL s life Visitors should feel happy and comfortable with us – what- ever their age. It goes without saying that our centers are designed to be used by all generations. Wide malls, esca- lators and lifts mean that it is easy to explore every corner of the center, even with pushchairs or wheelchairs. Shopping without borders – for everyone! Step-free entrances, wide doors and large movement areas also allow people with disabilities maximum mobility in our centers. SUSTAINABILITY GOES WITHOUT SAYING In 2023, all our 21 shopping centers had contracts with suppliers that use renewable energy sources, such as hydroelectric power, for their electricity needs; 20 used exclusively green electricity. We also want to reduce the overall energy consumption of our properties on an ongoing basis and cut CO2 emissions in the process. To this end, we use ultramodern technologies such as heat exchangers and LED lighting systems. We also constantly seek dialogue with our rental partners with the aim of working together to reduce energy consumption in the individual shops. The refuse in our centers is separated not just into paper/card- board, lightweight packaging and glass, but also into left- over food and residual waste. The German Sustainable Building Council (DGNB) has awarded prestigious gold sustainability certificates to 20 of the 21 shopping centers in our portfolio. Stadt-Galerie Passau received a platinum certificate, which is the best award possible. As night falls, the roofs of our centers spring into action. Smart control systems open flaps that allow hot air to escape and cold air to flow in. This eliminates the need for mechanical cooling – and saves a lot of energy. You can find additional information about sustainability action at our shopping centers in the ESG section from page 76. A SECURE FUTURE THROUGH COMPLETE FLEXIBILITY Retail is driven by constant change. One particular chal- lenge we face in the role of lessor is the ability to meet the frequently changing requirements and needs of our tenants. Some tenants expand their retail stores so they can convert the space from a purely retail area into an overall shopping experience. The idea is to give customers more opportuni- ties to take the time to test the desired product on site, and also to consult with specialists on the floor when needed. All these factors play an increasingly important role in retail today, particularly at a time when more and more people are shopping online. We provide customised solutions that meet the growing demand for more varied spaces. We can almost always offer all tenants the exact floor plan they need to make their concepts a reality in our centers, and are also able to accommodate tenants if they want to make changes to an existing retail space later on. Movable internal walls mean that virtually any retail space can be made bigger or smaller to suit tenant requirements. If a tenant wants to make a space smaller, this can, for example, create an opportunity to integrate a new concept into the center at this site. This is what distinguishes our shopping centers from trad- itional shopping streets, which – even today – generally offer only rigid floor plans that have to be accepted the way they are. In some cases, certain retailers wait to enter the market in a city until they are offered the right space in a shopping center because their search in the traditional pedestrian zone has proven unsuccessful. The entire retail sector in city centres benefits from the resulting increase in diversity. MORE THAN 150 MILLION VISITORS IN 2024 More than 17 million people live within the catchment areas of our shopping centers, almost 14 million of them in Ger- many. This represents around 17% of the German popula- tion. The catchment area of a location is a major factor for us when it comes to selecting an investment. This is assessed at regular intervals according to standardised rules for all shopping centers, and represents the total number of potential customers for the location in question. In 2024, our 21 properties welcomed a total of approx. 154 million visitors. MAIN-TAUNUS-ZENTRUM SULZBACH/FRANKFURT 51

Our shopping centers OUR TOP TEN TENANTS H&M, one of the world’s major textile retailers, is our top tenant, accounting for 2.7% of our rental income. The fash- ion retailer New Yorker and the shoe retailer Deichmann, which also owns the sneakers chain Snipes, follow with 2.4% each. Our tenancy portfolio is highly diversified. Our top ten retail tenants account for only about 21% of our rental income, so there is no major dependency on individual tenants. BILLSTEDT-CENTER HAMBURG 2.7% H&M 2.4% Deichmann 2.4% New Yorker 2.2% P&C Düsseldorf THE TEN LARGEST TENANTS 1.6% Thalia 1.6% dm drogerie-markt 1.7% TK Maxx 1.9% Douglas 2.1% C&A 2.2% Ceconomy* * This includes the MediaMarkt and Saturn brands. As at 31 December 2024 20.8 79.2 % top ten tenants % other tenants 52

Deutsche EuroShop the MALL s life LONG-TERM LEASES Most of the leases that we conclude with our tenants are medium to long term. As at 31 December 2024, the weighted residual term of the leases in our portfolio was 4.7 years, with 40% of our leases being secured until at least 2030. OUR PARTNER FOR CENTER MANAGEMENT The management of our 21 shopping centers has been out- sourced to our partner ECE Marketplaces, Europe’s leading service provider for the management of shopping centers. As part of the ECE Group, which operates in the real estate and investment sectors, ECE Marketplaces offers comprehensive expertise and 60 years’ experience in professionally operating, marketing and leasing shopping centers, as well as continuously developing them into lively marketplaces and attractive urban districts. ECE Market- places manages about 200 shopping centers in Europe. Deutsche EuroShop benefits from this experience both within Germany and abroad. Thanks to our streamlined structure, we are therefore able to focus on our core busi- ness and expertise: portfolio management. www.ece.com RESIDUAL TERM OF LEASES, SHARE OF RENTAL INCOME IN % 40% 2030 onwards 5% 2025 10% 2028 As at 31 December 2024 18% 2029 15% 2026 12% 2027 RENT OPTIMISATION RATHER THAN MAXIMISATION One of the core tasks of center management is putting together the right combination of shops to suit the property and the local area. This mix of tenants and sectors is tailored precisely to each location and is constantly refined as a result of careful analysis of each local retail market. Center management also involves identifying the wishes and needs of customers. With that in mind, we like to attract retailers to our centers from sectors that are rarely found in city centres due to the rent level at prime locations, for example toy shops and specialist porcelain shops. We set ourselves apart from the majority of building owners in pedestrian zones in one key respect: as long-term inves- tors, it is our goal to achieve permanent optimisation rather than short-term maximisation of rents. We want to offer our customers and visitors an attractive mix. Instead of focusing on each shop space in isolation, we look at the property as a whole. The rent in each case is calculated primarily on the basis of the sales potential of the sector to which the tenant belongs, as well as the location within the shopping center. This also enables us to give opportunities to new businesses and niche concepts. All sides benefit from this system: as the landlord, we are able to build a collaborative relationship of trust with our tenants for the long term; our tenants benefit from high vis- itor numbers due to the varied mix of offerings; and our customers appreciate the very wide choice of shops. These range from various fashion concepts to accessories, drug- stores and supermarkets, right through to professional ser- vices such as dry cleaners as well as bank and post office branches. 53

Our shopping centers PHOENIX-CENTER HAMBURG CITY-POINT KASSEL GALERIA BAŁTYCKA DANZIG CULINARY DELIGHTS Surveys show that the food and drink offering is an increas- ingly important consideration for customers when choosing whether to visit a shopping center. That’s why we always aim to offer our visitors something special to tempt their taste buds, with a broad selection of cafés, fast-food res- taurants, ice-cream parlours, and more, offering a chance for refreshment and rest while shopping. The Phoenix- Center in Hamburg-Harburg, the City-Point in Kassel and the Galeria Bałtycka in Gdansk all have their own food courts, with space for lots of diners to enjoy a wide variety of cuisines in a single seating area, so that friends or fam- ilies can choose their food from different outlets while still eating together. The Food Garden opened at the Main- Taunus-Zentrum in April 2025, offering high-quality and varied catering options with eight restaurants in five free-standing buildings, covered patios and open terraces, green outdoor areas and sophisticated architecture (more on this on page 62). 54 RETAILTAINMENT The term “retailtainment” is a fusion of the terms “retail” and “entertainment”, and by implication also means the combination of these two concepts. Real in-store experi- ences can transform shopping from a “chore” into an appealing social activity – a conscious way to relieve stress and an enjoyable way to spend leisure time. With smart ideas, we can continue to inspire customers and generate steadily growing sales. Exciting examples of this in our port- folio include “Indoor Skydiving” in the Rhein-Neckar- Zentrum, where visitors can experience the sensation of real weightlessness thanks to powerful turbines in a glass chamber. There is also the “Hole in One” black light minigolf experience at the A10 Center’s leisure world, where six spectacularly themed rooms feature 18 courses that will amaze all who play.

Deutsche EuroShop the MALL s life FOCUS ON FASHION The fashion industry dominates our retail mix at just under 50%. The extensive fashion offering and expertise of our centers is confirmed time and again by customer surveys. It is one reason why customers are willing to travel some- times long distances from the surrounding area to enjoy the wide selection and quality of advice offered in stores. The individual mix of tenants provides each of our centers with a character all of its own. In our shopping centers, we always make sure that there is a healthy blend of regional and local retailers as well as national and international chains. The colourful structure of our centers offers visitors something different each time and the opportunity to satisfy a vast range of consumer needs. OLYMPIA CENTER BRNO RHEIN-NECKAR-ZENTRUM VIERNHEIM/MANNHEIM SECTOR MIX leasable space in % 2.0% Services 3.5% Leisure and entertainment 5.2% Catering 7.6% Health sector 10.8% Food and supermarkets As at 31 December 2024 47.6% Fashion 19.1% Hardware/ electronics 4.2% Drugstores and supermarkets 55

Our shopping centers DIGITAL SUSTAINABILITY TOGETHERNESS IS OUR STRENGTH The internet continues to influence the transformation of retailing – a trend that has been accelerated in recent years due to the coronavirus pandemic. We want to offer the best of both worlds at our centers, combining offline and online experiences and thus showcasing the strengths of our ten- ants: atmosphere, consultation, fitting rooms, immediate availability of merchandise. More and more online-only retailers are learning that pure branding mostly takes place offline and that direct and personal contact with customers is often the best precondition for a subsequent purchase, even if it is online. Multichannel marketing has a part to play here as well, enabling our tenants to combine various means of commu- nication and distribution. For example, products that are out of stock in a store in the required size or colour can be delivered directly to customers at home. Alternatively, cus- tomers can order their goods online from home and collect them from our tenants’ stores in the center. Beyond fostering personal customer interaction, our part- ner ECE Marketplaces has set itself the goal of digitalising the customer relationship, collecting customer data in com- pliance with data protection regulations and consequently developing a better understanding of customers. To this end, it is currently setting up a “Consumer Ecosystem”, which comprises a newsletter, consumer app and person- alisation features on center websites and is also set to be used for our center portfolio. This will allow additional dig- italisation of customer relationships and an even better understanding of customers and their wishes using data collected in compliance with data protection regulations. SUCCESSFUL PARTNER TENANTS Our tenants are among the key drivers of our success. They include, for example, Aldi, Apple, Bijou Brigitte, Birkenstock, Boss, Breuninger, C&A, Christ, Deutsche Post, Deutsche Tele kom, dm drogerie-markt, Douglas, Fielmann, H&M, Jack&Jones, JD Sports, Lego, MediaMarkt, Mister Spex, Nespresso, New Yorker, Reserved, REWE, Rituals, Saturn, Sephora, Søstrene Grene, s.Oliver, Subway, Superdry, Thalia, TK Maxx, Vero Moda, Vodafone and Zara. UNIFORM OPENING HOURS At our centers, visitors can rely on standard core opening hours, unlike in traditional city centres where individual retailers decide for themselves how long to stay open. Hair salons, opticians and travel agencies alike are all open to visitors throughout the center’s full opening hours. This too is a strategic advantage, and one that is especially appre- ciated by customers who have to travel long distances. Service always takes top priority at our centers. Friendly staff are on hand at service points in numerous centers to answer questions about what the center has to offer. Gift vouchers and other items can also be bought there, and many of them hire out children’s buggies. Digital touch- points that enable communication with service staff by live video chat are the perfect complement to traditional cus- tomer information. We are also leading the way with our 3D Wayfinders, which show users how to get to the shop they want with authentic 3D visualisation, or which can be downloaded onto personal smartphones. Thanks to the deployment of discreet security personnel, customers can feel safe at all times. Baby chang- ing rooms, modern customer toilets and cash machines complete the services on offer. Cleanliness and hygiene are a given. It is important to offer customers a variety of naviga- tional aids, especially in large shopping centers. Our modern, digital 3D Wayfinder systems help them to find exactly what they are looking for: whether that’s a shop, a product, a cash machine – or even the toilets. The route is displayed as an authentic, three-dimensional map from the customer’s perspective. It can also be down- loaded from the Wayfinder system onto personal smart- phones using a QR code. Every one of our tenants is automatically also a member of the marketing association of the center in question. This means that each tenant pays a share of the center’s mar- keting costs and can play an active role in the marketing strategy committee. The marketing association plans events together with the center management. This trans- forms the shopping center into a lively marketplace, with fashion shows, art exhibitions, country-themed weeks and information events on a whole range of topics offering guests new and fresh experiences to liven up their visits. Local associations and municipal authorities are also involved in the plans and are given the opportunity to be represented at the center. The lavish center decorations for the Easter and Christmas periods are among the many pro- jects handled by the marketing associations. Other important areas of work include coordinating coher- ent social media and advertising activities for the center as a whole. Radio commercials, adverts on and inside local public transport, and illuminated advertising posters ensure that the advertising measures reach a large audience. In terms of social media activity, we are also entering into more partnerships with influencers as multipliers, particu- larly on Instagram. 56

Our shopping centers Events at our centers Excitement in Pécs, Hungary Arctic feeling in Wuppertal FROM WUPPERTAL TO THE NORTH POLE In December 2024, City-Arkaden Wuppertal treated visi- tors to a truly enchanting Christmas experience: a virtual gondola ride to the North Pole. Guests were welcomed by elves, who opened the doors to a magical journey. They glided over the center’s rooftop and soared over snowy landscapes before arriving at Father Christmas’s home – accompanied by festive music, all completely free of charge. Inside his cosy parlour, Father Christmas greeted his guests, collected their wish lists and handed out sweet surprises. Around 3,000 visitors took part in this festive journey, filling the center with the sound of children’s laughter. The event also generated a lot of engagement on social media. www.city-arkaden-wuppertal.de CELEBRATING 20 YEARS OF ÁRKÁD PÉCS WITH A WHOLE HOST OF WINNERS Árkád Pécs hosted a series of special events in 2024 to mark its 20th anniversary. The highlight came in October with a grand prize draw. This gave anyone who spent at least 15,000 forints (approx. €37) at the center the oppor- tunity to spin a digital “lucky cake”. Up for grabs were four main prizes – shopping vouchers worth 1 million forints each (approx. €2,500). Prizes worth a total of 30 million forints (approx. €75,000) were given away. All participants also picked up a slice of cake at one of the center’s cafés as a thank-you. The center was kitted out with vibrant decorations to mark the anniversary, and the events proved hugely popular with shoppers. www.arkadpecs.hu 58

Deutsche EuroShop the MALL s life WISH TREE IN WETZLAR December 2024 marked the 14th year that the Christmas wish tree made an appearance at Forum Wetzlar. Hanging from the tree were 120 wish cards written by children and teenagers from the Albert-Schweitzer-Kinderdorf in Wetzlar, a therapeutic home for young people with challenging back- grounds. Visitors to the center responded with tremendous gener- osity, and within days every single wish card was taken. Soon after, lovingly wrapped gifts were handed in to center management. The joy was palpable when Center Manager Enver Savkay and his team delivered the parcels contain- ing toys, books, and cosmetics, bringing some festive cheer to many children’s lives. www.forum-wetzlar.de WINTER FUN ON ICE IN MAGDEBURG The ice rink at Allee-Center Magdeburg has long been a regional winter favourite. Skating fans piled in from the surrounding area between late November and mid-January. The grand opening on 21 November 2024 was a festive spectacle, as popular local mascots faced off in a Christmas- themed competition in a relaxed atmos- phere. The evening concluded with a dazzling firework display. The rink remained as popular as ever last year, particu- larly with school groups making the most of special offers. Cosy pagoda tents were available for private Christmas parties, while seasonal food and drinks rounded off the wintry experience. www.allee-center-magdeburg.de Icy fun in Magdeburg Christmas spirit in Wetzlar 59

Our shopping centers New concepts HOLE IN ONE AT THE A10 CENTER Imagine playing a round of minigolf in a 3D fantasy world that looks like something out of 1001 Nights, with sharks and octopuses for company, surrounded by magical forests and enchanted castles. Since February 2024, visitors with a com- petitive streak have enjoyed swinging a luminescent minigolf club under black light at the A10 Center in Wildau/Berlin. With “Hole in One” – which can be found in the A10 Center’s leisure world – company founder Andrea Karge has cre- ated a new attraction that leads players through six themed rooms with 18 different courses. Special features include elaborate and detailed fluorescent colour graffiti on the walls and floors. The glowing images are brought to life in 3D with special glasses that immerse players in neon fantasy worlds. Groups of up to six can compete against each other on each course and put their skills to the test. It takes around 90 minutes to complete the 18-hole circuit. The scores can either be jotted down using the old-school pencil and pad, or players can scan a QR code to record their results in a digital game card that automatically analyses the results at the end of the game and announces the winner. After all that effort, stomachs are sure to be rumbling. No need to look far – hungry minigolfers can recharge their bat- teries in the lounge, which serves a range of coffee, cakes and soft drinks. Black light golf at the A10 Center, Wildau/Berlin 60

Deutsche EuroShop the MALL s life Flexible ticketing allows for 60-to-120-minute sessions, as well as bespoke packages for birthday parties, school out- ings, and corporate events. Toddlers can join MiniJUMP ses- sions to get used to trampolining in a playful way. Safety is a top priority at the Jump House – high-quality equipment, individual safety briefings, and trained staff keep guests safe and sound throughout. Jump House occupies a building that was previously used by a hardware store. It now neighbours cycling retailer B.O.C., Italian restaurant L’Osteria and an indoor skydiving centre. JUMP HOUSE AT RHEIN-NECKAR- ZENTRUM GERMANY’S MOST CUTTING EDGE TRAMPOLINE PARK Since September 2024, the Jump House at Rhein-Neck- ar-Zentrum in Viernheim has offered an action-packed trampoline experience across more than 4,000 square metres, with 18 attractions catering to all ages. In addition to over 40 trampolines in the large FreeJUMP area, visitors can take on daring challenges such as Action- JUMP, SurvivalJUMP and VideoJUMP. Action slides – the first of their kind in Germany – send guests flying into air cushions from a height of seven metres. The Valo Arena provides interactive group games using augmented reality, while the Battle Box invites players to take part in light- hearted gladiator-style duels. Fun at the Jump House at Rhein-Neckar- Zentrum, Viernheim/Mannheim 61

Our shopping centers Food Garden FOOD GARDEN OPENS AT THE MAIN-TAUNUS-ZENTRUM There is something new to whet your appetite at the Main- Taunus-Zentrum. After about 15 months of construction, the new Food Garden opened – fully let – at the shopping center in Sulzbach near Frankfurt am Main on 10 April 2025. Five purpose-built free-standing restaurant buildings offer space for a total of eight restaurants, inviting outdoor ter- races and attractively designed green spaces. With its high-quality, varied range of restaurants and open struc- ture, the Food Garden is an additional attraction and an ideal contributor to the tenant mix at one of the highest-revenue and most successful shopping centers in Germany. Sus- tainable and resource-conserving timber construction methods were used for the new buildings. We have put about €28 million into the project for the strategic development of the Main-Taunus-Zentrum, in col- laboration with our co-investor, a closed-end real estate fund. The project was developed, planned, let and put into action by ECE Marketplaces, which also runs the center. The idea was to create extra ways to attract visitors and bring in new customer groups with the wider range of food outlets at the Food Garden. It was also about improving the quality of stay and encouraging people to spend more time at the center, as well as making the tenant mix and use of space even better. The Food Garden was built on the site of an old department store, so it’s a great example of how shopping centers can adapt to meet changing customer needs and market conditions. 62

Deutsche EuroShop the MALL s life If you love great food, be sure to visit the Food Garden at Main-Taunus-Zentrum. Eight fabulous restaurants offer culinary diversity at a level that is usually only found in top city centre locations. The new food vendors at the Main-Taunus-Zentrum are the steakhouse The Ash, the pizza-pasta eatery L’Osteria, the restaurant-bar Alex, the Japanese noodle bar MoschMosch, the Indian restaurant EatDOORI, and regional favourites Traumkuh, Vegabar and Umami. Opened in 1964, the MTZ is one of the largest and high- est-revenue shopping centers in Germany. The center is almost fully let and has 170 shops over a retail area of more than 90,000 m², including Apple, Anson’s, Breuninger, Hol- lister, MediaMarkt and Zara, as well as a multiplex cinema. 63

1 MAIN-TAUNUS-ZENTRUM Sulzbach/Frankfurt Share: 52 % Leasable space: 124,000 m2 of which retail spaces: 91,000 m2 (plus C&A) Parking spaces: 4,500 Number of stores: 170 Occupancy rate: 99 % Restructuring/ expansion: 2004 main-taunus- zentrum.de Facebook: MainTaunusZentrum 35,000 fans Instagram: @maintaunuszentrum 15,300 followers Google: 4.4 stars Expansion: 2011 Restructuring: 2025 Last modernisation: 2024 Anchor tenants: Anson’s, Appelrath Cüpper, Apple, Breuninger, Galeria, H&M, Hollister, Intersport, MediaMarkt, Zara Catchment area: 2.1 million residents Visitors 2024: 7.8 million Purchased: September 2000 Grand opening: 1964 Address: Am Main-Taunus- Zentrum, 65843 Sulzbach (Taunus) Restructuring: 2001 2 A10-CENTER Wildau/Berlin Share: 100 % Leasable space: 121,000 m2 of which retail spaces: 66,000 m2 Parking spaces: 4,000 Number of stores: 200 Occupancy rate: 95 % a10center.de Facebook: A10Center 27,600 fans Instagram: @a10centerwildau 4,300 followers Google: 4.4 stars Opening of “Freizeitwelt”: 1999 Restructuring/ modernisation/ expansion: 2010–2011 Anchor tenants: Bauhaus, C&A, H&M, Hammer, Kaufland, MediaMarkt, Peek & Cloppenburg, SportScheck, TK Maxx Catchment area: 1.2 million residents Visitors 2024: 4.7 million Purchased: January 2010 Grand opening: 1996 Address: Chausseestraße 1, 15745 Wildau Deutsche EuroShop the MALL s life 65

Our shopping centers 3 ALTMARKT-GALERIE Dresden Share: 100 % Restructuring: 2012 Leasable space: 77,000 m2 Last modernisation: 2019 Anchor tenants: Apple, H&M, Hollister, New Yorker, REWE, Saturn, Sinn, SportScheck Visitors 2024: 12.0 million Address: Webergasse 1, 01069 Dresden of which retail spaces: 44,000 m2 Parking spaces: 500 Number of stores: 200 Occupancy rate: 94 % Catchment area: 1.4 million residents Purchased: September 2000 Grand opening: 2002 Expansion:2011 4 RHEIN-NECKAR-ZENTRUM Viernheim/Mannheim Share: 100 % Restructuring/ expansion: 2003 Leasable space: 68,300 m2 of which retail spaces: 60,000 m2 (plus Galeria and C&A) Parking spaces: 3,800 Number of stores: 110 Occupancy rate: 95 % Catchment area: 1.6 million residents Purchased: September 2000 Grand opening: 1972 66 Restructuring: 2014 and 2024 Last modernisation: 2018 Anchor tenants: Aldi, Active Town, B.O.C., Engelhorn, H&M, Hugendubel, Jump House, Müller Drogerie, Peek & Cloppenburg, TK Maxx Visitors 2024: 8.4 million Address: Robert-Schumann- Str. 8a, 68519 Viernheim altmarkt-galerie- dresden.de Facebook: altmarkt.galerie 85,700 fans Instagram: @altmarktgaleriedresden 7,300 followers Google: 4.5 stars rhein-neckar- zentrum- viernheim.de Facebook: RheinNeckarZentrum Viernheim 58,800 fans Instagram: @rheinneckarzentrum_ viernheim 25,400 followers Google: 4.4 stars

5 HEROLD-CENTER Norderstedt Share: 100 % Leasable space: 54,300 m2 of which retail spaces: 26,000 m2 (plus Rusta and Saturn) Parking spaces: 850 Restructuring/ expansion: 1995 and 2003 Last modernisation: 2018 Anchor tenants: C&A, H&M, Peek & Cloppenburg, REWE Number of stores: 140 Visitors 2024: 9.2 million herold-center.de Facebook: Herold.Center. Norderstedt 28,400 fans Instagram: @heroldcenter 3,700 followers Google: 4.1 stars Address: Berliner Allee 38-44, 22850 Norderstedt Occupancy rate: 93 % Catchment area: 0.5 million residents Purchased: January 2013 Grand opening: 1971 6 RATHAUS-CENTER Dessau Share: 100 % Expansion: 2023 Leasable space: 52,500 m2 Last modernisation: 2019 Anchor tenants: H&M, MediaMarkt, Modehaus Fischer, REWE, Rusta, Thalia, TK Maxx Visitors 2024: 5.0 million Address: Kavalierstraße 49, 06844 Dessau-Roßlau of which retail spaces: 32,900 m2 Parking spaces: 850 Number of stores: 90 Occupancy rate: 89 % Catchment area: 0.3 million residents Purchased: November 2005 Grand opening: 1995 rathauscenter- dessau.de Facebook: rathauscenterdessau 18,900 fans Instagram: @rathauscenterdessau 6,700 followers Google: 4.2 stars Deutsche EuroShop the MALL s life 67

Our shopping centers 7 ALLEE-CENTER Magdeburg Share: 100 % Leasable space: 51,300 m2 Expansion: 2001 and 2006 Restructuring: 2018 of which retail spaces: 35,000 m2 Last modernisation: 2019 Parking spaces: 1,300 Number of stores: 150 Occupancy rate: 97 % Catchment area: 0.9 million residents Anchor tenants: H&M, REWE, Saturn, Sinn, SportScheck Visitors 2024: 8.5 million Address: Ernst-Reuter- Allee 11, 39104 Magdeburg Purchased: October 2011 Grand opening: 1998 8 PHOENIX-CENTER Hamburg Share: 75 % Restructuring/ expansion: 2016 allee-center- magdeburg.de Facebook: AlleeCenterMD 52,400 fans Instagram: @alleecentermagdeburg 6,500 followers Google: 4.3 stars phoenix-center- harburg.de Leasable space: 43,400 m2 of which retail spaces: 29,000 m2 Parking spaces: 1,400 Number of stores: 130 Occupancy rate: 96% Catchment area: 0.6 million residents Purchased: August 2003 Grand opening: 2004 68 Last modernisation: 2020 Anchor tenants: C&A, H&M, MediaMarkt, New Yorker, REWE, Sinn, SportScheck, TK Maxx Facebook: PhoenixCenterHarburg 25,900 fans Instagram: @phoenixcenterharburg 4,900 followers Google: 4.2 stars Visitors 2024: 7.8 million Address: Hannoversche Straße 86, 21079 Hamburg

9 BILLSTEDT-CENTER Hamburg Restructuring: 1977 and 1996 Last modernisation: 2019 billstedt-center.de Facebook: Billstedtcenter 20,800 fans Anchor tenants: C&A, H&M, MediaMarkt, REWE, TK Maxx Instagram: @billstedtcenter_ hamburg 5,500 followers Google: 4.0 stars Visitors 2024: 10.3 million Address: Möllner Landstr. 3, 22111 Hamburg Share: 100 % Leasable space: 42,500 m2 of which retail spaces: 29,500 m2 (plus Primark) Parking spaces: 1,500 Number of stores: 110 Occupancy rate: 98 % Catchment area: 0.8 million residents Purchased: January 2011 Grand opening: 1969 10 SAARPARK-CENTER Neunkirchen Share: 95 % saarpark-center.de Facebook: SaarparkCenterNeun- kirchen 44,200 fans Instagram: @saarparkcenter 8,800 followers Google: 4.3 stars Restructuring/ex- pansion: 1999 Restructuring: 2009 and 2020 Last modernisation: 2020 Anchor tenants: C&A, Müller Drogerie, H&M, Peek & Cloppenburg, TK Maxx Visitors 2024: 4.9 million Address: Stummplatz 1, 66538 Neunkirchen Leasable space: 35,600 m2 of which retail spaces: 33,500 m2 Parking spaces: 1,600 Number of stores: 115 Occupancy rate: 95 % Catchment area: 0.7 million residents Purchased: October 2016 Grand opening: 1989 Deutsche EuroShop the MALL s life 69

Our shopping centers 11 FORUM Wetzlar Share: 100 % Leasable space: 34,500 m2 of which retail spaces: 23,500 m2 Restructuring: 2015 and 2020 Anchor tenants: Kaufland, MediaMarkt, Thalia, TK Maxx Parking spaces: 1,700 Visitors 2024: 7.5 million Address: Am Forum 1, 35576 Wetzlar Number of stores: 110 Occupancy rate: 94 % Catchment area: 0.5 million residents Purchased: October 2003 Grand opening: 2005 12 ALLEE-CENTER Hamm Share: 100 % Reconstruction/ restructuring: 2003 and 2009 Last modernisation: 2023 Anchor tenants: C&A, H&M, Peek & Cloppenburg, Saturn, TK Maxx Visitors 2024: 4.9 million Address: Richard-Matthaei- Platz 1, 59065 Hamm Leasable space: 34,000 m2 of which retail spaces: 21,000 m2 Parking spaces: 1,300 Number of stores: 90 Occupancy rate: 97 % Catchment area: 0.4 million residents Purchased: April 2002 Grand opening: 1992 70 forum-wetzlar.de Facebook: ForumWetzlar 19,000 fans Instagram: @forumwetzlar 3,500 followers Google: 4.3 stars allee-center- hamm.de Facebook: AlleeCenterHamm 30,000 fans Instagram: @alleecenterhamm 5,900 followers Google: 4.2 stars

13 CITY-GALERIE Wolfsburg Share: 100 % Leasable space: 30,800 m2 of which retail spaces: 20,000 m2 Parking spaces: 800 Number of stores: 100 Occupancy rate: 91 % Catchment area: 0.5 million residents Purchased: September 2000 Grand opening: 2001 Restructuring: 2013 city-galerie- wolfsburg.de Last modernisation: 2023 Anchor tenants: Hempel, New Yorker, REWE, Saturn, TK Maxx Facebook: city.galerie.wolfsburg 12,800 fans Instagram: @citygaleriewolfsburg 6,500 followers Google: 4.2 stars Visitors 2024: 5.9 million Address: Porschestr. 45, 38440 Wolfsburg 14 CITY-ARKADEN Wuppertal Share: 100 % Restructuring: 2011 Leasable space: 28,700 m2 Last modernisation: 2023 Anchor tenants: Akzenta, H&M, Reserved, Thalia Visitors 2024: 7.8 million Address: Alte Freiheit 9, 42103 Wuppertal of which retail spaces: 20,000 m2 Parking spaces: 650 Number of stores: 80 Occupancy rate: 98 % Catchment area: 0.7 million residents Purchased: September 2000 Grand opening: 2001 city-arkaden- wuppertal.de Facebook: CityArkadenWuppertal 10,900 fans Instagram: @cityarkadenwuppertal 2,500 followers Google: 4.2 stars Deutsche EuroShop the MALL s life 71

Our shopping centers Restructuring: 2009 and 2015 Anchor tenants: H&M, New Yorker, Saturn, tegut Visitors 2024: 7.5 million Address: Königsplatz 61, 34117 Kassel city-point-kassel.de Facebook: CityPointKassel 49,600 fans Instagram: @citypointkassel 7,800 followers Google: 4.3 stars 15 CITY-POINT Kassel Share: 100 % Leasable space: 27,800 m2 of which retail spaces: 20,000 m2 Parking spaces: 220 Number of stores: 60 Occupancy rate: 79 % Catchment area: 0.6 million residents Purchased: September 2000 Grand opening: 2002 16 stadt-galerie- passau.de Facebook: StadtgaleriePassau 35,400 fans Instagram: @stadtgalerie_passau 10,700 followers Google: 4.4 stars STADT-GALERIE Passau Share: 100 % Leasable space: 27,700 m2 of which retail spaces: 21,000 m2 Parking spaces: 500 Restructuring: 2018-2020 Last modernisation: planned for 2025 Anchor tenants: C&A, Saturn, Thalia, TK Maxx Number of stores: 90 Visitors 2024: 6.4 million Occupancy rate: 97 % Catchment area: 0.8 million residents Address: Bahnhofstr. 1, 94032 Passau Purchased: December 2006 Grand opening: 2008 72

Deutsche EuroShop the MALL s life 17 STADT-GALERIE Hamelin Restructuring: 2018 and 2024 Anchor tenants: Müller Drogerie, New Yorker, Thalia Visitors 2024: 4.6 million Address: Pferdemarkt 1, 31785 Hamelin stadtgaleriehameln.de Facebook: StadtGalerieHameln 12,700 fans Instagram: @stadtgaleriehameln 3,400 followers Google: 4.2 stars Share: 100 % Leasable space: 26,000 m2 of which retail spaces: 19,000 m2 Parking spaces: 500 Number of stores: 85 Occupancy rate: 88 % Catchment area: 0.3 million residents Purchased: November 2005 Grand opening: 2008 We also have a strong INTERNATIONAL presence in prime locations  73

Our shopping centers 18 OLYMPIA CENTER Brno, Czech Republic Share: 100 % Leasable space: 85,000 m2 of which retail spaces: 71,000 m2 Parking spaces: 4,000 Restructuring: 2014–2016, 2021 Last modernisation: 2023 Anchor tenants: Albert, H&M, Intersport, Peek & Cloppenburg Number of stores: 200 Visitors 2024: 8.2 million Occupancy rate: 97 % Catchment area: 1.2 million residents Address: U Dálnice 777, 664 42 Modřice, Brno, Czech Republic olympia-centrum.cz Facebook: olympiabrno 48,700 fans Instagram: @olympiacentrumbrno 14,300 followers Google: 4.4 stars Purchased: March 2017 Grand opening: 1999 19 GALERIA BAŁTYCKA Gdańsk, Poland Share: 100 % Restructuring: 2017 Last modernisation: 2022 galeriabaltycka.pl Facebook: galeriabaltycka 71,400 fans Anchor tenants: Carrefour, H&M, MediaMarkt, Peek & Cloppenburg, Reserved, Zara Instagram: @galeriabaltycka 7,500 followers Google: 4.5 stars Visitors 2024: 7.0 million Address: al. Grunwaldzka 141, 80-264 Gdańsk, Poland Leasable space: 48,700 m2 of which retail spaces: 43,000 m2 Parking spaces: 1,050 Number of stores: 193 Occupancy rate: 99 % Catchment area: 1.1 million residents Purchased: August 2006 Grand opening: 2007 74

20 CITY-ARKADEN Klagenfurt, Austria Deutsche EuroShop the MALL s life Anchor tenants: Billa, C&A, H&M, Müller Drogeriemarkt, Peek & Cloppenburg, TK Maxx, Zara Visitors 2024: 4.9 million Address: Heuplatz 5, 9020 Klagenfurt, Austria city-arkaden- klagenfurt.at Facebook: cityarkadenklagenfurt 21,500 fans Instagram: @cityarkadenklagenfurt 9,300 followers Google: 4.4 stars arkadpecs.hu Facebook: arkadpecs 44,000 fans Instagram: @arkad_pecs 5,000 followers Google: 4.3 stars Last modernisation: planned for 2025 Anchor tenants: C&A, H&M, Interspar, MediaMarkt Visitors 2024: 10.5 million Address: Bajcsy Zs. U. 11/1, 7622 Pécs, Hungary Share: 50 % Leasable space: 36,900 m2 of which retail spaces: 30,000 m2 Parking spaces: 880 Number of stores: 120 Occupancy rate: 97 % Catchment area: 0.4 million residents Purchased: August 2004 Grand opening: 2006 21 ÁRKÁD Pécs, Hungary Share: 50 % Leasable space: 35,400 m2 of which retail spaces: 33,500 m2 Parking spaces: 850 Number of stores: 130 Occupancy rate: 99 % Catchment area: 0.7 million residents Purchased: November 2002 Grand opening: 2004 75

Deutsche EuroShop Advancing our sustainability strategy Sustainability at the highest level Smart system monitoring Charging points Green electricity Whistleblower system Green leases EPRA sBPR Report – 2024 The Executive Board The Super visory Board Memberships and recognised codes Report of the Supervisory Board Declaration on Corporate Governance 2024 78 82 84 86 87 88 89 90 99 100 104 106 111 Environmental, social and governance (ESG) issues are a top priority for Deutsche EuroShop. We firmly believe that sustainability and profitability are not mutually exclusive. Neither are the shopping experience and environmental awareness. We attach particular importance to a good working environment, ongoing training and intensive dialogue with our stakeholders. Long-term thinking is part of our strategy. This includes playing our part in our commitment to ESG. In addition, Deutsche EuroShop has for many years supported a range of local and regional activities that take place in our shopping centers in the areas of the environment, society and the economy. We are constantly developing the sustainability strategy for Deutsche EuroShop and our shopping centers and are prepared to make necessary investments. And of course we subject ourselves to measurement: the Executive Board compensation system includes ESG targets, the achievement of which is linked to financial incentives. In this ESG Report, we provide information on our environmental, social and govern- ance practices and our contribution to a better future. 77

ESG Report Advancing our sustainability strategy The process for identifying, analysing and prioritising IROs was aligned with the European Sustainability Reporting Standards (ESRS) and the corresponding implementation guidelines (IG 1 and IG 3). The assessment was carried out using established risk management methods. It drew on both internal and external expertise while also considering the perspectives of relevant stakeholder groups. Step 1: Engaging with stakeholders We systematically identified and prioritised stakeholders along Deutsche EuroShop’s value chain in 2024 to prepare for the double materiality assessment. Stakeholders were prioritised based on criteria such as degree of impact, level of influence, expertise and interests. We included the entire range of relevant stakeholders in the subsequent engagement process to give us a compre- hensive overview of our stakeholders’ perspectives on sus- tainability. Stakeholders were categorised into three groups: sustainability reporting users, directly affected stakeholders, and financially influential stakeholders. Key stakeholders for Deutsche EuroShop in the reporting year included employees (including the Executive Board and Supervisory Board), business partners/suppliers, ECE Mar- ketplaces, banks, capital market participants, tenants, and shopping center visitors. The stakeholder engagement process included direct engagement through an online survey and an indirect pro- cess involving document analysis. The questions used for the online survey focused on stakeholder impact and top- ic-related requirements to ensure that the survey was effi- cient and fit for purpose. Stakeholders who could not be reached directly were assessed through intermediaries or document analyses. The results of the stakeholder engagement process were processed to facilitate a structured analysis based on the collective perspectives of stakeholders, their degree of impact and their financial influence. These insights were assigned to relevant topics and provided the internal DMA team with a robust foundation for identifying and assessing sustainability-related impacts, risks and opportunities. In 2024, we laid the foundation for a review of our sustain- ability strategy. In light of the increasing expectations from society and our stakeholders, we performed a comprehen- sive materiality assessment in alignment with the European Sustainability Reporting Standards (ESRS). This assess- ment will serve as the basis for the refinements we make to our strategy and will ensure that the actions we take are aligned with key sustainability topics. We focused on the following initiatives: Analysing a wider range of topics in accordance with ESRS recommendations to critically assess our existing priorities. Systematically integrating stakeholders into our sustainability strategy by evaluating our value chain and identifying, prioritising, and analysing stakeholders. This was done both directly, through our stakeholder engagement process, and indirectly, through the analysis of relevant documents, including the requirements of ESG rating agencies. Conducting a double materiality assessment to identify key sustainability topics through a two-step process. First of all, potential impacts, risks and opportunities were identified and the aggregation level was defined. Then, the intensity and relevance of these factors were analysed. DOUBLE MATERIALITY ASSESSMENT FOR THE FURTHER OPTIMISATION OF THE SUSTAINABILITY STRATEGY Deutsche EuroShop conducted a double materiality assess- ment between December 2024 and March 2025. This assessment will serve as the foundation for future enhance- ments to our sustainability strategy. An internal team at Deutsche EuroShop led the multi-stage process of identi- fying, analysing and prioritising material impacts, risks, and opportunities (IROs) in the area of sustainability. This pro- cess forms the core of the double materiality assessment (DMA). A number of preparatory measures had been in progress since 2022 to ensure that all contextually relevant informa- tion was available. Our internal team used this information to conduct a two-stage materiality assessment with the assistance of external consultants. The team comprised the Executive Board and senior members of staff from Investor & Public Relations, Asset & Portfolio Management, and Accounting & Controlling. 78

Deutsche EuroShop the MALL s life The scope of the initial double materiality assessment included: The financing and acquisition of properties (upstream value chain) Strategic and financial management, portfolio development and management, lease structuring and risk management (own operations) Center management and ECE’s activities related to maintaining and improving property values and tenant processes (downstream value chain) Tenants and their logistics processes and visitor travel to and from shopping centers were included in the double materiality assessment. However, they could not be ade- quately quantified due to a lack of reliable benchmarks. The majority of the related data has been deferred for future analyses. Step 2: Understanding the sustainability context and defining the scope of the assessment In the second step of the materiality assessment process, we ensured that we had a robust set of information at our disposal for identifying and analysing IROs. Relevant insights and data were systematically compiled and made accessible. The assessment drew upon a wide range of external and internal sources and took both sector- and entity-specific characteristics into consideration. Our sources included: Information from the European Sustainability Reporting Standards (ESRS) Sector-specific requirements from the EU Taxonomy Regulation, IFRS/SASB, and other sources Reports related to our ESG ratings from leading rating agencies Indirectly sourced information about the needs of our stakeholders (e.g., from associations, peers, anchor tenants, investors and banks) as well as relevant studies and scientific findings (e.g., secondary statistical target group data on shopping center visitors) Information provided directly through the stakeholder engagement survey Existing data from our risk management processes and past reporting (e.g., DGNB certifications, reinsurers’ asset reports, and the EPRA report) Indicators and targets of the Sustainable Development Goals Data from established public data providers such as Climate Action Tracker or Water Risk Filter We also defined how much of Deutsche EuroShop’s value chain should be included within the scope of our assess- ment based on the availability of information and relevant data. Our ESRS-compliant materiality assessment looked at our own business operations as well as a manageable portion of directly upstream and downstream processes. 79

ESG Report Advancing our sustainability strategy Step 3: Identifying impacts, risks and opportunities In the third step, we screened our value chain processes in line with the structure outlined in ESRS 1 AR 16, i.e. at the level of topics, subtopics, and sub-subtopics. All iden- tified IROs underwent an initial assessment to create a longlist for the actual materiality process. This longlist was further refined before the final materiality assess- ment. Regional aspects, position in the value chain, and thematic focus areas were assessed when defining the level of aggregation. The selected level of aggregation ensured that no important details were lost due to exces- sive generalisation. Step4: Assessing the significance of identified impacts, risks and opportunities In the fourth step, the identified IROs were evaluated on a scale to determine their level of materiality in terms of our business model and strategy. Five-tier rating scales were drawn up in accordance with ESRS implementation guide- lines (IG1) to cover a variety of dimensions. For Deutsche EuroShop’s impacts, these dimensions included: 1. Magnitude/intensity 2. Scope/reach 3. Irreversibility/remediability For Deutsche EuroShop’s risks and opportunities, the following three dimensions were considered: 1. Implications for financially relevant stakeholder relationships 2. Implications for resource availability and dependencies 3. Effects on financial aspects such as economic situation, cash flow or costs 80 The severity level for each IRO, was determined by taking the average across the individual dimensions. In a final step, the likelihood of occurrence of each IRO was factored into the materiality assessment. IROs which have already occurred or are highly probable were weighted more heav- ily than less likely ones. An IRO was classified as material if it reached the threshold of “important” (scale: “minimal,” “informative,” “important,” “significant,” “critical”). Any IRO with a score of 5 in any dimension was automatically classified as material, regard- less of its overall score. The thresholds used to determine materiality were defined from a monetary and qualitative perspective.

Deutsche EuroShop the MALL s life Results of the double materiality assessment The assessment identified five material topics for Deutsche EuroShop: “climate change”, “pollution”, “water and marine resources”, “circular economy” and “business conduct”. The table below provides an overview of the relevant material subtopics and IRO areas, in addition to their position in the value chain: Topic Climate change (E1) Pollution (E2) Water (E3) Circular economy (E5) Business conduct (G1) Identified IRO area Climate change adaptation Climate change mitigation Energy Pollution of air, water and soil Water (consumption, withdrawal) Waste Corporate culture Corruption and bribery Management of supplier relationships The double materiality assessment identified a total of 19 material impacts, risks and opportunities and assigned them to relevant subtopics. These material impacts, risks and opportunities will be inte- grated into the risk management system, operationalised through various indicators and systematically monitored both internally and externally (via certifications). Targets, measures, and monitoring processes will be established in the short- to medium-term in areas where they are required. These will provide the foundation for the further devel- opment of our sustainability strategy and a transparent reporting process which we will use to provide informa- tion about progress and improvements on a regular basis. 81 Aerial view of Hamelin: The historic facade of the Stadt-Galerie is clearly visible to the right of the St. Nicolai market church Step 5: Final validation of impacts, risks and opportunities In the fifth and final step, all IRO assessments underwent a final round of plausibility checks. These involved multiple discussions, alignment rounds, and cross-checks in a vari- ety of formats. The majority of these were performed within the central team involved in the double materiality assess- ment. The material IROs will be discussed in detail by the Executive Board and are expected to be formally approved and presented to the Supervisory Board in 2025. The double materiality assessment process – conducted for the first time in the reporting year under ESRS require- ments – will be reviewed and developed in the coming year as needed. These efforts will focus on incorporating addi- tional parts of the value chain into the assessment when- ever an adequate amount of data is available.

ESG Report Sustainability at the highest level HOW BUILDINGS BENEFIT FROM SMART TECHNOLOGIES TOP HONOURS FOR SUSTAINABLE MANAGEMENT Sustainable business practices are more important than ever, and the real estate sector is placing an increasing emphasis on environmentally friendly solutions. An impressive example of this commitment is the successful re-certification of 20 of our shopping centers in line with the rigorous Buildings In Use (2020) standard of the German Sustainable Building Council (DGNB). This achievement was all the more remarkable in light of the stringent requirements introduced in the latest version of the standard. Climate risk analyses and climate action roadmaps were mandatory components of the certification process for the first time. Despite these additional chal- lenges, our centers delivered exceptional results: 20 Gold certifications and one Platinum. SMART TECHNOLOGIES AS THE KEY TO SUCCESS The Stadt-Galerie in Passau received Platinum certification and stood out due to its innovative approach. A key factor in this success was the use of a technical monitoring sys- tem. This system provides a comprehensive overview of key operational data, such as energy and water consump- tion. The center saved energy and minimised environmen- tal risks by monitoring and optimising its building systems at all times. DGNB Sustainability Certificate Center GERMANY 1 Main-Taunus-Zentrum, Sulzbach/Ts. 2 A10 Center, Wildau/Berlin 3 Altmarkt-Galerie, Dresden 4 Rhein-Neckar-Zentrum, Viernheim 5 Herold-Center, Norderstedt 6 Rathaus-Center, Dessau 7 Allee-Center, Magdeburg 8 Billstedt-Center, Hamburg 9 Phoenix-Center, Hamburg 10 Saarpark-Center, Neunkirchen 11 Forum, Wetzlar 12 Allee-Center, Hamm 13 City-Galerie, Wolfsburg 14 City-Arkaden, Wuppertal 15 City-Point, Kassel 16 Stadt-Galerie, Passau 17 Stadt-Galerie, Hamelin ABROAD 18 Olympia Center, Brno, Czech Republic 19 Galeria Bałtycka, Gdańsk, Poland 20 City-Arkaden, Klagenfurt, Austria 21 Árkád, Pécs, Hungary Certifi cation Gold Gold Gold Gold Gold Gold Gold Gold Gold Gold Gold Gold Gold Gold Gold Platinum Gold Gold Gold Gold Gold Gold Platin 82 STADT-GALERIE PASSAU

Deutsche EuroShop the MALL s life LOOKING AHEAD: DGNB 2025 AND CONTINUOUS IMPROVEMENT The DGNB certification requirements are set to be updated in 2025. We expect them to be even stricter. If we want to maintain our outstanding performance in the area of sus- tainability, a continuous improvement process is essential. SUMMARY THE PDCA CYCLE: A PROVEN APPROACH TO SUSTAINABLE MANAGEMENT The PDCA (Plan-Do-Check-Act) cycle is a well-established process for implementing sustainability goals. This cycle provides a systematic framework for planning, implement- ing, evaluating and adapting measures. Potential optimisa- tions can be identified and fully leveraged by recording and analysing relevant consumption data. The re-certification of our shopping centers demonstrates that smart technologies and a systematic approach can make a significant contribution to sustainability. In future, we will need to develop and implement innovative solutions to tackle climate change challenges. ACT Define measures PLAN Agree on target Continuous improvement process CHECK Analyse measure- ment data DO Capture measure- ment data 83

ESG Report Smart system monitoring How does it work? Our service provider aedifion played a key role in implementing these systems. TÜV Rheinland have confirmed that this smart technology complies with Section 71a of the GEG. The system offers the following features: Data access: The system provides access to con- sumption data using standard interfaces. Continuous monitoring: All key energy sources and building systems are continuously moni- tored, logged and analysed. Efficiency analysis: The systems detect waste and identify opportunities for optimisation. Targets: Energy efficiency targets are defined for the shopping center. Responsibility: An individual or company respon- sible for energy management must be appointed. What does this mean for the future? Shopping centers can significantly reduce their energy consumption and make an important contribution to climate protection by implementing these measures. Digital energy monitoring puts centers in a position to make continuous improvements in terms of energy efficiency and cost reduction. SMART SYSTEM MONITORING REDUCES COSTS AND CO₂ EMISSIONS Our centers are using a smart system monitoring solution from aedifion to optimise the operation of heating, ventilation and air conditioning (HVAC) systems. The software continuously monitors operational parameters in real-time and identifies opportunities for savings. Aedifion then helps operators to implement these measures – resulting in lower costs and reduced CO₂ emissions. As a recognised DGNB service, it also helps us to comply with sustainability standards. SMART MONITORING, SUSTAINABLE SAVINGS: HOW SMART TECHNOLOGY MAKES BUILDINGS MORE EFFICIENT Imagine a building that can detect where energy is being wasted and automatically prevent it. It might sound like science fiction – but the system monitoring solution from aedifion GmbH means that this is already a reality at our shopping centers. This innovative technology reduces the energy consumption of buildings, lowers costs, and con- tributes to environmental protection. Energy efficiency in shopping centers: How modern technology makes it possible Energy efficiency requirements for large shopping centers in Germany recently became a lot more demanding. These requirements were introduced in the Building Energy Act (GEG) in order to significantly reduce the energy consumption of buildings of this kind. What is required? By 31 December 2024, all shopping centers had to be equipped with a digital energy monitoring system. This technology is used to monitor, analyse and optimise energy consumption at all times. 84

HOW DOES IT WORK? At the heart of the system is a smart piece of software that continuously monitors all technical systems – from heating and ventilation through to air conditioning (HVAC). Sensors capture real-time data on key parameters such as temper- atures, pressure and valve positions. This data is securely stored on a cloud platform and analysed by the software. KEY BENEFITS AT A GLANCE Transparency and control Facility managers always have a clear overview of the condition of their technical systems. The software immediately detects inefficiencies and provides tailored recommendations. Energy efficiency and cost savings By optimising our systems, we have significantly reduced the energy consumption and running costs of our centers. Lower energy consumption also means reduced CO2 emissions – benefiting the environment. Sustainability The aedifion system monitoring solution is recognised by the German Sustainable Building Council (DGNB) and is helping us to achieve our sustainability goals. Convenience After an initial adaptation phase, the software can optimise system settings autonomously as needed. The provider offers a comprehensive full-service package, including data collection and the implementation of measures. Deutsche EuroShop the MALL s life GALERIA BAŁTYCKA GDAŃSK, POLAND THE DIFFERENCE BETWEEN SYSTEM MONITORING AND ENERGY MONITORING System monitoring is often confused with energy moni- toring. While the purpose of both is to reduce energy con- sumption, they take different approaches: System monitoring tracks the operational parameters of technical systems. Energy monitoring records consumption data from meters. Simply put, system monitoring examines how systems work, while energy monitoring looks at how much energy they consume. Both system types can be used in parallel and complement each other effectively. SUMMARY Smart system monitoring is an investment in the future. It is helping us to run our shopping centers more efficiently, cut our costs and contribute to climate protection. 85

ESG Report Charging points NEW AT THE MAIN-TAUNUS-ZENTRUM AND RHEIN-NECKAR-ZENTRUM: THE NIO POWER SWAP STATION Developed by Chinese EV manufacturer NIO, the Power Swap Station is the first of its kind worldwide and offers fully automated battery swapping in just three minutes. Drivers can use the station to swap their empty battery for a fully charged one quickly and easily. They can reserve a battery in advance from their car and then navigate to the nearest station. Upon arrival, they park in the desig- nated zone. From there, the intelligent technology takes over and handles everything from remote parking to the battery swapping process. There are now around 60 NIO Power Swap Stations across Europe. Two of them are in our portfolio – one at the Main-Taunus-Zentrum in Sulzbach/ Frankfurt, and the other at the Rhein-Neckar-Zentrum in Viernheim/Mannheim. You can find more information and a video on the NIO Power Swap Station here: THE CHARGING CONCEPT FOR OUR PORTFOLIO: At least 1% of our parking spaces should be equipped with a charging point in the future Access for all makes of e-vehicles Charging options for people with limited mobility Multiple payment options, including ad-hoc payment On-demand charging services for long-term parkers, center customers and “charging customers” There are four electric charging stations available to customers in the Rathaus-Center Dessau car park OVERVIEW OF E-CHARGING INFRASTRUCTURE IN OUR PORTFOLIO Property Rhein-Neckar-Zentrum, Viernheim/Mannheim Rathaus-Center, Dessau A10 Center, Wildau/Berlin Forum, Wetzlar Main-Taunus-Zentrum, Sulzbach/Frankfurt Olympia, Brno, Czech Republic Number of charging points Charging method 32 AC/DC/HPC 4 AC 22 DC/HPC 4 AC 33 AC/HPC 34 AC/HPC Provider/CPO Allego, Tesla, NIO - Allego,Tesla Energie- und Wassergesellschaft mbH Symcharge, Tesla, Allego, Nio Tesla, Telparny, EON * Additional sites are in the planning stages AC = Alternating current DC = Direct current (higher power) HPC = High power charging 86

Green electricity Deutsche EuroShop the MALL s life In 2024, all of our 21 shopping centers had contracts with utilities that use renewable energy sources such as hydro- power to generate electricity. 20 centers obtained only green electricity. TÜV Süd certified this for our centers in Germany with the recognised “Eco Power” certification mark. The remaining center was fully converted to green electricity for the supply year 2025. Our 21 centers used a total of around 66.1 million kWh of green electricity in 2024. This represented 82 % of the elec- tricity requirement to operate the shopping centers. Based on conservative calculations, this meant a reduction of around 23,758 tonnes in carbon dioxide emissions – equat- ing to the annual CO2 emissions of more than 1,080 two-per- son households. The use of heat exchangers and ener- gy-saving light bulbs (LED) allows us to further reduce energy consumption in our shopping centers. REDUCTION OF CO2 EMISSIONS AND ELECTRICITY CONSUMPTION in thousand t, in thousand MWh Number of centers included 100 75 50 25 0 24 18 12 6 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Number of centers included CO2 reduction in thousand t Total electricity consumption in thousand MWh 87

ESG Report Whistleblower system INFOBOX A whistleblower refers to a person who publishes secret or protected information in the interests of the public. WHAT IS A WHISTLEBLOWER SYSTEM? COMPLIANCE COMPACT As a listed company, it is our duty – also in the interests of our shareholders – to prevent any form of unlawful or even criminal activity within our own sphere of influence. This includes providing reporting channels so that employees and external parties can report indications of possible mis- conduct with ease and in the strictest confidentiality. Major economic scandals such as the “Wirecard” case or “Dieselgate”, as it has come to be known, ensure that the topic of whistleblowing stays in the news and that legisla- tors continue to push ahead with more and more regula- tions – most recently the EU Whistleblowing Directive, which in Germany has resulted in the Whistleblower Pro- tection Act. The term “whistleblower system” appears in this context on a regular basis. Using a whistleblower system, whistleblowers such as employees of a company or organisation, suppliers or cus- tomers can report anonymous information about observed grievances or violations of rules without fear of negative consequences. This means that whistleblowers do not have to fear termination, workplace discrimination or intimida- tion. A digital whistleblower system, such as the one used by Deutsche EuroShop, is software (more precisely a Soft- ware-as-a-Service solution) that whistleblowers can use to submit a report on our website. The reporting system is therefore accessible at any time and from any location and provides a central point of contact for whistleblowers. Reporting involves filling out a case template, which is used to gather important information. The whistleblower is free to leave their personal details or can submit the report anonymously. In the latter case, the reporting sys- tem creates a mailbox through which the caseworker can continue to communicate with the whistleblower without the need to disclose their identity. The system is easy and intuitive to use. If a tip-off is received by the Compliance Manager, they proceed to examine the case and initiate any further steps. Complete anonymity of the whistle- blower can be guaranteed at all times if desired. www.deutsche-euroshop.de/compliance 88

Green leases Deutsche EuroShop the MALL s life Store operators play a key role in improving energy effi- ciency and resource conservation in shopping centers. After all, they can influence a considerable portion of total energy consumption, for example by managing their retail areas with a view to saving energy. Since the end of 2015, therefore, green leases have been used for new leases. According to these contracts, Deutsche EuroShop and its tenant partners undertake to base their leases on sustain- able criteria. Specifications concerning the materials used for constructing and converting rental space and regula- tions on energy-saving management form part of the con- tracts. In 2023, the green lease agreements were subjected to stricter requirements and made a mandatory part of the rental contracts in order to jointly take a further step towards the goal of a CO2-neutral building stock. The Green Lease2.0 rental contract includes the following obligations: Use of green electricity Use of energy-saving LED lighting Disclosure of consumption data At the end of 2024, green leases had been concluded for just under 43.6 % of the rental space in Deutsche EuroShop’s portfolio. The Stadt-Galerie in Hamelin was at the top of the list of DES centers in the last financial year, with more than 72.3 % of its rental space subject to green leases. It is an ongoing goal to continue to increase the percentage of green leases at all centers each year. More information on green leases is available from the German Property Federation (Zentraler Immobilien Aus- schuss, ZIA) at: https://zia-deutschland.de/english/ STADT-GALERIE HAMELIN Green leases were concluded for 43.6% of the rental space in Deutsche EuroShop’s portfolio by the end of 2024 89

ESG Report EPRA sBPR Report – 2024 EPRA SBPR REPORTING OVERVIEW We report on our energy, Greenhouse Gas (GHG) emissions, water and waste impacts; and social and governance meas- ures in accordance with the fourth edition of the European Public Real Estate Association (EPRA) Sustainability Best Practices Recommendations (sBPR) Guidelines. Our report- ing response has been split into 2 sections: 1. Overarching Recommendations 2. Sustainability Performance Measures OVERARCHING RECOMMENDATIONS ORGANISATIONAL BOUNDARIES We use an operational control approach for our data bound- aries, which include 21 assets. There were no changes to our portfolio between 2023 and 2024, so the scope of assets included in our absolute and like-for-like performance measures remains the same. COVERAGE We report on all properties within the organisational bound- ary defined above and for which we are responsible for purchasing utilities as the landlord (see Boundaries – reporting on landlord and tenant consumption). 100% of the portfolio is included in our 2024 EPRA disclosures. ESTIMATION OF LANDLORD-OBTAINED UTILITY CONSUMPTION While none of our consumption figures are estimated, we gap-fill data based on previous consumption figures where necessary. This year, we used gas consumption data from 2023 for four shopping centers as well as water consump- tion data from 2023 for four shopping centers. Across another four centres, we forecasted one month of missing data based on the eleven months of available data and then summed the figures to represent a full reporting year. At another shopping center, data for two of the three meters were not available, so we used 2023 data for the two miss- ing meters. BOUNDARIES – REPORTING ON LANDLORD AND TENANT CONSUMPTION The electricity consumption reported includes only what we purchase as landlords and refers to common areas. Tenant electricity only is reported for one shopping center. As it is not possible to separate common area and tenant area consumption, tenant data for fuel, district heating and cooling, water, and waste is included in our reported figures. ANALYSIS – NORMALISATION We have used different methods to calculate intensities as we believe they better represent our shopping centers’ con- sumption. We calculate energy and GHG intensities using m2 and for water intensity, we calculate this figure based on our number of visitors, as our water consumption is heavily driven by our footfall. For the same reason, we report energy and emissions intensity in our own office using the floor area we occupy within the building, whilst water intensity is calculated using the total number of employees. Analysis – Segmental analysis (by property type/ geography) We have not carried out a segmental analysis as our port- folio consists of shopping center assets located in similar climatic zones, similar in age and the majority have similar EPC ratings. THIRD PARTY ASSURANCE We do not have third party assurance. DISCLOSURE ON OWN OFFICES Consumption for our own occupied offices is reported sep- arately to our portfolio. See the table “Own offices environ- mental performance measures” on page 96. 90

NARRATIVE ON PERFORMANCE Waste Deutsche EuroShop the MALL s life We work with tenants to promote waste separation and increase the proportion of waste that is recycled. We do this by carrying out waste management analyses, through the publication of a circular encouraging waste separation and with the publication of an article on waste separation in our app for shopping center tenants. We continuously aim to improve data quality, and we are now working with a service provider to assist with this goal. In 2024, we utilised the service provider’s updated data for the entire national area, resulting in more accurate values and help- ing to explain deviations in a direct year-on-year compar- ison. This will enable a more consistent approach across all shopping centers. It should be noted that we do not have organic waste data for 7 of our 21 shopping centers. Building certification In 2024, we saw changes across DGNB ratings due to the new and more demanding catalogue of building certification criteria introduced last year. This resulted in a re-certifica- tion of 20 out of our 21 shopping centers. The remaining shopping center, Olympia Center, Brno, will be re-certified in 2025. This year, our portfolio consisted of 97% Gold-certified assets, increasing from 57% in 2023. Furthermore, Platinum- certified assets represented 3% of our portfolio. We can link some of these positive re-certifications to inno- vative approaches taken across our centers. For example, the Stadt-Galerie in Passau, which received a Platinum Award, uses a technical monitoring system that allows for a comprehensive evaluation of relevant operating data including energy and water. Portfolio performance Energy This year we increased our procurement of renewable elec- tricity (approximately 66.1 million kWh of green electricity in 2024), representing 82% of the electricity required to operate our 21 shopping centers. We continuously work toward reducing our consumption and this year, we reduced some of our shopping center energy consumption by using heat exchangers and convert- ing to energy-saving, LED light bulbs. Additional efforts included switching off lighting and adjusting switching times to match outdoor light intensity and reduced the cool- ing system energy consumption in several shopping centers by optimising the settings of the ventilation and air-condi- tioning systems. Please see “Other notable ESG activities in 2024” (page 92) for additional efforts made this year. Overall, we saw no change in our energy intensity across our portfolio from the previous year. Despite having to adjust some of our 2023 figures to account for previously unavailable invoices, we saw a 3% reduction in both abso- lute and like-for-like district heating and cooling consump- tion. Similarly, we had a 3% reduction in absolute and like- for-like fuel consumption. To help calculate our like-for-like fuel consumption, gas consumption from the previous year had to be used for 4 shopping centers. In contrast to these reductions, there was a 2% increase in both absolute and like-for-like electricity consumption. GHG emissions Similar to last year, we have reported both market-based and location-based Scope 2 GHG emissions, adjusting last year’s values accordingly. Market-based emissions factors in 2024 account for 82% of our electricity supply that comes from green contracts with German shopping centers certi- fied by the TÜV Süd. Of the 18% of the electricity supply that was not renewable, supplier factors were not available at the time of publication, so we have used location-based factors. We are working to locate appropriate residual fac- tors for this scenario in future publications. Due to the decrease in fuel consumption, direct Scope 1 emissions dropped 3%. Indirect market-based GHG emis- sions decreased by 4%, while location-based emissions remained unchanged from 2023. It should be noted that this data is not climate-adjusted. Water We observed a 4% increase in water consumption, in abso- lute and like-for-like terms, with 548,353m3 recorded in 2023 and 568,978m3 recorded in 2024. It should be noted that this increase can be attributed to a rise in visitor num- bers. Due to missing meter readings, we extrapolated data from 2023 meter data to address gaps across four shopping centers. The water intensity of our portfolio remained the same as in 2023, again recording 0.004 m3/visitor in 2024. 100% of our water comes from the municipal supply. 91

ESG Report EPRA sBPR Report – 2024 Our 2024 breakdown is as follows: GREEN LEASES DGNB Platinum: 1. Stadt-Galerie, Passau This represents 3% of our portfolio by leasable floor area. DGNB Gold: Germany 1. A10 Center, Wildau/Berlin 2. Allee-Center, Hamm 3. Allee-Center, Magdeburg 4. Altmarkt-Galerie, Dresden 5. Billstedt-Center, Hamburg 6. City-Arkaden, Wuppertal 7. City-Galerie, Wolfsburg 8. City-Point, Kassel 9. Forum, Wetzlar 10. Herold-Center, Norderstedt 11. Main-Taunus-Zentrum, Sulzbach/Frankfurt 12. Phoenix-Center, Hamburg 13. Rathaus-Center, Dessau 14. Rhein-Neckar-Zentrum, Viernheim/Mannheim 15. Saarpark-Center, Neunkirchen 16. Stadt-Galerie, Hamelin Abroad 1. Árkád, Pécs, Hungary 2. City Arkaden, Klagenfurt, Austria 3. Galeria Bałtycka, Gdansk, Poland 4. Olympia Center, Brno, Czech Republic Together, these represent 97% of our portfolio by leasable floor area. OTHER NOTABLE ESG ACTIVITIES IN 2024 Plant monitoring via aedifion As stricter energy efficiency requirements were imple- mented in large shopping centers across Germany, all our affected centers were equipped with digital plant monitor- ing technology (aedifion) by year’s end. These systems will allow us to track daily operations and identify potential sav- ing areas, helping us work toward energy reductions and our sustainability goals. We continued to embed green leases into our tenant con- tracts to support the use of renewable electricity, LED lighting, and the sharing of transparent data. By the end of 2024, 43.6% of Deutsche Euroshop’s rental space port- folio had implemented green leases. The Stadt-Galerie in Hamelin was at the top of the list of our shopping centers, with more than 72.3% of its rental space subject to green leases. OWN OFFICES PERFORMANCE During 2024, electricity consumption within our own offices saw an 11% reduction, which mostly likely led to the result of our energy intensity decreasing 2% this year. We also use district heating and cooling at our office, although we have not received consumption data since 2022 and there- fore, we have reported the same figure of 50,171 kWh for the third year in a row. No fuels are used at our own offices. As we have begun reporting on a market-based approach for our portfolio, we have reported our own offices perfor- mance on the same basis. All our procured electricity is provided on the basis of a renewable supply, so we use an emissions factor of 0 kg CO2/kWh. Since market-based emissions factors for Scope 2 GHG emissions from district heating are not available at the time of publication, loca- tion-based emissions factors were used. Water consumption increased to 19% with 30 m3 reported in 2023 and 35.5 m3 in 2024. Onsite water meters allow us to continuously monitor our consumption. In 2024, we reported a 4% increase in waste production, down from a 10% increase in 2023. Recycled waste decreased by 12% in 2024, with the proportion of total waste recycled dropping to 44% in 2024 from 56% in 2023. SOCIAL AND GOVERNANCE PERFORMANCE MEASURES We report on the EPRA sBPR Social and Governance Per- formance Measures that are material, given our employee profile and for which we can collect the required infor- mation. Deutsche EuroShop directly employs seven full-time staff members and there are nine members on our Executive Board. In line with German company law, Deutsche EuroShop has a dual management and control structure comprising two executive bodies – the Executive Board and the Supervisory Board. There are nine members on the Supervisory Board, three of whom are independent. Not including the Executive Board, 43% of our employees are female. Our reporting on gender diversity is in line with the German Corporate Governance Code and our approach and performance are detailed in the Corporate Governance chapter of this report (see page 111). Information on the composition of our Supervisory Board, our processes for nominating and selecting members and the avoidance of conflicts of interest is also provided in this section. 92

Deutsche EuroShop the MALL s life During 2024, 63% of our employees attended training, amounting to an average of 15 hours per employee. Train- ing focuses on building the skills and knowledge needed to fulfil our business strategy and support employees’ career development goals. Emp-Dev is marked as not applicable because, although every employee meets with the Executive Board annually, which provides the oppor- tunity for open conversations, these meetings do not con- stitute a formal review process. Due to the small number of full-time employees (i.e., 7), we do not have a diversity pay policy. However, there are currently no functions that are performed by more than one person, therefore, there is no inequality in remuner- ation (Diversity-Pay) at Deutsche EuroShop. For the same reason reporting on employee health and safety (H&S- Emp) is not meaningful. Nonetheless, we can report that there were no workplace accidents during the reporting period. Two employees joined the Company in 2024, com- pared with one in 2023 and our turnover rate was 15% in 2024, whereas in 2023 this stood at 0%. ECE, as the appointed manager of all shopping centers in the Deutsche EuroShop portfolio, has employed an exter- nal provider of occupational health and safety services to ensure all legal requirements relating to H&S-Asset man- agement are met. This is achieved through providing staff with extensive documentation, guidelines and instructions on fire evacuation measures; training for first aiders and fire safety assistants; and guidance for crises such as ter- ror attacks. The external provider conducts risk assess- ments, job hazard analysis, shopping center inspections to control operational risks, and evaluates statistics and accidents. In addition, on a voluntary basis, we offer employees sup- port with smoking cessation, sports activities and psycho- logical support formats. The external provider, along with ECE employees form an occupational health and safety organisation, which holds health and safety meetings every quarter to discuss the above issues. Regarding H&S-Comp, we reported a total of 92 incidents across the whole ECE Group. Incidents are documented dig- itally through the Forms Query platform by the employee concerned. Two weeks before each occupational health and safety meeting, Forms Query is downloaded and forwarded to our external occupational health and safety service pro- vider, Argumed. The incidents are then discussed at the joint Arbeitsschutzausschuss (ASA), health and safety commit- tee meeting or Argumed approaches the individual shop- ping center concerned and discusses possible measures. No significant Comty-Eng projects were implemented in 2024. LOCATION OF EPRA SUSTAINABILITY PERFORMANCE MEASURES EPRA sustainability performance measures for our portfo- lio and own offices can be found in the tables on page 94 and 95 of this report.  SAARPARK-CENTER NEUNKIRCHEN 93

ESG Report EPRA sBPR Report – 2024 SUSTAINABILITY PERFORMANCE MEASURES Portfolio environmental performance measures Indicator EPRA code Unit of measure Total electricity consumption Elec-Abs Like-for-like electricity consumption Elec-LFL Total energy consumption from district heating and cooling DH&C- Abs Like-for-like consumption from district heating and cooling DH&C- LFL Total energy consumption from fuel Fuels- Abs 2023 79,096,721.00 81.00% Cov- erage 100% 2024 80,414,388.80 100% 82.23% Cov- erage Change 79,096,721.00 100% 80,414,388.80 100% 30,993,788.00 100% 30,014,027.00 100% -3% n/a n/a kWh % from renewable sources kWh kWh % from renewable sources kWh 30,993,788.00 100% 30,014,027.00 100% -3% Total energy con- sumption from fuel % from renewable sources 23,488,825.10 22,724,397.90 100% 0 100% 0 2% 2% 2% -3% -3% 0% -3% -4% 0% Like-for-like consumption from fuel Fuels- LFL kWh Building energy intensity Direct GHG emissions (total) Scope 1 Energy-Int kWh/m2 GHG- Dir-Abs tCO2 tCO2 (market-based) tCO2 (location-based) tCO2/m2 (market-based) tCO2/m2 (location-based) Indirect GHG emissions (total) Scope 2 GHG- Indir-Abs Building GHG emissions intensity GHG- Int GHG-Int Building GHG emissions intensity Total water consumption Water-Abs Total m3 Like-for-like water consumption Building water consumption intensity Water- LFL Water- Int m3/visitor m3 tonnes % recycled % composted % sent to incineration tonnes % recycled % composted % sent to incineration % of portfolio certified OR number of certified assets % of portfolio by leasable space Weight of waste by disposal route (total) Waste-Abs Weight of waste by dis- posal route (Like-for-like) Waste-LFL Type and number of assets certified Cert-Tot 94 23,488,825.10 100% 22,724,397.90 100% 88 100% 88 100% 4,744 100% 4,589 100% 12,294 35,091 100% 11,805 100% 35,132 0.011 100% 0.011 100% -4% 0.026 100% 0.027 100% 548,353.89 100% 568,978.98 100% 548,353.89 100% 568,978.98 100% 0.004 100% 0.004 100% 9,854 58 9 33 9,854 58 9 33 100% 100% 9,404 44 9 47 9,404 44 9 47 100% 100% 4% 4% 4% 4% -5% -13% 0% 14% -5% -13% 0% 14% 100% 100% 100% 100% 0% 46% awarded DGNB Platinum 54% awarded DGNB Gold 3% awarded DGNB Platinum 97% awarded DGNB Gold

Deutsche EuroShop the MALL s life na = not applicable. n/a = not available. Elec-Abs: For one center, the consumption for 2023 could be corrected. DH&C-LFL: For two centers, the value from 2023 could be corrected. Fuels-LFL: For four centers, the gas consumption from the previous year had to be used; for two centers, the value from 2023 could be corrected. GHG emissions: We calculate our emissions based on the GHG Protocol methodology. The market-based Scope 2 emissions are calculated by taking into consideration that renewable electricity comes from specific contracts certified by the TÜV Süd. Since market-based emissions factors for Scope 2 GHG emissions from district heating are not available at the time of publication, location-based emissions factors were used. The location-based Scope 2 emissions are calculated by using country-specific emission factors. Water-Abs: For four centers, the water consumption from 2023 had to be used. For three centers, one month was missing in each case, so an extrapolation was made for the entire year. For one center, only the value of one of three water meters was available. The value from the previous year was used for the two missing meters. Waste-Abs: We do not have the quantities of organic waste for seven centers. Waste-Abs recycled: From 2023, change in the way disposal routes are determined (from a general classification to the actual route). The values from 2022 and 2023/2024 are not comparable with each other. ALLEE-CENTER MAGDEBURG 95

100

ESG Report EPRA sBPR Report – 2024 Own offices environmental performance measures Indicator Unit of measure EPRA 2023 Coverage 2024 Coverage Change Elec-Abs Elec-LFL kWh kWh DH&C-Abs % from renewable sources kWh % from renewable sources 11,261 100% 10,011 100% -11% 100% 100% 0% 11,261 100% 10,011 100% -11% 50,171 100% 50,171 100% na na DH&C-LFL kWh 50,171 100% 50,171 100% Total energy consumption from fuel Fuels-Abs kWh % from renewable sources Total electricity consumption Like-for-like electricity consumption Total energy consumption from district heating and cooling Like-for-like consumption from district heating and cooling Like-for-like consumption from fuel Building energy intensity Direct GHG emissions (total) Scope 1 Indirect GHG emissions (total) Scope 2 Building GHG emissions intensity Total water consumption Like-for-like water consumption Building water consump- tion intensity Weight of waste by disposal route (total) Water-Int m3/employee 4.29 100% 4.45 100% 100% -2% 0 100% 0% 0% 0% -3% 0% 19% 19% -4% 4% 100% 100% 100% 100% 100% 100% 100% -12% 12% 4% -12% 12% 100% 100% na n/a n/a 223 0 8.5 12.36 0.031 30.00 30.00 100% 100% 100% 100% 100% na n/a n/a 219 8.48 11.93 100% 0.031 100% 35.58 100% 35.58 0.270 56 44 0.270 56 44 0 100% 100% 100% 0.280 44 56 0.280 44 56 0 Fuels-LFL kWh Energy-Int kWh/m2 GHG-Dir- Abs GHG-In- dir-Abs GHG-Int tCO2 tCO2 (market-based) tCO2 (location-based) tCO2/m2 (market-based) Water-Abs m3 Water-LFL m3 tonnes Waste-Abs % recycled Weight of waste by dis- posal route (Like-for-like) Waste-LFL Type and number of assets certified Cert-Tot % sent to incineration tonnes % recycled % sent to incineration % of portfolio certi- fied OR number of certified assets na = not applicable. n/a = not available. DH&C-Abs: 2024: Data still refers to 2022 as no more recent calculation is available. Fuels-Abs/LfL: No fuels are used at our office building. GHG-Indir-Abs tCO2 (location-based): In this case, the country-specific emission factors are used as a flat rate. This means that the actual energy purchase (electricity mix) of a company is not taken into account, nor is the purchase of renewable energies in excess of the country mix. GHG-Indir-Abs tCO2 (market-based): If there are no ‘supplier factors’ for the market-based method, the country-specific emission factors are used (as with the loca- tion-based method). GHG emissions: We calculate our emissions based on the GHG Protocol methodology. The market-based Scope 2 emissions are calculated by taking into consideration that renewable electricity comes from specific contracts certified by the TÜV Süd. Since market-based emissions factors for Scope 2 GHG emissions from district heating are not available at the time of publication, location-based emissions factors were used. The location-based Scope 2 emissions are calculated by using country-specific emission factors. 96

102

ESG Report EPRA sBPR Report – 2024 Social and governance performance measures Indicator Unit of measure EPRA code Employee gender diversity Diversity-Emp % of male and female employees Indicator Supervisory Board Executive Board Other employees 2023 female 33% male 67% male 100% female 50% male 50% 2024 female 33% male 67% male 100% female 43% male 57% Emp-Training Average number of hours Average hours of training undertaken by employees in the reporting period % of employees Number of employees Employee training and development Employee performance appraisals Emp-Dev % of total workforce New hires and turnover Emp-Turnover Total number and rate Composition of the highest governance body Gov-Board Total number Process for nominating and selecting the highest governance body Process for managing conflicts of interest Gov-Selec Narrative description Gov-COI. Narrative description na = not applicable. Please see narrative on “Social and governance performance” on p. 92 et seq. 98 % of total employees who received regular performance and career development reviews during the reporting period New employee hires Employee turnover Number of executive board members Number of independent/ non-executive board members Average tenure on the governance body Number of independent/ non-executive board mem- bers with competencies relating to environmental and social topics The nomination and selection processes for the Board of Directors and its committees and the specific criteria used for nominating and selecting highest governance body members Processes to ensure that conflicts of interest are avoided and managed in the highest governance body and how they are reported 17.1 71% na 1 0% 9 3 4.3 4 15.1 63% na 2 15% 9 3 5.3 4 Corporate Governance section (p. 111) Corporate Governance section (p. 111) Corporate Governance section (p. 111) Corporate Governance section (p. 111)

103

THE EXECUTIVE BOARD Deutsche EuroShop the MALL s life HANS-PETER KNEIP, CEO/CFO Born: 11 July 1979 Hans-Peter Kneip holds a degree in business administration and graduated from European Business School in Oestrich-Winkel in 2004. He gained first professional experience in the finance and banking sector, including at Merrill Lynch in New York and J.P. Morgan in Frankfurt, before starting his career at French bank Société Générale in Paris in 2005. He worked in the bank’s corporate and investment bank- ing division, most recently as Vice President in Equity Capital Markets and Strategic Equity Transactions. During this time, he was mainly involved in IPOs, capital increases and struc- tured equity financings for German and inter- national listed companies. From 2012, Mr Kneip was Head of Corporate Finance at the MDAX-listed Berlin-based GSW Immobilien AG and played a leading role in the company’s merger with Deutsche Wohnen AG. From 2014 to 2020, Mr Kneip worked for MDAX-company LEG Immobilien AG in Düs- seldorf, where he was initially responsible for corporate finance and later also took over treasury, controlling and risk management. After the IPO, he built up the group’s capital market financing and, as a member of the executive management, was entrusted with the strategic development of the company and its real estate portfolio. Until 2021, Mr Kneip was Chief Financial Officer of listed residential real estate com- pany Accentro Real Estate AG in Berlin. Before join ing Deutsche EuroShop AG, he was Manag ing Director of Deutsche Teilkauf GmbH in Cologne. Hans-Peter Kneip is a member of the Execu- tive Board of Deutsche EuroShop AG since October 2022. He is married and has German citizenship. 99

104

ESG Report The Super visory Board The Super- visory Board Name: Born: Place of residence: Nationality: On the Supervisory Board since: Elected until: Committee activities: Memberships of other legally required super- visory boards and membership of compara- ble domestic and foreign supervisory bodies for business enterprises: Position: Career milestones: Reiner Strecker (Chairman) 1961 Wuppertal German 2012 2025 Annual General Meeting Chairman of the Executive Committee, Member of the Audit Committee Eckes AG, Nieder-Olm (Chairman) Carl Kühne KG (GmbH & Co.), Hamburg (Chairman) Storch-Ciret Holding GmbH, Wuppertal (since 1 January 2025) akf Bank GmbH & Co. KG, Wuppertal (until 30 April 2024) Management consultant • 1981–1985: Degree in business administration, Eberhard Karls University, Tübingen • 1986–1990: Commerzbank AG, Frankfurt • 1991–1997: STG-Coopers & Lybrand Consulting AG, Zurich (Switzerland) • 1998–2002: British-American Tobacco Group, Hamburg, London (United Kingdom), Auckland (New Zealand) • 2002–2009: British-American Tobacco ( Industrie) GmbH, Hamburg, Member of the Exe cutive Board for Finance and IT • 2009–2021: Vorwerk & Co. KG, Wuppertal • 2010–2021: Personally liable partner • since 2022: Management consultant Skills profile: Retail Real estate Business management Accounting/auditing Financing Capital market Law ESG Relationship to controlling/major share- holders or Deutsche EuroShop AG: Deutsche EuroShop securities portfolio as at 31 December 2024: 100 X X X X X none 1,500

105

Deutsche EuroShop the MALL s life Chantal Schumacher (Deputy Chairwoman) 1970 Munich Luxembourgish 2022 2027 Annual General Meeting Chairwoman of the Audit Committee Benjamin Paul Bianchi 1975 London, United Kingdom American 2022 2027 Annual General Meeting Member of the Executive Committee Sompo International Insurance (Europe) SA, Luxembourg (Luxembourg) (since 1 January 2025) SCOPE SE & Co. KGaA, Berlin (until 22 August 2024) - Henning Eggers 1969 Halstenbek German 2019 2029 Annual General Meeting Chairman of the Executive Committee, Member of the Audit Committee ECE Group GmbH & Co. KG, Hamburg Independent management consultant • 1989–1994: Degree in Industrial Engineering, Solvay Brussels School of Economics and Management (Belgium) • 1994–1997: Banque Générale du Luxembourg (Luxembourg), Financial Analyst, International Lending and Structured Finance • 1997–1999: MBA studies at the University of Chicago, Chicago (USA) • 1999–2022: Allianz Group, Munich Managing Director, Head of Europe, Oak- tree Capital Management, London (United Kingdom) • Degree in engineering with double major in mathematics and civil engineering, Vanderbilt University, Nashville, Tennessee (USA) • 1998–2001: Goldman Sachs Group, Inc./ Archon Group, Dallas (USA), Tokyo (Japan), Seoul (South Korea) and Bangkok (Thailand), Associate • 2001–2005: Moore Capital Management/ Member of Management, CURA Vermögens- verwaltung G.m.b.H., Hamburg • 1990–1995: Degree in business administration, University of Hamburg, certified business economist • 1999: • 1995–2000: PKF Fasselt Schlage German tax advisor exam auditing and tax consulting firm, Hamburg • since 2000: KG CURA Vermögensverwaltung G.m.b.H. & Co., Hamburg (family office of the Otto family) • since 2013: Member of Management - during which 1999–2001: Allianz SE, Munich, Assistant to the Board of Management, Asset Management Moore SVP, Tokyo (Japan), Senior Vice President • 2005–2012: Deutsche Bank AG, London • 2015–2016: Allianz Partners SAS, Paris (France), • 2013: • 2001–2002: Fireman‘s Fund Insurance Company, Novato (USA), Actuarial Associate • 2002–2004: Allianz of America Corp, Novato (USA), Controller • 2004–2005: Allianz SE, Munich, Project Manager • 2005–2015: Allianz Global Corporate & Specialty, Munich, Global Head of Planning & Performance Management Global Finance Director Travel & Assistance • 2016–2018: Allianz Reinsurance, Munich, Chief Financial Officer (CFO) and Member of the Divisional Board • 2018–2020: Euler Hermes Group SAS, Paris (France), Group Chief Financial Officer (CFO) and Member of the Board of Management • 2020–2022: Global Program Director, Allianz SE, (United Kingdom) and Hong Kong (SAR): - during which 2005–2007: Director SSG Europe • 2007–2009: Managing Director, Head of SSG Asia & Co-Head of CRE Asia • 2009–2012: Managing Director, Global Head of Special Situations Group Highbridge Principal Strategies, New York (USA), Consultant • since 2014: Oaktree Capital Management, London (United Kingdom) and New York (USA) - during which 2014–2019: Managing Director, Member of the Investment Committee • since 2019: Managing Director, Head of Europe Munich • since 2023: Independent management consultant X X X X none 0 X X X X Shareholder representative of Oaktree Capital Management 0 X X X X X Shareholder representative of the Otto family 0.06% (indirectly) 101

106

ESG Report The Super visory Board Name: Born: Place of residence: Nationality: On the Supervisory Board since: Elected until: Committee activities: Lemara Grant 1991 London, United Kingdom British 2022 2027 Annual General Meeting - Memberships of other legally required super- visory boards and membership of comparable domestic and foreign super visory bodies for business enterprises: - Position: Career milestones: Senior Vice President, European and Asia Tax Counsel (until 14 September 2024), Senior Vice President, Co-Head of Global Tax Structuring (since 15 September 2024), Oaktree Capital Management (UK) LLP, London) • 2010–2013: Law degree (LL.B Hons), Nottingham Trent University, Nottingham (United Kingdom) Intensive legal practice course • 2014: • 2014–2016: Clifford Chance LLP, London (United Kingdom), Trainee Solicitor • 2016–2021: Kirkland & Ellis International LLP, London (United Kingdom), Tax Associate • 2018–2019: European Tax Secondee • since 2021: Oaktree Capital Management, London (United Kingdom) - during which 2021–2023: Vice President, European Tax Counsel • 2023–2024: Senior Vice President, European • since 2024: Senior Vice President, Co-Head of and Asia Tax Counsel Global Tax Structuring Stuart E. Keith 1982 London, United Kingdom British 2022 2027 Annual General Meeting Member of the Capital Market Committee - Managing Director, Oaktree Capital Manage- ment, London (United Kingdom) • Studied at Edinburgh University, Edinburgh, Scotland (United Kingdom), MA International Business • 2005–2007: Robert W. Baird & Co, London • 2007–2008: Goldman Sachs & Co, London (United Kingdom), Analyst, Mergers & Acquisitions (United Kingdom), Analyst, Investment Banking • 2008–2012: Arcapita Limited, London (United Kingdom), Associate, Real Estate Private Equity • 2012–2020: Partners Group, London (United Kingdom), Vice President, Private Real Estate • since 2020: Oaktree Capital Management, London (United Kingdom), - during which 2020–2022: Senior Vice President Real Estate; since 2023: Managing Director Skills profile: Retail Real estate Business management Accounting/auditing Financing Capital market Law ESG X X X X X X X Relationship to controlling/major share- holders or Deutsche EuroShop AG: Shareholder representative of Oaktree Capital Management Shareholder representative of Oaktree Capital Management Deutsche EuroShop securities portfolio as at 31 December 2024: 0 0 102

107

Deutsche EuroShop the MALL s life Dr Volker Kraft Dr Henning Kreke Claudia Plath 1972 Hamburg German 2022 2027 Annual General Meeting Member of the Capital Market Committee 1965 Hagen/Westphalia German 2013 2028 Annual General Meeting Chairman of the Capital Market Committee 1971 Hamburg German 2019 2029 Annual General Meeting Member of the Capital Market Committee Allos S.A., São Paulo (Brazil) Managing Director, ECE Real Estate Partners GmbH, Hamburg Douglas AG, Düsseldorf (Chairman) Thalia Bücher GmbH, Hagen (Westphalia) Encavis AG, Hamburg Axxum Holding GmbH, Wuppertal Noventic GmbH, Hamburg Perma-tec GmbH & Co., Euerdorf Slyrs Destillerie GmbH & Co. KG, Schliersee Managing Partner, Let‘s Go JMK KG and Kreke Immobilien KG, Hagen/Westphalia Ceconomy AG, Düsseldorf (until 14 February 2024) MEC Metro-ECE Centermanagement GmbH & Co. KG, Düsseldorf CFO, ECE Group Verwaltung GmbH, Hamburg • 1993–1997: Degree in business adminis- tration, University of St. Gallen, St. Gallen (Switzerland) • Studied business (BBA and MBA) at the University of Texas at Austin, Austin (USA), • Doctorate (Political Science) from the • 1997–2000: Doctorate, University of St. Gallen, University of Kiel St. Gallen (Switzerland) • 1993–2017: Douglas Holding AG, Hagen/ • 2001–2008: Allianz Capital Partners GmbH, Westphalia • 2001-2016: Chairman of the Board of Management Management • since 2016: Let’s Go JMK KG and Kreke Immobilien KG, Hagen/West- phalia, Managing Partner Munich, Director • since 2008: ECE Real Estate Partners GmbH, Hamburg, Managing Director • 1993–1997: Assistant to the Executive Board • 1997–2001: Member of the Board of • 1993–1996: Degree in business administra- tion, Technical University of Berlin, certified business economist • 1996–2020: Verwaltung ECE Projekt- management G.m.b.H., Hamburg: - during which 1996–2001: Controller • 2001–2003: Group Manager Controlling • 2004–2009: Divisional Head of Controlling • 2009–2010: Director Asset Management & Controlling (national) • 2010–2012: Senior Director Asset Management (national/ international) • 2013–2020: CFO • since 2021: ECE Group Verwaltung GmbH, Hamburg, CFO X X X X X X X X X X X X X X Member of the Management Board of ECE Real Estate Partners GmbH, Hamburg (Alexander Otto (major shareholder) is partner of the partner) 0.12% (indirectly) none 0 Member of the Management Board of ECE Group Verwaltung GmbH, Hamburg (Alexander Otto (major shareholder) is Chair- man of the Management Board) 260 shares + 0.06% (indirectly) 103

108

ESG Report Memberships and recognised codes Deutsche EuroShop is a member of various associations whose guiding principles we also follow and whose codes we comply with. ZIA The Zentraler Immobilien Ausschuss (ZIA – German Prop- erty Federation) is the driving force of the German real estate industry and an intermediary to political deci- sion-makers. It promotes and assists with appropriate measures to safeguard and improve the real estate indus- try’s economic, legal, fiscal and political environment. The members of the ZIA want to achieve the social goals together through effective measures. The basis for this is the ZIA ESG Charter, to which Deutsche EuroShop is com- mitted. The Charter makes statements on the importance, voluntary commitments, activities as well as transparency and monitoring of the real estate industry in relation to ESG issues. The ZIA has drawn up a code of conduct on the sub- ject of diversity, which Deutsche EuroShop also follows. GCSP The German Council of Shopping Places (GCSP) is the only nationwide association representing the interests of the commercial real estate industry. Around 1,000 member companies in the fields of development and analysis, financing, center management, architecture, commercial real estate, retail and marketing make up an active asso- ciation of interests here as an ideal networking base for commercial real estate players. With about one million employees and directly related service providers, GCSP member companies are a nationally significant industry. www.zia-deutschland.de/english www.gcsp.de ICG EPRA The Institute for Corporate Governance in the German Real Estate Industry (ICG) is committed to value-oriented, sus- tainable corporate governance. ICG members share the belief that economic value and values, compliance with the law and personal integrity, and economic, legal and social responsibility together form the basis of business success and a good reputation for the industry. www.icg-institut.de/en The European Public Real Estate Association (EPRA), based in Brussels, is the mouthpiece of the listed European real estate sector. Listed real estate companies are the custo- dians of many of the highest-value assets in our cities, from office complexes to shopping centers, to healthcare and senior living facilities. Listed companies are also pioneer- ing sustainability in the built environment to meet their responsibilities to local communities and shareholder demands when it comes to future-proofing their invest- ments in the face of the global challenge of climate change. EPRA promotes investments in listed real estate compa- nies by providing better information to investors, improv- ing the general framework, supporting best practices and strengthening the sector. www.epra.com 104

109

ECSP The European Council of Shopping Places (ECSP) is the European voice of an industry that plans, designs, finances, develops, builds and manages shopping centers throughout Europe. The association’s members are a catalyst for sus- tainable urban renewal and serve an important civic func- tion in virtually every European community. ECSP advocates at the European level for the critical economic and social importance of retail and mixed-use sites, bringing together the entire value chain of those who invest in, create, manage and support these places and destinations. In doing so, the association promotes a sustainable and level playing field for all market players and stakeholders. www.ecsp.eu DIRK The Deutscher Investor Relations Verband (DIRK – German Investor Relations Association) is the largest European professional association for the connection between com- panies and capital markets. As an independent authority, it optimises the dialogue between issuers, capital providers and the relevant intermediaries and draws up professional quality standards for this purpose. www.dirk.org Deutsche EuroShop the MALL s life EPRA SUSTAINABILITY REPORTING 2024 saw Deutsche EuroShop awarded the EPRA sBPR Award in “Gold” by the European Public Real Estate Association (EPRA) for the eighth time in a row. The EPRA Sustainability Best Practices Recommen- dations (sBPR) are intended to improve the standards and consistency of sustainability reporting for listed real estate companies across Europe. Each year, EPRA honours companies that have published the best annual sustainability report in their class. Companies are awarded Gold, Silver or Bronze based on compli- ance with the EPRA sBPR in their reporting. More information at: www.epra.com/sustainability/ sustainability-reporting/sbpr-awards CERTIFICATES TÜV Süd has certified the electricity used in Deutsche EuroShop’s German centers with the prestigious “Ökostrom” green electricity label. The German Sustainable Building Council (DGNB) has awarded sustainability certificates to all 21 Deutsche EuroShop shopping centers: 20 Gold and one Plati- num. RATINGS The following institutions regularly analyse Deutsche EuroShop with regard to its ESG factors: EthiFinance, ISS ESG, Moody’s ESG Solutions, Morningstar Sustain- alytics, MSCI ESG Ratings and S&P Global Corporate Sustainability Assessment. 105

110

ESG Report Report of the Supervisory Board DEAR SHAREHOLDERS, Please find below a report on the work of the Supervisory Board in the past financial year. COLLABORATION BETWEEN THE SUPERVISORY BOARD AND THE EXECUTIVE BOARD During financial year 2024, the Supervisory Board per- formed the duties incumbent on it according to the law and the Articles of Association and closely oversaw the perfor- mance of the Deutsche EuroShop Group. The Executive Board coordinated the strategic orientation of the Company with the Supervisory Board, and discussed the status of strategy implementation with us at regular intervals. The Supervisory Board monitored and advised the Executive Board on its management of the business. The Executive Board informed us regularly, promptly and in detail about business developments. As the Chairman of the Supervisory Board, I was kept up to date in timely fashion by the Executive Board on all impor- tant events of significance for assessing the Company’s situation and development and its management. I was also given ongoing, detailed briefings between meetings of the Supervisory Board and its committees in regular confer- ence calls with the Executive Board. In 2024, the Executive Committee was kept continuously informed about current developments and notified in advance about intended, more far-reaching decisions of the Executive Board. FOCUS OF ADVISORY ACTIVITIES We conducted detailed examinations of our Company’s net assets, financial position, results of operations and risk management at our regular meetings. In this context, we also checked that the formal conditions for implementing an efficient system of monitoring our Company were met and that the means of supervision at our disposal were effective. We were informed on an ongoing basis of all significant factors affecting the business. We considered the perfor- mance of the portfolio properties, specifically their sales and visitor number trends, the accounts receivable and occupancy rates, and the Company’s liquidity position. We were also provided with prompt and continuous information about the payment patterns of our tenants. One area of focus for the advisory activities in financial year 2024 was 106 Reiner Strecker, Chairman of the Supervisory Board the further development of the Company’s strategy with regard to the portfolio, environmental, social and govern- ance (ESG) issues and financing. Regular discussions were conducted with the Executive Board regarding trends on the capital, credit, real estate and retail markets and the impact of these on the Com- pany’s current and medium-term situation. As part of this, the Executive Board and the Supervisory Board examined various financing and refinancing options. We received regular reports detailing our tenants’ retail sales trends and banks’ lending policies. The Executive Board and the Supervisory Board also held regular discussions on how the Company was valued by the stock market and its par- ticipants and made peer group comparisons. This year we again devoted a lot of attention to the expected and implemented legislative changes that affect our Company. The Chairman of the Supervisory Board and the Executive Committee of the Supervisory Board also discussed other topical issues with the Executive Board as required. At regular meetings, the Executive Board informed the Supervisory Board about the consequences of the geopo- litical crises, political uncertainties and fears of recession for our operating business, among other issues. The focus was on the effects on inflation and interest rates as well as consumer behaviour. Transactions requiring the approval of the Supervisory Board or a committee were discussed and decided on at the scheduled meetings. Where required, circular resolutions were passed in writ- ing by the Supervisory Board or the responsible commit- tee for transactions of the Executive Board requiring approval. All resolutions in the reporting period were passed unanimously. To avoid conflicts of interest, any parties affected abstained from voting. Some meetings were held without the Executive Board present.

111

Deutsche EuroShop the MALL s life MEETINGS, TELEPHONE AND VIDEO CONFERENCES Four ordinary meetings of the Supervisory Board were held in financial year 2024, two in person and two as video conferences. Outside of the meetings, three circular res- olutions were passed. The Executive Committee held one meeting by video con- ference, and the Audit Committee held five meetings by video conference. The Capital Market Committee met once in financial year 2024. No member of the Supervisory Board attended only half or fewer than half of the meetings of the Supervisory Board and the committees on which they serve during the reporting year. You can find the individual attendance record of the members of the Supervisory Board in meet- ings of the Supervisory Board and its committees in the following overview: Member since Appointment ends Plenum/ ordinary and extra- ordinary Executive Committee Audit Committee Capital Market Committee 2012 2025 Annual General Meeting 2022 2027 Annual General Meeting 2022 2027 Annual General Meeting 2019 2029 Annual General Meeting 2022 2027 Annual General Meeting 2022 2027 Annual General Meeting 2022 2027 Annual General Meeting 2013 2028 Annual General Meeting 2019 2029 Annual General Meeting 4/4 4/4 4/4 4/4 4/4 4/4 4/4 4/4 4/4 1/1 - 1/1 1/1 - - - - - 5/5 5/5 - 5/5 - - - - - - - - - - 1/1 1/1 1/1 1/1 Supervisory Board Reiner Strecker (Chairman) Chantal Schumacher (Deputy Chairwoman) Benjamin Bianchi Henning Eggers Lemara Grant Stuart E. Keith Dr Volker Kraft Dr Henning Kreke Claudia Plath April meeting At the first ordinary meeting on 25 April 2024, the Executive Board and the auditor’s representatives explained the 2023 annual financial statements for the Company and the Group as well as the audit procedures and results. The Chair- woman of the Audit Committee reported on the committee’s discussions in this regard, as well as on its two previous meetings held in March and April 2024. The report on the 2023 financial year focused on our overall performance in addition to the acquisition of shopping center shares and the associated capital increase. The Executive Board explained its dividend proposal of €0.80 per share, which we approved. Finally, we approved and adopted the annual financial statements of the Company. We also approved the consolidated financial statements. The Executive Board and the Supervisory Board determined the agenda items for the Annual General Meeting in August 2024. These included the aforementioned dividend proposal, the proposal of RSM Ebner Stolz as the new auditor, and the extension of the expiring mandates of Supervisory Board members Claudia Plath and Henning Eggers. As the Chairman of the Executive Committee, I reported to the Supervisory Board on the meeting of the Executive Committee in February 2024. The Supervisory Board approved the amendment to Hans-Peter Kneip’s Executive Board contract which reflects his dual role as CEO and CFO. Following this, we discussed the results of the Supervisory Board’s self-assessment, which took place from February to March 2024. The meeting moved on to a report by the Executive Board on our shop- ping center portfolio and, in particular, on the changes in key operating figures such as visitor numbers, tenant rev- enue and rental payments. It also addressed the latest market developments, the consumer behaviour of visitors and the bankruptcy cases involving well-known retailers, some of whom are also tenants in our centers. The status of the DGNB (German Sustainable Building Council) recer- tification process for our shopping centers was also cov- ered, along with some key projects in our portfolio. Major updates are planned to enhance the appeal of these centers. These have the support of the Supervisory Board. The Chairman of the Capital Market Committee reported on the committee’s discussions and resolutions from March 2024 related to the Executive Board’s plans for bor- rowing, refinancing, and repayments, all aimed at further optimising the Company’s financial position. Finally, we discussed updates to the portfolio and financing strategy and the status of the Company’s share buy-back pro- gramme with the Executive Board. June video conference Our ordinary meeting on 25 June 2024 was held in the form of a video conference. The meeting began with the Executive Board presenting the results for the first quarter and a pro- jection for financial year 2024. The Chairwoman of the Audit Committee reported on the agenda of the most recent Audit Committee meeting in May 2024. The Executive Board then provided an update on the latest developments in the retail sector, including visitor numbers and retail sales within the shopping center portfolio. It also reported on the current status of the DGNB recertification process and portfolio optimisation measures. Targeted investments are currently being implemented to enhance the attractiveness of several shopping centers, including the A10 Center, Stadt-Galerie, 107

112

November meeting At the ordinary meeting on 26 November 2024, our Execu- tive Board presented the results for the first nine months of the year, the full-year forecast for 2024, and the reasons for the slight upward adjustment in the annual projections based on the figures through the first nine months of the year. It also presented to us the planning for financial years 2025 to 2029, which was subsequently approved by the Supervisory Board. The Chairwoman of the Audit Commit- tee reported on the key discussions from the Novem- ber 2024 Audit Committee meeting. The Executive Board reported on the latest developments within our portfolio. It addressed improvements in key operating figures and the conclusion of new lease agreements for retail spaces and parking space within our shopping centers which will con- tribute to higher rental income in the future. The Executive Board also provided an update on new insolvency cases – some of which involve our retail tenants. It also noted an overall decline in the number of such cases. The Board reported on the successful completion of investment pro- jects at the A10 Center and Stadt-Galerie, Hamelin. These were finished on schedule, cost less than expected and reduced the number of vacancies within our portfolio. The projects at the Rhein-Neckar-Zentrum and the Main- Taunus-Zentrum are at an advanced stage. The Board antic- ipates that the new rental spaces will also be completed on time. Additionally, the Executive Board announced that a property adjacent to Galeria Bałtycka in Gdańsk which was no longer needed had been sold a price in excess of its carrying amount. We discussed the investment market for shopping centers and recent transactions completed in the second half of 2024 with the Executive Board. The Novem- ber meeting focused on a comprehensive strategic dis- cussion regarding the real estate portfolio, corporate financing, and ESG. We specifically addressed the targeted further development of our shopping center portfolio, the potential diversification of the Company’s financing strat- egy on the capital markets, and the advancement of our sustainability strategy. The Supervisory Board approved further measures to optimise the loan portfolio and man- age liquidity. It delegated an additional review of capital market financing options and a potential corporate credit rating to the Capital Market Committee of the Supervisory Board. Finally, the Executive Board provided an update on the status of the share buy-back program, which is expected to come to an end in December 2024. ESG Report Report of the Supervisory Board Hamelin, the Rhein-Neckar-Zentrum, and the Main-Taunus- Zentrum. We discussed the current situation on the trans- action market for retail real estate and possible future opportunities with the Executive Board. The Executive Board explained the Company’s current financing situation, with a focus on the capital and financing structure optimisation measures successfully implemented in the first half of 2024. We also discussed potential further financing meas- ures, the current liquidity situation and the ongoing share buy-back program with the Executive Board. The Super- visory Board approved the plan to convene the Annual General Meeting scheduled for 29 August 2024 and its agenda. The meeting concluded with a discussion on recent legal developments that could become relevant to the Company in the future. September video conference The ordinary meeting of the Supervisory Board on 25 Sep- tember 2024, was once again held as a video conference. As Chairman of the Supervisory Board, I began by reporting on the Annual General Meeting that took place on 29 August 2024. The Annual General Meeting approved the increased dividend proposal, raising it from €0.80 per share to €2.60 per share. The Supervisory Board had previously given its approval to the decision of the Executive Board in this regard in a circular resolution on 8 August 2024. Following this, the Executive Board presented the results for the first half of the year, the latest full-year forecast for 2024 and the valuation of the real estate portfolio as of 30 June 2024. The Chairwoman of the Audit Committee reported on the key discussions from the August 2024 Audit Committee meeting. The Executive Board provided updates on opera- tional business developments and the impact of ongoing investment projects. It also reported on significant new ten- ants in our shopping centers, which have led to an increase in occupancy rates. The Supervisory Board addressed cur- rent market trends in the retail sector, including tenant insolvencies. The Executive Board also presented informa- tion about the successful completion of the DGNB recerti- fication process, which resulted in gold certifications for multiple shopping centers and a platinum certification for one. We discussed the investment market for shopping centers and potential future opportunities for the Company with the Executive Board. Additionally, we reviewed the Company’s financing situation with the Executive Board and approved an additional loan increase. Further discussions focused on developments in the debt capital markets and the options available for diversifying the Company’s financ- ing in the future. The Executive Board also provided an update on the status of the share buy-back program. The September meeting focused on a comprehensive report on the ESG strategy of the Company at a portfolio and Group level. The Supervisory Board, the Executive Board and asset manager ECE (participating as a guest) discussed the over- all ESG strategy in light of current regulatory requirements, key planned initiatives, and the expected reporting obliga- tions under the Corporate Sustainability Reporting Directive (CSRD). 108

113

COMMITTEES The Supervisory Board has established three fixed com- mittees: the Executive Committee, the Audit Committee and the Capital Market Committee. The committees have three or four (Capital Market Committee) members. The Executive Committee functions simultaneously as the Nomination Committee. Given the size of the Company and the number of Supervisory Board members, we still consider the num- ber of fixed committees and committee members to be appropriate. The Audit Committee issued the audit mandate to the auditor elected by the Annual General Meeting, mon- itored the services provided by the auditor and discussed the controls for the quality of the audit. The Executive Committee, in its simultaneous function as the Nomination Committee, held an ordinary meeting on 19 February. Five meetings of the Audit Committee took place. The meetings on 14 March and 5 April heard reports from the Executive Board and auditor on the annual finan- cial statements for 2023. The meetings on 13 May, 9 August and 11 November discussed the 2024 interim financial reports with the Executive Board. The Capital Market Com- mittee convened for a meeting on 27 March. CORPORATE GOVERNANCE In February 2024 and February 2025, together with the Exec- utive Board, we issued an updated declaration of conformity in relation to the recommendations of the Government Com- mission pursuant to Section 161 of the Aktiengesetz (AktG – German Public Companies Act) and made this permanently available on the Deutsche EuroShop AG website. A separate report on the implementation of the Deutscher Corporate Governance Kodex (DCGK – German Corporate Governance Code) is included in this Annual Report. The members of the Supervisory Board and the Executive Board declared in writ- ing at the beginning of 2025 that no conflicts of interest had arisen during financial year 2024. We have published a skills matrix for the Supervisory Board members in the “Declaration on Corporate Governance”. We regularly review the skills profiles of the Supervisory Board and adjust this if necessary. In 2017, the Supervisory Board decided that the Chairman of the Supervisory Board may conduct talks with investors on topics of relevance to the Supervisory Board in accord- ance with the recommendations of the DCGK and the “Prin- ciples for Dialogue between Investor and Supervisory Board”. No such talks were conducted in financial year 2024. In financial year 2024, three members of the Supervisory Board were independent. Deutsche EuroShop the MALL s life FINANCIAL STATEMENTS OF DEUTSCHE EUROSHOP AG AND THE GROUP FOR THE PERIOD ENDING 31 DECEMBER 2024 At the Audit Committee meeting on 17 March 2025 and at the ordinary Supervisory Board meeting on 25 March 2025, the Audit Committee and the Supervisory Board respec- tively examined in detail the annual financial statements of Deutsche EuroShop AG in accordance with German com- mercial law and the consolidated financial statements in accordance with International Financial Reporting Stand- ards (IFRS), each as at 31 December 2024, as well as the combined management report and Group management report for financial year 2024. Furthermore, the depend- ency report and compensation report were submitted to us for review. The auditor explained to us all matters which it regarded as being of particular significance for its audit of the consolidated financial statements, the dependency report and the compensation report, doing so in a manner that was easy to follow. The Supervisory Board shares the auditor’s assessment of the importance of these matters for the consolidated financial statements, the dependency report and the compensation report. The documents relating to the financial statements, the auditor’s reports and the Executive Board’s proposal for the utilisation of the unappropriated surplus were pre- sented to us in good time. The auditor appointed by the Annual General Meeting on 29 August 2024 – RSM Ebner Stolz GmbH & Co. KG, Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft, Hamburg – had already audited the financial statements and issued an unqualified audit opinion in each case. The auditor also confirmed that the accounting policies, measurement methods and meth- ods of consolidation in the consolidated financial state- ments complied with the relevant accounting provisions. In addition, the auditor determined in the course of its assess- ment of the risk management system that the Executive Board had undertaken all required measures pursuant to Section 91 (2) AktG to promptly identify risks that could jeopardise the continued existence of the Company. The auditor’s representatives took part in the discussion of the annual financial statements and the consolidated finan- cial statements on the occasions of the Audit Committee meeting on 17 March 2025 and the ordinary Supervisory Board meeting on 25 March 2025 and explained the main findings. The Supervisory Board has come to the conclusion that there are no objections to be raised against the annual financial statements, the dependency report and compen- sation report or the audit conducted by the auditor. The combined management report meets statutory require- ments in the opinion of the Supervisory Board. The Supervi- sory Board agrees with the statements in the management report on the further growth of the Company. The Super- visory Board has issued its agreement with the result of the audit of the annual financial statements, adopted the annual financial statements and approved the consoli- dated financial statements. In addition, the Supervisory Board endorsed the Executive Board’s proposal for the appropriation of net income, according to which a partial amount of €75,743,854.00 of the unappropriated surplus of €251,502,280.25 for financial year 2024 is to be used 109

114

ESG Report Report of the Supervisory Board to pay a dividend of €1.00 per no-par-value share carry- ing dividend rights, and the remaining partial amount of €175,758,426.25 is to be carried forward to new account. Based on the current market environment, Deutsche EuroShop looks to the future with optimism. Key economic factors such as interest rates and inflation have largely stabilised at levels that are favourable for our business model. At the same time, we are still confronted with geo- political crises, political uncertainties and fears of reces- sion, which are dampening consumer behaviour and pose challenges for the retail sector. Despite these issues, visitor numbers and tenant revenue in our shopping center port- folio have shown positive trends. Our company is actively laying the groundwork for a successful future by contin- uously and sustainably developing its real estate portfo- lio while ensuring that it has a stable long-term financing structure. We completed a number of key investment pro- jects and attracted numerous new tenants to our shopping centers in the 2024 financial year. We also took action to further optimise our capital and financing structure. All of our refinancing arrangements will be repaid by the middle of 2026, providing us with financial flexibility for additional investments. The Supervisory Board thanks the Executive Board and all employees of Deutsche EuroShop AG for their outstanding work and a successful financial year in 2024. Hamburg, 25 March 2025 Reiner Strecker, Chairman 110

115

Deutsche EuroShop the MALL s life Declaration on Corporate Governance 2024 Deutsche EuroShop is a transparent company that oper- ates in accordance with a strategy geared towards long- term success. This focus on constancy is a key aspect of our corporate culture. Based on the legal and company- specific conditions governing management of a listed company, we strive to promote the trust of investors, cred- itors, employees, business partners and the public in the management and supervision of our Company. This goal is consistent with the requirements of a demanding cor- porate governance system. In conformity with principle 22 of the Deutscher Corporate Governance Kodex (German Corporate Governance Code) as well as Section 289f (1) of the Handelsgesetzbuch (HGB – German Commercial Code), this declaration contains a report by the Executive Board on corporate governance, also on behalf of the Super- visory Board. OBJECTIVES AND STRATEGY The management focuses on investments in high-quality shopping centers in urban centers and established loca- tions 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, which is paid out to shareholders in the form of an annual divi- dend. To this end, the Company invests its capital in shop- ping centers in different European regions in accordance with the principle of risk diversification. Germany is the main focus of investment. Indexed and turnover-linked commercial rents form the basis to achieve the high earn- ings targets. New investments must be financed from a balanced mix of sources, and borrowing must not account for more than 55 % of financing across the Group over the long term. On the basis of a planned investment grade rating and the development of new financing instruments, the financing structure is to be further diversified in future. Interest rates are generally secured on a long-term basis when loans are taken out or extended. The aim is to keep the term (average fixed interest period) at over five years. DIVERSIFIED SHOPPING CENTER PORTFOLIO Deutsche EuroShop AG holds a balanced, diversified port- folio of shopping centers from Germany and other parts of Europe. We focus our investment activities on prime (1-a) locations in cities with a catchment area of at least 300,000 residents in order to guarantee a high level of investment security. SEIZING OPPORTUNITIES AND MAXIMISING VALUE In line with our fundamental buy and hold strategy, we consistently attach higher importance to the quality and yield of our shopping centers than to our portfolio’s rate of growth. We continuously monitor the market and make portfolio adjustments through acquisitions and sales when economically attractive opportunities arise. Rapid decision- making chains as well as considerable flexibility regarding potential investments and financing structures allow Deutsche EuroShop to react to a wide range of com- petitive situations. At the same time, the Group’s man- agement focuses on optimising the value of the existing portfolio of properties. TAILORED RENT STRUCTURE A key component of the rental model is a tailored rent structure. While individual owners in urban centers are often preoccupied with achieving the highest possible rental income from their property (which results in a mon- ostructured retail offering), we ensure an attractive sector mix and long-term optimisation of our rental income through combined costing. Rental partners pay sector- specific and turnover-linked rent that is regularly hedged through indexed minimum rents during the rental period. 111

116

The Supervisory Board and its committees additionally dis- cuss other topical issues with the Executive Board as required. Transactions requiring the approval of the Super- visory Board are discussed and resolved upon at the sched- uled meetings. Online retailing, its impact on footfall and sales in centers and the countermeasures taken to effec- tively combine the strategic advantages of our shopping centers with the opportunities afforded by e-commerce are extremely important in Executive Board reporting. In finan- cial year 2024, the inflation and interest rate environment, consumer behaviour trends, and the further development of our shopping centers – due in part to the investment projects undertaken – were at the forefront of discussions and decisions for the operating business. The Executive Board and Supervisory Board also dealt at length with the optimisation of the Company’s capital and financing struc- ture as well as with the future strategy with regard to the property portfolio, ESG (environmental, social and govern- ance) and financing. In the case of transactions by the Executive Board requiring approval, telephone or video conferences are also con- ducted with the Supervisory Board or its committees and circular resolutions are passed in writing. CORPORATE GOVERNANCE 2024 Deutsche EuroShop AG complies with all but one of the recommendations of the German Corporate Governance Code in the version dated 28 April 2022 (Code 2022) appli- cable at the time of issuing the current declaration of con- formity on 12 February 2025. EXECUTIVE BOARD AND SUPERVISORY BOARD The Executive Board and Supervisory Board performed their statutory duties in financial year 2024 in accordance with the applicable laws and the Articles of Association. The strategic alignment of the Company was coordinated between the Executive Board and Supervisory Board, and the progress of strategy implementation was discussed at regular intervals. The Supervisory Board was informed regularly, promptly and in detail by the Executive Board of business developments and the risk situation. Detailed information on the main areas of focus of the Supervisory Board’s activities in financial year 2024 can be found in the Annual Report 2024 of Deutsche EuroShop AG. In financial year 2024, there were no advisory or other con- tracts for work or services in existence between members of the Supervisory Board and the Company. ESG Report THE SHOPPING EXPERIENCE CONCEPT We have outsourced center management to an experienced external partner: ECE Marketplaces GmbH & Co. KG (ECE), based in Hamburg. ECE has been designing, planning, build- ing, letting and managing shopping centers since 1965. The company is currently the European market leader, with around 200 shopping centers under management. We con- sider professional center management to be the key to suc- cess for a shopping center. In addition to guaranteeing standard opening hours and a consistently friendly, bright, safe and clean shopping environment, the center manage- ment can make use of unusual displays, promotions and exhibitions to turn shopping into an experience. As a long- term average, between 400,000 and 500,000 people visit our 21 centers every day and are captivated by not only the variety of sectors represented, but also by the wide range of themed exhibitions, casting events, fashion shows and attractions for children. As a result, the shopping centers become lively marketplaces where there is always some- thing new and spectacular on offer. In addition, new offers and services are continually being created as part of the ongoing integration of bricks-and-mortar shopping and online retailing. WORKING METHODS OF THE EXECUTIVE BOARD AND SUPERVISORY BOARD The strategic alignment of the Company is coordinated between the Executive Board and Supervisory Board, and the progress of strategy implementation is discussed at regular intervals. The Executive Board is required to inform the Supervisory Board regularly, promptly and in detail of relevant business developments. The Executive Board and Supervisory Board conduct regular and detailed analyses of the Company’s net assets, financial position and results of operations, as well as its risk management. In this con- text, a check is performed to verify the formal conditions for implementing an efficient system of managing and mon- itoring the Company, and to determine whether the means of supervision are effective. The significant factors affecting the business are determined by the Executive Board, which notifies the Supervisory Board. The committees advise on the development of the portfolio properties, their sales trends, accounts receivable, occupancy rates, construction measures and liquidity, as well as investment cost trends for our new development projects. The sales trends and payment patterns of tenants are monitored in detail so that potential impacts can be derived from these at an early stage if required. New investment opportunities are examined by the Execu- tive Board and, if necessary, presented to the Supervisory Board at regular Supervisory Board meetings. Investment decisions are made by the Executive Board and then sub- mitted to the Supervisory Board for approval within the framework of decision papers. Moreover, the Executive Board and Supervisory Board dis- cuss developments on the capital and credit markets as well as the effects of these not only on the Company’s strategy, but also in terms of raising equity and obtaining borrowed capital. 112

117

Deutsche EuroShop the MALL s life REMUNERATION SYSTEM AND COMPENSATION REPORT The applicable remuneration system for the members of the Executive Board in accordance with Section 87a (1) and (2) sentence 1 of the Aktiengesetz (AktG – German Public Companies Act), which was approved by the Annual General Meeting on 18 June 2021, as well as the compen- sation report for financial year 2023 approved by the Annual General Meeting on 29 August 2024 and the auditor’s report on its audit are available to the public on the Deutsche EuroShop AG website at www.deutsche-euroshop.de. The compensation report for financial year 2024 and the audi- tor’s report pursuant to Section 162 AktG will be made available to the public on the same website. COMPOSITION AND DIVERSITY Supervisory Board In 2015, the Supervisory Board added a diversity concept to the goals specified in 2012 for its composition, both of which were confirmed in 2017 and last updated in 2019. The Supervisory Board gears itself to the needs of a listed company with a small staff base which makes long-term investments with high capital requirements. In view of this, the intention is for the Supervisory Board to be primarily composed of a majority of members who are independent of the Company and the Executive Board of both genders, who have special knowledge and experience of the retail trade, the letting of retail space, the management of shop- ping centers, the equity and debt financing of listed real estate companies, accounting principles and internal con- trol processes in accordance with German and/or interna- tional regulations and the fields of law, ESG and business management. It is intended that the proportion of women on the Supervisory Board is at least 30 %. The upper age limit for members of the Supervisory Board is 70. The Supervisory Board also takes the view that professional qualifications and skills should be the key criteria for its members. For that reason, no rule has been adopted as to the length of time for which members may serve on the board. Since 2015, the Company has disclosed which skills are provided by the individual members of the Supervisory Board. The current skills matrix is as follows: Skills matrix Skills profile Retail Real estate Business management Accounting/ auditing Financing Capital market Law ESG Reiner Strecker (Chairman) Chantal Schumacher (Deputy Chairwoman) Benjamin Paul Bianchi Henning Eggers Lemara Grant Stuart E. Keith Dr Volker Kraft Dr Henning Kreke Claudia Plath X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X 113

118

ESG Report Declaration on Corporate Governance 2024 The German Corporate Governance Code states that a member of the Supervisory Board “is not deemed independ- ent if they have a personal or business relationship with the Company, its governing bodies, a controlling share- holder or an associate thereof that could give rise to a mate- rial conflict of interest which is more than temporary”. Three of the total of nine members of the Supervisory Board are independent of the Company, the Executive Board and the controlling shareholder within the meaning of the Corporate Governance Code. These are Reiner Strecker, Chantal Schumacher and Dr Henning Kreke. When assessing Mr Strecker’s independence, the Super- visory Board took into account the fact that he has been a member of the Supervisory Board for more than twelve years. The aforementioned period recommended by the Corporate Governance Code is one of several indicators which, taken individually, does not restrict Mr Strecker’s otherwise existing independence, as he has no personal or business relationship with the Company or its Executive Board that could give rise to a material and not merely tem- porary conflict of interest. Mr Strecker’s conduct in office shows that he continues to have the necessary critical dis- tance to the Company and its Executive Board. The length of service on the Supervisory Board ranges from 2.5 to 12.5 years, the average being around five years (as at 31 December 2024). Name Reiner Strecker Chantal Schumacher Dr Volker Kraft Benjamin Paul Bianchi Stuart E. Keith Lemara Grant Dr Henning Kreke Henning Eggers Claudia Plath Average: Function Chairman Deputy Chairwoman Starting from 13.07.2012 Until the AGM, which will decide on... 2024 30.08.2022 30.08.2022 30.08.2022 30.08.2022 30.08.2022 20.06.2013 12.06.2019 12.06.2019 2026 2026 2026 2026 2026 2027 2028 2028 Membership of the Supervisory Board as at Dec. 2024 in years 12.5 2.5 2.5 2.5 2.5 2.5 11.5 5.5 5.5 5.3 AGM in 2025 2027 2027 2027 2027 2027 2028 2029 2029 ject to its approval. The Supervisory Board is composed of nine members, who are elected by the Annual General Meeting. The Supervisory Board has established the notification and reporting duties to be met by the Executive Board. In addi- tion to a three-member Supervisory Board Executive Com- mittee (which also functions as a Nomination Committee), an Audit Committee and a Capital Market Committee were established, consisting of three and four members respec- tively. The Supervisory Board regularly assesses its effectiveness and that of its committees (self-assessment) on the basis of a questionnaire. The members of the Supervisory Board have the opportunity to express criticism, make suggestions and propose improvements. This efficiency review has potential implications, which are discussed on the Super- visory Board and, where necessary, implemented in the Supervisory Board’s work. The last self-assessment took place from February to March 2024. No deductible is provided for the D&O insurance policy of the Supervisory Board. In the Executive Board and Super- visory Board’s view, a deductible has no effect on the sense of responsibility and loyalty with which the members of these bodies perform the duties and functions assigned to them. The Supervisory Board supervises and advises the Execu- tive Board in its management activities in accordance with the provisions of German company law and its rules of pro- cedure. It appoints the members of the Executive Board, and significant transactions by the Executive Board are sub- 114

119

The members of the Supervisory Board are: Reiner Strecker, Chairman Chantal Schumacher, Deputy Chairwoman Benjamin Paul Bianchi Henning Eggers Lemara Grant Stuart E. Keith Dr Volker Kraft Dr Henning Kreke Claudia Plath Mr Strecker, Mr Bianchi and Mr Eggers are members of the Supervisory Board Executive Committee. The Executive Committee is chaired by the Chairman of the Supervisory Board. The Committee discusses urgent business matters and passes relevant resolutions. Moreover, it is responsible for preparing human resources issues concerning the Exec- utive Board. The Executive Committee of the Supervisory Board also fulfils the role of a Nomination Committee. The Audit Committee consists of Ms Schumacher as Finan- cial Expert and Chairwoman as well as Mr Eggers as second Financial Expert and Mr Strecker. It is responsible for issues relating to financial reporting, auditing and the prepara- tion of the annual and consolidated financial statements. It monitors the audit and assesses the quality of the audi- tor’s work. It also reviews the effectiveness of the internal control and risk management systems and the Company’s corporate governance principles. Former members of the Company’s Executive Board and the Chairman of the Super- visory Board generally do not chair the Audit Committee, to avoid conflicts of interest. Ms Schumacher qualifies as a financial expert in both accounting and auditing through her education (MBA with specialisation in finance in 1999) and her professional activ- ities at the Allianz Group (1999–2022), including Head of Controlling as well as Chief Financial Officer in various sub- sidiaries of the Group. Since 2021, Ms Schumacher has been a member of the Supervisory Board and Chairwoman of the Audit Committee at the rating agency Scope SE & Co. KGaA, Berlin. Mr Eggers qualifies as a financial expert in both accounting and auditing through his education (tax consultant since 1999) and his professional activities as an employee and tax consultant at PKF Fasselt Schlage Wirtschaftsprüfungs- gesellschaft (1995–2000). Since 2013, Mr Eggers has been a member of the management board of KG CURA Vermö- gensverwaltung G.m.b.H & Co., where he is responsible for accounting and finance. This fulfils the requirement of the Finanzmarktinte- gritätsstärkungsgesetz (FISG – Financial Market Integrity Strengthening Act), which stipulates that one committee member must have experience in accounting and another member must have experience in auditing financial state- ments. Deutsche EuroShop the MALL s life The Capital Market Committee comprises Ms Plath, Mr Keith, Dr Kreke and Dr Kraft. The Capital Market Committee is chaired by Dr Kreke. The Supervisory Board’s powers relating to the utilisation of approved capital and conditional capital are transferred to the committee for decision- making and execution. In addition, decisions on the approval of the Supervisory Board for financing agreements are also delegated to this committee in individual cases if these meet the criteria of a transaction requiring approval. Executive Board The Executive Board of Deutsche EuroShop AG manages the Company in accordance with the provisions of German company law and its rules of procedure. The Executive Board’s duties, responsibilities and business procedures are laid down in its rules of procedure and – if there are multiple members on the Executive Board – in a schedule of responsibilities. The chief management duties of the Executive Board are the management of the Group and the determination of its strategic orientation and planning, and the establishment, implementation and monitoring of risk management. The diversity concept of the Supervisory Board for the Executive Board which was drawn up in 2015 was given concrete shape and expanded in April 2017. It proposes that the Executive Board should consist of members of both genders with a proportion of women of at least 30 %. The composition of the Executive Board should be geared towards the needs of a listed company with a small staff base. This should take into account the requirements of accounting with high capital investment as well as the pre- dominantly national activities in long-term investment in retail properties. The members of the Executive Board are expected to have knowledge and experience in the appli- cation of accounting principles and internal control proce- dures according to German and/or international accounting standards, the retail trade and the management of shop- ping centers, equity and debt financing, the capital mar- ket, ESG, corporate and personnel management, corporate acquisitions and mergers, and the purchase and sale of real estate. The areas of expertise and experience in the case of multiple Executive Board members should complement each other. The upper age limit for members of the Executive Board is 60. 115

120

ESG Report Declaration on Corporate Governance 2024 As at 31 December 2024, the Executive Board of Deutsche EuroShop AG comprised one member. SHAREHOLDINGS Hans-Peter Kneip Born: 11 July 1979 First appointment: 1 October 2022 Until: 30 September 2028 Hans-Peter Kneip joined Deutsche EuroShop AG in 2022 as a member of the Executive Board. He is a man- aging director and director at various companies in the Deutsche EuroShop Group, and is additionally respon- sible for ESG issues on the Executive Board. Together with the Executive Board, the Supervisory Board ensures long-term succession planning. The Supervisory Board devotes particular attention to the deferred end of the terms of office of members in combination with their respective experience and areas of expertise. Discussions and negotiations on potentially extending terms of office usually begin at least one year before the end of the cur- rent term of office so that internal and external successors can be appointed. In financial year 2024, the Company was headed by Hans-Peter Kneip as sole member of the Exec- utive Board. Gender quota The Supervisory Board and the Executive Board took into consideration the German Act on Equal Participation of Men and Women in Executive Positions in the Public and Private Sectors that entered into force in 2015, and defined corre- sponding quotas. A quota of women of at least 30% was set for the Supervisory Board and Executive Board. The Exec- utive Board also set the same target for the management levels below the Executive Board. Due to the number of employees (seven), there is only one management level below the Executive Board. Since the quota was established in 2015, the target for the nine-member Supervisory Board has been met with three female members. The quota of women on the one-member Executive Board as at 31 December 2024 was 0%. The quota of women in the first management level below the Executive Board, which consists of four people, also stood at 25% on 31 December 2024. Executive Board As at 31 December 2024, the Executive Board held a total of 15,144 shares, amounting to less than 1% of Deutsche EuroShop AG’s share capital. Supervisory Board As at 31 December 2024, the members of the Supervisory Board held 760 shares and indirect shareholdings totalling 0.25% of Deutsche EuroShop AG’s share capital, therefore below 1%. In addition to the general statutory provisions requiring public disclosure, the rules of procedure of the Executive Board and of the Supervisory Board govern the reporting duties of Executive Board and Supervisory Board members in the event of dealings involving shares in the Company or related rights of purchase or sale, as well as rights directly dependent on the Company’s share price. Directors’ dealings No securities transactions by members of the Executive Board or Supervisory Board or by certain persons related to members of the executive bodies were notified to Deutsche EuroShop AG during financial year 2024 in accordance with Section 19 of the Market Abuse Regulation (MAR). Relationships with shareholders Shareholders exercise their rights in matters concerning the Company at the Annual General Meeting. The Annual General Meeting elects the members of the Supervisory Board and passes resolutions approving the actions of the Executive Board and Supervisory Board. It decides on the utilisation of the unappropriated surplus and amendments to the Company’s Articles of Association. The Annual Gen- eral Meeting, at which the Executive Board and Supervisory Board give an account of the past financial year, takes place once a year. When resolutions are adopted at the Annual General Meeting, each share confers entitlement to one vote in line with the principle of “one share, one vote”. All share- holders are entitled to attend the Annual General Meeting and to speak and submit questions about items on the agenda. The pandemic having subsided, in financial year 2023 the Company returned to an in-person Annual General Meeting. Ms Plath and Mr Eggers were re-elected as members of the Supervisory Board at the Annual General Meeting on 29 August 2024. The term of office of Mr Strecker as member of the Supervisory Board ends with the Annual General Meeting for financial year 2024. Deutsche EuroShop reports to its shareholders and to the public on the Company’s business performance, financial position and results of operations four times a year in line with a financial calendar. Press releases also directly inform the public and the media of Company’s activities. 116

121

Deutsche EuroShop the MALL s life DECLARATION OF CONFORMITY In February 2025, the Executive Board and Supervisory Board of the Company jointly submitted their declaration of conformity with the recommendations of the Government Commission on the German Corporate Governance Code in accordance with Section 161 AktG. The declaration was made permanently available to the public on the Company’s website at www.deutsche-euroshop.de. Joint declaration by the Executive Board and Supervisory Board of Deutsche EuroShop AG relating to the recom- mendations of the Government Commission on the Ger- man Corporate Governance Code in accordance with Sec- tion 161 AktG The Executive Board and the Supervisory Board of Deutsche EuroShop AG declare that the Company has complied with, and will continue to comply with, the recommendations of the Government Commission on the German Corporate Gov- ernance Code as published on 28 April 2022, subject to just one exception. The consolidated financial statements are published within 120 days of the end of the financial year (Code Sec- tion. F.2). It is important to the Company to publish audited financial statements that have been approved by the Supervisory Board. An earlier publication date is not feasible due to the schedules for the preparation, auditing and adoption of the financial statements. Unaudited data of relevance to the capital market are published in advance. Hamburg, 12 February 2025 Executive Board and Supervisory Board Deutsche EuroShop AG Information that may materially influence the Company’s share price is published in the form of ad hoc disclosures in accordance with statutory requirements. The Executive Board gives regular presentations to analysts at physical and virtual conferences and at investor events as part of the Company’s investor relations activities. Ana- lyst conferences, for example to accompany earnings announcements, are streamed online, where they are avail- able to anyone interested in the Company. In addition, Deutsche EuroShop provides financial information and other information about the Deutsche EuroShop Group on its website. Compliance management The Executive Board has set up a compliance management system suitable for a holding company and gives appropri- ate consideration to legal and corporate governance requirements at a key affiliated service provider. In financial year 2019, the compliance management system and the internal control system (ICS) were adapted in particular to the requirements of Gesetz zur Umsetzung der zweiten Aktionärsrechterichtlinie (ARUG II – German Act Imple- menting the Second Shareholder Rights Directive), which came into force on 1 January 2020. The Company set up a whistleblower system for the collection of anonymous internal and external information in the first quarter of 2018. The system is continuously adapted to the latest requirements. Accounting and audits The Deutsche EuroShop Group prepares its financial state- ments according to International Financial Reporting Stand- ards (IFRS) on the basis of Section 315e of the Handels- gesetzbuch (HGB – German Commercial Code). The annual financial statements of Deutsche EuroShop AG will continue to be prepared in line with the accounting provisions of the HGB. The Executive Board is responsible for preparation of the financial statements. The Chairwoman of the Audit Committee commissions the auditor of the annual financial statements, as elected by the Annual General Meeting. The stricter requirements for auditor independence are met in this process. At the Annual General Meeting on 29 August 2024, RSM Ebner Stolz GmbH & Co. KG, Wirtschaftsprüfungs- gesellschaft Steuerberatungsgesellschaft was elected as the statutory auditor and Group auditor for the first time for financial year 2024 (previously BDO AG Wirtschaftsprü- fungsgesellschaft). Auditor Florian Riedl is responsible for auditing the annual financial statements. RSM Ebner Stolz did not provide any other assurance services or other ser- vices for the Company in the 2024 financial year. 117

123

Deutsche EuroShop SHARE PRICE in € 28 TRADING VOLUME in thousand 600 26 24 22 20 18 16 500 400 300 200 100 0 Jan 24 Feb 24 Mar 24 Apr 24 May 24 June 24 July 24 Aug 24 Sep 24 Oct 24 Nov 24 Dec 24 Jan 25 Feb 25 Deutsche EuroShop share closing price Trading volume SHARE PRICE HIGHLY VOLATILE The closing price of the Deutsche EuroShop share at the end of the prior year was €22.55 (Xetra). The share started the year on a downward trend and traded sideways from February to late May. A strong upward trend began in June and pushed the share price to an annual high of €27.40 on 15 August. A sharp correction followed, bringing the DES share down to its yearly low of €18.06 on 23 December. It then started a recovery that lasted until the end of the year. The DES share closed the year at a price of €18.50 and a market capitalisation of €1.4 billion. MIXED PICTURE IN COMPARISON TO BENCHMARK INDEX AND PEER GROUP Including the dividends of €1.95 and €2.60 per share dis- tributed on 11 January 2024 and 3 September 2024 respec- tively, the Deutsche EuroShop share recorded a slightly negative performance of -0.3 %. Our share price perfor- mance in 2024 was therefore above that of the European benchmark for listed real estate companies, the EPRA index (-3.3 %), but in the lower third for its European peer group1, which reported average losses of -2.3 % (median: +1.3 %). The benchmark index for smaller companies, the SDAX, fell 1.8 % in the year under review. Over the past year, German open-ended property funds achieved an average performance of -0.6 % (2023: +0.6 %) and had cash outflows of €5.9 billion (2023: €+0.1 billion). STOCK MARKET PERFORMANCE in % DES share DAX SDAX EURO STOXX 50 (Europe) Dow Jones (USA) Nikkei (Japan) 2024 -0.3 +18.8 -1.8 +7.7 +12.9 +19.2 2023 +13.9 +20.3 +17.1 +19.2 +13.7 +28.2 2022 +57.5 -12.3 -27.3 -11.9 -8.8 -9.4 1 Carmila, Citycon, Eurocommercial Properties, Hammerson, IGD, Klépierre, Mercialys, Unibail-Rodamco-Westfield, Vastned, Wereldhave 119

124

Investor Relations The shopping center share SHARE PERFORMANCE AND MARKET CAPITALISATION in % in € million 2,200 1,700 1,200 700 1,724 57.5 1,367 1,415 13.9 -0.3 2,183 2,098 2,086 1,632 1,566 1,140 904 10.4 15.3 -1.2 -8.6 60 40 20 0 -20 -40 -21.8 -20.5 5 1 0 2 6 1 0 2 7 1 0 2 8 1 0 2 9 1 0 2 -30.2 0 2 0 2 1 2 0 2 2 2 0 2 3 2 0 2 4 2 0 2 Market capitalisation (basis: year-end closing price) in € million Annual performance incl. dividend SHARE PRICE TREND IN 2024 in %, 100% = 31 Dec. 2023 130 120 110 100 90 80 Jan 24 Mar 24 Apr 24 June 24 Aug 24 Oct 24 Dec 24 Feb 25 SHARE PRICE TREND IN 5-YEAR COMPARISON in %, 100% = 31 Dec. 2019 150 125 100 75 50 25 Mar 20 June 20 Sep 20 Dec 20 Mar 21 June 21 Sep 21 Dec 21 Mar 22 June 22 Sep 22 Dec 22 Mar 23 June 23 Sep 23 Dec 23 Mar 24 June 24 Sep 24 Dec 24 Deutsche EuroShop share EPRA SDAX 120

125

Deutsche EuroShop the MALL s life STABLE COVERAGE OF THE SHARES Our shares are at present regularly covered by five ana- lysts1 from respected German and international institu- tions,2 and their recommendations introduce us to new groups of investors. In the course of the financial year, we lost one analyst (Oddo BHF) but gained another (Bank of America). Information on the recommendations can be found at: www.deutsche-euroshop.com/research Figures for the Deutsche EuroShop share WKN / ISIN Ticker symbol Share capital in € Number of shares (no-par-value registered shares) Treasury shares Indices Official market OTC markets 748 020 / DE 000 748 020 4 DEQ 76,464,319.00 76,464,319 720,465 SDAX, CDAX, EPRA, MSCI Small Cap, HASPAX Prime Standard Frankfurter Wertpapierbörse and Xetra Berlin-Bremen, Düsseldorf, Hamburg, Hanover, Munich and Stuttgart The analysts are currently for the most part neutral with regard to the prospects for the DES share.1 ANALYST RECOMMENDATIONS OVER THE LAST 10 YEARS in %, as at 20 March 2025 100 90 80 70 60 50 40 30 20 10 0 Q1 14 Q3 14 Q1 15 Q3 15 Q1 16 Q3 16 Q1 17 Q3 17 Q1 18 Q3 18 Q1 19 Q3 19 Q1 20 Q3 20 Q1 21 Q3 21 Q1 22 Q3 22 Q1 23 Q3 23 Q1 24 Q3 24 Q1 25 negative neutral positive 1 As at 20 March 2025 2 Baader Bank, Bank of America, Berenberg Bank, Kepler Cheuvreux, M.M. Warburg 121

126

Investor Relations Investor Relations The shopping center share AWARDS FOR REPORTING QUALITY The European Public Real Estate Association (EPRA) has again recognised the transparency of our reporting in terms of sector-specific financial ratios and on the topic of sustainability with a Gold Award. Further awards for our capital market communications can be found on our website at: www.deutsche-euroshop.de/Investor-Relations/Contact/ Awards SHARE BUY-BACK PROGRAMME CARRIED OUT In mid-December 2023, the Executive Board decided, with the approval of the Supervisory Board, to launch and carry out a share buy-back programme. As part of this, a total of 720,465 DES shares (corresponding to around 0.942 % of the Company’s share capital) were repurchased between 21 December 2023 and 11 December 2024 at an average price of €20.82 per share and for a total of around €15.0 mil- lion. Further details can be found at: www.deutsche-euroshop.de/Investor-Relations/Share/ Share-Buyback MINIMAL CHANGES TO THE SHARE- HOLDER STRUCTURE The number of investors rose again slightly in 2024: Deutsche EuroShop now has around 9.020 shareholders1 (previous year: 8,740). The shareholder structure has barely changed overall: Hercules BidCo (pooled shares of Oaktree, Alexander Otto and CURA) holds the largest stake at 76.4%. Maren Otto holds 6.6% of DES shares, institutional investors around 3.3% (previous year: 3.8%) and private investors 12.7% (previous year: 13.2%). Deutsche EuroShop holds 0.94% of its own shares. The free float as defined by Deutsche Börse/Stoxx was 14.8 % at the end of the year. There were no changes in the regional distribution. 97.6% of Deutsche EuroShop shares are held in domestic securi- ties accounts, while 2.4% are held by European and US investors. 9,020 shareholders SHAREHOLDER STRUCTURE Regional split 6.55 % Maren Otto 3.33 % Institutional investors 0.94 % Treasury shares 2.4 % Rest of the world 97.6 % Germany 12.74 % Private investors 76.44 % Hercules BidCo 1 as of 20 March 2025 122

127

Deutsche EuroShop the MALL s life DIVIDEND in € SHARE PRICE in € 5 4 3 2 1 0 28.08 28.98 36.20 31.64 31.83 24.30 23.50 23.67 24.80 23.73 19.26 16.88 40.46 38.67 33.96 26.78 25.34 18.45 4.55 18.45 22.55 19.162 2.50 18.50 15.50 0.960.960.960.961.001.051.051.051.051.101.101.201.251.301.351.401.451.50 14.46 1.00 1.001 2 0 0 2 3 0 0 2 4 0 0 2 5 0 0 2 6 0 0 2 7 0 0 2 8 0 0 2 9 0 0 2 0 1 0 2 1 1 0 2 2 1 0 2 3 1 0 2 4 1 0 2 5 1 0 2 6 1 0 2 7 1 0 2 8 1 0 2 9 1 0 2 0 2 0 2 1 2 0 2 2 2 0 2 3 2 0 2 4 2 0 2 5 2 0 2 0.000.04 42 35 28 21 14 Deutsche EuroShop share closing price Dividend (distributed for the previous year) 1 = Proposal 2 = Share price on 19 March 2025 Proposed dividend: €1.00 per share The Executive Board, together with the Supervisory Board, has resolved to propose to the Annual General Meeting scheduled for 27 June 2025 the payment of a dividend of €1.00 per share for financial year 2024. TEN REASONS TO INVEST in Deutsche EuroShop shares 01. The only public company in Germany to invest solely in shopping centers 02. Prime locations 03. Proven, conservative strategy 04. Cash flow that can be planned over the long term 05. Shareholder-friendly dividend policy 06. Experienced management team 07. Solid performance track record 08. High occupancy rate 09. Inflation-protected rental agreements 10. Solidity combined with potential 123

128

Investor Relations Investor Relations The shopping center share KEY SHARE FIGURES IN THE TEN-YEAR OVERVIEW Market capitalisation in € million (basis: year-end closing price) Number of shares (year-end) Weighted average number of shares High in € Low in € Year-end closing price (31 Dec.) in € Dividend per share in € Dividend yield (31 Dec.) in % Annual development excl./ incl. Div. Average trading volume per day in units Average daily trading volume in shares incl. Multilateral Trading Facilities EPS in € (basic) 2024 2023 2022 2021 1,415 76,464,319 75,136,922 27.40 (15.08.2024) 18.06 (23.12.2024) 18.50 1.001 5.4 1,724 76,464,319 75,136,922 24.30 (16.08.2023) 17.14 (31.10.2023) 22.55 2.60 3.5 1,367 61,783,594 61,783,594 26.38 (15.08.2022) 14.02 (07.03.2022) 22.12 4.45 11.3 904 61,783,594 61,783,594 21.30 (13.08.2021) 14.00 (13.12.2021) 14.64 1.00 6.8 -18.0124 %/-0.3 % +1.9 %/+13.9 % +51.1 %/+57.5 % -20.7 %/-20.5 % 19,715 14,751 145,982 148,159 >20,7792 1.62 >15,540 -0.51 >336,666 0.35 >418,885 0.97 All share price information relates to Xetra. 1 Proposal 2 Source: Bloomberg, adjusted data, as at 13 January 2025 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 E-Mail: ir@deutsche-euroshop.de Website: www.deutsche-euroshop.com/ir Patrick Kiss and Nicolas Lissner 124

129

Deutsche EuroShop the MALL s life 2020 2019 2018 2017 2016 2015 1,140 61,783,594 1,632 61,783,594 1,566 61,783,594 2,098 61,783,594 2,086 53,945,536 2,183 53,945,536 61,783,594 26.50 (03.01.2020) 9.52 (25.09.2020) 61,783,594 27.44 (21.05.2019) 22.54 (16.08.2019) 61,783,594 33.90 (02.01.2018) 24.98 (27.12.2018) 58,248,007 39.32 (18.04.2017) 30.37 (25.10.2017) 53,945,536 42.52 (09.06.2016) 35.86 (11.02.2016) 53,945,536 48.00 (10.04.2015) 36.32 (06.01.2015) 18.45 0.04 0.2 26.42 0.00 0.0 25.34 1.50 5.9 33.96 1.45 4.3 38.67 1.40 3.6 40.46 1.35 3.3 -30.2 %/ - 4.3 %/10.4 % -25.4 %/-21.8 % -12.2 %/-8.6 % -4.4 %/-1.2 % 11.8 %/15.3 % 153,503 149,891 192,835 212,422 142,133 152,355 >455,895 -4.07 >458,797 1.81 >526,239 1.29 >533,866 2.31 >412,750 4.11 >449,500 5.73 FINANCIAL CALENDAR 2025 22.01. Kepler Cheuvreux German Corporate Conference, Frankfurt 28.03. Consolidated financial statements 2024 29.04. Annual Report 2024 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.com/ir 125

130

Investor Relations Our online channels WEBSITE SEES SHARP RISE IN VISITORS The www.deutsche-euroshop.de website has been extre- mely popular for years. It was repeatedly ranked among the best within the European real estate sector for both the information it provides and its user-friendliness. Both the number of website visitors (+17 %) and page views rose sharply (+49 %) – the highest levels ever recorded for both of these key figures. WEBSITE VISITORS in thousand PAGE VIEWS in million 600 500 400 300 200 100 0 12 10 8 6 4 2 0 3 0 0 2 4 0 0 2 5 0 0 2 6 0 0 2 7 0 0 2 8 0 0 2 9 0 0 2 0 1 0 2 1 1 0 2 2 1 0 2 3 1 0 2 4 1 0 2 5 1 0 2 6 1 0 2 7 1 0 2 8 1 0 2 9 1 0 2 0 2 0 2 1 2 0 2 2 2 0 2 3 2 0 2 4 2 0 2 Visitors Page views tary information about Deutsche EuroShop. Perhaps we can maintain contact with you through one or more of these platforms too – we would be happy to see you there: SOCIAL MEDIA SERVES AS AN ADDITIONAL CHANNEL OF INFORMATION AND CONTACT POINT Social media has established itself as a channel of commu- nication – also for capital market participants. For many years, we have shown ourselves to be open to technical innovations and we actively use social media to provide our investors and interested parties with news and supplemen- 126

131

INSTAGRAM Photos & videos from DES at: www.instagram.com/deutscheeuroshop FACEBOOK Become a fan on Facebook: www.facebook.com/euroshop IR MALL Check out our investor relations blog: www.ir-mall.com Deutsche EuroShop the MALL s life LINKEDIN Follow us on LinkedIn: www.linkedin.com/company/deutsche-euroshop-ag SLIDESHARE Find our presentations and reports on SlideShare: www.slideshare.net/desag YOUTUBE Find our videos on YouTube: www.youtube.com/DeutscheEuroShop On Instagram, we not only post photos and videos from our “everyday Group life”, but also regularly share exciting news about our 21 centers, such as store openings by new tenants or the latest promotions: @deutscheeuroshop ONLINE PERFORMANCE INDICATORS OF THE DES SHOPPING CENTERS WWW thousand followers 4 million visits 165 4 Thousand posts 83 % of which mobile 4 thousand posts 17 million 753 thousand followers people reached TOP 10 CENTERS ON FACEBOOK Center Altmarkt-Galerie, Dresden Galeria Bałtycka, Gdansk, Poland Rhein-Neckar-Zentrum, Viernheim/Mannheim Allee-Center, Magdeburg City-Point, Kassel Olympia Center, Brno, Czech Republic Saarpark-Center, Neunkirchen Árkád, Pécs, Hungary Stadt-Galerie, Passau Main-Taunus-Zentrum, Sulzbach/Frankfurt Fans 85,749 71,381 58,798 52,407 49,572 48,702 44,207 44,035 35,395 35,017 NEWSLETTER 74 thousand subscribers 127

132

Letter to the shareholders Dear Shareholders, Esteemed Business Partners, LET ME START WITH WHAT MATTERS MOST TO YOU: Your Deutsche EuroShop is still on course for success. Our bal- ance sheet is solid, and our financial performance has met – if not ex- ceed ed – our expectations. But per- haps even more importantly, we are optimistic about the years ahead. We expect new opportunities for growth to emerge, and we are confident that we will be able to seize them. While 2024 remained a challenging year for the market, our shopping centers performed well in terms of their operating business. Visitor num- bers increased by 0.6 %, and the retail sales of our tenants rose by 2.5 %. The occupancy rate improved by a signifi- cant 2.4 percentage points to 95.4 %, which is a particularly high level. Revenue reached €271.4 million, slightly below the previous year. This downturn was caused by temporary vacancies resulting from investment measures, a decrease in settlement payments and isolated falls in follow-on rents. EBIT came to €216.3 million, exceeding our forecast, and up 1.7 % on the previous year. This figure benefited from other income from the reversal of impairments and provisions in addition to ancillary costs related to previous years. Excluding measurement gains/ losses, EBT declined by 2.5 % to €165.2 million, while FFO decreased by 8.3 % to €157.1 million. FFO per share fell by 9.6 % to €2.06. Just because some earnings figures were lower than in the previous year does not mean that the Company performed worse in 2024. It is more accurate to say that our figures for 2023 were boosted by one-time effects. These included the acquisition of additional shares in shopping centers and the recovery of service charges from the COVID-19 period which had previously been written off. With regard to the dividend, I am pleased to pro- pose – together with the Supervisory Board – a dividend of €1.00 per share at the Annual General Meeting.  128

135

THIS IS PERHAPS A GOOD OPPORTUNITY to high- light that strong performance year after year is not a given. Leasing in today’s market environ- ment is hard work. Finding new tenants requires us to have a broad reach across Europe. Targeted investments play an essential role in keeping our shopping center portfolio attractive and future- proof. We take a proactive approach every day, safe in the knowledge that the decisions we are making now will benefit us four or five years down the road. Certain developments are out of our control: reg- ulatory and political conditions, economic cycles, and their impact on financial markets. Interest rates are stabilising, as are property values. We are seeing signs of recovery in the real estate investment market. However, it will take some time for us to benefit from this positive trend. These factors still had a somewhat negative effect on our figures in 2024, although our meas- urement loss of €14.6 million was significantly lower than the €209.1 million decline recorded in the previous year. Our financial position is strong. There are no maturities scheduled for 2025, and we have already extended some of our 2026 maturities ahead of schedule. Our balance sheet is robust, with a consistently high equity ratio of 49.2 % and an LTV of 39.2 %, leaving us ample flexibility for future growth. All in all, we are well positioned to continue investing in the future of our portfolio. Over the rest of the year, we plan to once again invest approximately €50 million to enhance the overall experience at our shopping centers, make structural improvements and advance our ESG strategy. When it comes to ESG, the “S” is just as important as the “E” for us. We see our 21 shopping centers as accessible and vibrant meeting places that offer customers a safe and personal shopping experience, foster social interaction, and actively engage with local communities. We are also well aware of the direct link between environmental factors and the long-term value of our properties. In 2024, we placed a strong focus on advancing our sustainability strategy and launched a comprehensive materiality analysis. Our goal is to minimise our environmental impact, anticipate risks and seize opportunities. We are convinced that this will enhance our resilience and strengthen our business model for the future. Deutsche EuroShop the MALL s life In closing, I would like to extend my sin- cere thanks to my outstanding team. For the past three years, I have had the privilege of being part of what is prob- ably Germany’s smallest listed com- pany in terms of headcount. Our entire team consists of just eight people. Four of them, including myself, only joined the team recently. Despite this, it feels like we have been working together for a decade. This is only possible thanks to the exceptional personal and profes- sional chemistry that we have in the team. Everyone is fully aware of their strengths and brings them to bear. We know the best way to support each other, and we do so proactively. That is truly special. I am confident that we can build on this foundation to achieve great things over the coming years. As for the current financial year, we remain optimistic overall. We expect revenue and EBIT to be stable or see mild growth. We are assuming a slight reduction in EBT (excluding measurement gains/losses) and FFO, in view of lower planned finan- cial income. Kind regards, Hans-Peter Kneip CEO/CFO 131

137

Deutsche EuroShop Basic information about the Group Group business model, targets and strategy Management system Economic review Macroeconomic and sector- specific conditions Business development and overall comment on the Group’s financial situation Results of operations of the Group Financial position of the Group Net assets of the Group Report on events after the reporting date Outlook Risk report Principles governing the risk management system and internal control system Accounting-related internal control system Evaluation of the overall risk position Presentation of material individual risks Opportunity report Report of the Executive Board on relations with affiliated companies Acquisition reporting Declaration on corporate governance Reporting on the annual financial statements of Deutsche EuroShop AG 134 134 135 136 136 138 139 145 147 150 150 152 152 153 153 154 159 160 160 161 162 information provided in The to Deutsche EuroShop AG (“Deutsche EuroShop AG”) and Deutsche EuroShop AG and its consolidated subsidiaries (“Deutsche EuroShop Group”). The annual financial state- ments of Deutsche EuroShop AG are reported on in a separate section of the combined management report. the combined management report applies 133

138

Combined management report Basic information about the Group range of 50 % to 60 %. Any issues are subject to prevailing market conditions and are intended to have an investment grade rating, depending on the financing instrument. DIVERSIFIED SHOPPING CENTER PORTFOLIO The Deutsche EuroShop Group has a balanced and diversi- fied portfolio of German and European shopping centers. The management focuses on investments in prime (1-a) locations in cities with a catchment area of at least 300,000 residents that bring a high level of investment security. SEIZING OPPORTUNITIES AND MAXIMISING VALUE In line with the buy & hold strategy, the management is increasingly concentrating on shopping center quality and returns rather than rapid portfolio growth. We continuously monitor the market and make portfolio adjustments through acquisitions and sales when economically attractive oppor- tunities arise. Rapid decision-making chains as well as considerable flex- ibility regarding potential investments and financing struc- tures allow Deutsche EuroShop AG to react to a wide range of competitive situations. At the same time, the Group’s management focuses on optimising the value of the existing portfolio of properties. TAILORED RENT STRUCTURE One key component of the rental model is a tailored rent structure. While city center property owners often focus on obtaining the highest possible rents for their properties – creating a monolithic retail offering – the Deutsche EuroShop Group’s management uses a calculation combin- ing a range of factors to create an attractive sector mix and optimise long-term rental income. Rental partners pay rents that are customary in this sector and regularly consist mainly of a minimum rent linked to the consumer price index and a revenue-linked rent. GROUP BUSINESS MODEL, TARGETS AND STRATEGY Deutsche EuroShop AG is an Aktiengesellschaft (public company) under German law. The Company’s registered office is in Hamburg. Deutsche EuroShop AG is the only public company in Germany to invest solely in shopping centers in prime locations. A total of 21 shopping centers in Germany, Austria, Poland, Hungary and the Czech Repub- lic are held in the real estate portfolio. The Group generates its reported revenue from rental income on the spaces it lets in the shopping centers. These are held by independent companies, with Deutsche EuroShop AG holding stakes of 100 % in 16 shopping centers and between 50 % and 95 % in the other five. Further infor- mation on the incorporation of these companies into the consolidated annual results is provided in the notes to the consolidated financial statements. The Group managing company is Deutsche EuroShop AG. It is responsible for corporate strategy, portfolio and risk management, financing and communication. The Deutsche EuroShop Group has a central structure and lean personnel organisation. OBJECTIVES AND STRATEGY The management focuses on investments in high-quality shopping centers in urban centers and established loca- tions 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 significant portion can be paid out to shareholders in the form of an annual dividend. To this end, the Company invests its capital in shopping centers in different European regions in accordance with the principle of risk diversification. Ger- many is the main focus of investment. Indexed and reve- nue-linked commercial rents ensure that high earnings targets are achieved. The Deutsche EuroShop Group aims to take advantage of favourable financing conditions while maintaining and expanding its pool of lenders and funding sources. The Group has historically financed its investment activities pri- marily through secured borrowings from various lenders. In order to further diversify its capital and financing struc- ture, especially in a market environment of rising interest rates and a tendency towards stricter credit requirements, the management is looking into expanding the capital and financing structure. Market opportunities for issuing one or more capital market instruments are also being explored and evaluated by Deutsche EuroShop AG. As a result, the Group’s loan-to-value (LTV) ratio could be increased to a 134

139

THE SHOPPING EXPERIENCE CONCEPT Deutsche EuroShop AG has outsourced center management to an experienced external partner: Hamburger ECE Mar- ketplaces GmbH & Co. KG, Hamburg (“ECE Marketplaces“), based in Hamburg. The ECE Group has been designing, planning, building, letting and managing shopping centers since 1965. The Company is the current European market leader, with some 200 shopping centers under manage- ment. Deutsche EuroShop AG views professional center management as the key to successful shopping centers. In addition to guaranteeing standard opening hours and a con- sistently friendly, bright, safe and clean shopping environ- ment, the center management can make use of unusual displays, promotions and exhibitions to turn shopping into an experience. Each day, 400,000 to 500,000 shoppers visit the 21 Deutsche EuroShop centers, where they are impressed by the range of sectors represented, the diverse food options, the different leisure facilities, the rotating pro- motional activities including fashion shows, learning fairs and interactive exhibitions as well as a wide variety of attractions for children. As a result, the shopping centers become marketplaces where there is always something new and spectacular on offer. OMNI-CHANNEL APPROACH Deutsche EuroShop AG is seeing an ever closer connection between bricks-and-mortar stores and online retail. As a company that rents out a wide range of spaces in prime locations, it has been promoting an omni-channel approach for years – for its center locations as well as for its tenants. The centers in the portfolio form the heart of the guests’ shopping experience. They also function as an extensive warehouse. Viewing the centers as micro-hubs not only facilitates higher sales for retailers and faster delivery times for customers, but also contributes to reducing CO₂ by shortening transport routes. MANAGEMENT SYSTEM The Executive Board of Deutsche EuroShop AG manages the Group 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 Group targets shopping centers with sustainable and stable value growth and a high liquidity surplus generated from long-term leases. These parameters are then used to derive relevant management indicators (performance indi- cators). For the Group, these are: revenue, EBIT (earnings before interest and taxes); EBT (earnings before taxes) excluding measurement gains/losses; and FFO (funds from operations) per share. Under commercial law, the perfor- mance indicators for the annual financial statements of Deutsche EuroShop AG are income from investments and earnings before taxes. Based on five-year medium-term planning for each shop- ping center, aggregated Group planning is drawn up once a year and the management indicator targets are estab- lished. Throughout the year, current performance is com- pared periodically (quarterly) against these targets and Deutsche EuroShop the MALL s life current projections. In addition, the value drivers behind the management indicators, such as rental income, visitor num- bers, re-letting statistics and collection ratios, are moni- tored in monthly controlling reports. This should make it possible to take the necessary urgent measures in the Group in good time. The Supervisory Board supervises and advises the Execu- tive Board in its management activities in accordance with the provisions of German company law and its rules of pro- cedure. It appoints the members of the Executive Board, and significant transactions by the Executive Board are sub- ject to its approval. The Supervisory Board comprises nine members, all of whom are elected by the Annual General Meeting. Members of the Executive Board are appointed and dis- missed on the basis of Sections 84 and 85 of the Aktieng- esetz (AktG – German Public Companies Act). Changes to the Articles of Association are made in accordance with Sections 179 and 133 AktG, and the Supervisory Board is also authorised, without a resolution of the Annual General Meeting, to adapt the Articles of Association to new legal provisions that become binding on the Company, as well as to resolve changes to the Articles of Association that only relate to the wording. More information about the Executive Board and the Super- visory Board can be found in the declaration on corporate governance. 135

140

Combined management report Economic review According to the European Central Bank, financing condi- tions remained challenging for businesses in 2024 despite signs of stabilisation. In October 2024, the average corpo- rate loan interest rate stood at 4.7 %, more than half a per- centage point below the previous year’s peak. Market-based finance costs had declined by over one percentage point from their highest level. Mortgage rates also fell and aver- aged 3.6 % in October 2024 – about half a percentage point lower than their January 2023 peak. Private consumer spending saw a modest +0.3 % increase on a price-adjusted basis according to the German Federal Statistical Office. However, the extent to which lower infla- tion and rising wages spurred consumer spending was lim- ited. The highest consumer spending increases were in healthcare (+2.8 %) and transportation (+2.1 %), while con- sumers spent significantly less on restaurants and accom- modation (-4.4 %) as well as clothing and footwear (-2.8 %). Government spending was more expansionary and increased by +2.4 % on a price-adjusted basis. This was primarily driven by higher social and care-related expendi- tures. The ongoing weakness in the economy had a clear impact on the labour market. Even though the number of employed persons reached a record-high annual average of 46.1 mil- lion (+0.2 %) in the previous year, unemployment also increased, with the unemployment rate rising to 6.0 % in December – an increase of 0.3 % year-over-year. MACROECONOMIC AND SECTOR- SPECIFIC CONDITIONS Germany’s economy contracted for the second year in a row in 2024. According to calculations by the German Federal Statistical Office, real GDP declined by 0.2 % in 2024 after price adjustments (2023: -0.3 %). Experts attribute the lack of an economic upturn to both cyclical and structural chal- lenges, including growing competition for exports, high energy costs, persistently high interest rates, and uncertain economic prospects. The manufacturing sector performed particularly poorly and shrank by 3.0 %, with key industries such as mechan- ical engineering and automotive suffering losses. Ener- gy-intensive sectors like metals and chemicals remained weak following years of declining production. The construc- tion sector was hit even harder, with gross value added falling by 3.8 %. High building costs and capital expenses had a particularly negative impact on residential construc- tion. The services sector, on the other hand, grew by +0.8 %, though performance varied across industries. While the gross value added of the combined trade, transport and hospitality sector stagnated, the information and commu- nications sector continued its expansion. Government-re- lated sectors such as public administration, education, and healthcare also recorded gains. Germany’s foreign trade remained weak, following the slug- gish performance of previous years. Despite a surge late in the year, exports declined by 1.0 % compared to 2023 when adjusted for seasonal effects. Imports fell by 2.8 %. In December 2024, seasonally adjusted exports increased by 2.9 % compared to November, while imports rose by 2.1 %. Exports and imports were up 3.4 % and 4.5 % respectively compared to the same period in the previous year. Consumer prices rose by 2.2 % on average in Germany over the course of 2024. Inflation eased significantly compared to previous years and moved closer to the 2 % target. This marked a substantial decline from 5.9 % in 2023 and 6.9 % in 2022. Real wages continued to rise for the sixth consecutive quar- ter. In the third quarter of 2024, real wages were 2.9 % higher than the previous year. This trend was driven by inflation compensation premiums, collectively agreed wage increases, and one-time payments. 136

141

RETAIL Retail sales expanded by 1.1 % in real terms in 2024, according to the German Federal Statistical Office. Sales declined by 0.5 % in the first half of 2024 compared to the same period of the previous year, then rebounded by 2.6 % in the second half of 2024 compared to the year before. Despite this upwards trend, overall retail sales in 2024 remained 2.6 % below pre-pandemic levels in real terms. According to the Handelsverband Deutschland (HDE – Ger- man Retail Association), total sales in the German retail sector rose by 2.2 % to €663.8 billion in the reporting year. Online retail sales increased by 3.5 % in 2024 to €88.4 bil- lion. This accounted for approximately 13.3 % of total retail sales, up from 13.0 % in 2023. The competitive landscape of Deutsche EuroShop AG’s port- folio remains primarily influenced by online retail, inner-city stores, shopping centers in the immediate catchment area, and inner-city centers in major regional urban centers. For example, the city centers of Dortmund, Mannheim and Braunschweig are serious rivals to the Allee-Center in Hamm, the Rhein-Neckar-Zentrum in Viernheim and the City-Galerie in Wolfsburg, respectively. Another factor is additional competition in the form of grow- ing numbers or expansions of factory and designer outlets on greenfield sites outside the city limits and, to a certain extent, also within them. There are currently plans to expand a designer outlet in Zweibrücken, Saarland, which is in the catchment area of the Saarpark-Center in Neunkirchen. An outlet in Remscheid, in the catchment area of the City-Arkaden Wuppertal, is also scheduled to open in 2027. REAL ESTATE MARKET According to calculations by JLL, Germany’s investment market for commercial real estate recorded a transaction volume of €35.4 billion in 2024, a 14 % increase compared to the previous year. This marked a recovery following the sharp decline in the market in the previous year (-52 %). Residential real estate accounted for €10.5 billion, or 30 % of the total transaction volume (2023: 29 %). Logistics real estate saw a slight improvement in transaction volumes to €7.9 billion, or 22 % of the total (previous year: 24 %). Office real estate generated €5.5 billion in revenue (15 %; previous year: 17 %). Retail properties saw €5.6 billion in investment, or 16 % of the total (2023: 17 %). Supermarkets and retail parks accounted for nearly 40 % of the transaction volume with over €2.1 billion. Transformation and repositioning increas- ingly became priorities for inner-city department stores and shopping centers. Meanwhile, prime retail locations bene- fited from a resurgence in international city tourism. Inves- tors and owners approached structural challenges inherent to shopping centers with experience-oriented concepts. According to JLL, top returns for real estate remained largely stable throughout 2024, with some positive and neg- ative fluctuations across asset classes. By the end of the year, the average top return across the seven metropolitan Deutsche EuroShop the MALL s life areas declined slightly to 3.56 %. Accordingly, at the top shopping centers in Germany, top returns averaged 5.90 % at the end of the year (2023: 5.50 %). According to JLL, the reletting volume for retail properties reached 478,300 m² in 2024, marking a 6 % increase year- over-year and significantly exceeding the five-year average of 438,000 m². The number of lease agreements rose from 878 in the previous year to 932, reflecting a stabilisation in the level of demand for large properties which significantly exceeded expectations. The number of stores in excess of 1,000 m² increased, driven primarily by the textile sector and department stores such as Woolworth, along with non- food discounters like Tedi and Action. This spurred a signif- icant increase in take-up. In total, 272,700 m² (or 57 % of all leased space) was accounted for by large properties (1,000 m² or more), with nearly half (131,700 m²) attributed to the textile sector. SHARE PRICE PERFORMANCE The closing price (Xetra) of the Deutsche EuroShop share at the end of 2023 was €22.55. The share started the year on a downward trend and traded sideways from February to late May. A strong upward trend began in June and pushed the share price to its annual high of €27.40 on 15 August. A sharp correction followed, bringing the DES share down to its yearly low of €18.06 on 23 December. By year-end, the share recovered slightly and closed at €18.50. Taking the dividend of €4.55 per share paid during the year into account, this corresponds to a slightly negative performance of -0.3 %. The SDAX performed somewhat weaker and posted a -1.8 % decline over the same period. Deutsche EuroShop AG’s market capitalisation stood at €1.4 billion at the end of 2024. 137

142

Combined management report Economic review BUSINESS DEVELOPMENT AND OVERALL COMMENT ON THE GROUP’S FINANCIAL SITUATION Key consolidated figures in € million Revenue EBIT EBT (excluding measurement gains/losses)1 EPRA2 earnings FFO Equity ratio in %3 LTV ratio in %4 EPRA2 LTV in %5 in € EPRA2 earnings per share6 FFO per share EPRA2 NTA per share Weighted number of no-par-value shares issued6 01.01.- 31.12.2024 271.4 216.3 165.2 159.7 157.1 49.2 39.2 41.1 01.01.- 31.12.2024 2.10 2.06 29.02 76,090,428 01.01.- 31.12.2023 273.3 212.7 169.5 172.4 171.3 53.3 33.2 34.8 01.01.- 31.12.2023 2.29 2.28 31.58 75,136,922 ± -0.7 % 1.7 % -2.5 % -7.4 % -8.3 % +/- -8.3 % -9.6 % -8.1 % 1.3 % 1 Including the share attributable to equity-accounted joint ventures and associates 2 European Public Real Estate Association 3 Including limited partner contributions of non-controlling interests 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 for 2023 takes into account, on a timeweighted 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 circula- tion increased from 61,783,594 to 76,464,319 no-par value shares. Furthermore, the 9,000 treasury shares acquired by 31 December 2023 and the 711,465 acquired by 31 December 2024 are taken into account when determining the weighted number of shares. The Deutsche EuroShop Group’s operating business was stable and in line with expectations in financial year 2024. The slightly positive trend with respect to visitor numbers and revenue from our tenants continued. Compared to the same period of the previous year, visitor frequency at our shopping centers rose by 0.6 %, and our tenants increased their retail sales by 2.5 %. The occupancy rate1 increased from 93.0 % in the previous year to 95.4 % as at the report- ing date and was therefore at a high level. The EPRA occu- pancy rate remained stable at 93.3 % (previous year: 93.3 %). The forecast for financial year 2024, as stated in last year’s financial report, was as follows: revenue between €268 and €274 million; slight decline in EBIT to between €204 and €210 million; EBT (excluding measurement gains/losses) between €149 and €155 million; FFO: €146 to €152 million, or €1.91 to €1.99 per share. Following the publication of the quarterly report on 30 September 2024, the projections were refined (and revised upward in some cases) based on developments in the first nine months: Revenue: €268 million to €271 million EBIT: €207 million to €211 million EBT (excluding measurement gains/losses): €156 million to €160 million FFO: €151 million to €155 million Due to temporary vacancies resulting from investment measures in shopping centers, a downturn in settlement payments compared to the previous year, and a few cases of lower follow-on rents, revenue declined slightly in finan- cial year 2024 to €271 million – within the forecast range. EBIT for financial year 2024 amounted to €216 million, slightly exceeding the forecast. This was primarily due to a decline in operating center expenses and other income from the reversal of impairments and provisions in addition to ancillary costs related to previous years. EBT (excluding measurement gains/losses) came to €165 million, while FFO totalled €157 million. Both of these exceeded last year’s forecast, largely due to the EBIT-related effects described above. 1 The occupancy rate is based on floor space, whereas in the previous year it was based on market rents, which corresponds to the definition of the EPRA occupancy rate. 138

143

In the opinion of the Executive Board, the Group’s results of operations developed positively overall in spite of the ongo- ing challenges it faced during the financial year (recession, geopolitical uncertainties and conflicts). The Executive Board still views the Group’s net assets and financial posi- tion as very solid, with an equity ratio of 49.2 % and LTV of 39.2 %. On the whole, the Executive Board is very satisfied with the operational performance in 2024. Deutsche EuroShop the MALL s life RESULTS OF OPERATIONS OF THE GROUP in € thousand Revenue Operating and administrative costs for property Write-downs and derecognition of receivables NOI 01.01.- 31.12.2024 271,403 -46,252 -7,731 217,420 01.01.- 31.12.2023 273,304 -49,542 -8,858 214,904 Other operating income Other operating expenses EBIT At-equity profit/loss Measurement gains/losses (at equity) Deferred taxes (at equity) At-equity (operating) profit/loss Interest expense Profit/loss attributable to limited partners Other financial expenses Interest income Net finance costs (excluding measurement gains / losses) Measurement gains/losses Measurement gains/losses (at equity) EBT (excluding measurement gains/losses) Measurement gains/losses (including at equity) Taxes on income and earnings Deferred taxes (including at equity) Consolidated profit Deferred taxes Deferred taxes (at equity) ± -1,901 3,290 1,127 2,516 -26,261 27,389 3,644 328 -5,770 -521 -1,876 -84 -7,923 -4,279 194,488 -2,736 -25,682 9,074 -10,189 216,305 16,581 -8,231 474 8,824 -49,083 -14,397 -1,876 5,408 -51,124 165,181 -22,870 8,231 -14,639 -8,115 -18,439 -474 -18,913 35,335 -37,578 212,661 5,005 3,426 65 8,496 -43,313 -13,876 0 5,492 -43,201 169,460 -205,701 -3,426 -209,127 -5,379 6,834 -65 6,769 123,514 -38,277 161,791 Change in % -0.7 6.6 12.7 1.2 -74.3 72.9 1.7 3.9 -13.3 -3.8 – -1.5 -18.3 -2.5 93.0 -50.9 -379.4 422.7 139

144

Combined management report Economic review Revenue in € million 273.3 271.4 -0.7 % 2023 2024 Revenue in € thousand Main-Taunus-Zentrum, Sulzbach Altmarkt-Galerie, Dresden A10 Center, Wildau Rhein-Neckar-Zentrum, Viernheim Allee-Center, Magdeburg Phoenix-Center, Harburg Saarpark-Center, Neunkirchen Billstedt-Center, Hamburg Herold-Center, Norderstedt Stadt-Galerie, Passau Forum, Wetzlar Allee-Center, Hamm City-Arkaden, Wuppertal City-Galerie, Wolfsburg Rathaus-Center, Dessau City-Point, Kassel Stadt-Galerie, Hamelin DES Verwaltung GmbH Domestic Galeria Bałtycka, Gdansk Olympia Center, Brno Abroad Total 140 Revenue down slightly Revenue fell to €271.4 million (previous year: €273.3 million), down €1.9 million (-0.7 %, like-for-like) year on year. The main reasons for this decline included temporary vacancies as a result of investment measures at shopping centers, lower settlement payments than in the previous year, as well as a few cases of lower fol- low-on rents. Turnover rents increased slightly year on year. 01.01.- 31.12.2024 35,845 24,113 18,058 17,498 16,965 13,835 11,817 11,353 11,231 10,330 9,991 9,924 8,355 8,137 7,591 6,526 5,219 1,408 228,196 18,407 24,800 43,207 01.01.- 31.12.2023 36,776 24,880 17,497 17,170 17,250 14,393 11,893 11,053 11,751 10,338 10,254 10,286 8,381 8,528 7,587 7,068 5,607 1,161 231,873 17,746 23,685 41,431 Change in % -2.5 -3.1 3.2 1.9 -1.7 -3.9 -0.6 2.7 -4.4 -0.1 -2.6 -3.5 -0.3 -4.6 0.1 -7.7 -6.9 21.3 -1.6 3.7 4.7 4.3 ± -931 -767 561 328 -285 -558 -76 300 -520 -8 -263 -362 -26 -391 4 -542 -388 247 -3,677 661 1,115 1,776 271,403 273,304 -1,901 -0.7

145

Deutsche EuroShop the MALL s life CENTER OPERATING EXPENSES AS A PERCENTAGE DOWN ON PREVIOUS YEAR Center operating expenses of €46.3 million (previous year: €49.5 million) during the financial year, mainly comprising center management fees, non-apportionable ancillary costs, land taxes, building insurance and maintenance, were below the previous year in terms of their percentage of revenue at 17.0 % (previous year: 18.1 %). This decline is attributable to lower maintenance expenses, as well as optimisations to costs for center marketing. LOWER NEED FOR WRITE-DOWNS Write-downs and the derecognition of receivables decreased year on year by €1.1 million (12.7 %) to €7.7 million (previ- ous year: €8.9 million). OTHER OPERATING INCOME AND EXPENSES Other operating income, in 2024 stemming primarily from the reversal of provisions, from income from rental receiv- ables for which impairment losses had been recognised in previous years as well as from additional payments with respect to ancillary costs, amounted to €9.1 million (previ- ous year: €35.3 million). This represents a significant decrease from the figure of €26.3 million recorded in the previous year, due in large part to income in 2023 of €16.2 million from the change in the scope of consolidation as part of the acquisition of additional shares in six property companies at the beginning of the year before. Further major contributors to other operating income were income from rental receivables written down in previous years (€3.2 million, previous year: €4.3 million), the reversal of provisions (€1.5 million, previous year: €1.7 million), and additional payments in conjunction with ancillary costs (€1.4 million, previous year: €10.5 million).Other operating expenses, which mainly comprised general administrative costs and personnel costs, fell to €10.2 million (previous year: €37.6 million). In the previous year, this item also included €30.2 million in expenses in connection with the change in the scope of consolidation and the related real estate transfer tax. EBIT SLIGHTLY UP ON THE PREVIOUS YEAR At €216.3 million, earnings before interest and taxes (EBIT) was slightly higher than in the previous year (€212.7 mil- lion). This was largely due to the rise in net operating income (NOI) related to declining operating center expenses and an expected year-on-year decline in revenues. DECLINE IN FINANCIAL GAINS/LOSSES EXCLUDING MEASUREMENT GAINS/LOSSES At €-51.1 million, financial gains/losses (excluding meas- urement gains/losses) declined year on year (€-43.2 mil- lion). At €5.4 million, interest income was almost on a par with the previous year (€5.5 million), while the interest expense of Group companies rose by €5.8 million. This was affected by loan increases for the Stadt-Galerie Passau (at the end of financial year 2023), the Allee-Center Magdeburg and the Allee-Center Hamm, as well as by first-time bor- rowing for the Rathaus-Center Dessau. Other financial expenses of €1.9 million in relation to redeeming a swap resulted from the long-term refinancing and increase in the loan for the Allee-Center Hamm at more preferable conditions. 141

146

Combined management report Economic review Proportionate and cumulative income statement of the joint ventures in € thousand City-Arkaden, Klagenfurt Árkád, Pécs Other Revenue Operating and administrative costs for property Write-downs and derecognition of receivables NOI Other operating income Other operating expenses EBIT Interest income Interest expense Financial gains/losses Current tax expense At-equity profit/loss (excluding measurement gains/ losses) Measurement gains/losses Deferred taxes Share of profit/loss 01.01.- 31.12.2024 6,950 5,027 41 12,018 01.01.- 31.12.2023 7,017 4,752 40 11,809 -1,673 -203 10,142 600 -298 10,444 56 -1,366 -1,310 -311 8,823 8,231 -474 16,580 -1,337 -144 10,328 394 -477 10,245 9 -1,365 -1,356 -393 8,496 -3,426 -65 5,005 Change in % -1.0 5.8 2.5 1.8 -25.1 -41.0 -1.8 52.3 37.5 1.9 522.2 -0.1 3.4 20.9 3.8 ± -67 275 1 209 -336 -59 -186 206 179 199 47 -1 46 82 327 11,657 -409 11,575 340.3 -629.2 231.3 SLIGHT DOWNTURN IN EBT (EXCLUDING MEASUREMENT GAINS/LOSSES) Despite the slight increase in EBIT, the downturn in financial gains/losses led to a 2.5 % drop in EBT (excluding meas- urement gains/losses) to €165.2 million (previous year: €169.5 million). MEASUREMENT GAINS/LOSSES STABLE Persistently high interest rates and the sluggish recovery of the investment market for real estate in the reporting year continued to have an adverse impact on the valuation of the Group’s real estate assets (IAS 40), resulting in a measurement loss of €-14.6 million (previous year: €-209.1 million). Measurement gains/losses on real estate assets, after minority interests, broke down into a loss of €-22.9 million (previous year: €-205.7 million) from the measurement of the real estate assets reported by the Group and a gain of €8.2 million (previous year: €-3.4 million) from the meas- urement of the real estate assets of the joint ventures recorded on the balance sheet using the equity method. On average, real estate assets increased in value by 0.7 % in the financial year (previous year: -4.2 %). This was mainly due to ongoing investments of €47.2 million in the real estate assets reported on a Group level with unrealised losses from changes in market value of €-25.9 million and ongoing investments of €1.1 million in the real estate assets of the joint ventures accounted for using the equity method with unrealised gains from changes in market value of €8.2 million. Measurement gains/losses for properties ranged between -7.1 % and +8.3 %. INCREASE IN TAXES ON INCOME AND EARNINGS, DEFERRED TAXES Taxes on income and earnings increased to €8.1 million (previous year: €5.4 million) on the back of the improvement in earnings. Deferred tax provisions, including the share included in the at-equity result, were increased by €18.9 million in the year under review as a result of the decline in the stabilised fair values of real estate (previous year: €-6.8 million). 142

147

Deutsche EuroShop the MALL s life EPRA earnings down due to one-off income in the previous yearEPRA earnings, which exclude measurement gains/losses, decreased by €12.7 million to €159.7 million or by €0.19 to €2.10 per share, in particular due to one- off income from ancillary costs and reversals of write-downs in the previous year. SIGNIFICANTLY HIGHER CONSOLIDATED PROFIT At €123.5 million, consolidated profit was a significant €161.8 million higher than the previous year (€-38.3 million) due to the improvement in measurement gains/losses, while earnings per share increased from €-0.51 to €1.62. EPRA earnings in € million / in € per share 124.5 122.0 2.02 2020 61.8 1.97 2021 61.8 172.4 2.29 159.7 2.10 129.6 2.10 2022 61.8 2023 75.1 2024 76.1 Weighted number of no-par-value shares issued, in million EPRA earnings Consolidated profit Measurement gains/losses on investment properties1 Income and expenses from changes in the scope of consolidation2 Deferred taxes on EPRA adjustments3 EPRA earnings Weighted number of no-par-value shares issued 01.01.-31.12.2024 01.01.-31.12.2023 in € thousand per share in € in € thousand per share in € 123,514 14,639 0 21,556 159,709 1.62 0.19 0.00 0.29 2.10 76,090,428 -38,277 209,127 7,258 -5,719 172,389 -0.51 2.78 0.10 -0.08 2.29 75,136,922 1 Including the share attributable to equity-accounted joint ventures and associates 2 Including acquisition costs from the purchase of additional shares and after consideration of taxes 3 Affects deferred taxes on investment properties and derivative financial instruments 143

148

Combined management report Economic review Funds from operations (FFO) in € million 171.3 157.1 Development of funds from operations Funds from operations (FFO) are used to finance our ongoing investments in portfolio properties, scheduled repayments 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 €171.3 million to €157.1 million or from €2.28 per share to €2.06 per share (based on a time-weighted number of no-par value shares issued). -8.3 % 2023 2024 Funds from operations Consolidated profit Measurement gains/losses on investment properties1 Income and expenses from changes in the scope of consolidation2 Deferred taxes1 FFO Weighted number of no-par-value shares issued 01.01.-31.12.2024 01.01.-31.12.2023 in € thousand per share in € in € thousand per share in € 123,514 14,639 0 18,913 157,066 1.62 0.19 0.00 0.25 2.06 76,090,428 -38,277 209,127 7,258 -6,769 171,339 -0.51 2.78 0.10 -0.09 2.28 75,136,922 1 Including the share attributable to equity-accounted joint ventures and associates 2 Including acquisition costs from the purchase of additional shares and after consideration of taxes 3 After consideration of taxes RESULTS OF OPERATIONS OF THE SEGMENTS The subsidiaries and equity-accounted joint ventures are included in the Group’s segment reporting in proportion to the Group’s share therein. A distinction is made between the shopping centers in Germany (“domestic”) and else- where in Europe (“abroad”) (for further details, please see our statements on segment reporting in the notes to the consolidated financial statements): in € thousand Revenue - Domestic - Abroad EBIT - Domestic - Abroad EBT (excluding measurement gains/losses) - Domestic - Abroad 144 01.01.- 31.12.2024 262,144 206,961 55,183 213,130 164,970 48,160 169,625 128,119 41,506 01.01.- 31.12.2023 262,636 209,436 53,200 221,410 172,981 48,429 184,810 143,274 41,536 Change in % -0.2 -1.2 3.7 -3.7 -4.6 -0.6 -8.2 -10.6 -0.1 ± -492 -2,475 1,983 -8,280 -8,011 -269 -15,185 -15,155 -30

149

Deutsche EuroShop the MALL s life FINANCIAL POSITION OF THE GROUP PRINCIPLES AND OBJECTIVES OF FINANCIAL MANAGEMENT For the purposes of financing its investments, the Deutsche EuroShop Group uses the stock exchange for procuring equity, as well as the credit and capital markets for procur- ing loans. Within the Group, both the individual property companies and Deutsche EuroShop AG act as borrowers from banks or, where necessary, bond debtors. Loans and bonds are taken out in euros for all Group companies. In general, the use of equity and loans for investments should be weighted equally and the equity ratio in the Group (including third-party interests) should not fall significantly below 45 %. Market opportunities for the issuance of capital market instruments are also explored. A reorganisation of the capital and financing structure could increase the Group’s loan-to-value (LTV) ratio to a range of 50 % to 60 % in future. We finance our real estate projects on a long-term basis and also use derivative financial instruments to hedge against rising capital market rates. Hedging transactions are used to hedge individual loans. Deutsche EuroShop AG also has access to short-term financing instruments to ena- ble it to respond immediately to investment opportunities. Until used for investment, any cash not needed is invested short-term to finance ongoing costs or pay dividends. FINANCING ANALYSIS As at 31 December 2024, the Deutsche EuroShop Group reported the following key financial data: in € million Total assets Equity (including third-party shareholders) Equity ratio in % Net financial liabilities Loan-to-value (LTV) in % 31.12.2024 4,364.4 2,145.7 49.2 1,595.9 39.2 31.12.2023 4,460.2 2,379.0 53.3 1,341.5 33.2 Change -95.8 -233.4 -4.1 254.4 6.0 At €2,145.7 million (previous year: €2,379.0 million), the Group’s economic equity capital, which comprises the equity of the Group shareholders (€1,884.5 million) and the equity attributable to third-party shareholders (€261.2 mil- lion), was down on the previous year overall due to the cap- ital increase carried out in January 2024 (€149.1 million) and the dividend paid in September 2024 (€197.5 million). Total assets went down accordingly by €95.8 million. The equity ratio (including the shares of third-party sharehold- ers) of 49.2 % has decreased compared to the last reporting date (53.3 %) due to the aforementioned dividend distribu- tions. However, it remained at a healthy level. Financial liabilities in € thousand Non-current bank loans and overdrafts Current bank loans and overdrafts Total Less cash and cash equivalents Net financial liabilities Current and non-current financial liabilities increased from €1,677.6 million to €1,808.4 million in the reporting year. This €130.8 million rise was largely due to the increase in existing loans for the Allee- Center Magdeburg and Allee- Center Hamm as well as the loan taken out for the Rathaus- Center Dessau. Together with a fall in cash and cash equiv- alents, net financial liabilities totalled €1,595.9 million, a net increase of €254.4 million compared to the end of 2023 (€1,341.5 million). 31.12.2024 1,795,909 12,465 1,808,374 212,438 31.12.2023 1,665,679 11,921 1,677,600 336,071 1,595,936 1,341,529 Change 130,230 544 130,774 -123,633 254,407 145

150

Combined management report Economic review The net financial liabilities existing at the end of the year are used exclusively to finance non-current assets. This brought the percentage of non-current assets financed with debt capital (LTV) at the reporting date to 39.2 % (previous year: 33.2 %). EPRA LTV, which is based on the Group’s proportional share in the joint ventures and subsidiaries, amounted to 41.1 % on the reporting date (previous year: 34.8 %). EPRA Loan-to-Value (EPRA LTV) Proportional values in € thousand Non-current and current bank loans and overdrafts Owner-occupied property (IFRS 16, right-of-use asset) Other liabilities (net) Cash and cash equivalents Net financial debt Investment properties Owner-occupied property (IFRS 16, right-of-use asset) Intangible assets Property assets EPRA LTV in % 31.12.2024 1,731,232 230 8,495 -201,182 1,538,775 3,744,255 223 31.12.2023 1,601,506 292 14,415 -322,233 1,293,980 3,720,967 286 12 23 3,744,490 3,721,276 41.1 34.8 Change 129,726 -62 -5,920 121,051 244,795 23,288 -63 -11 23,214 6.3 The financing terms for consolidated borrowing as at 31 December 2024 were fixed at 2.60 % p.a. (previous year: 2.43 % p.a.) with an average residual maturity of 5.5 years (previous year: 5.8 years). The loans to the Deutsche EuroShop Group are maintained as credit facilities with 20 banks and savings banks in Germany, Austria and the Czech Republic. Loan structure as at 31 December 2024 Interest rate lock-in up to 1 year 1 to 5 years 5 to 10 years Total Share of loans in % Amount in € million Term in years 0.0 38.3 61.7 100.0 0.0 691.8 1,116.6 1,808.4 0.0 3.0 7.0 5.5 Loan structure as at 31 December 2023 Interest rate lock-in up to 1 year 1 to 5 years 5 to 10 years Total Share of loans in % Amount in € million Term in years 0.0 41.6 58.4 0.0 697.6 980.0 100.0 1,677.6 0.0 3.4 7.5 5.8 Average interest rate in % 0.00 2.36 2.75 2.60 Average interest rate in % 0.00 2.50 2.37 2.43 Of the 27 loans across the Group, 25 are subject to credit covenants with the financing banks. There are a total of 35 different covenants, including debt service cover ratios (DSCRs), interest cover ratios (ICRs), changes in rental income, the leverage ratio and the loan-to-value ratio (LTV ratio) of the property. The loan conditions were met in finan- cial year 2024. Based on current planning and estimates, the loan conditions will also be met in 2025. 146

151

Scheduled repayments totalling €20.7 million for the loans existing as at 31 December 2024 will be made from current cash flow during financial year 2025. Over the period from 2026 to 2028, repayments will average €22.4 million p.a. for existing loans. There are no loans to be rolled over in 2025, and loans totalling €174.5 million to be rolled over in 2026. A loan agreement is in place for a short-term working cap- ital line of credit in the amount of €50.0 million, which had not been drawn down as at 31 December 2024. Liquidity analysis in € thousand Net cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Net change in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period The Group’s operating net cash flow of €160.4 million (pre- vious year: €175.1 million) constitutes the amount gener- ated by the Group through the leasing of shopping center space after deduction of all costs. It is primarily used to finance the dividends of Deutsche EuroShop AG and pay- ments to third-party shareholders as well as ongoing inter- est, loan repayments and investments. Cash flow from investing activities consisted of cash-effec- tive investments in portfolio properties (€47.1 million; pre- vious year: €43.4 million) and inflows from the sale of prop- erty in Poland totalling €6.9 million. In the previous year, this figure included the cash purchase price (€39.2 million) for the acquisition of additional shares in investments pre- viously accounted for using the equity method less the acquired cash and cash equivalents (€19.8 million). The cash flow from financing activities of €-243.8 million included the cash outflow from the ongoing repayment of financial liabilities of €30.5 million, the cash inflow from the assumption of financial liabilities of €158.4 million, the div- idend payment to Group shareholders of €346.6 million (previous year: €191.2 million), the pay-out to third-party shareholders of €10.2 million (previous year: €9.9 million), and the payment of €14.8 million for the acquisition of treasury shares. The cash flow from financing activities in the previous year included the cash inflow from the capital increase carried out in February 2023 in the amount of €61.9 million (after deduction of transaction costs of €2.3 million) and the payment of €19.5 million for the acqui- sition of additional shares in the limited partnership as part of the acquisition of minority interests at the beginning of financial year 2023. Cash and cash equivalents fell by €123.6 million in the year under review to €212.4 million (previous year: €336.1 million). Deutsche EuroShop the MALL s life INVESTMENT ANALYSIS In financial year 2024, investments continued to be made in modernising and positioning the existing portfolio and amounted to €47.1 million after €43.4 million in the pre- vious year. 01.01.- 31.12.2024 160,433 -40,288 -243,778 -123,633 336,071 212,438 01.01.- 31.12.2023 175,063 -62,952 -110,983 1,128 334,943 336,071 NET ASSETS OF THE GROUP SLIGHT DECLINE IN TOTAL ASSETS The total assets of the Deutsche EuroShop Group went down by €95.8 million compared with the last reporting date to €4,364.4 million, largely due to the aforementioned div- idend payments. 147

152

Combined management report Economic review Balance sheet structure Balance sheet total in € million Assets Liabilities 4,460.2 4,364.4 4,364.4 4,460.2 368.2 244.0 67.2 2,151.5 4,092.0 4,120.4 76.4 2,004.6 2,145.7 2,379.0 2023 2024 2024 2023 Current assets Non-current assets Current liabilities Non-current liabilities Total equity (incl. third-party shareholders) in € thousand Current assets Non-current assets Current liabilities Non-current liabilities Equity (incl. third-party shareholders) Total assets 31.12.2024 244,048 4,120,357 67,198 2,151,511 2,145,696 31.12.2023 368,244 4,091,953 76,427 2,004,723 2,379,047 4,364,405 4,460,197 Change -124,196 28,404 -9,229 146,788 -233,351 -95,792 CURRENT ASSETS DOWN SIGNIFICANTLY AFTER DIVIDEND PAYMENTS At the end of the year, current assets amounted to €244.0 million, significantly lower than in the previous year (€368.2 million). Cash and cash equivalents decreased to €212.4 million (previous year: €336.1 million) at the end of the reporting period, primarily due to dividend payments. The Group’s receivables (after write-downs) increased slightly by €1.3 million to €14.7 million (previous year: €13.4 million). Other assets fell by €1.9 million, from €18.7 million to €16.9 million. SLIGHT INCREASE IN NON-CURRENT ASSETS Non-current assets rose slightly by €28.4 million from €4,092.0 million to €4,120.4 million in the year under review. At 94.4 % (previous year: 91.7 %), they are still the most significant items of total assets. At €3,966.7 million, investment properties were largely on a par with the previous year (€3,947.0 million). While the costs of investments in portfolio properties resulted in addi- tions of €42.6 million, the measurement of the property portfolio triggered measurement losses totalling €22.9 mil- lion. Financial investments accounted for using the equity method increased by €8.8 million to €101.5 million, mainly as a result of measurement effects. 148

153

Deutsche EuroShop the MALL s life CURRENT LIABILITIES ON THE DECLINE, NON-CURRENT LIABILITIES ON THE RISE Current liabilities fell by €9.2 million to €67.2 million. This was largely driven by trade payables and tax liabilities. Non-current liabilities increased from €2,004.7 million to €2,151.5 million. This €146.8 million rise was largely due to the loan increases in Hamm and Magdeburg and the loan taken out by Dessau. EQUITY (INCL. THIRD-PARTY SHAREHOLDERS) Equity (including third-party shareholders) was €2,145.7 million at the end of the reporting year, down €223.4 million on the previous year’s equity (€2,379.0 mil- lion) owing to the dividend paid of €346.6 million and the consolidated profit of €123.5 million. At € 261.2 million, lim- ited partner contributions of non-controlling interests were largely unchanged from the previous year (€259.4 million). EPRA net tangible assets in € million / in € per share 2,309.7 2,374.4 2,335.9 2,414.4 2,198.0 38.43 37.81 37.38 2020 61.8 2021 61.8 2022 61.8 31.58 2023 76.5 29.02 2024 75.7 Number of no-par-value shares issued as at the reporting date, in million Net tangible assets according to EPRA Net tangible assets (NTA) as at 31 December 2024 amounted to €2,198.0 million compared to €2,414.4 million in the previous year. Due to the decrease in equity, mainly as a result of the dividend distributions for the 2024 financial year, NTA per share went down by €2.56, from €31.58 to €29.02 per share (-8.1 %). EPRA NTA Equity Derivative financial instruments measured at negative fair value1 Equity excl. derivative financial instruments Deferred taxes on investment properties and derivative financial instruments1 Intangible assets Goodwill as a result of deferred taxes EPRA NTA Number of no-par-value shares issued as at the reporting date 1 Including the share attributable to equity-accounted joint ventures and associates 01.01.- 31.12.2024 01.01.- 31.12.2023 in € thousand per share in € in € thousand per share in € 1,884,540 24.88 2,119,667 3,128 1,887,668 362,055 -12 -51,719 2,197,992 0.04 24.92 4.78 0.00 -0.68 29.02 6,427 2,126,094 340,042 -23 -51,719 2,414,394 27.72 0.08 27.80 4.45 0.00 -0.67 31.58 75,743,854 76,455,319 149

154

Combined management report Report on events after the reporting date No further significant events occurred between the report- ing date and the date of preparation of the financial state- ments. Outlook In the investment market for retail real estate, JLL antici- pates a significant increase in market activity across all asset classes – from shopping centers and retail parks to high-street commercial buildings. JLL reports that the shopping center market is seeing a growing number of new international players, in contrast to other markets. After a mixed year in 2024, the German retail sector expects to see only a slight increase in revenue in 2025. The German Retail Association (HDE) is forecasting nominal revenue growth of 2 % to €677 billion (real terms: +0.5 %). The asso- ciation is predicting a nominal rise of 3 % in revenue for online retail (real terms: +2 %). These modest expectations stem from high levels of consumer uncertainty, the weak- ness of the economy, and political instability. AGREED TRANSACTIONS ARE THE FOUNDATION FOR REVENUE AND EARNINGS PLANNING Forecasts for the future revenue and earnings situation of our Group are based on a) the development of revenue and earnings at the existing shopping centers, and b) the assumption that, in view of the general conditions outlined above, there will be no substantial decline in revenue in the retail sector that would cause a large number of retailers to no longer be able to meet their obligations under existing leases. The Deutsche EuroShop Group’s revenue and earnings planning for 2025 does not include the future purchase or sale of any properties. The results of the annual valuation of our shopping centers are likewise excluded from our planning since they are difficult to predict. EXPECTED DEVELOPMENTS IN GENERAL CONDITIONS According to the German federal government’s annual eco- nomic report, the German economy faces a challenging position at the start of 2025. While the energy crisis has been averted and inflation curbed, fundamental structural issues persist. A shortage of labourers and skilled workers, excessive bureaucracy, and a hesitancy to invest on the part of public and private investors continue to hamper growth. The impact of trade policies is particularly hard to predict due to the actions of the new US administration and other factors. Against this backdrop, the German government expects to see only a slight increase in GDP of 0.3 % for the current year. Growth drivers are likely to come primarily from pri- vate consumption with investment increasingly coming to bear as the year progresses However, foreign trade is expected to remain weak. Exports are projected to decline, while imports are set to rise, resulting in a notable negative contribution to growth. Employment levels are expected to remain stable due to the moderate economic recovery, while unemployment is expected to increase. Consumer prices are expected to rise by 2.2 %, slightly above the 2 % target. The European Central Bank (ECB) lowered base rates by 25 basis points at the end of January and at the beginning of March 2025. This less restrictive monetary policy is mak- ing loans more affordable for businesses and private households. At the same time, the intended effects of the ECB’s rate cuts are being curbed by fiscal policy debates and planning in Germany. In early March 2025, the CDU/ CSU and SPD parties announced that the debt brake would be overhauled in connection with debt-financed invest- ments of up to €900 billion in defence, the economy and infrastructure. Yields rose sharply and bond prices fell in response. Rising real incomes and the gradual easing of restrictive monetary policies are expected to stimulate demand over time. According to the ECB’s projections, infla- tion in the EU is expected to return to its medium-term target of 2 % this year. 150

155

Deutsche EuroShop the MALL s life REVENUE FOR 2025 The revenue of €271.4 million generated in financial year 2024 was down on the previous year but in line with our expectations. The main reasons for this decline included temporary vacancies as a result of investment measures at shopping centers, lower settlement payments than in the previous year, as well as a few cases of lower follow-on rents. Turnover rents increased year on year. Assuming a slight increase in rents coupled with lower turnover rents and settlement payments, revenue for 2025 should be in the range of €268 million to €276 million. EBT (excluding measurement gains/losses) amounted to €165.2 million in the year under review. In addition to the effects on EBIT described above, higher-than-expected interest income had a positive impact on the operating result, as did interest expense being lower than expected. Based on an anticipated increase in interest rates from fur- ther planned revaluations, the scheduled refinancing of existing loans and a downturn in interest income, we expect EBT (excluding measurement gains/losses) to be in the range of €150 million to €158 million in 2025. FFO PERFORMANCE FOR 2025 OPERATING EARNINGS FOR 2025 At €216.3 million, earnings before interest and taxes (EBIT) in 2024 were affected by the slight rise in NOI related to declining center operating expenses and an expected year- on-year decline in revenues. We therefore expect EBIT to contract slightly to between €209 million and €217 million in 2025. Funds from operations (FFO) amounted to €157.1 million in the year under review due to the positive developments described above and consequently exceeded our forecast adjusted in November 2024 (€151 million to €155 million). We expect that FFO will be between €145 million and €153 million in 2025, or between €1.91 and €2.02 per share1. Revenue in € million EBIT in € million Goal 268– 276 273.3 271.4 Goal 209– 217 216.3 212.7 EBT in € million (excluding measurement gains/losses) Funds from operations in € million 169.5 165.2 Goal 150– 158 171.3 157.1 Goal 145– 153 2023 2024 2025 2023 2024 2025 2023 2024 2025 2023 2024 2025 We view the development of the 2025 financial year as gen- erally positive and are anticipating development of revenue and EBIT to be stable to slightly positive. We are assuming a slight reduction in EBT (excluding measurement gains/ losses) and FFO compared to financial year 2024, in view of lower planned financial income. DIVIDEND POLICY One of Deutsche EuroShop AG’s key investment objectives is to generate an attractive liquidity surplus from the long- term leasing of shopping centers, which is distributed to shareholders in the form of regular dividends. The Company continually reviews opportunities to further increase its ability to distribute dividends in future years. In principle, the Company aims to distribute funds in excess of its liquidity requirements to its shareholders. However, the distribution of dividends is highly dependent on prevail- ing economic conditions, financing needs for further growth and other factors. For financial year 2024, the Executive Board, together with the Supervisory Board, and taking into account available liquidity and the operating outlook, has decided to propose to the Annual General Meeting the distribution of a dividend of €1.00 per share. 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 addi- tional liquidity through the conclusion of financing agree- ments. 1 Number of shares, not including treasury shares 151

156

Combined management report Risk report PRINCIPLES GOVERNING THE RISK MANAGEMENT SYSTEM AND INTERNAL CONTROL SYSTEM1 Deutsche EuroShop AG’s strategy is geared towards main- taining and increasing shareholders’ assets and generating sustainably high surplus liquidity from leasing real estate, thereby enabling the distribution of an appropriate and sus- tainable dividend. The focus of the risk management system is therefore on monitoring compliance with this strategy and, building on this, on identifying and assessing risks and opportunities as well as making fundamental decisions on how to manage these risks. Risk management ensures that risks are identified at an early stage and can then be eval- uated, communicated promptly and mitigated. Monitoring and management of the risks identified form the focal point of the internal control system, which at the Group level is essentially the responsibility of the Executive Board. The Supervisory Board is notified regularly and, if necessary, immediately by the Executive Board about identified risks. The internal control system is an integral part of the risk management system. Within the framework of its legal mandate for auditing the annual financial statements, the auditor checks whether the early warning system for risks is suitable for detecting at an early stage any risks or developments that might endanger the Company. RISK ANALYSIS Under existing service contracts, the Executive Board of Deutsche EuroShop AG is continuously briefed about the business performance of the shopping centers and the cor- responding property companies. Financial statements and financial control reports are submitted on a quarterly basis for each shopping center, and medium-term corporate plans are submitted annually. The Executive Board regularly reviews and analyses these reports, using the following information in particular to assess the level of risk: 1. Portfolio properties Trend in amounts outstanding Trend in occupancy rates Retail sales trend in the shopping centers Variance against projected income from the properties Observance of financial covenants in loan agreements 2. Centers under construction The risk analysis, as a continuous process, promptly iden- tifies, evaluates and communicates the factors that may jeopardise the achievement of business targets. The pro- cess also includes management and control of the risks identified. Pre-leasing levels Construction status Budget status The Executive Board was not aware of any information dur- ing the year under review that would have led it to believe that there were material inefficiencies in the effectiveness of the internal control system or risk management system, or that these systems were inappropriate in any way. Gen- erally, however, it should be borne in mind that an internal control system, irrespective of its design, provides no abso- lute guarantee of identifying deficiencies in our business processes. Development of financial covenants in loan agreements and observance of disbursement conditions Risks are identified by observing issues and changes that deviate from the original plans and budgets. Risk manage- ment also involves the systematic analysis of economic data such as consumer confidence and retail sales trends, as well as ongoing monitoring of the activities undertaken by competitors. 1 This section of the combined management report is not subject to mandatory audit. Therefore, the information it contains has not been audited by the auditor 152

157

RISK INVENTORY The risks identified in the course of the risk analysis are summarised in a risk inventory and evaluated in terms of their potential loss amounts and likelihood of occurrence in consideration of compensatory measures (from a net standpoint). The risk inventory is regularly examined and updated where necessary. Furthermore, the Executive Board uses scenario-based simulations where the key planning parameters (including rent, cost, return and interest rate trends) are altered to assess the way in which risk aggregation affects the Group’s continued existence. This analysis also allows for an eval- uation as regards which risks the Group is able to sustain. The Executive Board reports on significant risks at the Supervisory Board meetings. In the event of risks that jeop- ardise the continued existence of the Group, a report is issued immediately. ACCOUNTING-RELATED INTERNAL CONTROL SYSTEM Preparation of the financial statements is another impor- tant element of the internal control system and is monitored and controlled at the level of the Group holding company. Internal regulations and guidelines should ensure the con- formity of the annual financial statements and the consol- idated financial statements. The decentralised preparation of Group-relevant reports by the service provider is followed by the aggregation and con- solidation of the individual annual financial statements and the preparation of the information for reporting in the notes and combined management report by the accounting department of the holding company, with the aid of the con- solidation software Conmezzo. This is accompanied by manual process controls such as the principle of dual con- trol by the employees charged with ensuring the regularity of financial reporting and by the Executive Board. In addi- tion, within the scope of its auditing activities, the auditor of the consolidated financial statements performs pro- cess-independent auditing work, including with respect to financial reporting. ADVICE ON LIMITATIONS By virtue of the organisational, control and monitoring measures laid down in the Group, the accounting-related internal control system enables the full recording, process- ing and evaluation of Company-related matters as well as their proper presentation in Group financial reporting. Decisions based on personal judgement, flawed controls, criminal acts or other circumstances cannot be entirely ruled out, however, and may limit the effectiveness and reli- ability of the internal control and risk management system that is in use. Consequently, the application of the systems used cannot guarantee absolute security as to the correct, complete and timely recording of facts in Group financial reporting. Deutsche EuroShop the MALL s life The statements made relate solely to those subsidiaries included in the consolidated financial statements of Deutsche EuroShop AG for which Deutsche EuroShop AG is in a position, directly or indirectly, to dictate their financial and operating policies. EVALUATION OF THE OVERALL RISK POSITION The overall risk situation is presented in the following matrix. The potential extent of losses in the risk matrix is calculated on the basis of the impact on EBIT and FFO for the financial year following the year under review. When it comes to valuation risk, the accounting effects (change in investment properties or total assets) are analysed as well. The extent of losses is analysed on a consolidated basis. The factors that could influence the likelihood of occurrence and severity of the individual risks as well as the evaluation of the overall risk position due to ongoing geopolitical con- flicts cannot be estimated at the moment. Individual risks and the overall risk position are monitored on an ongoing basis and reassessed regularly. The ranges assigned to loss amounts were increased significantly compared to the previous year to take account of the increased volatility of external factors such as the rate of inflation or general interest rates. Risk matrix n o i l l i Valuation risk m 0 5 € > : h g H i Risk of rent loss Rental risk Market and sector risk Management and cost risks Sustainability risks s s o l f o t n e t x E n o i l l i m 0 5 – 5 € m u d e M : i o i l l i m 5 € o t p u : w o L n Financing risk Legal risk Organisational risks IT risk Risk of damage Currency risk Low: 0–25 % Medium: 25–50 % High: > 50 % Likelihood of occurrence 153

158

Combined management report Risk report On the basis of the monitoring system described, Deutsche EuroShop AG has taken appropriate steps to identify devel- opments that could jeopardise its continued existence at an early stage and to counteract these. As in the previous year, the Executive Board conducted sim- ulations using consolidated liquidity planning to assess the extent to which the Group is able to bear individual risks or the concurrence of multiple individual risks. The Executive Board is accordingly not aware of any risks or risk aggre- gations that would jeopardise the continued existence of the Company and the Group. The Executive Board is also of the opinion that the Group is adequately positioned to take advantage of opportunities that may arise without having to enter into unacceptable risks. In the previous year, the parameters used for estimation purposes, such as derived interest rates, market rents, management costs and re-letting periods, were influenced to a large degree by geopolitical conflicts with rising infla- tion and interest rates. Furthermore, the conflict in the Mid- dle East, political uncertainties and fears of recession are leading to increased uncertainty about economic conditions going forward. Given the ongoing major uncertainty regard- ing future developments, significant changes in market value cannot be ruled out in the short term despite both inflation and interest rates being on a downward trend. We therefore continue to consider the likelihood of occur- rence and the extent of loss of the valuation risk as high. PRESENTATION OF MATERIAL INDIVIDUAL RISKS VALUATION RISK The value of a property is essentially determined by its capitalised earnings value, which in turn depends on factors such as the level of annual rental income, the management costs and the investment needs, the underlying location risk, the general condition of the property, the evolution of capital market interest rates and, in particular, the demand for shopping center properties. The appreciation or depre- ciation of property values is also impacted by various mac- roeconomic and regional factors as well as by factors spe- cific to those properties, which are for the most part unforeseeable and beyond the control of the Company. The factors described are taken into account in the annual mar- ket valuations of our portfolio properties by independent appraisers. These have a direct impact on the recognition of investment properties and measurement gains/losses due to the application of IAS 40. Rising capital market inter- est rates could negatively impact the valuation of the Deutsche EuroShop Group’s real estate portfolio as they tend to be associated with an increase in the discount and capitalisation rates used to determine the fair value of the portfolio as well as a downturn in the market prices paid for shares in shopping centers. As a result, higher interest rates typically have a negative effect on the market value of the Deutsche EuroShop Group’s real estate portfolio. Changes in market valuations may also affect compliance with loan conditions on existing financing arrangements (e.g. compliance with debt ratios) as well as the terms of new financing and refinancing agreements as a fall in mar- ket valuations would lead to a higher debt ratio. The assignment of external, independent appraisers with a great deal of experience in the industry, along with our own critical assessment of their appraisal, minimises the risk of measurement error. As part of efforts aimed at con- trolling value-driving factors, the Company has adopted further measures aimed at minimising valuation risk. The main focus here is on professional center, cost and leasing management at the shopping centers, which is ensured through the selection of suitable asset managers. All of our shopping centers are currently managed by ECE Market- places GmbH & Co. KG, Hamburg, the European market leader in the area of shopping center management, with active maintenance management ensuring that the prop- erties are continuously kept in a sound general condition. 154 MARKET AND SECTOR RISKS The share of purchases made in stores in Germany was 86.7 %, slightly lower than in the previous year (87.0 %). It is expected that online retail will continue to grow in future and increase its share of total retail sales. The segments of fashion, shoes and consumer electronics continue to dominate online commerce, and are also especially heavily represented in shopping centers. Despite the prevalence of online shopping, attractive retail spaces continue to be a strong draw for customers. The upwards trend in visitor numbers show that attractive and spacious retail facilities that are leaders in their respective catchment areas can continue to hold their own, offering customers a broad range of products, an enjoyable time and a special shopping experience. Alongside the growth in online retail, additional retail com- mercial space offered on the rental market, created for example through the building, expansion or modernisation of shopping centers or factory outlets both in city centers and on the outskirts, as well as through the revitalisation of retail locations in city centers, may cause realisable rev- enues in bricks-and-mortar retail trade to be distributed over more rental space overall and lead to lower space utilisation. In Hamburg, for example, Unibail-Rodam- co-Westfield SE is realising a large-scale project develop- ment for the Westfield Hamburg-Überseequartier, a mixed- use district within Hamburg’s HafenCity, which is scheduled to open at the end of the first quarter of 2025. Larger or improved rental space offerings in the competitive environ- ment of our shopping centers and a potentially permanent redistribution of retail revenues to online channels and the accompanying permanent drop in space utilisation for bricks-and-mortar retailers harbour the risk that subse- quent leases and/or renewals could be concluded at lower rents and/or under less favourable contractual terms, lead- ing to a downturn in EBIT and FFO. To counter the rising share of online retail along with the potential pressure on space utilisation, bricks-and-mortar retail is embracing floorspace restructuring and focusing on good retail locations, optimising product ranges, improv- ing quality of service and placing an emphasis on individual consultations when shopping. The interconnection between the offline and online worlds is also becoming increasingly important. Retailers are at different stages of progress and success in this regard, particularly as far as implementation of their omni-channel concepts is concerned.

159

The leisure, customer experience and meeting point aspects of our centers are continually being enhanced. In addition to the creation of new and attractive restaurant spaces, this includes our “At Your Service” and “Mall Beautification” investment programmes which were launched back in 2018. The aim is to make the centers a more pleasurable place to be and to raise the quality of service through tar- geted investments in, among other things, improved service and lounge areas, modern entertainment zones for kids, simplified in-house navigation when searching for shops or parking using touch screens or smartphone solutions, and intelligent parking guidance systems. To increase the appeal of the centers, the expansion of the entertainment offering is also being examined and progressed. For exam- ple, the indoor skydive concept opened in our Rhein-Neck- ar-Zentrum in 2021 has met with great success, so much so that a wide range of other leisure and food service options are currently being developed in the vicinity. Added to this, the Main-Taunus-Zentrum is in the process of receiv- ing a “Food Garden”, which will significantly expand the center’s culinary offering. These and other investments also improve the appeal of the locations beyond the immediate region. The conclusion of leases with as long a term as possible with tenants with high credit ratings across every retail segment also reduces market and sector risks. Inflation declined significantly in the 2024 financial year compared to the high rates triggered by the war in Ukraine. Interest rates have also gone down in the wake of the Euro- pean Central Bank’s (ECB) decision to cut base rates. Despite the ongoing geopolitical conflicts and persisting uncertainty, private consumption has seen a slight increase. While energy prices have generally been on a downward trend, they remain significantly higher in some areas than they were before the war in Ukraine. For retailers, high energy prices can become a massive burden if they cannot be passed on in full to customers. In addition, new cost increases as well as possible energy bottlenecks can lead to delivery problems for manufacturers and thus have a lasting negative impact on the revenue of our tenants. In contrast to the previous year, we regard the extent of loss as medium (previous year: high) due to the changed ranges, while the probability of occurrence remains high. Deutsche EuroShop the MALL s life RENTAL RISK The long-term success of the Deutsche EuroShop Group’s business model depends, in particular, on leases for retail space and the generation of stable and/or growing rental income in addition to low vacancy rates. Due to the medi- um-term and long-term renting of retail space, the Deutsche EuroShop Group is not as directly affected by short-term economic developments as company groups in other sec- tors. However, given retail commerce’s greater dependency on the state of the economy, we cannot rule out the possi- bility of a change in economic conditions impacting the Deutsche EuroShop Group’s business. Uncertainty driven by unclear political situations, economic fluctuations, the global economy and structural changes in the retail market are affecting demand for floor space, rent prices and contractual conditions. Insolvencies in the retail sector are also making their effect felt. According to the German Federal Statistical Office, the number of corporate insolvencies in Germany rose by 16.8 % in 2024. It is expected to remain at a high level in 2025. Thus, there is the risk that floor space is not rented or is rented at inad- equate prices or excessively unfavourable conditions, for example with respect to lease terms or service charge apportionments. Low contributions to revenue from leasing and/or rising vacancy rates are also possible. Furthermore, the time required to negotiate new leases may extend beyond the planned timeframe. As a result, income and EBIT would turn out to be less than budgeted, and distributions to shareholders might have to be reduced due to the downturn in FFO. In addition, lower rental income may also affect compliance with loan condi- tions on existing financing arrangements as well as the terms of new financing and refinancing agreements. If the rental income for a property company is no longer sufficient to meet its interest and repayment obligations, this could lead to the loss of the entire property. We counteract this risk by transferring leasing manage- ment to professional market leaders in asset management as well as by keeping a close eye on the market with con- tinuous and early monitoring of upcoming regular or poten- tially expected unscheduled leasing. Furthermore, where enforceable on the market, we prefer to conclude medium- and long-term leases with proportionately high minimum rent agreements. Sustained high energy costs and interest rates are influ- encing demand for floor space, rental rates and the con- tractual conditions for new and renewed leases. The time it takes for a space to be re-let has also increased, leading to lower occupancy rates. As a result, the occupancy rate decreased from 97.6 % at the end of 2019 to 95.4 % at the end of 2024. Due to the continuing challenging economic and business environment, insolvency and re-letting risks remain ele- vated. In contrast to the previous year, we regard the extent of loss as medium (previous year: high) due to the changed ranges, while the probability of occurrence remains high. 155

160

Combined management report Risk report RISK OF RENT LOSS Deteriorating performance and credit ratings among ten- ants, which may also be triggered by serious external polit- ical or economic shocks, may lead to defaults on leases and other financial burdens. Defaults on leases may additionally have an impact on compliance with loan covenants, for example. The risk of default on leases consequently com- prises the rent payments in their entirety, allocable ancillary costs, as well as potential legal and reinstatement costs. Insolvency on the part of tenants, especially anchor tenants or shop chains, can moreover lead to increases in vacancy rates. Risk is minimised by carefully selecting tenants, regularly analysing their sales growth and amounts outstanding, as well as adopting re-letting measures early in the event of negative developments. As a rule, tenants also put up com- mensurate security deposits, which are able to offset some of the financial burden in the event of default. The requisite write-downs are recognised on the balance sheet in individual cases. These totalled €7.7 million in financial year 2024 (previous year: €8.9 million). It is not possible to rule out higher write-downs in financial year 2025 in view of the structural change in bricks-and-mortar retail and depending on economic developments within the context of today’s challenging macroeconomic environ- ment. These would have a negative impact on EBIT and FFO. We consider the absolute extent of loss to be on a compa- rable level to the previous year. We continue to consider the extent of loss and the of occurrence to be moderate. MANAGEMENT AND COST RISKS The complexity of the applicable court decisions and changes thereto could lead to corrections and objections in relation to ancillary costs, which in turn could lead to limits being enforced on passing the burden on to tenants and/or to subsequent reimbursements to the same. Besides finan- cial losses, this could also affect tenant satisfaction. Con- tinuous examination of ancillary cost invoicing based on current legislation minimises this risk. New changes in the law may also mean that additional costs cannot legally and/ or economically be passed on in their entirety to tenants as ancillary costs going forward. Expenditure on maintenance and investment projects can turn out higher than budgeted based on our past experi- ence. Differences may also materialise owing to external damage or loss, inaccurate assessment of maintenance requirements, or deficiencies that are not identified or are identified too late. We minimise risks from cost overruns in current investment projects and maintenance measures by taking cost models for all identifiable risks into account in our calculations as a precautionary measure at the planning stage. In addition, more large-scale construction contracts are normally only awarded on a fixed-price basis to general contractors with strong credit ratings. During the building phase, profes- sional project management is assured by the companies we commission. However, it is impossible to completely avoid cost overruns in individual cases. 156 The war in Ukraine has led to higher energy costs in par- ticular and thus has a direct and indirect influence on man- agement and cost risks. In principle, a large portion of ancil- lary costs can be passed on to tenants, but a not inconsiderable portion remains with the landlord, so cost increases have a direct effect here. Indirectly, the burden from the cost increases can lead to payment difficulties for tenants or even to the termination of tenancies, resulting in potentially longer vacancy periods and necessary reno- vation measures. The share of non-allocable ancillary costs and necessary investments would therefore increase. To contain the cost risk from rising energy prices, our shopping centers are checked for energy efficiency; economically sensible measures, such as installing photovoltaic systems, are also implemented. FINANCING RISK As at the reporting date, the Group’s financial arrangement involved long-term loan agreements with fixed long-term interest rates. Following on from the refinancing concluded in 2024, no new finance or refinancing is currently planned (not until 2026). This means that, from today’s perspective, the Group is not exposed to any financing risk. We are con- stantly monitoring the interest rate environment so as to be able to react appropriately to interest rate changes. We minimise the financing risk for new property financing as far as possible by entering into long-term loans with fixed-interest periods of up to ten years. Interest rate levels are materially determined by underlying macroeconomic and political conditions and therefore can- not be predicted by the Company. There is a risk that refi- nancing may only be available at higher interest rates than before. This would negatively impact FFO. In their capacity as borrowers, the consolidated subsidiar- ies are required to comply with various predefined financial indicators (financial covenants) and other restrictive obli- gations or agreements. As of the reporting date, borrowers within the Deutsche EuroShop Group are required to meet 35 conditions. These conditions, which are reviewed on a regular basis, could limit the Deutsche EuroShop Group’s ability to finance its future operating and capital needs as well as to pursue acquisitions and other business activities. The ability to meet these conditions is dependent on a num- ber of factors, some of which may be beyond the Group’s control, such as a downturn in the industry and real estate markets or the inaccuracy of assumptions used for long- term planning and forecasts. Failing to comply with a finan- cial covenant could have serious consequences for the Deutsche EuroShop Group. If subsidiaries of Deutsche EuroShop AG breach a financial covenant or another restric- tive agreement, lenders could, under certain circumstances, demand the early repayment of a specific percentage of the loan amount, withhold funds, or terminate the respective financing agreement prematurely.

161

An economic and financial crisis, the substantial indirect repercussions of geopolitical crises (such as the war in Ukraine) on the operations and cash flow of retail proper- ties, as well as pronounced intensification of online com- petition or stricter regulation of the financial sector could lead to a significant deterioration of banks’ lending policies with respect to credit margins, financing terms and expiries, and loan conditions. Insolvencies of real estate companies, such as the Signa Group, could also have a negative impact on confidence in the property sector and therefore on banks’ lending practices. The eventualities would negatively affect the earnings and financial position of the Company and FFO. Under extreme circumstances, the financing market could dry up altogether. The possibility cannot be completely excluded that, due for example to a deterioration in the results of operations of individual property companies or a change in lending policy, banks may not be prepared to provide refinancing. The Deutsche EuroShop Group responds to this financing risk by concluding long-term loan agreements, avoiding the accumulation over time of loan maturities and observing appropriate debt ratios. Furthermore, the Group maintains long-term business relationships with a large number of investment, commercial and mortgage banks in its target markets in order to secure the best possible access to the capital markets. The Deutsche EuroShop Group occasionally uses derivative financial instruments that qualify for hedge accounting to hedge interest rate risks. These interest rate swap trans- actions transform variable interest rates into fixed interest rates. An interest rate swap is an effective hedge if the prin- cipal amounts, maturities, repricing or repayment dates, the interest payment and principal repayment dates, and the basis of calculation used to determine the interest rates are identical for the hedge and the underlying transaction, and the party to the contract fulfils the contract. The Com- pany counters the risk of default through stringent exami- nation of its contract partners which are also lenders. Inter- est rate swaps and the underlying transaction are generally reported as one item in the annual financial statements. Financial instruments are not subject to liquidity or other risks. A test of effectiveness for the hedges described is implemented regularly. Deutsche EuroShop the MALL s life SUSTAINABILITY RISKS Germany has committed itself to achieving ambitious climate targets as part of its Climate Action Programme 2030. The Climate Change Act (Klimaschutzgesetz) sets legally binding national climate targets and forms the core of the German government’s climate policy. Germany is aiming to be climate-neutral by 2045. The real estate sector is a major energy consumer. Since nearly 40 % of global car- bon dioxide emissions are caused by the construction and operation of buildings, owners of commercial properties face significant risks related to climate change and poten- tial future costs for reducing carbon dioxide emissions and other related environmental impacts. Ten shopping centers in the Deutsche EuroShop Group’s portfolio were built before the turn of the millennium, eleven afterwards. Even though the older shopping centers (median age: 23 years as of late 2024) have largely been modernised and renovated, further investment will be required to meet stricter energy efficiency standards. The Deutsche EuroShop Group may be required to make substantial additional investments in its shopping centers to meet new energy efficiency standards and implement the measures which are needed to achieve this goal. As a result, The Deutsche EuroShop Group could face significant capital expenditures and modernisation costs for ESG measures and/or in order to comply with energy efficiency standards. Investor demand for ESG-compliant assets may continue to rise, potentially making future asset disposals more chal- lenging. The reputation of the Deutsche EuroShop Group may be damaged if it fails to implement ESG-related meas- ures and/or comply with new energy efficiency standards, or fails to implement its ESG strategy by other means. In addition, decreased demand from potential investors – who are increasingly looking for ESG-compliant assets – could prevent the Deutsche EuroShop Group from selling shop- ping centers that do not meet these standards or have a significant negative impact on the sale prices for non-com- pliant assets. Through early analysis and the planning of necessary measures in our shopping center properties, Deutsche EuroShop ensures that requirements and actions are imple- mented efficiently, on time, and at the appropriate scale with the support of expert asset managers and advisors. The measures for this are successively and individually reviewed and evaluated as part of the maintenance cycles for the centers. Investment needs are included in long-term planning for the centers. This ensures that the further development of properties is cost-efficient and spread out over time, with the use of public subsidies where available. Regulations and external reporting requirements related to the EU Taxonomy – such as the Corporate Sustainability Reporting Directive (CSRD) and its planned adoption in Ger- man law – have become significantly more stringent. We are now subject to an extensive set of new disclosure obli- gations. These obligations require us to have reliable data as well as additional resources. These heightened require- ments place substantial demands on our internal control systems, governance, monitoring and mandated external reporting processes. Given Deutsche EuroShop AG’s effi- ciently structured organisational structure, there is a risk of us not being able to meet these demands. This risk is being addressed through employee training and the engage- ment of external service providers and consultants. 157

162

Combined management report Risk report We also face risks related to the increasing frequency of extreme climate events, such as severe storms, floods, heat waves and droughts. These have the potential to impact both our tenants and their customers, as well as the shop- ping center properties themselves. The risk of potential damage is mitigated by arranging appropriate insurance coverage and taking preventive measures. ORGANISATIONAL RISKS The Deutsche EuroShop Group has a lean organisational structure made up of an Executive Board and seven employ- ees. As a result, it relies heavily on external service provid- ers. The Deutsche EuroShop Group maintains contractual rela- tionships with service providers (such as center manage- ment companies) as part of its day-to-day business. The Deutsche EuroShop Group outsources all of its center man- agement to ECE Marketplaces. ECE Marketplaces provides its services under independent service agreements with the property companies for each shopping center. Under these agreements, ECE Marketplaces is responsible for center management, including leasing based on standard- ised contracts, maintenance and repairs, accounting, con- tract-related and legal matters, in addition to technical planning and architectural tasks. These center manage- ment contracts typically have a term of ten to 15 years, and are automatically extended by two to five years unless ter- minated. They predominantly allow for the contract to be terminated for cause if the shopping center in question is sold to a third party. If ECE Marketplaces were to terminate all or a significant portion of these contracts, the Deutsche EuroShop Group would need to either insource its asset management needs and expand its own resources – likely leading to higher costs – or secure contracts covering the center manage- ment services and potentially other services provided by ECE with alternative service providers within a short time- frame and possibly under less favourable conditions. Additionally, the Deutsche EuroShop Group maintains con- tractual relationships with tenants and third parties as part of its day-to-day business operations. If contractual part- ners failed to meet their obligations, the Deutsche EuroShop Group would have to bear the associated costs. Given the small number of employees of Deutsche EuroShop AG, the Company is dependent on individual per- sons in key positions. The departure of these key staff would lead to a loss of expertise, and the recruitment and induc- tion of new replacement personnel could temporarily impair day-to-day business. This kind of impairment is kept low by means of representation policies and the documen- tation of material work processes. CURRENCY RISK The Deutsche EuroShop Group’s activities are limited exclu- sively to the European Union’s economic area. Manageable currency risks arise in the case of the eastern European investment companies. These risks are not hedged because this is purely an issue of translation at the reporting date and is therefore not associated with any cash flow risks. The currency risk from operations is largely hedged by link- ing rents and loan liabilities to the euro. There is a risk that if the Hungarian forint, the Polish zloty or the Czech koruna were to plummet against the euro for an extended period of time, tenants would no longer be able to pay what would then be considerably higher rents denominated in a foreign currency. RISK OF DAMAGE Real estate properties are subject to the risk of total or partial ruin caused by external factors (e.g. damage from fire or flooding, vandalism, terror attacks), which can lead to repair costs and leasing defaults. These types of damage are hedged to the greatest possible extent by insurance policies with insurers with a high credit rating. It is, how- ever, conceivable that not all theoretically possible damage is adequately covered by insurance policies, or that this insurance coverage cannot be maintained on adequate terms in light of changing conditions in the insurance mar- ket, or that sufficient insurance protection will not even be offered. In addition, insurers may deny their services or a deterioration in the credit rating of an insurer may lead to potential defaults on payments in connection with the enforcement of insurance claims. In order to avoid damage, our properties are also actively secured by fire and burglary protection and anti-vandalism measures. LEGAL RISK The concept for our business model is based on the current legal situation, administrative opinion and court decisions, all of which may, however, change at any time. For example, amendments to the Real Estate Transfer Tax Act or changes in the related administrative opinion could result in a ret- roactive tax liability related to share deals. In pandemics or other crisis situations, there is a risk of legislators in Europe, including Germany and Poland, acting quickly to enact new laws or amend existing laws that granted tem- porary relief to tenants in terms of their rental payment obligations during public authority-mandated, pandem- ic-related business closures. The Company is not currently aware of any legal risks that could have a major impact on its assets or results of oper- ations. 158

163

Deutsche EuroShop the MALL s life IT RISK Deutsche EuroShop AG’s information system is based on a centrally managed network solution. Corrective and pre- ventive maintenance of the system is carried out by an external service provider. A detailed access policy ensures that staff and external service providers are granted access exclusively to the systems they require for their work. A virus protection concept and permanent monitoring of data traffic with respect to hidden and dangerous content are designed to protect against external attacks. All data rele- vant to operations is backed up daily by remote backup and also regularly on multiple storage media. In the event of a hardware or software failure in our system, all data can be reproduced at short notice. Opportunity report The Deutsche EuroShop Group forms part of a retail market undergoing dynamic structural trans formation. While bricks-and-mortar retail faces challenges from growth in online retail, and many transformation processes are being initiated more actively, the strict boundaries between the online and offline shopping world continue to disappear. The coronavirus pandemic has significantly increased the pressure to act and the required speed of implementation. Even before this, however, there was a clear trend towards purely online retailers increasingly opening shops and branch networks or gaining access to bricks-and-mortar retail chains and their branch networks through acquisi- tions or joint ventures. This development is based on the expectation from customers that they will be able to buy all products online or offline depending on the situation. Lots of retailers had to accept that they were only able to gen- erate satisfactory revenue during the closure phase with an omni-channel sales approach, as this sales approach opens up new opportunities in the areas of customer con- tact and service and provides revenue growth potential. Attractive bricks-and-mortar retail spaces and thus also shopping centers will continue to play an important role in the transformation of the retail landscape to a largely inte- grated omni-channel distribution. This is evidenced by the rapid and relatively significant recovery in customer footfall and tenant revenue in many segments following the reo- pening of stores after the lockdown. In addition, bricks-and- mortar spaces are increasingly lending themselves to being used as local logistics hubs for fast and cost-efficient deliv- ery services. Given the positioning of our shopping centers at prime loca- tions, broad sector diversification within the centers, the increasing link-up between the shopping centers and online retail, their conceptual adaptation with an emphasis on lei- sure, customer experience and meeting point aspects, and the increasing complementary importance of shop spaces for online retail, we see opportunities for further success even during the current accelerated phase of structural change. Due to the portfolio optimisation completed in early 2023 through the purchase of further minority interests, we see opportunities to grow the Company’s earnings in the long term, to increase the Company’s agility and to achieve bet- ter access to financing opportunities on the capital market. Additional attractive financing opportunities can lead to positive effects on EBT and FFO, especially in a market envi- ronment of rising interest rates and a tendency towards stricter loan conditions. There are also growth opportunities for Deutsche EuroShop AG, in keeping with its clearly defined, selective investment strategy, through the acquisition of further shopping centers or stakes therein. This, in turn, would pos- itively impact the results of operations. Further external growth can also enhance the diversification effect in the Company’s holdings portfolio. Due to the great degree of flexibility in the implementation of our acquisition and hold- ings structures, our good reputation with banks and as a reliable partner in the real estate market, the Company is well positioned to be able to continue to operate in the transactions market in such a way as to exploit opportuni- ties going forward. 159

164

Combined management report Report of the Executive Board on relations with affiliated companies Pursuant to section 312 of the AktG, the Executive Board has prepared a report on relations with affiliated compa- nies, which contains the following concluding statement: “I declare that, with regard to the legal transactions and other measures mentioned in the report on relationships with affiliated companies, and according to the circumstances known to us at the time legal transactions were carried out or measures were taken or omitted, the Company received appropriate consideration for each legal transaction and was not disadvantaged by the fact that measures were taken or omitted.” Acquisition reporting Deutsche EuroShop AG shares are traded on the Stock Exchange in Frankfurt am Main and other exchanges. As at 31 December 2024, 76.4 % of the shares were held by Her- cules BidCo GmbH, which, based on voting agreements, belongs to Alexander Otto, among others (previous year: 76.4 %). With regard to disclosures concerning direct or indirect shareholdings that exceed 10% of voting rights, please refer to the notes and the notes to the consolidated financial statements. The share capital amounted to €76,464,319 on 31 Decem- ber 2024 and was composed of 76,464,319 no-par-value registered shares. As at 31 December 2024, Deutsche EuroShop AG held 720,465 treasury shares, which confer no rights to the Company in accordance with Section 71b AktG. Please refer to the information in the notes to the consolidated financial statements under section “13. Equity and reserves” in the notes to the consolidated financial statements. The notional value of each share in the share capital is €1.00. The appointment and removal of members of the Executive Board are governed by Sections 84 and 85 AktG and Article 7 of the Articles of Association. Pursuant to Article 7 (1) of the Articles of Association, the Executive Board shall consist of one or more persons; furthermore, the Supervisory Board shall determine the number of members of the Exec- utive Board. Amendments to the Articles of Association are subject to Sections 179 and 133 AktG and Article 13 of the Articles of Association. Pursuant to Article 13 (4) of the Arti- cles of Association, the Supervisory Board shall be author- ised to resolve amendments and addenda to the Articles of Association that relate solely to wording. By resolution of the Annual General Meeting on 29 August 2023, the Executive Board was authorised, with the approval of the Supervisory Board, to increase the Company’s share capital by up to a total of €38,232,159 in increments through individual or multiple issues of new no-par-value registered shares against cash and/or non- cash contributions before 28 August 2028 (Authorised capital 2023). As at 31 December 2024, no use had been made of this authorisation. The Annual General Meeting held on 29 August 2023 author- ised the Executive Board to acquire treasury shares in the Company on the stock exchange before 28 August 2028 constituting up to 10% of the share capital available on entry into force or – if this is lower – on exercise of the authori- sation. As at 31 December 2024, 720,465 treasury shares had been repurchased on the stock exchange. This corre- sponds to 0.942 % of the share capital as at the reporting date. 160

165

Combined management report Deutsche EuroShop the MALL s life By resolution of the Annual General Meeting on 29 August 2023, the Executive Board was authorised, sub- ject to approval of the Supervisory Board, to issue con- vertible bonds and/or bonds with warrants or a combina- tion of such instruments on one or multiple occasions before 28 August 2028 with a total nominal value of up to €1.5 billion against cash contributions and/or contribu- tions in kind, in particular against investments in other companies, and to grant the holders of the respective, equally privileged bonds conversion and option rights/ obligations to new no-par-value shares in the Company up to a total of 38,232,159 shares as detailed in the terms and conditions for the bonds (“Bond conditions”). The bonds and the conversion and option rights/obligations can be issued with or without a term. The bonds may pay a fixed or variable rate of interest, in which case, as with a participating bond, the interest may also be dependent in full or in part on the level of the Company’s dividend (Conditional capital 2023). As at 31 December 2024, no use had been made of this authorisation. A change-of-control arrangement has been agreed with two employees. Under this arrangement, if and insofar as the Company informs them that they will no longer be employed in their current positions, these employees will have a spe- cial right of termination with a notice period of one month up to the end of the quarter, which will be valid for twelve months from the date the change of control takes effect. A change of control arises if Deutsche EuroShop AG merges with another company, if a public takeover bid has been made under the German Wertpapiererwerbs- und Über- nahmegesetz (WpÜG – Securities Acquisition and Takeover Act) and has been accepted by a majority of shareholders, if the Company is integrated into a new group of companies, or if the Company goes private and is delisted. In the event of such termination of the employment rela- tionship, these employees will receive a one-time payment amounting to three months’ gross salary multiplied by the number of years that they have worked for the Company, but limited to a maximum of 24 months’ gross salary. The Deutsche EuroShop Group does not currently have any other compensation agreements with members of the Exec- utive Board or other employees for the event of a change of control. The material provisions governing Deutsche EuroShop AG, which include a change of control clause for Deutsche EuroShop AG, primarily relate to credit facilities and loan agreements. In the event of a takeover, the relevant lenders are entitled to terminate the facility and where applicable demand immediate repayment. A takeover is defined as a third party taking control of Deutsche EuroShop AG; the takeover may also be made by a group acting jointly. Declaration on corporate governance (Section 289f, Section 315d HGB) The combined declaration in accordance with Section 289f and Section 315d HGB on corporate governance and on the Corporate Governance Code is published on the Deutsche EuroShop AG website at: www.deutsche-euroshop.de/Investor-Relations/Corpo- rate-Governance/Declaration-of-Conformity 161

166

Combined management report Reporting on the annual financial statements of Deutsche EuroShop AG As the Group managing company, Deutsche EuroShop AG is responsible for corporate strategy, portfolio and risk management, financing and communication. As the holding company, the economic development of Deutsche EuroShop AG depends primarily on the business develop- ment of the Group’s operating companies. Deutsche EuroShop AG also directly participates in and shares the opportunities and risks of the Group companies. Therefore, please also refer to the reporting on the Group in the sec- tions “Macroeconomic and sector-specific conditions”, “Business development and overall comment on the Group’s financial situation”, “Risk report” and “Opportunity report” in this combined management report. The annual financial statements of Deutsche EuroShop AG were prepared in accordance with the rules of the German Commercial Code (HGB), in compliance with the German Stock Corporation Act (AktG), while the consolidated finan- cial statements were prepared according to IFRS rules. Results of operations of Deutsche EuroShop AG (HGB) in € thousand Other operating income Personnel expenses Depreciation/amortisation and other operating expenses Investment income Financial gains/losses Earnings before taxes Taxes on income and earnings Other taxes Net profit Profit brought forward 01.01.- 31.12.2024 233 -2,399 -3,169 61,448 -9,330 46,783 2,047 0 48,830 202,672 01.01.- 31.12.2023 275 -1,820 -5,045 76,253 -8,041 61,622 -2,520 -9,820 49,282 500,000 ± -42 -579 1,876 -14,805 -1,289 -14,839 4,567 9,820 -452 -297,328 Change in % -15 -32 37 -19 -16 -24 181 – -1 Unappropriated surplus 251,502 549,282 -297,780 Financial year 2024 for Deutsche EuroShop AG was char- acterised, on the one hand, by a downturn in investment income and the decline in other operating expenses. The higher-than-forecast investment income resulted in expected earnings before taxes that were also higher than originally anticipated, at €46.8 million versus the forecast range of €27.0 million to €33.0 million. A principal component of the Company’s earnings is invest- ment income. At €61.4 million in 2023 (previous year: €76.3 million), this was €14.8 million lower than in the pre- vious year but exceeded the previous year’s forecast (€37 million to €43 million). Investment income was better than planned, in particular due to lower expenses for investments in rental areas and maintenance. Other operating expenses decreased by €1.9 million com- pared to the previous year. This was mainly due to expenses in the previous year in connection with the capital measure carried out in early 2023 and the acquisition of additional shares in six shopping center investments in the previous year. Financial gains/losses were negatively impacted by the write-down on the investment in Saarpark Center Neunkirchen GmbH & Co. KG (previously: Saarpark-Center Neunkirchen KG) in the amount of €9.3 million (previous year: €6.5 million). 162

167

Deutsche EuroShop the MALL s life Other taxes in the previous year relate to the real estate transfer tax triggered by the consolidation of shares at the level of Deutsche EuroShop AG in the course of the acqui- sition of additional shares in property companies in the previous year. Income from taxes on income and earnings were €2.0 mil- lion, compared with expenses of €2.5 million in the previous year. Of these amounts, €4.1 million in income was attrib- utable to deferred taxes (previous year: expenses of €1.6 million), and expenses of €2.0 million (previous year: €0.9 million) to taxes payable. 01.01.- 31.12.2024 1,049,221 66 4,329 33,401 1,087,017 910,414 7,013 89,055 80,535 1,087,017 01.01.- 31.12.2023 1,314,564 50 4,383 92,430 1,411,427 1,222,993 9,597 94,211 84,626 1,411,427 Change ± -265,343 16 -54 -59,029 -324,410 -312,579 -2,584 -5,156 -4,091 -324,410 Net assets of Deutsche EuroShop AG (HGB) in € thousand Financial investments Other non-current assets Receivables and other assets Cash and bank balances Assets Equity Provisions Liabilities Deferred tax liabilities Liabilities The downturn in financial investments in financial year 2024 was related to the withdrawals from investees, which were equal to free liquidity, less the proportional net profits under commercial law in 2024 and write-downs of financial investments. Liquidity withdrawals increased compared to the previous year. This was largely due to the additions to the existing loans at the property companies in Passau, Magdeburg and Hamm. The dividends totalling €346.6 million approved at the Annual General Meetings in January and August 2024 reduced equity accordingly. Deutsche EuroShop AG’s equity ratio fell to 83.8 % (previous year: 86.6 %), remaining at a high level and providing the Company with a firm financial footing. 163

168

Combined management report Reporting on the annual financial statements of Deutsche EuroShop AG 01.01.- 31.12.2024 48,830 250,801 9,331 -4,091 304,871 0 0 -341 -341 -2,150 -14,800 -346,609 92,430 -59,029 33,401 01.01.- 31.12.2023 49,282 80,815 6,463 1,607 138,167 -58,753 64,252 -1,544 -1.544 2,151 -200 -191,161 139,518 -47,088 92,430 FORECAST FOR DEUTSCHE EUROSHOP AG (HGB) Management expects the following changes in the key per- formance indicators: income from investments of €31 mil- lion to €37 million, and thus down significantly on 2024 (€61.4 million), and earnings before taxes of between €25 million and €31 million, also sharply lower than the figure seen in 2024 (€46.8 million). We consider ourselves to be very well positioned for finan- cial year 2025 in spite of the scheduled lower income from investments and the likewise declining earnings before taxes. Hamburg, 21 March 2025 Financial position of Deutsche EuroShop AG (HGB) in € thousand Net profit Cash distributions on investees recognised in equity Measurement of investments not affecting liquidity Addition/reversal for deferred income taxes 1. Free cash flow from operating activities 2. Outflows for new investments 3. Inflows from equity Inflows/outflows from bank loans 4. Inflows/outflows from financing activities 5. Other cash changes in the balance sheet 6. Acquisition of treasury shares 7. Dividend for the previous year Liquidity at the start of the year Cash changes in liquidity (subtotal 1. – 7.) Liquidity at the end of the year The free cash flow from operating activities of €304.9 mil- lion increased considerably compared to the previous year (€138.2 million). This was due to earnings from investments being lower than in the previous year and the additional liquidity distributions arising from the loan increases for Passau, Magdeburg and Hamm. For the past financial year, there was a return on the equity paid in amounting to €1,418.2 million of 21.5 %, compared with 9.6 % in the pre- vious year. Free cash flow per share rose from €1.84 to €4.01. The outflows for new investments in the previous year include the cash paid by Deutsche EuroShop AG as part of the acquisition of the additional shares in six property com- panies. The remaining purchase prices were settled by granting shares to the sellers. Outflows from financing activities resulted from the sched- uled repayment of long-term bank loans until the loan was transferred to Allee-Center Magdeburg GmbH & Co. KG without affecting liquidity. Taking into account the cash changes in net working capital, liquidity ended the year at €33.4 million. The Executive Board is very satisfied with the results of operations, net assets and financial position in financial year 2024. 164

169

Deutsche EuroShop the MALL s life Forward-looking statements This combined management report contains forward-looking statements based on estimates of future developments by the Executive Board. The statements and forecasts represent esti- mates based on all of the information available at the current time. If the assumptions on which these statements 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 pre- fixes before rates of change are based on economic considerations: improvements are indi- cated by a plus (+); deteriorations by a minus (-). 165

171

Deutsche EuroShop Consolidated balance sheet Consolidated income statement Statement of comprehensive income Consolidated statement of changes in equity Consolidated cash flow statement Notes to the consolidated financial statements for financial year 2024 168 170 171 172 174 175 1.9 € billion in equity 167

173

Liabilities in € thousand EQUITY AND LIABILITIES Equity and reserves Subscribed capital Capital reserves Retained earnings Treasury shares Total equity Non-current liabilities Financial liabilities Deferred tax liabilities Limited partner contributions of non-controlling interests Other liabilities Non-current liabilities Current liabilities Financial liabilities Trade payables Tax liabilities Other provisions Other liabilities Current liabilities Total equity and liabilities 13. 14. 16. 17. 15. 14. 15. 15. 18. 15. Deutsche EuroShop the MALL s life Notes 31.12.2024 76,464 793,943 1,014,853 -720 1,884,540 1,795,909 350,887 261,156 4,715 2,412,667 12,465 7,349 16,876 12,669 17,839 67,198 31.12.2023 76,464 793,943 1,249,269 -9 2,119,667 1,665,679 331,918 259,380 7,126 2,264,103 11,921 10,635 19,891 14,459 19,521 76,427 4,364,405 4,460,197 169

174

Consolidated financial statements Consolidated income statement in € thousand Revenue Property operating costs Property management costs Write-downs and disposals of financial assets Net operating income (NOI) Other operating income Other operating expenses Earnings before interest and taxes (EBIT) Share in the profit or loss of associates and joint ventures accounted for using the equity method Interest expense Profit/loss attributable to limited partners Other financial expenses Interest income Financial gains/losses Measurement gains/losses Earnings before taxes (EBT) Taxes on income and earnings Consolidated profit Basic and diluted earnings per share (€) Notes 19. 20. 21. 10., 22. 23. 24. 9., 25. 17. 26. 27. 28. 01.01.- 31.12.2024 271,403 -31,350 -14,902 -7,731 217,420 01.01.- 31.12.2023 273,304 -34,808 -14,734 -8,858 214,904 9,074 -10,189 216,305 16,581 -49,083 -14,397 -1,876 5,408 -43,367 -22,870 150,068 -26,554 123,514 1.62 35,335 -37,578 212,661 5,005 -43,313 -13,876 0 5,492 -46,692 -205,701 -39,732 1,455 -38,277 -0.51 170

178

Consolidated financial statements Consolidated cash flow statement in € thousand Consolidated profit Income taxes Financial gains/losses Amortisation/depreciation of intangible assets and property, plant and equipment with a finite life Unrealised changes in fair value of investment property and other measurement gains/losses Distributions and capital repayments received Other non-cash income and expenses Changes in trade receivables and other assets Changes in current provisions Changes in liabilities Cash flow from operating activities Interest paid Interest received Income taxes paid Net cash flow from operating activities Investments in investment properties Sale of investment properties Investments in intangible assets and property plant and equipment Acquisition of subsidiaries less acquired cash and cash equivalents Cash flow from investing activities Assumption of financial liabilities Repayment of financial liabilities Repayment of lease liabilities Acquisition of treasury shares Payments to limited partners Payments for the acquisition of additional shares in the limited partnership Inflows from capital increases Payments to Group shareholders Cash flow from financing activities Net change in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period 174 Notes 27. 7., 24. 26. 9. 10., 11. 18. 15. 27. 8. 8. 30. 14., 29. 14. 15. 13. 17. 30. 13. 13. 12. 12. 01.01.- 31.12.2024 123,514 01.01.- 31.12.2023 -38,277 26,554 43,367 -1,455 46,692 140 123 22,870 7,801 0 -13,083 -4,453 -5,903 200,807 -46,218 5,408 435 160,433 -47,179 6,906 -15 0 -40,288 158,428 -30,520 -103 -14,800 -10,174 0 0 -346,609 -243,778 -123,633 336,071 212,438 205,701 6,335 14,036 -8,950 843 -9,817 215,231 -40,302 5,492 -5,358 175,063 -43,481 0 -16 -19,455 -62,952 60,906 -12,994 -73 -200 -9,904 -19,538 61,981 -191,161 -110,983 1,128 334,943 336,071

179

Deutsche EuroShop the MALL s life Notes to the consolidated financial statements for financial year 2024 PRINCIPLES UNDERLYING THE CONSOLI- DATED FINANCIAL STATEMENTS 1. GENERAL DISCLOSURES The Group parent company is Deutsche EuroShop AG, Ham- burg, Germany. The Company’s head office is at Heegbarg 36, 22391 Hamburg, Germany. The Company is entered in the Hamburg Commercial Register (HRB 91799). Deutsche EuroShop AG focuses on acquiring, managing, using and selling investments of all kinds, and in particular investments in retail properties. The consolidated financial statements of Deutsche EuroShop AG have been prepared in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), including the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) and the sup- plementary provisions of German commercial law required to be applied under Section 315e (1) of the Handelsgesetz- buch (HGB German Commercial Code). All IFRS and IFRIC interpretations endorsed by the European Commission and required to be applied as at 31 december 2024 have been applied. The Executive Board prepared the consolidated financial statements as at 31 December 2024 on 21 March 2025 and forwarded them to the Supervisory Board for examination and approval. In addition to the consolidated balance sheet, consolidated income statement and consolidated statement of compre- hensive income, the consolidated financial statements com- prise the consolidated statement of changes in equity, the consolidated cash flow statement and the notes to the con- solidated financial statements. Amounts are mainly presented in thousands of €. A detailed list of the companies included in the consolidated financial statements forms part of the notes. The annual financial statements of the consolidated com- panies were prepared on 31 December 2024, the reporting date of the consolidated financial statements. 2. BASIS OF CONSOLIDATION The scope of consolidation changed as follows compared with the previous year: FULLY CONSOLIDATED SUBSIDIARIES As at 01.01.2024 Additions Disposals As at: 31.12.2024 JOINT VENTURES INCLUDED IN ACCORDANCE WITH THE EQUITY METHOD As at 01.01.2024 Additions Disposals As at: 31.12.2024 ASSOCIATES INCLUDED IN ACCORDANCE WITH THE EQUITY METHOD As at 01.01./31.12.2024 Domestic1 15 0 0 15 0 0 0 0 0 1 Companies are allocated in accordance with the segment allocation based on the location of the respective shopping center. This may be different from the company domicile. Abroad1 Total 4 0 0 4 3 1 0 4 1 19 0 0 19 3 1 0 4 1 175

180

Consolidated financial statements Notes to the consolidated financial statements for financial year 2024 Subsidiaries Associates The consolidated financial statements include the financial statements of the parent company and of the companies controlled by it. Deutsche EuroShop AG gains control when it: In accordance with IAS 28, where Deutsche EuroShop AG can exercise a significant influence but not control over companies, these investments are measured using the equity method. is in a position to take decisions affecting another com- pany, Investees is exposed to fluctuating returns and reflows from this holding, and is able, by reason of its decision-making capacity, to influence such returns. At every reporting date, a new assessment is carried out to establish whether or not an investee is controlled, by ref- erence to whether circumstances indicate that one or more of these criteria have changed. Financial information of subsidiaries with significant noncontrolling interests The Group holds a stake of 52.01 % in Main-Taunus-Zentrum KG, Hamburg, and exercises a controlling influence over the Company. The other 47.99 % of shares are in free float. The Company posted non-current assets of €670,721 thousand (previous year: €655,721 thousand) and current assets of €29,401 thousand (previous year: €38,573 thousand) as at the reporting date. Non-current liability items (exclud- ing limited partner contributions of non-controlling inter- ests) amounted to €220,359 thousand (previous year: €220,270 thousand) and current liability items totalled €4,958 thousand (previous year: €5,150 thousand). The Company generated revenue of €35,845 thousand (previ- ous year: €36,776 thousand) and net profit (after earnings due to limited partners) of €12,791 thousand (previous year: €-7,518 thousand). A dividend of €7,910 thousand (previous year: €7,434 thousand) was paid to limited partners in the year under review. Joint ventures Joint ventures in which Deutsche EuroShop AG has a major- ity of the voting rights together with third parties are clas- sified as joint operations and are accounted for using the equity method. Investments over which Deutsche EuroShop AG has neither significant influence nor control are generally measured at fair value. In line with IFRS 9, for initial recognition of an investment, the Group has the irrevocable right to choose to record the fair value adjustment in other income as well. As at 31 December 2024, the Group had no investees. Shareholdings The list of shareholdings as required by Section 313 (2) HGB is attached as a note to the consolidated financial state- ments. The list of shareholdings also includes a conclusive list of all subsidiaries that meet the conditions of Section 264b HGB and have exercised the option of exemption from specific provisions regarding the preparation, auditing and disclosure of the annual financial statements or manage- ment report. 3. CONSOLIDATION METHODS Under the purchase method, the cost is eliminated against the parent company’s interest in the remeasured equity of the subsidiaries at the date of acquisition or initial consol- idation. Any remaining excess of identified net assets acquired over cost of acquisition is recognised as goodwill in intangible assets. Any negative differences are recog- nised in income following a reassessment. Joint ventures and associates are measured using the equity method. The cost of acquiring the investment is rec- ognised here in income at an amount increased or reduced by the changes in equity corresponding to the equity inter- est of Deutsche EuroShop AG. Intragroup transactions are eliminated as part of the con- solidation of intercompany balances, income and expenses. 176

181

Deutsche EuroShop the MALL s life 4. CHANGES IN ACCOUNTING POLICIES AND VALUATION METHODS, ESTIMATES, ASSUMPTIONS, OPTIONS AND JUDGEMENTS The following new or amended standards and interpreta- tions relevant for the business activities of the Group are required to be applied for the first time to the financial years ending on 31 December 2024: Changes in accounting policies and valuation methods due to new accounting standards Amendment/ Standard Classification of debt as current or non-current (Amendment to IAS 1) Date applied (EU) Amendment Impact on the net assets, financial position and results of operations or cash flow of Deutsche EuroShop AG 01.01.2024 Clarification of the classification of liabilities as current and non-current No material impact 177

182

Consolidated financial statements Notes to the consolidated financial statements for financial year 2024 The following new or amended standards and interpreta- tions relevant for the business activities of the Group are not yet compulsory and have not been applied prematurely: Amendment/ Standard Expected date of application (EU) Contracts Referenc- ing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7) Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) 01.01.2026 (Not yet endorsed by the EU) 01.01.2026 (Not yet endorsed by the EU) Annual Improvements to IFRS Accounting Standards (Volume 11) 01.01.2026 (Not yet endorsed by the EU) Presentation and Disclosure in Finan- cial Statements (IFRS 18) 01.01.2027 (Not yet endorsed by the EU) Expected Amendment Clarification of the “own use exemption” Option to use contracts for electricity from nature-dependent renewable energy sources as hedging instruments under certain conditions Additional disclosure requirements with regard to the effects of the contracts on financial performance and future cash flow Changes to the classification of financial assets using the SPPI criterion Definition of financial assets with non-recourse features Disclosure requirements for equity instruments that are measured at fair value and not recognised in profit or loss Hedge accounting by a first-time adopter (IFRS 1 – First-time Adoption of International Financial Reporting Standards) Disclosure of deferred difference between fair value and transaction price (IFRS 7 – Financial Instruments: Disclosures) Lessee derecognition of lease liabilities Transaction price (IFRS 9 – Financial Instruments) Determination of a “de facto agent” (IFRS 10 Consolidated Financial Statements) Cost method (IAS 7 – Statement of Cash Flows) Categorisation requirements for the income statement Elimination of disclosure options in the state- ment of cash flows for interest and dividends received and paid In the future, we will be required to use the new operating profit subtotal as the starting point for the indirect method of preparing statements of cash flows Requirements for notes related to manage- ment-defined performance measures (MPMs) and aggregation and disaggregation rules for the notes The comparative figures must be adjusted accordingly in the year of initial application. Impact on the net assets, financial po- sition and results of operations or cash flow of Deutsche EuroShop AG No material impact No material impact No material impact The effects of the first-time adoption of IFRS 18 on the consolidated finan- cial statements of Deutsche EuroShop AG are currently being analysed. In addition, further standards and interpretations were adopted which are not expected to have any impact on the Group. 178

183

Estimates and assumptions Options and judgements Deutsche EuroShop the MALL s life The following are the options and judgements that have the most significant effect on the amounts recognised in the financial statements. Investment properties are measured at their market value in accordance with IAS 40. Measuring investment properties at amortised cost would have a significant effect on carry- ing amounts and the corresponding income and expense items. The classification of an investment as an investment accounted for using the equity method is based on the assessment of significant influence or joint control, and may be a matter of judgement. The categorisation of financial assets and liabilities can be a matter of judgement. Judgement may be required with regard to revenue recog- nition in accordance with IFRS 15, which may affect the amount and timing of revenue. The consideration of termination and extension options when accounting for leases in accordance with IFRS 16 can be a matter of judgement. Assessing forward-looking information as part of the deter- mination of write-downs on receivables is subject to judge- ment. The preparation of the consolidated financial statements necessitates the use of estimates and assumptions. These affect the reported amounts of assets, liabilities and con- tingent liabilities as at the reporting date, as well as the recognition of income and expenses during the reporting period. The actual amounts can differ from these estimates. Estimates and assumptions are evaluated on an ongoing basis and are based on historical experience and other fac- tors, including expectations related to future events. The assumptions and estimates that may have the greatest impact on assets and liabilities are those which are used when calculating the market values of investment proper- ties. Investment properties are valued in accordance with IAS 40 in conjunction with IFRS 13 using the discounted cash flow (DCF) method. Changes in market values are recog- nised in profit or loss under measurement gains/losses. This has an impact on the earnings position of Deutsche EuroShop AG. The valuation of investment properties involves a significant amount of uncertainty. The expected cash flows and the discount factor are particularly impactful parameters when it comes to valuation (for more details, see Section 8. Invest- ment Properties). Uncertain tax items for current and deferred taxes are sub- ject to estimates and assumptions regarding the occurrence of future events that may have an impact on the amount of tax expenses and tax liabilities. Deferred tax assets on loss carryforwards are recognised to the extent that it is prob- able that future taxable profits will be available against which the loss carryforwards can be offset. At each report- ing date, the assumptions and estimates regarding the probability of future taxable profits are reviewed with regard to offsetting against existing loss carryforwards. In addition, assumptions and estimates are made when determining useful lives and when recognising and meas- uring provisions. 179

184

Consolidated financial statements Notes to the consolidated financial statements for financial year 2024 5. CURRENCY TRANSLATION The reporting currency of the company is the euro (€). The companies located outside the eurozone that are included in the consolidated financial statements are treated as legally independent, but economically dependent, integrated companies. The reporting currency of these com- panies is therefore different from the functional currency (€). Under IAS 21, annual financial statements prepared in foreign currencies are translated using the functional cur- rency method, with the result that the balance sheet is to be translated as if the transactions had arisen for the Group itself, because the local currency of the integrated compa- nies is deemed to be a foreign currency for these companies themselves. Monetary values are therefore translated at the closing rate and non-monetary items at the rate that applied at the time of initial recognition. Non-monetary items to be reported at fair value are translated at the closing rate. Items in the consolidated income statement are translated at average rates for the year or, in the event of strong fluctuations, using the rate that applied on the date of the transaction. Any translation differences arising in the case of discrep- ancies between the translation rates of the balance sheet and consolidated income statement are recognised in profit or loss. Translation was based on the following exchange rates: € 1 = Hungarian forint (HUF) Polish zloty (PLN) Czech koruna (CZK) Closing rate Average rate Closing rate Average rate 31.12.2024 31.12.2023 411.35 4.27 25.19 397.07 4.31 24.73 382.78 4.35 24.73 380.57 4.54 24.12 6. SIGNIFICANT ACCOUNTING POLICIES AND VALUATION METHODS Revenue and expense recognition As a general rule, revenue from leasing the investment properties is recognised on a straight-line basis over the term of the lease. Tenant incentives granted are distributed on a straight-line basis over the lease term and reduce rev- enue. The rental concessions granted in connection with the coro- navirus pandemic, to the extent that they relate to receiva- bles that arose in the period up to the contractual agree- ment with the tenant, were treated as a waiver of receivables and recognised as a disposal of financial assets. Rental concessions that affect the period after the contractual agreement with the tenant are treated as a modification to the lease and are distributed on a straight-line basis over the remaining lease term from the date the agreement was reached. This approach is not applicable with respect to the suspension or reduction of rental payments made on the basis of an existing lease or by law. Those are treated as variable lease payments and recognised in revenue as they actually arise. When passing on operating costs, the Group acts as an agent for the service. The income from recharging is there- fore netted with the corresponding expenses in the income statement. This does not include operating costs that are passed on and for which the tenants do not receive a sep- arate service (property tax and building insurance). The proceeds received through the transfer of these expenses, which are included in the property operating costs, are rec- ognised in revenue (unnetted recognition). Other revenue and other operating income are recognised once the relevant service has been rendered or once the risk has passed to the customer. Other operating expenses are recognised once the service has been utilised or at the time when they are booked through profit and loss. Interest income and expense are accrued. Determination of fair values The Group regularly reviews the determination of fair val- ues for financial and non-financial assets and liabilities. It also conducts a regular assessment of significant, non-ob- servable input factors and carries out valuation adjust- ments. When determining the fair value of an asset or lia- bility, the Group uses observable market data wherever possible. Based on the input factors used in the valuation techniques, the fair values are categorised into different levels of the fair value hierarchy in accordance with IFRS 13: Level 1: Fair values determined using quoted prices in active markets. Level 2: Fair values determined using valuation methods where the input factors relevant for the fair value are based on directly or indirectly observable market data. Level 3: Fair values determined using valuation methods where the input factors relevant for the fair value are based on unobservable market data. 180

185

In the case of assets or liabilities that are recognised at fair value on a regular basis, it is determined based on a reas- sessment at the end of the financial year whether reclas- sifications took place between the hierarchical levels. In financial year 2024, as in the previous year, no reclassifi- cations were made between the hierarchical levels. Intangible assets Intangible assets include acquired software and software licenses of Deutsche EuroShop AG and goodwill. Software additions are measured at cost. These are amor- tised at 33 % using the straight-line method over the expected useful life of three years. The method of depreci- ation and the depreciation period are reviewed annually at the end of each financial year. Goodwill within the context of a company takeover arose as a positive difference between the fair value of the assets, liabilities and contingent liabilities at the time of acquisition as well as the deferred taxes of the acquired company and the consideration paid for it by the Group. Goodwill is not subject to amortisation. Property, plant and equipment Property, plant and equipment is reported at cost, less depreciation and, where applicable, impairment charges. Operating and office equipment comprises office equip- ment, tenant fixtures, fittings and technical equipment belonging to Deutsche EuroShop AG, and is depreciated using the straight-line method over three to 13 years. The method of depreciation and the depreciation period are reviewed annually at the end of each financial year. Property, plant and equipment also includes right-of-use assets under leases. Deutsche EuroShop the MALL s life Impairment losses on intangible assets and property, plant and equipment The value of the goodwill is reviewed at least once a year (as at 31 December) at the level of the cash-generating units of the Group to which goodwill was allocated at the time of acquisition. The impairment loss test as at 31 Decem- ber 2024 did not result in a need for write-downs, as in the previous year. For intangible assets with finite useful lives as well as for property, plant and equipment, the value is only reviewed if there are actual indications of impairment. An impairment loss is recognised in income in measurement gains/losses provided that the recoverable amount of the assets is lower than the carrying amount. The recoverable amount is the higher value from the fair value less costs of disposal and value in use. In the financial year, there were no indications of impairment for intangible assets with finite useful lives or for property, plant and equipment. Investment properties Under IAS 40, investment property must initially be meas- ured at cost at the date of acquisition. Property that is under construction and that is intended to be used as investment property following its completion also falls under the scope of IAS 40. Property held as a financial investment can either be recognised at amortised cost (cost model) or using the fair-value model. Subsequently, all properties must be measured at their fair value and the annual net changes recognised in income under measurement gains/losses (recurring fair value measurement). Investment property is property held for the long term to earn rental income or capital gains. Under IAS 40, investment property measured using the fair value model is no longer depreciated. Borrowing and initial rental costs that are directly attribut- able to the acquisition, construction or production of a qual- ifying asset are included in the cost of that asset until the time at which the asset is largely ready for its intended use. Income realised from the temporary investment of specif- ically borrowed funds up to the point when these are used to obtain qualifying assets is deducted from the capitalis- able costs of these assets. General administrative costs are not added to the costs of these assets. All other borrowing costs are recognised in income in the period in which they occur. Maintenance measures relating to property, plant and equipment are recognised as an expense in the financial year in which they occur. 181

186

Consolidated financial statements Notes to the consolidated financial statements for financial year 2024 Non-current assets held for sale Government grants The classification of real estate as non-current assets held for sale requires that the real estate is available for sale in its present condition and that the sale is highly probable and expected to occur within twelve months. A sale is con- sidered highly probable when the plan to sell has been decided, the necessary approvals have been obtained and the marketing process has begun. Investment properties reported in the balance sheet under non-current assets held for sale must be measured at fair value in accordance with IAS 40. To mitigate the effects of the coronavirus pandemic, the Group applied for bridging assistance III in the amount of €2.0 million in 2022. The bridging assistance III applied for must be recognised in profit or loss as a government grant if there is reasonable assurance that the Group will comply with the conditions attached to the grant and that the grant will be received. The income from the grant is shown under other operating income and the receivable under other assets. The application was approved and paid in mid-Feb- ruary 2022. The final accounts for the assistance awarded were submitted in October 2023 but had not been approved at the time of preparation. Group as lessee The Group assesses at inception whether an agreement is a lease or not according to IFRS 16 and, for the term of provision, recognises an asset for the right of use granted and a lease liability. Initial measurement of the right of use and lease liability is at the present value of the lease pay- ments to be made. Discounting is at the Group’s marginal borrowing rate. Subsequently, the right of use is amortised on a straight-line basis over the term of the lease, and the lease liability is reduced by the lease payments made and increased by the interest accrued on the portion not yet repaid. Financial instruments Financial assets and liabilities are recognised in the con- solidated balance sheet when the Group becomes a party to the contractual provisions governing the financial instru- ment. Financial instruments are allocated to an IFRS 9 measure- ment category when they are recognised for the first time. With financial assets, the measurement category is depend- ent on the cash flow property of the financial instrument and the business model of the Group which holds the finan- cial asset. Receivables and other current assets Receivables and other current assets are recognised at amortised cost less write-downs. As a general rule, the Group applies the simplified approach permitted under IFRS 9 and measures the write-down on the basis of the credit losses expected over the life of the asset. Limited partner contributions of non-controlling interests The distinction between equity and liabilities under inter- national accounting standards is set out in IAS 32 Financial Instruments: Presentation. In accordance with this stand- ard, the equity interests of third-party shareholders in com- mercial partnerships are reclassified as liabilities due to the shareholders’ potential right of redemption. According to Sections 131 et seq. HGB, shareholders in commercial partnerships have an ordinary legal right of termination of six months with effect from the end of the financial year, which the shareholders’ agreement can define from a long- term perspective, but cannot exclude. As a result of this stipulation, a liability rather than equity was recognised in the balance sheet. This liability must be measured at the repayment amount. 182

187

Financial liabilities Deferred taxes Deutsche EuroShop the MALL s life In accordance with IAS 12, deferred taxes are recognised for all deductible temporary differences between the tax accounts and the IFRS balance sheet. Measurement is based on the tax rates that are expected to apply in the period in which the temporary differences are realised, according to the tax rates and regulations that are valid on the balance sheet date or will be valid in the near future. At present, deferred taxes are primarily formed on the differ- ences between the IFRS carrying amounts of the properties and financial liabilities and their carrying amounts for tax purposes. A uniform corporate tax rate of 15 % plus the solidarity surcharge of 5.5 % was used for German compa- nies, and in some cases a rate of 16.45 % for trade tax. A tax rate of 9 % was applied for Hungarian taxes, 19 % for Polish taxes, 21 % for Czech taxes and 23 % for Austrian taxes. In accordance with IAS 12.74, deferred tax assets on existing loss carryforwards are offset against deferred tax liabilities. Other provisions Under IFRS, other provisions may only be recognised if a present obligation exists towards a third party and payment is more likely than not. Non-current provisions are dis- counted. Treasury shares Treasury shares are deducted directly from equity with the consideration paid, which includes directly attributable ancillary acquisition costs. The nominal amount of €1.00 per share is deducted from the subscribed capital, and the pre- mium on the nominal amount is recognised as a reduction in other retained earnings. Liabilities to banks/bank loans and overdrafts are reported at amortised cost. Discounts are deducted, which under IFRS 9 must be amortised over the term of the loan agree- ment and recognised annually as an expense. Trade payables Trade payables are recognised at their repayment amount. Other liabilities Other liabilities are recognised at amortised cost. Cash and cash equivalents Cash and cash equivalents include cash and bank balances (terms of up to three months) at their principal amounts. Derivative financial instruments Derivatives that qualify for hedge accounting in accordance with IFRS 9 are used to hedge interest rate risks. These are fixed-rate swaps to limit the interest rate risk of variable interest rate loans, which have terms extending to 2027. The interest rate hedges are recognised at fair value (recur- ring fair value measurement) under “Other assets” or “Other liabilities”. Changes are recognised directly in equity, provided that the conditions of the underlying and hedge transaction are identical. The effectiveness of the hedging measures is verified regularly using the degree of harmony between the contract terms for the hedged item and the hedge (critical term match). If the effectiveness between the hedged item and the hedge does not exist, the hedge is measured as a derivative at fair value in profit or loss. Pres- ent value is calculated based on discounted cash flows using current market interest rates. The final maturities of the interest rate hedges and loan agreements are identical. Investments accounted for using the equity method Investments in associates and joint ventures are initially recognised at cost in the balance sheet and adjusted by changes in the Group’s share of the equity of the associate/ joint venture after the date of acquisition. At every reporting date, the Group reviews whether there are indications that the shares are impaired in relation to the amortised carry- ing amounts. 183

188

Consolidated financial statements Notes to the consolidated financial statements for financial year 2024 NOTES TO THE CONSOLIDATED BALANCE SHEET 7. INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENT in € thousand Acquisition cost as at 01.01. Addition from right-of-use assets (IFRS 16) Additions Disposals As at 31.12. Write-downs as at 01.01. Additions Disposals As at 31.12. Carrying amount as at 01.01. Carrying amount as at 31.12. Goodwill Software licenses Operating and office equipment 2024 53,867 2023 53,867 0 0 0 53,867 -2,148 0 0 -2,148 51,719 51,719 0 0 0 53,867 -2,148 0 0 -2,148 51,719 51,719 2024 148 0 0 0 148 -125 -11 0 -136 23 12 2023 143 0 5 0 148 -114 -11 0 -125 29 23 2024 1,343 36 45 -43 1,381 -894 -129 13 -1,010 449 371 2023 1,220 114 11 -2 1,343 -784 -112 2 -894 436 449 The goodwill arose from deferred tax liabilities for the real estate assets that had to be recognised at the time of the initial consolidation (29 March 2017) of Olympia Brno. As at the reporting date, operating and office equipment included right-of-use assets under leases amounting to €305 thousand (previous year: €402 thousand). These result mainly from the rental of office space and the leasing of cars. 184

189

Deutsche EuroShop the MALL s life 2024 3,947,021 0 0 -6,300 4,744 47,179 -25,923 3,966,721 2023 3,351,821 773,000 0 0 8,084 43,481 -229,365 3,947,021 JLL applied the equated yield model in order to arrive at the discount and capitalisation interest rates. The capitali- sation interest rate was derived for each property individ- ually from initial rates of return from comparable transac- tions. At the same time, such determinants of value as inflation and changes in rent and costs were implicitly taken into account in the capitalisation interest rate. The risk pro- file specific to each property was also adjusted by reference to the relevant individual indicators. Examples of such indi- cators include the quality of the property’s location and position, market trends and developments in the competi- tive environment. JLL likewise derived the discount interest rates from comparable transactions, albeit subject to adjustments for projected increases in rent and costs, since these had been explicitly shown in the relevant cash flow. JLL applied the same methods in valuing domestic and for- eign real properties. The disposal in the financial year resulted from the sale of a property in Poland. The following overview shows the key assumptions used by JLL to determine the market values: 8. INVESTMENT PROPERTIES in € thousand Carrying amount 01.01. Change in scope of consolidation Additions Disposals Change in rental incentives Recognised construction measures Unrealised changes in fair value Carrying amount 31.12. The changes in the scope of consolidation in the previous year relate to Allee-Center Magdeburg, Stadt-Galerie Pas- sau, Saarpark Center Neunkirchen and Phoenix-Center Har- burg. The stakes in the corresponding property companies were increased to between 75 % and 100 % at the beginning of the previous year through the acquisition of additional shares. Consequently, these centers were fully consolidated for the first time in the previous year. Investment properties continue to include a capitalised leasehold of €322 thousand. The annual ground rent of €10 thousand payable for this is charged to a tenant in the same amount. The unrealised changes in market value relate to appreci- ation and depreciation in accordance with IAS 40. The fair values of the properties in the period under review as at 31 December 2024 were determined by appraisers from Jones Lang LaSalle GmbH (JLL) in accordance with the guidelines of the Royal Institution of Chartered Survey- ors (RICS). As in previous years, the discounted cash flow method (DCF) was used. The compensation contractually fixed for the appraisal reports prior to preparation of the appraisals is independent of the measurement gains/ losses. The DCF method entails the calculation of the present value of future cash flows from the property in question as at the valuation date. In addition, the net income from the property in question is determined over a detailed planning period of (usually) ten years and a discount rate applied. A residual value is forecast for the end of the ten-year detailed plan- ning phase by capitalising the stabilised cash flows of the last budgeted year using an interest rate (capitalisation interest rate). In a second step, the residual value is dis- counted back to the measurement date. 185

190

Consolidated financial statements Notes to the consolidated financial statements for financial year 2024 VALUATION PARAMETER in % Domestic Abroad Total Domestic Abroad Total 31.12.2024 31.12.2023 Rate of rent increases Cost ratio Discount rate Capitalisation interest rate 1.67 13.10 6.90 5.70 0.93 7.50 7.63 5.96 1.58 13.21 6.91 5.57 1.04 7.45 7.86 5.93 1.47 12.07 7.10 5.64 1.52 11.96 7.05 5.75 The European and global economy may continue to be affected by wars, armed conflicts and geopolitical tensions. Increased trade policy uncertainties or trade conflicts as a result of the policies of the new US administration, among other things, as well as political changes could also signif- icantly jeopardise overall economic growth. Conditions on the property markets may be adversely affected by this, particularly in conjunction with renewed inflationary pres- sure and rising market interest rates. This can trigger changes in market value. We will continuously monitor the situation and any changes in value and include these in our future reporting. A 25 or 100 bp change in a material parameter (sensitivity analysis) of real estate appraisals would have the following pre-tax impact on measurement gains/losses (including the share attributable to at-equity consolidated companies): Sensitivity analysis – valuation parameters – Domestic – 31.12.2024 Rate of rent increases Cost ratio Discount rate Capitalisation interest rate Basis Change in parameter in € million 1.67 + 0.25 percentage points - 0.25 percentage points 13.10 + 1.00 percentage points - 1.00 percentage points 6.90 5.70 + 0.25 percentage points - 0.25 percentage points + 0.25 percentage points - 0.25 percentage points 98.3 -92.6 -35.4 32.0 -56.7 53.6 -79.8 83.8 Sensitivity analysis – valuation parameters – Abroad – 31.12.2024 Rate of rent increases Cost ratio Discount rate Capitalisation interest rate Basis Change in parameter in € million + 0.25 percentage points - 0.25 percentage points + 1.00 percentage points - 1.00 percentage points + 0.25 percentage points - 0.25 percentage points + 0.25 percentage points - 0.25 percentage points 0.93 7.50 7.63 5.96 24.0 -21.0 -7.5 8.5 -14.0 14.0 -17.5 20.0 in % 3.3 -3.1 -1.2 1.1 -1.9 1.8 -2.7 2.8 in % 3.1 -2.8 -1.0 1.1 -1.8 1.8 -2.3 2.6 186

191

Deutsche EuroShop the MALL s life Sensitivity analysis – valuation parameters – Total – 31.12.2024 Rate of rent increases Cost ratio Discount rate Capitalisation interest rate Basis Change in parameter in € million 1.52 + 0.25 percentage points - 0.25 percentage points 11.96 + 1.00 percentage points - 1.00 percentage points 7.05 5.75 + 0.25 percentage points - 0.25 percentage points + 0.25 percentage points - 0.25 percentage points 122.3 -113.6 -42.9 40.5 -70.7 67.6 -97.3 103.8 In the previous year, no differentiation was made between domestic and abroad as part of the sensitivity analysis. Changing the parameters led to the following results: Sensitivity analysis – valuation parameters – Total – 31.12.2023 Rate of rent increases Cost ratio Discount rate Capitalisation interest rate Basis Change in parameter in € million 1.47 + 0.25 percentage points - 0.25 percentage points 12.07 + 1.00 percentage points - 1.00 percentage points 7.10 5.64 + 0.25 percentage points - 0.25 percentage points + 0.25 percentage points - 0.25 percentage points 117.9 -108.6 -41.1 45.0 -67.1 71.6 -93.8 108.1 in % 3.3 -3.0 -1.1 1.1 -1.9 1.8 -2.6 2.8 in % 3.2 -2.9 -1.1 1.2 -1.8 1.9 -2.5 2.9 Over the forecast period, rents were assumed to increase on average over the long term at 1.52 % (previous year: 1.47 %). On average, management and administrative costs at 11.96 % (previous year: 12.07 %) were deducted from the forecast rents. This resulted in an average net income of 88.04 % (previous year: 87.93 %). Actual management and administrative costs (excluding write-downs) amounted to 17.0 % of rental income in the year under review (previous year: 18.1 %). The appraisal showed that, for financial year 2024, the real property portfolio had an initial yield before deduction of transaction costs of 6.61 %, compared with the prior-year figure of 6.64 %, and an initial rate of return net of transaction costs (net initial yield) of 6.24 %, following 6.25 % in the previous year. The real estate value includes outstanding tenant incentives granted and still to be distributed over the term of the rental agreements amounting to €34,654 thousand (previous year: €29,910 thousand). The following shows details and disclosures in accordance with IFRS 13 for the hierarchical levels of the fair values of the Group’s investment properties as at 31 December 2024: IFRS 13 hierarchy levels in € thousand Investment properties Level 1 Level 2 Level 3 0 0 3,966,721 There were no changes between the hierarchy levels between 2023 and 2024. The properties are predominantly secured by mortgages. There were secured financial liabil- ities in the amount of €1,808,374 thousand (previous year: €1,677,600 thousand). The rental income of the properties valued in accordance with IAS 40 was €271,403 thousand (previous year: €273,304 thousand). Directly associated operating expenses (excluding write-downs) amounted to €46,252 thousand (previous year: €49,543 thousand). 187

192

Consolidated financial statements Notes to the consolidated financial statements for financial year 2024 9. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD in € thousand 2024 2023 Carrying amount as at 01.01. 92,741 443,069 Distributions and capital repayments received Share of profit/loss Remeasurement Additions Disposals -7,801 16,581 0 13 0 -6,335 5,005 12,666 0 -361,664 Carrying amount as at 31.12. 101,534 92,741 Joint ventures in which Deutsche EuroShop AG has a major- ity of the voting rights together with third parties are included in the consolidated financial statements in accord- ance with the equity method. They are important for the Group as a whole and operate shopping centers. The addition in the financial year relates to an immaterial holding in a general partner limited liability company (GmbH). The additions from remeasurement and the disposals in the previous year related to Allee-Center Magdeburg G.m.b.H. & Co. KG, Phoenix-Center Harburg GmbH & Co. KG, Stadt-Galerie Passau G.m.b.H. & Co. KG and Saarpark Center Neunkirchen GmbH & Co. KG (previously: Saarpark Center Neunkirchen KG). The stakes in the four companies were increased to between 75 % and 100 % at the beginning of the previous year through the acquisition of additional shares. Consequently, these centers were fully consolidated for the first time in the previous year. The joint ventures material to the overall Group posted the following asset and liability items and income items for the reporting year. The values do not correspond to the share attributable to the Group, but the total amounts: in € thousand Non-current assets Current assets of which cash and cash equivalents Non-current liabilities of which financial liabilities Current liabilities of which financial liabilities Revenue Net interest income EBT (excluding measurement gains/ losses) Measurement gains/losses Taxes on income and earnings Net loss/profit for the year Other income Total profit EKZ Eins Errichtungs- und Betriebs Ges.m.b.H. & Co OG, Vienna1 Einkaufs-Center Arkaden Pecs G.m.b.H. & Co KG, Hamburg2 31.12.2024 213,908 31.12.2023 203,884 4,338 3,453 85,971 85,970 2,570 567 13,899 -1,861 10,186 9,612 0 19,798 0 19,798 5,786 4,731 87,124 87,124 2,309 554 14,034 -1,924 10,813 -6,261 0 4,552 0 4,552 31.12.2024 31.12.2023 104,026 6,282 3,817 24,450 24,450 12,497 600 10,054 -736 8,075 6,851 -1,562 13,364 0 13,364 96,000 6,873 5,401 34,724 25,050 2,905 600 9,502 -773 6,957 -591 -910 5,457 0 5,457 1 Includes the figures for the immaterial joint venture CAK City Arkaden Klagenfurt KG, Hamburg. The equity method valuation amounted to €909 thousand (previous year: €885 thousand) and the net profit for the year came to €24 thousand (previous year: €16 thousand). 2 Includes the figures for the immaterial joint venture Einkaufs-Center Arkaden Pecs Verwaltungs G.m.b.H., Hamburg. The equity method valuation amounted to €26 thou- sand (previous year: €0 thousand) and the net profit for the year came to €1 thousand (previous year: €0 thousand). 188

193

Under the equity method, the joint ventures changed as follows in the period under review: 11. OTHER CURRENT ASSETS Deutsche EuroShop the MALL s life in € thousand Other receivables from tenants Cash deposits Prepaid center market- ing costs Value added tax receivables Other current assets 31.12.2024 31.12.2023 3,787 3,906 691 586 7,929 16,899 5,050 3,445 1,661 2,005 6,593 18,754 Other receivables from tenants mainly comprise receiva- bles for heating and ancillary costs. Receivables in € thousand Total up to 1 year over 1 year Trade receivables 14,711 14,697 (13,419) (13,419) 16,899 16,899 Other assets (18,754) (18,754) (Previous year’s figures) 31,610 31,596 (32,173) (32,173) 14 (0) 0 (0) 14 (0) Trade receivables (after write-downs) were mainly overdue as at the reporting date. As in the previous year, other assets were not overdue as at the reporting date. EKZ Eins Errichtungs- und Betriebs Ges.m.b.H. & Co OG, Vienna Einkau- fs-Center Arkaden Pecs G.m.b.H. & Co. KG, Hamburg 61,922 2,276 32,148 2,729 5,406 3,479 -3,130 -4,079 60,119 9,899 -296 -2,255 32,622 6,682 5,093 4,038 4,806 0 -5,165 3,425 13 -2,636 64,853 36,681 2024 29,831 -12,532 0 1,388 2023 25,951 -9,892 -2,710 2,204 -3,976 -15,120 -2,134 -12,532 14,711 13,419 in € thousand Equity method valua- tion as at 01.01.2023 Share of profit/loss of which EBT (excl. measurement gains/losses) of which measure- ment gains/losses Deposits/withdrawals Equity method valua- tion as at 31.12.2023 Share of profit/loss of which EBT (excl. measurement gains/losses) of which measure- ment gains/losses Addition Deposits/withdrawals Equity method valua- tion as at 31.12.2024 10. TRADE RECEIVABLES in € thousand Trade receivables as at 31.12. Write-downs as at 01.01. Change in scope of consolidation Utilisation Change in write-downs for expected losses Write-downs as at 31.12. Receivables result primarily from rental invoices and ser- vices for which charges are passed on. The trade receiva- bles recognised at the reporting date are partially protected by means of guarantees, cash security deposits and letters of comfort. The measurement of receivables as at 31 December 2024 and the derecognition of receivables during the year resulted in total expenses of €7,731 thousand (previous year: €8,858 thousand). 189

194

Consolidated financial statements Notes to the consolidated financial statements for financial year 2024 12. CASH AND CASH EQUIVALENTS in € thousand 31.12.2024 31.12.2023 Current accounts Short-term deposits/ time deposits Cash 115,437 286,070 97,000 50,000 1 1 212,438 336,071 13. EQUITY AND RESERVES Changes in equity are presented in the statement of changes in equity. The share capital is €76,464,319, comprised of 76,464,319 no-par-value registered shares. All shares have been issued in full and have been fully paid up. As at 31 December 2024, Deutsche EuroShop AG held 720,465 treasury shares, which confer no rights to the Company in accordance with Section 71b AktG. The notional value of each share in the share capital is €1.00. The Annual General Meeting held on 29 August 2023 author- ised the Executive Board to acquire treasury shares in the Company on the stock exchange before 28 August 2028 constituting up to 10 % of the share capital available on entry into force or – if this is lower – on exercise of the authorisation. The intended use of the treasury shares acquired on the basis of this authorisation can be found in the resolution on item 10 of the agenda of the Annual Gen- eral Meeting of 29 August 2023. The shares can be used, among other things, as part of business combinations and company acquisitions exclusive of shareholders’ subscrip- tion rights or sold to third parties for cash at a price that is not significantly lower than the stock market price at the time of sale. The shares may be promised and transferred by the Supervisory Board to the members of the Company’s Executive Board within the framework of determining the variable remuneration; they may also be redeemed without any further resolution by the Annual General Meeting. The Company may not use the authorisation for purposes of trading in treasury shares. At no time may the acquired shares, together with the treasury shares already held by the Company or attributable to it pursuant to Sections 71d and 71e AktG, account for more than 10 % of the Com- pany’s share capital. In exercising this authorisation, the Executive Board of Deutsche EuroShop AG resolved a share buy-back pro- gramme with the approval of the Supervisory Board on 18 December 2023. Under this programme, up to 750,000 shares (corresponding to around 1.0 % of the Com- pany’s share capital) are to be bought back in the period from 21 December 2023 to 20 December 2024. The maxi- mum volume of the share buy-back programme (acquisition costs excluding incidental acquisition costs) has been set at €15.0 million. In the period from 21 December 2023 to 11 December 2024, 720,465 treasury shares were repur- chased on the stock market at an acquisition price (exclud- ing incidental acquisition costs) of €15.0 million for an aver- age price of € 20.82 per share. This corresponds to €720,465 or 0.942 % of the share capital as at the reporting date. By resolution of the Annual General Meeting on 29 August 2023, the Executive Board was also authorised, with the approval of the Supervisory Board, to increase the Company’s share capital by up to a total of €38,232,159 in increments through individual or multiple issues of new no-par-value registered shares against cash and/or non- cash contributions before 28 August 2028 (Authorised capital 2023). Furthermore, by resolution of the Annual General Meeting on 29 August 2023, the Executive Board was authorised, subject to approval of the Supervisory Board, to issue con- vertible bonds and/or bonds with warrants or a combina- tion of such instruments on one or multiple occasions before 28 August 2028 with a total nominal value of up to €1.5 billion against cash contributions and/or contribu- tions in kind, in particular against investments in other companies, and to grant the holders of the respective, equally privileged bonds conversion and option rights/ obligations to new no-par-value shares in the Company up to a total of 38,232,159 shares as detailed in the terms and conditions for the bonds (“Bond conditions”). The bonds and the conversion and option rights/obligations can be issued with or without a term. The bonds may pay a fixed or variable rate of interest, in which case, as with a participating bond, the interest may also be dependent in full or in part on the level of the Company’s dividend (Conditional capital 2023). As at 31 December 2024, no use had been made of this authorisation. The Extraordinary General Meeting on 8 January 2024 amended the resolution on the appropriation of profits from 29 August 2023 and approved a further dividend of €1.95 per share from the unappropriated surplus for 2022, which corresponds to a total dividend of €149,081 thousand, with the remaining amount of the 2022 unappropriated surplus of €350,919 thousand carried forward to new account. Deutsche EuroShop AG’s prior-year unappropriated surplus of €549,282 thousand was used by resolution of the Annual General Meeting on 29 August 2024 to pay a dividend of €2.60 per share, corresponding to a total dividend of €197,529 thousand, while the remaining amount of the unappropriated surplus of €351,753 thousand was carried forward to new account. The Executive Board and the Supervisory Board plan to pro- pose to the Annual General Meeting in June 2025 that Deutsche EuroShop AG’s unappropriated surplus for 2024 of €251,502 thousand be used to pay a dividend of €1.00 per eligible share and that the remaining amount of €175,758 thousand be carried forward to new account. The capital reserves contain amounts in accordance with Section 272 (2) nos. 1, 2 and 4 HGB. In addition, the capital reserves include costs of capital increases and their cor- responding deferred tax assets. Retained earnings consist of the remeasurement reserves, currency items and accumulated profits carried forward at the time of transition to IFRS. 190

195

Deutsche EuroShop the MALL s life Other total profit is divided into the following components: 2024 in € thousand Cash flow hedges Before taxes 3,298 Taxes Net -530 2,768 2023 in € thousand Cash flow hedges Before taxes Taxes Net -790 -239 -1,029 14. NON-CURRENT AND CURRENT FINANCIAL LIABILITIES in € thousand Bank loans and overdrafts Non-current 1,795,909 31.12.2024 Current 12,465 Non-current 1,665,679 31.12.2023 Current 11,921 Bank loans and overdrafts relate to loans raised to finance property acquisitions and investment projects. Land charges on Company properties totalling €1,808,374 thou- sand (previous year: €1,677,600 thousand) serve as collat- eral. Current bank loans and overdrafts include the scheduled repayment portion of the long-term loans for 2025, accrued interest and repayments that were settled in early 2025. Discounts are amortised over the term of the loan. In the year under review, €29 thousand (previous year: €29 thou- sand) was recognised as an expense in the income state- ment. A total of €49,083 thousand (previous year: €43,313 thousand) was recognised in financial gains/losses as interest expense for bank loans and overdrafts. 25 of the 27 loan agreements currently contain arrange- ments regarding covenants. There are a total of 35 different covenants on debt service cover ratios (DSCRs), interest cover ratios (ICRs), changes in rental income, the equity ratio, the leverage ratio and loan-to-value (LTV) ratios, among other ratios, at a property or property company level. The relevant covenants at a Deutsche EuroShop AG Group level are LTV1, secured LTV1 and ICR. An LTV1 of a maximum of 60 %, a secured LTV1 of a maximum of 45 % and an ICR of at least 1.8 have been agreed with the lenders. The LTV1 as at 31 December 2024 was 38.5 % (previous year: 32.7 %), the secured LTV1 as at 31 December 2024 was 38.4 % (pre- vious year: 32.5 %) and the ICR for 2024 was 5.6 (previous year: 6.5), meaning that the requirements were met. All other loan conditions were met in financial year 2024. Based on current planning and estimates, the loan condi- tions will also be met in 2025. The European and global economy may continue to be affected by wars, armed conflicts and geopolitical tensions. Increased trade policy uncertainties or trade conflicts as a result of the policies of the new US administration, among other things, as well as political changes could also signif- icantly jeopardise overall economic growth. Conditions on the property markets may be adversely affected by this, particularly in conjunction with renewed inflationary pres- sure and rising market interest rates. This may trigger 1 Definition according to loan agreements changes in market value, which can have an impact on indi- vidual loan covenants (e.g. LTV). We will continuously mon- itor the situation and any changes in value and include these in our future reporting. Non-current and current financial liabilities arose from the following changes affecting liquidity and not affecting liquidity: in € thousand Carrying amount as at 01.01. Changes affecting liquidity Changes not affecting liquidity Change in scope of consolidation Change in carrying amount under the effective inter- est rate method Carrying amount as at 31.12. 2024 2023 1,677,600 127,908 1,479,251 47,912 0 147,426 2,866 3,011 1,808,374 1,677,600 Changes affecting liquidity consisted of the take-up of non-current financial liabilities in the amount of €158,428 thousand (previous year: €60,906 thousand) and the repayment of current financial liabilities in the amount of €30,520 thousand (previous year: €12,994 thousand), in addition to one-off payments related to refinancing arrange- ments. The first-time consolidation of four companies pre- viously accounted for using the equity method increased the previous year’s financial liabilities by €147,426 thou- sand. 191

196

Consolidated financial statements Notes to the consolidated financial statements for financial year 2024 15. OTHER NON-CURRENT AND CURRENT FINANCIAL LIABILITIES in € thousand 31.12.2024 Non-current 3,128 0 0 0 0 631 956 31.12.2023 Current 0 6,896 4,728 1,684 4,935 99 1,179 0 0 0 628 71 Interest rate swaps Rental deposits Other liabilities to tenants Value added tax Debtors with credit balances Lease liabilities Other In connection with borrowing, interest rate hedges (interest rate swaps) were concluded to hedge against higher capital market interest rates. Their present value totalled €3,128 thousand as at the reporting date (previous year: €6,427 thousand). LIABILITIES in € thousand Financial liabilities Trade payables Tax liabilities Other liabilities (Previous year’s figures) 16. DEFERRED TAX LIABILITIES Deferred tax assets and liabilities are the result of tax effects of temporary differences and tax loss carryfor- wards: in € thousand Investment properties Investments accounted for using the equity method Financial liabilities Other liabilities Loss carryforwards Interest rate swaps (not recognised in profit or loss) Other Deferred taxes before netting Netting Deferred taxes after netting 192 Current Non-current 6,427 0 0 6,030 3,762 2,533 4,553 103 858 4,715 17,839 7,126 19,521 Other liabilities to tenants mainly comprise liabilities for heating and ancillary costs, obligations from construction cost subsidies granted, as well as prepaid rent. Total 1,808,374 (1,677,600) 7,349 (10,635) 16,876 (19,891) 22,554 (26,647) 1,855,153 (1,734,773) Current 12,465 (11,921) 7,349 (10,635) 16,876 (19,891) 17,839 (19,521) 54,529 (61,968) Non-current 1,795,909 (1,665,679) 0 (0) 0 (0) 4,715 (7,126) 1,800,624 (1,672,805) Deferred tax assets 0 0 0 531 9,451 675 10,657 -10,657 0 31.12.2024 Deferred tax liabilities 337,820 19,922 3,802 0 0 0 361,544 -10,657 350,887 Deferred tax assets 0 0 0 1,061 8,455 675 10,191 -10,191 0 31.12.2023 Deferred tax liabilities 317,982 18,268 5,859 0 0 0 342,109 -10,191 331,918

197

Deutsche EuroShop the MALL s life 17. LIMITED PARTNER CONTRIBUTIONS OF NON-CONTROLLING INTERESTS in € thousand Settlement claim as at 01.01. Earnings contributions Share of measurement gains/ losses Addition Disposal Outflows Settlement claim as at 31.12. 2023 307,130 13,876 -23,664 45,606 -73,664 -9,904 259,380 2024 259,380 14,397 -2,447 0 0 -10,174 261,156 The limited partner contributions of non-controlling inter- ests include the equity interests of third-party sharehold- ers, which are to be reported in accordance with IAS 32 as debt capital. Due to the acquisition of the outstanding shares in Forum Wetzlar G.m.b.H. & Co. KG and Einkaufs-Center Galeria Bal- tycka G.m.b.H. & Co. KG at the beginning of the previous year and additional shares in Saarpark Center Neunkirchen GmbH & Co. KG (previously: Saarpark Center Neunkirchen KG) at the end of the previous year, the corresponding redemption entitlements with respect to these companies totalling €73,664 thousand were derecognised in the pre- vious year. The additions of €45,606 thousand in the previ- ous year related to Phoenix-Center Harburg GmbH & Co. KG and Saarpark Center Neunkirchen GmbH & Co. KG (previ- ously: Saarpark Center Neunkirchen KG), whose shares were increased to 75 % and 90 % respectively at the begin- ning of the previous year through the acquisition of addi- tional shares. In measuring deferred taxes, the tax rates applicable in accordance with IAS 12 are those valid under current leg- islation at the date at which the temporary differences will probably reverse. In the year under review, a corporate tax rate of 15 % was used for the companies in Germany. In addition, a solidarity surcharge of 5.5 % was recognised on the calculated cor- porate tax, and in some cases a rate of 16.45 % for trade tax. As at the reporting date, there were trade tax loss carry- forwards of €50,470 thousand (previous year: €50,848 thou- sand) and corporation tax loss carryforwards of €0 thou- sand (previous year: €575 thousand). Deferred tax assets were recognised for these carryforwards to the extent that their realisation is reasonably certain. Of the additions to deferred tax assets on loss carryforwards in the financial year, €733 thousand has no impact on profit or loss. Of the deferred taxes, €3,837 thousand (previous year: €4,367 thousand) had been recognised directly in equity by the balance sheet date. As at the reporting date, there were taxable temporary dif- ferences of €8,107 thousand (previous year: €6,544 thou- sand) between the net assets of Group companies recog- nised in the consolidated financial statements and the tax basis of the shares in these Group companies (outside basis differences) for which no deferred taxes were recognised since the differences are not expected to be reversed in the foreseeable future. 18. OTEHR PROVISIONS in € thousand Maintenance and construction work already performed but not yet invoiced Fees Other As at 01.01.2024 Utilisation Reversal Addition As at: 31.12.2024 5,832 2,017 6,610 14,459 5,016 694 3,960 9,670 735 181 538 1,454 2,252 1,155 5,927 9,334 2,333 2,297 8,039 12,669 As in the previous year, other provisions mainly include outstanding settlements for services received and person- nel expenses. As in the previous year, all provisions have a term of up to one year. 193

198

Consolidated financial statements Notes to the consolidated financial statements for financial year 2024 NOTES TO THE CONSOLIDATED BAL- ANCE SHEET 19. REVENUE in € thousand Minimum rental income Allocable property tax and insurance Turnover rents Other of which rental income directly attributable to investment properties in accordance with IAS 40 2024 253,922 2023 255,512 7,558 8,679 1,244 7,425 7,662 2,705 271,403 273,304 271,403 273,304 20. PROPERTY OPERATING COSTS in € thousand Operating costs that cannot be passed on Real property tax Center marketing Maintenance and repairs Building insurance Other of which operating expenses directly attributable to investment properties in accordance with IAS 40 2024 2023 11,174 8,276 3,175 2,484 2,526 3,715 8,183 7,845 7,756 6,919 2,249 1,856 31,350 34,808 31,350 34,808 Other revenue relates primarily to settlement payments made by former tenants as well as compensation for use. The rental income reported here derives from operating leases and relates to rental income from investment prop- erties with long-term leases. The future minimum leasing payments from non-terminable rental agreements classi- fied as investment properties have the following maturities: Ancillary costs which cannot be fully allocated are essen- tially operating costs which cannot be completely passed on to tenants as well as heating and ancillary costs in arrears for preceding years. The decrease in expenses for center marketing and for maintenance and repairs is due to cost optimisation and a lower level of necessary maintenance measures compared to the previous year. in € thousand Maturity within 1 year Maturity from 1 year to 5 years Maturity after 5 years 2024 237,388 2023 246,789 569,347 144,978 951,713 595,123 148,635 990,547 21. PROPERTY MANAGEMENT COSTS in € thousand Center management/agency agreement costs of which operating expenses directly attribut- able to investment proper- ties in accordance with IAS 40 2024 2023 14,902 14,734 14,902 14,734 Center management/agency agreement costs depend to a large extent on the rental income generated. 194

199

22. WRITE-DOWNS AND DISPOSALS OF 24. OTHER OPERATING EXPENSES Deutsche EuroShop the MALL s life FINANCIAL ASSETS in € thousand Write-downs Disposals of financial assets of which operating expenses directly attribut- able to investment prop- erties in accordance with IAS 40 2024 7,047 684 7,731 2023 5,714 3,144 8,858 7,731 8,858 Please refer to the information in the notes to the consoli- dated financial statements under section 10. Trade receiv- ables. 23. OTHER OPERATING INCOME in € thousand Reversals of write-downs Income from the reversal of provisions Income from ancillary costs from previous years Income in connection with the change in the scope of consolidation Other 2024 3,188 2023 4,304 1,454 1,744 1,414 10,538 16,204 2,545 35,335 0 3,018 9,074 Income from the change in the scope of consolidation in the previous year was related to the acquisition of addi- tional shares in six subsidiaries at the beginning of the previous year. Other operating income primarily consists of income from damages, insurance compensation and other reimburse- ments. in € thousand Legal, consulting and audit expenses Personnel expenses Appraisal costs Marketing costs Financing costs Supervisory Board compensation Exchange rate losses Fees and contributions Write-downs Land transfer tax Expenses in connection with the change in the scope of consolidation Other 2024 2023 3,128 2,399 2,016 718 335 188 178 140 140 0 0 947 2,749 1,820 550 546 199 188 36 183 123 21,000 9,240 944 10,189 37,578 Legal, consulting and audit expenses include €641 thou- sand in expenses for the auditing of Group companies (pre- vious year: €552 thousand). Personnel expenses include wages and salaries totalling €2,275 thousand (previous year: €1,720 thousand), social security contributions and expenses for pensions and other benefits amounting to €124 thousand (previous year: €100 thousand), of which €1 thousand was attributable to pension expenses in the previous year. Expenses in connection with the change in the scope of consolidation and expenses for real estate transfer tax related to the acquisition of additional shares in six subsid- iaries at the beginning of the previous year. 25. SHARE IN THE PROFIT OR LOSS OF ASSOCIATES AND JOINT VENTURES ACCOUNTED FOR USING THE EQUITY METHOD in € thousand Profit/loss from joint ventures Profit/loss from associates Profit/loss from equity accounted associates 2024 2023 16,573 8 4,997 8 16,581 5,005 The profit/loss of equity-accounted companies included a measurement gain/loss before deferred taxes of €8,231 thousand (previous year: €-3,426 thousand). EBT (excluding measurement gains/losses) for equity- accounted companies amounted to €9,134 thousand (previous year: €8,889 thousand). 195

200

Consolidated financial statements Notes to the consolidated financial statements for financial year 2024 26. MEASUREMENT GAINS/LOSSES in € thousand Unrealised changes in fair value Profit/loss attributable to limited partners Gain on disposal 2024 2023 -25,923 -229,365 2,447 606 23,664 0 -22,870 -205,701 The profit from the sale resulted from the sale of a property in Poland. 27. TAXES ON INCOME AND EARNINGS in € thousand Current tax expense Domestic deferred tax expense/income Foreign deferred tax expense / income 2024 -8,115 2023 -5,379 -26,362 -6,446 7,923 -26,554 13,280 1,455 in € thousand Consolidated profit before income tax Theoretical income tax 32.28 % Tax rate differences for foreign Group companies Tax rate differences for domestic Group companies Tax effect from change in tax rates Tax-free income/non-deductible expenses Tax effect from investments accounted for using the equity method Change in scope of consolidation Aperiodic tax expense/income 2024 2023 150,068 -48,442 -39,732 12,825 9,510 3,554 13,051 -7,697 0 -5,575 -327 -212 -346 0 0 74 -1,058 -456 Current income tax -26,554 1,455 In the 2024 financial year, the effective income tax rate was 17.7 % (previous year: 7.5 %). The tax rate differences for domestic Group companies are primarily due to the extended trade tax reduction, which is why some of the property companies are not subject to trade tax. Tax reconciliation 28. EARNINGS PER SHARE Income taxes in the amount of €-26,554 thousand in the year under review (previous year: tax income of €1,455 thousand) are derived as follows from an expected income tax expense that would have resulted from applying the parent com- pany’s statutory income tax rate to the profit before tax. This was calculated using a tax rate of 32.28. Group shareholders’ portion of profits / losses (€ thousand) Weighted number of no-par-value shares issued Basic and diluted earnings per share (€) 2024 2023 123,514 -38,277 76,090,428 75,136,922 1.62 -0.51 Basic earnings per share are determined by dividing the net income for the period to which shareholders of Deutsche EuroShop AG are entitled by the weighted average number of shares outstanding within the reporting period. There is no potential dilution as at the reporting date, e.g. through convertible bonds or share options, with the result that diluted earnings correspond to basic earnings. The number of no-par-value shares issued for 2024 takes into account, on a time-weighted basis, the 711,465 no-par- value shares acquired by 31 December 2024. 196

201

Deutsche EuroShop the MALL s life To assess the contribution of the segments to the individual performance indicators as well as to the Group’s perfor- mance, the income, expenditure, assets and liabilities of the joint ventures are included in internal reporting in propor- tion to the Group’s share in the same. Similarly, for subsid- iaries in which the Group is not the sole shareholder, income, expenditure, assets and liabilities are only consol- idated in proportion to the corresponding Group share. This results in the segments being divided as follows: 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 dis- tinguish 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 meas- urement principles for segment reporting correspond to those of the Group. BREAKDOWN BY GEOGRAPHICAL SEGMENT in € thousand Revenue EBIT Profit/loss of joint ventures and associates Interest income Interest expense EBT (excluding measurement gains/losses) Domestic 206,961 164,970 0 3,339 -38,314 Abroad 55,183 48,160 0 409 -7,063 Total Reconciliation 262,144 213,130 0 3,748 -45,377 9,259 3,175 16,581 1,660 -3,706 01.01.- 31.12.2024 271,403 216,305 16,581 5,408 -49,083 128,119 41,506 169,625 -4,444 165,181 Investment properties Additions and recognised construction measures for investment properties Goodwill Investments accounted for using the equity method Other segment assets Segment assets Segment liabilities 2,980,295 763,960 3,744,255 222,466 31.12.2024 3,966,721 36,110 0 0 155,438 3,073 0 0 40,067 39,183 0 0 195,505 7,996 51,719 101,534 48,926 47,179 51,719 101,534 244,431 3,135,733 804,027 3,939,760 424,645 4,364,405 1,446,671 333,837 1,780,508 699,357 2,479,865 197

202

Consolidated financial statements Notes to the consolidated financial statements for financial year 2024 in € thousand Revenue EBIT Profit/loss of joint ventures and associates Interest income Interest expense EBT (excluding measurement gains/losses) Investment properties Additions and recognised construction measures for investment properties Goodwill Investments accounted for using the equity method Other segment assets Segment assets Segment liabilities Domestic 209,436 172,981 0 2,727 -32,434 Abroad 53,200 48,429 0 287 -7,180 Total Reconciliation 10,668 -8,749 262,636 221,410 01.01.- 31.12.2023 273,304 212,661 0 3,014 -39,614 5,005 2,478 -3,699 5,005 5,492 -43,313 143,274 41,536 184,810 -15,350 169,460 2,985,707 735,260 3,720,967 226,054 31.12.2023 3,947,021 30,768 0 0 221,561 7,138 0 0 35,514 37,906 0 0 257,075 5,575 51,719 92,741 111,641 43,481 51,719 92,741 368,716 3,207,268 770,774 3,978,042 482,155 4,460,197 1,317,079 343,303 1,660,382 680,148 2,340,530 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 col- umn. Deferred tax liabilities are considered by the Executive Board of Deutsche EuroShop AG cross-segmentally and are therefore included in the reconciliation column for segment liabilities. Accordingly, the goodwill from the acquisition of Olympia Brno was allocated to the reconciliation column of the segment assets. The income and expenses in the pre- vious year 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 reconcilia- tion column also contains the companies that are not allo- cated to either of the two segments (Deutsche EuroShop AG, DES Management GmbH and DES Beteiligungs GmbH & Co. KG). These do not generate any revenue and were included in the reconciliation column after intra-Group eliminations with their EBIT of €-5,302 thousand (previous year: €-4,313 thousand) and EBT (excluding measurement gains/ losses) of €-4,149 thousand (previous year: €-2,100 thou- sand), in the segment assets with €38,401 thousand (pre- vious year: €97,558 thousand) and in the segment liabilities with €3,288 thousand (previous year: €2,724 thousand). In view of the geographical segmentation, no further infor- mation pursuant to IFRS 8.33 is given. 198

203

Deutsche EuroShop the MALL s life OTHER DISCLOSURES 29. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT Amount stated in line with IFRS 9 Fair value recognised in income Fair value recognised in equity in € thousand FINANCIAL ASSETS Trade receivables Other assets Cash and cash equivalents FINANCIAL LIABILITIES Financial liabilities2 Limited partner con- tributions of non-con- trolling interests Trade payables Other liabilities Interest rate hedges not recognised in profit or loss2 Measure- ment catego- ry in accord- ance with IFRS 9 AC AC AC FLAC FLAC FLAC FLAC n.a. Carrying amounts as at 31.12.2024 14,711 8,607 Amortised cost 14,711 8,607 212,438 212,438 1,808,374 1,808,374 261,156 7,349 13,332 3,128 261,156 7,349 13,332 Fair val- ue as at 31.12.2024 14,711 8,607 212,438 1,728,690 261,156 7,349 13,332 3,128 3,128 199

204

Consolidated financial statements Notes to the consolidated financial statements for financial year 2024 Amount stated in line with IFRS 9 Fair value recognised in income Fair value recognised in equity Fair val- ue as at 31.12.2023 13,419 9,408 336,071 1,555,534 259,380 10,635 16,017 Measure- ment catego- ry in accord- ance with IFRS 9 AC AC AC FLAC FLAC FLAC FLAC Carrying amounts as at 31.12.2023 13,419 9,408 Amortised cost 13,419 9,408 336,071 336,071 1,677,600 1,677,600 259,380 10,635 16,017 259,380 10,635 16,017 n.a. 6,427 in € thousand FINANCIAL ASSETS Trade receivables Other assets Cash and cash equivalents FINANCIAL LIABILITIES Financial liabilities2 Limited partner con- tributions of non-con- trolling interests Trade payables Other liabilities Interest rate hedges not recognised in profit or loss2 6,427 6,427 1 Corresponds to Level 1 of the IFRS 7 fair value hierarchy 2 Corresponds to Level 2 of the IFRS 7 fair value hierarchy 3 Corresponds to Level 3 of the IFRS 7 fair value hierarchy Measurement categories in accordance with IFRS 9: financial assets measured at amortised cost (AC), at fair value through other comprehensive income (FVOCI), financial liabilities measured at amortised cost (FLAC) Carrying amounts, valuations and fair values according to measurement category With the exception of derivative financial instruments and other financial investments measured at fair value, financial assets and liabilities are measured at amortised cost. Due to the predominantly short-term nature of trade receivables and payables, other assets and liabilities, and cash and cash equivalents, the carrying amounts as at the reporting date do not deviate significantly from the fair values. The fair values of financial liabilities measured at amortised cost correspond to the cash values of debt-related pay- ments based on current interest rate yield curves (Level 2 in accordance with IFRS 13). The derivative financial instruments measured at fair value are interest rate hedges. Here, the fair value is 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. Risk management In risk management, the emphasis is on ensuring compli- ance with the strategy and, building on this, on identifying and assessing risks and opportunities, as well as on the fundamental decision to manage these risks. Risk man- agement should ensure that risks are identified at an early stage and can then be evaluated, communicated promptly and mitigated. Risk analysis involves the identification and analysis of factors that may jeopardise the achievement of goals. 200

205

Deutsche EuroShop the MALL s life Market risks ___Liquidity risk The liquidity of the Deutsche EuroShop Group is continu- ously monitored and planned. The subsidiaries regularly have sufficient cash to be able to pay for their current commitments. The contractually agreed future interest and principle repayments of the original financial liabilities and deriv- ative financial instruments were as follows as at 31 December 2024: in € thousand Bank loans and overdrafts Carrying amount as at 31.12.2024 1,808,374 Debt service 2025 71,963 Debt service 2026 – 2029 899,392 Debt service from 2029 1,116,271 in € thousand Bank loans and overdrafts Carrying amount as at 31.12.2023 Debt service 2024 Debt service 2025 – 2028 1,677,600 60,360 838,582 Debt service from 2028 1,012,017 The amounts relate to all contractual commitments existing as at the reporting date. The variable interest payments from interest rate hedges were determined on the basis of the most recently defined interest rates prior to 31 Decem- ber 2024. The majority of the trade payables and other financial liabilities reported at the end of the financial year will fall due in the following year. ___Credit and default risk Write-downs on trade receivables are determined on the basis of the credit losses expected over the term. Unless the reasons for doing so can be refuted in individual cases, receivables that are more than 90 days overdue, taking into account the collateral provided by the tenant and valuable collateral, are written down in full. In addition, if information exists that points to an increased risk of default for a tenant, checks are made to decide whether receivables that are less than 90 days overdue should also be written down. During the year under review, write-downs of rent receiv- ables in the amount of €7,731 thousand (previous year: €8,858 thousand) were recognised under expenditure. The maximum default risk in relation to trade receivables and other assets totalled €23,318 thousand as at the report- ing date (previous year: €22,827 thousand). ___Currency and measurement risk The Group companies operate exclusively in the European Economic Area and conduct the lion’s share of their busi- ness in euro. This does not entail currency risks. With respect to the measurement risk of investment prop- erties, please refer to the sensitivity analysis in section “8. Investment properties”. ___Interest rate risk A sensitivity analysis was implemented to determine the effect of potential interest rate changes. Based on the finan- cial assets and liabilities subject to interest rate risk as at the reporting date, this shows the effect of a change on the Group’s equity. As at the reporting date, interest rate risks existed only for credit borrowed and the associated interest rate hedges. An increase in the market interest rate of 100 basis points would lead to an increase in equity (before taxes) of €1,184 thousand (previous year: €2,669 thousand). The vast majority of loan liabilities have fixed interest terms. As at the reporting date, loans totalling €59,000 thou- sand (previous year: €91,000 thousand) were hedged using derivative financial instruments. ___Capital management The Group’s capital management is designed to preserve a strong equity base with the aim of ensuring that its ability to repay its debts and financial well-being are maintained in future. The Group’s financial policies are also based on the annual payment of a dividend. in € thousand Equity Equity ratio in % Net financial debt 31.12.2024 2,145,696 49.2 1,595,936 31.12.2023 2,379,047 53.3 1,341,529 Equity is reported here including the limited partner con- tributions of non-controlling interests. Net financial debt is determined from the financial liabilities as at the reporting date less cash and cash equivalents. 201

206

Consolidated financial statements Notes to the consolidated financial statements for financial year 2024 30. NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT The cash flow statement has been prepared in accordance with IAS 7 and is broken down into operating cash flow, cash flow from operating activities, cash flow from investing activities and cash flow from financing activities. Cash flow from operating activities is derived from consol- idated profit using the indirect method. Net cash flow from operating activities, cash flow from investment activities and cash flow from financing activities are calculated using the direct method. Other non-cash income and expenses include the impact on earnings due to the acquisition of minority interests. The portion of the purchase prices paid in cash in the pre- vious year as part of the acquisition of additional shares in investments previously accounted for using the equity method was recognised in the cash flow of the previous year under the item “Acquisition of subsidiaries less acquired cash and cash equivalents” in the cash flow from investing activities. This item comprised the acquisition costs paid for the additional shares totalling €39,215 thou- sand less the acquired cash and cash equivalents of €19,760 thousand. The transaction costs paid were included in cash flow from operating activities. The proceeds from capital increases included in cash flow from financing activities in the previous year contain the cash proceeds from the capital increase of €64,252 thou- sand completed in February 2023 less transaction costs of €2,271 thousand. Cash flow from financing activities in the previous year also recognises payments for the acquisition of additional shares in the limited partnership. Cash and cash equivalents comprise cash and cash equiv- alents that may be converted into cash at short notice and at any time. As in the previous year, the financial resources fund as at the reporting date corresponded to the cash and cash equivalents (see section 12. Cash and cash equiva- lents). 31. CONTINGENT LIABILITIES There are contingent liabilities from real estate transfer tax in connection with the purchase of further shares in a sub- sidiary in the estimated amount of €11 million, as it is not entirely unlikely that these will be utilised in the meantime. Uncertainties exist with regard to the amount and timing of a possible temporary outflow of resources. In the event of legal proceedings, we assume that it is highly unlikely that we will be held liable. 32. OTHER FINANCIAL OBLIGATIONS There are other financial obligations of €51.2 million (pre- vious year: €69.2 million) arising from service contracts. There are financial obligations of €2.2 million (previous year: €4.8 million) which will arise in 2025 in connection with investment measures in our shopping centers. 33. HEADCOUNT An average of seven (previous year: six) people were employed in the Group during the financial year. 34. AUDITOR’S FEES The total fees invoiced by the auditor for the consolidated financial statements for financial year 2024 amounted to €387 thousand (previous year: €553 thousand). Of this amount, €387 thousand (previous year: €488 thousand) related to auditing services. 35. DECLARATION OF CONFORMITY WITH THE GERMAN CORPORATE GOVERNANCE CODE The Declaration of Conformity with the German Corporate Governance Code required by Section 161 AktG has been issued jointly by the Supervisory Board and the Executive Board, and has been made available to shareholders on the Deutsche EuroShop AG website under Investor Relations > Corporate Governance > Declaration of Conformity: www.deutsche-euroshop.de/Investor-Relations/Corpo- rate-Governance/Declaration-of-Conformity 36. RELATED PARTIES FOR THE PURPOSES OF IAS 24 Deutsche EuroShop AG’s subsidiaries, joint ventures and associates as well as the members of its Executive Board and Supervisory Board and their close family members are regarded as related parties for the purposes of IAS 24. The remuneration of the Supervisory Board and Executive Board is explained in the compensation report. It will be published together with the note on the formal audit on the website of Deutsche EuroShop AG no later than the date of publica- tion of the invitation to the Annual General Meeting. Hercules BidCo GmbH, Hamburg, held 76.44 % of the shares in Deutsche EuroShop AG as at the reporting date and is therefore considered a related party as defined by IAS 24. Hercules BidCo GmbH is indirectly under the joint control of Oaktree Capital Group Holdings GP, LLC, Wilm- ington, DE (United States of America) and Kommanditge- sellschaft CURA Vermögensverwaltung G.m.b.H. & Co., Hamburg – the latter, in turn, being controlled by Mr Alex- ander Otto. ECE Group GmbH & Co. KG, Hamburg, and its subsidiaries (together referred to below as the “ECE Group”) and CURATAX Treuhand GmbH Steuerberatungs- gesellschaft, Hamburg, both of which are controlled by Mr Alexander Otto, are therefore considered related par- ties as defined by IAS 24. The company has a conditional credit line with the related party Hercules BidCo GmbH. Accordingly, Hercules BidCo GmbH grants the company an interest-free loan if a reso- lution on the appropriation of profits passed with its major- ity of votes at a future Annual General Meeting of the com- 202

207

Deutsche EuroShop the MALL s life 37. VOTING RIGHTS NOTICES In line with Section 160 (1) no. 8 AktG, we give notice that the following investments and changes to voting rights have been registered to Deutsche EuroShop AG in conformity with the duty of disclosure in accordance with Section 33 of the Wertpapierhandelsgesetz (WpHG – Securities Trading Act). The disclosures were taken from the latest notice by those subject to reporting requirements. It should be noted that the number of voting rights might have since changed within the respective thresholds, with no reporting obliga- tion arising: pany should lead to a shortfall in the applicable minimum liquidity. This credit line initially amounts to up to €500 mil- lion and is reduced over time. The conditions for utilisation were not met in the 2024 financial year; please refer to our ad hoc disclosure dated 31 March 2023 for further details. Fees for service contracts and subsidy agreements with the ECE Group and CURATAX Treuhand GmbH Steuerberatungs- gesellschaft totalled €28,330 thousand in the year under review (previous year: €31,922 thousand). These were par- tially offset by income from leases and mall marketing with the ECE Group in the amount of €14,304 thousand (previous year: €13,633 thousand). Receivables from the ECE Group came to €5,729 thousand (previous year: €5,729 thousand), while liabilities amounted to €2,575 thousand (previous year: €3,773 thousand). On 10 September 2024, the Group entered into a share pur- chase agreement with Kommanditgesellschaft CURA Ver- mögensverwaltung G.m.b.H. & Co. for the acquisition of 50 % of the shares in Einkaufs-Center Arkaden Pecs Verwaltungs G.m.b.H. (previously: PANTA 101 Grundstücksgesellschaft m.b.H.), Hamburg, for a purchase price of €13 thousand. Shareholder Shareholding report as at Oaktree Capital Group Hold- ings GP, LLC, Wilmington, DE, United States of America 13.09.2023 CURA Vermögensverwaltung G.m.b.H., Hamburg 13.09.2023 Alexander Otto Thomas Armbrust 13.09.2023 13.09.2023 Maren Otto 13.09.2023 Event, or reason for report (in %) ...exceeds threshold (75) Execution of instruments Voluntary Group notification due to threshold reached by a subsidiary Execution of instruments Voluntary Group notification due to threshold reached by a subsidiary Execution of instruments ...falls below threshold (3) Voluntary Group notification due to threshold reached by a subsidiary New voting share of which direct (in %) of which indirectly attributable (in %) 76.44 0.00 76.44 78.62 0.00 78.62 78.62 2.76 0.46 0.01 78.16 2.74 6.55 0.32 6.23 All voting rights notices received by Deutsche EuroShop AG can be found on the website of Deutsche EuroShop AG under Investor Relations > Share > Significant voting inter- ests. 203

208

Consolidated financial statements Notes to the consolidated financial statements for financial year 2024 38. THE SUPERVISORY BOARD AND EXECUTIVE BOARD Supervisory Board The Supervisory Board of Deutsche EuroShop AG is com- posed of nine members. The Supervisory Board included the following members with membership of other statutory supervisory boards and membership of comparable super- visory bodies of business enterprises in Germany or other countries: Reiner Strecker, Wuppertal, Chairman Independent management consultant Eckes AG, Nieder-Olm (Chairman) Carl Kühne KG (GmbH & Co.), Hamburg (Chairman) Storch-Ciret Holding GmbH, Wuppertal (since 1 January 2025) akf Bank GmbH & Co. KG, Wuppertal (until 30 April 2024) Independent management consultant Chantal Schumacher, Munich, Deputy Chairwoman Sompo International Insurance (Europe) SA, Luxembourg (Luxembourg) (since 1 January 2025) Scope SE & Co. KGaA, Berlin (until 22 August 2024) Benjamin P. Bianchi, London (United Kingdom) Managing Director, Head of Europe, Oaktree Capital Management, London (United Kingdom) Henning Eggers, Halstenbek Lemara Grant, London (United Kingdom) Stuart E. Keith, London (United Kingdom) Dr Volker Kraft, Hamburg Dr Henning Kreke, Hagen/Westphalia Member of Management, CURA Vermögensverwaltung G.m.b.H, Hamburg ECE Group GmbH & Co. KG, Hamburg Senior Vice President, European Tax Counsel (until 14 September 2024), Senior Vice President, Co-Head of Global Tax Structuring (since 15 September 2024), Oaktree Capital Management London (United Kingdom) Managing Director, Oaktree Capital Management, London (United Kingdom) Managing Director, ECE Real Estate Partners GmbH, Hamburg Allos S.A., São Paulo (Brazil) Managing Partner, Let‘s Go JMK KG and Kreke Immobilien KG, Hagen/ Westphalia Douglas AG, Düsseldorf (Chairman) Thalia Bücher GmbH, Hagen (Westfalen) Encavis AG, Hamburg Axxum Holding GmbH, Wuppertal Noventic GmbH, Hamburg Perma-tec GmbH & Co. KG, Euerdorf Slyrs Destillerie GmbH & Co. KG, Schliersee CFO, ECE Group Verwaltung GmbH, Hamburg Claudia Plath, Hamburg CECONOMY AG, Düsseldorf (until 14 February 2024) MEC Metro-ECE Centermanagement GmbH & Co. KG, Düsseldorf The remuneration of the members of the Supervisory Board totalled €188 thousand in the financial year (previous year: €188 thousand). 204

209

Executive Board Hans-Peter Kneip, Düsseldorf The remuneration of the Executive Board – excluding pen- sion expenses – amounted to €682 thousand (previous year: €493 thousand), which includes performance-related remu- neration in the amount of €112 thousand (previous year: €124 thousand). Provisions totalling €239 thousand (previous year: €156 thousand) were formed for long-term incentive plans for the Executive Board. We refer to the notes on the compensation of the Executive Board and Supervisory Board in the separate compensation report published on the Company’s website. 39. EVENTS AFTER THE REPORTING DATE No significant events occurred between the balance sheet date and the date of preparation of the financial statements. 40. CONSOLIDATED FINANCIAL STATEMENTS The Company is included in the consolidated financial state- ments of Hercules Holding S.à.r.l., Luxembourg (City), which are published in the RCS Registre de Commerce et des Sociétés in Luxembourg (City), Luxembourg, in accordance with statutory provisions. Hamburg, 21 March 2025 Deutsche EuroShop AG The Executive Board Hans-Peter Kneip Deutsche EuroShop the MALL s life 205

211

Deutsche EuroShop Shareholdings Responsibility Statement by the Executive Board Independent auditor’s report EPRA reporting Multi-year overview Glossary Contact and legal 208 209 210 216 226 228 232 41.1% EPRA LTV 207

212

Information and service Shareholdings (ANNEX TO THE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS) SHAREHOLDINGS IN ACCORDANCE WITH SECTION 313 (2) HGB AS AT 31 DECEMBER 2024: Company name and domicile Fully consolidated companies: DES Verwaltung GmbH, Hamburg DES Management GmbH, Hamburg DES Shoppingcenter GmbH & Co. KG, Hamburg1, 2 DES Beteiligungs GmbH & Co. KG, Hamburg1 A 10 Center Wildau GmbH, Hamburg Main-Taunus-Zentrum KG, Hamburg Forum Wetzlar G.m.b.H. & Co. KG, Hamburg1, 3 Objekt City-Point Kassel GmbH & Co. KG, Hamburg1 Stadtgalerie Hameln GmbH & Co. KG, Hamburg1 Altmarkt-Galerie Dresden GmbH & Co. KG, Hamburg1, 2 Allee-Center Magdeburg G.m.b.H. & Co. KG, Hamburg1, 2, 3 Stadt-Galerie Passau G.m.b.H. & Co. KG, Hamburg1, 3 Saarpark Center Neunkirchen GmbH & Co. KG (previously: Saarpark Center Neunkirchen KG), Hamburg1, 3 Phoenix-Center Harburg GmbH & Co. KG (previously: Immobilienkommanditgesellschaft FEZ Harburg), Hamburg1 Einkaufs-Center Galeria Baltycka G.m.b.H. & Co. KG, Hamburg Einkaufs-Center Galeria Baltycka G.m.b.H. & Co. KG, Sp. kom., Warsaw, Poland CASPIA Investments Sp. z o.o., Warsaw, Poland City-Point Beteiligungs GmbH, Hamburg Olympia Brno s.r.o., Prague, Czech Republic Joint ventures: CAK City Arkaden Klagenfurt KG, Hamburg EKZ Eins Errichtungs- und Betriebs Ges.m.b.H. & Co OG, Vienna, Austria Einkaufs-Center Arkaden Pecs G.m.b.H. & Co. KG (previously: Einkaufs-Center Arkaden Pecs KG), Hamburg Einkaufs-Center Arkaden Pecs Verwaltungs G.m.b.H. (previously: PANTA 101 Grundstücksgesellschaft m.b.H.), Hamburg Associates: EKZ Vier Errichtungs- und Betriebs Ges.m.b.H., Vienna, Austria 1 For these companies, use was made of the exemption from the disclosure obligation in accordance with Section 264b HGB. 2 For these companies, use was made of the exemption from the preparation of a management report in accordance with Section 264b HGB. 3 For these companies, use was made of the exemption from the preparation of notes in accordance with Section 264b HGB. 208 Interest in equity in % 100 100 100 100 100 52.01 100 100 100 100 100 100 95.14 75 100 100 100 100 100 50 50 50 50 50

213

Deutsche EuroShop Responsibility Statement by the Executive Board the MALL s life I declare that, to the best of my knowledge, and in line with the accounting policies to be applied, the consolidated financial statements present a true and fair view of the net assets, financial position and results of operations of the Group, and that the combined management report presents the course of business including business performance and the situation of the Group in a way that is true and fair and describes the material opportunities and risks relating to the likely development of the Group. Hamburg, 21 March 2025 Hans-Peter Kneip Deutsche EuroShop 209

214

Information and service Independent auditor’s report requirements and appropriately presents the oppor- tunities and risks of future development. Our opinion on the combined management report does not cover the content of the unaudited parts of the combined management report listed above. Pursuant to § 322 (3) sentence 1 HGB (German Commercial Code), we declare that our audit has not led to any reser- vations relating to the legal compliance of the consolidated financial statements and of the combined management report. BASIS FOR THE AUDIT OPINIONS We conducted our audit of the consolidated financial state- ments and of the combined management report in accord- ance with § 317 HGB and the EU Audit Regulation (No. 537/2014, referred to subsequently as “EU Audit Reg- ulation”) and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Audi- tors in Germany] (IDW). Our responsibilities under those requirements and principles are further described in the “Auditor’s responsibilities for the audit of the consolidated financial statements and of the combined management report” section of our auditor’s report. We are independent of the group entities in accordance with the requirements of European law and German commercial and professional law, and we have fulfilled our other German professional responsibilities in accordance with these requirements. In addition, in accordance with Article 10 (2) letter (f) of the EU Audit Regulation, we declare that we have not provided non-audit services prohibited under Article 5 (1) of the EU Audit Regulation. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions on the consolidated financial statements and on the combined management report. REFERENCE TO ANOTHER MATTER The consolidated financial statements and combined man- agement report of Deutsche EuroShop AG, Hamburg, for the previous financial year ended 31 December 2023 were audited by another auditor who issued unmodified audit opinions on these consolidated financial statements and combined management report dated 12 April 2024. To Deutsche EuroShop AG, Hamburg REPORT ON THE AUDIT OF THE CON- SOLIDATED FINANCIAL STATEMENTS AND OF THE COMBINED MANAGEMENT REPORT AUDIT OPINIONS We have audited the consolidated financial statements of Deutsche EuroShop AG, Hamburg, and its subsidiaries (the Group), which comprise the consolidated statement of financial position as of 31 December 2024, and the consol- idated statement of comprehensive income, consolidated income statement, consolidated statement of changes in equity and consolidated statement of cash flows for the financial year from 1 January to 31 December 2024, and notes to the consolidated financial statements, including a summary of significant accounting policies. In addition, we have audited the combined management report of Deutsche EuroShop AG, Hamburg, for the financial year from 1 Jan- uary to 31 December 2024. In accordance with the German legal requirements, we have not audited the content of the Declaration on Corporate Governance published on the Company’s website (§§ 289f, 315d HGB), which is referred to in the section of the combined management report with the same title, or the reporting in the “Risk report” section in the “Principles governing the risk management system and internal control system” subsection of the combined management report. In our opinion, on the basis of the knowledge obtained in the audit, the accompanying consolidated financial statements comply, in all material respects, with the IFRS Accounting Standards (hereinafter “IFRS Accounting Standards”) issued by the International Accounting Standards Board (IASB) as adopted by the EU, and the additional requirements of German commercial law pursuant to § 315e (1) HGB [Handelsgesetzbuch: Ger- man Commercial Code] and, in compliance with these requirements, give a true and fair view of the assets, liabilities and financial position of the Group as at 31 December 2024, and of its financial performance for the financial year from 1 January to 31 Decem- ber 2024, and the accompanying combined management report as a whole provides an appropriate view of the Group’s position. In all material respects, this combined man- agement report is consistent with the consolidated financial statements, complies with German legal 210

215

KEY AUDIT MATTERS IN THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS Key audit matters are those matters that, in our profes- sional judgement, were of most significance in our audit of the consolidated financial statements for the financial year from 1 January to 31 December 2024. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our audit opinion thereon; we do not provide a separate audit opinion on these matters. In the following, we present the key audit matter from our point of view: Measurement of investment properties a) The risk for the consolidated financial statements As at the reporting date, the consolidated balance sheet shows investment properties with a carrying amount totalling €3,967 million (previous year: €3,947 million). This corresponds to 90.9 % (previous year: 88.5 %) of total assets. Deutsche EuroShop AG, Hamburg, measures investment properties at fair value in accordance with IAS 40 (IFRS 13). A net valuation result of €-22.9 million (previous year: €-205.7 million) is recognised for the 2024 financial year. This had a significant impact on con- solidated profit in the 2024 financial year (€123.5 million; previous year: €-38.3 million). The disclosures provided by the Group on investment properties are included in sections “6. Significant accounting policies and valuation methods”, “8. Investment properties” and “26. Measure- ment gains/losses” of the notes to the consolidated financial statements. In addition, further disclosures are provided in the comments on the net assets, financial position and results of operations as well as the oppor- tunities and risks in the outlook, risks and opportunities report in the combined management report. The fair value of the investment properties is deter- mined by the executive director on the basis of expert opinions by an external, internationally recognised expert. For this purpose, the appraiser received up-to- date property and tenant lists as well as earnings and maintenance plans. Based on this information, the appraiser determines the fair value using current mar- ket data and internationally recognised valuation meth- ods. The discounted cash flow method is used to dis- count the expected future cash flows of a shopping center as at the reporting date of 31 December 2024 using a market-based, property-specific discount and capitalisation rate. In the 2024 financial year, the appraiser carried out physical property inspections at ten properties. In the last 36 months, all properties have been physically inspected by the valuer. Deutsche EuroShop the MALL s life In our view, the valuation of investment properties was of particular significance in the context of our audit, as the valuation of this item, which is significant in terms of its amount, is based to a large extent on estimates and assumptions. Even minor changes in the parame- ters relevant to measurement can lead to significant changes in fair values. Significant parameters in the past financial year were the rental growth rate, the cost ratio and the discount and capitalisation rate. Their development reflects the different dynamics of property purchase price and rental price development, which is a significant factor for the development of fair values as at 31 December 2024 compared to the previous year. In addition, IAS 40 and IFRS 13 require a large number of disclosures in the notes, the completeness and appro- priateness of which must be ensured. b) Audit approach and conclusions Our audit procedures included an assessment of the valuation method with regard to compliance with IFRS 13. We have verified the accuracy and complete- ness of the property and tenant portfolios used on a sample basis. In addition, we examined the causes of changes in the value of selected shopping centers com- pared to the previous year and, in particular, assessed the appropriateness of the valuation parameters used, especially the rental growth rate, the cost ratio and the discount and capitalisation rates, taking into account the type and location of the selected properties. We discussed specific matters with the appraiser and the Executive Board in writing, by telephone and in person. In addition to the listed individual audit procedures, we also recorded the controls performed by the executive director. We visited one property with the appraiser and a further five properties with the center managers at the sites. We have also satisfied ourselves of the independence and qualifications of the external appraiser commis- sioned. With the knowledge that even small changes in the valuation parameters can have a material impact on the value of the investment properties, we also assessed the sensitivity analyses performed by the external appraiser and the effects of possible fluctuations in these parameters. We have also assessed the appropriateness of the dis- closures made in the notes to the consolidated financial statements. In our opinion, the Executive Board of Deutsche EuroShop AG, Hamburg, has implemented an appro- priate valuation method that is suitable for determining fair values in accordance with IFRS 13. 211

216

Information and service Independent auditor’s report In our opinion, the estimates made by the executive director on which the accounting is based are suffi- ciently substantiated and enable an appropriate pres- entation in the consolidated financial statements. OTHER INFORMATION The executive director and the Supervisory Board are responsible for the other information. The other information obtained up to the date of this auditor’s report comprises: the Declaration on Corporate Governance published separately on the Company’s website, to which refer- ence is made in the section “Declaration on Corporate Governance (§ 289f, § 315d HGB)” of the combined management report the reporting in the section “Risk report” in the sub- section “Principles governing the risk management system and the internal control system” the Report of the Supervisory Board the other parts of the annual report already published at the time of this auditor’s report (“Deutsche EuroShop at a glance”, “Multi-year overview”, “The shopping center share”, “The Executive Board”, “The Supervisory Board”, “Glossary”, “Our values – Our goals”, “Declara- tion on Corporate Governance 2024”, “Letter from the Executive Board”, “EPRA Report 2024”), with the excep- tion of the consolidated financial statements, the audited content of the Group management report and our auditor’s report thereon, and the assurance pursuant to § 297 (2) sentence 4 HGB on the consolidated financial statements and the assurance pursuant to § 289 (1) sentence 5 in con- junction with § 315 (1) sentence 5 HGB on the com- bined management report. The following other information is expected to be made available to us after the date of this auditor’s report: the other parts of the annual report that have not yet been published The Supervisory Board is responsible for the report of the Supervisory Board. The executive director and the Super- visory Board are responsible for the declaration in accord- ance with § 161 AktG on the German Corporate Govern- ance Code, which is part of the Declaration on Corporate Governance published on the Company’s website (§ 289f, § 315d HGB). Furthermore, the executive director is responsible for the other information. Our audit opinions on the consolidated financial state- ments and on the combined management report do not cover the other information, and consequently we do not express an audit opinion or any other form of assurance conclusion thereon. In connection with our audit, our responsibility is to read the other information listed above, and thereby acknowl- edge whether the other information: is materially inconsistent with the consolidated finan- cial statements, with the audited content of the com- bined management report or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed on the other infor- mation obtained prior to the date of this auditor’s report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the executive directors and the Super- visory Board for the consolidated financial statements and the combined management report The executive directors are responsible for the preparation of the consolidated financial statements that comply, in all material respects, with IFRS Accounting Standards as adopted by the EU and the additional requirements of Ger- man commercial law pursuant to § 315e (1) HGB and that the consolidated financial statements, in compliance with these requirements, give a true and fair view of the assets, liabilities, financial position and financial performance of the Group. In addition, the executive director is responsible for such internal control as determined necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud (i.e. fraudulent financial reporting and misappropriation of assets) or error. In preparing the consolidated financial statements, the executive director is responsible for assessing the Group’s ability to continue as a going concern. The executive direc- tor also has responsibility for disclosing, as applicable, matters related to going concern. In addition, the executive director is responsible for financial reporting based on the going concern basis of accounting unless there is an inten- tion to liquidate the Group or to cease operations, or there is no realistic alternative but to do so. Furthermore, the executive director is responsible for the preparation of the combined management report that, as a whole, provides an appropriate view of the Group’s position and is, in all material respects, consistent with the consol- idated financial statements, complies with German legal requirements, and appropriately presents the opportunities and risks of future development. In addition, the executive director is responsible for such arrangements and meas- ures (systems) as considered necessary to enable the preparation of a combined management report that is in accordance with the applicable German legal requirements, and to be able to provide sufficient appropriate evidence for the assertions in the combined management report. 212

217

Deutsche EuroShop the MALL s life The Supervisory Board is responsible for overseeing the Group’s financial reporting process for the preparation of the consolidated financial statements and the combined management report. evaluate the appropriateness of accounting policies used by the executive director and the reasonableness of estimates made by the executive director and related disclosures. AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS AND THE COMBINED MANAGEMENT REPORT Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and whether the combined management report as a whole provides an appropriate view of the Group’s posi- tion and, in all material respects, is consistent with the con- solidated financial statements and the knowledge obtained in the audit, complies with the German legal requirements and appropriately presents the opportunities and risks of future development, as well as to issue an auditor’s report that includes our opinions on the consolidated financial statements and on the combined management report. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with § 317 HGB and the EU Audit Regulation and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaft- sprüfer (IDW) and supplementary compliance with the ISAs will always detect a material misstatement. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements and this combined management report. We exercise professional judgment and maintain profes- sional skepticism throughout the audit. We also: identify and assess the risks of material misstatement of the consolidated financial statements and of the combined management report, whether due to fraud or error, design and perform audit procedures respon- sive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our audit opinions. The risk of not detecting a material mis- statement resulting from fraud is higher than the risk of not detecting a material misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the over- ride of internal controls. obtain an understanding of internal controls relevant to the audit of the combined management report and of arrangements and measures relevant to the audit of the combined management report in order to design audit procedures that are appropriate in the circum- stances, but not for the purpose of expressing an audit opinion on the effectiveness of the internal controls of the Group or these arrangements and measures. conclude on the appropriateness of the executive director’s use of the going concern basis of account- ing and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in the auditor’s report to the related disclosures in the consolidated financial statements and in the combined management report or, if such disclosures are inadequate, to modify our respective audit opinions. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to be able to continue as a going concern. evaluate the overall presentation, structure and con- tent of the consolidated financial statements, includ- ing the disclosures, and whether the consolidated financial statements present the underlying transac- tions and events in a manner that the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and financial per- formance of the Group in compliance with IFRS Accounting Standards as adopted by the EU and the additional requirements of German commercial law pursuant to § 315e (1) HGB. plan and perform the audit of the consolidated finan- cial statements to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business areas within the Group to provide a basis for our audit opinions on the consolidated financial statements and on the combined manage- ment report. We are responsible for the direction, supervision and review of the audit activities per- formed for the purpose of the audit of the consoli- dated financial statements. We remain solely respon- sible for our audit opinions. evaluate the consistency of the combined management report with the consolidated financial statements, its conformity with [German] law, and the view of the Group’s position it provides. perform audit procedures on the prospective informa- tion presented by the executive director in the com- bined management report. On the basis of sufficient appropriate audit evidence we evaluate, in particular, the significant assumptions used by the executive director as a basis for the prospective information, and evaluate the proper derivation of the prospective infor- mation from these assumptions. We do not express a separate opinion on the prospective information and on the assumptions used as a basis. There is a sub- stantial unavoidable risk that future events will differ materially from the prospective information. 213

218

Information and service Independent auditor’s report We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with the relevant inde- pendence requirements, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and, where applica- ble, the actions taken or safeguards applied to eliminate independence threats. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial state- ments of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter. OTHER LEGAL AND REGULATORY REQUIREMENTS Report on the assurance on the electronic rendering of the consolidated financial statements and the combined man- agement report, prepared for publication purposes in accordance with § 317 (3a) HGB ASSURANCE OPINION We have performed assurance work in accordance with § 317 (3a) HGB to obtain reasonable assurance as to whether the rendering of the consolidated financial state- ments and the combined management report (hereinafter the “ESEF documents”) contained in the electronic file “ESEF-Unterlagen Deutsche EuroShop AG 2024.zip” and prepared for publication purposes complies in all material respects with the requirements of § 328 (1) HGB for the electronic reporting format (“ESEF format”). In accordance with German legal requirements, this assurance work extends only to the conversion of the information contained in the consolidated financial statements and the combined management report into the ESEF format and therefore relates neither to the information contained within these renderings nor to any other information contained in the file identified above. In our opinion, the rendering of the consolidated financial statements and the combined management report con- tained in the electronic file identified above and prepared for publication purposes complies in all material respects with the requirements of § 328 (1) HGB for the electronic reporting format. Beyond this assurance opinion and our audit opinion on the accompanying consolidated financial statements and the accompanying combined management report for the financial year from 1 January to 31 Decem- ber 2024 contained in the “Report on the audit of the con- solidated financial statements and of the combined man- agement report” above, we do not express any assurance opinion on the information contained within these render- ings or on the other information contained in the file iden- tified above. BASIS FOR THE ASSURANCE OPINION We conducted our assurance work on the rendering of the consolidated financial statements and the combined man- agement report contained in the file identified above in accordance with § 317 (3a) HGB and the IDW Assurance Standard: Assurance Work on the Electronic Rendering of Financial Statements and Management Reports, Prepared for Publication Purposes in Accordance with § 317 (3a) HGB (IDW AsS 410 (06.2022)). Our responsibility in accordance therewith is further described in the “Auditor’s Responsi- bilities for the Assurance Work on the ESEF Documents” section. Our audit firm has applied the quality manage- ment requirements of the IDW Quality Management Stand- ard: Requirements for Quality Management in Audit Firms (IDW QMS 1 (09.2022)). Responsibilities of the Executive Director and the Supervi- sory Board for the ESEF Documents The executive director of the company is responsible for the preparation of the ESEF documents with the electronic renderings of the consolidated financial statements and the combined management report in accordance with § 328 (1) sentence 4 No. 1 HGB and for the tagging of the consolidated financial statements in accordance with § 328 (1) sentence 4 No. 2 HGB. In addition, the executive director of the company is responsible for such internal controls considered neces- sary to enable the preparation of ESEF documents that are free from material – intentional or unintentional – non-compliance with the requirements of § 328 (1) HGB for the electronic reporting format. The supervisory board is responsible for overseeing the process for preparing the ESEF documents as part of the financial reporting process. 214

219

Deutsche EuroShop the MALL s life AUDITOR’S RESPONSIBILITIES FOR THE ASSURANCE WORK ON THE ESEF DOCUMENTS FURTHER INFORMATION PURSUANT TO ARTICLE 10 OF THE EU AUDIT REGULATION Our objective is to obtain reasonable assurance about whether the ESEF documents are free from material inten- tional or unintentional non-compliance with the require- ments of § 328 (1) HGB. We exercise professional judgment and maintain professional skepticism throughout the audit. We also identify and assess the risks of material intentional or unintentional non-compliance with the require- ments of § 328 (1) HGB, design and perform assurance procedures responsive to those risks, and obtain assurance evidence that is sufficient and appropriate to provide a basis for our assurance opinion. We were elected as group auditor by the consolidated gen- eral meeting on 29 August 2024. Pursuant to § 318 (2) HGB, we are the auditor of the consolidated financial statements, as no other auditor was appointed. We were engaged by the Chair of the Audit Committee on 27 October 2024. We have been the Group auditor of Deutsche EuroShop AG, Hamburg, since the 2024 financial year. We declare that the audit opinions expressed in this audi- tor’s report are consistent with the additional report to the Audit Committee pursuant to Article 11 of the EU Audit Regulation (long-form audit report). obtain an understanding of internal control relevant to the assurance on the ESEF documents in order to design assurance procedures that are appropriate in the circumstances, but not for the purpose of express- ing an assurance opinion on the effectiveness of these controls. evaluate the technical validity of the ESEF documents, i.e. whether the file containing the ESEF documents meets the requirements of the Delegated Regulation (EU) 2019/815, in the version in force at the date of the financial statements, on the technical specification for this electronic file. evaluate whether the ESEF documents provide an XHTML rendering with content equivalent to the audited consolidated financial statements and to the audited combined management report. evaluate whether the tagging of the ESEF documents with Inline XBRL technology (iXBRL) in accordance with the requirements of Articles 4 and 6 of the Delegated Regulation (EU) 2019/815, in the version in force at the date of the financial statements, enables an appropri- ate and complete machine-readable XBRL copy of the XHTML rendering. OTHER MATTER – USE OF THE AUDITOR’S REPORT Our auditor’s report must always be read together with the audited consolidated financial statements and the audited combined management report as well as the assured ESEF documents. The consolidated financial statements and the combined management report converted to the ESEF format – including the versions to be published in the German Federal Gazette – are merely electronic ren- derings of the audited consolidated financial statements and the audited combined management report and do not take their place. In particular, the ESEF report and our assurance opinion contained therein are to be used solely together with the assured ESEF documents provided in electronic form. GERMAN PUBLIC AUDITOR RESPONSIBLE FOR THE ENGAGEMENT The German Public Auditor responsible for the engagement is Mr Till Kohlschmitt. Hamburg, 24 March 2025 RSM Ebner Stolz GmbH & Co. KG Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft Florian Riedl Wirtschaftsprüfer (German Public Auditor) Till Kohlschmitt Wirtschaftsprüfer (German Public Auditor) 215

220

Information and service EPRA reporting The Brussels-based European Public Real Estate Associa- tion (EPRA) has set itself the goal of improving the trans- parency and comparability of reports published by listed companies in Europe. To this end, EPRA has defined key figures in its Best Practices Recommendations. Deutsche EuroShop supports this goal as a member of EPRA. The EPRA Best Practices Recommendations (hereinafter “BPR”), as amended,1 were used to determine the key fig- ures. February 2022 saw the publication of the current revised BPR, which include the introduction of an EPRA loan-to-value ratio (LTV ratio) as a key change. Overview of EPRA key figures EPRA earnings EPRA NRV EPRA NTA EPRA NDV EPRA loan-to-value ratio (EPRA LTV ratio) EPRA net initial yield (EPRA NIY) EPRA “topped-up” net initial yield EPRA cost ratio (incl. direct vacancy costs) EPRA cost ratio (excl. direct vacancy costs) EPRA vacancy rate 31.12.2024 31.12.2023 Change in € thousand 159,709 2,441,689 2,197,992 1,900,983 per share in € in € thousand per share in € +/- in € thousand in % 172,389 2,659,232 2,414,394 2,170,890 2.29 34.78 31.58 28.39 -12,680 -217,543 -216,402 -269,907 -7.4 -8.2 -9.0 -12.4 2.10 32.24 29.02 25.10 31.12.2024 31.12.2023 Change in % in % in % points 41.1 5.8 5.9 21.1 20.1 6.7 34.8 5.9 5.9 29.1 27.9 6.7 6.3 -0.1 0.0 -11.5 -7.8 0.0 1 The current version of the EPRA Best Practices Recommendations can be found at: www.epra.com/finance/financial-reporting/guidelines 216

221

Deutsche EuroShop the MALL s life EPRA EARNINGS EPRA earnings represent sustained operating earnings and thus lay the foundation for a real estate company’s ability to pay a dividend. To calculate this, the profit/loss for the year is adjusted to reflect any income components that have no sustained, recurring impact on operational performance. EPRA earnings are therefore essentially comparable with the “funds from operations” (FFO) parameter used by us. In contrast to EPRA earnings, in the case of FFO all non-cash deferred taxes are adjusted. EPRA earnings Consolidated profit Measurement gains/losses on investment properties Measurement gains/losses on investment properties (at equity) Measurement gains/losses on investment properties1 Income and expenses from changes in the scope of consolidation2 Deferred taxes on adjustments1 EPRA earnings Weighted number of no-par-value shares issued 01.01. –31.12.2024 01.01.-31.12.2023 Change in € thousand per share in € in € thousand per share in € per share in € 123,514 1.62 -38,277 -0.51 2.13 22,870 -8,231 205,701 3,426 in % -417.6 14,639 0.19 0 21,556 159,709 0.00 0.29 2.10 76,090,428 209,127 2.78 -2.59 -93.2 7,258 0.10 -0.10 -100.0 -5,719 172,389 -0.08 2.29 0.37 -0.19 – -8.3 75,136,922 1 Including the share attributable to equity-accounted joint ventures and associates 2 Including acquisition costs from the purchase of additional shares and after consideration of taxes On 12 January 2023, the Deutsche EuroShop Group con- cluded six purchase agreements for the acquisition of addi- tional shares in six property companies in which it already held an interest of between 50 % and 75 %. In 2023, the acquisition resulted in non-recurring non-operating income and expenses from changes in the scope of consolidation, which are to be adjusted accordingly. Income and expenses from changes in the scope of consolidation in 2023 also include ancillary acquisition costs from the acquisition of investments, which at €21.0 million mainly comprise the land transfer tax. EPRA EARNINGS in € million / in € per share 124.5 122.0 2.02 2020 61.8 1.97 2021 61.8 172.4 2.29 159.7 2.10 129.6 2.10 2022 61.8 2023 75.1 2024 76.1 Weighted number of no-par-value shares issued, in million 217

222

Information and service EPRA reporting NET ASSET VALUE EPRA net reinstatement value (EPRA NRV): The EPRA NRV determines the long-term net asset value that would be required to rebuild the Company in the exist- ing form. This approach excludes sales of assets and con- sequently does not include deferred taxes. The ancillary acquisition costs needed to rebuild the entity are added back at their appraisal value. EPRA NRV Equity Derivative financial instruments measured at fair value1 Deferred taxes on investment properties and derivative financial instruments1 Goodwill as a result of deferred taxes Less ancillary acquisition costs1 EPRA NRV Number of no-par-value shares issued as at the reporting date 1 Including the share attributable to equity-accounted joint ventures and associates in € thousand 1,884,540 3,128 31.12.2024 per share in € 24.88 0.05 in € thousand 2,119,667 6,427 31.12.2023 per share in € 27.72 0.09 362,055 -51,719 243,685 2,441,689 4.77 -0.68 3.22 32.24 75,743,854 340,042 -51,719 244,815 2,659,232 4.45 -0.68 3.20 34.78 76,455,319 EPRA net tangible assets (EPRA NTA): The EPRA NTA measures the net asset value of a company based on a business model with a long-term focus. To do this, Group equity is adjusted for assets and liabilities that are unlikely to be realised if held over the long term. Deutsche EuroShop does not include deferred taxes when calculating the EPRA NTA as Deutsche EuroShop’s busi- ness model is geared towards generating long-term rental income rather than selling shopping centers for short- term profit. EPRA NTA EPRA NRV Ancillary acquisition costs1 Intangible assets EPRA NTA Number of no-par-value shares issued as at the reporting date 1 Including the share attributable to equity-accounted joint ventures and associates in € thousand 2,441,689 -243,685 -12 2,197,992 31.12.2024 per share in € 32.24 -3.22 0.00 29.02 75,743,854 in € thousand 2,659,232 -244,815 -23 2,414,394 31.12.2023 per share in € 34.78 -3.20 0.00 31.58 76,455,319 218

223

Deutsche EuroShop the MALL s life EPRA net disposal value (EPRA NDV): The EPRA NDV indicates the net asset value that would result if the assets and liabilities were not held to maturity. The EPRA NDV thus also factors in assets and liabilities measured at fair value as at the reporting date, which are unlikely to be realised taking a long-term view. In addition, it is assumed that deferred taxes from the balance sheet and from the fair value measurement of the financial lia- bilities will be realised and will therefore have to be deducted. EPRA NDV EPRA NRV Ancillary acquisition costs1 Derivative financial instruments measured at fair value1 Difference between non-accounted financial liabilities measured at fair value and their carrying amount1 Deferred taxes on difference between non-accounted financial liabilities measured at fair value and their carrying amount1 Deferred taxes on investment properties and derivative financial instruments1 EPRA NDV Number of no-par-value shares issued as at the reporting date 1 Including the share attributable to equity-accounted joint ventures and associates 31.12.2024 31.12.2023 in € thousand 2,441,689 -243,685 -3,128 per share in € 32.24 -3.22 -0.04 in € thousand 2,659,232 -244,815 -6,427 per share in € 34.78 -3.20 -0.08 82,699 1.08 125,093 1.63 -14,537 -0.19 -22,151 -0.29 -362,055 1,900,983 -4.77 25.10 75,743,854 -340,042 2,170,890 -4.45 28.39 76,455,319 EPRA NRV / NTA / NDV in € per share 41.11 42.10 41.49 37.38 38.43 37.81 34.78 32.24 31.58 31.31 32.37 34.49 28.39 29.02 25.10 in € million EPRA NRV EPRA NTA EPRA NDV Number of no-par- value shares issued as at the reporting date, in million 41.11 2020 2,540.0 2,309.7 1,934.2 41.11 2021 2,601.2 2,374.4 2,000.0 2022 2,563.3 2,335.9 2,130.7 2023 2,659.2 2,414.4 2,170.9 61.8 61.8 61.8 76.5 2024 2,441.7 2,198.0 1,901.0 75.7 219

224

Information and service EPRA reporting EPRA LOAN-TO-VALUE (EPRA LTV) The EPRA LTV ratio indicates the ratio of net debt to real estate assets. The assets and liabilities taken into account in the calculation are included in proportion to the Group’s share in the respective items. Another key difference to the LTV figures previously reported in the Group is the inclusion of other liabilities in the EPRA LTV ratio. EPRA LTV in € thousand Bank loans and overdrafts Securities Hybrid financial instruments Bonds Derivative financial instruments in foreign currency Other liabilities (net)1 Owner-occupied property (liabilities) Debt with equity features Less cash and cash equivalents Net debt Investment properties Owner-occupied property Real estate assets held for sale Real estate assets under construction Intangible assets (excluding goodwill) Other assets (net) Financial assets Property assets EPRA LTV in % Group 1,808,374 0 At equity 55,793 0 0 0 0 24,710 230 0 -212,438 1,620,876 3,966,721 223 0 0 12 0 0 0 0 -805 0 0 -3,675 51,313 158,960 0 0 0 0 0 Share of third-party shareholders -132,935 0 0 0 0 -15,410 0 0 14,931 -133,414 -381,426 0 0 0 0 0 31.12.2024 Total (pro- portional) 1,731,232 0 0 0 0 8,495 230 0 -201,182 1,538,775 3,744,255 223 0 0 12 0 0 3,966,956 0 158,960 0 -381,426 0 3,744,490 41.1 % 1 Other liabilities (net) include trade receivables as well as other assets less trade payables, tax liabilities, other provisions and other current liabilities. 220

226

Information and service EPRA reporting EPRA NET INITIAL YIELD AND EPRA “TOPPED-UP” NET INITIAL YIELD The EPRA net initial yield is calculated on the basis of annu- alised rental income as at the reporting date less the costs that are not allocable to tenants, calculated in proportion to the market value of the property including ancillary acquisition costs. The EPRA “topped-up” net initial yield also takes into account granted rental incentives in the deter- mination of annualised rental income. EPRA NET INITIAL YIELD (EPRA NIY) AND EPRA “TOPPED-UP” NET INITIAL YIELD in € thousand Market value investment properties Market value investment properties (at equity) Market value investment properties1 Less expanded space1 Less ancillary acquisition costs1 Market value investment properties (gross) Annualised rental income1 Non-allocable property expenses1 Annualised net rental income Rental incentives and other rental adjustments1 Annualised “topped-up” net rental income EPRA net initial yield (EPRA NIY) EPRA “topped-up” net initial yield 1 Including the share attributable to equity-accounted joint ventures and associates EPRA VACANCY RATE The EPRA vacancy rate is the ratio of the market value of vacant space to the market rent of the entire portfolio as at the reporting date. 222 31.12.2024 3,966,721 158.960 4,125,681 -8,860 243,685 4,360,506 287,472 -32,989 254,483 1,949 256,432 5.8 % 5.9 % 31.12.2023 3,947,021 149,960 4,096,981 -15,160 244,815 4,326,636 286,279 -30,526 255,753 1,352 257,105 5.9 % 5.9 % EPRA vacancy rate in € thousand Market rent for vacancy1 Total market rent1 EPRA vacancy rate 31.12.2024 18,523 276,104 6.7 % 31.12.2023 17,811 267,428 6.7 % 1 Including the share attributable to equity-accounted joint ventures and associates

227

EPRA COST RATIO The EPRA cost ratio compares the sum of operating and administrative costs with rental income, allowing for an estimation of cost efficiency across comparable real estate companies. Operating and administrative costs comprise all expenses that cannot be allocated or passed on from the management of the property portfolio (excluding depreci- ation, interest and taxes) as well as Group management costs. Costs are not capitalised. EPRA cost ratio in € thousand Operating and administrative costs for property1 Write-downs and derecognition of receivables1 Other operating expenses1 excluding financing costs Other revenue from cost allocations and reimbursements1 EPRA costs (incl. direct vacancy costs) Direct vacancy costs1 EPRA costs (excl. direct vacancy costs) Rental revenue (excluding cost allocations and reimbursements)1 EPRA cost ratio (incl. direct vacancy costs)2 EPRA cost ratio (excl. direct vacancy costs)3 Deutsche EuroShop the MALL s life 01.01.- 31.12.2024 47,925 7,934 10,152 -7,929 58,082 -2,821 55,261 275,492 21.1 % 20.1 % 01.01.- 31.12.2023 50,879 9,002 28,616 -7,605 80,892 -3,381 77,511 277,508 29.1 % 27.9 % 1 Including the share attributable to equity-accounted joint ventures and associates 2 The EPRA cost ratio (incl. direct vacancy costs) excluding write-downs and derecognition of receivables would be 18.2 % (previous year: 25.9 %). 3 The EPRA cost ratio (excl. direct vacancy costs) excluding write-downs and derecognition of receivables would be 17.2 % (previous year: 24.7 %). 223

228

Information and service EPRA reporting INVESTMENTS IN REAL ESTATE ASSETS Investments in the Group’s real estate assets amounted to: EPRA investments in real estate assets in € thousand Acquisitions Developments, new construction Investment properties Non-incremental lettable space Tenant incentives EPRA investments in real estate assets1 Incremental lettable space 31.12.2024 31.12.2023 Group 0 0 0 47,179 4,744 51,923 at equity 0 0 0 1,088 -301 787 Total 0 0 0 48,267 4,443 52,710 Group 773,000 0 0 43,481 8,084 824,565 at equity 0 0 0 863 63 926 Total 773,000 0 0 44,344 8,147 825,491 Shareholding Before acquisition 50 % 75 % 50 % 50 % Acquisition 2023 50 % 25 % 40 % 25 % After acquisition 100 % 100 % Real estate values 217,000 157,000 90 % 172,000 75 % 227,000 773,000 1 Investments in 2024 and 2023 almost entirely affect cash in the year in question. The acquisitions in 2023 include the property values of four joint ventures previously accounted for using the equity method, which were included in the Group as subsidiaries for the first time following the acquisition of additional shares at the beginning of the financial year. The property companies concerned are as follows: Group share 1. Allee-Center Magdeburg G.m.b.H. & Co. KG, Hamburg 2. Stadt-Galerie Passau G.m.b.H. & Co. KG, Hamburg 3. Saarpark Center Neunkirchen GmbH & Co. KG (previ- ously: Saarpark Center Neunkirchen KG), Hamburg 4. Phoenix-Center Harburg GmbH & Co. KG (previously: Immobilienkommanditgesellschaft FEZ Harburg), Hamburg Total The 2023 purchase price for the additional shares in the four property companies totalled €227.8 million and was financed by means of a capital increase. The investments in the portfolio properties arise from investments in the center infrastructure and in rental areas as well as from the ongoing “At Your Service” investment programme. Interest was not capitalised as part of the investments. 224

229

Deutsche EuroShop the MALL s life EPRA LIKE-FOR-LIKE NET RENTAL GROWTH The EPRA like-for-like net rental growth shows growth based on an unchanged real estate portfolio composition. Acquisitions or sales during the reporting year are not taken into account. EPRA like-for-like net rental growth in € thousand Minimum rental income Allocable property tax and insurance Net rental income Other Revenue of which Germany Abroad Like-for-like change Like-for-like change (in %) -1,590 133 1,017 -1,461 -1,901 -3,677 1,776 2023 255,512 7,425 7,662 2,705 273,304 231,873 41,431 -0.6 1.8 13.3 -54.0 -0.7 -1.6 4.3 2024 253,922 7,558 8,679 1,244 271,403 228,196 43,207 The portfolio change effects include the four joint ventures previously accounted for within the Group using the equity method, which were included in the Group as subsidiaries for the first time following the acquisition of additional shares at the beginning of the financial year. 225

230

Information and service Multi-year overview in € million Revenue4 EBIT Net finance costs (excluding measurement gains/losses1) EBT (excluding measurement gains/losses1) Measurement gains/losses1 Consolidated profit Funds from operations (FFO) FFO per share in € Earnings per share in €2 EPRA earnings per share in € Equity³ Liabilities Total assets Equity ratio in %3 Cash and cash equivalents Net tangible assets (EPRA) Net tangible assets per share (EPRA) Dividend per share 2015 202.9 176.3 -49.3 127.0 267.7 309.3 123.4 2.29 5.73 2.18 2,061.0 1,790.6 3,851.6 53.5 70.7 2,135.2 39.12 1.35 2016 205.1 178.6 -44.1 134.5 145.5 221.8 129.9 2.41 4.11 2.29 2,240.7 1,873.8 4,114.5 54.5 64.0 2,332.6 43.24 1.40 2017 218.5 192.4 -39.1 153.3 12.9 134.3 148.1 2.54 2.31 2.42 2,574.9 2,052.1 4,627.0 55.6 106.6 2,668.4 43.19 1.45 1 Including the share attributable to equity-accounted joint ventures and associates 2 Basic 3 Including non-controlling interests 4 In 2020, there was a change in the disclosure of revenue with adjustment of the comparative figure for the previous year 2019. A comparison with the years 2013 to 2018 is therefore only possible to a limited extent. 5 Includes the dividend of €1.95 and €2.50 per share resolved on 29 August 2023 and 8 January 2024 for the 2022 financial year. 6 Proposal 226

231

Deutsche EuroShop the MALL s life 2018 225.0 199.1 -38.2 160.9 -58.3 79.4 150.4 2.43 1.29 2.39 2,573.4 2,036.8 4,610.2 55.8 116.3 2,667.5 43.17 1.50 2019 231.5 197.5 -34.3 163.1 -120.0 112.1 149.6 2.42 1.81 2.56 2,601.5 1,957.1 4,558.6 57.1 148.1 2,613.4 42.30 0.00 2020 224.1 161.2 -33.6 127.6 -429.6 -251.7 123.3 2.00 -4.07 2.02 2,314.8 1,922.6 4,237.4 54.6 266.0 2,309.7 37.38 0.04 2021 211.8 152.5 -26.9 125.6 -54.7 59.9 122.3 1.98 0.97 1.97 2,377.8 1,901.0 4,278.8 55.6 328.8 2,374.5 38.43 1.00 2022 212.8 152.4 -22.3 130.2 -106.4 21.4 130.1 2.11 0.35 2.10 2,343.4 1,864.7 4,208.1 55.7 334.9 2,335.9 37.81 4.455 2023 273.3 212.7 -43.2 169.5 -209.1 -38.3 171.3 2.28 -0.51 2.29 2,379.0 2,081.2 4,460.2 53.3 336.1 2,414.4 31.58 2.60 Quarterly figures 2024 in € million Revenue Net operating income (NOI) EBIT EBT (excl. measurement gains/losses*) EPRA earnings FFO EPRA earnings per share in € FFO per share in € 01.01.- 31.03.2024 66.0 53.8 54.4 42.4 43.3 41.8 0.57 0.55 01.04.- 30.06.2024 66.8 52.6 53.0 39.7 37.3 37.2 0.49 0.49 01.07.- 30.09.2024 67.2 56.7 55.4 42.9 41.0 40.7 0.54 0.53 * Including the share attributable to equity-accounted joint ventures and associates 2024 271.4 216.3 -51.1 165.2 -14.6 123.5 157.1 2.06 1.62 2.10 2,145.7 2,218.7 4,364.4 49.2 212.4 2,198.0 29.02 1.006 01.10.- 31.12.2024 271.4 217.4 216.3 165.2 159,7 157,1 2.10 2.06 227

232

Information and service Glossary Anchor tenants Gross domestic product (GDP) Tenants that serve to attract other tenants. With their high customer footfall, they ensure that the entire shopping center is revitalised. The smaller tenants located around the anchor tenant benefit from the high customer frequency of the larger tenant. The way a shopping center is struc- tured in terms of the layout of the shops and the range of products on offer plays a crucial role in its success. Advertising value equivalence Index number for the assessment of the monetary value of an editorial article. It is based on the advertising rate of the medium. Asset class The value of all goods and services that are produced in a national economy within a certain period of time, i.e. produced or rendered against payment. Cash flow per share The cash flow per share is calculated by dividing the cash flow by the number of shares issued by a company. The cash flow per share is used as the basis for calculating the price/cash flow ratio. Collection ratio The collection ratio measures the ratio of incoming pay- ments to rent and service charge receivables from tenants. Classification of the capital and property market into dif- ferent investment segments. Core Benchmark A standard of comparison, e.g. an index which serves as a guideline. Measurement gains/losses DES calculation: Measurement gains/losses comprise unrealised changes in the market value of properties held as a financial investment (investment properties) before taxes. In the case of fully consolidated companies, the por- tion of the company that does not belong to the Group is deducted. Measurement gains/losses of associates and joint ventures accounted for using the equity method are contained in the at-equity profit/loss. Measurement gains/losses (including at equity) DES calculation: Measurement gains/losses plus the measurement gains/losses included in at-equity profit/ loss. Designation of a real estate investment and/or individual properties as well as the name of an investment style. The term refers to the relationship between risk and return. Core designates mature, transparent, sufficiently large markets or high-quality, well-situated properties that are fully let on a long-term basis to tenants with strong credit ratings. Other return/risk categories are value-added and opportunistic. Corporate governance The rules for good, value-driven corporate management. The objective is to control the company’s management and to create mechanisms to oblige executives to act in the interests of their shareholders. Covenants A clause in a loan agreement which pertains to and con- tractually defines the binding warranties to be adhered to by the borrower during the term of a loan. 228

233

Deutsche EuroShop the MALL s life Coverage EPRA Information provided on a listed public company by banks and financial analysts in the form of studies and research reports. DAX Germany’s premier equity index. The composition of the DAX is established by Deutsche Börse AG on the basis of the share prices of the 40 largest German companies listed in the Prime Standard in terms of market capitalisation and market turnover. Discounted cashflow model (DCF) Method for the assessment of companies which is used to determine the future payments surpluses and discount them to the valuation date. Dividend The share of the distributed net profit of a company to which a shareholder is entitled in line with the number of shares he or she holds. EPS Earnings per share. EBIT Earnings before interest and taxes. DES calculation: EBT ex cluding net finance costs and measurement gains/losses (also see the consolidated income statement on page 80). EBT Earnings before taxes. European Public Real Estate Association: EPRA is an Amsterdam-based organisation that represents the inter- ests of the major European real estate companies in the public sphere and supports the development and market presence of European real estate corporations. EPRA earnings EPRA earnings represent sustained operating earnings and thus lay the foundation for a real estate company’s ability to pay a dividend. To calculate this, the profit/loss for the year is adjusted to reflect any income components that have no sustained, recurring impact on operational performance. The DES calculation is performed using the currently valid version of the EPRA Best Practice Recommendations, which can be found at www.epra.com/finance/financial-reporting/ guidelines EPRA NTA The EPRA NTA represents the net asset value based on a long-term business model. Here, Group equity is adjusted for assets and liabilities that are unlikely to be realised if held over the long term. Intangible assets are eliminated in the process. The DES calculation is performed using the currently valid version of the EPRA Best Practice Recom- mendations, which can be found at www.epra.com/finance/ financial-reporting/guidelines ESG ESG refers to a company’s commitment and its impact with regard to environmental, social and governance issues. Fair value The fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). EBT (excluding measurement gains/losses) Financial gains/losses DES calculation: EBT less measurement gains/losses (including at-equity profit/loss) and less the deferred taxes included in at-equity profit/loss. E-commerce Direct commercial relationship between supplier and buyer via the internet including the provision of services. The financial gains/losses of DES are made up of the fol- lowing items in the income statement: Share in the profit and loss of associates and joint ventures accounted for using the equity method, interest expense and income, profit/loss attributable to limited partners, income from investments and other financial income and expenses. 229

234

Information and service Glossary Food court Dining area of a shopping center where various vendors sell food at counters around a common seating area. Free cash flow The surplus liquidity from operating activities recognised in the income statement. This expresses the internal financing power of a company, which can be used for investments, the repayment of debt, dividend payments and to cover financing requirements. Funds from operations (FFO) Inflow of funds from operations used to finance our ongoing investments in portfolio properties, scheduled repayments on our bank loans and the annual distribution of dividends. DES calculation: Consolidated profit after adjustment for measurement gains/losses (including at-equity profit/loss), the non-cash expense of conversion rights and deferred tax expense. Gearing Ratio that indicates the relationship between liabilities and equity. Share capital The capital specified in the Articles of Association of a public company. The Articles of Association also deter- mine the number of shares into which the share capital is divided. The company issues shares in the amount of its share capital. Hedge accounting Financial mapping of two or more financial instruments that hedge one another. ifo Business Climate Index The ifo Business Climate Index is an important early indi- cator for economic development in Germany. To calculate the index, the ifo Institute asks around 7,000 companies every month for their assessment of the economic situation and their short-term corporate planning. International financial reporting standards (IFRS) International Financial Reporting Standards are based on International Accounting Standards (IASs). Since 1 Janu- ary 2005, listed companies have been required to apply IFRSs. IASs/IFRSs focus on the decision-usefulness of accounts. The key requirement with regard to the annual financial statements is fair presentation that is not qual- ified by aspects of prudence or risk provision. Annual financial statement Under German (HGB) accounting principles, the annual financial statements consist of a company’s balance sheet, profit and loss account, the notes to the financial statements and the management report. The annual financial state- ments of a public company are prepared by its executive board, audited by a certified public accountant (in Germany: Wirtschaftsprüfer) and adopted by the supervisory board. Consumer price index Also called the cost-of-living index, this is calculated in Germany by the Federal Statistical Office on a monthly basis. The CPI is the most important statistical indicator of a change in prices; the price of a basket of goods during a given period is compared with the price of the same basket during the base year. This change is also known as the inflation rate. Loan-to-value (LTV) Ratio of net financial liabilities (financial liabilities less cash and cash equivalents) to non-current assets (investment properties and investments accounted). Mall Row of shops in a shopping center. Market capitalisation The current quoted price for a share multiplied by the number of shares listed on the stock. Market capitalisation is calculated for individual companies, but also for sectors or entire stock markets, making them comparable with each other. MDAX German mid-cap index comprising the 50 most important securities after the 40 DAX members. 230

235

Deutsche EuroShop the MALL s life Multi channelling TecDAX Using a combination of online and offline communication tools in marketing. The successor to the NEMAX 50, comprising the 30 largest German listed technology securities in terms of market capitalisation and market turnover. Net asset value (NAV) The value of an asset after deduction of liabilities. With regard to shares, the NAV constitutes their intrinsic value. The net net asset value (NNAV) is calculated by deducting deferred taxes from the NAV. Peer group A share price performance benchmark consisting of com- panies from similar sectors, put together on the basis of individual criteria. Performance The term performance describes the percentage appre- ciation of an investment or a securities portfolio during a given period. Pro forma Turnover rent Rental amount that does not relate to the rental space but to the revenue generated on this space. Retail space Space in a building and/or an open area that is used for sales by a retail operation and that is accessible to cus- tomers. Service areas required for operational and legal purposes are not taken into account, nor are stairways or shop windows. The retail space is part of the leasable space of a business. Volatility Statistical measure for price fluctuations. The greater the fluctuations in the price of a security, the higher its vola- tility. Pro forma financial information supplements annual, con- solidated or interim financial statements to take account of transactions that took place during or after the reporting period. Their purpose is to show the potential impact of these transactions on the historical financial statements if they had already existed at the time the financial state- ments were prepared. Xetra An electronic stock exchange trading system that, in con- trast to floor trading, uses and open order book, thus increasing market transparency. The trading hours are from 9 am to 5:30 pm. Prolongation Extension of a loan coming out of the fixed interest period, also known as refinancing. The interest rates are merely readjusted; there is no change of lender. Interest rate swap Exchange of fixed and variable interest pay able on two nominal amounts of capital for a fixed period. By means of an interest rate swap, interest rate risks may be controlled actively. Roadshow Corporate presentations to institutional investors. SDAX German small-cap index comprising the 70 most important securities after the 40 DAX and 50 MDAX members. Savings ratio Share of savings of the income available in households. 231

236

Information and service Contact and legal Published by Deutsche EuroShop AG Heegbarg 36 22391 Hamburg Germany Phone: +49 (0)40 - 41 35 79 0 Fax: +49 (0)40 - 41 35 79 29 www.deutsche-euroshop.com ir@deutsche-euroshop.com Editors Patrick Kiss (Editor in chief) Nicolas Lissner (Editorial management) Responsible for the editorial content: Deutsche EuroShop AG, Hamburg Concept and design Berichtsmanufaktur, Hamburg Pictures Aaron Jiang Photography Andre Baschlakow Anna-Lena Ehlers ATP architekten ingenieure Axel Martens Bavarian Caps (www.peralta.pictures) Christian Hofer (action press) Deutsche EuroShop ECE GettyImages Iakov Filimonov (iStock) John Neff (iStock) Marcus Schwetasch Markus Quabach Mein Fischer Morten Hausotte (privat) Nicolas Lissner Parfumerie Douglas GmbH Patrick Kiss Peter Gercke Robert Jentzsch Sinn GmbH Stefan Huber Tegut Ulrik Eichentopf Uwe Hüttner DISCLAIMER Author contributions: Texts identified by name do not necessarily reflect the opinion of Deutsche EuroShop AG. The respective authors are responsible for the content of the texts. Trademarks: All trademarks and brand or prod- uct names mentioned in this Annual Report are the property of their respective owners. This applies in particular to DAX, MDAX, SDAX and Xetra, which are registered trademarks and the property of Deutsche Börse AG. Rounding and rates of change: Percentages and figures stated in this report may be subject to rounding differences. The prefixes before rates of change are based on economic considerations: improvements are indicated by a plus (+); deteriorations by a minus (-). Forward-looking statements: This Annual Report contains forward-looking statements based on estimates of future developments by the Executive Board. The statements and forecasts represent estimates based on all of the information available at the current time. If the assumptions on which these statements and fore- casts are based do not materialise, the actual results may differ from those currently forecast. Publications for our shareholders: Annual Report (German and Eng- lish), Quarterly Statement 3M, Quarterly Statement 9M and Half-Year Financial Report (German and English). The Annual Report of Deutsche EuroShop is available online at www.deutsche-euroshop.com as a PDF file and ePaper. Convenience Translation – the German version is the only binding version 232

237

Deutsche EuroShop returns to SDAX After a two-year absence, the shares of Deutsche EuroShop have again been part of the small-cap index SDAX since 23 September 2024. With its inclusion, DES is one of the 70 most liquid and largest listed companies in Germany below the DAX and MDAX, measured by the market capi- talisation of the shares in free float. The return to the SDAX represents an important milestone in the stock market history of Deutsche EuroShop since its IPO in 2001. DES was first rep- resented in the SDAX from 2003 to 2004, and subsequently became a member of the MDAX for 15 years. In 2019, a higher market capitalisa- tion of the free float in other companies meant that the DES share was once again listed in the SDAX until September 2022. Following the suc- cessful takeover bid by Oaktree and CURA, DES had to leave the SDAX, but continued to fulfil the high transparency requirements of the Prime Standard and international investors. Illustration: Floor tile with the Deutsche EuroShop stock exchange symbol at the Deutsche Börse Visitors Centre in Frankfurt am Main