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2 Key consolidated figures in € million Revenue Net operating income (NOI) EBIT EBT (excluding measurement gains/losses¹) EPRA² earnings FFO⁷ Consolidated profit in € EPRA² earnings per share FFO⁷ per share Earnings per share 01.01.- 31.03.2026 01.01.- 31.03.2025 67.6 53.3 53.5 35.7 34.7 35.4 28.4 66.3 53.1 53.4 39.7 38.5 39.3 31.9 01.01.- 31.03.2026 01.01.- 31.03.2025 0.45 0.46 0.38 0.51 0.52 0.42 Number of no-par-value shares with dividend rights⁶ 75,743,854 75,743,854 in € million Equity³ Liabilities Total assets Equity ratio in %³ LTV ratio in %⁴ EPRA² LTV in %⁵ Cash and cash equivalents 31.03.2026 31.12.2025 2,202.1 2,434.4 4,633.5 47.5 40.6 42.6 417.1 2,170.1 2,433.7 4,603.8 47.1 41.3 43.4 387.4 1 2 3 4 5 6 7 Incl. the share attributable to equity-accounted joint ventures and associates European Public Real Estate Association Incl. non-controlling interests Loan-to-value (LTV): Ratio of net financial liabilities (financial liabilities less cash and cash equivalents) to non-current assets (investment properties and financial investments accounted for using the equity method) 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. The number of no-par-value shares issued includes the treasury shares which were acquired. These shares were factored in in the comparative period. Due to the first-time adjustment of FFO for non-cash interest expense and one-off effects, the previous year’s figures have been adjusted accordingly. +/- 2.0 % 0.3 % 0.2 % -10.1 % -9.9 % -9.9 % -10.7 % +/- -11.8 % -11.5 % -9.5 % 0.0 % +/- 1.5 % 0.0 % 0.6 % 7.7 %
Letter from the Executive Board 5 Dear Shareholders and Readers, Deutsche EuroShop has made a good start to the 2026 financial year. Our key performance indicators were in line with our expectations in the first quarter, even though the economic environment remained dominated by subdued consumer sentiment and geopolitical uncertainties. The cumulative footfall in our shopping centers was 0.5% below the level of the same period last year. In particular, the relatively harsh winter weeks this year had an adverse impact on footfall. At the same time, the first quarter bene- fited from the fact that the bulk of the Easter business fell within the reporting period. Our tenants’ turnover rose by 5.0% compared to the same quarter of the previous year. The Deutsche EuroShop Group's revenue increased by 2.0% to €67.6 million, primarily due to higher contractual rents and settlement payments made by tenants. Our center operating expenses were higher than the previous year's level due to an increase in non-apportionable costs. The need for write-downs on rent receivables decreased. Our net operating income (NOI) increased by 0.3% to € 53.3 mil- lion as a result, while EBIT went up by 0.2% to € 53.5 million. EBT (excluding measurement gains/losses) decreased by 10.1% to €35.7 million. This was mainly due to a €4.8 million increase in interest expenses related to the bond issued in 2025. Consolidated profit declined by 10.7% to €28.4 million. EPRA earnings and FFO per share both came to €0.45 and €0.46 respectively and fell below the prior-year figures of €0.51 and €0.52. The celebrations marking the 25th stock exchange anniver- sary were a particular highlight in the first quarter. Together with members of the Supervisory Board, former executives and some long-standing companions, we returned to where our journey as a listed company started: the trading floor of the Frankfurt Stock Exchange. We rang the opening bell and looked back at everything we’ve achieved over the past quarter of a century. This special moment was a testament to the consistency, reliability and long-term orientation of our company. In light of our performance in the first quarter of the year, which developed as expected, we confirm the forecast for the 2026 financial year as published in March. Thank you for the confidence you have placed in us. Hamburg, May 2026 Hans-Peter Kneip
6 Quarterly statement as at 31 March 2026 . Business performance Business performance Results of operations in € thousand Revenue Operating and administrative costs for property Write-downs and derecognition of receivables NOI 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 Interest income Financial gains/losses (excluding measurement gains/losses) EBT (excluding measurement gains/losses) Measurement gains/losses Measurement gains/losses (at equity) Measurement gains/losses (including at equity) Taxes on income and earnings Deferred taxes Deferred taxes (at equity) Deferred taxes (including at equity) Consolidated profit 01.01.- 31.03.2026 01.01.- 31.03.2025 ± in % Change 67,582 -12,276 -2,030 53,276 2,721 -2,474 53,523 66,274 -10,983 -2,165 53,126 2,156 -1,849 53,433 2,182 2,108 -8 0 2,174 -17,741 -3,447 1,182 21 0 2,129 -12,991 -3,606 715 1,308 -1,293 135 150 565 -625 90 45 -4,750 159 467 -17,832 -13,753 -4,079 35,691 -3,369 8 -3,361 -1,537 -2,352 0 -2,352 28,441 39,680 -3,414 -21 -3,435 -1,338 -3,048 0 -3,048 31,859 -3,989 74 -199 696 -3,418 2.0 -11.8 6.2 0.3 26.2 -33.8 0.2 2.1 -36.6 4.4 65.3 -29.7 -10.1 2.2 -14.9 22.8 -10.7 Slight year-on-year increase in revenue Center operating expenses up on previous year Revenue increased slightly by €1.3 million (2.0 %) compared to the same quarter of the previous year. This was primarily driven by higher contractual rents (+1.6 %), as well as €0.6 million in additional income from settlements from tenants. Center operating expenses came to €12.3 million in the financial year (previous year: €11.0 million. These mainly comprise center management fees, non-apportionable ancillary costs, land taxes, building insurance and
7 maintenance, and were up 11.8 % on the previous year, largely as a result of non-apportionable expenses for the renewal of technical equipment and insurance claims. related to the bond issued in June 2025. Interest income came to €1.2 million, slightly higher than in the previous year (€0.7 million). Lower need for write-downs Downturn in EBT (excluding measurement gains/losses) as expected Write-downs and the derecognition of receivables decreased compared to the previous year by €0.2 million (6.2 %) to €2.0 million (previous year: €2.2 million). Other operating income and expenses Other operating income, stemming primarily from the reversal of provisions, income from rental receivables for which impairment losses had been recognised in previous years and insurance payments amounted to €2.7 million (previous year: €2.2 million). This was higher than in the same quarter of the previous year due to increased income from insurance payments. As a result of the fall in financial gains/losses, EBT (excluding measurement gains/losses) declined by 10.1 % to €35.7 million (previous year: €39.7 million). Measurement gains/losses Measurement gains/losses came to €3.4 million (previous year: €3.4 million) and comprise costs incurred for investments at our existing properties (including the share attributable to at-equity consolidated companies). Taxes on income and earnings Other operating expenses of €2.5 million (previous year: €1.8 million) are largely comprised of general administra- tive expenses and personnel expenses and were higher than the previous year's level, primarily due to additions to provisions for short-term and long-term incentives. Taxes on income and earnings went up to €1.5 million ( previous year: €1.3 million). Deferred taxes, resulting mainly from the systematic depreciation of the tax balance sheet values of our real estate assets, amounted to €2.4 million (previous year: €3.0 million). EBIT up slightly compared to previous year Downturn in consolidated profit At €53.5 million, earnings before interest and taxes (EBIT) were slightly higher than in the previous year (€53.4 mil- lion). This was mainly due to higher revenue. Decrease in financial gains/losses as expected Financial gains/losses (excluding measurement gains/ losses) came to €-17.8 million, down from €-13.8 million in the previous year. This was largely attributable to a €4.8 mil- lion increase in interest expense, the majority of which was At €28.4 million, consolidated profit was 10.7 % million lower than in the same period of the previous year (€31.9 million), while earnings per share came to €0.38 (previous year: €0.42). Slight fall in EPRA earnings EPRA earnings, which exclude measurement gains/losses, fell by €3.9 million or € 0.06 per share. 01.01.-31.03.2026 01.01.-31.03.2025 in € thousand per share in € in € thousand per share in € Consolidated profit Measurement gains/losses on investment properties¹ Deferred tax adjustments pursuant to EPRA² EPRA earnings 28,441 3,361 2,869 34,671 0.38 0.04 0.03 0.45 31,859 3,435 3,252 38,546 0.42 0.05 0.04 0.51 Number of no-par-value shares with dividend rights 75,743,854 75,743,854 1 2 Incl. the share attributable to equity-accounted joint ventures and associates Affects deferred taxes on investment properties and derivative financial instruments
8 Quarterly statement as at 31 March 2026 . Business performance Development of funds from operations (FFO) 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 distri- bution 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 €39.3 million to €35.4 million, or from € 0.52 to € 0.46 per share. Consolidated profit Measurement gains/losses on investment properties¹ Non-cash interest expense¹ ² Deferred taxes¹ FFO 01.01.-31.03.2026 01.01.-31.03.2025 in € thousand per share in € in € thousand per share in € 28,441 3,361 1,248 2,352 35,402 0.38 0.04 0.01 0.03 0.46 31,859 3,435 915 3,048 39,257 0.42 0.05 0.01 0.04 0.52 Number of no-par-value shares with dividend rights 75,743,854 75,743,854 1 2 Incl. the share attributable to equity-accounted joint ventures and associates Due to the first-time adjustment of FFO for non-cash interest expense, the previous year’s figures have been adjusted accordingly. Revenue in € million EBIT in € million EBT (excluding measurement gains/ losses) in € million Funds from Operations per share in € 66.3 67.6 53.4 53.5 39.7 35.7 0.52 0.46 2025 2026 2025 2026 2025 2026 2025 2026
9 Financial position and net assets Liabilities Net assets and liquidity The total assets of the Deutsche EuroShop Group rose slightly by €29.6 million compared with the last reporting date to €4,633.5 million (31 December 2025: €4,603.8 million). Equity ratio of 47.5 % The equity ratio (including the shares of third-party share- holders) of 47.5 % increased slightly compared to the last reporting date (47.1 %) and remains at a robust level. As at 31 March 2026, current and non-current financial liabilities stood at €2,092.5 million, down €1.0 million from year-end 2025 due to scheduled repayments and increased liabilities for bond interest. As at 31 March 2026, all loan covenants were met. Non-current deferred tax liabilities increased by €2.4 million to €293.7 million due to additional provisions. Other current and non-current liabilities and provisions fell by €2.8 million. Balance sheet structure Balance sheet total in € million Assets Liabilities 4,603.8 425.9 4,177.9 4,633.5 455.0 4,178.5 4,633.5 4,603.8 69.8 2,364.6 202.2 2,231.5 2,199.1 2,170.1 2025 2026 2026 2025 Current assets Non-current assets Current liabilities Non-current liabilities Total equity (incl. third-party shareholders)
10 Quarterly statement as at 31 March 2026 . Business performance Risk report The Iran conflict may lead to additional uncertainty for tenants, lenders and shareholders. It is not currently having a direct impact. However, rising inflation rates - particularly due to higher energy costs - and an increase in interest rate level may result in indirect effects. These are difficult to assess based on the information currently available to us. Since the beginning of the financial year, there have been no significant changes to the information provided in the risk report of the combined management report as at 31 December 2025 (see Risk Report section of 2025 Annual Report). We do not believe that the Company currently faces any risks capable of jeopardising its continued existence. Report on events after the reporting date No significant events occurred between the balance sheet date of 31 March 2026 and the date of preparation of the financial statements. Outlook Expected results of operations and financial position Following a performance in the first quarter in line with projections, we can reaffirm our forecast for the 2026 finan- cial year: Revenue: €269–277 million Earnings before interest and taxes (EBIT): €211–219 million Earnings before taxes (EBT) excluding measurement gains/losses: €134–142 million Funds from operations (FFO): €134–142 million Dividend proposal For financial year 2025, in view of the liquidity available and the operating outlook, the Executive Board and the Super- visory Board have decided to propose the payment of a dividend of € 1.00 per share to the Annual General Meeting scheduled for 18 June 2026. The Company reserves the right to adjust its proposed resolution before or at the latest during the Annual General Meeting if it should prove possi- ble and expedient to distribute a higher dividend owing to changed circumstances.
Consolidated balance sheet 11 Assets in € thousand ASSETS Non-current assets Intangible assets Property, plant and equipment Investment properties Investments accounted for using the equity method Non-current assets Current assets Trade receivables Other current assets Cash and cash equivalents Current assets Total assets Liabilities in € thousand EQUITY AND LIABILITIES Equity and reserves Subscribed capital Capital reserves Retained earnings 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 31.03.2026 31.12.2025 51,743 255 4,020,721 105,767 4,178,486 11,579 26,332 417,067 454,978 51,746 291 4,020,721 105,152 4,177,910 16,258 22,259 387,405 425,922 4,633,464 4,603,832 31.03.2026 31.12.2025 75,744 781,582 1,072,582 1,929,908 75,744 781,582 1,044,141 1,901,467 2,069,803 1,938,879 293,653 269,202 1,130 291,302 268,632 1,328 2,633,788 2,500,141 22,658 9,213 14,171 11,707 12,019 69,768 152,536 6,537 14,021 15,886 13,244 202,224 Total equity and liabilities 4,633,464 4,603,832
12 Quarterly statement as at 31 March 2026 . Consolidated income statement 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 Interest income Financial gains/losses Measurement gains/losses Earnings before taxes (EBT) Taxes on income and earnings Consolidated profit Earnings per share (€) 01.01.- 31.03.2026 01.01.- 31.03.2025 67,582 -8,403 -3,873 -2,030 53,276 2,721 -2,474 53,523 2,182 -17,741 -3,447 1,182 -17,824 -3,369 32,330 -3,889 28,441 0.38 66,274 -7,241 -3,742 -2,165 53,126 2,156 -1,849 53,433 2,108 -12,991 -3,606 715 -13,774 -3,414 36,245 -4,386 31,859 0.42
13 Consolidated statement of comprehensive income in € thousand Consolidated profit Items which under certain conditions in the future will be reclassified to the income statement: Actual share of the profits and losses from instruments used to hedge cash flows Deferred taxes on changes in value offset directly against equity Total earnings recognised directly in equity Total profit Share of Group shareholders 01.01.- 31.03.2026 01.01.- 31.03.2025 28,441 31,859 0 0 0 28,441 28,441 320 -54 266 32,125 32,125 Consolidated statement of changes in equity in € thousand Number of shares outstanding Sub- scribed capital Capital reserves Other retained earnings Statutory reserve Cash flow hedge reserve Treasury shares Total 01.01.2025 75,743,854 76,464 793,943 1,015,451 2,000 -2,598 -720 1,884,540 Total profit Dividend payments 0 0 0 0 31,859 0 0 0 266 0 0 0 32,125 0 31.03.2025 75,743,854 76,464 793,943 1,047,310 2,000 -2,332 -720 1,916,665 01.01.2026 Total profit Dividend payments 75,743,854 75,744 781,582 1,042,141 2,000 0 0 0 0 28,441 0 0 0 31.03.2026 75,743,854 75,744 781,582 1,070,582 2,000 0 0 0 0 0 0 0 0 1,901,467 28,441 0 1,929,908
14 Quarterly statement as at 31 March 2026 . Consolidated cash flow statement 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 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 Outflows for the acquisition of investment properties Outflows for the acquisition of intangible assets and property, plant and equipment Cash flow from investing activities Inflows from the assumption of financial liabilities Outflows from the repayment of financial liabilities Outflows from the repayment of lease liabilities Payments to limited partners 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 01.01.- 31.03.2026 01.01.- 31.03.2025 28,441 3,889 17,824 39 3,369 1,567 -111 -4,179 6,436 57,275 -16,296 1,182 -323 41,838 -4,041 0 -4,041 0 -5,478 -104 -2,554 0 -8,136 29,662 387,405 417,067 31,859 4,386 13,774 33 3,414 1,650 610 -2,561 -2,432 50,733 -11,898 715 -4,300 35,250 -4,157 -57 -4,214 0 -19,441 -26 -2,300 0 -21,767 9,269 212,438 221,707
15 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 proportion to the Group’s share in the same. Similarly, for subsidiaries in which the Group is not the sole shareholder, income, expenditure, assets and liabilities are only consolidated in proportion to the corresponding Group share. This results in the following figures, broken down by segment: Segment reporting Segment reporting by Deutsche EuroShop AG is carried out on the basis of internal reports that are used by the Execu- tive Board to manage the Group. Internal reports distinguish between shopping centers in Germany (“domestic”) and other European countries (“abroad”). As the Group’s main decision-making body, the Executive Board of Deutsche EuroShop AG first and foremost assesses the performance of the segments based on revenue, EBIT and EBT excluding measurement gains/losses. The measurement principles for segment reporting correspond to those of the Group. in € thousand Revenue 01.01.-31.03.2025 EBIT 01.01.-31.03.2025 EBT (excluding measurement gains/losses) 01.01.-31.03.2025 Germany 51,091 (50,023) 40,208 (39,603) 24,653 (29,767) Abroad 14,341 (13,977) 12,932 (12,818) 11,469 (11,198) Total 65,432 (64,000) 53,140 (52,421) 36,122 (40,965) Recon- ciliation 01.01.- 31.03.2026 2,151 (2,274) 383 (1,012) -431 (-1,285) 67,582 (66,274) 53,523 (53,433) 35,691 (39,680) 31.03.2026 Segment assets 31.12.2025 3,134,941 825,127 3,960,068 673,396 4,633,464 (3,127,048) (819,122) (3,946,170) (657,662) (4,603,832) of which investment properties 3,015,341 778,460 3,793,801 226,920 4,020,721 31.12.2025 (3,015,350) (778,460) (3,793,810) (226,911) (4,020,721) The adjustment of the proportionate consolidation of the joint ventures and subsidiaries in which the Group does not own a 100% stake is carried out in the reconciliation column. Deferred tax liabilities are considered by the Executive Board of Deutsche EuroShop AG cross-segmentally and are there- fore 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 reconciliation column also contains the companies that are not allocated to either of the two segments (Deutsche EuroShop AG, DES Management GmbH and DES Beteiligungs GmbH & Co. KG). In view of the geographical segmentation, no further information pursuant to IFRS 8.33 is given.
16 Quarterly statement as at 31 March 2026 . Other disclosures Other disclosures The Shopping Center Share Responsibility Statement by the Executive Board To the best of my knowledge, and in accordance with the applicable reporting principles for interim financial report- ing, the quarterly statement gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, as well as a fair review of the performance of the business, including the operating results and the position of the Group, together with a description of the principal opportunities and risks associated with the expected performance of the Group for the remainder of the financial year. Hamburg, 12 May 2026 After closing 2025 at €18.841, the Deutsche EuroShop share started the new year on a positive note. The lowest price that it reached in the first three months of the year was €18.60. This came early in the period on 2 January 2026. From that date onwards, the share moved in an upward trend before reaching a high of €20.90 on 27 February 2026. The war that began in Iran on 28 February 2026 led to a slight decline in prices, which was followed by a moderate recovery. At the end of the first three months of the year, the share price stood at €20.35 on 31 March 2026. This corre- sponds to a performance of +8.0 %. The small cap index SDAX fell by 4.0 % over the same period. Deutsche EuroShop’s market capitalisation stood at €1.54 billion at the end of the first quarter. Key share data Sector/industry group Financial services/real estate Share capital on 31.03.2026 € 75,743,854.00 Hans-Peter Kneip Number of shares on 31.03.2026 (no-par-value registered shares) Dividend for 20252 Share price on 30.12.2025 Share price on 31.03.2026 Low/high for the period under review Market capitalisation on 31.03.2026 75,743,854 €1.00 € 18.84 € 20.35 €18.60/€20.90 €1.54 billion Frankfurt and Xetra Prime Standard OTC markets Indices ISIN Ticker symbol Berlin, Düsseldorf, Hamburg, Hanover, Munich and Stuttgart SDAX, CDAX, EPRA, HASPAX, Prime All Share Index, Classic All Share Index DE 000748 020 4 DEQ, Reuters: DEQGn.DE 1 Unless otherwise specified, all information and calculations are based on Xetra closing prices. 2 Proposal
Deutsche EuroShop vs. SDAX and EPRA Comparison, January to May 2026 (indexed, base of 100, in %) 17 110 105 100 95 90 Jan 26 Feb 26 Mar 26 Apr 26 May 26 Deutsche EuroShop EPRA SDAX Would you like further information? Then visit us online or call us: Patrick Kiss and Nicolas Lissner Tel.: +49 (0)40 - 41 35 79-20 / -22 Fax: +49 (0)40 - 41 35 79-29 Email: ir@deutsche-euroshop.de Online: www.deutsche-euroshop.com/ir Financial calendar 2026 12 May 18 June 25 June Quarterly statement 3M 2026 Annual General Meeting, Hamburg Baader Small Cap Pearls Day, Munich 13 August Half-year Financial Report 2026 21 September Berenberg and Goldman Sachs German Corporate Conference, Munich 21–24 September Baader Investment Conference, Munich 12 November Quarterly statement 9M 2026 Our financial calendar is updated continuously. Please check our website for the latest events: www.deutsche-euroshop.com/ir Forward-looking statements Rounding and rates of change This quarterly statement contains forward-looking state- ments 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 forecasts are based do not materialise, the actual results may differ from those currently forecast. Percentages and figures stated in this report may be subject to rounding differences. The signs used to indicate rates of change are based on economic considerations: improve- ments are indicated with a plus sign (+); deteriorations with a minus sign (-).