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DESTINATION: SHOPPING
CONFERENCE CALL
9M REPORT 2023
15 NOVEMBER 2023
COMPANY
BUSINESS DEVELOPMENT
 Strong comeback of operational business
– Encouraging increase of footfall (+11.0%) and
retail sales (+7.4%) compared to 9M 2022
– Retail sales above 2019 levels
 Strengthened return profile following acquisition of
minority interests in own shopping centers
 Revenue €203.2m (+28.1%), FFO €129.7m (+34.5%)
Update on Business Activities 9M 2023 – Summary
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2023 | 15 NOVEMBER 2023
2
COMPANY
Update on Business Activities 9M 2023 – Summary
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2023 | 15 NOVEMBER 2023
3
FINANCING AND LIQUIDITY
 Low LTV of 32.4% and strong cash position of €280.6m
 Steady funding situation with long-term financing partners
 Regular follow-on financings 2023 completed, €221.0m in total
 Next loan due in 2025, major refinancings only from 2026
 Dividend of €191.2m (€2.50 per share) paid in September
SHOPPING CENTERS
Q1 2023
Q4 2022
Development of retail turnover and footfall compared to previous year
Q3 2023
Q2 2023
Development of Retail Turnover1 and Footfall
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2023 | 15 NOVEMBER 2023
4
1 Source: ECE / the data only refer to the DES portfolio (incl. international centers) / nominal sales development, not adjusted for inflation / in Euro (with exchange rate effects)
+16.2%
+11.8%
+17.6%
+24.0%
+5.7% +6.2%
+0.7%
+4.3%
Footfall Turnover Footfall Turnover Footfall Turnover Footfall Turnover
+7.4%
+11.0%
Footfall Turnover
9M y-o-y
FINANCIALS
Revenues – continuing upward trend
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2023 | 15 NOVEMBER 2023
5
Revenue
in € million  Revenues increase by €5.7m to €203.2m (pro forma +2.9%)
 Essentially due to higher inflation-related index adjustments
and higher turnover rents
+2.9%
9M 2023
Share of revenue
9M 20221
Share of revenue
Abroad
19%2
(14%3)
Abroad
20%2
(15%3)
Domestic
80%2
(85%3)
Domestic
81%2
(86%3)
9M 2022 9M 2023
197.51 203.2
158.7
38.8
1 Pro forma | 2 “Look through” (calculated on the basis of the group share) | 3 Consolidated
FINANCIALS
in € thousand 01.01. – 30.09.2023 01.01. – 30.09.20222
EBIT 168.683 143.115
Financial result1
-33.310 -34.013
EBT1
135.373 109.102
EBT1 – significant increase, positively influenced by one-off income
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2023 | 15 NOVEMBER 2023
6
1 Excluding valuation | 2 Pro forma
 EBT (excl. valuation) above previous year pro forma +24.1%
(€+26.3m) due to income from the reversal of provisions for
non-allocable ancillary costs and maintenance as well as lower
value adjustments and consultancy expenses
 Interest income from the short-term investment of cash with
positive impact (€+3.7m)
+24.1%
EBT1
in € million
9M 2022 9M 2023
109.12
135.4
94.4
14.7
FINANCIALS
Funds From Operations (FFO) – substantial upturn compared to previous year
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2023 | 15 NOVEMBER 2023
7
1 Pro forma| 2 Including the share attributable to equity-accounted joint ventures and associates | 3 after consideration of taxes
 FFO increased from €111.0m to €129.7m due to
higher operating results
 FFO per share increased from €1.49 to €1.74
01.01. – 30.09.2023 01.01. – 30.09.20221
in € thousand per share in € in € thousand per share in €
Consolidated profit 68,190 0.91 77,804 1.04
Valuation investment properties2
46,826 0.63 16,940 0.23
Income and expenses from changes in
the scope of consolidation 8,333 0.11 0 0.00
Expenses within the context of the
takeover offer3 0 0.00 5,884 0.08
Deferred taxes 6,329 0.09 10,411 0.14
FFO 129,678 1.74 111,039 1.49
Weighted number of
no-par-value shares issued
74,689,725 74,689,725
+16.8%
FFO
in € million
(per share in €)
(€0.88) (€1.08) Funds From Operations
Funds From Operations (FFO)
are used to finance the distribution of dividends, scheduled repayments on
our long-term bank loans and ongoing investments in portfolio properties.
9M 2022 9M 2023
111.01
129.7
96.4
14.6
FINANCIALS
Balance Sheet – Solid and Robust Structure
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2023 | 15 NOVEMBER 2023
8
1 Including third-party interest in equity | 2 Ratio of net financial liabilities (financial liabilities less cash and cash equivalents) to non-current assets (investment properties and investments accounted for using the equity
method) | 3 Ratio of net debt (financial liabilities and lease liabilities less cash and cash equivalents) to property assets calculated on the basis of the Group’s share in the subsidiaries and joint ventures.
Balance sheet structure
in € million
 Equity ratio stands at a solid 55.2%
 LTV to 32.4% (EPRA LTV 34.1%3)
 Group liquidity: €280.6m (€-54.4m)
in € thousand 30.09.2023 31.12.2022 Change
Non-current assets 4,224,303 3,825,248 399,055
Cash and cash equivalents 280,585 334,943 -54,358
Other current assets 47,327 47,915 -588
Total assets 4,552,215 4,208,106 344,109
Equity 2,228,735 2,036,237 192,498
Right to redeem of limited partners 285,118 307,130 -22,012
Equity (including minority interest) 2,513,853 2,343,367 170,486
Financial liabilities 1,630,546 1,479,251 151,295
Deferred taxes 340,320 334,404 5,916
Other liabilities 67,496 51,084 16,412
Total equity and liabilities 4,552,215 4,208,106 344,109
Equity ratio in %1 55.2% 55.7%
LTV ratio in %2 32.4% 30.3%
EPRA LTV in %3 34.1% 33.1%
Balance sheet as at 30 September 2023
3,825.2
4,224.3
382.9
327.9
4,208.1
4,552.2
2022 2023
Non-current assets
Current assets
2,513.9 2,343.4
1,965.8
1,805.6
72.5
59.1
4,552.2
4,208.1
2023 2022
Current liabilities
Non-current liabilities
Equity (incl. non controlling interests)
Assets Liabilities
FINANCIALS
2.72 2.47 2.18 2.09 2.43 2.341
5.6 5.3 5.1 4.7
6.8
6.0
2018 2019 2020 2021 2022 9M 2023
Avg. Interest rate Weighted maturity
Interest Rate Structure1,2
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2023 | 15 NOVEMBER 2023
9
1 As of 30 September 2023 | 2 Excl. non-consolidated loans
Interest Lockin
Due
(years)
Principle amounts
(€ million)
Share of
total Loan
Avg.
interest Rate
2024 0
2025 2.4 61.7 3.8% 2.06%
2026 – 2027 3.6 588.2 36.1% 2.39%
2028 ff 7.8 980.6 60.1% 2.33%
Total1
6.3 1,630.5 100% 2.34%
 14 German and 4
foreign bank partners
 Weighted maturity of
fixed interest periods
6.0 years1
Years
%
SHOPPING CENTERS
Main-Taunus-Zentrum: “Foodgarden”
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2023 | 15 NOVEMBER 2023
10
 Major investment in DES’ portfolio
 Approx. €28 million total
investment for the strategic
advancement of the center
 Almost completely pre-let,
high-quality tenant structure
 Construction work has started
 Opening planned for spring 2025
SHOPPING CENTERS
Rhein-Neckar-Zentrum: Retailtainment & Casual Dining
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2023 | 15 NOVEMBER 2023
11
Source: ECE
 New modern, free-standing
restaurant building with
attractive outdoor terraces,
operated by L'Osteria
 Three new tenants will move
into the property of a former
DIY store by mid-2024:
− B.O.C., a specialist
bicycle retailer
− JUMP House, an
adventure concept
− A further indoor
entertainment concept
SHOPPING CENTERS
Promising New Tenants
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2023 | 15 NOVEMBER 2023
12
 DES plays an active role in promoting the
settlement of promising new tenants
 An example worth highlighting is Pepco:
− The European retailer has moved into various
spaces left vacant following the insolvency of
a shoe retail chain
− Pepco offers a wide range of clothing,
household goods and decorative items
− The new lettings underline DES’ flexibility and
commitment to continuously increase the
attractiveness of its locations
COMPANY
Forecast
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2023 | 15 NOVEMBER 2023
13
 2023 as first year without Covid-related restrictions since 2019
 Continued improvement of operational business expected
 Further investments in competitiveness of our shopping centers
 ESG and corresponding investments in strategic focus
 Optimization and diversification of financing structure planned
 FFO FY 2023 expected to increase by >20% to €156m - €164m
 €2.08 - €2.18 per share1
1 Number of shares increased from 61,783,594 to 76,464,319 in February 2023 / The FFO per share forecast for 2023 is based on a time-weighted number of 75,137,020 shares
2021 2022 2023
Result
1.98
Result
2.11
Goal1
2.08–2.18
FFO per share
APPENDIX
Financial Calendar
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2023 | 15 NOVEMBER 2023
14
2023
14.11. Quarterly Statement 9M 2023
16.11.
Kepler Cheuvreux UniCredit Pan-European Real Estate
Conference, London
2024
15.-16.01. ODDO BHF Forum (virtual)
17.01.
Kepler Cheuvreux UniCredit German Corporate Conference,
Frankfurt
19.03. Preliminary Results FY 2023
20.-22.03. Bank of America EMEA Real Estate CEO Conference, London
26.04. Publication of the Annual Report 2023
14.05. Quarterly Statement 3M 2024
25.06. Annual General Meeting
14.08. Half-year Financial Report 2024
14.11. Quarterly Statement 9M 2024
APPENDIX
Contact
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2023 | 15 NOVEMBER 2023
15
Deutsche EuroShop AG
Investor & Public Relations
Heegbarg 36
22391 Hamburg
Tel. +49 (40) 41 35 79 – 20/– 22
Fax +49 (40) 41 35 79 – 29
E-Mail: ir@deutsche-euroshop.com
Web: www.deutsche-euroshop.com
Important Notice: Forward-Looking Statements
Statements in this presentation relating to future status or circumstances, including statements regarding management’s plans and objectives for future operations, sales and earnings
figures, are forward-looking statements of goals and expectations based on estimates, assumptions and the anticipated effects of future events on current and developing circumstances and
do not necessarily predict future results.
Many factors could cause the actual results to be materially different from those that may be expressed or implied by such statements. Deutsche EuroShop does not intend to update these
forward-looking statements and does not assume any obligation to do so.
Rounding and rates of change
Percentages and figures stated in this report may be subject to rounding differences. The rates of change are based on economic considerations: improvements are indicated by a plus (+);
deterioration by a minus (-).
instagram.com/deutscheeuroshop
youtube.com/DeutscheEuroShop
facebook.com/euroshop
slideshare.net/desag
twitter.com/des_ag
flickr.com/desag
ir-mall.com
Patrick Kiss
IR
Hans-Peter Kneip
CFO
Nicolas Lissner
IR

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Deutsche EuroShop | Conference Call Presentation - Quarterly Statement 9M 2023

  • 1. DESTINATION: SHOPPING CONFERENCE CALL 9M REPORT 2023 15 NOVEMBER 2023
  • 2. COMPANY BUSINESS DEVELOPMENT  Strong comeback of operational business – Encouraging increase of footfall (+11.0%) and retail sales (+7.4%) compared to 9M 2022 – Retail sales above 2019 levels  Strengthened return profile following acquisition of minority interests in own shopping centers  Revenue €203.2m (+28.1%), FFO €129.7m (+34.5%) Update on Business Activities 9M 2023 – Summary CONFERENCE CALL - QUARTERLY STATEMENT 9M 2023 | 15 NOVEMBER 2023 2
  • 3. COMPANY Update on Business Activities 9M 2023 – Summary CONFERENCE CALL - QUARTERLY STATEMENT 9M 2023 | 15 NOVEMBER 2023 3 FINANCING AND LIQUIDITY  Low LTV of 32.4% and strong cash position of €280.6m  Steady funding situation with long-term financing partners  Regular follow-on financings 2023 completed, €221.0m in total  Next loan due in 2025, major refinancings only from 2026  Dividend of €191.2m (€2.50 per share) paid in September
  • 4. SHOPPING CENTERS Q1 2023 Q4 2022 Development of retail turnover and footfall compared to previous year Q3 2023 Q2 2023 Development of Retail Turnover1 and Footfall CONFERENCE CALL - QUARTERLY STATEMENT 9M 2023 | 15 NOVEMBER 2023 4 1 Source: ECE / the data only refer to the DES portfolio (incl. international centers) / nominal sales development, not adjusted for inflation / in Euro (with exchange rate effects) +16.2% +11.8% +17.6% +24.0% +5.7% +6.2% +0.7% +4.3% Footfall Turnover Footfall Turnover Footfall Turnover Footfall Turnover +7.4% +11.0% Footfall Turnover 9M y-o-y
  • 5. FINANCIALS Revenues – continuing upward trend CONFERENCE CALL - QUARTERLY STATEMENT 9M 2023 | 15 NOVEMBER 2023 5 Revenue in € million  Revenues increase by €5.7m to €203.2m (pro forma +2.9%)  Essentially due to higher inflation-related index adjustments and higher turnover rents +2.9% 9M 2023 Share of revenue 9M 20221 Share of revenue Abroad 19%2 (14%3) Abroad 20%2 (15%3) Domestic 80%2 (85%3) Domestic 81%2 (86%3) 9M 2022 9M 2023 197.51 203.2 158.7 38.8 1 Pro forma | 2 “Look through” (calculated on the basis of the group share) | 3 Consolidated
  • 6. FINANCIALS in € thousand 01.01. – 30.09.2023 01.01. – 30.09.20222 EBIT 168.683 143.115 Financial result1 -33.310 -34.013 EBT1 135.373 109.102 EBT1 – significant increase, positively influenced by one-off income CONFERENCE CALL - QUARTERLY STATEMENT 9M 2023 | 15 NOVEMBER 2023 6 1 Excluding valuation | 2 Pro forma  EBT (excl. valuation) above previous year pro forma +24.1% (€+26.3m) due to income from the reversal of provisions for non-allocable ancillary costs and maintenance as well as lower value adjustments and consultancy expenses  Interest income from the short-term investment of cash with positive impact (€+3.7m) +24.1% EBT1 in € million 9M 2022 9M 2023 109.12 135.4 94.4 14.7
  • 7. FINANCIALS Funds From Operations (FFO) – substantial upturn compared to previous year CONFERENCE CALL - QUARTERLY STATEMENT 9M 2023 | 15 NOVEMBER 2023 7 1 Pro forma| 2 Including the share attributable to equity-accounted joint ventures and associates | 3 after consideration of taxes  FFO increased from €111.0m to €129.7m due to higher operating results  FFO per share increased from €1.49 to €1.74 01.01. – 30.09.2023 01.01. – 30.09.20221 in € thousand per share in € in € thousand per share in € Consolidated profit 68,190 0.91 77,804 1.04 Valuation investment properties2 46,826 0.63 16,940 0.23 Income and expenses from changes in the scope of consolidation 8,333 0.11 0 0.00 Expenses within the context of the takeover offer3 0 0.00 5,884 0.08 Deferred taxes 6,329 0.09 10,411 0.14 FFO 129,678 1.74 111,039 1.49 Weighted number of no-par-value shares issued 74,689,725 74,689,725 +16.8% FFO in € million (per share in €) (€0.88) (€1.08) Funds From Operations Funds From Operations (FFO) are used to finance the distribution of dividends, scheduled repayments on our long-term bank loans and ongoing investments in portfolio properties. 9M 2022 9M 2023 111.01 129.7 96.4 14.6
  • 8. FINANCIALS Balance Sheet – Solid and Robust Structure CONFERENCE CALL - QUARTERLY STATEMENT 9M 2023 | 15 NOVEMBER 2023 8 1 Including third-party interest in equity | 2 Ratio of net financial liabilities (financial liabilities less cash and cash equivalents) to non-current assets (investment properties and investments accounted for using the equity method) | 3 Ratio of net debt (financial liabilities and lease liabilities less cash and cash equivalents) to property assets calculated on the basis of the Group’s share in the subsidiaries and joint ventures. Balance sheet structure in € million  Equity ratio stands at a solid 55.2%  LTV to 32.4% (EPRA LTV 34.1%3)  Group liquidity: €280.6m (€-54.4m) in € thousand 30.09.2023 31.12.2022 Change Non-current assets 4,224,303 3,825,248 399,055 Cash and cash equivalents 280,585 334,943 -54,358 Other current assets 47,327 47,915 -588 Total assets 4,552,215 4,208,106 344,109 Equity 2,228,735 2,036,237 192,498 Right to redeem of limited partners 285,118 307,130 -22,012 Equity (including minority interest) 2,513,853 2,343,367 170,486 Financial liabilities 1,630,546 1,479,251 151,295 Deferred taxes 340,320 334,404 5,916 Other liabilities 67,496 51,084 16,412 Total equity and liabilities 4,552,215 4,208,106 344,109 Equity ratio in %1 55.2% 55.7% LTV ratio in %2 32.4% 30.3% EPRA LTV in %3 34.1% 33.1% Balance sheet as at 30 September 2023 3,825.2 4,224.3 382.9 327.9 4,208.1 4,552.2 2022 2023 Non-current assets Current assets 2,513.9 2,343.4 1,965.8 1,805.6 72.5 59.1 4,552.2 4,208.1 2023 2022 Current liabilities Non-current liabilities Equity (incl. non controlling interests) Assets Liabilities
  • 9. FINANCIALS 2.72 2.47 2.18 2.09 2.43 2.341 5.6 5.3 5.1 4.7 6.8 6.0 2018 2019 2020 2021 2022 9M 2023 Avg. Interest rate Weighted maturity Interest Rate Structure1,2 CONFERENCE CALL - QUARTERLY STATEMENT 9M 2023 | 15 NOVEMBER 2023 9 1 As of 30 September 2023 | 2 Excl. non-consolidated loans Interest Lockin Due (years) Principle amounts (€ million) Share of total Loan Avg. interest Rate 2024 0 2025 2.4 61.7 3.8% 2.06% 2026 – 2027 3.6 588.2 36.1% 2.39% 2028 ff 7.8 980.6 60.1% 2.33% Total1 6.3 1,630.5 100% 2.34%  14 German and 4 foreign bank partners  Weighted maturity of fixed interest periods 6.0 years1 Years %
  • 10. SHOPPING CENTERS Main-Taunus-Zentrum: “Foodgarden” CONFERENCE CALL - QUARTERLY STATEMENT 9M 2023 | 15 NOVEMBER 2023 10  Major investment in DES’ portfolio  Approx. €28 million total investment for the strategic advancement of the center  Almost completely pre-let, high-quality tenant structure  Construction work has started  Opening planned for spring 2025
  • 11. SHOPPING CENTERS Rhein-Neckar-Zentrum: Retailtainment & Casual Dining CONFERENCE CALL - QUARTERLY STATEMENT 9M 2023 | 15 NOVEMBER 2023 11 Source: ECE  New modern, free-standing restaurant building with attractive outdoor terraces, operated by L'Osteria  Three new tenants will move into the property of a former DIY store by mid-2024: − B.O.C., a specialist bicycle retailer − JUMP House, an adventure concept − A further indoor entertainment concept
  • 12. SHOPPING CENTERS Promising New Tenants CONFERENCE CALL - QUARTERLY STATEMENT 9M 2023 | 15 NOVEMBER 2023 12  DES plays an active role in promoting the settlement of promising new tenants  An example worth highlighting is Pepco: − The European retailer has moved into various spaces left vacant following the insolvency of a shoe retail chain − Pepco offers a wide range of clothing, household goods and decorative items − The new lettings underline DES’ flexibility and commitment to continuously increase the attractiveness of its locations
  • 13. COMPANY Forecast CONFERENCE CALL - QUARTERLY STATEMENT 9M 2023 | 15 NOVEMBER 2023 13  2023 as first year without Covid-related restrictions since 2019  Continued improvement of operational business expected  Further investments in competitiveness of our shopping centers  ESG and corresponding investments in strategic focus  Optimization and diversification of financing structure planned  FFO FY 2023 expected to increase by >20% to €156m - €164m  €2.08 - €2.18 per share1 1 Number of shares increased from 61,783,594 to 76,464,319 in February 2023 / The FFO per share forecast for 2023 is based on a time-weighted number of 75,137,020 shares 2021 2022 2023 Result 1.98 Result 2.11 Goal1 2.08–2.18 FFO per share
  • 14. APPENDIX Financial Calendar CONFERENCE CALL - QUARTERLY STATEMENT 9M 2023 | 15 NOVEMBER 2023 14 2023 14.11. Quarterly Statement 9M 2023 16.11. Kepler Cheuvreux UniCredit Pan-European Real Estate Conference, London 2024 15.-16.01. ODDO BHF Forum (virtual) 17.01. Kepler Cheuvreux UniCredit German Corporate Conference, Frankfurt 19.03. Preliminary Results FY 2023 20.-22.03. Bank of America EMEA Real Estate CEO Conference, London 26.04. Publication of the Annual Report 2023 14.05. Quarterly Statement 3M 2024 25.06. Annual General Meeting 14.08. Half-year Financial Report 2024 14.11. Quarterly Statement 9M 2024
  • 15. APPENDIX Contact CONFERENCE CALL - QUARTERLY STATEMENT 9M 2023 | 15 NOVEMBER 2023 15 Deutsche EuroShop AG Investor & Public Relations Heegbarg 36 22391 Hamburg Tel. +49 (40) 41 35 79 – 20/– 22 Fax +49 (40) 41 35 79 – 29 E-Mail: ir@deutsche-euroshop.com Web: www.deutsche-euroshop.com Important Notice: Forward-Looking Statements Statements in this presentation relating to future status or circumstances, including statements regarding management’s plans and objectives for future operations, sales and earnings figures, are forward-looking statements of goals and expectations based on estimates, assumptions and the anticipated effects of future events on current and developing circumstances and do not necessarily predict future results. Many factors could cause the actual results to be materially different from those that may be expressed or implied by such statements. Deutsche EuroShop does not intend to update these forward-looking statements and does not assume any obligation to do so. Rounding and rates of change Percentages and figures stated in this report may be subject to rounding differences. The rates of change are based on economic considerations: improvements are indicated by a plus (+); deterioration by a minus (-). instagram.com/deutscheeuroshop youtube.com/DeutscheEuroShop facebook.com/euroshop slideshare.net/desag twitter.com/des_ag flickr.com/desag ir-mall.com Patrick Kiss IR Hans-Peter Kneip CFO Nicolas Lissner IR