Deutsche EuroShop | Company Presentation | 08/24

Deutsche EuroShop | Company Presentation | 08/24

2. COMPAR PRESENTATION AUGUST 2024

Update on Business Activi D=S

Deutsche Eureshop

Business Development

+ Positive development of operational business
= Increase of footfall (+1.0%) and retail sales (+1.9%)

compared to H1 2023

Revenue €132.8 m (-1.9%), EBIT €107.4 m (+7.0%)

FFO €79.0 m (-9.7%)

Stable property valuation at 5.9% EPRA NIY

Ongoing investment projects at several locations
to further strengthen their attractiveness:

~ A10 Center

— Main-Taunus-Zentrum

— Rhein-Neckar-Zentrum

~ Stadt-Galerie Hameln

— City-Galerie Wolfsburg

3. COMPAR PRESENTATION AUGUST 2024

Update on Business Activities H1 2024 - Summary D=S

Deutsche Eureshop

Financing and Liquidity

= Low LTV of 35.5% and strong cash position of €338.6 m
(after €149.1 m dividend in January)

» Steady funding situation with long-term financing partners

= Next loan due in 2025, major refinancings only from 2026

» Dividend proposal of €2.60 per share

+ Share buyback program:
Up to €15.0 m or 750,000 shares until 20 December 2024

Status as of 16 August 2024:
- 477,234 shares acquired
- €20.56 average price

- €9.8 million purchased volume

4. COMPAR PRESENTATION AUGUST 2024

Development of Retail Turnover’ and Footfall =S
Deutsche EuroShop
ET 100

40.000 CAGR+3.0% +0
30900 on
CAGR +2.1%
20000 400
arg daily footfall per center retail tumover per quarter in Em
10.000 200

240%

Comparedtothe = =
same quarter of
the previous year:

Y Source: ECE / the data only

tothe DES portfolio inc. international centers) / nominal sales development, not adjusted for inflation / in € (with exchange rate effects) qm

5. COMPAR PRESENTATION AUGUST 2024

Vision - Omnichannel-Platform DES

Deutsche Eureshop

Digitalization as key to integration of retail platforms

Customers

hdd Ak Ak hdd hd

y y
Fie see bat appa st Marketing channels ar Online ep
newsletter CR Os places tenant

Delivery from malt

Pick up in mall

Center

6. COMPANY PRESENTATON| AUGUST 2024

European Portfolio with Focus on Germany D=S

Deutsche Eureshop

5 Norderstedt
879 Hamburg
Wolsbur y,
Hameln 17

Hamm 2, Magdeburg
upper 14 15 Kassel
13) Wetzlar
O

Neunkirenen 18 )Vernbeimt

7. COMPANY PRESENTATION AUGUST 2024

Maturity Distribution of Rental Contracts’

Long-term contracts base
rental income

Weighted maturity 4.7 years
2022 5.7 years

Occupancy rate:

30 June 2024
31 December 2023

1 A8# of rental income as at 31 December 2023

D=S

Deutsche Eureshop

11%

8. COMPAR PRESENTATION AUGUST 2024

Tenant Structure - Top 10 Tenants

Deutsche Eureshop

zu 2022 | Low level of dependence on the Top 10 Tenants’
Ham 2.6% 28%
New Yorker 2.3% 2.3%
Deichmann 2.3% 23% A
P&C Dússeldorf 2.2% 2.1%
Ceconomy 2.2% 2.4%
CRA 2.2% 2.2%
Douglas 1.8% 19%
TK Maxx 1.7% 1.8%
Thalia 1.6% 1.5%
dm-drogerie markt 1.5% 1.6%
Total 20.4% 20.9%

Top 10 Tenants

9. cura PRESENTAN aus 0 =c
Sector Mix! =

Deutsche Eureshop

Drug stores & hypermarkets Food & supermarkets
9.6% 6.6%
Health & beauty
6.4%
Catering
5.1%
Leisure &
entertainment
3.5%
Services
1.9%

Non-food/electronics
18.0%

Fashion

1 As of rental space as at 31 December 2023

10. COMPAR PRESENTATION AUGUST 2024

Main-Taunus-Zentrum: Food Garden

= Major investment in the DES portfolio

= Approx. €28 m total investment for the
strategic advancement of the center

= Very high sustainability standards

= Completely pre-let, high-quality tenant
structure: Alex, L'Osteria, The Ash,

and others
= Topping out ceremony in April 2024

= Opening planned for spring 2025

Source: ECE (visualisation) =

11. COMPANY PRESENTATION AUGUST 2024

Rhein-Neckar-Zentrum: Retailtainment & Casual Dining

= New modern, free-standing restaurant
building with attractive outdoor terraces,
operated by L'Osteria, has opened very
successfully
= Three new tenants to move into the property
of a former DIY store:
B.0.C., a specialist bicycle retailer
(opening in April 2024)
JUMP House, an adventure concept
(opening in summer 2024)
A further indoor entertainment concept

(opening in summer 2024)

Source: ECE

12. COMPANY PRESENTATION AUGUST 2024

Rhein-Neckar-Zentrum: New Photovoltaic Plant D=S

Deutsche Eureshop

= Further sustainability investments in the

Rhein-Neckar-Zentrum

= Photovoltaic system has been installed on the roof of the center

Completed in April 2024

Investment: €1.1 m

Output: 770 kilowatt peak (kWp)

Level of self-sufficiency: 21%

Electricity costs of around €139 k per year

can be saved in future

Source: ECE

13. COMPAR PRESENTATION AUGUST 2024

Stadt-Galerie Hameln and A10 Center: New Promi D=S

ing Tenants

Deutsche Eureshop

= Stadt-Galerie Hameln: = A10 Center:
Action and Netto to open in Autumn 2024 Media Markt and TK Maxx to open end of 2024

on the site of the former “real” market as strong neighbours for the successful Kaufland

Source: ECE (visualisation)

14. COMPAR PRESENTATON| AUGUST 2024

Valuation’ - Investment Properties 30 June 2024

Ine mund 30.06.2024 30.06.2023 CHANGE
Revaluation -20,172 43,789 23,617
Revaluation at-equity 5071 1,422 3,649
Minority interest 2,503 2,566 61
Valuation result before taxes. -12,598 -39.803 27,205
Deferred taxes 2267 6.555 -4,288
Valuation result after taxes* -10,331 33.248 22917
oar S04 |

597
$17

5.
583 541 545
MS Ge, as ou Be

2019 2014 2015 2016 2017 2018 2019 2020 201 2022 2023 20%M

Net operating yield ind —@—Netintial ie in e

1 External appraiser JL (since 2015) 12 Arutabe to group shareholders | 3 Nominal ateo rentincreases using the OCF method during the 10-year measurement period, including intaon-rtated rent

indexing and changes in the occupancy rate

D=S

Deutsche Eureshop

Valuation result H1 2024
» Property values stable at 30 June 2024

= EPRANIY unchanged at 5.9%

+ Valuation result -€12.6 m

» Still muted transaction market for shopping centers

Sensitivity Analysis

sis Change of -25bps Change of +25bps

In ovsand
Rent increase rates” 1.46% -108.6 +121.4
Costratio 12.16% +433 -43.1
Discount rate 7.10% +16 -65.6
Capitalizationrate 5.64% +106.6 933

15. COMPAR PRESENTATION AUGUST 2024

: =S
=~
Net Tangible Assets (EPRA) des
EPRA NTA = EPRA NTA declines mainly due to dividend payment
in € million (per share in €) at the beginning of the year: €30.57 (-3.2%)
= Share price discount to NTA reduced to 11.2%?
3.6%
EPRA NTA
2,309.7 23744 2,335.9 24164 2,326.5 30.06.2024 31.122023
een! om demne péter prin
Equity 2026409 26632119667 2972
Derivative financial instruments
measured air value zu 003 su 008
Equity excluding derivative
financial instruments 202052 2686 2126094 2720
Deterred taxes oninvestment properties
sue sue se see and derivative fnocial instruments so 4 ou? us
Intangible sets 48 oo 23 00
2020 2021 2022 2023 2024H1 Goodwill asa result o deterred anos Se 6
EPRANTA 2.926.467 3057241439 3158
618 618 618 765 761 Weighted number ot Due ass

Number of shares as at the Reporting Date (in m) A hdl

16. COMPA PRESENTATION AUGUST 2024

Balance Sheet — Solid and Robust Structure

Balance sheet structure
in € million

4,460.2 4,460.4 4,460.4 4,460.2

2023 2024H1 2024H1 2023

mon -eurrentassets

380

Current abies
anon: current bites
‘Equity nel. non controling interest)

Current assets

Assets Liabilities

including tient
andinestments account

Fusing the equiy method) 3 Ratio of net financial Lab

retin equity | 2 Ratio of net financial able (nancial abit Les cash and cash equivalent) fo nor-curent a
to long-term assets, calculated onthe bass of

Deutsche Euroshop
+ Equity ratio stands at a solid 51.2%

= LTV at 35.5% (EPRA LTV ("look through”) 37.3%3)

+ Group liquidity of €338.6 m

Balance sheet as of 30 June 2024

int asa 3006202 21.122028 Change
Non-eurent assets 092.468" 4091953 15
Cash andcash equivalents 330567 336071 2456
Other current assets 29.383 32173 239
Tota assets 4460298 460197 201
Equity 2026609 2.119667 93058
Nor-<ontrling interests oflimited partners 238.246 259380 1126
Equity (including minority interest) 2.286.855 2.078.007 94,192
Financial abitties 174062 1477600 96442
Deferedtones 399305 ae 1417
Other ables 62.166 71632 Bass
Tota equtyand ables 446098 4460197 201
Equity ratio in #° 512% 533%

UVratioin #? 355% Er

EPRALTV ratio in 373% 348%

I investment properties

17. COMPANY PRESENTATION AUGUST 2024

Interest Rate Structure’?

Due Principalamounts Share of Avg.
Interest Lockin (years) {€ million) totalLoan interest Rate
2025 12 60.0 3.4% 2.0%
2026 20 241.6 13.6% 2.3%
2027-2029 41 519.0 29.3% 2.3%
2029 ff 7.4 953.4 53.7% 2.8%
Total! 55 1,776.0 100.0% 2.6%
Years 68

58
53 51 55
% 2 oS

247 248 209 243 243 2.561
2019 2020 2021 2022 2023 2024H1

1 A8 0130. June 2024 2 Ex non-consoldated loans

DES

Deutsche Eureshop

Long-term diversified financing structure
+ Steady funding situation with 22 long-term financing partners
» Low LTV of 35.5%

» Low average interest rate of 2.56%

» Weighted maturity of fixed interest periods 5.5 years

Next loan due in 2025, major refinancings only from 2026

18. COMPAR PRESENTATION AUGUST 2024

=o,
Forecast? D=S
Deutsche Euroshop

REVENUE EBT EXCL. VALUATION FFO
em Em em

264.71 2733 268-276 aie an

En 149.6 149-155 149.61 146-152

15.0

228

2022 2023 2024 2022 2023 202% 2022 202 2024
EBIT NUMBER OF SHARES FFO PER SHARE
em mn cm :

Ñ 2.28
192 2127 204-210 e _ sel 199 4 ore
2022 2023 2024 2022 2023 2024 2022 2023 2024

1 Proforma | 2Forthe purpose of improving comparably, the same weighed number o no-pa value shares issued was used in the disclosure ol consolidated hey figure per share fr 2022
3 One-of effect on other operating income in the amount of around € 15 milion or €0.20 per share (excl. taxes) | 4 Pro forma dilution | 5 2023: Preliminary Results [is

19. COMPA PRESENTATION AUGUST 2024

Share performance and dividend track record

Deutsche Eureshop

Dividend per share’
— NTA (NAV) per share

— Share price?

5.00 eu 45
40.46
4.50 7
4.00
3,50 057 8
30
Ea 27.15
250 25
2.00 20
1.50
15
1.00
0.50 10

1.05 110 110 1.20 125 130 135 140 145 150 0.00 0.04 1.00 445? 260
0.00 5
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

1 Respectively pais or he previous FY 1 2 2024: As of 6 August 202413 €2 0 pad on | September 2023 and €1.95 paid on 13 January 2024 |

20. COMPA PRESENTATON| AUGUST 2024

En
Shareholder Structure’ DES
Daitace uroshep
Other
Hercules BidCo 20%
76.4%
Germany
98.0%
Institutional
Investors
3.0%
Private Investors
14.0% Maren Otto
6.6%

6012 August 2024

21. COMPA PRESENTATION AUGUST 2024

S

D =
Deutsche Eureshop

Analysts‘ Consensus!

z

2025
275.4

2024
272.8
210.2

median/in €

mnegative

3

Revenue (€ m)
EBIT (€ m)

&
S

2142

neutral

588
=s
sis
B/E
eg
Ez

131

Dividend

mpositive

23.23

Price target (mean)

9

©

Sell

Buy

Outperform

Neutral

Underperform

+ Baader Bank

+ Berenberg Bank
= Kepler Cheuvreux
= MM. Warburg

1 Aggregated by DES, median values, stats: 15 August 2024, anaiyts

22. MPA PRESENTATION AUGUST 2024

Key Data of the Share

Listed since
Nominal capital
Outstar
Class of shares

Number of treasury shares (16 August 2024)
Dividend for 2023 (proposal)

52W High
52W Low
Share pri

shares

(16 August 2024)

‘Avg. turnover per day last 12 months (XETRA)
Indices

Official market
OTC market

ISIN
Ticker
Market maker

02.01.2001
€76,466,319.00
76,464,319
Registered shares
477,234

€2.60

€27.45

€17.14

€27.15

€2.08 billion
17,046 shares

CDAX, EPRA, MSCI Small Cap, HASPAX,
Prime All Share Index, Classic All Share Index

Prime Standard Frankfurt and XETRA

Berlin, Dusseldorf, Hamburg, Hanover,
Munich and Stuttgart

DE 000 748 020 4
DEQ, Reuters: DEQGn.DE
(ODDO BHF, Baader

N

D=S

Deutsche Eureshop

23. COMPAR PRESENTATON| AUGUST 2024

Consolidated Income Statement H1 2024 „DES,
€ thousand 01.01, - 30.06.2023"
Revenue 132847 135,355
Property operating costs 14,715 16.209
Property management costs an -6828
Write-downs and disposals of financial assets 4318
Net operating income (NO!) 106,443 107,508
Other operating income 4,565 25,781
Other operating expenses #56 -32932
EBIT 107,352 100,357
Share in the profit or loss of associates and joint
ventures accounted for using the equity method 9213 5804
Interest expense 22,710 -21:501
Profit / loss attributable to limited partners 105
Other financial expense 876
Interest income 2162 1.870
Financial gains/losses 20,378 21285
Measurement gains/losses 17,569 -41,225
EBT 69,307 37,867
Taxes on income and earnings 807 169
Consolidated profit 59,500 37.078

Earnings per share (€) 0.78 050

1 Income andexpenses rom th change in he scope of consolidation were reported sn the
ter operating income and expenses. Furthermore, devon from 31 December 2023, no deerred taxes were Recognised as art ofthe nta consoldation. The previous years jure have been adjusted tothe year.
fend igure, taking deterred taxes into account

24. COMPAR PRESENTATON| AUGUST 2024

Consolidated Balance Sheet H1 2024

€ thousand

Intangible assets

Property, plant and equipment

Non-
Investment properties

current pee

assets Investments accounted for

Using the equity method
Total Non-current assets
Trade receivables

Current Other current assets

assets Cash and cash equivalents

Total Current assets

51,736
403
3,943,021
97.288

4,092,468
11,964
17,419

338,567
367,950

4,460,398

31.12.2023

51,742
449
3.947.021
92,741

4,091,953
13,419
18,754

336,071
368,266

4,460,197

€ thousand
Subscribed capital

dy na. Gplalresenes
Faulty and Retained earnings

‘Treasury shares
Total equity

Financial liabilities
Deferred tax liabilities

Liabilities from limited
partner contributions of
non-controlling interests

Other liabilities
Total Non-current liabil

Financial liabilities
Trade payables
Tax liabilities

Other provisions
Other liabilities
Total Current liabilities

76,464
793,943
1,156,561
-359
2,026,609
1,760,503
339,335

258,246
3,029
2,361,113
13,539
11,430
17,227
11,403
19,077
72,676

4,460,398

D=S

Deutsche Eureshop

31.12.2023

76.464
793,943
1,249,269
E
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
76427

4,460,197

25. Coma PRESENTATION AUGUST 2024

Our Partner ECE, D=S

Deutsche Eureshop

ECE Group develops, plans, builds, leases and manages real
estate in the sectors shopping, office, hotel, residential and
industries since 1965

Originally ECE was an abbreviation for the German word
Einkaufscenterentwicklung (Shopping center development)

100% privately owned by the Otto family
Assets under management

— Approx. 200 shopping centers

- €33.3 billion market value

- 7.0 million sqm overall sales area

— Approx. 20,000 retail businesses

— 4.0 million daily visitors

Active in 13 countries

~ Austria, China, Czech Republic, Denmark, Germany,
Hungary, Italy, Poland, Qatar, Slovakia, Spain, Turkey
and United Kingdom

26. Coma PRESENTATION AUGUST 2024

Environmental, Social & Governance (ESG)

Climate protection is a top priority for Deutsche EuroShop.
We firmly believe that sustainability and profitability are not
mutually exclusive. Neither are shopping experience and
environmental awareness. Long-term thinking is part of our
strategy, and that includes a commitment to environmental
protection

Deutsche EuroShop also supports a diverse range of local
and regional activities that take place in our shopping centers
in the areas of the environment, society and the economy

The following institutions! regularly analyse Deutsche
EuroShop with regard to its ESG factors: EthiFinance?,
ISS ESG3, MSCI ESG Ratings‘, S&P Global Corporate
Sustainability Assessment? and Sustainalytics®

Performance

iss EsG>

D=S

Deutsche Eureshop

Reduction of CO, Emission and Electricity Consumption

| Tota letricty consumption in mun Number of centers included

0, reduction nt
80,000 — 11T 45
70.000 +
60,000 +
0.000 |
20,000 +

30000

20000

10000

o o

1 The use by Deutsche EuroShop of any 1SS Corporate Solutions, Inc. rs afats (155) dat, andthe us of SS logos, trademarks, service mark or index names herein, do not

conste a sponsorship, endorsement recommendation, er promotion e

he EuroShop by ISS. ISS services anddata are the property of ISS or its information providers and

Gr provided aris and without warranty S$ names and logos ae trademarks o service marks 0116.12 Rating ation date 07/24, Score: 54/100 | 3 Rating action date 07/2.
Corporate ESG Performance: Prime | 4 Rating action ate 03/23, MSCIESG Ratings: BOB | 5 Rating action date 02/23, Score: 15 Rain action date 12/23, ESO Risk Rating: Low

27. Coma PRESENTATION AUGUST 2024

The German Sustainable Building Council (DGNB) has awarded
sustainability certificates to all 21 Deutsche EuroShop
shopping centers, 11 in Gold and 10 in Platinum.

TUV Süd has certified the electricity used in
Deutsche EuroShop's German centers with the
prestigious “Okostrom” green electricity label.

2023 saw Deutsche EuroShop awarded the EPRA
sBPR Award in “Gold” by the European Public Real
Estate Association (EPRA) for the sixth time in a row.

Deutsche EuroShop has participated in the Carbon
Disclosure Project (CDP) since 2010 and reports
the environmental data pertaining to its portfolio.

DGNB Sustainability certificates

D=S

Deutsche Eureshop

28. MPA PRESENTATION AUGUST 2024

Germany 1/2!

Moines am

num contr
Location inte nn
— 520% 100%
Late Space sam 124000 121.000
Parking 1500 4.000
Number of Shops? m 200
occupancy Rate? en om
Catchment rea 2.1 minhaitants 1.1 minabtants
Visitors 2028 78m um
BEE une mn on

1 Status: 31 Dec 2029| 2 Approximately 3 A % of market cent

100%

77.000

500

200

96%

1.4 minhabitants

117m

2002/2019

Rhein-Neckar-
Zentrum

Viernheim/
Mannheim

100%

69,500

3800

mo

91%

1.6 minhabitants

82m

1972/2018

Herold
Center

Norderstedt

100%

54,300

850

140

93%

0.5 minhabitants

89m

1971/2018

Rathaus-
Center

Dessau

100%

52,500

850

90

9%

0.3 m inhabitants

48m

1995/2019

Allee
Center

Magdeburg
100%

51,300

1300

150

96%

08 minhabitants

84m

1998/2019

D=S

Deutsche Eureshop

Phoenix
Center

Hamburg

150%
43,400

1400

130

96%

0.5 minhabitants

17m

2004/2020

29. MPA PRESENTATION AUGUST 2024

Germany 2/2' D=S

Deutsche Eureshop

Ben.

Bitsode Saarark City diy. sue

Center ener Forum Er Ge art Pom Ge dl
Location Hamburg Neunkirchen Wer Ham ——Wellsburg Mpal fee Reed En
Investment 100% 950% 100% 100% 100% 100% 100% ¡om
Lette Space sam am seco esto eco soato zero max mm 200
Parking 1500 nom 1700 1300 500 ‘so zo soo soo
umber Stops! no ns mo » 10 0 © » o
caps Rat sos ss vor sex Pr sx en os ss
Cautmentares! Gémiebians O7mihabents OSmiabians O4mimabkarte OSmimebianis 07mimibils OSmimabtans 08 minhablare O3minabtane
Vistrszoz3 win “m 72m 18m 59m 77m 25m sm um
EU AO ee N AR ROS Ho 200820872024

1 Status: 31 Dec 2029| 2 Approximately 3 As % of market cent

30. MPA PRESENTATION AUGUST 2024

Europe’

Olympia Battycka
Brno Gdansk
A Czech Republic. Poland
Investment 100% 100%
Lettable Space sam 85000 49.700
Parking 4000 1050
Number of Shops? 200 193
Occupancy Rate? sur om
Catchment Ares! 12minbabitants 1.1 minhabitants
Visitors 2023 sum 11m

Opening
rin ¿POUM 1999/2023 2007/2023

1 Status: 31 Dec 2029| 2 Approximately 3 As % of market cent

city
Arkaden

Klagenfurt
Austria

50.0%
36,900

880

120

98%

0.4 minhabitants

49m

2008

Árkád

Pécs,
Hungary

50.0%
35400

eso

130

99%

0.7 minhabitants

106m

2006

DES

Deutsche Eureshop

31. Financial Calendar

2024
29.08.

23.09

24.09.
14.11.

21.11

Annual General Meeting, Hamburg

Berenberg and Goldman Sachs
German Corporate Conference, Munich

Baader Investment Conference, Munich
Quarterly Statement 9M 2024

CIC Forum by Market Solutions (virtual)

32. MPA PRESENTATION AUGUST 2024

Contact

Deutsche EuroShop AG
Investor & Public Relations
Heegbarg 36

22391 Hamburg

Tel. [phone] - 20/- 22
Fax [phone]

E-Mail: [email protected]
Web: www.deutsche-euroshop.com

nprtn Notice Ford Looking Statements
Siatementein he presenta rin o future status or dcumelanes, lung siemens regarding ma
any factors col cause te actual rests be mater feront from hse that may ba expressed or imple by such statements Deutsche Eure ha does tien 1 update these
Pound nd rates lang

ins report may be sujet uni irn. The rte of hang are bases en economic considerations: improvements ar nicas by a ls

D=S

Deutsche Eureshop

instagram com/deutscheeurashop
youtube com/DeutscheEuroShop
facebook com/euroshop
slideshare.net/desag
twitter-com/des_ag

flickr com/desag

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