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COMPANY PRESENTATION
JANUARY 2023
COMPANY
Update on Business Activities – Summary
COMPANY PRESENTATION | JANUARY 2023
2
RENTS
Collection ratio 9M 2022: 98%, very limited rent concessions
Occupancy rate 9M 2022: high level of 94%
FINANCING AND LIQUIDITY
 Solid cash position DES Group: €321m as of 30 September 2022
 Low LTV of 30.1% as of 30 September 2022
 Refinancings 2022 and 2023 done, €436.5m in total
 All financial covenants met as of 30 September 2022
COMPANY
Update on Business Activities – Summary
COMPANY PRESENTATION | JANUARY 2023
3
FORECAST FY 2022
Dividend: €1.00 per share for FY 2021 (paid on 2 September 2022)
FFO 9M 2022: €1.56 per share
2022 expected to be the transition year to new normality
Forecast: FFO 2022 between €1.95 and €2.05 per share
Forecast conditional upon no sudden impact by war in Ukraine or
energy crisis and an enduring stabilization of pandemic without further
lockdowns or significant business restrictions for our tenants in 2022
SHOPPING CENTERS
2022
2020 2021
Corona Impact – Footfall
4
Development of the daily footfall compared to the average of the respective month in 2019
1 1 means “2G" access to shops only for vaccinated and recovered persons (except basic supplies) / introduced between 24 Nov. and 8 Dec. depending on the federal state / abolished in mid-February 2022 and “Hard” lockdown
in Austria between 22 Nov. and 12 Dec. 2021
Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept Oct
Lockdown I Reopening Limited Operation Lockdown II Reopening
88%
Limited Operation1
COMPANY PRESENTATION | JANUARY 2023
SHOPPING CENTERS
2022
2020 2021
Corona Impact – Retail Turnover1
COMPANY PRESENTATION | JANUARY 2023
5
Development of retail turnover of centers in Germany compared to 2019
1 Source: ECE / percentages shown until and incl. Q2-2021 relate to all centers managed by ECE in Germany, from Q3-2021 onwards, the data only refer to the DES portfolio / nominal sales development, not adjusted for
inflation / in Euro (with exchange rate effects)
85.8%
59.5%
88.7%
73.6%
35.1%
57.6%
88.0%
83.7%
75.0%
90.4%
93.8%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
incl. intern.
portfolio:
90.4%
incl. intern.
portfolio:
84.8% incl. intern.
portfolio:
78.6%
incl. intern.
portfolio:
93.6%
incl. intern.
portfolio:
101.7%
incl. intern.
portfolio:
96.5%
SHOPPING CENTERS
Corona Impact – Collection Rates1
1 After rent concessions / the figures for 2022 have been updated according to incoming payments
98% 100% 98% 64% 72% 76% 96% 96% 95% 97% 92% 90% 90% 89% 88% 92% 91% 95% 99% 99% 100% 99% 100% 96% 98% 99% 98% 99% 100% 97% 98% 97% 97% 95%
Jan
20
Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan
21
Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan
22
Feb Mar Apr May Jun Jul Aug Sept Oct
Q1 2020: 99% Q2 2020: 71% Q3 2020: 96% Q4 2020: 93% Q1 2021: 89% Q3 2021: 99%
Q2 2021: 93%
2021: 95%
Q4 2021: 98% Q1 2022: 98%
6
Q2 2022: 99% Q3 2022: 97%
COMPANY PRESENTATION | JANUARY 2023
SHOPPING CENTERS
Tenants – Contract Renewals and New Signings during the Pandemic1
COMPANY PRESENTATION | JANUARY 2023
7
Leasing
 Continued stabilization
of situation and arrange-
ments with tenants as well
as releasing activities as
key tasks for the coming
quarters
 Successful prolongations
with prime retailers and
negotiations
 Other major and well-
known anchor tenants or
concepts will newly join
our centers
1 Selection
SHOPPING CENTERS
Vacancy Management
COMPANY PRESENTATION | JANUARY 2023
8
Vespa showroom Kids Playstore
WMF Pop-up store
Digital shop
Showrooms
Pop-ups
Digital shops
SHOPPING CENTERS
Digital Mall – The Online Twin of our Shopping Centers
COMPANY PRESENTATION | JANUARY 2023
9
Connected Commerce
 1st phase: Digital
Mall, shop-window,
collect in store
 2nd phase:
Connecting
marketplaces
 3rd phase:
Transactions
 4th phase: Logistics
& deliveries
All 17 German centers and the one in Austria connected
Online product search
Check store availability
Coming soon: Click & reserve
Collect in store
Future: Delivery out of the mall
stores are currently live offering
more than 3.5 million articles
>1,100
SHOPPING CENTERS
Update Digital Mall – Onboarding
COMPANY PRESENTATION | JANUARY 2023
10
Digital Mall
 Onboarding of
retailers continues
with now more than
3.5 million products
available for search
 City-Arkaden
Klagenfurt as first
foreign shopping
center of DES joined
the Digital Mall
Source: ECE
>110
Connected Stores
1,100
Centers Live
65
3.5m
Digital Mall retail Partners
Available Products
SHOPPING CENTERS
Vision – Omnichannel-Platform
COMPANY PRESENTATION | JANUARY 2023
11
Digitalization as key to integration of retail platforms – Digital Mall is a big step forward
Center
Mall Visit &
Digital Mall Displays
Online shop
tenant
Marketing channels
Market
places
Website & APPS
Customers
Pick up in Mall Delivery from mall
Offline Online
SHOPPING CENTERS
Digital Mall – Shopping Centers as Micro Logistic Hubs
COMPANY PRESENTATION | JANUARY 2023
12
Locational advantage
through extensive ECE
mall network in Germany
 80% of the population in Germany
lives 45 car minutes away from an
ECE managed shopping center1
 The “network” reflects the
population distribution in Germany
 All DES centers in Germany are
connected to the Digital Mall
 Serving the last mile
1 More than 100 in Germany, source: ECE
13
9
7
2
2
2
2
2
2
2
3
2
2
2
2
SHOPPING CENTERS
Germany
COMPANY PRESENTATION | JANUARY 2023
13
City-
Arkaden
14
Allee-
Center
12
Billstedt-
Center
9
Phoenix-
Center
8
Herold-
Center
5
Stadt-
Galerie
17
A10
Center
2
Altmarkt-
Galerie
3
Forum
11
Main-Taunus-
Zentrum
1
Rhein-Neckar-
Zentrum
4
Saarpark-
Center
10
Allee-
Center
7
Rathaus-
Center
6
City-
Galerie
13
City-
Point
15
Stadt-
Galerie
16
Norderstedt
Wildau/Berlin
Magdeburg
Dresden
Neunkirchen
Passau
Hamm
Hamburg
Wolfsburg
Hameln
Kassel
Wetzlar
Wuppertal
Sulzbach/Frankfurt
Viernheim/Mannheim
2
7
Dessau
6
3
10
16
12
13
17
15
11
14
1
4
8
5
9
SHOPPING CENTERS
Europe
COMPANY PRESENTATION | JANUARY 2023
14
1 109 million visitors in the Corona year 2021
Brno
Czech Republic
Gdansk
Poland
Pécs
Hungary
Klagenfurt
Austria
18
19
20 21
20
19 21
City
Arkaden
Galeria
Bałtycka
Árkád
Olympia
18
>170 million visitors per year1
= the basis for our retailers’ success
SHOPPING CENTERS
Maturity Distribution of Rental Contracts1
COMPANY PRESENTATION | JANUARY 2023
15
1 As % of rental income as at 30 Sep. 2022
Weighted maturity 5.0 years
Long-term contracts base
rental income
Occupancy rate 9M 2022: 94.1%
8%
13%
11%
17%
12%
39%
2028 ET SQQ
2026
2025
2024
2023
2027
2028
SHOPPING CENTERS
Low level of dependence on the Top 10 Tenants1
Tenant Structure – Top 10 Tenants
COMPANY PRESENTATION | JANUARY 2023
16
1 In % of total retail rents as at 30 Sep. 2022
79%
21%
Top 10 Tenants
20221 2021
H&M 2.9% 2.8%
Peek & Cloppenburg 2.5% 2.5%
Ceconomy 2.3% 2.4%
Deichmann 2.2% 2.2%
New Yorker 2.2% 2.2%
C&A 2.2% 2.1%
Douglas 2.0% 2.0%
TK Maxx 1.6% 1.5%
dm-drogerie markt 1.5% 1.5%
Thalia 1.5% 1.5%
Total 20.9% 20.7%
SHOPPING CENTERS
Sector Mix1
COMPANY PRESENTATION | JANUARY 2023
17
1 As % of rental space as at 31 Dec. 2021
Fashion
53.5%
Non-food/electronics
17.2%
Department stores &
hypermarkets
9.0% Food & supermarkets
6.7%
Health & beauty
7.0%
Catering
4.9%
Services
1.8%
Balanced sector
diversification
SHOPPING CENTERS
New Tenants: IKEA – City-Galerie Wolfsburg
COMPANY PRESENTATION | JANUARY 2023
18
Source: IKEA Deutschland
SHOPPING CENTERS
New Tenants: Indoor Skydiving – Rhein-Neckar-Zentrum
COMPANY PRESENTATION | JANUARY 2023
19
Source: Indoor Skydiving Viernheim
SHOPPING CENTERS
New Tenants: L’Osteria – Rhein-Neckar-Zentrum
COMPANY PRESENTATION | JANUARY 2023
20
Source: L’Osteria, ECE
SHOPPING CENTERS
Main-Taunus-Zentrum: “Foodtrucks.365”
COMPANY PRESENTATION | JANUARY 2023
21
SHOPPING CENTERS
Main-Taunus-Zentrum: “Foodgarden”
COMPANY PRESENTATION | JANUARY 2023
22
 Approx. €20 million total
investment for the strategic
advancement of the center
 Opening is planned for 2024
FINANCIALS
Valuation1 – Investment Properties 30 September 2022
COMPANY PRESENTATION | JANUARY 2023
23
1 External appraisers: JLL (since 2015) | 2 Attributable to group shareholders
3 Nominal rate of rent increases using the DCF method during the 10-year measurement period, including inflation-related rent indexing and changes in the occupancy rate
in € thousand
01.01. –
30.09.2022
01.01. –
30.09.2021 CHANGE
Revaluation -14,466 -40,389 25,923
Revaluation at-equity -1,642 2,652 -4,294
Other impairment 0 0 0
Minority interest 634 113 521
Valuation result -15,474 -37,624 22,150
Valuation result slightly negative in a changed market
environment
 Inflation-related increase in rents and almost unchanged
market values cause a slight increase in NIY
 Adjusted expectations for market rents and reletting periods
in € thousand Basis Change of -25bps Change of +25bps
Rent increase rates3
1.49% -111,500 +144,900
Discount rate 6.96% +68,500 -67,000
Capitalization rate 5.31% +98,400 -102,900
Basis Change of -100bps Change of +100bps
Cost ratio 12.18% +41,900 -33,500
Sensitivity Analysis
5.98 5.97
5.87
5.46
5.24 5.23
5.32
5.43
5.73 5.78
6.19
5.7 5.69
5.53
5.13
4.94 4.93 5.01
5.12
5.41 5.45
5.84
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 9M
2022
Net operating yield in % Net initial yield in %
FINANCIALS
61.8 61.8
Number of shares as at the Reporting Date (in m)
61.8
61.8 61.8
Net Tangible Assets 30 September 2022 (EPRA)
COMPANY PRESENTATION | JANUARY 2023
24
1 Including the share attributable to equity-accounted joint ventures and associates
EPRA NTA
in € million (per share in €)
 EPRA NTA slightly increased through higher equity, resulting
from the positive results: €38.65 (+0.6%)
 Share price discount to NTA: 40% (10 November 2022)
30.09.2022 31.12.2021
in € thousand per share in € in € thousand per share in €
Equity 2,078,389 33.64 2,062,866 33.39
Derivative financial instruments
measured at fair value1 7,054 0.11 23,398 0.38
Equity excluding derivative
financial instruments
2,085,443 33.75 2,086,264 33.77
Deferred taxes on investment properties
and derivative financial instruments1 353,991 5.74 339,937 5.50
Intangible assets -31 0.00 -32 0.00
Goodwill as a result of deferred taxes -51,719 -0.84 -51,719 -0.84
EPRA NTA 2,387,684 38,65 2,374,450 38.43
Weighted number of
no-par-value shares issued
61,783,594 61,783,594
EPRA NTA
2,668.4 2,667.5 2,613.4
2,309.7 2,374.4 2,387.7
43.19 € 43.17 € 42.30 € 37.38 € 38.43 € 38.65 €
2017 2018 2019 2020 2021 9M 2022
+0.6%
FINANCIALS
25
Development of Funds From Operations (FFO)
COMPANY PRESENTATION | JANUARY 2023
1 including the share attributable to equity-accounted joint ventures and associates
FFO
in € million (per share in €)  FFO increased from €88.2m to €96.4m, in particular due to lower
allowances for rent receivables compared with the previous year
 FFO per share increased from €1.43 to €1.56
FUNDS FROM OPERATIONS 01.01. – 30.09.2022 01.01. – 30.09.2021
in € thousand per share
in €
in € thousand per share
in €
Consolidated profit 64,605 1.05 44,070 0.71
Valuation investment properties1 15,474 0.25 37,624 0.61
Expenses in connection with the
takeover offer
5,884 0.09 0 0
Deferred taxes1 10,411 0.17 6,550 0.11
FFO 96,374 1.56 88,244 1.43
Weighted number of
no-par-value shares issued
61,783,594 61,783,594
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.
88.2
96.4
9M 2021 9M 2022
+9.3%
(€1.43)
(€1.56)
FINANCIALS
Balance Sheet – Solid and Robust Structure
COMPANY PRESENTATION | JANUARY 2023
26
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 financial liabilities to long-term assets, calculated on the basis of the group share
Balance sheet structure
in € million
 Equity ratio stands at a solid 56.0%
 LTV to 30.1% (“look-through” 32.9%3)
 Group liquidity: €320.7m (€-8.1m)
in € thousand 30.09.2022 31.12.2021 Change
Non-current assets 3,909,734 3,900,890 8,844
Cash and cash equivalents 320,693 328,839 -8,146
Other current assets 47,897 49,061 -1,164
Total assets 4,278,324 4,278,790 -466
Equity 2,078,389 2,062,866 15,523
Right to redeem of limited partners 317,782 314,914 2,868
Equity (including minority interest) 2,396,171 2,377,780 18,391
Financial liabilities 1,481,949 1,502,114 -20,165
Deferred taxes 347,037 333,037 14,000
Other liabilities 53,167 65,859 -12,692
Total equity and liabilities 4,278,324 4,278,790 -466
Equity ratio in %1 56.0% 55.6%
LTV ratio in %2 30.1% 30.5%
LTV ratio (“look-through”) in %3 32.9% 33.3%
Balance sheet as at 30 September 2022
3,900.9 3,909.7
377.9 368.6
4,278.8 4,278.3
2021 2022
Non-current assets
Current assets
2,396.2 2,377.8
1,613.7 1,621.8
268.4 279.2
4,278.3 4,278.8
2022 2021
Current liabilities
Non-current liabilities
Equity (incl. non controlling interests)
Assets Liabilities
FINANCIALS
2.89 2.72 2.47 2.18 2.09 2.431
5.6 5.6 5.3 5.1 4.7
7.4
2017 2018 2019 2020 2021 2022
Avg. Interest rate Weighted maturity
Interest Rate Structure1,2
COMPANY PRESENTATION | JANUARY 2023
27
1 As of 30 Sep. 2022 | 2 Excl. non-consolidated loans
Interest Lockin
Due
(years)
Principle amounts
(€ million)
Share of
total Loan
Avg.
interest Rate
2022 4.1 0.3% 2.71%
2023 – 2026 3.8 274.8 18.6% 2.37%
2027 – 2031 7.7 1,001.9 67.7% 2.15%
2033 ff 10.3 198.4 13.4% 3.56%
Total1
7.4 1,493.6 100% 2.43%
 14 German and 4
foreign bank partners
 Weighted maturity of
fixed interest periods
7.4 years1
Years
%
Including non-
consolidated loans:
Weighted maturity:
7.5 years
Avg. interest rate:
2.38%
COMPANY
Outlook
COMPANY PRESENTATION | JANUARY 2023
28
FINANCING AND LIQUIDITY
 No maturities until September 2025
TRANSACTION MARKET
 Some transactions concluded, either for landmark assets and/or in regions
that were less corona-influenced
 Germany
– Boulevard Berlin is to a large extent a conversion project
– Gera Arcaden sold by Unibail Rodamco
– The spike of the interest rates and the Ukraine war delay the recovery of
the transaction market further
COMPANY
Outlook
COMPANY PRESENTATION | JANUARY 2023
29
FORECAST FY 2022
 FFO between €1.95 and €2.05 per share
 2022 as transition year to new normality
 Forecast conditional upon
– that there will be no significant Corona restrictions in the last weeks of the year
– no significant decline of consumption and retail turnovers
– no impairment of the center business due to energy shortage
2020 2021 2022
Result
2.00
Result
1.98
Target
1.95–2.05
SHARE
Trend of share
Dividend and Performance
COMPANY PRESENTATION | JANUARY 2023
30
1 Respectively paid for the previous FY | 2 2023: As of 12 Jan. 2023 | 3 Paid on 2 Sep. 2022 | 4 30 Sep. 2022
Dividend per share1
1.05 1.10 1.10 1.20 1.25 1.30 1.35 1.40 1.45 1.50 0.00 0.04 1.00³
43.24
38.654
40.46
23.56
5
10
15
20
25
30
35
40
45
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Share price2
NTA (NAV) per share
SHARE
Shareholder Structure1
COMPANY PRESENTATION | JANUARY 2023
31
1 As at 12 Jan. 2023
 8,300 shareholders
 Free float 15.6% Germany
98.0%
Other
2.0%
Hercules BidCo
84.4%
Private Investors
12.6%
Institutional
Investors
3.0%
SHARE
Analysts‘ Consensus1
COMPANY PRESENTATION | JANUARY 2023
32
1 Aggregated by DES, median values, status: 12 Jan. 2023, 9 analysts, no rating: Bank of America
Neutral
 Berenberg Bank
 Deutsche Bank
 Green Street
 HSBC
 Kepler Cheuvreux
Outperform
Q1
04
Q3
04
Q1
05
Q3
05
Q1
06
Q3
06
Q1
07
Q3
07
Q1
08
Q3
08
Q1
09
Q3
09
Q1
10
Q3
10
Q1
11
Q3
11
Q1
12
Q3
12
Q1
13
Q3
13
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
Q2
22
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Negative
Neutral
Positive
Buy
 M.M. Warburg
median/in € 2022 2023
Revenue (€ million) 213.0 213.9
EBIT (€ million) 159.0 169.3
FFO per share 2.03 2.13
NTA per share 38.57 38.48
Dividend 1.10 1.17
Price target (mean) 22.58
Sell Underperform
 Baader Bank
 ODDO BHF
APPENDIX
Key Data of the Share
COMPANY PRESENTATION | JANUARY 2023
33
Listed since 02.01.2001
Nominal capital €61,783,594.00
Outstanding shares 61,783,594
Class of shares Registered shares
Dividend for 2021 (2 September 2022) €1.00
52W High €26.80
52W Low €13.26
Share price (12 January 2023) €23.56
Market capitalization €1.4 billion
Avg. turnover per day last 12 months (XETRA) 144,470 shares
Indices
CDAX, EPRA, MSCI Small Cap, HASPAX,
Prime All Share Index, Classic All Share Index
Official market
Prime Standard
Frankfurt and XETRA
OTC market
Berlin, Dusseldorf, Hamburg,
Hanover, Munich and Stuttgart
ISIN DE 000 748 020 4
Ticker DEQ, Reuters: DEQGn.DE
Market maker Oddo BHF
APPENDIX
Consolidated Income Statement 9M 2022
COMPANY PRESENTATION | JANUARY 2023
34
€ thousand 01.01. – 30.09.2022 01.01. – 30.09.2021
Revenue 158,662 157,815
Property operating costs -20,220 -15,769
Property management costs -8,257 -7,782
Write-downs and disposals of financial assets -6,302 -20,537
Net operating income (NOI) 123,883 113,727
Other operating income 3,082 3,521
Other operating expenses -15,481 -5,775
Earnings before interest and tax (EBIT) 111,547 111,473
Share in the profit or loss of associated
companies and joint ventures accounted
for using the equity method
20,336 21,427
Interest expense -27,157 -29,821
Profit/loss attributable to limited partners -12,073 -9,911
Interest income 89 5
Financial gains/losses -18,805 -18,300
Measurement gains/losses -13,832 -40,276
Earnings before tax (EBT) 78,910 52,897
Income taxes -14,305 -8,827
Consolidated profit 64,605 44,070
Earnings per share (€) 1.05 0.71
APPENDIX
Consolidated Balance Sheet 9M 2022
COMPANY PRESENTATION | JANUARY 2023
35
€ thousand 30.09.2022 31.12.2021
ASSETS
Non-current
assets
Intangible assets 51,750 51,751
Property, plant and equipment 140 244
Investment properties 3,401,984 3,393,554
Investments accounted for using
the equity method
455,860 455,341
Total Non-current assets 3,909,734 3,900,890
Current
assets
Trade receivables 18,100 22,763
Other current assets 29,797 26,298
Cash and cash equivalents 320,693 328,839
Total Current assets 368,590 377,900
TOTAL ASSETS 4,278,324 4,278,790
€ thousand 30.09.2022 31.12.2021
LIABILITIES
Equity and
reserves
Issued capital 61,784 61,784
Capital reserves 494,526 1,217,560
Retained earnings 1,522,079 783,522
Total equity 2,078,389 2,062,866
Non-current
liabilities
Financial liabilities 1,258,980 1,264,748
Deferred tax liabilities 347,037 333,037
Right to redeem of limited partners 317,782 314,914
Other liabilities 7,660 23,995
Total Non-current liabilities 1,931,459 1,936,694
Current
liabilities
Financial liabilities 222,969 237,366
Trade payables 9,576 5,345
Tax liabilities 930 196
Other provisions 15,404 10,120
Other liabilities 19,597 26,203
Total Current liabilities 268,476 279,230
TOTAL EQUITY AND LIABILITIES 4,278,324 4,278,790
APPENDIX
Our Partner
COMPANY PRESENTATION | JANUARY 2023
36
 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
Many Investors Rely on ECE
Close alliance with a European market leader
in the shopping center business
APPENDIX
Reduction of CO2 Emission
and Electricity Consumption
ESG
COMPANY PRESENTATION | JANUARY 2023
37
 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: Gaïa Research, ISS ESG, MSCI ESG Ratings,
S&P Global Corporate Sustainability Assessment and Sustainalytics.
The use by Deutsche EuroShop of any MSCI ESG research llc or its affiliates (“MSCI”) data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement,
recommendation, or promotion of Deutsche EuroShop by MSCI. MSCI services and data are the property of MSCI or its information providers and are provided ‘as-is’ and without warranty. MSCI names and logos are trademarks
or service marks of MSCI.
0
5
10
15
20
25
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Number of centers included
CO2 reduction in t
Total electricity consumption in mwh
APPENDIX
DGNB Sustainability certificates
ESG
COMPANY PRESENTATION | JANUARY 2023
38
 The German Sustainable Building Council (DGNB) has awarded
sustainability certificates to all 21 Deutsche EuroShop shopping centers,
11 in Gold and 10 in Platinum.
 TÜV Süd has certified the electricity used in Deutsche
EuroShop’s German centers with the prestigious
“Ökostrom” green electricity label.
 2021 saw Deutsche EuroShop awarded the EPRA sBPR
Award in “Gold” by the European Public Real Estate
Association (EPRA) for the fifth 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.
APPENDIX
Germany 1/21
COMPANY PRESENTATION | JANUARY 2023
39
1 Status: 31 Dec. 2021 | 2 Approximately | 3 As % of market rent
Main-Taunus-
Zentrum
A10
Center
Altmarkt-
Galerie
Rhein-Neckar-
Zentrum
Herold-
Center
Rathaus-
Center
Allee-
Center
Phoenix-
Center
Location
Sulzbach/
Frankfurt
Wildau/
Berlin
Dresden
Viernheim/
Mannheim
Norderstedt Dessau Magdeburg Hamburg
Investment 52.0% 100% 100% 100% 100% 100% 50.0% 50.0%
Lettable Space sqm 124,000 121,000 77,000 69,500 54,300 52,500 51,300 43,400
Parking 4,500 4,000 500 3,800 850 850 1,300 1,400
Number of Shops2 170 200 200 110 140 90 150 130
Occupancy Rate3 92% 92% 97% 92% 95% 90% 98% 96%
Catchment Area2 2.1 m inhabitants 1.1 m inhabitants 1.4 m inhabitants 1.6 m inhabitants 0.5 m inhabitants 0.3 m inhabitants 0.8 m inhabitants 0.5 m inhabitants
Visitors 2021 4.8 m 3.8 m 6.8 m 5.5 m 6.2 m 3.1 m 6.5 m 5.4 m
Opening/
refurbishment
1964/2004/2011 1996/2011 2002/2011 1972/2002 1971/1995/2003 1995 1998/2006 2004/2016
APPENDIX
Billstedt-
Center
Saarpark-
Center Forum
Allee-
Center
City-
Galerie
City-
Arkaden
City-
Point
Stadt-
Galerie
Stadt-
Galerie
Location Hamburg Neunkirchen Wetzlar Hamm Wolfsburg Wuppertal Kassel Passau Hameln
Investment 100% 50.0% 65.0% 100% 100% 100% 100% 75.0% 100%
Lettable Space sqm 42,500 35,600 34,500 34,000 30,800 28,700 27,800 27,700 26,000
Parking 1,500 1,600 1,700 1,300 800 650 220 500 500
Number of Shops2 110 115 110 90 100 80 60 90 85
Occupancy Rate3 98% 96% 97% 96% 90% 95% 95% 97% 92%
Catchment Area2 0.8 m inhabitants 0.7 m inhabitants 0.5 m inhabitants 0.4 m inhabitants 0.5 m inhabitants 0.7 m inhabitants 0.6 m inhabitants 0.8 m inhabitants 0.3 m inhabitants
Visitors 2021 7.8 m 3.5 m 4.7 m 3.0 m 4.2 m 5.1 m 4.7 m 4.0 m 3.8 m
Opening/
refurbishment
1969/1977/1996 1989/1999/2009 2005 1992/2003/2009 2001/2006 2001/2004 2002/2009/2015 2008 2008
Germany 2/21
COMPANY PRESENTATION | JANUARY 2023
40
1 Status: 31 Dec. 2021 | 2 Approximately | 3 As % of market rent
APPENDIX
Olympia
Galeria
Bałtycka
City
Arkaden Árkád
Location
Brno,
Czech Republic
Gdansk,
Poland
Klagenfurt,
Austria
Pécs,
Hungary
Investment 100% 74.0% 50.0% 50.0%
Lettable Space sqm 85,000 48,700 36,900 35,400
Parking 4,000 1,050 880 850
Number of Shops2 200 193 120 130
Occupancy Rate3 93% 97% 92% 98%
Catchment Area2 1.2 m inhabitants 1.1 m inhabitants 0.4 m inhabitants 0.7 m inhabitants
Visitors 2021 6.2 m 5.9 m 3.9 m 9.6 m
Opening/
refurbishment
1999/2014 – 16 2007 2006 2004
Europe1
COMPANY PRESENTATION | JANUARY 2023
41
1 Status: 31 Dec. 2021 | 2 Approximately | 3 As % of market rent
APPENDIX
Financial Calendar
COMPANY PRESENTATION | JANUARY 2023
42
17.01. Kepler Cheuvreux German Corporate Conference, Frankfurt
21.03. Preliminary Results FY 2022
23.03. Bank of America EMEA Real Estate CEO Conference, London
27.04. Publication of the Annual Report 2022
11.05. Quarterly Statement 3M 2023
22.06. Annual General Meeting, Hamburg
14.08. Half-year Financial Report 2023
14.11. Quarterly Statement 9M 2023
2023
APPENDIX
Contact
COMPANY PRESENTATION | JANUARY 2023
43
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
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Deutsche EuroShop | Company Presentation | 01/23

  • 2. COMPANY Update on Business Activities – Summary COMPANY PRESENTATION | JANUARY 2023 2 RENTS Collection ratio 9M 2022: 98%, very limited rent concessions Occupancy rate 9M 2022: high level of 94% FINANCING AND LIQUIDITY  Solid cash position DES Group: €321m as of 30 September 2022  Low LTV of 30.1% as of 30 September 2022  Refinancings 2022 and 2023 done, €436.5m in total  All financial covenants met as of 30 September 2022
  • 3. COMPANY Update on Business Activities – Summary COMPANY PRESENTATION | JANUARY 2023 3 FORECAST FY 2022 Dividend: €1.00 per share for FY 2021 (paid on 2 September 2022) FFO 9M 2022: €1.56 per share 2022 expected to be the transition year to new normality Forecast: FFO 2022 between €1.95 and €2.05 per share Forecast conditional upon no sudden impact by war in Ukraine or energy crisis and an enduring stabilization of pandemic without further lockdowns or significant business restrictions for our tenants in 2022
  • 4. SHOPPING CENTERS 2022 2020 2021 Corona Impact – Footfall 4 Development of the daily footfall compared to the average of the respective month in 2019 1 1 means “2G" access to shops only for vaccinated and recovered persons (except basic supplies) / introduced between 24 Nov. and 8 Dec. depending on the federal state / abolished in mid-February 2022 and “Hard” lockdown in Austria between 22 Nov. and 12 Dec. 2021 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept Oct Lockdown I Reopening Limited Operation Lockdown II Reopening 88% Limited Operation1 COMPANY PRESENTATION | JANUARY 2023
  • 5. SHOPPING CENTERS 2022 2020 2021 Corona Impact – Retail Turnover1 COMPANY PRESENTATION | JANUARY 2023 5 Development of retail turnover of centers in Germany compared to 2019 1 Source: ECE / percentages shown until and incl. Q2-2021 relate to all centers managed by ECE in Germany, from Q3-2021 onwards, the data only refer to the DES portfolio / nominal sales development, not adjusted for inflation / in Euro (with exchange rate effects) 85.8% 59.5% 88.7% 73.6% 35.1% 57.6% 88.0% 83.7% 75.0% 90.4% 93.8% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 incl. intern. portfolio: 90.4% incl. intern. portfolio: 84.8% incl. intern. portfolio: 78.6% incl. intern. portfolio: 93.6% incl. intern. portfolio: 101.7% incl. intern. portfolio: 96.5%
  • 6. SHOPPING CENTERS Corona Impact – Collection Rates1 1 After rent concessions / the figures for 2022 have been updated according to incoming payments 98% 100% 98% 64% 72% 76% 96% 96% 95% 97% 92% 90% 90% 89% 88% 92% 91% 95% 99% 99% 100% 99% 100% 96% 98% 99% 98% 99% 100% 97% 98% 97% 97% 95% Jan 20 Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan 21 Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan 22 Feb Mar Apr May Jun Jul Aug Sept Oct Q1 2020: 99% Q2 2020: 71% Q3 2020: 96% Q4 2020: 93% Q1 2021: 89% Q3 2021: 99% Q2 2021: 93% 2021: 95% Q4 2021: 98% Q1 2022: 98% 6 Q2 2022: 99% Q3 2022: 97% COMPANY PRESENTATION | JANUARY 2023
  • 7. SHOPPING CENTERS Tenants – Contract Renewals and New Signings during the Pandemic1 COMPANY PRESENTATION | JANUARY 2023 7 Leasing  Continued stabilization of situation and arrange- ments with tenants as well as releasing activities as key tasks for the coming quarters  Successful prolongations with prime retailers and negotiations  Other major and well- known anchor tenants or concepts will newly join our centers 1 Selection
  • 8. SHOPPING CENTERS Vacancy Management COMPANY PRESENTATION | JANUARY 2023 8 Vespa showroom Kids Playstore WMF Pop-up store Digital shop Showrooms Pop-ups Digital shops
  • 9. SHOPPING CENTERS Digital Mall – The Online Twin of our Shopping Centers COMPANY PRESENTATION | JANUARY 2023 9 Connected Commerce  1st phase: Digital Mall, shop-window, collect in store  2nd phase: Connecting marketplaces  3rd phase: Transactions  4th phase: Logistics & deliveries All 17 German centers and the one in Austria connected Online product search Check store availability Coming soon: Click & reserve Collect in store Future: Delivery out of the mall stores are currently live offering more than 3.5 million articles >1,100
  • 10. SHOPPING CENTERS Update Digital Mall – Onboarding COMPANY PRESENTATION | JANUARY 2023 10 Digital Mall  Onboarding of retailers continues with now more than 3.5 million products available for search  City-Arkaden Klagenfurt as first foreign shopping center of DES joined the Digital Mall Source: ECE >110 Connected Stores 1,100 Centers Live 65 3.5m Digital Mall retail Partners Available Products
  • 11. SHOPPING CENTERS Vision – Omnichannel-Platform COMPANY PRESENTATION | JANUARY 2023 11 Digitalization as key to integration of retail platforms – Digital Mall is a big step forward Center Mall Visit & Digital Mall Displays Online shop tenant Marketing channels Market places Website & APPS Customers Pick up in Mall Delivery from mall Offline Online
  • 12. SHOPPING CENTERS Digital Mall – Shopping Centers as Micro Logistic Hubs COMPANY PRESENTATION | JANUARY 2023 12 Locational advantage through extensive ECE mall network in Germany  80% of the population in Germany lives 45 car minutes away from an ECE managed shopping center1  The “network” reflects the population distribution in Germany  All DES centers in Germany are connected to the Digital Mall  Serving the last mile 1 More than 100 in Germany, source: ECE 13 9 7 2 2 2 2 2 2 2 3 2 2 2 2
  • 13. SHOPPING CENTERS Germany COMPANY PRESENTATION | JANUARY 2023 13 City- Arkaden 14 Allee- Center 12 Billstedt- Center 9 Phoenix- Center 8 Herold- Center 5 Stadt- Galerie 17 A10 Center 2 Altmarkt- Galerie 3 Forum 11 Main-Taunus- Zentrum 1 Rhein-Neckar- Zentrum 4 Saarpark- Center 10 Allee- Center 7 Rathaus- Center 6 City- Galerie 13 City- Point 15 Stadt- Galerie 16 Norderstedt Wildau/Berlin Magdeburg Dresden Neunkirchen Passau Hamm Hamburg Wolfsburg Hameln Kassel Wetzlar Wuppertal Sulzbach/Frankfurt Viernheim/Mannheim 2 7 Dessau 6 3 10 16 12 13 17 15 11 14 1 4 8 5 9
  • 14. SHOPPING CENTERS Europe COMPANY PRESENTATION | JANUARY 2023 14 1 109 million visitors in the Corona year 2021 Brno Czech Republic Gdansk Poland Pécs Hungary Klagenfurt Austria 18 19 20 21 20 19 21 City Arkaden Galeria Bałtycka Árkád Olympia 18 >170 million visitors per year1 = the basis for our retailers’ success
  • 15. SHOPPING CENTERS Maturity Distribution of Rental Contracts1 COMPANY PRESENTATION | JANUARY 2023 15 1 As % of rental income as at 30 Sep. 2022 Weighted maturity 5.0 years Long-term contracts base rental income Occupancy rate 9M 2022: 94.1% 8% 13% 11% 17% 12% 39% 2028 ET SQQ 2026 2025 2024 2023 2027 2028
  • 16. SHOPPING CENTERS Low level of dependence on the Top 10 Tenants1 Tenant Structure – Top 10 Tenants COMPANY PRESENTATION | JANUARY 2023 16 1 In % of total retail rents as at 30 Sep. 2022 79% 21% Top 10 Tenants 20221 2021 H&M 2.9% 2.8% Peek & Cloppenburg 2.5% 2.5% Ceconomy 2.3% 2.4% Deichmann 2.2% 2.2% New Yorker 2.2% 2.2% C&A 2.2% 2.1% Douglas 2.0% 2.0% TK Maxx 1.6% 1.5% dm-drogerie markt 1.5% 1.5% Thalia 1.5% 1.5% Total 20.9% 20.7%
  • 17. SHOPPING CENTERS Sector Mix1 COMPANY PRESENTATION | JANUARY 2023 17 1 As % of rental space as at 31 Dec. 2021 Fashion 53.5% Non-food/electronics 17.2% Department stores & hypermarkets 9.0% Food & supermarkets 6.7% Health & beauty 7.0% Catering 4.9% Services 1.8% Balanced sector diversification
  • 18. SHOPPING CENTERS New Tenants: IKEA – City-Galerie Wolfsburg COMPANY PRESENTATION | JANUARY 2023 18 Source: IKEA Deutschland
  • 19. SHOPPING CENTERS New Tenants: Indoor Skydiving – Rhein-Neckar-Zentrum COMPANY PRESENTATION | JANUARY 2023 19 Source: Indoor Skydiving Viernheim
  • 20. SHOPPING CENTERS New Tenants: L’Osteria – Rhein-Neckar-Zentrum COMPANY PRESENTATION | JANUARY 2023 20 Source: L’Osteria, ECE
  • 22. SHOPPING CENTERS Main-Taunus-Zentrum: “Foodgarden” COMPANY PRESENTATION | JANUARY 2023 22  Approx. €20 million total investment for the strategic advancement of the center  Opening is planned for 2024
  • 23. FINANCIALS Valuation1 – Investment Properties 30 September 2022 COMPANY PRESENTATION | JANUARY 2023 23 1 External appraisers: JLL (since 2015) | 2 Attributable to group shareholders 3 Nominal rate of rent increases using the DCF method during the 10-year measurement period, including inflation-related rent indexing and changes in the occupancy rate in € thousand 01.01. – 30.09.2022 01.01. – 30.09.2021 CHANGE Revaluation -14,466 -40,389 25,923 Revaluation at-equity -1,642 2,652 -4,294 Other impairment 0 0 0 Minority interest 634 113 521 Valuation result -15,474 -37,624 22,150 Valuation result slightly negative in a changed market environment  Inflation-related increase in rents and almost unchanged market values cause a slight increase in NIY  Adjusted expectations for market rents and reletting periods in € thousand Basis Change of -25bps Change of +25bps Rent increase rates3 1.49% -111,500 +144,900 Discount rate 6.96% +68,500 -67,000 Capitalization rate 5.31% +98,400 -102,900 Basis Change of -100bps Change of +100bps Cost ratio 12.18% +41,900 -33,500 Sensitivity Analysis 5.98 5.97 5.87 5.46 5.24 5.23 5.32 5.43 5.73 5.78 6.19 5.7 5.69 5.53 5.13 4.94 4.93 5.01 5.12 5.41 5.45 5.84 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 9M 2022 Net operating yield in % Net initial yield in %
  • 24. FINANCIALS 61.8 61.8 Number of shares as at the Reporting Date (in m) 61.8 61.8 61.8 Net Tangible Assets 30 September 2022 (EPRA) COMPANY PRESENTATION | JANUARY 2023 24 1 Including the share attributable to equity-accounted joint ventures and associates EPRA NTA in € million (per share in €)  EPRA NTA slightly increased through higher equity, resulting from the positive results: €38.65 (+0.6%)  Share price discount to NTA: 40% (10 November 2022) 30.09.2022 31.12.2021 in € thousand per share in € in € thousand per share in € Equity 2,078,389 33.64 2,062,866 33.39 Derivative financial instruments measured at fair value1 7,054 0.11 23,398 0.38 Equity excluding derivative financial instruments 2,085,443 33.75 2,086,264 33.77 Deferred taxes on investment properties and derivative financial instruments1 353,991 5.74 339,937 5.50 Intangible assets -31 0.00 -32 0.00 Goodwill as a result of deferred taxes -51,719 -0.84 -51,719 -0.84 EPRA NTA 2,387,684 38,65 2,374,450 38.43 Weighted number of no-par-value shares issued 61,783,594 61,783,594 EPRA NTA 2,668.4 2,667.5 2,613.4 2,309.7 2,374.4 2,387.7 43.19 € 43.17 € 42.30 € 37.38 € 38.43 € 38.65 € 2017 2018 2019 2020 2021 9M 2022 +0.6%
  • 25. FINANCIALS 25 Development of Funds From Operations (FFO) COMPANY PRESENTATION | JANUARY 2023 1 including the share attributable to equity-accounted joint ventures and associates FFO in € million (per share in €)  FFO increased from €88.2m to €96.4m, in particular due to lower allowances for rent receivables compared with the previous year  FFO per share increased from €1.43 to €1.56 FUNDS FROM OPERATIONS 01.01. – 30.09.2022 01.01. – 30.09.2021 in € thousand per share in € in € thousand per share in € Consolidated profit 64,605 1.05 44,070 0.71 Valuation investment properties1 15,474 0.25 37,624 0.61 Expenses in connection with the takeover offer 5,884 0.09 0 0 Deferred taxes1 10,411 0.17 6,550 0.11 FFO 96,374 1.56 88,244 1.43 Weighted number of no-par-value shares issued 61,783,594 61,783,594 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. 88.2 96.4 9M 2021 9M 2022 +9.3% (€1.43) (€1.56)
  • 26. FINANCIALS Balance Sheet – Solid and Robust Structure COMPANY PRESENTATION | JANUARY 2023 26 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 financial liabilities to long-term assets, calculated on the basis of the group share Balance sheet structure in € million  Equity ratio stands at a solid 56.0%  LTV to 30.1% (“look-through” 32.9%3)  Group liquidity: €320.7m (€-8.1m) in € thousand 30.09.2022 31.12.2021 Change Non-current assets 3,909,734 3,900,890 8,844 Cash and cash equivalents 320,693 328,839 -8,146 Other current assets 47,897 49,061 -1,164 Total assets 4,278,324 4,278,790 -466 Equity 2,078,389 2,062,866 15,523 Right to redeem of limited partners 317,782 314,914 2,868 Equity (including minority interest) 2,396,171 2,377,780 18,391 Financial liabilities 1,481,949 1,502,114 -20,165 Deferred taxes 347,037 333,037 14,000 Other liabilities 53,167 65,859 -12,692 Total equity and liabilities 4,278,324 4,278,790 -466 Equity ratio in %1 56.0% 55.6% LTV ratio in %2 30.1% 30.5% LTV ratio (“look-through”) in %3 32.9% 33.3% Balance sheet as at 30 September 2022 3,900.9 3,909.7 377.9 368.6 4,278.8 4,278.3 2021 2022 Non-current assets Current assets 2,396.2 2,377.8 1,613.7 1,621.8 268.4 279.2 4,278.3 4,278.8 2022 2021 Current liabilities Non-current liabilities Equity (incl. non controlling interests) Assets Liabilities
  • 27. FINANCIALS 2.89 2.72 2.47 2.18 2.09 2.431 5.6 5.6 5.3 5.1 4.7 7.4 2017 2018 2019 2020 2021 2022 Avg. Interest rate Weighted maturity Interest Rate Structure1,2 COMPANY PRESENTATION | JANUARY 2023 27 1 As of 30 Sep. 2022 | 2 Excl. non-consolidated loans Interest Lockin Due (years) Principle amounts (€ million) Share of total Loan Avg. interest Rate 2022 4.1 0.3% 2.71% 2023 – 2026 3.8 274.8 18.6% 2.37% 2027 – 2031 7.7 1,001.9 67.7% 2.15% 2033 ff 10.3 198.4 13.4% 3.56% Total1 7.4 1,493.6 100% 2.43%  14 German and 4 foreign bank partners  Weighted maturity of fixed interest periods 7.4 years1 Years % Including non- consolidated loans: Weighted maturity: 7.5 years Avg. interest rate: 2.38%
  • 28. COMPANY Outlook COMPANY PRESENTATION | JANUARY 2023 28 FINANCING AND LIQUIDITY  No maturities until September 2025 TRANSACTION MARKET  Some transactions concluded, either for landmark assets and/or in regions that were less corona-influenced  Germany – Boulevard Berlin is to a large extent a conversion project – Gera Arcaden sold by Unibail Rodamco – The spike of the interest rates and the Ukraine war delay the recovery of the transaction market further
  • 29. COMPANY Outlook COMPANY PRESENTATION | JANUARY 2023 29 FORECAST FY 2022  FFO between €1.95 and €2.05 per share  2022 as transition year to new normality  Forecast conditional upon – that there will be no significant Corona restrictions in the last weeks of the year – no significant decline of consumption and retail turnovers – no impairment of the center business due to energy shortage 2020 2021 2022 Result 2.00 Result 1.98 Target 1.95–2.05
  • 30. SHARE Trend of share Dividend and Performance COMPANY PRESENTATION | JANUARY 2023 30 1 Respectively paid for the previous FY | 2 2023: As of 12 Jan. 2023 | 3 Paid on 2 Sep. 2022 | 4 30 Sep. 2022 Dividend per share1 1.05 1.10 1.10 1.20 1.25 1.30 1.35 1.40 1.45 1.50 0.00 0.04 1.00³ 43.24 38.654 40.46 23.56 5 10 15 20 25 30 35 40 45 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Share price2 NTA (NAV) per share
  • 31. SHARE Shareholder Structure1 COMPANY PRESENTATION | JANUARY 2023 31 1 As at 12 Jan. 2023  8,300 shareholders  Free float 15.6% Germany 98.0% Other 2.0% Hercules BidCo 84.4% Private Investors 12.6% Institutional Investors 3.0%
  • 32. SHARE Analysts‘ Consensus1 COMPANY PRESENTATION | JANUARY 2023 32 1 Aggregated by DES, median values, status: 12 Jan. 2023, 9 analysts, no rating: Bank of America Neutral  Berenberg Bank  Deutsche Bank  Green Street  HSBC  Kepler Cheuvreux Outperform Q1 04 Q3 04 Q1 05 Q3 05 Q1 06 Q3 06 Q1 07 Q3 07 Q1 08 Q3 08 Q1 09 Q3 09 Q1 10 Q3 10 Q1 11 Q3 11 Q1 12 Q3 12 Q1 13 Q3 13 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 Q2 22 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Negative Neutral Positive Buy  M.M. Warburg median/in € 2022 2023 Revenue (€ million) 213.0 213.9 EBIT (€ million) 159.0 169.3 FFO per share 2.03 2.13 NTA per share 38.57 38.48 Dividend 1.10 1.17 Price target (mean) 22.58 Sell Underperform  Baader Bank  ODDO BHF
  • 33. APPENDIX Key Data of the Share COMPANY PRESENTATION | JANUARY 2023 33 Listed since 02.01.2001 Nominal capital €61,783,594.00 Outstanding shares 61,783,594 Class of shares Registered shares Dividend for 2021 (2 September 2022) €1.00 52W High €26.80 52W Low €13.26 Share price (12 January 2023) €23.56 Market capitalization €1.4 billion Avg. turnover per day last 12 months (XETRA) 144,470 shares Indices CDAX, EPRA, MSCI Small Cap, HASPAX, Prime All Share Index, Classic All Share Index Official market Prime Standard Frankfurt and XETRA OTC market Berlin, Dusseldorf, Hamburg, Hanover, Munich and Stuttgart ISIN DE 000 748 020 4 Ticker DEQ, Reuters: DEQGn.DE Market maker Oddo BHF
  • 34. APPENDIX Consolidated Income Statement 9M 2022 COMPANY PRESENTATION | JANUARY 2023 34 € thousand 01.01. – 30.09.2022 01.01. – 30.09.2021 Revenue 158,662 157,815 Property operating costs -20,220 -15,769 Property management costs -8,257 -7,782 Write-downs and disposals of financial assets -6,302 -20,537 Net operating income (NOI) 123,883 113,727 Other operating income 3,082 3,521 Other operating expenses -15,481 -5,775 Earnings before interest and tax (EBIT) 111,547 111,473 Share in the profit or loss of associated companies and joint ventures accounted for using the equity method 20,336 21,427 Interest expense -27,157 -29,821 Profit/loss attributable to limited partners -12,073 -9,911 Interest income 89 5 Financial gains/losses -18,805 -18,300 Measurement gains/losses -13,832 -40,276 Earnings before tax (EBT) 78,910 52,897 Income taxes -14,305 -8,827 Consolidated profit 64,605 44,070 Earnings per share (€) 1.05 0.71
  • 35. APPENDIX Consolidated Balance Sheet 9M 2022 COMPANY PRESENTATION | JANUARY 2023 35 € thousand 30.09.2022 31.12.2021 ASSETS Non-current assets Intangible assets 51,750 51,751 Property, plant and equipment 140 244 Investment properties 3,401,984 3,393,554 Investments accounted for using the equity method 455,860 455,341 Total Non-current assets 3,909,734 3,900,890 Current assets Trade receivables 18,100 22,763 Other current assets 29,797 26,298 Cash and cash equivalents 320,693 328,839 Total Current assets 368,590 377,900 TOTAL ASSETS 4,278,324 4,278,790 € thousand 30.09.2022 31.12.2021 LIABILITIES Equity and reserves Issued capital 61,784 61,784 Capital reserves 494,526 1,217,560 Retained earnings 1,522,079 783,522 Total equity 2,078,389 2,062,866 Non-current liabilities Financial liabilities 1,258,980 1,264,748 Deferred tax liabilities 347,037 333,037 Right to redeem of limited partners 317,782 314,914 Other liabilities 7,660 23,995 Total Non-current liabilities 1,931,459 1,936,694 Current liabilities Financial liabilities 222,969 237,366 Trade payables 9,576 5,345 Tax liabilities 930 196 Other provisions 15,404 10,120 Other liabilities 19,597 26,203 Total Current liabilities 268,476 279,230 TOTAL EQUITY AND LIABILITIES 4,278,324 4,278,790
  • 36. APPENDIX Our Partner COMPANY PRESENTATION | JANUARY 2023 36  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 Many Investors Rely on ECE Close alliance with a European market leader in the shopping center business
  • 37. APPENDIX Reduction of CO2 Emission and Electricity Consumption ESG COMPANY PRESENTATION | JANUARY 2023 37  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: Gaïa Research, ISS ESG, MSCI ESG Ratings, S&P Global Corporate Sustainability Assessment and Sustainalytics. The use by Deutsche EuroShop of any MSCI ESG research llc or its affiliates (“MSCI”) data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of Deutsche EuroShop by MSCI. MSCI services and data are the property of MSCI or its information providers and are provided ‘as-is’ and without warranty. MSCI names and logos are trademarks or service marks of MSCI. 0 5 10 15 20 25 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Number of centers included CO2 reduction in t Total electricity consumption in mwh
  • 38. APPENDIX DGNB Sustainability certificates ESG COMPANY PRESENTATION | JANUARY 2023 38  The German Sustainable Building Council (DGNB) has awarded sustainability certificates to all 21 Deutsche EuroShop shopping centers, 11 in Gold and 10 in Platinum.  TÜV Süd has certified the electricity used in Deutsche EuroShop’s German centers with the prestigious “Ökostrom” green electricity label.  2021 saw Deutsche EuroShop awarded the EPRA sBPR Award in “Gold” by the European Public Real Estate Association (EPRA) for the fifth 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.
  • 39. APPENDIX Germany 1/21 COMPANY PRESENTATION | JANUARY 2023 39 1 Status: 31 Dec. 2021 | 2 Approximately | 3 As % of market rent Main-Taunus- Zentrum A10 Center Altmarkt- Galerie Rhein-Neckar- Zentrum Herold- Center Rathaus- Center Allee- Center Phoenix- Center Location Sulzbach/ Frankfurt Wildau/ Berlin Dresden Viernheim/ Mannheim Norderstedt Dessau Magdeburg Hamburg Investment 52.0% 100% 100% 100% 100% 100% 50.0% 50.0% Lettable Space sqm 124,000 121,000 77,000 69,500 54,300 52,500 51,300 43,400 Parking 4,500 4,000 500 3,800 850 850 1,300 1,400 Number of Shops2 170 200 200 110 140 90 150 130 Occupancy Rate3 92% 92% 97% 92% 95% 90% 98% 96% Catchment Area2 2.1 m inhabitants 1.1 m inhabitants 1.4 m inhabitants 1.6 m inhabitants 0.5 m inhabitants 0.3 m inhabitants 0.8 m inhabitants 0.5 m inhabitants Visitors 2021 4.8 m 3.8 m 6.8 m 5.5 m 6.2 m 3.1 m 6.5 m 5.4 m Opening/ refurbishment 1964/2004/2011 1996/2011 2002/2011 1972/2002 1971/1995/2003 1995 1998/2006 2004/2016
  • 40. APPENDIX Billstedt- Center Saarpark- Center Forum Allee- Center City- Galerie City- Arkaden City- Point Stadt- Galerie Stadt- Galerie Location Hamburg Neunkirchen Wetzlar Hamm Wolfsburg Wuppertal Kassel Passau Hameln Investment 100% 50.0% 65.0% 100% 100% 100% 100% 75.0% 100% Lettable Space sqm 42,500 35,600 34,500 34,000 30,800 28,700 27,800 27,700 26,000 Parking 1,500 1,600 1,700 1,300 800 650 220 500 500 Number of Shops2 110 115 110 90 100 80 60 90 85 Occupancy Rate3 98% 96% 97% 96% 90% 95% 95% 97% 92% Catchment Area2 0.8 m inhabitants 0.7 m inhabitants 0.5 m inhabitants 0.4 m inhabitants 0.5 m inhabitants 0.7 m inhabitants 0.6 m inhabitants 0.8 m inhabitants 0.3 m inhabitants Visitors 2021 7.8 m 3.5 m 4.7 m 3.0 m 4.2 m 5.1 m 4.7 m 4.0 m 3.8 m Opening/ refurbishment 1969/1977/1996 1989/1999/2009 2005 1992/2003/2009 2001/2006 2001/2004 2002/2009/2015 2008 2008 Germany 2/21 COMPANY PRESENTATION | JANUARY 2023 40 1 Status: 31 Dec. 2021 | 2 Approximately | 3 As % of market rent
  • 41. APPENDIX Olympia Galeria Bałtycka City Arkaden Árkád Location Brno, Czech Republic Gdansk, Poland Klagenfurt, Austria Pécs, Hungary Investment 100% 74.0% 50.0% 50.0% Lettable Space sqm 85,000 48,700 36,900 35,400 Parking 4,000 1,050 880 850 Number of Shops2 200 193 120 130 Occupancy Rate3 93% 97% 92% 98% Catchment Area2 1.2 m inhabitants 1.1 m inhabitants 0.4 m inhabitants 0.7 m inhabitants Visitors 2021 6.2 m 5.9 m 3.9 m 9.6 m Opening/ refurbishment 1999/2014 – 16 2007 2006 2004 Europe1 COMPANY PRESENTATION | JANUARY 2023 41 1 Status: 31 Dec. 2021 | 2 Approximately | 3 As % of market rent
  • 42. APPENDIX Financial Calendar COMPANY PRESENTATION | JANUARY 2023 42 17.01. Kepler Cheuvreux German Corporate Conference, Frankfurt 21.03. Preliminary Results FY 2022 23.03. Bank of America EMEA Real Estate CEO Conference, London 27.04. Publication of the Annual Report 2022 11.05. Quarterly Statement 3M 2023 22.06. Annual General Meeting, Hamburg 14.08. Half-year Financial Report 2023 14.11. Quarterly Statement 9M 2023 2023
  • 43. APPENDIX Contact COMPANY PRESENTATION | JANUARY 2023 43 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