Disclosure Devil - Summary

Half-year Financial Report as at 30 June 2025 the MALL s life H1 Half-year Financial Report as at 30 June 2025 2 Half-year Financial Report as at 30 June 2025 2 Key consolidated figures in € million 01.01.- 30.06.2025 01.01.- 30.06.2024 +/- Revenue 131.4 132.8 -1.1 % Net operating income (NOI) 103.2 106.4 -3.0 % EBIT 103.9 107.4 -3.2 % EBT (excluding measurement gains/ losses1) 75.1 82.1 -8.4 % EPRA2 earnings 69.9 80.6 -13.3 % FFO8 74.0 81.1 -8.8 % Consolidated profit 69.8 59.5 17.3 % in € 01.01.- 30.06.2025 01.01.- 30.06.2024 +/- EPRA2 earnings per share 0.92 1.06 -13.2 % FFO per share 0.98 1.06 -7.5 % Earnings per share 0.92 0.78 17.9 % Weighted number of shares with dividend rights6 75,743,854 76,283,452 -0.7 % in € million 30.06.2025 31.12.2024 +/- Equity3 2,017.6 2,145.7 -6.0 % Liabilities 2,753.1 2,218.7 24.1 % Total assets 4,770.7 4,364.4 9.3 % EPRA2 NTA 2,077.9 2,198.0 -5.5 % EPRA2 NTA per share in € 27.43 29.02 -5.5 % Equity ratio in %3 42.3 49.2 LTV ratio in %4.7 42.5 39.2 EPRA2 LTV in %5 44.7 41.1 Cash and cash equivalents 595.8 212.4 180.5 % 1 Incl. the share attributable to equity-accounted joint ventures and associates 2 European Public Real Estate Association 3 Incl. third-party interests in equity 4 Loan-to-value (LTV): Ratio of net financial liabilities (financial liabilities less cash and cash equivalents) to non-current assets (investment properties and financial invest- ments accounted for using the equity method) 5 EPRA Loan-to-Value (EPRA LTV): Ratio of net debt (financial liabilities and lease liabilities less cash and cash equivalents) to real estate assets (investment properties, owner-occupied properties, intangible assets and other assets (net)). Net debt and real estate assets are calculated on the basis of the Group’s share in the subsidiaries and joint ventures. 6 The number of no-par value shares issued includes the treasury shares which were acquired. These shares were factored in on a time-weighted basis in the comparative period. 7 The LTV was calculated without taking into account the cash and cash equivalents of the dividend for the 2024 financial year in the amount of €200.7 million, which was paid out on 3 July 2025. Taking into account the total liquidity available as at 30 June 2025, this would result in an LTV of 37.6%. 8 Due to the first-time adjustment of FFO for non-cash interest expense, the previous year’s figures have been adjusted accordingly. the MALL s life Deutsche EuroShop 3 Half-year Financial Report as at 30 June 2025 the MALL s life 3 Letter from the ­Executive Board DEAR SHAREHOLDERS, DEAR READERS, I would like to take this opportunity to look back on the first half of 2025, in which our operating business performed broadly in line with expec- tations. Visitor numbers in our shopping centers fell by 1 % year-on-year, but our tenants’ sales increased by 1.3 %. Like-for-like minimum con- tractual rents increased by 0.5 %. The second quarter was positive in terms of footfall and retail sales compared with the same period last year, while the first quarter was below the level of the same period last year due to calendar and weather effects. Overall, the first half of the year saw a satisfactory performance. Our revenue declined slightly by 1.1 % to €131.4 million, while net operating income (NOI) decreased by 3.0 % to €103.2 million due to higher center operating expenses. EBIT fell to €103.9 million (-3.2 %). Increased contractual rents in the first half of 2025 were offset by higher deferrals and one-off allocation and cost effects, which reduced revenue, NOI and EBIT overall. EBT (excluding measurement gains/ losses) was down 8.4 % at €75.1 million, largely due to an increase of €3.9 million in interest expense. Due to increased contractual rents, we posted a measurement gain of €10.3 mil- lion, representing an improvement of nearly €23 million. As a result, consolidated profit for the period rose significantly to €69.8 million, an increase of 17.3 % compared to the first half of the previous year. EPRA earnings and FFO per share came to €0.92 and €0.98 respectively, down from €1.06 each in the previous year. A key event of note in the first half of the year was the opening of the new Food Garden at the Main-Taunus-Zentrum (MTZ) on 10 April. Span- ning some 9,000m², this modern, architecturally striking and sustainably designed food court has significantly enhanced the quality of visits to the center. The number of visitors to the MTZ has increased by over 17 % since it opened – clear evidence of the strong customer response to the new offering. The MTZ remains one of Germany’s top shopping centers in terms of footfall and retail sales. Another major milestone was the successful placement of our first green bond in June 2025. The €500 million bond, which matures in October 2030, was oversubscribed seven times – a clear vote of confidence on the part of institutional investors in our business model, ESG strategy and financial strength. We are using this bond issue to broaden our funding base and create additional scope for sustainable investment. The Hans-Peter Kneip, CEO/CFO “A major milestone for us was the successful placement of our first green bond.” 4 Half-year Financial Report as at 30 June 2025 4 net proceeds will be used for general cor­porate financing and to support eligible green projects in line with our Green Finance Framework. At our Annual General Meeting on 27 June 2025, we set a clear course for the future. Our share- holders approved all of the items on the agenda by a large majority, paving the way for a dividend payment of €2.65 per share for the 2024 financial year. At the same time, we are bidding farewell to Reiner Strecker, a long-standing colleague whose dedication and inspiring commitment helped play a key role in the development of Deutsche EuroShop over the years. The inter- nationally renowned real estate expert Peter M. Ballon will succeed him as Chairman of the Supervisory Board. In light of our performance in the first half of the year, which developed broadly as expected, we confirm the full-year forecast for 2025 as pub- lished in March. Thank you for the confidence you have placed in us. Hamburg, August 2025 Hans-Peter Kneip the MALL s life Deutsche EuroShop 5 Half-year Financial Report as at 30 June 2025 Basic information about the Group GROUP BUSINESS MODEL Deutsche EuroShop is an Aktiengesellschaft (public com- pany) under German law. The Company’s registered office is in Hamburg. Deutsche EuroShop is the only public com- pany in Germany to invest solely in shopping centers in prime locations. A total of 21 shopping centers in Germany, Austria, Poland, Hungary and the Czech Republic are held in the real estate portfolio. The Group generates its reported revenue from rental income on the spaces it lets in the shopping centers. The shopping centers are held by independent companies, with Deutsche EuroShop holding stakes of 100% in 16 shop- ping centers and between 50% and 95% in the other five. The operational management of the shopping centers is contracted out to external service providers under agency agreements. The Group managing company is Deutsche EuroShop AG. It is responsible for corporate strategy, portfolio and risk management, financing and communication. The Deutsche EuroShop Group has a central structure and lean personnel organisation. The share capital amounted to €76,464,319.00 as at 30 June 2025 and was composed of 76,464,319 no-par value reg- istered shares. As at 30 June 2025, Deutsche EuroShop AG held 720,465 treasury shares, which confer no rights to the Company in accordance with Section 71b AktG. The notional value of each share in the share capital is €1.00. OBJECTIVES AND STRATEGY The management focuses on investments in high-quality shopping centers in urban centers and established loca- tions offering the potential for stable, long-term value growth. A key investment target is the generation of high surplus liquidity from leases in shopping centers, of which a significant portion can be paid out to shareholders in the form of an annual dividend. To this end, the Company invests its capital in shopping centers in different European regions in accordance with the principle of risk diversification. Ger- many is the main focus of investment. Indexed and revenue-­ linked commercial rents ensure that high earnings targets are achieved. Deutsche EuroShop aims to take advantage of favourable financing conditions while expanding and diversifying its pool of funding sources to mitigate risks. Accordingly, the capital and financing structure is continuously and purpose- fully refined. The Company funds its investment activity through secured loans from a range of lenders as well as unsecured capital market instruments. Deutsche EuroShop holds an investment-grade rating, which enables it to issue bonds and comparable alternative instruments. The Com- pany takes steps to maintain and further improve this rat- ing in order to remain flexible in an environment of fluctu- ating interest rates and generally tighter lending requirements. As a result, and depending on market con- ditions, we expect the Group’s loan-to-value (LTV) ratio to fluctuate between 40 % and 50 %. MANAGEMENT SYSTEM The Executive Board of Deutsche EuroShop AG manages the Group in accordance with the provisions of German company law and with its rules of procedure. The Executive Board’s duties, responsibilities and business procedures are laid down in its rules of procedure and in its schedule of responsibilities. The Group targets shopping centers with sustainable and stable value growth and a high liquidity surplus generated from long-term leases. These parameters are then used to derive relevant management indicators (performance indi- cators). These are revenue, earnings before interest and taxes (EBIT), earnings before taxes (EBT) excluding meas- urement gains/losses, and funds from operations (FFO). 6 Half-year Financial Report as at 30 June 2025 6 Economic review MACROECONOMIC AND SECTOR-SPECIFIC CONDITIONS According to the German Federal Ministry for Economic Affairs and Energy (BMWK), momentum in the German economy slowed in the second quarter after a brisk start to the year. Despite more optimistic business expectations, industrial output and order intake remain volatile. Foreign trade dampened growth, as exports – particularly to the US– declined, following advance effects seen in the first quarter. The domestic economy presented a mixed picture: declining retail sales were offset by rising private car reg- istrations and higher revenue in the hospitality sector. Ongoing geopolitical uncertainty and a persistently weak labour market are continuing to weigh on consumer confi- dence. All in all, the recovery failed to gather further pace in the second quarter – partly due to fading one-off effects and ongoing uncertainty surrounding US trade tariffs. The inflation rate edged down slightly to +2.0 % in June com- pared with June of the previous year. In Germany, Deutsche EuroShop’s main market, gross domestic product (GDP) shrank by 0.1 % in the second quar- ter of 2025 when adjusted for price and calendar effects, after having risen by 0.3 % at the start of 2025. In a year- on-year comparison, GDP in the second quarter of 2025 was 0.4 % higher than in the second quarter of 2024 when adjusted for price and calendar effects. The unemployment rate at the end of June 2025 was 6.2 % (previous year: 5.8 %). The market research company GfK was unable to identify a clear trend in consumer confidence in Germany in June of the year under review. Expectations regarding the econ- omy and personal income improved, while willingness to make purchases remained largely unchanged and the sav- ing ratio increased. Following three consecutive increases, consumer confidence saw a slight dip. This was mainly driven by the higher savings ratio, which counteracted the positive momentum from improved income expectations. According to preliminary figures from Germany’s Federal Statistical Office (Destatis), retail sales in June 2025 rose by 1.0 % in real terms (adjusted for prices and calendar/ seasonal effects) and by 0.8 % in nominal terms (unad- justed) compared with May 2025. Compared with June 2024, revenue increased by 4.9 % in real terms and by 5.8 % in nominal terms. In the non-food retail segment, revenue (adjusted for calendar and seasonal effects) in June 2025 was up 1.8 % in real terms and 1.4 % in nominal terms compared with the previous month. Compared with June 2024, revenue in this segment increased by 7.4 % in real terms and by 7.7 % in nominal terms. Online and mail-order retail in June 2025 saw revenue grow by 9.0 % in real terms and 8.5 % in nominal terms compared with the previous month. Year-on-year, revenue improved by 20.4 % in real terms and 19.9 % in nominal terms. According to real estate consultancy Savills, commercial and residential real estate worth around €13.3 billion changed hands in Germany in the first half of 2025. This represents a 13 % decline compared with the same period last year. The retail property transaction volume amounted to €3.0 billion in the first half of the year, and was likewise down 13 % year-on-year. According to BNP Paribas Real Estate, shopping centers accounted for 16 % of the retail property transaction volume, largely due to the sale of Designer Outlet Berlin and a number of smaller shopping center investments. In the limited number of core segment transactions observed by Savills during the last quarter, prime yields remained unchanged from the previous quar- ter. As a result, prime yields for shopping centers remain steady at 5.8 %. the MALL s life Deutsche EuroShop 7 Half-year Financial Report as at 30 June 2025 RESULTS OF OPERATIONS Change in € thousand 01.01.- 30.06.2025 01.01.- 30.06.2024 ± in % Revenue 131,363 132,847 -1,484 -1.1 Operating and administrative costs for property -24,308 -22,086 -2,222 -10.1 Write-downs and derecognition of receivables -3,841 -4,318 477 11.0 NOI 103,214 106,443 -3,229 -3.0 Other operating income 5,099 4,565 534 11.7 Other operating expenses -4,379 -3,656 -723 -19.8 EBIT 103,934 107,352 -3,418 -3.2 At-equity profit/loss 4,988 9,213 Measurement gains/losses (at equity) -747 -5,071 Deferred taxes (at equity) 69 148 At-equity (operating) profit/loss 4,310 4,290 20 0.5 Interest expense -26,715 -22,770 -3,945 -17.3 Profit/loss attributable to limited partners -7,219 -7,105 -114 -1.6 Interest income 1,597 2,162 -565 -26.1 Other financial expenses -774 -1,876 1,102 58.7 Financial gains/losses (excluding measurement gains/ losses) -28,801 -25,299 -3,502 -13.8 EBT (excluding measurement gains/losses) 75,133 82,053 -6,920 -8.4 Measurement gains/losses 9,520 -17,669 Measurement gains/losses (at equity) 747 5,071 Measurement gains/losses (incl. at equity) 10,267 -12,598 22,865 181.5 Taxes on income and earnings -3,429 -3,036 -393 -12.9 Deferred taxes -12,126 -6,771 Deferred taxes (at equity) -69 -148 Deferred taxes (incl. at equity) -12,195 -6,919 -5,276 -76.3 Consolidated profit 69,776 59,500 10,276 17.3 REVENUE DOWN YEAR-ON-YEAR Revenue fell slightly by €1.5 million (-1.1 %) compared to the first half of 2024. While contractual rents increased slightly (+0,5 %) compared to the previous year, revenue from rental income fell slightly overall due to rental incen- tives granted. These are to be spread over the term of the rental agreements. Revenue from land tax apportionments and insurance expenses fell by €0.7 million, largely as a result of the land tax liability of our shopping centers going down after land tax reforms. Business performance 8 Half-year Financial Report as at 30 June 2025 8 CENTER OPERATING EXPENSES UP ON PREVIOUS YEAR Center operating expenses, which mainly comprise center management fees, non-apportionable ancillary costs, land taxes, building insurance and maintenance, came to €24.3 million in the reporting period, up 10.1 % on the previous year. This was largely due to one-off expenses related to non-apportionable ancillary costs associated with the renewal of technical equipment and storm damage. The expenses mentioned above have already been reimbursed by the building insurance provider. In contrast, land tax expenses have fallen sustainably due to the lower land tax liability following the land tax reforms. DECREASE IN NECESSARY WRITE-DOWNS Write-downs and the derecognition of receivables decreased compared to the previous year by €0.5 million (11.0 %) to €3.8 million. NET OPERATING INCOME (NOI) Net operating income (NOI) went down by 3.0 % to €103.2 million due to a slight decline in revenue and an increase in operating and administrative costs for property. OTHER OPERATING INCOME AND EXPENSES Other operating income – stemming primarily from income from rental receivables for which impairment losses had been recognised in previous years, additional payments with respect to ancillary costs and the reversal of provi- sions – amounted to €5.1 million, a higher figure than in the first half of the previous year (€4.6 million). Other operating expenses, which mainly comprised general administrative costs and personnel costs, increased to ­ €4.4 million. This was due to an upturn in both personnel costs and legal and consultancy fees, incl. those related to the rating process and the bond issue. EBIT DOWN SLIGHTLY COMPARED TO PREVIOUS YEAR At €103.9 million, earnings before interest and taxes (EBIT) were slightly lower than in the previous year (€107.4 mil- lion). This was mainly due to higher center operating expenses, in addition to a slight decline in revenue. DECREASE IN FINANCIAL GAINS/LOSSES AS EXPECTED Financial gains/losses (excluding measurement gains/ losses) came to €-28.8 million, down from €-25.3 million in the previous year. This was largely attributable to a €3.9 million increase in interest expense. This was affected by the June 2024 loan increases for the Allee-Center Hamm and the Allee-Center Magdeburg, as well as by first-time borrowing in August 2024 for the Rathaus-Center Dessau. Interest income came to €1.6 million, slightly lower than in the previous year (€2.2 million). Other financial expenses of €0.8 million were attributable to Stadt-Galerie Hameln and were related to a swap agreement coming to an end after the loan being repaid in full. DOWNTURN IN EBT (EXCLUDING MEASUREMENT GAINS/LOSSES) As a result of the fall in financial gains/losses and the slight decline in EBIT, EBT (excluding measurement gains/losses) fell by 8.4 % to €75.1 million (previous year: €82.1 million). MEASUREMENT GAIN DUE TO RISING CONTRACTUAL RENTS Property values experienced a slight improvement in the first half of 2025, resulting in a measurement gain of ­ €10.3 million incl. the increased investments in the real estate portfolio. Due to rising contractual rents, real estate appraisals have stabilised and, after years of declining val- uations, there has been a slight increase in the value of the real estate portfolio for the first time. After minority interests, €9.5 million was attributable to the measurement of the real estate assets reported by the Group, and €0.8 million to the measurement of the real estate assets of joint ventures accounted for using the equity method. The changes in market value of the individual real estate values ranged from -2.8 % to +3.6 %. The occupancy rate1 was 94.5 %, 0.9 percentage points lower than on the most recent reporting date. The EPRA occupancy rate increased from 93.3 % to 94.7 %. TAXES ON INCOME AND EARNINGS Taxes on income and earnings went up slightly to €-3.4 million (previous year: €-3.0 million). Expenses from deferred taxes, resulting mainly from a rise in market val- ues and the systematic depreciation of the tax balance sheet values of our real estate assets, amounted to €12.2 million (previous year: €6.9 million). SIGNIFICANTLY HIGHER CONSOLIDATED PROFIT Consolidated profit was €10.3 million higher than in the first half of the previous year (€59.5 million) at €69.8 million. This was driven by an increase in measurement gains/ losses. Earnings per share increased from €0.78 to €0.92. SLIGHT FALL IN EPRA EARNINGS EPRA earnings, which exclude measurement gains/losses, fell by €10.7 million or €0.14 per share. This was largely due to the lower EBIT and the fall in financial gains/losses. 1 The occupancy rate is based on floor space, whereas in the previous year it was based on market rents, which corresponds to the definition of the EPRA occu- pancy rate. the MALL s life Deutsche EuroShop 9 Half-year Financial Report as at 30 June 2025 the MALL s life 9 DEVELOPMENT OF FUNDS FROM OPERATIONS (FFO) Funds from operations (FFO) are used to finance our ongo- ing investments in portfolio properties, scheduled repay- ments on our long-term bank loans and as the basis for the distribution of dividends. Significant non-recurring effects that are not part of the Group’s operating activities are elim- inated in the calculation of FFO. FFO decreased from €81.1 million to €74.0 million or from €1.06 per share to €0.98 per share. Revenue in € million 2024 2024 2024 2025 2025 2025 EBIT in € million EBT in € million (excluding measurement gains/losses) FFO per share in € 2024 6M 6M 6M 6M 6M 6M 6M 6M 2025 132.8 131.4 103.9 75.1 1.06 0.98 107.4 82.1 EPRA earnings 01.01.-30.06.2025 01.01.-30.06.2024 in € thousand per share in € in € thousand per share in € Consolidated profit 69,776 0.92 59,500 0.78 Measurement gains/losses on investment properties1 -10,267 -0.14 12,598 0.17 Deferred tax adjustments pursuant to EPRA2 10,420 0.14 8,485 0.11 EPRA earnings 69,929 0.92 80,583 1.06 Weighted number of no-par-value shares with dividend rights 75,743,854 76,283,452 1 Incl. the share attributable to equity-accounted joint ventures and associates 2 Affects deferred taxes on investment properties and derivative financial instruments Funds from operations 01.01.-30.06.2025 01.01.-30.06.2024 in € thousand per share in € in € thousand per share in € Consolidated profit 69,776 0.92 59,500 0.78 Measurement gains/losses on investment properties1 -10,267 -0.13 12,598 0.16 Non-cash interest expense1, 2 2,280 0.03 2,095 0.03 Deferred taxes1 12,195 0.16 6,919 0.09 FFO 73,984 0.98 81,112 1.06 Weighted number of no-par-value shares with dividend rights 75,743,854 76,283,452 1 Incl. the share attributable to equity-accounted joint ventures and associates 2 Due to the first-time adjustment of FFO for non-cash interest expense, the previous year’s figures have been adjusted accordingly. 10 Half-year Financial Report as at 30 June 2025 10 FINANCIAL POSITION AND NET ASSETS NET ASSETS AND LIQUIDITY On 18 June 2025, Deutsche EuroShop issued a €500 million green bond. This bond is listed on the Euro MTF market of the Luxembourg Stock Exchange. The bond has a term of 5.3 years, matures on 15 October 2030, and bears an annual interest rate of 4.5%. Ahead of the issue, Deutsche EuroShop received a long-term issuer rating of BB+ (stable) from Standard & Poor’s Global Ratings (S&P). The bond itself was rated Investment Grade at BBB- by S&P. At €4,770.7 million, the Deutsche EuroShop Group’s total assets saw a significant increase compared to the last reporting date. This increase was largely driven by the rise in cash and cash equivalents (€+383.4 million), which were boosted by the proceeds from the bond issue after repay- ments of existing loans. Financial liabilities also saw a marked rise in connection with the green bond. in € thousand 30.06.2025 31.12.2024 Change Current assets 623,858 244,048 379,810 Non-current assets 4,146,838 4,120,357 26,481 Current liabilities 262,453 67,198 195,255 Non-current liabilities 2,490,631 2,151,511 339,120 Equity (incl. third-party shareholders) 2,017,612 2,145,696 -128,084 TOTAL ASSETS 4,770,696 4,364,405 406,291 Non-current assets Non-current liabilities Total equity (incl. third-party shareholders) 30.6. 31.12. 31.12. Balance sheet structure Balance sheet total in € million 4,120.4 244.0 4,364.4 4,146.8 623.9 4,770.7 2025 2024 Assets 4,364.4 2024 2,145.7 2,151.5 67.2 4,770.7 30.6. 2025 2,490.6 262.5 Liabilities Current assets Current liabilities 2,017.6 the MALL s life Deutsche EuroShop 11 Half-year Financial Report as at 30 June 2025 the MALL s life 11 EQUITY RATIO OF 42.3% The equity ratio (incl. shares held by third-party share­ holders) declined from 49.2 % at the last reporting date to 42.3 %. This was primarily due to the approved distribution of dividends for the 2024 financial year totalling €200.7 million and the issuance of the bond. It remains at a robust level. LIABILITIES As at 30 June 2025, current and non-current liabilities increased by €327.9 million to €2,136.3 million, mainly as a result of the green bond issued in June. This was partially offset by the full repayment of loans for the Herold-Center Norderstedt and Stadt-Galerie Hameln. All loan and bond covenants were met as at 30 June 2025. Non-current deferred tax liabilities increased by €12.3 mil- lion to €363.2 million due to additional provisions. Other current and non-current liabilities and provisions increased by €194.1 million. This was mainly driven by a €200.7 mil- lion liability for the payment of the dividend for the 2024 financial year which was approved by the Annual General Meeting of Deutsche EuroShop AG on 27 June 2025. The dividend was paid on 2 July 2025. NET TANGIBLE ASSETS ACCORDING TO EPRA Net tangible assets (NTA) as at 30 June 2025 came to €2,077.9 million, down by €120.1 million on the figure at year-end 2024 (€2,198.0 million) due to the dividend pay- ment approved on 27 June 2025. NTA per share fell accord- ingly by €1.59 from €29.02 to €27.43 per share (-5.5 %). EPRA NTA 30.06.2025 31.12.2024 in € thousand per share in € in € thousand per share in € Equity (excl. third-party shareholders) 1,754,613 23.16 1,884,540 24.88 Derivative financial instruments measured at fair value1 1,912 0.03 3,128 0.04 EQUITY EXCL. DERIVATIVE FINANCIAL INSTRUMENTS 1,756,525 23.19 1,887,668 24.92 Deferred taxes on investment properties and derivative financial instruments1 373,131 4.92 362,055 4.78 Intangible assets -26 0.00 -12 0.00 Goodwill as a result of deferred taxes -51,719 -0.68 -51,719 -0.68 EPRA NTA 2,077,911 27.43 2,197,992 29.02 Number of no-par-value shares issued as at the report- ing date 75,743,854 75,743,854 1 Incl. the share attributable to equity-accounted joint ventures and associates 12 Half-year Financial Report as at 30 June 2025 12 EPRA LOAN-TO-VALUE (EPRA LTV) EPRA LTV, which is based on the Group’s proportional share in the joint ventures and subsidiaries, amounted to 44.7 % on the reporting date (previous year: 41.1 %). LTV, which includes the subsidiaries in full and the joint ventures rec- ognised at equity, amounted to 42.5 % (previous year: 39.1 %) as at the reporting date. Proportional values in € thousand 30.06.2025 31.12.2024 Change Bank and bond liabilities 2,058,625 1,731,232 327,393 Owner-occupied property (IFRS 16, liability) 230 230 0 Other liabilities (net) 209,533 8,495 201,038 Cash and cash equivalents -584,732 -201,182 -383,550 NET FINANCIAL DEBT 1,683,656 1,538,775 144,881 Investment properties 3,767,466 3,744,255 23,211 Owner-occupied property (IFRS 16, right-of-use asset) 223 223 0 Intangible assets 26 12 14 PROPERTY ASSETS 3,767,715 3,744,490 23,225 EPRA LTV IN % 44.7 41.1 3.6 OUTLOOK ECONOMIC CONDITIONS According to the Kiel Institute for the World Economy (IfW), there is a glimmer of light at the end of the economic tunnel for Germany. Economic growth is expected to be somewhat stronger this year than previously forecast. This is reflected in the IfW’s summer outlook, which now anticipates a mod- est increase in GDP of 0.3 % for the current year (spring forecast: 0.0 %). However, overall economic momentum is expected to remain subdued for the time being, particularly in view of potential headwinds caused by US trade policy. Leading indicators support the IfW’s view that, following a two-year downturn, the industrial sector has now bottomed out – albeit at a low level. The upturn in the overall economy is being driven primarily by domestic factors. After a two- year dry spell, private consumption is rising again, and busi- ness investment is gradually turning positive. Exports, on the other hand, are expected to decline once again this year by around 0.4 %. Although the brisk pace of private con- sumption seen at the start of 2025 is unlikely to be main- tained, it is expected to increase by around 1.0 % over the full year. According to the ifo Institute, numerous indicators suggest that the German economic crisis reached its worse point in the winter of 2024/2025. Rising real incomes are driving gains in purchasing power, and are increasingly being spent rather than saved. The ifo Institute has revised its inflation forecast for 2025 down by 0.2 percentage points to 2.1 %, largely due to falling energy prices. There are also some early positive signs emerging in the labour market. Employment is expected to pick up slightly in the coming months as the economic situation gradually recovers. How- ever, job growth is likely to remain limited due to demo- graphic factors. From 2025 onwards, the number of people of working age will decline. The current unemployment rate is 6.3 %, up from 6.0 % the previous year. the MALL s life Deutsche EuroShop 13 Half-year Financial Report as at 30 June 2025 the MALL s life 13 EXPECTED RESULTS OF OPERATIONS AND FINANCIAL POSITION The first half of 2025 saw operating business progress largely according to plan. Increased contractual rents were offset by higher deferrals and one-off allocation and cost effects. In addition, Deutsche EuroShop AG successfully placed its first green bond in June 2025, with a nominal value of €500 million and a coupon rate of 4.5 %. This will lead to a decline in financial gains/losses. We are therefore reiterating our forecast for the 2025 financial year: �Revenue: €268–276 million �Earnings before interest and taxes (EBIT): €209–217 million �Earnings before taxes (EBT) excluding measurement gains/losses: €150–158 million �Funds from operations (FFO): €145–153 million Revenue in € million 2023 2023 2023 2025 2025 2025 2024 2024 2024 EBIT in € million EBT in € million (excluding measurement gains/losses) Funds from operations in € million 2023 2025 2024 273.3 271.4 216.3 165.2 171.3 157.1 212.7 169.5 Goal 209– 217 268– 276 Goal Goal 150– 158 145– 153 Goal DIVIDEND At the Annual General Meeting on 27 June 2025, the Exec- utive Board and Supervisory Board proposed a dividend distribution of €2.65 per share for the 2024 financial year. The Annual General Meeting approved the proposal. The dividend was paid out on 2 July 2025. RISK REPORT On 18 June 2025, Deutsche EuroShop successfully issued a bond with a nominal value of €500 million. Ahead of the issue, Deutsche EuroShop received a long-term issuer rat- ing of BB+ (stable) from S&P Global Ratings. The new bond was given an Investment Grade rating of BBB- by S&P. FINANCING RISK As at the reporting date, the Group’s financing consisted of long-term loan agreements and a long-term corporate bond, each with fixed interest rates. Currently, no new finance or refinancing is planned (not until 2026). This means that, from today’s perspective, the Group is not exposed to any significant level of financing risk. We are constantly monitoring the interest rate environment so as to be able to react appropriately to interest rate changes. Financing risk is mitigated by concluding long-term instru- ments with maturities or fixed interest periods generally in the order of five to ten years and fixed interest rates. Inter- est rate levels are materially determined by underlying macroeconomic and political conditions and therefore can- not be predicted by the Company. There is a risk that refi- nancing for loans and corporate bonds may only be avail- able at higher interest rates than before. This would negatively impact FFO. In order to secure refinancing on reasonable terms in the future — particularly for unsecured corporate bonds — it is essential for Deutsche EuroShop to maintain an Invest- ment Grade rating. Any deterioration in this rating could adversely affect the conditions for refinancing maturing corporate bonds, which in turn would negatively impact FFO. Deutsche EuroShop is required to comply with certain finan- cial covenants (Net Loan-to-Value Ratio, Net Secured Loan- to-Value Ratio, Interest Coverage Ratio), reporting obliga- tions and other commitments in connection with corporate bonds. A failure to comply with these obligations could trig- ger termination rights and payment obligations relating to the corporate bonds. In their capacity as borrowers, the consolidated subsidiaries are also required to comply with 14 Half-year Financial Report as at 30 June 2025 14 various predefined financial indicators (financial covenants) and other obligations or agreements. As of the reporting date, borrowers within the Deutsche EuroShop Group are required to meet 35 conditions. These conditions, which are reviewed on a regular basis, could limit the Deutsche EuroShop Group’s ability to finance its future operating and capital needs as well as to pursue acquisitions and other business activities. The ability to meet these conditions is dependent on a number of factors, some of which may be beyond the Group’s control, such as a downturn in the indus- try and real estate markets or the inaccuracy of assump- tions used for long-term planning and forecasts. Failing to comply with a financial covenant could have serious con- sequences for the Deutsche EuroShop Group. If subsidiaries of Deutsche EuroShop AG breach a financial covenant or another restrictive agreement, lenders could, under certain circumstances, demand the early repayment of a specific percentage of the loan amount, withhold funds, or terminate the respective financing agreement prematurely. An economic and financial crisis, the substantial indirect repercussions of geopolitical crises on the operations and cash flow of retail properties, as well as pronounced inten- sification of online competition or stricter regulation of the financial sector could lead to a significant deterioration of banks’ lending policies with respect to credit margins, financing terms and expiries, and loan conditions. These factors also have the potential to make it more difficult to issue bonds and alternative financing instruments. Insol- vencies of real estate companies could also have a negative impact on confidence in the real estate sector and therefore on banks’ lending practices and the capital market. The eventualities would negatively affect the earnings and finan- cial position of the Company and FFO. Under extreme cir- cumstances, the financing market could dry up altogether. The possibility cannot be completely excluded that, due for example to a deterioration in the results of operations of individual property companies or a change in lending policy, banks may not be prepared to provide refinancing. The Deutsche EuroShop Group responds to this financing risk by concluding long-term loan agreements, using the capital market, avoiding the accumulation over time of loan maturities, maintaining a robust corporate rating and observing appropriate debt ratios. Furthermore, the Group maintains long-term business relationships with a large number of capital market investors and investment, com- mercial and mortgage banks in its target markets in order to secure the best possible access to financing. The Deutsche EuroShop Group occasionally uses derivative financial instruments that qualify for hedge accounting to hedge interest rate risks. These interest rate swap trans- actions transform variable interest rates into fixed interest rates. An interest rate swap is an effective hedge if the prin- cipal amounts, maturities, repricing or repayment dates, the interest payment and principal repayment dates, and the basis of calculation used to determine the interest rates are identical for the hedge and the underlying transaction, and the party to the contract fulfils the contract. The Com- pany counters the risk of default through stringent exami- nation of its contract partners, the majority of which are also lenders. Interest rate swaps and the underlying trans- action are generally reported as one item in the annual financial statements. Financial instruments are not subject to liquidity or other risks. A test of effectiveness for the hedges described is implemented regularly. Both the potential impact of this risk and the probability of occurrence are still considered low. Since the beginning of the financial year, there have been no other significant changes to the information provided in the risk report of the combined management report as at 31 December 2024 (see Annual Report 2024, p. 152 onwards). We do not believe that the Company currently faces any risks capable of jeopardising its continued exist- ence. the MALL s life Deutsche EuroShop 15 Half-year Financial Report as at 30 June 2025 the MALL s life 15 Consolidated balance sheet Assets in € thousand 30.06.2025 31.12.2024 ASSETS Non-current assets Intangible assets 51,745 51,731 Property, plant and equipment 360 371 Investment properties 3,992,521 3,966,721 Investments accounted for using the equity method 102,212 101,534 Non-current assets 4,146,838 4,120,357 Current assets Trade receivables 10,910 14,711 Other current assets 17,117 16,899 Cash and cash equivalents 595,831 212,438 Current assets 623,858 244,048 Total assets 4,770,696 4,364,405 Liabilities in € thousand 30.06.2025 31.12.2024 EQUITY AND LIABILITIES Equity and reserves Subscribed capital 76,464 76,464 Capital reserves 793,943 793,943 Retained earnings 884,926 1,014,853 Treasury shares -720 -720 Total equity 1,754,613 1,884,540 Non-current liabilities Financial liabilities 2,124,514 1,795,909 Deferred tax liabilities 363,210 350,887 Limited partner contributions of non-controlling interests 262,999 261,156 Other liabilities 2,907 4,715 Non-current liabilities 2,753,630 2,412,667 Current liabilities Financial liabilities 11,773 12,465 Trade payables 9,631 7,349 Tax liabilities 14,076 16,876 Other provisions 11,236 12,669 Other liabilities 215,737 17,839 Current liabilities 262,453 67,198 Total equity and liabilities 4,770,696 4,364,405 16 Half-year Financial Report as at 30 June 2025 16 Consolidated income statement in € thousand 01.04.- 30.06.2025 01.04.- 30.06.2024 01.01– 30.06.2025 01.01.- 30.06.2024 Revenue 65,089 66,830 131,363 132,847 Property operating costs -9,476 -7,901 -16,717 -14,715 Property management costs -3,849 -3,871 -7,591 -7,371 Write-downs and disposals of financial assets -1,676 -2,368 -3,841 -4,318 Net operating income (NOI) 50,088 52,690 103,214 106,443 Other operating income 2,943 2,247 5,099 4,565 Other operating expenses -2,530 -1,946 -4,379 -3,656 Earnings before interest and taxes (EBIT) 50,501 52,991 103,934 107,352 Share in the profit or loss of associates and joint ven- tures accounted for using the equity method 2,880 7,146 4,988 9,213 Interest expense -13,724 -11,553 -26,715 -22,770 Profit/loss attributable to limited partners -3,613 -3,459 -7,219 -7,105 Other financial expenses -774 -1,876 -774 -1,876 Interest income 882 1,457 1,597 2,162 Financial gains/losses -14,349 -8,285 -28,123 -20,376 Measurement gains/losses 12,934 -12,942 9,520 -17,669 Earnings before taxes (EBT) 49,086 31,764 85,331 69,307 Taxes on income and earnings -11,169 -4,974 -15,555 -9,807 Consolidated profit 37,917 26,790 69,776 59,500 Earnings per share (€) 0.50 0.35 0.92 0.78 the MALL s life Deutsche EuroShop 17 Half-year Financial Report as at 30 June 2025 the MALL s life 17 Consolidated statement of changes in equity in € thousand Number of shares out- standing Sub- scribed capital Capital reserves Other retained earnings Statutory reserve Cash flow hedge reserve Treas- ury shares Total 01.01.2024 76,455,319 76,464 793,943 1,252,635 2,000 -5,366 -9 2,119,667 Total profit 0 0 59,500 0 3,339 0 62,839 Acquisition of treasury shares -350,164 0 0 -6,466 0 0 -350 -6,816 Dividend payments 0 0 -149,081 0 0 0 -149,081 30.06.2024 76,105,155 76,464 793,943 1,156,588 2,000 -2,027 -359 2,026,609 01.01.2025 75,743,854 76,464 793,943 1,015,451 2,000 -2,598 -720 1,884,540 Total profit 0 0 69,776 0 1,018 0 70,794 Dividend payments 0 0 -200,721 0 0 0 -200,721 30.06.2025 75,743,854 76,464 793,943 884,506 2,000 -1,580 -720 1,754,613 Statement of comprehensive income in € thousand 01.04.- 30.06.2025 01.04.- 30.06.2024 01.01.- 30.06.2025 01.01.- 30.06.2024 Consolidated profit 37,917 26,790 69,776 59,500 Items which under certain conditions in the future will be reclassified to the income statement: Actual share of the profits and losses from instru- ments used to hedge cash flows 896 2,606 1,216 3,984 Deferred taxes on changes in value offset directly against equity -144 -418 -198 -645 Total earnings recognised directly in equity 752 2,188 1,018 3,339 Total profit 38,669 28,978 70,794 62,839 Share of Group shareholders 38,669 28,978 70,794 62,839 18 Half-year Financial Report as at 30 June 2025 18 Consolidated cash flow statement in € thousand 01.01.- 30.06.2025 01.01.- 30.06.2024 Consolidated profit 69,776 59,500 Income taxes 15,555 9,807 Financial gains/losses 28,123 20,376 Amortisation/depreciation of intangible assets and property, plant and equipment with a finite life 75 67 Unrealised changes in fair value of investment property and other measurement gains/losses -9,520 17,669 Distributions and capital repayments received 4,310 4,666 Changes in trade receivables and other assets 976 3,063 Changes in current provisions -1,433 -3,056 Changes in liabilities -1,749 -4,517 Cash flow from operating activities 106,113 107,575 Interest paid -24,435 -20,675 Interest received 1,597 2,162 Income taxes paid -6,479 -3,037 Net cash flow from operating activities 76,796 86,025 Outflows for the acquisition of investment properties -13,191 -16,445 Outflows for the acquisition of intangible assets and property plant and equipment -78 -16 Cash flow from investing activities -13,269 -16,461 Inflows from the assumption of financial liabilities 493,855 113,428 Outflows from the repayment of financial liabilities -168,355 -18,813 Outflows from the repayment of lease liabilities -26 -50 Acquisition of treasury shares 0 -6,816 Payments to limited partners -5,608 -5,736 Payments to Group shareholders 0 -149,081 Cash flow from financing activities 319,866 -67,068 Net change in cash and cash equivalents 383,393 2,496 Cash and cash equivalents at beginning of period 212,438 336,071 Cash and cash equivalents at end of period 595,831 338,567 the MALL s life Deutsche EuroShop 19 Half-year Financial Report as at 30 June 2025 the MALL s life 19 NOTES PRINCIPLES UNDERLYING THE CONSOLIDATED FINANCIAL STATEMENTS General disclosures The Group parent company is Deutsche EuroShop AG, Ham- burg, Germany. The Company’s head office is at Heegbarg 36, 22391 Hamburg, Germany. The Company is entered in the Hamburg Commercial Register (HRB 91799). Deutsche EuroShop AG focuses on acquiring, managing, using and selling investments of all kinds, and in particular invest- ments in retail properties. Basis of preparation of the interim consolidated financial statements The interim consolidated financial statements for the period from 1 January 2025 to 30 June 2025 were prepared in accordance with IAS 34 “Interim Financial Reporting”, as applicable in the European Union. These interim consoli- dated financial statements should be read in conjunction with the consolidated financial statements as at 31 Decem- ber 2024. The initial application of new standards or inter- pretations during the reporting period did not have a mate- rial impact. Basis of consolidation No acquisitions or disposals took place during the reporting period. For further details on the basis of consolidation, please refer to the consolidated financial statements as at 31 December 2024. Accounting policies and valuation methods The following accounting policies and valuation methods were applied when preparing the interim consolidated financial statements as at 30 June 2025: FINANCIAL LIABILITIES Financial liabilities – comprising primarily bank loans and overdrafts, and corporate bonds – are measured at fair value on initial recognition, taking into account directly attributable transaction costs and any premiums or dis- counts. This corresponds to cost. Subsequently, financial liabilities are measured and reported at amortised cost using the effective interest method. The accounting policies and valuation methods applied are otherwise consistent with those used in the preparation of the consolidated financial statements as at 31 December 2024. DISCLOSURES ON THE CONSOLIDATED BALANCE SHEET AND THE CONSOLIDATED INCOME STATEMENT Investment properties Investment properties performed as follows in the first half of 2025: in € thousand 2025 2024 CARRYING AMOUNT 01.01. 3,966,721 3,947,021 Change in scope of consolidation 0 -6,300 Change in rental incentives 2,857 4,744 Recognised construction measures 13,191 47,179 Unrealised changes in fair value 9,752 -25,923 CARRYING AMOUNT 30.06./31.12. 3,992,521 3,966,721 Investment properties (IAS 40) have been measured at fair value. A valuation as at 30 June 2025 was provided by the independent appraiser Jones Lang LaSalle SE (JLL) in accordance with the guidelines issued by the Royal Institu- tion of Chartered Surveyors (RICS). JLL previously provided a valuation as at 31 December 2024. The discounted cash flow method (DCF) was used for both valuations. For a detailed explanation of the DCF method, please refer to our 2024 Annual Report, starting on p. 185. A Level 3 valuation methodology was used in line with the fair value hierarchy under IFRS 13. 20 Half-year Financial Report as at 30 June 2025 20 The following overview shows the key assumptions used by JLL to determine the market values: Valuation parameters 30.06.2025 31.12.2024 in % Domestic Abroad Total Domestic Abroad Total Rate of rent increases1 1.69 0.68 1.48 1.67 0.93 1.52 Cost ratio 13.11 7.28 11.93 13.10 7.50 11.96 Discount rate 6.91 7.72 7.07 6.90 7.63 7.05 Capitalisation interest rate 5.71 6.06 5.78 5.70 5.96 5.75 1 Nominal rental growth rate in the DCF model over the measurement period of ten years, taking into account inflation-related rent indexation and changes in the ­occupancy rate A 25 or 100 bp change in a material parameter (sensitivity analysis) of real estate appraisals would have the following pre-tax impact on measurement gains/losses (incl. the share attributable to at-equity consolidated companies): Sensitivity analysis – valuation parameters – Domestic – 30.06.2025 Basis Change in parameter in € million in % Rate of rent increases 1.69 + 0.25 percentage points - 0.25 percentage points 99.9 -95.5 3.3 -3.2 Cost ratio 13.11 + 1.00 percentage points - 1.00 percentage points -37.0 33.8 -1.2 1.1 Discount rate 6.91 + 0.25 percentage points - 0.25 percentage points -58.2 56.4 -1.9 1.9 Capitalisation rate 5.71 + 0.25 percentage points - 0.25 percentage points -81.2 83.6 -2.7 2.8 Sensitivity analysis – valuation parameters – Abroad – 30.06.2025 Basis Change in parameter in € million in % Rate of rent increases 0.68 + 0.25 percentage points - 0.25 percentage points 20.6 -20.1 2.7 -2.6 Cost ratio 7.28 + 1.00 percentage points - 1.00 percentage points -9.0 8.0 -1.2 1.0 Discount rate 7.72 + 0.25 percentage points - 0.25 percentage points -14.0 13.6 -1.8 1.8 Capitalisation rate 6.06 + 0.25 percentage points - 0.25 percentage points -17.4 18.4 -2.3 2.4 Sensitivity analysis – valuation parameters – Total – 30.06.2025 Basis Change in parameter in € million in % Rate of rent increases 1.48 + 0.25 percentage points - 0.25 percentage points 120.5 -115.6 3.2 -3.1 Cost ratio 11.93 + 1.00 percentage points - 1.00 percentage points -46.0 41.8 -1.2 1.1 Discount rate 7.07 + 0.25 percentage points - 0.25 percentage points -72.2 70.0 -1.9 1.9 Capitalisation rate 5.78 + 0.25 percentage points - 0.25 percentage points -98.6 102.0 -2.6 2.7 the MALL s life Deutsche EuroShop 21 Half-year Financial Report as at 30 June 2025 the MALL s life 21 The appraisal showed that for the first half of 2025, the real estate portfolio had a net initial yield before transaction costs of 6.52 % compared with 6.61 % in financial year 2024, and a net initial yield after transaction costs of 6.14 % com- pared with 6.24 % in 2024. The EPRA net initial yield for the first half of 2025 came to 5.89 % (previous year: 5.84 %). Cash and cash equivalents in € thousand 30.06.2025 31.12.2024 Current accounts 382,930 115,437 Short-term deposits/time deposits 212,900 97,000 Cash 1 1 595,831 212,438 The significant year-on-year rise in cash and cash equiva- lents is related to the proceeds from the green bond issued in June 2025 after repayments of existing loans. Financial liabilities 30.06.2025 31.12.2024 in € thousand Non-­current Current Non-current Current Bank loans and overdrafts 1,632,222 11,033 1,795,909 12,465 Corporate bonds 492,292 740 0 0 2,124,514 11,773 1,795,909 12,465 Financial liabilities relate to loans raised to finance property acquisitions and investment projects, in addition to corpo- rate bonds. Land charges on Company properties totalling €1,643,255 thousand (previous year: €1,808,374 thousand) serve as collateral. The fall in bank loans and overdrafts is primarily related to the unscheduled repayment of loans for the Herold Center Norderstedt (€119.3 million) and Stadt-Galerie Hameln (€23.8 million). Liabilities related to corporate bonds comprise the amor- tised cost of the green bond issued in June 2025 with a nominal value of €500 million and a coupon rate of 4.5 %. The green bond matures on 15 October 2030. The terms of the bond include a maximum net debt ratio (bond LTV) of 60.0 %, a maximum secured net debt ratio (bond secured LTV) of 45.0 % and an interest coverage ratio (bond ICR) of at least 1.8. As at 30 June 2025, the bond LTV was 41.8 %, the bond secured LTV was 29.9 % and the bond ICR was 4.7. Loan agreements also include covenants which must be met at a property or property company level. These include debt service cover ratios (DSCRs), interest cover ratios (ICRs), changes in rental income, the equity ratio, the leverage ratio and loan-to-value (LTV) ratios. As at 30 June 2025, all loan covenants were met. Based on current planning and estimates, the loan conditions will also be met in 2026. Revenue in € thousand 01.01.- 30.06.2025 01.01.- 30.06.2024 Minimum rental income 126,089 126,458 Allocable property tax and insurance 3,070 3,779 Turnover rents 1,743 2,080 Other 461 530 131,363 132,847 of which rental income directly attributable to investment properties in accordance with IAS 40 131,363 132,847 The rental income reported derives from operating leases and relates to rental income from investment properties with long-term leases. 22 Half-year Financial Report as at 30 June 2025 22 Interest expense in € thousand 01.01.-30.06.2025 01.01.-30.06.2024 Property financing and corporate bonds 24,432 20,643 Amortisation of financial liabilities 2,280 2,095 Other 3 32 26,715 22,770 Interest expenses from the amortisation of financial liabil- ities related to (i) subsequent measurement at amortised cost in accordance with the effective interest method in connection with measurement differences upon initial con- solidation for bank loans and overdrafts, and (ii) the accrual of transaction costs, are considered non-cash expenses. SEGMENT REPORTING Segment reporting by Deutsche EuroShop AG is carried out on the basis of internal reports that are used by the Exec- utive Board to manage the Group. Internal reports distin- guish between shopping centers in Germany (“domestic”) and other European countries (“abroad”). As the Group’s main decision-making body, the Executive Board of Deutsche EuroShop AG first and foremost assesses the performance of the segments based on revenue, EBIT and EBT excluding measurement gains/losses. The meas- urement principles for segment reporting correspond to those of the Group. To assess the contribution of the segments to the individual performance indicators as well as to the Group’s perfor- mance, the income, expenditure, assets and liabilities of the joint ventures are included in internal reporting in propor- tion to the Group’s share in the same. Similarly, for subsid- iaries in which the Group is not the sole shareholder, income, expenditure, assets and liabilities are only consol- idated in proportion to the corresponding Group share. This results in the segments being divided as follows: Breakdown by segment in € thousand Domestic Abroad Total Reconciliation 01.01.- 30.06.2025 Revenue (01.01.–30.06.2024) 98,836 (101,208) 28,085 (26,932) 126,921 (128,140) 4,442 (4,707) 131,363 (132,847) EBIT (01.01.–30.06.2024) 77,500 (81,575) 24,691 (23,785) 102,191 (105,360) 1,743 (1,992) 103,934 (107,352) EBT (excluding measurement gains/losses) (01.01.–30.06.2024) 56,601 (63,794) 21,925 (20,466) 78,526 (84,260) -3,393 (-2,207) 75,133 (82,053) 30.06.2025 Segment assets (31.12.2024) 3,125,195 (3,135,733) 800,226 (804,027) 3,925,421 (3,939,760) 845,275 (424,645) 4,770,696 (4,364,405) of which investment properties (31.12.2024) 3,000,506 (2,980,295) 766,960 (763,960) 3,767,466 (3,744,255) 225,055 (222,466) 3,992,521 (3,966,721) The adjustment of the proportionate consolidation of the joint ventures and subsidiaries in which the Group does not own a 100% stake is carried out in the reconciliation col- umn. Deferred tax liabilities are considered by the Executive Board of Deutsche EuroShop AG cross-segmentally and are therefore included in the reconciliation column for segment liabilities. Accordingly, the goodwill from the acquisition of Olympia Brno was allocated to the reconciliation column of the segment assets. The reconciliation column also contains the companies that are not allocated to either of the two segments (Deutsche EuroShop AG, DES Management GmbH and DES Beteiligungs GmbH & Co. KG). In view of the geographical segmentation, no further infor- mation pursuant to IFRS 8.33 is given. the MALL s life Deutsche EuroShop 23 Half-year Financial Report as at 30 June 2025 the MALL s life 23 OTHER DISCLOSURES Financial instruments Amount stated in line with IFRS 9 in € thousand Measurement category in accordance with IFRS 9 Carrying amounts as at 30.06.2025 Amortised cost Fair value recog- nised in income Fair value recog- nised in equity Fair ­value as at 30.06.2025 Financial assets Trade receivables AC 10,910 10,910 10,910 Other assets AC 8,410 8,410 8,410 Cash and cash equivalents AC 595,853 595,853 595,853 Financial liabilities Financial liabilities2 FLAC 2,136,287 2,136,287 2.072.418 Limited partner contribu- tions of non-controlling interests FLAC 262,999 262,999 262,999 Trade payables FLAC 9,631 9,631 9,631 Other liabilities FLAC 10,584 10,584 10,584 Interest rate hedges not ­recognised in profit or loss2 n.a. 1,912 1,912 1,912 Amount stated in line with IFRS 9 in € thousand Measurement category in accordance with IFRS 9 Carrying amounts as at 31.12.2024 Amortised cost Fair value recog- nised in income Fair value recog- nised in equity Fair ­value as at 31.12.2024 Financial assets Trade receivables AC 14,711 14,711 14,711 Other assets AC 8,607 8,607 8,607 Cash and cash equivalents AC 212,438 212,438 212,438 Financial liabilities Financial liabilities2 FLAC 1,808,374 1,808,374 1,728,690 Limited partner contribu- tions of non-controlling interests FLAC 261,156 261,156 261,156 Trade payables FLAC 7,349 7,349 7,349 Other liabilities FLAC 13,332 13,332 13,332 Interest rate hedges not ­recognised in profit or loss2 n.a. 3,128 3,128 3,128 1 Corresponds to Level 1 of the IFRS 7 fair value hierarchy 2 Corresponds to Level 2 of the IFRS 7 fair value hierarchy 3 Corresponds to Level 3 of the IFRS 7 fair value hierarchy Measurement categories in accordance with IFRS 9: financial assets measured at amortised cost (AC), fair value through other comprehensive income (FVOCI), financial liabilities measured at amortised cost (FLAC) 24 Half-year Financial Report as at 30 June 2025 24 With the exception of derivative financial instruments and other financial investments measured at fair value, financial assets and liabilities are measured at amortised cost. Due to the predominantly short-term nature of trade receivables and payables, other assets and liabilities, and cash and cash equivalents, the carrying amounts as at the reporting date do not deviate significantly from the fair values. The fair values of financial liabilities measured at amortised cost correspond to the cash values of debt-related pay- ments based on current interest rate yield curves (Level 2 in accordance with IFRS 13). The derivative financial instruments measured at fair value are interest rate hedges. Here, the fair value is equivalent to the cash value of future net payments expected to be received from hedging transactions (Level 2 in accordance with IFRS 13) based on current yield curves. RELATED PARTIES FOR THE PURPOSES OF IAS 24 There has been no change in related party relationships since the most recent consolidated financial statements. For further details, please refer to the consolidated financial statements as at 31 December 2024. Fees for service contracts and subsidy agreements with the ECE Group and CURATAX Treuhand GmbH Steuerberatungs- gesellschaft totalled €11,803 thousand in the period under review (previous year: €12,440 thousand). DIVIDEND The scheduled Annual General Meeting held on 27 June 2025 resolved to use €200,721,213.10 of the distributable profit of Deutsche EuroShop AG for the 2024 financial year (€251,502,280.25) to pay a dividend of €2.65 per no-par- value share with dividend rights, with the remaining €50,781,067.15 carried forward to new account. The divi- dend was paid out on 2 July 2025. REPORT ON EVENTS AFTER THE REPORTING DATE No significant events occurred between the balance sheet date of 30 June 2025 and the date of preparation of the financial statements. Hamburg, 14 August 2025 Hans-Peter Kneip RESPONSIBILITY STATEMENT BY THE EXECUTIVE BOARD To the best of my knowledge, and in accordance with the applicable reporting principles for interim financial report- ing, the interim consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the interim management report of the Group includes a fair review of the perfor- mance of the business, incl. the operating results and the position of the Group, together with a description of the principal opportunities and risks associated with the expected performance of the Group for the remainder of the financial year. Hamburg, 14 August 2025 Hans-Peter Kneip the MALL s life Deutsche EuroShop 25 Half-year Financial Report as at 30 June 2025 the MALL s life 25 Forward-looking statements This quarterly statement contains forward-looking statements based on estimates of future developments by the Executive Board. The statements and forecasts represent estimates based on all of the information avail- able at the current time. If the assumptions on which these statements and forecasts are based do not materialise, the actual results may differ from those currently forecast. Rounding and rates of change Percentages and figures stated in this report may be subject to rounding differences. The signs used to indicate rates of change are based on eco- nomic considerations: improvements are indicated with a plus sign (+); deteriorations with a minus sign (-). Deutsche EuroShop share EPRA SDAX Deutsche EuroShop vs. DAX and EPRA Comparison, January to August 2025 (indexed, base of 100, in %) Dec 24 Jan 25 Feb 25 Mar 25 Apr 25 May 25 June 25 July 25 Aug 25 THE SHOPPING CENTER SHARE After closing 2024 at €18.501, Deutsche EuroShop’s share traded sideways in the first few weeks of 2025 within a relatively narrow range between €18.00 and €19.00 before a positive breakout in the second half of March. In line with the prevailing global trend, the share then came under sig- nificant pressure amid tariff-related discussions, reaching its lowest point in the first half of the year at €17.26 on 7 April 2025. This was followed by a strong upward trend, particularly in the second half of June. The share hit its high for the reporting period on 25 June 2025 at €23.20. The closing price for the first half-year stood at €20.45 on 30 June 2025, which also marked the ex-dividend date. Tak- ing into account the dividend of €2.65 per share for financial year 2024 which was distributed two days later, this corres­ ponds to a performance of +25.1 %. The small cap index SDAX rose by 28.1 % over the same period. Deutsche EuroShop’s market capitalisation stood at €1.56 billion at the end of June 2025. KEY SHARE DATA Sector/industry group Financial services/real estate Share capital on 30.06.2025 76,464,319.00 Number of shares on 30.06.2025 (no-par-value registered shares) 76,464,319 Number of treasury shares on 30.06.2025 720,465 Dividend for 20242 €2.65 Share price on 30.12.2024 €18.50 Share price on 30.06.2025 €20.45 Low/high for the period under review €17.26/€23.20 Market capitalisation on 30.06.2025 €1.56 billion Prime Standard Frankfurt and Xetra OTC markets Berlin, Düsseldorf, Hamburg, Hanover,  Munich and Stuttgart Indices SDAX, CDAX, EPRA, HASPAX,  Prime All Share Index, Classic All Share Index ISIN DE 000748 020 4 Ticker symbol DEQ, Reuters: DEQGn.DE 1 Unless otherwise specified, all information and calculations are based on Xetra closing prices. 2 Paid on 2 July 2025 FINANCIAL CALENDAR 2025 14.08. Half-year Financial Report 2025 22.09. Berenberg and Goldman Sachs German Corpo- rate Conference, Munich 23.09. Baader Investment Conference, Munich 13.11. Quarterly Statement 9M 2025 20.11. Kepler Cheuvreux Pan-European Real Estate Conference, London 11.12. CIC Forum by Market Solutions (virtual) 2026 21.01. Kepler Cheuvreux German Corporate Conference, Frankfurt 19.03. Bank of America EMEA Real Estate CEO Conference, London Our financial calendar is updated continuously. Please check our website for the latest events: www.deutsche-euroshop.com/financial-calendar Would you like further information? Then visit us online or call us: Patrick Kiss and Nicolas Lissner Tel.: +49 (0)40 - 41 35 79-20 / -22 Fax: +49 (0)40 - 41 35 79-29 Email: ir@deutsche-euroshop.com Website: www.deutsche-euroshop.com/IR 135 130 125 120 115 110 105 100 95