Deutsche EuroShop (DEQ) Q2 2026 earnings summary

Executive summary

• Revenue rose 1.5% year-over-year to €133.3 million, driven by higher contractual rents and settlement payments.

• Net operating income increased 1.6% to €104.9 million, and EBIT grew 1.4% to €105.4 million.

• Consolidated profit improved by 2.0% to €71.2 million, while earnings per share rose to €0.94.

• The company maintained a high occupancy rate of 95.4% and confirmed its 2026 financial forecast.

Financial highlights

• EBT (excluding measurement gains/losses) declined 6.3% to €70.4 million due to higher interest expenses from a 2025 bond issue.

• EPRA earnings per share fell 3.2% to €0.90, and FFO per share dropped 6.1% to €0.92.

• Cash and cash equivalents decreased 4.1% to €371.6 million.

• Equity ratio remained stable at 47.1%; EPRA LTV increased slightly to 43.6%.

Outlook and guidance

• 2026 full-year guidance reiterated: revenue €269–277 million, EBIT €211–219 million, EBT (excl. measurement gains/losses) €134–142 million, FFO €134–142 million.

• Macroeconomic headwinds expected to persist, with inflation forecast at 2.8% in Germany and 3.6% in Poland for 2026.