Deutsche EuroShop (DEQ) Q4 2025 earnings summary

Executive summary

• Operating performance improved over 2025, with earnings and revenue in line with expectations despite a challenging market environment.

• Retail turnover rose 2.2% and occupancy rate increased to 95.0% by year-end.

• A €500 million green bond was successfully issued, strengthening the financing structure.

• Dividend of €1.00 per share proposed for 2025.

Financial highlights

• Revenue: €270.4 million (2024: €271.4 million, -0.4%).

• EBIT: €214.4 million (2024: €216.3 million, -0.9%).

• EBT (excl. valuation gains): €147.8 million (2024: €165.2 million, -10.5%).

• Consolidated profit: €215.1 million (2024: €123.5 million, +74.1%), driven by valuation gains.

• FFO: €147.6 million or €1.95 per share (2024: €162.5 million or €2.14 per share, -8.9%).

• Earnings per share: €2.84 (2024: €1.62, +75.3%).

Outlook and guidance

• 2026 forecast: Revenue €269–277 million, EBIT €211–219 million, EBT (excl. valuation gains) €134–142 million, FFO €134–142 million or €1.77–1.87 per share.

• Slight increase in revenue and EBIT expected, but EBT (excl. valuation gains) and FFO anticipated to decline due to higher interest expenses.