Deutsche EuroShop (DES) recorded solid operating performance in the first half of 2026. This occurred against a backdrop of a persistently challenging environment, characterised by subdued consumer sentiment and geopolitical uncertainties. The results underscore the resilience of the business model and the attractiveness of the shopping centres within the portfolio.
Hans-Peter Kneip, CEO of Deutsche EuroShop, stated that the shopping centres had performed pleasingly overall in the first half of 2026. He highlighted that tenant sales and contractual rents continued to increase despite a challenging consumer environment. Economically, the company performed within expectations, which is why the full-year forecast is confirmed.
Financial Key Figures and Portfolio Development
During the reporting period, tenant sales in the shopping centres increased by 2.4 percent compared to the previous year. Visitor frequency, however, was 1.3 percent below the previous year's level. The occupancy rate stood at 95.4 percent at the end of the half-year, down from 95.7 percent at the end of 2025, which represents a high level. DES Group's revenue increased by 1.5 percent to EUR 133.3 million. This was due to increased contractual rents and compensation payments from tenants. Net operating income (NOI) rose by 1.6 percent to EUR 104.9 million, while EBIT showed an increase of 1.4 percent to EUR 105.4 million. EBT excluding valuation results decreased by 6.3 percent to EUR 70.4 million, primarily due to higher interest expenses, particularly in connection with the bond issued in 2025.
Property values developed slightly positively in the first half of 2026 due to sustained rental growth. This led to an increase in group net income to EUR 71.2 million, representing a 2.0 percent increase compared to the previous year. EPRA Earnings amounted to EUR 0.90 per share, and Funds from Operations (FFO) reached EUR 0.92 per share. The Main-Taunus-Zentrum continued its positive development; the Food Garden, opened in April 2025, has established itself as an asset in its first year of operation and contributes to visitor development. The recent DGNB Gold certification confirms the project's high sustainability standard.
Company Structure and Outlook
Shareholders approved all proposed resolutions at the Annual General Meeting on 18 June 2026, including a dividend of EUR 1.00 per share for the 2025 financial year and the conversion of the company into a European Company (Societas Europaea, or SE). This conversion was completed with the entry in the commercial register on 31 July 2026, and the company has since traded as Deutsche EuroShop SE. The new legal form reflects the company's European orientation, while the business model, stock exchange listing, and shareholder rights remain unchanged.
In view of the scheduled business development in the first half of 2026, Deutsche EuroShop has confirmed its full-year forecast published in March. This forecast provides the following values:
- —Revenue: EUR 269 to 277 million
- —EBIT: EUR 211 to 219 million
- —EBT excluding valuation results: EUR 134 to 142 million
- —FFO: EUR 134 to 142 million or EUR 1.77 to 1.87 per share
