Q3 2025 Deutsche EuroShop AG Earnings Call Transcript
Key Points
- Deutsche EuroShop AG (WBO:DEQ) reported a 2.2% increase in tenant sales despite a slight decrease in footfall, indicating strong tenant performance.
- The company successfully completed larger investment projects on time and within budget, enhancing its portfolio.
- Deutsche EuroShop AG (WBO:DEQ) issued its first green bond, which was 7 times oversubscribed, reflecting strong investor confidence.
- The company maintains a stable funding position with a cash position of EUR376 million and an LTV of 42%.
- Occupancy levels improved to around 95%, with a high rent collection rate close to 99%.
- Revenues decreased by 1.3% to EUR197.4 million, and EBIT fell by 4.5% to EUR155.4 million, primarily due to higher deferrals and increased financing costs.
- FFO decreased by 12.8% to EUR108.8 million, impacted by lower EBIT and financial results.
- Interest expenses increased by EUR8.8 million due to higher interest rates and loan increases.
- The equity ratio decreased to 44.9%, and the consolidated LTV increased to 42%, indicating higher leverage.
- The company had to offer rental incentives to attract tenants, which negatively impacted revenue growth.
Good morning, ladies and gentlemen, and morning from Hamburg. This is Hans-Peter Kneip speaking. I'm pleased to welcome you to today's conference call and to present our financial results for the first nine months of our fiscal year 2025, along with an update on the company's recent developments and achievements. As always, I will be happy to take your questions following my brief presentation. On behalf of my entire team, thank you for taking the time and for your continued interest in Deutsche EuroShop.
Let me start with an update on our business activities on slide 2. Compared to the first nine months of 2024, we have seen a modest decrease in footfall of 0.2%, whereas our tenants achieved an increase of 2.2% in their sales. After a subdued first quarter, there has been a positive trend in both visitor numbers and tenant sales. I will provide further details, including a breakdown by sector in a moment.
Despite increasing rents, our revenues came down by 1.3% to EUR197.4 million. EBIT has
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