DES_9M_2022

DES_9M_2022_E

9M 2022 / Quar terly statement as at 30 September 2022 KEY CONSOLIDATED FIGURES Letter from the Executive Board DEAR SHAREHOLDERS, DEAR READERS, in € million Revenue Net operating income (NOI) EBIT In this quarterly statement, I am addressing you for the first time and would like to take a moment to introduce myself: My name is EBT (excluding measurement gains / losses 1) Hans-Peter Kneip; I am 43 years old and have been a new member EPRA 2 earnings of the Executive Board of Deutsche EuroShop AG since 1 October 2022. I have been working in finance and real estate for 17 years now, during which time I have gained a vast range of experience FFO Consolidated profit in management positions and on the Executive Board at listed companies. I will use this experience and my expertise to lead and in € successfully develop our company through the realignment process EPRA 2 earnings per share that lies ahead following the acquisition by Oaktree and CURA. FFO per share I would now like to turn to our operating business in the first nine months of the current year. Our operations proceeded according to plan and continued to be stable. On the one hand, the waning influence and after-effects of the coronavirus pandemic, which negatively impacted our earnings particularly in the first half of the previous year, led to an operational upturn. On the other hand, Earnings per share Weighted number of no-par-value shares issued 01.01. – 30.09.2022 01.01. – 30.09.2021 158.7 123.9 111.5 94.4 90.5 96.4 64.6 157.8 113.7 111.5 90.5 88.2 88.2 44.1 01.01. – 30.09.2022 01.01. – 30.09.2021 1.47 1.56 1.05 1.43 1.43 0.71 + / - 0.5 % 8.9 % 0.1 % 4.3 % 2.6 % 9.3 % 46.6 % + / - 2.8 % 9.1 % 47.9 % 61,783,594 61,783,594 0.0 % in € million Equity 3 30.09.2022 31.12.2021 2,396.2 2,377.8 + / - 0.8 % private consumption was weighed down above all by the war in Liabilities 1,882.1 1,901.0 -1.0 % Ukraine, disrupted supply chains, the energy crisis and signifi- cantly rising inflation. Against this backdrop, our revenue increased from €157.8 million to €158.7 million. At €123.9 million, net operat- ing income (NOI) was 8.9 % above the previous year’s level, while earnings before interest and taxes (EBIT) was unchanged at €111.5 million. Customer footfall in the first nine months of 2022 was encouragingly higher (+44%) than in the previous year with its lengthy lockdown periods. Compared with the same period of 2019, which was prior to the pandemic, visitor numbers were at approximately 79 %. At 98 %, the collection ratio, the ratio of incoming payments to rent and ancillary cost receivables from tenants, deviated only minimally from the normal level for agreed incoming payments. Total assets EPR 2 NTA 4,278.3 4,278.8 2,387.7 2,374.4 EPR 2 NTA per share in € 38.65 38.43 Equity ratio in %3 LTV ratio in %4 LTV ratio (pro rata) in %4 56.0 30.1 32.9 55.6 30.5 33.3 0.0 % 0.6 % 0.6 % Cash and cash equivalents 320.7 328.8 -2.5 % Including the share attributable to equity-accounted joint ventures and associates 1 2 European Public Real Estate Association 3 Including third-party interests in equity 4 Loan-to-value ratio (LTV ratio): ratio of net financial liabilities (financial liabilities less cash and cash equivalents) to non-current assets (investment properties and financial investments accounted for using the equity method). The LTV ratio (pro rata) is calculated on the basis of the Group’s share in the subsidiaries and joint ventures 01

9M 2022 / Quar terly statement as at 30 September 2022 Deutsche EuroShop AG While earnings before tax and measurement gains / losses (EBT until September 2025. This is an advantage that should not be excluding measurement gains / losses) improved by 4.3 % to underestimated in this time of rising interest rates. €94.4 million in the first nine months, consolidated profit increased very significantly by 46.6% to €64.6 million. This was mainly due to The current economic environment is not easy. However, Deutsche measurement gains, which had a much lower impact on consoli- EuroShop is well equipped with a high-quality real estate portfolio, dated profit than in the previous year. EPRA earnings climbed by financial strength and an experienced and agile team. Building on 2.6% to €90.5 million. Funds from operations (FFO) adjusted for these strengths, I will position the company for a successful future. measurement gains / losses and non-recurring effects amounted to €96.4 million (€1.56 per share), which was up 9.3 % year on year. I look forward to the tasks ahead and The equity ratio was 56.0 % and the loan-to-value (LTV) ratio was thank you for your trust. 30.1%. After payment of the dividend of €1.00 per share (total of approx. €61.8 million), the DES Group had cash and cash equivalents Hamburg, November 2022 of €320.7 million as at 30 September 2022. My predecessor Olaf Borkers has handed over to me a financially sound company with follow-up financing for 2022 and 2023 already Hans-Peter Kneip successfully negotiated. No additional follow-up financing is due RESULTS OF OPERATIONS in € thousand Revenue Operating and administrative costs for property Write-downs and derecognition of receivables NOI Other operating income Other operating expenses EBIT At-equity proﬁt / loss Measurement gains / losses (at equity) Deferred taxes (at equity) At-equity (operating) profit / loss Interest expense Profit / loss attributable to limited partners Other financial gains or losses Financial gains or losses (excl. measurement gains / losses) EBT (excl. measurement gains / losses) Measurement gains / losses Measurement gains / losses (at equity) Measurement gains / losses (including at-equity profit / loss) Taxes on income and earnings Deferred taxes Deferred taxes (at equity) Deferred taxes (including at equity) CONSOLIDATED PROFIT 01.01. – 30.09.2022 01.01. – 30.09.2021 20,336 1,642 53 -13,832 -1,642 -10,358 -53 158,662 -28,477 -6,302 123,883 3,082 -15,418 111,547 22,031 -27,157 -12,073 89 -17,110 94,437 -15,474 -3,947 -10,411 64,605 21,427 -2,652 14 -40,276 2,652 -6,536 -14 157,815 -23,551 -20,537 113,727 3,521 -5,775 111,473 18,789 -29,821 -9,911 5 -20,938 90,535 -37,624 -2,291 -6,550 44,070 Veränderung + / - 847 -4,926 14,235 10,156 -439 -9,643 74 3,242 2,664 -2,162 in % 0,5 % -20,9 % 69,3 % 8,9 % -12,5 % -167,0 % 0,1 % 17,3 % 8,9 % -21,8 % 84 1,680,0 % 3,828 3,902 22,150 -1,656 -3,861 20,535 18,3 % 4,3 % 58,9 % -72,3 % -58,9 % 46,6 % 02

9M 2022 / Quar terly statement as at 30 September 2022 Deutsche EuroShop AG Revenue at previous year’s level In contrast to the previous year, which was significantly affected by store closures ordered by the authorities, all our tenants were able Improvement in financial gains / losses excluding measurement effects At €-17.1 million, financial losses (excluding measurement effects) to open their stores in 2022. The rental concessions granted for the improved year on year (previous year: €-20.9 million). At-eq- closure periods in 2021 are mainly reflected in the previous-year uity (operating) earnings increased year on year by €3.2 million to item “Write-downs and derecognition of receivables” and only to a €22.0 million, due in particular to higher write-downs on rent receiv- small extent in revenue. As a result, revenue at €158.7 million was ables and revenue shortfalls in the previous year as a result of the only slightly higher than in the previous year, despite the absence of coronavirus pandemic. The interest expenses of Group companies the closure periods. The protective measures still in place in the first were reduced by a further €2.7 million. In addition to scheduled quarter of 2022 in particular and the continued effects of the corona- repayments, the refinancing terms agreed at lower interest rates virus pandemic – such as defaults by tenants who got into payment for the Billstedt-Center Hamburg, the City-Galerie Wolfsburg and difficulties, lower revenue-linked rents, longer post-rental periods the Altmarkt-Galerie Dresden had a particularly positive effect here. and higher vacancy rates – mean that revenue remained far off its The share of earnings attributable to limited partners increased by pre-pandemic levels. €2.2 million to €12.1 million due to the improved EBIT. Center operating expenses up on previous year due to higher non-apportionable ancillary costs The center operating expenses of €28.5 million in the reporting EBT (excluding measurement gains / losses) up The improvement in EBIT and at-equity profit / loss plus the further reduction in interest expenses caused EBT (excluding measurement period, mainly comprising center management fees, non-apportion- gains / losses) to jump by 4.3 % from €90.5 million to €94.4 million. able ancillary costs, land taxes, building insurance and maintenance, increased year on year by 20.9 %. The reasons for this were higher vacancy-related non-apportionable ancillary costs as well as back- logged maintenance measures. Measurement gains / losses impact consolidated profit less than in the previous year Property values remained largely stable in the first nine months of 2022, resulting in a negative valuation result of €15.5 million after Decline in write-downs The write-downs and derecognition of receivables in the previous investments. year took into account the major part of the agreed and expected Of this, €-13.8 million after minority interests was attributable to the rental concessions implemented to mitigate the economic conse- measurement of the real estate assets reported by the Group and quences of the far-reaching store closures at the beginning of 2021. €-1.7 million to the measurement of the real estate assets of joint Furthermore, in both the previous year and 2022, receivables at risk ventures accounted for using the equity method. of default had to be written down and insolvency-related receiva- bles had to be derecognised. Overall, the necessary write-downs The average value of Group properties after ongoing investments and derecognition of receivables decreased from €20.5 million to was virtually unchanged as at 30 September 2022, whereby the €6.3 million compared with the previous year. changes in market value for the individual shopping centers ranged Other operating income and expenses Other operating income, stemming primarily from the reversal of provisions, from income from rental receivables for which impair- between -4.0 % and +3.5 %. The occupancy rate of 94.1% (-0.2 % per- centage points compared with the last reporting date) was slightly down. ment losses had been recognised in previous years and from additional payments with respect to ancillary costs, amounted to Taxes on income and earnings Taxes on income and earnings rose to €3.9 million (previous year: €3.0 million, which was down on the previous year. At €15.4 million, €2.3 million) as a result of the improvement in earnings. Deferred other operating expenses, which mainly comprised general admin- taxes resulting mainly from the systematic amortisation of the istrative costs and personnel costs, were considerably higher than tax balance sheet values of our real estate assets amounted to in the same period of the previous year, due in particular to higher €10.4 million (previous year: €6.5 million). consultancy costs and severance payments in connection with the completed takeover. EBIT unchanged Earnings before interest and taxes (EBIT), at €111.5 million, were EPRA earnings and consolidated profit higher than previous year EPRA earnings, which exclude measurement gains / losses, recov- ered to €90.5 million or €1.47 per share, in particular as a result of on a par with the previous year. The lower write-downs were off- year-on-year lower write-downs on rental receivables. At €64.6 mil- set by higher real estate operating and administrative expenses and lion, consolidated profit was €20.5 million higher than in the same increased other operating expenses. period of the previous year (€44.1 million) and earnings per share increased from €0.71 to €1.05. 03

9M 2022 / Quar terly statement as at 30 September 2022 Deutsche EuroShop AG EPRA EARNINGS Development of funds from operations: +9.3 % Funds from operations (FFO) are used to finance our ongoing invest- ments in portfolio properties, scheduled repayments on our long- 01.01. – 30.09.2022 01.01. – 30.09.2021 term bank loans and as the basis for the distribution of dividends. in € thousand per share in € in € thousand per share in € Significant non-recurring effects that are not part of the Group’s operating activities are eliminated in the calculation of FFO. FFO Consolidated profit 64,605 1.05 44,070 0.71 increased by 9.3 % from €88.2 million to €96.4 million or from €1.43 Measurement gains / losses on investment properties 1 Measurement gains / losses on derivative financial instruments 1 Deferred tax adjustments pursuant to EPRA 2 EPRA EARNINGS Weighted number of no-par-value shares issued 15,474 0.25 37,624 0.61 0 0.00 0 0.00 10,411 90,490 0.17 6,550 1.47 88,244 0.11 1.43 61,783,594 61,783,594 Including the share attributable to equity-accounted joint ventures and associates 1 2 Relates to deferred taxes on investment properties and derivative financial instruments to €1.56 per share. FUNDS FROM OPERATIONS 01.01. – 30.09.2022 01.01. – 30.09.2021 in € thousand per share in € in € thousand per share in € Consolidated profit 64,605 1.05 44,070 0.71 Measurement gains / losses on investment properties 1 Expenses in connection with the takeover offer Deferred taxes 1 FFO Weighted number of no-par-value shares issued 15,474 0.25 37,624 0.61 5,884 10,411 96,374 0.09 0.17 0 6,550 1.56 88,244 0.00 0.11 1.43 61,783,594 61,783,594 1 Including the share attributable to equity-accounted joint ventures and associates REVENUE in € million EBIT in € million EBT * in € million FFO PER SHARE in € 157.8 158.7 1.56 1.43 111.5 111.5 90.5 94.4 0.5% 0.1% 4.3% 9.1% 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 * excluding measurement gains / losses 04

9M 2022 / Quar terly statement as at 30 September 2022 Deutsche EuroShop AG FINANCIAL POSITION AND NET ASSETS NET ASSETS AND LIQUIDIT Y The following overview shows the key assumptions used by JLL to determine the market values: At €4,278.3 million, the Deutsche EuroShop Group’s total assets were almost unchanged from the last reporting date. in € thousand Current assets 30.09.2022 31.12.2021 Change 368,590 377,900 -9,310 8,844 Non-current assets 3,909,734 3,900,890 Current liabilities 268,476 279,230 -10,754 Non-current liabilities 1,613,677 1,621,780 -8,103 Equity (including third-party interests) 2,396,171 2,377,780 18,391 TOTAL ASSETS 4,278,324 4,278,790 -466 Valuation parameters in % 30.09.2022 31.12.2021 Rate of rent increases 1 Cost ratio Discount rate Capitalisation interest rate 1.49 12.18 6.96 5.31 1.34 11.59 6.06 5.24 1 Nominal rental growth rate in the DCF model over the measurement period of 10 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 (including the share attributable to at-equity consolidated companies): Investment properties Investment properties as at 30 September 2022: Sensitivity analysis – Valuation parameters Basis Change in parameter in € million in € thousand 2022 2021 Rate of rent increases 1.49 Carrying amount as at 1 January 3,393,554 3,437,145 Cost ratio Recognised construction measures 22,896 18,732 Unrealised changes in fair value -14,466 -62,323 Discount rate 12.18 6.96 Carrying amount at 30 September / 31 December 3,401,984 3,393,554 Capitalisation interest rate 5.31 + 0.25 % - 0.25 % 144.9 -111.5 + 1.00 % - 1.00 % + 0.25 % - 0.25 % -33.5 41.9 -67.0 68.5 + 0.25 % - 0.25 % -102.9 98.4 in % 4.1 -3.1 -0.9 1.2 -1.9 1.9 -2.9 2.8 Investment properties (IAS 40) were measured at fair value. The appraisal showed that the real estate portfolio had a net ini- Measurements were performed by the appraiser JLL as at 30 Sep- tial yield before transaction costs of 6.19 % compared with 5.78 % in tember 2022, as they had been as at 31 December 2021. The dis- financial year 2021, and a net initial yield after transaction costs of counted cash flow method (DCF) was used as at 31 December 2021. 5.84% compared with 5.45 % in 2021. Refer to the explanations on the DCF method in our Annual Report 2021 on p. 42 et seq. 05

9M 2022 / Quar terly statement as at 30 September 2022 Deutsche EuroShop AG The collection ratio, representing the ratio of incoming payments to of September 2022 as a result of the coronavirus (adjustments from rent and ancillary cost receivables from tenants, showed the follow- agreed rent reductions already taken into account): ing movements in each individual month in 2021 and up to the end COLLECTION RATIO * in % Q1 2021 89 % Q2 2021 93 % Q3 2021 99 % Q4 2021 98 % Q1 2022 98 % Q2 2022 99 % Q3 2022 97 % 90 89 88 92 91 95 99 99 100 99 100 96 98 99 98 99 100 97 98 97 97 Jan. Feb. Mar. Apr. May June Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Jul. Aug. Sep. * after rent reductions The improved collection ratio meant that the Group’s receivables 2021 of €61.8 million paid out at the beginning of September 2022, (after write-downs) decreased by €4.7 million to €18.1 million (pre- accompanied by a recovery in operating business and an increased vious year: €22.8 million). The Group’s liquidity decreased by only collection ratio. €8.1 million to €320.7 million due to the dividend for financial year BALANCE SHEET STRUCTURE in € million Assets Liabilities 4,278.8 4,278.3 4,278.3 4,278.8 377.9 368.6 268.4 279.2 1,613.7 1,621.8 00 3

9M 2022 / Quar terly statement as at 30 September 2022 Deutsche EuroShop AG Equity ratio of 56.0 % The equity ratio (including the shares of third-party shareholders) 2023 has been completed. We regularly exchange information with our banks on the impact of the pandemic-related business closures was 56.0 %, almost unchanged from the previous reporting date and their after-effects on our financial ratios and loan covenants. (55.6%) and still at a very solid level. At the end of the reporting period, all loan conditions had been met. By resolution of the Annual General Meeting on 30 August 2022, a Non-current, deferred tax liabilities increased by €14.0 million to capital increase of €723.0 million from company funds with a simul- €347.0 million due to further additions. Other current and non-cur- taneous capital reduction of €723.0 million was resolved. As a result rent liabilities and provisions decreased by €12.7 million. of the capital measure, €723.0 million was transferred from the cap- ital reserve to other retained earnings in order to increase Deutsche EuroShop AG’s future ability to pay dividends. The total amount of Net tangible assets according to EPRA Net tangible assets (NTA) as at 30 September 2022 were equity was not affected by the measure. €2,387.7 million, compared with €2,374.4 million at the end of 2021. Leverage ratio remains low As at 30 September 2022, current and non-current financial liabili- ties stood at €1,481.9 million, €20.2 million lower than at the end of 2021, due to scheduled repayments. The refinancing for 2022 and This was equivalent to a increase in NTA per share of €0.22, from €38.43 to €38.65 per share (0.6%). EPRA NTA Equity Derivative financial instruments measured at fair value 1 Equity excluding derivative financial instruments Deferred taxes on investment properties and derivative financial instruments 1 Intangible assets Goodwill as a result of deferred taxes EPRA NTA 30.09.2022 31.12.2021 in € thousand per share in € in € thousand per share in € 2,078,389 7,054 2,085,443 353,991 -31 -51,719 2,387,684 33.64 0.11 33.75 5.74 0.00 -0.84 38.65 2,062,866 23,398 2,086,264 339,937 -32 -51,719 2,374,450 33.39 0.38 33.77 5.50 0.00 -0.84 38.43 Number of no-par-value shares issued as at the reporting date 61,783,594 61,783,594 1 including the share attributable to equity-accounted joint ventures and associates REPORT ON EVENTS AFTER THE REPORTING DATE FFO PER SHARE in € Result 2.00 Result 1.98 Target 1.95–2.05 No further significant events occurred between the balance sheet date of 30 September 2022 and the date of preparation of the finan- cial statements. OUTLOOK Given that the business has so far performed well and according to plan with funds from operations (FFO) of €1.56 per share, we con- firm our forecast for financial year 2022 with FFO of €1.95 to €2.05 per share (2021: €1.98). The one-off legal and consulting expenses 2020 2021 2022 incurred in connection with the takeover offer were not included in calculating FFO. 07

9M 2022 / Quar terly statement as at 30 September 2022 Deutsche EuroShop AG RISK REPORT Since the beginning of the financial year, economic uncertainties information provided in the risk report of the combined manage- have increased significantly due to the war in Ukraine, the coro- ment report as at 31 December 2021 (see Annual Report 2021, p. 19 navirus-related lockdown in China as well as higher energy prices onwards). We are countering the increased personnel risk, which affecting consumer behaviour and the cost burden on households. is due to the fact that the Executive Board currently has only one It is not yet possible to quantify the impact on our business at pres- person on it, with a long-established team at Deutsche EuroShop, ent. We are monitoring these developments on an ongoing basis which could temporarily take over key tasks. We do not believe that and will adjust our assessment of future business performance the Company currently faces any risks capable of jeopardising its where necessary. This did not result in any significant changes to continued existence. CONSOLIDATED BALANCE SHEET ASSETS in € thousand ASSETS Non-current assets Intangible assets LIABILITIES 30.09.2022 31.12.2021 in € thousand 30.09.2022 31.12.2021 EQUITY AND LIABILITIES Equity and reserves 51,750 51,751 Subscribed capital Property, plant and equipment 140 244 Capital reserves Investment properties 3,401,984 3,393,554 Retained earnings Investments accounted for using the equity method 455,860 455,341 Total equity Non-current assets 3,909,734 3,900,890 Current assets Trade receivables Other current assets Cash and cash equivalents Current assets 18,100 29,797 22,763 26,298 320,693 328,839 368,590 377,900 Non-current liabilities Financial liabilities Deferred tax liabilities 61,784 61,784 494,526 1,217,560 1,522,079 783,522 2,078,389 2,062,866 1,258,980 1,264,748 347,037 333,037 Right of redemption of limited partners 317,782 314,914 Other liabilities 7,660 23,995 Non-current liabilities 1,931,459 1,936,694 Current liabilities Financial liabilities Trade payables Tax liabilities Other provisions Other liabilities Current liabilities 222,969 237,366 9,576 930 15,404 19,597 5,345 196 10,120 26,203 268,476 279,230 TOTAL ASSETS 4,278,324 4,278,790 TOTAL LIABILITIES 4,278,324 4,278,790 08

9M 2022 / Quar terly statement as at 30 September 2022 Deutsche EuroShop AG CONSOLIDATED INCOME STATEMENT in € thousand Revenue Property operating costs Property management costs Write-downs and disposals of financial assets Net operating income (NOI) Other operating income Other operating expenses Earnings before interest and taxes (EBIT) Share in the profit or loss of associates and joint ventures accounted for using the equity method Interest expense Profit / loss attributable to limited partners Interest income Financial gains / losses Measurement gains / losses Earnings before tax (EBT) Taxes on income and earnings CONSOLIDATED PROFIT Earnings per share (€), undiluted and diluted 01.07. – 30.09.2022 01.07. – 30.09.2021 01.01. – 30.09.2022 01.01. – 30.09.2021 52,971 -9,428 -2,894 -898 39,751 602 -4,848 35,505 6,587 -9,091 -4,028 44 -6,488 -6,577 22,440 -4,020 18,420 0.30 52,887 -5,868 -2,721 -2,434 41,864 1,212 -2,125 40,951 8,149 -9,338 -4,104 1 -5,292 -27,186 8,473 -1,210 7,263 0.11 158,662 -20,220 -8,257 -6,302 123,883 3,082 -15,418 111,547 20,336 -27,157 -12,073 89 -18,805 -13,832 78,910 -14,305 64,605 1.05 157,815 -15,769 -7,782 -20,537 113,727 3,521 -5,775 111,473 21,427 -29,821 -9,911 5 -18,300 -40,276 52,897 -8,827 44,070 0.71 STATEMENT OF COMPREHENSIVE INCOME in € thousand Consolidated profit Items which under certain conditions in the future will be reclassified to the income statement: Actual share of the profits and losses from instruments used to hedge cash flows Deferred taxes on changes in value offset directly against equity Total earnings recognised directly in equity TOTAL PROFIT Share of Group shareholders 01.07. – 30.09.2022 01.07. – 30.09.2021 01.01. – 30.09.2022 01.01. – 30.09.2021 18,420 7,263 64,605 44,070 5,526 -1,241 4,285 22,705 22,705 1,635 -359 1,276 8,539 8,539 16,345 -3,643 12,702 77,307 77,307 479 -89 390 44,460 44,460 09

9M 2022 / Quar terly statement as at 30 September 2022 Deutsche EuroShop AG CONSOLIDATED STATEMENT OF CHANGES IN EQUITY in € thousand 01.01.2021 Total profit Dividend payments 30.09.2021 01.01.2022 Total profit Capital increase Capital reduction Dividend payments Number of shares outstanding Share capital Capital reserves Other retained earnings Statutory reserve Cash flow hedge reserve Total 61,783,594 61,784 1,217,560 742,183 2,000 -20,281 2,003,246 0 0 0 0 44,070 -2,471 0 0 390 0 44,460 -2,471 61,783,594 61,784 1,217,560 783,782 2,000 -19,891 2,045,235 61,783,594 61,784 1,217,560 799,657 2,000 -18,135 2,062,866 0 0 64,605 723,034,380 723,034 -723,034 -723,034,380 -723,034 0 0 0 0 723,034 -61,784 0 0 0 0 12,702 77,307 0 0 0 -723,034 723,034 -61,784 30.09.2022 61,783,594 61,784 494,526 1,525,512 2,000 -5,433 2,078,389 CONSOLIDATED CASH FLOW STATEMENT in € thousand Consolidated profit Income taxes Financial gains / losses Amortisation /depreciation of intangible assets and property, plant and equipment with a finite life Unrealised changes in fair value of investment property and other measurement gains / losses Distributions and capital repayments received Changes in trade receivables and other assets Changes in current provisions Changes in liabilities Cash flow from operating activities Interest paid Interest received Income taxes paid Net cash flow from operating activities Outflows for the acquisition of investment properties Outflows for the acquisition of intangible assets and property, plant and equipment Cash flow from investing activities Inflows from financial liabilities Outflows from the repayment of financial liabilities Outflows from the repayment of lease liabilities Payments to limited partners Payments to Group shareholders Cash flow from financing activities Net change in cash and cash equivalents Cash and cash equivalents at beginning of period CASH AND CASH EQUIVALENTS AT END OF PERIOD 01.01. – 30.09.2022 01.01. – 30.09.2021 64,605 14,305 18,805 117 13,832 19,817 1,022 5,284 -2,292 135,495 -27,402 89 -3,071 105,111 -22,896 -12 -22,908 0 -19,920 -74 -8,571 -61,784 -90,349 -8,146 328,839 320,693 44,070 8,827 18,300 79 40,276 11,160 -3,716 -685 1,721 120,032 -29,613 5 -1,037 89,387 -8,963 -42 -9,011 6,678 -42,411 -67 -2,057 -2,471 -40,328 40,048 266,030 306,078 10

9M 2022 / Quar terly statement as at 30 September 2022 Deutsche EuroShop AG SEGMENT REPORTING Segment reporting by Deutsche EuroShop AG is carried out on the To assess the contribution of the segments to the individual perfor- basis of internal reports that are used by the Executive Board to mance indicators as well as to the Group’s performance, the income, manage the Group. Internal reports distinguish between shopping expenditure, assets and liabilities of the joint ventures are included centers in Germany (“domestic”) and other European countries in internal reporting in proportion to the Group’s share in them. Sim- (“abroad”). As the Group’s main decision-making body, the Execu- ilarly, for subsidiaries in which the Group is not the sole shareholder, tive Board of Deutsche EuroShop AG first and foremost assesses income, expenditure, assets and liabilities are only consolidated in the performance of the segments based on revenue, EBIT and EBT proportion to the corresponding Group share. This results in the excluding measurement gains / losses. The measurement principles segments being divided as follows: for segment reporting correspond to those of the Group. BREAKDOWN BY SEGMENT in € thousand Revenue (01.01. – 30.09.2021) EBIT (01.01. – 30.09.2021) EBT excl. measurement gains / losses (01.01. – 30.09.2021) Germany 136,324 (138,399) 104,817 (98,147) 83,679 (73,942) Abroad 33,356 (30,463) 28,755 (25,146) 23,708 (19,984) Total Reconciliation 169,680 (168,862) 133,572 (123,293) 107,387 (93,926) -11,018 (-11,047) -22,025 (-11,820) -12,950 (-3,391) Segment assets (31.12.2021) of which investment properties (31.12.2021) 3,063,271 (3,079,136) 2,867,407 (2,866,680) 718,874 (719,686) 682,902 (677,468) 3,782,145 (3,798,822) 3,550,309 (3,544,148) 496,179 (479,968) -148,325 (-150,594) 01.01. – 30.09.2022 158,662 (157,815) 111,547 (111,473) 94,437 (90,535) 30.09.2022 4,278,324 (4,278,790) 3,401,984 (3,393,554) The adjustment of the proportionate consolidation of the joint ven- tures and subsidiaries in which the Group does not own a 100 % Responsibility statement by DES Executive Board To the best of my knowledge, and in accordance with the applicable stake is carried out in the reconciliation column. Deferred tax liabili- reporting principles for interim financial reporting, the interim con- ties are considered by the Executive Board of Deutsche EuroShop AG solidated financial statements give a true and fair view of the assets, in a cross-segment manner, and are therefore included in the rec- liabilities, financial position and profit or loss of the Group, and the onciliation column of the segment liabilities. Accordingly, the good- interim management report of the Group includes a fair review of will from the acquisition of Olympia Brno was allocated to the rec- the performance of the business, including the operating results and onciliation column of the segment assets. The reconciliation column the position of the Group, together with a description of the principal also contains the companies that are not allocated to either of the opportunities and risks associated with the expected performance two segments (Deutsche EuroShop AG, DES Management GmbH and of the Group for the remainder of the financial year. DES Beteiligungs GmbH & Co. KG). In view of the geographical segmentation, no further information pursuant to IFRS 8.33 is given. OTHER DISCLOSURES Dividend On 30 August 2022, distribution of a dividend of €1.00 per share was approved for financial year 2021; this was paid out on 2 September 2022. Hamburg, 10. November 2022 Hans-Peter Kneip 11

9M 2022 / Quar terly statement as at 30 September 2022 Deutsche EuroShop AG THE SHOPPING CENTER SHARE KEY SHARE DATA After closing* 2021 at €14.64, the Deutsche EuroShop share started Sector / industry group Financial services / real estate Share capital on 30.09.2022 61,783,594.00 € the first weeks of 2022 positively, climbing to €18.36 by 17 Febru- ary 2022. In the following days, the stock fell in connection with the uncertain situation in Ukraine, as well as the subsequent invasion by Russia, which began on 24 February 2022. It reached its low- est price of the reporting period on 7 March 2022 at €14.02. The DES share subsequently recovered somewhat. With the announce- Number of shares on 30.09.2022 (no-par-value registered shares) Dividend for 2021 Share price on 30.12.2021 ment that an investor agreement had been concluded with regard Share price on 30.09.2022 to a voluntary public takeover offer by Oaktree and CURA on 23 May Low / high for the period under review 2022, the share price settled at a level roughly between €22.00 and Market capitalisation on 30.09.2022 €22.50. After the end of the additional acceptance period on 26 July 2022, the share price initially fell slightly and then rose again briefly to its highest price for the period of €26.38 by 15 August 2022. In the Prime Standard OTC markets following weeks, the share lost some ground again and closed the first nine months at a price of €23.12. Taking into account the divi- dend of €1.00 per share paid on 2 September 2022, this corresponds to a performance of +64.6%. The SDAX fell by 35.9 % over the same period. Deutsche EuroShop’s market capitalisation stood at €1.4 bil- lion as at the end of the reporting period. Indices ISIN Ticker symbol 61,783,594 €1.00 €14.64 €23.12 €14.02 /€26.38 €1.4 billion Frankfurt and Xetra Berlin, Düsseldorf, Hamburg, Hanover, München and Stuttgart CDAX, EPRA, MSCI Small Cap, HASPAX, Prime All Share Index, Classic All Share Index DE 000748 020 4 DEQ, Reuters: DEQGn.DE Following the takeover by Hercules BidCo GmbH (Oaktree and CURA), the shareholder structure has changed significantly and the free float has been reduced to approximately 15.6%. The current shareholder structure is as follows: DEUTSCHE EUROSHOP VS SDAX AND EPRA COMPARISON, JANUARY TO NOVEMBER 2022 indexed, base of 100, in % 175 150 125 100 75 50 Since the market capitalisation of the free float is used to compile EPRA SDAX Deutsche EuroShop Jan. Feb. Mrz. Apr. May June July Aug. Sept. Oct. the DAX index family, Deutsche EuroShop had to leave the SDAX in mid-September. Due to the total market capitalisation of over one billion euros, we will continue to use the SDAX as a benchmark for the development of our share in the future. * Unless otherwise specified, all information and calculations are based on Xetra closing prices. 12 SHAREHOLDER STRUCTUREHercules BidCo84.4%Private investors12.6%Institutionalinvestors3.0%

9M 2022 / Quar terly statement as at 30 September 2022 Deutsche EuroShop AG WOULD YOU LIKE FURTHER INFORMATION? Then visit us online or call us: Patrick Kiss and Nicolas Lissner Phone: Fax: E-Mail: +49 (0)40 – 41 35 79 20 /-22 +49 (0)40 – 41 35 79 29 ir@deutsche-euroshop.de Internet: www.deutsche-euroshop.com FINANCIAL CALENDAR 2022 10.11. Quarterly statement 9M 2022 2023 09.-10.01. Oddo BHF Forum (virtual) 17.01. Kepler Cheuvreux German Corporate Conf., Frankfurt 21.03. Preliminary results for the financial year 2022 22. – 24.03. Bank of America EMEA Real Estate CEO Conf., London 27.04. Publication of Annual Report 2022 11.05. Quarterly statement 3M 2023 22.06. Annual General Meeting, Hamburg 14.08. Half-year Financial Report 2023 14.11. Quarterly statement 9M 2023 Our financial calendar is updated continuously. Please check our website for the latest events: www.deutsche-euroshop.com / ir Nicolas Lissner and Patrick Kiss Forward-looking statements This quarterly statement contains forward-looking statements Rounding and rates of change Percentages and figures stated in this report may be subject to based on estimates of future developments by the Executive Board. rounding differences. The sign used to indicate rates of change is The statements and forecasts represent estimates based on all of based on economic considerations: improvements are indicated by the information available at the current time. If the assumptions on a plus (+); deterioration by a minus (-). which these statements and forecasts are based do not materialise, the actual results may differ from those currently forecast. 13