Intershop Holding AG Intershop Increases Operating Profit and Expands Portfolio
Ad hoc announcement pursuant to Article 53 LR
Zurich, 26 August 2026
Operating Business Performance in the First Half of 2026
Rental income fell by 3.1% to CHF 42.9 million (H1 2025: CHF 44.3 million). The decline was largely attributable to transactions carried out in 2025 and the first half of 2026. Taking into account the net gains from property disposals of CHF 5.1 million (H1 2025: CHF 2.6 million) and other income of CHF 1.4 million (H1 2025: CHF 1.7 million), operating income rose by 1.7% to CHF 49.4 million (H1 2025: CHF 48.6 million).
Property expenses rose by 9.1% to CHF 5.2 million (H1 2025: CHF 4.7 million) because of transaction-related factors. Operating costs, by contrast, fell to CHF 7.2 million (H1 2025: CHF 7.8 million). At a total of CHF 12.4 million, operating expenses were down slightly (H1 2025: CHF 12.6 million).
Net income excluding changes in fair value of properties rose by 18.0% to CHF 33.8 million (H1 2025: CHF 28.6 million). The increase was driven by higher operating income and lower operating expenses. Consequently, operating efficiency (EBIT margin before changes in fair value of properties) improved from 74.1% to 74.9%. One-off positive tax effects amounting to CHF 4.5 million further contributed to the result.
Net income amounted to CHF 67.5 million, below the previous year’s figure of CHF 175.9 million, which had been characterised by revaluation gains.
Active Portfolio Management
In late February 2026, Intershop acquired the commercial and industrial site “The Valley and MOTORWORLD Manufaktur Region Zürich” in Kemptthal (ZH), with a current rent as at 30 June 2026 of CHF 6.5 million and a development potential of around 42,600 m². At the same time, two investment properties were sold for a total of CHF 34.0 million.
As at the balance sheet date, changes in fair value of properties amounted to CHF 47.7 million. This was below the figure for the comparable period of the previous year, which was characterised by revaluation gains (H1 2025: CHF 200.2 million).
The total value of the property portfolio stood at CHF 1,917.9 million as at 30 June 2026 (31 December 2025: CHF 1,750.1 million). This increase was driven by revaluations, investments totalling CHF 9.4 million (H1 2025: CHF 30.1 million) and the net effect of transactions amounting to CHF 110.6 million (H1 2025: CHF 4.1 million).
Reflecting successful letting activities, the vacancy rate of the property portfolio decreased to 6.5% as at 30 June 2026 (31 December 2025: 6.9%).
The ongoing development projects proceeded without any significant deviations in terms of schedule or costs. In the first quarter of 2026, the multi-year transformation of the “Bloom” office property in Lausanne (VD) was completed. The Canton of St. Gallen approved the special land-use plan for the residential development project on Oststrasse in St. Gallen (SG). Intershop submitted the building application for the promotional project in Eich (LU).
Solid Financing
With an equity ratio of 56.5% (31 December 2025: 60.7%) and a loan-to-value (LTV) of 33.3% (31 December 2025: 28.0%), the company remains soundly financed.
Martin Munz to Become New Head of Construction and Development
As the successor to the departing Mireille Lehmann, Martin Munz will take over as head of the Construction and Development department and join the Executive Management with effect from 1 December 2026.
Two Transactions after the Balance Sheet Date
After the balance sheet date, an investment property in Bad Ragaz (SG) was sold at a profit, and GEWERBEBAUTEN TPC AG was acquired in a cash transaction. The real estate company owns a high-yield commercial site with development potential in Kriens (LU), a commercial property in Stans (NW) and associated purchase rights to plots of land. Following the exercise of these purchase rights, the properties comprise around 41,000 m² of lettable area with an annual target rent of CHF 6.1 million.
Outlook
Based on transactions completed after the balance sheet date, the disposals already realised as a result of the attractive market environment and further planned disposals, Intershop now expects stable net rental income for the full year, as well as net gains from property disposals (before tax) of at least CHF 30.0 million. The actual result will depend on the performance of the transaction market in the second half of the year.
Overall, the company anticipates net income excluding changes in fair value of properties higher than in the previous year, wich will enable it to continue its investor-friendly dividend policy.
Contact
Simon Haus, CEO
simon.haus@intershop.ch
Florian Balschun, CFO
florian.balschun@intershop.ch
Dates
25.02.2027
Publication of the 2026 Annual Report with media and financial analysts’ conference
31.03.2027
64thAnnual General Meeting
26.08.20267
Publication of Half-Year Report 2027 with online-presentation for media and financial analysts
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Intershop Group Key Figures |
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1st HY 2026 |
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1st HY 2025 |
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+/-1 |
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Financials |
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Net rental income |
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CHF m |
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37.7 |
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39.5 |
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-4.6% |
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Net gains from property disposals |
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CHF m |
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5.1 |
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2.6 |
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95.1% |
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Changes in fair value of properties |
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CHF m |
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47.7 |
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200.2 |
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-76.2% |
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Operating result (EBIT) |
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CHF m |
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84.7 |
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236.2 |
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-64.1% |
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Earnings before tax (EBT) |
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CHF m |
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81.1 |
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232.6 |
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-65.1% |
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Net income |
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CHF m |
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67.5 |
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175.9 |
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-61.6% |
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Net cash from operations |
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CHF m |
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0.0 |
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15.0 |
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-100.2% |
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Investments in real estate |
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CHF m |
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149.1 |
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51.5 |
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189.5% |
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Total assets 2 |
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CHF m |
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1’963.1 |
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1’807.7 |
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8.6% |
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Total value of property portfolio 2 |
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CHF m |
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1’917.9 |
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1’750.1 |
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9.6% |
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Financial liabilities 2 |
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CHF m |
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638.7 |
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490.0 |
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30.3% |
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Shareholders’ equity 2 |
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CHF m |
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1’109.5 |
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1’097.1 |
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1.1% |
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Return on equity 3 |
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12.3% |
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37.1% |
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-24.8pp |
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Return on equity excl. changes in fair value 3, 6 |
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6.2% |
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6.0% |
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0.1pp |
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Portfolio |
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Number of properties |
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43 |
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43 |
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0.0% |
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Lettable area 2 |
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m2 |
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575’482 |
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549’040 |
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4.8% |
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Gross yield 2, 4 |
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4.7% |
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4.9% |
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-0.3pp |
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Net yield 2, 4 |
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4.0% |
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4.3% |
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-0.3pp |
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Vacancy rate 5 |
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6.5% |
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6.9 % |
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-0.4pp |
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Personnel |
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Number of employees 2 |
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63 |
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63 |
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0.0% |
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Share |
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Net income 6 |
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CHF |
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7.32 |
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19.08 |
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-61.6% |
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Earnings excl. changes in fair value 6 |
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CHF |
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3.67 |
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3.11 |
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18.0% |
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Net asset value (NAV) 2, 7 |
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CHF |
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120.35 |
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119.02 |
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1.1% |
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Share price at balance sheet date 2 |
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CHF |
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172.60 |
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164.40 |
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5.0% |
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Dividend 8 |
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CHF |
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6.00 |
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5.50 |
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9.1% |
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1) |
Change compared with the corresponding prior-year figure; for percentage values, in percentage points (pp) |
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2) |
Figures as at 30 June 2026 and 31 December 2025 |
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3) |
See “Alternative Performance Indicators”, Annual Report 2025, p. 117 |
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4) |
See “Alternative Performance Indicators”, Annual Report 2025, p. 116 |
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5) |
Market-driven vacancy |
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6) |
See “Earnings per share”, Half-Year Report 2026, p. 28 |
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7) |
See “Net Asset Value (NAV) per share”, Half-Year Report 2026, p. 25 |
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8) |
Dividend paid in the first half of the year for the 2025 and 2024 financial years, respectively |
| Intershop Holding AG | Kontakt |
| Puls 5, Giessereistrasse 18 | Telefon +41 44 544 10 00 |
| Postfach | info@intershop.ch |
| CH-8031 Zürich | www.intershop.ch |