Intershop Holding SA

Latest Results (08.07.2026):

Intershop Holding SA — first half (H1) 2025 (half‑year report). Intershop delivered a strong H1 2025 primarily driven by large revaluation gains: rental income rose to CHF 44.3m (+8.1%) and net rental income to CHF 39.5m (+7.4%), operating profit (EBIT before fair‑value changes) was CHF 36.0m, and net revaluation gains of CHF 200.2m pushed net income to CHF 175.9m (vs CHF 52.7m a year earlier). Portfolio value increased to CHF 1.826bn (+14.7%), equity ratio remained 56.2% and loan‑to‑value 33.0%; average interest cost fell to 1.25%.

Key profit & income metrics

H1 2025 net rental income CHF 39.5m (+7.4% y/y); total operating income CHF 48.6m. Net gains from property disposals CHF 2.6m. EBIT before revaluations CHF 36.0m. Including revaluations (CHF 200.2m), net income was CHF 175.9m; net income excluding revaluations CHF 28.6m (down ~20.5% y/y). Earnings per share CHF 19.08 (driven by valuation gains).

Valuation and portfolio

Investment and development portfolio value CHF 1.826bn (+14.7%). Revaluation gains of CHF 200.2m were concentrated in Zurich (>80% of the change), helped by a decline in discount rates (from 3.68% to 3.19%). Vacancy for the investment portfolio improved to 7.9% (from 8.1%). Zurich weighting rose to ~40% (city) and 55.6% (greater Zurich).

Operations, transactions & development pipeline

Confirmed disposals: sale in Pfäffikon (SZ) in period and Pully (VD) after the balance sheet date; acquisitions included a fully let property in Kemptthal (ZH) and a promotional project in Uetikon am See (ZH). Ongoing development pipeline >CHF 525m projected, targeted IRR >8% for projects acquired since 2024. Leasing progress varies by project (e.g., “Bloom” and “Bento Baden” with continuing pre‑letting efforts).

Balance sheet & financing

Total assets CHF 1,885.2m; shareholders’ equity CHF 1,060.1m. Financial liabilities CHF 603.0m; LTV 33.0%; equity ratio 56.2%. Average interest cost as at reporting date 1.25% (down from 1.40%); fixed‑rate tenor ~3 years and mortgage‑backed share reduced from 57% to 46.2%. Net cash from operations CHF 15.0m for H1 2025.

Guidance and management priorities

Intershop reiterates its FY 2025 target to increase net rental income by at least 8% (ex‑new transactions) and expects net gains from disposals of at least CHF 15m (management notes at least CHF 7.5m already secured including post‑period sale). Company is simplifying group structure, pursuing selective acquisitions and further disposals while focusing on operational efficiency and development exits.