Intershop Holding SA

Latest Results (18.04.2026):

Intershop Holding SA — Q2 2025 (first half 2025): Intershop reported a strong H1 2025 driven by higher rental income and large property revaluations. Rental income rose to CHF 44.3m (+8.1%) and net rental income to CHF 39.5m; operating profit (EBIT before fair‑value changes) was CHF 36.0m. Revaluation gains of CHF 200.2m (mainly Zurich) lifted operating result to CHF 236.2m and net income to CHF 175.9m (EPS CHF 19.08). Balance‑sheet metrics remain healthy (equity ratio 56.2%, LTV 33.0%), portfolio value reached CHF 1.826bn (+14.7%), and average interest cost fell to 1.25%. Management confirms its target to increase net rental income by at least 8% (ex‑transactions) and expects at least CHF 15m net gains from disposals for 2025.

Key financials

Net rental income CHF 39.5m (+7.4% YoY); net gains from disposals CHF 2.6m; changes in fair value CHF 200.2m; operating result (EBIT) CHF 236.2m; profit before tax CHF 232.6m; net income CHF 175.9m; EPS CHF 19.08; NAV per share CHF 115.01; portfolio value CHF 1,826.1m (+14.7%).

Revaluations & drivers

Revaluation gains of CHF 200.2m — >80% attributable to properties in the city of Zurich. Main drivers cited: lower discount rates (from 3.68% to 3.19%) and reassessment of development potential. Net income excluding revaluations was CHF 28.6m (down vs prior year, partly due to tax normalization).

Operations & portfolio

Like‑for‑like income growth ~2.0%; vacancy rate for investment properties improved to 7.9% (H1 2024: 8.1%). WAULT for fixed commercial leases ~4.0 years. Significant vacancy concentrations remain at Métiers Vernier (Vernier) and Airport Business Center (Belp), with active leasing initiatives in place. SSREI portfolio certification rolled out; targeted heating replacements progressing.

Transactions & development pipeline

Acquisitions: fully‑let investment property in Kemptthal and a promotional project in Uetikon am See. Disposals: Pfäffikon sold during H1 and Pully disposed of after the balance sheet date (raising expected disposal profit to ≥CHF 7.5m). Development pipeline >CHF 525m projected investment; IRR >8% for projects acquired since 2024; key projects include “Bloom” (Lausanne) and “Bento Baden”.

Balance sheet & financing

Total assets CHF 1,885.2m; shareholders’ equity CHF 1,060.1m (equity ratio 56.2%); financial liabilities CHF 603.0m; LTV 33.0%; average interest cost down to 1.25% (from 1.40%); fixed‑rate period just under three years; mortgage‑backed liabilities share reduced to 46.2%.

Guidance & outlook

Intershop confirms its full‑year target to grow net rental income by ≥8% (excluding new transactions). Company expects at least CHF 15m pre‑tax contribution from disposals in 2025, will pursue disciplined acquisitions that add value, and anticipates a like‑for‑like decline in vacancy in H2 2025. Management notes some leasing caution in export‑oriented tenants but does not expect material tariff‑related impacts on 2025 results.