Intershop Holding SA

Latest Results (07.12.2025):

Intershop Holding SA — Q4 2024 (full-year 2024) results: The group reported a strong 2024 with net income of CHF 117.5 million (CHF 12.74 per share), operating result (EBIT) of CHF 146.2 million and net rental income of CHF 73.2 million. Fair-value gains on the property portfolio were CHF 59.7 million, lifting total portfolio value to CHF 1,591.7 million and NAV per share to CHF 101.43. Return on equity improved to 13.4% and the Board proposes a stable ordinary dividend of CHF 5.50 per share. Intershop also completed a transaction‑rich year (seven acquisitions, six disposals), reduced average financing costs to 1.40% and expects at least an 8% increase in net rental income in 2025 (excluding new transactions).

Profit and earnings per share

Net income CHF 117.5m for FY2024, equivalent to CHF 12.74 per share (adjusted for share split), up from CHF 82.5m / CHF 8.95 in 2023. Earnings benefited materially from valuation gains (CHF 59.7m) and one‑off tax adjustments lowering tax expense to CHF 18.9m.

Operating performance

Net rental income rose to CHF 73.2m (2023: CHF 71.8m). Property income increased to CHF 82.2m driven by rent increases and vacancy reductions; operating costs remained low (property expenses ~11.0% of rental income).

Portfolio value, transactions and disposals

Portfolio market value CHF 1,591.7m. In 2024 Intershop acquired seven properties for CHF 152.5m and sold six properties for CHF 77.1m (net gains from disposals CHF 23.2m). Two completed development projects were reclassified to investment properties.

Yields and vacancies

Gross yield on total portfolio ~5.4%, net yield ~4.7%. Vacancy rate (total portfolio) 11.9% (investment properties 8.1%); like‑for‑like vacancies improved. WAULT increased to ~4.4 years (investment properties ~4.8 years).

Balance sheet and NAV

Shareholders’ equity CHF 935.0m (NAV per share CHF 101.43). Equity ratio 57.5%, loan‑to‑value ~32.8%, total assets CHF 1,627.1m — a continued strong balance sheet base.

Financing and interest

Average interest cost reduced to 1.40% (2023: 1.67%). Intershop issued an additional CHF 100m green bond in 2024 as part of a financing strategy with limits on leverage; one‑off swap unwind costs impacted 2024 financial expenses.

Development pipeline and asset management

Major completions: "Métiers Vernier" and "Lehenmatt Ensemble" (Basel) reclassified to investment properties; "Bloom" (Lausanne) refurbishment progressing (completion expected autumn 2025). Several development and repositioning projects advanced, expanding the pipeline.

Dividend and outlook

Board proposes a stable ordinary dividend of CHF 5.50 per share. Management expects net rental income to rise by at least 8% in 2025 (ex‑transactions), plans selective organisational strengthening, and may issue one to two bonds depending on markets.