Intershop Holding SA

Latest Results (20.01.2026):

Intershop Holding SA — results for the first half (H1) 2025: rental income and net rental income increased, significant revaluation gains drove a large jump in reported profit, and the company kept a strong balance sheet while confirming 2025 operational guidance.

Top-line and operating result

Rental income rose to CHF 44.3m (+8.1%) and net rental income to CHF 39.5m (+7.4%). Operating profit before changes in fair value (EBIT ex revaluations) was CHF 36.0m; reported EBIT including revaluations was CHF 236.2m.

Valuation gains and net income

Net revaluation gains amounted to CHF 200.2m (mostly on Zurich properties), lifting net income to CHF 175.9m (H1 2024: CHF 52.7m). Excluding revaluations, net income was CHF 28.6m (down vs prior year, reflecting tax normalization).

Portfolio and transactions

Portfolio value grew ~14.7% to about CHF 1.83bn. During H1 Intershop completed targeted acquisitions (e.g., Kemptthal) and disposals; net gains on disposals in H1 were CHF 2.6m and the company expects at least CHF 15m net gains from disposals for full‑year 2025 (current year sales now expected ≥ CHF 7.5m).

Leasing and vacancy

Investment‑portfolio vacancy improved slightly to 7.9% (H1 2024: 8.1%). WAULT for fixed commercial leases eased to ~4.0 years. Leasing progress varies by asset (notably Vernier and Belp remain workstreams).

Balance sheet and financing

Equity ratio remained healthy at 56.2%; financial leverage (LTV) was 33.0%. Total assets ~CHF 1.885bn, financial liabilities ~CHF 603m. Average interest cost fell to 1.25% and fixed‑rate maturity ~3 years.

Returns and shareholder metrics

Reported return on equity was 37.1% (including revaluations) and 6.0% excluding revaluations. Earnings per share were CHF 19.08; net asset value per share (NAV) CHF 115.01. Dividend per share paid in H1 was CHF 5.50 (unchanged).

Guidance and outlook

Intershop confirms its target to grow net rental income by at least 8% for full‑year 2025 (ex‑new transactions). Management expects further disposals and selective acquisitions, a like‑for‑like decline in vacancy in H2, and no material impact from recent US tariff developments on 2025 results.