Intershop Holding Ag · SIX:ISN
Intershop — FY2025 Earnings Presentation
37 slides from Intershop's earnings presentation, Feb 26, 2026
Slide 1: Intershop Group Media and Analysts' Conference – Annual results 2025
Intershop Group Media and Analysts’ Conference Thursday, 26 February 2026 Annual results 2025 Simon Haus, CEO Florian Balschun, CFO
Slide 2: Agenda
Agenda – Overview – Annual results 2025 – Portfolio – Property development – Sustainability – Outlook 2 Intershop Group, Annual results 2025, 26 February 2026
Slide 3: Overview: The 2025 fiscal year
Overview The 2025 fiscal year Net income Return on equity Net rental income 2024: CHF 117.5m 7.3% excl. changes in fair value of properties CHF 77.2m CHF 212.8m 21.1% +5.4% Net gains from property disposals Total portfolio value Net yield on investment properties +25.8% +10.0% 31.12.2024: 5.0% CHF 2
Slide 4: Two-year transformation completed: Stable earnings power as the foundation for the next phase
Overview Two-year transformation completed: Stable earnings power as the foundation for the next phase 2a) Organisation simplified and strengthened 1) Strengthening of operational earnings power − Simplification of the group structure − Consolidation and expansion of the development pipeline − Estab
Slide 5: Agenda
Agenda – Overview Annual results 2025 – Portfolio – Property development – Sustainability – Outlook 5 Intershop Group, Annual results 2025, 26 February 2026
Slide 6: Net income increased by 81%
Annual results 2025 Net income increased by 81% Net income in CHF m 144.2 145.5 82.5 117.5 212.8 240 48.3 200 160 42.2 48.0 120 22.2 43.8 139.3 080 101.3 46.9 43.8 79.9 8.8 040 26.8 16.5 25.2 13.3 000 -3.7 2021 2022 2023 2024 2025 Net rental income Net revaluation gains Net gains from property dispo
Slide 7: Significant improvement in operating profitability
Annual results 2025 Significant improvement in operating profitability in CHF m 2025 2024 Change Net rental income 77.2 73.2 +5.4% Net gains from property disposals 29.6 23.5 +25.8% Other income 3.2 3.7 -12.9% Personnel and administrative expenses -15.2 -13.9 +8.9% Changes in fair value of propertie
Slide 8: Clear improvement in credit metrics
Annual results 2025 Clear improvement in credit metrics 31.12.2025 31.12.2024 Equity ratio % 60.7 57.5 Loan-to-value (LTV) % 28.0 32.8 Interest-bearing debt (gross) CHF m 490.0 522.0 Ø interest rate on interest-bearing debt % 1.34 1.40 Ø debt duration Years 3.0 3.1 Share of unsecured financing % 65.
Slide 9: Refinancing of maturities in 2026 secured
Annual results 2025 Refinancing of maturities in 2026 secured Maturity profile of financial liabilities in CHF m 121 80 124 100 0 0 0 0 0 0 65 Ø rate 0.38% 2.60% 1.15% 1.57% n/a n/a n/a n/a n/a n/a 1.60% 140 120 100 96 100 080 060 100 80 040 65 020 25 24 2026 2027 2028 2029 2030 2031 2032 2033 2034
Slide 10: Shares with solid figures
Annual results 2025 Shares with solid figures in CHF 2025 2024 Change Earnings 23.09 12.74 +81.2% Earnings excl. property revaluation 7.97 7.99 -0.3% Ø daily trading volume in CHF k 705 591 +19.4% in % 2025 2024 Share performance incl. dividend +34.9% +7.8% in CHF 31.12.2025 31.12.2024 Change Net as
Slide 11: Agenda
Agenda – Overview – Annual results 2025 Portfolio – Property development – Sustainability – Outlook 11 Intershop Group, Annual results 2025, 26 February 2026
Slide 12: High-yield real estate development portfolio CHF 1.75bn
Portfolio High-yield real estate development portfolio Locations and Structure Valuation Resilient − > 50% share of real estate in the canton of − Low sensitivity to interest rate Zurich fluctuations − Focus on central locations and properties − Low average market rents along key transport axes Stab
Slide 13: Three acquisitions in the canton of Zurich
Portfolio Three acquisitions in the canton of Zurich Kemptthal (ZH), Pfäffikerstrasse 37 Uetikon am See (ZH), Alte Landstrasse 103 Glattbrugg (ZH), Flughofstrasse 54 − Income-generating property with value-add − Vacant former factory building in a residential − Office property in immediate proximity
Slide 14: Acquisition after the balance sheet date – The Valley in Kemptthal (I)
Portfolio Acquisition after the balance sheet date – Commercial and industrial site “The Valley” in Kemptthal (ZH) (I) Lettable Area Target Rent 52,917 m2 CHF 7.5m − Flexible space for production, research − Average rent CHF 162/m 2 p.a. & development, as well as office and commercial use Share of T
Slide 15: Acquisition after the balance sheet date – The Valley in Kemptthal (II)
Portfolio Acquisition after the balance sheet date – Commercial and industrial site “The Valley” in Kemptthal (ZH) (II) Site plan “The Valley”; at the top right is the macro-location of Kemptthal. Acquired properties 15 Intershop Group, Annual results 2025, 26 February 2026
Slide 16: Disposal of four investment properties
Portfolio Disposal of four investment properties Pfäffikon (SZ), Talstrasse 35- Pully (VD), Avenue C.-F.- 37 (Leasehold property) Ramuz 43 − Fully let following − Partial refurbishment following comprehensive refurbishment departure of a main tenant, as a multi-tenant asset subsequently fully let −
Slide 17: Increase in rental income by 5.2 per cent
Portfolio Increase in rental income by 5.2 per cent – 2024 and 2025 transactions the main drivers Rental income in CHF m 82.2 -10.5 71.8 +0.9 +0.4 -0.3 72.8 +13.7 86.5 90 +5.2% 87 84 81 78 LFL2: +1.4% 75 72 Adjust- 2024 Target 2025 Adjust- 2024 Vacancy Other 2025 ments1 adj. rent adj. ments1 1 Trans
Slide 18: Property expenses stable at 10 to 12 per cent of rental income
Portfolio Property expenses stable at 10 to 12 per cent of rental income Property expenses as a percentage of rental income in % 10.8 11.7 11.1 10.3 10.8 11.0 10.8 12.5 12.0 11.5 11.0 10.5 10.0 2019 2020 2021 2022 2023 2024 2025 Property expenses / rental income 18 Intershop Group, Annual results 20
Slide 19: Market-related vacancy rate falls to 6.9 per cent
Portfolio Market-related vacancy rate falls to 6.9 per cent Vacany rate in % 7.1 +0.39 7.5 -0.60 6.9 -0.01 6.9 7.6 7.5 7.4 7.3 − New definition of vacancy rate 7.2 as of the 2025 annual financial statements: 7.1 − Now exclusively market- 7.0 related vacancies − Voluntary vacancies (e.g. construction
Slide 20: Significant improvement in the maturity profile
Portfolio Significant improvement in the maturity profile Lease maturities as a percentage of rental income in % 9.5 8.5 3.7 3.9 12.8 12.5 10.9 5.6 12.1 11.2 9.3 9.4 9.2 12.0 9.9 6.6 22.6 30.3 35 30 25 20 15 10 05 Residential Parking No maturity < 1 year 1-2 years 2 -3 years 3-4 years 4-5 years > 5
Slide 21: Portfolio growth of 10% mainly driven by revaluations
Portfolio Portfolio growth of 10% mainly driven by revaluations Portfolio development in CHF m 1,387.3 1,393.5 1,375.3 1,591.7 +48.1 -125.7 +47.6 +188.5 1,750.1 1,900 +10.0% 1,800 1,700 1,600 1,500 1,400 Acqui- Dis- Invest- Reval- 2021 2022 2023 2024 2025 sitions posals ments uations Promotional pro
Slide 22: Change of independent valuation expert resulted in significant upward revaluations
Portfolio Change of independent valuation expert resulted in significant upward revaluations Valuation changes in 2025 in CHF m +237.7 -37.5 200.2 +13.8 -12.8 -12.7 188.5 240 230 220 210 200 190 H1 2025 / 30 June 2025 H2 2025 / 31 December 2025 Valuation changes Upward revaluations Downward revaluat
Slide 23: Revaluation gains primarily driven by assets in Zurich
Portfolio Revaluation gains primarily driven by assets in Zurich Valuations changes in 2025 in CHF m 196.2 8.3 4.3 0.6 -5.1 -15.7 250 200 150 198.4 100 050 8.5 4.9 2.5 8.2 -2.3 -0.2 -0.6 -2.0 -23.9 000 -5.1 Lake North- Espace Zurich Central Eastern Geneva western Mittelland region Upward revaluation
Slide 24: Geographic allocation and asset quality profile
Portfolio Geographic allocation and asset quality profile Geographic distribution of the real estate portfolio Location and asset rating by building type by market value as of 31 December 2025, in % (Source: CBRE) as of 31 December 2025 (Source: CBRE) 3.0 Object rating Location rating 3.0 Zurich (57
Slide 25: Continued broad diversification of usage and tenant mix
Portfolio Continued broad diversification of usage and tenant mix Usage mix in % of rental income Tenant mix in % of rental income WAULT: 6 5.1 8.4 years 6 4.8 3.9 7 2.9 37 2.4 Basis: Rental 9 Basis: Rental income at the income in 2025 57.0 end of 2025 23.8 35 Office Canton of Vaud Commercial, Logis
Slide 26: Agenda
Agenda – Overview – Annual results 2025 – Portfolio Property development – Sustainability – Outlook 26 Intershop Group, Annual results 2025, 26 February 2026
Slide 27: Well-filled project pipeline
Property development Well-filled project pipeline Projected invest. Rental occupancy Objective IRR 1 Project status 2026 27 28 29 30 +5 J. +10 J. in CHF m rate in % Projects under construction Lausanne, «Bloom» Repositioning office Final completion Q1 2026 61.7 53.9 Baden, «Bento Baden» Repositionin
Slide 28: Two large residential construction projects in German-speaking Switzerland
Property development Two large residential construction projects in German-speaking Switzerland Property Zurich (ZH), «Mediacampus» St. Gallen (SG), Oststrasse Objective Residential development Residential development Status Project maturity enables rapid progression upon Competitive process complet
Slide 29: Agenda
Agenda – Overview – Annual results 2025 – Portfolio – Property development Sustainability – Outlook 29 Intershop Group, Annual results 2025, 26 February 2026
Slide 30: Progress on sustainability topics
Sustainability Progess on sustainability topics CO2 emissions (like-for-like / Scope 1+2) Overall tenant satisfaction Expansion of photovoltaic installations Previous year: 9.9 kg CO2e/m2 > 90 per cent since January 2025 9.4 kg TenantCM +720 kWp CO2e/m 2 Award CO₂ reduction following heating system
Slide 31: 2032 reduction target clearly exceeded from today's perspective
Sustainability 2032 reduction target clearly exceeded from today’s perspective CO2-Emissions CO2 Intensity like-for-like in kg CO2e/m2 (kg CO2e/m2) 30 2025: 9.4 ( -5.2%) 25 2024: 9.9 20 2023: 10.5 15 10 05 2021 2026 2031 2036 2041 2046 2050 Net-zero target Targets Intershop Scope 1–2 CRREM 1.5° CO2-
Slide 32: Agenda
Agenda – Overview – Annual results 2025 – Portfolio – Property development – Sustainability Outlook 32 Intershop Group, Annual results 2025, 26 February 2026
Slide 33: Outlook for the 2026 Financial Year
Outlook Outlook for the 2026 Financial Year – Commitment to the proven business model – Leveraging opportunities in the transaction market to expand the development pipeline and increase net rental income – Disposals dependent on market conditions – Stable to slightly higher net rental income expect
Slide 34: 63rd Annual General Meeting
Outlook 63rd Annual General Meeting Organisational matters − 31 March 2026, 4:00 p.m. − Cigarettenfabrik/Eventhalle 268 · Sihlquai 268 · 8005 Zurich Selected agenda items − Proposed distribution: CHF 6.00 per share − Re-election of Ernst Schaufelberger, Dr. Christoph Nater and Gabriela Theus to the
Slide 35: Annual results 2025 Q&A
Annual results 2025 Q&A 35 Intershop Group, Annual results 2025, 26 February 2026
Slide 36: Disclaimer
Disclaimer This Presentation has been prepared and issued by Intershop Holding AG (together with its subsidiaries "Intershop") and is for information purposes only. This Presentation does not constitute investment, legal, accounting, regulatory, taxation or other advice. In making an investment deci
Slide 37: Intershop identifies, develops and realises real estate with potential.
Intershop identifies, develops and realises real estate with potential.