Intershop Holding Ag · SIX:ISN
Intershop — FY2024 Earnings Presentation
29 slides from Intershop's earnings presentation, March 2025
Slide 1: Presentation of the Intershop Group's annual results 2024
Presentation of the Intershop Group’s annual results 2024 «Métiers Vernier», commercial property, Completed 2024, Foto: Swen Sack 1
Slide 2: Agenda
Agenda • Highlights 3 • Financials 6 • Portfolio 13 • Sustainability 22 • Conclusion and outlook 24 2
Slide 3: 2024 financial year: Key highlights
Highlights | Financials | Portfolio | Sustainability | Conclusion and outlook 2024 financial year: Key highlights 13.4 % +3.5 % Return on Equity for the 2024 Rental income financial year like-for-like CHF 117.5 million net profit significantly above Like-for-like increase in rental income from previ
Slide 4: Strengthening rental growth and development pipeline via acquisitions
Highlights | Financials | Portfolio | Sustainability | Conclusion and outlook Strengthening rental growth and development pipeline via acquisitions Intershop Group portfolio at the end of 2024 CHF 1,591.7m Transactions net2 (CHF 99.1m) Acquisitions: • Seven properties Disposals: • CHF 152.5 million
Slide 5: 2024 earnings surge above prior year, driven by revaluations
Highlights | Financials | Portfolio | Sustainability | Conclusion and outlook 2024 earnings surge above prior year, driven by revaluations Development of net profit and composition 160 145.5 144.2 140 +42.4% 42.7 44.4 117.5 120 100 82.5 48.2 78.4 80 60 79.9 46.5 16.9 46.1 101.3 40 Earnings per share
Slide 6: Income statement: Strong operating profit increase, primarily due to property revaluations
Highlights | Financials | Portfolio | Sustainability | Conclusion and outlook Income statement: Strong operating profit increase, primarily due to property revaluations 2023 2024 ∆1) Rental income CHF m 80.5 82.2 +2.2 % Income from sale of promotional properties CHF m 73.6 0.0 Net gains from propert
Slide 7: Income statement: Net profit of CHF 117.5 million
Highlights | Financials | Portfolio | Sustainability | Conclusion and outlook Income statement: Net profit of CHF 117.5 million 2023 2024 ∆3) Operating result (EBIT) CHF m 105.2 146.2 +39.0 % Financial income CHF m 0.2 0.2 -10.6 % Financial expense CHF m -6.2 -10.0 +62.4 % Tax expense CHF m -16.7 -1
Slide 8: Significant tax savings due to one-time effects
Highlights | Financials | Portfolio | Sustainability | Conclusion and outlook Significant tax savings due to one-time effects Reconciliation of tax expense compared to previous year 24 22 20 6.9 18.9 8.7 18 16.7 16 8.5 14 4.5 12 10 8 6 In CHF m 4 2 0 2023 Effect from Reversals of Definitive Others 2
Slide 9: Portfolio growth driven by transactions
Highlights | Financials | Portfolio | Sustainability | Conclusion and outlook Portfolio growth driven by transactions Portfolio development Development of investments +15.7% 1.592 100 90.1 90 82.0 59.7 80 1.5 70.5 70 40.5 61.1 38.8 16.0 60 57.6 99.1 7.9 1.4 1.375 50 20.8 57.6 40 26.2 30 18.0 24.9 46
Slide 10: Property revaluations led by two assets in Basel and Zurich
Highlights | Financials | Portfolio | Sustainability | Conclusion and outlook Property revaluations led by two assets in Basel and Zurich Details on changes in fair value of properties Discount rates 1.4 2023 2024 80 Max 6.70% 6.70% 70 -19.5 10.2 Min 3.50% 3.50% 59.7 60 Ø Portfolio 4.77% 4.72% 9.3 R
Slide 11: Robust equity ratio and prudent financial leverage
Highlights | Financials | Portfolio | Sustainability | Conclusion and outlook Robust equity ratio and prudent financial leverage 31.12.2023 31.12.2024 Equity ratio 62.0% 57.5 % Loan-to-value (LTV) 27.7% 32.8 % Interest-bearing debt CHF m 381.3 522.0 Development of financial liabilities and structure
Slide 12: Average cost of debt has fallen significantly
Highlights | Financials | Portfolio | Sustainability | Conclusion and outlook Average cost of debt has fallen significantly due to the unwinding of interest rate swaps and lower interest rates Duration on financial liabilities 180 177.3 3.0 160 2.5 140 120 2.0 99.9 99.7 100 80.0 1.5 80 65.0 In perce
Slide 13: Intershop Group portfolio at a glance
Highlights | Financials | Portfolio | Sustainability | Conclusion and outlook Intershop Group portfolio at a glance Portfolio as of 31.12.2024 Regional distribution1) Sector Total value2): CHF 1.6bn Parking No. of objects2): 45 Residential 6% Rental space: 561,468 m2 9% GIY: 5.4 % Retail, NIY: 4.7 %
Slide 14: Rental income rising despite negative net transaction impact
Highlights | Financials | Portfolio | Sustainability | Conclusion and outlook Rental income rising despite negative net transaction impact Development of rental income +2.2% 83 0.8 1.3 0.3 82.2 82 Rental income like-for-like 81 2.1 Investment properties: +4.4 % 80.5 Development properties: +1.0 % In
Slide 15: Lausanne development project accounts for more than a quarter of vacancies
Highlights | Financials | Portfolio | Sustainability | Conclusion and outlook Lausanne development project accounts for more than a quarter of vacancies Vacancy of investment properties Vacancy of development properties +1.9 30 20.3 18.4 25 20 10.2 w/o intentional 10.3 15 vacancies Vacancies like-fo
Slide 16: Transactions boosting rental growth and unlocking further vacancy reduction potential
Highlights | Financials | Portfolio | Sustainability | Conclusion and outlook Transactions boosting rental growth and unlocking further vacancy reduction potential Development of the target rental income as of the reporting date 100 CHF 152.5m 1.4 investment 97.2 2.7 2.7 95 CHF 77.1m 1.9 gross volum
Slide 17: Average term of leases increased significantly in the period under review
Highlights | Financials | Portfolio | Sustainability | Conclusion and outlook Average term of leases increased significantly in the period under review Lease maturities as % of rental income 25 22.6 20 18.9 19.2 15 13.0 12.8 12.1 12.0 10.9 9.5 9.5 9.3 9.5 9.2 9.9 10 8.7 In percent 5.4 5 3.8 3.7 0 90
Slide 18: Transactions drive strong expansion of development pipeline
Highlights | Financials | Portfolio | Sustainability | Conclusion and outlook Transactions drive strong expansion of development pipeline Goal: Usable Occupancy Investment (in CHF m) area rate Use Property Goal 2025 2026 2027 2028 2029 Later Projects under construction Lausanne, «Bloom» Repositionin
Slide 19: Acquired sites with development potential
Highlights | Financials | Portfolio | Sustainability | Conclusion and outlook Acquired sites with development potential Niederwangen, Riedmoosstrasse 10 Zuchwil, «Scintilla-Areal» Objective: Development of building plot Objective : Successive repositioning ERV: CHF 2.4m ERV: CHF 3.8m Vacancy: 0.0 %
Slide 20: Update on major development projects
Highlights | Financials | Portfolio | Sustainability | Conclusion and outlook Update on major development projects Zurich, «Mediacampus» Lausanne, «Bloom» Project update Project update Semi-public survey to Practical Completion determine the densification expected by autumn 2025 potential was carrie
Slide 21: Information on realised disposals
Highlights | Financials | Portfolio | Sustainability | Conclusion and outlook Information on realised disposals Fribourg, Rue Lyss, de l’Industrie 21 Industriering 43 Gross sale price: CHF 77.1m Target rental income (30.06.2024): CHF 4.3m Interlaken, Untere Bern, Hofweg 5/ Profit before taxes: Bönig
Slide 22: Intershop's understanding of sustainability
Highlights | Financials | Portfolio | Sustainability | Conclusion and outlook Intershop's understanding of sustainability 22
Slide 23: On track to cut CO2 emissions in half by 2032 (2021 baseline)
Highlights | Financials | Portfolio | Sustainability | Conclusion and outlook On track to cut CO2 emissions in half by 2032 (2021 baseline) CO2 intensity like-for-like Heating energy mix 2024 (kgCO2e/m )2 24 Wood Pellets • 2024: 9.7 ( -4.5 %) District 22 • 2023: 10.1 (-10.7 %) Electricity heating 20
Slide 24: Outlook for the 2025 financial year
Highlights | Financials | Portfolio | Sustainability | Conclusion and outlook Outlook for the 2025 financial year Min. +8 % Reduce Rental income 2025 excl. new Vacancies over 2025 acquisitions (like-for-like) Pleasing results expected and the attractive dividend policy to be Strengthening Transactio
Slide 25: Favorable market conditions for Intershop's business model
Highlights | Financials | Portfolio | Sustainability | Conclusion and outlook Favorable market conditions for Intershop’s business model Part of the business model: Leveraging opportunities in dynamic market environments Opportunity Reaction Market assessment Changes at Intershop Expected surge in t
Slide 26: 62nd Annual General Meeting
Highlights | Financials | Portfolio | Sustainability | Conclusion and outlook 62nd Annual General Meeting Selected agenda items: • Dividend proposal: CHF 5.50 per share • Re-election of Ernst Schaufelberger and Dr. Christoph Nater to the Board of Directors and the Remuneration Committee; Re-election
Slide 27: Your contacts
Your contacts Ernst Schaufelberger Simon Haus Florian Balschun Chairman Chief Executive Officer Chief Financial Officer www.intershop.ch info@intershop.ch +41 44 544 10 00 27
Slide 28: 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 29: BE intershop
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