Intershop Holding Ag · SIX:ISN

Intershop — H1 2025 Earnings Presentation

34 slides from Intershop's earnings presentation, Aug 26, 2025

  1. Slide 1: Intershop Group Media and Analysts' Conference, Half-year results 2025

    Intershop Group Media and Analysts’ Conference Tuesday, 26 August 2025 Half-year results 2025 Simon Haus, CEO Florian Balschun, CFO

  2. Slide 2: Agenda

    Agenda – Overview – Half-Year Results 2025 – Portfolio – Property development – Organisation – Outlook 2 Intershop Group, Half-year results 2025, 26 August 2025

  3. Slide 3: Overview

    Overview Net profit Net rental income Net gains from property disposals CHF 175.9 million +7.4% CHF 2.6 million CHF 52.7 million in H1 2024 CHF 39.5 million in H1 2025 Additional disposal after balance sheet date Annualised return on equity Revaluations Equity ratio / LTV 37.1% CHF 200.2 million 56.

  4. Slide 4: Agenda

    Agenda – Overview Half-Year Results 2025 – Portfolio – Property development – Organisation – Outlook 4 Intershop Group, Half-year results 2025, 26 August 2025

  5. Slide 5: Net profit from rental activities up 10%

    Half-Year Results 2025 Net profit from rental activities up 10% Net profit in CHF million 145.5 82.5 117.5 52.7 175.9 180 25.8 150 48.0 120 43.8 90 147.2 46.9 101.3 43.8 60 23.5 16.5 16.6 30 26.8 0.5 0 -3.7 13.3 12.6 2.3 2022 2023 2024 H1 24 H1 25 Net rental income Net revaluation gains Net gains fr

  6. Slide 6: Positive revaluation gains lead to substantially higher net profit

    Half-Year Results 2025 Positive revaluation gains lead to substantially higher net profit in million CHF H1 2025 H1 2024 Change Net rental income 39.5 36.8 +7.4% Net gains from property disposals 2.6 0.0 Other income 1.7 1.8 -7.2% Personnel and administrative expenses -7.8 -7.2 +9.6% Revaluation gai

  7. Slide 7: Continued favourable financing

    Half-Year Results 2025 Continued favourable financing 30.06.2025 31.12.2024 Equity ratio % 56.2 57.5 Loan-to-value (LTV) % 33.0 32.8 Interest-bearing debt (gross) million CHF 603.0 522.0 Ø interest rate on interest-bearing debt % 1.25 1.40 Ø debt maturity Years 2.9 3.1 Share of unsecured financing %

  8. Slide 8: Sufficient available credit lines for refinancing of bond maturing in June 2026

    Half-Year Results 2025 Sufficient available credit lines for refinancing of bond maturing in June 2026 Maturity profile of financial liabilities in CHF million 234 80 124 0 100 0 0 0 0 0 0 65 Ø rate 0.59% 2.60% 1.20% 1.57% 1.60% 250 100 200 150 25 100 100 110 100 80 65 50 <1 year 1–2 2–3 3–4 4–5 5–6

  9. Slide 9: Key figures per share

    Half-Year Results 2025 Key figures per share in CHF H1 2025 H1 2024 Change Earnings per share 19.08 5.72 +233.8% Net profit per share excl. property 3.11 3.91 -20.5% revaluation Ø daily trading volume in CHFk 708.6 734.7 -3.5% in % H1 2025 Share performance incl. dividend +16.5 in CHF 30.06.2025 31.

  10. Slide 10: Agenda

    Agenda – Overview – Half-Year Results 2025 Portfolio – Property development – Organisation – Outlook 10 Intershop Group, Half-year results 2025, 26 August 2025

  11. Slide 11: Acquisition of one investment and one promotional property in the canton of Zurich

    Portfolio Acquisition of one investment and one promotional property in the canton of Zurich Kemptthal (ZH), Pfäffikerstrasse 37 Uetikon am See (ZH), Alte Landstrasse 103 – Fully let commercial property with a 10-year lease – Vacant former factory building located in a residential – Contract rent: C

  12. Slide 12: Successful disposal of two repositioned commercial properties in Pfäffikon and Pully

    Portfolio Successful disposal of two repositioned commercial properties in Pfäffikon (SZ) and Pully (VD) Pfäffikon (SZ), Talstrasse 35-37 Pully (VD), Avenue C.-F.-Ramuz 43 (after (leasehold property) balance sheet date) – Contract rent: CHF 1.62 million p.a. – Contract rent: CHF 0.93 million p.a. –

  13. Slide 13: Increase in property income by 8.1%

    Portfolio Increase in property income by 8.1% – mainly driven by transactions in 2024 and 2025 Rental income in CHF million 40.9 -1.9 39.1 +0.8 +0.3 -0.3 39.9 +4.4 44.3 46 +8.1% 44 42 LFL2: +2.0% 40 H1 2024 Corrections 1 H1 2024 Contract Vacancy Other H1 2025 Corrections 1 H1 2025 adj. rent adj. 1 T

  14. Slide 14: Property expenses stable at 10–12% of property income

    Portfolio Property expenses stable at 10–12% of property income Property expenses as a percentage of property income 10.8 11.7 11.1 10.3 10.8 11.0 10.7 12.0 11.5 11.0 10.5 10 2019 2020 2021 2022 2023 2024 H1 25 Property expenses / Property income 14 Intershop Group, Half-year results 2025, 26 August

  15. Slide 15: Transactions lead to a decline in the vacancy rate of investment properties

    Portfolio Transactions lead to a decline in the vacancy rate of investments properties Vacancy rate of investment properties in % 8.08 -0.03 8.05 -0.03 8.02 -0.12 7.90 8.10 8.05 8.00 7.95 7.90 2024 Transac- H1 2024 LFL de- H1 2025 Transac- H1 2025 tions 1 adj. cline 2 adj. tions 1 Including reclassi

  16. Slide 16: Slight decrease in short term lease maturities

    Portfolio Slight decrease in short term lease maturities Lease maturities as a percentage of rental income 9.5 10.1 3.7 3.4 12.8 12.5 10.9 8.8 12.1 10.5 9.3 14.0 9.2 6.8 9.9 11.5 22.6 22.4 25 20 15 10 5 Residential Parking No maturity <1 year 1-2 years 2- 3 years 3-4 years 4-5 years >5 years 31 Dece

  17. Slide 17: Total portfolio value above CHF 1.8 billion

    Portfolio Total portfolio value above CHF 1.8 billion Portfolio in CHF million Drivers in H1 2025 in CHF million 1,333 1,387 1,394 1,375 1,592 1,826 1,592 30 4 200 1,826 2’000 2’000 552 469 1’500 352 356 1’800 1’000 1’254 1’600 1’131 1’154 991 1’017 1’105 500 2020 2021 2022 2023 2024 H1 2025 2024 In

  18. Slide 18: Over 80% of revaluation gains relate to properties in the city of Zurich

    Portfolio Over 80% of revaluation gains relate to properties in the city of Zurich (ZH) Revaluations in CHF million 76.8 16.8 9.4 97.1 202.1 -12.6 9.1 1.6 250 200 150 100 50 0 Office Commer- Resi- Develop- Zurich Lake Basle / Other properties cial dential ment area Geneve Berne / areas properties pr

  19. Slide 19: Greater Zurich Area gains significantly higher weight due to revaluation gains

    Portfolio Greater Zurich Area gains significantly higher weight due to revaluation gains Regional distribution by market values in % 2 2 22 20 2024 50 30 June 2025 56 23 26 Zurich area Lake Geneva are Basle / Berne / Midlands Other areas 19 Intershop Group, Half-year results 2025, 26 August 2025

  20. Slide 20: Continued diversified usage and tenant mix as of 30 June 2025 (I)

    Portfolio Continued diversified usage and tenant mix as of 30 June 2025 (I) Usage mix in % of rental income Tenant mix in % of rental income 6 5.3 6 4.7 3.8 2.8 7 2.4 37 10 55.0 26.0 34 Office Canton of Vaud Commercial, Logistics Sauvin Schmidt SA Residential Canton of Zürich Retail, Gastronomy Coop

  21. Slide 21: Continued diversified usage and tenant mix as of 30 June 2025 (II)

    Portfolio Continued diversified usage and tenant mix as of 30 June 2025 (II) Rental share of the Top 30 tenants by sector in % 1 Focus on “Manufacturing” 2 2 Diversification within the sector: 2 2 2 • Stable and broadly diversified – from medical and sensor 3 technology to mechanical engineering and

  22. Slide 22: Geographical distribution and property rating by building types

    Portfolio Geographical distribution and property rating by building types Geographical Distribution of Properties Location and Property Rating by Building Types 3 Object rating Location Lageratinrating 3 Investment properties Office Logistics Development properties Commercial Residential/commercial

  23. Slide 23: Agenda

    Agenda – Overview – Half-Year Results 2025 – Portfolio Property development – Organisation – Outlook 23 Intershop Group, Half-year results 2025, 26 August 2025

  24. Slide 24: As of mid-2025, the project pipeline is as follows

    Property development As of mid-2025, the project pipeline is as follows: Projected invest. Rental occupancy Objective IRR 1 Project status 2025 26 27 28 29 +5 J. +10 J. in millions CHF rate in % 2 Projects under construction Lausanne, «Bloom» Repositioning office Completion of final stage Q4 2025 61

  25. Slide 25: Two largest ongoing developments

    Property development Two largest ongoing developments Property Zürich (ZH), «Mediacampus» St. Gallen (SG), Oststrasse Objective Residential development Residential development Status Densification potential assessment completed. Preliminary review by city planning. Pending public Evaluation of next

  26. Slide 26: Agenda

    Agenda – Overview – Half-Year Results 2025 – Portfolio – Property development Organisation – Outlook 26 Intershop Group, Half-year results 2025, 26 August 2025

  27. Slide 27: Simplification of group structure to increase efficiency

    Organisation Simplification of group structure to increase efficiency Intershop Holding AG Intershop Holding AG SGI Intershop Management AG SGI SGI City Immobilien AG Centre St Roch SA Intershop Management AG SGI Promotion AG WTCL Services SA Intershop Bau AG De Bary & Co. AG Realconsult AG Orubi SA

  28. Slide 28: Organisation chart

    Organisation Organisation chart 30.06.2025​ 31.12.2024 Headcount 64 67 CEO S. Haus HR / Secretariat Real Estate Construction & Dev. Transactions CFO Y. Hartmann M. Lehmann K. Trinh F. Balschun Asset Mgmt. Property Mgmt. Facility/ESG Mgmt. Accounting Controlling Treasury 28 Intershop Group, Half-year

  29. Slide 29: Agenda

    Agenda – Overview – Half-Year Results 2025 – Portfolio – Property development – Organisation Outlook 29 Intershop Group, Half-year results 2025, 26 August 2025

  30. Slide 30: Confirmation of outlook for full year 2025

    Outlook Confirmation of outlook for full year 2025 Target net rental income Target gain from sales Vacancy rate of investment properties +8% >CHF 15 million <7.9% Excl. new transactions (from 02/2025) Reduction on a comparable basis in H2 Business model remains unchanged Transactions Dividend policy

  31. Slide 31: Q&A Your Contacts

    Q&A Your Contacts Ernst Schaufelberger Simon Haus Florian Balschun Chairman Chief Executive Officer Chief Financial Officer 31 Intershop Group, Half-year results 2025, 26 August 2025

  32. Slide 32: Investor relations

    Investor relations Analyst & Investor Contact Company agenda 2026 26.02.2026 Publication of Annual Report 2025 31.03.2026 63 rd Annual General Meeting Florian Balschun Chief Financial Officer florian.balschun@intershop.ch 32 Intershop Group, Half-year results 2025, 26 August 2025

  33. Slide 33: 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 dec

  34. Slide 34: Intershop identifies, develops and realizes real estate with potential.

    Intershop identifies, develops and realizes real estate with potential.

Intershop Holding — H1 2025 Earnings Presentation on 6ix