Intershop Holding Ag · SIX:ISN
Intershop — H1 2026 Earnings Presentation
40 slides from Intershop's earnings presentation, Aug 26, 2026
Slide 1: Half-Year Results 2026 Media and Analysts' Conference
Intershop Group Media and Analysts’ Conference Wednesday, 26 August 2026 Half-Year Results 2026 Simon Haus, CEO Florian Balschun, CFO
Slide 2: Agenda
Agenda – Overview – Half-Year Results 2026 – Portfolio – Property Development – Outlook – Q&A 2 Intershop Group, Half-Year Results 2026, 26 August 2026
Slide 3: Highlights H1 2026: Profitability
Overview Highlights H1 2026: Profitability Net income CHF 67.5m CHF 33.8m excl. changes in fair value of properties Return on equity 12.3% 6.2% excluding changes in fair value of properties Net gains from property disposals CHF 5.1m H1 2025: CHF 2.6m 3 Intershop Group, Half-Year Results 2026, 26 Aug
Slide 4: Highlights H1 2026: Portfolio
Overview Highlights H1 2026: Portfolio Total portfolio value CHF 1.92 billion 31 Dec. 2025: CHF 1.75 billion Net yield 4.0% 31 Dec. 2025: 4.3% Vacancy rate 6.5% 31 Dec. 2025: 6.9% 4 Intershop Group, Half-Year Results 2026, 26 August 2026
Slide 5: Highlights H1 2026: Financing
Overview Highlights H1 2026: Financing Equity ratio 56.5% 31 Dec. 2025: 60.7% Financial leverage (loan-to-value, LTV) 33.3% 31 Dec. 2025: 28.0% Ø interest rate on interest-bearing debt 1.35% 31 Dec. 2025: 1.34% 5 Intershop Group, Half-Year Results 2026, 26 August 2026
Slide 6: Agenda
Agenda – Overview Half-Year Results 2026 – Portfolio – Property Development – Outlook – Q&A 6 Intershop Group, Half-Year Results 2026, 26 August 2026
Slide 7: Net income lower than in the prior-year period
Half-Year Results 2026 Net income lower than in the prior-year period, which was characterised by revaluations Net income development in CHFm 82.5 73.7 117.5 73.7 212.8 73.5 175.9 28.6 67.5 33.8 250 200 150 100 50 2023 2024 2025 H1 2025 H1 2026 Including changes in fair value of properties Excluding
Slide 8: Increase in net income excl. changes in fair value of properties
Half-Year Results 2026 Increase in net income excl. changes in fair value of properties In CHFm H1 2026 H1 2025 Change Net rental income 37.7 39.5 -4.6% Net gains from property disposals 5.1 2.6 +95.1% Other income 1.4 1.7 -18.2% Personnel and administrative expenses -7.2 -7.8 -7.6% Changes in fair
Slide 9: Intershop maintains a solid financing structure
Half-Year Results 2026 Intershop maintains a solid financing structure 30 June 2026 31 Dec. 2025 Equity ratio % 56.5 60.7 Loan-to-value (LTV) % 33.3 28.0 Interest-bearing debt CHFm 638.7 490.0 Ø interest rate on interest-bearing debt % 1.35 1.34 Ø debt maturity Years 3.0 3.0 Share of unsecured finan
Slide 10: Bond maturity in H1 2026 refinanced via capital markets
Half-Year Results 2026 Bond maturity in H1 2026 refinanced via capital markets Maturity profile of financial liabilities in CHFm 205 144 0 100 125 0 0 0 0 0 65 Ø rate 1.36% 1.13% n/a 1.57% 1.29% n/a n/a n/a n/a n/a 1.60% 210 35 180 150 120 100 170 90 125 100 60 20 65 30 24 <1 year 1–2 y. 2–3 y. 3–4
Slide 11: Key figures per share
Half-Year Results 2026 Key figures per share In CHF H1 2026 H1 2025 Change Earnings 7.32 19.08 -61.6% Earnings excl. changes in fair value of prop. 3.67 3.11 +18.0% Ø daily trading volume in CHFk 1,023.0 710.2 +44.0% In % H1 2026 Share performance including dividend +8.8% In CHF 30 June 2026 31 Dec.
Slide 12: Agenda
Agenda – Overview – Half-Year Results 2026 Portfolio – Property Development – Outlook – Q&A 12 Intershop Group, Half-Year Results 2026, 26 August 2026
Slide 13: Net growth from transactions of more than CHF 110m in H1 2026
Portfolio Net growth from transactions of more than CHF 110m in H1 2026 Transactions in H1 2026 in CHFm 110.6 140 120 100 80 H1 2026: 60 – Disposals of CHF 34m 40 – Net gains from property disposals of CHF 5.1m 20 “The Valley” (ZH) Belp (BE) Rüti (ZH) Net H1 26 After the balance sheet date: – One ac
Slide 14: Acquisition of an investment property in Kemptthal (ZH)
Portfolio Acquisition of an investment property with development potential in Kemptthal (ZH) Kemptthal (ZH), Kemptpark 1 to 38 “The VALLEY and MOTORWORLD” − High-yield commercial and industrial site − Objective: increase net rental income, with development potential improve the tenant structure and
Slide 15: Acquisition of real estate portfolio in Kriens and Stans (I/II)
Portfolio After the balance sheet date: Acquisition of a high-yield real estate portfolio with development potential in Kriens (LU) and Stans (NW) (I/II) Target rent Rental area CHF 6.1m 41,000 m2 − Usage mix: commercial 66%; retail 13%; − Average rent CHF 156/m 2 p.a. F&B 6%; storage 4%; other 11%
Slide 16: Acquisition of real estate portfolio in Kriens and Stans (II/II)
Portfolio After the balance sheet date: Acquisition of a high-yield real estate portfolio with development potential in Kriens (LU) and Stans (NW) (II/II) Areal West Areal Mitte Areal Ost Stans Ownership structure Sole ownership Cond. under Condominium / Under building building lease sole ownership
Slide 17: Disposal of two investment properties in Rüti and Belp
Portfolio Disposal of two investment properties in Rüti (ZH) and Belp (BE) Rüti (ZH), Belp (BE), Neuhofstrasse 10 Hühnerhubelstrasse 58-66 − Development potential exhausted, high − Vacancy could not be reduced over the occupancy rate, timely realisation for years, termination by the major tenant, ex
Slide 18: Disposal of an investment property in Bad Ragaz (SG)
Portfolio After the balance sheet date: Disposal of an investment property in Bad Ragaz (SG) Bad Ragaz (SG), Elestastrasse 16-18 − Development potential exhausted, high occupancy rate, timely realisation for reinvestment in value-enhancing locations − Target rent: CHF 1.25m p.a. − Disposal as of 31
Slide 19: Transaction-driven decline in property income
Portfolio Transaction-driven decline in property income Rental income development in CHFm 44.3 -4.8 39.5 -0.5 +0.3 -0.2 39.0 +3.8 42.9 45 -3.1% 44 43 42 41 LFL2: -1.0% 40 39 Correct- H1 25 Target H1 26 Correct- H1 25 Vacancy Other H1 26 ions1 adj. rent adj. ions1 1 Transactions, completed constructi
Slide 20: Market-related vacancy rate down to 6.5%
Portfolio Market-related vacancy rate down to 6.5% Vacancy rate of investment properties in % 6.9 -0.97 5.9 -0.42 5.5 +1.00 6.5 7.00 6.75 6.50 6.25 6.00 5.75 5.50 2025 Like-for-like H1 2026 Acqui- 2025 Disposals H1 2026 adj. decline adj. sitions 20 Intershop Group, Half-Year Results 2026, 26 August
Slide 21: Transactions have not materially impacted the maturity profile
Portfolio Transactions have not materially impacted the maturity profile Lease types and lease expiries by rental income in % 8.5 8.1 3.9 4.0 12.5 11.1 5.6 6.0 11.2 14.9 9.4 8.8 12.0 13.2 6.6 5.5 30.3 28.4 35 30 25 20 15 10 05 No Residential Parking < 1 year 1–2 years 2–3 years 3–4 years 4–5 years >
Slide 22: Portfolio growth driven mainly by transactions
Portfolio Portfolio growth driven mainly by transactions Portfolio development in CHFm 1,393.5 1,375.3 1,591.7 1,750.1 +110.6 +9.4 +47.7 1,917.9 2,200 +9.6% 2,000 1,800 1,600 1,400 1,200 Acqui- Dis- Invest- Revalu- 2022 2023 2024 2025 H1 2026 sitions posals ments ations Promotional projects Investme
Slide 23: Almost half of the revaluations resulted from operating activity
Portfolio Almost half of the revaluations of CHF 47.7m resulted from operating activity Value change by sources 1 – Selected operating successes: – «Bloom» in Lausanne (VD): CHF 8.2m due to new lettings 47% – «Bento» in Baden (AG): CHF 10.4m due to new 53% lettings – Bad Ragaz (SG): CHF 8.3m due to
Slide 24: Geographical distribution
Portfolio Geographical distribution Geographical distribution of the investment properties by market value as of 30 June 2026 in % Zurich (60.1, +2.9) Espace Mittelland (4.4, -1.4) Lake Geneva (17.9, -1.1) Central CH (2.4, -0.2) Northwestern CH (13.0, -0.6) Eastern CH (2.2, +0.4) Source: CBRE; compa
Slide 25: Location and asset rating by building type
Portfolio Location and asset rating by building type Location and asset rating by building type as of 30 June 2026 Acqui- sition 3.0 Asset rating Disposals1 3.0 Location rating Office Residential Logistics Industrial Commercial Residential/Commercial 1 Including the disposal of Bad Ragaz after the b
Slide 26: Broad diversification of usage and tenant mix
Portfolio Broad diversification of usage and tenant mix Usage mix in % of rental income Tenant mix in % of rental income WAULT: 6 4.9 7.9 years 6 4.6 3.8 6 2.4 2.3 39 9 Basis: Rental Basis: Rental income income at the H1 2026 end of H1 2026 22.6 59.3 34 Office Canton of Vaud Commercial, Logistics Sa
Slide 27: Agenda
Agenda – Overview – Half-Year Results 2026 – Portfolio Property Development – Outlook – Q&A 27 Intershop Group, Half-Year Results 2026, 26 August 2026
Slide 28: Well-filled project pipeline
Property Development Well-filled project pipeline Planned invest. Occupancy Objective IRR 1 Project status 2026 27 28 29 30 +5 y. +10 y. in CHFm rate in % Projects under construction Lausanne (VD), “Bloom” Repositioning office Completed Q1 2026 61.7 70.0 Baden (AG), “Bento” Repositioning office/comm
Slide 29: Project under construction Bloom in Lausanne (I/II)
Property Development Project under construction «Bloom» in Lausanne (VD): Final works (I/II) Lausanne (VD), «Bloom», Avenue de Gratta-Paille 1, 2 − From 2023, transformation of the property − Investment: CHF >60m into a modern, multifunctional office − Target rent: CHF 6.6m complex − Occupancy rate:
Slide 30: Project under construction Bloom in Lausanne (II/II)
Property Development Project under construction «Bloom» in Lausanne (VD): Final works (II/II) Lausanne (VD), «Bloom», Avenue de Gratta-Paille 1, 2 Overview of anchor tenants: 1 1. Mazars SA 4 2 2. ENI Suisse SA 5 3. IT Services University Hospital of Vaud / 3 Restaurant 4. Orion SA / Economic Develo
Slide 31: Mediacampus: e-BZO assessment
Property Development “Mediacampus”: e-BZO assessment Property Zurich (ZH), “Mediacampus” e-BZO assessment – e-BZO provides for upzoning from residential zone (W5) to centre zone (Z7b) – Allowable gross floor area increases from around 58,000 m² to around 73,000 m² – Dezoning of approx. 5,000 m² desi
Slide 32: Two residential construction projects in German-speaking Switzerland
Property Development Two residential construction projects in German-speaking Switzerland Property Opfikon (ZH), Hohenbühlstrasse 1, 3, 5 St. Gallen (SG), Oststrasse Objective Residential development Residential development Status Construction project for the conversion of a former Design study proc
Slide 33: Agenda
Agenda – Overview – Half-Year Results 2026 – Portfolio – Property Development Outlook – Q&A 33 Intershop Group, Half-Year Results 2026, 26 August 2026
Slide 34: Outlook for the 2026 financial year
Outlook Outlook for the 2026 financial year – Commitment to the business model – Due to completed and planned property disposals, net rental income is now expected to remain stable – New: Net gains from property disposals (pre-tax) of at least CHF 30m – Net income excluding changes in fair value of
Slide 35: Change in the Executive Management
Outlook Change in the Executive Management Head of Construction & Development as of 1 December 2026 Professional experience: Other activities: − 2024–2026 − 2025–present Head of “Development Acquisition”, President, Association of Private UBS Fund Management AG, Zurich Professional Property Owners −
Slide 36: Agenda
Agenda – Overview – Half-Year Results 2026 – Portfolio – Property Development – Outlook Q&A 36 Intershop Group, Half-Year Results 2026, 26 August 2026
Slide 37: Your contacts
Q&A Your contacts Ernst Schaufelberger Simon Haus Florian Balschun Chairman Chief Executive Officer Chief Financial Officer 37 Intershop Group, Half-Year Results 2026, 26 August 2026
Slide 38: Analyst & Investor Contact, Financial Calendar 2027
Q&A Analyst & Investor Contact Financial Calendar 2027 − 25 February 2027 Publication of Annual Report 2026 − 31 March 2027 64 th Annual General Meeting − 26 August 2027 Publication of Half-Year Report 2027 Florian Balschun Chief Financial Officer florian.balschun@intershop.ch 38 Intershop Group, Ha
Slide 39: 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
Slide 40: Intershop identifies, develops and realizes real estate with potential
Intershop identifies, develops and realizes real estate with potential.