Ad hoc announcement pursuant to Article 53 LR
Zurich, 26 August 2026

Operating Business Performance in the First Half of 2026

Rental income fell by 3.1% to CHF 42.9 million (H1 2025: CHF 44.3 million). The decline was largely attributable to transactions carried out in 2025 and the first half of 2026. Taking into account the net gains from property disposals of CHF 5.1 million (H1 2025: CHF 2.6 million) and other income of CHF 1.4 million (H1 2025: CHF 1.7 million), operating income rose by 1.7% to CHF 49.4 million (H1 2025: CHF 48.6 million).

Property expenses rose by 9.1% to CHF 5.2 million (H1 2025: CHF 4.7 million) because of transaction-related factors. Operating costs, by contrast, fell to CHF 7.2 million (H1 2025: CHF 7.8 million). At a total of CHF 12.4 million, operating expenses were down slightly (H1 2025: CHF 12.6 million).

Net income excluding changes in fair value of properties rose by 18.0% to CHF 33.8 million (H1 2025: CHF 28.6 million). The increase was driven by higher operating income and lower operating expenses. Consequently, operating efficiency (EBIT margin before changes in fair value of properties) improved from 74.1% to 74.9%. One-off positive tax effects amounting to CHF 4.5 million further contributed to the result.

Net income amounted to CHF 67.5 million, below the previous year’s figure of CHF 175.9 million, which had been characterised by revaluation gains.

In late February 2026, Intershop acquired the commercial and industrial site “The Valley and MOTORWORLD Manufaktur Region Zürich” in Kemptthal (ZH), with a current rent as at 30 June 2026 of CHF 6.5 million and a development potential of around 42,600 m². At the same time, two investment properties were sold for a total of CHF 34.0 million.

As at the balance sheet date, changes in fair value of properties amounted to CHF 47.7 million. This was below the figure for the comparable period of the previous year, which was characterised by revaluation gains (H1 2025: CHF 200.2 million).

The total value of the property portfolio stood at CHF 1,917.9 million as at 30 June 2026 (31 December 2025: CHF 1,750.1 million). This increase was driven by revaluations, investments totalling CHF 9.4 million (H1 2025: CHF 30.1 million) and the net effect of transactions amounting to CHF 110.6 million (H1 2025: CHF 4.1 million).

Reflecting successful letting activities, the vacancy rate of the property portfolio decreased to 6.5% as at 30 June 2026 (31 December 2025: 6.9%).

The ongoing development projects proceeded without any significant deviations in terms of schedule or costs. In the first quarter of 2026, the multi-year transformation of the “Bloom” office property in Lausanne (VD) was completed. The Canton of St. Gallen approved the special land-use plan for the residential development project on Oststrasse in St. Gallen (SG). Intershop submitted the building application for the promotional project in Eich (LU).

With an equity ratio of 56.5% (31 December 2025: 60.7%) and a loan-to-value (LTV) of 33.3% (31 December 2025: 28.0%), the company remains soundly financed.

As the successor to the departing Mireille Lehmann, Martin Munz will take over as head of the Construction and Development department and join the Executive Management with effect from 1 December 2026.

Two Transactions after the Balance Sheet Date

After the balance sheet date, an investment property in Bad Ragaz (SG) was sold at a profit, and GEWERBEBAUTEN TPC AG was acquired in a cash transaction. The real estate company owns a high-yield commercial site with development potential in Kriens (LU), a commercial property in Stans (NW) and associated purchase rights to plots of land. Following the exercise of these purchase rights, the properties comprise around 41,000 m² of lettable area with an annual target rent of CHF 6.1 million.

Based on transactions completed after the balance sheet date, the disposals already realised as a result of the attractive market environment and further planned disposals, Intershop now expects stable net rental income for the full year, as well as net gains from property disposals (before tax) of at least CHF 30.0 million. The actual result will depend on the performance of the transaction market in the second half of the year.

Overall, the company anticipates net income excluding changes in fair value of properties higher than in the previous year, wich will enable it to continue its investor-friendly dividend policy. 

Download

Ad hoc announcement (PDF)

Half-Year Report 2026 (PDF)

Contact

Simon Haus, CEO
simon.haus@intershop.ch

Florian Balschun, CFO
florian.balschun@intershop.ch

Dates

25.02.2027
Publication of the 2026 Annual Report with media and financial analysts’ conference

31.03.2027
64^thAnnual General Meeting

26.08.20267
Publication of Half-Year Report 2027 with online-presentation for media and financial analysts