Ad-hoc | 26 February 2026 07:00
Ad hoc announcement pursuant to Article 53 LR
Zurich, 26 February 2026
Si gnificant Increase in Operating Income
Property income rose by 5.2% year-on-year to CHF 86.5 million in the 2025 financial year (2024: CHF 82.2 million). The main drivers of growth were the acquisitions made in 2024 and 2025. Adjusted for transactions and completed new construction projects (like-for-like), property income grew by 1.4%.
Intershop sold four investment properties during the year under review. The resulting profit rose by 26.8% compared with the previous year to CHF 29.4 million (2024: CHF 23.2 million). Together with other income, operating income increased by 9.2% compared with the previous year to CHF 119.1 million (2024: CHF 109.1 million).
The transactions carried out in the 2024 and 2025 financial years led to a 3.5% increase in property expenses to CHF 9.4 million (2024: CHF 9.0 million). On a like-for-like basis (excluding transactions and completed new construction projects), there was a decline of 1.4%. Due to operational restructuring measures taken to improve efficiency and one-off projects, operating costs rose as expected by 8.9% to CHF 15.2 million in the reporting year (2024: CHF 13.9 million). Total operating expenses amounted to CHF 24.3 million (2024: CHF 22.6 million).
Net rental income increased by 5.4% year-on-year to CHF 77.2 million (2024: CHF 73.2 million). Operating profit (EBIT excluding valuation changes) rose by 9.7% to CHF 94.8 million, and operating efficiency (EBIT margin excluding valuation changes) increased to 79.6%. Earnings per share excluding valuation changes amounted to CHF 7.97.
Net profit including valuation changes amounted to CHF 212.8 million, up 81.2% on the previous year. The increase was primarily due to the CHF 188.5 million revaluation of the portfolio.
Intershop acquired investment properties for a total of CHF 48.1 million in Kemptthal (ZH) and Glattbrugg (ZH) with a total target rent of CHF 2.7 million and a promotional project in Uetikon am See (ZH). The gross initial yield of the properties acquired was 5.6%, while the expected gross profit margin on the promotional project was approx. 20%.
On 25 February 2026, Intershop also acquired the almost fully let commercial and industrial site "The Valley and MOTORWORLD Manufaktur Region Zürich" in Kemptthal (ZH) with a currently leasable area of around 52,900 m² and a target rent of CHF 7.5 million per year. The acquired property has development potential of around 42,600 m² of commercial space.
In the 2025 financial year, one property was sold each in Pfäffikon (SZ), Pully (VD), Reinach (BL) and Geneva (GE). The total gross proceeds amounted to CHF 156.5 million. The target rent for the properties sold was CHF 6.5 million, corresponding to a gross yield of 4.2%.
With an equity ratio that rose to 60.7% (31 December 2024: 57.5%) and financial leverage (LTV) that fell to 28.0% (31 December 2024: 32.8%), the Group remained solidly financed. The average interest cost of financial liabilities as at the balance sheet date fell by 6 basis points to 1.34% in the year under review (31 December 2024: 1.40%). On the reporting date, the capital-weighted fixed-interest period was 3.0 years. The proportion of mortgage-backed financial liabilities fell from 57.0% to 34.5% at the end of 2025.
Based on the share price as at 31 December 2025, Intershop shares recorded a total performance (price gain plus distribution) of 34.9%. Based on the good annual results and the strong balance sheet, the Board of Directors will propose to the Annual General Meeting an increase in the ordinary dividend by CHF 0.50 to CHF 6.00 per share (2024: CHF 5.50).
With a view to the medium-term goal of expanding the development pipeline and increasing net rental income, the company implemented numerous measures in the reporting year.
Intershop will continue to adhere to its proven business model. In the fiscal year 2026, the company intends to selectively exploit opportunities arising on the transaction market to acquire development projects and increase net rental income. At the same time, depending on market conditions, sales of properties are also planned. Following the acquisition on 25 February 2026 of the commercial and industrial site "The Valley and MOTORWORLD Manufaktur Region Zürich" in Kemptthal (ZH), the company expects stable to slightly higher net rental income overall, despite planned disposals and those already made in the fiscal year 2025.
For the 2026 financial year, Intershop expects an annual result that will enable it to continue its attractive dividend policy.
Company portrait
Intershop
is a real estate company operating exclusively in Switzerland with over 60 employees. Listed on the stock exchange since 1970, the company combines a yielding portfolio of investment properties with the development of sites and real estate. Intershop has both the necessary experience and expertise across the entire real estate value chain to identify properties with income and profit potential, develop them in line with market conditions and sell them at the right time.
The proven business model enables consistently high returns on equity and distributions, making Intershop attractive to institutional and private investors. As at 31 December 2025, the value of the 43-property portfolio amounted to CHF 1.75 billion. The solidly financed company has an excellent track record in the responsible, innovative and solution-oriented development and use of real estate as well as the necessary expertise.
Company calendar
31.03.2026
63
rd
Annual General Meeting
26.08.2026
Publication of Half-year report 2026 with online-presentation for media and financial analysts
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Intershop Group Key Figures |
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|
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|
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2025 |
|
2024 |
|
Financials |
|
Net rental income |
|
CHF m |
|
77.2 |
|
73.2 |
|
|
|
Net gains from property disposals |
|
CHF m |
|
29.6 |
|
23.5 |
|
|
|
Changes in fair value of properties |
|
CHF m |
|
188.5 |
|
59.7 |
|
|
|
Operating result (EBIT) |
|
CHF m |
|
283.3 |
|
146.2 |
|
|
|
Earnings before tax (EBT) |
|
CHF m |
|
276.1 |
|
136.4 |
|
|
|
Net income |
|
CHF m |
|
212.8 |
|
117.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash from operations |
|
CHF m |
|
47.7 |
|
30.7 |
|
|
|
Investments in real estate |
|
CHF m |
|
97.8 |
|
208.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
CHF m |
|
1,807.7 |
|
1,627.1 |
|
|
|
Total value of property portfolio |
|
CHF m |
|
1,750.1 |
|
1,591.7 |
|
|
|
Financial liabilities |
|
CHF m |
|
490.0 |
|
522.0 |
|
|
|
Shareholders’ Equity |
|
CHF m |
|
1,097.1 |
|
935.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on equity 1 |
|
|
|
21.1% |
|
13.4% |
|
|
|
Return on equity excl. changes in fair value 1, 7 |
|
|
|
7.3% |
|
8.4% |
|
|
|
|
|
|
|
|
|
|
|
Portfolio |
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Number of properties |
|
|
|
43 |
|
45 |
|
|
|
Lettable area |
|
m 2 |
|
549,040 |
|
561,468 |
|
|
|
Gross yield 2, 3 |
|
|
|
4.9% |
|
5.7% |
|
|
|
Net yield 2, 4 |
|
|
|
4.3% |
|
5.0% |
|
|
|
Vacancy rate 5 |
|
|
|
6.9% |
|
7.1% |
|
|
|
|
|
|
|
|
|
|
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Personnel |
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Number of employees |
|
|
|
63 |
|
67 |
|
|
|
|
|
|
|
|
|
|
|
Share |
|
Net income 6 |
|
CHF |
|
23.09 |
|
12.74 |
|
|
|
Earnings excl. change in fair value 6, 7 |
|
CHF |
|
7.97 |
|
7.99 |
|
|
|
Net asset value (NAV) 8 |
|
CHF |
|
119.02 |
|
101.43 |
|
|
|
Share price at balance sheet date |
|
CHF |
|
164.40 |
|
127.00 |
|
|
|
Dividend 9 |
|
CHF |
|
6.00 |
|
5.50 |
|
1) |
Based on average shareholders’ equity during the period, see "Alternative performance measures", Annual Report 2025, page 117 |
|
2) |
Figures relate to investment properties as at the balance sheet date (excl. properties under construction) |
|
3) |
Effective annual gross rental income in proportion to the market value of the properties at the balance sheet date, see "Alternative performance measures", Annual Report 2025, p. 116 |
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4) |
Effective annual gross rental income less directly attributable property costs (excluding interest expense) in proportion to the market value of the properties at the balance sheet date, see "Alternative performance measures”, Annual Report 2025, p. 116 |
|
5) |
Market-related vacancy rate according to new definition, Annual Report 2025, p. 118 |
|
6) |
See "Earnings per share", Annual Report 2025, p. 80 |
|
7) |
After deducting changes in fair value of properties and associated deferred tax, see "Earnings per share", Annual Report 2025, p. 80 |
|
8) |
See "Net asset value per share", Annual Report 2025, p. 74 |
|
9) |
2025: Proposal of the Board of Directors; 2024: Payment of an ordinary dividend of CHF 5.50 per share |
Contact
Simon Haus, CEO
simon.haus@intershop.ch
Florian Balschun, CFO
florian.balschun@intershop.ch
| Intershop Holding AG | Kontakt |
| Puls 5, Giessereistrasse 18 | Telefon +41 44 544 10 00 |
| Postfach | info@intershop.ch |
| CH-8031 Zürich | www.intershop.ch |