Half-year results driven by higher rental income and revaluation gains

Ad hoc announcement pursuant to Article 53 LR
Zurich, 26 August 2025

Intershop generated a net profit of CHF 175.9 million in the first half of 2025. Operating profit amounted to CHF 36.0 million. Successful transactions, an increase in target rents and lower vacancy rates in the investment property portfolio had a positive impact.

Higher costs as expected – stable financial figures
Property expenses rose by 14.4% to CHF 4.7 million. This corresponds to 10.7% of income and is within the expected range. Operating costs grew by 9.6% to CHF 7.8 million, which is attributable to specific project expenses. At the same time, personnel costs remained at the previous year's level despite higher business volume. In terms of financial indicators, the equity ratio remained stable at 56.2% and the debt ratio (LTV) at 33.0%. Intershop reduced its average interest costs to 1.25%.

Active portfolio management and balance sheet strengthening
In the first half of the year, Intershop made two acquisitions in the canton of Zurich: a fully let investment property in Kemptthal and a development property in Uetikon am See. At the same time, the company sold the investment property in Pfäffikon (SZ) and, after the balance sheet date, the property in Pully (VD). Overall, Intershop expects a pre-tax gain on sales of at least CHF 15 million for the full year.
Intershop realised net revaluation gains of CHF 200.2 million, particularly on properties in the city of Zurich (ZH). These resulted from lower discount rates and a reassessment of existing development potential. This drove the half-year profit for 2025 to CHF 175.9 million (H1 2024: CHF 52.7 million). Profit excluding revaluations amounted to CHF 28.6 million (H1 2024: CHF 36.0 million) – a decline due to the expected normalisation of the tax rate. The return on equity rose to 37.1% (excluding revaluations: 6.0%).

Reduction in vacancies of investment properties
The vacancy rate for investment properties fell slightly to 7.9% (2024: 8.1%). On a like-for-like basis, the rate remained virtually stable.

Strong project pipeline with no delays affecting value
Intershop successfully expanded its project pipeline with the acquisition of a development project in Uetikon am See (ZH). The ongoing development projects showed no deviation in schedule or cost during the reporting period. Intershop intensified its marketing activities in Lausanne (VD) (“Bloom”) and Baden (AG) (“Bento Baden”) after initial successes in re-letting. The development properties not under construction remained largely fully let.

Optimised organisational structure
In order to achieve greater operational efficiency, Intershop streamlined its group structure through mergers, reducing the number of group companies from eleven to four. At the same time, the company optimised its internal processes and strengthened its position as an innovative and solution-oriented real estate developer with a focus on complex projects.

Outlook
The annual target of increasing net property income by at least 8%, excluding new transactions from the end of February 2025 onwards, can be confirmed. After the balance sheet date, the property in Pully (VD) was sold and the development profit realised. Further sales and targeted acquisitions of properties are also planned. Intershop expects a decline in the vacancy rate of investment properties on a like-for-like basis, an increasing slowdown in the conclusion of rental agreements as a result of the economic situation, and sales proceeds of at least CHF 15 million.

Future sales proceeds will not be significantly higher than book value, as operating successes and development progress will be reflected more quickly in the valuations. However, the business model remains unchanged: Intershop will sell properties after completion of their development. Sales proceeds create the conditions for new projects and confirm the development successes reflected in the revaluations.

Download

Ad hoc announcement (PDF)

Half-year report 2025 (PDF)

Company portrait
Intershop is a real estate company operating exclusively in Switzerland with around 70 employees. Listed on the stock exchange since 1970, the company combines a stable portfolio of investment properties with the redevelopment of areas 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 requirements and dispose of them at an appropriate time.

This proven business model enables consistently high returns on equity and distributions, making Intershop attractive to institutional and private investors alike. As at 30 June 2025, the value of the real estate portfolio, comprising 46 investment and development properties, amounted to CHF 1.8 billion. The solidly financed company has an excellent track record and the necessary expertise in the responsible, innovative and solution-orientated development and use of real estate.

Company calendar

26.02.2026
Publication of Annual Report 2025 with media and financial analyst conference

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

Contact

Simon Haus, CEO
simon.haus@intershop.ch

Florian Balschun, CFO
florian.balschun@intershop.ch