Intershop Holding (ISN) H1 2025 earnings summary

Executive summary

• Net profit surged to CHF 175.9 million in H1 2025, mainly due to CHF 200.2 million in revaluation gains, especially from Zurich properties.

• Rental income increased by 8.1% year-over-year to CHF 44.3 million, driven by successful transactions, higher target rents, and lower vacancy rates.

• Portfolio value rose 14.7% since year-end 2024, reaching CHF 1.8 billion.

• Vacancy rate declined to 7.9%, with successful property disposals and acquisitions in Zurich.

• Operational efficiency improved through group structure simplification and targeted acquisitions and disposals.

Financial highlights

• Net rental income rose 7.4% year-over-year to CHF 39.5 million.

• Revaluation gains reached CHF 200.2 million, up 794.7% year-over-year.

• Operating result (EBIT) rose 339% to CHF 236.2 million; EBIT before revaluation increased 14.6% to CHF 36.0 million.

• Net gains from property disposals totaled CHF 2.6 million, with additional disposals post-balance sheet.

• Earnings per share jumped to CHF 19.08; NAV per share increased to CHF 115.01.

Outlook and guidance

• Full-year 2025 outlook confirmed: target net rental income +8% (excluding new transactions from Feb 2025).

• Target gain from sales set at over CHF 15 million.

• Vacancy rate expected to fall below 7.9% in H2 2025.

• Further disposals and disciplined acquisitions planned, with focus on positive value contribution.

• US tariffs not expected to materially impact results.