Intershop Holding (ISN) H1 2026 earnings summary

Executive summary

• Net income for H1 2026 was CHF 67.5m, with CHF 33.8m excluding changes in fair value of properties, reflecting an 18% increase year-over-year on an adjusted basis, supported by higher operating income, lower expenses, and one-off positive tax effects.

• Net income including changes in fair value was CHF 67.5m, down from CHF 175.9m in H1 2025, due to lower revaluations.

• Return on equity reached 12.3%, or 6.2% excluding fair value changes.

• Portfolio value increased to CHF 1.92 billion from CHF 1.75 billion at year-end 2025, driven by acquisitions and revaluations, with 43 properties.

• Vacancy rate improved to 6.5% from 6.9% at year-end 2025.

Financial highlights

• Net rental income declined 4.6% year-over-year to CHF 37.7m, mainly due to disposals.

• Net gains from property disposals nearly doubled to CHF 5.1m, up 95.1%.

• Operating result (EBIT) dropped 64.1% to CHF 84.7m, mainly due to lower revaluation gains.

• Changes in fair value of properties dropped 76.2% to CHF 47.7m.

• Earnings per share were CHF 7.32 (CHF 3.67 excluding fair value changes), with NAV per share at CHF 120.35.

Outlook and guidance

• Net rental income expected to remain stable for 2026 despite disposals.

• Net gains from property disposals (pre-tax) projected at least CHF 30m.

• Net income excluding fair value changes anticipated above prior-year level, supporting continued attractive dividend policy.

• Anticipates further attractive acquisition opportunities in H2 2026.