Intershop Holding (ISN) H2 2025 earnings summary

Executive summary

• Net income surged by 81.2% year-over-year to CHF 212.8 million, driven by strong revaluation gains and property disposals.

• Two-year transformation completed, including organizational simplification, strengthened asset management, and revised financial reporting.

• Net income excluding changes in fair value of properties was CHF 73.5 million; operating results rose 21.7% year-over-year when adjusted for prior-year one-off tax effects.

• Portfolio value increased by 10% to CHF 1.75 billion, with a focus on Zurich and resilient tenant mix.

• Dividend per share raised by CHF 0.50 to CHF 6.00.

Financial highlights

• Net rental income rose 5.4% year-over-year to CHF 77.2 million.

• Net gains from property disposals increased 25.8% to CHF 29.6 million.

• Operating result (EBIT) nearly doubled to CHF 283.3 million (+93.8%).

• Share price at year-end increased 29.4% to CHF 164.40; NAV per share up 17.3% to CHF 119.02.

• Earnings per share rose to CHF 23.09; excluding fair value changes, CHF 7.97.

Outlook and guidance

• Stable to slightly higher net rental income expected for 2026, despite planned and completed disposals.

• Continued attractive dividend policy anticipated.

• Disposals will depend on market conditions; focus remains on expanding the development pipeline and selective acquisitions.