Slides
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Intershop Group Media and Analysts’ Conference Thursday, 26 February 2026 Annual results 2025 Simon Haus, CEO Florian Balschun, CFO
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2 Agenda – Overview – Annual results 2025 – Portfolio – Property development – Sustainability – Outlook Intershop Group, Annual results 2025, 26 February 2026
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3 The 2025 fiscal year Overview Intershop Group, Annual results 2025, 26 February 2026 Net income 2024: CHF 117.5m Return on equity 7.3% excl. changes in fair value of properties Net rental income CHF 77.2m CHF 212.8m 21.1% +5.4% Net gains from property disposals +25.8% Total portfolio value +10.0% Net yield on investment properties 31.12.2024: 5.0% CHF 29.6m CHF 1.75bn 4.3% Vacany rate of investment properties 31.12.2024: 7.1% Loan to value (LTV) 31.12.2024: 32.8% Dividend per share Increase of CHF 0.50 6.9% 28.0% CHF 6.00
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4 Two -year transformation completed: Stable earnings power as the foundation for the next phase Overview Intershop Group, Annual results 2025, 26 February 2026 2a) Organisation simplified and strengthened 2b) Positioning sharpened 2c) Corporate Governance − Simplification of the group structure − Establishment of an Asset Management department − Strengthening of the Transactions department incl. Executive Management − Revision of financial reporting − Modernisation of corporate branding − Financial reporting aligned with the business model − New compensation framework − Change of external valuer and revision of deferred tax treatment − New financing strategy Strengthening of the development pipeline and net property income 1) Strengthening of operational earnings power − Consolidation and expansion of the development pipeline − Net property income +7.5% vs. 2023 > Foundation created for further steps
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5 Agenda – Overview Annual results 2025 – Portfolio – Property development – Sustainability – Outlook Intershop Group, Annual results 2025, 26 February 2026
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Net rental income Net revaluation gains Net gains from property disposals One-off tax effect Net income in CHF m 240 200 160 120 080 040 000 2021 2022 2023 2024 2025 6 Net income increased by 81% Annual results 2025 Intershop Group, Annual results 2025, 26 February 2026 79.9 101.3 26.8 13.3 25.2 22.2 48.0 8.8 16.5 139.3 42.2 -3.7 46.9 43.8 48.3 43.8 144.2 145.5 82.5 117.5 212.8
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7 Significant improvement in operating profitability Annual results 2025 in CHF m 2025 2024 Change Net rental income 77.2 73.2 +5.4% Net gains from property disposals 29.6 23.5 +25.8% Other income 3.2 3.7 -12.9% Personnel and administrative expenses -15.2 -13.9 +8.9% Changes in fair value of properties 188.5 59.7 +215.5% Operating result (EBIT) 283.3 146.2 +93.8% Financial result -7.2 -9.8 -26.7% Taxes -63.3 -18.9 +234.8% Net income 212.8 117.5 +81.2% Net income excl. revaluations 73.5 73.7 -0.3% Intershop Group, Annual results 2025, 26 February 2026
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8 Clear improvement in credit metrics Annual results 2025 31.12.2025 31.12.2024 Equity ratio % 60.7 57.5 Loan -to-value (LTV) % 28.0 32.8 Interest -bearing debt (gross) CHF m 490.0 522.0 Ø interest rate on interest -bearing debt % 1.34 1.40 Ø debt duration Years 3.0 3.1 Share of unsecured financing % 65.5 43.0 Share of maturities < 1 year % 24.8 22.1 Available credit lines CHF m 228.6 155.1 Unencumbered properties CHF m 1,381.9 829.7 Intershop Group, Annual results 2025, 26 February 2026
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Bonds Private placements Mortages Maturity profile of financial liabilities in CHF m 121 80 124 100 0 0 0 0 0 0 65 Ø rate 0.38% 2.60% 1.15% 1.57% n/a n/a n/a n/a n/a n/a 1.60% 140 120 100 080 060 040 020 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 9 Refinancing of maturities in 2026 secured Annual results 2025 96 25 80 100 24 100 65 Intershop Group, Annual results 2025, 26 February 2026
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10 Shares with solid figures Annual results 2025 in CHF 2025 2024 Change Earnings 23.09 12.74 +81.2% Earnings excl. property revaluation 7.97 7.99 -0.3% Ø daily trading volume in CHF k 705 591 +19.4% in % 2025 2024 Share performance incl. dividend +34.9% +7.8% in CHF 31.12.2025 31.12.2024 Change Net asset value (NAV) 119.02 101.43 +17.3% Share price at balance sheet date 164.40 127.00 +29.4% Intershop Group, Annual results 2025, 26 February 2026
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11 Agenda – Overview – Annual results 2025 Portfolio – Property development – Sustainability – Outlook Intershop Group, Annual results 2025, 26 February 2026
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12 High -yield real estate development portfolio Portfolio Intershop Group, Annual results 2025, 26 February 2026 Valuation − Low sensitivity to interest rate fluctuations − Low average market rents − ESG CAPEX for transition reflected in valuations Returns and Value Creation − Development pipeline, particularly in the residential segment − Opportunistic investment approach complementing core strategies − High-yield investment properties Locations and Structure − > 50% share of real estate in the canton of Zurich − Focus on central locations and properties along key transport axes − Balanced property and usage mix Tenants and Industries − Granular tenant structure − High proportion of public sector tenants − Tenants from structurally resilient industries (logistics, light industrial, etc.) Portfolio value CHF 1.75bn Profitable Diversified Stable Resilient
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13 Three acquisitions in the canton of Zurich Intershop Group, Annual results 2025, 26 February 2026 Kemptthal (ZH), Pfäffikerstrasse 37 − Income -generating property with value -add potential − Fully let commercial property until 2035 − Target rent: CHF 1.04m p.a. Uetikon am See (ZH), Alte Landstrasse 103 − Vacant former factory building in a residential zone, suitable for condominium development − Conversion into owner -occupied apartments planned (promotional project) Glattbrugg (ZH), Flughofstrasse 54 − Office property in immediate proximity to Zurich Airport, with repositioning and sustainable upgrade potential − Target rent: CHF 1.63m p.a. Portfolio
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14 Portfolio Acquisition after the balance sheet date – Commercial and industrial site “The Valley” in Kemptthal (ZH) (I) Intershop Group, Annual results 2025, 26 February 2026 Lettable Area 52,917 m2 − Flexible space for production, research & development, as well as office and commercial use Target Rent CHF 7.5m − Average rent CHF 162/m 2 p.a. Share of Top 10 Tenants 37% − Food, research & development, and automotive as anchor sectors − No single tenant > 8% of rental income Additional Development Potential 42,600 m2 − Strategic flexibility to unlock further value creation Site 68,575 m2 GFA − Direct motorway access (A1) − Near -exclusive S- Bahn station connection to Zurich Airport and Winterthur Occupancy Rate 90.1% − WAULT of 4.8 years − 100% indexed leases
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15 Portfolio Intershop Group, Annual results 2025, 26 February 2026 Acquisition after the balance sheet date – Commercial and industrial site “The Valley” in Kemptthal (ZH) (II) Site plan “The Valley”; at the top right is the macro -location of Kemptthal. Acquired properties
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16 Portfolio Disposal of four investment properties Intershop Group, Annual results 2025, 26 February 2026 Genf (GE), Rue de Lausanne 42, 44 − Major refurbishment, vertical extension and full letting − Certification: SNBS Gold − Target rent: CHF 2.39m p.a. − Disposal as of 4 November 2025 Reinach (BL), Sternenhof - strasse 15, 15a − Divestment based on opportunity considerations; focus on higher -yielding assets − Target rent: CHF 1.61m p.a. − Disposal as of 10 December 2025 Pfäffikon (SZ), Talstrasse 35 - 37 (Leasehold property) − Fully let following comprehensive refurbishment as a multi -tenant asset − Minergie certification − Target rent: CHF 1.61m p.a. − Disposal as of 30 June 2025 Pully (VD), Avenue C. -F.- Ramuz 43 − Partial refurbishment following departure of a main tenant, subsequently fully let − Installation of photovoltaic − Target rent: CHF 0.93m p.a. − Disposal as of 4 August 2025
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Rental income in CHF m 82.2 -10.5 71.8 +0.9 +0.4 -0.3 72.8 +13.7 86.5 90 87 84 81 78 75 72 2024 Adjust- ments1 2024 adj. Target rent Vacancy Other 2025 adj. Adjust- ments1 2025 17 Increase in rental income by 5.2 per cent – 2024 and 2025 transactions the main drivers Portfolio Intershop Group, Annual results 2025, 26 February 2026 1 Transactions, completed construction projects and 1 adjustments for provisions in rental income and other discounts 2 Like-for-like / on a comparable basis +5.2% LFL2: +1.4%
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Property expenses / rental income Property expenses as a percentage of rental income in % 10.8 11.7 11.1 10.3 10.8 11.0 10.8 12.5 12.0 11.5 11.0 10.5 10.0 2019 2020 2021 2022 2023 2024 2025 18 Property expenses stable at 10 to 12 per cent of rental income Portfolio Intershop Group, Annual results 2025, 26 February 2026
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− New definition of vacancy rate as of the 2025 annual financial statements: − Now exclusively market- related vacancies − Voluntary vacancies (e.g. construction-related) are no longer reported − Old definition: Decline from 11.9% to 11.4% 19 Market- related vacancy rate falls to 6.9 per cent Portfolio Intershop Group, Annual results 2025, 26 February 2026 Vacany rate in % 7.1 +0.39 7.5 -0.60 6.9 -0.01 6.9 7.6 7.5 7.4 7.3 7.2 7.1 7.0 2024 Transac- tions 2024 2024 adj. Like-for-like decline 2025 adj. Transac- tions 2025 2025
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31 December 2024 31 December 2025 Lease maturities as a percentage of rental income in % 35 30 25 20 15 10 05 Residential Parking No maturity < 1 year 1-2 years 2 -3 years 3-4 years 4-5 years > 5 years 9.5 8.5 3.7 3.9 12.8 12.5 10.9 5.6 12.1 11.2 9.3 9.4 9.2 12.0 9.9 6.6 22.6 30.3 20 Significant improvement in the maturity profile Portfolio Ø Duration of all contracts (WAULT 1): 4.6 years (31 December 2024: 4.4 years) 1 According to AMAS, excluding residential and parking; indefinite contracts assumed with a duration of 6 months Intershop Group, Annual results 2025, 26 February 2026
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Promotional projects Investment properties Changes 2024/2025 Portfolio development in CHF m 1,900 1,800 1,700 1,600 1,500 1,400 2021 2022 2023 2024 Acqui- sitions Dis- posals Invest- ments Reval- uations 2025 1,387.3 1,393.5 1,375.3 1,591.7 +48.1 -125.7 +47.6 +188.5 1,750.1 21 Portfolio growth of 10% mainly driven by revaluations Portfolio Intershop Group, Annual results 2025, 26 February 2026 +10.0%
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Valuation changes Upward revaluations Downward revaluations Disposals Valuation changes in 2025 in CHF m +237.7 -37.5 200.2 +13.8 -12.8 -12.7 188.5 240 230 220 210 200 190 H1 2025 / 30 June 2025 H2 2025 / 31 December 2025 22 Change of independent valuation expert resulted in significant upward revaluations Portfolio Intershop Group, Annual results 2025, 26 February 2026
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Upward revaluations Downward revaluations Valuations changes in 2025 in CHF m 250 200 150 100 050 000 Zurich North- western Central Eastern Espace Mittelland Lake Geneva region 23 Revaluation gains primarily driven by assets in Zurich Portfolio Intershop Group, Annual results 2025, 26 February 2026 198.4 -2.3 8.5 -0.2 4.9 -0.6 2.5 -2.0 -5.1 8.2 -23.9 196.2 8.3 4.3 0.6 -5.1 -15.7
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Geographic allocation and asset quality profile Portfolio Geographic distribution of the real estate portfolio by market value as of 31 December 2025, in % (Source: CBRE) Location and asset rating by building type as of 31 December 2025 (Source: CBRE) Zurich (57.2) Lake Geneva region (19.0) Northwestern (13.6) Espace Mittelland (5.8) Central (2.6) Eastern (1.8) Office Logistics Industrial Residential Industrial Residential/commercial 24 Intershop Group, Annual results 2025, 26 February 2026 3.0 3.0 Location ratingObject rating
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Tenant mix in % of rental income Canton of Vaud Sauvin Schmidt SA Canton of Zurich Coop Migros Top 6–25 tenants Other tenants Usage mix in % of rental income Office Commercial, Logistics Residential Retail, Gastronomy Education Parking 25 Continued broad diversification of usage and tenant mix Portfolio 37 35 9 7 6 6 Intershop Group, Annual results 2025, 26 February 2026 5.1 4.8 3.9 23.8 57.0 Basis: Rental income in 2025 Basis: Rental income at the end of 2025 WAULT: 8.4 years 2.9 2.4
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26 Agenda – Overview – Annual results 2025 – Portfolio Property development – Sustainability – Outlook Intershop Group, Annual results 2025, 26 February 2026
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27 Well- filled project pipeline Property development Investment properties Realised Let/sold 1 Excluding Lausanne «Bloom» und Zuchwil «MAGNETO» Promotional projects Projected Pre -let/reserved Vacant/not sold Objective IRR 1 Project status 2026 27 28 29 30 +5 J. +10 J. Projected invest. in CHF m Rental occupancy rate in % Projects under construction Lausanne, «Bloom» Repositioning office Final completion 61.7 53.9 Baden, «Bento Baden» Repositioning office/commercial Tenant fit -out 5.9 92.3 Projects in planning Eich, Schaubhausweg Condominiums Construction project >20 n.v. Uetikon am See, Alte Landstr. Condominiums Preliminary project >10 n.v. Zuchwil, «MAGNETO» Repositioning office/commercial Product definition 15 71.4 Opfikon, Hohenbühlstr. Residential Construction project >25 100.0 St. Gallen, Oststr. Residential Special utilisation plan >50 97.5 Niederwangen, Riedmoosstr. Office / Commercial Strategic planning >25 n.v. Luzern, Seeburgstr. Residential Strategic planning <10 100.0 Zurich, «Mediacampus» Residential Strategic planning >250 99.3 Total >8% 1 >525 Q3 2026 2028 Q1 2026 from 2033 from 2032 2029 from 2030 2029 from 2032 2030 Intershop Group, Annual results 2025, 26 February 2026
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Property Zurich (ZH), «Mediacampus» St. Gallen (SG), Oststrasse Objective Residential development Residential development Status Project maturity enables rapid progression upon public disclosure of the municipal zoning ordinance (expected end of Q1 2026). Competitive process completed; master plan approved as foundation for the special zoning plan. Public disclosure without objections; enactment anticipated in summer 2026. Plot size (in sqm) 28,000 6,250 Current usable area (in sqm) 22,937 9,747 Eligible floor space (in sqm) 58,000 (Basic site development) 11,600 (Basic target project input) Projected invest. in CHF m > 250 > 50 Earliest completion At the earliest 2033 (depending on procedures) At the earliest 2030 28 Two large residential construction projects in German -speaking Switzerland Intershop Group, Annual results 2025, 26 February 2026 Property development
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29 Agenda – Overview – Annual results 2025 – Portfolio – Property development Sustainability – Outlook Intershop Group, Annual results 2025, 26 February 2026
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30 Progess on sustainability topics Sustainability Intershop Group, Annual results 2025, 26 February 2026 CO2 emissions (like-for-like / Scope 1+2) Previous year: 9.9 kg CO2e/m2 Overall tenant satisfaction > 90 per cent Expansion of photovoltaic installations since January 2025 9.4 kg CO2e/m2 TenantCM Award +720 kWp CO₂ reduction following heating system replacement since 1 January 2025 –380 t CO2e Share of certified rental space in the overall portfolio (excluding acquisitions) Employee survey Great Place To Work® GRESB management score 100% Certified 28 / 30 points
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Net-zero target Intershop Scope 1–2 Intershop Scope 1–3 CO2-Emissions in kg CO2e/m2 30 25 20 15 10 05 2021 2026 2031 2036 2041 2046 2050 Targets CRREM 1.5° CO2-pathway 31 2032 reduction target clearly exceeded from today’s perspective Sustainability Intershop Group, Annual results 2025, 26 February 2026 CO2 Intensity like-for-like (kg CO2e/m2) 2025: 9.4 ( -5.2%) 2024: 9.9 2023: 10.5
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32 Agenda – Overview – Annual results 2025 – Portfolio – Property development – Sustainability Outlook Intershop Group, Annual results 2025, 26 February 2026
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– Commitment to the proven business model – Leveraging opportunities in the transaction market to expand the development pipeline and increase net rental income – Disposals dependent on market conditions – Stable to slightly higher net rental income expected – Annual result will allow the continuation of the attractive dividend policy 33 Outlook for the 2026 Financial Year Outlook Intershop Group, Annual results 2025, 26 February 2026
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34 63rd Annual General Meeting Outlook Intershop Group, Annual results 2025, 26 February 2026 Organisational matters − 31 March 2026, 4:00 p.m. − Cigarettenfabrik/Eventhalle 268 · Sihlquai 268 · 8005 Zurich Selected agenda items − Proposed distribution: CHF 6.00 per share − Re-election of Ernst Schaufelberger, Dr. Christoph Nater and Gabriela Theus to the Board of Directors and the Compensation Committee; re -election of Ernst Schaufelberger as Chairman − Re-election of PwC as statutory auditors
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35 Intershop Group, Annual results 2025, 26 February 2026 Annual results 2025 Q&A
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36 Disclaimer Intershop Group, Annual results 2025, 26 February 2026 This Presentation has been prepared and issued by Intershop Holding AG (together with its subsidiaries "Intershop") and is for information purposes only . This Presentation does not constitute investment, legal, accounting, regulatory, taxation or other advice . In making an investment decision, investors must rely on their own investigation of Intershop, including the merits and risks involved . Intershop does not make any representation to any investor regarding the legality of an investment in Intershop by such investor . Each investor should consult with his or her own advisors as to the legal, tax, business, financial and related aspects of an investment in Intershop . Presentations are by their nature abbreviated information and cannot substitute for narrative information . Consistent with its purpose, this Presentation does not include all information that is material to evaluate the strengths and weaknesses as well as risks and opportunities for Intershop . The information contained in this Presentation has been prepared as of the date of this Presentation . Intershop reserves the right to amend or replace the document at any time without notice . Intershop disclaims any obligation to update or revise any information, in particular forward -looking statements, to reflect future events or developments . This Presentation contains various forward -looking statements that reflect management's current views with respect to future events and anticipated financial and operational performance . Forward -looking statements as a general matter are all statements other than statements as to historical facts or present facts or circumstances . Although we believe that the expectations reflected in these forward -looking statements are reasonable, we can give no assurance that they will materialize or prove to be correct . Because these statements are based on assumptions or estimates, are inherently subject to risks and uncertainties, and may involve third parties over whom we have no control, the actual results or outcome could differ materially from those set out in the forward -looking statements as a result of many factors and could cause actual results to differ materially from what we anticipate . Due to the uncertainty of future developments, to the fullest extent permitted by applicable law, Intershop does not assume any liability with respect to or in connection with such prospects or other forward -looking statements contained herein . Any forward -looking statements speak only as of the date of this Presentation . Accordingly, investors are cautioned not to place undue reliance on any of the forward -looking statements herein .
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Intershop identifies, develops and realises real estate with potential.