Annual report
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Annual Report 2025 Increase in Profitability and Dividends In the 2025 financial year, Intershop generated a net income excl. changes in fair value of properties of chf 73.5 million. Adjusted for the one-off positive tax effects in the previous year, operating results rose by 21.7%. Earnings per share excl. changes in fair value of properties amounted to chf 7.97. This good result is mainly due to the increase in operating profitability: operating profit (ebit before changes in fair value of properties) rose by 9.7% to chf 94.8 million and operating efficiency (ebit margin before changes in fair value of properties) improved to 79.6%. Net income incl. changes in fair value of properties amounted to chf 212.8 million, up 81.2% on the previous year. The increase was primarily due to the chf 188.5 million revaluation of the portfolio. At the Annual General Meeting on 31 March 2026, the Board of Directors will propose an increase in the dividend by chf 0.50 to chf 6.00 per share. With an equity ratio that rose to 60.7% and financial leverage (ltv) that fell to 28.0%, the Group remained on a solid financial footing. During the year under review, the company implemented numerous measures to further increase its profitability and efficiency. The company is thus well positioned to expand its development pipeline and increase its net rental income in a challenging market. For the 2026 financial year, Intershop expects an annual result that will enable it to continue its attractive dividend policy.
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Kennzahlen Intershop Gruppe Return on equity 7.3% excluding changes in fair value of properties 21.1% Net rental income chf 77.2 million +5.4% Net gains from property disposals +25.8% chf 29.6 million Portfolio value +10.0% chf 1.75 billion Net yield on investment properties –72 basis points 4.3% Vacancy rate of investment properties –22 basis points 6.9% Financial leverage (loan-to-value, ltv) –480 basis points 28.0%
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Intershop Group Key Figures 2025 2024 +/- 1 Financials Net rental income chf m 77.2 73.2 5.4% Net gains from property disposals chf m 29.6 23.5 25.8% Changes in fair value of properties chf m 188.5 59.7 215.5% Operating result ( ebit) chf m 283.3 146.2 93.8% Earnings before tax ( ebt) chf m 276.1 136.4 102.4% Net income chf m 212.8 117.5 81.2% Net cash from operations chf m 47.7 30.7 55.4% Investments in real estate chf m 97.8 208.9 –53.2% Total assets chf m 1,807.7 1,627.1 11.1% Total value of property portfolio chf m 1,750.1 1,591.7 10.0% Financial liabilities chf m 490.0 522.0 –6.1% Shareholders’ equity chf m 1,097.1 935.0 17.3% Return on equity 2 21.1% 13.4% 7.7% Return on equity excl. changes in fair value 2, 8 7.3% 8.4% –1.1% Portfolio Number of properties 43 45 –4.4% Lettable area m2 549,040 561,468 –2.2% Gross yield 3, 4 4.9% 5.7% –0.8% Net yield 3, 5 4.3% 5.0% –0.7% Vacancy rate 6 6.9% 7.1% –0.2% Personnel Number of employees 63 67 –6.0% Share Net income 7 chf 23.09 12.74 81.2% Earnings excl. change in fair value 7, 8 chf 7.97 7.99 –0.3% Net asset value ( nav) 9 chf 119.02 101.43 17.3% Share price at balance sheet date chf 164.40 127.0 0 29.4% Dividend 10 chf 6.00 5.50 9.1% 1 Change compared to the same period in the previous year 2024 or to the balance sheet value as at 31 December 2024; for percentages, change in percentage points 2 Based on the average shareholders’ equity during the period, see “Alternative performance meas - ures”, p. 117 3 Figures relate to investment properties as at the balance sheet date (excl. properties under construction) 4 Effective annual gross rental income in proportion to the market value of the properties at the balance sheet date, see “Alternative performance meas - ures”, p. 116 5 Effective annual gross rental income less directly attributable property costs (excl. interest expense) in proportion to the market value of the properties at the balance sheet date, see “Alternative performance measures”, p. 116 6 Market-related vacancy rate according to new definition, p. 118 7 See “Earnings per share”, p. 80 8 After deducting changes in fair value of properties and associated deferred tax, see “Earnings per share”, p. 80 9 See “Net asset value per share”, p. 74 10 2025: Proposal of the Board of Directors; 2024: Payment of an ordinary dividend of chf 5.50 per share
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Historical building reimagined – more about the “Bento” project in Baden ( ag) from page 24
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5 Intershop Group: Annual Report 2025 Table of Contents Management Report 3 The 2025 Financial Year at a Glance 6 Real Estate Portfolio 10 Property Development 13 Market Environment 15 Business Model and Strategy 16 Sustainability 18 Governing Bodies, Management, Appraiser 20 Development Project “Bento” in Baden 24 Corporate Governance 31 Remuneration Report 2025 40 Intershop Group Consolidated Financial Statements 2025 53 Intershop Holding ag Financial Statements 2025 89 Details on the Portfolio 101 Supplementary Information 113 Organisation and Dates 120
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82.2 0.9 0.4 -0.3 3.3 88 86 84 82 80 2024 Increase in rental income 2025 Target rent Vacancy 86.5 90 Others Transactions Rental income in chf m 2022 66.8 68.3 71.8 73.2 77.2 80 77 74 71 68 65 62 2023 2024 20252021 Net rental income Net rental income in chf m 6 Intershop Group: Annual Report 2025 The 2025 Financial Year at a Glance Business Performance Income Rental income rose by 5.2% year-on-year to chf 86.5 million in the 2025 financial year (2024: chf 82.2 million). The main drivers of growth were the acquisitions made in 2024 and 2025. Adjusted for transactions and completed new construction projects (like-for-like), rental income grew by 1.4%. The growth resulted from an increase in target rent, partly due to the adjustment of rents to the national consumer price index and partly based on better contract terms. Lower vacancy rates compared to the previous year also contributed to the increase. Intershop sold four investment properties in the 2025 financial year. The net gains from investment property disposals rose by 26.8% to chf 29.4 million (2024: chf 23.2 million). Together with other income, operating income increased by 9.2% compared with the previous year to chf 119.1 million (2024: chf 109.1 million). Expenses The transactions carried out in the 2024 and 2025 financial years led to a 3.5% increase in property expenses to chf 9.4 million (2024: chf 9.0 million). Accordingly, it stayed within the target range of 10–12% of rental income. On a like-for-like basis (excluding transactions and completed new construction projects), there was a decline of 1.4%. Due to operational restructuring measures to improve efficiency and one-off projects, operating costs rose – as expected – by 8.9% to chf 15.2 million (2024: chf 13.9 million) in the year under review. Personnel expenses increased to chf 11.2 million (2024: chf 10.4 million). This was mainly because of the strengthening of the organisation in terms of personnel and expertise, as well as an increase in performance-related remuneration. Adminis - trative expenses rose to chf 4.0 million (2024: chf 3.5 million) due to one-off project costs. Overall, operating expenses increased by 7.5% to chf 24.3 million (2024: chf 22.6 million). Operating Profit Net rental income increased by 5.4% year-on-year to chf 77.2 million (2024: chf 73.2 million). Intershop increased its operating efficiency (ebit margin before changes in fair value of properties) by 32 basis points from 79.3% to 79.6% in the reporting year. Operating profit ( ebit before changes in fair value of properties) rose by 9.7% to chf 94.8 million (2024: chf 86.5 million).
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2022 15.18 15.64 8.95 12.74 23.09 24 20 16 12 8 4 2023 2024 20252021 Earnings per share Net income in chf 7 Intershop Group: Annual Report 2025 Earnings In 2025, Intershop recorded a net income of chf 212.8 million, significantly higher than the previous year’s figure of chf 117.5 million. The 81.2% increase in profit was largely due to the net revaluation of the portfolio by chf 188.5 million. Net income excl. changes in fair value of properties amounted to chf 73.5 million (2024: chf 73.7 million). This almost completely offset the absence of one-off tax effects amounting to around chf 13.3 million in the 2024 financial year. In the year under review, the return on equity amounted to 21.1% (2024: 13.4%). Excluding changes in fair value of properties, it was 7.3%, which was lower than in the previous year due to the lower net income excl. changes in fair value of properties and the average equity, which was around chf 130 million higher than in the previous year. Earnings per share rose to chf 23.09: Earnings per share excl. changes in fair value of properties amounted to chf 7.97 (2024: chf 7.99). Transactions Intershop acquired two investment properties for chf 48.1 million in the 2025 financial year – a fully let commercial property in Kemptthal (zh) and an office property in Glattbrugg ( zh) that is around 90% let, with a target rent of chf 2.7 million at the end of 2025 – as well as a promotional project in Uetikon am See ( zh). The gross initial yield on the investment properties acquired was 5.6%, while the expected gross profit margin on the promo - tional project is approx. 20%. During the year under review, one property was sold in Pfäffikon (sz), Pully ( vd), Reinach ( bl) and Geneva ( ge), respectively. The total sale price amounted to chf 156.5 million. The target rent for the properties sold was chf 6.5 million, corresponding to a gross yield of 4.2%. Financing At the end of 2025, Intershop remained on a solid financial footing. Revaluations and transactions led to a further improvement in the key creditworthiness indicators in the reporting year: the equity ratio rose to 60.7% (31 December 2024: 57.5%) and financial leverage (loan-to-value; ltv) fell to 28.0% (31 December 2024: 32.8%). The average interest costs of financial liabilities as at the balance sheet date decreased by 6 basis points to 1.34%
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8 Intershop Group: Annual Report 2025 in the year under review (31 December 2024: 1.40%). The capital- weighted fixed-interest period as at 31 December 2025 was 3.0 years. It thus remained at the lower end of the range of three to five years specified in the financing strategy. The proportion of mortgage-backed financial liabilities fell from 57.0% to 34.5% at the end of 2025. In the reporting year, Intershop issued a chf 100 million bond with a coupon of 1.21% and a term of three years. The chf 100 million bond issued in 2021 with a coupon of 0.3% is due for repayment in June 2026. Organisation Intershop simplified its group structure in the reporting year, merging the previous five real estate companies and four service companies through two absorption mergers. This reduced the number of group companies from eleven to four. In addition, the company implemented numerous measures to increase operational efficiency, strengthen its position as an innovative and solution-oriented real estate developer with a focus on complex projects and facilitate access to transactions. This included, among other things, a revision of the company’s external image. Share Price Performance and Proposal for Increased Dividend Based on the share price as at 31 December 2025, Intershop shares recorded a total return (share price increase plus distribution) of 34.9%. Based on the good annual results and the strong balance sheet, the Board of Directors will propose to the Annual General Meeting that the ordinary dividend be increased by chf 0.50 to chf 6.00 per share (for the financial year 2024: chf 5.50). Outlook The Swiss real estate market gained significant momentum in 2025 as an attractive asset class for pension funds and other institutional investors in a low-interest rate environment. High capital flows into investment vehicles focusing on real estate, low interest rates and scarce supply led to rising valuations and falling yields in most cases. This trend is likely to continue in 2026. However, regulatory risks remain. Investors remain selective and focus on high-quality, esg-compliant properties in good locations. Due to the shortage of supply, the office and commercial property segment is also likely to become increasingly attractive to inves - tors, further intensifying competition in the market. Intershop is well positioned to succeed in this challenging market environment. Intershop will continue to adhere to its proven business model. In the fiscal year 2026, the company intends to selectively exploit opportunities arising in the transaction market to acquire development projects and increase net rental income. At the same time, depending on market conditions, disposals of real estate are also planned.
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9 Intershop Group: Annual Report 2025 Following the acquisition on 25 February 2026 of the com - mercial and industrial site “The Valley and motorworld Manu- faktur Region Zürich” in Kemptthal ( zh), the company expects stable to slightly higher net rental income overall, despite planned disposals and those already made in fiscal year 2025. For the 2026 financial year, Intershop expects an annual result that will enable it to continue its attractive dividend policy. Acknowledgements The Board of Directors and the Executive Management would like to thank the shareholders for their continued trust and support. Special thanks go to our dedicated employees, whose daily commit- ment and high level of professionalism have contributed signifi - cantly to the successful financial year. Thanks also go to our business partners for their consistently constructive cooperation. Ernst Schaufelberger Chairman of the Board of Directors Simon Haus Chief Executive Officer
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2022 12.8in % 13.3 10.7 11.9 7.1 12 10 8 6 4 2 2023 20242021 Development of the vacancy rate of the portfolio or investment properties Old definition (incl. voluntary vacancies) 2025 New definition (market-related vacancies) 11.4 6.9 14 Portfolio by type of use Based on rental income in the reporting period Office Light industrial, logistics Residential Retail, restaurants Education Parking 37% 35% 9% 7% 6% 6% 10 Intershop Group: Annual Report 2025 Real Estate Portfolio Letting During the year under review, lease agreements were extended and new agreements concluded for a total area of more than 80,000 m2. The weighted remaining term of contractually fixed commercial leases (wault) rose to 4.6 years as at the balance sheet date 2025 (31 December 2024: 4.4 years). Compared to the previous year, the vacancy rate fell by 22 basis points to 6.9% (31 December 2024: 7.1%). On a like-for-like basis, i.e. excluding transactions and completed new construction projects, the vacancy rate fell by 60 basis points. As of the 2025 balance sheet date, Intershop adjusted the definition and calculation of the vacancy rate with the aim of reporting market-related vacancies in a transparent and compre- hensible manner. Voluntary vacancies, such as those resulting from construction measures, will no longer be reported. This increases comparability with other real estate companies. Under the old definition, the vacancy rate for the entire portfolio would have fallen from 11.9% at the end of 2024 to 11.4% at the end of 2025. Despite various transactions, the portfolio’s mix of uses remained stable overall. Rental income from commercial uses showed a positive trend; in particular, the letting of space in the “Métiers Vernier” property in Vernier ( ge) further reduced the vacancy rate in this category of use. Rental income from office use also remained stable. Successful lettings at Rautistrasse 33 in Zurich ( zh) and at Puls 5 in Zurich ( zh) also contributed to a slight reduction in office space vacancy rates. Intershop’s tenant base remained diversified. The share of the five largest tenants amounted to 19.1% at the end of 2025 (31 December 2024: 18.6%). Two of these, the cantons of Vaud and Zurich, are public sector entities. Their share fell slightly to 10.6% at the end of 2025 (31 December 2024: 11.0%).
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237.7 -37.5 200.2 13.8 -12.8 230 220 210 200 190 30.6.2025 180 Changes in fair value of properties in 2025 31.12.2025 -12.7 188.5 240 Increase in value Decrease in value Disposals Changes in fair value of properties in chf m 57.2% Zurich 19.0% Lake Geneva region 13.6% Northwestern Switzerland 5.8% Espace Mittelland 2.6% Central Switzerland 1.8% Eastern Switzerland Geographical breakdown of the real estate portfolio in percent of total value of property portfolio 11 Intershop Group: Annual Report 2025 In the two largest usage categories, the average actual rent was chf 217/m2 p.a. for offices and chf 126/m2 p.a. for commercial/ industrial properties. Valuation cbre valued the investment properties for the first time in the reporting year. As at 31 December 2025, this resulted in positive changes in fair value of properties of chf 188.5 million net (2024: chf 59.7 million): Just under 90% of the valuation changes relate to properties in the city of Zurich (zh). The drivers for this included the reduction in the real capitalisation rates of all investment properties from 3.68% at the end of 2024 to 3.21% as at 31 December 2025, and a reassessment of the existing development potential. The proportion of properties located in the canton of Zurich rose to 57.2% (> 40% in the city of Zurich (zh)):
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Investment properties (chf 1,729.3 million) Promotional projects ( chf 20.8 million) Property portfolio ( chf 1,750.1 million) 1’591.7 188.5 48.1 47.5 –125.7 1’750.1 2’000 1’900 1’700 1’800 1’600 20252024 Drivers of portfolio growth in 2025 Changes in fair value of properties Acquisitions Investments Disposals Book value portfolio in chf m 12 Intershop Group: Annual Report 2025 Balance Sheet Intershop adjusted the presentation of its real estate portfolio as of the end of 2025. In order to ensure a consistent and trans - parent presentation of the integrated real estate portfolio, the previous subdivision of real estate in non-current assets into the balance sheet items “investment properties” and “development properties” was discontinued. The two items are now combined under “investment properties”. The adjustment is merely a reclassifi cation and has no impact on key financial figures. Together with the promotional projects, which continue to be recognised in current assets, the portfolio is now composed as follows: As a result of the aforementioned revaluations, investments and the net effect of transactions, the value of the portfolio rose by 10.0% to chf 1,750.1 million (31 December 2024: chf 1,591.7 million): Yield Primarily due to the revaluations, both the gross and net yields on investment properties fell from 5.7% to 4.9% and from 5.0% to 4.3% respectively.
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Projected investment Rental occupancy Objective irr 1 Project status 2026 27 28 29 30 +5y +10y in chf m rate in % Projects under construction ¢ Lausanne, Repositioning office Finishing 61.7 53.9 “Bloom” work ¢ Baden, Repositioning Tenant 5.9 92.3 “Bento Baden” office/commercial fit-outs Projects in planning ¢ Eich, Condominiums Construction >20 n/a Schaubhausweg project ¢ Uetikon am See, Condominiums Preparatory >10 n/a Alte Landstrasse project ¢ Zuchwil, Repositioning Product 15 71.4 “ magneto ” office/commercial definition ¢ Opfikon, Residential Construction >25 100.0 Hohenbühlstrasse project ¢ St. Gallen, Residential Special >50 97.5 Oststrasse utilisation plan ¢ Niederwangen, Development of Strategic >25 n/a Riedmoosstrasse office/commercial planning ¢ Luzern, Residential Strategic <10 100.0 Seeburgstrasse planning ¢ Zurich, Residential Strategic >250 99.3 “Mediacampus” planning Total >8% >525 Investment property Promotional project Realised Projected Let/sold Pre-let/reserved Vacant/unsold Q1 2026 Q3 2026 2028 2029 2029 2030 from 2030 from 2032 from 2032 from 2033 1 Excl. Lausanne “Bloom” and Zuchwil “ magneto ” 13 Intershop Group: Annual Report 2025 Property Development The project pipeline at the end of 2025 was as follows: The ongoing development projects did not record any value - relevant schedule or cost deviations in the year under review. With the acquisition of a promotional project in Uetikon am See (zh), the planned investment volume (excluding projects under construction) as at the 2025 balance sheet date amounted to over chf 450 million. The internal rate of return (irr) on developments, calculated from the purchase or investment decision to the possible sale, was over 8% and improved further in the reporting year. The special land use plan for the project on Oststrasse in St. Gallen ( sg) was made public in December 2025. No objections were received by the deadline. Intershop therefore expects the plan to come into force soon and the development of a concrete construction project to begin. Construction work on the “Bloom” property in Lausanne ( vd) proceeded according to plan. Intershop expects the project to be completed in spring 2026. Intershop achieved significant leasing successes at “Bento” in Baden ( ag), including a long-term lease agreement for around 1,900 m2 with the city of Baden for the city police. The pre-letting rate thus rose to over 90% at the end of 2025. Construction work proceeded according to plan. Completion of the project is now scheduled for the third quarter of 2026. Further project work was carried out on the Mediacampus in Zurich (zh) to enable the project to continue swiftly once the municipal bzo (building and zoning regulations) comes into force (expected at the end of Q1 2026).
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14 Intershop Group: Annual Report 2025 The majority of development projects not currently under construction were fully let and generated stable income. Further information on the projects can be found on pp. 106– 109.
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15 Intershop Group: Annual Report 2025 Market Environment Swiss Economy 2025 was characterised by monetary easing with two interest rate cuts in Switzerland and a surprisingly robust global economy. Inflation was practically zero at an average of +0.2%, and interest rates remained low. Slightly higher but still below-average gdp growth is expected for 2026, with continued uncertainty due to the international trade environment. Financing conditions improved, while risk premiums remained elevated. Construction costs rose only moderately in 2025 (+0.9%) and stabilised after sharp increases in previous years. Transaction Market The Swiss real estate transaction market gained significant momentum in 2025. The strong Swiss franc, low interest rates and inflation as well as a lack of investment alternatives led to increased allocations to direct and indirect real estate investments. Premiums and valuations rose across all segments, particularly in the residential segment. Limited supply of core properties met with high demand, leading to falling investment yields. This momentum is expected to continue in 2026. Because of the scarce supply of core properties and the continuing inflow of capital, demand for office and commercial properties, which offer higher net yields, is expected to increase slightly. This is expected to intensify competition for Intershop in the acquisi - tion market. However, with the completion of its restructuring and its proven business model, Intershop is well positioned to take full advantage of opportunities arising in this environment. Development by Segments The shortage of supply in the residential segment has intensified. The vacancy rate fell to 1.0% across Switzerland, with virtually no reserves remaining in central markets. Asking rents continue to rise, and prices for residential property across all quality levels also remain on an upward trend. Residential property remains the preferred segment for investors, albeit with increasing regulatory and energy-related complexity. The office market is becoming increasingly segmented: central core locations remain in demand and scarce, while peripheral and slightly older spaces are under pressure. New construction activity in prime locations is limited, which stabilises prime rents. esg compliance, space efficiency, public transport connections and long-term leases will have a greater impact on value in the future; repositioning will be necessary more often. Commercial and industrial properties, especially logistics and light industrial, are benefiting from scarce space, robust demand and indexed long-term leases. Despite attractive returns, market liquidity remains limited.
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entwickeln bewirtschaften unterhalten kaufen Intershop erkennt, entwickelt und realisiert Liegenschaften mit Potenzial. Sell Buy Investment properties Expertise Capital Development projects Develop Manage Maintain 16 Intershop Group: Annual Report 2025 Business Model and Strategy Intershop identifies, develops and realises real estate with potential. Proven Business Model Intershop acquires properties with potential for value appreciation to develop them using its own expertise or to strategically reposition them. After successfully exploiting this potential through transfor- mation, development or active asset management, Intershop realises the profit by selling at the appropriate time. The company takes advantage of opportunities in changing markets and conditions to identify and secure value enhancement potential in a timely manner. Intershop returns the capital employed, including the returns generated, to its shareholders or reinvests it in new projects. The proven business model ensures consistently high returns on equity and distributions, making the company attractive to institutional and private investors.
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2006 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 2025 indexed (base 100) Intershop tr sxi Real Estate ® Shares Broad tr spi tr 1,100 1,000 900 800 700 600 500 400 300 200 100 0 Total return over 20 years Intershop is to be solidly financed (hard limits for debt and equity ratio). Base/core financing is now provided via bonds with the commitment that at least 60% of financing is to be unsecured (until 2029). Intershop strives for active management of the maturity profile and a duration of three to five years. — Mortgage-backed financing: < 40 % — Duration: three to five years — Rating: at least investment grade rating — ltv (gross): 40–45 %; < 50 % — Equity ratio: > 40 % Cornerstones Financing structure Debtor quality 17 Intershop Group: Annual Report 2025 Investment Focus Intershop has a real estate portfolio worth around chf 1.75 billion, consisting of high-yield investment properties and devel - opment projects with substantial income and profit potential. The focus is on the following segments: — Office properties (max. two-thirds of income) — Commercial and logistics space (max. half of income) — Retail/mixed use (max. half of income) The residential portion is limited to 20% of the total market value of all properties. Geographically, Intershop focuses on: — Greater Zurich area — Lake Geneva region — Other locations along Switzerland’s main transport routes Rental income should be sustainable and inflation-proof. The complete investment policy can be downloaded from the company’s website. Financial Debt Intershop aims to finance its real estate investments adequately with financial debt. Financing is based on the financing strategy adopted in the 2024 financial year:
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Well-Being of Tenants and Satisfaction of Purchasers Employee Satisfaction and Health Urban Development and Spatial Planning co2 Emissions and Energy Efficiency Ecological Building Materials and Construction Methods Biodiversity and Green Spaces Culture of Innovation esg Integration and Corporate Culture Ethics, Integrity and Compliance Social Environment Governance 18 Intershop Group: Annual Report 2025 Sustainability Intershop is presenting its seventh sustainability report in accordance with the gri1 standards for the past financial year. This comprehensive report is available as a separate document on the Intershop website. Key Topics In the 2025 financial year, Intershop continued to drive forward the integration of environmental, social and corporate governance (esg) dimensions into its business processes. Based on the dual materiality analysis conducted in 2024, Intershop developed an esg roadmap with clearly defined targets and parameters. Imple - mentation progressed according to plan in the reporting year. The key topics are: Progress in the Reporting Year In the reporting year, Intershop made progress in the three areas of environment, social affairs and corporate governance: Reduction of co2 Emissions: In 2025, Intershop reduced co2 emissions in its portfolio on a comparable basis (Scope 1 and 2) from 9.9 kg co2e/m² to 9.4 kg co2e/m². This corresponds to a reduction of 5.2% compared to the previous year. Investments in the replacement of heating systems contributed significantly to the reduction, saving over 380 tonnes of co2 emissions. The target of halving emissions by 2032 in line with the pub - lished co2 reduction path is currently 7.2 kg co2e/m2. Intershop will achieve this target with an estimated value of 5.8 kg co2e/m2 in 2032. Expansion of Photovoltaic Systems: The expansion of pv systems continued in 2025. The total installed capacity of photovoltaic systems rose by 16.4% compared to the previous year to around 4,150 kWp (31 December 2024: 3,561 kWp). 1 Global Reporting Initiative
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19 Intershop Group: Annual Report 2025 Certification Strategy: Intershop successfully implemented the ssrei portfolio certifi- cate in the reporting year and had it verified by the sqs testing agency. This provides the company with a comprehensive and consistent data basis covering environmental, social and eco- nomic aspects for all its properties. In addition to the portfolio certificate, Intershop implemented breeam In-Use portfolio certifications for selected properties. The area certified with breeam In-Use increased to 122,100 m² (31 December 2024: 110,300 m²). Tenant Survey Achieves High Satisfaction Ratings: Intershop conducted a comprehensive tenant satisfaction sur - vey for the second time. The two surveys together were sent to more than 70% of tenants in the entire portfolio. With an overall satisfaction rating of over 90%, Intershop is well above the benchmark and was awarded the Tenant cm Award as the best- rated management company in the category “Small and Medium- Sized Real Estate Service Providers”. Employee Survey: The annual Great Place To Work® survey also yielded a positive overall rating in 2025. Intershop was once again named a Great Place To Work®. 76% of employees took part in the survey. Improvement in the gresb1 Rating: Intershop participated in the gresb “Standing Investment” rating for the second time and, with 84 points, once again achieved a significant increase of 16 points over the previous year and received 3 out of 5 stars. In particular, the result in the management section, with 28 out of a possible 30 points, confirms the solid foundation for the strategic orientation and integration of esg aspects. The focus here is on the cost-conscious and impact- oriented implementation of measures with sustainable added value for the portfolio. 1 Global Real Estate Sustainability Benchmark
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20 Intershop Group: Annual Report 2025 Governing Bodies, Management, Appraiser Board of Directors Ernst Schaufelberger *1954, Swiss, resident in Switzerland — Non-executive member since 2018 — Chairman since 2022 — Notary Professional activity — 2005–2019 Head of Real Assets Switzerland at axa Investment Managers Switzerland ag, as well as temporarily holding the same position in Germany and Eastern Europe; member of the Board of Directors and Deputy Managing Director, and member of various boards of foreign companies and management organisations in connection with investments by the axa Group. — 2000–2003 ceo of Swiss Life Real Estate Partners ag, Zug — 1990–1999 Various roles within the real estate funds division at Intrag ag, Zurich — 1985–1990 Mandate management in inheritance, property, corporate and tax law at a trust company — 1981–1984 Deputy notary, Zurich-Unterstrass Notary’s Office, Zurich Other activities and interests — Chairman of the Board of Directors, Töpferdörfli ag, Zurich Dr Christoph Nater *1980, Swiss, resident in Switzerland — Non-executive member since 2022 — Lic. iur., ll.m Professional activity — Since 2012 Solicitor at mme Legal ag, Zurich Partner since 2016 — 2005–2006 Auditor at Meilen District Court — 2009–2011 Worked as a lawyer at Niederer Kraft & Frey, Attorneys at Law, Zurich Other activities and interests — Member of the Board of Directors, Balanx ag, Zurich — Member of the Board of Directors, Athlema ag, Cham — Member of the Board of Trustees, Diakoniewerk Neumünster – Swiss Nursing School Foundation, Zollikon — Member of the Board of Trustees of the Davos Festival Foundation, Davos — Member of the Board of Trustees, Right to Play Foundation, Zurich Gabriela Theus *1973, Swiss, resident in Switzerland — Non-executive member since 2025 — Lic. oec. hsg — Master of Science (M.Sc.) in International Management Professional activity — Since 2017 Managing Director, Immofonds Asset Management ag, Zurich — 2010–2017 cfo, Zug Estates Holding ag, Zug — 2005–2010 Vice President Real Estate, Sal. Oppenheim jr. & Cie. Corporate Finance (Switzerland) ag, Zurich — 2002–2005 Senior Associate Real Estate, Ernst & Young ag, Real Estate Corporate Finance, Zurich — 1999–2002 Investment Manager Venture Capital/Private Equity, Knorr Capital Partner (Switzerland), Zurich Other activities and interests — Vice-Chair of the Board of Directors of sia-Haus ag, Zurich — Vice-Chair of the Board of Trustees of the Swiss Foundation for Building Culture
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21 Intershop Group: Annual Report 2025 Executive Board Simon Haus *1978, Swiss, resident in Switzerland — Chief Executive Officer ( ceo) since 2023 — Graduate engineer bfh in construction process management — Master of Advanced Studies uzh in Real Estate Professional activity — 2018–2023 Head of Asset Management, axa Investment Managers Schweiz ag, Zurich — 2012–2018 Team Head in Asset Management, axa Investment Managers Schweiz ag, Zurich — 2007–2012 Project Manager Development & Construction, axa Investment Managers Schweiz ag, Zurich — 2003–2004 Construction and Project Manager, Verit Immobilien ag, Zurich — 2002–2003 Building draughtsman, kpmb Architects, Toronto (can) — 1995–2000 Worked as a structural draughtsman in various architecture and real estate companies Other activities and interests — Member of the Board of Trustees, Serata Foundation for the Elderly, Thalwil Florian Balschun *1986, Swiss, resident in Switzerland — Chief Financial Officer ( cfo) since 2024 — Master of Arts hsg in Accounting and Finance — Bachelor of Science fho in Business Administra - tion Professional activity — 2022–2023 Group cfo, Swiss Ventures Group ag, Zurich — 2018–2022 Head of Capital Market Advisory, Zürcher Kantonal - bank, Zurich — 2016–2018 Head of Transaction Management, Zürcher Kantonal- bank, Zurich — 2011–2015 Client Advisor Capital Markets / Equity Capital Markets, Zürcher Kantonalbank, Zurich Other activities and interests — No activities or interests outside the Intershop Group Yannick Hartmann *1987, Swiss, resident in Switzerland — Head of Real Estate since January 2024 — Bachelor of Science zfh in Business Law — Master of Advanced Studies zfh in Corporate Finance & Corporate Banking Professional activity — 2015–2022 Portfolio Management, Head of Transactions and Asset Management Western Switzerland, Intershop Management ag, Zurich — 2011–2015 Partner Assistant, Homburger ag, Zurich Other activities and interests — No activities or interests outside the Intershop Group
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22 Intershop Group: Annual Report 2025 Mireille Lehmann *1983, Swiss, resident in Switzerland — Head of Construction and Development since January 2024 — Master of Science in Architecture, eth — Master of Advanced Studies uzh in Real Estate Professional activity — 2016–2023 Project Manager Construction and Development, Intershop Management ag, Zurich — 2016 Project Manager Client Representation and Overall Management, Ernst Basler & Partner ag, Zurich — 2015–2016 Self-employed architect — 2012–2015 Team Head, Boltshauser Architekten ag, Zurich Other activities and interests — No activities or interests outside the Intershop Group Khoa Trinh *1969, Swiss, resident in Switzerland — Head of Transactions since 2025 — Qualified Architekt eth Professional activity — 2023–2025 Chief Investment Officer, Seraina Invest ag, Zurich — 2019–2023 Head Real Estate Product & Portfolio Management, Baloise Asset Management ag, Basel — 2017–2019 Chief Investment Officer, Stone Estate Swiss ag, Baar — 2001–2017 Senior positions at Swiss Life Group Other activities and interests — No activities or interests outside the Intershop Group
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23 Intershop Group: Annual Report 2025 Auditors PricewaterhouseCoopers ag Bahnhofplatz 8 8400 Winterthur Independent valuation expert cbre (Zurich) ag Bärengasse 29 8001 Zurich
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24 Intershop Group: Annual Report 2025 Above: Entrance to the padel hall Right: North façade with freight forwarding hall (1912) and office wing (1981)
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25 Intershop Group: Annual Report 2025 ”Bento” Baden: A Historical Building Reimagined In spring 2024, Intershop acquired the listed freight forwarding hall and the adjoining office building on the former bbc site in Baden ( ag) from abb Switzer- land. The project was launched immediately afterwards. Within only two years, the building complex including offices, sports facilities and restaurants is already almost fully let. Vision Intershop developed a versatile concept tailored to the market and users for the historically and architecturally valuable building complex with adjoining office wing on Brown Boveri Platz in Baden (ag). This combines sports and other leisure activities and catering with flexible office space. Above: Entrance to the padel hall Right: North façade with freight forwarding hall (1912) and office wing (1981)
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26 Intershop Group: Annual Report 2025
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27 Intershop Group: Annual Report 2025 Hall 51 in the listed freight forwarding hall with three padel playing courts
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28 Intershop Group: Annual Report 2025 Implementation The twenty office units, ranging in size from 25 to 625 m², on the intermediate and upper floors of the office wing are almost fully let following completion of the conversion work. Padelta operates six padel tennis courts in the freight forwarding hall, which was adapted and optimised for sporting activities. The ground floor now opens onto the redesigned Brown Boveri Square, resulting in a wide range of new possibilities for different uses. The planned and outlined extension will enable the creation of residential spaces at a later date.
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29 Intershop Group: Annual Report 2025 ”We have reimagined a historical building. ‘Bento’ has become a lively meeting place for work, leisure and socialising – a place that preserves history while enabling a new urban culture.” Saied Rahmani, Project Manager Top: Office on the first floor with a view of Brown Boveri Square Below: Footpath to Baden railway station Left: Corridor to the newly created office units on the first floor
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30 Intershop Group: Annual Report 2025 Location Brown Boveri Platz 3, 3A, 3B Lettable area Approx. 7,300 m² Main type of use Commercial, office and leisure Implementation period 2024–2026 Mix of uses 33% office 49% commercial 18% warehouse 43 parking lots The former bbc site with Brown Boveri Square Result Following completion of the construction work, the building complex combines historical substance with contemporary, market-driven use. Padel tennis is proving very popular in the freight forwarding hall. The first floor and the annex buildings are already fully occupied. From October 2026, the Baden city police will move into their new premises with a long-term lease for around 1,900 m² of floor space on the second floor of the office wing. The catering facilities on the ground floor are scheduled to open in spring 2026: “Hallo Halle” offers culinary diversity at six food stands and a central bar. Thanks to its successful repo - sitioning, “Bento” is becoming the heart of urban neighbourhood development around Brown Boveri Square.
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31 Intershop Group: Annual Report 2025 Annual Report 2025 Corporate Governance Group Structure 32 Major Shareholders 32 Shareholder Structure 33 Capital Structure 33 Capital Changes 33 Restrictions on Transferability and Nominee Registrations 33 Convertible Bonds and Option Rights 34 Board of Directors 34 Division of Responsibilities 36 Information and Control Instruments 36 Executive Management 37 Compensation, Shareholdings and Loans 37 Shareholders’ Participation Rights 37 Change of Control and Defensive Measures 38 Auditors 38 Information Policy 39 Closed Periods 39
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sgi Schweizerische Gesellschaft für Immobilien ag Intershop Bau ag Intershop Management ag Real estate company Service companies Intershop Holding ag Holding 32 Intershop Group: Annual Report 2025 Group Structure Intershop Holding ag is the holding of the Intershop Group, which focuses on the acquisition, development, management and disposal of real estate in Switzerland. During the financial year, Intershop simplified the Group’s operational structure through absorption mergers and consolidated all real estate investments into a single real estate company. The new struc - ture as of the balance sheet date is shown in the following chart: Intershop Management ag is responsible for the operational management of all companies in the Intershop Group and employs all 63 staff, including the group management. The three group companies are direct wholly owned subsidiaries of Intershop Holding ag. Details of the individual group companies and the shareholdings are set out on p. 82. With the exception of Intershop Holding ag, none of the group companies are listed. Intershop Holding ag is based in Zurich, Switzerland. The company’s shares are listed on six Swiss Exchange (Valor: 133,898,730; isin: ch1338987303). The market capitalisa - tion as at 31 December 2025 was chf 1,561.8 million. Major Shareholders The following shareholders have reported holdings of at least 3% and made the corresponding disclosures in accordance with the Financial Market Infrastructure Act ( fmia): in % 31.12.2025 31.12.2024 Patinex ag, Wilen ≥ 33¹/3% < 50% ≥ 33¹/3% < 50% (Martin and Rosmarie Ebner) ubs Fund Management ≥ 5% < 10% ≥ 5 % < 10% (Switzerland) ag, Basel Hansjörg Graf, Wollerau ≥ 3% < 5% n / a Relag Holding ag, Hergiswil ≥ 3% < 5% ≥ 3% < 5% BlackRock Inc., New York, usa ≥ 3% < 5% n / a Hansjörg Graf, Wollerau, n / a ≥ 3% < 5% via Grapal Holding ag, Zug The following disclosures were last published during the year under review: — 30 December 2025 BlackRock, Inc. 3.105% — 22 November 2025 Hansjörg Graf 3.211% Previously, BlackRock, Inc. reported a number of holdings that were either below or slightly above a 3% ownership threshold. All disclosures are available on the relevant website of the disclosure authority: https://www.ser-ag.com/de/resources/ notifications-market-participants/significant-shareholders.html#/
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33 Intershop Group: Annual Report 2025 Shareholder Structure The structure of the shareholders entered in the share register as at 31 December 2025 was as follows: Number of Number of Number of registered shares shareholders shares in % 1 to 100 536 28,209 0.3 101 to 1,000 689 234,053 2.5 1,001 to 10,000 182 581,824 6.1 10,001 to 100,000 44 1,260,321 13.3 > 100,000 8 5,413,249 57.0 Total registered 1,459 7,517,656 79.1 Not registered 1,982,344 20.9 Total shares 9,500,000 100.0 Number of Registered Voting Region shareholders shares shares in % Switzerland 1,388 7,291,566 6,999,706 99.9 Europe (excluding Switzerland) 61 149,700 7,400 0.1 Rest of the world 10 76,390 372 0.0 Total registered / eligible to vote 1,459 7,517,656 7,007,478 100.0 Not registered / eligible to vote 1,982,344 2,492,522 Total shares 9,500,000 9,500,000 Capital Structure At the end of 2025, the share capital amounted to chf 19.0 million and consisted of 9,500,000 registered shares with a nominal value of chf 2.00, which are fully entitled to dividends. As of 31 December 2025, Intershop Holding ag held 282,500 treasury shares. The share capital has a bandwidth (capital band) between chf 15.2 million (lower limit) and chf 22.8 million (upper limit). Within the scope of the capital band, the Board of Directors is authorised to increase or reduce the company’s share capital at any time until 27 March 2029 or until this capital band expires earlier, once or several times and in any amount. Further details on the capital band can be found in Art. 5 of the Articles of Association, dated 27 March 2024. There is no conditional capital. Capital Changes In April 2024, Intershop carried out a 1:5 split of its registered shares. Otherwise, there have been no changes in capital in the last three financial years. Restrictions on Transferability and Nominee Registrations The transferability of registered shares is not restricted. Nominees are entered in the share register without voting rights. There are no agreements with nominees regarding registration requirements.
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34 Intershop Group: Annual Report 2025 Convertible Bonds and Option Rights As of the balance sheet date, there were no outstanding convertible bonds or option rights issued by the Intershop Group. Board of Directors The Annual General Meeting on 1 April 2025 re-elected Ernst Schaufelberger and Christoph Nater as members of the Board of Directors and Ernst Schaufelberger as Chairman of the Board of Directors. Gabriela Theus was also newly elected as a member of the Board of Directors. At the same time, all members of the Board of Directors were elected to the Remuneration Committee. The constituent meeting of the Board of Directors, which convened following the Annual General Meeting, appointed Ernst Schaufelberger as Chairman of the Remuneration Committee. Due to the size of the company and the Board of Directors, no further division of responsibilities within the Board of Directors is planned. When selecting members of the Board of Directors, the focus is on experience in leadership and management positions in listed companies, real estate development and real estate asset management, finance and risk management, as well as knowl - edge of the Swiss real estate market and sustainability aspects. The composition of the Board of Directors and information on education and professional experience can be found on p. 20. The skills are listed below: Name, role Expertise Ernst Schaufelberger, Chairman Experience in the Swiss property market Property development Real estate asset management Sustainability Risk management Mergers & Acquisitions Christoph Nater, member of the BoD Construction and property law Corporate management Communication Gabriela Theus, member of the BoD since 1 April 2025 Experience in the Swiss property market Corporate management Portfolio management Property development and valuation All three members of the Board of Directors are considered independent as defined by the Swiss Code of Best Practice for Corporate Governance of Economiesuisse. Interests such as mandates outside the Intershop Group and other significant activities are also listed. During the current term of office, the Board of Directors under- went a self-evaluation based on the publicly available template from the National Audit Office ( uk). The Board discussed the results and assessed, among other things, its objectives and strategy, performance measurement, stakeholder relations, risk management, auditing and corporate reporting, as well as its own work.
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35 Intershop Group: Annual Report 2025 In addition to its constituent meeting, the Board of Directors held a total of seven meetings during the reporting year. A half- day strategy workshop was also held. The entire Board of Directors attended all meetings in full and for their entire duration. In addition, the entire Board of Directors passed a resolution by circulation. The seven Board meetings included four regular annual meet - ings. The Board dealt with recurring agenda items, focusing on financial and accounting matters, including the preparation of annual reports, budget approvals and liquidity planning. Reports were also given on the occupancy rate, the progress of develop - ment projects, the transaction pipeline and sustainability issues. At the beginning of each of these four meetings, the Board of Directors exchanged ideas with the participation of the ceo. Three of the meetings were scheduled to last half a day; the meeting held prior to the Annual General Meeting lasted just over an hour. The other three meetings were convened at short notice, primarily to make transaction decisions or to reach resolutions on specific individual motions. The meetings lasted a maximum of two hours. Except for the part of the meeting reserved for discussions between the Board of Directors and the ceo, and the meeting prior to the Annual General Meeting, the Executive Management attended all Board of Directors meetings and strategy workshops. The Board of Directors consulted with senior staff of the Intershop Group on individual agenda items for the purpose of exchanging information. The Remuneration Committee met four times with full attend - ance and partial participation of the ceo. Members of the Board of Directors make all decisions jointly, with Art. 22 of the Articles of Association requiring a majority of votes of the members present. In the event of a tie, the Chairman has the casting vote; in the case of elections, the decision is made by lot. No such presidential or casting vote was required in the reporting year. The members of the Board of Directors communicate potential conflicts of interest to the entire Board of Directors. In the event of a conflict of interest, the member of the Board of Directors concerned does not participate in the discussion of the matter at hand or in the decision-making process. There were no conflicts of interest in the reporting year. Intershop obtains legal advice from several law firms, including mme Legal ag, whose partner is Christoph Nater, a member of the Intershop Group’s Board of Directors. In the 2025 financial year, mme Legal ag invoiced fees of chf 88,816. mme Legal ag provided these services independently of Christoph Nater. In accordance with Art. 26 of the Articles of Association, members of the Board of Directors may not hold more than two additional mandates in listed companies and, in addition, no more than twelve mandates in other legal entities outside the Intershop Group that are required to be entered in the commercial register. The members of the Board of Directors confirmed their compliance with this obligation.
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36 Intershop Group: Annual Report 2025 None of the members of the Board of Directors had an opera - tional function in the Intershop Group or had any significant business relationship with the Group in the three years preceding the financial year or in the 2025 financial year. All members of the Board of Directors are re-elected annually for a term of one year. There are no term limits. Division of Responsibilities With the exception of the tasks listed below, the Board of Directors delegated all powers to the Executive Management: — All non-transferable tasks pursuant to Art. 716a para. 1 co — Determination and modification of the company’s strategy and investment policy — Investment decisions in new business areas — Strategic investments and partnership agreements (joint ventures) — Disposals, purchases, investments and recurring obligations above a defined value — Investment and financial policy (in particular capital market transactions) — Financing principles — Approval of the budget — Approval of the pr concept — Personnel decisions and compensation at management level Information and Control Instruments The Board of Directors receives commented consolidated financial statements on a quarterly basis. This reporting also informs it of important operational changes. The management information system ( mis) provides a means of information that shows developments at the level of each individual property. This is sent to the Board of Directors every six months. Selected properties, any operational and financial risks, and important business transactions are discussed at least at the four regular Board meetings per year. The Board also regularly discusses the progress of development projects and financing and liquidity planning in detail. As an essential part of integrated risk man - agement, the Board of Directors receives a risk inventory. This presents the most important risks and quantifies and assesses their possible impacts and probabilities of occurrence. The twenty-one risk factors also include compliance, legal, it and cyber risks as well as climate-related risks. The Board of Direc - tors discusses and assesses the risk inventory and decides on any measures to be taken. It also receives an annual summary of the findings of the internal control system ( ics) audit. As a rule, the entire Executive Management is present at all Board meetings concerning these instruments. Due to the size of the company, there is no internal audit function. Intershop commissions third parties or the auditors to carry out any necessary investigations or audits, although this was not necessary in the reporting year.
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37 Intershop Group: Annual Report 2025 Executive Management The Executive Management consists of five members. Detailed information on the members of the Executive Manage - ment, including conflicts of interest such as mandates outside the Intershop Group and other significant activities, can be found on pp. 21–22. Khoa Trinh took up his position as Head of Transactions on 1 May 2025. As of the balance sheet date, there were no contracts with third parties relating to management tasks. In accordance with Article 34 of the Articles of Association, members of the Executive Management may not hold any man - dates in listed companies and no more than four mandates in other legal entities outside the Intershop Group that are required to be entered in the commercial register. Compliance with this obligation has been confirmed by the members of the Executive Management. Compensation, Shareholdings and Loans Information on compensation, shareholdings and loans can be found in the compensation report starting on p. 40. Shareholders’ Participation Rights Voting Rights Restrictions and Representation Each share whose owner or beneficiary is entered in the share register as a shareholder with voting rights has one vote. There are no voting restrictions. Representation at the Annual General Meeting is possible by written proxy in accordance with Art. 15 of the Articles of Association. Proxy voting by the inde - pendent proxy, which is also possible by means of electronic instructions, is regulated in Art. 16 of the Articles of Association. Statutory Quorums There are no regulations that deviate from the law. Convening of the Annual General Meeting There are no regulations that deviate from the law. Agenda There are no regulations that deviate from the law. Entry in the Share Register Pursuant to Art. 8 of the Articles of Association, the Board of Directors may refuse to approve the entry of a shareholder or beneficial owner as a voting shareholder or voting beneficial owner in the following cases:
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38 Intershop Group: Annual Report 2025 a) in the case of foreign acquirers, if the entry could prevent the company from providing evidence of the composition of its shareholder base as required by federal law; b) if, despite the company’s request, the acquirer does not expressly declare that he or she has acquired and will hold the shares in his or her own name and on his or her own account. The cut-off date for entries in the share register with regard to participation in the Annual General Meeting is determined by the Board of Directors in accordance with Art. 15 of the Articles of Association. This cut-off date is announced to shareholders at the latest in the invitation to the Annual General Meeting. Change of Control and Defensive Measures Obligation to Make an Offer Pursuant to Art. 6 of the Articles of Association, shareholders are not obliged to submit a takeover bid in accordance with the Financial Market Infrastructure Act ( fmia) upon reaching the threshold of 33¹/ 3% of the voting rights (opting out). Change of Control Clauses There are no severance payments or contracts with unusually long terms within the meaning of Art. 7.2 of the Corporate Governance Directive of six Exchange Regulation ( dcg) intended to protect members of the Board of Directors or Executive Man - agement from unwanted takeovers. Shares acquired by the Board of Directors or the Executive Management as part of their remuneration or under the management share participation programme will be released regardless of the agreed lock-up period if Intershop Holding ag is taken over (change of control). Auditors The auditor is PricewaterhouseCoopers ag. Its legal predecessor was entered in the commercial register as auditor on 21 July 1992. Lead Auditor Philipp Gnädinger has been the lead auditor since the 2022 financial year. The lead auditor may exercise the mandate for a maximum of seven years in accordance with Art. 730a co. Fees For the 2025 financial year, the auditor invoiced fees of chf 161,800 for the audit and chf 44,600 for additional audit services in connection with the sustainability report, the green bond report and interim financial statements during the year. The audi- tor did not provide any other consulting services. Supervisory and Control Instruments vis-à-vis the Auditors In connection with the 2025 audit planning, the auditors prepared a comprehensive report for the Board of Directors. This report presents, in particular, the significant business risks and audit areas from the auditors’ perspective. It also contains detailed explanations of the scope of the audit, the requirements, expectations and fees.
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39 Intershop Group: Annual Report 2025 This report was discussed at a meeting between the company, attended by the Chairman of the Board of Directors, and the auditors, and was submitted to the entire Board of Directors at the following Board meeting. Intershop assesses its collaboration with the auditors and their performance on an annual basis and monitors compliance with the legal limits regarding the management of the mandate. The entire Board of Directors meets with the auditors once a year to discuss the annual financial statements and is informed about the audit procedures and findings, which it receives in advance in a comprehensive report. This report explains in detail any emerging changes at the legal or regulatory level and their impact on the Intershop Group. If necessary, the auditors can be called in for further meetings. Information Policy The company provides information on its business performance every six months as part of its financial reporting. Intershop also publishes price-sensitive information as ad hoc announcements and other information as media releases on its website (https://www.intershop.ch/de/investoren/investor-relations/medien- mitteilungen). Interested parties can register to receive ad hoc publications and media releases electronically at https://www.intershop.ch/de/investoren/investor-relations/ informations-service. Further information about the company and its properties is available at https://intershop.ch. The contact person for investor relations is Florian Balschun, Intershop Holding ag, Giessereistrasse 18, ch-8031 Zurich, telephone +41 44 544 10 00, info@intershop.ch. Closed Periods For the Board of Directors, Executive Management and other employees who have access to sensitive information, trading restrictions (closed periods) apply from the balance sheet date until the publication of the annual or half-year report, as well as in the case of special transactions.
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40 Intershop Group: Annual Report 2025 Annual Report 2025 Remuneration Report 2025 Responsibilities and Powers in Remuneration Matters and Determination Procedures 41 Remuneration of the Board of Directors 42 Compensation for the Executive Management 43 Shareholdings 48 Loans to Members of the Board of Directors and Executive Management 48 Non-Market-Standard Remuneration 48 Participation Rights and Options on such Rights 49 Activities of Members of the Board of Directors and Executive Management 49 Report of the Statutory Auditors 50
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41 Intershop Group: Annual Report 2025 This remuneration report sets out the remuneration policy for the Board of Directors and the Executive Management of the Intershop Group in accordance with legal and regulatory provisions (Swiss Code of Obligations and listing regulations of six Exchange Regulation) and the Articles of Association. It also shows the actual remuneration for the reporting year and the shareholdings of each member. Intershop pursues a performance-based, transparent remune- ration policy geared towards the long-term success of the company. The company redesigned this policy in 2024 and applied it for the first time in the 2025 financial year. Responsibilities and Powers in Remuneration Matters and Determination Procedures During the Annual General Meeting, the shareholders approve the maximum remuneration for the Board of Directors and the Executive Management in a binding vote. In addition, the Board of Directors submits the remuneration report to the Annual General Meeting for a consultative vote. The combination of a prospective vote on the maximum remuneration amounts and a retrospective consultative vote on the remuneration report strengthens the share- holders’ right to have a say. Authorisation processes in remuneration matters ceo rc BoD agm Maximum total amount of remuner- Proposal Examination Authorisation ation for the Board of Directors and Executive Management Remuneration model for the Board Proposal Authorisation/ of Directors implementation Individual remuneration of the Proposal Authorisation members of the Board of Directors Bonus plan (variable remuneration Proposal Authorisation/ and share participation) for the implementation Executive Management Defining and assessing the Proposal Authorisation ceo’s performance targets Defining and assessing the perfor- Proposal Examination Authorisation mance targets of the members of the Executive Management (excluding the ceo) Individual remuneration of the ceo Proposal Authorisation Individual remuneration of members Proposal Examination Authorisation of the Executive Management (excluding ceo) The Remuneration Committee reviews the compensation of the Board of Directors and Executive Management at least once a year. No external consultants were engaged in the report - ing year.
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42 Intershop Group: Annual Report 2025 Remuneration of the Board of Directors The Board of Directors consists of the minimum number of three members required by the Articles of Association. In accordance with the Articles of Association, the members of the Board of Directors are entitled to remuneration commensurate with their activities. With the exception of the Remuneration Committee, to which all members of the Board of Directors were elected by the Annual General Meeting, there are no committees. Remuneration Model for the Board of Directors The remuneration model for the Board of Directors established on 1 January 2025 defines the remuneration entitlement and the modalities set out in the Articles of Association. Principles The members of the Board of Directors receive a fixed remu - neration (fee) per financial year. No additional performance-related remuneration is provided for. The fee also compensates for participation in the Remuneration Committee. Intershop may remunerate any extraordinary services separately. Expenses incurred in connection with the performance of the Board of Directors’ mandate are not included in the fee. Modalities 70% of the fee is paid in cash and 30% in the form of shares. Intershop determines the fee paid in shares based on the share price on the allocation date (closing price). The shares are paid out or allocated by the end of April of the following financial year at the latest. In the event of entry, resignation, election or deselection during the year, Intershop reduces the fee pro rata temporis. The allocated shares are subject to a five-year restriction period from the date of allocation. During this restriction period, any disposal of the shares is prohibited. From the date of alloca - tion, the member of the Board of Directors has voting rights, is entitled to dividends and may freely dispose of any subscription rights in the event of capital increases. The removal or resigna - tion of a member of the Board of Directors during the restriction period does not give rise to any obligation on the part of the member to return the shares. However, the restriction period continues to run regularly despite the termination of the Board of Directors mandate (except in the event of termination due to death or disability, or if the member of the Board of Directors loses his or her mandate due to a merger, absorption or change of corporate control of the company). Claw-back Clause Intershop is entitled to use the shares allocated to the member of the Board of Directors during the restriction period as collat - eral for any claims against the member of the Board of Direc - tors.
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43 Intershop Group: Annual Report 2025 Annual Fee for 2025 For the term of office from the 2025 Annual General Meeting to the 2026 Annual General Meeting, the Board of Directors is entitled to a total amount of chf 0.4 million as maximum remu - neration, as approved by the 2025 Annual General Meeting. The fee also compensates for participation in the Remuneration Committee. The Chairman of the Board of Directors receives a fee of chf 150,000 due to the greater amount of time required, and the ordinary members of the Board of Directors each receive a fee of chf 75,000. 70% of the payment is made in cash and 30% in shares. For the reporting year, the Board of Directors receives the following remuneration: Fee in the Other Fee in form of remunera- in chf 1,000 cash shares tion 1 Total 2025 Total 2024 Ernst Schaufelberger, Chairman 105 45 8 158 158 Christoph Nater, Member 53 23 5 80 80 Gabriela Theus, Member 53 23 5 80 n / a Gregor Bucher (Member until the n / a n / a n / a n / a 78 agm 2025) Total Board of Directors 2 210 90 18 318 316 1 Employer contribution to social and staff insurance (ahv, alv, etc.) 2 A maximum of chf 0.4 million was authorised by the Annual General Meeting (2024: chf 0.4 million) Compensation for the Executive Management In accordance with the Articles of Association, members of the Executive Management are entitled to remuneration for their work and to membership of a professional pension scheme. The remuneration paid to members of the Executive Manage - ment consists of a fixed and a performance-related component. The fixed remuneration comprises the base salary. The performance- related component is based on the achievement of certain performance targets. These have been defined by the Board of Directors as follows: Bonus Plan (Performance-Related Remuneration and Share Participation) for Members of the Executive Management Principles A new bonus plan for the Executive Management came into force on 1 January 2025. All members of the Executive Manage - ment are eligible to participate, unless otherwise specified in an individual employment contract or by the Board of Directors. All participants are eligible for a bonus of up to 60% of their base salary. The bonus for the ceo may rise to a maximum of 80%. In all cases, the prerequisite is the achievement of the set targets.
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44 Intershop Group: Annual Report 2025 Any bonus is calculated by multiplying the performance- related component by the factor resulting from the achievement - related component. The individual components are determined as follows: 1. Performance-Related Component The calculation is based on three key performance indicators (kpi): return on equity, achievement of esg targets and competi - tiveness (relative tr on the share). The extent to which a kpi has been met is determined by the Board of Directors. It sets a factor for each of the kpi. The results are then added together to form the performance-related component, which can amount to a maximum of 40% of the participants’ base salary. 1.1 Return on Equity The factor is determined by the return on equity incl. changes in fair value of properties generated in the respective financial year in accordance with the following scale, whereby the factor refers to the participant’s annual base salary: — A return on equity of 10% or higher corresponds to a factor of 16%. — A return on equity of 9% corresponds to a factor of 12%. — A return on equity of 8% corresponds to a factor of 8%. — A return on equity of 7% corresponds to a factor of 4%. — A return on equity of 6% corresponds to a factor of 2%. — A return on equity of less than 6% corresponds to a factor of 0. To classify the target, below is an illustrative representation of the returns on equity in recent years: (max. 40%) 1.1 Return on equity (max. 16%) 1.2 esg targets (max. 16%) 1.3 Relative tr of the share (max. 8%) Factor between: 0 (no bonus at all) and 1.5 (for ceo 2.0) 2 Achievement-related component Potential bonus 1 Performance-related component 30%–50% in shares with a minimum lock-up period of 5 years 20.1 17.0 17.8 18.2 9.6 8.6 13.4 8.4 21.1 7.3 25 20 5 15 10 2021 2022 2023 2024 2025 Return on equity Return on equity Return on equity (excl. changes in fair value of prop.) in percent
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45 Intershop Group: Annual Report 2025 1.2 esg Targets The esg targets relevant to the bonus model are divided into the following focus areas and weightings: — co2 reduction target (50% weighting) — Promotion of long-term employee satisfaction (25% weighting) — Credibility of the management system (25% weighting) Factor of the annual Achievement of esg targets for the specific calendar year gross salary 100% 16% 90% 8% less than 90% – 1.3 Relative Total Return ( tr) of the Share This factor is determined by the total return of the Intershop share (isn) compared to the sxi Real Estate All Shares Total Return (resal). Factor of the annual Relative total return isn gross salary > 40% above resal 8% min. 33% up to max. 40% above resal 4% less than 33% above resal – To illustrate the target, here is an illustrative presentation of the relative total returns in recent years: 2. Achievement-Related Component This is determined by the Board of Directors after assessing and evaluating the achievement of the previously defined targets; it ranges from 0 (targets not achieved) to 1.5 (targets significantly exceeded). For the ceo, a range between 0 (targets not achieved) and 2 (targets significantly exceeded) is set. If the achievement - related component is 1, the targets have been met. The Board of Directors’ assessment is based on the following relevant criteria: — Leadership quality (including the participant’s role model function and ability to work in a team) — Personal commitment to the Intershop Group — Contribution to the business success of the Intershop Group — Achievement of high employee satisfaction (including low staff turnover and personnel development) The Board of Directors may also set additional divisional and project targets as well as personal targets for each calendar year. 3.6 4.7 2.6 -8.9 10.3 10.5 7.8 13.8 34.9 22.9 40 30 0 20 –10 10 2021 2022 2023 2024 2025 Total return of the share Intershop tr sxi Real Estate All Shares tr in percent
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46 Intershop Group: Annual Report 2025 The specified calculation method, which involves multiplying the factor for the performance-related component by that for the achievement-related component, excludes participants whose individual performance is rated as unsatisfactory (factor 0) from receiving a bonus. Modalities In order to receive a bonus, participants must generally be in an ongoing employment relationship at the time of payment or share allocation. Intershop grants 70% of the bonus in cash and 30% in the form of shares, while the ceo receives 60% of the bonus in cash and 40% in the form of shares. Participants can increase their share allocation by 10 percentage points to 40% or 50% ( ceo). Intershop determines the bonus paid in shares based on the share price on the allocation date (closing price). The payment or allocation of shares takes place by the end of April of the following financial year at the latest. The allocated shares are subject to a five-year restriction period from the date of allocation. During this restriction period, any disposal of the shares is prohibited. Participants have voting rights and dividend rights from the outset and are free to dis - pose of any subscription rights in the event of capital increases. Termination of employment does not require the participant to return the shares during the restriction period. However, the restriction period continues to run regularly despite the termina - tion of employment (except in the event of termination due to retirement, death or disability, or if the participant is dismissed due to a merger, takeover or change of corporate control of the company). Claw-back Clause After expiry of the five-year restriction period, Intershop is entitled to continue to block the shares allocated to participants up to an amount corresponding to one annual base salary (ceo: two annual base salaries) and to use blocked shares in general as collateral for any claims against participants. Total Remuneration of the Executive Management in 2025 During the financial year, the members of the Executive Man - agement received a base salary, the amount of which was reviewed by the Remuneration Committee in December 2024 and submitted to the Board of Directors for approval. They were also granted performance-related remuneration. The amount of performance- related remuneration for the reporting year was determined by the Board of Directors on the basis of the applica - ble bonus plan, as proposed by the Remuneration Committee. Both the performance-related component and the achievement- related component, which depends on the achievement of targets defined individually for each member of the Executive Manage - ment, were assessed by the Remuneration Committee according to objective criteria. The ceo submitted a proposal for the qualita- tive assessment of the achievement of targets by each member of the Executive Management. In addition, the ceo submitted his assessment of the amount of performance-related remuneration
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47 Intershop Group: Annual Report 2025 for the other members of the Executive Management. The Remu- neration Committee discussed the ceo’s proposal and assess - ment, gave its own assessment and calculated the perfor- mance-related remuneration on that basis. The discussion and calculation of the performance-related remuneration of all mem - bers of the Executive Management took place without the involvement of the ceo. The three key performance indicators used to calculate the performance-related component were fully met. The return on equity achieved resulted in a factor of 16%, the achievement of esg targets resulted in a factor of 16% and the assessment of competitiveness resulted in a factor of 8%. The performance- related component therefore amounts to 40% of the base salary for all members of the Executive Management. The range of factors for the achievement-related component was between 1.1 and 1.5, with an average of 1.3. For the reporting year, the Executive Management received the following total remuneration: Performance- Achievement- related related Other Total Total in chf 1,000 Base salary component component Remuneration 1 2025 2024 Simon Haus, ceo 385 154 77 120 736 671 Total current 2 1,202 481 154 335 2,171 1,594 Executive Board Total former n/a n/a n/a n/a n/a 565 Executive Board Total Executive Board 1,202 481 154 335 2,171 2,159 1 Employer contribution to pension fund, social and staff insurance ( ahv, alv, Uvg etc.) and benefits in kind 2 Including additional management position from May 2025 The Board of Directors had a maximum total remuneration of chf 2.1 million at its disposal for the reporting year, as prospec - tively approved by the 2024 Annual General Meeting. The total amount was exceeded due to an additional management position. In accordance with Article 33 (2) of the Articles of Association, the company is entitled to pay an additional amount of up to 25% of the approved total remuneration to members of the Executive Management who are appointed after the Annual General Meeting. Without this additional appointment of a mem - ber of the Executive Management, the total remuneration of the Executive Management would be below the approved maximum remuneration. The performance-related remuneration will be paid after the 2026 Annual General Meeting on 2 April 2026. The ceo has declared to the company that he will increase his bonus payment in the form of shares to 50%. Expense Allowance The lump-sum expenses approved by the tax office are not included in the remuneration shown, as they represent reimburse- ment of expenses. In the reporting year, they amounted to between chf 14,400 and chf 21,600 per member of the Executive Man- agement on an annualised basis.
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48 Intershop Group: Annual Report 2025 Term of Employment Contracts and Severance Payments The employment contracts with the members of the Executive Management are open-ended and can be terminated with six months’ notice to the end of a month. Intershop did not agree on any severance payments. Salary Ratio The salary ratio in the Group was 9.5 to 1 at the end of 2025 (31 December 2024: 9.6 to 1). The salary ratio represents the total annual remuneration (base salary plus bonus) of the highest- paid person in relation to the total annual remuneration (base salary plus bonus) of the person with the lowest income in the Group on the balance sheet date. Temporary employees and apprentices are excluded. The salaries of part-time employees are extrapolated to 100%. Shareholdings As of the balance sheet date, members of the Board of Directors and Executive Management held the following shares in Intershop Holding ag: Number of shares 31.12.2025 31.12.2024 Ernst Schaufelberger, Chairman 2,580 2,250 Christoph Nater, member of the BoD 365 200 Gabriela Theus, member of the BoD 225 n/a Gregor Bucher, former member of the BoD n/a – Simon Haus, ceo 572 412 Florian Balschun, cfo 1,500 – Yannick Hartmann, Head of Real Estate 115 25 Mireille Lehmann, Head of Construction and – – Development Khoa Trinh, Head of Transactions – n/a Total 5,357 2,887 Loans to Members of the Board of Directors and Executive Management There were no claims against members of the Board of Direc- tors or Executive Management or persons closely associated with them arising from loans, credits, obligations from guaran - tees or collateral provided for the benefit of these persons. Non-Market-Standard Remuneration In the 2025 financial year, Intershop did not make any non- market-standard payments to persons associated with current or former members of its governing bodies, nor did the company make any payments in connection with non-competition clauses. Intershop paid market-standard compensation to mme Legal ag, Zurich, in connection with legal advice.
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49 Intershop Group: Annual Report 2025 Participation Rights and Options on such Rights Intershop did not grant participation rights or options on such rights to members of the Board of Directors, the Executive Manage- ment or persons closely associated with current members. Activities of Members of the Board of Directors and Executive Management Name, role Activities Ernst Schaufelberger, Chairman Chairman of the Board of Directors, Töpferdörfli ag, Zurich Christoph Nater, member of the BoD Member of the Board of Directors, mme Legal ag, Zug Member of the Board of Directors, Balanx ag, Zurich Member of the Board of Directors, Athlema ag, Cham Member of the Board of Trustees, Diakoniewerk Neumünster – Swiss Nursing School Foundation, Zollikon Member of the Board of Trustees of the Davos Festival Foundation, Davos Member of the Board of Trustees, Right to Play Foundation, Zurich Gabriela Theus, member of the BoD since 1 April 2025 Managing Director of Immofonds Asset Management ag and member of the Board of Directors of various group companies Vice-Chair of the Board of Directors of sia -Haus ag, Zurich Vice-Chair of the Board of Trustees of the Swiss Foundation for Building Culture Gregor Bucher, member of the BoD until 1 April 2025 Member of the Board of Directors, aa ndromeda ag, Herrliberg Member of the Board of Directors, Avobis Invest ag, Zurich Member of the Board of Trustees of Utilita Investment Foundation for Non-Profit Real Estate, Bern Member of the Advisory Board of tme Associates, Zurich Advisory mandate for sfp Group, Zurich, representation in real estate-related associations Member of the Herrliberg Building Commission Simon Haus, ceo Member of the Board of Trustees, Serata Foundation for the Elderly, Thalwil Florian Balschun, cfo No activities or interests outside the Intershop Group Yannick Hartmann, Head of Real Estate No activities or interests outside the Intershop Group Mireille Lehmann, Head of Construction and Development No activities or interests outside the Intershop Group Khoa Trinh, Head of Transactions No activities or interests outside the Intershop Group
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50 Intershop Group: Annual Report 2025 Report of the Statutory Auditors PricewaterhouseCoopers AG, Bahnhofplatz 8, 8400 Winterthur +41 58 792 71 00 www.pwc.ch PricewaterhouseCoopers AG is a member of the global PricewaterhouseCoopers network of firms, each of which is a separate and independent legal entity. Report of the statutory auditor to the General Meeting of Intershop Holding AG, Zurich Opinion We have audited the remuneration report of Intershop Holding AG (the Company) for the year ended 31 December 2025. The audit was limited to the information pursuant to article 734a-734f of the Swiss Code of Obligations (CO) in the tables “Remuneration of the Board of Directors”, “Compensation of the Executive Board”, “Shareholding”, “Loans to members of the Board of Directors and the Executive Board”, “Non-Market- Standard Remuneration”, “Participation rights and options on such rights”, “Activities of members of the Board of Directors and the Executive Board” of the remuneration report. In our opinion, the information pursuant to article 734a-734f CO in the remuneration report (pages 42 to 49) complies with Swiss law and the Company’s articles of incorporation. Basis for opinion We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our responsibilities under those provisions and standards are further described in the 'Auditor’s responsibilities for the audit of the remuneration report' section of our report. We are independent of the Company in accordance with the provisions of Swiss law and the requirements of the Swiss audit profession, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other information The Board of Directors is responsible for the other information. The other information comprises the information included in the annual report, but does not include the audited tables in the remuneration report, the consolidated financial statements, the financial statements and our auditor’s reports thereon. Our opinion on the remuneration report does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the remuneration report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the audited financial information in the remuneration report or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 50 Intershop Group: Annual Report 2025
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51 Intershop Group: Annual Report 2025 PricewaterhouseCoopers AG, Bahnhofplatz 8, 8400 Winterthur +41 58 792 71 00 www.pwc.ch PricewaterhouseCoopers AG is a member of the global PricewaterhouseCoopers network of firms, each of which is a separate and independent legal entity. Report of the statutory auditor to the General Meeting of Intershop Holding AG, Zurich Opinion We have audited the remuneration report of Intershop Holding AG (the Company) for the year ended 31 December 2025. The audit was limited to the information pursuant to article 734a-734f of the Swiss Code of Obligations (CO) in the tables “Remuneration of the Board of Directors”, “Compensation of the Executive Board”, “Shareholding”, “Loans to members of the Board of Directors and the Executive Board”, “Non-Market- Standard Remuneration”, “Participation rights and options on such rights”, “Activities of members of the Board of Directors and the Executive Board” of the remuneration report. In our opinion, the information pursuant to article 734a-734f CO in the remuneration report (pages 42 to 49) complies with Swiss law and the Company’s articles of incorporation. Basis for opinion We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our responsibilities under those provisions and standards are further described in the 'Auditor’s responsibilities for the audit of the remuneration report' section of our report. We are independent of the Company in accordance with the provisions of Swiss law and the requirements of the Swiss audit profession, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other information The Board of Directors is responsible for the other information. The other information comprises the information included in the annual report, but does not include the audited tables in the remuneration report, the consolidated financial statements, the financial statements and our auditor’s reports thereon. Our opinion on the remuneration report does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the remuneration report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the audited financial information in the remuneration report or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 50 Intershop Group: Annual Report 2025 2 Report of the statutory auditor to the General Meeting of Intershop Holding AG, Zurich Board of Directors’ responsibilities for the remuneration report The Board of Directors is responsible for the preparation of a remuneration report in accordance with the provisions of Swiss law and the Company’s articles of incorporation, and for such internal control as the Board of Directors determines is necessary to enable the preparation of a remuneration report that is free from material misstatement, whether due to fraud or error. It is also charged with structuring the remuneration principles and specifying the individual remuneration components. Auditor’s responsibilities for the audit of the remuneration report Our objectives are to obtain reasonable assurance about whether the information pursuant to article 734a-734f CO is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Swiss law and SA-CH will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this remuneration report. As part of an audit in accordance with Swiss law and SA-CH, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement in the remuneration report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made. 51 Intershop Group: Annual Report 2025
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52 Intershop Group: Annual Report 2025 3 Report of the statutory auditor to the General Meeting of Intershop Holding AG, Zurich We communicate with the Board of Directors or its relevant committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the Board of Directors or its relevant committee with a statement that we have complied with relevant ethical requirements regarding independence, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. PricewaterhouseCoopers AG Philipp Gnädinger Marco Amrein Licensed audit expert Licensed audit expert Auditor in charge Winterthur, 25 February 2026 52 Intershop Group: Annual Report 2025
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53 Intershop Group: Annual Report 2025 Annual Report 2025 Intershop Group Consolidated Financial Statements 2025 Consolidated Balance Sheet as of 31 December 54 Consolidated Income Statement 55 Consolidated Statement of Changes in Equity 56 Consolidated Cash Flow Statement 57 Notes to the Consolidated Financial Statements 58 Risk Management 65 Details on the Consolidated Financial Statements 69 Subsidiaries and Shareholdings 82
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54 Intershop Group: Annual Report 2025 Consolidated Balance Sheet as of 31 December in chf 1,000 Notes 31.12.2025 31.12.2024 1 Assets Current assets Cash 4 46,485 20,476 Trade receivables 5 1,006 826 Other receivables 5 7,250 11,872 Promotional projects 6 20,844 17,401 Accrued income and prepaid expenses 5 2,088 1,386 Total current assets 77,673 51,961 Non-current assets Investment properties 6 1,729,272 1,574,306 Other equipment 268 264 Intangible assets 349 257 Deferred tax assets 10 147 272 Total non-current assets 1,730,036 1,575,099 Total assets 1,807,709 1,627,060 Shareholders’ Current liabilities equity and liabilities Short term financial liabilities 9 121,423 115,320 Trade payables 7 3,193 5,836 Tax liabilities 23,931 20,815 Short term provisions 8 685 469 Accrued expenses and deferred income 7 15,326 11,884 Total current liabilities 164,558 154,324 Non-current liabilities Long term financial liabilities 9 368,605 406,692 Deferred tax liabilities 10 176,395 129,700 Long term provisions 8 1,100 1,390 Total non-current liabilities 546,100 537,782 Total liabilities 710,658 692,106 Shareholders’ equity Share capital 11 19,000 19,000 Capital reserves 7,758 7,759 Treasury shares 11 –35,767 –35,767 Retained earnings 1,106,060 943,962 Total shareholders’ equity 1,097,051 934,954 Total shareholders’ equity and liabilities 1,807,709 1,627,060 1 See notes to the consolidated financial statements: Consolidation principles – Change in Accounting Policy: New Presentation of the Real Estate Port - folio The disclosures in the notes form an integral part of the consolidated financial statements.
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55 Intershop Group: Annual Report 2025 Consolidated Income Statement in chf 1,000 Notes 2025 2024 Rental income 15 86,536 82,248 Income from sale of promotional projects 16 7 – Net gains from investment property disposals 17 29,386 23,168 Other income 18 3,185 3,657 Total operating income 119,114 109,073 Property expense 19 9,360 9,047 Expense from sale of promotional projects 16 –212 –360 Personnel expense 20 11,206 10,436 Administrative expense 21 3,956 3,490 Total operating expense 24,310 22,613 Changes in fair value of properties 23 188,486 59,735 Operating result ( ebit) 283,290 146,195 Financial income 2 200 Financial expense 24 –7,199 –10,019 Profit before taxes 276,093 136,376 Tax expense 25 –63,299 –18,909 Net income 212,794 117,467 Earnings per share ( chf) 26 23.09 12.74 Earnings per share (diluted) ( chf) 26 23.09 12.74 There are no minority interests. The disclosures in the notes form an integral part of the consolidated financial statements.
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56 Intershop Group: Annual Report 2025 Consolidated Statement of Changes in Equity Retained earnings Capital Treasury Other retained Hedging Total in chf 1,000 Notes Share capital reserves shares earnings reserve capital Balance as at 1.1.2024 19,000 7,759 –35,767 877,191 –869 867,314 Dividend payment –50,696 –50,696 Change of derivative financial instruments 1 869 869 Net income 117,467 117,467 Balance as at 31.12.2024 19,000 7,759 –35,767 943,962 – 934,954 Purchase of treasury shares 11 –91 –91 Share-based payments 11 –1 91 90 Dividend payment –50,696 –50,696 Net income 212,794 212,794 Balance as at 31.12.2025 19,000 7,758 –35,767 1,106,060 – 1,097,051 1 after-tax effects The disclosures in the notes form an integral part of the consolidated financial statements.
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57 Intershop Group: Annual Report 2025 Consolidated Cash Flow Statement in chf 1,000 Notes 2025 2024 Net income 212,794 117,467 Taxes 25 63,299 18,908 Changes in fair value of properties 23 –188,486 –59,735 Depreciation 21 228 104 Interest income –5 –198 Other financial income 3 –1 Interest received 5 199 Interest expense 24 7,199 10,018 Interest paid –5,574 –9,546 Taxes paid –13,013 –1,381 Net gains from investment property disposal 16, 17 –29,605 –23,528 Net gains from sale of equipment – –44 Receipts from sale of promotional projects 5 348 Payments for investments in promotional projects –3,902 –15,316 Non-cash change in provisions –74 –379 Change in trade receivables 5 –180 –15 Change in trade payables 7 –441 – Change in accrued income and prepaid expenses 5 –702 – Change in accrued expenses and deferred income 7 2,103 –1,736 Change in other receivables 4,088 –4,343 Other non-cash income and expense – –94 Net cash from operating activities 47,742 30,728 Payments for acquisitions and investments in investment properties –93,878 –193,631 Receipts from disposals of investment properties 155,406 76,549 Payments for purchases of other equipment –325 –477 and intangible assets Proceeds from sale of other equipment – 44 Net cash from investing activities 61,203 –117,515 Proceeds from financial liabilities 9 198,728 188,558 Repayment of financial liabilities 9 –230,879 –47,900 Dividend payment –50,696 –50,696 Purchase of treasury shares 11 –91 – Net cash used for financing activities –82,938 89,962 Change in cash 26,008 3,175 Cash at beginning of reporting period 4 20,476 17,301 Cash at end of reporting period 4 46,485 20,476 The disclosures in the notes form an integral part of the consolidated financial statements.
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58 Intershop Group: Annual Report 2025 Notes to the Consolidated Financial Statements Accounting Principles Basis of Consolidation The consolidated financial statements 2025 of the Intershop Group have been prepared in accordance with Swiss gaap fer (the entire set of rules, including fer 31) and Art. 17 of the Accounting Directive of six Exchange Regulation. They provide a true and fair view of the financial position of the Intershop Group and of its earnings and cash flows. Consolidation Principles Change in Accounting Policy: New Presentation of the Real Estate Portfolio Intershop discontinued the previous division of the portfolio into investment properties and development properties to ensure consistent presentation of the integrated real estate portfolio. The new structure more accurately reflects the business model with the ongoing development of the portfolio. It also simplifies the comparability of reporting with other real estate companies. Intershop made the change to the accounting principle retrospectively. It has no impact on the total assets, equity, income statement or net income. Investment properties continue to be valued at market value in accordance with Art. 17 of the Accounting Directive of six Exchange Regulation. There are no financial implications for the present annual financial statements. In the previous year, Intershop reported investment properties amounting to chf 1,105,259,000 and development properties amounting to chf 469,047,000. These are now presented in the current consolidated financial statements under “investment properties” with an amount of chf 1,574,306,000. In the notes to the consolidated financial statements, “invest - ment properties” are reported in accordance with the accounting principles, broken down according to the new definitions into “existing properties” and “properties under construction”. At the end of 2025, Intershop classified all properties to “existing prop - erties”. The only exceptions were the two construction projects, “Bento” in Baden ( ag) and “Bloom” in Lausanne ( vd), which were classified as “properties under construction”. Consequently, this also has no impact on the financial key figures. Scope of Consolidation The consolidated financial statements of the Intershop Group include the financial statements of Intershop Holding ag and all the subsidiaries it controls either directly or indirectly by majority of votes or other means (hereinafter referred to as “Intershop”, “Intershop Group” or “Group”). These investments are fully con - solidated. Investments in associated companies where the share of investment is between 20% and 50% of the voting rights, are accounted for using the equity method. Investments with a share of less than 20% are recognised at acquisition cost less any provision for impairment. The consolidated financial
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59 Intershop Group: Annual Report 2025 statements are based on the individual financial statements from the group companies prepared in accordance with stand - ard guidelines. The reporting date is 31 December. Prior year figures are shown in brackets. If no other information is provided, the disclosure is in chf 1,000. Intercompany Transactions and Relationships All intercompany assets and liabilities as well as intercompany services have been eliminated within the framework of the con - solidation. Capital Consolidation Capital consolidation is carried out using the purchase method. On initial recognition, share capital of the subsidiary company is set off against the investment in the parent company. For newly-formed subsidiaries, this occurs at the time of its foundation. The difference between the purchase price of an acquired company and the fair value of the resulting net assets acquired (goodwill) is set off against shareholders’ equity. Upon subsequent disposal of an investment in group companies, the difference between the sales proceeds and pro rata book value including historical goodwill is disclosed as profit or loss in the consolidated income statement. Subsidiaries disposed of during the course of the year will be elimi- nated from the consolidation from the date of sale. The share of equity and profit attributable to minority shareholders will be sepa- rately disclosed in the consolidated accounts. At the balance sheet date, no outstanding minority interests existed. Foreign Currency Translation The reporting currency for the consolidated financial statements and all Group companies is the Swiss franc (chf). Segment Reporting The companies of the Intershop Group currently operate exclu- sively in Switzerland and do not carry out any significant activities for third parties. The Board of Directors and Executive Manage- ment also manage the real estate portfolio, consisting of invest- ment properties and promotional projects, as a single entity. For this reason, no segment reporting has been prepared. Valuation Principles The consolidated financial statements have been prepared in accordance with the historical cost principle, with the exception of investment properties and any hedging transactions, which Intershop recognises at market value. Cash and Cash Equivalents Cash comprises cash in hand, post and bank deposits as well as fixed-term deposits with a term of up to 90 days and are rec - ognised at nominal value. Trade Receivables This position includes receivables from ordinary activities, primarily rent receivables, which are recognised at nominal value less any necessary business impairment. As a rule, rent receivables
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60 Intershop Group: Annual Report 2025 that are older than two months are considered at risk and are suitably provided for. Changes in the value of these provisions are disclosed as part of rental income. Other Receivables and Accruals Other receivables and accruals are recognised at nominal value less any necessary impairment. Promotional Projects Promotional projects are properties under construction, which are intended to be disposed of immediately after comple - tion. They are disclosed as inventories and recorded at amor - tised cost less any impairment and shown as part of current assets. Income and expenses from the sale of promotional projects are recognised in the income statement as “income from the sale of promotional projects” and “expenses from the sale of promotional projects”. Investment Properties Investment properties are properties that are held for invest - ment and yield purposes in accordance with the Group’s invest - ment policy and do not qualify as promotional projects. They are divided into two categories: — Existing properties: Developed and undeveloped land that is in regular use or usable and is held to generate rental income and/ or for long-term value retention. This also includes building land, provided it is not intended for a promotional project. — Properties under construction: Properties that are temporarily not in regular use due to substantial structural changes. Reclas - sification takes place from the documented investment decision until no later than six months after completion of construction work, in each case at the end of a half-year. A prerequisite for reclassification is a documented decision, for which the following criteria, among others, are used internally (in the case of sites, Intershop decides on the basis of economic considera - tions): 1) Investments of more than 25% of the market value prior to the decision and 2) Construction/renovation period of at least twelve months. Investment properties that are likely to be sold within a year are reported by Intershop as “properties held for sale”. As a rule, notarised purchase agreements are already in place for these properties. They are recognised in current assets at the lower of market value and expected selling price minus costs to sell. Intershop assesses investment properties at market value. The market value is determined by independent valuation experts using the discounted cash flow ( dcf) method. Changes in market value are credited or debited to the result for the period, taking deferred taxes into account. Intershop segments its investment properties into seven major geographical regions by canton. Employee Pensions The Group has several pension plans for its employees that are organised in independent foundations or insurance companies and are in accordance with the legal requirements in Switzer -
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61 Intershop Group: Annual Report 2025 land. They provide benefits in the event of retirement, death or invalidity. The plans are financed by employer and employee contributions and are calculated as a percentage of the insured salaries. The consolidated income statement includes accrued payments due to the foundations and insurance companies as well as the ongoing expenses for the fulfilment of the remaining pension plans. The valuation and disclosure of the Swiss pension obligations is in accordance with Swiss gaap fer 16. Actual economic effects on the Group of the pension plans are consid - ered at the balance sheet date. An economic benefit is disclosed as an asset if it can be used to reduce future pension expenses of the Group. An economic obligation is disclosed as a liability if the prerequisites for a future pension provision of the Group exist. Freely available employer contribution reserves are sepa - rately recorded as assets. The change in the employer contribu - tion reserve is recorded in the consolidated income statement as a personnel expense or financial income. Financial Liabilities Loans, mortgages, private placements and bonds which are generally concluded on a long-term basis are recognised as long-term financial liabilities in the consolidated balance sheet. For bonds, Intershop capitalises the issue premium and issue costs and amortises them over the term. The tranches due within twelve months of the balance sheet date are disclosed as short term financial liabilities. Derivative Financial Instruments In the Intershop Group, derivative financial instruments are usually used for interest rate hedges and sometimes in currency hedging. They are recognised in the consolidated balance sheet at the acquisition date at original value and subsequently at fair value. The changes in fair value resulting from cash-flow hedges (unrealised gains and losses) are recognised directly in equity. Changes in the fair value of derivatives without hedging compo - nents are recognised in the consolidated income statement. Contracts due within twelve months of the balance sheet date are disclosed as current assets or short term financial liabilities. Liabilities Intershop recognises trade payables and deferred income/ accrued expenses at their nominal value. Provisions Provisions are obligations based on past events whose amount and/or due dates are uncertain but can be estimated. Intershop recognises provisions on the basis of probable, expected cash outflows, reassesses them as of the balance sheet date and reports them as current or non-current liabilities according to their expected due dates. Deferred Tax Assets and Liabilities Deferred tax liabilities are accounted for in accordance with the balance sheet liability method. They are recognised on tem - porary differences between the consolidated balance sheet and the local tax balance sheet value of assets and liabilities and calculated using the current tax rates applicable for the respec -
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62 Intershop Group: Annual Report 2025 tive locations and expensed through the consolidated income statement and disclosed as non-current liabilities in the consoli - dated balance sheet. They include deferred taxes on the revaluation of investment properties. In determining any property gains tax, the rate will be calculated using the individual tax system gov - erning at the location of the property and include a holding period based on the asset strategy for each property. For newly acquired properties, a minimum holding period of three years will be used to reduce the effects of any existing speculation surcharges. Changes to local tax rates will be included in the calculation of deferred tax. The temporary differences are netted against any eligible taxable losses at individual company level. In addition, deferred tax assets from tax loss carry-forwards are only capitalised if it is reasonably certain that they are recoverable through future taxable income. As external and independent valuations have been available for all properties with a corresponding holding period of twenty years, Intershop now uses the market value from twenty years ago when calculating the provisions for deferred taxes in the relevant cantons. Leasing Contracts for the use of land for which ground rent is paid are assessed to determine whether they are to be classified as operating leases or finance leases. Payments under operating leases are recognised in the income statement over the term of the lease or building lease and are disclosed in the notes. Income Taxes The current income taxes are calculated using the appropriate local current tax rates and are in accordance with the current fiscal regulations. They are also based on the expected tax results for the period and are disclosed as tax liabilities on the consolidated balance sheet.
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63 Intershop Group: Annual Report 2025 Income Recognition The “rental income” is income from the rental of properties and includes net rental income, i.e. target rental income less rents lost due to vacancies. Income is recorded on an accruals basis in the consolidated income statement and is based on the contractual agreements. The “net gains from investment property disposal” consists of the difference between the net sales proceeds on the disposal of invest- ment property (i.e. after deduction of all costs relating to the sales but excluding taxes) and its fair value as reported in the previous year’s consolidated balance sheet plus any capitalised investment made during the course of the year under review. Income and expenses from the sale of promotional projects are recognised in the income statement as “income from the sale of promotional projects” and “expenses from the sale of promotional projects”. It is recognised at the time the respective units are transferred. The “other income” primarily includes services that are charged to third parties (usually tenants). The income is recorded on an accruals basis. The “property expense” consists of maintenance and repair work and general operating expenses (property management expenses, insurance costs, property taxes and fees and land rents). In addition, non-refundable service charges are also recorded under this position. The investment properties are valued by an independent valuation expert. The “changes in fair value of properties” are disclosed in the consolidated income statement.
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64 Intershop Group: Annual Report 2025 Estimates and Assumptions In preparing the consolidated financial statements in accord - ance with Swiss gaap fer, management is required to make estimates and assumptions that can influence reported income, expense, assets and liabilities at the time the statements are drawn up. The estimates and assumptions used are based on past experience as well as on other factors which appear plausible at that specific point in time. The estimates and assumptions are reviewed on an ongoing basis. The effective values can never - theless deviate from the original estimates. The most important items that are based on estimates and assumptions are listed below: Market Value of Investment Properties The independent valuation expert determines the market value of investment properties. Changes in assumptions or unexpected developments may significantly affect the market value of investment properties in the future. Provisions The Group has recognised provisions for legal disputes and warranty commitments based on a current risk assessment. The provisions recognised may prove to be insufficient or excessive. New claims may also be brought against the Group, which could have an impact on future years under review. Deferred Tax Liabilities Deferred tax liabilities are calculated based on current or expected tax rates and, in the case of property gains tax, on the expected holding period. Changes in tax rates and, in the case of property gains tax, different holding periods may affect the tax expense in future years under review.
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65 Intershop Group: Annual Report 2025 Risk Management Principle Intershop attaches great importance to risk management and regularly addresses this topic at management and Board meetings. The following risks could have a significant impact on the Group’s future earnings and thus on the value of the company: Market Risk General economic developments have a significant impact on demand for rental space and thus on rental prices and vacancy rates. Regional and sector-specific developments vary. Intershop attempts to mitigate this risk by maintaining a well-diversified real estate portfolio in terms of both geography and use. The independent valuation expert verifies the market rents included in the valuation at each revaluation using its rental price data - bases. It determines the reduction of any vacancies on an indi - vidual basis for each property, taking into account current market developments. An increase or decrease of 5% in the rental market prices underlying the estimates for all investment properties would result in a revaluation of the investment properties by chf 90.9 million or 5.3% at the balance sheet date (2024: chf 56 million or 3.5%) or a devaluation of chf 91.2 million or 5.3% (2024: chf 55 million or 3.5%) at the balance sheet date. In accordance with the Group’s investment policy, total real estate investments must be spread across at least twenty prop - erties. The market value of a single property may not exceed one third of the total market value of all properties. In terms of use, the focus is mainly on office, retail and commercial properties. The maximum share of total rental income is limited to two- thirds for office use and 50% for the other two types of use. Intershop also invests primarily in properties in good locations with average rental prices, which generally react less strongly to changes in economic development. Credit Risk General economic developments influence the solvency of tenants. This can lead to rent defaults. Intershop therefore tries to avoid dependence on a very large counterparty wherever possible, unless the counterparty has above-average creditworthiness. Active accounts receivable management also takes account of the risk of default. Interest Rate and Refinancing Risk Intershop deliberately works with financial debt. In accordance with its investment policy, the properties are to be adequately financed with borrowed capital. Accordingly, there is a dependency on interest rate developments. The sale of developed properties is an integral part of the company’s business model. For this reason, Intershop usually only takes on a portion of its borrowed capital with a fixed-interest period in order to avoid any compensation payments due to premature contract terminations. As a rule, the average fixed-interest period ranges between three and five years.
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66 Intershop Group: Annual Report 2025 If market conditions are favourable (e.g. low long-term interest rates), Intershop may also extend the average fixed-interest period. Intershop aims to achieve a balanced maturity profile for its financial liabilities. Interest rate hedging transactions may also be used to hedge mortgages with short-term fixed-interest periods. Based on interest rates on the balance sheet date, a reduction in the short-term interest rate by half a percentage point (50 basis points) would reduce the annual interest costs of financial liabilities with variable interest rates by chf 0.1 million (2024: chf 1.2 million) or increase them by chf 0.2 million (2024: chf 0.5 million). Rising interest rates can also have a negative impact on the fair value of real estate, as discount and capitalisation rates correlate to a certain extent with the interest rate for long-term, risk-free investments. As the majority of Intershop’s rental agreements are index-linked or dependent on sales (turnover rents), the value of the properties should return to normal over a longer period of time despite higher discount rates if inflation rises. A reduction in the average weighted discount rate of 0.1 percentage points (10 basis points) would increase the value of investment properties by chf 65.1 million or 3.8% (2024: chf 40 million or 2.5%) or, with a corresponding increase in the discount rate, reduce it by chf 60.8 million or 3.5% (2024: chf 37 million or 2.4%). Liquidity Risk The aim of Intershop’s liquidity management is to ensure solvency at all times. Intershop also seeks to use liquidity to enable it to quickly complete small to medium-sized acquisitions without prior financing commitments. This often represents an additional advantage in purchase negotiations. One key indicator is “base liquidity”, which is calculated as follows: Cash and cash equivalents + short-term securities + additional secured lending potential on real estate = base liquidity Base liquidity amounted to around chf 275 million as at the balance sheet date (2024: chf 175 million). The Group had no unsecured overdraft facilities as at the balance sheet date. Capital Risk Economic equity corresponds to the equity reported in the balance sheet. Intershop aims to achieve a return on equity of at least 8% on a multi-year average. To achieve this goal, Intershop also uses financial debt, while maintaining its good credit rating. For this reason, Intershop generally does not borrow more than two-thirds of the market value of its real estate with financial debt. Some loan agreements stipulate financial ratios such as interest coverage factors and minimum equity requirements. The strictest capital requirements include a minimum equity ratio of 30%. On the balance sheet date, the equity ratio was 60.7% (2024: 57.5%). Intershop distributes part of its profits to shareholders in the form of dividends. However, the Board of Directors’ proposal also takes current market conditions into account. If market conditions
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67 Intershop Group: Annual Report 2025 do not allow for adequate reinvestment of profits, Intershop may return the unused funds to shareholders in the form of a higher dividend or in another form. Development Risk The development of larger conversions and new buildings also involves various risks. There are uncertainties regarding lettability, compliance with planned costs and also regarding permits and conditions. Intershop therefore generally only begins construction of such projects once an appropriate occu - pancy rate has been achieved or corresponding commitments have been made. In order to minimise the cost risk, Intershop generally signs a total contractor agreement with a cost cap guarantee for large investments. Contaminated Site Risk Acquisitions carry the risk that the properties to be acquired may contain contaminated sites or hazardous materials. Intershop therefore arranges for a comprehensive investigation of contaminated sites if there are any reasons for suspicion. If this reveals a risk, experts quantify it and Intershop deducts it from the purchase price. Otherwise, the counterparty must guarantee to assume the risk, provided that it has the necessary solvency. Intershop classifies the estimated costs for the remediation of contaminated sites as a future investment, unless these are guaranteed by a third party. They are therefore included in the valuations of the independent valuation experts. Environmental Risks, Pandemics and Epidemics The emergence of a rapidly transmissible virus or other disease can have a significant impact on society, businesses and eco- nomic coexistence. The development of the Covid-19 pandemic has shown that a disease can spread worldwide within a very short time and lead to massive restrictions on the movement of people and goods, both internationally and nationally. The indirect effects in particular can have a major impact on the economy, value and supply chains and prices. Intershop has put measures in place to ensure the correct implementation of official requirements, compliance with instruc- tions to employees and the maintenance of business operations. To this end, the technological conditions were created to enable work to be carried out outside the office. Climate Risks Climate change is expected to have a significant impact on the real estate industry and will require substantial investment. The foreseeable global warming is already showing its first effects, which will continue to increase with rising average temperatures. Global measures aim to limit the rise in temperature and minimise the consequences of climate change. Intershop is implementing measures such as replacing fossil fuel heating systems with renewable energies. In addition, a co2 reduction path has been agreed on and transparent sustainability
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68 Intershop Group: Annual Report 2025 reports have been produced. The possible effects of climate change on the portfolio are being examined and, where necessary, accompanied by measures to minimise risk. it Risks it availability risks exist in relation to possible disruptions due to technical failures and cyber attacks, which are becoming increasingly professional and can also affect sme. Several measures have been implemented to mitigate risk, including a cyber attack response process, daily backups with external storage, continuous system updates, use of standard software, firewalls and security programmes, regular security audits, phishing training and avoid- ance of payments without verification. A newly developed it strat- egy with the aim of modernising and standardising the existing heterogeneous it infrastructure and replacing it with future-proof, cloud-based solutions was implemented in 2025.
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69 Intershop Group: Annual Report 2025 Details on the Consolidated Financial Statements 1 Activity The Intershop Group is a real estate company that focuses on the acquisition, management, development and disposal of real estate in Switzerland. Intershop Holding ag, headquartered in Zurich, Switzerland, is listed on six Swiss Exchange and controls all companies in the Intershop Group. 2 Scope of Consolidation In April 2025, Intershop merged the five real estate companies and four management companies in two absorption mergers. This reduced the number of group companies from eleven to four. The scope of consolidation now comprises Intershop Holding ag, Zurich, as the holding company, as well as sgi Schweizerische Gesellschaft für Immobilien ag, Zurich, Intershop Management ag, Zurich, and Intershop Bau ag, Basel. Intershop Holding ag holds a 100% stake in all subsidiaries. All group companies are fully consolidated. A detailed overview of Intershop’s group companies can be found on p. 82. 3 Investment Policy The investment policy was adhered to throughout the year under review. 4 Cash and Cash Equivalents in chf 1,000 31.12.2025 31.12.2024 Bank and cash balances 46,485 20,476 Total 46,485 20,476 Cash and cash equivalents were invested as follows on the balance sheet date: in chf 1,000 31.12.2025 31.12.2024 Rating aaa 11,555 700 Rating aa 4,586 1,539 Rating A 29,918 17,738 Rating bbb – – No rating available 426 499 Total 46,485 20,476 The classification is based on the official long-term ratings of either Standard and Poor’s ( s&p Global Ratings) or Moody’s. If no such rating is available, then the ratings published by Swiss banks are used.
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70 Intershop Group: Annual Report 2025 5 Short-Term Receivables in chf 1,000 31.12.2025 31.12.2024 Trade receivables 1,006 826 Other receivables 7,250 11,872 Total receivables 8,256 12,698 Accrued income and prepaid expenses 2,088 1,386 Total 10,344 14,084 Other short-term receivables mainly include tax receivables. 6 Real Estate Existing Properties Properties Total invest- Promotional Total real in chf 1,000 properties under const. held for sale ment prop. projects estate Balance as at 1.1.2024 1,242,499 129,720 – 1,372,219 3,070 1,375,289 Acquisitions 124,100 14,100 – 138,200 14,250 152,450 Investments 1 18,278 39,255 – 57,533 68 57,601 Disposals –53,380 – – –53,380 13 –53,367 Changes in fair value 60,922 –1,188 – 59,734 – 59,734 of properties Transfer 42,579 –42,579 – – – – Balance as at 31.12.2024 1,434,998 139,308 – 1,574,306 17,401 1,591,707 Acquisitions 45,250 – – 45,250 2,800 48,050 Investments 1 29,261 17,503 – 46,764 659 47,423 Disposals –125,533 – – –125,533 –16 –125,549 Changes in fair value 209,295 –20,810 – 188,485 – 188,485 of properties Transfer 7,745 –7,74 5 – – – – Balance as at 31.12.2025 1,601,016 128,256 – 1,729,272 20,844 1,750,116 1 Investments include non-cash transactions from the accrual of construction costs and from trade payables Acquisition costs and book value: Acquisition costs 1 Book value 2 in chf 1,000 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Investment properties 1,123,004 1,145,072 1,601,016 1,434,998 Properties under construction 184,941 176,065 128,256 139,308 Properties held for sale – – – – Total investment properties 1,307,945 1,321,137 1,729,272 1,574,306 Promotional projects 24,956 21,512 20,844 17,401 Total real estate 1,332,901 1,342,649 1,750,116 1,591,707 1 Acquisition costs include all costs associated with the purchase as well as value-enhancing invest - ments 2 Market value according to the independent valua - tion expert (see pp. 110–112) During the year under review, Intershop acquired three properties with a gross purchase price of chf 48.1 million and sold four properties with cumulative gross sales proceeds of around chf 156.5 million. In the 2024 financial year, Intershop purchased a total of seven properties with a gross purchase price of chf 152.5 million and sold six properties. The cumulative gross proceeds amounted to approximately chf 77.1 million. Details of the
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71 Intershop Group: Annual Report 2025 additions and disposals are provided on p. 105. There were no significant additions or disposals within the meaning of the six Exchange Regulation accounting guidelines (> 5% of the total portfolio) in the reporting year. In the 2025 financial year, Intershop reclassified the property at Lehenmattstrasse 260 in Basel ( bs) from “properties under con - struction” to “existing properties” as at 30 June 2025. In the previous year, the property at Chemin de l’Emeraude 10, 22 & 24 in Vernier (ge) was reclassified from “properties under construction” to “existing properties” as of 31 December 2024. Details of the portfolio can be found on pp. 102–105. A description of the development projects can be found on pp. 106–109. 7 Liabilities in chf 1,000 31.12.2025 31.12.2024 Trade payables 3,193 5,836 Accrued expenses and deferred income 15,326 11,884 Total 18,519 17,720 Trade payables include advance payments from tenants and down payments from buyers of promotional projects. Accrued expenses and deferred income include, among other things, accruals for prepaid rent, heating and service charges, interest, performance- related compensation and investments not yet paid. 8 Provisions in chf 1,000 31.12.2025 31.12.2024 Warranties 1,691 1,789 Other 94 70 Total 1,785 1,859 Thereof short term 685 469 Thereof long term 1,100 1,390 9 Financial Liabilities in chf 1,000 31.12.2025 31.12.2024 Mortgages, loans and private placements 25,000 115,320 Bonds 96,423 – Total current financial liabilities 121,423 115,320 Mortgages and loans 169,000 207,000 Bonds 199,605 199,692 Total long-term financial liabilities 368,605 406,692 Total financial liabilities 490,028 522,012 Current financial liabilities are bonds, mortgages, loans and private placements whose contractual terms expire within the next twelve months.
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72 Intershop Group: Annual Report 2025 Maturities of interest-bearing short-term and long-term financial liabilities and fixed interest rates as of 31 December 2025: Fixed interest in chf 1,000 Maturities term < 1 year 121,423 145,423 1 to 2 years 80,000 80,000 2 to 3 years 123,808 99,808 3 to 4 years 99,797 99,797 4 to 5 years – – > 5 years 65,000 65,000 Total 490,028 490,028 The total book value of pledged assets amounted to chf 368 million (2024: chf 762 million). Financial liabilities totalling chf 169 million (2024: chf 297 million) were secured by mort - gages. Intershop reports mortgages, loans and private placements at their nominal value. The fair value of these liabilities was chf 2.5 million higher (2024: chf 6.3 million higher) than the book value. The reason for this is that the interest rate on some of the fixed-rate mortgages and bonds was fixed at a time when interest rates were higher than on the balance sheet date. The average interest rate on financial liabilities was 1.34% (2024: 1.40%) with an average fixed-interest period of 36 months (2024: 38 months). As of the balance sheet date, 95% (2024: 66%) were fixed-rate mortgages, interest-hedged rollover loans or fixed-rate bonds or private placements, and 5% (2024: 34%) were rollover loans without interest hedging. Intershop agreed on financial covenants with various credit institutions, some of which differed. Among the most important was the consolidated equity ratio (at least 30%). Some loan agreements also included financial covenants relating to the interest coverage ratio (≥ 2.0) or the maximum loan-to-value ratio (ltv). The latter varied greatly depending on use, occupancy rate and credit institution. A breach of the guaranteed covenants would allow the credit institution to terminate the loan immediately, regardless of the contractually agreed term. All covenants were complied with in the year under review and in the previous year. Intershop reported the outstanding bonds in its long-term and short-term financing liabilities as follows: in chf 1,000 2025 2024 Balance as at 1.1. 199,692 99,911 Issuance 99,728 99,740 Repayment/buyback –3,559 – Amortisation issue premium and issue costs 167 41 Balance as at balance sheet date 296,028 199,692
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73 Intershop Group: Annual Report 2025 Intershop issued the outstanding bonds on the following terms: 0.3% Green Bond 2021–2026 Face value chf 100m Term 5 years (29.06.2021–29.06.2026) Coupon 0.3%, payable annually on 29.6. Effective interest rate 0.26% Listing six Swiss Exchange isin ch1111392994 1.5% Green Bond 2024–2029 Face value chf 100m Term 5 years (08.11.2024–08.11.2029) Coupon 1.5%, payable annually on 08.11. Effective interest rate 1.49% Listing six Swiss Exchange isin ch1380910377 1.21% Straight Bond 2025–2028 Face value chf 100m Term 3 years (11.02.2025–11.02.2028) Coupon 1.21%, payable annually on 11.02. Effective interest rate 1.21% Listing six Swiss Exchange isin ch1414003421 The bond terms contain obligations that restrict the collater - alisation of certain liabilities and limit the amount of consolidated financial liabilities to 70% of the market value of the properties. The proceeds from the Green Bonds were used within the frame - work of the Green Bond Framework to finance sustainable investments. Intershop complied with these conditions during the year under review.
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74 Intershop Group: Annual Report 2025 1 0 Deferred Tax Assets and Liabilities The following table shows the deferred taxes per balance sheet item resulting from the difference between the balance sheet according to Group guidelines and the tax balance sheet of the consolidated companies: 31.12.2025 31.12.2024 in chf 1,000 Assets Liabilities Assets Liabilities Properties – 176,395 – 129,700 Other balance sheet items – – 19 – Losses 147 – 253 – Total 147 176,395 272 129,700 There were no tax loss carryforwards that were unlikely to be utilised, thus Intershop did not take them into account when deter- mining deferred taxes. The temporary differences relating to the investments of Intershop Holding ag, on which no deferred tax liabilities were recognised, amounted to chf 802 million (2024: chf 654 million) as of the balance sheet date. 1 1 Share Capital The share capital developed as follows: Shares at nominal Total nominal chf 2 value (number) (in chf 1,000) Issued share capital as at 31.12.2024 9,500,000 19,000 Issued share capital as at 31.12.2025 9,500,000 19,000 The development of treasury shares is shown in the following table: Acquisition Shares costs (number) (in chf 1,000) Balance as at 1.1.2024 56,500 35,767 Addition through share split 226,000 – Balance as at 31.12.2024 282,500 35,767 Purchase of treasury shares 660 91 Share-based payments (participation plan) –660 –90 Price difference – –1 Balance as at 31.12.2025 282,500 35,767 1 2 Net Asset Value ( nav) per Share The net asset value (nav) developed as follows: 31.12.2025 31.12.2024 Shareholders’ equity 1 1,097,051 934,954 Number of shares outstanding 2 9,217,500 9,217,500 Net asset value ( nav) 3 119.02 101.43 1 In chf 1,000 2 Issued shares less treasury shares at balance sheet date 3 In chf
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75 Intershop Group: Annual Report 2025 1 3 Significant Shareholders The following shareholders reported holdings of at least 3% and made the corresponding disclosures in accordance with the Financial Market Infrastructure Act ( fmia): in % 31.12.2025 31.12.2024 Patinex ag, Wilen ≥ 33¹/3% < 50% ≥ 33¹/3% < 50% (Martin and Rosmarie Ebner) ubs Fund Management ≥ 5% < 10% ≥ 5 % < 10% (Switzerland) ag, Basel Hansjörg Graf, Wollerau ≥ 3% < 5% n / a Relag Holding ag, Hergiswil ≥ 3% < 5% ≥ 3% < 5% BlackRock Inc., New York, usa ≥ 3% < 5% n / a Hansjörg Graf, Wollerau, n / a ≥ 3% < 5% via Grapal Holding ag, Zug 1 4 Related Parties In addition to the members of the Board of Directors, the members of the Executive Management and the companies controlled by them, Patinex ag is also considered a related party due to its shareholding. Intershop obtains legal advice from several law firms, including mme Legal ag, of which Christoph Nater, member of the Board of Directors of Intershop Holding ag, is a partner. In the 2025 financial year, mme Legal ag invoiced fees of chf 0.1 million (2024: chf 0.2 million). There were no other transactions with related parties. Neither in the reporting year nor in the previous year did Intershop issue any guarantees or other financial obligations in favour of a related party. 1 5 Rental Income in chf 1,000 2025 2024 Investment properties Zurich 43,403 40,857 Lake Geneva region 13,924 16,275 Northwestern Switzerland 8,834 9,757 Espace Mittelland 6,179 2,438 Eastern Switzerland 2,839 3,126 Central Switzerland 2,303 3,061 Properties under construction 4,060 3,416 Sold properties 4,994 3,318 Total 86,536 82,248 Rental income increased primarily as a result of transactions carried out in 2024 and 2025. The income from the property at Lehenmattstrasse 260 in Basel (bs), which was reclassified from “properties under con - struction” to “existing properties” as of 30 June 2025, is reported under “properties under construction” in the first half of 2025. The income from the property at Chemin de l’Emeraude 10, 22 & 24 in Vernier ( ge), which was reclassified from “properties under construction” to “existing properties” as at 31 December 2024, is reported under “properties under construction” for the 2024 financial year.
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76 Intershop Group: Annual Report 2025 As at the balance sheet date, the maturity of the rental agree - ments was as follows: in % of rental income 31.12.2025 31.12.2024 Residential 8.5 9.5 Parking without fixed maturity 3.9 3.7 Without fixed maturity 12.5 12.8 < 1 year 5.6 10.9 1 to 2 years 11.2 12.1 2 to 3 years 9.4 9.3 3 to 4 years 12.0 9.2 4 to 5 years 6.6 9.9 > 5 years 30.3 22.6 Total 100.0 100.0 Intershop does not generally conclude residential leases for a fixed term. They are terminable in accordance with the statutory conditions. Leases without a fixed expiry date are generally those that have been converted into a lease without a defined expiry date after the original lease term has expired. The five largest tenants as of the balance sheet date are listed below: in % of rental income 31.12.2025 31.12.2024 Canton of Vaud 5.1 5.2 Sauvin Schmidt sa 4.8 4.6 Canton of Zurich 3.9 3.9 Coop 2.9 2.6 Migros 2.4 2.3 Total 19.1 18.6 The share of the public sector, which includes all leases with the federal government, cantons, municipalities or related legal entities and organisations, amounted to 10.6% (2024: 11.0%). 1 6 Net Gain from Sale of Promotional Projects in chf 1,000 2025 2024 Income from sale of promotional projects 7 – Adjustments of provisions and accruals 235 360 for warranties Fair value at the beginning of the year –21 – Investments current year – – Disposal costs –2 – Expense from sale of promotional projects 212 360 Net gain from sale of promotional projects 219 360
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77 Intershop Group: Annual Report 2025 1 7 Net Gain from Investment Property Disposals in chf 1,000 2025 2024 Sales proceeds investment properties 156,520 77,109 Change in provision for warranties – 98 Fair value at the beginning of the year –124,831 –52,549 Investments current year –897 –845 Gross gains from property disposals 30,792 23,813 Disposal costs –1,406 –645 Net gains from investment property disposal 29,386 23,168 Detailed information on disposals can be found on p. 105. 1 8 Other Income in chf 1,000 2025 2024 Service income 3,128 3,513 Other revenues 57 144 Total 3,185 3,657 Other income includes income from services provided by Group companies to third parties as well as other revenues. 1 9 Property Expense in chf 1,000 2025 2024 Investment properties Zurich 3,189 3,340 Lake Geneva region 1,648 1,893 Espace Mittelland 1,028 359 Northwestern Switzerland 976 894 Eastern Switzerland 409 319 Central Switzerland 311 360 Properties under construction 1,144 1,274 Sold properties 644 606 Promotional projects 11 2 Total 9,360 9,047 The expense for the property at Lehenmattstrasse 260 in Basel (bs), which was reclassified from “properties under construction” to “existing properties” as of 30 June 2025, is reported under “properties under construction” in the first half of 2025. The expense for the property at Chemin de l’Emeraude 10, 22 & 24 in Vernier (ge), which was reclassified from “properties under construction” to “existing properties” as at 31 December 2024, is reported under “properties under construction” for the 2024 financial year.
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78 Intershop Group: Annual Report 2025 Property expense was composed as follows: in chf 1,000 2025 2024 Maintenance and repair 2,705 2,894 Third-party rent 29 30 Insurance expense 1,182 1,025 Taxes and duties 747 804 Ground rent 1,050 1,068 Property management fees 499 508 Non-recoverable service charges 2,147 1,817 Other expenses 1,001 901 Total 9,360 9,047 2 0 Personnel Expense in chf 1,000 2025 2024 Wages and salaries 7,991 7,696 Performance-related compensation 1,313 880 Social security 824 828 Pension contributions 721 741 Other personnel expenses 357 291 Total 11,206 10,436 2 1 Administrative Expense in chf 1,000 2025 2024 Administrative and general expense 3,318 2,962 Capital tax 410 424 Depreciation 228 104 Total 3,956 3,490 2 2 Employee Pensions The surpluses in the corresponding pension plans are not intended for economic use by the Group: Economic benefit, economic obligation and pension expense Change compared to 2024 or recog- Contributions Excess cover / Economic benefit nised in profit or accrued for Pension expenses in shortfall of the organisation loss in 2025 the period personnel expenses in chf 1,000 31.12.2025 31.12.2025 31.12.2024 2025 2024 Pension plans without – – – – 220 220 258 excess cover/shortfall Pension plans with – – – – 501 501 483 excess cover Total – – – – 721 721 741
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79 Intershop Group: Annual Report 2025 2 3 Changes in Fair Value of Properties in chf 1,000 2025 2024 Increase in value of investment properties 222,564 79,268 Decrease in value of investment properties –34,078 –19,533 Total 188,486 59,735 Intershop commissioned cbre (Zurich) ag, Zurich, as an independent valuation expert for the first time. The capital- weighted average real capitalisation rate was 3.21% for the investment properties. The report of the independent valuation expert for the investment properties can be found on pp. 110– 112. Assumptions used in the valuations of investment properties as at 31 December 2025: Target rent chf m 94.6 Rental income potential Percent 11.6 wault Years 4.6 Discount rate forecast from Percent 3.32 to Percent 5.53 average Percent 4.24 Net capitalisation rate exit from Percent 2.30 to Percent 4.49 average Percent 3.21 Assumptions underlying valuations based on going concern as at 31 December 2025 (average values): in chf /m2 p. a. Actual rent Usage categories Residential 236 Office 217 Commercial/Industrial 126 Retail 263 Restaurants 251 Archive/Storage 87 Parking 114 Due to the change of the independent valuation expert in the 2025 financial year, no comparable figures are available for the previous year’s period, which is why Intershop has decided not to present them. 2 4 Financial Expense in chf 1,000 2025 2024 Interest expense –7,199 –10,018 Other financial expense – –1 Total financial expense –7,199 –10,019 Interest expense comprises interest on mortgages, loans, private placements and bonds. Other financial expenses include losses from the management of cash and cash equivalents.
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80 Intershop Group: Annual Report 2025 2 5 Income Taxes in chf 1,000 2025 2024 Ordinary income tax 16,480 13,632 Deferred taxes 46,819 5,277 Total 63,299 18,909 The following table shows the effects that caused the tax expense to differ from the average rate: in chf 1,000 2025 2024 Profit before taxes 276,093 136,376 Average tax rate 18.92% 18.70% Income tax at average rate 52,237 25,502 Taxes at other rates 1 10,156 –2,334 Tax rate reductions 345 393 Adjustments in respect of prior years 561 –4,652 Total 63,299 18,909 1 Includes the effects of property gains taxes 2 6 Earnings per Share Earnings per share developed as follows: 2025 2024 Net income 1 212,794 117,467 Average number of shares outstanding 2 9,217,502 9,217,500 Number of shares outstanding for the calculation 9,217,502 9,217,500 of diluted earnings 3 Earnings per share 5 23.09 12.74 Diluted earnings per share 5 23.09 12.74 Net income 1 212,794 117,467 Changes in fair value of properties 1 –188,486 –59,735 Deferred tax on changes in fair value 49,165 15,927 of properties 1, 4 Net income excluding changes in fair value of 1 73,473 73,660 properties Average number of shares outstanding 2 9,217,502 9,217,500 Earnings per share excl. changes in fair 7.97 7.99 value of properties 5 1 in chf 1,000 2 Issued shares less treasury shares calculated on a daily basis 3 Taking into account any additional shares created through conversion or option rights 4 Calculated using the deferred tax rate per property 5 In chf 2 7 Contingent Liabilities As at 31 December 2025, there were no contingent liabilities or guarantees (2024: chf 25 million).
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81 Intershop Group: Annual Report 2025 2 8 Operating Leases As at 31 December 2025, future obligations for operating leases not recognised in the balance sheet, in particular ground rent, amounted to chf 47.9 million (31 December 2024: chf 58.4 million). Of this amount, chf 42.5 million (31 December 2024: chf 52.0 million) was due in more than five years. The building rights had remaining terms of 33 to 60 years (31 December 2024: 34 to 61 years) and a weighted average remaining term of 47 years (31 December 2024: 45 years). The decline in the 2025 financial year was due to the sale of the property in Pfäffikon ( sz). 2 9 Participation Plans Members of the Board of Directors receive 30% of their remu - neration in Intershop Holding ag shares with a lock-up period of five years. Members of the Executive Management receive at least 30% of their variable remuneration for the reporting year in shares with a lock-up period of five years. For the ceo, the allo - cation is at least 40%. 3 0 Events after the Balance Sheet Date The Board of Directors approved these consolidated financial statements for publication on 25 February 2026. They are subject to approval by the Annual General Meeting on 31 March 2026. The following significant event has occurred since the balance sheet date: On 25 February 2026, Intershop acquired the almost fully let commercial and industrial site “The Valley and motor- world Manufaktur Region Zürich” in Kemptthal ( zh) with a cur - rently lettable area of around 52,900 m² and a target rent of chf 7.5 million per year. The acquired property has development potential of around 42,600 m² of commercial space. No other significant events occurred after the balance sheet date up to 25 February 2026.
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82 Intershop Group: Annual Report 2025 Subsidiaries and Shareholdings Intershop votes and Method of Legal name, registered office capital (in %) Parent company Paid-in capital consolidation ¢ Intershop Bau ag, Basel 100.00 Intershop Holding ag 100,000 chf full consolidation ¢ Intershop Management ag, Zurich 100.00 Intershop Holding ag 250,000 chf full consolidation ¢ sgi Schweizerische Gesellschaft für Immobilien ag, Zurich 100.00 Intershop Holding ag 150,000,000 chf full consolidation ¢ Real estate company ¢ Service company
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83 Intershop Group: Annual Report 2025 Report of the Statutory Auditor PricewaterhouseCoopers AG, Bahnhofplatz 8, 8400 Winterthur +41 58 792 71 00 www.pwc.ch PricewaterhouseCoopers AG is a member of the global PricewaterhouseCoopers network of firms, each of which is a separate and independent legal entity. Report of the statutory auditor to the General Meeting of Intershop Holding AG, Zurich Report on the audit of the consolidated financial statements Opinion We have audited the consolidated financial statements of Intershop Holding AG and its subsidiaries (the Group), which comprise the consolidated balance sheet as at 31 December 2025, and the consolidated income statement, the change in consolidated equity and the consolidated cash flow statement for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies. In our opinion, the consolidated financial statements (pages 53 to 81; 102 to 109) give a true and fair view of the consolidated financial position of the Group as at 31 December 2025 and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with Swiss GAAP FER, the provision of article 17 of the Directive on Financial Reporting (DFR) of SIX Exchange Regulation and comply with Swiss law. Basis for opinion We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our responsibilities under those provisions and standards are further described in the 'Auditor’s responsibilities for the audit of the consolidated financial statements' section of our report. We are independent of the Group in accordance with the provisions of Swiss law and the requirements of the Swiss audit profession that are relevant to audits of the financial statements of public interest entities. We have also fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 83 Intershop Group: Annual Report 2025
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84 Intershop Group: Annual Report 2025 2 Report of the statutory auditor to the General Meeting of Intershop Holding AG, Zurich Our audit approach Overview Overall group materiality: CHF 7'500 thousand The entities addressed by our full scope audit work as well as specific scope audit contribute to 99% of the Group’s total assets. As key audit matters the following areas of focus have been identified: • Valuation of investment properties – assumptions/changes in valuation • Deferred tax liabilities arising from investment properties valuation differences Materiality The scope of our audit was influenced by our application of materiality. Our audit opinion aims to provide reasonable assurance that the consolidated financial statements are free from material misstatement. Misstatements may arise due to fraud or error. They are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the consolidated financial statements. Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the overall Group materiality for the consolidated financial statements as a whole as set out in the table below. These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually and in aggregate, on the consolidated financial statements as a whole. Overall group materiality CHF 7'500 thousand Benchmark applied Net assets (Equity) Rationale for the materiality benchmark applied We chose net assets as the benchmark because it is a generally accepted industry benchmark for materiality considerations relating to real-estate companies. 84 Intershop Group: Annual Report 2025
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85 Intershop Group: Annual Report 2025 2 Report of the statutory auditor to the General Meeting of Intershop Holding AG, Zurich Our audit approach Overview Overall group materiality: CHF 7'500 thousand The entities addressed by our full scope audit work as well as specific scope audit contribute to 99% of the Group’s total assets. As key audit matters the following areas of focus have been identified: • Valuation of investment properties – assumptions/changes in valuation • Deferred tax liabilities arising from investment properties valuation differences Materiality The scope of our audit was influenced by our application of materiality. Our audit opinion aims to provide reasonable assurance that the consolidated financial statements are free from material misstatement. Misstatements may arise due to fraud or error. They are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the consolidated financial statements. Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the overall Group materiality for the consolidated financial statements as a whole as set out in the table below. These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually and in aggregate, on the consolidated financial statements as a whole. Overall group materiality CHF 7'500 thousand Benchmark applied Net assets (Equity) Rationale for the materiality benchmark applied We chose net assets as the benchmark because it is a generally accepted industry benchmark for materiality considerations relating to real-estate companies. 84 Intershop Group: Annual Report 2025 3 Report of the statutory auditor to the General Meeting of Intershop Holding AG, Zurich Audit scope We designed our audit by determining materiality and assessing the risks of material misstatement in the consolidated financial statements. In particular, we considered where subjective judgements were made; for example, in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. As in all of our audits, we also addressed the risk of management override of internal controls, including among other matters consideration of whether there was evidence of bias that represented a risk of material misstatement due to fraud. We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the consolidated financial statements as a whole, taking into account the structure of the Group, the accounting processes and controls, and the industry in which the Group operates. Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Valuation of investment properties – assumptions/changes in valuation Key audit matter How our audit addressed the key audit matter The Group's non-current assets consist mainly of investment properties valued at CHF 1’729’292 thousand as at 31 December 2025. In accordance with SIX Exchange Regulation’s requirements, market values are determined by an independent, qualified property appraiser, who prepares a valuation report. The expert confirms that the market values determined correspond to the ‘actual values’ according to Swiss GAAP FER 18 and were determined in accordance with common standards and guidelines, in particular International Valuation Standards (IVS) and Swiss Valuation Standards (SVS). We assessed the design and the existence of the controls relating to the property valuation process. In particular, we performed the following audit procedures: • We assessed the professional competence, independence, and appointment of the property appraiser. To this end, we inspected the corresponding engagement letter, suitability of the assignment, qualification of the persons in charge and interviewed the experts in charge. • We reconciled the valuation report of the property appraiser to the accounting details. • With the support of our subject matter experts, we tested samples of investment property valuations in terms of valuation methodology, assumptions and results. The subject matter experts assessed the changes in valuations and the assumptions on the overall portfolio. The valuations were discussed with the property appraiser and management. 85 Intershop Group: Annual Report 2025
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86 Intershop Group: Annual Report 2025 4 Report of the statutory auditor to the General Meeting of Intershop Holding AG, Zurich We consider the valuation of the investment properties a key audit matter owing to its significance in relation to total assets and owing to the assumptions and scope for judgement involved in valuation models such as the DCF method. A DCF valuation in the property industry requires, among others, input parameters that cannot readily be observed in a market (e.g. assumed future vacancy rates, future capital expenditure and various components of the discount factor). Inappropriate assumptions or errors in the DCF valuations could lead therefore to significant differences in valuation, due to the long time-horizons of the assumptions used for the valuations. We refer to the accounting principles on page 59 et seq. and the Note 6 Real Estate. Deferred tax liabilities arising from investment properties valuation differences Key audit matter How our audit addressed the key audit matter Deferred tax liabilities on property valuation differences amount to CHF 176’395 thousand as at 31 December 2025. The deferred tax liabilities are based on the tax computed on the valuation difference between the tax base value and the higher current value recognised in the consolidated financial statements. We refer to the accounting principles page 60 et seq. and Note 10 Deferred Tax Assets and Liabilities. We consider deferred tax liabilities on property valuation differences to be a key audit matter. The calculation of deferred tax liabilities is complex and involves significant scope for judgement by management, for example in relation to the expected holding period of the properties and applicable tax rates. Errors and inappropriate assumptions can have significant impact on the amount of the deferred tax liabilities, which is why Management’s assumptions are critical to the assessment of deferred taxes. We have assessed the determination of deferred tax liabilities on investment properties. We performed the following audit procedures, among others: • We checked the plausibility of management‘s assumptions regarding the holding period on the basis of internal project documents and the minutes of meetings at which the properties were discussed. • We assessed jointly with internal tax specialists the tax rates used for the purposes of (federal, cantonal and municipal) income taxes and any property gains taxes. • In addition, we reperformed the calculations of the differences between the values disclosed in the consolidated financial statements and the tax basis values. 86 Intershop Group: Annual Report 2025
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87 Intershop Group: Annual Report 2025 4 Report of the statutory auditor to the General Meeting of Intershop Holding AG, Zurich We consider the valuation of the investment properties a key audit matter owing to its significance in relation to total assets and owing to the assumptions and scope for judgement involved in valuation models such as the DCF method. A DCF valuation in the property industry requires, among others, input parameters that cannot readily be observed in a market (e.g. assumed future vacancy rates, future capital expenditure and various components of the discount factor). Inappropriate assumptions or errors in the DCF valuations could lead therefore to significant differences in valuation, due to the long time-horizons of the assumptions used for the valuations. We refer to the accounting principles on page 59 et seq. and the Note 6 Real Estate. Deferred tax liabilities arising from investment properties valuation differences Key audit matter How our audit addressed the key audit matter Deferred tax liabilities on property valuation differences amount to CHF 176’395 thousand as at 31 December 2025. The deferred tax liabilities are based on the tax computed on the valuation difference between the tax base value and the higher current value recognised in the consolidated financial statements. We refer to the accounting principles page 60 et seq. and Note 10 Deferred Tax Assets and Liabilities. We consider deferred tax liabilities on property valuation differences to be a key audit matter. The calculation of deferred tax liabilities is complex and involves significant scope for judgement by management, for example in relation to the expected holding period of the properties and applicable tax rates. Errors and inappropriate assumptions can have significant impact on the amount of the deferred tax liabilities, which is why Management’s assumptions are critical to the assessment of deferred taxes. We have assessed the determination of deferred tax liabilities on investment properties. We performed the following audit procedures, among others: • We checked the plausibility of management‘s assumptions regarding the holding period on the basis of internal project documents and the minutes of meetings at which the properties were discussed. • We assessed jointly with internal tax specialists the tax rates used for the purposes of (federal, cantonal and municipal) income taxes and any property gains taxes. • In addition, we reperformed the calculations of the differences between the values disclosed in the consolidated financial statements and the tax basis values. 86 Intershop Group: Annual Report 2025 5 Report of the statutory auditor to the General Meeting of Intershop Holding AG, Zurich Other information The Board of Directors is responsible for the other information. The other information comprises the information included in the annual report, but does not include the financial statements, the consolidated financial statements, the remuneration report and our auditor’s reports thereon. Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Board of Directors’ responsibilities for the consolidated financial statements The Board of Directors is responsible for the preparation of consolidated financial statements, that give a true and fair view in accordance with Swiss GAAP FER, the Article 17 of the Directive on Financial Reporting (DFR) of SIX Exchange Regulation and the provisions of Swiss law, and for such internal control as the Board of Directors determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, the Board of Directors is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. Auditor’s responsibilities for the audit of the consolidated financial statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Swiss law and SA-CH will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. A further description of our responsibilities for the audit of the consolidated financial statements is located on EXPERTsuisse’s website: http://www.expertsuisse.ch/en/audit-report. This description forms an integral part of our report. 87 Intershop Group: Annual Report 2025
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88 Intershop Group: Annual Report 2025 6 Report of the statutory auditor to the General Meeting of Intershop Holding AG, Zurich Report on other legal and regulatory requirements In accordance with article 728a para. 1 item 3 CO and PS-CH 890, we confirm the existence of an internal control system that has been designed, pursuant to the instructions of the Board of Directors, for the preparation of the consolidated financial statements. We recommend that the consolidated financial statements submitted to you be approved. PricewaterhouseCoopers AG Philipp Gnädinger Marco Amrein Licensed audit expert Licensed audit expert Auditor in charge Winterthur, 25 February 2026 88 Intershop Group: Annual Report 2025
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89 Intershop Group: Annual Report 2025 Annual Report 2025 Intershop Holding ag Financial Statements 2025 Intershop Holding ag Financial Statements 2025 Balance Sheet as at 31 December 90 Income Statement 91 Notes to the Financial Statements 92 Disclosures on Balance Sheet and Income Statement Items 93 Further Information 96 Proposal for the Appropriation of Retained Earnings for the Financial Year 2025 97
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90 Intershop Group: Annual Report 2025 Balance Sheet as at 31 December in chf 1,000 Notes 31.12.2025 31.12.2024 Assets Current assets Cash 7,545 2,942 Other receivables from Group companies 2,234 10,228 from third parties 7 20 Accrued income and prepaid expenses from third parties 413 308 Total current assets 10,199 13,498 Non-current assets Loans to Group companies 373,000 275,000 Investments in subsidiaries 1 234,663 234,413 Total non-current assets 607,663 509,413 Total assets 617,862 522,911 Shareholders’ Current liabilities equity and liabilities Short-term interest-bearing liabilities 2 from Group companies 604 15,088 from third parties 121,441 25,000 Other short-term liabilities 43 47 Accrued expenses and deferred income from third parties 2,495 1,180 Total current liabilities 124,583 41,315 Non-current liabilities Bonds 2 200,000 200,000 Total Non-current liabilities 200,000 200,000 Total liabilities 324,583 241,315 Shareholders’ equity Share capital 3 19,000 19,000 General legal reserve 3,800 3,800 Other general reserve 51,679 51,679 Treasury shares 4 –35,767 –35,767 Retained earnings brought forward 192,188 179,566 Profit for the year 62,379 63,318 Total shareholders’ equity 293,279 281,596 Total shareholders’ equity and liabilities 617,862 522,911 The disclosures in the notes form an integral part of the financial statements.
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91 Intershop Group: Annual Report 2025 Income Statement in chf 1,000 Notes 2025 2024 Income from participations 5 63,630 63,700 Other expense 6 –2,225 –1,792 Operating result before interest and taxes 61,405 61,908 Financial income 7 4,404 3,298 Financial expenses 8 –3,274 –1,650 Profit before taxes 62,535 63,556 Tax expense –156 –238 Profit 62,379 63,318 The disclosures in the notes form an integral part of the financial statements.
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92 Intershop Group: Annual Report 2025 Notes to the Financial Statements Accounting Principles Accounting Law These financial statements have been prepared in accordance with the provisions of Swiss accounting and financial reporting law in the Swiss Code of Obligations (Art. 957–963b co). Receivables and Liabilities Receivables and liabilities are recognised at their nominal value and, where applicable, are divided into “Third parties” and “Group companies”. Financial Liabilities Financial liabilities are recognised at their nominal value. The premium on bonds and issue costs are recognised in accrued and deferred items and amortised over the term. Treasury Shares Treasury shares held by Intershop Holding ag are carried at cost as a negative item in equity from the date of acquisition. If they are subsequently resold, the difference between the selling price and the acquisition cost is recognised directly in equity. Waiver of Additional Disclosures As Intershop Holding ag prepares its consolidated financial statements in accordance with a recognised standard (Swiss gaap fer), it has waived the additional disclosures in the notes to the financial statements, the cash flow statement and the management report in accordance with Art. 961d co.
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93 Intershop Group: Annual Report 2025 Disclosures on Balance Sheet and Income Statement Items 1 Shareholdings In April 2025, Intershop merged the five real estate companies and four management companies in two absorption mergers. This reduced the number of group companies from eleven to four. All group companies are held directly by Intershop Holding ag. As at 31 December 2025, Intershop Holding ag held the following investments: Votes and Legal name, registered office capital (in %) Paid-in capital Intershop Bau ag, Basel 100 100,000 chf Intershop Management ag, Zurich 100 250,000 chf sgi Schweizerische Gesellschaft 100 150,000,000 chf für Immobilien ag, Zurich 2 Interest-Bearing Liabilities to Third Parties In the 2025 financial year, Intershop issued a chf 100 million bond with a term of three years (11 February 2025 to 11 February 2028), which is listed on six Swiss Exchange (isin ch1414003421). The coupon of 1.21% is payable annually on 11 February. Intershop recognises the premium and issue costs as deferred items and amortises them over the term of the bond. In the 2025 financial year, Intershop Holding ag bought back parts of its bond with a coupon of 0.3% and a term until 29 June 2026 (isin ch1111392994) via six Swiss Exchange. In total, Intershop repurchased bonds with a face value of chf 3.57 million at an average purchase price of 99.68%. In the following table, the face value issued has been reduced by the purchase price. In the 2024 financial year, Intershop issued a chf 100 million bond with a term of five years (8 November 2024 to 8 November 2029) as a green bond, which is listed on six Swiss Exchange (isin ch1380910377). The coupon of 1.5% is payable annually on 8 November. Intershop recognises the premium and issue costs as deferred items and amortises them over the term of the bond. As of 31 December 2025, a private placement of chf 25 million with a term of three months (19 November 2025–19 February 2026) was outstanding, which Intershop repaid upon maturity. The coupon of 0.50% was payable upon maturity. As of 31 December 2024, a private placement of chf 25 million with a term of three months (19 November 2024–19 February 2025) was outstanding, which Intershop repaid upon maturity. The coupon of 1.14% was payable upon maturity.
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94 Intershop Group: Annual Report 2025 The following table summarises the outstanding interest-bearing liabilities to third parties at face value, adjusted for the purchase price of the repurchased bonds: in chf 1,000 31.12.2025 31.12.2024 0.30% Intershop Holding ag 96,441 100,000 2021−2026 Green Bond 1.50% Intershop Holding ag 100,000 100,000 2024−2029 Green Bond 1.21% Intershop Holding ag 100,000 – 2025−2028 Bond 0.50% Private placement 2025–2026 25,000 – 1.14% Private placement 2024–2025 – 25,000 Total outstanding interest-bearing 321,441 225,000 liabilities to third parties 3 Share Capital The company has 9,500,000 registered shares with a nominal value of chf 2. The share capital did not change in the 2025 financial year. In the 2024 financial year, Intershop carried out a 1:5 share split. Information on significant shareholders can be found in the consolidated financial statements under note 13 (p. 75). 4 Treasury Shares As of 31 December 2025, the company held 282,500 treasury shares (2024: 282,500): Acquisition Shares costs (number) (in chf 1,000) Balance as at 1.1.2024 56,500 35,767 Addition through share split 226,000 – Balance as at 31.12.2024 282,500 35,767 Purchase of treasury shares 660 91 Share-based payments (participation plan) –660 –90 Price difference – –1 Balance as at 31.12.2025 282,500 35,767 5 Investment Income in chf 1,000 2025 2024 Dividends Group companies 63,630 63,700 Total investment income 63,630 63,700 6 Other Operating Expenses in chf 1,000 2025 2024 Compensation of the Board of Directors 315 321 Other operating expenses Group 840 785 companies Other operating expenses third parties 1,070 686 Total other operating expenses 2,225 1,792
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95 Intershop Group: Annual Report 2025 7 Financial Income in chf 1,000 2025 2024 Interest income Group companies 4,401 3,296 Other financial income third parties 3 2 Total financial income 4,404 3,298 Other financial income includes income (primarily interest income) from the management of cash and cash equivalents. 8 Financial Expenses in chf 1,000 2025 2024 Interest on bonds 3,235 1,123 Interest expense Group companies 10 506 Other financial expenses third parties 29 21 Total financial expenses 3,274 1,650 Other financial expenses include bank charges and exchange rate losses.
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96 Intershop Group: Annual Report 2025 Further Information 9 Company and Registered Office Intershop Holding ag is a public limited company with its registered office at Giessereistrasse 18, Zurich. 1 0 Full-Time Positions As in the previous year, Intershop Holding ag had no employees. 1 1 Participation Rights of the Board of Directors and Executive Management As of the balance sheet date, the members of the Board of Directors and Executive Management of Intershop held the following shares in Intershop Holding ag in accordance with Art. 959c co: 31.12.2025 31.12.2024 Shares Market value Shares Market value (number) (in chf k) (number) (in chf k) Ernst Schaufelberger, Chairman 2,580 424 2,250 286 Christoph Nater, member of the BoD 365 60 200 25 Gabriela Theus, member of the BoD 225 37 n/a n/a Gregor Bucher, former member of the BoD n/a n/a – – Simon Haus, ceo 572 94 412 52 Florian Balschun, cfo 1,500 247 – – Yannick Hartmann, Head of Real Estate 115 19 25 3 Mireille Lehmann, Head of Construction and – – – – Development Khoa Trinh, Head of Transactions – – n/a n/a Total 5,357 881 2,887 366 As at the balance sheet date, the Board of Directors and Executive Management together held 0.06% (31 December 2024: 0.03%) of the share capital. Details of the remuneration of the Board of Directors and Executive Management are disclosed in the remu- neration report (pp. 40–52). 1 2 Contingent Liabilities As of 31 December 2025, Intershop Holding ag had contingent liabilities in the form of letters of comfort and guarantees in favour of Group companies amounting to chf 0.0 million (31 December 2024: chf 110.5 million). 1 3 Pledged Assets As in the previous year, no assets were pledged as at 31 December 2025. 1 4 Events after the Balance Sheet Date The Board of Directors approved these financial statements for publication on 25 February 2026. They are subject to approval by the Annual General Meeting on 31 March 2026. No significant events occurred after the balance sheet date up to 25 February 2026.
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97 Intershop Group: Annual Report 2025 Proposal for the Appropriation of Retained Earnings for the Financial Year 2025 The Board of Directors proposes to the Annual General Meeting that the net profit for the financial year 2025 be appropriated as follows: in chf 2025 2024 Profit carried forward from previous year 192,188,342 179,566,166 Profit for the year 62,379,282 63,318,426 Total retained earnings 254,567,624 242,884,592 Ordinary dividend –57,000,000 –50,696,250 1 Carried forward to new account 197,567,624 192,188,342 1 2024: Resolution of the Annual General Meeting With the acceptance of this proposal, each registered share of chf 2 nominal value will receive the following dividend on 8 April 2026 (ex-date 2 April 2026): Ordinary dividend chf 6.00 Less 35% withholding tax chf 2.10 Net payout chf 3.90
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98 Intershop Group: Annual Report 2025 Report of the Statutory Auditor PricewaterhouseCoopers AG, Bahnhofplatz 8, 8400 Winterthur +41 58 792 71 00 www.pwc.ch PricewaterhouseCoopers AG is a member of the global PricewaterhouseCoopers network of firms, each of which is a separate and independent legal entity. Report of the statutory auditor to the General Meeting of Intershop Holding AG, Zurich Report on the audit of the financial statements Opinion We have audited the financial statements of Intershop Holding AG (the Company), which comprise the balance sheet as at 31 December 2025, and the income statement for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the financial statements (pages 88 to 95) comply with Swiss law and the Company’s articles of incorporation. Basis for opinion We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our responsibilities under those provisions and standards are further described in the 'Auditor’s responsibilities for the audit of the financial statements' section of our report. We are independent of the Company in accordance with the provisions of Swiss law and the requirements of the Swiss audit profession that are relevant to audits of the financial statements of public interest entities. We have also fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Our audit approach Materiality The scope of our audit was influenced by our application of materiality. Our audit opinion aims to provide reasonable assurance that the financial statements are free from material misstatement. Misstatements may arise due to fraud or error. They are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the overall materiality for the financial statements as a whole as set out in the table below. These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually and in aggregate, on the financial statements as a whole. 98 Intershop Group: Annual Report 2025
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99 Intershop Group: Annual Report 2025 PricewaterhouseCoopers AG, Bahnhofplatz 8, 8400 Winterthur +41 58 792 71 00 www.pwc.ch PricewaterhouseCoopers AG is a member of the global PricewaterhouseCoopers network of firms, each of which is a separate and independent legal entity. Report of the statutory auditor to the General Meeting of Intershop Holding AG, Zurich Report on the audit of the financial statements Opinion We have audited the financial statements of Intershop Holding AG (the Company), which comprise the balance sheet as at 31 December 2025, and the income statement for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the financial statements (pages 88 to 95) comply with Swiss law and the Company’s articles of incorporation. Basis for opinion We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our responsibilities under those provisions and standards are further described in the 'Auditor’s responsibilities for the audit of the financial statements' section of our report. We are independent of the Company in accordance with the provisions of Swiss law and the requirements of the Swiss audit profession that are relevant to audits of the financial statements of public interest entities. We have also fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Our audit approach Materiality The scope of our audit was influenced by our application of materiality. Our audit opinion aims to provide reasonable assurance that the financial statements are free from material misstatement. Misstatements may arise due to fraud or error. They are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the overall materiality for the financial statements as a whole as set out in the table below. These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually and in aggregate, on the financial statements as a whole. 98 Intershop Group: Annual Report 2025 2 Report of the statutory auditor to the General Meeting of Intershop Holding AG, Zurich Overall materiality CHF 4'600 thousand Benchmark applied Total assets Rationale for the materiality benchmark applied We chose total assets as the benchmark because, in our view, it is a common benchmark for holding companies. Audit scope We designed our audit by determining materiality and assessing the risks of material misstatement in the financial statements. In particular, we considered where subjective judgements were made; for example, in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. As in all of our audits, we also addressed the risk of management override of internal controls, including among other matters consideration of whether there was evidence of bias that represented a risk of material misstatement due to fraud. We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the financial statements as a whole, taking into account the structure of the Company, the accounting processes and controls, and the industry in which the Company operates. Key audit matters We have determined that there are no key audit matters to communicate in our report. Other information The Board of Directors is responsible for the other information. The other information comprises the information included in the annual report, but does not include the financial statements, the consolidated financial statements, the remuneration report and our auditor’s reports thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Board of Directors’ responsibilities for the financial statements The Board of Directors is responsible for the preparation of financial statements in accordance with the provisions of Swiss law and the Company’s articles of incorporation, and for such internal control as the Board of Directors determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 99 Intershop Group: Annual Report 2025
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100 Intershop Group: Annual Report 2025 3 Report of the statutory auditor to the General Meeting of Intershop Holding AG, Zurich In preparing the financial statements, the Board of Directors is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Swiss law and SA-CH will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on EXPERTsuisse’s website: http://www.expertsuisse.ch/en/audit-report. This description forms an integral part of our report. Report on other legal and regulatory requirements In accordance with article 728a para. 1 item 3 CO and PS-CH 890, we confirm the existence of an internal control system that has been designed, pursuant to the instructions of the Board of Directors, for the preparation of the financial statements. Based on our audit according to article 728a para. 1 item 2 CO, we confirm that the Board of Directors' proposal complies with Swiss law and the Company’s articles of incorporation. We recommend that the financial statements submitted to you be approved. PricewaterhouseCoopers AG Philipp Gnädinger Marco Amrein Licensed audit expert Licensed audit expert Auditor in charge Winterthur, 25 February 2026 100 Intershop Group: Annual Report 2025
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101 Intershop Group: Annual Report 2025 Annual Report 2025 Details on the Portfolio Details on the Portfolio Summary of Properties by Category and Region as at 31 December 2025 102 Property List 103 Information on Acquisitions and Disposals of Real Estate 105 Information on Development Projects 106 Report by the Independent Property Valuer 110
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102 Intershop Group: Annual Report 2025 Summary of Properties by Category and Region as at 31 December 2025 Number of Book value Target rent Vacancy Land area Lettable properties (in chf k) (in chf k) (in %) (in m 2) area (in m 2) Investment properties 40 1,729,272 89,470 6.9% 567,824 549,040 Existing properties 38 1,601,016 85,521 7.2% 548,160 523,272 Zurich 17 988,574 47,168 4.8% 291,773 255,425 Lake Geneva region 5 219,862 16,025 8.2% 98,836 100,225 Northwestern Switzerland 4 215,034 9,307 2.7% 37,099 46,938 Espace Mittelland 3 100,761 7,389 19.5% 82,615 75,974 Central Switzerland 3 44,717 2,603 24.0% 10,653 14,169 Eastern Switzerland 6 32,068 3,029 7.7% 27,184 30,541 Properties under construction 2 128,256 3,949 0.0% 19,664 25,768 Promotional projects 3 20,844 – – 44,455 – Portfolio 43 1,750,116 89,470 6.9% 612,279 549,040
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103 Intershop Group: Annual Report 2025 Property List As of 31 December 2025 Lettable area (in m 2) Own- Con- Land Light Logis- Target Location/ er- struc- Reno- area indus- tics/ Resi- Edu- Restau- Parking rent Vacancy Address ship tion vation (in m 2) Office trial storage dential Retail cation rants Others Total lots (in chf k) (in %) Existing properties Zurich Dübendorf ae 1971 1994 9,434 3,724 2,426 1,629 – – – – – 7,779 95 1,392 1.2 Stettbachstr. 7 Flurlingen ae 1875 2018 54,001 4,151 17,250 17,382 268 – – – 414 39,465 245 3,482 21.2 Arova-Hallen, –1963 Winterthurerstr. 702 Glattbrugg ae 1986 – 3,860 5,204 1,280 303 – – – – – 6,787 188 1,634 10.8 Flughofstr. 54 /1987 Höri ae 1990 – 10,622 3,787 6,296 4,270 – – – – 110 14,463 125 1,760 0.0 Hofstr. 1 Kemptthal ae 2012 – 11,113 1,692 5,039 – – – – – – 6,731 82 1,047 0.0 Pfäffikerstr. 37 Opfikon ae 1970 2000 9,534 – – – 4,700 – – – – 4,700 63 600 0.0 Hohenbühl- /1975 –2001 str. 1/3/5 Regensdorf ae 1965 1992 16,471 1,828 – 12,384 211 – – – – 14,423 66 1,612 6.5 Althardstr. 301 Rüti ae 1993 – 6,949 733 3,582 300 – – – – – 4,615 80 653 16.2 Im Neuhof Winterthur ae 2021 – 13,228 – 8,229 – – – – – – 8,229 – 1,394 0.0 Fabrikstr. 2 Winterthur ae 1974 – 94,510 10,316 27,678 15,781 – – – 500 4,204 58,479 500 6,667 7.0 Industriepark –2005 Oberwinterthur-Neuhegi Zurich ae 1948 2002 28,381 6,973 4,171 7,408 273 – 3,009 997 174 23,005 164 4,481 0.7 Baslerstr. 30 / –1963 –2004 Freihofstr. 9 Zurich ae 2004 – 4,658 7,524 – 579 – 1,424 3,065 – – 12,592 42 4,816 0.7 Puls 5, office building Zurich sw 1 2004 – 7,567 5,672 – 1,151 – 1,108 945 4,666 – 13,542 79 5,441 6.1 Puls 5, foundry hall Zurich ae 1984 2012 1,428 2,719 – 909 – 427 – – – 4,055 84 1,056 2.5 Rautistr. 253–259 /2016 Zurich sw/ 2 19 8 6 – 3,352 5,507 – 2,776 – – – – – 8,283 44 2,060 1.5 Shilquai br 253–259 Zurich ae 1923 2002 4,009 8,165 951 3,357 – – – – 135 12,608 96 3,206 4.2 Staffelstr. 8+10+12 –1963 –2004 Zurich ae 1893 2002 12,656 12,743 465 1,409 272 – – 375 405 15,669 167 5,865 2.2 Uetlibergstr. 124, /1958 /2008 130, 132, 134 Lake Geneva region Vernier br 2022 – 7,165 – 12,481 – – – – – – 12,481 100 3,151 33.8 Chemin de –2024 l’Emeraude 10, 22, 24 Vernier br 2000 – 30,725 – – 41,496 – – – – – 41,496 – 4,376 0.0 Chemin de –2002 l’Emeraude 8, Chemin de Morglas 8 Yverdon ae 1956 since 36,319 17,240 4,299 6,512 560 1,667 12,341 328 180 43,127 377 7,816 1.3 Centre St-Roch, 1998 Rue des Pêcheurs 8 Yverdon br 1956 – 21,526 – 258 26 302 144 – – 208 938 265 259 6.4 Avenue des Sports 32 Yverdon ae 1970 2007 3,101 1,801 – 382 – – – – – 2,183 40 423 29.6 Rue des Uttins 27 –2008
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104 Intershop Group: Annual Report 2025 As of 31 December 2025 Lettable area (in m 2) Own- Con- Land Light Logis- Target Location/ er- struc- Reno- area indus- tics/ Resi- Edu- Restau- Parking rent Vacancy Address ship tion vation (in m 2) Office trial storage dential Retail cation rants Others Total lots (in chf k) (in %) Northwestern Switzerland Basel ae 2024 – 1,842 – 619 299 – 878 – – 115 1,911 – 422 0.0 Lehenmattstr. 260 Basel ae 1969 2020 11,966 – – 66 24,281 – – – – 24,347 289 6,553 3.3 Redingsstr. 10/ /2022 –2022 12/14+20/22/24 Wohlen ae/ 1972 2021 17,414 2,306 6,264 4,446 – 565 – – 5 13,586 165 1,582 0.6 Nordstr. 1 br /1987 –2022 Würenlos ae 1984 – 5,877 518 2,599 3,315 370 – – – 292 7,094 64 751 3.1 Landstr. 2 Central Switzerland Baar ae 1995 2015 4,336 1,828 2,528 1,003 – – – – 128 5,487 80 859 11.4 Sihlbruggstr. 105a Cham ae 1987 – 4,109 5,421 1,222 553 – – – – 16 7,212 159 1,482 35.6 Gewerbestr. 11 Luzern ae 1978 2013 2,208 740 – 730 – – – – – 1,470 22 261 0.0 Seeburgstr. 18 Espace Mittelland Belp sw 3 1992 – 28,738 11,406 4,028 4,893 202 – – 129 1,817 22,475 306 2,870 33.9 Hühnerhubelstr. 58, 60, 62, 64, 66 Nieder- ae 1985 – 18,311 1,171 – 6,533 62 4,279 – – 811 12,856 194 2,440 0.0 wangen Riedmoosstr. 10, 10a, 12 Zuchwil ae 1917 – 35,566 16,494 13,457 5,474 – 2,690 – – 2,528 40,643 244 2,079 22.6 Luterbachstr. / –1982 Allmendweg Eastern Switzerland Bad Ragaz ae 1960 1999 16,540 2,743 5,960 3,708 – – – – 133 12,544 152 1,241 2.6 Elestastr. 16, /1987 –2002 16a + 18 St. Gallen ae 1960 2012 866 810 372 135 – – – – – 1,317 18 257 22.1 Heiligkreuz- /2013 str. 9+11 St. Gallen ae 1920 – 1,038 – 632 – 306 – – – – 938 1 36 37.8 Oststr. 23 –1970 St. Gallen ae 1962 – 2,905 1,717 2,202 1,450 170 – – – – 5,539 59 336 0.0 Oststr. 25/ Schösslistr. 20 St. Gallen ae 1968 2000 2,307 88 1,177 898 1,107 – – – – 3,270 12 174 0.0 Oststr. 29+31 St. Gallen ae 1968 1983 3,528 2,463 2,538 1,932 – – – – – 6,933 79 984 13.3 Spinnereistr. 10+12+14 Properties under construction Northwestern Switzerland Baden ae 1912 1985 5,013 2,322 3,559 1,429 – – – – – 7,310 58 629 0.0 Brown Boveri /1985 /2015 Platz 3 Lake Geneva region Lausanne ae 1991 2023 14,651 15,560 – 1,721 – 119 – 266 792 18,458 660 3,320 0.0 Bloom, Avenue –1992 –2026 Gratta-Paille 1–2 Promotional projects Eich ae n/a n/a 4,186 – – – – – – – – – – – – Schaubhausweg 4 Solothurn ae n/a n/a 37,557 – – – – – – – – – – – – Oberer Brühl (Am Wildbach) Uetikon ae 1877 n/a 2,712 – – – – – – – – – – – – am See Alte Landstr. 103 Abbreviations Type of ownership: ae = Freehold br = Leasehold sw = Joint ownership Part owned by Intershop in joint ownerships 1 51.0% 2 47.9% 3 95.0%
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105 Intershop Group: Annual Report 2025 Information on Acquisitions and Disposals of Real Estate As of 31 December 2025 Lettable area (in m 2) Land Light Logis- area indus- tics/ Resi- Edu- Restau- Parking Location/Address Ownership Transfer date (in m 2) Office trial storage dential Retail cation rants Others Total lots Acquisitions Glattbrugg ae 4.12.2025 3,860 5,204 1,280 303 – – – – – 6,787 188 Flughofstrasse 54 Kemptthal ae 1.2.2025 11,113 1,692 5,039 – – – – – – 6,731 82 Pfäffikerstrasse 37 Uetikon am See ae 11.6.2025 2,712 – – – – – – – – – – Alte Landstrasse 103 Disposals Basel sw (0.7%) 1.11.2025 35 – – – – – – – – – – Gellertstrasse 151, 157, 163 Pfäffikon br 30.6.2025 9,349 4,446 – 4,039 97 – – – 6 8,588 139 Talstrasse 35–37 Pully ae 31.7.2025 3,178 – – 598 2,186 – – – – 2,784 53 Avenue C.-F.-Ramuz 43 Geneva ae 4.11.2025 948 1,878 – 97 3,935 610 – – – 6,520 – Rue de Lausanne 42, 44 Reinach sw (100%) 10.12.2025 4,389 3,805 1,084 1,404 – 1,259 – 935 – 8,487 141 Sternenhofstrasse 15, 15a Abbreviations Type of ownership: ae = Freehold br = Leasehold sw = Joint ownership, the percentage shown represents the part owned by Intershop
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106 Intershop Group: Annual Report 2025 Information on Development Projects Baden (ag), “Bento” Project Description Acquired in 2024, this centrally located commercial and office building consists of several units, some of which are listed buildings, and served as the operational headquarters of abb. The property has been transformed into a multi-tenant building with public-oriented uses on the ground floor. In the long term, Intershop is developing the remaining potential for use as part of the bno (building and use regulations) revision of the city of Baden and is considering residential use through additional storeys. Project Status The basic construction was largely completed at the end of 2025. Work on the tenant fit-outs for the Baden municipal police and “Hallo Halle” is progressing according to plan. Estimated Date of Completion Q3 2026 Eich (lu), Schaubhausweg 4 Project Description Intershop is planning to build commonhold condominiums on the 4,000 m² plot overlooking Lake Sempach. Project Status Planning is continuing according to schedule. Due to in-depth project coordination, the building application is now scheduled for spring 2026. Estimated Date of Completion 2028 Lausanne ( vd), “Bloom” Project Description In the dynamic Blécherette district in the north of Lausanne (vd), the former World Trade Centre is being transformed into an open, forward-looking business campus called “Bloom”. Intershop is comprehensively renovating five buildings with a total of 18,000 m² of flexible office space, conference rooms, parking spaces and various services. The renovation is being carried out in accordance with the Swiss sustainability labels snbs Gold and Minergie, and includes extensive measures in the areas of both ecological and social sustainability. Project Status The final stage (buildings A and F) was completed and handed over at the end of 2025. The finishing work is still ongoing. Estimated Date of Completion Finishing work Q1 2026
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107 Intershop Group: Annual Report 2025 Luzern (lu), Seeburgstrasse 18 Project Description In 2024, Intershop acquired this attractive commercial property in the immediate vicinity of Lake Lucerne and the Swiss Museum of Transport. Ongoing neighbourhood development is enhancing the location in terms of urban planning and open space in the long term. The development of the property envisages a conversion with an addition of residential and commercial spaces. The building is located in a legally binding mixed-use zone. Project Status Intershop is working on the necessary foundations for the development of the property. Until then, the existing tenancies guarantee a stable rental income. Estimated Date of Completion Not before 2032 Niederwangen ( be), Riedmoos- strasse 10 (building plot) Project Description Intershop acquired the 5,671 m² building plot at the end of 2024 together with the adjacent, fully let logistics and retail property. The excellently developed industrial and commercial site is part of the “Juch/Hallmatt” development site – a zone subject to planning requirements. It is likely to gain considerably in location quality in the coming years thanks to various infrastructure projects and the Berne police centre. Project Status Intershop is working step by step in close cooperation with the municipality of Köniz to develop the necessary foundations for the development of the plot and any necessary adjustments to the development plan. Estimated Date of Completion Not before 2032
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108 Intershop Group: Annual Report 2025 Opfikon (zh), Hohenbühlstrasse 1, 3, 5 Project Description The 9,534 m² site near Zurich Airport is currently home to a staff house with a disused hotel. This has been fully let on a temporary basis since February 2025 and is to be replaced by a new residential development in the medium term. Project Status Based on a comprehensive feasibility study, the construction project for the residential development is currently being drawn up, with the existing building to be largely preserved. The building application is currently scheduled for Q3 2026. Estimated Date of Completion 2030 St. Gallen ( sg), Oststrasse 23, 25, 29 and 31 Project Description Intershop owns several mixed-use properties on Oststrasse. In 2019, these were expanded to a total area of around 6,500 m² through the purchase of a neighbouring property. Much of the building fabric dates from the 1960s or earlier. Due to the central, quiet location and excellent public transport connections, Intershop is seeking to redevelop the site for residential use. Project Status As a basis for a special use plan for the development of the site, Intershop and the city of St. Gallen conducted a variance procedure with seven architectural firms. The winning project has now been converted into a draft project and serves as the basis for the special use plan. The public consultation took place from 17 November to 17 December 2025, with no objections received. The plan is expected to come into force in summer 2026. Estimated Date of Completion Not before 2030 Uetikon am See ( zh), Alte Landstrasse 103 Project Description In spring, Intershop acquired a 2,700 m² plot of land adjacent to the planned cantonal school and the overall development of the “cu-Areal”. The vacant, listed factory building is to be converted into commonhold apartments. Project Status Development of the construction project with the objective of submitting the building application in summer 2026. Estimated Date of Completion 2029
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109 Intershop Group: Annual Report 2025 Zuchwil (so), Allmendweg 3, 5/ Luterbachstrasse 10 Project Description Following the departure of the main tenant, Intershop now wants to convert the buildings from a single-tenant to a multi- tenant structure. In the long term, the well-connected industrial and commercial area between Solothurn (so) and Zuchwil (so) is to be converted from an industrial zone to a mixed-use zone as part of the upcoming bzo (building and zoning regulations) revision. Project Status Following the departure of a major tenant in March 2025, the space was sublet to revitalise the site. The utilisation and renovation concepts for the two sublet buildings are currently being developed. This is being done in the spirit of long-term and flexible site develop- ment in cooperation with the municipal authorities of Zuchwil (so). The new bzo is expected to come into force in 2027 at the earliest. Estimated Date of Completion 2029 Zurich (zh), “Mediacampus” Project Description The approximately 28,000 m² site in a five-storey residential zone is mainly used for commercial purposes. According to the legally binding bzo valid on the balance sheet date, approximately 58,000 m² of buildable floor space is possible on the site. The location next to the slaughterhouse and the municipal structure plan will have led to mutual dependencies with the city of Zurich. Project Status In 2024, a test plan determined the densification potential of the site outside the current legally binding bzo and the location of a public park with interfaces to the slaughterhouse site. Previous pro- ject work will allow for rapid progress once the municipal bzo has been sub mitted, which is expected to take place at the end of Q1 2026. Estimated Date of Completion Not before 2033 (depending on the procedure)
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110 Intershop Group: Annual Report 2025 Report by the Independent Property Valuer Report of the independent valuation expert Instruction The Intershop Group (comprising Intershop Holding AG and its subsidiaries) in Zurich has instructed CBRE (Zürich) AG to estimate the market value as of 31 December 2025 of the investment properties within the real estate companies held by Intershop Holding AG . Properties subject to promotion are not part of the valuation. The market values are generally determined individually, i.e. at the property level, within the over- all portfolio. The total value of the portfolio is therefore the sum of the estimated individual values. Valuation standards CBRE carried out the valuations in accordance with the valuation regulations of Swiss GAAP FER 18 and in accordance with the applicable standards (IVS, RICS Red Book, Swiss Valuation Standards). They also meet the requirements of the SIX Swiss Exchange. The market value is defined as " the estimated amount for which an asset or liability should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each a cted knowl- edgeably, prudently and without compulsion". Valuation method As part of the initial valuation in 2025, all properties were inspected and appraised using the DCF method. Where justifiable and in accordance with the legal, static and financial framework conditions, development potential was appropriately taken into account. This affects the four properties Lucerne, Seeburgstrasse 18, Opfikon, Hohenbühlstrasse 1-5, Yverdon-les-Bains, Avenue des Sports 32 and Zurich, Baslerstrasse 30, Frei- hofstrasse 9. In the DCF method, all costs and income associated with the real estate investment in the period under consideration (in our case ten years) are compared in order to determine the net income (cash flow) of the property for the individual years in the period under consideration. Various parameters such as rent changes due to contractual agreements and development of the market rent, expenditures for ongoing maintenance, repairs and other renovations, vacancy periods, etc. are taken into account for the entire period under con- sideration. Based on the achievable rents and rent increases, the annual target rental income is determined for a period of ten years. In the next step, the annual target rental income is reduced by the costs due to vacancies and loss of rent, the management costs (administrative and insurance costs, etc.) and the building costs (structural maintenance and repair costs). The resulting annual net cash flows are discounted to the valuation date and aggregated. For the calculation of the residual value from the eleventh year onwards, a static capitalisation of the long-term achievable exit cash flow (with a real capitalisation rate) is used. The residual value is discounted to the valuation date. Changes in the reporting period Between 31 December 2024 and 31 December 2025, the properties Pfäffikon SZ, Talstrasse 35 -37, Pully, Avenue C.-F.-Ramuz 43, Genf, Rue de Lausanne 42+44 and Reinach, Sternenhofstrasse 15+15a were sold and the properties Kemptthal, Pfäffikerstrasse 37 and Glattbrugg, Flughofstrasse 54 were newly acquired. CBRE (Zürich) AG Bärengasse 29 CH-8001 Zurich Tel +41 (0) 44 226 30 www.cbre.com 110 Intershop Group: Annual Report 2025
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111 Intershop Group: Annual Report 2025 Report of the independent valuation expert Instruction The Intershop Group (comprising Intershop Holding AG and its subsidiaries) in Zurich has instructed CBRE (Zürich) AG to estimate the market value as of 31 December 2025 of the investment properties within the real estate companies held by Intershop Holding AG . Properties subject to promotion are not part of the valuation. The market values are generally determined individually, i.e. at the property level, within the over- all portfolio. The total value of the portfolio is therefore the sum of the estimated individual values. Valuation standards CBRE carried out the valuations in accordance with the valuation regulations of Swiss GAAP FER 18 and in accordance with the applicable standards (IVS, RICS Red Book, Swiss Valuation Standards). They also meet the requirements of the SIX Swiss Exchange. The market value is defined as " the estimated amount for which an asset or liability should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each a cted knowl- edgeably, prudently and without compulsion". Valuation method As part of the initial valuation in 2025, all properties were inspected and appraised using the DCF method. Where justifiable and in accordance with the legal, static and financial framework conditions, development potential was appropriately taken into account. This affects the four properties Lucerne, Seeburgstrasse 18, Opfikon, Hohenbühlstrasse 1-5, Yverdon-les-Bains, Avenue des Sports 32 and Zurich, Baslerstrasse 30, Frei- hofstrasse 9. In the DCF method, all costs and income associated with the real estate investment in the period under consideration (in our case ten years) are compared in order to determine the net income (cash flow) of the property for the individual years in the period under consideration. Various parameters such as rent changes due to contractual agreements and development of the market rent, expenditures for ongoing maintenance, repairs and other renovations, vacancy periods, etc. are taken into account for the entire period under con- sideration. Based on the achievable rents and rent increases, the annual target rental income is determined for a period of ten years. In the next step, the annual target rental income is reduced by the costs due to vacancies and loss of rent, the management costs (administrative and insurance costs, etc.) and the building costs (structural maintenance and repair costs). The resulting annual net cash flows are discounted to the valuation date and aggregated. For the calculation of the residual value from the eleventh year onwards, a static capitalisation of the long-term achievable exit cash flow (with a real capitalisation rate) is used. The residual value is discounted to the valuation date. Changes in the reporting period Between 31 December 2024 and 31 December 2025, the properties Pfäffikon SZ, Talstrasse 35 -37, Pully, Avenue C.-F.-Ramuz 43, Genf, Rue de Lausanne 42+44 and Reinach, Sternenhofstrasse 15+15a were sold and the properties Kemptthal, Pfäffikerstrasse 37 and Glattbrugg, Flughofstrasse 54 were newly acquired. CBRE (Zürich) AG Bärengasse 29 CH-8001 Zurich Tel +41 (0) 44 226 30 www.cbre.com 110 Intershop Group: Annual Report 2025 Valuation results Taking into account the above, CBRE estimates the market values as of the valuation date as of 31 December 2025 as follows: Value Overview Properties 31 Dec 2025 Market value based on going concern (incl. new acquisitions) 40 CHF 1'442'981’000 Market value of real estate with development potential 4 CHF 286'291’000 Market value investment properties 44 CHF 1'729'272’000 Market value-weighted gross yield (year 1), based on going concern 6.26% Market value-weighted net yield (year 1), based on going concern 4.92% Market value-weighted net capitalisation yield (real) - based on going concern 3.36% - real estate with development potential 2.46% The applied real net capitalisation rates range between 2.58% and 4.49%. Change in value The market value of the assessed investment properties increased by CHF 154’966’000 or 9.8% compared to the year-end valuation as of 31 December 2024 (including portfolio changes for acquisitions and sales). Market conditions clause Heightened geopolitical tensions, international trade restrictions following on from the US Government trade tariffs announcement on 2 April 2025 (which could be inflationary) and restricted growth in many economies has increased the potential for constrained credit markets and general uncertainty across global markets. Experience has shown that consumer and investor behaviour can quickly change during fluctuating market conditions. It is important to note that the conclusions set out in this report are valid as at the valuation date only. Where appropriate, we recommend that the valuation is closely monitored, as we continue to track how markets respond to the current environment. Sustainability considerations Wherever appropriate, sustainability and environmental matters are an integral part of the valuation ap- proach. "Sustainability" is taken to mean the consideration of such matters as environment and climate change, health and well -being and corporate responsibility that can or do impact on the valuation of an asset. In a valuation context, sustainability encompasses a wide range of physical, social, environmental, and economic factors that can affect value. The range of issues includes key environmental risk s, such as flooding, energy efficiency and climate, as well as matters of design, configuration, accessibility, legislation, management, and fiscal considerations - and current and historic land use. Sustainability has an impact on the value of an asset, even if not explicitly recognised. Valuers reflect mar- kets, they do not lead them. Where we recognise the value impacts of sustainability, we are reflecting our understanding of how market participants include sustainability requirements in their bids and the impact on market valuations. 111 Intershop Group: Annual Report 2025
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112 Intershop Group: Annual Report 2025 Independence and confidentiality CBRE (Zurich) AG confirms that the valuations of the properties were carried out without any influence by the Intershop Group or third parties and are solely committed to the mandate described above. We confirm that the fees paid by the Intershop Group to CBRE (Zurich) AG do not exceed ten percent of the turnover of CBRE (Zurich) AG. Zurich, 5 February 2026 CBRE (Zürich) AG Sönke THIEDEMANN, CFA FRICS Senior Director Oliver SPECKER, MRICS Director 112 Intershop Group: Annual Report 2025
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113 Intershop Group: Annual Report 2025 Annual Report 2025 Supplementary Information Information for Investors and Analysts 114 Intershop Group 115 Alternative Performance Indicators 116 Glossary of Key Terms Used 118
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Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec indexed (base 100) Intershop tr sxi Real Estate ® Shares Broad tr spi tr 140 135 130 125 120 115 110 105 100 95 90 Total return in 2025 114 Intershop Group: Annual Report 2025 Information for Investors and Analysts Information on the Share and Distribution Total return 2025: Change in share price in 2025: +34.9% +29.4% Total return Average total return 2023–2025: 2023–2025: +60.4% +17.1% Market capitalisation on 31 December 2025: chf 1,561.8 million Dividend per share 1: Dividend yield as at 31 December 2025: chf 6.00 3.6% 1 Proposal of the Board of Directors for the 2025 financial year Information about the share Type of share Registered Nominal value per share chf 2 Valor 133,898,730 isin ch1338987303 Symbol six isn Bloomberg isn se Ex-date dividend 2 April 2026 Record day dividend 7 April 2026 Payment day dividend 8 April 2026
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115 Intershop Group: Annual Report 2025 Intershop Group Multi-Year Overview 2025 2024 2023 2022 2021 Financials Net rental income chf m 77 73 72 68 67 Changes in fair value of properties chf m 188 60 12 –2 32 Net gains from property disposals chf m 30 24 32 133 106 Operating result ( ebit ) chf m 283 146 105 192 195 Earnings before taxes chf m 276 136 99 186 187 Net income chf m 213 117 83 145 144 Net cash from operating activities chf m 48 31 81 5 33 Net cash from investing activities chf m 61 –118 –10 134 50 Net cash used for financing activities chf m –83 90 –106 –118 –85 Total assets as at 31 December chf m 1,808 1,627 1,400 1,456 1,427 Investment properties as at 31 December chf m 1,729 1,574 1,372 1,343 1,342 Promotional projects as at 31 December chf m 21 17 3 50 45 Net yield on investment properties as at 31 December % 4.3 5.0 4.9 1 4.7 1 4.7 1 Ø Interest on financial liabilities as at 31 December % 1.34 1.40 1.67 1.40 1.47 Average term of fixed interest rates as of 31 December Months 36 38 51 59 65 Return on equity incl. changes in fair value of properties % 21.1 13.4 9.6 17.8 20.1 Return on equity excl. changes in fair value of properties % 7.3 8.4 8.6 18.2 17.0 Equity ratio as at 31 December % 60.7 57.5 62.0 60.3 56.8 Market capitalisation as at 31 December chf m 1,562 1,207 1,169 1,146 1,163 Per share figures 2 Earnings incl. changes in fair value of properties chf 23.09 12.74 8.95 15.64 15.18 Earnings excl. changes in fair value of properties chf 7.97 7.99 8.00 16.04 12.84 Dividend chf 6.00 3 5.50 5.50 10.00 4 5.00 nav before deferred taxes as at 31 December chf 138.16 115.50 107.59 108.73 98.41 nav after deferred taxes as at 31 December chf 119.02 101.43 94.09 95.34 85.28 Share price high chf 165.40 129.60 133.20 135.40 127.40 Share price low chf 125.40 114.40 117.40 116.20 113.60 Share price as at 31 December chf 164.40 127.00 123.00 120.60 122.40 Dividend yield as at 31 December % 3.6 4.3 4.5 8.3 4.1 Employees Number as at 31 December Number 63 67 70 65 74 Full-time equivalents (fte) as at 31 December Number 56.2 60.3 62.7 57.6 64.8 1 Net yield on investment properties 2 Adjusted for share split 3 Proposal of the Board of Directors 4 Incl. special dividend
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116 Intershop Group: Annual Report 2025 Alternative Performance Indicators Gross Yield on Investment Properties To calculate the gross yield, the actual annual property income (= property income) from investment properties held at the end of the year under review is compared to the market value of these investment properties at the end of the year under review. The income from properties acquired or completed during the year under review is extrapolated to twelve months. The gross yield refers to completed buildings, i.e. properties under construction are not included in the gross yield of investment properties. in chf 1,000 2025 2024 Rental income from investment properties 81,541 78,929 Less rental income from properties –3,877 –3,362 under construction Effect of annualisation 1,437 6,659 Adjusted rental income from investment properties 79,101 82,226 Adjusted market value (excl. properties under 1,601,016 1,434,998 construction) Gross yield on investment properties 4.9% 5.7% Net Yield on Investment Properties To calculate the net yield, the net rental income from investment properties held at the end of the year under review is set in relation to the market value of these investment properties at the end of the year under review. The net income from properties acquired or completed during the year under review is extrapolated to twelve months. The net yield refers to completed buildings, i.e. properties under construction are not included in the net yield of investment properties. in chf 1,000 2025 2024 Adjusted rental income from investment 79,101 82,226 properties Property expenses for investment properties –8,705 –8,442 Less property expenses for properties 1,115 1,011 under construction Intragroup management fees on investment –2,798 –2,502 properties Less intragroup management fees on properties 155 198 under construction Effect of annualisation –70 –458 Adjusted net rental income from investment 68,798 72,033 properties Adjusted market value (excl. properties under 1,601,016 1,434,998 construction) Net yield on investment properties 4.3% 5.0%
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117 Intershop Group: Annual Report 2025 Return on Equity The return on equity compares the net income for the year under review according to the income statement with the average equity of the corresponding year, calculated on the basis of monthly figures. in chf 1,000 2025 2024 Net income 1 212,794 117,467 Average equity 1 1,007,141 875,992 Return on equity 21.1% 13.4% Net income excl. changes in fair value of properties 2 73,473 73,660 Return on equity excl. changes in fair 7.3% 8.4% value of properties 1 Calculated on a monthly basis 2 See note 26, p. 80
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118 Intershop Group: Annual Report 2025 Glossary of Key Terms Used Investment property Real estate held for investment and yield purposes in accordance with the investment policy. It is reported at market value in the balance sheet. Changes in market value are reported as valuation changes in the income statement. Existing property Investment property that is in regular use or usable and is held to generate rental income and/or long-term value. This also includes building land, provided it is not intended for a promotional project. Valuation changes Changes in valuation correspond to the fair value of investment properties at the end of the year under review less the fair value at the beginning of the year and any capitalised (value-enhancing) investments. Equity ratio Ratio of equity to total assets Loan-to-value ( ltv) Ratio of financial liabilities to the portfolio (investment properties and promotional projects) Property under construction Investment property that is temporarily not in regular use due to substantial structural changes. As a rule, the investments amount to more than 25% of the market value and the construction/ renovation period is at least twelve months. Actual rent Corresponds to the current contractual rent on the reporting date Vacancy rate The vacancy rate shows market-related vacancies. It corre - sponds to the expected market rent for the vacancies according to the rent roll in relation to the rental income for full occupancy (target rent) at that point in time. For properties under construction, the target rent corresponds to the actual rent. This is a figure relating to the reporting date. Property expenses Property expenses include all costs that can be directly attributed to a property. They do not include income taxes, financial expense or the Group’s administrative expenses. Rental income Rental income corresponds to the actual rental income received from a property (excluding service charges). It therefore corresponds to the target rent minus vacancies, rent losses, rent reductions and similar items.
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119 Intershop Group: Annual Report 2025 Market value The market value (fair value) of a property is determined by an independent valuation expert. It corresponds to the estimated sale price that could be achieved in a functioning property market on the valuation date between a willing seller and a willing buyer after a reasonable marketing period in a transaction conducted in the ordinary course of business, with each party acting with knowledge, prudence and without compulsion. Net rental income Corresponds to the actual annual rental income generated by a property after deduction of all directly attributable costs (= rental income minus property expenses). Promotional project A development project that is created or developed with the aim of immediate disposal. These are usually developments in the area of commonhold apartments. Promotional projects are recognised at acquisition cost. Any reclassifications from investment properties are made at market value. Target rent Corresponds to the rent achievable on the reporting date, assuming full occupancy.
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120 Intershop Group: Annual Report 2025 Organisation and Dates
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cEO Intershop Group Simon Haus Real Estate Construction & Development Transactions Finance & it Yannick Hartmann Mireille Lehmann Khoa Trinh Florian Balschun 121 Intershop Group: Annual Report 2025 Address Intershop Holding ag Puls 5 Giessereistrasse 18 ch-8005 Zurich Organisational chart Contact Simon Haus ceo T +41 44 544 10 31 simon.haus@intershop.ch Florian Balschun cfo / Investor Relations T +41 44 544 10 30 florian.balschun@intershop.ch Dates Annual General Meeting 2026 Tuesday, 31 March 2026 Cigarette Factory Event Hall 268 Sihlquai 268, ch-8005 Zurich Agenda Half-year report 2026 26 August 2026 Annual report 2026 25 February 2027 Annual General Meeting 2027 31 March 2027 Half-year report 2027 26 August 2027 Share register The following is responsible for address and other changes in the share register: areg.ch Fabrikstrasse 10 ch-4614 Hägendorf T +41 62 209 16 60 info@areg.ch www.areg.ch
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122 Intershop Group: Annual Report 2025 Coverage by equity analysts ubs Zürcher Kantonalbank Tommaso Operto Ken Kagerer Research Analyst Head of Research tommaso.operto@ubs.com indirect real estate investments ken.kagerer@zkb.ch Investor relations and further information about Intershop Florian Balschun T +41 544 10 30 florian.balschun@intershop.ch Publisher Intershop Holding ag Puls 5 Giessereistrasse 18 ch-8005 Zurich www.intershop.ch
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Layout: Gottschalk+Ash Int’l www.ga-z.com Text: Bühler & Bühler ag www.buehler-buehler.ch Production: mdd Management Digital Data ag www.mdd.ch Photography: Goran Potkonjak Photography www.goranpotkonjak.com
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Intershop identifies, develops and realises real estate with potential.