Slides
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Intershop Group Media and Analysts’ Conference Wednesday, 26 August 2026 Half-Year Results 2026 Simon Haus, CEO Florian Balschun, CFO
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2 Agenda – Overview – Half-Year Results 2026 – Portfolio – Property Development – Outlook – Q&A Intershop Group, Half-Year Results 2026, 26 August 2026
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3 Highlights H1 2026: Profitability Overview Intershop Group, Half-Year Results 2026, 26 August 2026 Net income CHF 67.5m CHF 33.8m excl. changes in fair value of properties Return on equity 12.3% 6.2% excluding changes in fair value of properties Net gains from property disposals CHF 5.1m H1 2025: CHF 2.6m
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4 Highlights H1 2026: Portfolio Overview Intershop Group, Half-Year Results 2026, 26 August 2026 Total portfolio value CHF 1.92 billion 31 Dec. 2025: CHF 1.75 billion Net yield 4.0% 31 Dec. 2025: 4.3% Vacancy rate 6.5% 31 Dec. 2025: 6.9%
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5 Highlights H1 2026: Financing Overview Intershop Group, Half-Year Results 2026, 26 August 2026 Equity ratio 56.5% 31 Dec. 2025: 60.7% Financial leverage (loan-to-value, LTV) 33.3% 31 Dec. 2025: 28.0% Ø interest rate on interest-bearing debt 1.35% 31 Dec. 2025: 1.34%
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6 Agenda – Overview Half-Year Results 2026 – Portfolio – Property Development – Outlook – Q&A Intershop Group, Half-Year Results 2026, 26 August 2026
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Including changes in fair value of properties Excluding changes in fair value of properties 7 Net income lower than in the prior -year period, which was characterised by revaluations Half-Year Results 2026 Intershop Group, Half-Year Results 2026, 26 August 2026 Net income development in CHFm 82.5 73.7 117.5 73.7 212.8 73.5 175.9 28.6 67.5 33.8 250 200 150 100 50 2023 2024 2025 H1 2025 H1 2026
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8 Increase in net income excl. changes in fair value of properties Half-Year Results 2026 In CHFm H1 2026 H1 2025 Change Net rental income 37.7 39.5 -4.6% Net gains from property disposals 5.1 2.6 +95.1% Other income 1.4 1.7 -18.2% Personnel and administrative expenses -7.2 -7.8 -7.6% Changes in fair value of properties 47.7 200.2 -76.2% Operating result (EBIT) 84.7 236.2 -64.1% Financial result -3.6 -3.6 -0.4% Taxes -13.6 -56.7 -75.9% Net income 67.5 175.9 -61.6% Net income excl. changes in fair value of prop. 33.8 28.6 +18.0% Intershop Group, Half-Year Results 2026, 26 August 2026
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9 Intershop maintains a solid financing structure Half-Year Results 2026 30 June 2026 31 Dec. 2025 Equity ratio % 56.5 60.7 Loan -to-value (LTV) % 33.3 28.0 Interest -bearing debt CHFm 638.7 490.0 Ø interest rate on interest -bearing debt % 1.35 1.34 Ø debt maturity Years 3.0 3.0 Share of unsecured financing % 59.4 65.5 Share of maturities < 1 year % 32.2 24.8 Available credit lines CHFm 164.4 228.6 Unencumbered assets CHFm 1,289.9 1,381.9 Intershop Group, Half-Year Results 2026, 26 August 2026
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Bonds (unsecured) Private placements (unsecured) Mortgages (secured) Maturity profile of financial liabilities in CHFm 205 144 0 100 125 0 0 0 0 0 65 Ø rate 1.36% 1.13% n/a 1.57% 1.29% n/a n/a n/a n/a n/a 1.60% 210 180 150 120 90 60 30 <1 year 1–2 y. 2–3 y. 3–4 y. 4–5 y. 5–6 y. 6–7 y. 7–8 y. 8–9 y. 9–10 y. 10–11 y. 10 Bond maturity in H1 2026 refinanced via capital markets Half-Year Results 2026 Intershop Group, Half-Year Results 2026, 26 August 2026 35 170 100 20 24 100 125 65
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11 Key figures per share Half-Year Results 2026 In CHF H1 2026 H1 2025 Change Earnings 7.32 19.08 -61.6% Earnings excl . changes in fair value of prop. 3.67 3.11 +18.0% Ø daily trading volume in CHFk 1,023.0 710.2 +44.0% In % H1 2026 Share performance including dividend +8.8% In CHF 30 June 2026 31 Dec. 2025 Change Net asset value (NAV) 120.35 119.02 +1.1% Share price at balance sheet date 172.60 164.40 +5.0% Intershop Group, Half-Year Results 2026, 26 August 2026
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12 Agenda – Overview – Half-Year Results 2026 Portfolio – Property Development – Outlook – Q&A Intershop Group, Half-Year Results 2026, 26 August 2026
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13 Portfolio Net growth from transactions of more than CHF 110m in H1 2026 Intershop Group, Half-Year Results 2026, 26 August 2026 Acquisitions Disposals Total Transactions in H1 2026 in CHFm 110.6 140 120 100 80 60 40 20 “The Valley” (ZH) Belp (BE) Rüti (ZH) Net H1 26 H1 2026: – Disposals of CHF 34m – Net gains from property disposals of CHF 5.1m After the balance sheet date: – One acquisition and one disposal each – Net gains from property disposals including H1 2026 of > CHF 14m
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14 Portfolio Acquisition of an investment property with development potential in Kemptthal (ZH) Intershop Group, Half-Year Results 2026, 26 August 2026 Kemptthal (ZH), Kemptpark 1 to 38 “The VALLEY and MOTORWORLD” − High -yield commercial and industrial site with development potential − Current rent: CHF 6.52m p.a. − Objective: increase net rental income, improve the tenant structure and qualitatively enhance the site by developing the existing building land reserves
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15 Portfolio After the balance sheet date: Acquisition of a high -yield real estate portfolio with development potential in Kriens (LU) and Stans (NW) (I/II) Intershop Group, Half-Year Results 2026, 26 August 2026 Target rent CHF 6.1m − Usage mix: commercial 66%; retail 13%; F&B 6%; storage 4%; other 11% − Vacancy rate: 14.5% Rental area 41,000 m 2 − Average rent CHF 156/m 2 p.a. Additional development potential Approx. 25,000 m 2 − Net residential floor area from the on - going BZO revision for the East/West site − Development at the earliest from 2033 Locations Kriens & Stans − Regional diversification in the Lucerne area; improves the regional balance of the portfolio Transaction Real estate company − 100% of GEWERBEBAUTEN TPC AG Financing Own resources − Use of existing credit lines − Possible refinancing via capital markets at a later stage
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16 Portfolio After the balance sheet date: Acquisition of a high -yield real estate portfolio with development potential in Kriens (LU) and Stans (NW) (II/II) Intershop Group, Half-Year Results 2026, 26 August 2026 Areal West Areal Mitte Areal Ost Stans Ownership structure Sole ownership Cond. under building lease Condominium / sole ownership Under building lease Target rent (in CHFm) 0.93 1.37 3.18 0.65 Area (in m 2) 6,637 8,699 19,470 6,108
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17 Portfolio Disposal of two investment properties in Rüti (ZH) and Belp (BE) Intershop Group, Half-Year Results 2026, 26 August 2026 Rüti (ZH), Neuhofstrasse 10 Belp (BE), Hühnerhubelstrasse 58-66 − Development potential exhausted, high occupancy rate, timely realisation for reinvestment in value -enhancing locations − Target rent: CHF 0.65m p.a. − Disposal as of 30 April 2026 − Vacancy could not be reduced over the years, termination by the major tenant, exit in a favourable market environment without loss of value − Target rent: CHF 2.87m p.a. − Disposal as of 30 April 2026
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18 Portfolio After the balance sheet date: Disposal of an investment property in Bad Ragaz (SG) Intershop Group, Half-Year Results 2026, 26 August 2026 Bad Ragaz (SG), Elestastrasse 16 -18 − Development potential exhausted, high occupancy rate, timely realisation for reinvestment in value -enhancing locations − Target rent: CHF 1.25m p.a. − Disposal as of 31 July 2026
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19 Transaction -driven decline in property income Portfolio Intershop Group, Half-Year Results 2026, 26 August 2026 Rental income development in CHFm 44.3 -4.8 39.5 -0.5 +0.3 -0.2 39.0 +3.8 42.9 45 44 43 42 41 40 39 H1 25 Correct- ions1 H1 25 adj. Target rent Vacancy Other H1 26 adj. Correct- ions1 H1 26 1 Transactions, completed construction projects and 1 adjustments for doubtful debts and other discounts 2 Like -for -like / on a comparable basis -3.1% LFL2: -1.0%
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20 Market -related vacancy rate down to 6.5% Portfolio Intershop Group, Half-Year Results 2026, 26 August 2026 Vacancy rate of investment properties in % 6.9 -0.97 5.9 -0.42 5.5 +1.00 6.5 7.00 6.75 6.50 6.25 6.00 5.75 5.50 2025 Disposals 2025 adj. Like-for-like decline H1 2026 adj. Acqui- sitions H1 2026
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31 December 2025 30 June 2026 Lease types and lease expiries by rental income in % 35 30 25 20 15 10 05 Residential Parking No maturity < 1 year 1–2 years 2–3 years 3–4 years 4–5 years > 5 years 21 Transactions have not materially impacted the maturity profile Portfolio Intershop Group, Half-Year Results 2026, 26 August 2026 8.5 8.1 3.9 4.0 12.5 11.1 5.6 6.0 11.2 14.9 9.4 8.8 12.0 13.2 6.6 5.5 30.3 28.4 Ø Duration of all contracts (WAULT¹): 4.7 years (31 Dec. 2025: 4.6 years) 1 According to AMAS, excluding residential and parking; indefinite contracts assumed with a duration of six months
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Promotional projects Investment properties Changes in H1 2026 Portfolio development in CHFm 2,200 2,000 1,800 1,600 1,400 1,200 2022 2023 2024 2025 Acqui- sitions Dis- posals Invest- ments Revalu- ations H1 2026 22 Portfolio growth driven mainly by transactions Portfolio Intershop Group, Half-Year Results 2026, 26 August 2026 1,393.5 1,375.3 1,591.7 1,750.1 +110.6 +9.4 +47.7 1,917.9 +9.6%
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23 Almost half of the revaluations of CHF 47.7m resulted from operating activity Portfolio Intershop Group, Half-Year Results 2026, 26 August 2026 Value change by sources 1 Operating activity Remainder (e.g. market-driven) 47% 53% – Selected operating successes: – «Bloom» in Lausanne (VD): CHF 8.2m due to new lettings – «Bento» in Baden (AG): CHF 10.4m due to new lettings – Bad Ragaz (SG): CHF 8.3m due to active marketing (disposal after the balance sheet date) – Change in discount rate: – Capital -weighted: 4.18% (31 Dec 2025: 4.24%) – Market (CBRE): -5bps 1 without acquisitions
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24 Geographical distribution Portfolio Intershop Group, Half-Year Results 2026, 26 August 2026 Geographical distribution of the investment properties by market value as of 30 June 2026 in % Zurich (60.1, +2.9) Lake Geneva (17.9, -1.1) Northwestern CH (13.0, -0.6) Espace Mittelland (4.4, -1.4) Central CH (2.4, -0.2) Eastern CH (2.2, +0.4) Source: CBRE; compared to 31 Dec. 2025
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25 Location and asset rating by building type Portfolio Intershop Group, Half-Year Results 2026, 26 August 2026 Location and asset rating by building type as of 30 June 2026 Office Logistics Commercial Residential Industrial Residential/Commercial 3.0 3.0 Location ratingAsset rating Disposals1 Acqui- sition 1 Including the disposal of Bad Ragaz after the balance sheet date
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Tenant mix in % of rental income Canton of Vaud Sauvin Schmidt SA Canton of Zurich Coop Migros Top 6–25 tenants Other tenants Usage mix in % of rental income Office Commercial, Logistics Residential Retail, Gastronomy Education Parking 26 Broad diversification of usage and tenant mix Portfolio Intershop Group, Half-Year Results 2026, 26 August 2026 39 34 9 6 6 6 4.9 4.6 3.8 22.659.3 Basis: Rental income H1 2026 Basis: Rental income at the end of H1 2026 WAULT: 7.9 years 2.4 2.3
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27 Agenda – Overview – Half-Year Results 2026 – Portfolio Property Development – Outlook – Q&A Intershop Group, Half-Year Results 2026, 26 August 2026
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28 Well -filled project pipeline Property Development Investment properties Realised Let/sold 1 Excluding Lausanne (VD) «Bloom» and Zuchwil (SO) «Magneto» Promotional projects Projected Pre -let/reserved Vacant/not sold Objective IRR 1 Project status 2026 27 28 29 30 +5 y. +10 y. Planned invest. in CHFm Occupancy rate in % Projects under construction Lausanne (VD), “Bloom” Repositioning office Completed 61.7 70.0 Baden (AG), “Bento” Repositioning office/commercial Tenant fit -out 11.6 93.8 Projects in planning Eich (LU), Schaubhausweg Condominiums Construction project >20 n/a Uetikon am See (ZH), Alte Landstr . Condominiums Preliminary project >15 n/a Zuchwil (SO), “Magneto” Repositioning office/commercial Product definition 15 71.4 Opfikon (ZH), Hohenbühlstrasse Residential Construction project >25 100.0 St. Gallen (SG), Oststrasse Residential Special utilisation plan >50 97.5 Niederwangen (BE), Riedmoosstr . Office / Commercial Strategic planning >25 n/a Lucerne (LU), Seeburgstrasse Residential Strategic planning <10 100.0 Zurich (ZH), “Mediacampus” Residential Strategic planning >250 98.9 Total >8% 1 >525 Q3 2026 2028 Q1 2026 from 2033 from 2032 2029 from 2030 2029 from 2032 2030 Intershop Group, Half-Year Results 2026, 26 August 2026
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29 Property Development Project under construction «Bloom» in Lausanne (VD): Final works (I/II) Intershop Group, Half-Year Results 2026, 26 August 2026 Lausanne (VD), «Bloom», Avenue de Gratta -Paille 1, 2 − From 2023, transformation of the property into a modern, multifunctional office complex − Two sustainability labels in progress: SNBS Gold and Minergie Renovation − Investment: CHF >60m − Target rent: CHF 6.6m − Occupancy rate: 70.0% − Reclassification from “properties under construction” to “existing properties” at year -end
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30 Property Development Project under construction «Bloom» in Lausanne (VD): Final works (II/II) Intershop Group, Half-Year Results 2026, 26 August 2026 1 4 2 3 5 Lausanne (VD), «Bloom», Avenue de Gratta -Paille 1, 2 Overview of anchor tenants: 1. Mazars SA 2. ENI Suisse SA 3. IT Services University Hospital of Vaud / Restaurant 4. Orion SA / Economic Development 5. Canton / Gym WAULT 1: 7.9 years 1 As defined by AMAS
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Property Zurich (ZH), “Mediacampus” Objective Development into residential Status Obtaining the go -forward decision following the e-BZO public display period Plot area (in m 2) 28,000 Rental/usable area (in m 2) 22,937 Possible gross floor area (in m 2) 58,000 (based on area development) Planned investment in CHFm > 250 Completion planned Earliest 2033 (procedure -dependent) 31 “Mediacampus”: e -BZO assessment Property Development Intershop Group, Half-Year Results 2026, 26 August 2026 e-BZO assessment – e-BZO provides for upzoning from residential zone (W5) to centre zone (Z7b) – Allowable gross floor area increases from around 58,000 m² to around 73,000 m² – Dezoning of approx. 5,000 m² designated for a public park ( SLöBA ) – Intershop submitted its views and interests regarding the e -BZO through formal objections – City Council decision on the e -BZO is expected no earlier than summer 2027
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Property Opfikon (ZH), Hohenbühlstrasse 1, 3, 5 St. Gallen (SG), Oststrasse Objective Residential development Residential development Status Construction project for the conversion of a former staff building into a residential development with rental apartments; preliminary project completed; building application planned for Q4 2026 Design study process completed; guideline project as the basis for the special land use plan; public consultation without objections; entry into force expected in autumn 2026 Plot size (in m2) 9,534 6,250 Current usable area (in m2) 4,700 9,750 Eligible floor space (in m2) 5,100 11,600 (based on guideline project submission) Planned Investment in CHFm > 25 > 50 Earliest completion 2030 Earliest 2030 32 Two residential construction projects in German -speaking Switzerland Property Development Intershop Group, Half-Year Results 2026, 26 August 2026
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33 Agenda – Overview – Half-Year Results 2026 – Portfolio – Property Development Outlook – Q&A Intershop Group, Half-Year Results 2026, 26 August 2026
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34 Outlook for the 2026 financial year Outlook Intershop Group, Half-Year Results 2026, 26 August 2026 – Commitment to the business model – Due to completed and planned property disposals, net rental income is now expected to remain stable – New: Net gains from property disposals (pre -tax) of at least CHF 30m – Net income excluding changes in fair value of properties above the prior -year level, enabling the continuation of the attractive dividend policy – Exploiting opportunities in the transaction market
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35 Change in the Executive Management Outlook Intershop Group, Half-Year Results 2026, 26 August 2026 Head of Construction & Development as of 1 December 2026 Professional experience: − 2024–2026 Head of “Development Acquisition”, UBS Fund Management AG, Zurich − 2010–2024 Head of “Development & Construction”, Credit Suisse AG, Zurich − 2007–2009 Team Head “Construction”, AXA Investment Managers Schweiz AG, Zurich Other activities: − 2025–present President, Association of Private Professional Property Owners − 2018–present Board member, Minergie Association Martin Munz Dipl. Architekt FH / Industrial Engineer
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36 Agenda – Overview – Half-Year Results 2026 – Portfolio – Property Development – Outlook Q&A Intershop Group, Half-Year Results 2026, 26 August 2026
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37 Q&A Intershop Group, Half-Year Results 2026, 26 August 2026 Your contacts Ernst Schaufelberger Chairman Simon Haus Chief Executive Officer Florian Balschun Chief Financial Officer
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38 Q&A Intershop Group, Half-Year Results 2026, 26 August 2026 Analyst & Investor Contact Florian Balschun Chief Financial Officer florian.balschun@intershop.ch Financial Calendar 2027 − 25 February 2027 Publication of Annual Report 2026 − 31 March 2027 64th Annual General Meeting − 26 August 2027 Publication of Half -Year Report 2027
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39 Disclaimer Intershop Group, Half-Year Results 2026, 26 August 2026 This presentation has been prepared and issued by Intershop Holding AG (together with its subsidiaries "Intershop") and is for information purposes only . This presentation does not constitute investment, legal, accounting, regulatory, taxation or other advice. In making an investment decision, investors must rely on their own investigation of Intershop, including the merits and risks involved. Intershop does not make any representation to any investor regarding the legality of an investment in Intershop by such investor. Each investor should consult with his or her own advisors as to the legal, tax, business, financial and related aspects of an investment in Intershop. Presentations are by their nature abbreviated information and cannot substitute for narrative information. Consistent with its purpose, this presentation does not include all information that is material to evaluate the strengths and weaknesses as well as risks and opportunities for Intershop. The information contained in this presentation has been prepared as of the date of this presentation. Intershop reserves the right to amend or replace the document at any time without notice. Intershop disclaims any obligation to update or revise any information, in particular forward -looking statements, to reflect future events or developments. This presentation contains various forward -looking statements that reflect management's current views with respect to future events and anticipated financial and operational performance. Forward -looking statements as a general matter are all statements other than statements as to historical facts or present facts or circumstances. Although we believe that the expectations reflected in these forward -looking statements are reasonable, we can give no assurance that they will materialize or prove to be correct. Because these statements are based on assumptions or estimates, are inherently subject to risks and uncertainties, and may involve third parties over whom we have no control, the actual results or outcome could differ materially from those set out in the forward -looking statements as a result of many factors, and could cause actual results to differ materially from what we anticipate. Due to the uncertainty of future developments, to the fullest extent permitted by applicable law, Intershop does not assume any liability with respect to or in connection with such prospects or other forward -looking statements contained herein. Any forward -looking statements speak only as of the date of this presentation. Accordingly, investors are cautioned not to place undue reliance on any of the forward -looking statements herein.
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Intershop identifies, develops and realizes real estate with potential.