Interim report
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Half-Year Report 2026 Intershop Increases Operating Profit and Expands Portfolio Intershop’s net income excl. changes in fair value of proper - ties for the first half of 2026 rose by 18.0% to CHF 33.8 million. This was due to higher operating income and lower operating expenses. Consequently, operating efficiency ( EBIT margin before changes in fair value of properties) improved from 74.1% to 74.9%. In addition, one-off positive tax effects contributed to the result. Net income incl. changes in fair value of properties amounted to CHF 67.5 million, below the corresponding half-year result for 2025, which was characterised by revaluations. Earnings per share incl. changes in fair value of properties amounted to CHF 7.32. Intershop took advantage of the favourable market condi - tions for transactions to optimise its portfolio: the company sold two investment properties and acquired a commercial and industrial site in Kemptthal ( ZH). As at the balance sheet date, the portfolio comprised 43 properties with a total value of CHF 1,917.9 million. With an equity ratio of 56.5% and a loan-to-value ( LTV) of 33.3%, the company remained on a sound financial footing. Supported by a continued favourable market environment, its proven business model and the transactions concluded after the balance sheet date, Intershop expects a result for the 2026 financial year that will allow it to maintain its investor-friendly dividend policy.
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2 Intershop Group: Half-Year Report 2026 Key figures for the Intershop Group Annualised return on equity 6.2% excluding changes in fair value of properties 12.3% Net rental income –4.6% CHF 37.7 million Net gains from property disposals +95.1% CHF 5.1 million Portfolio value +9.6% CHF 1.9 billion Vacancy rate –38.9 basis points 6.5% Financial leverage (loan-to-value, LTV) +5.3 percentage points 33.3% Ø interest costs as at the reporting date +1.3 basis points 1.35%
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3 Intershop Group: Half-Year Report 2026 Intershop Group key figures 1 st HY 2026 1st HY 2025 +/- 1 Financials Net rental income CHF m 37.7 39.5 –4.6% Net gains from property disposals CHF m 5.1 2.6 95.1% Changes in fair value of properties CHF m 47.7 200.2 –76.2% Operating result ( EBIT) CHF m 84.7 236.2 –64.1% Earnings before tax ( EBT) CHF m 81.1 232.6 –65.1% Net income CHF m 67.5 175.9 –61.6% Net cash from operations CHF m 0.0 15.0 –100.2% Investments in real estate CHF m 149.1 51.5 189.5% Total assets 2 CHF m 1,963.1 1, 807.7 8.6% Total value of property portfolio 2 CHF m 1,917.9 1,750.1 9.6% Financial liabilities 2 CHF m 638.7 490.0 30.3% Shareholders’ equity 2 CHF m 1,109.5 1,097.1 1.1% Return on equity 3 12.3% 37.1% −24.8pp Return on equity excl. changes in fair value 3, 6 6.2% 6.0% 0.1pp Portfolio Number of properties 43 43 0.0% Lettable area 2 m 2 575,482 549,040 4.8% Gross yield 2, 4 4.7% 4.9% −0.3pp Net yield 2, 4 4.0% 4.3% −0.3pp Vacancy rate 5 6.5% 6.9% −0.4pp Personnel Number of employees 2 63 63 0.0% Share Net income 6 CHF 7.32 19.08 –61.6% Net income excl. changes in fair value 6 CHF 3.67 3.11 18.0% Net asset value ( NAV) 2, 7 CHF 120.35 119.02 1.1% Share price at balance sheet date 2 CHF 172.60 164.40 5.0% Dividend 8 CHF 6.00 5.50 9.1% 1 Change compared with the corresponding prior- year figure; for percentage values, in percentage points (pp) 2 Figures as of 30 June 2026 and 31 December 2025 3 See “Alternative Performance Indicators”, Annual Report 2025, p. 117 4 See “Alternative Performance Indicators”, Annual Report 2025, p. 116 5 Market-driven vacancy 6 See “Earnings per Share”, p. 28 7 See “Net Asset Value ( NAV) per Share”, p. 25 8 Dividend paid in the first half of the year for the 2025 and 2024 financial years, respectively
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4 Intershop Group: Half-Year Report 2026 Table of Contents Management Report for the First Half of 2026 5 Consolidated Financial Statements 14 Details on the Portfolio 29 Supplementary Information 41
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5 Intershop Group: Half-Year Report 2026 Management Report for the First Half of 2026
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6 Intershop Group: Half-Year Report 2026 Business Performance Income Rental income fell by 3.1% to CHF 42.9 million in the first half of 2026 (H1 2025: CHF 44.3 million). The decline was largely attributable to transactions carried out in 2025 and in the first half of 2026. Excluding these transactions (like-for-like), the decline in rental income amounted to 1.0%. This was primarily due to lower rental income from the temporary letting of the “Magneto” site in Zuchwil ( SO). The disposal of two investment properties resulted in net gains from property disposals totalling CHF 5.1 million (H1 2025: CHF 2.6 million). Taking into account other income of CHF 1.4 million (H1 2025: CHF 1.7 million), operating income rose by a total of 1.7% to CHF 49.4 million (H1 2025: CHF 48.6 million). Expenses During the reporting period, property expenses rose by 9.1% to CHF 5.2 million (H1 2025: CHF 4.7 million) as a result of trans - actions. On a like-for-like basis – that is, excluding transactions – there was an increase of 0.4%. Despite higher personnel expenses, operating costs decreased to CHF 7.2 million (H1 2025: CHF 7.8 million), mainly because of lower administrative expenses following the elevated level recorded in the previous year. At a total of CHF 12.4 million, operating expenses were down slightly (H1 2025: CHF 12.6 million). Operating Profit Operating profit (EBIT before changes in fair value of properties) rose by 2.7% to CHF 37.0 million (H1 2025: CHF 36.0 million). Net rental income, a key component, fell from CHF 39.5 million to CHF 37.7 million compared with the same period last year, pri - marily as a result of property transactions. Operating efficiency ( EBIT margin before changes in fair value of properties) improved to 74.9% (H1 2025: 74.1%). Rental Income by Category and Region based on rental income during the reporting period Zurich Lake Geneva area Northwestern Switzerland Espace Mittelland Eastern Switzerland Properties under construction Central Switzerland Sold 54% 94% 19% 10% 5% 3% 4% 2% 2% Investment properties Operating Profit in the first half of the corresponding year 2023 55 50 45 40 35 30 25 2024 2025 20262022 30.5 51.5 31.4 36.0 37.0in CHF m Operating profit (EBIT before changes in fair value of properties)
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7 Intershop Group: Half-Year Report 2026 Transactions In late February 2026, Intershop acquired the commercial and industrial site “The Valley and MOTORWORLD Manufaktur Region Zürich” in Kemptthal ( ZH), with a current rent of CHF 6.5 million as at 30 June 2026. The lettable area comprises around 54,800 m², whilst the development potential amounts to around 42,600 m² of commercial space. In the first half of 2026, an investment property in Rüti ( ZH) with a target rent of CHF 0.7 million and an investment property in Belp ( BE) with a target rent of CHF 2.9 million were sold for a total of CHF 34.0 million. Intershop thus took advantage of the favourable market conditions to further optimise its port- folio and realise capital gains. Organisation As at 30 June 2026, the company had 63 employees. The number of full-time equivalents stood at 57.3 (31 December 2025: 63 employees / 56.2 full-time equivalents). Mireille Lehmann, Head of Construction and Development and a member of the Executive Management, is leaving the Intershop Group at the end of the year. The Board of Directors has appointed Martin Munz as her successor. He will take up his role as Head of Construction and Development and a member of the Executive Management on 1 December 2026. Martin Munz has many years of successful experience in comparable roles. Result Net income amounted to CHF 67.5 million in the first half of 2026. This was below the half-year result for the corresponding period in 2025, which was characterised by revaluations and stood at CHF 175.9 million. Earnings per share amounted to CHF 7.32 (H1 2025: CHF 19.08). Net income excluding changes in fair value of properties rose by 18.0% to CHF 33.8 million (H1 2025: CHF 28.6 million). The reasons for the increase were higher operating profit ( EBIT before changes in fair value of properties), stable financial result and a lower tax burden. In connection with property gains tax on disposals in previous years, there were one-off positive tax effects amounting to CHF 4.5 million. Earnings per share exclud - ing changes in fair value of properties amounted to CHF 3.67 (H1 2025: CHF 3.11). The return on equity including changes in fair value of proper - ties was 12.3% in the reporting period (H1 2025: 37.1%), whilst the return on equity excluding changes in fair value of properties was 6.2% (H1 2025: 6.0%). Operating Cash Flow Cash flow from operating activities fell from CHF 15.0 million to CHF 0.0 million compared with the same period last year. The main drivers were a transaction-related VAT receivable of CHF 8.4 million, the refund of which is expected in the second half of 2026, and higher income tax payments for previous years. 2023 3.88 5.72 5.72 19.08 7.32in CHF 20 16 12 8 4 2024 2025 20262022 Earnings per Share in the first half of the corresponding year Net income
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8 Intershop Group: Half-Year Report 2026 Portfolio In the first half of 2026, new lease agreements covering over 21,700 m2 were concluded or renewed. The weighted remaining term of contractually fixed commer - cial leases ( WAULT) rose to 4.7 years as at the balance sheet date (31 December 2025: 4.6 years). As at 30 June 2026, the vacancy rate for the property port- folio stood at 6.5% (31 December 2025: 6.9%). The main reason for the decrease of 38.9 basis points was the disposal of an investment property in Belp ( BE). On a like-for-like basis, i.e. excluding transactions, the vacancy rate fell by 41.6 basis points due to successful lettings. As at the balance sheet date, changes in fair value of proper - ties amounted to CHF 47.7 million. This was below the figure for the comparable period of the previous year, which was charac - terised by revaluations totalling CHF 200.2 million. Revaluations resulting from successful lettings arose primarily from the “Bloom” office property in Lausanne ( VD) (CHF 8.2 million attrib - utable to new lettings) and the “Bento” site in Baden ( AG) (CHF 10.4 million attributable to new lettings). CHF 9.1 million of the revaluations related to the property in Bad Ragaz ( SG), which was sold after the balance sheet date. The weighted discount rate of the investment properties was 4.18% as at the valuation date (31 December 2025: 4.24%). The total value of the property portfolio amounted to CHF 1,917.9 million as at 30 June 2026 (31 December 2025: CHF 1,750.1 million). This increase was driven by changes in fair value of properties, investments totalling CHF 9.4 million (H1 2025: CHF 30.1 million) and the net effect of transactions amounting to CHF 110.6 million (H1 2025: CHF 4.1 million). As at 30 June 2026, the net yield on investment properties (excl. properties under construction) stood at 4.0% (31 Decem - ber 2025: 4.3%). From Intershop’s perspective, the port folio optimisation improved the risk-adjusted return on the property portfolio. As part of the implementation of the sustainability strategy, various construction measures were carried out on the property portfolio during the reporting period. In addition, the company updated its materiality assessment and incorporated additional requirements for sustainable construction into its newly estab - lished Sustainability Guideline. Valuation Changes by Source based on valuation changes in H1 2026 according to CBRE Operating activities Other (e.g. changes in the base interest rate) 47% 53%
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9 Intershop Group: Half-Year Report 2026 Property Development The project pipeline stood as follows at mid-year 2026: The ongoing development projects did not experience any value-relevant schedule delays or cost overruns in the first half of 2026. As at the balance sheet date, the planned investment volume (excl. projects under construction) stood at over CHF 450 million. The IRR (internal rate of return across all known and estimated cash flows), calculated from the date of acquisi - tion to the potential disposal, for all development projects acquired since 2024 remained unchanged at over 8%. The first quarter of 2026 saw the completion of the multi-year transformation of the “Bloom” office property in Lausanne ( VD) into a modern, multifunctional business complex. The invest - ment volume amounted to over CHF 60 million. In the first half of 2026, Intershop also achieved the following significant letting successes: the signing of a long-term lease for 2,500 m² with the Canton of Vaud and the letting of 1,200 m² for the next ten years to the FHVI (Fédération des Hôpitaux Vaudois Informa - tique). As a result, the property’s occupancy rate stood at around 70% as at 30 June 2026. The reclassification of “Bloom” from properties under construction to existing properties is planned for the end of 2026. In August, the canton approved the special land-use plan for the planned project on Oststrasse in St. Gallen ( SG). Once this comes into force, it will enable the preparation of a detailed construction project. In May 2026, Intershop submitted the building application for the promotional project in Eich ( LU). Approval from the authori - ties is expected by late 2026. The revised Building and Zoning Ordinance (e- BZO) of the City of Zurich was placed on public display from 18 March to 1 June P r o j e c t e d i n v e s t m e n t Rental occupancy Objective IRR 1 Project status 2026 27 28 29 30 +5y +10y in CHF m rate in % Projects under construction ¢ Lausanne ( VD), Repositioning office Completed 61.7 70.0 “ B l o o m ” ¢ Baden ( AG), Repositioning Tenant 11.6 93.8 “Bento” office/commercial fit-outs Projects in planning ¢ Eich ( LU), Condominiums Construction >20 n/a Schaubhausweg project ¢ Uetikon am See ( ZH), Condominiums Preparatory >15 n/a Alte Landstrasse project ¢ Zuchwil ( SO), Repositioning Product 15 71.4 “Magneto” office/commercial definition ¢ Opfikon ( ZH), Residential Construction >25 100.0 Hohenbühlstrasse project ¢ St. Gallen ( SG), Residential Special land- >50 97.5 Oststrasse use plan ¢ Niederwangen ( BE), Development of Strategic >25 n/a Riedmoosstrasse office/commercial planning ¢ Lucerne ( LU), Residential Strategic <10 100.0 Seeburgstrasse planning ¢ Zurich ( ZH), Residential Strategic >250 98.9 “Mediacampus” planning Total >8% >525 Investment properties 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. “Bloom” in Lausanne ( VD) and “Magneto” in Zuchwil ( SO)
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10 Intershop Group: Half-Year Report 2026 2026. With the exception of the “Mediacampus” site (see page 37), the revision has no significant material implications for Intershop’s portfolio. Intershop put forward its views and interests as part of the public consultation process. The City Council’s decision on the e- BZO is expected in summer 2027. Further information on the development projects is available on pages 34 to 37. Financing The equity ratio stood at 56.5% as at mid-2026 (31 December 2025: 60.7%). The loan-to-value ( LTV) rose to 33.3% (31 Decem - ber 2025: 28.0%). The changes in these two balance sheet ratios are primarily attributable to the purchase of the commercial and industrial site in Kemptthal ( ZH). In the first half of 2026, Intershop issued a five-year bond in the amount of CHF 125 million with a coupon of 1.2175% and repaid the CHF 100 million green bond with a coupon of 0.3%. The changed interest rate environment made refinan cing via the capital market more expensive. Nevertheless, the average inter - est cost on financial liabilities as at the reporting date rose by just 1.3 basis points to 1.35% (31 December 2025: 1.34%). The capital-weighted fixed-interest period stood at just over three years, and was thus within the range specified in the financing strategy. The share of unsecured financial liabilities was 59.4% (31 December 2025: 65.5%). As at the reporting date, the Intershop share closed at CHF 172.60 and recorded a total return of 8.8% in the first half of 2026. Market capitalisation rose to CHF 1,591.3 million (31 December 2025: CHF 1,515.4 million). Average Interest Rate on Financial Liabilities 2023 2.0 1.5 1.0 0.5 2024 2025 1st HY 20262022 1.47 1.40 1.67 1.34 1.35in % Average interest rate
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11 Intershop Group: Half-Year Report 2026 Outlook After the balance sheet date, an investment property in Bad Ragaz (SG) was sold at a profit, and GEWERBEBAUTEN TPC AG was acquired in a cash transaction. The real estate company owns a high-yield commercial site with development potential in Kriens (LU), a commercial property in Stans ( NW) and associated pur- chase rights to plots of land. Following the exercise of these purchase rights, the properties comprise around 41,000 m² of lettable area with an annual target rent of CHF 6.1 million. Based on these transactions, the disposals already realised as a result of the attractive market environment and further planned disposals, Intershop now expects stable net rental income for the full year, as well as net gains from property disposals (before tax) of at least CHF 30.0 million. The actual result will depend on developments in the transaction market during the second half of the year. Intershop also anticipates attractive acquisition opportu - nities in the second half of 2026. Overall, the company expects net income excl. changes in fair value of properties to exceed the prior-year level, enabling it to maintain its investor-friendly dividend policy. Ernst Schaufelberger Chairman of the Board of Directors Simon Haus Chief Executive Officer
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12 Intershop Group: Half-Year Report 2026 Acquired in 2016, the “Bloom” property is located in the Blécherette district of Lausanne, close to the regional airport of the same name and the access road to the A9 motorway. The city centre and main railway station can be reached within a few minutes by both private and public transport. The property com - prises five interconnected buildings. In addition to around 17,000 m² of modern office and commercial rental space in a basic fit-out, “Bloom” offers 600 m² of fully equipped office space “Bloom” in Lausanne ( VD)
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13 Intershop Group: Half-Year Report 2026 and 220 m² of conference facilities, complemented by a compre - hensive range of services. Retail space and a wide variety of catering options further enhance the offering. From 2023 onwards, Intershop transformed the property into a modern, multifunctional office complex designed to meet today’s require - ments. By mid-2026, around 70 per cent of the space within the property complex, which had been modernised at a cost of more than CHF 60 million, had been let.
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14 Intershop Group: Half-Year Report 2026 Consolidated Financial Statements Consolidated Balance Sheet 15 Consolidated Income Statement 16 Consolidated Statement of Changes in Equity 17 Consolidated Cash Flow Statement 18 Notes on the Consolidated Half-Year Financial Statements as at 30 June 2026 19 Notes 21
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15 Intershop Group: Half-Year Report 2026 Consolidated Balance Sheet in CHF 1,000 Notes 30.6.2026 31.12.2025 Assets Current assets Cash 25,042 46,485 Trade receivables 1,543 1,006 Other receivables 15,052 7,250 Properties held for sale 1 16,244 – Promotional projects 1 21,474 20,844 Accrued income and prepaid expenses 2,896 2,088 Total current assets 82,251 77,673 Non-current assets Investment properties 1 1,880,161 1,729,272 Other equipment 311 268 Intangible assets 356 349 Deferred tax assets – 147 Total non-current assets 1,880,828 1,730,036 Total assets 1,963,079 1,807,709 Shareholders’ Current liabilities equity and liabilities Short-term financial liabilities 2 205,400 121,423 Trade payables 2,682 3,193 Tax liabilities 8,251 23,931 Short-term provisions 685 685 Accrued expenses and deferred income 12,313 15,326 Total current liabilities 229,331 164,558 Non-current liabilities Long-term financial liabilities 2 433,290 368,605 Deferred tax liabilities 189,835 176,395 Long-term provisions 1,100 1,100 Total non-current liabilities 624,225 546,100 Total liabilities 853,556 710,658 Shareholders’ equity Share capital 3 19,000 19,000 Capital reserves 7,837 7,758 Treasury shares 3 –35,520 –35,767 Retained earnings 1,118,206 1,106,060 Total shareholders’ equity 1,109,523 1,097,051 Total shareholders’ equity and liabilities 1,963,079 1,807,709 The disclosures in the notes form an integral part of the consolidated financial statements.
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16 Intershop Group: Half-Year Report 2026 Consolidated Income Statement in CHF 1,000 Notes 1 st HY 2026 1 st HY 2025 Rental income 5 42,880 44,267 Income from sale of promotional projects – – Net gains from property disposals 6 5,149 2,639 Other income 1,360 1,661 Total operating income 49,389 48,567 Property expense 7 5,158 4,727 Expense from sale of promotional projects – – Personnel expense 5,653 5,368 Administrative expense 1,594 2,472 Total operating expense 12,405 12,567 Changes in fair value of properties 8 47,731 200,206 Operating result ( EBIT) 84,715 236,206 Financial income 9 208 3 Financial expense 9 –3,820 –3,630 Profit before taxes 81,103 232,579 Tax expense 10 –13,649 –56,689 Net income 67,454 175,890 Earnings per share ( CHF) 11 7.32 19.08 Earnings per share (diluted) ( CHF) 11 7.32 19.08 There are no minority interests. The disclosures in the notes form an integral part of the consolidated financial statements.
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17 Intershop Group: Half-Year Report 2026 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 1.1.2025 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 Share-based payments 11 79 247 – 326 Dividend payment –55,308 –55,308 Net income 67,454 67,454 Balance as at 30.6.2026 19,000 7,837 –35,520 1,118,206 – 1,109,523 The disclosures in the notes form an integral part of the consolidated financial statements.
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18 Intershop Group: Half-Year Report 2026 Consolidated Cash Flow Statement in CHF 1,000 Notes 1 st HY 2026 1 st HY 2025 Net income 67,454 175,890 Taxes 10 13,649 56,689 Taxes paid –13,729 –8,927 Changes in fair value of properties 8 –47,731 –200,206 Depreciation 126 102 Interest income 9 –208 –3 Interest received 197 2 Interest expense 9 3,821 3,630 Interest paid –4,221 –2,582 Net gains from property disposals 6 –5,149 –2,639 Proceeds from the sale of promotional projects –2 – Acquisition of and investments in promotional projects –614 –3,376 Change in trade receivables –538 –166 Change in trade payables –216 – Change in accrued income and prepaid expenses –808 – Change in accrued expenses and deferred income –2,068 407 Change in other receivables –9,990 –1,251 Other non-cash income and expense – –2,578 Net cash from operating activities –27 14,992 Payments for the acquisition of and investments in investment properties –148,504 –48,126 Proceeds from disposals of investment properties 33,755 24,100 Payments for purchases of other equipment –175 –232 and intangible assets Net cash from investing activities –114,924 –24,258 Proceeds from financial liabilities 2 1,704,980 163,728 Repayment of financial liabilities 2 –1,556,400 –82,820 Dividend payment –55,308 –50,696 Acquisition / disposal of treasury shares 3 236 –91 Net cash from financing activities 93,508 30,121 Change in cash –21,443 20,855 Cash at beginning of reporting period 46,485 20,476 Cash at end of reporting period 25,042 41,331 The disclosures in the notes form an integral part of the consolidated financial statements.
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19 Intershop Group: Half-Year Report 2026 Notes on the Consolidated Half-Year Financial Statements as at 30 June 2026 Business Activity The Intershop Group is a real estate company focused on acquiring, developing, operating and selling properties in Swit - zerland. Intershop Holding AG, based in Zurich, Switzerland, is listed on SIX Swiss Exchange and controls all companies of the Intershop Group. Investment Policy The investment policy was adhered to throughout the reporting period. Accounting and Consolidation Principles Basis of Consolidation The unaudited consolidated half-year financial statements of the Intershop Group for the half year that ended on 30 June 2026 were prepared in accordance with the Swiss GAAP FER accounting standards (including Swiss GAAP FER 31) and the regulations for real estate companies of SIX Exchange Regula - tion, and offer a true and fair view of the Group’s financial posi - tion and results of operations. The balance sheet, income state - ment, statement of changes in equity and cash flow statement are presented in full, whilst the notes are presented in con - densed form in accordance with Swiss GAAP FER 31/11. Accounting Principles Intershop continued to apply the accounting and valuation principles and calculation methods set out in the 2025 Annual Report without change. Scope of Consolidation The scope of consolidation comprised Intershop Holding AG, Zurich, as the Group’s holding company, as well as SGI Schweize - rische Gesellschaft für Immobilien AG, Zurich, Intershop Man - agement AG, Zurich, and Intershop Bau AG, Basel. Intershop Holding AG held a 100% stake in all subsidiaries. All group com - panies were fully consolidated.
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20 Intershop Group: Half-Year Report 2026 Estimates and Assumptions In preparing the half-year financial statements in accordance with Swiss GAAP FER, estimates and assumptions must be made. These affect the accounting policies applied and the amounts recognised in assets, liabilities, income and expenses, as well as their presentation. The estimates and assumptions are based on past experience or expectations that are considered reasonable under the circumstances. The estimates and assumptions are reviewed on an ongoing basis. Actual figures may nevertheless differ from these estimates. The most significant items based on assumptions and estimates are the fair value of the invest - ment properties, provisions and deferred tax liabilities.
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21 Intershop Group: Half-Year Report 2026 Notes 1 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 1.1.2025 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 Acquisitions 139,250 – – 139,250 – 139,250 Investments 1 6,631 2,125 – 8,756 630 9,386 Disposals –28,604 – – –28,604 – –28,604 Changes in fair value 32,439 15,292 – 47,731 – 47,731 of properties Transfer –16,244 – 16,244 – – – Balance as at 30.6.2026 1,734,488 145,673 16,244 1,896,405 21,474 1,917,879 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 30.6.2026 31.12.2025 30.6.2026 31.12.2025 Existing properties 1,229,691 1,123,004 1,734,488 1,601,016 Properties under construction 187,066 184,941 145,673 128,256 Properties held for sale 8,680 – 16,244 – Total investment properties 1,425,437 1,307,945 1,896,405 1,729,272 Promotional projects 25,585 24,956 21,474 20,844 Total real estate 1,451,022 1,332,901 1,917,879 1,750,116 1 Acquisition costs include all costs associated with the purchase as well as value-enhancing invest - ments 2 Market value of investment properties as deter - mined by the independent valuation expert (see pages 38–40) During the first half of 2026, Intershop acquired the commer - cial and industrial site “The Valley and MOTORWORLD Manufaktur Region Zürich” in Kemptthal ( ZH). This acquisition increased the value of the property portfolio by more than 5% in accordance with the accounting guidelines of SIX Exchange Regulation. In addition, the company disposed of two properties, generating cumulative gross proceeds of CHF 34.0 million. In the 2025 financial year, Intershop acquired three properties for a gross purchase price of CHF 48.1 million and disposed of four proper - ties, generating total gross proceeds of approximately CHF 156.5 million. During the reporting period, Intershop reclassified the prop - erty at Elestastrasse 16–18 in Bad Ragaz ( SG) from “existing properties” to “properties held for sale” as at 30 June 2026. In
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22 Intershop Group: Half-Year Report 2026 the 2025 financial year, the company reclassified the property at Lehenmattstrasse 260 in Basel ( BS) from “properties under construction” to “existing properties” with effect from 30 June 2025. The independent valuation expert used the following assump - tions in the valuations of the investment properties as at 30 June 2026: 30.6.2026 31.12.2025 Target rent CHF m 99.3 94.6 Rental income potential Percent 13.8 11.6 WAULT Years 4.7 4.6 Discount rate forecast from Percent 3.27 3.32 to Percent 5.32 5.53 weighted average Percent 4.18 4.24 Net capitalisation rate exit from Percent 2.25 2.30 to Percent 4.27 4.49 weighted average Percent 3.15 3.21 The assumptions used by the independent valuation expert in the valuations based on a going-concern assumption as at 30 June 2026 (average values) were as follows: in CHF /m² p. a. Actual rent Actual rent Usage categories 30.6.2026 31.12.2025 Residential 218 236 Office 221 217 Commercial/Industrial 129 126 Retail 220 263 Restaurants 191 251 Archive/Storage 89 87 Parking 101 114 Details of the portfolio are presented on pages 30 to 33. A description of the development projects can be found on pages 34 to 37. The report by the independent valuation expert of the investment properties is presented on pages 38 to 40.
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23 Intershop Group: Half-Year Report 2026 2 Financial Liabilities in CHF 1,000 30.6.2026 31.12.2025 Mortgages, loans and private placements 205,400 25,000 Bonds – 96,423 Total current financial liabilities 205,400 121,423 Mortgages, loans and private placements 109,000 169,000 Bonds 324,290 199,605 Total long-term financial liabilities 433,290 368,605 Total financial liabilities 638,690 490,028 During the period under review, Intershop refinanced the CHF 100 million bond maturing on 29 June 2026 with a coupon of 0.3% by issuing a new five-year bond in the amount of CHF 125 million with a coupon of 1.2175%. In addition, the company raised financial liabilities totalling CHF 1,576.8 million and repaid CHF 1,456.4 million. In the 2025 financial year, Intershop issued a three-year bond with a volume of CHF 100 million and a cou - pon of 1.21%, raised additional financial liabilities amounting to CHF 99.0 million and repaid CHF 227.3 million. The increase in financing activities in the first half of 2026 was transaction-related and is also attributable to the rollover and rescheduling of short-term financial liabilities. Maturities of interest-bearing short-term and long-term financial liabilities and fixed interest rates as of 30 June 2026: Fixed interest in CHF 1,000 Maturities term < 1 year 205,400 229,400 1 to 2 years 143,853 119,853 2 to 3 years – – 3 to 4 years 99,823 99,823 4 to 5 years 124,614 124,614 > 5 years 65,000 65,000 Total 638,690 638,690 The carrying amount of pledged assets stood at CHF 627 mil- lion (31 December 2025: CHF 368 million). Mortgage certificates were provided as collateral for loans and mortgage liabilities totalling CHF 259 million (31 December 2025: CHF 169 million). The average interest rate on financial liabilities as at 30 June 2026 was 1.35% (31 December 2025: 1.34%), with an average fixed-interest period of 37 months (31 December 2025: 36 months). As at the balance sheet date, Intershop had 82% (31 December 2025: 95%) of fixed-rate financial liabilities (mortgages, loans and bonds) and 18% (31 December 2025: 5%) of rollover loans without interest rate hedging.
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24 Intershop Group: Half-Year Report 2026 Intershop complied with all financial covenants agreed with lenders during the reporting period. The key financial covenants are the consolidated equity ratio (at least 30%) and the absolute amount of equity (at least CHF 350 million). Certain loan agree - ments also include covenants relating to the interest coverage ratio (≥ 2.0) or the maximum loan-to-value ratio. Liabilities arising from long-term and short-term financing com- prise the outstanding bonds as follows: in CHF 1,000 30.6.2026 31.12.2025 Balance as at 1.1. 296,028 199,692 Issuance 124,610 99,728 Repayment/buyback –96,430 –3,559 Amortisation issue premium and issue costs 82 167 Balance as at balance sheet date 324,290 296,028 The outstanding bonds were issued on the following terms: 1.5% Green Bond 2024–2029 Face value CHF 100 m 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 100 m 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 1.2175% Straight Bond 2026–2031 Face value CHF 125 m Term 5 years (12.06.2026–12.06.2031) Coupon 1.2175%, payable annually on 12.06. Effective interest rate 1.2175% Listing SIX Swiss Exchange ISIN CH1515238769 The terms of the bonds include covenants that restrict the collateralisation of certain liabilities and limit the level of consoli - dated financial liabilities at 65% and 70% of the market value of the property portfolio. Intershop complied with these covenants during the period under review.
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25 Intershop Group: Half-Year Report 2026 3 Share Capital Shares at nominal Total nominal CHF 2 value value (number) (in CHF 1,000) Share capital issued as of 31 December 2025 9,500,000 19,000 Share capital issued as of 30 June 2026 9,500,000 19,000 Treasury shares: Acquisition Shares costs (number) (in CHF 1,000) Balance as at 1.1.2025 282,500 35,767 Purchase of treasury shares 660 91 Share-based payments –660 –90 Price difference – 1 Balance as at 31.12.2025 282,500 35,767 Share-based payments –1,953 –247 Balance as at 30.6.2026 280,547 35,520 4 Net Asset Value ( NAV) per Share 30.6.2026 31.12.2025 Shareholders’ equity 1 1,109,523 1,097,051 Number of shares outstanding 2 9,219,453 9,217,500 Net asset value ( NAV) 3 120.35 119.02 1 In CHF 1,000 2 Issued shares less treasury shares at balance sheet date 3 In CHF 5 Rental Income in CHF 1,000 1 st HY 2026 1 st HY 2025 Existing properties Zurich 23,288 21,547 Lake Geneva area 8,002 8,611 Northwestern Switzerland 4,419 5,259 Espace Mittelland 2,060 3,412 Eastern Switzerland 1,394 1,460 Central Switzerland 998 2,041 Properties under construction 1,878 1,883 Sold properties 841 54 Total 42,880 44,267
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26 Intershop Group: Half-Year Report 2026 As at the balance sheet date, the maturity of the lease agree - ments was as follows: in % of rental income 30.6.2026 31.12.2025 Residential 8.1 8.5 Parking without fixed maturity 4.0 3.9 Other contracts without a fixed maturity 11.1 12.5 < 1 year 6.0 5.6 1 to 2 years 14.9 11.2 2 to 3 years 8.8 9.4 3 to 4 years 13.2 12.0 4 to 5 years 5.5 6.6 > 5 years 28.4 30.3 Total 100.0 100.0 The five largest tenants as at the balance sheet date are listed below: in % of rental income 30.6.2026 31.12.2025 Canton of Vaud 4.9 5.1 Sauvin Schmidt SA 4.6 4.8 Canton of Zurich 3.8 3.9 Coop 2.4 2.9 Migros 2.4 2.4 Total 18.1 18.6 The proportion attributable to the public sector – which includes all lease agreements with the federal government, the cantons, municipalities or legal entities and organisations associated with them – stood at 10.3% as at the balance sheet date (31 December 2025: 10.6%). 6 Net Gains from Property Disposals in CHF 1,000 1 st HY 2026 1 st HY 2025 Disposal proceeds from investment properties 34,000 24,500 Fair value at the beginning of the year –28,469 –21,461 Investments current year –135 – Gross gains from property disposals 5,396 3,039 Disposal costs –247 –400 Net gains from property disposals 5,149 2,639 During the reporting period, Intershop sold the properties at Neuhofstrasse 10 in Rüti ( ZH) and Hühnerhubelstrasse 58–66 in Belp (BE). In the corresponding period of the previous year, Intershop sold the property at Talstrasse 35–37 in Pfäffikon ( SZ).
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27 Intershop Group: Half-Year Report 2026 7 Property Expense in CHF 1,000 1 st HY 2026 1 st HY 2025 Existing properties Zurich 2,348 1,517 Lake Geneva area 937 1,080 Northwestern Switzerland 512 563 Espace Mittelland 263 439 Eastern Switzerland 149 187 Central Switzerland 168 301 Properties under construction 673 587 Sold properties 91 49 Promotional projects 17 4 Total 5,158 4,727 Property expenses were made up as follows: in CHF 1,000 1 st HY 2026 1 st HY 2025 Maintenance and repair 1,527 1,463 Third-party rent 12 17 Insurance expense 478 567 Taxes and duties 185 368 Ground rent 537 542 Property management fees 517 230 Non-recoverable service charges 882 1,077 Other expenses 1,020 463 Total 5,158 4,727 8 Changes in Fair Value of Properties in CHF 1,000 1 st HY 2026 1 st HY 2025 Increase in value of investment properties 51,665 237,735 Decrease in value of investment properties –3,934 –37,529 Total 47,731 200,206 9 Financial Result in CHF 1,000 1 st HY 2026 1 st HY 2025 Interest income 197 3 Other financial income 11 – Total financial income 208 3 Interest expense –3,820 –3,630 Other financial expense – – Total financial expense –3,820 –3,630 Interest income comprises interest on cash and cash equiva - lents, securities and fixed-term deposits. Interest expense com - prises interest on mortgages, loans and bonds. Other financial income and expense comprises valuation gains and losses arising from the management of cash and cash equivalents.
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28 Intershop Group: Half-Year Report 2026 1 0 Tax Expense in CHF 1,000 1 st HY 2026 1 st HY 2025 Ordinary income tax 62 –224 Deferred taxes 13,587 56,913 Total 13,649 56,689 Following the conclusion of proceedings relating to the levying of property gains tax on disposals in previous years, Intershop realised a one-off positive tax effect of CHF 4.5 million on ordinary income tax in the first half of 2026. The decrease in deferred taxes is primarily attributable to changes in fair value of properties being lower than in the prior-year period, which was characterised by revaluations. 1 1 Earnings per Share 1 st HY 2026 1 st HY 2025 Net income 1 67,454 175,890 Average number of shares outstanding 2 9,218,425 9,217,504 Number of shares outstanding for the calculation 9,218,425 9,217,504 of diluted earnings 3 Earnings per share 5 7.32 19.08 Diluted earnings per share 5 7.32 19.08 Net income 1 67,454 175,890 Changes in fair value of properties 1 –47,731 –200,206 Deferred tax on changes in fair value 14,075 52,957 of properties 1, 4 Net income excluding changes in fair value of 1 33,798 28,641 properties Average number of shares outstanding 2 9,218,425 9,217,504 Net income excluding changes in fair value of 3.67 3.11 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 applicable to each property 5 In CHF 1 2 Events after the Balance Sheet Date The Board of Directors authorised the publication of these half-year financial statements on 25 August 2026. Between the balance sheet date and the aforementioned date, an investment property in Bad Ragaz ( SG) was sold at a profit, and GEWERBE- BAUTEN TPC AG was acquired in a cash transaction. The real estate company owns a high-yield commercial site with develop - ment potential in Kriens ( LU), a commercial property in Stans ( NW) and associated purchase rights to plots of land. Following the exercise of these purchase rights, the properties comprise around 41,000 m² of lettable area with an annual target rent of CHF 6.1 million. No other significant events occurred after the balance sheet date.
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29 Intershop Group: Half-Year Report 2026 Details on the Portfolio Summary of Properties by Category and Region at 30 June 2026 30 Property List 31 Information on Acquisitions and Disposals of Real Estate 33 Information on Development Projects 34 Report of the Independent Valuation Expert 38
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30 Intershop Group: Half-Year Report 2026 Summary of Properties by Category and Region at 30 June 2026 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 1,896,405 94,013 6.5% 592,187 575,482 Existing properties 37 1,734,488 88,835 6.9% 555,983 537,533 Zurich 18 1,140,453 54,526 7.3% 344,874 305,148 Lake Geneva area 5 222,353 16,119 7.4% 98,836 100,235 Northwestern Switzerland 4 219,086 9,275 1.8% 37,099 46,936 Espace Mittelland 2 82,658 4,393 7.4% 53,877 53,073 Central Switzerland 3 45,025 2,744 4.3% 10,653 14,172 Eastern Switzerland 5 24,913 1,779 16.8% 10,644 17,969 Properties under construction 2 145,673 3,929 0.0% 19,664 25,369 Properties held for sale 1 16,244 1,249 2.5% 16,540 12,580 Promotional projects 3 21,474 – 0.0% 44,455 – Portfolio 43 1,917,879 94,013 6.5% 636,642 575,482
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31 Intershop Group: Half-Year Report 2026 Property List As of 30 June 2026 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 ( i n CHF k) (in %) Existing properties Zurich Dübendorf AE 1971 1994 9,434 3,724 2,426 1,629 – – – – – 7,779 95 1,392 0.2 Stettbachstr. 7 Flurlingen AE 1875 2018 54,001 3,993 17,250 16,915 268 – – – 457 38,883 245 3,502 20.5 Arova-Hallen, –1963 Winterthurerstr. 702 Glattbrugg AE 1986 – 3,860 5,204 1,280 303 – – – – – 6,787 180 1,634 10.7 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 Kemptthal AE 44,178 15,043 29,334 9,215 – 98 – 1,065 – 54,755 318 8,272 16.9 Kemptpark 1-38 Kemptthal AE 15,872 246 177 3.4 Alte Poststrasse (Kat. 3503), BF B 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 – 12,384 206 – – – – 14,418 66 1,613 5.1 Althardstr. 301 Winterthur AE 2021 – 13,228 – 8,229 – – – – – – 8,229 – 1,396 0.0 Fabrikstr. 2 Winterthur AE 1947 – 94,510 10,320 27,878 15,781 – – – 500 4,204 58,683 500 6,697 6.8 Industriepark –2005 Oberwinterthur-Neuhegi Zurich AE 1948 2002 28,381 6,973 4,171 7,401 273 – 3,009 997 174 22,998 164 4,476 1.1 Baslerstr. 30 / –1963 –2004 Freihofstr. 9 Zurich AE 2004 – 4,658 7,498 – 579 – 1,424 3,065 – – 12,566 42 4,780 1.3 Puls 5, office building Zurich SW 1 2004 – 7,567 5,676 – 1,153 – 1,101 945 4,666 – 13,541 79 5,155 1.4 Puls 5, foundry hall Zurich AE 1984 2012 1,428 2,717 – 909 – 427 – – – 4,053 84 1,052 0.9 Rautistr. 253–259 /2016 Zurich SW/ 2 19 8 6 – 3,352 5,507 – 2,776 – – – – – 8,283 44 2,066 6.0 [Sihlquai BR 253–259 ] Zurich AE 1923 2002 4,009 8,180 951 3,357 – – – – 135 12,623 96 3,194 7.1 Staffelstr. 8+10+12 –1963 –2004 Zurich AE 1893 2002 12,656 12,717 465 1,421 272 – – 375 406 15,656 167 5,713 10.9 Uetlibergstr. 124, /1958 /2008 130, 132, 134 Lake Geneva area Vernier BR 2022 – 7,165 – 12,496 – – – – – – 12,496 100 3,235 29.1 Chemin de –2024 l’Emeraude 10, 22, 24 Vernier BR 2000 – 30,725 – – 41,496 – – – – – 41,496 – 4,380 0.0 Chemin de –2002 l’Emeraude 8, Chemin de Morglas 8 Yverdon AE 1956 since 36,319 17,283 4,299 6,512 560 1,619 12,341 328 180 43,122 377 7,822 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 Abbreviations Type of ownership: AE = Freehold BR = Leasehold SW = Joint ownership Part owned by Intershop in joint ownerships 1 51.0% 2 47.9%
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32 Intershop Group: Half-Year Report 2026 As of 30 June 2026 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 ( i n CHF k) (in %) Northwestern Switzerland Basel AE 2024 – 1,842 – 619 299 – 878 – – 115 1,911 – 438 0.0 Lehenmattstr. 260 Basel AE 1969 2020 11,966 – – 66 24,281 – – – – 24,347 289 6,505 2.4 Redingsstr. 10/ /2022 –2022 12/14+20/22/24 Wohlen AE/ 1972 2021 17,414 2,306 6,261 4,445 – 565 – – 5 13,582 165 1,581 0.6 Nordstr. 1 BR /1987 –2022 Würenlos AE 1984 – 5,877 518 2,599 3,315 372 – – – 292 7,096 64 751 0.0 Landstr. 2 Central Switzerland Baar AE 1995 2015 4,336 1,828 2,528 1,003 – – – – 128 5,487 80 859 12.2 Sihlbruggstr. 105a Cham AE 1987 – 4,109 5,424 1,222 553 – – – – 16 7,215 159 1,622 0.0 Gewerbestr. 11 Lucerne AE 1978 2013 2,208 740 – 730 – – – – – 1,470 22 262 5.2 Seeburgstr. 18 Espace Mittelland Nieder- AE 1985 – 18,311 1,171 – 6,533 62 4,279 – – 811 12,856 194 2,443 0.0 wangen Riedmoosstr. 10, 10a, 12 Zuchwil AE 1917 – 35,566 16,494 11,783 5,346 – 2,690 – 1,376 2,528 40,217 244 1,950 16.6 Luterbachstr. / –1982 Allmendweg Eastern Switzerland St. Gallen AE 1960 2012 866 810 372 135 – – – – – 1,317 18 251 70.6 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 2,446 2,514 1,945 – – – – – 6,905 79 981 11.1 Spinnereistr. 10+12+14 Properties under construction Northwestern Switzerland Baden AE 1912 1985 5,013 2,356 3,559 1,429 – – – – – 7,34 4 58 745 – Brown Boveri /1985 /2015 Platz 3 Lake Geneva area Lausanne AE 1991 2023 14,651 14,457 – 1,975 – 50 – 1,543 – 18,025 608 3,184 – Bloom, Avenue –1992 –2026 Gratta-Paille 1–2 Properties held for sale Eastern Switzerland Bad Ragaz AE 1960 1999 16,540 2,744 5,960 3,743 – – – – 133 12,580 152 1,249 2.5 Elestastr. 16, /1987 –2002 16a + 18 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
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33 Intershop Group: Half-Year Report 2026 Information on Acquisitions and Disposals of Real Estate As of 30 June 2026 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 Other Total lots Additions Kemptthal AE 25.2.2026 4 4 ,178 1 5 , 0 4 3 2 9 , 3 3 4 9,215 – 98 – 1,065 – 5 4 , 7 5 5 140 Kemptpark 1-38 Kemptthal AE 25.2.2026 11,113 – – – – – – – – – 220 Alte Poststrasse (Kat. 3503), BF B Disposals Belp SW (95%) 30.4.2026 2 8 , 7 3 8 11, 4 0 6 4,028 4,893 202 – – 129 1,817 2 2 , 4 7 5 306 Hühnerhubelstr. 58, 60, 62, 64, 66 Rüti AE 30.4.2026 6,949 733 3,582 300 – – – – – 4,615 80 Im Neuhof Abbreviations Type of ownership: AE = Freehold BR = Leasehold SW = Joint ownership, the percentage shown represents the part owned by Intershop
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34 Intershop Group: Half-Year Report 2026 Information on Development Projects Baden (AG), “Bento” Project Description Intershop acquired the former ABB site in 2024 and trans - formed the centrally located commercial and office building – comprising several units, some of which are listed – into a multi-tenant building with retail and public-oriented uses on the ground floor. In the long term, Intershop will develop the remain - ing potential for utilisation as part of the BNO revision for the city of Baden and will explore the possibility of residential use through additional storeys. Project Status Intershop largely completed the basic fit-out by the end of 2025. Work on the fit-outs for the Baden City Police and the “Hallo Halle” is proceeding 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 Intershop submitted the building application in May 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 Center” has been transformed into the open, future-oriented business campus “Bloom”. Intershop comprehensively refurbished five buildings, creating a total of 18,000 m² of flexible office space, conference rooms, car parks and a range of services. The refurbishment was carried out in accordance with the Swiss sustainability labels SNBS Gold and Min- ergie, and includes extensive measures relating to both environ - mental and social sustainability. Project Status Intershop has completed the refurbishment works, including landscaping. Following a successful first half-year in terms of reletting, Intershop will now focus on planning and implementing the corresponding tenant fit-outs. Estimated Date of Completion Completed
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35 Intershop Group: Half-Year Report 2026 Lucerne ( LU), Seeburgstrasse 18 Project Description Intershop acquired this attractive commercial property in 2024, situated in the immediate vicinity of Lake Lucerne and the Swiss Museum of Transport. Thanks to the continuing neigh - bourhood development, the location is undergoing a long-term urban and open-space regeneration. The property’s development plan envisages a change of use, with the addition of further storeys for residential and commercial purposes. The building is already situated within a legally binding mixed-use zone. Project Status Intershop is currently drawing up the necessary groundwork for the development of the property. In the meantime, the existing tenancies ensure a stable rental income. Estimated Date of Completion 2032 at the earliest Niederwangen ( BE), Riedmoos- strasse 10 (building plot) Project Description In late 2024, Intershop acquired the 5,671 m² building plot together with the adjacent, fully let logistics and retail property. This excellently connected industrial and commercial site forms part of the “Juch/Hallmatt” development site – a zone subject to planning requirements. According to Intershop’s assessment, the site’s attractiveness as a location will increase significantly in the coming years thanks to several infrastructure projects and the Bern Police Centre. Project Status Intershop is gradually drawing up the necessary groundwork for the development of the plot and any required amendments to the local development plan, in close consultation with the municipality of Köniz. Estimated Date of Completion 2032 at the earliest
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36 Intershop Group: Half-Year Report 2026 Opfikon (ZH), Hohenbühlstrasse 1, 3, 5 Project Description Since February 2025, Intershop has fully let the disused hotel and staff accommodation on the 9,534 m² site near Zurich Airport on an interim basis, pending its planned replacement by a new residential development in the medium term. Project Status Intershop is currently developing the construction project for the residential development based on a comprehensive feasibility study. The existing building is to be largely retained. Intershop plans to submit the building application in Q4 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 St. Gallen (SG). In 2019, these were expanded to a total site area of around 6,500 m² through the acquisition of an adjacent plot. Much of the building stock dates from the 1960s or earlier. Given the central, quiet location and excellent public transport links, Intershop is seeking to redevelop the site for residential use. Project Status As the basis for a special land-use plan for the development of the site, Intershop and the City of St. Gallen conducted a design study process involving seven architecture firms. The winning design has now been developed into a reference project and serves as the basis for the special land-use plan. The public con- sultation took place between 17 November and 17 December 2025, with no objections received. The plan is expected to come into force in autumn 2026. Estimated Date of Completion 2030 at the earliest Uetikon am See ( ZH), Alte Landstrasse 103 Project Description In spring 2025, Intershop acquired a 2,700 m² plot of land adja- cent to the planned cantonal school and the “CU-Areal” develop- ment. The vacant, listed factory building is to be converted into commonhold apartments. Twelve maisonette units are planned. Project Status Following the acquisition of the property, Intershop commis - sioned a team of architects specialising in listed buildings to carry out the preliminary studies. The next step will be to draw up the construction plans so that a building application can be submitted as soon as possible. Estimated Date of Completion 2029
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37 Intershop Group: Half-Year Report 2026 Zuchwil (SO), Allmendweg 3, 5/ Luterbachstrasse 10 Project Description Following the departure of the main tenant, Intershop now intends to convert the buildings from a single-tenant to a multi- tenant structure. In the long term, the well-connected industrial and commercial site between Solothurn ( SO) and Zuchwil ( SO) is to be reclassified from an industrial zone to a mixed-use zone as part of the forthcoming BZO revision. Project Status Following the departure of a major tenant in March 2025, Intershop decided to temporarily let the space in order to revitalise the site. The utilisation and refurbishment plans for the two build - ings currently let on a temporary basis are currently being drawn up. This is being done with a view to long-term and flexible site development in collaboration with the municipal authorities of Zuchwil (SO). Intershop expects the new BZO to come into force in 2027 at the earliest. Estimated Date of Completion 2029 Zurich (ZH), “Mediacampus” Project Description The draft of the City of Zurich’s new Building and Zoning Ordinance (e- BZO) provides for the upzoning of the predomi - nantly commercial Mediacampus site, covering approximately 28,000 m², from a residential zone (W5) to a central zone (Z7b). This increases the allowable gross floor area under the legally binding BZO from around 58,000 m² to around 73,000 m². At the same time, the e- BZO – triggered by the municipal structure plan for settlement areas, landscape, public buildings and facilities (SLöBA) – provides for the dezoning of approximately 5,000 m² for use as a public park. Project Status As part of the procedure, Intershop submitted written com- ments and objections regarding the e-BZO, setting out its views and interests. The City Council’s decision on the e-BZO is expected in summer 2027. Based on project work carried out to date, Intershop is currently evaluating options for developing the site, both in accordance with the legally binding BZO – taking into account the negative preliminary effect of the e-BZO – and in accordance with the e-BZO. Estimated Date of Completion 2033 at the earliest (subject to the planning process)
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38 Intershop Group: Half-Year Report 2026 Report of the Independent Valuation Expert 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 30 June 2026 of the investment properties within the real estate companies held by Intershop Holding AG. Properties subject to promotion are not part of the valua- tion. The market values are generally determined individually, i.e. at the property level, within the overall 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 each acted knowledgea- bly, prudently and without compulsion". Valuation method All properties in the portfolio were valued using the DCF method. As part of the half -yearly valuation, six properties were inspected. Where justifiable and in accordance with the legal, structural and financial frame- work conditions, development potential was appropriately taken into account. This affects the four proper- ties Lucerne, Seeburgstrasse 18, Opfikon, Hohenbühlstrasse 1-5, Yverdon-les-Bains, Avenue des Sports 32 and Zurich, Baslerstrasse 30, Freihofstrasse 9. In the DCF method, all costs and income associated with the real estate investment are compared over the period under review in order to determine the net income (cash flow) for each year within the forecast period (ten years) and for the residual period. Based on the achievable rents and rent increases, the projected annual rental income is calculated for the forecast period. In the next step, the annual target rental income is reduced by vacancy costs and loss of rent, management costs (administrative and insurance costs, etc.) and building costs (structural maintenance and repair costs). The resulting annual net cash flows are dis- counted to the valuation date in a risk-adjusted approach. To calculate the residual value from the eleventh year onwards (residuum), a static capitalisation of the long-term achievable exit cash flow is applied (using a real capitalisation rate) . The residual value is then also discounted to the valuation date. The sum of all the present values calculated results in the market value. Changes in the reporting period Between 31 December 2025 and 30 June 2026, the properties Belp, Hühnerhubelstrasse 58 -66 and Rüti, Neuhofstrasse 10 were sold and the two properties Kemptthal, Kemptpark 1- 38 and on Alte Poststrasse (cadastral register 3503 and 3234), development plot B (“The Valley” site) were newly acquired. CBRE (Zürich) AG Bärengasse 29 CH-8001 Zurich Tel +41 (0) 44 226 30 www.cbre.com 38 Intershop Group: Half-Year Report 2026
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39 Intershop Group: Half-Year Report 2026 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 30 June 2026 of the investment properties within the real estate companies held by Intershop Holding AG. Properties subject to promotion are not part of the valua- tion. The market values are generally determined individually, i.e. at the property level, within the overall 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 each acted knowledgea- bly, prudently and without compulsion". Valuation method All properties in the portfolio were valued using the DCF method. As part of the half -yearly valuation, six properties were inspected. Where justifiable and in accordance with the legal, structural and financial frame- work conditions, development potential was appropriately taken into account. This affects the four proper- ties Lucerne, Seeburgstrasse 18, Opfikon, Hohenbühlstrasse 1-5, Yverdon-les-Bains, Avenue des Sports 32 and Zurich, Baslerstrasse 30, Freihofstrasse 9. In the DCF method, all costs and income associated with the real estate investment are compared over the period under review in order to determine the net income (cash flow) for each year within the forecast period (ten years) and for the residual period. Based on the achievable rents and rent increases, the projected annual rental income is calculated for the forecast period. In the next step, the annual target rental income is reduced by vacancy costs and loss of rent, management costs (administrative and insurance costs, etc.) and building costs (structural maintenance and repair costs). The resulting annual net cash flows are dis- counted to the valuation date in a risk-adjusted approach. To calculate the residual value from the eleventh year onwards (residuum), a static capitalisation of the long-term achievable exit cash flow is applied (using a real capitalisation rate) . The residual value is then also discounted to the valuation date. The sum of all the present values calculated results in the market value. Changes in the reporting period Between 31 December 2025 and 30 June 2026, the properties Belp, Hühnerhubelstrasse 58 -66 and Rüti, Neuhofstrasse 10 were sold and the two properties Kemptthal, Kemptpark 1- 38 and on Alte Poststrasse (cadastral register 3503 and 3234), development plot B (“The Valley” site) were newly acquired. CBRE (Zürich) AG Bärengasse 29 CH-8001 Zurich Tel +41 (0) 44 226 30 www.cbre.com 38 Intershop Group: Half-Year Report 2026 Valuation results Taking into account the above, CBRE estimates the market values as of the valuation date as of 30 June 2026 as follows: Value Overview Properties 30 June 2026 Market value based on going concern (incl. new acquisitions) 36 CHF 1'606'398’000 Market value of real estate with development potential 4 CHF 290’007’000 Market value investment properties 40 CHF 1'896'405’000 Market value-weighted gross yield (year 1), based on going concern 5.84% Market value-weighted net yield (year 1), based on going concern 4.81% Market value-weighted net capitalisation yield (real) - based on going concern 3.29% - real estate with development potential 2.39% The real net capitalisation rates applied in the valuations based on going concern range between 2.53% and 4.27%. Change in value The market value of the assessed investment properties increased by CHF 167’133’000 or 9.7% compared to the year-end valuation as of 31 December 2025 (including portfolio changes for acquisitions and sales). Property count methodology The properties Uetlibergstrasse 124 and Uetlibergstrasse 130 –134 in Zurich are counted as a single prop- erty, whereas the five properties on the “Industriepark Oberwinterthur-Neuhegi” site are counted as two properties, in comparison with the previous valuation. The valuation continues to be carried out at the indi- vidual property level. Market conditions clause There are numerous geopolitical tensions across the world at present, the outcomes of which are uncer- tain. There is the potential for rapid escalation , which could produce a significant impact on global trade, economies and property values. 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 Sustainability and environmental matters are an integral part of the valuation approach. "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, sus- tainability encompasses a wide range of physical, social, environmental and economic factors that can affect value. The range of issues includes key environmental risks, such as flooding, energy efficiency and climate, as well as matters of design, configuration, accessibility, legislation, management and fiscal considerations – as well as current and historical land use. Sustainability has an impact on the value of an asset, even when not explicitly recognised. Valuers reflect markets, they do not lead them. Where we recognise the value impacts of sustainability, we are reflecting 39 Intershop Group: Half-Year Report 2026
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40 Intershop Group: Half-Year Report 2026 our understanding of how market participants include sustainability requirements in their bids and the im- pact on market valuations. 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, 12 August 2026 CBRE (Zürich) AG Sönke THIEDEMANN, CFA FRICS Executive Director Oliver SPECKER, MRICS Director 40 Intershop Group: Half-Year Report 2026
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41 Intershop Group: Half-Year Report 2026 Supplementary Informationour understanding of how market participants include sustainability requirements in their bids and the im- pact on market valuations. 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, 12 August 2026 CBRE (Zürich) AG Sönke THIEDEMANN, CFA FRICS Executive Director Oliver SPECKER, MRICS Director 40 Intershop Group: Half-Year Report 2026
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42 Intershop Group: Half-Year Report 2026 Key Figures for the Share The following data relate to the respective half year ending on the specified reference date: 30.6.2026 31.12.2025 30.6.2025 Issued share capital on the reporting date CHF m 19.0 19.0 19.0 Shares issued on the reporting date Number 9,500,000 9,500,000 9,500,000 Treasury shares on the reporting date Number 280,547 282,500 282,500 Outstanding shares on the reporting date Number 9,219,453 9,217,500 9,217,500 Average outstanding shares Number 9,218,425 9,217,500 9,217,504 Highest share price CHF 181.80 165.60 143.60 Lowest share price CHF 160.20 137.00 123.80 Share price on the reporting date CHF 172.60 164.40 142.00 Market capitalisation on the reporting date CHF m 1,591.3 1,515.4 1,308.9 Shares and Bonds Stock Exchange Listing SIX Swiss Exchange Investment Products ISIN Ticker Registered share CH1338987303 ISN 1.50% Green Bond 2024–2029 CH1380910377 ISH24 1.21% Bond 2025–2028 CH1414003421 ISH25 1.2175% Bond 2026–2031 CH1515238769 ISH26 Tax Value as Determined by the Federal Tax Administration for 2025 Registered share CHF 164.40 0.30% Green Bond 2021–2026 99.85% 1.50% Green Bond 2024–2029 100.70% 1.21% Bond 2025–2028 100.75% Shareholder Structure as at 30 June 2026 The structure of the shareholders entered in the share register as at 30 June 2026 was as follows: Number of Number of Number of registered shares shareholders shares in % 1 to 100 584 29,087 0.3 101 to 1,000 671 226,333 2.4 1,001 to 10,000 181 578,012 6.1 10,001 to 100,000 47 1,262,190 13.3 > 100,000 9 5,500,675 57.9 Total registered 1,492 7,596,297 80.0 Not registered 1,903,703 20.0 Total shares 9,500,000 100.0 Number of Registered Voting Region shareholders shares shares in % Switzerland 1,417 7,278,695 6,988,681 99.8 Europe (excluding Switzerland) 64 230,357 10,432 0.1 Rest of the world 11 87,245 1,068 0.0 Total registered / eligible to vote 1,492 7,596,297 7,000,181 100.0 Not registered / eligible to vote 1,903,703 2,499,819 Total shares 9,500,000 9,500,000
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43 Intershop Group: Half-Year Report 2026 Design: 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 Photographs: Goran Potkonjak Photography www.goranpotkonjak.com Addresses Holding Registered office Intershop Holding AG Puls 5 Giessereistrasse 18 CH-8005 Zurich Postal address P .O. Box CH-8031 Zurich Telephone +41 44 544 10 00 www.intershop.ch info@intershop.ch Management company Intershop Management AG Puls 5 Giessereistrasse 18 CH-8005 Zurich Telephone +41 44 544 10 00 Contact Investor Relations Florian Balschun Intershop Holding AG Puls 5 Giessereistrasse 18 CH-8005 Zurich Telephone +41 44 544 10 00 info@intershop.ch Dates 64th Annual General Meeting Wednesday, 31 March 2027 Financial reporting Annual Report 2026 25 February 2027 Half-Year Report 2027 26 August 2027
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Intershop identifies, develops and realises real estate with potential.