Intershop intensifies transactions and increases net rental income and net profit in financial year 2024

The Intershop Group's business developed as follows in 2024 (previous year's figures in brackets and adjusted for share split):

• Net profit: CHF 117.5 million, CHF 12.74 per share (CHF 82.5 million, CHF 8.95 per share)
• Equity: CHF 935.0 million, CHF 101.43 per share (CHF 867.3 million, CHF 94.09 per share)
• Return on equity: 13.4 % (9.6 %)
• Dividend proposal of CHF 5.50 per share
• Net rental income: CHF 73.2 million (CHF 71.8 million)
• Net yield of investment properties: 4.7 % (4.9 %)
• Vacancy rate for investment properties: 8.1 % (7.4 %)
• Net revaluation gains: CHF 59.7 million (CHF 12.0 million)
• Acquisition of seven properties totalling CHF 152.5 million and sale of six properties totalling CHF 77.1 million.
• CO₂ emissions portfolio (Scope 1+2): 9.7 kg CO₂e/m² (10.1 kg CO₂e/m²)

Intershop looks back on a pleasing year in operational terms. Rental income rose by 2.2% to CHF 82.2 million despite the sale of properties. Drivers were rent increases and successful new lettings and re-lettings in the year under review.

The disposal of six properties following the realisation of their development potential, resulted in a pre-tax profit of CHF 23.2 million.

The property portfolio grew by 15.7 % to CHF 1,591.7 million at the end of the reporting year. A positive balance of transactions totalling CHF 99.1 million, investments of CHF 57.6 million and a net revaluation gains of CHF 59.7 million or 3.9 % of the portfolio value contributed to this. The revaluation gain was primarily due to two properties.

The increase in the vacancy rate was partly due to the transactions but also the completion of the "Métiers Vernier" construction project. If the vacancy rates were compared on a like-for-like basis with the portfolio as at the end of 2023, the vacancy rate would have fallen by 1.8 percentage points.

For the 2025 financial year, a further reduction in the vacancy rate, on a comparable basis, is to be expected.

As a result of the transactions and investments, interest-bearing financial liabilities increased by 36.9 % year-on-year to CHF 522.0 million. The average interest rate at the end of the year stood at 1.40 % (previous year 1.67 %). The average fixed-interest period amounted to 3.1 years (2023: 4.3 years).

Equity totalled CHF 935.0 million as at the balance sheet date and is up 7.8 % on the previous year thanks to retained earnings. The equity ratio amounted to 57.5 %.

Property portfolio

The year under review was characterised by a high level of transactional activity and a focus on active asset management. The seven properties acquired contributed to stable total rental income with a target rent amounting to CHF 9.3 million at the time of purchase. In addition, the development pipeline was expanded.

Progress in development and promotional properties

The basic fit-out of the "Metiers Vernier" commercial property was completed on schedule in March 2024 and the occupancy rate stood at 54.1 % at the end of January 2025. The extensive renovation work at "Bloom", Lausanne, is progressing according to plan. The renovation project is expected to be completed in autumn 2025. Test planning for the "Mediacampus", Zurich, to determine the potential for densification of the site was completed in the reporting year. The next possible steps for further site development are currently being evaluated. The special utilisation plan for the Oststrasse site in St. Gallen is not expected to come into force until the end of 2025 at the earliest. Planning work has already begun on the development and promotional properties acquired in the reporting year.

ESG progress in the reporting year

The emissions intensity of the portfolio was reduced by 4.5 % to a level of 9.7 kg CO₂e/m² (Scope 1+2). The commissioning of further photovoltaic systems in the reporting year increased the total output of all systems by 26 % year-on-year to 3,561 kWp. The certified areas of the portfolio totalled 110,300 m² (previous year: 41,800 m²)

Organisation/Personnel

On 26 February 2025, the Board of Directors revised and sharpened the strategy and investment policy of the Intershop Group. The current version can be found in the 2024 Annual Report and on the website.

Gregor Bucher will not be standing for re-election at the 62nd Annual General Meeting. The Board of Directors would like to thank him for his commitment. The Board of Directors proposes Gabriela Theus as his successor. Gabriela Theus graduated the University of St. Gallen with a degree in Business Administration in 1999. Since then, she has undertaken further training, held leading positions of various companies in the real estate sector and has been Managing Director of Immofonds Asset Management AG, Zurich, since 2017. Due to her professional activities, Gabriela Theus has in-depth knowledge of the Swiss property market and is characterised by her comprehensive expertise.

Khoa Trinh will join the management team as a member of the Executive Board from May 2025 and will be responsible for transactions. Khoa Trinh has many years of experience and extensive knowledge of the entire spectrum of the property business.

Outlook

Intershop anticipates a noticeable upturn in the transaction market. Opportunities for both acquisitions of properties with development potential and sales of fully developed properties will be systematically exploited.

Due to acquisitions made during the 2024 financial year, the initial lettings of the two completed projects in Vernier and Basel, and an anticipated reduction in vacancies on a comparable basis, Intershop expects net rental income to increase by at least 8 % in the 2025 financial year, excluding new transactions.

Overall, the Intershop Group is confident about the 2025 financial year and expects an annual result that will enable it to maintain its attractive dividend policy.

Appendix

Key figures Intershop Group

Contact

Simon Haus, CEO
Florian Balschun, CFO

Download/Link

Ad hoc announcement English version (download, PDF)

Annual Report 2024 (download, PDF file)

Sustainability Report 2024 (download, PDF file)

Additional disclosure according to GRI (download, PDF file)

Green Bond Report 2024 (download, PDF file)

Link to Website Investor Relations/Annual Report