Intershop Holding reported a 4.6% year-over-year decline in net rental income to CHF 37.7 million in the first half of 2026, as sharply lower revaluation gains weighed on earnings. The company cited portfolio adjustments for the outlook revision, which now anticipates stable net rental income for the full year, down from a previous forecast of stable to slightly higher.
Neubewertungsgewinne, which totaled CHF 47.7 million in the period, fell well below the CHF 200.2 million recorded in the prior-year period. Including revaluation effects, Intershop’s net profit declined to CHF 67.5 million from CHF 175.9 million a year earlier. Excluding revaluation changes, adjusted net profit rose 18% year-over-year.
Portfolio activity contributed CHF 5.1 million to earnings from property sales, up from CHF 2.6 million in the first half of 2025. Post-period, Intershop sold a commercial property in Bad Ragaz (SG) and acquired the Gewerbebauten TPC AG portfolio, adding 41,000 square meters of lettable space across Kriens (LU), Stans (NW), and associated land purchase rights. The acquired portfolio generates annual contracted rents of CHF 6.1 million.
The value of Intershop’s income-generating and development properties rose to CHF 1.92 billion at mid-year from CHF 1.75 billion at the end of 2025. Market-driven vacancy improved to 6.5% from 6.9% at year-end 2025. The company also appointed Martin Munz as head of construction and development, effective December 1, 2026, replacing Mireille Lehmann.
For the full year, Intershop now expects stable net rental income, down from its prior outlook of stable to slightly higher, and anticipates at least CHF 30 million in proceeds from planned property sales. Adjusted net profit is projected to exceed the prior year, supporting the continuation of its dividend policy.
