EPIC Suisse (EPIC) H1 2025 earnings summary

Executive summary

• Achieved record half-year results with rental income of CHF 33.4 million in H1 2025, up 2.3% year-over-year, driven by reduced vacancy and new leases from completed developments PULSE and Campus Léman Building C.

• Portfolio value increased to CHF 1.66 billion, reflecting capital expenditures and a net revaluation gain of CHF 13.8 million, mainly from office and retail sectors.

• Reported vacancy rate dropped to 3.8% from 4.8% in H1 2024, with office sector vacancy improving to 5.0%.

• EBITDA (excluding revaluation) rose to CHF 26.8 million, up 2.9% year-over-year.

• Major development projects, PULSE and Campus Léman Building C, were completed on time and on budget.

Financial highlights

• Net operating income (NOI) reached CHF 30.6 million, with NOI margin for properties in operation at 91.2%.

• Net profit including revaluation effects rose to CHF 30.0 million, with profit excluding revaluation effects at CHF 20.5 million, up 2.8% year-over-year.

• Dividend per share increased to CHF 3.15, yielding 3.9% on the closing share price.

• Net asset value (NAV) per share stood at CHF 79.12, with a share price of CHF 83.40 at period end.

• Net loan to value (LTV) ratio stable at 40.5%.

Outlook and guidance

• Rental income growth guidance for full year 2025 reaffirmed at 2%-3%, with further uplift expected from full letting of PULSE and Campus Léman Building C.

• Market remains competitive, but disciplined investment approach and strong reputation position the group for selective growth.