EPIC Suisse (EPIC) H2 2024 earnings summary

Executive summary

• Reported robust full-year 2024 results with rental income up 1.3% to CHF 66.2 million, vacancy rate reduced to 4.2%, and WAULT extended to 8.2 years.

• EBITDA (excluding revaluation) rose to CHF 53.1 million, and equity ratio remained strong at 49.9%.

• Dividend per share proposed at CHF 3.15, yielding 3.9% on the closing share price.

• Portfolio value increased to CHF 1.61 billion, with 25 properties in operation and 3 under development.

• Major developments PULSE and Campus Léman Building C are on track for H1 2025 completion, expected to drive future rental income.

Financial highlights

• Rental income grew 1.3% year-over-year to CHF 66.2 million; net rental income yield at 4.5%.

• EBITDA (excluding revaluation) rose to CHF 53.1 million from CHF 52.4 million in 2023.

• Net profit reached CHF 47.3 million; profit excluding revaluation effects was CHF 40.6 million, nearly flat year-over-year.

• Unrealized revaluation gain of CHF 23.4 million in 2024, reversing a loss in 2023.

• NAV per share rose to CHF 79.38, with the share price up 23.5% year-over-year.

Outlook and guidance

• Net rental income expected to increase 2%-3% in 2025, with meaningful impact from new developments starting in 2026.

• Swiss economy forecasted to grow 1%-1.5% in 2025; focus remains on sustainable portfolio growth and letting of new developments.