EPIC Suisse (EPIC) H2 2025 earnings summary

Executive summary

• Rental income reached a record CHF 68.2 million in 2025, up 3.0% year-over-year, driven by new developments and reduced vacancies.

• Portfolio value increased to CHF 1.68 billion, with 25–26 properties in operation and two under development.

• EBITDA (excluding revaluation) rose to CHF 54.8 million; profit including revaluation effects increased to CHF 65.6 million, up 38.8% year-over-year.

• Successful capital increase in December 2025 raised CHF 70 million, supporting future growth.

• Dividend per share proposed to increase to CHF 3.20, yielding 3.7% on year-end share price.

Financial highlights

• Net operating income increased by 2.0% to CHF 62.4 million.

• Unrealised revaluation gain of CHF 33.0 million, up from CHF 23.4 million.

• Funds from operations (FFO) up 4.9% to CHF 42.8 million, supporting an 83.9% payout ratio.

• IFRS NAV per share at year-end was CHF 82.15; equity ratio improved to 53.5%.

• Net loan-to-value ratio reduced to 35.5%.

Outlook and guidance

• Net rental income expected to increase by 2%-3% in 2026, with further impact from new leases in developments.

• Focus remains on sustainable, mid- to long-term growth and consolidation of recent developments.

• Ongoing geopolitical tensions and market volatility are noted as potential risks.