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▪ Rental income increased by 4.0% to CHF 34.7 million in H1 2026 (CHF 33.4 million in H1 2025)
▪ Reported vacancy rate for properties in operation during the period at 9.4% in H1 2026, as two former development projects, PULSE and Campus Leman - Building C, were moved to investment properties in operation on the last day of the previous financial year (i.e. 31 December 2025) (3.8% for H1 2025)
▪ Allowing for absorption time by excluding these two properties, the adjusted vacancy rate for H1 2026 stands at 2.9%
▪ Long WAULT maintained with 7.6 years as at 30 June 2026 (7.9 years as at 31 December 2025
▪ Realised revaluation gain on sale of property Vennes III of CHF 9.4 million in H1 2026 (no disposals in H1 2025)
▪ Net unrealised revaluation gain of CHF 13.8 million in H1 2026 (CHF 13.8 million in H1 2025)
▪ EBITDA including revaluation of properties amounted to CHF 51.4 million in H1 2026 (CHF 40.6 million in H1 2025) and, excluding disposal and unrealised revaluation of properties, to CHF 28.1 million (CHF 26.8 million in H1 2025)
▪ Value of the real estate portfolio at CHF 1’665.7 million as at 30 June 2026 (CHF 1’684.0 million as at 31 December 2025); Adjusted for the sale of Vennes III, the portfolio grew by 1.4% in H1 2026
▪ Strong equity ratio of 54.4% as at 30 June 2026 (53.5% as at 31 December 2025)
EPIC Suisse AG (SIX: EPIC) (the “Company” or “EPIC Suisse”; “EPIC Group” on a consolidated basis) reported today strong financial results and operating performance for the first half of 2026, including further steps in commercialisation of former development projects PULSE and Campus Leman - Building C, and a very successful disposal of one property in Lausanne (Vennes III).
Rental income from real estate properties reached CHF 34.7 million in H1 2026, representing an increase of 4.0% compared to the previous comparable period (CHF 33.4 million in H1 2025). PULSE and Campus Leman - Building C, both completed by the end of H1 2025, were the main drivers for the rental increase. On a like-for-like basis1 , EPIC Group achieved a 0.5% growth, the first contributor being a further reduction in vacancies.
The H1 2026 reported vacancy rate of investment properties in operation during the period stood at 9.4% (including PULSE and Campus Leman - Building C) compared to 3.8% for the H1 2025 period (excluding PULSE and Campus Leman - Building C). On an adjusted basis (adjusted for absorption and strategic vacancy in these two properties), the vacancy rate decreased by 0.9 percentage points to 2.9% in H1 2026. The annualised net rental income yield of properties in operation during the period decreased to 4.1%2 , as PULSE is still in its letting phase (4.5% in H1 2025). Excluding PULSE and Campus Leman - Building C, the H1 2026 annualised net rental income yield equalled 4.4%, 0.1% lower basically due to the periodical net unrealised revaluation gain compared to 30 June 2025.
On 29 May 2026, due to favourable market conditions and with the aim to optimise the presence around the neighbouring Biopôle campus in Epalinges/Lausanne (where the Company holds four other buildings3 ), the Vennes III property was sold for total proceeds of CHF 51.1 million (net of transaction costs). This was 23% above the last independent market valuation as at 31 December 2025, resulting in a realised revaluation gain on disposal of CHF 9.4 million (before taxes).
The value of the real estate portfolio slightly decreased as a result of the Vennes III property disposal and amounted to CHF 1’665.7 million as at 30 June 2026 (CHF 1’684.0 million as at 31 December 2025). When adjusted for the sale of Vennes III, the portfolio grew by 1.4% over the period, thanks to the net unrealised revaluation gain of CHF 13.8 million following the periodical reassessment by the independent appraiser Wüest Partner AG and the net capital expenditures of CHF 8.8 million. The real discount rates applied as at 30 June 2026 resulted in a weighted average of 3.30% (3.32% as at 31 December 2025).
The WAULT as at 30 June 2026 remained long at 7.6 years (7.9 years as at 31 December 2025), despite the passing of time effect of half a year.
EPIC Suisse generated an EBITDA (including revaluation of properties) of CHF 51.4 million in H1 2026 (CHF 40.6 million in H1 2025), partly boosted by the Vennes III sale but not only. When looking at the underlying operational performance of the EPIC Group (i.e. excluding disposal and unrealised revaluation of properties), the adjusted EBITDA came to CHF 28.1 million (CHF 26.8 million in H1 2025), reflecting an increase of 4.8%, principally driven by the rental income line, compared to the prior equivalent period.
Profit (including revaluation effects) reached CHF 39.8 million in H1 2026 compared to CHF 30.0 million for the previous analogous period. Profit excluding the disposal and any unrealised revaluation effects (related to properties, derivatives, foreign exchange effects on the underlying USD loans and their related deferred taxes) amounted to CHF 22.0 million, showing a 7.5% increase versus CHF 20.5 million in H1 2025.
As at 30 June 2026, notwithstanding the dividend distribution of CHF 3.20 per share in a total amount of CHF 35.9 million in April 2026, EPIC Group’s equity amounted to CHF 924.3 million with a net asset value per share of CHF 82.49 (CHF 920.5 million and CHF 82.15 respectively as at 31 December 2025).
Following the sale of Vennes III, part of the net proceeds was used to temporarily repay bank loans, so that the bank debt level decreased to CHF 596.0 million as at 30 June 2026 (CHF 617.1 million as at 31 December 2025). Accordingly, the net loan to value ratio was further reduced to 35.1% as at 30 June 2026 (35.5% as at 31 December 2025).
As at 30 June 2026, the weighted average interest rate on mortgage-secured bank loans and the weighted average residual maturity stood at 1.2% and 3.4 years (1.1% and 3.7 years as at 31 December 2025, respectively).
The commercialisation of PULSE in Cheseaux-sur-Lausanne is progressing steadily. As at 30 June 2026, 41% of the previously communicated annual target rental income of CHF 7.5 million for the property has been secured. While prospective tenants are taking longer than previously to finalise decisions in the current environment, the ongoing discussions with potential occupiers remain positive. Leasing activity for Campus Leman - Building C is expected to come to an end with the one remaining floor (out of 6 floors) on the brink of signature after having fully agreed on the commercial terms. The building, once entirely occupied, is expected to reach annual target rent of CHF 1.2 million.
Persistent geopolitical tensions, trade disputes, and unpredictable policy changes across major economies continue to contribute to market volatility and global uncertainty. Assuming no materially adverse impact on our operations going forward, the Company’s guidance for rental income growth is revised from approximately 1% (communicated following the Vennes III disposal) to approximately 1.5% for the full year 2026 compared to 2025.
Reporting The Half-Year Report 2026 is available on the Company’s website under Media & Investors – Financial Reports: https://ir.epic.ch/en/financial-reports
Contact information
Valérie Scholtes
CFO
EPIC Suisse AG
Phone: +41 44 388 81 00
E-mail: investors@epic.ch
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