Rental income increased by 2.3% to CHF 33.4 million in H1 2025 (CHF 32.6 million in H1 2024)
Vacancy rate for properties in operation further reduced to 3.8% for H1 2025 (4.8% for H1 2024)
Long WAULT of 8.1 years as at 30 June 2025 (8.2 years as at 31 December 2024)
Unrealised revaluation gain of CHF 13.8 million in H1 2025 (unrealised revaluation gain of CHF 8.7 million in H1 2024)
EBITDA including revaluation of properties amounted to CHF 40.6 million in H1 2025 (CHF 34.8 million in H1 2024) and, excluding revaluation of properties, to CHF 26.8 million (CHF 26.1 million in H1 2024)
Value of the real estate portfolio increased by 2.6% to CHF 1’655.8 million as at 30 June 2025, primarily due to the advancement of the ongoing development projects (CHF 1’613.4 million as at 31 December 2024)
Solid equity ratio of 48.4%
Development projects PULSE and Campus Leman Building C both completed on time and on budget
Rental income growth guideline for the year 2025 confirmed; next sizeable uplift in rental income expected to materialise from lettings of the recently completed developments
EPIC Suisse AG (SIX: EPIC) (the “Company” or “EPIC Suisse”) reported today strong financial and operating performance for the first half of 2025, including the successful completion of its development projects PULSE and Campus Leman Building C as planned.
Rental income from real estate properties in H1 2025 showed a 2.3% progression (1.4% on a like-forlike basis) to CHF 33.4 million (CHF 32.6 million for H1 2024). The main factors for the higher rental income were lower vacancy, the start of rental leases in the recently completed properties (PULSE and Campus Leman Building C) and a superior target rent in the properties in operation primarily due to inflation. The vacancy rate of properties in operation was further reduced to 3.8% (4.8% for H1 2024; 4.2% for FY 2024), mainly driven by successful lettings in the offices sector.
The net annualised rental income yield of properties in operation stayed constant at an attractive level of 4.5% in line with H1 2024.
The value of the real estate portfolio grew by 2.6% to CHF 1’655.8 million as at 30 June 2025 (CHF 1’613.4 million as at 31 December 2024), mainly driven by the capital expenditures into the developments PULSE and Campus Leman Building C (together CHF 22.1 million) and a net unrealised revaluation gain of CHF 13.8 million following the periodical assessment by the independent appraiser Wüest Partner AG. The real discount rates applied as at 30 June 2025 resulted in a weighted average of 3.35% (3.38% as at 31 December 2024).
The WAULT as at 30 June 2025 was actively prolonged to 8.1 years (8.2 years as at 31 December 2024), considering the passing of time effect of 0.5 years.
EBITDA (including revaluation of properties) reached CHF 40.6 million for the first half of 2025 (CHF 34.8 million in H1 2024), and CHF 26.8 million when excluding the revaluation of properties (CHF 26.1 million in H1 2024). The uplift of 2.9% on the latter mainly resulted from the top line growth.
Profit (including revaluation effects) totalled CHF 30.0 million for the first half year of 2025 compared to CHF 22.9 million for the previous comparable period. Profit (excluding revaluation of properties and derivatives and related deferred taxes as well as any related foreign exchange effects) amounted to CHF 20.5 million (CHF 19.9 million in H1 2024), showing a 2.8% growth reflecting the revenue progression and control over costs.
The core and shell construction of project PULSE was successfully completed in H1 2025, within the expected budget and on time. In June 2025, the first tenants moved into the buildings: Thermo Fisher Scientific (Ecublens) SARL (part of Thermo Fisher Scientific Inc. NYSE: TMO), and Kidelis SA, a subsidiary of Eldora SA, one of Switzerland’s leading restaurant chains serving 30’000 guests daily. Discussions with additional potential tenants are also ongoing and progressing positively. EPIC Suisse remains confident that further leases will be signed in the second half of 2025, which would meaningfully increase the occupancy rate beyond the 21% currently signed. The previously communicated total annual target rent of PULSE is about CHF 7.5 million.
Campus Leman Building C was also completed on time and within budget, and has seen strong tenant uptake with five out of six floors already leased. Tenants have moved in during H1 2025 and the signed leases will generate CHF 1.0 million1 per annum in rental income, with the building expected to reach an annual target rent of CHF 1.2 million1, once entirely occupied.
As at 30 June 2025, the group’s equity totalled CHF 817.3 million with a net asset value per share of CHF 79.12 (CHF 820.0 million and CHF 79.38 respectively as at 31 December 2024). A higher dividend of CHF 3.15 per share was distributed to the shareholders in April 2025 (CHF 3.10 in May 2024), corresponding to a dividend yield of 3.9% based on the closing share price as at 31 December 2024.
The weighted average interest rate on mortgage-secured bank loans decreased to 1.1% as at 30 June 2025, while the weighted average residual maturity stood at 3.5 years (1.3% and 3.7 years as at 31 December 2024, respectively).
EPIC Suisse is also continuing to actively scan the market for new, attractive investment opportunities that will lead to further growth and enable value enhancement through development, repositioning or lease-up strategies.
Switzerland is currently facing fierce geopolitical challenges with uncertain economic consequences (e.g. tariffs set by the US administration). Assuming no materially adverse impact on our operations going forward, EPIC Suisse reaffirms its previous rental income growth guideline of 2% to 3% for the full year 2025. The next sizeable uplift in rental income will materialise with the further lettings of the recently completed developments, PULSE and Campus Leman Building C.
For selected key figures, please refer to the appendix of this press release as well as to the Half-Year Report 2025 for further information and a glossary of alternative performance measures (on page 52 of the report).
Contact information
Valérie Scholtes
CFO
EPIC Suisse AG
Phone: +41 44 388 81 00
E-mail: investors@epic.ch
Reporting
The Half-Year Report 2025 is available on the Company’s website under Media & Investors –
Financial Reports: https://ir.epic.ch/en/financial-reports/