EPIC Suisse AG reported a 4.0% increase in net rental income to CHF 34.7 million for the first half of 2026, alongside a 32.7% rise in net profit to CHF 39.8 million. The company attributed the performance to steady leasing activity in its office portfolio and reclassified developments, offsetting softer logistics demand.
Adjusted EBITDA grew 4.8% to CHF 28.1 million, while net operating income rose 4.3% to CHF 32.0 million, maintaining an 89% NOI margin. Unrealized revaluation gains totaled CHF 13.8 million, primarily from office assets, while a CHF 9.4 million realized gain stemmed from the May 2026 disposal of the Vennes III property in Lausanne.
Portfolio valuation declined 1.1% year-over-year to CHF 1.67 billion, though excluding the Vennes III sale, the value increased 1.4%. The company’s 24 properties span 363,148 square meters, with 41% allocated to offices, 35% to retail, and 23% to logistics. The average real discount rate edged down to 3.30% from 3.32% at year-end 2025.
Rental growth was led by offices at 2.1%, while logistics and industrial spaces saw a 3.4% decline. Like-for-like growth across the portfolio reached 0.5%. Vacancy rates rose to 9.4% from 3.8% a year earlier, largely due to absorption periods for newly completed developments such as PULSE and Campus Leman Building C. Excluding these, the adjusted vacancy rate stood at 2.9%.
EPIC Suisse raised its full-year 2026 rental income growth guidance to approximately 1.5%, up from 1.0%, citing stronger office leasing momentum. The company also highlighted a 23% premium on the Vennes III disposal, which generated CHF 51.1 million net of costs. Chairman Roni Greenbaum noted the transaction as a one-off, with no further sales planned.
The balance sheet showed an improved equity ratio of 54.4% and a net LTV ratio of 35.1%, below the medium-term target of 45%. Debt totaled CHF 596 million, with an average interest rate of 1.2% and 80% hedged via fixed rates or swaps. Return on equity, including revaluation effects, increased to 8.6% from 7.5% at year-end 2025.
Development activity remains focused on Campus Leman Building D, Nexus Brunnpark, and the Tolochenaz site, with permits and approvals progressing in line with prior timelines.
