EPIC Suisse AG reported a 32% rise in net profit to CHF 39.8 million in the first half of 2026, driven by a 4% increase in net rental income to CHF 34.7 million. The company raised its full-year rental income growth guidance to approximately 1.5% from about 1.0%, citing improving occupancy and lease renewals.
The Zurich-based real estate investment trust, which focuses on Swiss commercial properties, saw like-for-like rental income growth of 0.5%, with office rents up 2.1% while logistics and industrial spaces declined 3.4% due to rent incentives at one property. Adjusted EBITDA rose 4.8% to CHF 28.1 million, excluding disposal gains and unrealized revaluations.
EPIC Suisse’s portfolio, valued at CHF 1.67 billion as of June 30, 2026, declined 1.1% from year-end 2025 but would have grown 1.4% excluding the disposal of the Vennes III property in Lausanne. The CHF 51.1 million sale generated a CHF 9.4 million pre-tax realized gain, representing a 23% premium over its December 2025 valuation. The company’s net rental income yield stood at 4.1% on an annualized basis for in-operation properties.
Vacancy rates increased to 9.4% from 3.8% a year earlier, largely due to absorption periods for recently completed developments such as PULSE and Campus Leman – Building C. Excluding these, the adjusted vacancy rate was 2.9%. The company’s equity ratio improved to 54.4% while its net loan-to-value ratio edged down to 35.1%, remaining below the medium-term target of approximately 45%.
Tenant concentration remained high, with the top six tenants accounting for 49% of rental income, led by Coop Group at 19% and Migros Group at 8%. Approximately 89.5% of rental income is indexed to Swiss consumer price inflation. The weighted average interest rate on debt was 1.2%, with 80% of bank loans hedged against rate fluctuations.
CEO Arik Parizer highlighted strong tenant demand for the PULSE project, citing its design and flexibility as key factors. Chairman Roni Greenbaum emphasized the firm’s selective acquisition strategy in a challenging market, stating that while purchasing opportunities remain scarce, the company remains optimistic about portfolio expansion.
Development activity included progress on Campus Leman – Building D, with a building permit submission expected in the second half of 2026, and the Nexus Brunnpark project awaiting a definitive building permit by early 2027. EPIC Suisse also holds rights to develop approximately 200,000 square meters on the Tolochenaz site, pending final cantonal approvals.
The company’s shares surged 23.53% to $0.315 following the presentation.
