Epic Suisse Ltd. · SIX:EPIC
Epic Suisse — FY2023 Earnings Presentation
40 slides from Epic Suisse's earnings presentation, March 2024
Slide 1: | SS ——— ——————— a ——_—_————— —————— — | a a oo —— eS
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Slide 2: Disclaimer
Disclaimer This publication contains specific forward-looking statements, e.g. statements including terms like "believe", "assume", "expect", "forecast", "project", "may", "could", "might", "will" or similar expressions. Such forward-looking statements are subject to known and unknown risks, uncerta
Slide 3: Agenda
Annual results 2023 Agenda * Market overview ¢ EPIC at aglance * Highlights * Key figures * Developments « ESG * Outlook DKA EPIC SUISSE
Slide 4: Switzerland macroeconomic outlook
Switzerland macroeconomic outlook Swiss Consumer Price Index (CPI) with forecast data As of December 2023 oe 1.9% 1.6% 0.9% 0.7% oom 0.5% 0.4% 0.6% | 0.0% au = 2010 1 12 M314 15 16 17 MB M920. "21222 '2AF DEF Annual growth of real Swiss gross domestic product (GDP) with forecast data?) As of Decembe
Slide 5: Agenda
Annual results 2023 Agenda ¢ Market overview * EPIC at a glance * Highlights * Key figures * Developments * ESG * Outlook DKA EPIC SUISSE
Slide 6: EPIC's 1.5 billion CHF portfolio by December 2023
EPIC’s 1.5 billion CHF portfolio by 31 December 2023 Portfolio by region Based on market value Zurich Economic Area 13% Other locations Lake Geneva Region 25 Properties 524'549 me Rentable area of properties in operation Portfolio by use DK EPIC SUISSE Based on market value 4.5 x Net rental income y
Slide 7: Agenda
Annual results 2023 Agenda ¢ Market overview * EPIC at a glance * Highlights * Key figures * Developments * ESG * Outlook DKA EPIC SUISSE
Slide 8: Highlights for the financial year 2023
Highlights for the financial year 2023 epic suisst Rental income grew by 6.3% to CHF 65.3 million in 2023 versus CHF 61.5 million in 2022 (6.0% on a like-for-like basis) Reported vacancy rate in 2023 reduced to 4.6% and on an adjusted basis to 3.0% due to new lettings (in 2022, 5.8% and 3.3% respect
Slide 9: Agenda
Annual results 2023 Agenda ¢ Market overview ¢ EPIC at aglance * Highlights * Key figures * Developments « ESG * Outlook DKA EPIC SUISSE
Slide 10: Portfolio key figures
Portfolio key figures Portfolio Unit 31 Dec 2023 31 Dec 2022 Variation inf perigee + e059) as ast 99 Total portfolio CHF ('000) 1'535'538 1'501'882 2% Investment properties in operation CHF ('000) 11441248 1447761 (0.4%) Investment properties under development/construction CHF ('000) 94'290 54121 74
Slide 11: Balanced portfolio
Balanced portfolio Breakdown of the portfolio as at 31 December 2023 based on market value Developments (3 assets) Retail Notes: (1) In accordance with IFRS when taking into account the right-of-use of land (2) Mixed includes properties categorised as Offices, Retail and Logistics / Industrial The p
Slide 12: Portfolio value increased by 2.2% compared to December 2022
DK Portfolio value increased by 2.2% compared to 31 December 2022 EPIC SUISSE Portfolio market value evolution over 2023 a 42.2% : (9.7) (ot) : The portfolio growth was mainly driven by the continuous investment in: H 4 _— : * the developments (CHF 37.4 million), with CHF 32.2 million related to § H
Slide 13: Net unrealised revaluation loss of CHF 9.7 million in 2023
in CHF ‘000 Net unrealised revaluation loss of CHF 9.7 million in 2023 Net revaluation results comparison 3066 (4'859) Offices (4'361) (8'987) Retail (3'240) 1854 Logistics / Industrial ™ 2023 2022 5'003 Properties under development / construction 936 (9'723) Total BRN EPIC SUISSE + All properties w
Slide 14: Reduced reported and adjusted vacancy rates for properties in operation
Reduced reported and adjusted vacancy rates for properties in operation Epic suisse Adjusted vacancy after excluding Biopdle Serine and Zanti Volketswil 2023 vacancy rates Reported Adjusted 2g From summer 2024 on, Offices(2) 6.1% 41% £ Biopéle Serine is s expected to be fully let &> & Retail®) 4.5%
Slide 15: Top tenants with above-average WAULT
Top 6 tenants with above-average WAULT of > 10 years Net rental income Share WAULT Tenant group 2023 (CHF million) (% of total) (years) Coop group" Migros group" CHUV® GXO Logistics Switzerland S.A.G.L. Hitachi Zosen Inova AG Incyte Biosciences International S.a.r.I. 4% TT 000000 Other (160+ tenants
Slide 16: Long leases with balanced expiry profile
Long leases with balanced expiry profile Expiry of investment properties’ lease contracts based on 31 Dec 2023 rent) >45% expiring post December 2030 26.6' 4.2% 41% 2032 ©2033 oy, 8:5% 71% 7.2% 8.0% 5.6% D J ll UJ 2025 2026 2027 2028 2029 2030 2031 2024 longer Notes: (1) Rental income excludes rent
Slide 17: 6.0% like-for-like rental growth for investment properties in operation
BRN 6.0% like-for-like rental growth for investment properties in operation Epic suisse Rent evolution on a like-for-like basis 65.3 61.5 ‘ \ 2022 L-+f-l increase 2023 © Rent from other properties? @ Rent from like-for-like portfolio Notes: Sector L-f-I growth 2023 versus 2022 Offices 5.5% Retail 7.
Slide 18: Balance sheet key figures
Balance sheet key figures Balance sheet Unit 31 Dec 2023 31 Dec 2022 Variation Total assets CHF ('000) 1'578'434 1'563'201 1.0% Equity (NAV) CHF ('000) 804'943 818'412 (1.6%) Equity ratio % 51.0% 52.4% (2.6%) Mortgage-secured bank loans CHF ('000) 610'256 595'966 2.4% Woe ras pte ; 13% 10% s03% wea
Slide 19: NAV per share at CHF 77.92 by end of December 2023
NAV per share at CHF 77.92 by end of December 2023 EpIG Suisst IFRS NAV evolution over 2023 . "mor (63) — — 0.3 17.4 (31.0) (0.2) < 2 € rm I 1S) & IFRS NAV - 2023 results Dividend Delivery of Share-based IFRS NAV - Provisions Deferred tax IFRS NAV 31 Dec 2022 distribution share-based compensation 31
Slide 20: Spread maturity bank debt profile
Spread maturity bank debt profile Bank debt by type as at 31 December 2023 Fixed (hedged) CHF 208m Bank debt CHF 610m Variable CHF 402m Hedged (swaps) CHF 271m Unhedged CHF 131m Variable CHF 402m Bank loan maturity profile as at 31 December 2023 over the years Maturing debtin % of bank debt 24.8% 21
Slide 21: Profit or loss key figures
Profit or loss key figures Results Unit 2023 2022 Variation Rental income from real estate properties CHF (000) 65'333 61'480 6.3% Net operating income (NOI) CHF ('000) 60724 56'401 7.7% Net gain (loss) from revaluation of properties CHF ('000) (9715) 936 (1'137.9%) EBITDA (incl. revaluation of prop
Slide 22: 2023 net rental income to EBITDA (before revaluations)
2023 net rental income to EBITDA (before revaluations) EPID SUISSE 70'000 2054 sg s0'000 ° rm 5 40'000 & 30'000 20'000 40'000 Rental income from Other income Total income _Directexpenses Net operating Other operating _—-EBITDA before real estate related to properties income (NOI) expenses (1) revalu
Slide 23: Rental income, NOI and EBITDA (excl. revaluations & IPO costs)
Rental income, NOI and EBITDA (excl. revaluations & IPO costs) PIG Suisse in 2023 higher than in 2022 Net rental income Net operating income EBITDA EBITDA (excl. revaluations) (excl. revaluations & NRI yield % one-off IPO costs) Margin % Margin % excl. IPO costs-----~- in CHF million 2023 2022 2023
Slide 24: Funds from operations (FFO) as at December 2023
mN Funds from operations (FFO) as at 31 December 2023 EPIC SUISSE Bridge from EBITDA excl. revaluations to FFO Yield based on “50° Distribution a IFRS NAV (2) * The Board of Directors will propose to increase the dividend from CHF 3.00 CHF to CHF 3.10 per share to FFO per 39 the Annual General Meeti
Slide 25: Information per share key figures
Information per share key figures Information per share Unit 31 Dec 2023 31 Dec 2022 Variation Number of shares outstanding at period end # ('000) 10'330 10'330 - Net asset value (NAV) per share CHF 77.92 79.23 (1.6%) Share price on SIX Swiss Exchange at period end CHF 65.60 63.50 3% 2023 2022 Weigh
Slide 26: Agenda
Annual results 2023 Agenda + Market overview ¢ EPIC at aglance * Highlights * Key figures * Developments + ESG * Outlook DKA EPIC SUISSE
Slide 27: Progress on ongoing development projects
Progress on ongoing development projects Current status updates and impressions Campus Leman (phase 2) * Construction is ongoing and building Cis expected to be completed by H1 2025 + Anchor tenant has already committed for 2 floors (out of 6) + Other 4 floors are currently being marketed * Construc
Slide 28: Agenda
Annual results 2023 Agenda ¢ Market overview * EPIC at a glance * Highlights * Key figures * Developments + ESG * Outlook DKA EPIC SUISSE
Slide 29: Environmental, Social and Governance (ESG)
. . OSX Environmental, Social and Governance (ESG) EPIC SUISSE * The Board of Directors approved in 2023 the decarbonisation pathway targeting net zero carbon emission by 2050 + We have published for the first time the sustainability report in accordance with GRI standards + To further enhance trans
Slide 30: Environmental, Social and Governance (ESG)
Environmental, Social and Governance (ESG) Forecasted decarbonisation pathway per energy source 2023-2050") 16 4 2 10 CO,-emission intensity (kgCO,e/m*) vb O © ° 2023 2028 2033 2038 2043 2048 Notes: WAmbient heat Biogas District heating . Electricity ™mWood mGas wOil Actual measurement (1) The actua
Slide 31: Environmental, Social and Governance (ESG)
. . WN Environmental, Social and Governance (ESG) EPIC SUISSE Forecasted decarbonisation pathway per scope 2023-2050" 16 + The forecasted decarbonisation pathway is expected to significantly reduce Scopes 1, 2 & 3@) emissions Scope 3 Tenant Electricity Scope 3 Tenant . The pathway assumes regular we
Slide 32: Environmental, Social and Governance (ESG)
BRN Environmental, Social and Governance (ESG) EPIC SUISSE Emission intensity 2023 based on consumption data EPIC Group's portfolio Unit Total 2023 Total GHG Emissions of the portfolio (Scopes 1-3) tCOre 3770 COrEmission intensity kgCOz0/m? BS Scope 1 tCOre 2296 —Fuel oil tCOze 270 ~ Natural gas 100
Slide 33: Agenda
Annual results 2023 Agenda ¢ Market overview * EPIC at a glance * Highlights * Key figures * Developments * ESG * Outlook DKA EPIC SUISSE
Slide 34: Outlook
8 Outlook i “a * The Swiss economy is still forecasted to grow in 2024 despite a troubled and uncertain geopolitical environment + Assuming no materially adverse changes on our operations during this year, our net rental income for 2024 is expected to remain robust and in line with 2023 * We forecas
Slide 35: Appendix
DKA EPIC SUISSE Appendix
Slide 36: EPIC share price compared with SXI Real Estate & SPI indexes
BRN EPIC SUISSE vZ02/20/SL 0202/20/62. veOc/LO/1= 99.07 97.16 £20Z/21/62 £200/tL/0F £c0¢/OlWte £202/60/62 2202/80/12 £B0S/LO/1E £¢0¢/90/0E £C0%/SO/LE £B0/v0/8e 2002/20/1E £00 /C0/8e £ZOZ/LO/E £%02/10/£0 @202/21/0E @202/1L/0E @202/Ol/1E %202/60/0E 2@202/80/1E %02/20/62. @202/90/0E 2@202/SO/1E %02/S0/
Slide 37: Glossary of Alternative Performance Measures
Glossary of Alternative Performance Measures Adjusted vacancy rate (properties in operation) Reported vacancy rate (properties in operation) adjusted for absorption and strategic vacancy in certain properties in operation (for 31 December 2023 and 31 December 2022, Zanti Volketswil and Biopdle Serin
Slide 38: Glossary of Alternative Performance Measures
Glossary of Alternative Performance Measures FFO yield (IFRS) FFO divided by IFRS NAV as at the respective date Net debt Total debt net of cash and cash equivalents Net loan to value(LTV) ratio Ratio of net debt to the market value of total real estate properties including the right-of-use of the la
Slide 39: Glossary of Alternative Performance Measures
Glossary of Alternative Performance Measures Reported vacancy rate (properties in operation) Vacancy of the properties in operation divided by target rental income of the properties in operation for the reporting period Return on equity (excl. revaluation effects) Profit after tax before other compr
Slide 40: EPIC Suisse AG
EPIC Suisse AG Raum fiir Erfolg. Seefeldstrasse 5a 8008 Zurich +41 44 388 8100 investors@epic.ch