Epic Suisse Ltd. · SIX:EPIC
Epic Suisse — FY2025 Earnings Presentation
41 slides from Epic Suisse's earnings presentation, Mar 12, 2026
Slide 1: Annual results 2025
Annual results 2025 12 March 2026
Slide 2: Disclaimer
Disclaimer should be regarded as complementary information to and not as This publication contains specific forward -looking statements, e.g . substitutes of the Group’s consolidated financial results based on statements including terms like "believe", "assume", "expect", IFRS Accounting Standards .
Slide 3: Agenda
Annual results 2025 Agenda • Market overview • EPIC at a glance • Highlights • Key figures • Developments • ESG • Outlook
Slide 4: Switzerland macroeconomic outlook
Switzerland macroeconomic outlook Swiss Consumer Price Index (CPI) with forecast data (1) Swiss Consumer Sentiment Index (2) As of December 2025 As of January 2026 2.8% 0 2.1% (10.0) 1.1% 0.9% 0.7% 0.6% 0.6% (20.0) 0.5% 0.4% 0.2% 0.2% 0.3% 0.0% (30.1) (30.0) -0.2% -0.4% -0.7% -0.7% (40.0) -1.1% 2010
Slide 5: Agenda
Annual results 2025 Agenda • Market overview • EPIC at a glance • Highlights • Key figures • Developments • ESG • Outlook
Slide 6: EPIC's 1.7 billion CHF portfolio by December 2025
EPIC’s 1.7 billion CHF portfolio by 31 December 2025 Portfolio by region Portfolio by use Based on market value Based on market value 25 368 ’678 m 2 4.4 % 7.9 years Properties Rentable area of investment Net rental income yield of investment WAULT properties in operation properties in operation dur
Slide 7: Agenda
Annual results 2025 Agenda • Market overview • EPIC at a glance • Highlights • Key figures • Developments • ESG • Outlook
Slide 8: Highlights of the financial year 2025
Highlights of the financial year 2025 1 Rental income grew by 3.0% to CHF 68.2 million in 2025 versus CHF 66.2 million in 2024 (0.7% on a like -for -like basis) 2 Reported vacancy rate (properties in operation during the year) further reduced to 3.4% in 2025 (4.2% in 2024) 3 Long WAULT as at 31 Dece
Slide 9: Agenda
Annual results 2025 Agenda • Market overview • EPIC at a glance • Highlights • Key figures • Developments • ESG • Outlook
Slide 10: Portfolio key figures
Portfolio key figures Portfolio Unit 31 Dec 2025 31 Dec 2024 Variation Number of properties per segment # 25 (26 (1) / 2 (2)) 25 (25 (1) / 3 (2)) = (+1 / -1)(3) (in operation / development) Total portfolio CHF ('000) 1'683'988 1'613'430 4.4% Investment properties in operation CHF ('000) 1'673'018 1'
Slide 11: Balanced portfolio
Balanced portfolio Breakdown of the portfolio as at 31 December 2025 based on market value (1) Developments (2 assets) • The portfolio consists of 25 properties, with 2 properties divided into Offices two segments (3) and one property considered as an extension of an existing property (4) Mixed (16
Slide 12: Portfolio value increased by 4.4% compared to December 24
Portfolio value increased by 4.4% compared to 31 December 2024 Portfolio market value evolution over 2025 +4.4% 0.4 The portfolio growth was driven by the unrealised revaluation gain of 33.0 CHF 33.0 million and the continuous investment in: 37.2 1'684.0 • the recently completed developments (CHF 28
Slide 13: Net unrealised revaluation gain of CHF 33.0 million in 2025
Net unrealised revaluation gain of CHF 33.0 million in 2025 Net revaluation results comparison 32'994 • All properties are revalued by Wüest Partner, an independent valuer, on a semi -annual basis (30 June and 31 December) • In 2025, the revaluation of the properties resulted in a net unrealised 23'
Slide 14: Reported vacancy rate at 3.4% for the properties in operation in 2025
Reported vacancy rate at 3.4% for the properties in operation in 2025 Reported vacancy rate by sector Sector 2025 2024 Variation • Low reported vacancy rates across all Offices (43.3%) sectors 3.8% 6.7% • Reported vacancy reduction in the sector Retail 3.6% 2.9% 24.1% offices related to several prop
Slide 15: Top 6 tenants with above-average WAULT close to 10 years
Top 6 tenants with above -average WAULT close to 10 years Net rental income Share WAULT Tenant group 2025 (CHF million) (% of total) (years) (4) Coop group (1) 13.2 19% Migros group (1) 5.9 9% CHUV (2) 4.6 7% GXO Logistics Switzerland S.A.G.L. 4.2 6% 89% of rental income is indexed according to Swis
Slide 16: Long leases with balanced expiry profile
Long leases with balanced expiry profile Expiry of investment properties’ lease contracts (1) Out of the leases expiring in 2026: based on 31 Dec 2025 rent • 56% relate to contracts: >52% expiring post December 2031 • with no fixed maturity; or • which were renewed / re -let; or 30.1% • are currentl
Slide 17: Balance sheet key figures
Balance sheet key figures Balance sheet Unit 31 Dec 2025 31 Dec 2024 Variation Total assets CHF ('000) 1'721'629 1'641'672 4.9% Equity (NAV) CHF ('000) 920 '512 819'976 12.3% Equity ratio % 53.5% 49.9% 7.2% Mortgage -secured bank loans CHF ('000) 617'106 661'713 (6.7%) Weighted average interest rate
Slide 18: NAV per share at CHF 82.15 by end of December 2025
NAV per share at CHF 82.15 by end of December 2025 IFRS NAV evolution over 2025 (7.3) 0.3 136.4 70.0 (2.6) (32.5) (0.3) 65.6 in CHF million 1'049.60 920.5 820.0 IFRS NAV - 2025 results Capital Transaction Dividend Share-based Delivery of IFRS NAV - Deferred tax Deferred tax IFRS NAV 31 Dec 2024 incr
Slide 19: Spread maturity bank debt profile
Spread maturity bank debt profile Bank debt by type as at 31 December 2025 Unhedged As at 31 December 2025 Fixed (hedged) CHF 190m • Low financing costs – average cost of debt of 1.1% CHF 208m • Broad range of bank debt maturities – weighted average debt maturity of 3.7 years Bank debt Variable • Ma
Slide 20: Profit or loss key figures
Profit or loss key figures Results Unit 2025 2024 Variation Rental income from real estate properties CHF ( '000) 68 '170 66 '166 3.0% Net operating income (NOI) CHF ( '000) 62'401 61'200 2.0% Net gain (loss) from revaluation of properties CHF ( '000) 32'994 23'426 40.8% EBITDA (incl. revaluation of
Slide 21: 2025 net rental income to EBITDA (before revaluations)
2025 net rental income to EBITDA (before revaluations) 70'000 1'654 (7'423) 60'000 (7'624) 50'000 in CHF '000 40'000 68'170 69'824 30'000 62'401 54'777 20'000 10'000 - Rental income from Other income Total income Direct expenses Net operating Other operating EBITDA before real estate related to prop
Slide 22: Rental income, NOI and EBITDA (excl. revaluations) comparison
Rental income, NOI and EBITDA (excl. revaluations) comparison Net rental income Net operating income EBITDA (NOI) (excl. revaluations) A - NRI yield % (1) 4.0 4.1 B - NRI yield % (1) 4.4 4.5 Margin % (2) 89.4 90.4 78.5 78.4 68.2 62.4 61.2 66.2 54.8 53.1 in CHF million 2025 2024 2025 2024 2025 2024 N
Slide 23: Funds from operations (FFO) as at December 2025
Funds from operations (FFO) as at 31 December 2025 Bridge from EBITDA excl. revaluations to FFO Yield based on IFRS NAV (1) (%) 4.6 Distribution FFO per • The Board of Directors will propose to increase the share (2) (CHF) 3.8 dividend from CHF 3.15 to CHF 3.20 per share to the Annual General Meetin
Slide 24: Information per share key figures
Information per share key figures Information per share Unit 31 Dec 2025 31 Dec 2024 Variation Number of shares outstanding at period end # ('000) 11'205 10'330 8.5% Net asset value (NAV) per share CHF 82.15 79.38 3.5% Share price on SIX Swiss Exchange at period end CHF 87.00 81.00 7.4% 875’000 new
Slide 25: Agenda
Annual results 2025 Agenda • Market overview • EPIC at a glance • Highlights • Key figures • Developments • ESG • Outlook
Slide 26: PULSE completed on time and budget in H1 2025
PULSE completed on time and budget in H1 2025 Occupancy • 37% of target rent already secured with the following tenants (1) : Thermo Fischer, Philip Morris, Kidelis , Tibio , Bubbles with lease durations (2) of 10 years • Ongoing discussions with interested parties Key Financials • Total project cos
Slide 27: Campus Leman - Building C completed on time and budget in H1 2025
Campus Leman - Building C completed on time and budget in H1 2025 Occupancy • 5 out of 6 floors already secured with Incyte Biosciences International S.à r.l. and Ensemble Hospitalier de la Côte with lease durations (1) of 15 years • Ongoing discussions for the top floor Key Financials • Total proje
Slide 28: Our next development projects (1/3)
Our next development projects (1/3) Planning phase Nexus Brunnpark • Preliminary general building permit with main project guidelines was obtained during H2 2024, providing an official feedback from the authorities on items such as the size and volume of the building, redirection of the river, acces
Slide 29: Our next development projects (2/3)
Our next development projects (2/3) Campus Leman – Building D Planning phase • Third and last phase of the Campus Leman site redevelopment • Construction planning procedure of Building D started during H2 2025 • Building permit expected to be filled during 2026 Picture source: Laurent Kaczor March 2
Slide 30: Upcoming development in Tolochenaz (3/3)
Upcoming development in Tolochenaz (3/3) Tolochenaz (1) En Molliau masterplan, a strategic development site in canton Vaud • The masterplan was submitted by the commune to the canton Vaud for final approval pending the signature of all the landowners of a convention agreeing on the sharing of the fu
Slide 31: Agenda
Annual results 2025 Agenda • Market overview • EPIC at a glance • Highlights • Key figures • Developments • ESG • Outlook
Slide 32: Environmental, Social and Governance (ESG)
Environmental, Social and Governance (ESG) Decarbonisation pathway 2023 -2050 Decarbonisation pathway • The Board of Directors approved in 2023 the decarbonisation pathway until 2050 which was updated in 2024 in accordance with the latest findings. • To help achieve the long -term decarbonisation go
Slide 33: Environmental, Social and Governance (ESG)
Environmental, Social and Governance (ESG) Emission intensity 2025 based on consumption data Environmental • Energy consumption data for 2025 is based on actual invoices covering 94.2% of total consumption, which is an improvement compared to last year. The remaining 5.8% was estimated using prior -
Slide 34: Agenda
Annual results 2025 Agenda • Market overview • EPIC at a glance • Highlights • Key figures • Developments • ESG • Outlook
Slide 35: Outlook for 2026
Outlook for 2026 • Ongoing geopolitical tensions, trade disputes, and unpredictable policy shifts across major economies continue to fuel market volatility and global uncertainty. • Assuming no materially adverse impact on our operations going forward, we guide on a rental income growth of 2% to 3%
Slide 36: Appendix
DKA EPIC SUISSE Appendix
Slide 37: EPIC share price compared with SXI Real Estate & SPI indexes
rebased Notes: - 60.00 40.00 80.00 20.00 100.00 160.00 140.00 180.00 120.00 25 May 2022 30 Jun 2022 29 Jul 2022 31 Aug 2022 (1) Source: SIX Swiss Exchange 30 Sept 2022 EPIC Suisse AG 31 Oct 2022 IPO 25 May 2022 30 Nov 2022 30 Dec 2022 31 Jan 2023 28 Feb 2023 31 Mar 2023 28 Apr 2023 31 May 2023 EPIC
Slide 38: 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 over maximum three years EBIT Earnings before interest and tax corresponds to
Slide 39: 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
Slide 40: 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 comp
Slide 41: EPIC Suisse AG
EPIC Suisse AG Seefeldstrasse 5a 8008 Zurich +41 44 388 81 00 investors@epic.ch