EPIC Suisse : Half-Year Report 2023

Half-Year Report

2023

EPIC Suisse | Half-Year Report 2023 | EPIC at a Glance

EPIC at a Glance

EPIC Suisse AG is a Swiss real estate company with a high-quality property portfolio mainly located in Switzerland's major economic hubs, specifically the Lake Geneva Region and the Zurich Economic Area. The company has a strong track record in sourcing, acquiring, (re)developing and actively managing commercial properties in Switzerland. EPIC has been listed on SIX Swiss Exchange since May 2022.

2

Our portfolio as at 30 June 2023

Market value of the portfolio	Portfolio by use
	Based on market value

CHF

43% Offices

1.5 billion 38% Retail

14 %  Logistics / industrial 5% Developments

EPIC Suisse | Half-Year Report 2023 | EPIC at a Glance

Portfolio by region

Based on market value

36%

Zurich Economic Area

50%

14%

Lake Geneva Region

Other locations1

3

25	324'575m2
Properties	Rentable area of investment properties in operation

8.1years	4.6%
WAULT	Net rental income yield of investment
	properties in operation (annualised)

1 Other locations refer to the properties in Glarus, St. Gallen and Roggwil.

EPIC Suisse | Half-Year Report 2023 | EPIC at a Glance

Key Figures

	Result	Unit	H1 2023	H1 2022
	Rental income from real estate properties	CHF ('000)	32'872	30'661
	Net operating income (NOI)1	CHF ('000)	30'738	28'271
	Net gain (loss) from revaluation of properties	CHF ('000)	(5'885)	5'278
	EBITDA (incl. revaluation on properties)	CHF ('000)	20'654	24'411
	EBITDA (excl. revaluation on properties)	CHF ('000)	26'539	19'133
	Earnings before interest and tax (EBIT)	CHF ('000)	20'558	24'315
	Profit (incl. revaluation effects)	CHF ('000)	11'230	38'724
	Profit (excl. revaluation effects)2	CHF ('000)	20'856	13'546
	Net rental income yield properties in operation (annualised)	%	4.6%	4.2%
	Balance sheet	Unit	30 Jun 2023	31 Dec 2022
	Total assets	CHF ('000)	1'572'084	1'563'201
	Equity (NAV)	CHF ('000)	798'616	818'412
	Equity ratio	%	50.8%	52.4%
	Return on equity (incl. revaluation effects)3 (annualised for H1 2023)	%	2.8%	8.1%
	Return on equity (excl. revaluation effects)4 (annualised for H1 2023)	%	5.2%	4.7%
	Mortgage-secured bank loans	CHF ('000)	617'547	595'966
	Weighted average interest rate on mortgage-secured bank loans	%	1.3%	1.0%
4
Weighted average residual maturity of mortgage-secured bank loans	Years	5.1	4.1
	Net loan to value (LTV) ratio5	%	39.7%	38.3%
	Portfolio	Unit	30 Jun 2023	31 Dec 2022
	Total portfolio	CHF ('000)	1'514'744	1'501'882
	Investment properties in operation	CHF ('000)	1'441'689	1'447'761
	Investment properties under development/construction	CHF ('000)	73'055	54'121
	Reported vacancy rate (properties in operation)	%	4.4%	5.8%
	Adjusted vacancy rate (properties in operation)6	%	2.8%	3.3%
	WAULT (weighted average unexpired lease term)	Years	8.1	8.2
	Information per share	Unit	30 Jun 2023	31 Dec 2022
	Number of outstanding shares as at period end	# ('000)	10'330	10'330
	Net asset value ("NAV") per share	CHF	77.31	79.23
	Share price on SIX Swiss Exchange	CHF	62.00	63.50
			H1 2023	H1 2022
	Weighted average number of outstanding shares	# ('000)	10'330	8'052
	Earnings per share (incl. revaluation effects)	CHF	1.09	4.81
	Earnings per share (excl. revaluation effects)	CHF	2.02	1.68

1. Rental income from real estate properties plus other income less direct expenses related to properties
2. Profit after tax before other comprehensive income excluding revaluation of properties and derivatives and related deferred taxes as well as any related foreign exchange effects
3. Profit after tax before other comprehensive income divided by the average IFRS NAV. The average IFRS NAV corresponds to ½ of the sum of the IFRS NAV at the beginning and at the end of the reporting period
4. Profit after tax before other comprehensive income excluding revaluation of properties and derivatives and related deferred taxes as well as any rela- ted foreign exchange effects divided by the average IFRS NAV. The average IFRS NAV corresponds to ½ of the sum of the IFRS NAV at the beginning and at the end of the reporting period
5. Ratio of net debt to the market value of total real estate properties including the right-of-use of the land
6. Reported vacancy rate adjusted for absorption and strategic vacancy in certain properties in operation (i.e. Zänti Volketswil, Biopôle Serine)

For alternative performance measures' descriptions, please refer to page 50

EPIC Suisse | Half-Year Report 2023 | Table of Contents

Table of Contents

Letter to Shareholders	6
Report on the Half-Year Results	8
Consolidated Interim Financial Statements	10
Notes to the Consolidated Interim Financial Statements	15
Independent Valuer's Report	44
Alternative Performance Measures	50
Investor Relations Information	52
Imprint/Disclaimer	53	5