Report published August 25, 2026
EPIC Suisse (EPIC) 1H26 Results: Zürcher Kantonalbank Research & Outperform Rating
Source and citation context
- Issuer
- Zürcher Kantonalbank
- Report date
- August 25, 2026
- Analysis as of
- Not stated in source
Authors / editors: Philippe Züger (Equity Research Analyst)
Finvaulta summarizes Zürcher Kantonalbank's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Zürcher Kantonalbank maintains an Outperform rating on EPIC Suisse AG following 1H26 results that exceeded expectations across rental income, EBITDA, and net profit. Despite a property sale in Lausanne, EPIC raised its FY26 net rental income growth guidance to ~1.5% and trades at a deep 15% discount to 2027E NAV.
Key Takeaways
- 1.EPIC Suisse reported solid 1H26 results that beat expectations, with rental income rising 4% YoY to CHF 34.7 mn and EBITDA excluding revaluations up ~40% YoY to CHF 37.6 mn, aided by a CHF 9.4 mn realized capital gain from a property disposal in Lausanne.
- 2.Management upgraded full-year 2026 net rental income growth guidance from ~1% to ~1.5%, despite the loss of CHF 1.7 mn in rental income from the sold Lausanne property.
- 3.Zürcher Kantonalbank reiterates an Outperform rating, noting EPIC trades at an attractive 15% discount to 2027E NAV before deferred tax (vs. peer discount of 1%) with a superior 2027E dividend yield of 3.9% (vs. peer average of 3.1%).
Table of Contents
- Outlook
- Conclusion
- Disclosures and Disclaimer
Report data
1H26 Results Comparison Table (1H25 vs 1H26 vs ZKB-E vs Consensus)
| Metric | Estimate | Context |
|---|---|---|
| Rental Income | 34.7 CHF mn | 1H26 rental income exceeding ZKB expectations of CHF 34.2 mn |
| EBITDA (excluding reval. properties) | 37.6 CHF mn | Operating profit before property revaluations, including CHF 9.4 mn capital gain from property sale |
| Net Profit | 39.8 CHF mn | 1H26 net profit including CHF 13.8 mn revaluation effects on properties |
| Weighted Average Unexpired Lease Term (WAULT) | 7.6 years | WAULT at end of June 2026 (vs 7.9 years in 2025) |
| Equity Ratio | 54.4% | Equity ratio at end of June 2026 (compared to 53.5% in 2025) |
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Authors / Editors
Reported Data Context
- Rental Income: 34.7 CHF mn (1H26) · Source: Zürcher Kantonalbank
- EBITDA (excluding reval. properties): 37.6 CHF mn (1H26) · Source: Zürcher Kantonalbank
- Net Profit: 39.8 CHF mn (1H26) · Source: Zürcher Kantonalbank
- Weighted Average Unexpired Lease Term (WAULT): 7.6 years (1H26) · Source: Zürcher Kantonalbank
- Equity Ratio: 54.4 % (1H26) · Source: Zürcher Kantonalbank
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