Half Year 2026 Epic Suisse AG Earnings Call

August 25, 2026

Operator: Ladies and gentlemen, welcome to the Epic Suisse AG 2026 H1 results conference call. I am Matilde, the conference call operator. I would like to remind you that all participants will be in listen-only mode and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing Star and one on your telephone. For operator assistance, please press Star and zero. The conference must not be recorded for publication or broadcast. At this time, it is my pleasure to hand over to Roni Greenbaum, Chairman. Please go ahead.

Speaker #3: I am Matilde, the course call operator. I would like to remind you that all participants will be in listen-only mode, and the conference is being recorded.

Speaker #3: The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and then one on your telephone.

Speaker #3: For operator assistance, please press star and then 0. The conference must not be recorded for publication or broadcast. At this time, it is my pleasure to hand over to Rooney Greenbaum, Chairman.

Speaker #3: Please go ahead.

Speaker #2: Thank you, operator, and good morning, everyone. I would like to welcome all of you for joining our Epic Suisse conference call for the half-year results 2026.

Roni Greenbaum: Thank you, operator, and good morning, everyone. I would like to welcome all of you for joining our Epic Suisse conference call for the H1 results 2026. My name is Roni Greenbaum, and I am the Chairman of the Board of Epic Suisse AG. On the call with me this morning, as always, our CEO, Arik Parizer, our CFO, Valérie Scholtes, and our Portfolio Director, Philipp Küchler. You should all receive by now our press release this morning, and you can find it on our website, epic.ch, in the English section of the media and investors. In addition, you can find there is the H1 report 2026, as well as the presentation to this call.

Roni Greenbaum: Thank you, operator, and good morning, everyone. I would like to welcome all of you for joining our Epic Suisse conference call for the H1 results 2026. My name is Roni Greenbaum, and I am the Chairman of the Board of Epic Suisse AG. On the call with me this morning, as always, our CEO, Arik Parizer; our CFO, Valérie Scholtes; and our Portfolio Director, Philipp Küchler. You should all have received our press release this morning, and you can find it on our website, epic.ch, in the English section of the media and investors. In addition, you can find there is the H1 report 2026, as well as the presentation to this call.

Speaker #2: My name is Rooney Greenbaum, and I'm the Chairman of the Board of Epic Suisse AG. On the call we've made this morning, as always, are our CEO, Eric Parizer; our CFO, Valerie Scholtes; and our Portfolio Director, Philippe Krueger.

Speaker #2: You should all have received our press release this morning, and you can find it on our website, epic.ch, in the English section under Media and Investors.

Speaker #2: In addition, you can find there the half-year report 2026, as well as the presentation for this call. Let me just state that we are again very proud of our result, having achieved not only strong operative results, but we have also realized a nice one-off disposal gain from the sale of the property in Lausanne.

Roni Greenbaum: Let me just state that we again, very proud of our results, having achieved not only strong operative results, but also we have realized a nice one-off disposal gain from the sale of the property in Lausanne. I will let Arik and Valérie to take you through the slides and the presentation for the next 30 minutes or so, and then the floor first will be available for a Q&A session. Arik, go ahead.

Roni Greenbaum: Let me just state that we again very proud of our results, having achieved not only strong operative results, but also we have realized a nice one-off disposal gain from the sale of the property in Lausanne. I will let Arik and Valérie to take you through the slides and the presentation for the next 30 minutes or so, and then the floor first will be available for a Q&A session. Arik, go ahead.

Speaker #2: I will let Eric and Valerie take you through the slides and the presentation for the next 30 minutes or so, and then the four or five of us will be available for a Q&A session.

Speaker #2: Eric, go ahead.

Speaker #3: Thank you, Rooney, and good morning, everyone. I would like to join Rooney’s comments and also welcome you all to the Epic Suisse Half-Year 2026 Results Conference Call.

Arik Parizer: Thank you, Ronnie, and good morning, everyone. I would like to join Ronnie's comments and to also welcome you all to Epic Suisse H1 2026 results conference call. As Ronnie mentioned, Valérie and I will go through the slide deck that was published on the company's website this morning before we open the line for Q&A. It is a great pleasure for me to share with you all today, once again, very strong results, and to update you on our ongoing operation and developments. As usual, let me start with a quick overview of the economy. As you can see on slide 3 of the presentation, the macro picture hasn't really changed much since our last presentation in March 2026. Inflation in Switzerland is now expected to increase a little from the 0.2% level during 2025 to 0.6% during both 2026 and 2027.

Arik Parizer: Thank you, Roni, and good morning, everyone. I would like to join Roni's comments and to also welcome you all to Epic Suisse H1 2026 results conference call. As Roni mentioned, Valérie and I will go through the slide deck that was published on the company's website this morning before we open the line for Q&A. It is a great pleasure for me to share with you all today, once again, very strong results, and to update you on our ongoing operation and developments. As usual, let me start with a quick overview of the economy.

Speaker #3: As Rooney mentioned, Valerie and I will go through the slide deck that was published on the company's website this morning, before we open the line for Q&A.

Speaker #3: It is a great pleasure for me to share with you all today, once again, very strong results and to update you on our ongoing operations and developments.

Speaker #3: As usual, let me start with a quick overview of the economy. As you can see on slide 3 of the presentation, the macro picture hasn't really changed much since our last presentation in March 2026.

Arik Parizer: As you can see on slide three of the presentation, the macro picture hasn't really changed much since our last presentation in March 2026. Inflation in Switzerland is now expected to increase a little from the 0.2% level during 2025 to 0.6% during both 2026 and 2027. On the other hand, GDP growth is expected to come down from the 1.5% level in 2025 to 0.9% in 2026, before increasing again to 1.6% in 2027. While consumer sentiment has improved slightly, it still remains negative and stands at around -34.8, indicating a continued uncertainty from the consumer side.

Speaker #3: Inflation in Switzerland is now expected to increase slightly from the 0.2% level during 2025 to 0.6% during both 2026 and 2027. On the other hand, GDP growth is expected to come down from the 1.5% level in 2025 to 0.9% in 2026, before increasing again to 1.6% in 2027.

Arik Parizer: On the other hand, GDP growth is expected to come down from the 1.5% level in 2025 to 0.9% in 2026, before increasing again to 1.6% in 2027. While consumer sentiment has improved slightly, it still remains negative and stands at around -34.8, indicating a continued uncertainty from the consumer side. In this economically and politically challenging environment, our company continued to be very stable, and despite the sale of our property Vennes III in May 2026, the market value of our real estate portfolio remained at CHF 1.7 billion. As you can see on slide number 5, the real estate portfolio as at 30 June 2026 was split according to market values as follows: 53% in the Lake Geneva region, 34% in the Zurich economic area, and 13% in other locations, notably cantons St. Gallen, Bern, and Glarus.

Speaker #3: While consumer sentiment has improved slightly, it still remains negative, standing at around minus 34.8. This indicates continued uncertainty from the consumer side.

Speaker #3: In this economically and politically challenging environment, our company continues to be very stable, and despite the sale of our property, event 3 in May 2026, the market value of our real estate portfolio remained at CHF 1.7 billion.

Arik Parizer: In this economically and politically challenging environment, our company continued to be very stable, and despite the sale of our property Vennes III in May 2026, the market value of our real estate portfolio remained at CHF 1.7 billion. As you can see on slide number 5, the real estate portfolio as at 30 June 2026 was split according to market values as follows: 53% in the Lake Geneva region, 34% in the Zurich economic area, and 13% in other locations, notably cantons St. Gallen, Bern, and Glarus.

Speaker #3: As you can see on slide number 5, the real estate portfolio as at 30th of June, 2026, was split according to market values as follows: 53% in the Lake Geneva region, 34% in the Zurich Economic Area, and 13% in other locations, notably Canton St. Gallen.

Speaker #3: Gallen, Bern, and Glarus. The portfolio also remained well diversified by sector, with market values per sector as follows: 41% offices, 35% retail, 23% logistics and light industrial, and 1% developments.

Arik Parizer: The portfolio remained also well-diversified per sector, with market values per sectors as follows: 41% offices, 35% retail, 23% logistics and light industrial, and 1% developments. We have 24 properties with almost 365,000 square meters of lettable area as at 30 June 2026. Including our recently completed developments, PULSE and Campus Leman Building C, the net rental income yield of properties in operation during the year was 4.1%, as PULSE is still in the letting phase. The portfolio continues to benefit from a long WALT of 7.6 years. On slide number 7, you can see the main highlights of the H1 2026 period. In the 6 months to 30 June 2026, we continued to grow our rental income by 4% to CHF 34.7 million, compared to CHF 33.4 million in H1 2025.

Speaker #3: We have 24 properties with almost 365,000 square meters of lettable area as of June 30, 2026. Including our recently completed developments, Pools and Campus Limo Building C, the net rental income yield of properties in operation during the year was 4.1%, as Pools is still in the letting phase.

Speaker #3: The portfolio continues to benefit from a long WALT of 7.6 years. On slide number 7, you can see the main highlights of the H1 2026 period.

Arik Parizer: On slide number 7, you can see the main highlights of the H1 2026 period. In the 6 months to 30 June 2026, we continued to grow our rental income by 4% to CHF 34.7 million, compared to CHF 33.4 million in H1 2025. Most of that increase was thanks to the start of the rental income from our two completed development projects, which began to contribute meaningfully to the rental income already in the second half of 2025. On a like-for-like basis, the growth was 0.5%, the main contributor being the lower vacancies.

Speaker #3: In the six months to 30 June 2026, we continued to grow our rental income by 4% to CHF 34.7 million, compared to CHF 33.4 million in H1 2025.

Speaker #3: Most of that increase was thanks to the start of the rental income from our two completed development projects, which began to contribute meaningfully to the rental income already in the second half of 2025.

Arik Parizer: Most of that increase was thanks to the start of the rental income from our two completed development projects, which began to contribute meaningfully to the rental income already in the second half of 2025. On a like-for-like basis, the growth was 0.5%, the main contributor being the lower vacancies. Because of the normal absorption time of our recently completed developments, PULSE and Campus Leman Building C, our reported vacancy for properties in operation increased to 9.4% during the period, compared to 3.8% in H1 2025. If we exclude these recently completed developments, then the adjusted vacancy for the period is only 2.9%. For reminder, as we did in the past, to be fully transparent with the progress of the letting in our recently completed developments, in addition to the usual reported vacancy, we will report adjusted vacancy in our KPI during the next 3 years.

Speaker #3: On a like-for-like basis, the growth was 0.5%, the main contributor being the lower vacancies. Because of the normal absorption time of our recently completed developments, Pools and Campus Limo Building C, our reported vacancy for properties in operation increased to 9.4% during the period, compared to 3.8% in H1 2025.

Arik Parizer: Because of the normal absorption time of our recently completed developments, PULSE and Campus Leman Building C, our reported vacancy for properties in operation increased to 9.4% during the period, compared to 3.8% in H1 2025. If we exclude these recently completed developments, then the adjusted vacancy for the period is only 2.9%. For reminder, as we did in the past, to be fully transparent with the progress of the letting in our recently completed developments, in addition to the usual reported vacancy, we will report adjusted vacancy in our KPI during the next 3 years.

Speaker #3: If we exclude these recently completed developments, then the adjusted vacancy for the period is only 2.9%. As a reminder, as we did in the past, to be fully transparent with the progress of the letting in our recently completed developments, in addition to the usual reported vacancy, we will report adjusted vacancy in our KPI during the next three years.

Speaker #3: Our WAULT remained long and stood at 7.6 years as at 30th June 2026, compared to 7.9 years as at 31st December 2025. As you know, we sold at the end of May the office building Event 3, with a gain on disposal of CHF 9.4 million, representing a 23% higher price compared to the market value of 31st December 2025.

Arik Parizer: Our WALT remained long and stood at 7.6 years as at 30 June 2026, compared to 7.9 years as at 31 December 2025. As you know, we sold at the end of May, the office building Vennes III, with a gain on disposal of CHF 9.4 million, representing a 23% higher price compared to the market value of 31 December 2025. Our EBITDA, excluding the gain on disposal and excluding the gain on unrealized revaluation of properties, increased during the period to CHF 28.1 million, compared to CHF 26.8 million during H1 2025. If you consider the gain on disposal, then the EBITDA for the period comes in at CHF 37.6 million. We continue to have a very solid equity ratio with 54.4% as at 30 June 2026.

Speaker #3: Our EBITDA, excluding the gain on disposal and excluding the gain on unrealized revaluation of properties, increased during the period to CHF 28.1 million, compared to CHF 26.8 million during H1 2025.

Speaker #3: If you consider the gain on disposal, then the EBITDA for the period comes in at 37.6 million Swiss francs. We continue to have a very solid equity ratio, with 54.4% as at 30 June 2026.

Arik Parizer: If you consider the gain on disposal, then the EBITDA for the period comes in at CHF 37.6 million. We continue to have a very solid equity ratio with 54.4% as at 30 June 2026. This positive ratio was improved compared to the 53.5% as at 31 December 2025, and compared to the 48.4% as at June 2025, thanks to our robust results, the successful capital raise in December 2025, and the attractive selling price of our disposed property. Slide 9 summarizes the portfolio key figures. On 30 June, we have 24 properties in operation and 2 properties under development.

Speaker #3: This positive ratio was improved compared to the 53.5% as at 31 December 2025, and compared to the 48.4% as at June 2025, thanks to our robust results, the successful capital raise in December 2025, and the attractive selling price of our disposed property.

Arik Parizer: This positive ratio was improved compared to the 53.5% as at 31 December 2025, and compared to the 48.4% as at June 2025, thanks to our robust results, the successful capital raise in December 2025, and the attractive selling price of our disposed property. Slide 9 summarizes the portfolio key figures. On 30 June, we have 24 properties in operation and 2 properties under development. Nexus Brunnpark in Roggwil and Campus Leman, Building D in Morges. Our total portfolio value stands at CHF 1.67 billion, which is split between the 2 segments as follows: properties in operation stands at CHF 1.66 billion, when properties under development amount to CHF 11 million.

Speaker #3: Slide 9 summarizes the portfolio key figures. As of June 30th, we have 24 properties in operation and 2 properties under development: Nexus Broon Park in Rockville and Campus Limo Building D in Morges.

Arik Parizer: Nexus Brunnpark in Roggwil and Campus Leman, Building D in Morges. Our total portfolio value stands at CHF 1.67 billion, which is split between the 2 segments as follows: properties in operation stands at CHF 1.66 billion, when properties under development amount to CHF 11 million. As I mentioned, the vacancy rate for properties in operation during the period was 9.4%, with the adjusted vacancy being only 2.9% for the same period, and compared to 3.8% for H1 2025 and 3.4% for the year ended December 2025.

Speaker #3: Our total portfolio value stands at CHF 1.67 billion, which is split between the two segments as follows: properties in operation stand at CHF 1.66 billion, while properties under development amount to CHF 11 million.

Speaker #3: As I mentioned, the vacancy rate for properties in operation during the period was 9.4%, with the adjusted vacancy being only 2.9% for the same period, compared to 3.8% for H1 2025 and 3.4% for the year ended December 2025.

Arik Parizer: As I mentioned, the vacancy rate for properties in operation during the period was 9.4%, with the adjusted vacancy being only 2.9% for the same period, and compared to 3.8% for H1 2025 and 3.4% for the year ended December 2025. I have already commented on the WALT, which we consider at 7.6 years to be very attractive. As usual, we do not report the individual market value per property, but on slide number 10, you can see the portion of the top 10 properties and operations out of the total market value of the portfolio, as well as their respective uses. As you can see, the top 10 properties and operations represent 68% of our total portfolio value. We have 5 properties in operations with a value in excess of CHF 100 million.

Speaker #3: I've already commented on the vault, which we consider at 7.6 years to be very attractive. As usual, we do not report the individual market value per property, but on slide number 10, you can see the portion of the top 10 properties in operations out of the total market value of the portfolio, as well as their respective uses.

Arik Parizer: I have already commented on the WALT, which we consider at 7.6 years to be very attractive. As usual, we do not report the individual market value per property, but on slide number 10, you can see the portion of the top 10 properties and operations out of the total market value of the portfolio, as well as their respective uses. As you can see, the top 10 properties and operations represent 68% of our total portfolio value. We have 5 properties in operations with a value in excess of CHF 100 million.

Speaker #3: As you can see, the top 10 properties in operations represent 68% of our total portfolio value. We have 5 properties in operations with a value in excess of 100 million Swiss francs, the average asset value amounted to approximately 60 million Swiss francs, while the smaller the smallest asset that we have in operations carried a value of about 6 million Swiss francs.

Arik Parizer: The average asset value amounted to approximately CHF 60 million, while the smallest asset that we have in operations carried a value of about CHF 6 million. So overall, we consider our portfolio well-balanced, also from a risk perspective. Slide number 11 shows the change in the market value of our portfolio. Overall, we had a slight decrease in market value compared to 31 December 2025, but this is due to the disposed asset Vennes III. If we exclude this disposed property, then the market value actually increased by 1.4% from CHF 1.64 billion to CHF 1.67 billion. This increase was mainly driven by the following 2 impacts: net unrealized revaluation gain of CHF 13.8 million and CapEx spent during the period amounting to CHF 8.8 million.

Speaker #3: So, overall, we consider our portfolio well balanced, also from a risk perspective. Slide number 11 shows the change in the market value of our portfolio.

Speaker #3: Overall, we had a slight decrease in market value compared to 31 December 2025, but this is due to the disposed asset, event 3. If we exclude this disposed property, then the market value actually increased by 1.4%, from CHF 1.64 billion to CHF 1.67 billion.

Speaker #3: This increase was mainly driven by the following two impacts: net unrealized revaluation gain of CHF 13.8 million and cap expense during the period amounting to CHF 8.8 million.

Arik Parizer: This increase was mainly driven by the following 2 impacts: net unrealized revaluation gain of CHF 13.8 million and CapEx spent during the period amounting to CHF 8.8 million. On slide number 12, you can see in blue the breakdown of the revaluations per sector as at 30 June 2026, and the comparable numbers for H1 2025. As in previous years, all our properties were valued by the independent valuer, Wüest Partner, who revalues our properties every six months. As mentioned in the previous slide, the revaluation resulted in a net unrealized revaluation gain of CHF 13.8 million.

Speaker #3: On slide number 12, you can see in blue the breakdown of the revaluations per sector as at 30 June 2026, and the comparable numbers for H1 2025.

Arik Parizer: On slide number 12, you can see in blue the breakdown of the revaluations per sector as at 30 June 2026, and the comparable numbers for H1 2025. As in previous years, all our properties were valued by the independent valuer, Wüest Partner, who revalues our properties every six months. As mentioned in the previous slide, the revaluation resulted in a net unrealized revaluation gain of CHF 13.8 million. This was driven by change in each of the sector that follows: a gain of CHF 8.7 million in the office sector, a gain of CHF 1.8 million in the retail sector, a gain of CHF 3.6 million in the logistics sector, and finally, a small loss of CHF 0.2 million in properties under development. The average yield discount rate decreased from 3.3% in June 2026 compared to 3.32% in December 2025.

Speaker #3: As in previous years, all our properties were valued by the independent valuer Wilson Partners, who revalues our properties every six months. As mentioned on the previous slide, the revaluation resulted in a net unrealized revaluation gain of CHF 13.8 million.

Speaker #3: This was driven by a change in each of the sectors as follows: a gain of 8.7 million in the office sector, a gain of 1.8 million in the retail sector, a gain of CHF 3.6 billion in the logistics sector, and finally a small loss of 0.2 million in properties under development.

Arik Parizer: This was driven by change in each of the sector that follows: a gain of CHF 8.7 million in the office sector, a gain of CHF 1.8 million in the retail sector, a gain of CHF 3.6 million in the logistics sector, and finally, a small loss of CHF 0.2 million in properties under development. The average yield discount rate decreased from 3.3% in June 2026 compared to 3.32% in December 2025.

Speaker #3: The average real discount rate decreased to 3.3% in June 2026, compared to 3.32% in December 2025. On slide number 13, you can see in the graph on the left of the left-hand side of the slide the reconciliations between reported vacancy and adjusted vacancy for the properties in operations, whereas in the table on the right-hand side, you can see both the reported and adjusted vacancies per sector.

Arik Parizer: On slide number 13, you can see in the graph on the left-hand side of the slide, the reconciliations between reported vacancy and adjusted vacancy for the properties and operations, whereas in the table on the right-hand side, you can see both the reported and adjusted vacancies per sector. Let me begin with the graph on the left-hand side of the slide. As you can see, the total vacancy that we had during the period amounted to CHF 3.7 million or 9.4%. However, if we take out the vacancy of PULSE amounting to CHF 2.6 million and the immaterial vacancy in Campus Leman, Building C of CHF 88,000, we arrive at the adjusted vacancy amount of CHF 990,000, or only 2.9%. It is important to reiterate why we report the adjusted vacancy.

Speaker #3: Let me begin with the graph on the left-hand side of the slide. As you can see, the total vacancy that we had during the period amounted to CHF 3.7 million, or 9.4%.

Speaker #3: However, if we take out the vacancy of Bruss amounting to CHF 2.6 million and the immaterial vacancy in Campus Limo Building C of CHF 88,000, we arrive at the adjusted vacancy amount of CHF 990,000, or only 2.9%.

Arik Parizer: However, if we take out the vacancy of PULSE amounting to CHF 2.6 million and the immaterial vacancy in Campus Leman, Building C of CHF 88,000, we arrive at the adjusted vacancy amount of CHF 990,000, or only 2.9%. It is important to reiterate why we report the adjusted vacancy. Given the developments that we do in order to achieve higher returns, we do not expect our buildings to be fully let upon completion.

Speaker #3: It is important to reiterate why we report the adjusted vacancy. Given the developments that we do in order to achieve higher returns, we do not expect our buildings to be fully let upon completion.

Arik Parizer: Given the developments that we do in order to achieve higher returns, we do not expect our buildings to be fully let upon completion. We have done this time and time again over the years, and to be fully transparent with the letting situation, we report both KPIs for a period of a maximum of three years after the completion of the developments. I would also like to take a moment and share with you the letting situation in our development building PULSE, where the letting have increased from 37% of our communicated target rent to 41% during the period. We can confirm that we are having good discussions with some tenants, but due to the nature of the tenants and the global economic instability, this takes longer than before.

Speaker #3: We've done this time and time again over the years, and to be fully transparent with the letting situation, we report both KPIs for a period of a maximum of three years after the completion of the developments.

Arik Parizer: We have done this time and time again over the years, and to be fully transparent with the letting situation, we report both KPIs for a period of a maximum of three years after the completion of the developments. I would also like to take a moment and share with you the letting situation in our development building PULSE, where the letting have increased from 37% of our communicated target rent to 41% during the period. We can confirm that we are having good discussions with some tenants, but due to the nature of the tenants and the global economic instability, this takes longer than before.

Speaker #3: I would also like to take a moment and share with you the letting situation in our development building, Bruss, where the lettings have increased from 37% of our communicated target rent to 41% during the period.

Speaker #3: We can confirm that we are in good discussions with some tenants, and that due to the nature of the tenants and the global economic instability, this process is taking longer than before.

Speaker #3: We are very confident with the design of the building and are happy that tenants such as subsidiaries of the Thermo Fisher Group, PMI Group, or our most recent signature, Eurofins Group—which is a public group on the Euronext exchange—as well as other tenants, have been attracted to the building because of its design and flexibility, and have decided to move their operations to Bruss.

Arik Parizer: We are very confident with the design of the building and are happy the tenants, such as subsidiaries of the Thermo Fisher Scientific Group, Philip Morris International Group, or our most recent signature, Eurofins group, which is a public group on the Euronext exchange, as well as other tenants, have been attracted to building because of its design and flexibility and have decided to move their operations to PULSE. Having said this, we remain laser-focused on further discussions with further future potential tenants. Moving on to the table on the right-hand side, you can see office reported vacancies to the 3.4%, while adjusted vacancy was 3%. Retail reported and adjusted vacancies were the same at 3.8%. Logistics and industrial reported vacancy was 28.6%, while adjusted vacancy was 0.2%. As mentioned, the overall reported vacancy was 9.4%, and adjusted vacancy 2.9%.

Speaker #3: Having said this, we remain laser focused on further discussions with future potential tenants. Moving on to the table on the right-hand side, you can see office-reported vacancies at 2% to 3.4%, while adjusted vacancy was 3%.

Arik Parizer: Moving on to the table on the right-hand side, you can see office reported vacancies to the 3.4%, while adjusted vacancy was 3%. Retail reported and adjusted vacancies were the same at 3.8%. Logistics and industrial reported vacancy was 28.6%, while adjusted vacancy was 0.2%. As mentioned, the overall reported vacancy was 9.4%, and adjusted vacancy 2.9%.

Speaker #3: Retail reported and adjusted vacancies were the same at 3.8%. Logistics and industrial reported vacancy was 28.6%, while adjusted vacancy was 0.2%. As mentioned, the overall reported vacancy was 9.4%, and adjusted vacancy was 2.9%.

Speaker #3: On the left-hand side of slide number 14, you can see that the increase in rental income of 1.3 million Swiss francs comes from a like-for-like increase of 0.2 million, and an increase of 1.1 million Swiss francs from other properties, being Event 3, Campus Limo Building C, and Bruss.

Arik Parizer: On the left-hand side of slide number 14, you can see that the increase in rental income of CHF 1.3 million comes from a like-to-like increase of CHF 0.2 million and an increase of CHF 1.1 million from other properties, being Vennes III, Campus Leman Building C, and PULSE. The like-for-like increase was split between the different sectors as follows. Office sector, an increase of 2.1%, mainly due to lower vacancies. Retail, a slight increase of 0.5%. Logistics and industrial, a decrease of 3.4%, mainly due to incentive that we gave in one of our properties. Overall, we had a like-for-like increase of 0.5% and a total increase of 4%. On slide 15, you can see the list of our top six tenants.

Speaker #3: The like-for-like increase was split between the different sectors as follows: office sector, an increase of 2.1%, mainly due to lower vacancies; retail, a slight increase of 0.5%; logistics and industrial, a decrease of 3.4%, mainly due to an incentive that we gave in one of our properties.

Arik Parizer: Overall, we had a like-for-like increase of 0.5% and a total increase of 4%. On slide 15, you can see the list of our top six tenants. The top six group of tenants are all very solid tenants and represented 49% of our net rental income during the six months to 30 June 2026. The contract with those six tenants have a very long WALT of 9.3 years, and the total net rental income for the period amounted to CHF 17 million for these six tenants alone.

Speaker #3: Overall, we had a like-for-like increase of 0.5% and a total increase of 4%. On slide 15, you can see the list of our top six tenants.

Speaker #3: The top six groups of tenants are all very solid tenants and represented 49% of our net rental income during the six months to 30 June 2026.

Arik Parizer: The top six group of tenants are all very solid tenants and represented 49% of our net rental income during the six months to 30 June 2026. The contract with those six tenants have a very long WALT of 9.3 years, and the total net rental income for the period amounted to CHF 17 million for these six tenants alone. The other CHF 17.7 million net rental income are well spread over circa 160 tenants of different sizes. It is important to note that almost 90% of our net rental income on a weighted average basis is linked to the Swiss CPI index. On slide 16, you can see the expiry profile of our leases. As you will notice, more than 53% of our leases will expire post December 2031.

Speaker #3: The contracts with those six tenants have a very long duration of 9.3 years, and the total net rental income for the period amounted to 17 million Swiss francs for these six tenants alone.

Speaker #3: The other 17.7 million Swiss francs of net rental income are well spread over approximately 160 tenants of different sizes. It is important to note that almost 90% of our net rental income, on a weighted average basis, is linked to the Swiss CPI index.

Arik Parizer: The other CHF 17.7 million net rental income are well spread over circa 160 tenants of different sizes. It is important to note that almost 90% of our net rental income on a weighted average basis is linked to the Swiss CPI index. On slide 16, you can see the expiry profile of our leases. As you will notice, more than 53% of our leases will expire post December 2031.

Speaker #3: On slide 16, you can see the expiry profile of our leases. As you will notice, more than 53% of our leases will expire after December 2031.

Speaker #3: Out of the 5% expiring in 2026, 59% relate to contracts with either no fixed maturity, or have already been renewed or relet, while the remaining expiries relate to services that are on the market.

Arik Parizer: Out of the 5% expiring in 2026, 59% relate to contracts with either no fixed maturity or already renewed or relet, or while the remaining expiries relate to surfaces that are on the market. In 2027, we only have 1.7% of expiries. I would now like to pass the word on to Valérie, who will go through the financial numbers in more detail.

Speaker #3: In 2027, we only have 1.7% of expiries. I would now like to pass the word on to Valerie, who will go through the financial numbers in more detail.

Speaker #1: Good morning, everyone. It is also a pleasure for me to report on our 2026 half-year results, following another productive six months marked by an increase in profitability compared to the same period last year.

Valérie Scholtes: Good morning, everyone. It is also a pleasure for me to report on our 2026 H1 results, following another productive six months, marked by an increase in profitability compared to the same period last year. As I will explain later in the presentation, the underlying performance of the portfolio improved, which was then complemented by the successful sale of our property, Vennes III. For transparency and comparability purposes, the results, EBITDA, profit, return on equity ratios, and earnings per share, have been reported in three ways. First, including all revaluations, realized and unrealized, which reflects our IFRS financial statements. Secondly, excluding only the unrealized revaluation effects. That means including the realized profit from the sale Vennes III. And finally, excluding the disposal gain and the unrealized revaluation effects.

Speaker #1: As I will explain later in the presentation, the underlying performance of the portfolio improved, which was then complemented by the successful sale of our property event three.

Speaker #1: For transparency and comparability purposes, the results—EBITDA, profit, return on equity, ratios, and earnings per share—have been reported in three ways. First, including all revaluations, realized and unrealized, which reflects our IFRS financial statements.

Valérie Scholtes: First, including all revaluations, realized and unrealized, which reflects our IFRS financial statements. Secondly, excluding only the unrealized revaluation effects. That means including the realized profit from the sale Vennes III. And finally, excluding the disposal gain and the unrealized revaluation effects. In addition, it is important to know that for KPI reporting purposes involving the profit and loss, the properties are considered as per the category they were classified in as at 1 January.

Speaker #1: Secondly, excluding only the unrealized revaluation effects—that means including the realized profit from the sale event, number 3. And finally, excluding both the disposal gain and the unrealized revaluation effects.

Speaker #1: In addition, it's important to note that for KPI reporting purposes involving the profit and loss, the properties are considered according to the category they were classified in as of January 1.

Valérie Scholtes: In addition, it is important to know that for KPI reporting purposes involving the profit and loss, the properties are considered as per the category they were classified in as at 1 January. As a reminder, PULSE and Campus Leman Building C were moved from investment properties on the construction development to investment properties in operation on the last day of last year, on 31 December 2025. This means that they were classified in investment properties under development construction during the financial year 2025, while they are classified in investment properties in operation for the financial year 2026 and beyond. As usual, I will cover three main areas. First, the equity and liability side of our balance sheet. Secondly, the performance of our portfolio. Finally, how this performance translate into net asset value and earnings per share for our investors.

Speaker #1: And as a reminder, Bruss and Campus Limo Building C were moved from investment properties under construction development to investment properties in operation as of the last day of last year, on December 31, 2025.

Valérie Scholtes: As a reminder, PULSE and Campus Leman Building C were moved from investment properties on the construction development to investment properties in operation on the last day of last year, on 31 December 2025. This means that they were classified in investment properties under development construction during the financial year 2025, while they are classified in investment properties in operation for the financial year 2026 and beyond. As usual, I will cover three main areas. First, the equity and liability side of our balance sheet.

Speaker #1: And this means that they were classified as investment properties under development/construction during the financial year 2025, while they are classified as investment properties in operation for the financial year 2026 and beyond.

Speaker #1: As usual, I will cover three main areas: first, the equity and liability side of our balance sheet; secondly, the performance of our portfolio; and finally, how this performance translates into net asset value and earnings per share for our investors.

Valérie Scholtes: Secondly, the performance of our portfolio. Finally, how this performance translate into net asset value and earnings per share for our investors. For each of the key figure tables, I will highlight the essential points, and then I will dive into those on the following slide. Let us start on slide 17 with our balance sheet. Despite the dividend distribution of CHF 35.9 million in April 2026, our equity slightly increased to CHF 924 million end of June 2026, compared to CHF 929 million end of December 2025. This corresponds to comfortable equity ratios of 54.4% and 53.5% respectively.

Speaker #1: For each of the key figure tables, I will highlight the essential points, and then I will dive into those on the following slides. So, let's start on slide 17 with our balance sheet.

Valérie Scholtes: For each of the key figure tables, I will highlight the essential points, and then I will dive into those on the following slide. Let us start on slide 17 with our balance sheet. Despite the dividend distribution of CHF 35.9 million in April 2026, our equity slightly increased to CHF 924 million end of June 2026, compared to CHF 929 million end of December 2025. This corresponds to comfortable equity ratios of 54.4% and 53.5% respectively. Following the sale of our property, Vennes III, and then the use of the net proceeds to partially and temporarily repay some bank debts, the level of our mortgage secured bank loans decreased below the threshold of CHF 600 million to CHF 596 million, down from CHF 617 million end of last year. Thus our net loan-to-value ratio further decreased from 35.5% end of December 2025 to 35.1% end of June 2026.

Speaker #1: So despite the dividend distribution of 35.9 million, in April 2026, our equity slightly increased to 924 million end of June 2026, compared to 920 million end of December 2025.

Speaker #1: And this corresponds to comfortable equity ratios of 54.4% and 53.5% respectively. Following the sale of our property event 3 and then the use of the net proceeds to partially and temporarily repay some bank debts, the level of our mortgage-secured bank loans decreased below the threshold of 600 million, to 596 million, down from 617 million end of last year.

Valérie Scholtes: Following the sale of our property, Vennes III, and then the use of the net proceeds to partially and temporarily repay some bank debts, the level of our mortgage secured bank loans decreased below the threshold of CHF 600 million to CHF 596 million, down from CHF 617 million end of last year. Thus our net loan-to-value ratio further decreased from 35.5% end of December 2025 to 35.1% end of June 2026.

Speaker #1: Thus, our net loan-to-value ratio further decreased from 35.5% at the end of December 2025 to 35.1% at the end of June 2026, so well below our target net loan-to-value ratio, medium term, of about 45%.

Valérie Scholtes: Well below our target net loan-to-value ratio medium term of about 45%. The annualized return on equity ratio, excluding the disposal and unrealized revaluation effects, which in fact reflects our underlying performance for H1 2026, came to 4.8% compared to 4.9% for the financial year 2025. The slight drop being explained by the comparatively higher average EPRA NAV in H1 2026, following the capital increase in December 2025. When we include the net profit of the Vennes III sale, the annualized return on equity ratio reached 6.5%. As illustrated by slide 18, our robust H1 2026 results of CHF 39.8 million allowed our equity to remain above the December 2025 level, considering the dividend distribution of CHF 35.9 million already mentioned earlier on.

Speaker #1: The annualized return on equity ratio, excluding the disposal and unrealized revaluation effects—which in fact reflects our underlying performance—for H1 2026, came to 4.8%, compared to 4.9% for the financial year 2025.

Speaker #1: The slack drop is being explained by the comparatively higher average IFRS NAV in H1 2026, following the capital increase in December 2025. And when we include the net profit of the Event 3 sale, the annualized return on equity ratio is 6.5%.

Speaker #1: As illustrated by slide 18, our robust H1 2026 result of CHF 39.8 million allowed our equity to remain above the December 2025 level, considering the dividend distribution of CHF 35.9 million already mentioned earlier.

Valérie Scholtes: As illustrated by slide 18, our robust H1 2026 results of CHF 39.8 million allowed our equity to remain above the December 2025 level, considering the dividend distribution of CHF 35.9 million already mentioned earlier on. In line with our predictable and gradual dividend policy, the dividend per share was further increased from CHF 3.15 last year to CHF 3.20 this year, allowing for a dividend yield of 3.7% based on the 2025 year-end closing share price of CHF 87. The EPRA NAV per share equals CHF 82.49 end of June 2026, which is the equivalent of CHF 94.06 when we disregard the different taxed elements.

Speaker #1: So, in line with our predictable and gradual dividend policy, the dividend per share was further increased from CHF 3.15 last year to CHF 3.20 this year, allowing for a dividend yield of 3.7% based on the 2025 year-end closing share price of CHF 87.

Valérie Scholtes: In line with our predictable and gradual dividend policy, the dividend per share was further increased from CHF 3.15 last year to CHF 3.20 this year, allowing for a dividend yield of 3.7% based on the 2025 year-end closing share price of CHF 87. The EPRA NAV per share equals CHF 82.49 end of June 2026, which is the equivalent of CHF 94.06 when we disregard the different taxed elements. Let us now have a look at the liability side of our balance sheet on slide 19. As at 30 June 2026, the group keeps benefiting from a low-weighted average cost of debt of 1.2%. The bank financing cost decreased by CHF 0.3 million to CHF 3.7 million in H1 2026, compared to CHF 4 million in H1 2025.

Speaker #1: The IFRS NAV per share equaled 82.49 Swiss francs at the end of June 2026, which is the equivalent of 94.06 Swiss francs when we disregard the different tax elements.

Speaker #1: So let's now have a look at the liability side of our balance sheet on slide 19. As at 30 June 2026, the group keeps benefiting from a low weighted average cost of debt of 1.2%.

Valérie Scholtes: Let us now have a look at the liability side of our balance sheet on slide 19. As at 30 June 2026, the group keeps benefiting from a low-weighted average cost of debt of 1.2%. The bank financing cost decreased by CHF 0.3 million to CHF 3.7 million in H1 2026, compared to CHF 4 million in H1 2025. This primarily thanks to the lower bank debt levels and also lower amounts of variable financing costs as the Swiss reference rate, which is also the basis for SARON, progressively decreased from 0.5% as at 1 January 2025 to 0% as at 30 June 2025, and stayed at this level, 0%, since then.

Speaker #1: The bank financing cost decreased by 0.3 million, to 3.7 million in H1 2026, compared to 4 million in H1 2025, and this is primarily thanks to the lower bank debt levels and also lower amounts of variable financing costs, as the Swiss reference rate—which is also the basis for SARON—progressively decreased from 0.5% as at 1 January 2025 to 0% as at 30 June 2025, and stayed at this level, 0%, since then.

Valérie Scholtes: This primarily thanks to the lower bank debt levels and also lower amounts of variable financing costs as the Swiss reference rate, which is also the basis for SARON, progressively decreased from 0.5% as at 1 January 2025 to 0% as at 30 June 2025, and stayed at this level, 0%, since then. At the balance sheet date, 80% of our mortgage-secured bank loans were hedged, either using fixed interest rate contracts or interest rate swaps. This percentage gets to 72% when we exclude the interest rate swap coming to maturity on 30 September 2026. As at 30 June 2026, all cross-currency swaps did unwind without crystallizing any foreign exchange currency differences. As a consequence, there are also no more USD loans as at period end.

Speaker #1: At the balance sheet date, 80% of our mortgage-secured bank loans were hedged, either using fixed interest rate contracts or interest rate swaps. This percentage reduces to 72% if we exclude the interest rate swap coming to maturity on 30 September 2026.

Valérie Scholtes: At the balance sheet date, 80% of our mortgage-secured bank loans were hedged, either using fixed interest rate contracts or interest rate swaps. This percentage gets to 72% when we exclude the interest rate swap coming to maturity on 30 September 2026. As at 30 June 2026, all cross-currency swaps did unwind without crystallizing any foreign exchange currency differences. As a consequence, there are also no more USD loans as at period end. As a reminder, this cross-currency swap did allow the Group to benefit from lower bank margins, 11 to 14 basis points lower over a period of two years.

Speaker #1: As at 30 June 2026, all cross-currency swaps were unwound, without crystallizing any foreign exchange currency differences. As a consequence, there are also no more US dollar loans as at period-end.

Speaker #1: As a reminder, these cross-currency swaps did allow the group to benefit from lower bank margins—11 to 14 basis points lower—over a period of three years.

Valérie Scholtes: As a reminder, this cross-currency swap did allow the Group to benefit from lower bank margins, 11 to 14 basis points lower over a period of two years. Moving now to the performance of our portfolio for the first six months of this year. Except for the net rented income yield, the table on page 20 presents a lovely set of nine blue arrows pointing upwards. As already explained by Arik, the rented income from the real estate properties grew by 4% between the two reporting periods, many thanks to PULSE and Campus Leman Building C being fully operational in the first six months of this year, while still partially under construction in H1 2025.

Speaker #1: Moving now to the performance of our portfolio for the first six months of this year: except for the net rental income yield, the table on page 20 presents a lovely set of nine blue arrows pointing upwards.

Valérie Scholtes: Moving now to the performance of our portfolio for the first six months of this year. Except for the net rented income yield, the table on page 20 presents a lovely set of nine blue arrows pointing upwards. As already explained by Arik, the rented income from the real estate properties grew by 4% between the two reporting periods, many thanks to PULSE and Campus Leman Building C being fully operational in the first six months of this year, while still partially under construction in H1 2025.

Speaker #1: As already explained by Eric, the rental income from the real estate properties grew by 4% between the two reporting periods, thanks to Pulse and Campus Le Mans Building C being fully operational in the first six months of this year, while still partially under construction in H1 2025.

Speaker #1: The H1 2026 net rental income yield for properties in operation decreased to 4.1%, compared to 4.5% in H1 2025, as Pulse moved from a P&L point of view from 1 January 2026 to properties in operation, but actually is still in its letting phase.

Valérie Scholtes: The H1 2026 net rental income yield for properties in operation decreased to 4.1%, compared to 4.5% in H1 2025 as PULSE moved from a P&L point of view from 1 January 2026 to properties in operation, but actually is still in its letting phase. So excluding PULSE and Campus Leman Building C, the net rental income yield for properties in operation corresponded to 4.4%. The net operating income amounted to CHF 32 million in H1 2026 compared to CHF 30.6 million in H1 2025, showing a 4.3% progression almost entirely driven by the top-line growth. Arik also commented already on the net unrealized revaluation gain on properties of CHF 13.8 million for the first six months of this year. The sale of our property, Vennes III, generated a realized revaluation gain of CHF 9.4 million, or a 23% uplift above the latest independent valuation as at 31 December 2025.

Valérie Scholtes: The H1 2026 net rental income yield for properties in operation decreased to 4.1%, compared to 4.5% in H1 2025, as PULSE moved from a P&L point of view from 1 January 2026 to properties in operation but actually is still in its letting phase. So excluding PULSE and Campus Leman Building C, the net rental income yield for properties in operation corresponded to 4.4%. The net operating income amounted to CHF 32 million in H1 2026 compared to CHF 30.6 million in H1 2025, showing a 4.3% progression almost entirely driven by the top-line growth.

Speaker #1: So, excluding Pulse and Campus Le Mans Building C, the net rental income yield for properties in operation corresponded to 4.4%. The net operating income amounted to CHF 32 million in H1 2026, compared to CHF 30.6 million in H1 2025, showing a 4.3% progression, almost entirely driven by top-line growth.

Speaker #1: Eric also commented already on the net unrealized revaluation gain on properties of CHF 13.8 million for the first six months of this year. The sale of our property Event 3 generated a realized revaluation gain of CHF 9.4 million, or a 23% uplift above the latest independent valuation as at 31 December 2025.

Valérie Scholtes: Arik also commented already on the net unrealized revaluation gain on properties of CHF 13.8 million for the first six months of this year. The sale of our property, Vennes III, generated a realized revaluation gain of CHF 9.4 million, or a 23% uplift above the latest independent valuation as at 31 December 2025. After tax, this led to a net profit of CHF 8.1 million. Arik will further comment on the sales rationale later in his presentation. The table shows, as already mentioned, the reported EBITDA, reported profit, as well as the EBITDA and profit lines adjusted for the unrealized revaluation effects with or without the disposal.

Speaker #1: And after tax, this led to a net profit of 8.1 million. Eric will further comment on the sales rationale later in this presentation. So the table shows, as already mentioned, the reported EBITDA, reported profit, as well as the EBITDA and profit lines adjusted for the unrealized revaluation effects, with or without the disposal.

Valérie Scholtes: After tax, this led to a net profit of CHF 8.1 million. Arik will further comment on the sales rationale later in his presentation. The table shows, as already mentioned, the reported EBITDA, reported profit, as well as the EBITDA and profit lines adjusted for the unrealized revaluation effects with or without the disposal. The reported EBITDA amounted to CHF 41.4 million for the first six months of the year, versus CHF 40.6 million in the first six months of last year. When we look at the underlying performance of the portfolio, the adjusted EBITDA, excluding the disposal and unrealized revaluation of properties, grows by 4.8%, from CHF 26.8 million last year to CHF 28.1 million this year. The other operating expenses actually remain overall constant over the two reporting periods.

Speaker #1: So the reported EBITDA amounted to CHF 41.4 million for the first six months of the year, versus CHF 40.6 million in the first six months of last year.

Valérie Scholtes: The reported EBITDA amounted to CHF 41.4 million for the first six months of the year, versus CHF 40.6 million in the first six months of last year. When we look at the underlying performance of the portfolio, the adjusted EBITDA, excluding the disposal and unrealized revaluation of properties, grows by 4.8%, from CHF 26.8 million last year to CHF 28.1 million this year. The other operating expenses actually remain overall constant over the two reporting periods.

Speaker #1: And when we look at the underlying performance of the portfolio, the adjusted EBITDA, excluding the disposal and unrealized revaluation of properties, rose by 4.8% from CHF 26.8 million last year to CHF 28.1 million this year, as the other operating expenditure actually remained overall constant over the two reporting periods.

Speaker #1: The financial result came to a net expense of 4.3 million in H1 2026, compared to 5.2 million in H1 2025. And when we exclude the unrealized revaluation effects of the derivatives and the related underlying US dollar loans over the reporting periods, the financial result decreased by 0.3 million from 4.3 million in the first 6 months of this year to 4 million sorry, in the first 6 months of last year, sorry, to 4 million in the first 6 months of this year, as a result of lower bank financing costs.

Valérie Scholtes: The financial results came to a net expense of CHF 4.3 million in H1 2026 compared to CHF 5.2 million in H1 2025. When we exclude the unrealized revaluation effects of the derivatives and the related underlying USD loans over the reporting period, the financial result decreased by CHF 4.3 million from CHF 4.3 million in the first six months of last year, to CHF 4 million in the first six months of this year as a result of lower bank financing costs. As already mentioned, following the unwinding of the cross-currency swap, there will be no more foreign currency FX on the underlying USD loans going forward. All of this translated into a profit of CHF 39.8 million for the first half of this year in comparison to CHF 30 million previously.

Speaker #1: As already mentioned, following the unwinding of the cross-currency swap, there will be no more foreign currency effects on the underlying US dollar loans going forward.

Speaker #1: So, all of these translated into a profit of CHF 39.8 million for the first half of this year, in comparison to CHF 30 million previously. And again, when we look at the underlying performance of the portfolio—that means excluding the one-off profit on the sale and the unrealized revaluation effects—the adjusted profit amounted to CHF 22 million, showing a CHF 1.5 million increase, or 7.5%, in comparison to the CHF 20.5 million achieved in H1 2025.

Valérie Scholtes: All of this translated into a profit of CHF 39.8 million for the first half of this year in comparison to CHF 30 million previously. When we look at the underlying performance of the portfolio, that means excluding the one-off profit on the sale and the unrealized revaluation effects, the adjusted profit amounted to CHF 22 million, showing a CHF 1.5 million increase, or 75%, in comparison to the CHF 20.5 million achieved in H1 2025. When we re-include the realized net profit on the disposal, the profit arrived at CHF 30.1 million.

Valérie Scholtes: When we look at the underlying performance of the portfolio, that means excluding the one-off profit on the sale and the unrealized revaluation effects, the adjusted profit amounted to CHF 22 million, showing a CHF 1.5 million increase, or 75%, in comparison to the CHF 20.5 million achieved in H1 2025. When we re-include the realized net profit on the disposal, the profit arrived at CHF 30.1 million. As usual, the next two slides summarize visually what I have just said about our H1 2026 performance. Slide 21 shows the main P&L components from rental income to the three EBITDA KPIs. While Slide 22 compares graphically the underlying performance of the first six months of 2026 compared to 2025.

Speaker #1: And when we re-include the realized net profit on the disposal, the profit arrived at 30.1 million. As usual, the next two slides summarize visually what I've just said about our H1 2026 performance.

Valérie Scholtes: As usual, the next two slides summarize visually what I have just said about our H1 2026 performance. Slide 21 shows the main P&L components from rental income to the three EBITDA KPIs. While Slide 22 compares graphically the underlying performance of the first six months of 2026 compared to 2025. On Slide 22, except for the net rental income yield, which I have already commented on, and whose decrease actually is mainly due to the segment reclassification, of course, and Campus Leman – Building C.

Speaker #1: So, slide 21 shows the main P&L components, from rental income to the three EBITDA KPIs, while slide 22 compares graphically the underlying performance of the first six months of 2026 compared to 2025.

Valérie Scholtes: On Slide 22, except for the net rental income yield, which I have already commented on, and whose decrease actually is mainly due to the segment reclassification, of course, and Campus Leman – Building C. The NOI margins and the EBITDA margins, again excluding the disposal and unrealized revaluation of properties, remain attractive and overall stable over the two reporting periods at 89% and 78% respectively. This leads me to the final slide of my presentation, Slide 23, and how this performance translates into earnings per share for the investors. On Slide 23, please note the change in weighted average number of outstanding shares between H1 2025 and H1 2026 following the December 2025 capital increase, as this impacts the earnings per share calculation.

Speaker #1: So, on slide 22 again, except for the net rental income yield, which I've already commented on and which was decreased—mainly due to the segment reclassification of Pulse and Campus Le Mans Building C—the NOI margins and the EBITDA margins, again excluding the disposal and unrealized revaluation of properties, remain attractive and overall stable over the two reporting periods at 89% and 78%, respectively.

Valérie Scholtes: The NOI margins and the EBITDA margins, again excluding the disposal and unrealized revaluation of properties, remain attractive and overall stable over the two reporting periods at 89% and 78% respectively. This leads me to the final slide of my presentation, Slide 23, and how this performance translates into earnings per share for the investors. On Slide 23, please note the change in weighted average number of outstanding shares between H1 2025 and H1 2026 following the December 2025 capital increase, as this impacts the earnings per share calculation.

Speaker #1: Now, this leads me to the final slide of my presentation, slide 23, and how this performance translates into earnings per share for the investors.

Speaker #1: On slide 2023, please note the change in the weighted average number of outstanding shares between H1 2025 and H1 2026, following the December 2025 capital increase, as this impacts the earnings per share calculations.

Speaker #1: So, despite the number of shares increasing, our H1 2026 earnings per share at 1.97 Swiss francs—again excluding the disposal and unrealized revaluation effects—almost matched last year's comparable period levels at 1.98 Swiss francs.

Valérie Scholtes: Despite the number of shares increase, our H1 2026 earnings per share at CHF 1.97, again excluding the disposal and unrealized revaluation effects, almost matched last year's comparable period levels at CHF 1.98. In conclusion, our business continues to grow and to generate solid results, and our focus remains the gradual letting of our property portfolio. Without further delays, Eric will provide you with an update on the disposal rationale and the ongoing developments.

Speaker #1: In conclusion, our business keeps to grow—continues to grow, sorry—and to generate solid results, and our focus remains the carrier letting of our property pools.

Speaker #1: Now, without further delay, Eric will provide you with an update on the disposal rationale and the ongoing developments.

Speaker #2: Thank you, Valerie. Let me elaborate a little bit more on why we sold Vent 3 in Lausanne. As most of you know by now, you are aware that selling properties is not part of our long-term strategy, and this is actually the first time we have sold a property since becoming a public company four years ago, and only the second time we have sold one of our buildings since Epic's inception more than 20 years ago.

Arik Parizer: Thank you, Valérie. Let me elaborate a little bit more why we sold Vennes III in Lausanne. As most of you know us well by now, you are aware that selling properties is not part of our long-term strategy. This is actually the first time we sold a property since becoming a public company 4 years ago, and only the second time we sold one of our buildings since Epic Suisse inception more than 20 years ago. The building is an office building on the outskirts of Lausanne and is let to CHUV as a single tenant. We carried out the full cycle with this building. We developed it, we constructed it, we found a tenant for it, and we also managed it until the sale in May this year. We bought the land in 2011 and completed the construction of this building in 2013.

Speaker #2: The building is an office building on the outskirts of Lausanne, and it is let to Cheuve as a single tenant. We carried out the full cycle with this building; we developed it, we constructed it, we found a tenant for it, and we also managed it until the sale in May this year.

Arik Parizer: We developed it, we constructed it, we found a tenant for it, and we also managed it until the sale in May this year. We bought the land in 2011 and completed the construction of this building in 2013. Also with this building, we started the construction in 2011 without any prelet. The total construction cost of the building amounted at the time to CHF 34.3 million, including the land. We have collected rent over the years in the amount of CHF 29.3 million. The building was valued by Wüest Partner in December 2025 at CHF 41.6 million.

Speaker #2: We bought the land in 2011 and completed the construction of this building in 2013. Also, with this building, we started construction in 2011 without any pre-let.

Arik Parizer: Also with this building, we started the construction in 2011 without any prelet. The total construction cost of the building amounted at the time to CHF 34.3 million, including the land. We have collected rent over the years in the amount of CHF 29.3 million. The building was valued by Wüest Partner in December 2025 at CHF 41.6 million. We sold it for 23% above this value, or almost 50% above our total investment cost for net proceeds of CHF 51.1 million, net of transaction cost. These percentages exclude, of course, the rent of CHF 29.3 million collected in these properties over the years. Even though we liked the building, we felt that it was the right decision to sell the building to better optimize our presence around the Biopôle campus.

Speaker #2: The total construction cost of the building amounted at the time to CHF 34.3 million, including the land. We have collected rent over the years in the amount of CHF 29.3 million.

Speaker #2: The building was valued by Wusson Partners at December 2025 at 41.6 million Swiss francs, and we sold it for 23% above this value, for almost 50% above our total investment cost, for net proceeds of 51.1 million Swiss francs, net of production costs.

Arik Parizer: We sold it for 23% above this value, or almost 50% above our total investment cost for net proceeds of CHF 51.1 million, net of transaction cost. These percentages exclude, of course, the rent of CHF 29.3 million collected in these properties over the years. Even though we liked the building, we felt that it was the right decision to sell the building to better optimize our presence around the Biopôle campus.

Speaker #2: This percentage excludes, of course, the rent of CHF 29.3 million collected in this property over the years. Even though we like the building, we felt that it was the right decision to sell the building to better optimize our presence around the beautiful campus.

Speaker #2: We already own four more buildings in the vicinity of Vent 3 and felt that we preferred to focus our attention on the attractive, beautiful campus.

Arik Parizer: We already own 4 more buildings in the vicinity of Vennes III, and felt that we prefer to focus our attention on the attractive Biopôle campus. We also felt that it was the right time to sell. As you know, the market is very strong, so we could generate significant interest, and as you can see by the upside to the market value, we have achieved an attractive selling price, partly also given the single tenant and the relatively long tenant contract. Moving on to slide number 27, where you can see an update on our upcoming developments. Now that PULSE and Campus Leman Building C have been reclassified with the following current and future developments: Campus Leman Building D, Nexus Brunnpark, and Tolochenaz, which today is now properties and operations but is expected to move to developments in phases as we develop the land.

Speaker #2: We also felt that it was the right time to sell. As you know, the market is very strong, so we could generate significant interest, and as you can see by the upside to the market value, we've achieved an attractive selling price, partly also given the single tenant and the relatively long tenant contract.

Speaker #2: Moving on to slide number 27, where you can see an update on our upcoming developments. Now that Pulse and Campus Le Mans Building C have been reclassified, we have the following current and future developments.

Arik Parizer: Now that PULSE and Campus Leman Building C have been reclassified with the following current and future developments: Campus Leman Building D, Nexus Brunnpark, and Tolochenaz, which today is now properties and operations but is expected to move to developments in phases as we develop the land. Starting with Campus Leman Building D. This is the third and final phase of the project that included over the past years, buildings A and B, as well as Building C that was completed just last year. We expect to submit the building permit for Building D later this year.

Speaker #2: Campus Le Mans Building D, Nexus Brunpark, and Tolojna—which today are in our properties and operations, but are expected to move to developments in phases as we develop the land.

Speaker #2: Starting with Campus Le Mans, Building D. This is the third and final phase of the project that included, over the past years, Buildings A and B, as well as Building C, which was completed just last year.

Arik Parizer: Starting with Campus Leman Building D. This is the third and final phase of the project that included over the past years, buildings A and B, as well as Building C that was completed just last year. We expect to submit the building permit for Building D later this year. It is only a small building of about 800 square meters of lettable area, but it is an important phase for us to close the campus and to be able to offer to our current tenants on the campus, the possibility to expand on site in case they wish to do so. As a reminder, with the final floor in Building C, which is on the Bringles signature. Once this is done, the campus would be 100% let, and that is why Building D is important for us. Moving on to Brunnpark in Roggwil.

Speaker #2: We expect to submit the building permit for Building D later this year. It is only a small building of about 800 square meters of lettable area, but it is an important phase for us to close the campus and to be able to offer to our current tenants on the campus the possibility to expand on site in case they wish to do so.

Arik Parizer: It is only a small building of about 800 square meters of lettable area, but it is an important phase for us to close the campus and to be able to offer to our current tenants on the campus, the possibility to expand on site in case they wish to do so. As a reminder, with the final floor in Building C, which is on the Bringles signature. Once this is done, the campus would be 100% let, and that is why Building D is important for us. Moving on to Brunnpark in Roggwil.

Speaker #2: As a reminder, with the final floor on Building C, which is on the Brinco signature, once this is done, the campus would be 100% let, and that is why Building D is important for us.

Speaker #2: Moving on to Brunpark in Rookeville. We have our technical advisory team working on various scenarios to achieve the most efficient project, which will be attractive to potential tenants and will also make the most efficient use of the land.

Arik Parizer: We have our technical advisory team working on various scenarios to achieve the most efficient project, which will be attractive to potential tenants and will also make the most efficient use of the land. We expect to submit the building permit for this project during H1 2027. Finally, Tolochenaz. As you know, the authorities have been working on new building rights on this land. While we have significant building rights already in place, we feel that the new master plan will provide more flexible building rights that will allow us to develop different products which could fit different types of demand, such as offices, logistics, med tech, labs, some retail, and maybe even a hotel.

Speaker #2: We expect to submit the building permit for this project during H1 2027. Finally, Tolojna. As you know, the authorities have been working on new building rights for this land.

Speaker #2: While we have significant building rights already in place, we feel that the new master plan will provide more flexible building rights that will allow that will allow us to develop different products which could fit which could fit different types of demand such as offices, logistics, medtech, labs, some retail, and maybe even an hotel.

Arik Parizer: While we have significant building rights already in place, we feel that the new master plan will provide more flexible building rights that will allow us to develop different products which could fit different types of demand, such as offices, logistics, med tech, labs, some retail, and maybe even a hotel. We understand that the plan is with the cantonal authorities at this stage for a final approval, and should it be approved, then the revised building rights would come into force subject to the usual statutory opposition rights. Let me now take you to our outlook on slide number 29.

Speaker #2: We understand that the plan is with the cantonal authorities at this stage for final approval. Should it be approved, the revised building rights would then come into force, subject to the usual statutory opposition rights.

Arik Parizer: We understand that the plan is with the cantonal authorities at this stage for a final approval, and should it be approved, then the revised building rights would come into force subject to the usual statutory opposition rights. Let me now take you to our outlook on slide number 29. Epic Suisse's prime focus remains the sustainable and mid to long-term growth and profitability of its portfolio, and consolidation of the lettings of the recently completed developments. Assuming no materially adverse changes on our operation during the year, we are increasing the company's guidance for this year's net rental income compared to what we have announced in our ad hoc announcement on 29 May, when we sold Vennes III from an increase of approximately 1% to an increase of approximately 1.5% compared to 2025 net rental income. With this, we end the presentation part of the call.

Speaker #2: Let me now take you to our outlook on slide number 29. Epic Suisse’s prime focus remains the sustainable and mid- to long-term growth and profitability of its portfolio, and the consolidation of the lettings of the recently completed developments.

Arik Parizer: Epic Suisse's prime focus remains the sustainable and mid to long-term growth and profitability of its portfolio, and consolidation of the lettings of the recently completed developments. Assuming no materially adverse changes on our operation during the year, we are increasing the company's guidance for this year's net rental income compared to what we have announced in our ad hoc announcement on 29 May, when we sold Vennes III from an increase of approximately 1% to an increase of approximately 1.5% compared to 2025 net rental income. With this, we end the presentation part of the call.

Speaker #2: Assuming no materially adverse changes in our operations during the year, we're increasing the company's guidance for this year's net rental income compared to what we announced in our ad hoc announcement on May 29th, when we sold Vent 3, from an increase of approximately 1% to an increase of approximately 1.5%, compared to 2025 net rental income.

Speaker #2: And with this, we end the presentation part of the call. I would now like to open the line for Q&A.

Arik Parizer: I would like to now open the line for Q&A.

Speaker #1: We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on the telephone. You will hear a tone to confirm that you have entered the queue.

Operator: We will now begin the question and answer session. Anyone who wishes to ask a question, may press Star and One on the telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from a question queue, you may press Star and Two. Questioners on the phone are requested to disable the loudspeaker mode while asking a question. Anyone who has a question may press Star and One at this time. The first question comes from the line of Philip Züger from Zürcher Kantonalbank. Please go ahead.

Speaker #1: If you wish to remove yourself from a question queue, you may press star 2. Questioners on the phone are requested to disable loudspeaker mode while asking a question.

Speaker #1: Anyone who has a question may press star and 1 at this time. The first question comes from the line of Philip Zuga from Zürcher Kantonalbank.

Speaker #1: Please go ahead.

Philip Züger: Yes. Good morning. I do have a couple of questions. First of all, I lost the connection, so maybe jump back to the sale of the property in Lausanne. Do you have any other sales in the portfolio, or do you plan to sell some other buildings? Then the second part of the question, how do you see the current market situation to buy any commercial properties?

Philippe Züger: Yes. Good morning. I do have a couple of questions. First of all, I lost the connection, so maybe jump back to the sale of the property in Lausanne. Do you have any other sales in the portfolio, or do you plan to sell some other buildings? Then the second part of the question, how do you see the current market situation to buy any commercial properties?

Speaker #3: Yes, good morning. I do have a couple of questions. First of all, I lost the connection, so maybe we could jump back to the sale of the property in Lausanne.

Speaker #3: Do you have any other sales in the portfolio, or do you plan to sell some other buildings? And then, a second part of the question—

Speaker #3: How do you see the current market-to-market situation in Dubai? Any commercial properties?

Speaker #2: So, at the moment, we have no plan of selling any other properties. It's a direct mention. It was a one-off, and there was a specific reason to sell it. As I mentioned in the call, basically, it was to focus on Beaulieu and not to compete with ourselves.

Roni Greenbaum: At the moment, we have no plan of selling any other properties. As Arik mentioned, it was a one-off. The specific reason to sell it, as Arik mentioned in the call, basically, it was to focus on Biopôle, not to compete with ourselves. We already have four buildings there, and we decided to focus on the other side of the road. Regarding the market, as you know, we are not competing for a plain vanilla building. We cannot buy buildings which are already let and done, fully developed. We are competing on a more niche area where we can buy buildings and reposition them.

Roni Greenbaum: Biopôle, not to compete with ourselves. We already have four buildings there, and we decided to focus on the other side of the road. Regarding the market, as you know, we are not competing for a plain vanilla building. We cannot buy buildings which are already let and done, fully developed. We are competing on a more niche area where we can buy buildings and reposition them. We can buy land and start development from scratch, similar to what we are doing in Roggwil at the moment. The market is tough. It is hard to buy, but we are still optimistic that we will be able to extend the portfolio by new acquisition. We are currently studying a few opportunities, and hopefully they will mature for us to be able to buy them.

Speaker #2: We already have four buildings there, and we decided to focus on the other side of the road. Regarding the market—so, as you know, we are not competing for a planned vanilla building.

Speaker #2: We cannot buy a building which are already let and done fully developed. So we are competing on a more niche area where we can buy a building and reposition them.

Speaker #2: We can buy land and start development from scratch, similar to what we're doing in Rookeville at the moment. So the market is tough—it's hard to buy—but we are still optimistic that we will be able to extend the portfolio by new acquisition.

Roni Greenbaum: We can buy land and start development from scratch, similar to what we are doing in Roggwil at the moment. The market is tough. It is hard to buy, but we are still optimistic that we will be able to extend the portfolio by new acquisition. We are currently studying a few opportunities, and hopefully they will mature for us to be able to buy them. As you know, we did a capital raise with the intention to also extend the portfolio and we are working hard to get it.

Speaker #2: We are currently starting a few opportunities, and hopefully they will mature for us to be able to buy them. As you know, we did a capital raise with the intention to also extend the portfolio and, yeah, we're working hard to get it.

Roni Greenbaum: As you know, we did a capital raise with the intention to also extend the portfolio and we are working hard to get it.

Speaker #3: Thank you. Second question goes to Tolosha now. You mentioned before that you're waiting for the final approval. What could be the time horizon to get the permit?

Philip Züger: Thank you. Second question goes to Dolosha now. You mentioned before, you are waiting for the final approval. What could be the time horizon to get the permit?

Philippe Züger: Thank you. Second question goes to Dolosha now. You mentioned before, you are waiting for the final approval. What could be the time horizon to get the permit?

Arik Parizer: We believe that if everything, that is the feedback that we get from the authorities, that if everything goes according to plan, then it should be later this year or latest, early next year.

Speaker #2: We believe, based on the feedback we get from the authorities, that if everything goes according to plan, it should be later this year or, at the latest, early next year.

Philip Züger: Okay, thank you. Last questions to the Campus Leman, Building C. You mentioned in the press release that you are able to, or you are in quite close negotiations with the sixth floor. May you give an update again?

Philippe Züger: Okay, thank you. Last questions to the Campus Leman, Building C. You mentioned in the press release that you are able to, or you are in quite close negotiations with the sixth floor. May you give an update again?

Speaker #3: Okay, thank you. Last questions to the campus Lemon building C. You mentioned in the press release that you're able to—or you're in quite close negotiation with—the sixth floor.

Speaker #3: Maybe give an update again.

Arik Parizer: It is even beyond that. We are already in the final contract exchange, and we expect to be signed very shortly. So it really is on the brink of signature. All the terms have been negotiated, have been agreed by the parties, and we expect to be signed in the next two, three weeks.

Speaker #2: Yeah, it's even beyond that. We're already in the final contract exchange, and we expect it to be signed very shortly. So it really is on the brink of signature.

Speaker #2: All the terms have been negotiated. They've been agreed by the parties, and we expect it to be signed, yeah, in the next two or three weeks.

Speaker #3: Perfect. So, thank you for the presentation and answers.

Philip Züger: Perfect. Thank you for the presentation and answers.

Philippe Züger: Perfect. Thank you for the presentation and answers.

Speaker #2: Thank you, Philip.

Arik Parizer: Thank you, Philip.

Speaker #1: As a reminder, if you wish to register for a question, please press star then 1 on your telephone. Ladies and gentlemen, there are no more questions at this time.

Operator: As a reminder, if you wish to register for a question, please press star and one on your telephone. Ladies and gentlemen, there are no more questions at this time. I would now like to turn the conference back over to Roni Greenbaum for any closing remarks.

Speaker #1: I would now like to turn the conference back over to Roni Greenbaum for any closing remarks.

Speaker #4: Yeah. So, thank you very much. The next time we speak, everything will be fully resolved next year, and we hope to continue to present you with growth and good figures.

Roni Greenbaum: Yeah, thank you very much. The next time we speak will be full year results next year, and we hope to continue to present you with growth and good figures. And by feel anyway, if there is any question after this call, feel free. You can contact us at any time. We are available for answering any question. Thank you very much, and have a nice day.

Speaker #4: Yeah. And by Philip, anyway, if there is any question after this call, feel free—you can contact us at any time. We are available for answering any question.

Speaker #4: And thank you very much, and have a nice day.

Speaker #1: Have a nice day.

Philip Züger: Have a nice day.

Valérie Scholtes: Have a nice day.

Speaker #2: Thank you very much. Have a good day.

Arik Parizer: Thank you very much. Have a good day.

Speaker #1: Ladies and gentlemen, the conference is now over. Thank you for choosing Coruscal, and thank you for participating in the conference. You may now disconnect your lines.

Operator: Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call, and thank you for participating in the conference. You may now disconnect your lines. Goodbye.

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Half Year 2026 Epic Suisse AG Earnings Call

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