Projects in Lausanne are driving the forecast upward

Higher rental income, a successful sale in Lausanne, and progress on two development projects are giving Epic Suisse more leeway. The real estate group is raising its forecast for 2026, even though the reported vacancy rate has risen significantly due to new space coming online.

There is a clear driver behind this upward trend. Epic Suisse increased its rental income to 34.7 million Swiss francs in the first half of 2026, a 4.0 percent increase. At the same time, a revaluation gain of 13.8 million Swiss francs and the sale of the Vennes III property in Lausanne bolstered the result.

The sale of Vennes III in May 2026 generated proceeds of 51.1 million Swiss francs and a realized capital gain of 9.4 million Swiss francs before taxes. Despite this disposal, the portfolio value as of mid-2026 stood at 1.67 billion Swiss francs, only slightly below the level at the end of 2025. Adjusted for the sale, this represents an increase of 1.4 percent.

Vacancy Rate Rises Due to New Space
The reported vacancy rate for properties in operation reached 9.4 percent. This was primarily due to the Pulse and Campus Leman Building C development projects, which were recently added to the portfolio. Excluding these two properties, the vacancy rate stood at 2.9 percent—significantly closer to the 3.4 percent level recorded at the end of 2025.

These two projects are now key to our leasing efforts. For Campus Leman Building C, the signing of the lease for the last remaining floor is imminent. At Pulse in Cheseaux-sur-Lausanne, 41 percent of the annual target rental income of 7.5 million Swiss francs has been secured. On the project side, Pulse is listed with approximately 40,846 square meters of leasable space and a completion year of 2025.

Forecast Slightly Raised
For the full year 2026, Epic Suisse now expects rental income growth of 1.5 percent, up from the previously projected 1.0 percent. This is not a dramatic revision, but it is a clear signal that new space and divestitures are supporting the transition from development to income-generating mode. The company reported an adjusted net income of 22.0 million Swiss francs, up 7.3 percent from the previous year. Reported net income rose to 39.8 million Swiss francs.