VIB Vermögen AG has reported its financial results for the first half of 2026, which are in line with the company's plan. The company achieved further strategic and operational milestones, including the conclusion of a joint venture in project development and secured refinancing of promissory note loans.
Gross rental income for the reporting period declined to EUR 46.8 million from EUR 50.2 million in the previous year, primarily due to property sales in 2025 and 2026. Funds from operations (FFO) also declined to EUR 24.1 million from EUR 47.8 million, mainly due to the loss of interest income from a loan to Branicks Group AG. However, income from property management in the Institutional Business segment increased significantly to EUR 19.1 million, up from EUR 3.3 million in the previous year.
The Management Board confirmed its full-year guidance of FFO in the range of EUR 60–70 million. Dirk Oehme, Speaker of the Board, commented: "Despite ongoing market uncertainties, persistent geopolitical tensions and volatile interest rates, we are fully on track with the development of the first half of the year. Our current transaction pipeline will ensure further income over the course of the year. This, together with the joint venture in project development that we recently concluded, represents further milestones that point to a promising development of the VIB Group in the coming years."
As at 30 June 2026, assets under management (AuM) amounted to EUR 9.7 billion, down from EUR 10.1 billion at the end of 2025, due to property disposals in both the own portfolio and the Institutional Business segment. The market value of properties in the Commercial Portfolio remained unchanged at EUR 1.8 billion. The EPRA vacancy rate in the own portfolio increased to 11.5% from 6.3% at the end of 2025.
In the Institutional Business segment, the market value of managed properties stood at EUR 7.9 billion, and income from property management fees rose significantly to EUR 19.1 million. The Management Board expects income from property management of EUR 53–63 million for the full year 2026.
The company's financing structure remains solid, with an average interest rate on bank loans of 2.5% per annum and a loan-to-value (LTV) ratio of 41.2%, down from 43.0%. The refinancing of EUR 58 million promissory note loans due in September 2026 and March 2027 has been secured through a joint lock-up agreement with Branicks Group AG.
VIB is strategically focusing on expanding its Institutional Business and scaling its project development business. Christian Fritzsche has joined as Management Board member responsible for the Institutional Business segment. The joint venture with Tristan Capital, concluded in the first half of 2026, combines Tristan's financial capacity with VIB's development expertise.
The Half-Year Report 2026 is available for download at https://vib-ag.de/en/.
