VIB Vermogen AG reported its first half-year 2026 results, with financial figures in line with expectations and further strategic and operational milestones achieved. Gross rental income declined to EUR 46.8 million from EUR 50.2 million in the prior year, primarily due to property sales in 2025 and 2026. Funds from operations (FFO) decreased to EUR 24.1 million from EUR 47.8 million, largely because of the loss of interest income from a loan to Branicks Group AG.
Income from property management in the Institutional Business segment surged to EUR 19.1 million from EUR 3.3 million in the previous year. This growth reflects the expansion of VIB's business with institutional investors, which is a key strategic focus. Expected transactions in the second half of the year are anticipated to further boost property management income, and the Management Board confirms its full-year guidance for 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."
Assets under management (AuM) amounted to EUR 9.7 billion as of June 30, 2026, down from EUR 10.1 billion at the end of 2025. The reduction is due to disposals in both the own portfolio and the Institutional Business segment. The market value of the Commercial Portfolio (own portfolio) remained stable at EUR 1.8 billion, while gross rental income declined by 6.8% due to transactions. The EPRA vacancy rate rose to 11.5% from 6.3% at the end of 2025.
In the Institutional Business segment, the market value of managed properties decreased to EUR 7.9 billion from EUR 8.3 billion, but income from property management fees increased significantly. The Management Board expects income from property management of EUR 53–63 million for the full year 2026.
VIB maintains a solid financing structure, with an average interest rate on bank loans of 2.5% and an 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, providing planning certainty.
The company is strategically focused on expanding its Institutional Business and scaling project development. Christian Fritzsche has joined the Management Board to lead the Institutional Business segment. A joint venture with Tristan Capital was concluded in the first half of 2026 to intensify project development activities, leveraging Tristan's financial capacity and VIB's development expertise.
The guidance for fiscal year 2026 is confirmed. The Half-Year Report 2026 is available for download at https://vib-ag.de/en/.
