VIB Vermögen AG has reported its results for the first half of 2026, with financial figures in line with its plan. The company achieved gross rental income of EUR 46.8 million, down from EUR 50.2 million in the prior-year period, due to property sales in 2025 and 2026. Funds from operations (FFO) declined to EUR 24.1 million from EUR 47.8 million, primarily due to the loss of interest income from a loan to Branicks Group AG. Despite these declines, the company saw a significant increase in income from property management in its Institutional Business segment, which rose to EUR 19.1 million from EUR 3.3 million. This growth is expected to continue in the second half of the year, and the management board has confirmed its full-year guidance for FFO of EUR 60-70 million.
Strategically, VIB has made significant progress. The company concluded a joint venture in project development with Tristan Capital, which is expected to secure future income and leverage Tristan's financial capacity alongside VIB's development expertise. Additionally, refinancing for EUR 58 million in promissory note loans due in September 2026 and March 2027 has been secured, providing planning certainty. In its GreenBiz-Park Erding project, further lease agreements have increased the pre-letting rate to 96%. These milestones are part of VIB's focus on expanding its Institutional Business and scaling its project development operations.
As of 30 June 2026, VIB's assets under management (AuM) stood at 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 the Commercial Portfolio (own portfolio) remained unchanged at EUR 1.8 billion, with gross rental income declining by 6.8% and net rental income at EUR 40.9 million. 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 was EUR 7.9 billion, and income from property management fees rose sharply to EUR 19.1 million, with expectations of EUR 53-63 million for the full year.
VIB'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% at the end of 2025. The company also announced the signing of a joint lock-up agreement with Branicks Group AG, which is expected to facilitate positive development.
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 promising development of the VIB Group in the coming years."
The company has confirmed its guidance for fiscal year 2026, expecting FFO of EUR 60-70 million and property management income of EUR 53-63 million. The half-year report is available for download at https://vib-ag.de/en/. For more information about VIB Vermögen AG, visit their website.
