VIB Vermögen AG (VIB) has reported its financial results for the first half of 2026, with all key figures meeting expectations amid ongoing market uncertainties. The company achieved further strategic and operational milestones, including the conclusion of a joint venture in project development and securing refinancing for 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 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. However, income from property management in the Institutional Business segment surged significantly to EUR 19.1 million, up from EUR 3.3 million in the prior year. The Management Board confirms its full-year guidance for FFO in the range of EUR 60–70 million.
Strategic developments in the first half included the signing of a joint venture with Tristan Capital to scale project development activities, and the securing of refinancing for EUR 58 million promissory note loans due in 2026 and 2027. A joint lock-up agreement with Branicks Group AG provides planning certainty. Additionally, the GreenBiz-Park Erding property achieved a pre-letting rate of 96% following new lease agreements.
Assets under management (AuM) totaled EUR 9.7 billion as of June 30, 2026, 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 number of properties managed decreased to 240 from 247. The market value of the own portfolio remained stable at EUR 1.8 billion, with net rental income at EUR 40.9 million. The EPRA vacancy rate in the own portfolio rose 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. Property management fees increased significantly, and the company expects further transaction fees in the second half, confirming full-year income from property management of EUR 53–63 million.
VIB maintains a solid financing structure with an average interest rate on bank loans of 2.5% per annum and a loan-to-value ratio of 41.2%, improved from 43.0% at the end of 2025. The company continues to focus on expanding its Institutional Business and scaling its project development business. Christian Fritzsche joined the Management Board in mid-year to lead the Institutional Business segment.
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."
The Half-Year Report 2026 is available for download at https://vib-ag.de/en/.
