VIB Vermögen AG has reported its financial results for the first half of 2026, with all key figures aligning with the company's plan. The company achieved strategic and operational milestones, including the conclusion of a joint venture in project development, securing refinancing for promissory note loans, and increasing the pre-letting rate at GreenBiz-Park Erding to 96%.
Gross rental income for the reporting period declined to EUR 46.8 million from EUR 50.2 million in the previous year, a decrease attributed to property sales executed in 2025 and 2026. Funds from operations (FFO) also fell to EUR 24.1 million from EUR 47.8 million, primarily due to the loss of interest income from a loan granted to Branicks Group AG. Despite these declines, the company's income from property management in the Institutional Business segment surged to EUR 19.1 million, up from EUR 3.3 million in the prior year.
The Management Board confirmed its full-year guidance, projecting FFO between EUR 60 and 70 million. Additionally, the company expects property management income in the range of EUR 53–63 million for the full year, driven by anticipated transactions in the Institutional Business segment in the second half of the year.
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 of June 30, 2026, assets under management (AuM) totaled EUR 9.7 billion, down from EUR 10.1 billion at the end of 2025. This decrease reflects the disposal of two properties in the company's own portfolio and five in the Institutional Business segment, bringing the total number of properties managed to 240. The market value of the Commercial Portfolio remained stable at EUR 1.8 billion. Net rental income in this segment stood at EUR 40.9 million, and 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 declined to EUR 7.9 billion from EUR 8.3 billion. However, income from property management fees increased significantly, reflecting the segment's expansion. The company continues to focus on expanding its institutional business, and Christian Fritzsche has joined the Management Board to lead this segment.
VIB maintains a solid financing structure, with an average interest rate on bank loans of 2.5% per annum and a loan-to-value (LTV) ratio of 41.2%, improved from 43.0%. The refinancing of EUR 58 million in promissory note loans due in September 2026 and March 2027 has been secured via a joint lock-up agreement with Branicks Group AG, providing planning certainty.
Strategically, VIB is intensifying its project development business through a joint venture with Tristan Capital, which combines Tristan's financial capacity with VIB's development expertise. This is expected to contribute significantly to the group's growth in the coming years. The company's guidance for fiscal year 2026 remains confirmed.
For more details, the Half-Year Report 2026 is available for download at VIB's website.
