VIB Vermögen AG has reported its financial results for the first half of 2026, with key figures aligning with expectations. The company achieved gross rental income of EUR 46.8 million, down from EUR 50.2 million in the prior-year period, a decrease attributed to property sales in 2025 and 2026. Funds from operations (FFO) also declined to EUR 24.1 million from EUR 47.8 million, largely due to the loss of interest income from a loan to Branicks Group AG.
However, the Institutional Business segment showed robust growth, with property management income surging to EUR 19.1 million from EUR 3.3 million. This increase reflects the company's strategic focus on expanding its institutional asset management business. The Management Board confirmed its full-year guidance for FFO in the range of EUR 60-70 million and expects property management income of EUR 53-63 million for 2026, driven by anticipated transaction fees in the second half.
Strategically, VIB has achieved significant milestones. The company concluded a joint venture with Tristan Capital aimed at scaling its project development business in the logistics sector. This partnership combines Tristan's financial strength with VIB's development expertise, promising to enhance future growth. Additionally, VIB secured refinancing for its EUR 58 million promissory note loans due in September 2026 and March 2027 through a joint lock-up agreement with Branicks Group AG, providing planning certainty.
In its Commercial Portfolio, the market value of properties remained stable at EUR 1.8 billion as of June 30, 2026. Gross rental income decreased by 6.8% to EUR 46.8 million, while net rental income stood at EUR 40.9 million. The EPRA vacancy rate rose to 11.5% from 6.3% at the end of 2025, reflecting the impact of recent transactions.
Assets under management (AuM) totaled EUR 9.7 billion, down from EUR 10.1 billion at end-2025, due to property disposals in both the own portfolio and the institutional segment. The number of properties managed decreased to 240 from 247.
VIB's financing structure remains solid, with an average interest rate on bank loans of 2.5% and a loan-to-value (LTV) ratio of 41.2%, down from 43.0% at end-2025. The company's strategic initiatives, including the expansion of its Institutional Business and the scaling of project development, are central to its long-term growth. Christian Fritzsche joined the Management Board mid-year to lead the Institutional Business segment, underscoring its importance.
The full-year guidance for 2026, initially communicated in April, has been reaffirmed. The Half-Year Report is available at https://vib-ag.de/en/.
