VIB Vermögen AG (VIB) reported its results for the first half of 2026, with financial performance matching expectations despite ongoing market challenges. The company's gross rental income declined to EUR 46.8 million from EUR 50.2 million in the prior year, a drop attributed to property sales completed in 2025 and 2026. Funds from operations (FFO) decreased 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. However, income from property management in the Institutional Business segment surged to EUR 19.1 million, up from EUR 3.3 million a year earlier, reflecting the segment's expansion.
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 of the year. The company also highlighted several strategic and operational achievements during the period.
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) totaled EUR 9.7 billion as of June 30, 2026, down from EUR 10.1 billion at the end of 2025. This decrease reflects disposals in both the Commercial Portfolio and the Institutional Business segment. In the own portfolio, two properties were sold, while five were disposed of in the Institutional Business, reducing the total number of managed properties to 240 from 247.
The market value of the Commercial Portfolio remained stable at EUR 1.8 billion. Net rental income stood at EUR 40.9 million, compared to EUR 44.5 million in the first half of 2025. The EPRA vacancy rate in the own portfolio rose to 11.5% from 6.3% at the end of 2025, partly due to the disposal of let properties.
In the Institutional Business, the market value of managed properties was EUR 7.9 billion as of the reporting date. The significant increase in property management fees underscores the growing importance of this segment. The company is focusing on further expansion here, and Christian Fritzsche has joined the Management Board to lead the Institutional Business segment.
VIB maintains a solid financing structure with an average interest rate on bank loans of 2.5% per annum. The loan-to-value (LTV) ratio improved to 41.2% from 43.0% at the end of 2025. The company announced that refinancing for EUR 58 million in promissory note loans due in September 2026 and March 2027 has been secured, providing planning certainty.
In project development, VIB has long been successful in the logistics sector. To intensify this, the company entered a joint venture with Tristan Capital in the first half of 2026. The partnership combines Tristan's financial strength with VIB's development expertise, aiming to drive future growth.
Additionally, the GreenBiz-Park Erding project achieved a pre-letting rate of 96% after further lease agreements were signed. These developments support the company's confirmed guidance for the full year 2026.
The Half-Year Report 2026 is available on VIB's website at vib-ag.de/en.
