VIB Vermogen AG ("VIB") successfully completed the first six months of the 2026 financial year, with all financial key figures in line with expectations. The company also achieved further strategic and operational milestones, reinforcing its position in the real estate market.
As expected, gross rental income declined to EUR 46.8 million (previous year: EUR 50.2 million) due to property sales in 2025 and 2026. Funds from operations (FFO) also decreased to EUR 24.1 million (previous year: 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 increased significantly to EUR 19.1 million (previous year: EUR 3.3 million), and expected transactions in the second half are set to further boost this segment.
The Management Board confirmed its full-year guidance for FFO in the range of EUR 60–70 million. 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."
Assets under management (AuM) totaled EUR 9.7 billion as of June 30, 2026 (December 31, 2025: EUR 10.1 billion), comprising the own portfolio and institutional business. The own portfolio's market value remained stable at EUR 1.8 billion, with net rental income at EUR 40.9 million (H1 2025: EUR 44.5 million). The EPRA vacancy rate in the own portfolio rose to 11.5% (December 31, 2025: 6.3%).
The Institutional Business segment managed properties worth EUR 7.9 billion (December 31, 2025: EUR 8.3 billion), with property management fees rising to EUR 19.1 million. The Management Board expects income from property management of EUR 53–63 million for the full year 2026.
VIB's financing structure remains solid, with an average interest rate on bank loans of 2.5% and an LTV ratio of 41.2%, down from 43.0%. Notably, refinancing of EUR 58 million promissory note loans due in September 2026 and March 2027 has been secured, and a joint lock-up agreement with Branicks Group AG provides planning certainty.
Strategically, VIB is focusing on expanding its Institutional Business and scaling project development. A joint venture with Tristan Capital, concluded in H1 2026, combines Tristan's financial strength with VIB's development expertise. Christian Fritzsche has joined the Management Board to lead the Institutional Business segment.
The guidance for fiscal year 2026 is confirmed. The half-year report is available at https://vib-ag.de/en/.
