VIB Vermögen AG reported its first half-year 2026 results, which were in line with the company's plan. Gross rental income declined to EUR 46.8 million from EUR 50.2 million in the prior 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, mainly 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 to EUR 19.1 million, up from EUR 3.3 million, reflecting the strategic expansion in this area.
The company achieved several operational and strategic milestones during the period. A joint venture in project development with Tristan Capital was concluded, which is expected to secure future income. Refinancing of EUR 58 million promissory note loans due in September 2026 and March 2027 has been secured, providing planning certainty. Additionally, the GreenBiz-Park Erding increased its pre-letting rate to 96% through further lease agreements.
Assets under management (AuM) stood at EUR 9.7 billion as of June 30, 2026, down from EUR 10.1 billion at the end of 2025, due to disposals in both the own portfolio and the Institutional Business segment. The market value of the own portfolio remained stable at EUR 1.8 billion, while the EPRA vacancy rate rose to 11.5% from 6.3% at year-end 2025, reflecting the impact of disposals and market conditions.
The financing structure remains solid, with an average interest rate on bank loans of 2.5% and a loan-to-value ratio of 41.2%, improved from 43.0%. The company confirmed its full-year guidance for 2026, expecting FFO in the range of EUR 60–70 million and property management income of EUR 53–63 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. 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 strategic focus remains on expanding the Institutional Business and scaling project development. The appointment of Christian Fritzsche as Management Board member responsible for the Institutional Business underscores this commitment. The joint venture with Tristan Capital is set to combine Tristan's financial strength with VIB's development expertise, contributing to future growth.
The Half-Year Report 2026 is available for download at VIB's website. More information about the company can be found at vib-ag.de.
