VIB Vermögen AG (VIB) has reported its financial results for the first half of 2026, with all key figures aligning with the company's plan. The company also achieved significant strategic and operational milestones during this period, including the conclusion of a joint venture in project development and securing refinancing for promissory note loans.
Gross rental income declined to EUR 46.8 million from EUR 50.2 million in the previous year, primarily due to property sales executed in 2025 and 2026. Funds from operations (FFO) also decreased to EUR 24.1 million from EUR 47.8 million, largely 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 in the prior year. The Management Board confirmed its full-year guidance for FFO in the range of EUR 60–70 million.
As of June 30, 2026, assets under management (AuM) stood at 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 own portfolio and five in the Institutional Business segment, bringing the total number of managed properties to 240. The market value of the Commercial Portfolio remained stable at EUR 1.8 billion. Net rental income was EUR 40.9 million, while the EPRA vacancy rate in the own portfolio rose to 11.5% from 6.3% at the end of 2025.
The Institutional Business segment's managed properties were valued at EUR 7.9 billion. Property management fees significantly increased to EUR 19.1 million in the first half, driven by the expansion of this segment. The Management Board anticipates full-year property management income of EUR 53–63 million, supported by expected transaction fees in the second half.
VIB maintains a solid financing structure with an average interest rate on bank loans of 2.5% per annum and a reduced loan-to-value (LTV) ratio of 41.2%. The refinancing of EUR 58 million in promissory note loans due in September 2026 and March 2027 has been secured, and a joint lock-up agreement with Branicks Group AG has been signed, providing planning certainty.
Strategically, VIB is focused on expanding its Institutional Business and scaling its project development activities. The joint venture with Tristan Capital, concluded in the first half of 2026, combines Tristan's financial strength with VIB's development expertise. Additionally, Christian Fritzsche has joined the Management Board to lead the Institutional Business segment.
The company confirmed its guidance for fiscal year 2026, including FFO of EUR 60–70 million and property management income of EUR 53–63 million. The half-year report is available for download at https://vib-ag.de/en/.
