VIB Vermögen AG has reported its first-half 2026 financial results, which came in line with plan, despite a decline in rental income and funds from operations (FFO) due to property sales. The company also achieved several strategic and operational milestones, including a new joint venture in project development, securing refinancing for promissory note loans, and increasing pre-letting at its GreenBiz-Park Erding to 96%.
Gross rental income for the first six months of 2026 fell to EUR 46.8 million from EUR 50.2 million in the prior year, primarily due to property disposals in 2025 and 2026. FFO declined to EUR 24.1 million from EUR 47.8 million, with the drop largely attributed 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, reflecting the segment’s expansion. The Management Board confirmed its full-year guidance for FFO in the range of EUR 60–70 million.
Dirk Oehme, Speaker of the Board of VIB Vermögen AG, 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) stood at EUR 9.7 billion as of June 30, 2026, down from EUR 10.1 billion at the end of 2025, due to property disposals in both the Commercial Portfolio and Institutional Business. The market value of the Commercial Portfolio remained stable at EUR 1.8 billion, while net rental income decreased to EUR 40.9 million from EUR 44.5 million. The EPRA vacancy rate in the own portfolio rose to 11.5% from 6.3%.
In the Institutional Business segment, the market value of managed properties was EUR 7.9 billion, down from EUR 8.3 billion. Property management fees increased significantly to EUR 19.1 million, and the company expects further transaction fees in the second half, confirming its full-year outlook for property management income of EUR 53–63 million.
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%. The company announced that refinancing for 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 provides planning certainty.
Strategically, VIB is focusing on expanding its Institutional Business and scaling project development. Christian Fritzsche joined the Management Board in mid-year to lead the Institutional Business segment. The joint venture with Tristan Capital, established in the first half of 2026, combines Tristan’s financial strength with VIB’s development expertise, positioning the group for future growth.
The half-year report is available for download at VIB Vermögen AG.
