VIB Vermögen AG has reported its results for the first half of 2026, with all financial figures in line with expectations. The company achieved further strategic and operational milestones, including the conclusion of a joint venture in project development and securing refinancing for promissory note loans. Management confirmed its full-year guidance for 2026.
Gross rental income for the reporting period declined to EUR 46.8 million from EUR 50.2 million in the previous 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, largely due to the loss of interest income from the loan granted to Branicks Group AG. Despite these declines, the Management Board reaffirmed its full-year FFO guidance of EUR 60–70 million.
Income from property management in the Institutional Business segment increased significantly to EUR 19.1 million, up from EUR 3.3 million in the prior year. Expected transactions in this segment during the second half of the year are anticipated to further increase property management income. The Management Board confirmed its expected full-year income from property management of EUR 53–63 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.”
As at 30 June 2026, assets under management (AuM) amounted to EUR 9.7 billion, down from EUR 10.1 billion at the end of 2025. The total number of properties managed under VIB decreased to 240 from 247, due to disposals in both the own portfolio and the Institutional Business segment. The market value of the Commercial Portfolio remained unchanged at EUR 1.8 billion, with an EPRA vacancy rate of 11.5%, up from 6.3% at the end of 2025. In the Institutional Business segment, the market value of properties managed stood at EUR 7.9 billion, compared to EUR 8.3 billion at year-end 2025.
VIB continues to maintain a solid financing structure. The average interest rate on bank loans was 2.5% per annum as at 30 June 2026, slightly up from 2.4% at the end of 2025. The loan-to-value (LTV) ratio improved to 41.2% from 43.0%. Notably, the 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 has been signed, providing planning certainty.
Strategically, VIB is focused on expanding its Institutional Business and scaling its project development activities. Christian Fritzsche joined the Management Board in the middle of the year to lead the Institutional Business segment. The joint venture with Tristan Capital, concluded in the first half of 2026, combines Tristan’s financial strength with VIB’s development expertise, aiming to drive future growth.
The Half-Year Report 2026 is available for download at https://vib-ag.de/en/.
