VIB Vermogen AG (VIB) has reported its first half-year 2026 results, which are in line with its planned expectations. The company achieved gross rental income of EUR 46.8 million and funds from operations (FFO) of EUR 24.1 million, both consistent with its guidance. The decline from the previous year's figures (EUR 50.2 million and EUR 47.8 million respectively) is primarily due to property sales and the loss of interest income from a loan to Branicks Group AG.
Despite market uncertainties, VIB made significant strategic and operational progress. Notably, 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. This growth is expected to continue in the second half, with the Management Board confirming its full-year guidance of FFO between EUR 60 and EUR 70 million.
A key strategic milestone was the conclusion of a joint venture with Tristan Capital in project development, which is set to secure future income and leverage VIB's development expertise. Additionally, the refinancing of EUR 58 million in promissory note loans due in 2026 and 2027 has been secured, providing planning certainty. The company also signed a joint lock-up agreement with Branicks Group AG.
In the Commercial Portfolio, the market value remained stable at EUR 1.8 billion. Gross rental income fell by 6.8% to EUR 46.8 million due to transactions, while net rental income stood at EUR 40.9 million. The EPRA vacancy rate rose to 11.5% from 6.3% at the end of 2025, reflecting portfolio changes.
The Institutional Business segment saw the market value of managed properties at EUR 7.9 billion, down from EUR 8.3 billion. Income from property management fees increased significantly to EUR 19.1 million, and the company expects full-year income from property management of EUR 53–63 million, driven by expected transaction fees in the second half.
VIB maintains a solid financing structure with an average interest rate of 2.5% on bank loans and a reduced LTV ratio of 41.2% (from 43.0%). The company's assets under management (AuM) totaled EUR 9.7 billion as of June 30, 2026, comprising its own portfolio and managed properties.
The company is strategically focused on expanding its Institutional Business and scaling project development. Christian Fritzsche joined the Management Board to lead the Institutional Business segment, reflecting its growing importance. The joint venture with Tristan Capital is expected to contribute significantly to future growth.
Given these results and strategic moves, the Management Board confirms its guidance for 2026. The Half-Year Report is available at VIB's website.
