VIB Vermogen AG has reported its financial results for the first half of 2026, with all key figures aligning with the company's plan. Despite ongoing market uncertainties, the company has achieved further strategic and operational milestones, positioning itself for future growth.
Gross rental income for the reporting period declined to EUR 46.8 million (previous year: EUR 50.2 million), primarily due to property sales completed in 2025 and 2026. Funds from operations (FFO) also decreased to EUR 24.1 million (previous year: EUR 47.8 million), a decline largely attributable to the loss of interest income from the loan granted to Branicks Group AG. However, income from property management in the Institutional Business segment increased significantly to EUR 19.1 million (previous year: EUR 3.3 million), reflecting the expansion of this segment.
The Management Board confirms its full-year guidance for FFO in the range of EUR 60–70 million. Expected transactions in the Institutional Business segment will lead to a significant increase in property management income in the second half of the year, further strengthening this segment.
Dirk Oehme, Speaker of the Board of VIB Vermogen 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) amounted to EUR 9.7 billion as at 30 June 2026 (31 December 2025: EUR 10.1 billion), comprising properties in the Commercial Portfolio and those managed in the Institutional Business segment. In the own portfolio, two properties were disposed of during the reporting period, while five were disposed of in the Institutional Business segment, reducing the total number of properties managed to 240 (31 December 2025: 247).
The market value of properties in the Commercial Portfolio remained unchanged at EUR 1.8 billion. Gross rental income declined by 6.8% to EUR 46.8 million due to transactions, while net rental income stood at EUR 40.9 million (H1 2025: EUR 44.5 million). The EPRA vacancy rate in the own portfolio was 11.5% (31 December 2025: 6.3%).
In the Institutional Business, the market value of properties managed for institutional investors stood at EUR 7.9 billion as at the reporting date (31 December 2025: EUR 8.3 billion). Income from property management fees rose significantly to EUR 19.1 million during the reporting period (H1 2025: EUR 3.3 million). The Management Board confirms its expected income from property management of EUR 53–63 million for the full year 2026.
VIB continues to have a very solid financing structure. The average interest rate on bank loans stood at 2.5% per annum as at 30 June 2026 (31 December 2025: 2.4% per annum). The LTV (loan-to-value) ratio declined to 41.2% as at 30 June (31 December 2025: 43.0%).
Very positive in this context was the announcement that the refinancing of the EUR 58 million promissory note loans due in September 2026 and March 2027 has now been secured. The signing of a joint lock-up agreement with Branicks Group AG has created planning certainty and paved the way for further positive development of VIB.
Strategically, VIB will continue to expand its business with institutional investors, creating a further important source of income alongside its own property portfolio. To reflect the growing importance of this segment, Christian Fritzsche has been part of VIB since the middle of the year as the Management Board member responsible for the Institutional Business segment.
The project development business in the logistics sector has been a guarantor of VIB’s success for many years. This success is set to be intensified through highly profitable developments within VIB’s own portfolio and through the joint venture with Tristan Capital concluded in the first half of 2026. Tristan’s strong financial capacity combined with VIB’s extensive development expertise will make a significant contribution to the positive further development of the VIB Group.
In the half-year report presented, the Management Board confirms the guidance for the 2026 financial year communicated in April. The Half-Year Report 2026 is available for download at https://vib-ag.de/en/.
