VIB Vermogen AG (VIB) announced its financial results for the first half of 2026, which were in line with the company's plans. Despite a decline in gross rental income and funds from operations (FFO) due to property sales, the company achieved significant operational and strategic milestones, including a joint venture in project development and secured refinancing.
For the reporting period, gross rental income fell to EUR 46.8 million from EUR 50.2 million in the previous year, primarily due to property disposals in 2025 and 2026. Similarly, FFO declined to EUR 24.1 million from EUR 47.8 million, largely attributable 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.
Dirk Oehme, Speaker of the Board, 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 promising development of the VIB Group in the coming years."
Assets under management (AuM) totaled EUR 9.7 billion as of June 30, 2026, down from EUR 10.1 billion at the end of 2025. The Commercial Portfolio's market value remained stable at EUR 1.8 billion, with gross rental income down 6.8% and net rental income at EUR 40.9 million. The EPRA vacancy rate in the own portfolio increased to 11.5% from 6.3% at end-2025.
In the Institutional Business segment, the market value of managed properties stood at EUR 7.9 billion, with property management fees rising significantly. The company expects transaction fees in the second half to boost full-year property management income to EUR 53–63 million.
VIB's financing structure remains solid, with an average interest rate on bank loans of 2.5% and a loan-to-value (LTV) ratio declining to 41.2% from 43.0%. The company also announced that refinancing of EUR 58 million promissory note loans due in September 2026 and March 2027 has been secured through a joint lock-up agreement with Branicks Group AG, providing planning certainty.
Strategically, VIB is focused on expanding its Institutional Business and scaling project development. The joint venture with Tristan Capital, concluded in the first half of 2026, combines Tristan's financial capacity with VIB's development expertise. Additionally, Christian Fritzsche joined the Management Board to lead the Institutional Business segment.
The Management Board confirmed its full-year guidance for 2026, including FFO in the range of EUR 60–70 million and property management income of EUR 53–63 million. The Half-Year Report 2026 is available at vib-ag.de/en.
VIB Vermogen AG specializes in the development, acquisition, and management of commercial properties, focusing on logistics and light industrial, and office asset classes. The company operates a 360-degree approach, including in-house developments and property management for institutional investors. More information can be found at vib-ag.de/en.
