VIB Vermogen AG has reported its financial results for the first half of 2026, with all key figures meeting expectations. The company also achieved several strategic and operational milestones during the period, reinforcing its growth trajectory.
Gross rental income declined to EUR 46.8 million from EUR 50.2 million in the prior year, primarily due to property sales completed in 2025 and 2026. Funds from operations (FFO) also decreased to EUR 24.1 million from EUR 47.8 million, largely because of the loss of interest income from a loan granted to Branicks Group AG. Despite these declines, the Management Board has confirmed its full-year guidance for FFO in the range of EUR 60–70 million.
Income from property management in the Institutional Business segment surged to EUR 19.1 million, up from EUR 3.3 million in the previous year. This growth is expected to continue in the second half of 2026, with anticipated transactions further strengthening the segment. The company projects full-year property management income of EUR 53–63 million.
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 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. The reduction reflects dispositions in both the own portfolio and the Institutional Business segment, bringing the total number of managed properties to 240. The market value of the Commercial Portfolio remained stable at EUR 1.8 billion, while the EPRA vacancy rate increased to 11.5% from 6.3%.
VIB maintains a solid financing structure, with an average interest rate on bank loans of 2.5% and an improved loan-to-value ratio of 41.2%. The company also announced that refinancing for EUR 58 million in promissory note loans due in September 2026 and March 2027 has been secured, providing planning certainty.
Strategically, VIB is focusing on expanding its Institutional Business and scaling its project development activities. The joint venture with Tristan Capital, concluded in the first half of 2026, combines Tristan's financial strength with VIB's development expertise. Additionally, Christian Fritzsche has joined the Management Board to lead the Institutional Business segment.
The GreenBiz-Park Erding has achieved a pre-letting rate of 96% following further lease agreements. The full-year guidance for 2026 remains unchanged.
