VIB Vermogen AG has reported its financial results for the first half of 2026, showing performance in line with its plan. The company achieved gross rental income of EUR 46.8 million and funds from operations (FFO) of EUR 24.1 million, both consistent with expectations. The decline from the previous year's figures (EUR 50.2 million and EUR 47.8 million respectively) is primarily attributed to property sales completed in 2025 and 2026, as well as the loss of interest income from a loan to Branicks Group AG.
Despite these decreases, the company saw a significant increase in income from property management in its Institutional Business segment, which rose to EUR 19.1 million from EUR 3.3 million in the prior year period. This growth underscores VIB's strategic focus on expanding its business with institutional investors. The Management Board expects further increases in property management income in the second half of the year due to anticipated transactions, and it has confirmed its full-year guidance for FFO in the range of EUR 60–70 million.
Strategically, VIB achieved several milestones during the first half of 2026. The company concluded a joint venture with Tristan Capital in project development, which is expected to secure future income and leverage VIB's development expertise. Additionally, refinancing of EUR 58 million promissory note loans due in September 2026 and March 2027 has been secured through a lock-up agreement with Branicks Group AG, providing planning certainty. In its GreenBiz-Park Erding project, further lease agreements have increased the pre-letting rate to 96%.
As of June 30, 2026, assets under management (AuM) stood at EUR 9.7 billion, down from EUR 10.1 billion at the end of 2025, due to property disposals in both the Commercial Portfolio and Institutional Business segments. The total number of properties managed under VIB's umbrella decreased to 240 from 247. The market value of the Commercial Portfolio remained stable at EUR 1.8 billion, while the EPRA vacancy rate rose to 11.5% from 6.3% at the end of 2025, reflecting the impact of asset disposals. The market value of properties managed for institutional investors was EUR 7.9 billion, down from EUR 8.3 billion.
VIB continues to maintain a solid financing structure, with an average interest rate on bank loans of 2.5% per annum and a loan-to-value (LTV) ratio of 41.2%, improved from 43.0% at the end of 2025. The company's strategic direction remains focused on expanding its Institutional Business and scaling its project development activities. Christian Fritzsche has joined VIB as Management Board member responsible for the Institutional Business segment, reflecting the segment's growing importance.
The joint venture with Tristan Capital is set to intensify VIB's project development business, combining Tristan's financial capacity with VIB's extensive development expertise. This partnership, along with the refinancing success, positions VIB for positive development in the coming years. The Management Board has confirmed its guidance for the 2026 financial year, as communicated in April. The Half-Year Report 2026 is available for download at VIB's website.
