VIB Reports H1 2026 Results in Line with Plan, Achieves Strategic Milestones

VIB Vermögen AG (VIB) reported its first half-year 2026 results, which were in line with the company's plan, as it achieved further strategic and operational milestones. Gross rental income for the period declined to EUR 46.8 million from EUR 50.2 million in the previous 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, mainly because of the loss of interest income from a loan to Branicks Group AG. Despite these declines, the company's Management Board confirmed its full-year guidance for FFO in the range of EUR 60–70 million.

A significant highlight was the substantial increase in income from property management in the Institutional Business segment, which rose to EUR 19.1 million from EUR 3.3 million in the prior year. This growth underscores the success of VIB's strategic focus on expanding its business with institutional investors. The company expects further increases in property management income in the second half of the year due to anticipated transactions, which will strengthen this segment further.

Strategically, VIB achieved several milestones. The conclusion of a joint venture with Tristan Capital in project development is set to secure future income by combining Tristan's financial strength with VIB's development expertise. Additionally, the 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. In the GreenBiz-Park Erding project, further lease agreements increased the pre-letting rate to 96%.

Assets under management (AuM) as of 30 June 2026 stood at EUR 9.7 billion, down from EUR 10.1 billion at the end of 2025, due to property disposals in both the own portfolio and the Institutional Business segment. The market value of the Commercial Portfolio remained stable at EUR 1.8 billion. However, the EPRA vacancy rate in the own portfolio increased to 11.5% from 6.3% at the end of 2025, reflecting the impact of disposals and market conditions.

VIB's financing structure remains solid, with an average interest rate on bank loans of 2.5% and a loan-to-value (LTV) ratio that improved to 41.2% from 43.0% at the end of 2025. The company's focus on expanding the Institutional Business is further supported by the appointment of Christian Fritzsche as Management Board member responsible for that segment in mid-year.

The project development business, a key driver of VIB's success, is set to be intensified through highly profitable developments in the own portfolio and the joint venture with Tristan Capital. The Management Board confirms its guidance for the full year, including expected income from property management of EUR 53–63 million. The Half-Year Report 2026 is available for download at https://vib-ag.de/en/.