VIB Vermögen AG concluded the first half of the 2026 financial year in line with expectations. This applies to both the company's strategic direction and its operational key figures. Gross rental income for the reporting period amounted to EUR 46.8 million. This represents a decrease compared to the previous year's figure of EUR 50.2 million, which is attributable to property sales in 2025 and 2026.
Funds from Operations (FFO) reached EUR 24.1 million, whereas in the previous year they had been EUR 47.8 million. This decline primarily resulted from the cessation of interest income from a loan granted to Branicks Group AG. In contrast, there was a significant increase in income from property management in the Institutional Business segment, which rose to EUR 19.1 million, compared to EUR 3.3 million in the previous year.
Dirk Oehme, spokesperson for the Management Board of VIB Vermögen AG, stated that despite ongoing market uncertainties, geopolitical tensions, and volatile interest rate developments, the company was on track in the first half of the year. He emphasised that the current transaction pipeline indicated further income expected later in the year, and the recently concluded joint venture in the project development business should be viewed as another milestone for the future development of the VIB Group. The Management Board confirms the full-year forecast of FFO between EUR 60 million and EUR 70 million.
Property Portfolios and Business Segments
As of the reporting date of 30 June 2026, Assets under Management (AuM) amounted to EUR 9.7 billion, a reduction from EUR 10.1 billion as of 31 December 2025. This sum includes both the company's own portfolio (Commercial Portfolio) and the properties managed by VIB in the Institutional Business segment. During the reporting period, two properties from the own portfolio and five properties from the Institutional Business segment were sold, reducing the total number of managed properties to 240.
The Commercial Portfolio showed an unchanged market value of EUR 1.8 billion. Gross rental income in this segment decreased by 6.8 percent to EUR 46.8 million due to transactions, with net rental income at EUR 40.9 million. The EPRA vacancy rate in the own portfolio increased to 11.5 percent. In the Institutional Business segment, the market value of managed properties was EUR 7.9 billion. Income from property management fees here significantly increased to EUR 19.1 million. For the full year 2026, the Management Board confirms expected income from property management of EUR 53 million to EUR 63 million, driven by projected transaction fees in the second half of the year.
Strategic Direction and Financing
VIB possesses a stable financing structure. The average financing interest rate for bank loans as of 30 June 2026 was 2.5 percent per annum. The Loan-to-Value (LTV) decreased to 41.2 percent. A significant development is the securing of refinancing for promissory note loans totalling EUR 58 million, which are due in September 2026 and March 2027. A lock-up agreement signed jointly with Branicks Group AG provides planning security in this regard.
Strategically, VIB is focusing on expanding its business with institutional investors to establish another important source of income alongside its own property portfolio. Christian Fritzsche has been responsible for the Institutional Business segment as a Board member since the middle of the year. Similarly, the project development business in the logistics sector is to be intensified, both through highly profitable developments within its own portfolio and through the joint venture with Tristan Capital concluded in the first half of 2026. This cooperation is expected to make a significant contribution to the company's development through Tristan's financial strength and VIB's development expertise.
