VIB Vermögen (VIH1) H1 2026 earnings summary

Executive summary

• Ended H1 2026 in line with plan, meeting guidance for gross rental income, property management fees, and FFO.

• Real estate portfolio saw minor changes: two disposals in Commercial Portfolio, five in Institutional Business, reducing managed properties from 247 to 240.

• Major lease renewals and new agreements increased occupancy at key projects, notably Erdinger GreenBiz Park to 96%.

• Formed a joint venture with Tristan Capital Partners to develop logistics projects, leveraging external capital and internal management expertise.

• Signed a lock-up agreement to backstop €58 million in promissory note loans due in late 2026 and early 2027, enhancing financial stability.

Financial highlights

• Gross rental income fell 6.8% year-over-year to €46.8 million; net rental income dropped to €40.9 million.

• Earnings before tax declined 91.1% to €3.3 million; consolidated net income down 91.6% to €2.6 million.

• FFO before taxes and minorities halved to €24.1 million; FFO per share at €0.73, down 49.7%.

• Total assets increased 1.6% to €2,232.7 million; equity rose 6.1% to €1,103.7 million, equity ratio up to 49.4%.

• Net debt decreased 1.8% to €945.5 million; LTV ratio at 41.2%.

Outlook and guidance

• Guidance for FY 2026: gross rental income €85–95 million, property admin fees €53–63 million, FFO €60–70 million.

• Management reiterates guidance despite economic and geopolitical risks, but notes potential for deviation if conditions worsen.