VIB Vermögen (VIH1) H2 2025 earnings summary

Executive summary

• Achieved record assets under management of EUR 10.1 billion, driven by the acquisition of the Institutional Business (IBU) from Branicks Group AG and strong portfolio expansion.

• Gross rental income rose 16.8% year-over-year to EUR 103.8 million, within guidance.

• Funds from operations (FFO) increased to EUR 80.5 million, also within guidance.

• Net income more than doubled to EUR 85.4 million, with EPS at EUR 2.46 (up from EUR 1.09).

• Diversification strategy advanced: office properties now 58% of the Commercial Portfolio, logistics & light industrial at 35%.

Financial highlights

• Gross rental income: EUR 103.8 million (+16.8% YoY).

• Net rental income: EUR 96.0 million (up from EUR 82.3 million).

• FFO: EUR 80.5 million (+1.3% YoY).

• Consolidated net income: EUR 85.4 million (up from EUR 43.1 million).

• Administrative expenses rose to EUR 34.4 million due to IBU acquisition.

• Income from property administration fees surged to EUR 41.3 million (from EUR 7.2 million).

• Market capitalisation at year-end: EUR 339 million.

Outlook and guidance

• 2026 guidance: gross rental income EUR 85–95 million; property management income EUR 53–63 million; FFO EUR 60–70 million.

• Continued focus on growth in both Commercial Portfolio and Institutional Business segments.

• Retention of most distributable profit; minimum dividend of EUR 0.04 per share proposed.