VIB Vermögen (VIH1) H1 2025 earnings summary

Executive summary

• Achieved a successful first half of 2025, driven by a diversification strategy and significant acquisitions, including twelve office properties and the Institutional Business segment of Branicks Group AG.

• Total assets surpassed €2 billion for the first time, with the property portfolio expanding to 86 in-house properties and 42 institutional properties.

• Annualised net basic rents rose to €103.5 million, and the vacancy rate remained low at 4.6% for in-house and 0.7% for institutional portfolios.

• The acquisition of Branicks' Institutional Business segment post-period is expected to drive further growth and earnings.

Financial highlights

• Gross rental income increased by 22.1% year-over-year to €50.2 million in HY1 2025.

• Earnings before tax rose 36.1% to €37.5 million, and consolidated net income grew 35.7% to €30.7 million year-over-year.

• Funds from operations (FFO) before tax and minorities increased 19.6% to €47.8 million.

• Gains from property disposals reached €14.8 million, up from €1.0 million in HY1 2024.

• EPS (undiluted/diluted) rose 15.9% to €0.80.

Outlook and guidance

• Forecast for 2025: gross rental income of €101–105 million, FFO of €78–82 million, and a low single-digit vacancy rate by year-end.

• Management remains confident in continued strong performance for the remainder of 2025.