Branicks Group AG 2026 Half-Year Report: Steady Operational Progress, Key Structural Changes Implemented

Branicks Group AG  2026 Half-Year Report: Steady Operational Progress, Key Structural Changes Implemented

Frankfurt am Main, September 30, 2026

Press Release from Branicks Group AG

Branicks Group AG 2026 Half-Year Report: Steady Operational Progress, Key Structural Changes Implemented

• Continued operational stability in a challenging market
• Extraordinary write-downs on financial assets weigh on consolidated results
• Further significant reduction in interest expense and operating expenses
• Structural changes at VIB
• Restructuring plan to be put to a vote at the extraordinary general meeting

Frankfurt, September 30, 2026 – Branicks Group AG (Branicks), ISIN: DE000A1X3XX4, once again demonstrated operational stability in the first half of fiscal year 2026 amid a market environment that remained challenging, and has made significant progress on its own consolidation initiatives despite all external adversities. A comprehensive restructuring plan will be presented for approval at the company’s upcoming extraordinary general meeting on October 9, 2026.  

Sonja Wärntges, CEO of Branicks Group AG, commented:
“In our semiannual report covering the first six months of fiscal year 2026, we can report continued robust operating performance despite otherwise challenging conditions for Branicks. In an environment that remains exceptionally unfavorable both macroeconomically and in our own commercial real estate market, we have managed to navigate all external adversities unscathed by focusing on our own priorities.”

Status as of June 30, 2026
Assets under management—comprising the existing portfolio and assets managed by Branicks as part of its institutional business—totaled 10.1 billion euros as of June 30, 2026 (December 31, 2025: 10.5 billion euros*). In the first half of 2026, with a reduced portfolio and amid ongoing external headwinds, the company generated an FFO I result (after minority interests, before taxes) of 14.3 million euros, down from the prior year (6M 2025: 22.7 million euros).

Leasing Performance

In the two major asset classes—logistics and office—leasing activity in the first half of 2026 declined compared to the peak reached in 2025. Overall, leasing volume in the first half of 2026 totaled 148,500 square meters (6M 2025: 214,700 square meters), of which 45,600 square meters were new leases and 102,900 square meters were renewals of existing contracts. Rental revenue corresponds to an annualized rent of 14.6 million euros. As of June 30, 2026, annualized rental income decreased by 1.9% on a like-for-like basis across the entire portfolio (June 30, 2025: +0.9%), by -5.4% in the Commercial Portfolio, and by -0.9% in the Institutional Business.

FFO and consolidated profit
The first half of the year was characterised, on the one hand, by a decline in rental income due to transactions, as well as by the challenging market environment and the company’s financial consolidation. Against this backdrop, Funds from Operations (‘FFO’) after minority interests amounted to 14.3 million euros (6M 2025: 22.7 million euros). Consolidated net profit was particularly affected by impairment losses on financial assets totalling 158.9 million euros and amounted to -142.3 million euros (6M 2025: -23.4 million euros).

Another Significant Decline in Interest Expense and OPEX
Interest expense fell significantly again in the first half of 2026 to 25.6 million euros (6M 2025: 42.0 million euros). The Group’s operating expenses in the first half of 2026 totaled 25.8 million euros, down 8.5% from the prior year (6M 2025: 28.2 million euros).

Commercial Portfolio
The market value of the commercial portfolio as of June 30, 2026, was approximately 2.2 billion euros (6M 2025: 2025: 2.7 billion euros*). Gross rental income from the commercial portfolio declined to 57.1 million euros in the first half of 2026, primarily due to sales (6M 2025: 72.3 million euros). Net rental income amounted to 48.7 million euros in the first half of 2026 (6M 2025: 63.4 million euros). The EPRA vacancy rate as of June 30, 2026, was 13.7% (December 31, 2025: 10.1%*). The green building ratio in the commercial portfolio declined slightly to 50.1%.

Institutional Business
Assets under management in the Institutional Business totaled 7.9 billion euros as of June 30, 2026 (6M 2025: 8.4 billion euros). Revenue from real estate management totaled 19.1 million euros (6M 2025: 20.8 million euros), driven by stable recurring fees and low transaction activity. 

Balance Sheet and Real Estate Assets
As of June 30, 2026, Branicks Group AG’s real estate assets in the Commercial Portfolio had a book value of 2,015.4 million euros (December 31, 2025: 2,030.9 million euros*). The Net Asset Value (NAV) as of June 30, 2026, was 502.8 million euros (December 31, 2025: 615.4million euros*) or 6.02 euros per share (December 31, 2025: 7.36 euros per share*). Adjusted Net Asset Value (Adjusted NAV), adjusted for the full value of the Institutional Business segment, stood at 739.2 million euros, or 8.85 euros per share, as of June 30, 2026 (December 31, 2025: 851.8 million euros* or 10.19 euros per share*).

*Unaudited figures as of December 31, 2025

** not reviewed figures as of June 30, 2026

 

About Branicks Group AG:

Branicks Group AG (formerly DIC Asset AG) is a leading German listed specialist for office and logistics real estate with over 25 years of experience in the real estate market and access to a broad investor network. Our basis is the national and regional real estate platform with nine offices in the ground in all major German markets (including VIB Vermögen AG). As of June 30, 2026, we managed properties with a market value of EUR 10.1 billion in the Commercial Portfolio and Institutional Business segments.

The Commercial Portfolio segment comprises real estate held for our own account. Here, we generate cash flows from stable rent revenues on long-term leases while also optimizing the value of our portfolio assets through active management and realizing gains from sales.

In the Institutional Business segment, we earn recurrent fees from real estate services we provide to national and international institutional investors by structuring and managing investment products that return attractive dividend yields.

The shares of Branicks Group AG are listed in the Prime Standard of the German Stock Exchange (WKN: A1X3XX / ISIN: DE000A1X3XX4).

The company is fully committed to sustainability and occupies top positions in ESG-relevant ratings such as Morningstar Sustainalytics and S&P Global CSA. The Branicks Group is also a signatory to the UN Global Compact and the UN PRI network. Properties in the Branicks portfolio have been awarded renowned sustainability certificates such as DGNB, LEED or BREEAM.

For more details, go to www.branicks.com

PR-Kontakt Branicks Group AG:

Stephan Heimbach

Neue Mainzer Straße 32-36

60311 Frankfurt am Main

Fon +49 69 9454858-1569

pr@branicks.com

IR-Kontakt Branicks Group AG:

Jasmin Dentz

Neue Mainzer Straße 32-36

60311 Frankfurt am Main

Fon +49 69 9454858-1492

ir@branicks.com

The Branicks Group AG at a glance

Key financial figures in million euros		6M 20265		6M 2025
Gross rental income Net rental income		57.1     48.7		72.3 63.4
Income from property management Income from property sales		19.1     54.1		20.8 78.0
Gains from the sale of properties		0.0		3.0
Result from associated companies		0.8		2.1
Funds from Operations after minority interests (FFO)		14.3		22.7
Funds from Operations after minority interests incl. gains on sale (FFO II)		14.3		25.7
EBITDA		43.0		59.8
EBIT		-144.18		9.6
Consolidated net loss		-142.3		-23.4
Cashflow from operating activities		15.4		24.8
Key financial figures per share in euros1		6M 20265		6M 2025
FFO after minorities		0.17		0.27
FFO II (incl. gains on disposal) after minorities		0.17		0.31
Net result after minorities		-1.72		-0.27
Key balance sheet figures in million euros		30.06.20265		31.12.20256
Investment Property		2,015.4		2,030.9
Equity		786.3		868.0
Financial liabilities (incl. IFRS 5)		1,771.0		1,822.9
Balance sheet total		2,747.8		2,902.1
Loan-to-Value (LtV) in %2		64.7		63.2
Adjusted LTV2, 4		59.2		58.1
NAV (per share in euros)3		6.02		7.36
Adjusted NAV (per share in euros)3, 4		8.85		10.19
Key operating figures (entire platform)		30.06.20265		31.12.20256
Number of properties		264		272
Assets under Management in billion euros		10.1		10.5
Rental space in sqm		3,585,028		3,712,308
Letting performance in sqm		148,516		456,200
Key operating figures (Balance sheet portfolio)		30.06.20265		31.12.20256
Annualized rental income in million euros		115.3		125.5
EPRA vacancy rate in %		13.7		10.1
Average lease term in years		4.5		4.3
Average rent in euros per sqm		10.0		10.33
Gross rental yield in %		5.3		5.7

¹ Figures per share (number of shares 6M 2026: 83,565,510 / 6M 2025: 83,565,510)
² Adjusted for warehousing

³ Figures per share (number of shares 30.06.2026: 83,565,510 / 31.12.2025: 83,565,510)

⁴ incl. full value of the in Institutional Business 

⁵Figures as of June 30, 2026 not reviewed
⁶ Unaudited figures as of December 31, 2025