PATRIZIA Reports Strong 2025 Financial Performance with 35.4% EBITDA Growth and Increased Dividend

PATRIZIA announced preliminary financial results for fiscal year 2025, demonstrating substantial improvement in profitability and operational efficiency. The company reported a 35.4% increase in EBITDA to €63.0 million, reaching the upper end of its guidance range through continued cost discipline and improved performance of balance sheet seed and co-investments. This strong performance reflects the company's strategic focus on making financial results less dependent on market conditions.

Recurring management fees of €233.4 million returned to growth and exceeded all operating expenses, which were actively reduced by 10.2% to €224.8 million through efficiency measures. The company's earnings quality improved significantly with growth in both management fees and net sales revenues and co-investment income, which increased to €16.9 million from €2.6 million in the previous year. Performance fees came down to €18.0 million in line with management expectations, while transaction fees decreased to €7.4 million despite material growth in transactions signed and closed for clients.

Assets under management remained almost stable at €56.2 billion despite negative currency effects, with asset valuations stabilizing and client demand for real assets increasing throughout 2025. Equity raised from clients increased by 22.1% to €1.2 billion, indicating renewed investor interest in real estate and infrastructure investments. Closed acquisitions jumped by 24.1% to €2.2 billion, while closed disposals increased by 10.8% to €1.3 billion, reflecting regained momentum in transaction activity.

The company's operating cash flow surged to €57.6 million from €12.6 million in 2024, well overcompensating dividend payments and enabling additional strategic co-investments. Based on this improved cash generation, PATRIZIA's Board of Directors proposed increasing the dividend per share by 2.9% to €0.36, marking the eighth consecutive dividend increase. The dividend proposal is fully covered by the improved operating cash flow and reflects the company's financial progress achieved in 2025.

For fiscal year 2026, PATRIZIA expects EBITDA in a range between €60.0-75.0 million, implying a moderate increase in total service fee income with continued active cost management. The company anticipates higher fundraising volumes and increased transaction activity against a backdrop of improving financing conditions and stabilizing valuations. PATRIZIA forecasts AUM to close in a range between €55.0-60.0 billion at the end of 2026, excluding potential currency impacts, with the EBITDA margin expected to be between 22.0-26.5%.

CEO Asoka Wöhrmann commented that the company successfully concentrated efforts on streamlining processes and enhancing efficiency, positioning it well to capture opportunities ahead. He noted that investor sentiment in real estate has stabilized and infrastructure markets showed encouraging momentum, supported by the acceleration of the energy transition and growing interest in circular economy assets. CFO Martin Praum added that recurring management fees now fully cover operating expenses, underlining the structural strength of the platform and providing higher operational leverage for expected growth in 2026.