PATRIZIA Reports Strong H1 2026 Earnings Growth, EBITDA Up 46.6%

PATRIZIA, a leading independent investment manager for real assets, has reported a strong financial performance for the first half of 2026, with EBITDA increasing by 46.6% to EUR 42.7 million, up from EUR 29.1 million in the same period last year. The significant improvement was driven by continued cost discipline and enhanced operational efficiency, leading to a notable expansion of the EBITDA margin to 31.6%, compared to 21.5% in H1 2025. This performance highlights the scalability of PATRIZIA's platform and a structurally leaner cost base, as recurring management fees continued to more than cover operating expenses, strengthening earnings quality and supporting profitable growth.

The market environment for real assets has shown gradual recovery during the first half of 2026, albeit at an uneven pace. In this context, transaction activity remained resilient, with transactions signed increasing by 15.6% to EUR 1.6 billion, primarily driven by disposal activity. Transactions closed amounted to EUR 1.1 billion, reflecting the gradual market recovery. Fundraising momentum improved significantly, with equity raised from clients increasing to EUR 0.8 billion, up from EUR 0.3 billion in H1 2025. After a subdued first quarter, fundraising accelerated in the second quarter, indicating stronger client activity.

Total service fee income remained broadly stable at EUR 127.3 million, a slight decrease of 0.8% from EUR 128.3 million in the prior-year period. Recurring management fees declined moderately by 2.8% to EUR 110.2 million, as the prior-year period benefited from stronger development-related service fees. Transaction fees increased by 5.3% to EUR 3.8 million, primarily driven by disposal fees and realisations on behalf of clients. Performance fees rose by 16.8% to EUR 13.2 million, mainly due to higher Dawonia distributions and fees from disposal activity. Net sales revenues and co-investment income increased to EUR 8.0 million, driven by higher dividend income from increased co-investments.

Operating expenses, excluding reorganisation expenses, decreased by 10.9% to EUR 99.8 million, reflecting lower staff costs and ongoing platform optimisation initiatives. Staff costs declined to EUR 64.9 million from EUR 74.9 million, while other operating expenses decreased to EUR 25.5 million. As a result, EBITDA increased significantly to EUR 42.7 million, and the EBITDA margin jumped to 31.6%. Net profit for the period rose substantially to EUR 14.7 million, compared to EUR 4.7 million in H1 2025.

Assets under management (AUM) stood at EUR 55.9 billion as of 30 June 2026, slightly down from EUR 56.2 billion at the end of 2025, primarily due to disposal activity. The company confirmed its guidance for the full year 2026, expecting AUM in the range of EUR 55.0–60.0 billion, EBITDA between EUR 60.0–75.0 million, and an EBITDA margin of 22.0–26.5%.

Asoka Wöhrmann, CEO of PATRIZIA, commented on the results, noting the gradual recovery in fundraising and the strengthening of market fundamentals. Martin Praum, CFO, highlighted the company's improved financial position and resilience, supported by the realisation of a first exit carry tranche in a residential portfolio, which increased participations and recurring income while growing available liquidity. The significant expansion of the EBITDA margin underscores the scalability of the platform and disciplined cost management, providing flexibility to invest in the platform and markets while creating long-term value for shareholders.

For more information, visit www.patrizia.ag and www.patrizia.foundation.