• EBITDA almost doubled to EUR 29.1m (H1 2024¹: EUR 14.7m) driven by strict cost discipline and resilient business model
• Management fees of EUR 113.4m exceeded operating expenses of EUR 112.6m for the first time confirming improved quality of earnings
• AUM of EUR 55.9bn recorded client inflows, but impacted by currency effects at the same time
• Continued recovery of investment activities: closed acquisitions increased by 58.4%; signed transactions grew by 73.0% year-on-year
• Guidance for 2025 confirmed

Augsburg, 12 August 2025. PATRIZIA today published its financial results for H1 2025. EBITDA almost doubled to EUR 29.1m (H1 2024¹: EUR 14.7m), mainly due to strict cost discipline. Operating expenses were significantly reduced to EUR 112.6m (H1 2024¹: EUR 135.1m). This means that the recurring management fees of EUR 113.4m (H1 2024: EUR 115.5m) exceeded all expenses for the first time. In this way, PATRIZIA demonstrates the resilience of its business model even in market phases with lower client activity.

Market environment continues to stabilise

In H1 2025, PATRIZIA successfully converted outstanding open equity commitments into investments for clients. Stabilising real asset values drove clients returning to the buyer side leading to a surge in closed acquisitions by 58.4% to EUR 1.2bn (H1 2024: EUR 0.8bn). At the same time, divestment activities were lower at EUR 0.3bn (H1 2024: EUR 0.7bn). Most of these closed transactions concentrated on the infrastructure sector, while transaction activity in the real estate sector was driven by residential and logistics.

PATRIZIA’s equity raised from clients did not yet show any sustained improvement and reached EUR 0.3bn (H1 2024: EUR 0.4bn) with stronger momentum already building up going into the second half of 2025. As of 30 June 2025, the outstanding open equity commitments for investments amounted to EUR 0.9bn (31 December 2024: EUR 1.3bn). These will be drawn down in part by transactions amounting to EUR 0.4bn that have already been signed but not yet closed in the first half of 2025.

Assets under management (AUM) recorded a slight decline of 0.8% to EUR 55.9bn compared to year-end (31 December 2024: EUR 56.4bn). This was mainly due to negative currency effects due to the strong appreciation of the Euro. Organically AUM grew by EUR 0.2bn. Cash inflows from transactions made and new mandates won exceeded cash outflows in H1 2025.

Asoka Wöhrmann, CEO of PATRIZIA SE, comments: "Discipline and resilience are crucial factors for our business success in the upcoming cycle. We have adjusted our organisational set-up and have established key platforms to drive business and execute on the medium-term Strategy 2030 driven by the DUEL megatrends. We are now well positioned to leverage the new investment cycle for growth. Investors start paying more attention to the asset classes in which PATRIZIA can play to its strengths. And with our many years of expertise we will offer our clients attractive investment opportunities in smart real assets."

Significant increase in financial results

As a result of strict cost control and the efficiency gains achieved, EBITDA almost doubled to EUR 29.1m (H1 2024¹: EUR 14.7m). The EBITDA margin improved to 21.5% (H1 2024¹: 10.6%; +10.9 percentage points).

Total service fee income decreased by 6.5% to EUR 128.3m (H1 2024: EUR 137.2m). This was mainly due to lower performance fees of EUR 11.3m (H1 2024: EUR 16.9m) due to the expected drop in annual carry payments. Transaction fees amounted to EUR 3.6m (H1 2024: EUR 4.9m). Recurring management fees remained almost stable: EUR 113.4m (H1 2024: EUR 115.5m) and thus fully covered the significantly reduced operating expenses of EUR 112.6m (H1 2024¹: EUR 135.1m). As a result, PATRIZIA has succeeded in improving the quality of its earnings and strengthening its ability to operate profitably even in a subdued market environment with yet limited client activity.

Net sales revenues and co-investment income increased many times over to EUR 7.3m (H1 2024: EUR 1.4m). In the previous year, effects from at-equity investments had a negative impact here. As expected, other income halved noticeably to EUR 6.1m (H1 2024: EUR 11.2m), mainly due to release of provisions in the previous year.

Net income for the period was back in positive territory at EUR 4.7m (H1 2024¹: EUR -12.7m) and improved by EUR 17.4m, mainly due to the positive development of EBITDA, while the previous year was still burdened by value adjustments on real estate assets.

Positive development of operating cash flow

The significantly improved earnings development is also reflected in the Group’s H1 2025 operating cash flow. It amounted to EUR 27.4m (H1 2024: EUR 0.2m) and thus almost completely covered the dividend payments for FY 2024 of EUR 30.3m (H1 2024: EUR 29.3m) which were paid during H1 2025. This development made it also possible to invest further capital in strategic co-investments, while maintaining an unchanged high financial flexibility.

Guidance confirmed

Based on the positive earnings development, PATRIZIA confirms its financial guidance for FY 2025 with AUM in a range between EUR 58.0 - 62.0bn and an EBITDA of between EUR 40.0 - 60.0m, equivalent to an EBITDA margin of between 15.2 - 20.8%. The guidance assumes that the business environment will continue to brighten and that clients' investment activity will gain momentum during the second half of the year.

Martin Praum, CFO of PATRIZIA SE, adds: "In the first half of 2025, our financial performance demonstrated the strength of our scalable business model. With strict cost discipline, we increased our efficiency and almost doubled our EBITDA. For the first time in PATRIZIA's history, recurring management fees alone cover the entire cost base. This is an excellent starting point to effectively drive performance and value for our clients."

¹ Restated figures

PATRIZIA: Investment manager for international smart real assets

PATRIZIA has been providing investment opportunities in smart real assets for institutional, semi-professional, and private investors for more than 40 years, focusing on real estate and infrastructure. PATRIZIA’s investment solutions are driven by the “DUEL” megatrends - digital, urban, energy and living transitions - and capitalise on the opportunities arising from these transformative global shifts. PATRIZIA currently has approximately EUR 56bn in assets under management (AUM) and employs around 900 professionals across 26 locations worldwide.

PATRIZIA has been committed to making a positive impact since its founding. In 1992, the company began collaborating closely with Bunter Kreis (“Colourful Circle”) in Germany to provide aftercare for children with severe diseases. Since 1999, the PATRIZIA Foundation has provided more than 750,000 children and young people worldwide with access to education, healthcare and a safe home, enabling them to live a better, self-determined live.

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