PATRIZIA, a leading independent investment manager for real assets, reported a significant increase in EBITDA for the first half of 2026, up 46.6% to EUR 42.7 million from EUR 29.1 million in the prior-year period. The company's EBITDA margin also improved markedly to 31.6% from 21.5%, reflecting continued cost discipline and enhanced operational efficiency across its platform.
The company's recurring management fees continued to exceed operating expenses, underscoring the resilience and quality of its earnings. Total service fee income remained broadly stable at EUR 127.3 million, a slight decline of 0.8% compared to EUR 128.3 million in H1 2025. Recurring management fees were EUR 110.2 million, down 2.8% from EUR 113.4 million, partly due to stronger development-related service fees in the previous year. Transaction fees increased by 5.3% to EUR 3.8 million, driven by disposal fees and realisations on behalf of clients. Performance fees grew by 16.8% to EUR 13.2 million, mainly due to higher Dawonia distributions and disposal activity.
Operating expenses, excluding reorganisation costs, decreased by 10.9% to EUR 99.8 million, with staff costs down to EUR 64.9 million from EUR 74.9 million, reflecting a lower full-time equivalent base. Other operating expenses also fell to EUR 25.5 million from EUR 29.2 million, supported by ongoing platform optimisation. Other income rose to EUR 7.7 million from EUR 5.6 million, primarily due to higher releases of provisions.
Transaction activity remained resilient, with transactions signed increasing by 15.6% to EUR 1.6 billion, mainly driven by disposal activity. Transactions closed amounted to EUR 1.1 billion, down from EUR 1.5 billion, reflecting the gradual pace of market recovery. Fundraising momentum improved significantly, with equity raised from clients increasing to EUR 0.8 billion from EUR 0.3 billion in H1 2025. After a subdued first quarter, fundraising accelerated in the second quarter, indicating stronger client activity.
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's financial strength improved further, with available liquidity increasing to EUR 122.2 million and a robust net equity ratio of 72.7%.
Net profit for the period increased significantly to EUR 14.7 million from EUR 4.7 million in H1 2025. 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 SE, commented: “The first half of 2026 was marked by a gradual recovery in fundraising, with stronger client activity in the second quarter following a subdued start to the year. While the real asset markets continue their gradual recovery on an often uneven path, the underlying market fundamentals are strengthening. PATRIZIA is well positioned to capture attractive investment opportunities for clients across real asset markets.”
Martin Praum, CFO of PATRIZIA SE, added: “During the first half of 2026, we further strengthened PATRIZIA’s financial position and resilience. Supported by the realisation of a first exit carry tranche in one of our residential portfolios, we increased our participations and recurring income, covered dividend payments and simultaneously grew our available liquidity. In addition, the significant expansion of our EBITDA margin to 31.6% underscores the scalability of our platform, disciplined cost management and the benefits of a structurally leaner operating model. This financial strength gives us the flexibility to continue investing in our platform and in the markets while creating long-term value for shareholders.”
The strong earnings growth and improved profitability highlight PATRIZIA's ability to navigate the gradual recovery in real asset markets while maintaining a solid financial foundation. The company's focus on cost efficiency and platform scalability positions it well for future growth. For more information, visit PATRIZIA's website.
