PATRIZIA FY 2025 financial results: Strong EBITDA growth and increase in dividend per share

• Strong EBITDA increase to EUR 63.0m (2024: EUR 46.5m) driven by continued cost discipline and improved performance of balance sheet seed and co-investments
• Management fees of EUR 233.4m exceed operating expenses of EUR 224.8m
• Renewed client interest in real assets with equity raised up 22.1% y-o-y, while AUM remain almost stable at EUR 56.2bn despite of negative currency effects
• Proposed dividend per share of EUR 0.36 (+2.9% y-o-y) fully covered by improved operating cash flow of EUR 57.6m (2024: EUR 12.6m)
• FY 2026 EBITDA guidance range of EUR 60.0 – 75.0m implies a moderate increase in total service fee income with continued active cost management

Augsburg, 4 March 2026. PATRIZIA, a leading independent investment manager for real assets, today published preliminary, unaudited financial results for FY 2025. The Company increased EBITDA by 35.4% to EUR 63.0m (2024: EUR 46.5m). Continued cost discipline within a streamlined organisation, growth in management fees and the improved performance of balance sheet seed and co- investments resulted in EBITDA reaching the upper end of the guidance range which had already been raised during the course of the year.

Recurring management fees of EUR 233.4m (2024: EUR 228.4m) returned to growth and exceeded all operating expenses, meaning that the strategic goal of making the Company’s financial results less dependent on market conditions was achieved in 2025. Efficiency measures drove total operating expenses significantly down 10.2% to EUR 224.8m (2024: EUR 250.2m).

Due to the high share of transactions for all-in fee mandates transaction fees came down to EUR 7.4m (2024: EUR 14.5m) despite material growth in transactions signed and closed for our clients. Performance fees came down to EUR 18.0m (2024: EUR 21.2m) in line with management expectations.

Net sales revenues and co-investment income improved to EUR 16.9m (2024: EUR 2.6m), reflecting a materially improved performance of the Company’s balance sheet seed and co-investments.

In line with strategy other income of EUR 14.2m (2024: 41.0m) contributed significantly less to EBITDA than in the previous year, and thus improved earnings quality.

The reorganisation result of EUR -2.1m (2024: EUR -10.9m) impacted FY 2025 results to a lower extent, with subsequent cost efficiency to provide further cost relief during 2026.

Overall, in 2025 the Company succeeded in further improving its earnings quality with growth in both management fees and net sales revenues and co-investment income while reducing costs further.

Assets under management (AUM) remained almost stable with EUR 56.2bn as at 31 December 2025 (31 December 2024: EUR 56.4bn).

Investments in Real Assets regain momentum
PATRIZIA remained an active investor for its clients in infrastructure and real estate assets in 2025. Clients’ appetite for transactions regained momentum, also with investments into real estate having picked up pace in the second half of 2025 again. Based on the outstanding open equity commitments for transactions the Company converted investment strategies into transactions. Both transactions signed and closed increased on a y-o-y basis. Closed acquisitions jumped by 24.1% to EUR 2.2bn (2024: EUR 1.8bn). At the same time, closed disposals went up by 10.8% to EUR 1.3bn (2024: EUR 1.1bn).

Client demand for investments in real assets increased throughout 2025 resulting in higher fundraising success. Equity raised from clients increased by 22.1% to EUR 1.2bn (2024: EUR 1.0bn). As of 31 December 2025, the outstanding open equity commitments available for investments via managed funds for clients amounted to EUR 1.3bn (31 December 2024: EUR 1.3bn).

Assets under management of EUR 56.2bn remained almost stable in 2025 (31 December 2024: EUR 56.4bn). Asset valuations have further stabilised in 2025, positively impacting AUM movements y-o-y by EUR 0.2bn. In contrast, negative currency effects (particularly in H1 2025) reduced AUM by EUR 0.7bn in FY 2025. Those external market effects were almost offset through cash inflows and the inclusion of fee generating commitments in the AUM calculation since 31 December 2025.

Asoka Wöhrmann, CEO of PATRIZIA SE, comments: “We successfully concentrated our efforts on streamlining processes, enhancing efficiency and subsequently strengthening the quality of our earnings. We now run an integrated investment platform and are well positioned to capture the opportunities ahead. Investor sentiment in real estate has stabilised and infrastructure markets showed encouraging momentum, supported by the acceleration of the energy transition and growing interest in circular economy assets. The beginning of a new investment cycle in 2026 will present higher yielding investment opportunities for our clients, leading to profitable business growth.”

Financial performance improved in FY 2025 due to cost measures
As a result of strict cost discipline, efficiency gains achieved and an improved co-investment result, EBITDA increased strongly to EUR 63.0m (2024: EUR 46.5m). The EBITDA margin surged to 22.9% (2024: 17.5%; +5.4 percentage points). 

Recurring management fees of EUR 233.4m (2024: EUR 228.4m) returned to growth and exceeded operating expenses. Performance fees of EUR 18.0m (2024: EUR 21.2m) and transactions fees of EUR 7.4m (2024: EUR 14.5m) contributed to total service fee income amounting EUR 258.8m (2024: EUR 264.1m).

Net sales revenues and co-investment income of EUR 16.9m (2024: EUR 2.6m) improved significantly. While net sales revenues increased to EUR 10.4m (2024: EUR 8.7m) driven by rental revenues from owned seed-investments, co-investment result normalised to EUR 6.5m in FY 2025 (2024: EUR -6.2m) after facing negative one-off effects from at-equity investments in the previous year.

Operating expenses were actively reduced by 10.2% to EUR 224.8m (2024: EUR 250.2m) on the back of constant cost discipline and efficiency measures. Major drivers were the decrease in other operating expenses by 19.1% to EUR 66.8m (2024: EUR 82.6m) and staff costs by 5.7% to EUR 142.3m (2024: EUR 150.9m). Cost of purchased services came in slightly lower with EUR 15.7m (2024: EUR 16.5m).

Other income of EUR 14.2m (2024: EUR 41.0m) also normalised as expected in FY 2025 due to lower release of provisions and non-recurring positive deconsolidation effects in the previous year.

The reorganisation result improved significantly to EUR -2.1m (2024: EUR -10.9m).

Net profit for the period has substantially improved to EUR 16.4m (2024: EUR 2.4m). This was mainly due to the positive development of EBITDA.

Positive development of operating cash flow
The significantly improved earnings development and optimised working capital management has led to a substantial growth in the Group’s operating cash flow in 2025. Operating cash flow surged to EUR 57.6m (2024: EUR 12.6m) and thus well overcompensated the dividend payments of EUR 30.3m made in 2025 for FY 2024. Based on the improved cash generation the Company was able to invest additional capital in strategic co-investments in FY 2025, while maintaining an unchanged high financial flexibility.

Financial outlook 2026
Against a backdrop of improving financing conditions, stabilising valuations of AUM and gradually recovering market activity, PATRIZIA anticipates higher fundraising volumes and increased transaction activity in 2026 compared to 2025. The combined impact of accelerated fundraising, selective valuation support and increasing market activity is expected to result in a moderate increase in AUM. Accordingly, PATRIZIA expects AUM to close in a range between EUR 55.0 – 60.0bn at the end of 2026, excluding potential currency impacts.

EBITDA for FY 2026 is expected in a range between EUR 60.0 – 75.0m, compared to the EBITDA of the FY 2025 of EUR 63.0m. PATRIZIA forecasts a moderate increase in total service fee income alongside a further reduction in operating expenses driven by continued active cost management – this should result in a further EBITDA improvement compared to FY 2025.

The EBITDA margin is accordingly expected to be in a range between 22.0 – 26.5% (2025: 22.9%) in FY 2026.

8^th consecutive increase in dividend per share proposed
PATRIZIA’s Board of Directors – backed by the Company’s Executive Directors - propose increasing the dividend per share by 2.9% to EUR 0.36 (2024: EUR 0.35). The proposal is based on the communicated dividend policy and factors in the Company’s financial progress achieved in 2025, relating to operating cash flow, EBITDA, net profit and further strengthened balance sheet ratios with a net equity ratio well above 70%. If adopted by the Annual General Meeting in June 2026 this would reflect the eighth consecutive increase in dividend per share and is equivalent to a dividend yield of around 4.6% at current share price levels.

Martin Praum, CFO of PATRIZIA SE, adds: “We have strengthened the quality and resilience of our earnings through disciplined cost management and a sharper operational focus. Recurring management fees now fully cover our operating expenses, underlining the structural strength of our platform providing higher operational leverage for the expected growth in 2026.  At the same time, we have further strengthened PATRIZIA’s balance sheet, financial and liquidity situation through our strategic measures in 2025.”

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 800 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 800,000 children and young people worldwide with access to education, healthcare and a safe home, enabling them to live better, self-determined lives.

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