PATRIZIA SE announced its financial results for the first nine months of 2025, reporting a significant increase in EBITDA to EUR 44.6 million, up from EUR 6.7 million in the same period last year. The improvement was driven primarily by strict cost discipline and a better co-investment result. Management fees reached EUR 174.0 million, surpassing operating expenses of EUR 166.0 million. The company also raised its full-year EBITDA guidance to EUR 50.0-65.0 million from the previous EUR 40.0-60.0 million, and adjusted its AUM guidance to EUR 56.0-60.0 billion.
Assets under management (AUM) stood at EUR 56.3 billion as of September 30, 2025, slightly up from EUR 55.9 billion at the end of the second quarter, driven by organic net AUM growth and slightly positive real asset valuations. CEO Asoka Wöhrmann noted that the company has successfully integrated its real estate and infrastructure platforms, positioning itself for growth in the new cycle. He highlighted infrastructure and modern Living as key investment opportunities.
Investment activities showed signs of recovery, with closed acquisitions surging 41.0% to EUR 1.8 billion. Equity raised from clients increased by 7.6% to EUR 0.8 billion, though still at relatively low levels. Outstanding open equity commitments for transactions totaled EUR 1.1 billion. The company's operating cash flow improved substantially to EUR 40.2 million, up from EUR 2.3 million in the prior year, covering dividend payments and allowing for additional co-investments.
Financial results were bolstered by a 17.1% reduction in operating expenses to EUR 166.0 million, driven by lower staff costs and other operating expenses. Net profit for the period turned positive at EUR 6.9 million, compared to a loss of EUR 29.2 million in 9M 2024. CFO Martin Praum emphasized that the company's focus on cost reduction has decoupled profitability from market-driven investment timing, providing a basis for future growth.
PATRIZIA's website provides more information on its investment solutions and commitment to social impact through the PATRIZIA Foundation.
