PATRIZIA, a leading independent investment manager for real assets, announced its H1 2026 financial results, revealing a substantial increase in EBITDA to EUR 42.7 million, up 46.6% year-on-year. This growth was driven by continued cost discipline and improved operational efficiency, with the EBITDA margin expanding significantly to 31.6% from 21.5% in the prior-year period. The company's recurring management fees continued to more than cover operating expenses, underscoring the resilience and quality of its earnings.
The market environment for real assets showed gradual recovery, though uneven across sectors. 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 pace of market recovery. Fundraising momentum improved significantly, with equity raised from clients increasing to EUR 0.8 billion (H1 2025: EUR 0.3 billion), following a subdued first quarter but accelerating in the second quarter.
Total service fee income remained broadly stable at EUR 127.3 million, with recurring management fees at EUR 110.2 million, reflecting a moderate decline of 2.8% due to lower development-related fees. Transaction fees increased by 5.3% to EUR 3.8 million, while performance fees rose by 16.8% to EUR 13.2 million, driven by higher Dawonia distributions and disposal activity. Net sales revenues and co-investment income increased to EUR 8.0 million, supported by higher dividend income from increased co-investments.
Operating expenses, excluding reorganisation expenses, decreased by 10.9% to EUR 99.8 million, primarily due to lower staff costs, which fell to EUR 64.9 million, and other operating expenses reduced to EUR 25.5 million. The reorganisation result was EUR -0.3 million. As a result, net profit for the period increased significantly to EUR 14.7 million (H1 2025: EUR 4.7 million).
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, mainly due to disposal activity. The company confirmed its guidance for the full year 2026, expecting AUM between EUR 55.0 and 60.0 billion, EBITDA between EUR 60.0 and 75.0 million, and an EBITDA margin between 22.0% and 26.5%.
Asoka Wöhrmann, CEO of PATRIZIA, 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, 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.”
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%. These results highlight PATRIZIA's ability to navigate market challenges and deliver value to shareholders, positioning the firm for continued growth as market conditions improve.
