PATRIZIA, a leading independent investment manager for real assets, has reported a significant improvement in its financial performance for the first half of 2026, with EBITDA increasing by 46.6% to EUR 42.7 million compared to EUR 29.1 million in the same period last year. This growth, as detailed in the company's H1 2026 financial results, was driven by continued cost discipline and improved operational efficiency, leading to an EBITDA margin expansion to 31.6% from 21.5% in H1 2025. 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 has been gradually recovering, albeit unevenly, and PATRIZIA's transaction activity reflected this trend. Transactions signed increased by 15.6% to EUR 1.6 billion, primarily due to disposal activity, while transactions closed amounted to EUR 1.1 billion, slightly lower than the EUR 1.5 billion in the prior-year period. Fundraising momentum improved significantly, with equity raised from clients growing to EUR 0.8 billion, up from EUR 0.3 billion in H1 2025, driven by stronger client activity 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, a moderate decline of 2.8% from the prior year, partly due to stronger development-related fees in H1 2025. Transaction fees increased by 5.3% to EUR 3.8 million, while performance fees rose by 16.8% to EUR 13.2 million, supported by higher Dawonia distributions and disposal-related fees. Net sales revenues and co-investment income increased to EUR 8.0 million, driven by higher dividend income from increased co-investments.
Operating expenses, excluding reorganisation expenses, decreased by 10.9% to EUR 99.8 million, with staff costs down to EUR 64.9 million and other operating expenses reduced to EUR 25.5 million, reflecting ongoing platform optimisation. The reorganisation result was EUR -0.3 million. As a result, net profit for the period increased significantly to EUR 14.7 million from EUR 4.7 million in H1 2025.
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%.
Despite a temporary deterioration in the investment environment due to the Iran conflict, market sentiment has recovered, and PATRIZIA has confirmed its guidance for 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, commented on the gradual recovery in fundraising and the strengthening market fundamentals, while CFO Martin Praum highlighted the company's financial resilience and the benefits of a structurally leaner operating model.
PATRIZIA, with over 40 years of experience, focuses on real estate and infrastructure investments, capitalizing on the "DUEL" megatrends (Digital, Urban, Energy, and Living transitions). The company manages approximately EUR 56 billion in AUM and employs around 800 professionals across 26 locations worldwide. For more information, visit www.patrizia.ag and www.patrizia.foundation.
