PATRIZIA, a leading independent investment manager for real assets, announced its H1 2026 financial results, revealing a substantial increase in EBITDA by 46.6% to EUR 42.7 million, up from EUR 29.1 million in the prior year. This growth was fueled by continued cost discipline and improved operational efficiency, which also led to a significant improvement in the EBITDA margin to 31.6%, up from 21.5% in H1 2025. The company's recurring management fees continued to exceed operating expenses, underscoring the resilience and quality of its earnings.
In a market environment characterized by a gradual and uneven recovery, PATRIZIA demonstrated resilience in transaction activity. Transactions signed increased by 15.6% to EUR 1.6 billion, primarily driven by disposal activity. Transactions closed amounted to EUR 1.1 billion, reflecting the slow pace of market recovery. Fundraising momentum improved significantly, with equity raised from clients surging to EUR 0.8 billion compared to EUR 0.3 billion in H1 2025. After a subdued first quarter, fundraising accelerated in the second quarter, indicating stronger client activity.
Total service fee income remained broadly stable at EUR 127.3 million (down 0.8% year-over-year). Recurring management fees saw a moderate decline of 2.8% to EUR 110.2 million, partly due to stronger development-related service fees in the prior year. 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 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, reflecting a reduced FTE base. Other operating expenses also decreased to EUR 25.5 million, aided by platform optimisation initiatives. As a result, net profit for the period grew significantly to EUR 14.7 million, up from EUR 4.7 million.
PATRIZIA's financial strength improved further, with available liquidity increasing to EUR 122.2 million and a robust net equity ratio of 72.7%. 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.
Looking ahead, PATRIZIA confirms its guidance for 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%. Despite temporary market volatility due to geopolitical tensions, the company anticipates fundraising volumes and transaction activity to increase compared to 2025.
CEO Asoka Wöhrmann commented on the results: "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."
CFO Martin Praum 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."
For more information, visit PATRIZIA or the PATRIZIA Foundation.
