PATRIZIA SE PATRIZIA delivers strong earnings growth with EUR 42.7m EBITDA (+46.6% y-o-y) in H1 2026

• EBITDA increased by 46.6% to EUR 42.7m (H1 2025: EUR 29.1m), driven by continued cost discipline and improved operational efficiency
• EBITDA margin improved significantly to 31.6% (H1 2025: 21.5%)
• Recurring management fees continued to more than cover operating expenses, demonstrating the resilience and quality of PATRIZIA’s earnings
• Transaction activity remained resilient showing a gradual recovery, with transactions signed increasing by 15.6% to EUR 1.6bn; equity raised from clients grew significantly to EUR 0.8bn
  (H1 2025: EUR 0.3bn)
• Financial strength improved further, supported by increased available liquidity of EUR 122.2m and a robust 72.7% net equity ratio
• Guidance confirmed

Augsburg, 10 August 2026. PATRIZIA, a leading independent investment manager for real assets, today published its H1 2026 financial results. Against a backdrop of gradually recovering real asset markets, PATRIZIA delivered strong earnings growth in the first half of 2026. The Company increased EBITDA by 46.6% to EUR 42.7m (H1 2025: EUR 29.1m), on the back of continued cost discipline and improved operational efficiency. The EBITDA margin increased significantly to 31.6% (H1 2025: 21.5%), reflecting the scalability of PATRIZIA’s platform and a structurally leaner cost base. Recurring management fees continued to more than cover operating expenses, thereby strengthening earnings quality and supporting profitable growth.

Market environment and business development
Real asset markets continued to recover during the first half of 2026, although the pace of recovery remained gradual and uneven. Within this environment, transaction activity remained resilient, with transactions signed increasing by 15.6% to EUR 1.6bn, primarily driven by disposal activity. Transactions closed amounted to EUR 1.1bn (H1 2025: EUR 1.5bn), reflecting the gradual pace of market recovery.

At the same time, fundraising momentum improved significantly. Equity raised from clients increased to EUR 0.8bn (H1 2025: EUR 0.3bn). Following equity raised of only EUR 0.1bn during the first quarter 2026, fundraising accelerated during the second quarter, reflecting stronger client activity following a subdued start to the year.

Financial performance
Total service fee income remained broadly stable at EUR 127.3m in H1 2026 (H1 2025: EUR 128.3m; -0.8%). Recurring management fees amounted to EUR 110.2m in H1 2026, representing a moderate decline compared to EUR 113.4m in the prior-year period (-2.8%). The management fees in H1 2025 benefited from stronger development-related service fees. Transaction fees amounted to EUR 3.8m (H1 2025: EUR 3.6m; +5.3%) and were primarily driven by disposal fees and realisations on behalf of clients. Performance fees increased by 16.8% to EUR 13.2m (H1 2025: EUR 11.3m), mainly driven by higher Dawonia distributions and fees generated from disposal activity.

Net sales revenues and co-investment income increased to EUR 8.0m in H1 2026 (H1 2025: EUR 7.3m), driven by higher dividend income from increased co-investments, while rental revenues generated from consolidated real estate investments remained almost stable.

Operating expenses, excluding reorganisation expenses, decreased by 10.9% to EUR 99.8m in H1 2026 (H1 2025: EUR 112.1m). The reduction was primarily driven by lower staff costs, which decreased to EUR 64.9m (H1 2025: EUR 74.9m), reflecting the lower FTE base. Other operating expenses decreased further to EUR 25.5m (H1 2025: EUR 29.2m), supported by ongoing platform optimisation initiatives. Other expenses amounted to EUR 9.4m (H1 2025: EUR 8.0m).

Other income, excluding reorganisation income, increased to EUR 7.7m (H1 2025: EUR 5.6m), primarily due to higher releases of provisions compared to the prior-year period.

During the reporting period, the reorganisation result amounted to EUR -0.3m (H1 2025: EUR 0m).

As a result of the factors described above, EBITDA increased significantly to EUR 42.7m in H1 2026 (H1 2025: EUR 29.1m). The EBITDA margin jumped to 31.6% (H1 2025: 21.5%), driven by improved efficiency across the platform and continued cost discipline.

Net profit for the period increased significantly to EUR 14.7m in H1 2026 (H1 2025: EUR 4.7m).

Assets under management
As at 30 June 2026, assets under management (AUM) stood at EUR 55.9bn compared to EUR 56.2bn as at 31 December 2025. The slight decrease was primarily attributable to disposal activity.

Guidance 2026 confirmed
During the first half of 2026, the Iran conflict negatively impacted inflation and interest rate developments, resulting in a temporary deterioration of the investment environment. Since then, market sentiment has recovered again despite continued market volatility. Against this backdrop, PATRIZIA continues to expect fundraising volumes and transaction activity to increase compared to 2025. Thus, the guidance presented for financial year 2026 remains unchanged with management expecting:

• Assets under Management in a range between EUR 55.0 – 60.0bn at the end of 2026, excluding potential currency impacts
• EBITDA in a range between EUR 60.0 – 75.0m and
• EBITDA margin in a range between 22.0 – 26.5%.

Asoka Wöhrmann, CEO of PATRIZIA SE, comments: “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 SE, adds: “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.”

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

Contact

Dr Janina Rochell
Director Investor Relations
Phone:+49 69 643505-1229
Mobile: +49 151 64085881
investor.relations@patrizia.ag