PATRIZIA, a leading independent investment manager for real assets, has announced its financial results for the first half of 2026, revealing a significant 46.6% increase in EBITDA to EUR 42.7 million, up from EUR 29.1 million in the same period last year. This growth was driven by continued cost discipline and improved operational efficiency, which also led to a substantial improvement in the EBITDA margin to 31.6%, compared to 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. Despite a gradual and uneven market recovery, 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 measured pace of recovery.
Fundraising momentum improved significantly, with equity raised from clients surging to EUR 0.8 billion, up from 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, while recurring management fees saw a moderate decline to EUR 110.2 million, partly due to stronger development-related fees in the prior year. Performance fees increased by 16.8% to EUR 13.2 million, driven by higher distributions and disposal activity.
Operating expenses, excluding reorganisation costs, decreased by 10.9% to EUR 99.8 million, primarily due to lower staff costs reflecting a reduced FTE base. Other operating expenses also decreased, supported by ongoing platform optimisation initiatives. As a result, net profit for the period increased significantly to EUR 14.7 million, up 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, mainly 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 temporary market volatility from the Iran conflict, PATRIZIA has confirmed its guidance for the full year 2026, expecting AUM between EUR 55.0-60.0 billion, EBITDA between EUR 60.0-75.0 million, and an EBITDA margin between 22.0-26.5%. Asoka Wöhrmann, CEO, noted the gradual recovery in fundraising and strengthening market fundamentals, positioning PATRIZIA to capture attractive opportunities. CFO Martin Praum highlighted the significant EBITDA margin expansion as evidence of the platform's scalability and disciplined cost management, providing flexibility to invest in the platform and markets while creating long-term value for shareholders.
For more information about PATRIZIA and its investment solutions, visit PATRIZIA's website.
