PATRIZIA, a leading independent investment manager for real assets, announced its H1 2026 financial results, revealing a significant 46.6% increase in EBITDA to EUR 42.7 million, compared to EUR 29.1 million in the same period last year. This growth was driven by continued cost discipline and improved operational efficiency, leading to a substantial improvement in the EBITDA margin to 31.6% from 21.5%.
The company's recurring management fees continued to exceed operating expenses, underscoring the resilience and quality of its earnings. Despite a slight 2.8% decline in recurring management fees to EUR 110.2 million, the overall total service fee income remained broadly stable at EUR 127.3 million. Transaction fees increased by 5.3% to EUR 3.8 million, while performance fees rose by 16.8% to EUR 13.2 million, primarily driven by higher distributions and disposal activity.
Transaction activity showed a gradual recovery, with transactions signed increasing by 15.6% to EUR 1.6 billion, mainly driven by disposal activity. Transactions closed amounted to EUR 1.1 billion. Fundraising momentum improved significantly, with equity raised from clients surging to EUR 0.8 billion, up from EUR 0.3 billion in H1 2025. The second quarter saw a notable acceleration in fundraising following a subdued start to the year.
Operating expenses, excluding reorganisation expenses, decreased by 10.9% to EUR 99.8 million, driven by lower staff costs and 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.
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 year-end 2025, primarily due to disposal activity.
Despite temporary market volatility from the Iran conflict, PATRIZIA remains optimistic about the recovery. The company confirmed its guidance for fiscal year 2026, expecting AUM in the range of EUR 55.0 to 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 SE, 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 SE, 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.”
For more information, visit PATRIZIA's website.
