PATRIZIA reports strong earnings growth with EBITDA at EUR 61.3m and equity raised at EUR 1.2bn in 9M 2026

• EBITDA increased by 37.3% y-o-y to EUR 61.3m, with the EBITDA margin expanding significantly to 30.1%, driven by continued cost discipline and improved operational efficiency
• Equity raised from clients increased by 57.2% to EUR 1.2bn, already achieving the full year 2025 level 
• Transaction activity remained robust - primarily driven by disposals - with closed transactions increasing by 11.9% to EUR 2.6bn while assets under management (AUM) stood at EUR 55.0bn, 2.3% down y-o-y
• FY 2026 guidance narrowed upwards with EBITDA now expected in a range between EUR 65.0 – 75.0m (previously EUR 60.0 – 75.0m), EBITDA margin in a range between 23.2 – 28.2% (previously 22.0 – 26.5%) and AUM narrowed downwards in a range between EUR 53.0 – 57.0bn (previously EUR 55.0 – 60.0bn), excluding currency impacts

Augsburg, 9 November 2026. PATRIZIA, an investment manager in international smart real assets, today published its financial results for the first nine months of 2026. Despite a challenging market environment, the Company increased equity raised from clients by 57.2% to EUR 1.2bn (9M 2025: EUR 0.8bn). Thus, already achieving the level of equity raised during the full year 2025.

Driven by continued cost discipline, improved operational efficiency and higher transaction and performance fees, EBITDA increased by 37.3% to EUR 61.3m (9M 2025: EUR 44.6m). The EBITDA margin expanded significantly to 30.1% (9M 2025: 22.1%; +8.1 percentage points), reflecting the scalability of PATRIZIA’s platform and a structurally leaner cost base. Recurring management fees after deducting operating expenses contributed EUR 13.0m to EBITDA, showing further evidence of improved earnings stability and quality, irrespective of the current market environment.

Market environment and business development
The recovery in transaction activity remained robust, supported by increased disposal activity from clients, with existing deal pipelines continuing to convert into closed transactions. This was achieved despite a more challenging market environment in the third quarter, as higher energy prices linked to the Iran conflict fuelled inflation, prompting tighter monetary policy from major central banks, including two ECB rate hikes since the beginning of June 2026. Elevated government borrowing needs, including higher defence spending, added further upward pressure on bond yields. Transactions closed increased by 11.9% to EUR 2.6bn (9M 2025: EUR 2.3bn), while transactions signed increased moderately by 3.2% to EUR 2.4bn (9M 2025: EUR 2.3bn).

Financial performance
Total service fee income remained broadly stable at EUR 190.7m in 9M 2026 (9M 2025: EUR 191.7m; -0.5%). Recurring management fees amounted to EUR 163.5m (9M 2025: EUR 174.0m), with the year-on-year development reflecting changes in the underlying mandate and service mix as well as higher development-related service fees in the prior-year period. This was partly offset by strong growth in transaction and performance fees, driven by increased transaction activity for clients. Transaction fees increased by 130.8% to EUR 11.6m (9M 2025: EUR 5.0m), while performance fees rose by 23.6% to EUR 15.6m (9M 2025: EUR 12.6m).

Net sales revenues and co-investment income increased by 20.2% to EUR 12.8m (9M 2025: EUR 10.6m), mainly driven by higher dividend income from the increased volume of co-investments.

Operating expenses, excluding reorganisation expenses, decreased by 9.0% to EUR 150.5m (9M 2025: EUR 165.3m), reflecting continued cost discipline and efficiency improvements. Staff costs decreased by 10.8% to EUR 99.3m (9M 2025: EUR 111.4m), reflecting the leaner FTE base. Cost discipline drove down other operating expenses by 9.9% to EUR 37.6m (9M 2025: EUR 41.8m), while other expenses amounted to EUR 13.5m (9M 2025: EUR 12.2m).

Other income, excluding reorganisation income, increased to EUR 8.7m (9M 2025: EUR 7.8m), primarily driven by the release of provisions.

During the reporting period, the reorganisation result amounted to EUR -0.4m (9M 2025: EUR -0.2m).

Net profit for the period nearly tripled to EUR 20.5m in 9M 2026 (9M 2025: EUR 6.9m), reflecting the strong improvement in profitability.

Assets under management
As at 30 September 2026, assets under management (AUM) stood at EUR 55.0bn compared to EUR 56.2bn as at 31 December 2025. The decrease was primarily attributable to disposal activity. At the same time, open equity commitments of EUR 1.5bn provide significant firepower for future investments, leaving PATRIZIA well positioned to deploy capital on behalf of its clients and support future AUM growth.

Strong balance sheet
PATRIZIA’s balance sheet as at 30 September 2026 remains robust, with a net equity ratio of 73.8%, available liquidity of EUR 148.8m, and net financial debt reduced to around EUR 69.0m (31.12.2025: EUR 101.6m).

Operating cash flow increased to EUR 44.3m in 9M 2026 (9M 2025: EUR 40.2m), supported by the improved earnings development.

Guidance 2026 narrowed
Based on the performance year-to-date and increased visibility for the remainder of the year, PATRIZIA is narrowing its guidance ranges upwards for EBITDA and EBITDA margin and downwards for AUM for financial year 2026, now expecting:

• EBITDA in a range between EUR 65.0 – 75.0m (previously EUR 60.0 – 75.0m) and
• EBITDA margin in a range between 23.2 – 28.2% (previously 22.0 – 26.5%)
• AUM in a range between EUR 53.0 – 57.0bn (previously EUR 55.0 – 60.0bn), excluding currency impacts.

Asoka Wöhrmann, CEO of PATRIZIA SE, comments: “Investors are returning to real assets, but they are much more selective and expect a clear premium over fixed income. This is the cycle of operational real asset management: generating returns increasingly depends on active asset management rather than market appreciation alone. PATRIZIA’s operating platform, with access to attractive investment opportunities and streamlined, lean execution, puts us in a strong position to win client mandates and deliver performance through this cycle.”

Martin Praum, CFO of PATRIZIA SE, adds: “Our strong earnings development demonstrates the resilience of our business model and the benefits of the leaner cost base we have established. We continue to deliver solid financial results despite a challenging market environment. With continued cost discipline and a strong financial position, we believe PATRIZIA is well positioned for the long term.”

PATRIZIA: Investment manager in 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 EUR 55bn 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