PATRIZIA, a leading independent investment manager for real assets, today published preliminary, unaudited financial results for FY 2025, revealing a 35.4% increase in EBITDA to EUR 63.0m (2024: EUR 46.5m). The growth was driven by continued cost discipline, improved performance of balance sheet seed and co-investments, and a return to growth in recurring management fees, which reached EUR 233.4m (2024: EUR 228.4m). The company achieved its strategic goal of making financial results less dependent on market conditions, as management fees exceeded total operating expenses of EUR 224.8m (2024: EUR 250.2m), a 10.2% reduction.
The company's assets under management (AUM) remained nearly stable at EUR 56.2bn as of 31 December 2025 (31 December 2024: EUR 56.4bn), despite negative currency effects of EUR 0.7bn. Client demand for real assets investments regained momentum, with equity raised from clients increasing by 22.1% to EUR 1.2bn (2024: EUR 1.0bn). Closed acquisitions jumped 24.1% to EUR 2.2bn, while closed disposals rose 10.8% to EUR 1.3bn. Asoka Wöhrmann, CEO of PATRIZIA SE, commented: 'We successfully concentrated our efforts on streamlining processes, enhancing efficiency and subsequently strengthening the quality of our earnings. The beginning of a new investment cycle in 2026 will present higher yielding investment opportunities for our clients, leading to profitable business growth.'
Net profit for the period improved substantially to EUR 16.4m (2024: EUR 2.4m), primarily due to the positive EBITDA development. Operating cash flow surged to EUR 57.6m (2024: EUR 12.6m), well overcompensating dividend payments. The company's net equity ratio remained well above 70%, reflecting a strengthened balance sheet. Based on this progress, the Board of Directors proposed an increase in the dividend per share by 2.9% to EUR 0.36 (2024: EUR 0.35), marking the eighth consecutive annual increase. If adopted, this would represent a dividend yield of around 4.6% at current share price levels.
Looking ahead to FY 2026, PATRIZIA expects AUM to range between EUR 55.0 – 60.0bn and EBITDA between EUR 60.0 – 75.0m. The company forecasts a moderate increase in total service fee income alongside further cost reductions, with an EBITDA margin expected between 22.0% – 26.5%. Martin Praum, CFO of PATRIZIA SE, added: 'We have strengthened the quality and resilience of our earnings through disciplined cost management and a sharper operational focus. Recurring management fees now fully cover our operating expenses, underlining the structural strength of our platform providing higher operational leverage for the expected growth in 2026.'
For more information, visit www.patrizia.ag and www.patrizia.foundation.
