PATRIZIA, a leading independent investment manager for real assets, announced its H1 2026 financial results on August 10, 2026, revealing a significant 46.6% increase in EBITDA to EUR 42.7 million, up from EUR 29.1 million in the prior-year period. This growth underscores the company's continued cost discipline and operational efficiency, which also drove the EBITDA margin up to 31.6% from 21.5% in H1 2025. The results reflect a resilient performance amid a gradually recovering real asset market.
The company's recurring management fees continued to exceed operating expenses, reinforcing earnings quality and supporting profitable growth. Total service fee income remained stable at EUR 127.3 million, while recurring management fees saw a moderate decline of 2.8% to EUR 110.2 million, partly due to a stronger development-related service fee base in the previous year. Transaction fees increased by 5.3% to EUR 3.8 million, driven by disposal fees and realisations, while performance fees rose by 16.8% to EUR 13.2 million, mainly due to higher Dawonia distributions and disposal activity. Net sales revenues and co-investment income grew to EUR 8.0 million, supported by higher dividend income from increased co-investments.
Operating expenses, excluding reorganisation costs, decreased by 10.9% to EUR 99.8 million, primarily due to lower staff costs, which fell to EUR 64.9 million as a result of a reduced FTE base. Other operating expenses also declined to EUR 25.5 million, benefiting from ongoing platform optimisation. Other income increased to EUR 7.7 million, mainly from higher releases of provisions. The reorganisation result was EUR -0.3 million, and net profit for the period surged to EUR 14.7 million from EUR 4.7 million in H1 2025.
Transaction activity showed resilience, with transactions signed increasing by 15.6% to EUR 1.6 billion, driven primarily by disposals, while transactions closed amounted to EUR 1.1 billion. Fundraising momentum improved significantly, with equity raised from clients more than doubling to EUR 0.8 billion, compared to EUR 0.3 billion in the prior year. This acceleration was particularly notable in the second quarter following a subdued start to the year.
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%. Assets under management (AUM) stood at EUR 55.9 billion as of 30 June 2026, a slight decrease from EUR 56.2 billion at the end of 2025, mainly due to disposal activity.
Despite a temporary deterioration in the investment environment caused by the Iran conflict, PATRIZIA's management confirms its guidance for 2026. The company expects AUM to range between EUR 55.0 and 60.0 billion, EBITDA between EUR 60.0 and 75.0 million, and an EBITDA margin between 22.0% and 26.5%, reflecting confidence in continued market recovery.
Asoka Wöhrmann, CEO of PATRIZIA, 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, 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. This financial strength gives us the flexibility to continue investing in our platform and in the markets while creating long-term value for shareholders.”
For more information, visit www.patrizia.ag and www.patrizia.foundation.
