PATRIZIA, a leading independent investment manager for real assets, announced its H1 2026 financial results on August 10, 2026, revealing a significant increase in EBITDA to EUR 42.7m, up 46.6% from EUR 29.1m in the prior-year period. This growth was driven by continued cost discipline and improved operational efficiency, leading to an EBITDA margin expansion to 31.6% from 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. Transaction activity showed resilience with a gradual recovery, as transactions signed increased by 15.6% to EUR 1.6bn, primarily driven by disposal activity. Transactions closed amounted to EUR 1.1bn, reflecting the gradual pace of market recovery. Fundraising momentum improved significantly, with equity raised from clients growing to EUR 0.8bn compared to EUR 0.3bn in H1 2025, following a subdued first quarter and stronger activity in the second quarter.
Total service fee income remained broadly stable at EUR 127.3m (down 0.8% from EUR 128.3m), with recurring management fees at EUR 110.2m (down 2.8% from EUR 113.4m), reflecting the prior year's stronger development-related fees. Transaction fees increased by 5.3% to EUR 3.8m, driven by disposal fees and realisations. Performance fees rose by 16.8% to EUR 13.2m, mainly due to higher Dawonia distributions and disposal activity. Net sales revenues and co-investment income increased to EUR 8.0m, supported by higher dividend income from increased co-investments.
Operating expenses, excluding reorganisation expenses, decreased by 10.9% to EUR 99.8m, driven by lower staff costs (down to EUR 64.9m from EUR 74.9m) and other operating expenses (down to EUR 25.5m from EUR 29.2m) due to platform optimisation. Other expenses increased to EUR 9.4m, while other income rose to EUR 7.7m. The reorganisation result was EUR -0.3m. Consequently, net profit for the period surged to EUR 14.7m from EUR 4.7m.
Assets under management (AUM) stood at EUR 55.9bn as of June 30, 2026, slightly down from EUR 56.2bn at end-2025, mainly due to disposal activity. The company's financial strength improved, with available liquidity increasing to EUR 122.2m and a robust net equity ratio of 72.7%.
Despite temporary market volatility from the Iran conflict, PATRIZIA confirmed its guidance for 2026, expecting AUM in the range of EUR 55.0-60.0bn, EBITDA between EUR 60.0-75.0m, and an EBITDA margin of 22.0-26.5%.
Asoka Wöhrmann, CEO, commented: “The first half of 2026 was marked by a gradual recovery in fundraising, with stronger client activity in the second quarter. While the real asset markets continue their gradual recovery, the underlying market fundamentals are strengthening. PATRIZIA is well positioned to capture attractive investment opportunities for clients.” Martin Praum, CFO, added: “We further strengthened our financial position and resilience, increased our participations and recurring income, covered dividend payments, and grew available liquidity. The significant expansion of our EBITDA margin underscores the scalability of our platform and disciplined cost management.”
PATRIZIA has been providing investment opportunities in smart real assets for over 40 years, focusing on real estate and infrastructure, and manages approximately EUR 56bn in AUM across 26 locations worldwide. For more information, visit www.patrizia.ag.
