PATRIZIA, a leading independent investment manager for real assets, has reported a significant increase in earnings for the first half of 2026, with EBITDA rising by 46.6% 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% in H1 2025.
The company's recurring management fees continued to more than cover operating expenses, underscoring the resilience and quality of its earnings. Despite a gradual and uneven recovery in real asset markets, transaction activity remained resilient, with transactions signed increasing by 15.6% to EUR 1.6 billion, primarily driven by disposal activity. Transactions closed amounted to EUR 1.1 billion, reflecting the slow pace of market recovery.
Fundraising momentum improved significantly during the period, with equity raised from clients increasing to EUR 0.8 billion, up from EUR 0.3 billion in H1 2025. After a subdued start in the first quarter, fundraising accelerated in the second quarter, indicating stronger client activity.
Total service fee income remained broadly stable at EUR 127.3 million, while recurring management fees saw a moderate decline to EUR 110.2 million. Performance fees increased by 16.8% to EUR 13.2 million, mainly driven by higher Dawonia distributions and fees from disposal activity. Net sales revenues and co-investment income rose to EUR 8.0 million, supported by higher dividend income from increased co-investments.
Operating expenses, excluding reorganisation expenses, 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 decreased to EUR 25.5 million, aided by ongoing platform optimisation initiatives.
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%. Net profit for the period rose significantly to EUR 14.7 million, up from EUR 4.7 million in H1 2025.
Assets under management stood at EUR 55.9 billion as of 30 June 2026, slightly down from EUR 56.2 billion at the end of 2025, primarily due to disposal activity.
Looking ahead, PATRIZIA has confirmed its guidance for the full year 2026, expecting AUM in the range of EUR 55.0-60.0 billion, EBITDA between EUR 60.0-75.0 million, and an EBITDA margin of 22.0-26.5%. The company remains cautiously optimistic about fundraising and transaction activity, despite potential market volatility.
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. 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 PATRIZIA's website.
