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 and improved profitability. The company reported EBITDA of EUR 42.7 million, a 46.6% increase 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%, up 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. This financial strength supports PATRIZIA's ability to invest in its platform and pursue growth opportunities. Total service fee income remained broadly stable at EUR 127.3 million, slightly down from EUR 128.3 million, while performance fees increased by 16.8% to EUR 13.2 million, driven by higher distributions and disposal activity.
Transaction activity showed signs of gradual recovery, 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 cautious pace of market recovery. Fundraising momentum improved significantly, with equity raised from clients increasing to EUR 0.8 billion, up from EUR 0.3 billion in the prior year. This acceleration was particularly notable in the second quarter, following a subdued start to the year.
Operating expenses, excluding reorganisation costs, decreased by 10.9% to EUR 99.8 million, driven by lower staff costs and other expenses. This cost reduction contributed to the improved EBITDA margin. Net profit for the period increased significantly to EUR 14.7 million, compared to EUR 4.7 million in H1 2025.
Assets under management (AUM) stood at EUR 55.9 billion as of June 30, 2026, slightly down from EUR 56.2 billion at the end of 2025, mainly due to disposal activity. Despite this, the company confirmed its guidance for the full year 2026, expecting AUM in the range of EUR 55.0 to 60.0 billion, EBITDA between EUR 60.0 and 75.0 million, and an EBITDA margin between 22.0% and 26.5%.
The company acknowledged that the Iran conflict negatively impacted inflation and interest rates, causing a temporary deterioration in the investment environment. However, market sentiment has since recovered, and PATRIZIA expects fundraising volumes and transaction activity to increase compared to 2025. 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."
The company's financial strength is further evidenced by increased available liquidity of EUR 122.2 million and a robust net equity ratio of 72.7%. These factors position PATRIZIA to navigate market volatility and capitalize on investment opportunities. For more information, visit www.patrizia.ag and www.patrizia.foundation.
