PATRIZIA reports improved 3M 2025 financial results and organic AUM growth

• Material improvement in investment volume for clients with still muted equity raising: Transactions closed increased by 60.8% y-o-y; transactions signed more than doubled y-o-y
• AUM stable at EUR 56.1bn (31 December 2024: EUR 56.4bn, 31 March 2024: EUR 56.7bn) achieving best organic growth since Q4 2023 - however was still impacted by valuation effects
• Total service fee income at EUR 68.2m (3M 2024: EUR 72.5m), moderate decline mainly due lower performance fees
• EBITDA increased to EUR 16.8m (3M 2024: EUR 15.1m¹), driven by tight cost control leading to increased efficiency and higher earnings quality
• Annual General Meeting on 4 June 2025 to decide on dividend per share proposal of EUR 0.35 for FY 2024, payable on 9 June 2025

Augsburg, 13 May 2025. PATRIZIA today published its 3M 2025 financial results. EBITDA improved by 11.5% to EUR 16.8m (3M 2024: EUR 15.1m¹) especially driven by efficiency gains. The Group’s streamlined organisational setup and focus on cost discipline paid off. Operating expenses were significantly reduced to EUR 56.2m (3M 2024: EUR 64.7m¹), more than offsetting the moderate decline in total service fee income to EUR 68.2m (3M 2024: EUR 72.5m). With that PATRIZIA delivered on its ambition to improve the resilience and profitability of the business in the first three month of 2025.

Market environment gradually improving

3M 2025 presented slightly improving market conditions for investments in real assets. Client demand and activity has picked up again. PATRIZIA successfully utilised open equity commitments to close investments worth EUR 0.9bn (3M 2024: EUR 0.3bn). At the same time, divestment activity was significantly lower with EUR 0.1bn (3M 2024: EUR 0.3bn). This has led to an organic AUM growth of EUR 0.8bn achieving the highest organic growth in a quarter since Q4 2023. Most transactions closed were attributable to the infrastructure sector, while transaction activity in the real estate sector was driven by Residential and Logistics.

Signed transactions in 3M 2025 amounted to EUR 0.8bn, of which EUR 0.3bn have not been closed in the first quarter 2025 and will positively impact AUM in the following quarters. The equity raised from clients by PATRIZIA did not yet show any sustained improvement and reached EUR 0.2bn (3M 2024: EUR 0.3bn), which is to be used mainly for investments in RE-Infra/Smart Cities. The open equity commitments available for investments via managed funds amounted EUR 1.1bn (31 December 2024: EUR 1.3bn).

Assets under management (AUM) showed a slight y-t-d decrease of 0.5% to EUR 56.1bn (31 December 2024: EUR 56.4bn, 31 March 2024: EUR 56.7bn). While transactions closed had a positive net effect on AUM (organic growth) of EUR 0.8bn, the Group has still experienced negative valuation effects of EUR -0.6bn and cash movements of EUR -0.6bn reducing AUM y-t-d.

Asoka Wöhrmann, CEO of PATRIZIA SE comments: “The first quarter 2025 showed encouraging signs that our Mid-term Strategy 2030 and our streamlined organisation are bearing fruit. The market environment has gradually improved and we delivered one of our strongest quarters in terms of organic AUM growth since end of 2023. In infrastructure we invested successfully in data centres and mobility solutions and on the real estate side in logistics and affordable housing. And we will continue to focus our investment activities on attractive sectors leveraging the DUEL megatrends and our smart real asset expertise.”

Financial results

Total service fee income decreased by 5.9% to EUR 68.2m (3M 2024: EUR 72.5m). This was mainly attributable to lower performance fees of EUR 10.6m (3M 2024: EUR 14.6m) driven by lower annual carry payments. Transaction fees came in at EUR 1.6m (3M 2024: EUR 0.2m) given the increased client investments and transaction volumes. Recurring management fees fared almost stable with EUR 56.0m (3M 2024: EUR 57.7m) being virtually sufficient to fully cover the meaningfully reduced operating expenses of EUR 56.2m (3M 2024: EUR 64.7m¹). As a result, the Group has successfully improved its earnings quality and strengthened its ability to generate profits even in a subdued market environment with limited client activity.

Net sales revenues and co-investment income more than doubled to EUR 3.8m (3M 2024: EUR 1.6m). In contrast other income decreased to EUR 1.0m (3M 2024: EUR 5.7m), materially down y-o-y due to lower positive impact from the release of provisions.

As a result of the tight cost control and achieved efficiency gains, EBITDA increased by 11.5% to EUR 16.8m (3M 2024: EUR 15.1m¹) and the EBITDA margin increased to 23.4% (3M 2024: 20.3%¹). Net profit for the period more than doubled y-o-y to EUR 5.1m (3M 2024: EUR 2.1m¹).

Martin Praum, CFO of PATRIZIA SE adds: “We have significantly improved the earnings quality of PATRIZIA in the first three months of 2025. Operating expenses were almost fully covered by recurring management fees, strengthening our financial resilience. We will continue to focus on platform efficiency while maintaining our balance sheet strength and financial flexibility.”

Annual General Meeting, dividend payment and outlook

PATRIZIA’s 2025 Annual General Meeting will be held virtually on 4 June 2025. The Board of Directors is proposing a dividend per share of EUR 0.35 for FY 2024, equivalent to a growth of 2.9% y-o-y and the seventh consecutive increase in dividends. PATRIZIA shares are expected to trade ex-dividend on 5 June 2025 and the dividend is expected to be paid on 9 June 2025.

PATRIZIA confirms its financial guidance for FY 2025 with AUM in a range between EUR 58.0 - 62.0bn and an EBITDA of between EUR 40.0 - 60.0m, equivalent to an EBITDA margin of between 15.2 - 20.8%. The guidance assumes that client investment activity further builds momentum in FY 2025.

¹ Restated figures

PATRIZIA: A leading partner for global real assets

With operations around the world, PATRIZIA has been offering investment opportunities in real estate and infrastructure assets for institutional, semi-professional and private investors for 41 years. PATRIZIA manages over EUR 55bn in assets and employs around 900 professionals at 26 locations worldwide. PATRIZIA has been making an impact since 1984 by helping children in need, since 1992 in close collaboration with Bunter Kreis (“colourful circle”) in Germany for aftercare of children with severe diseases and since 1999 through its support for the PATRIZIA Foundation. The PATRIZIA Foundation has given more than 750,000 children and young people worldwide access to education, healthcare, and a safe home to get the chance to live a better self-determined life over the last 25 years. You can find further information at www.patrizia.ag and www.patrizia.foundation

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