PATRIZIA, a leading independent investment manager for real assets, has reported a significant increase in its first-half 2026 earnings, 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 notable expansion of 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.
The market environment for real assets has been gradually recovering, although the pace remains uneven. PATRIZIA's transaction activity showed resilience, with transactions signed increasing by 15.6% to EUR 1.6 billion, primarily due to disposal activity. Transactions closed amounted to EUR 1.1 billion, reflecting the gradual pace of recovery. Fundraising momentum improved significantly, with equity raised from clients surging to EUR 0.8 billion from EUR 0.3 billion in the prior-year period, driven by stronger client activity in the second quarter.
Total service fee income remained broadly stable at EUR 127.3 million, while recurring management fees declined moderately to EUR 110.2 million. Transaction fees increased by 5.3% to EUR 3.8 million, and performance fees grew by 16.8% to EUR 13.2 million, mainly due to higher Dawonia distributions and disposal activity. Net sales revenues and co-investment income rose to EUR 8.0 million, driven by higher dividend income from increased co-investments.
Operating expenses, excluding reorganisation expenses, decreased by 10.9% to EUR 99.8 million, reflecting lower staff costs and ongoing platform optimisation. Other income increased to EUR 7.7 million, primarily due to higher releases of provisions. As a result, net profit for the period jumped to EUR 14.7 million from EUR 4.7 million in H1 2025.
Assets under management (AUM) stood at EUR 55.9 billion as of 30 June 2026, slightly down from EUR 56.2 billion at the end of 2025, mainly due to disposal activity. 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%.
Despite temporary market volatility caused by the Iran conflict, PATRIZIA has confirmed its guidance for 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%.
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.
