PATRIZIA, a leading independent investment manager for real assets, has announced its financial results for the first half of 2026, revealing a significant increase in EBITDA to EUR 42.7 million, a 46.6% rise compared to EUR 29.1 million in the same period last year. This growth was primarily 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 exceed operating expenses, underscoring the resilience and quality of its earnings.
The market environment for real assets has been gradually recovering, though the pace remains uneven. Despite this, transaction activity showed resilience with transactions signed increasing by 15.6% to EUR 1.6 billion, largely due to disposal activity. Transactions closed amounted to EUR 1.1 billion, reflecting the gradual market recovery. Fundraising momentum improved significantly, with equity raised from clients surging to EUR 0.8 billion, compared to EUR 0.3 billion in H1 2025. This acceleration was particularly notable in the second quarter, following a subdued start to the year.
Total service fee income remained broadly stable at EUR 127.3 million, slightly down from EUR 128.3 million. Recurring management fees saw a moderate decline of 2.8% to EUR 110.2 million, partly due to stronger development-related fees in the prior year. However, performance fees increased by 16.8% to EUR 13.2 million, driven by higher distributions and disposal activity. Net sales revenues and co-investment income rose to EUR 8.0 million, benefiting from increased dividend income.
Operating expenses decreased by 10.9% to EUR 99.8 million, primarily due to lower staff costs and other operating expenses, reflecting the benefits of platform optimisation initiatives. As a result, net profit for the period increased significantly to EUR 14.7 million, up 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 confirmed its guidance for the full year 2026, expecting AUM to be between EUR 55.0 and 60.0 billion, EBITDA between EUR 60.0 and 75.0 million, and an EBITDA margin between 22.0% and 26.5%.
Asoka Wöhrmann, CEO of PATRIZIA, commented on the results, highlighting the gradual recovery in fundraising and the strengthening market fundamentals. Martin Praum, CFO, emphasized the company's enhanced financial position and the scalability of its platform, which supports continued investment in growth opportunities.
For more information, visit PATRIZIA's website and PATRIZIA Foundation.
