PATRIZIA, a leading independent investment manager for real assets, reported preliminary unaudited financial results for fiscal year 2025 showing substantial improvement in key financial metrics. The company achieved a 35.4% increase in EBITDA to EUR 63.0 million, reaching the upper end of its guidance range through continued cost discipline, management fee growth, and improved performance of balance sheet seed and co-investments.
Recurring management fees of EUR 233.4 million returned to growth and exceeded all operating expenses for the first time, achieving the strategic goal of making financial results less dependent on market conditions. Operating expenses decreased significantly by 10.2% to EUR 224.8 million through efficiency measures and constant cost discipline. The company's earnings quality improved with growth in both management fees and net sales revenues while reducing costs further.
Assets under management remained almost stable at EUR 56.2 billion despite negative currency effects, with asset valuations stabilizing throughout 2025. Client demand for real assets investments increased, with equity raised from clients growing by 22.1% to EUR 1.2 billion. Transaction activity showed positive momentum, with closed acquisitions jumping 24.1% to EUR 2.2 billion and closed disposals increasing 10.8% to EUR 1.3 billion.
The improved earnings development and optimized working capital management led to substantial growth in operating cash flow, which surged to EUR 57.6 million from EUR 12.6 million in 2024. This strong cash generation enabled the company to invest additional capital in strategic co-investments while maintaining financial flexibility. Net profit for the period substantially improved to EUR 16.4 million, primarily due to the positive development of EBITDA.
PATRIZIA's Board of Directors proposed increasing the dividend per share by 2.9% to EUR 0.36, marking the eighth consecutive annual increase. The dividend proposal is fully covered by the improved operating cash flow and reflects the company's financial progress achieved in 2025. If adopted by the Annual General Meeting in June 2026, this would represent a dividend yield of approximately 4.6% at current share price levels.
For fiscal year 2026, PATRIZIA expects EBITDA in a range between EUR 60.0-75.0 million, implying a moderate increase in total service fee income with continued active cost management. The company anticipates higher fundraising volumes and increased transaction activity in 2026 compared to 2025, with AUM expected to close in a range between EUR 55.0-60.0 billion at year-end, excluding potential currency impacts.
CEO Asoka Wöhrmann commented that the company successfully concentrated efforts on streamlining processes, enhancing efficiency, and strengthening earnings quality. He noted that investor sentiment in real estate has stabilized and infrastructure markets showed encouraging momentum, supported by the acceleration of the energy transition and growing interest in circular economy assets. The beginning of a new investment cycle in 2026 is expected to present higher-yielding investment opportunities for clients.
CFO Martin Praum added that recurring management fees now fully cover operating expenses, underlining the structural strength of the platform and providing higher operational leverage for expected growth in 2026. The company has further strengthened its balance sheet, financial, and liquidity situation through strategic measures implemented in 2025. For more information about PATRIZIA's operations and investment approach, visit https://www.patrizia.ag.
