PATRIZIA, a leading independent investment manager for real assets, announced its H1 2026 financial results, demonstrating strong earnings growth amid a gradually recovering real asset market. The company reported a 46.6% increase in EBITDA to EUR 42.7 million, up from 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 significant improvement in the EBITDA margin to 31.6% (H1 2025: 21.5%).
The company's recurring management fees continued to more than cover operating expenses, underscoring the resilience and quality of its earnings. Total service fee income remained broadly stable at EUR 127.3 million (H1 2025: EUR 128.3 million, -0.8%). Recurring management fees amounted to EUR 110.2 million, a moderate decline of 2.8% compared to the prior-year period, which had benefited from stronger development-related service fees. Transaction fees increased by 5.3% to EUR 3.8 million, primarily driven by disposal fees and realisations on behalf of clients. Performance fees rose by 16.8% to EUR 13.2 million, mainly due to higher Dawonia distributions and fees from disposal activity.
Operating expenses, excluding reorganisation expenses, decreased by 10.9% to EUR 99.8 million, driven by lower staff costs, which fell to EUR 64.9 million from EUR 74.9 million, reflecting a lower full-time equivalent (FTE) base. Other operating expenses also decreased to EUR 25.5 million, supported by ongoing platform optimisation initiatives. The reorganisation result amounted to EUR -0.3 million during the reporting period. Net profit for the period increased significantly to EUR 14.7 million (H1 2025: EUR 4.7 million).
Transaction activity remained resilient, 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 gradual pace of market recovery. Fundraising momentum improved significantly, with equity raised from clients increasing to EUR 0.8 billion (H1 2025: EUR 0.3 billion). Following a subdued first quarter, fundraising accelerated in the second quarter, indicating stronger client activity.
The company's financial strength improved further, supported by increased available liquidity of EUR 122.2 million and a robust net equity ratio of 72.7%. As at 30 June 2026, assets under management (AUM) stood at EUR 55.9 billion, slightly down from EUR 56.2 billion at the end of 2025, primarily due to disposal activity.
Despite the temporary deterioration of the investment environment caused by the Iran conflict, which impacted inflation and interest rates, market sentiment has recovered. PATRIZIA confirms 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 of PATRIZIA, 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."
PATRIZIA has been providing investment opportunities in smart real assets for over 40 years, focusing on real estate and infrastructure. The company's investment solutions are driven by the "DUEL" megatrends – Digital, Urban, Energy and Living transitions. With approximately EUR 56 billion in AUM and around 800 professionals across 26 locations worldwide, PATRIZIA continues to capitalise on transformative global shifts. For more information, visit www.patrizia.ag.
