PATRIZIA, a leading independent investment manager for real assets, reported a significant increase in EBITDA for the first half of 2026, underscoring the resilience of its business model amid a gradually recovering market. The company's EBITDA rose by 46.6% to EUR 42.7 million, compared to EUR 29.1 million in the prior-year period, while the EBITDA margin improved substantially to 31.6% from 21.5%. This performance was driven by continued cost discipline and improved operational efficiency, reflecting the scalability of PATRIZIA's platform and a structurally leaner cost base.
The company's recurring management fees continued to more than cover operating expenses, strengthening earnings quality and supporting profitable growth. Total service fee income remained broadly stable at EUR 127.3 million, with recurring management fees at EUR 110.2 million, slightly down from EUR 113.4 million. Transaction fees increased by 5.3% to EUR 3.8 million, primarily driven by disposal fees and realisations on behalf of clients. Performance fees grew 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 and ongoing platform optimisation initiatives. As a result, net profit for the period increased significantly to EUR 14.7 million from EUR 4.7 million in H1 2025.
In terms of market activity, transactions signed increased by 15.6% to EUR 1.6 billion, while transactions closed amounted to EUR 1.1 billion. Fundraising momentum improved, with equity raised from clients surging to EUR 0.8 billion from EUR 0.3 billion, particularly accelerating in the second quarter. Assets under management stood at EUR 55.9 billion as of 30 June 2026, slightly down from EUR 56.2 billion at year-end 2025, primarily 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%. This financial flexibility allows PATRIZIA to continue investing in its platform and capture attractive investment opportunities for clients.
Looking ahead, PATRIZIA confirmed its guidance for the full year 2026, expecting AUM 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%. The company remains optimistic about fundraising volumes and transaction activity increasing compared to 2025, despite ongoing market volatility.
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."
PATRIZIA has been providing investment opportunities in smart real assets for over 40 years, focusing on real estate and infrastructure. With approximately EUR 56 billion in assets under management and around 800 professionals across 26 locations worldwide, the company capitalises on the "DUEL" megatrends – Digital, Urban, Energy and Living transitions. For more information, visit PATRIZIA's website.
