PATRIZIA, a leading independent real assets investment manager, today published its financial results for the first half of 2026. Against the backdrop of a gradual recovery in the real asset markets, PATRIZIA delivered strong earnings growth in the first half of 2026. The company increased EBITDA by 46.6% to EUR 42.7 million (H1 2025: EUR 29.1 million), driven by continued cost discipline and improved operational efficiency. The EBITDA margin increased significantly to 31.6% (H1 2025: 21.5%), reflecting the scalability of PATRIZIA’s platform and a structurally leaner cost base. Recurring management fees continued to exceed expense items, strengthening the quality of earnings and the basis for profitable growth.
Market environment and business development
Real asset markets continued their recovery in the first half of 2026, although it continued to be gradual and uneven. Against this backdrop, transaction activity remained resilient, with the volume of signed transactions increasing by 15.6% to EUR 1.6 billion, mainly driven by divestments. The volume of completed transactions amounted to EUR 1.1 billion (H1 2025: EUR 1.5 billion), reflecting the continued gradual pace of market recovery.
At the same time, the dynamics in fundraising improved significantly. Equity raised by customers rose to EUR 0.8 billion (H1 2025: EUR 0.3 billion). After an equity inflow of only EUR 0.1 billion in the first quarter of 2026, fundraising accelerated noticeably in the second quarter. This reflects stronger customer activity after a subdued start to the year.
Financial development
Total fee income remained largely stable in H1 2026 at EUR 127.3 million (H1 2025: EUR 128.3 million; -0.8%). Recurring management fees amounted to EUR 110.2 million in H1 2026, which was moderately below the previous year’s figure of EUR 113.4 million (-2.8%). Management fees in H1 2025 benefited from higher development-related service fees. Transaction fees amounted to EUR 3.8 million (H1 2025: EUR 3.6 million; +5.3%) and were mainly borne by divestment-related transactions on behalf of customers. Performance-based fees increased by 16.8% to EUR 13.2 million (H1 2025: EUR 11.3 million), mainly due to higher distributions from Dawonia and fees from divestment activities.
Net income from sales of own assets and co-investments increased to EUR 8.0 million in H1 2026 (H1 2025: EUR 7.3 million), driven by higher dividend income from increased co-investments, while rental income generated from consolidated real estate investments remained almost stable.
Expense items, adjusted for reorganization expenses, decreased by 10.9% to EUR 99.8 million in H1 2026 (H1 2025: EUR 112.1 million). The decrease was mainly due to lower personnel costs of EUR 64.9 million (H1 2025: EUR 74.9 million) as a result of a lower FTE base. Other operating expenses decreased to EUR 25.5 million
(H1 2025: EUR 29.2 million), supported by ongoing platform optimization initiatives. Other expenses amounted to EUR 9.4 million (H1 2025: EUR 8.0 million).
Other income, adjusted for income from reorganization, increased to EUR 7.7 million (H1 2025: EUR 5.6 million), primarily due to higher reversals of provisions compared to the same period of the previous year.
In the reporting period, the reorganization result amounted to EUR -0.3 million (H1 2025: EUR 0 million).
As a result of the factors described above, EBITDA in H1 2026 increased significantly to EUR 42.7 million (H1 2025: EUR 29.1 million). The EBITDA margin increased to 31.6% (H1 2025: 21.5%) due to improved efficiency across the platform and continued cost discipline.
Net income for the period increased significantly to EUR 14.7 million in H1 2026 (H1 2025: EUR 4.7 million).
Assets under Management
As of June 30, 2026, assets under management (AUM) amounted to EUR 55.9 billion, compared to EUR 56.2 billion as of December 31, 2025. The slight decline was mainly due to divestment activities.
Forecast for 2026 confirmed
In the first half of 2026, the outbreak of the Iran conflict had a negative impact on inflation and interest rates, which led to a temporary deterioration in the investment environment. Since then, market sentiment has brightened again despite ongoing market volatility. Against this backdrop, PATRIZIA continues to expect an increase in fundraising volume and transaction activity compared to 2025. Accordingly, the guidance for the 2026 financial year remains unchanged, with management expecting the following:
Assets under management in a range of EUR 55.0 – 60.0 billion at the end of 2026, excluding possible currency effects, EBITDA in a range of EUR 60.0 – 75.0 million and EBITDA margin in a range of EUR 22.0 – 26.5%.
Asoka Wöhrmann, CEO of PATRIZIA SE, comments: “The first half of 2026 was marked by a gradual recovery in fundraising, with client activity picking up speed in the second quarter after a subdued start to the year. While real asset markets are on a partially uneven recovery path, the underlying fundamentals are increasingly firming. PATRIZIA is well positioned to take advantage of attractive investment opportunities for clients in the various real asset markets.”
Martin Praum, CFO of PATRIZIA SE, adds: “In the first half of 2026, we further strengthened PATRIZIA’s financial position and resilience. Supported by the realization of the first exit carry tranche in one of our residential real estate portfolios, we were able to increase our investments and current income, cover dividend payments and at the same time increase our available liquidity. In addition, the significant increase in our EBITDA margin to 31.6% underlines the scalability of our platform, our 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 markets while creating long-term value for our shareholders.”
