PATRIZIA, a leading independent investment manager for real assets, today published its financial results for 3M 2026. The company increased EBITDA by 41.3% to EUR 23.7 million (3M 2025: EUR 16.8 million). Net income for the period more than doubled to EUR 12.2 million (3M 2025: EUR 5.1 million), driven by improved operational efficiency and a robust, fee-based business model. A slight increase in overall fee income and further improved cost discipline led to a strong financial start to 2026. The EBITDA margin increased to 32.7% (3M 2025: 23.4%; +9.4 percentage points), driven by improved efficiency across the platform and continued cost discipline.
Solid financial performance in 3M 2026
Recurring management fees of EUR 55.8 million (3M 2025: EUR 56.0 million) remained almost stable and were EUR 4.1 million above the expense item. Performance-related fees of EUR 12.2 million, which increased compared to the same period of the previous year (3M 2025: EUR 10.6 million), as well as transaction fees of EUR 1.1 million (3M 2025: EUR 1.6 million) contributed to a slight increase in total fee income to EUR 69.0 million (3M 2025: EUR 68.2 million).
Expense items decreased to EUR 51.7 million (3M 2025: EUR 56.2 million), mainly due to lower personnel costs of EUR 33.0 million (3M 2025: EUR 38.2 million) and the continued optimization of the platform. PATRIZIA has thus achieved its goal of further improving the resilience and profitability of its business in 2026.
Net income from the sale of the Group’s own portfolio and from co-investments reflected an unchanged solid development of the Group’s own balance sheet investments, which amounted to EUR 3.6 million (3M 2025: EUR 3.8 million) and was characterized by stable rental income of EUR 3.1 million (3M 2025: EUR 3.0 million). Other income of EUR 2.8 million (3M 2025: EUR 1.1 million) increased mainly due to the reversal of provisions and had only a minor positive impact on profitability in absolute terms. As a result, net income for the period more than doubled to EUR 12.2 million (3M 2025: EUR 5.1 million), supported by higher EBITDA and lower depreciation and amortization.
Subdued market activity in 3M 2026
Assets under management (AUM) remained almost stable at EUR 55.8 billion as of March 31, 2026 (December 31, 2025: EUR 56.2 billion), with valuation or currency effects not having a material impact in the reporting quarter.
Transaction activity for customers was subdued in 3M 2026 due to increased uncertainty and market volatility caused by heightened geopolitical tensions. In 3M 2026, clients showed a generally wait-and-see attitude to assess the potential impact of geopolitical tensions on interest rate volatility and asset valuations. Closed acquisitions amounted to EUR 0.2 billion (3M 2025: EUR 0.9 billion). At the same time, closed sales also remained at a low level of EUR 0.2 billion (3M 2025: EUR 0.1 billion).
The increased geopolitical uncertainty also had an impact on equity raised by customers , which amounted to EUR 0.1 billion (3M 2025: EUR 0.2 billion). As of 31 March 2026 , outstanding outstanding equity commitments available for investments to clients through managed funds amounted to EUR 1.3 billion (31 December 2025: EUR 1.3 billion), giving PATRIZIA the flexibility to invest as opportunities arise and increase AUM.
Despite this environment, PATRIZIA secured a new capital commitment from EIB Global (European Investment Bank) for its energy transition investment strategy, underlining the continued investor demand for thematic investments in real assets.
Financial outlook for 2026 confirmed
Geopolitical tensions have not impacted the company’s financial results, as the business model has become significantly more resilient thanks to a high proportion of recurring fees and solid balance sheet investments.
Thus, the financial outlook for the 2026 financial year presented in March 2026 remains unchanged, with management expecting the following:
- AUM 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 (2025: EUR 63.0 million) and
- EBITDA margin in a range of 22.0 – 26.5% (2025: 22.9%).
Asoka Wöhrmann, CEO of PATRIZIA SE, comments: “While client activity remained subdued in the first three months of 2026, our financial performance demonstrates the resilience, profitability and scalability of our platform. At the same time, we are targeting capital and driving key initiatives across living, infrastructure and asset management platforms to position the company to benefit from the next phase of the cycle. We remain confident that investment solutions in our identified “DUEL” megatrends – digitalization, urbanization, energy transition and modern living – will continue to support long-term growth.”
Martin Praum, CFO of PATRIZIA SE, adds: “Our results reflect the continued improvement in earnings quality and operational efficiency. The measures implemented in recent years are now reflected in significantly higher profitability, a leaner cost base and improved financial flexibility.”
