PATRIZIA, a leading independent investment manager for real assets, has reported a significant increase in EBITDA for the first half of 2026, rising by 46.6% to EUR 42.7 million compared to EUR 29.1 million in the same period last year. This growth was driven by continued cost discipline and improved operational efficiency, leading to an EBITDA margin expansion to 31.6% from 21.5% in H1 2025. The company's recurring management fees continued to more than cover operating expenses, underscoring the resilience and quality of its earnings.
The market environment for real assets is gradually recovering, albeit unevenly. Transaction activity showed resilience, with transactions signed increasing by 15.6% to EUR 1.6 billion, primarily from disposal activity. Transactions closed amounted to EUR 1.1 billion, reflecting the gradual pace of recovery. Fundraising momentum improved significantly, with equity raised from clients increasing to EUR 0.8 billion from EUR 0.3 billion in the prior year. After a subdued first quarter, fundraising accelerated in the second quarter, indicating stronger client activity.
Total service fee income remained broadly stable at EUR 127.3 million, with recurring management fees at EUR 110.2 million, a slight decline from EUR 113.4 million, partly due to lower development-related fees. Transaction fees increased by 5.3% to EUR 3.8 million, while performance fees rose by 16.8% to EUR 13.2 million, driven by higher distributions and disposal-related fees. Net sales revenues and co-investment income increased to EUR 8.0 million, supported by higher dividend income from increased co-investments.
Operating expenses, excluding reorganisation expenses, decreased by 10.9% to EUR 99.8 million, largely due to lower staff costs, which fell to EUR 64.9 million as a result of a reduced FTE base. Other operating expenses also declined to EUR 25.5 million, aided by platform optimisation initiatives. Other income increased to EUR 7.7 million, primarily from higher releases of provisions. The reorganisation result was EUR -0.3 million. Consequently, net profit for the period surged to EUR 14.7 million from EUR 4.7 million.
Assets under management (AUM) stood at EUR 55.9 billion as of 30 June 2026, slightly down from EUR 56.2 billion at the end of 2025, mainly due to disposal activity. The company's financial strength improved, with available liquidity increasing to EUR 122.2 million and a robust net equity ratio of 72.7%.
Looking ahead, PATRIZIA has confirmed its guidance for 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 and transaction activity increasing compared to 2025, despite potential market volatility.
Asoka Wöhrmann, CEO of PATRIZIA, noted that the first half of 2026 saw a gradual recovery in fundraising, with stronger client activity in the second quarter. He emphasized that while the recovery path is uneven, market fundamentals are strengthening, positioning PATRIZIA to capture attractive investment opportunities. CFO Martin Praum highlighted the company's strengthened financial position, supported by a first exit carry tranche from a residential portfolio, which increased participations and recurring income while growing liquidity. The significant EBITDA margin expansion underscores the scalability of the platform and disciplined cost management, providing flexibility for continued investment and long-term value creation.
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