PATRIZIA, a leading independent investment manager for real assets, announced its H1 2026 financial results, revealing a substantial increase in EBITDA. The company reported EBITDA of EUR 42.7 million, a 46.6% rise compared to the EUR 29.1 million in the same period last year. This growth was driven by continued cost discipline and enhanced operational efficiency. The EBITDA margin improved significantly to 31.6%, up from 21.5% in H1 2025, 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, underscoring the resilience and quality of its earnings. In a market that is gradually recovering, PATRIZIA saw transaction activity remain 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 from EUR 0.3 billion in the prior year. After a subdued start with only EUR 0.1 billion raised in Q1, fundraising accelerated in Q2, 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 moderate decline from EUR 113.4 million. Performance fees increased by 16.8% to EUR 13.2 million, mainly due to higher distributions and disposal fees.
Operating expenses, excluding reorganisation expenses, decreased by 10.9% to EUR 99.8 million, driven by lower staff costs and ongoing platform optimisation. The company also reported a reorganisation result of EUR -0.3 million. Consequently, net profit for the period increased significantly to EUR 14.7 million, up from EUR 4.7 million in H1 2025.
As of 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. The company confirmed 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. This financial strength gives us the flexibility to continue investing in our platform and in the markets while creating long-term value for shareholders."
The financial results highlight PATRIZIA's ability to navigate challenging market conditions and emerge with stronger profitability. The company's focus on cost efficiency and operational improvements has paid off, positioning it well for future growth as markets continue to recover. For more information, visit www.patrizia.ag.
