• EBITDA increased considerably by 41.3% to EUR 23.7m (3M 2025: EUR 16.8m) driven by a slight increase in total service fee income and materially lower operating expenses
• Profitability significantly strengthened with EBITDA margin increasing to 32.7% (3M 2025: 23.4%)
• Recurring management fees continue to underpin quality of bottom-line profitability
• Net profit for the period more than doubled to EUR 12.2m (3M 2025: EUR 5.1m)
• AUM broadly stable at EUR 55.8bn (31 December 2025: EUR 56.2bn)
• EBITDA guidance range of EUR 60.0 – 75.0m confirmed

Augsburg, 11 May 2026. PATRIZIA, a leading independent investment manager for real assets, today published its 3M 2026 financial results. The Company increased EBITDA by 41.3% to EUR 23.7m (3M 2025: EUR 16.8m) and more than doubled net profit to EUR 12.2m (3M 2025: EUR 5.1m), reflecting improved operational efficiency and a resilient fee-based business model. Slight increase in total service fee income and further strengthened cost discipline resulted in a strong financial start into 2026. The EBITDA margin surged to 32.7% (3M 2025: 23.4%; +9.4 percentage points) driven by improved efficiency across the platform and ongoing cost discipline.

Sound financial development in 3M 2026
Recurring management fees of EUR 55.8m (3M 2025: EUR 56.0m) remained almost stable and exceeded operating expenses by EUR 4.1m. Performance fees of EUR 12.2m which increased y-o-y (3M 2025: EUR 10.6m) and transactions fees of EUR 1.1m (3M 2025: EUR 1.6m) contributed to a modest increase in total service fee income to EUR 69.0m (3M 2025: EUR 68.2m).

Operating expenses declined to EUR 51.7m (3M 2025: EUR 56.2m), primarily driven by lower staff costs of EUR 33.0m (3M 2025: EUR 38.2m) and continued platform optimisation. With that PATRIZIA delivered on its ambition to improve the resilience and profitability of its business further in 2026.

Net sales revenues and co-investment income reflected an unchanged solid performance of the Company’s own investments amounting to EUR 3.6m (3M 2025: EUR 3.8m) being dominated by stable rental revenues of EUR 3.1m (3M 2025: EUR 3.0m). Other income of EUR 2.8m (3M 2025: EUR 1.1m) increased mainly due to the release of provisions and only had a low positive impact on the profitability in absolute terms. Net profit for the period subsequently more than doubled to EUR 12.2m (3M 2025: EUR 5.1m), supported by higher EBITDA and lower depreciation and amortisation.

Muted market activity in 3M 2026
Assets under management (AUM) remained broadly stable with EUR 55.8bn as at 31 March 2026 (31 December 2025: EUR 56.2bn) with no material impact from valuation or currency effects in the reporting period.

Transaction activity for clients was muted in 3M 2026 impacted by the increased uncertainty and market volatility caused by amplified geopolitical tensions. In 3M 2026 clients remained on the sideline digesting potential implications on interest rate volatility and asset valuations. Closed acquisitions amounted to EUR 0.2bn (3M 2025: EUR 0.9bn). At the same time, closed disposals remained also on low absolute levels with EUR 0.2bn (3M 2025: EUR 0.1bn).

The heightened geopolitical uncertainty also impacted equity raised from clients coming in at EUR 0.1bn (3M 2025: EUR 0.2bn). As of 31 March 2026, the outstanding open equity commitments available for investments via managed funds for clients amounted to EUR 1.3bn (31 December 2025: EUR 1.3bn) leaving PATRIZIA with flexibility to invest and grow AUM when opportunities arise.

Despite this environment, PATRIZIA secured a cornerstone commitment from EIB Global (European Investment Bank) for its energy transition investment strategy, underlining continued investor demand for thematic real asset investments.

Confirmed financial outlook 2026
The geopolitical tensions have not impacted the financial results of the Company due to the significantly increased resilience of the business model with a high portion of recurring fees and solid own balance sheet investments.

Thus, the financial outlook presented for FY 2026 in March 2026 remains unchanged with management expecting:

• AUM in a range between EUR 55.0 – 60.0bn at the end of 2026, excluding potential currency impacts
• EBITDA in a range between EUR 60.0 – 75.0m (2025: EUR 63.0m) and
• EBITDA margin in a range between 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 selectively deploying capital and progressing key initiatives across our Living, infrastructure and asset management platforms, positioning the business to benefit from the next phase of the cycle. We remain confident that investment opportunities across our identified “DUEL” megatrends in Digitalisation, Urbanisation, Energy and Living transitions 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 clearly translating into stronger profitability, a leaner cost base and enhanced financial flexibility.”

PATRIZIA: Investment manager for international smart real assets
PATRIZIA has been providing investment opportunities in smart real assets for institutional, semi-professional, and private investors for more than 40 years, focusing on real estate and infrastructure. PATRIZIA’s investment solutions are driven by the “DUEL” megatrends – Digital, Urban, Energy and Living transitions – and capitalise on the opportunities arising from these transformative global shifts. PATRIZIA currently has approximately EUR 56bn in assets under management (AUM) and employs around 800 professionals across 26 locations worldwide.

PATRIZIA has been committed to making a positive impact since its founding. In 1992, the company began collaborating closely with Bunter Kreis (“Colourful Circle”) in Germany to provide aftercare for children with severe diseases. Since 1999, the PATRIZIA Foundation has provided 800,000 children and young people worldwide with access to education, healthcare and a safe home, enabling them to live better, self-determined lives.

For more information, visit www.patrizia.ag and www.patrizia.foundation

Contact

Dr Janina Rochell