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PATRIZIA (PAT) investor relations material
PATRIZIA Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
EBITDA surged to EUR 44.6 million in 9M 2025, up 567% year-over-year, driven by strict cost discipline and improved co-investment income.
Assets under management (AUM) slightly increased quarter-on-quarter to EUR 56.3 billion, supported by net organic growth but offset by currency headwinds.
Closed acquisitions rose by 41% year-over-year to EUR 1.8 billion, with major real estate and infrastructure deals in the UK, Australia, Japan, and Norway.
The business model was streamlined, reducing dependency on market activity and enhancing long-term profitability.
Strategic focus on sector-specific investment strategies, including digital, urban, energy, and living transitions.
Financial highlights
EBITDA margin improved by 18.6 percentage points to 22.1% for 9M 2025.
Net profit for 9M 2025 was EUR 6.9 million, a turnaround from a EUR 29.2 million loss in 9M 2024.
Operating expenses fell by 17.1% to EUR 166.0 million, mainly due to lower staff and other operating costs.
Operating cash flow rose sharply to EUR 40.2 million from EUR 2.3 million in the prior year period.
Management fees increased to EUR 174.0 million, exceeding operating expenses.
Outlook and guidance
EBITDA guidance for FY 2025 raised to EUR 50–65 million, with margin guidance increased to 19%–24%.
AUM guidance for year-end 2025 specified at EUR 56–60 billion, revised due to lower equity raised and currency effects.
Market recovery expected to be slow and steady, with continued focus on efficiency and profitability.
Midterm EUR 100 billion AUM target remains a strategic goal, but pace depends on market dynamics and client demand.
Why was AUM guidance lowered?
How does PATRIZIA decouple profitability?
What real asset sectors drive new acquisitions?
Given slower cycle, what's client capital deployment?
Organic growth path to EUR 100B AUM by 2030?
Future cost efficiency potential after Q3 results?
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Frequently asked questions
PATRIZIA SE is a German-based real estate investment firm that provides asset and investment management services across Europe and globally. The company specializes in managing a diversified portfolio that includes residential, commercial, and logistics properties, serving institutional, semi-institutional, and private investors. PATRIZIA SE offers services such as real estate acquisitions, portfolio management, and development planning, focusing on long-term value creation and sustainable investment solutions in the real estate sector. The company is headquartered in Augsburg, Germany, and its shares are listed on the Frankfurt Stock Exchange.
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