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PATRIZIA (PAT) investor relations material
PATRIZIA Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
EBITDA nearly doubled year-over-year to EUR 29.1m in H1 2025, driven by strict cost discipline, efficiency measures, and improved earnings quality, despite a slight decrease in AUM and revenues.
EBITDA margin increased by 10.9 percentage points to 21.5%, mainly due to annual carry payments in Q1 2025.
Assets under management (AUM) remained stable at EUR 55.9bn, with organic growth offset by currency headwinds.
Net profit for the period improved to EUR 4.7m from a loss of EUR 12.7m in H1 2024, reflecting lower personnel and operating expenses and improved equity method earnings.
Transaction volumes in real estate and infrastructure increased, with acquisitions up 58% to EUR 1.2bn and divestments limited to EUR 300m.
Financial highlights
EBITDA increased by 98% to EUR 29.1m compared to H1 2024, with margin rising to 21.5%.
Operating expenses fell by 16.7% to EUR 112.6m, mainly due to lower staff costs and efficiency measures.
Net profit for the period reached EUR 4.7m, reversing a loss of EUR 12.7m in H1 2024.
Management fees remained stable, while transaction and performance fees declined due to lower activity and carry payments.
Available liquidity stood at EUR 80.2m, with a EUR 100m revolving credit facility as backup.
Outlook and guidance
FY 2025 guidance confirmed: AUM expected between EUR 58.0bn and EUR 62.0bn, EBITDA between EUR 40.0m and EUR 60.0m, and EBITDA margin of 15.2% to 20.8%.
Management anticipates gradual improvement in client activity and transaction markets in H2 2025, supported by a stable interest rate environment.
Focus remains on process efficiencies, cost ratios, and recurring profitability.
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