PATRIZIA (PAT) investor relations material

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.