PATRIZIA (PAT) Company presentation summary

Business evolution and platform overview

• Transitioned from a German real estate investor to a global real asset investment manager with EUR 56bn AUM as of March 2026, ranking #3 in European real estate by AUM.

• Operates an asset-light, dual-engine business model combining investment management and balance sheet investments, with a scalable platform and over 800 employees across 26 global offices.

• Management fees now consistently exceed operating expenses, supporting a shift to more predictable, recurring earnings and margin expansion.

• Strategic focus on digital, urban, energy, and living transitions, with thematic growth areas in smart cities, infrastructure, and value-add real estate.

Financial performance and profitability

• EBITDA rose 41% year-over-year to EUR 23.7m in Q1 2026, with margin expanding to 32.7% due to higher service fee income and reduced operating expenses.

• Operating expenses declined 8% to EUR 51.7m, mainly from lower staff costs and ongoing platform optimization.

• Investment management segment drove improved earnings quality, with stable contributions from balance sheet investments.

• Operating cash flow for 2025 surged to EUR 57.6m, more than covering the proposed dividend payout.

Assets under management and client base

• AUM remained stable at EUR 55.8bn in Q1 2026, reflecting portfolio resilience and limited market impact.

• 85% of AUM has maturities over 10 years, with an average fund LTV of 30% and EUR 1.3bn in open equity commitments for new investments.

• Broadly diversified client base includes over 550 institutional and 7,000 private clients, with significant firepower for future investments.