PATRIZIA, a leading independent investment manager for real assets, reported a 46.6% increase in EBITDA to EUR 42.7 million for the first half of 2026, up from EUR 29.1 million in the prior-year period. The company attributed the growth to continued cost discipline and improved operational efficiency, which lifted the EBITDA margin to 31.6% from 21.5%.
The results, published on August 10, 2026, reflect a gradual recovery in real asset markets. Transaction activity remained resilient, with transactions signed increasing by 15.6% to EUR 1.6 billion, primarily driven by disposal activity. Transactions closed amounted to EUR 1.1 billion, down from EUR 1.5 billion in H1 2025, reflecting the gradual pace of market recovery. Fundraising momentum improved significantly, with equity raised from clients increasing to EUR 0.8 billion from EUR 0.3 billion, despite a subdued first quarter.
Total service fee income remained broadly stable at EUR 127.3 million, with recurring management fees at EUR 110.2 million, slightly lower than the prior year. Performance fees increased by 16.8% to EUR 13.2 million, driven by higher distributions and disposal activity. Operating expenses, excluding reorganisation expenses, decreased by 10.9% to EUR 99.8 million, reflecting lower staff costs and ongoing platform optimisation.
Net profit for the period rose significantly to EUR 14.7 million from EUR 4.7 million. Assets under management stood at EUR 55.9 billion as of June 30, 2026, slightly down from EUR 56.2 billion at the end of 2025 due to disposal activity.
The company confirmed its guidance for 2026, expecting AUM in the range of EUR 55.0-60.0 billion, EBITDA between EUR 60.0-75.0 million, and an EBITDA margin of 22.0-26.5%. CEO Asoka Wöhrmann noted that the first half was marked by a gradual recovery in fundraising, with stronger client activity in the second quarter. CFO Martin Praum highlighted the strengthened financial position, with available liquidity of EUR 122.2 million and a net equity ratio of 72.7%.
PATRIZIA's focus on the "DUEL" megatrends—Digital, Urban, Energy, and Living—positions it to capture investment opportunities as markets recover. The company, with over 40 years of experience, manages approximately EUR 56 billion in AUM and employs around 800 professionals across 26 locations worldwide.
For more information, visit www.patrizia.ag and www.patrizia.foundation.
