PATRIZIA, a leading independent investment manager for real assets, today published preliminary unaudited financial results for FY 2025, reporting a 35.4% increase in EBITDA to EUR 63.0m (2024: EUR 46.5m). This growth was driven by continued cost discipline, improved performance of balance sheet seed and co-investments, and a return to growth in recurring management fees. The company proposed a dividend per share of EUR 0.36, up 2.9% year-on-year, fully covered by improved operating cash flow of EUR 57.6m.
Recurring management fees rose to EUR 233.4m (2024: EUR 228.4m), exceeding total operating expenses of EUR 224.8m, which were reduced by 10.2% through efficiency measures. This achievement underscores the company's strategic goal of reducing reliance on market conditions. Transaction fees decreased to EUR 7.4m (2024: EUR 14.5m) due to a high share of all-in fee mandates, despite a material increase in transactions signed and closed. Performance fees came in at EUR 18.0m (2024: EUR 21.2m), in line with expectations. Net sales revenues and co-investment income improved significantly to EUR 16.9m (2024: EUR 2.6m), reflecting better performance of balance sheet seed and co-investments. Other income normalized to EUR 14.2m (2024: EUR 41.0m), improving earnings quality. The reorganization result improved to EUR -2.1m (2024: EUR -10.9m), with further cost relief expected in 2026.
Assets under management (AUM) remained almost stable at EUR 56.2bn as of December 31, 2025 (December 31, 2024: EUR 56.4bn), despite negative currency effects of EUR 0.7bn. Client demand for real asset investments strengthened, with equity raised from clients increasing by 22.1% to EUR 1.2bn (2024: EUR 1.0bn). Closed acquisitions jumped 24.1% to EUR 2.2bn, while closed disposals rose 10.8% to EUR 1.3bn. Outstanding open equity commitments for investments via managed funds stood at EUR 1.3bn.
CEO Asoka Wöhrmann commented, “We successfully concentrated our efforts on streamlining processes, enhancing efficiency and subsequently strengthening the quality of our earnings. We now run an integrated investment platform and are well positioned to capture the opportunities ahead.” He noted that investor sentiment in real estate has stabilized and infrastructure markets showed encouraging momentum, supported by the energy transition and growing interest in circular economy assets.
CFO Martin Praum added, “We have strengthened the quality and resilience of our earnings through disciplined cost management and a sharper operational focus. Recurring management fees now fully cover our operating expenses, underlining the structural strength of our platform providing higher operational leverage for the expected growth in 2026.”
For FY 2026, PATRIZIA expects AUM in the range of EUR 55.0 – 60.0bn, excluding currency impacts, and EBITDA between EUR 60.0 – 75.0m. The company forecasts a moderate increase in total service fee income alongside further reduction in operating expenses, with an EBITDA margin expected between 22.0% – 26.5%.
The proposed dividend increase, if approved at the Annual General Meeting in June 2026, would mark the eighth consecutive increase and equate to a dividend yield of around 4.6% at current share price levels. The company’s net equity ratio remains well above 70%.
For more information, visit www.patrizia.ag and www.patrizia.foundation.
