PATRIZIA has presented its financial results for the first half of 2026, showing significant earnings growth. The company's EBITDA increased by 46.6 percent to EUR 42.7 million during this period. In the corresponding period of the first half of 2025, this figure was EUR 29.1 million. The EBITDA margin improved significantly to 31.6 percent compared to 21.5 percent in the first half of 2025. This development is attributed to sustained cost discipline and increased operational efficiency, underscoring the scalability of the PATRIZIA platform alongside a leaner cost structure.
The real assets markets showed continued, albeit gradual and heterogeneous, recovery during the reporting period. Transaction activity proved resilient, with the volume of signed transactions increasing by 15.6 percent to EUR 1.6 billion. This was primarily driven by disposals. The volume of completed transactions reached EUR 1.1 billion, compared to EUR 1.5 billion in the first half of 2025, reflecting the gradual pace of market recovery. Equity raised from clients increased to EUR 0.8 billion, up from EUR 0.3 billion in the first half of the previous year. After a subdued start to the year in the first quarter of 2026, fundraising accelerated noticeably in the second quarter, reflecting stronger client activity.
Financial figures and cost reductions
Total fee income in the first half of 2026 remained largely stable at EUR 127.3 million, compared to EUR 128.3 million in the prior-year period. Recurring management fees amounted to EUR 110.2 million, moderately below the previous year's figure of EUR 113.4 million, which benefited from higher development-related service fees. Transaction fees increased slightly to EUR 3.8 million. Performance-related fees rose by 16.8 percent to EUR 13.2 million, mainly due to higher distributions from Dawonia and disposal activities. Net income from the sale of own-holdings and co-investments increased to EUR 8.0 million, attributable to increased co-investments and higher dividend income, while rental income from consolidated real estate investments remained almost stable.
On the expenditure side, adjusted expense items decreased by 10.9 percent to EUR 99.8 million in the first half of 2026 (H1 2025: EUR 112.1 million). This reduction was primarily due to lower personnel costs of EUR 64.9 million resulting from a reduced FTE base. Other operating expenses also decreased to EUR 25.5 million, supported by ongoing platform optimisation initiatives. Other income, adjusted for reorganisation income, rose to EUR 7.7 million, primarily due to higher reversals of provisions. As a result of these factors, net profit for the period in the first half of 2026 increased significantly to EUR 14.7 million, compared to EUR 4.7 million in the prior-year period.
Assets under Management and confirmed forecast
PATRIZIA's Assets under Management (AUM) stood at EUR 55.9 billion as of 30 June 2026, representing a slight decrease from EUR 56.2 billion as of 31 December 2025. This decrease was primarily due to disposal activities. The forecast for the 2026 financial year was confirmed. Although the Iran conflict temporarily dampened the investment environment, market sentiment has brightened again. PATRIZIA continues to expect an increase in fundraising volume and transaction activity compared to 2025.
Asoka Wöhrmann, CEO of PATRIZIA SE, noted that the first half of 2026 was characterised by a gradual recovery in fundraising, with client activity gaining momentum in the second quarter. He highlighted that the fundamentals of the real asset markets are increasingly solidifying. Martin Praum, CFO of PATRIZIA SE, added that PATRIZIA's financial position and resilience were further strengthened in the first half of 2026.
- —AUM at year-end 2026: EUR 55.0 – 60.0 billion (excluding currency effects)
- —EBITDA: EUR 60.0 – 75.0 million
- —EBITDA margin: 22.0 – 26.5%
