Slide 1: Results Presentation 9M 2023
Results Presentation 9M 2023 | 14 November 2023
Slide 2: Video presentation
Video presentation PATRIZIA SE | 9M 2023 Financial Results | CFO video presentation Access via weblink: https://bit.ly/40zjBuI Access via QR code: PATRIZIA | © 2023 2
Slide 3: Market environment and strategy
Market environment and strategy 9M 2023
Slide 4: CEO’s key takeaways after 6 months with PATRIZIA
Market environment and strategy CEO’s key takeaways after 6 months with PATRIZIA Strong foundation International presence Deep-rooted German heritage International platform across combined with a wealth of European and worldwide markets, international expertise and skills positioning PATRIZIA as a g
Slide 5: The real estate industry is experiencing a significant shift due to changing market dynamics
Market environment and strategy The real estate industry is experiencing a significant shift due to changing market dynamics More than 25% decrease in 9M 2023 transaction • After a decade-long bull market, this real estate cycle volumes y-o-y in almost all European markets1 is different to previous
Slide 6: Management takes action to secure and structurally improve profitability mid-term
Market environment and strategy Management takes action to secure and structurally improve profitability mid-term Strategic initiatives Comprehensive review of platform structure and cost base pursued by management to sustainably enhance the relationship between recurring income and recurring costs:
Slide 7: New Dividend Policy to be based on profitability
Market environment and strategy New Dividend Policy to be based on profitability • Current dividend policy tied to AUM and management fee growth • Management intends to base dividend payments on a profitability KPI going forward • Management will provide an update on the dividend policy and a divide
Slide 8: Financials & Guidance
Financials & Guidance 9M 2023
Slide 9: EUR 1.6bn of transactions thanks to diversified product offer, despite subdued market
Financials & Guidance EUR 1.6bn of transactions thanks to diversified product offer, despite subdued market PATRIZIA enters ultrafast Creating Largest independent EV charging sector Embedded Network platform Germany Australia Consolidating the ownership of Active Binding agreement for an EV charging
Slide 10: AUM resilient despite valuation pressure, thanks to ability to adopt net-buyer posture
Financials & Guidance AUM resilient despite valuation pressure, thanks to ability to adopt net-buyer posture AUM development AUM development 3M9M 2023| 2023| EUREUR bn bn • AUM decrease by -1.7% y-t-d to EUR 58.2bn in 9M 2023 but increase by +0.4% q-o-q 1.3 60 -1.8 -0.4 • Net organic growth of EUR 1
Slide 11: Infrastructure share is gradually increasing inside of overall resilient AUM base
Financials & Guidance Infrastructure share is gradually increasing inside of overall resilient AUM base EUR 58.2 81 % resilient Core and 3%3%3% bn 6% assets under Core plus 4% 3% management strategies 19% 3% 16% 27% 4% 4% AUM by AUM by AUM by 53% risk style 7% geography 12% sector 18% 63% 5% 11% 10%
Slide 12: Size and dynamics of recurring income stream cushions market-dependent revenue drop
Financials & Guidance Size and dynamics of recurring income stream cushions market-dependent revenue drop Management fees | EUR m Transaction fees | EUR m Performance fees | EUR m 184.1 187.7 +2.0% 49.8 - 36.2% 31.7 14.5 - 39.1% 2.5 8.8 12.0 1.9 7.0 9M 2022 9M 2023 9M 2022 9M 2023 9M 2022 9M 2
Slide 13: Net operating expenses driven by one-offs while core costs remained virtually stable
Financials & Guidance Net operating expenses driven by one-offs while core costs remained virtually stable Cost base comparison| EUR m • Net operating expenses at EUR 182.5m (9M 2022: EUR 177.4m) with material one-off effects in both periods +0.2% 184.8 185.1 • Staff costs up by +3.9% to EUR 129.6
Slide 14: Low market activity as major driver for EBITDA development
Financials & Guidance Low market activity as major driver for EBITDA development Composition of EBITDA | EUR m • EBITDA down -36.4% y-o-y to EUR 50.2m, mainly caused by market driven decrease in total service fee income -36.2% -43.9% +2.9% +2.0% -39.1% 31.7 4.4 • Lower contribution of net
Slide 15: Strong balance sheet and financial strength safeguard flexibility in current environment
Financials & Guidance Strong balance sheet and financial strength safeguard flexibility in current environment Strong balance sheet Significant liquidity • Net cash and available liquidity down EUR m 30.09.2023 EUR m 30.09.2023 due to dividend payment, co-investments, Total assets 2,018.4 Bank balan
Slide 16: Active use of group balance sheet to trigger and facilitate AUM growth through the cycle
Financials & Guidance Active use of group balance sheet to trigger and facilitate AUM growth through the cycle Major recent transactions EUR m EUR m Seeding Non-current assets Participations Debt investment provided to telecom 652 Debt Fund II 25 (e.g. Dawonia) infrastructure business Non-current bo
Slide 17: Cost measures and impact on FY 2023, FY 2024 and beyond
Financials & Guidance Cost measures and impact on FY 2023, FY 2024 and beyond EBITDA development 2023 and 2024 | EUR m Lower performance 2023 Management fees, transaction fees and absence fees and performance fees of other operating • Reorganisation expenses estimated at Other operating income incom
Slide 18: Guidance ranges for FY 2023 confirmed – EBITDA expected to come in at lower end of range
Financials & Guidance Guidance ranges for FY 2023 confirmed – EBITDA expected to come in at lower end of range FY 9M 9M Guidance 2022 2022 2023 FY 2023e • AUM, EBITDA, EBITDA margin: guidance range confirmed AUM • Management expects a muted Q4 2023 59.1 57.1 58.2 57.0 – 62.0 (in EUR bn) • Comprehens
Slide 19: Appendix
Appendix 9M 2023
Slide 20: Financial calendar 2024
Appendix Financial calendar 2024 29 FEB 24 2023 Preliminary results with investor and analyst conference call 22 MAR 24 2023 Annual Report 15 MAY 24 3M 2024 Interim Statement with investor and analyst conference call 12 JUN 24 2024 Annual General Meeting 14 AUG 24 H1 2024 Financial Report with inves
Slide 21: Contact
Appendix Contact CHRISTOPH GLASER MARTIN PRAUM Executive Director | CFO Senior Managing Director Head of Investor Relations & Group Reporting PATRIZIA SE Fuggerstrasse 26 T +49 69 643505-1114 86150 Augsburg, Germany M +49 151 19685445 investor.relations@patrizia.ag DR JANINA ROCHELL VERENA SCHOPP DE