Patrizia Se · XETR:PAT
Patrizia — Investor Presentation (June 2025)
51 slides from Patrizia's investor presentation, June 2025
Slide 1: Company Presentation June 2025
Company Presentation June 2025
Slide 2: Agenda
Agenda • PATRIZIA at a glance • Equity Story • ESG activities • Share information • Appendix PATRIZIA | © 2025 2
Slide 3: Our purpose
Our purpose At PATRIZIA we believe performance is driven by innovative minds. We aim always to be ahead and to deliver a positive impact. This is the foundation of our operational excellence in which our stakeholders trust. We are determined to be the industry benchmark. PATRIZIA – Building Smarter
Slide 4: At a glance
At a glance PATRIZIA evolved from a German real estate to a global real asset investment manager M&A: 62.0 Whitehelm Capital, - 58.0 Advantage Investment Partners (AIP) 59.1 57,3 Assets 56bn 60 56.4 EUR under Management 48,6 50 47,0 M&A: Rockspring, Triuva, 41,0 44,5 300 #3 Fully independent investm
Slide 5: Generating recurring and growth-oriented returns
At a glance Generating recurring and growth-oriented returns Scalable Business Model Solid Financials • Create & Manage investment solutions in • High share of recurring revenues, strong balance sheet real assets with attractive returns • Diversified management fees intended to grow based • Run a sc
Slide 6: A dual engine powers our business model
At a glance A dual engine powers our business model Full services across the value chain Invested Capital as at 31 March 2025 EUR m Other Real Estate Infrastructure Investment Strategic Management Investment Investment Strategy Holdings Solutions & Research 114,4 Asset light business model Utilising
Slide 7: Return to growth in 2025
At a glance Return to growth in 2025 Return to growth Transition from asset allocation step up fundraising across sectors to asset management Closer to assets to generate returns Value Add plays a greater role (“boots on the ground”) PATRIZIA: #1 in Value Add (Europe)1 D U DUEL: Dedicated focus on t
Slide 8: Unchanged Guidance FY 2025
At a glance Unchanged Guidance FY 2025 AUM | EUR bn 58.0 - 62.0 • Macro-economic environment remains a challenge for most 57,3 56,4 clients, particularly in the real estate investment sector • Client investment activity expected to pick up gradually with re-emerging client appetite for investments i
Slide 9: Vision to become go-to manager with EUR >100bn AUM
At a glance Our vison is to become the go-to manager for smart Real Asset solutions with EUR >100bn AUM • AUM objective determined by organic growth (equity raised), no M&A scenarios involved • Target: Management fees to cover and overcompensate operating expenses AUM growth projection until 2030 |
Slide 10: Strategic growth areas - 5 for EUR 30bn
At a glance Strategic growth areas - “5 for EUR 30bn” Fundraising focus on Target thematic strategies and flagship products FY 2024 - 30 1 Re-Infra/Smart Cities EUR 4bn 2 European Infrastructure EUR 6bn 3 Living EUR 6bn 4 Real Estate Value Add EUR 7bn 5 Advantage Investment Partners EUR 8bn 1 Data f
Slide 11: Real Assets offer long-term value and growth opportunities
! At a glance Real Assets offer long-term value and growth opportunities The four DUEL megatrends form the basis of PATRIZIA’s investment strategy D U Digital Urban • Fibre networks • Public transport • Data centres • Green trucking • Smart metering • EV Charging networks • Street lighting • Embedde
Slide 12: International and diverse leadership team
At a glance PATRIZIA SE is managed by an international and diverse leadership team BOARD OF DIRECTORS International, diverse & experienced Board of Directors + Frank Kuhnke Michael Fronhöfer Jacqui Aradhana Wolfgang Asoka (Chair) (Deputy Chair) Irvine Khowala Egger Wöhrmann Independent Independent I
Slide 13: Agenda
Agenda • PATRIZIA at a glance • Equity Story • ESG activities • Share information • Appendix PATRIZIA | © 2025 13
Slide 14: Our Equity Story lines out our uniqueness as a real asset expert
Equity Story Our Equity Story lines out our uniqueness as a real asset expert Structural Growth Market We are active in alternatives, a stable and structurally growing asset class, with a long- term investment horizon and favorable cash profiles Giving Back to Society Increased Diversification We co
Slide 15: Real Assets offer long-term value and growth opportunities
Equity Story Structural Growth Market Real Assets offer long-term value and growth opportunities • Changing amenities regarding living, working and purchasing creates a continuous demand for future-proof real estate REAL ESTATE • Significant value opportunities through active asset management • Rela
Slide 16: Firepower for investments from a diversified client base
Equity Story Structural Growth Market Firepower for investments available from a broadly diversified client base Open equity commitments by sector | EUR bn Open equity commitments by clients1 | % 74% Infrastructure Real Estate 60% 47% 0.7 1.1bn 33% open equity commitments for transactions for invest
Slide 17: Broad diversification of AUM across asset classes and regions
Equity Story Increased Diversification Broad diversification of assets under management across asset classes and regions AUM 3M 2025 3%2%4% 7% 5% 8% 28% 3% 3% 33% 4% 37% 12% AUM by 4% AUM by AUM by sectors geography 52% clients1 7% 4% 4% 19% 25% 11% 16% 10% Residential Office Germany UK & Ireland Pe
Slide 18: Long-duration AUM supports predictable management fees
Equity Story Increased Diversification Long-duration AUM and equity rich client base support predictable management fees Maturity breakdown of AUM1 | in % | in EUR bn 82% >10 yrs/unlimited 5–10 yrs Of total service fee income consists of <2 yrs 2,0 2–5 yrs <2 yrs recurring management fees 2-5 yrs 5,
Slide 19: Global reach & local in business
Equity Story Asset Expertise Global reach & local in business PATRIZIA offers investment solutions with global reach & opportunity 26 PATRIZIA offices globally 550+ institutional clients to service clients & manage real assets locally 50+ 7,000+ private clients boutique operating partners worldwide
Slide 20: AUM growth translates into growing recurring management fees
Equity Story Financial Flexibility AUM growth translates into growing and recurring management fees 62.0 - 58.0 60 59.1 57,3 56.4 +16.8 % p.a. Management fee 48,6 growth 50 47,0 2012 – 2024 44,5 300 41,0 40 251,1 241.0 228,4 30 190,9 193,4 209,1 +19.2 % p.a. 21,9 175,3 150 18,6 AUM growth 20 16,6 20
Slide 21: AUM showed organic growth and trailing valuation effects
Equity Story Financial Flexibility Assets under management showed high organic growth and trailing valuation effects AUM1 development 3M 2025| EUR bn • AUM decreased by -0.5% to EUR 56.1bn in 3M 2025 (3M 2024: EUR 56.4bn) 0,9 • Acquisitions (closed) of EUR 0.9bn with the majority 60,0 0.1 -0,1 in th
Slide 22: Growth trend of fees temporarily impacted by subdued market
Equity Story Financial Flexibility Growth trend of fees temporarily impacted by subdued market environment Total service fee income | EUR m Covid-19 years Market shifts 348,0 346,4 320,2 327,6 324,7 312,4 268,6 91,8 85,9 61,2 264,1 86,1 46,6 92,5 22,5 14,7 21,2 211,9 51,4 14,5 188,6 65,3 48,1 52,4 1
Slide 23: 3M 2025: Management fees slightly decreased
Equity Story Financial Flexibility 3M 2025: Management fees slightly decreased reflective of AUM development Full focus on recurring revenues • Slight drop in management fees caused by lower Management fees (in EUR m | lhs) AUM (in EUR bn | rhs) AUM • AUM declined by 1% y-o-y to EUR 56.1bn, primar
Slide 24: 3M 2025: Transaction fees up
Equity Story Financial Flexibility 3M 2025: Transaction fees up due to higher but still low transaction activity Transactions driven revenue stream • Overall low transaction activity in real assets, with first signs of new upwards trends in the beginning Transaction fees (in EUR m | lhs) Transaction
Slide 25: 3M 2025: Drop in performance fees
Equity Story Financial Flexibility 3M 2025: Drop in performance fees driven by lower annual carry payments Performance fees | EUR m • Performance fees in 3M 2025 traditionally dominated by annual carry payments, which have 14.6 been below previous year level - as expected 10.6 -28% • Overall low n
Slide 26: 3M 2025: Cost containment improves operating expenses
Equity Story Financial Flexibility 3M 2025: Cost containment remains priority showing significant improvement in operating expenses 3M 2025: Operating expenses y-o-y | EUR m • Overall progress based on intensified cost efficiency measures focusing on staff costs with lower FTEs -23% -13% (3M 2
Slide 27: 3M 2025: EBITDA improved driven by efficiency gains
Equity Story Financial Flexibility 3M 2025: EBITDA improved driven by efficiency gains Composition of EBITDA | EUR m • EBITDA up 11% y-o-y to EUR 16.8m due to +134% -13% intensified cost efficiency measures, while facing -28% a decline in total service fee income of 6% y-o-y +928% 10,6 3.8
Slide 28: 3M 2025: Solid balance sheet and financial strength
Equity Story Financial Flexibility 3M 2025: Solid balance sheet and financial strength Strong balance sheet Liquidity • Net debt of EUR 101.2m, driven by debt EUR m 31.03.2025 EUR m 31.03.2025 attached to consolidated warehoused Total assets 1,730.8 Bank balances, 171.5 assets Equity (excl. non- cas
Slide 29: Strategic Co-Investments and Warehousing
Financials & Guidance 3M 2025: Strategic Co-Investments and Warehousing PATRIZIA’s (own) Invested Capital as at 31 March 2025 | EUR m • Successful deployment of liquidity surplus Other Real Estate Infrastructure • Positive return driven by long-term investment in 900 842.0 Dawonia GmbH and Dawonia p
Slide 30: Balance sheet supports strategic fund investment initiatives
Equity Story Financial Flexibility Balance sheet supports strategic fund investment initiatives Balance sheet allows for seeding and selective warehousing when favourable opportunities emerge Major balance sheet investments as at 31 March 2025 EUR m EUR m Non-current assets Seeding Participations 65
Slide 31: PATRIZIA's multi-dimensional engagement in Dawonia
Equity Story Financial Flexibility PATRIZIA’s multi-dimensional engagement in Dawonia • Dawonia is one of the largest housing companies in southern Germany with 360 employees managing around 27,000 flats spread across more than 20 prime urban environments • PATRIZIA’s successful management of Dawoni
Slide 32: Making an impact since 1984
Equity Story Giving Back to Society Making an impact since 1984 PATRIZIA and the PATRIZIA Foundation have been helping children in need with quality education and healthcare globally for decades Our Mission PATRIZIA Foundation: Our Vision PATRIZIA Foundation: 25 worldwide projects Foundation offices
Slide 33: Agenda
Agenda • PATRIZIA at a glance • Equity Story • ESG activities • Share information • Appendix PATRIZIA | © 2025 33
Slide 34: PATRIZIA's Sustainability Strategy
ESG activities PATRIZIA’s Sustainability Strategy As an Investment manager for international smart real assets, PATRIZIA is committed to Building Communities and Sustainable Futures Sustainability Focus Areas Sustainability Goals Sustainability Outcomes Building Communities We enable our people and
Slide 35: How PATRIZIA is set up to achieve its ESG goals
ESG activities How PATRIZIA is set up to achieve its ESG goals Sustainability is firmly integrated into day-to-day operations, with dedicated expertise across the organisation Organisational Structure Our Partnership Approach Leadership – Executive oversight of ESG We partner with leading organisati
Slide 36: A leading responsible investor in real assets
ESG activities A leading responsible investor in real assets Sustainability is about taking actions that create positive impact both today and in the future PRI Benchmarking GRESB Benchmarking Disclosures & Signatories PRI is the primary global responsible investment GRESB is a leading global benchm
Slide 37: Agenda
Agenda • PATRIZIA at a glance • Equity Story • ESG activities • Share information • Appendix PATRIZIA | © 2025 37
Slide 38: Stable shareholder structure and upside to analyst target prices
Share Stable shareholder structure and upside to analyst target prices PATRIZIA share performance | as at 31.03.2025 Shareholder structure | as at 31.03.2025 Analyst recommendations | as at 09.05.2025 6 EUR 30.00 30,00 € D 8% 2 D D First Capital Partner GmbH 25.00 25,00 € D 3 D Union Investment Priv
Slide 39: Share performance and implied value of the operating business
Share PATRIZIA share performance & what is the implied value of the operating business? Share Performance last 12 months compared to peer group Markets currently assign no value or limited value to PATRIZIA’s Investment Management Platform1 60% 50% EUR 40% EUR 56m 30% 71m 20% EUR 10% EUR 842m 0% 688
Slide 40: Dividend for FY 2024 of EUR 0.35 per share
Share Dividend for FY 2024 of EUR 0.35 per share Dividend per share | EUR • Dividend per share of EUR 0.35 (+2.9% y-o-y) backed by +2.9% solid balance sheet 0,35 • 7th consecutive increase in dividends in a row 0,34 0,33 • Attractive dividend yield of 4.3%1 0,32 0,30 0,29 • Dividend policy: 0,27 • P
Slide 41: Shareholder Value Long-Term Incentive aligns CEO and shareholders
Share Shareholder Value Long-Term Incentive (SVL) aligns CEO’s and shareholders’ interests Entry ticket: CEO to buy 316k shares Private investment worth ~ EUR 3m Operating performance 1. Recurring revenues ≥ 85% of total revenues Operating targets or requirements (by end of FY 2027) 2. EBITDA meets
Slide 42: Agenda
Agenda • PATRIZIA at a glance • Equity Story • ESG activities • Share information • Appendix PATRIZIA | © 2025 42
Slide 43: Capital allocation
Appendix Capital allocation PATRIZIAs capital allocation as at 31 March 2025 Invested capital Invested capital Assets under Management (fair value) (at cost) Participations EUR m EUR m EUR m in % Third-party business 45,451.7 0.0 Co-Investments and Warehousing 10,663.0 842.0 476.9 Real estate - resi
Slide 44: Reconciliation of EBITDA
Appendix Reconciliation of EBITDA Detailed reconciliation to EBITDA EUR k 3M 2025 3M 2024¹ Change Table in the annual report Management fees (excluding result from participations) 54,340 55,793 -2.6% Reconciliation of total service fee income Shareholder contribution for management services (in resu
Slide 45: Consolidated income statement
Appendix Consolidated income statement EUR k 3M 2025 3M 20241 Change Revenues 59,761 57,983 3.1% Other operating income 682 5,066 -86.5% Total operating performance 60,443 63,049 -4.1% Cost of materials -170 -179 -4.9% Cost of purchased services -4,013 -4,308 -6.8% Staff costs -38,159 -43,809 -12.9%
Slide 46: Consolidated balance sheet | Assets
Appendix Consolidated balance sheet | Assets Assets EUR k 31.03.2025 31.12.2024¹ A. Non-current assets Goodwill 264,095 265,879 Other intangible assets 75,252 78,473 Software 4,649 5,059 Rights of use 41,009 43,379 Investment property 279,081 275,413 Equipment 25,695 26,833 Participations in compani
Slide 47: Consolidated balance sheet | Equity and liabilities
Appendix Consolidated balance sheet | Equity and liabilities Liabilities EUR k 31.03.2025 31.12.2024¹ A. Equity Share capital 86,274 86,229 Capital reserves 83,803 83,534 Retained earnings Legal reserves 505 505 Currency translation difference 514 2,346 Remeasurements of defined benefit plans accord
Slide 48: Consolidated statement of cash flows (I)
Appendix Consolidated statement of cash flows (I) EUR k 3M 2025 3M 2024¹ Net profit/ loss for the period 5,096 2,115 Income taxes recognised through profit or loss 2,526 6,445 Financial expenses recognised through profit or loss 2,929 2,489 Financial income recognised through profit or loss -741 -4,
Slide 49: Consolidated statement of cash flows (II)
Appendix Consolidated statement of cash flows (II) Payments for investments in other intangible assets, software and equipment -78 -6,099 Payments for the development of investment property -35 -14,298 Payments for the acquisition of securities and short-term investments -210 -25,182 Payments for th
Slide 50: Financial calendar 2025
Appendix Financial calendar 2025 13 MAY 25 3M 2025 Interim Statement (eob) 14 MAY 25 3M 2025 Investor and analyst conference call 04 JUN 25 2025 Annual General Meeting 12 AUG 25 H1 2025 Financial Report (eob) 13 AUG 25 H1 2025 Investor and analyst conference call 12 NOV 25 9M 2025 Interim Statement
Slide 51: Contact
Appendix Contact MARTIN PRAUM TOBIAS ENDER Executive Director | CFO Associate Director | Investor Relations investor.relations@patrizia.ag T +49 69 643505-1443 M + 49 151 50822434 investor.relations@patrizia.ag VERENA SCHOPP DE ALVARENGA LAURA WALZ Associate Director | Investor Relations Senior Asso