Patrizia Se · XETR:PAT
Patrizia — FY2024 Earnings Presentation
24 slides from Patrizia's earnings presentation, Mar 24, 2025
Slide 1: FY 2024 Preliminary Financial Results Presentation
FY 2024 Preliminary Financial Results Presentation 24 March 2025 Asoka Wöhrmann | CEO Martin Praum | CFO Data as at FY 2020 | 1) According to leading industry rankings by IREI 2020, prequin 2020 and PropertyEU 2020 PATRIZIA | © 2024 1
Slide 2: Market environment & operational activity
Market environment & operational activity FY 2024
Slide 3: Highlights 2024
Market environment & operational activity Highlights 2024 Difficult market environment continued but clients opened up to new investment ideas Strategy 2030 set Interest rate trend supportive with ambitious targets but volatility evident PATRIZIA PATRIZIA with EUR 1.8bn Valuation stabilisation net b
Slide 4: Fundraising activity picked up with equity raised nearly doubled y-o-y
Market environment & operational activity Fundraising activity picked up with equity raised nearly doubled y-o-y Target Strategic growth areas „5 for 30bn“ Equity raised in FY 2024 | EUR bn 2030 1 Re-Infra/Smart Cities RE Infra AIP (FoF) EUR 4bn 2 European Infrastructure EUR 6bn 0.3 0.4 Focus 3 Livi
Slide 5: Decompression of real estate yields across sectors turns into sideways movement
Market environment & operational activity RE | Decompression of real estate yields across sectors turns into sideways movement European real estate prime yields by sector 2019 – 2024 | in % • After months of price discovery and with the ECB starting to lower interest rate again, an end to the Office
Slide 6: Stabilisation of volumes in Infrastructure with fundraising on a low level
Market environment & operational activity Infra | Stabilisation of volumes in Infrastructure with fundraising on a low level Infrastructure deal volumes by region 2019 – 2024 | US$ bn • 2024: US$ 300bn transactions (2023: US$ 325bn) North America Europe APAC Rest of world Total deal volumes • Whilst
Slide 7: PATRIZIA remained active investor in FY 2024 with smart real asset investment focus
Market environment & operational activity PATRIZIA remained active investor in FY 2024 with smart real asset investment focus Transactions closed | EUR bn Investments | Italy Investments | Philippines Investments | USA Acquisitions Disposals 2.7 Infrastructure Equity Infrastructure Equity Infrastruc
Slide 8: Return to growth in 2025
Market environment & operational activity 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
Slide 9: World in transition: The megatrends that underpin our real assets investment themes
Market environment & operational activity World in transition: The megatrends that underpin our real assets investment themes Digital transition Urban transition AI, cloud services, Urbanisation, internet of things, gentrification, mobility, wireless regeneration, resilience Energy transition Living
Slide 10: Financials & Guidance
Financials & Guidance FY 2024
Slide 11: Assets under Management showed a resilient development
Financials & Guidance Assets under Management showed a resilient development AUM1 development FY 2024| EUR bn • AUM decreased by -1.5% to EUR 56.4bn in FY 2024 (FY 2023: EUR 57.3bn) 60.0 1.8 • Acquisitions (closed) of EUR 1.8bn with the majority -1.1 -0.6 -0.9 in growth areas: Infrastructure, Living
Slide 12: EBITDA impacted by extraordinary items and subdued market environment
Financials & Guidance EBITDA impacted by extraordinary items and subdued market environment Composition of EBITDA | EUR m • EBITDA up 3% y-o-y to EUR 45.1m due to intensified cost efficiency measures, higher other income while -54% -82% -11% facing a decline in total service fee income of
Slide 13: Total service fee income reflective of continued low market activity
Financials & Guidance Total service fee income reflective of continued low market activity Management fees | EUR m Transaction fees | EUR m Performance fees | EUR m Acquisition fees Disposal fees 46.6 -9% 251.1 228.4 14.7 14.5 4.0 21.2 5.0 -1% - 54% 10.7 9.5 FY 2023 FY 2024 FY 2023 FY 2024 FY
Slide 14: Cost containment remains priority showing significant effects in operating expenses
Financials & Guidance Cost containment remains priority showing significant effects in operating expenses Operating expenses and Re-Org effects y-o-y | EUR m • Overall progress based on intensified cost efficiency measures focusing on staff cost with lower FTE -31% -3% -11% (YE 2024: 887 vs.
Slide 15: Capital allocation: Co-Investments and Warehousing
Financials & Guidance Capital allocation: Co-Investments and Warehousing PATRIZIA’s (own) Invested Capital as at 31 Dec 2024 | EUR m • Successful deployment of liquidity surplus • Positive return driven by long-term investment in Other Real Estate Infrastructure Dawonia GmbH and Dawonia profit entit
Slide 16: Solid balance sheet and financial strength provide flexibility in current environment
Financials & Guidance Solid balance sheet and financial strength provide flexibility in current environment Strong balance sheet Liquidity • Net debt of EUR 85.1m, driven by invest- EUR m 31.12.2024 EUR m 31.12.2024 ments in consolidated funds Total assets 1,729.7 Bank balances, 185.0 Equity (excl.
Slide 17: Dividend proposal for FY 2024 of EUR 0.35
Financials & Guidance Dividend proposal for FY 2024 of EUR 0.35 Dividend per share | EUR • Proposed dividend per share of EUR 0.35 (+2.9% y-o-y) backed by solid balance sheet +2.9% 0.35 0.34 • Proposal of 7th consecutive increase in dividends in a row 0.33 0.32 0.29 0.30 • Dividend policy: 0.27 • PA
Slide 18: Guidance FY 2025
Financials & Guidance Guidance FY 2025 AUM | EUR bn 58.0 – 62.0 • Macro-economic environment remains a challenge for most 58.5 58 clients, particularly in the real estate investment sector 57.5 57.3 57 56.4 56.5 • Client investment activity expected 56 55.5 to pick up gradually with re-emerging clie
Slide 19: Appendix
Appendix FY 2024
Slide 20: Major restatement effects on Earnings and Balance Sheet in FY 2023
Financials & Guidance Major restatement effects on Earnings and Balance Sheet in FY 2023 IAS 8 restatement effects in FY 2023 | EUR m Total Equity Equity ratio: Total Assets -112 -77 1,999 1,999 1,886 IAS 8 1,886 -36 Restatement effects 59.8% 61.5% -3.0 -7.4 54.1 43.6 FY 2023 Staff Other FY 2023 FY
Slide 21: Balance sheet supports strategic fund investment initiatives
Financials & Guidance 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 December 2024 EUR m EUR m Non-current assets Seeding Participations 658 [Dawonia
Slide 22: Total Service Fee Income to Revenue
Financials & Guidance Total Service Fee Income to Revenue in EUR m 9.3 0.3 4.4 -7.4 -15.1 FY 2024 264.1 241.6 255.7 y-o-y -48.3 -42.0 -36.7 5.2 0.3 3.3 -8.9 -19.9 FY 2023 312.4 283.6 292.4 Total Service Managment Performance Management Rental revenue Revenues from Other revenues Revenues Fee Income
Slide 23: Financial calendar 2025
Appendix Financial calendar 2025 Investor and analyst conference call on 24 MAR 25 2024 Preliminary results 24 MAR 25 Preliminary results 2024 10 APR 25 2024 Annual Report 13 MAY 25 3M 2025 Interim Statement 14 MAY 25 3M 2025 Investor and analyst conference call 04 JUN 25 2025 Annual General Meeting
Slide 24: 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 Senior Associate | Investor Relations Senior Associ