Patrizia Se · XETR:PAT
Patrizia — H1 2026 Earnings Presentation
13 slides from Patrizia's earnings presentation, Aug 11, 2026
Slide 1: H1 2026 Financial Results Presentation
H1 2026 Financial Results Presentation 11 August 2026 PATRIZIA | © 2026 2025
Slide 2: PATRIZIA investor survey highlights resilient real-asset demand and reinforces strategic focus
PATRIZIA investor survey highlights resilient real-asset demand and reinforces strategic focus Key survey outcomes, in % of surveyed investors • Infrastructure gains momentum – 45% plan to increase allocation, up from 35% last year 45% 77% • Living remains the strongest conviction, led by residentia
Slide 3: Investment environment continues to improve despite temporary volatility
Investment environment continues to improve despite temporary volatility Transaction volume based on signed transactions | EUR bn • The investment environment continued to improve throughout Acquisitions Disposals H1 2026, despite temporary volatility from the Iran conflict, with market sentiment re
Slide 4: Operational efficiency drives strong EBITDA growth and margin expansion
Operational efficiency drives strong EBITDA growth and margin expansion Composition of EBITDA | EUR m • EBITDA increased by 46.6% to EUR 42.7m, driven by continued cost discipline and improved operational efficiency; + 17% + 9% - 11% EBITDA margin expanding to 31.6% (+10.1PP) + 5% 13.2 8.0
Slide 5: Cost discipline driving improved profitability and quality of earnings
Cost discipline driving improved profitability and quality of earnings Management fees now contribute to bottom-line profitability 150.0 115.5 113.4 110.2 • Recurring management fees of EUR 110.2m continued 100.0 Management fees to more than cover operating expenses, demonstrating the 1.3 10.4 50.0
Slide 6: Disciplined cost management continues to drive operating expenses further down
Disciplined cost management continues to drive operating expenses further down Operating expenses1 y-o-y | EUR m • Operating expenses1, declined by -11% to EUR 99.8m (H1 2025: EUR 112.1m), reflecting continued cost discipline and - 13% - 13% ongoing platform optimisation initiatives -9.9 + 1
Slide 7: AUM remains broadly stable at EUR 55.9bn despite disposal activity
AUM remains broadly stable at EUR 55.9bn despite disposal activity AUM1 development H1 2026 | EUR bn • AUM remained broadly stable at EUR 55.9bn declining by only EUR 0.3bn versus year-end 2025, as positive inflows 60.0 0.1 0.3 and supportive FX effects partly offset outflows and negative -0.5 -0.2
Slide 8: Diversified AUM mix across key dimensions
H1 2026 | Diversified AUM mix across key dimensions EUR EUR EUR ~ 56 bn 45+ bn ~ 10 bn total assets under management real estate assets under management Infrastructure assets under management 4% 2% 4% 3% 17% 5% 4% 7% 28% 4% 5% 4% AUM by 12% AUM by AUM by 50% sector 8% geography risk style 19% 8% 64%
Slide 9: Group EBITDA growth driven by Investment Management segment
Group EBITDA growth driven by Investment Management segment H1 2026 EBITDA by segments | EUR m • EBITDA in Investment Management increased by 60% to EUR 37.2m (H1 2025: EUR 23.2m), reflecting a significantly lower operating cost base and continued efficiency gains - 2% - 707% + 47% across th
Slide 10: Disciplined balance sheet investments supporting platform growth and alignment
Disciplined balance sheet investments supporting platform growth and alignment PATRIZIA’s (own) Invested capital1 | EUR m • Disciplined deployment of balance sheet capital into Other Real Estate Infrastructure co-investments, seed capital and targeted strategies • EUR 26m invested in H1 2026, mainly
Slide 11: Further strengthening of financial position and balance sheet resilience in H1 2026
Further strengthening of financial position and balance sheet resilience in H1 2026 Strong balance sheet Liquidity • Robust equity base with equity ratio of 65.3% and EUR m 30.06.2026 EUR m 30.06.2026 net equity ratio of 72.7% Total assets 1,718.0 Bank balances, 181.1 Equity (excl. non- 1,121.6 cash
Slide 12: Guidance 2026 – confirmed
Guidance 2026 – confirmed 120 FY 2025 FY 2026e • Temporary setback from the Iran conflict (inflation and rates, 100 weaker investment environment); market sentiment has 80 60.0 – 75.0 since recovered to pre-conflict levels 63.0 60 EBITDA • Total service fee income now expected to remain largely 40 i
Slide 13: Contact
Contact Upcoming Events 10 AUG 26 H1 2026 Financial Report H1 2026 Investor and analyst 11 AUG 26 conference call 09 NOV 26 9M 2026 Quarterly Statement 9M 2026 Investor and analyst 10 NOV 26 conference call Further Events: Martin Praum Dr Janina Rochell Verena Schopp de Alvarenga Laura Walz https://