Patrizia Se · XETR:PAT

Patrizia — H1 2025 Earnings Presentation

51 slides from Patrizia's earnings presentation, Aug 12, 2025

  1. Slide 1: Company Presentation August 2025

    Company Presentation August 2025

  2. Slide 2: Agenda

    Agenda • PATRIZIA at a glance • Equity Story • Share information • Appendix PATRIZIA | © 2025 2

  3. 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

  4. Slide 4: PATRIZIA a global investment manager for Real Assets

    At a glance PATRIZIA a global investment manager for Real Assets AUM | EUR bn M&A: 62.0 70 Whitehelm Capital, -- 490 Advantage Investment 58.0 Partners (AIP) 59.1 60 57.3 56.4 390 EUR 56bn Assets under management (AUM) 50 48.6 47.0 44.5 40 M&A: Rockspring, 41.0 290 #3 Fully independent investment ma

  5. 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 real assets with attractive returns • Diversified management fees intended to grow • Run a scalable and efficient funds p

  6. 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 30 June 2025 EUR m Real Estate Infrastructure Other1 Investment Balance Sheet Management Investment Strategy Investment Investments 129.3 & Research Solutions Asset light business model Ut

  7. 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

  8. Slide 8: Improving sentiment in Real Assets fuelling a pivotal year

    ! At a glance Improving sentiment in Real Assets fuelling a pivotal year Europe and APAC Investment focus Infrastructure continues desired by investors in Real Estate subsectors its growth path • Investor sentiment is • Operated real estate • Infrastructure continues to shifting to Europe and APAC •

  9. Slide 9: Unchanged Guidance FY 2025

    At a glance Unchanged Guidance FY 2025 AUM | EUR bn 58.0 - 62.0 • Client investment activity picked up gradually with slowly 57.3 56.4 re-emerging client appetite for investments in Real Assets • Cautious optimism returning to Real Assets overall; Europe, Infrastructure and selective Real Estate inv

  10. Slide 10: Our target is to grow AUM to more than EUR 100bn by 2030

    At a glance Our target is to grow AUM to more than EUR 100bn by 2030 AUM projection | in EUR bn Real Estate INTL Real Estate DACH Real Estate APAC Infrastructure Advantage Investment Partners (AIP) >100bn 55.9bn AUM AUM 30.06.2025 2027 2030 PATRIZIA | © 2025 10

  11. Slide 11: Target: Management fees to cover and overcompensate operating expenses

    At a glance Target: Management fees to cover and overcompensate operating expenses Earnings quality | illustrative Operating expenses Net sales revenues and co-investment income Other income Performance fees • Earnings quality significantly increased trough Transaction fees Management fees fee drive

  12. Slide 12: 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 EUR ~ 30

  13. Slide 13: DUEL mega trends drive PATRIZIA's investment strategy

    At a glance DUEL mega trends drive PATRIZIA’s investment strategy for long-term value creation​ Digital Transition Urban Transition Energy Transition Living Transition Connectivity, Internet of Urbanisation, Urban Climate Change, Decarbonisation, Demographic Change, Things, Smart Cities Mobility Cir

  14. Slide 14: PATRIZIA's management is international and diverse

    At a glance PATRIZIA’s management is international and diverse BOARD OF DIRECTORS + Frank Kuhnke Michael Fronhöfer Jacqui Aradhana Wolfgang Asoka (Chair) (Deputy Chair) Irvine Khowala Egger Wöhrmann Independent Independent Independent Independent Audit Committee Nomination and Remuneration Committee

  15. Slide 15: Agenda

    Agenda • PATRIZIA at a glance • Equity Story • Share information • Appendix PATRIZIA | © 2025 15

  16. Slide 16: Our Equity Story underlines our uniqueness as a real asset expert

    Equity Story Our Equity Story underlines 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 PATR

  17. Slide 17: Real Assets offer long-term value and growth opportunities

    Equity Story Structural Growth Market Real Assets offer long-term value and growth opportunities REAL ESTATE INFRASTRUCTURE REAL ASSETS • Changing amenities regarding • Relatively new asset class • Comparatively stable living, working and purchasing which is still underallocated investments with pre

  18. Slide 18: Broad diversification of assets under management across asset classes and regions

    Equity Story Increased Diversification Broad diversification of assets under management across asset classes and regions AUM EUR 4% 3%2% 5% 6% ~56bn 8% 28% 3% 3% 32% total 39% 4% assets under management 12% AUM by 4% AUM by AUM by sectors geography 52% clients1 8% 4% EUR 4% 18% ~46bn 25% 11% 16% 10%

  19. Slide 19: AUM growth translates into growing and recurring management fees

    Equity Story Increased Diversification AUM growth translates into growing and recurring management fees Total service fee income | EUR m Management fees Transaction fees Performance fees SÜDEWO performance fee 348 346 320 328 325 312 +17 % p.a. ~40 bps 269 1 92 86 61 Management fee Management fees /

  20. Slide 20: High portion of recurring management fees based on long-duration AUM

    Equity Story Increased Diversification High portion of recurring management fees based on long-duration AUM Maturity breakdown of AUM1 | in % | in EUR bn >10 yrs / unlimited 5–10 yrs 85% 2–5 yrs <2 yrs 2.1 of total AUM <2 yrs with more than 10 years maturity 2-5 yrs 5.4 4% 10% 2% 5-10 yrs 1.1 >10 yr

  21. Slide 21: Firepower for investments available from a broadly diversified client base

    Equity Story Increased Diversification Firepower for investments available from a broadly diversified client base Open equity commitments Open equity commitments by clients1 | % by asset classes | EUR bn 75% Infrastructure Real Estate 61% 47% 0.6 0.9bn 32% open equity commitments for transactions fo

  22. Slide 22: Experienced & leading experts in Real Assets

    Equity Story Asset Expertise Experienced & leading experts in Real Assets 550+ institutional clients 7,000+ private clients 870 employees (FTE) 26 PATRIZIA offices globally to service clients & manage real assets locally Data as at 30.06.2025 22

  23. Slide 23: AUM showed organic growth but faced currency headwinds

    Equity Story Financial Flexibility AUM showed organic growth but faced currency headwinds AUM1 development H1 2025| EUR bn • AUM decreased by -0.8% to EUR 55.9bn as at 30 June 2025 (31.12.2024: EUR 56.4bn) mainly driven by currency effects 60.0 0.9 -0.7 • Continuing organic AUM growth with inflows o

  24. Slide 24: EBITDA nearly doubled driven by efficiency gains

    Equity Story Financial Flexibility EBITDA nearly doubled driven by efficiency gains Composition of EBITDA | EUR m • EBITDA nearly doubled to EUR 29.1m due to   successful cost efficiency measures   +417% -17%  -33% -2% -27% 11.3 7.3 • Management fees fully covered all operating 3.6 expenses for

  25. Slide 25: Total service fee income recorded moderate decline

    Equity Story Financial Flexibility Total service fee income recorded moderate decline Management fees | EUR m Transaction fees | EUR m Performance fees | EUR m 115.5  113.4 -2% 16.9  - 33% 11.3 4.9  - 27% 3.6 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 Total service fee income down by -6.5% t

  26. Slide 26: Total service fee income | quarterly view

    Equity Story Financial Flexibility Total service fee income | quarterly view Total service fee income | EUR m • Total service fee income down by -6.5% to Management fees Performance fees Transaction fees EUR 128.3m (H1 2024: EUR 137.2m): 57.7 57.7 56.1 56.8 56.0 57.4 • Management fees reflective of

  27. Slide 27: Management fees slightly decreased reflective of AUM development

    Equity Story Financial Flexibility H1 2025: Management fees slightly decreased reflective of AUM development Full focus on recurring revenues • Slight drop in management fees caused by Management fees (in EUR m | lhs) AUM (in EUR bn | rhs) lower AUM and higher project developments fees in H1 2024 16

  28. Slide 28: Transactions signed up significantly but still to materialise in fees

    Equity Story Financial Flexibility H1 2025: Transaction signed up significantly but still to materialise in transaction fees Transactions driven revenue stream • Transaction activity in real assets shows improving momentum towards acquisitions driven by Transaction fees (in EUR m | lhs) Transactions

  29. Slide 29: Amount of performance fees driven by lower annual carry payments

    Equity Story Financial Flexibility H1 2025: Amount of performance fees driven by lower annual carry payments Performance fees | EUR m • Performance fees in H1 2025 traditionally dominated by annual carry payments, which have 16.9  been below previous year level - as expected -33% 11.3 • Overall low

  30. Slide 30: Cost containment remains priority showing significant improvement in operating expenses

    Equity Story Financial Flexibility Cost containment remains priority showing significant improvement in operating expenses Operating expenses y-o-y | EUR m  change y-o-y  • Overall progress based on intensified cost efficiency measures focusing on staff costs • Operating expenses decreased by -16.

  31. Slide 31: Updated PATRIZIA segment reporting

    Equity Story Financial Flexibility Updated PATRIZIA segment reporting H1 2025 EBITDA by segments| EUR m  change y-o-y  • Updated segment reporting to improve business steering according to whether PATRIZIA acts as a    service provider or an investor itself: >1,000% +96% +98% • Investment Manag

  32. Slide 32: Strategic balance sheet investments increased

    Equity Story Financial Flexibility Strategic balance sheet investments increased PATRIZIA’s (own) Invested capital1 | EUR m • Capital allocation increased by EUR 28m1 in H1 2025 mainly through acquisition of shares in EIF III Other Real Estate Infrastructure (Infrastructure fund) 867.9 • Positive lo

  33. Slide 33: PATRIZIA's multi-dimensional engagement in Dawonia

    Equity Story Financial Flexibility PATRIZIA’s multi-dimensional engagement in Dawonia • PATRIZIA’s successful management of Dawonia fund (~EUR 4.9 bn) represents a significant performance driver • The initial 10-year investment phase of the fund has been temporarily extended beyond 2023 in close ali

  34. Slide 34: Solid balance sheet and financial strength

    Equity Story Financial Flexibility Solid balance sheet and financial strength Strong balance sheet Liquidity • Net cash (+)/debt (-) of EUR -131.1m, EUR m 30.06.2025 EUR m 30.06.2025 driven by debt attached to strategic seed Total assets 1,683.0 Bank balances, 144.5 investments of EUR 206.6m, with t

  35. Slide 35: PATRIZIA's Sustainability Strategy

    Equity Story Giving Back to Society PATRIZIA’s Sustainability Strategy As a leading partner for global real assets, PATRIZIA is committed to Building Communities and Sustainable Futures Sustainability Focus Areas Sustainability Goals Sustainability Outcomes Building Communities We enable our people

  36. Slide 36: 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

  37. Slide 37: Agenda

    Agenda • PATRIZIA at a glance • Equity Story • Share information • Appendix PATRIZIA | © 2025 37

  38. 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 30.06.2025 Shareholder structure | as at 30.06.2025 Analyst recommendations | as at 04.08.2025 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

  39. Slide 39: PATRIZIA share performance & 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 Implied valuation of Investment Management Platform only below 1 x EBITDA multiple as at 30 June 20251 | EUR m 65% 868 55% 737 21 758 45% -131 35% 25% 15% 5

  40. 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 4.6%1 0.32 0.30 0.29 • Dividend policy: 0.27 • P

  41. Slide 41: Shareholder Value Long-Term Incentive aligns CEO's and shareholders' interests

    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

  42. Slide 42: Agenda

    Agenda • PATRIZIA at a glance • Equity Story • Share information • Appendix PATRIZIA | © 2025 42

  43. Slide 43: Capital allocation

    Appendix Capital allocation PATRIZIAs capital allocation as at 30 June 2025 Invested capital Assets under Management (fair value) Invested capital (at cost) Participations EUR m EUR m EUR m in % Third-party business 45,201.1 0.0 Co-investments and seed-investments 10,704.1 869.9 511.1 Real estate -

  44. Slide 44: Reconciliation of EBITDA

    Appendix Reconciliation of EBITDA Detailed reconciliation to EBITDA EUR k H1 2025 H1 2024¹ Change Table in the current report Management fees (excluding result from participations) 110,118 111,561 -1.3% Reconciliation of total service fee income Shareholder contribution for management services (in r

  45. Slide 45: Consolidated income statement

    Appendix Consolidated income statement EUR k Q2 2025 Q2 2024¹ H1 2025 H1 2024¹ Change Revenues 61,640 65,614 121,401 123,597 -1.8% Other operating income 4,567 4,725 5,249 9,791 -46.4% Total operating performance 66,207 70,338 126,650 133,387 -5.1% Cost of materials -864 -74 -1,033 -252 309.9% Cost

  46. Slide 46: Consolidated balance sheet | Assets

    Appendix Consolidated balance sheet | Assets Assets EUR k 30.06.2025 31.12.2024 A. Non-current assets Goodwill 260,970 265,879 Other intangible assets 72,052 78,473 Software 4,245 5,059 Rights of use 36,136 43,379 Investment property 277,259 275,413 Equipment 24,145 26,833 Participations in companie

  47. Slide 47: Consolidated balance sheet | Equity and liabilities

    Appendix Consolidated balance sheet | Equity and liabilities Liabilities EUR k 30.06.2025 31.12.2024 A. Equity Share capital 86,457 86,229 Capital reserves 83,719 83,534 Retained earnings Legal reserves 505 505 Currency translation difference -3,350 2,346 Remeasurements of defined benefit plans acco

  48. Slide 48: Consolidated statement of cash flows (I / II)

    Appendix Consolidated statement of cash flows (I / II) EUR k H1 2025 H1 2024¹ Net profit/ loss for the period 4,712 -12,729 Income taxes recognised through profit or loss 4,291 6,632 Financial expenses recognised through profit or loss 6,180 5,993 Financial income recognised through profit or loss -

  49. Slide 49: Consolidated statement of cash flows (II / II)

    Appendix Consolidated statement of cash flows (II / II) EUR k H1 2025 H1 2024¹ Payments for investments in other intangible assets, software and equipment -111 -15,319 Payments received from the disposal of intangible assets and equipment 1 60 Payments for the development of investment property -35

  50. Slide 50: Financial calendar 2025

    Financial calendar 2025 12 AUG 25 H1 2025 Financial Report 13 AUG 25 H1 2025 Investor and analyst conference call 12 NOV 25 9M 2025 Interim Statement 13 NOV 25 9M 2025 Investor and analyst conference call Latest publications: https://ir.patrizia.ag/en/ Newsletter: https://ir.patrizia.ag/en/contact E

  51. Slide 51: Contact

    Appendix Contact MARTIN PRAUM DR JANINA ROCHELL Executive Director | CFO Director | Investor Relations investor.relations@patrizia.ag T +49 69 643505-1229 M +49 151 64085881 investor.relations@patrizia.ag TOBIAS ENDER VERENA SCHOPP DE ALVARENGA LAURA WALZ Associate Director | Investor Relations Asso

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