Patrizia Se · XETR:PAT

Patrizia — Investor Presentation (November 2025)

59 slides from Patrizia's investor presentation, November 2025

  1. Slide 1: Company Presentation November 2025

    Company Presentation November 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

    PATRIZIA a global investment manager for Real Assets AUM | EUR bn M&A: 70 Whitehelm Capital, 60.0 490 Advantage Investment -- Partners (AIP) 59.1 60 57.3 56.0 56.4 EUR 390 +55bn Assets under management (AUM) 50 48.6 47.0 44.5 40 M&A: Rockspring, 41.0 290 #3 Fully independent investment manager1 Triu

  5. Slide 5: Generating recurring and growth-oriented returns

    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 platform base

  6. Slide 6: A dual engine powers our business model

    A dual engine powers our business model Full services across the value chain Invested capital as at 30 September 2025 EUR m Real Estate Infrastructure Other1 Investment Balance Sheet Management Investment Strategy Investment Investments 133.7 & Research Solutions Asset light business model Utilising

  7. Slide 7: Market environment slowly improving, being closer to inflection point

    Market environment slowly improving, being closer to inflection point 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

  8. Slide 8: Business model successfully streamlined, now less dependent on market activity

    Business model successfully streamlined, now less dependent on market activity Strengthening Streamlined operating model bearing fruit and powering long-term profitability 1 an integrated real asset platform that creates value for our clients through dedicated fund clusters 57.7 57.7 56.1 56.0 57.4

  9. Slide 9: Management priorities going forward

    Management priorities going forward Earnings quality Client and product focus Employees and platform • Grow management fees • Deliver outstanding products • Drive portfolio efficiency and for clients and step-up upgrade systems • Improve co-investment result fundraising • Enable entrepreneurial spir

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

    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 +55bn AUM AUM 30.09.2025 2027 2030 PATRIZIA | © 2025 10

  11. Slide 11: Strategic milestone reached with management fees exceeding operating expenses

    Strategic milestone reached with management fees exceeding 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 driven sta

  12. Slide 12: Strategic growth areas - “5 for EUR 30bn”

    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 ~ 30bn PATRIZIA

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

    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 Circular Econom

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

    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 Committee1 Frank Kuhn

  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

    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 PATRIZIA We contr

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

    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 predictable creates a continuous demand w

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

    Broad diversification of assets under management across asset classes and regions AUM EUR 3% 4%2% 7% +55bn 8% 28% 3% 5% 3% 32% total 38% 4% assets under management 12% AUM by AUM by AUM by 5% 52% sectors1 geography clients 7% EUR 4% 4% 18% +45bn 24% 10% 17% 9% real estate assets under management Res

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

    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 / 86 47 264 93 growth AUM 23 15 21 212 5

  20. Slide 20: High portion of recurring management fees based on perpetual AUM

    High portion of recurring management fees based on perpetual AUM Risk classes of AUM1 | in % Maturity breakdown of AUM1 | in EUR bn 85% Core Core plus Opportunistic of total AUM <2 yrs 2.1 with more than 10 years maturity 2-5 yrs 5.3 31% 18% 5-10 yrs 1.3 average Fund-LTV 18% >10 yrs / perpetual 47.6

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

    Firepower for investments available from a broadly diversified client base Open equity commitments for transactions Open equity commitments by clients1 | % by asset classes | EUR bn 75% Infrastructure Real Estate 61% 47% 0.7 1.1bn 32% open equity commitments for transactions for investments 21% 0.4

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

    Experienced & leading experts in Real Assets +550 institutional clients +7,000 private clients ~850 employees (FTE) 26 PATRIZIA offices globally to service clients & manage real assets locally PATRIZIA | © 2025 Data as at 30.09.2025 22

  23. Slide 23: Improving sentiment in Real Assets fuelling a pivotal year

    Improving sentiment in Real Assets fuelling a pivotal year Total returns in Real Estate gaining attractiveness MSCI European Quarterly Index | q-o-q returns Europe and APAC desired by investors: Income Return Income return Capital Return Capital return Totalreturn Total Return • Five quarters of pos

  24. Slide 24: AUM showed organic growth but faced currency headwinds

    AUM showed organic growth but faced currency headwinds AUM1 development 9M 2025| EUR bn • AUM almost stabilised with EUR 56.3bn as at 30 September 2025 (31.12.2024: EUR 56.4bn); currency effects avoided a return to growth, while already seeing slight growth vs. 30.06.2025 • Equity raised slightly in

  25. Slide 25: EBITDA surged due to cost discipline and efficiency gains

    EBITDA surged due to cost discipline and efficiency gains Composition of EBITDA | EUR m • Strong EBITDA increase to EUR 44.6m due to successful cost efficiency measures and    improved co-investment income   +316% -17% -31% +1% -43% 10.6 • Management fees exceed operating expenses 5.0 12.6 and

  26. Slide 26: Total service fee income stabilised with management fees returning to growth

    Total service fee income stabilised with management fees returning to growth Management fees | EUR m Transaction fees | EUR m Performance fees | EUR m  174.0 171.6 +1% 18.2  - 31% 12.6 8.9  - 43% 5.0 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 Total service fee income down by -3.5% to EUR 191

  27. Slide 27: Total service fee income | quarterly view

    Total service fee income | quarterly view Total service fee income | EUR m Total service fee income down by -3.5% Management fees Performance fees Transaction fees to EUR 191.7m (9M 2024: EUR 198.7m): 57.7 57.7 56.1 56.8 56.0 57.4 60.6 • Management fees returned to growth while also seeing quarter o

  28. Slide 28: 9M 2025: Management fees back in growth territory

    9M 2025: Management fees back in growth territory Full focus on recurring revenues • Management fees showed a slight growth again, Management fees (in EUR m | lhs) AUM (in EUR bn | rhs) partly driven by catch-up fees in 9M 2025, while facing a decrease in project developments fees  60 of EUR 4.6m y

  29. Slide 29: 9M 2025: Strong increase in signed transactions albeit limited transaction fee impact

    9M 2025: Strong increase in signed transactions albeit limited transaction fee impact Transactions driven revenue stream • Transaction activity in real assets shows slowly improving momentum towards acquisitions driven Transaction fees (in EUR m | lhs) Transactions signed (in EUR bn | rhs) by stabil

  30. Slide 30: 9M 2025: Amount of performance fees driven by lower annual carry payments

    9M 2025: Amount of performance fees driven by lower annual carry payments Performance fees | EUR m • Performance fees in 9M 2025 dominated by annual carry payments, which have been below previous 18.2  year level - as expected -31% 12.6 • Overall low number of realisations for clients 9M 2024  cha

  31. Slide 31: Cost containment remains priority enabling significant improvement in operating expenses

    Cost containment remains priority enabling 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 scalability.  -15%  • Operating expenses decreased by -17.1% to -25%   -19.5 -6%

  32. Slide 32: Segment reporting: Investment Management EBITDA doubled

    Segment reporting: Investment Management EBITDA doubled 9M 2025 EBITDA by segments| EUR m  change y-o-y  • Both operating segments significantly increased their EBITDA contribution: • EBITDA in Investment Management doubled to    +195% +82% +567% EUR 35.3m (9M 2024: EUR 17.7m). Positive  -0.2

  33. Slide 33: Outlook specified: EBITDA guidance raised for FY 2025; AUM guidance specified

    Outlook specified: EBITDA guidance raised for FY 2025; AUM guidance specified FY 2024 FY 2025e FY 2025e prev. Guidance new Guidance • EBITDA guidance raised and narrowed to a range of EUR 50 – 65m for FY 2025e based on ongoing cost discipline 50 – 65 40 – 60 and the positive financial development se

  34. Slide 34: Strategic balance sheet investments increased

    Strategic balance sheet investments increased PATRIZIA’s (own) Invested capital1 | EUR m • Additional strategic infrastructure investments of EUR 7m conducted in Q3 2025 Other Real Estate Infrastructure • Positive long-term return driven by investments in 876.8 Real Estate; especially in residential

  35. Slide 35: PATRIZIA’s multi-dimensional engagement in Dawonia

    PATRIZIA’s multi-dimensional engagement in Dawonia • PATRIZIA’s successful management of Dawonia fund (AUM: ~EUR 5.0 bn) represents a significant performance driver • The initial 10-year investment phase of the fund has been temporarily extended beyond 2023 in close alignment with all investors Tota

  36. Slide 36: Solid balance sheet and financial strength

    Solid balance sheet and financial strength Strong balance sheet Liquidity • Bank balances, cash and term deposits EUR m 30.09.2025 EUR m 30.09.2025 of EUR 160.7m (31.12.2024: EUR 185.1m) Total assets 1,679.3 Bank balances, 160.7 decreased due to dividend payments cash and term deposits Equity (excl.

  37. Slide 37: PATRIZIA’s Sustainability Strategy

    PATRIZIA’s Sustainability Strategy 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 communities to thrive

  38. Slide 38: Making an impact since 1984

    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 globally Markets with PATRIZIA Foun

  39. Slide 39: Agenda

    Agenda • PATRIZIA at a glance • Equity Story • Share information • Appendix PATRIZIA | © 2025 39

  40. Slide 40: Stable shareholder structure and upside to analyst target prices

    Stable shareholder structure and upside to analyst target prices PATRIZIA share performance | as at 30.09.2025 Shareholder structure | as at 30.09.2025 Analyst recommendations | as at 05.11.2025 6 EUR 30.00 30.00 € D 9% D D First Capital Partner GmbH 2 25.00 25.00 € D 3 D Union Investment Privatfond

  41. Slide 41: PATRIZIA share performance & implied value of the operating business

    PATRIZIA share performance & what is the implied value of the operating business? Share Performance last 12 months compared to peer group Implied valuation: Market assigns no value to returns achieved in Investment Management Segment as at 30 September 20251 | EUR m 30% Valuation -115 Gap 20% Price

  42. Slide 42: Dividend for FY 2024 of EUR 0.35 per 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 4.9%1 0.32 0.30 0.29 • Dividend policy: 0.27 • PATRIZI

  43. Slide 43: Shareholder Value Long-Term Incentive aligns CEO’s and shareholders’ interests

    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 or bea

  44. Slide 44: Agenda

    Agenda • PATRIZIA at a glance • Equity Story • Share information • Appendix PATRIZIA | © 2025 44

  45. Slide 45: Results 9M 2025 and Guidance FY 2025

    Results 9M 2025 and Guidance FY 2025 Results 9M 2025 and Guidance FY 2025 Guidance range 2025 Previous Guidance range 2025 EUR m 9M 2025 9M 20241 Change min max min max Management fees 174.0 171.6 1.4% Transaction fees 5.0 8.9 -43.5% Performance fees 12.6 18.2 -30.8% Total service fee income 191.7 1

  46. Slide 46: Reconciliation of EBITDA (I/II)

    Reconciliation of EBITDA (I/II) Detailed reconciliation to EBITDA EUR k 9M 2025 9M 2024¹ Change Management fees (excluding result from participations) 169,255 165,912 2.0% Shareholder contribution for management services (in result from participations) 4,752 5,641 -15.8% Management fees 174,007 171,

  47. Slide 47: Reconciliation of EBITDA (II/II)

    Reconciliation of EBITDA (II/II) EUR k 9M 2025 9M 2024¹ Change Net sales revenues and co-investment income 10,625 -4,928 315.6% Staff costs -111,390 -130,855 -14.9% Other operating expenses -41,758 -55,846 -25.2% Cost of purchased services -12,043 -12,433 -3.1% Impairment result for trade receivable

  48. Slide 48: Capital allocation

    Capital allocation PATRIZIA’s capital allocation as at 30.09.2025 Assets under Invested capital management (fair value) Invested capital (at cost) Participations EUR m EUR m EUR m in % Third-party business 45,650.2 Co-investments and seed investments 10,626.1 876.8 518.3 Real estate - residential 5,

  49. Slide 49: Consolidated income statement

    Consolidated income statement Income Statement EUR k Q3 2025 Q3 2024¹ 9M 2025 9M 2024¹ Change (9M y-o-y) Revenues 66,181 62,524 187,582 186,120 0.8% Other operating income 1,226 1,462 6,475 11,253 -42.5% Total operating performance 67,407 63,986 194,057 197,374 -1.7% Cost of materials -1,271 -677 -2

  50. Slide 50: Consolidated balance sheet | Assets

    Consolidated balance sheet | Assets Assets EUR k 30.09.2025 31.12.2024 A. Non-current assets Goodwill 259,977 265,879 Other intangible assets 69,289 78,473 Software 3,841 5,059 Rights of use 34,152 43,379 Investment property 277,713 275,413 Equipment 22,850 26,833 Participations in companies account

  51. Slide 51: Consolidated balance sheet | Equity and liabilities

    Consolidated balance sheet | Equity and liabilities Equity & Liabilities EUR k 30.09.2025 31.12.2024 A. Equity Share capital 86,457 86,229 Capital reserves 84,322 83,534 Retained earnings Legal reserves 505 505 Currency translation difference -2,598 2,346 Remeasurements of defined benefit plans acco

  52. Slide 52: Consolidated statement of cash flows (I/II)

    Consolidated statement of cash flows (I/II) Cashflow Statement EUR k 9M 2025 9M 2024¹ Net profit/ loss for the period 6,863 -29,158 Income taxes recognised through profit or loss 3,227 7,414 Financial expenses recognised through profit or loss 9,877 10,621 Financial income recognised through profit

  53. Slide 53: Consolidated statement of cash flows (II/II)

    Consolidated statement of cash flows (II/II) EUR k 9M 2025 9M 2024¹ Payments for investments in other intangible assets, software and equipment -153 -19,371 Payments received from the disposal of intangible assets and equipment 8 60 Payments for the development of investment property 52 -23,585 Paym

  54. Slide 54: Segment reporting – 9M 2025 (I/II)

    Segment reporting – 9M 2025 (I/II) Segment reporting - 2025 (01.01.-30.09.2025) Investment Balance Sheet Consolidation/ EUR k Management Investments other Total Revenues 194,492 8,727 -15,637 187,582 Management service fees 169,824 0 -569 169,255 Services provided as shareholder contributions 4,752

  55. Slide 55: Segment reporting – 9M 2025 (II/II)

    Segment reporting – 9M 2025 (II/II) Investment Balance Sheet Consolidation/ EUR k Management Investments other Total Depreciation of rights of use -7,266 0 0 -7,266 Amortisation of fund management contracts, licences and goodwill 0 0 -8,227 -8,227 Other depreciation, amortisation and impairment -5,1

  56. Slide 56: Segment reporting – 9M 2024 (I/II)

    Segment reporting – 9M 2024 (I/II) Segment reporting - 2024 (01.01.-30.09.2024)¹ Investment Balance Sheet Consolidation/ EUR k Management Investments other Total Revenues 201,287 5,849 -21,017 186,120 Management service fees 165,443 536 -67 165,912 Services provided as shareholder contributions 5,64

  57. Slide 57: Segment reporting – 9M 2024 (II/II)

    Segment reporting – 9M 2024 (II/II) Investment Balance Sheet Consolidation/ EUR k Management Investments other Total Depreciation of rights of use -8,361 0 0 -8,361 Amortisation of fund management contracts, licences and goodwill 0 0 -7,227 -7,227 Other depreciation, amortisation and impairment -4,5

  58. Slide 58: Financial calendar 2026

    Financial calendar 2026 04 MAR 26 2025 Preliminary results 05 MAR 26 Investor and analyst conference call on preliminary results 2025 27 MAR 26 2025 Annual Report 11 MAY 26 3M 2026 Quarterly Statement 12 MAY 26 3M 2026 Investor and analyst conference call 10 JUN 26 2026 Annual General Meeting 10 AUG

  59. Slide 59: Contact

    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 JANINA ROCHELL VERENA SCHOPP DE ALVARENGA Director | Investor Relations Associate Director | Invest

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