Patrizia Se · XETR:PAT

Patrizia — Investor Presentation (March 2026)

54 slides from Patrizia's investor presentation, Mar 23, 2026

  1. Slide 1: Company Presentation March 2026

    Company Presentation March 2026

  2. Slide 2: Agenda

    Agenda • PATRIZIA at a glance • Equity Story • Share information • Appendix PATRIZIA | © 2026 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 55.0 60 57.3 56.4 56.2 EUR 390 +55bn Assets under management (AUM) 50 48.6 47.0 44.5 M&A: Rockspring, 41.0 #3 290in European Real Fully independent investm

  5. Slide 5: A scalable platform delivering resilient earnings and attractive returns

    A scalable platform delivering resilient earnings and attractive returns Scalable Business Model Solid Financials • Create & manage investment solutions in • Recurring management fees fully cover operating real assets with attractive returns expenses, providing a resilient earnings base • Run a scal

  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 31 December 2025 EUR m Real Estate Infrastructure Other1 Investment Balance Sheet 139.8 Management Investment Strategy Investment Investments & Research Solutions Asset light business model Utilising

  7. Slide 7: Key strengths driving PATRIZIA’s next phase of growth

    Key strengths driving PATRIZIA’s next phase of growth Return to growth with accelarating Transition from asset allocation fundraising across sectors to asset management Closer to assets to generate returns Value Add plays a greater role (“boots on the ground”) PATRIZIA: #3 in Value Add (Europe)1 D U

  8. Slide 8: Strategic milestone reached with management fees exceeding operating expenses

    Strategic milestone reached with management fees exceeding operating expenses Earnings quality | illustrative Operating expenses excl. reorganisation expenses Other income • Earnings quality significantly increased trough Net sales revenues and co-investment income Performance fees Transaction fees

  9. Slide 9: Strategic growth areas - “5 for EUR 30bn”

    Strategic growth areas - “5 for EUR 30bn” Fundraising focus on Target thematic strategies and flagship products FY 2023 - 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

  10. Slide 10: DUEL megatrends drive PATRIZIA’s strategy for value creation

    DUEL megatrends drive PATRIZIA’s strategy for value creation Digital Transition Urban Transition Energy Transition Living Transition Leverage digital technologies Embrace the shift into Transform energy systems Address changing lifestyles, to enhance efficiency, sustainable, connected, and towards s

  11. Slide 11: Improved fundraising momentum in strategic growth areas in 2025

    Improved fundraising momentum in strategic growth areas in 2025 • Improved fundraising momentum across FY 2025 in EUR m strategic growth areas in 2025 Real Estate 292 • EUR 1.2bn equity raised across Real Estate, Infrastructure and Advantage Investment Partners, an 22% y-o-y increase Re-Infra 203 EU

  12. Slide 12: 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

  13. Slide 13: Agenda

    Agenda • PATRIZIA at a glance • Equity Story • Share information • Appendix PATRIZIA | © 2026 13

  14. Slide 14: 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

  15. Slide 15: 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

  16. Slide 16: Broad diversification of assets under management across asset classes and regions

    Broad diversification of assets under management across asset classes and regions AUM EUR 4% 4%2% 8% +55bn 8% 28% 3% 3% 5% 32% total 38% assets under management 4% AUM by 12% AUM by AUM by 5% 51% sectors1 geography clients 8% EUR 4% 18% 24% 4% +45bn 10% 17% 9% real estate assets under management Res

  17. Slide 17: AUM growth translates into resilient recurring management fees

    AUM growth translates into resilient recurring management fees Total service fee income | EUR m Management fees Transaction fees Performance fees SÜDEWO performance fee 348 346 320 328 325 312 +12 % p.a. ~42 bps 269 1 92 86 61 Management fee Management fees / 86 47 264 259 93 growth AUM 23 15 21 18

  18. Slide 18: High-quality AUM structure supports resilient and predictable earnings

    High-quality AUM structure supports resilient and predictable earnings Risk classes of AUM1 | in % Maturity breakdown of AUM1 | in EUR bn 85% Core Core plus Opportunistic of total AUM <2 yrs 1.9 with more than 10 years maturity 2-5 yrs 5.3 31% 19% 5-10 yrs 1.3 average Fund-LTV 18% >10 yrs / perpetua

  19. Slide 19: 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 Total equity commitments in funds by clients1 | % by asset classes | EUR bn 75% Infrastructure Real Estate 62% 48% 0.8 1.3bn 32% open equity commitments for transactions for investment

  20. Slide 20: Experienced & leading experts in Real Assets

    Experienced & leading experts in Real Assets +550 institutional clients +7,000 private clients ~800 employees (FTE) 26 PATRIZIA offices globally to service clients & manage real assets locally PATRIZIA | © 2026 Data as at 31.12.2025 20

  21. Slide 21: Signs of recovery: European real estate returns stabilise after correction

    Signs of recovery: European real estate returns stabilise after correction Office Industrial Retail Residential Income Return Capital Return Income Return Capital Return Income Return Capital Return Income Return Capital Return Total Return Total Return Total Return Total Return 8% 8% 8% 8% 6% 6% 6%

  22. Slide 22: AUM stabilised – despite currency headwinds

    AUM stabilised – despite currency headwinds AUM1 development FY 2025| EUR bn • AUM almost stable with EUR 56.2bn as at 31 December 2025 (31.12.2024: EUR 56.4bn); currency effects avoided a return to growth 60.0 1.3 0.2 0.3 • Inflows of EUR 1.3bn being balanced between investments in real -1.3 -0.7 e

  23. Slide 23: Strong EBITDA performance – driven by cost discipline and efficiency gains

    Strong EBITDA performance – driven by cost discipline and efficiency gains Composition of EBITDA | EUR m • Strong EBITDA increase to EUR 63.0m due to successful   cost efficiency measures, reflected in lower operating  +556% -10% expenses   -15% -49% 16.9 +2% 18.0 • Management fees exceed opera

  24. Slide 24: Growing recurring management fees safeguard total service fee income

    Growing recurring management fees safeguard total service fee income Management fees | EUR m Transaction fees | EUR m Performance fees | EUR m  233.4 228.4 +2% 21.2  14.5  - 15% 18.0 7.4 - 49% FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 Total service fee income nearly stable at EUR 258.8m (20

  25. Slide 25: Cost discipline successfully drove down operating expenses

    Cost discipline successfully drove down operating expenses Operating expenses1 y-o-y | EUR m  change y-o-y  • Significant progress achieved through intensified cost efficiency and enhanced scalability   -6%   -19% • Operating expenses decreased by -10.2% to EUR 224.8m -15.8 -6% -10% -8.6 (2024

  26. Slide 26: Earnings quality improved in both segments in absolute terms

    Earnings quality improved in both segments in absolute terms FY 2025 EBITDA by segments| EUR m  change y-o-y  • EBITDA in Investment Management increased to EUR 51.0m (2024: EUR 39.5m). Positive development   mainly driven by strict cost discipline despite lower  -5% -73% +35% total service fee

  27. Slide 27: Guidance 2026 – well positioned to win in the new cycle

    Guidance 2026 – well positioned to win in the new cycle FY 2025 FY 2026e • Concentrated efforts on further improvement of internal 120 process efficiencies, cost ratios and recurring profitability 100 lead to an expected EBITDA range of EUR 60.0 – 75.0m and 80 60.0 – 75.0 EBITDA margin in the range

  28. Slide 28: Increased utilisation of balance sheet strength – focus on Living and Infrastructure

    Increased utilisation of balance sheet strength – focus on Living and Infrastructure PATRIZIA’s (own) Invested capital1 | EUR m • Additional strategic investments of EUR 36m conducted in 2025 dominated by real estate (Living) and Other Real Estate Infrastructure infrastructure 930.2 • Positive long-

  29. Slide 29: Operating cash flow surged – driven by improved operating performance

    Operating cash flow surged – driven by improved operating performance Operating cash flow y-o-y | EUR m  change y-o-y  Operating cash flow surged to EUR 57.6m (2024: EUR 12.6m) mainly driven by: • Net profit improving by EUR 14.0m y-o-y driven by improved operating performance 13.8 • Active workin

  30. Slide 30: Extension of Dawonia mandate and agreed scheme for realisation of exit carry

    Extension of Dawonia mandate and agreed scheme for realisation of exit carry • PATRIZIA and investors extended the management mandate for the flagship residential fund until 2030, with options for further extensions Total AUM | in EUR bn Dawonia split | in EUR m • PATRIZIA’s successful management of

  31. Slide 31: Solid balance sheet and financial strength

    Solid balance sheet and financial strength Strong balance sheet Liquidity • Bank balances, cash and term deposits EUR m 31.12.2025 EUR m 31.12.2025 of EUR 175.2m (31.12.2024: EUR 185.1m); Total assets 1,699.4 Bank balances, 175.2 dividend payments (EUR 30m) and net cash and term deposits Equity (exc

  32. Slide 32: 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

  33. Slide 33: 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

  34. Slide 34: Agenda

    Agenda • PATRIZIA at a glance • Equity Story • Share information • Appendix PATRIZIA | © 2026 34

  35. Slide 35: Stable shareholder structure and upside to analyst target prices

    Stable shareholder structure and upside to analyst target prices PATRIZIA share performance | as at 28.02.2026 Shareholder structure | as at 4.03.2026 Analyst recommendations | as at 9.03.2026 6 EUR D 30.00 30.00 € D D 9% 2 First Capital Partner GmbH 25.00 D 25.00 € D 3 D Union Investment Privatfond

  36. Slide 36: PATRIZIA share performance & what is the 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 group1 Implied valuation: Market assigns no value to returns achieved in Investment Management Segment as at 31 December 20251 | EUR m 20% Valuation -102 Gap Price to b

  37. Slide 37: Increase of dividend to EUR 0.36 per share – 8th consecutive increase since 2018

    Increase of dividend to EUR 0.36 per share – 8th consecutive increase since 2018 Dividend per share | EUR • Proposed dividend per share of EUR 0.36 (+2.9% y-o-y) backed by strong financial situation and well covered +2.9% by Operating Cash Flow per share of EUR 0.67 (excl. 0.35 0.36 treasury shares

  38. Slide 38: Shareholder Value Long-Term Incentive (SVL) 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

  39. Slide 39: Agenda

    Agenda • PATRIZIA at a glance • Equity Story • Share information • Appendix PATRIZIA | © 2026 39

  40. Slide 40: Preliminary Financial Results FY 2025 and Guidance FY 2026

    Preliminary Financial Results FY 2025 and Guidance FY 2026 Preliminary Financial Results FY 2025 and Guidance FY 2026 Guidance range 2026 EUR m FY 2025 FY 2024 Change min max Management fees 233.4 228.4 2.2% Transaction fees 7.4 14.5 -48.9% Performance fees 18.0 21.2 -15.3% Total service fee income

  41. Slide 41: Reconciliation of EBITDA (I/II)

    Reconciliation of EBITDA (I/II) Detailed reconciliation to EBITDA EUR k 2025 2024 Change Management fees (excluding result from participations) 227,195 221,002 2.8% Shareholder contribution for management services (in result from participations) 6,209 7,389 -16.0% Management fees 233,403 228,392 2.2

  42. Slide 42: Reconciliation of EBITDA (II/II)

    Reconciliation of EBITDA (II/II) EUR k FY 2025 FY 2024 Change Staff costs -142,313 -150,936 -5.7% Other operating expenses -66,838 -82,639 -19.1% Cost of purchased services -15,666 -16,496 -5.0% Impairment result for trade receivables and contract assets 64 -142 -145.1% Reorganisation expenses -7,94

  43. Slide 43: Capital allocation

    Capital allocation PATRIZIA’s capital allocation as at 31.12.2025 Assets under Invested capital management (fair value) Invested capital (at cost) Participations EUR m EUR m EUR m in % Third-party business 45,613.5 0.0 Co-investments and seed investments 10,605.6 930.2 521.4 Real estate - residentia

  44. Slide 44: Consolidated income statement

    Consolidated income statement Income Statement EUR k FY 2025 FY 2024 Change Revenues 258,416 255,667 1.1% Other operating income 11,311 36,527 -69.0% Total operating performance 269,727 292,255 -7.7% Cost of materials -2,835 -948 198.9% Cost of purchased services -15,666 -16,496 -5.0% Staff costs -1

  45. Slide 45: Consolidated balance sheet | Assets

    Consolidated balance sheet | Assets Assets EUR k 31.12.2025 31.12.2024 A. Non-current assets Goodwill 260,232 265,879 Other intangible assets 66,562 78,473 Software 3,370 5,059 Rights of use 40,768 43,379 Investment property 279,272 275,413 Equipment 21,495 26,833 Participations in companies account

  46. Slide 46: Consolidated balance sheet | Equity and liabilities

    Consolidated balance sheet | Equity and liabilities Equity & Liabilities EUR k 31.12.2025 31.12.2024 A. Equity Share capital 86,457 86,229 Capital reserves 88,402 83,534 Retained earnings Legal reserves 505 505 Currency translation difference -831 2,346 Remeasurements of defined benefit plans accord

  47. Slide 47: Consolidated statement of cash flows (I/II)

    Consolidated statement of cash flows (I/II) Cashflow Statement EUR k FY 2025 FY 2024 Net profit 16,379 2,379 Income taxes recognised through profit or loss 1,513 1,031 Financial expenses recognised through profit or loss 14,620 17,276 Financial income recognised through profit or loss -4,655 -12,056

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

    Consolidated statement of cash flows (II/II) EUR k 2025 2024 Payments for investments in other intangible assets, software and equipment -204 -18,474 Payments received from the disposal of intangible assets and equipment 15 37 Payments received from the sale of investment property 0 313 Payments for

  49. Slide 49: Segment reporting – FY 2025 (I/II)

    Segment reporting – FY 2025 (I/II) Segment reporting - 2025 (01.01.-31.12.2025) Balance Sheet Consolidation/ EUR k Investment Management Investments other Total Revenues 264,348 11,722 -17,654 258,416 Management service fees 228,240 0 -1,045 227,195 Services provided as shareholder contributions 6,2

  50. Slide 50: Segment reporting – FY 2025 (II/II)

    Segment reporting – FY 2025 (II/II) Segment reporting - 2025 (01.01.-31.12.2025) Investment Balance Sheet Consolidation/ EUR k Management Investments other Total Depreciation of rights of use -9,460 0 0 -9,460 Amortisation of fund management contracts, licences and goodwill 0 0 -11,008 -11,008 Other

  51. Slide 51: Segment reporting – FY 2024 (I/II)

    Segment reporting – FY 2024 (I/II) Segment reporting - 2024 (01.01.-31.12.2024) Balance Sheet Consolidation/ EUR k Investment Management Investments other Total Revenues 270,910 8,117 -23,360 255,667 Management service fees 221,559 19 -576 221,002 Services provided as shareholder contributions 7,389

  52. Slide 52: Segment reporting – FY 2024 (II/II)

    Segment reporting – FY 2024 (II/II) Segment reporting - 2024 (01.01.-31.12.2024) Investment Balance Sheet Consolidation/ EUR k Management Investments other Total Depreciation of rights of use -10,777 0 0 -10,777 Amortisation of fund management contracts, licences and goodwill 0 0 -11,049 -11,049 Oth

  53. Slide 53: Financial calendar 2026

    Financial calendar 2026 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 26 H1 2026 Financial Report 11 AUG 26 H1 2026 Investor and analyst conference call 09 NOV 26 9M 2026 Quarterl

  54. Slide 54: Contact

    Contact MARTIN PRAUM Executive Director | CFO investor.relations@patrizia.ag DR JANINA ROCHELL VERENA SCHOPP DE ALVARENGA Director | Head of Investor Relations Associate Director | Investor Relations T +49 69 643505-1229 T +49 821 50910-403 M +49 151 64085881 M +49 151 58339292 investor.relations@pa

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