Patrizia Se · XETR:PAT
Patrizia — 9M 2025 Earnings Presentation
35 slides from Patrizia's earnings presentation, Nov 11, 2025
Slide 1: 9M 2025 Financial Results Presentation
9M 2025 Financial Results Presentation 11 November 2025 Dr Asoka Wöhrmann | CEO Martin Praum | CFO
Slide 2: CEO Highlights
x \ CEO Highlights 9M 2025
Slide 3: Financial highlights in 9M 2025
CEO Highlights Financial highlights in 9M 2025 EUR 44.6m • Strong EBITDA increase driven by cost discipline leading EBITDA +567.3% to structurally improved earnings quality 22.1% • EBITDA margin points in the right direction, EBITDA margin +18.6PP additional management fees earned will enhance p
Slide 4: Business model successfully streamlined, now less dependent on market activity
CEO Highlights 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 60.6 57.7
Slide 5: Acquisitions delivered in Q3 2025 dominated by Real Estate
CEO Highlights Acquisitions delivered in Q3 2025 dominated by Real Estate United Kingdom Australia Japan Norway Real Estate Living Commercial Real Estate Real Estate Living Infrastructure Equity PATRIZIA launches joint venture, PATRIZIA supports Australian client PATRIZIA expands its real estate PAT
Slide 6: Confidence slowly returns to real estate while infrastructure continues to grow
CEO Highlights Confidence slowly returns to real estate while infrastructure continues to grow Client survey 2025 | Top choices in real estate1 Client survey 2025 | Top assets targeted in infrastructure1 3% Residential 3% Energy transition 5% 10% 9% Modern living strategies Digital infrastructure 10
Slide 7: Management priorities going forward
CEO Highlights 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 entre
Slide 8: Financials & Guidance
Financials & Guidance 9M 2025
Slide 9: AUM showed organic growth but faced currency headwinds
Financials & Guidance 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 • Equ
Slide 10: EBITDA surged due to cost discipline and efficiency gains
Financials & Guidance 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% -44% 10.6 • Management fees exceed operating
Slide 11: Total service fee income stabilised with management fees returning to growth
Financials & Guidance 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 do
Slide 12: Total service fee income | quarterly view
Financials & Guidance 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
Slide 13: Cost containment remains priority enabling significant improvement in operating expenses
Financials & Guidance 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%
Slide 14: Segment reporting: Investment Management EBITDA doubled
Financials & Guidance 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
Slide 15: Strategic balance sheet investments increased
Financials & Guidance 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; esp
Slide 16: Operating cashflow: Development driven by strong operating performance
Financials & Guidance Operating cashflow: Development driven by strong operating performance Operating cashflow y-o-y | EUR m change y-o-y Operating Cashflow surged to EUR 40.2m (9M 2024: EUR 2.3m) mainly driven by: 10.6 -8.8 • Net profit improving by EUR 36.0m vs. 9M 2024 • Other effects contai
Slide 17: Solid balance sheet and financial strength
Financials & Guidance 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
Slide 18: Outlook specified: EBITDA guidance raised for FY 2025; AUM guidance specified
Financials & Guidance Outlook specified: EBITDA guidance raised for FY 2025; AUM guidance specified FY 2025e FY 2025e • EBITDA guidance raised and narrowed to a range of 100 prev. Guidance new Guidance EUR 50 – 65m for FY 2025e based on ongoing cost discipline and the positive financial development
Slide 19: Q&A
Q&A
Slide 20: 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
Slide 21: Appendix
Appendix 9M 2025
Slide 22: Results 9M 2025 and Guidance FY 2025
Appendix 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 incom
Slide 23: Reconciliation of EBITDA (I/II)
Appendix 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% Reconciliation of total service fee income Shareholder contribution for management services (in result from participati
Slide 24: Reconciliation of EBITDA (II/II)
Appendix 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% Consolidated income statement Other operating expenses -41,758 -55,846 -25.2% Consolidated income statement Cost of purchased
Slide 25: Capital allocation
Appendix 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 - resid
Slide 26: Consolidated income statement
Appendix 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 -1,27
Slide 27: Consolidated balance sheet | Assets
Appendix 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 companie
Slide 28: Consolidated balance sheet | Equity and liabilities
Appendix 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 p
Slide 29: Consolidated statement of cash flows (I/II)
Appendix 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 throug
Slide 30: Consolidated statement of cash flows (II/II)
Appendix 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
Slide 31: Segment reporting – 9M 2025 (I/II)
Appendix 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 contributio
Slide 32: Segment reporting – 9M 2025 (II/II)
Appendix 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 impair
Slide 33: Segment reporting – 9M 2024 (I/II)
Appendix 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 contribut
Slide 34: Segment reporting – 9M 2024 (II/II)
Appendix 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 impair
Slide 35: 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 JANINA ROCHELL VERENA SCHOPP DE ALVARENGA Director | Investor Relations Associate Director