Patrizia Se · XETR:PAT
Patrizia — H1 2025 Earnings Presentation
24 slides from Patrizia's earnings presentation, Aug 13, 2025
Slide 1: H1 2025 Financial Results Presentation
H1 2025 Financial Results Presentation 13 August 2025 Dr Asoka Wöhrmann | CEO Martin Praum | CFO
Slide 2: CEO highlights & Market environment
CEO highlights & Market environment H1 2025
Slide 3: Financial Highlights in H1 2025
CEO highlights & Market environment Financial Highlights in H1 2025 EUR 29.1m • EBITDA nearly doubled due to tight cost discipline EBITDA +97.9% leading to structurally improved earnings quality • EBITDA margin points in the right direction, the level seen in 21.5% H1 2025 however, is predominan
Slide 4: PATRIZIA well positioned to leverage new investment cycle for growth
CEO highlights & Market environment PATRIZIA well positioned to leverage new investment cycle for growth New investment cycle ahead with investors shifting 1 Cost discipline and their focus back to real assets resilience crucial for PATRIZIA well positioned for growth with new business success 2 org
Slide 5: Improving sentiment in Real Assets fuelling a pivotal year
! CEO highlights & Market environment 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 shift
Slide 6: Transaction volumes in Real Estate & Infrastructure slowly picking up pace
CEO highlights & Market environment Transaction volumes in Real Estate & Infrastructure slowly picking up pace REAL ESTATE (LIVING) INFRASTRUCTURE Transaction volume of European living real estate | EUR bn Transaction volume by region│ USD bn & number of deals Multi-Family Housing MFH Student Housin
Slide 7: Total returns in Real Estate gaining attractiveness
CEO highlights & Market environment Total returns in Real Estate gaining attractiveness MSCI European Quarterly Index | q-o-q returns • Five quarters of positive returns, recently Income Return Income return Capital Return Capital return Totalreturn Total Return with positive capital value growth 5%
Slide 8: Client activity shows rising momentum at PATRIZIA
CEO highlights & Market environment Client activity shows rising momentum at PATRIZIA Investments | Investments | Investments | Transaction volume| EUR m Philippines USA Spain Acquisitions closed 1,188 RE-Infra Infrastructure Equity Real Estate Equity 1,057 PATRIZIA supports PATRIZIA invests in PATR
Slide 9: DUEL mega trends drive PATRIZIA's investment strategy for long-term value creation
CEO highlights & Market environment 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, S
Slide 10: Financials & Guidance
Financials & Guidance H1 2025
Slide 11: AUM showed organic growth but faced currency headwinds
Financials & Guidance 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 of -0.7 0.0 50
Slide 12: EBITDA nearly doubled driven by efficiency gains
Financials & Guidance 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 the first ti
Slide 13: Total service fee income recorded moderate decline
Financials & Guidance 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% to EUR 128.3m
Slide 14: 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 -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 stable AUM de
Slide 15: Cost containment remains priority showing significant improvement in operating expenses
Financials & Guidance 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 -16.7% to EUR
Slide 16: Updated PATRIZIA segment reporting
Financials & Guidance 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 Management describ
Slide 17: Strategic balance sheet investments increased
Financials & Guidance 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 long-term retur
Slide 18: Solid balance sheet and financial strength
Financials & Guidance 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 the aim cash a
Slide 19: Unchanged Guidance FY 2025
Financials & Guidance 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
Slide 20: Q&A
Q&A
Slide 21: 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
Slide 22: Appendix
Appendix H1 2025
Slide 23: Results H1 2025 and Guidance FY 2025
Appendix Results H1 2025 and Guidance FY 2025 Guidance range 2025 EUR m H1 2025 H1 20241 Change min max Management fees 113.4 115.5 -2% Transaction fees 3.6 4.9 -27% Performance fees 11.3 16.9 -33% Total service fee income 128.3 137.2 -6% Net sales revenues and co-investment income 7.3 1.4 417% Oper
Slide 24: 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 VERENA SCHOPP DE ALVARENGA LAURA WALZ Associate Director | Investor Relations Senior Asso