Patrizia Se · XETR:PAT

Patrizia — Investor Presentation (September 2026)

32 slides from Patrizia's investor presentation, September 2026

Slide 3: PATRIZIA evolved from a German real estate to a global real asset investment manager
PATRIZIA evolved from a German real estate to a global real asset investment manager 56bn 2026 Transformation execution | A more efficient and scalable platform position PATRIZIA AUM for the next growth cycle 2022 Whitehelm Capital, Advantage Investment Partners | Acquisition of infrastructure and m
Slide 4: PATRIZIA a global investment manager for real assets
PATRIZIA a global investment manager for real assets AUM | EUR bn EUR ~56bn Assets under management (AUM) Real Estate Infrastructure Management fees (EURm) 70 60.0 - 490 #3 M&A: 55.0 in European Fully independent investment manager1 Whitehelm Capital, 59 Real Estate 60 Advantage Investment 57 56 56
Slide 5: A dual engine powers our business model
A dual engine powers our business model Invested capital as at Full services across the value chain 31 December 2025 | EUR m Investment Balance Sheet Real Estate Infrastructure Other1 Management Investments 140 Asset light business model Investment Investment Utilising own financial strength Strateg
Slide 6: Strategic milestone reached in 2025 with management fees exceeding operating expenses
Strategic milestone reached in 2025 with management fees exceeding operating expenses Earnings quality | illustrative • Management fees exceeded operating expenses in Operating expenses excl. reorganisation expenses FY 2025, marking an important profitability milestone Transaction fees, performance
Slide 7: DUEL mega trends drive PATRIZIA's strategy for value creation
DUEL mega trends drive PATRIZIA’s strategy for value creation Digital Transition Urban Transition Energy Transition Living Transition Enable digital growth through Shape cities where density, Deliver electrification and Respond to affordability, data centres, networks and regeneration and infrastruc
Slide 8: Strategic growth areas - "5 for 2030"
Strategic growth areas - “5 for 2030” Fundraising focus on thematic strategies and flagship products 1 RE-Infra/Smart Cities 2 European Infrastructure 3 Living 4 Real Estate Value Add 5 Advantage Investment Partners PATRIZIA | © 2026 8
Slide 9: PATRIZIA's management is international and diverse
PATRIZIA’s management is international and diverse Board of Directors (BoD) Frank Wolfgang Jacqui Aradhana Asoka Kuhnke Egger Irvine Khowala Wöhrmann (Independent) (Independent) (Independent) Chair Deputy Chair Audit Committee Nomination and Remuneration Committee Frank Kuhnke (Chair) Jacqui Irvine
Slide 11: Our Equity Story underlines our uniqueness as a real asset expert
Our Equity Story underlines our uniqueness as a real asset expert 1. Structural Growth Market 2. Diversification & Quality We benefit from increasing allocations to real Our diversified AUM across asset classes, sectors assets by providing investment solutions in resilient and regions are characteri
Slide 12: AUM | Diversified AUM mix across key dimensions
AUM | Diversified AUM mix across key dimensions EUR EUR EUR ~ 56 bn 45+ bn ~ 10 bn total assets under management real estate assets under management Infrastructure assets under management 4% 2% 4% 3% 17% 5% 4% 7% 28% 4% 5% 4% AUM by 12% AUM by AUM by 50% sector 8% geography risk style 19% 8% 64% 18%
Slide 13: AUM | High-quality AUM with long duration and significant additional dry power
AUM | High-quality AUM with long duration and significant additional dry power Open equity commitments for investments Maturity breakdown of AUM2 | in EUR bn by asset classes1 | EUR bn 85% Infrastructure Real Estate 3% of total AUM with more 9% than 10 years maturity 2% Maturity 0.7 breakdown o
Slide 14: Clients | Firepower for investments available from a broadly diversified client base
Clients | Firepower for investments available from a broadly diversified client base AUM by clients1 | in % Total equity commitments in funds by Total equity commitments in funds by client location2 | in % clients2,3 | in % 75% 5% 5% 1% 62% 33% 36% 48% 20% 55% 32% 3% 21% 5% 6% 6% 9% 18% 6% Top 1 T
Slide 15: Fees | AUM growth translates into resilient recurring management fees
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 ~90% of revenues 92 86 61 (total service fee income) ~41bps 269 1 86 47 264 driven by recurring Mana
Slide 16: Transactions | Investment environment continues to improve despite temporary volatility
Transactions | Investment environment continues to improve despite temporary volatility Transaction volume based on signed transactions | EUR bn • The investment environment continued to improve throughout Acquisitions Disposals H1 2026, despite temporary volatility from the Iran conflict, with mark
Slide 17: H1 2026 | AUM remains broadly stable at EUR 55.9bn despite disposal activity
H1 2026 | AUM remains broadly stable at EUR 55.9bn despite disposal activity AUM1 development H1 2026 | EUR bn • AUM remained broadly stable at EUR 55.9bn declining by only EUR 0.3bn versus year-end 2025, as positive inflows 60.0 0.1 0.3 and supportive FX effects partly offset outflows and negative
Slide 18: H1 2026 | Operational efficiency drives strong EBITDA growth and margin expansion
H1 2026 | Operational efficiency drives strong EBITDA growth and margin expansion Composition of EBITDA | EUR m • EBITDA increased by 46.6% to EUR 42.7m, driven by   continued cost discipline and improved operational efficiency;  + 17% + 9% - 11% EBITDA margin expanding to 31.6% (+10.1 PP)   +
Slide 19: H1 2026 | Disciplined cost management continues to drive operating expenses further down
H1 2026 | Disciplined cost management continues to drive operating expenses further down Operating expenses1 y-o-y | EUR m • Operating expenses1, declined by -11% to EUR 99.8m (H1  2025: EUR 112.1m), reflecting continued cost discipline and - 13%  - 13%   ongoing platform optimisation initiative
Slide 20: H1 2026 | Group EBITDA growth driven by Investment Management segment
H1 2026 | Group EBITDA growth driven by Investment Management segment H1 2026 EBITDA by segments | EUR m • EBITDA in Investment Management increased by 60% to EUR 37.2m (H1 2025: EUR 23.2m), reflecting a significantly    lower operating cost base and continued efficiency gains - 2% - 707%  + 47%
Slide 21: Disciplined balance sheet investments supporting platform growth and alignment
Disciplined balance sheet investments supporting platform growth and alignment PATRIZIA’s (own) Invested capital1 | EUR m • Disciplined deployment of balance sheet capital into Other Real Estate Infrastructure co-investments, seed capital and targeted strategies • EUR 26m invested in H1 2026, mainly
Slide 22: Guidance 2026 – confirmed
Guidance 2026 – confirmed 120 FY 2025 FY 2026e • Temporary setback from the Iran conflict (inflation and rates, 100 weaker investment environment); market sentiment has 80 60.0 – 75.0 since recovered to pre-conflict levels 63.0 60 EBITDA • Total service fee income now expected to remain largely 40 i
Slide 23: 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 • PATRIZIA’s successful management of Dawonia (AUM: ~EUR 5bn) contributes on a recur
Slide 24: Further strengthening of financial position and balance sheet resilience in H1 2026
Further strengthening of financial position and balance sheet resilience in H1 2026 Strong balance sheet Liquidity • Robust equity base with equity ratio of 65.3% and EUR m 30.06.2026 EUR m 30.06.2026 net equity ratio of 72.7% Total assets 1,718.0 Bank balances, 181.1 Equity (excl. non- 1,121.6 cash
Slide 25: Operating cash flow 2025 – driven by improved operating performance
Operating cash flow 2025 – driven by improved operating performance Operating cash flow y-o-y | EUR m • Operating cash flow surged to EUR 57.6m (2024: EUR 12.6m) mainly driven by: o Net profit improving by EUR 14.0m y-o-y driven by improved operating performance 13.8 o Active working capital managem
Slide 26: PATRIZIA's Sustainability Strategy
PATRIZIA’s Sustainability Strategy As a leading partner for global real assets, PATRIZIA is committed to building smarter communities and sustainable futures Climate Resilience E Building Communities S Responsible Investment G We accelerate the climate transition through We enable our people and com
Slide 27: Making an impact since 1984
Making an impact since 1984 PATRIZIA and the PATRIZIA Foundation have supported children in need with education and healthcare globally for decades Our Mission PATRIZIA Foundation: Our Vision PATRIZIA Foundation: 26 worldwide projects Foundation offices globally Markets with PATRIZIA Foundation proj
Slide 29: Stable shareholder structure and upside to analyst target prices
Stable shareholder structure and upside to analyst target prices PATRIZIA share performance | as at 30.06.2026 Shareholder structure | as at 02.09.2026 Analyst recommendations | as at 21.08.2026 EUR 30.00 30.00 € 6 19.42% 25.00 25.00 € 20.00 20.00 € 15.00 15.00 € 10.00 10.00 € 9.62% Shareholder 5.00
Slide 30: 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 group Implied valuation: Current market cap implies no value for the 40% Investment Management segment1 | EUR m 30% Valuation -95 Gap 20% Price to book <1 390 10% 1120
Slide 31: Attractive and reliable dividend with strong yield and clear policy
Attractive and reliable dividend with strong yield and clear policy Dividend per share | EUR • Approved dividend of EUR 0.36 per share, marking the 8th consecutive increase since 2018 +2.9% • Attractive dividend yield of ~4.7%1, offering a compelling 0.36 0.34 0.35 income proposition for shareholder
Slide 32: Contact
Contact Upcoming Events 09 NOV 26 9M 2026 Quarterly Statement 9M 2026 Investor and analyst 10 NOV 26 conference call Further Events: Martin Praum Dr Janina Rochell Verena Schopp de Alvarenga Laura Walz https://ir.patrizia.ag/en/events-for-shareholders Executive Director | CFO Director | Head of Inve

Patrizia — Investor Presentation (September 2026) on 6ix

Patrizia — Investor Presentation (September 2026)

Slide 1: Company Presentation

Slide 2: Agenda

Slide 3: PATRIZIA evolved from a German real estate to a global real asset investment manager

Slide 4: PATRIZIA a global investment manager for real assets

Slide 5: A dual engine powers our business model

Slide 6: Strategic milestone reached in 2025 with management fees exceeding operating expenses

Slide 7: DUEL mega trends drive PATRIZIA's strategy for value creation

Slide 8: Strategic growth areas - "5 for 2030"

Slide 9: PATRIZIA's management is international and diverse

Slide 10: Agenda

Slide 11: Our Equity Story underlines our uniqueness as a real asset expert

Slide 12: AUM | Diversified AUM mix across key dimensions

Slide 13: AUM | High-quality AUM with long duration and significant additional dry power

Slide 14: Clients | Firepower for investments available from a broadly diversified client base

Slide 15: Fees | AUM growth translates into resilient recurring management fees

Slide 16: Transactions | Investment environment continues to improve despite temporary volatility

Slide 17: H1 2026 | AUM remains broadly stable at EUR 55.9bn despite disposal activity

Slide 18: H1 2026 | Operational efficiency drives strong EBITDA growth and margin expansion

Slide 19: H1 2026 | Disciplined cost management continues to drive operating expenses further down

Slide 20: H1 2026 | Group EBITDA growth driven by Investment Management segment

Slide 21: Disciplined balance sheet investments supporting platform growth and alignment

Slide 22: Guidance 2026 – confirmed

Slide 23: Extension of Dawonia mandate and agreed scheme for realisation of exit carry

Slide 24: Further strengthening of financial position and balance sheet resilience in H1 2026

Slide 25: Operating cash flow 2025 – driven by improved operating performance

Slide 26: PATRIZIA's Sustainability Strategy

Slide 27: Making an impact since 1984

Slide 28: Agenda

Slide 29: Stable shareholder structure and upside to analyst target prices

Slide 30: PATRIZIA share performance & what is the implied value of the operating business?

Slide 31: Attractive and reliable dividend with strong yield and clear policy

Slide 32: Contact