Patrizia Se · XETR:PAT

Patrizia — H1 2023 Earnings Presentation

19 slides from Patrizia's earnings presentation, Aug 11, 2023

  1. Slide 1: Results Presentation H1 2023

    Results Presentation H1 2023 | 11 August 2023 1

  2. Slide 2: Video presentation

    Video presentation PATRIZIA SE | H1 2023 Financial Results | CFO video presentation Access via weblink: bit.ly/PATH12023 Access via QR code: PATRIZIA | © 2023 2

  3. Slide 3: Market environment and current trading

    Market environment and current trading H1 2023

  4. Slide 4: European investment activity shows a significant decline in H1 2023

    Market environment and current trading European investment activity shows a significant decline in H1 2023 Total Transaction Volume Real Estate Europe1| EUR bn • Extremely challenging market conditions in H1 2023, especially for real estate 180.8  - 58.7% • Pending transactions as well as the numbe

  5. Slide 5: As with the market generally, low market activity in H1 2023 also affected PATRIZIA

    Market environment and current trading As with the market generally, low market activity in H1 2023 also affected PATRIZIA Signed and closed transaction volumes| EUR bn Equity raised and available dry powder| EUR bn Transactions signed Equity raised H1 2022 2.7 H1 2022 0.6 -62.2% -64.6% H1 2023 1.0

  6. Slide 6: Does market sentiment start to show some silver linings?

    Market environment and current trading Does market sentiment start to show some silver linings? • Good chance that asset prices will start to stabilise during the course of H2 2023 according to various market participants, which may later be followed by transaction activity pick-up • Deleveraging an

  7. Slide 7: Financials & Guidance

    Financials & Guidance H1 2023

  8. Slide 8: Only moderate AUM decline in a tough market demonstrates portfolio quality

    Financials H1 2023 Only moderate AUM decline in a tough market demonstrates portfolio quality AUM development AUM development 3MH1 2023| 2023| EUREUR bn bn • AUM decrease by -2.1% y-t-d to EUR 57.9bn 60 0.6 -1.4 -0.4 • Net organic growth of EUR 0.6bn could not compensate 59.1 50 for negative valuati

  9. Slide 9: High-quality assets and broad diversification strategy enable stable AUM development

    Financials H1 2023 High-quality assets and broad diversification strategy enable stable AUM development EUR 57.9 bn 3% 81 % resilient Core and 3%3% 6% assets under Core plus 3%4% management strategies 19% 2% 28% 4% 15% 5% AUM by AUM by AUM by geography 53% risk style 7% 12% sector 18% 63% 5% 11% 10%

  10. Slide 10: Growth of recurring fees contributed to revenue stability in tough market environment

    Financials H1 2023 Growth of recurring fees contributed to revenue stability in tough market environment Management fees | EUR m Transaction fees | EUR m Performance fees | EUR m Performance fees | EUR m 116.4  120.6 33.8  +3.6% 11.4  - 19.9% 27.1 2.3 - 64.1% 4.1 9.1 1.5 2.6 H1 2022 H1 2023 H1 20

  11. Slide 11: Increase in net operating expenses explained by relieving effect of Silver Swan in H1 22

    Financials H1 2023 Increase in net operating expenses explained by relieving effect of “Silver Swan” in H1 22 Net operating expenses| EUR m   • Net operating expenses up 10.2% y-o-y to EUR 126.3m  -8.2% -66.3% +10.2% -6.4 • Profitable deconsolidation of temporarily consolidated  38.4  project d

  12. Slide 12: Cost reduction enabled offset of inflation pressure and M&A consolidation effects

    Financials H1 2023 Cost reduction enabled offset of inflation pressure and M&A consolidation effects Cost base comparison| EUR m  • Despite increasing costs from inflation and M&A -0.1% consolidation, core costs as sum of staff costs and other 124.4 124.2 operating expenses remained constant y-o-y

  13. Slide 13: EBITDA in line with our expectations, but clearly not yet reflective of our intrinsic potential

    Financials H1 2023 EBITDA in line with our expectations, but clearly not yet reflective of our intrinsic potential Composition of EBITDA | EUR m    • EBITDA down -48.0% y-o-y to EUR 28.4m -19.9% -60.8% +10.2%   2.9 • Market driven decrease in total service fee income and -64.1% 27.1 +3.6% incre

  14. Slide 14: Strong balance sheet preserves the ability to make strategic moves

    Financials H1 2023 Strong balance sheet preserves the ability to make strategic moves Strong balance sheet Significant liquidity • Net cash and available liquidity down EUR m 30.06.2023 EUR m 30.06.2023 due to co-investments, dividend Total assets 1,989.1 Bank balances, 356.8 payment and temporary c

  15. Slide 15: Guidance adjustment due to persistent subdued market environment

    Financials H1 2023 Guidance adjustment due to persistent subdued market environment Updated Previous • Only moderate increase in client investment FY H1 H1 2022 Guidance Guidance activity expected in H2 2023 2022 2023 FY 2023e FY 2023e • AUM guidance impacted by subdued market AUM activity (lower or

  16. Slide 16: Key takeaways of H1 2023

    Financials H1 2023 Key takeaways of H1 2023 1 2 3 Bottoming Temporarily Resilient market compressed AUM EBITDA PATRIZIA | © 2023 16

  17. Slide 17: Appendix

    Appendix H1 2023

  18. Slide 18: Financial calendar 2023/2024

    Appendix Financial calendar 2023/2024 14 NOV 23 9M 2023 Interim Statement with investor and analyst conference call 29 FEB 24 2023 Preliminary results with investor and analyst conference call 22 MAR 24 2023 Annual Report 15 MAY 24 3M 2024 Interim Statement with investor and analyst conference call

  19. Slide 19: Contact

    Appendix Contact CHRISTOPH GLASER MARTIN PRAUM Executive Director | CFO Senior Managing Director Head of Investor Relations & Group Reporting PATRIZIA SE Fuggerstrasse 26 T +49 69 643505-1114 86150 Augsburg, Germany M +49 151 19685445 investor.relations@patrizia.ag JANINA ROCHELL VERENA SCHOPP DE AL

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