Patrizia Se · XETR:PAT
Patrizia — FY2025 Earnings Presentation
25 slides from Patrizia's earnings presentation, Mar 5, 2026
Slide 1: FY 2025 Preliminary Financial Results Presentation
FY 2025 Preliminary Financial Results Presentation 5 March 2026 Dr Asoka Wöhrmann | CEO Martin Praum | CFO
Slide 2: CEO Highlights
Xx \ CEO Highlights FY 2025
Slide 3: A Structural shift in Asset Allocation
A Structural shift in Asset Allocation VOLATILITY GEOPOLITICAL RISKS INFLATION REAL ASSETS Inflation Hedge I Income Stabiliser I Portfolio Diversifier PATRIZIA | © 2026 3
Slide 4: FY 2025 at a Glance
FY 2025 at a Glance Market sentiment DUEL megatrends improving drive growth strategy Investment volumes Streamlined Investment picking up Management platform Fundraising Strengthened profitability trending up of PATRIZIA platform DUEL = Digital, Urban, Energy and Living PATRIZIA | © 2026 4
Slide 5: Financial highlights in FY 2025
Financial highlights in FY 2025 Position in PATRIZIA‘s guidance range EUR 63.0m Strong EBITDA increase driven by cost discipline leading to structurally improved earnings quality EBITDA +35.4% 22.9% EBITDA margin significantly up, reflecting enhanced efficiency and strong cost discipline EBITDA
Slide 6: Rising transaction activity underscores improving market dynamics
Rising transaction activity underscores improving market dynamics Transaction volume based on signed Transactions| EUR bn • Increased investment activity - Transactions Acquisitions Disposals signed (+63.3%) and Transactions closed (+19.0%) 2024 1.4 0.7 y-o-y reflecting gradually improving momentum
Slide 7: Higher fundraising success based on stronger demand for real assets
Higher fundraising success based on stronger demand for real assets FY 2025 in EUR m Real Estate 292 • Equity fundraising increased by 22% versus FY 2024 Re-Infra 203 • Progress supports the execution of our EUR growth strategy 1.2bn Infrastructure 434 • Sustained strong demand for DUEL-aligned inve
Slide 8: 2026 Market Outlook
2026 Market Outlook Improving macroeconomic backdrop Interest rates stabilising Inflation moderating Valuations selectively recovering Persistent geopolitical volatility Diverging regional investment sentiment Further pick up in market activity expected PATRIZIA’s strategic focus Living Value-Add Re
Slide 9: Financials & Guidance
Financials & Guidance FY 2025
Slide 10: 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
Slide 11: 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
Slide 12: 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
Slide 13: 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
Slide 14: Strengthening long-term profitability – well positioned for growth
Strengthening long-term profitability – well positioned for growth Management fees now fully cover • Management fees fully covered Operating expenses for the first time 2025 - Operating expenses underlining stability and resilience of our recurring fee-based business model 300.0 290.0 65.0 280.0 270
Slide 15: 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
Slide 16: 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-
Slide 17: 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
Slide 18: 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
Slide 19: Guidance 2026 – well positioned to win in new cycle
Guidance 2026 – well positioned to win in 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 of 2
Slide 20: 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
Slide 21: Q&A
Q&A
Slide 22: 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
Slide 23: Appendix
Appendix FY 2025
Slide 24: 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
Slide 25: 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