PATRIZIA, a leading independent investment manager for real assets, reported preliminary unaudited financial results for fiscal year 2025 showing substantial improvement in earnings quality and operational efficiency. The company achieved a 35.4% increase in EBITDA to EUR 63.0 million, reaching the upper end of its guidance range through continued cost discipline and improved performance of balance sheet seed and co-investments.
Recurring management fees of EUR 233.4 million returned to growth and exceeded all operating expenses of EUR 224.8 million, achieving the strategic goal of making financial results less dependent on market conditions. Operating expenses were actively reduced by 10.2% through efficiency measures, while net sales revenues and co-investment income improved significantly to EUR 16.9 million from EUR 2.6 million in the previous year. The company's earnings quality improved with growth in both management fees and net sales revenues while reducing costs further.
Client demand for investments in real assets increased throughout 2025, with equity raised from clients jumping 22.1% to EUR 1.2 billion. Closed acquisitions increased by 24.1% to EUR 2.2 billion, indicating renewed momentum in real estate and infrastructure investments. Assets under management remained almost stable at EUR 56.2 billion despite negative currency effects, with asset valuations stabilizing throughout the year.
CEO Asoka Wöhrmann commented that the company successfully concentrated efforts on streamlining processes and enhancing efficiency, positioning the integrated investment platform to capture opportunities ahead. "Investor sentiment in real estate has stabilized and infrastructure markets showed encouraging momentum, supported by the acceleration of the energy transition and growing interest in circular economy assets," Wöhrmann stated. The beginning of a new investment cycle in 2026 is expected to present higher yielding investment opportunities for clients.
The company's financial performance improvement was driven by strict cost discipline and efficiency gains, with the EBITDA margin surging to 22.9% from 17.5% in the previous year. Operating cash flow surged to EUR 57.6 million from EUR 12.6 million, well overcompensating dividend payments and enabling additional strategic co-investments while maintaining financial flexibility.
For fiscal year 2026, PATRIZIA anticipates higher fundraising volumes and increased transaction activity against a backdrop of improving financing conditions and stabilizing valuations. The company expects AUM to close in a range between EUR 55.0-60.0 billion and forecasts EBITDA between EUR 60.0-75.0 million, with continued active cost management driving further improvement. The company's investment solutions are driven by what it terms the "DUEL" megatrends - digital, urban, energy and living transitions - capitalizing on opportunities arising from these transformative global shifts.
The Board of Directors proposed increasing the dividend per share by 2.9% to EUR 0.36, marking the eighth consecutive increase if adopted by the Annual General Meeting in June 2026. CFO Martin Praum noted that recurring management fees now fully cover operating expenses, underlining the structural strength of the platform and providing higher operational leverage for expected growth in 2026. For more information, visit www.patrizia.ag.
