Patrizia Se

PATRIZIA reported preliminary 2025 EBITDA of EUR 63 million, up 35% year over year, with EBITDA margin close to 23%. AUM was approximately EUR 56 billion, roughly stable despite a slower recovery and EUR 0.7 billion of currency headwinds. Equity raised increased 22% versus fiscal 2024, while total costs fell 10% year over year to around EUR 225 million and operating cash flow reached EUR 57.6 million, more than 4x 2024. For 2026, management guided to EBITDA of EUR 60 million to EUR 75 million and AUM of EUR 55 billion to EUR 60 billion, assuming a moderate improvement in the operating environment and continued cost discipline; they also said the outlook excludes currency impacts.

Asoka Woehrmann framed the current environment as the start of a new, slower and bumpier real asset cycle, but one that is turning more favorable for Europe and for PATRIZIA. He emphasized that valuations are stabilizing, transaction activity is picking up, and investors are returning to real assets, especially living and infrastructure. He also stressed that PATRIZIA’s platform is now more resilient and better positioned for growth, with Europe seen as attractive and affordable housing a major strategic focus.

Martin Praum focused on the improved earnings quality and balance sheet strength. He highlighted EBITDA of EUR 63 million, total costs of around EUR 225 million, operating cash flow of EUR 57.6 million, and liquidity of EUR 175 million total, including EUR 115 million available; the equity ratio was close to 74%. He also said roughly 40% of the EUR 783 million fair value capital in the balance-sheet real estate pillar is linked to profit entitlements that should support cash inflows by around EUR 50 million per year, and noted 2026 EBITDA guidance of EUR 60 million to EUR 75 million and AUM guidance of EUR 55 billion to EUR 60 billion.

Analysts asked about the updated AUM policy, and management said PATRIZIA now includes fee-generating commitments, adding EUR 0.3 billion to AUM, with no restatement of prior-year numbers. Questions on the AUM guide and FX led management to say the range mainly covers timing effects and currency volatility, while the outlook itself excludes currency assumptions. Analysts also asked about cash flow and the Dawonia entitlement, and management clarified that the roughly EUR 50 million annual cash effect would flow through investing cash flow rather than operating cash flow. In the strategic Q&A, management said living strategies should be the biggest growth driver in 2026, with infrastructure also improving, and they signaled openness to partnerships and bolt-ons only when strategically fitting.