PATRIZIA (PAT) Company presentation summary

Strategic positioning and business model

• Operates as a fully independent, global real assets investment manager with over 42 years of alternatives expertise and €56.2bn AUM as of end-2025.

• Dual business model: asset-light investment management and balance sheet investments, focusing on real estate, infrastructure, and co-investments.

• Diversified product offering serves 550+ institutional and 7,000+ private clients across multiple asset classes and geographies.

• Emphasizes innovation, operational excellence, and alignment with megatrends (digital, urban, energy, living transitions).

• Strong sustainability focus, targeting net zero carbon by 2040 and significant impact investments by 2035.

Financial performance and earnings quality

• Management fees grew 2.2% to €233.4m in 2025, now exceeding operating expenses and providing a resilient earnings base.

• EBITDA surged 35% to €63.0m, driven by cost discipline and efficiency gains; operating expenses fell 10% to €224.8m.

• Operating cash flow rose sharply to €57.6m, covering the proposed €31.1m dividend payout.

• Total service fee income remained stable at €258.8m, with recurring management fees offsetting declines in transaction and performance fees.

• Net profit attributable to shareholders increased 40% to €17.97m, with EPS (undiluted) at €0.21.

Assets under management and client base

• AUM remained stable at €56.2bn despite currency headwinds, with inflows of €1.3bn balanced between real estate and infrastructure.

• 85% of AUM has maturities over 10 years; 81% of assets are core or core plus, supporting predictable earnings.

• Broadly diversified client base with €1.3bn in open equity commitments and no client concentration risk.

• Strategic investments focused on Living and Infrastructure, with Dawonia platform contributing recurring fees and profit participations.