Germany · Delayed Price · Currency is EUR PATRIZIA SE Earnings Call Transcripts
Fiscal Year 2025
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EBITDA rose 35% to EUR 63 million in 2025, with stable AUM and strong cost discipline. Fundraising and transaction activity gained momentum, and 2026 guidance points to further EBITDA and AUM growth, with a continued focus on living and infrastructure strategies.
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Raised 2025 EBITDA and margin guidance after strong nine-month results, with EBITDA up over 500% year-over-year and AUM slightly increasing. Cost discipline, resilient management fees, and sector-focused strategies drive profitability, while market recovery remains slow but steady.
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EBITDA nearly doubled year-over-year in H1 2025, with a 10.9% margin increase and stable AUM at €55.9B. Transaction activity surged, especially in infrastructure, and positive market sentiment is returning, supporting optimism for H2 growth.
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Q1 2025 saw EBITDA rise 11.5% year-over-year and organic AUM growth hit a recent high, driven by infrastructure and real estate investments. Management fees now cover operating expenses, and guidance for the year remains unchanged amid improving market conditions.
Fiscal Year 2024
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2024 saw stabilized AUM valuations, cost reductions, and a focus on infrastructure and living sectors. Guidance for 2025 targets 6% AUM and 11% EBITDA growth, with continued cost efficiency and organic expansion. Dividend is covered by operating cash flow, not EPS.
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AUM remained stable near EUR 56 billion, with strong equity raising and increased transaction activity, especially in infrastructure and value-add real estate. EBITDA fell 73% year-on-year due to lower revenues and one-offs, but cost reductions and a positive Q4 deconsolidation effect are expected to support full-year guidance.
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Announced a new strategy targeting EUR 100 billion AUM by 2030, focusing on five growth areas and organic expansion. H1 2024 saw a 2% AUM decline and 10% revenue drop, with EBITDA supported by one-offs. Guidance remains unchanged, with profitability improvements and market stabilization expected.