PATRIZIA SE: Q1/26 review- Net profit more than doubling

Research evidence excerpt

PATRIZIA SE: Q1/26 review- Net profit more than doubling

Deutsche Bank

Research

Rating Company Date

Buy PATRIZIA SE 12 May 2026

Europe Reuters Bloomberg Rating Buy

Germany PATGn.DE PAT GR Price target (EUR) 10.50 Price at 11 May 26 7.31

52-week range 8.86 – 6.80

Diversified Financials

Asset Managers Valuation & Risks

Q1/26 review- Net profit more than doubling

Lars Vom-Cleff

Improving from a low basis Research Analyst

+49-69-910-13526 PATRIZIA’s Q1/25 results showed an improving performance, although

admittedly from a low basis. EBITDA rose 41% yoy to EUR 23.7m (including the

annual DAWONIA fee of EUR ~12m), leading to an EBITDA margin of 32.7%

(+930bps yoy) with relative profitability benefitting from total service fee income

rising by 1% yoy and cost cutting and efficiency measures implemented earlier.

Recurring management fees (EUR 55.8m, -0.4% yoy) were flat yoy but again

exceeded OPEX (EUR -51.7m, -8% yoy), meaning that the strategic goal of

making PATRIZIA’s financial results less dependent on market conditions was

achieved again. Performance fees were up 15% yoy (EUR 12.2m), while

transaction fees remained at a very low level (EUR 1.1m, -33% yoy). AuM

amounted to EUR 55.8bn (-0.5% yoy / -0.7% qoq). PATRIZIA was only able to

close acquisitions of EUR 0.2bn (Q1/25: EUR 0.9bn), while closed disposals

remained at a very low level (EUR 0.2bn / Q1/25: EUR 0.1bn). Equity raised from

clients almost halved (-48% yoy) to EUR 0.1bn, although we would rather see this

as a base effect.

Higher fundraising volumes and increased transaction activity on the horizon?

“Against a backdrop of improving financing conditions, stabilising valuations of

AUM and gradually recovering market activity, PATRIZIA anticipates higher

fundraising volumes and increased transaction activity” yoy.