EQS-News

PATRIZIA 3M 2024 financial results show continued AUM resilience while impact of muted market environment on EBITDA remains – encouraging growth of equity raised

EQS-News: PATRIZIA SE / Key word(s): Quarterly / Interim Statement/Quarter Results PATRIZIA 3M 2024 financial results show continued AUM resilience while impact of muted market environment on EBITDA remains – encouraging growth of equity raised 14.05.2024 / 17:50 CET/CEST The issuer is solely responsible for the content of this announcement.

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• Signed transactions up 22.6% y-o-y with equity raised showing encouraging y-o-y growth, albeit on low absolute levels
• AUM at EUR 56.7bn (FY 2023: EUR 57.3bn) impacted by modest valuation pressure 
• Total service fee income of EUR 72.5m (3M 2023: EUR 83.7m) reflective of continued low overall investment and transaction market activity
• EBITDA of EUR 17.3m (3M 2023: EUR 27.2m), primarily driven by the recognition of annual carry payments during the first quarter, on track to achieve full year guidance of EUR 30.0m - 60.0m  
• Annual General Meeting on 12 June 2024 to decide on dividend per share of EUR 0.34 for FY 2023, payable on 17 June 2024

Augsburg, 14 May 2024. PATRIZIA today published its 3M 2024 financial results. The first three months of the year continued to be characterised by a challenging market environment for investments in real assets. Nevertheless, transaction activity on behalf of PATRIZIA’s clients as well as capital raised improved compared to the first three months 2023, while AUM continued to demonstrate resilience with only a modest decline of 2.4% y-o-y.

Market environment and financial results
Investment and transaction markets for real estate and infrastructure remained subdued in the first three months of 2024, driven by the continued price finding process of market participants. Sustained high uncertainty resulting from volatility in interest rate expectations and raised geopolitical tensions impacted the European transaction markets in the first three months of 2024. 

Nevertheless, due to its strong platform PATRIZIA was able to sign transactions in the amount of EUR 323.9m (3M 2023: EUR 264.2m; +22.6%) on behalf of clients, with the majority of acquisitions in the infrastructure sector and the majority of disposals in commercial real estate. At the same time, PATRIZIA was able to raise new equity of EUR 311.0m (3M 2023: EUR 22.9m; +>100.0%) from clients for future investments in real assets.