|
EQS-News: PATRIZIA SE
/ Key word(s): Preliminary Results/Annual Results
Augsburg, 24 March 2025. PATRIZIA, a leading investment manager for real assets, today published preliminary, unaudited financial results for FY 2024. The Company achieved an EBITDA of EUR 45.1m (FY 20231: EUR 43.6m) in the middle of its communicated guidance range. Total service fee income amounted to EUR 264.1m (FY 2023: EUR 312.4m) with management fees of EUR 228.4m (FY 2023: EUR 251.1m) reflecting the lower AUM base as well as lower fees from real estate development services and debt advisory for clients. While transaction fees came in virtually unchanged, performance fees decreased significantly due to the overall still low realisation activity in real assets. Net sales revenues and co-investment income of EUR 1.2m (FY 2023: EUR 6.7m) and other operating income of EUR 41.0m (FY 2023: EUR 20.6m) materially supported EBITDA in the financial year 2024. In response the Company advanced its measures to save costs, reducing operating expenses by EUR 30.0m to EUR 250.3m (FY 2023: EUR 280.3m), whereas personnel expenses both in FY 2023 and FY 2024 included one-off effects stemming from the adjusted accounting method related to Earn-Out liabilities. Successfully streamlined organisational set-up to strengthen collaboration and performance Consolidated net profit attributable to shareholders of the parent company increased considerably in FY 2024 and came in at EUR 12.6m (FY 2023: EUR -4.3m). Client activity picked up in second half of 2024 Assets under Management (AUM) developed in line with expectations with a slight decrease of 1.5% to EUR 56.4bn (31 December 2023: EUR 57.3bn). Despite the overall soft market activity PATRIZIA remained an active investor for its clients in infrastructure and real estate, deploying capital of EUR 1.8bn (closed acquisitions). On the opposite, realisations for clients amounted to EUR 1.1bn bringing the total transaction volume to EUR 2.9bn (FY 2023: EUR 3.4bn). In total resulting in a positive net effect on AUM (organic growth) of EUR 0.7bn. However, the transaction volume could not compensate the negative valuation effects of EUR -0.9bn (FY 2023: EUR -2.7bn) and cash returns to investors of EUR -0.6bn driving total AUM down year-over-year. Shift in growth mode across all asset classes again Based on the updated strategy PATRIZIA intends to leverage its attractive real asset offerings with a focus on large scalable discretionary flagship funds in real estate and infrastructure. In doing so the Company aims to further improve its earnings quality with a higher share of recurring fees advancing the Company’s resilience and profitability. Financial outlook 2025 Alongside the intention to further improve its platform efficiency by optimising processes and systems across all asset classes the Company will stay vigorously focusing on cost efficiency in 2025. EBITDA is expected in a range between EUR 40.0 – 60.0m with an improved underlying earnings quality of its core business in FY 2025. The Company intends to achieve this through a gradual increase in total service fee income and further cost efficiency. Overall, those operational improvements should lead to an EBITDA margin in a range between 15.2 – 20.8%. Continued strong balance sheet ratios allow to propose seventh consecutive increase in dividend per share Management comments Martin Praum, CFO of PATRIZIA SE, adds: “We managed our cost-base very effectively in 2024 and will continue to focus on our platform efficiency to advance the earnings quality and profitability of our business in 2025. We anticipate a return to organic growth in AUM especially based on institutional investors' renewed interest in real asset investment opportunities. At the same time, we will focus on safeguarding our balance sheet strength and financial flexibility.” Overview of preliminary results
1 Restated figures 2 The calculation of AUM is mainly based on external valuation reports as at the respective reporting date. For individual products or specific platforms (i.e. fund of funds, infrastructure), values of the previous quarter are used, including an extrapolation as at the reporting date. The cash/liquidity component mainly reflects the previous quarter. PATRIZIA: A leading partner for global real assets With operations around the world, PATRIZIA has been offering investment opportunities in real estate and infrastructure assets for institutional, semi-professional and private investors for 41 years. PATRIZIA manages over EUR 55bn in assets and employs around 900 professionals at 26 locations worldwide. PATRIZIA has been making an impact since 1984 by helping children in need, since 1992 in close collaboration with Bunter Kreis (“colourful circle”) in Germany for aftercare of children with severe diseases and since 1999 through its support for the PATRIZIA Foundation. The PATRIZIA Foundation has given more than 750,000 children and young people worldwide access to education, healthcare, and a safe home to get the chance to live a better self-determined life over the last 25 years. You can find further information at and Contact:Tobias Ender Associate Director Investor Relations Phone: 443 Mobile: 4
24.03.2025 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group. |
| Language: | English |
| Company: | PATRIZIA SE |
| Fuggerstraße 26 | |
| 86150 Augsburg | |
| Germany | |
| Phone: | +49 (0)821 - 509 10-000 |
| Fax: | +49 (0)821 - 509 10-999 |
| E-mail: | |
| Internet: | |
| ISIN: | DE000PAT1AG3 |
| WKN: | PAT1AG |
| Indices: | SDAX |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 2104736 |
| End of News | EQS News Service |
|
|
2104736 24.03.2025 CET/CEST
