Patrizia SE (PAT.F), a German investment manager, reported that its net income for the first-half of 2025 was 4.7 million euros compared to a loss of 12.7 million euros last year, mainly due to the positive development of EBITDA, while the previous year was still burdened by value adjustments on real estate assets.
EBITDA almost doubled to 29.1 million euros from 14.7 million euros in the previous year.
Total service fee income declined by 6.5% to 128.3 million euros in the first half of 2025, compared to 137.2 million euros in the same period of 2024. This decrease was primarily driven by a reduction in performance fees, which fell to 11.3 million euros from 16.9 million euros last year. The drop in performance fees was largely attributed to the anticipated decline in annual carry payments.
Assets under management (AUM) experienced a modest decline of 0.8%, reaching 55.9 billion euros as of the first half of 2025, compared to 56.4 billion euros at year-end 2024. The decrease was primarily driven by negative currency effects resulting from the strong appreciation of the Euro. However, on an organic basis, AUM grew by 0.2 billion euros, reflecting underlying business growth despite the currency headwinds.
PATRIZIA confirmed its financial guidance for fiscal year 2025 with AUM in a range between 58.0 billion euros - 62.0 billion euros and an EBITDA of between 40.0 million euros - 60.0 million euros, equivalent to an EBITDA margin of between 15.2 - 20.8%. The guidance assumes that the business environment will continue to brighten and that clients' investment activity will gain momentum during the second half of the year.
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June 19, 2026 16:46 ET Major central banks continued to dominate the economic news flow this week too, led by the Federal Reserve, as they announced their latest policy decisions. The Federal Reserve policy session was in focus as it was the first to be led by the new chief Kevin Warsh. In Europe, central banks of the U.K. and Switzerland announced their rate decisions. In Asia, the Bank of Japan drew attention for its policy moves, while data out of China threw some light on the state of the economy.