Germany's Patrizia Q1 EBITDA rises 41% on lower costs

Patrizia SE

11/05/2026 16:46

Overview

German investment manager's Q1 EBITDA rose 41% on lower costs and slight increase in fee income

Net profit more than doubled, reflecting improved operational efficiency

Assets under management remained broadly stable at EUR 55.8 bln amid muted market activity

Outlook

Patrizia confirms 2026 EBITDA guidance of EUR 60.0 mln to EUR 75.0 mln

Company expects 2026 AUM between EUR 55.0 bln and EUR 60.0 bln, excluding currency impacts

Patrizia sees 2026 EBITDA margin in a range of 22.0% to 26.5%

Result Drivers

COST DISCIPLINE - Lower operating expenses, mainly from reduced staff costs and platform optimisation, supported profitability

FEE INCOME - Slight increase in total service fee income, with stable recurring management fees and higher performance fees, contributed to results

OPERATIONAL EFFICIENCY - Improved efficiency across the platform drove EBITDA margin higher

Company press release: ID:nEQ80vtCa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Assets Under Management
EUR 55.80 bln
Q1 EBITDA
EUR 23.70 mln
Q1 EBITDA Margin
32.70%
Q1 Operating Expenses
EUR 51.7 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the real estate rental, development & operations peer group is "buy"

Wall Street's median 12-month price target for Patrizia SE is €10.20, about 39% above its May 8 closing price of €7.34

The stock recently traded at 29 times the next 12-month earnings vs. a P/E of 37 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)