PATRIZIA H1 2022 Investor Relations press release: PATRIZIA posts a solid performance in an uncertain market environment
- Assets under management increase to €56.2 billion (+16.7% year-on-year) and the volume of signed transactions improves by 31.5% year-on-year
- Total service fee revenue stable at €161.6 million (-1.8% year-on-year) with double-digit growth in the largest and most recurring management fees at €116.4 million euros (+11.9% year-on-year)
- EBITDA of €54.5 million (-9.5% YoY) demonstrates resilience in a volatile market, while PATRIZIA continues to invest and further internationalize the platform (net operating costs at
- EUR 114.6m, +4.5% YoY)
- Strong balance sheet with available cash of €401.2 million to accelerate organic infrastructure growth, expand geographic footprint and take advantage of new strategic opportunities
Augsburg, August 11, 2022. PATRIZIA SE, a leading partner for global real estate assets, today released its financial results for the first half of 2022. In a volatile and rapidly changing market environment dominated by geopolitical risks, high inflation and the rising interest rates, PATRIZIA continues to demonstrate strong financial performance as well as resilience based on its lean asset management business model and increasingly diversified international product offering in real estate and infrastructure.
Assets under management (AUM) grew double-digit 16.7% year-on-year to €56.2 billion, driven by the successful completion of the acquisition of Whitehelm Capital, continued positive positive valuation as well as organic growth through new investment solutions offered to the Group’s global client. base.
PATRIZIA has strategically diversified its AUM base over the past few years, now offering a resilient mix of real estate and infrastructure (11% share) across all geographies, with meanwhile 47% AUM across international markets, especially established European markets.
While the European real estate transaction market stagnated, PATRIZIA signed 2.7 billion euros in transactions (+31.5% year-on-year) and even closed 3.6 billion euros (+33.0% year-on-year). year-over-year) of transactions on behalf of its global clients in the first half of 2022.
Total service fee revenue was almost stable at 161.6 million (-1.8% year-on-year). The strategic change in favor of recurring management fees amounting to €116.4 million (+11.9% year-on-year) thanks to the growth in assets under management more than offset the expected decrease in performance fees and transactions at €33.8m (-14.3% YoY) and 11.4m (-45.8% YoY), respectively.
Net operating expenses increased by 4.5% year-on-year to EUR 114.6 million, thanks to continued investments aimed at product diversification and further internationalization of the platform.
As a result, EBITDA was €54.5 million, down 9.5% year-on-year compared to €60.3 million in the first half of 2021. However , EBITDA proved robust in absolute terms in an extraordinarily volatile market environment and reflects the resilience of PATRIZIA. , a better composition of revenues and sustainable investments.
PATRIZIA’s solid balance sheet with a net equity ratio of 73.1% and available cash of 401.2 million euros testifies to the strength and stability of the company, on which it will rely in times of uncertainty to capitalize on new opportunities for profitable growth.
Christoph Glaser, CFO of PATRIZIA SE, commented: “PATRIZIA performed well in a volatile market environment. We will closely monitor further developments and adapt quickly to any short-term changes in the market should they arise. At the same time, we will use our financial flexibility for capital allocation focused on accelerating organic growth in infrastructure, expanding our geographic footprint and seizing new strategic growth opportunities, including mergers and purchases. Likewise, investments in PATRIZIA shares remain an attractive option for us.
Wolfgang Egger, CEO of PATRIZIA SE, added: “PATRIZIA has always been a strong and stable partner for our customers. Of course, we face continued uncertainty in a challenging market environment. But the structural demand for attractive long-term investment opportunities in real estate and infrastructure continues to grow. Our recent client survey confirmed that 64% of our clients want to increase their infrastructure allocation. Today, we offer our clients a much wider range of real estate and infrastructure investment opportunities, both equity and debt. This makes us a preferred partner to guide our clients through the current market uncertainty. »
PATRIZIA confirms its guidance for fiscal year 2022, assuming a scenario of stabilization of the geopolitical environment and reduced market uncertainties in the second half of 2022. Further details on financial results for the first half of 2022 and detailed guidance for the 2022 financial year are available in the table below.
PATRIZIA: A leading partner for global real estate assets
Present worldwide, PATRIZIA has been providing investment opportunities in real estate and infrastructure assets for institutional, semi-professional and private investors for 38 years. PATRIZIA manages over €56 billion in assets and employs over 1,000 professionals at 28 locations worldwide. Through its PATRIZIA Foundation, PATRIZIA is committed to social responsibility. The Foundation has helped approximately 250,000 children in need around the world to access education and thus given them the chance for a better life over the past 23 years. You can find more information at www.patrizia.ag
Head of Investor Relations & Group Reporting
Telephone: +49 69 643505-1114