EQS-News

PATRIZIA Annual Report 2023: Resilient platform but EBITDA impacted by market headwinds - cautious optimism for 2024 with focus on smart real asset investments

EQS-News: PATRIZIA SE / Key word(s): Annual Report/Dividend PATRIZIA Annual Report 2023: Resilient platform but EBITDA impacted by market headwinds - cautious optimism for 2024 with focus on smart real asset investments 21.03.2024 / 17:51 CET/CEST The issuer is solely responsible for the content of this announcement.

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• Preliminary financial results confirmed: AUM of EUR 57.3bn confirms platform resilience, EBITDA of EUR 54.1m significantly impacted by market headwinds, reorg expenses and other income 
• Dividend increase by 3.0% to EUR 0.34 per share on the back of strong balance sheet and solid operating cashflow 
• Cautious optimism about FY 2024 with an EBITDA guidance of between EUR 30.0m - 60.0m and AUM expected in a range between EUR 54.0bn - 60.0bn 
• Strategic repositioning as a smart Real Asset Player investing in long-term megatrends of digitalisation, urbanisation 2.0, energy transition and modern living

Augsburg, 21 March 2024 PATRIZIA today published its FY 2023 Annual Report and confirmed the FY 2023 financial performance communicated to the market with its preliminary results on 28 February 2024.

Market environment and financial results
PATRIZIA remained an active net buyer with investments signed for clients more than offsetting disposals and redemptions, demonstrating the resilience of the Company’s independent investment platform. Nevertheless, AUM declined by 3.2% to EUR 57.3bn due to valuation pressure in a challenging market environment. 

Total service fee income came in at EUR 312.4m (2022: EUR 324.7m). Recurring management fees of EUR 251.1m continued to grow compared to last year (2022: EUR 241.0m; +4.2%) partially compensating for the market driven decline in transaction fees to EUR 14.7m (2022: EUR 22.5m; -34.6%) and performance fees to EUR 46.6m (2022: EUR 61.2m; -23.8%). 

PATRIZIA reorganised operations and adapted its business focus to accommodate the lower level of client investments in the second half of 2023. Associated reorganisation expenses of EUR 16.3m (up 63.9% y-o-y) as well as the inflationary environment led to an increase in operating expenses to EUR 293.6m (2022: EUR 280.5m; +4.7%).