Release Date: August 13, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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EBITDA almost doubled compared to the first six months of 2024, driven by continued cost discipline.
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The EBITDA margin grew by 10.9 percentage points to 21.5%.
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Asset valuations have stabilized in the first half of 2025.
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Patrizia SE (WBO:P1Z) has established key global platforms to drive business, including investment management and fund management platforms.
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There is increasing demand for asset classes where Patrizia SE (WBO:P1Z) can leverage its strengths, such as infrastructure and real estate.
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Currency effects on assets under management (AUM) prevented a return to EU growth in the first half of 2025.
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Transaction fees decreased by 27%, reflecting lower activity, especially in real estate.
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Performance fees were lower due to continued lower realizations for clients.
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Available liquidity decreased to 80 million EUR due to dividend payments and capital deployments.
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There is ongoing geopolitical tension and other uncertainties affecting the market environment.
Q: Can you provide insights on the AUM development and expectations for value increases by year-end? A: (CFO, Martin Prong) We observed a reversal in AUM valuation effects, now standing at zero for the first half. For the rest of the year, we expect a zero to slightly positive development. Our AUM is well-diversified, and some are valued annually, causing trailing effects. We plan to convert existing capital commitments into AUM, having already converted 0.4 billion. We are optimistic about our AUM guidance, with no reliance on foreign exchange reversals.
Q: How do you plan to achieve organic growth given the current open equity commitments? A: (CFO, Martin Prong) We are optimistic about delivering on organic growth by converting open equity commitments into AUM. While there is a gap between signing and closing deals, we are working hard to close acquisitions by year-end. We have seen increased momentum in July, supporting our view.
Q: Can you explain the reduction in infrastructure AUM despite increased acquisitions in that area? A: (CFO, Martin Prong) The reduction can be attributed to foreign exchange effects and valuation-driven factors. Infrastructure assets have higher foreign exchange exposure, particularly in US and Australian dollars, impacting AUM.
Q: What is your outlook on potential M&A activity in the sector? A: (CEO, Azuka Berman) While we focus on organic growth and platform organization, we remain open to M&A opportunities that align with our strategic direction and fill skill gaps. Currently, there are no specific M&A activities to announce, but this could change in the next 18 months if opportunities arise.