PATRIZIA 3M 2024 financial results show continued AUM resilience while
impact of muted market environment on EBITDA remains - encouraging growth of
equity raised

EQS-News: PATRIZIA SE / Key word(s): Quarterly / Interim Statement/Quarter
Results
PATRIZIA 3M 2024 financial results show continued AUM resilience while
impact of muted market environment on EBITDA remains - encouraging growth of
equity raised

14.05.2024 / 17:50 CET/CEST
The issuer is solely responsible for the content of this announcement.

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  * Signed transactions up 22.6% y-o-y with equity raised showing
    encouraging y-o-y growth, albeit on low absolute levels

  * AUM at EUR 56.7bn (FY 2023: EUR 57.3bn) impacted by modest valuation
    pressure

  * Total service fee income of EUR 72.5m (3M 2023: EUR 83.7m) reflective of
    continued low overall investment and transaction market activity

  * EBITDA of EUR 17.3m (3M 2023: EUR 27.2m), primarily driven by the
    recognition of annual carry payments during the first quarter, on track
    to achieve full year guidance of EUR 30.0m - 60.0m

  * Annual General Meeting on 12 June 2024 to decide on dividend per share
    of EUR 0.34 for FY 2023, payable on 17 June 2024

Augsburg, 14 May 2024. PATRIZIA today published its 3M 2024 financial
results. The first three months of the year continued to be characterised by
a challenging market environment for investments in real assets.
Nevertheless, transaction activity on behalf of PATRIZIA's clients as well
as capital raised improved compared to the first three months 2023, while
AUM continued to demonstrate resilience with only a modest decline of 2.4%
y-o-y.

Market environment and financial results
Investment and transaction markets for real estate and infrastructure
remained subdued in the first three months of 2024, driven by the continued
price finding process of market participants. Sustained high uncertainty
resulting from volatility in interest rate expectations and raised
geopolitical tensions impacted the European transaction markets in the first
three months of 2024.

Nevertheless, due to its strong platform PATRIZIA was able to sign
transactions in the amount of EUR 323.9m (3M 2023: EUR 264.2m; +22.6%) on
behalf of clients, with the majority of acquisitions in the infrastructure
sector and the majority of disposals in commercial real estate. At the same
time, PATRIZIA was able to raise new equity of EUR 311.0m (3M 2023: EUR
22.9m; +>100.0%) from clients for future investments in real assets.

PATRIZIA's diverse AUM continued to prove resilient with AUM slightly down
by 2.4% to EUR 56.7bn (3M 2023: EUR 58.1bn) mainly driven by market
valuation pressure.

Total service fee income decreased by 13.3% to EUR 72.5m (3M 2023: EUR
83.7m). This was attributable to lower management fees of EUR 57.7m, which
declined on the previous year (3M 2023: EUR 62.2m; -7.2%) due to lower
management fees from servicing project developments for clients. On a
like-for-like basis, management fees showed stability compared to last year.
Transaction fees came in at EUR 0.2m (3M 2023: EUR 1.1m; -85.3%) as
transactions carried out in the first quarter of the year had no or limited
transaction fee elements attached. Performance fees came in at EUR 14.6m (3M
2023: EUR 20.4m; -28.3%), driven by annual carry payments recognised in the
first three months of 2024.

Net sales revenues and co-investment income came in virtually unchanged at
EUR 1.6m (3M 2023: EUR 1.7m; -5.1%).

Operating expenses increased by 1.7% to EUR -62.5m (3M 2023: EUR -61.5m).
The increase is mainly due to trailing reorganisation expenses in connection
with the cost-cutting programme initiated in the previous financial year.
The increase in staff costs due to inflation-related salary adjustments was
offset by savings in other operating expenses.

Other income rose by 73.1% to EUR 5.7m (3M 2023: EUR 3.3m) mainly due to the
reversal of liabilities recognised in profit or loss and the positive impact
from the deconsolidation of temporarily warehoused assets.

As a result, EBITDA decreased to EUR 17.3m (3M 2023: EUR 27.5m; -36.3%) and
the EBITDA margin decreased to 23.4% (3M 2023: 31.8%; -8.5pp), both
primarily caused by the market-driven decrease in total service fee income.

Statements by CEO and CFO
Asoka Wöhrmann, CEO of PATRIZIA SE comments: "Despite the challenging market
environment, we are starting to see the early signs of a stabilisation.
Mid-market infrastructure remains a highly attractive sector for deploying
capital, while on the real estate side we continue to have strong conviction
for value-add strategies, particularly in the residential, logistics and
alternatives sectors, which plays to our strengths. We continue to
successfully diversify our global real assets platform and offer investment
strategies that leverage the major transition themes of our time -
Digitalisation, Urbanisation 2.0, Energy transition and modern Living
(DUEL)."

Christoph Glaser, CFO of PATRIZIA SE adds: "Available firepower of EUR 3.4bn
in our funds enables us to take chances for our clients when they arise.
Furthermore, our strong balance sheet, with a net equity ratio of about 70%
and sufficient liquidity of more than EUR 300m, allows us to invest or
co-invest when favourable opportunities emerge."

Annual General Meeting, dividend payment and outlook
PATRIZIA's 2024 Annual General Meeting will be held virtually on 12 June
2024. The Board of Directors is proposing a dividend per share of EUR 0.34
for FY 2023, equivalent to a growth of 3.0% y-o-y and the sixth consecutive
increase in dividends. PATRIZIA shares are expected to trade ex-dividend on
13 June 2024 and the dividend is expected to be paid on 17 June 2024.

PATRIZIA confirms its financial guidance for FY 2024 with AUM in a range
between EUR 54.0bn - 60.0bn and an EBITDA of between EUR 30.0m - 60.0m,
equivalent to an EBITDA margin of between 11.0% - 19.2% for FY 2024. The
guidance assumes that client investment activity will pick up only
throughout the course of FY 2024, assuming a normalisation of the interest
rate environment and increased activity in the transaction markets once
potential buyers and sellers agree on new price levels following the change
in the interest rate environment.

Further information can be found here.

PATRIZIA: A leading partner for global real assets
With operations around the world, PATRIZIA has been offering investment
opportunities in real estate and infrastructure assets for institutional,
semi-professional and private investors for 40 years. PATRIZIA manages
approx. EUR 57bn in assets and employs around 1,000 professionals at 28
locations worldwide. PATRIZIA has been making an impact since 1984 by
helping children in need, since 1992 in close collaboration with Bunter
Kreis ("colourful circle") in Germany for aftercare of children with severe
diseases and since 1999 through its support for the PATRIZIA Foundation. The
PATRIZIA Foundation has given more than 600,000 children and young people
worldwide access to education, healthcare, and a safe home to get the chance
to live a better self-determined life over the last 25 years. You can find
further information at www.patrizia.ag and www.patrizia.foundation.



Contact:
Martin Praum
Head of Investor Relations & Group Reporting
Phone: +49 69 643505-1114
Investor.relations@patrizia.ag


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14.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
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   Language:       English
   Company:        PATRIZIA SE
                   Fuggerstraße 26
                   86150 Augsburg
                   Germany
   Phone:          +49 (0)821 - 509 10-000
   Fax:            +49 (0)821 - 509 10-999
   E-mail:         investor.relations@patrizia.ag
   Internet:       www.patrizia.ag
   ISIN:           DE000PAT1AG3
   WKN:            PAT1AG
   Indices:        SDAX
   Listed:         Regulated Market in Frankfurt (Prime Standard);
                   Regulated Unofficial Market in Berlin, Dusseldorf,
                   Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
   EQS News ID:    1902689

End of News EQS News Service
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1902689 14.05.2024 CET/CEST