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1. Company Snapshot

1.a. Company Description

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 38 years.PATRIZIA manages more than EUR 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 around 250,000 children in need worldwide gain access to education and thus, has given them the chance of a better life over the last 23 years.

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1.b. Last Insights on PAT

PATRIZIA SE's recent performance was driven by a healthy earnings announcement, which despite market underwhelm, revealed a strong underlying business. The company's significant private companies ownership, comprising 53% of shares, suggests key decisions are influenced by long-term strategic thinking. Additionally, PATRIZIA's largest shareholders, private companies, are likely to prioritize stable growth over short-term gains, providing a stable foundation for the company's future. Furthermore, the absence of significant share buybacks or major acquisitions in recent news suggests the company is focused on organic growth and strategic investments.

1.c. Company Highlights

2. PATRIZIA SE's Strong 9-Month Performance

PATRIZIA SE reported a robust EBITDA growth to EUR 44.6 million for the first 9 months of 2025, with an EBITDA margin of 22.1%, significantly improved from 3.5% last year. The company's actual EPS came out at '-0.00042', beating estimates at '-0.02'. Management fees alone more than covered total operating expenses, a key step in its strategy. Assets under management (AUM) were slightly up quarter-on-quarter to EUR 56.3 billion, driven by net organic growth and positive valuation effects.

Publication Date: Nov -29

📋 Highlights
  • EBITDA Growth:: EBITDA surged to EUR 44.6 million (22.1% margin) in 9M2025, up from 3.5% margin in 2024.
  • Guidance Update:: EBITDA guidance raised to EUR 50-65 million (19-24% margin) for 2025, with AUM guidance adjusted to EUR 56-60 billion.
  • Acquisition Momentum:: Closed acquisitions reached EUR 1.8 billion in 9M2025, a 41% increase YoY.
  • Equity Raised:: EUR 0.8 billion equity raised in 9M2025, reflecting a 7.6% growth compared to 2024.
  • Valuation Support:: Positive EUR 0.2 billion valuation effects recorded in Q3, driving AUM to EUR 56.3 billion.

Operational Highlights

The company's new organizational setup has enabled efficient scaling of operations while maintaining cost discipline. Closed acquisitions surged by around 41% in the first 9 months of 2025, reaching EUR 1.8 billion. The company's CFO, Martin Praum, noted that equity raised was EUR 0.8 billion after 9 months, up 7.6% compared to last year, and valuation effects turned positive during the third quarter.

Guidance Update

PATRIZIA updated its 2025 outlook, increasing the EBITDA guidance from EUR 40-60 million to EUR 50-65 million, and the EBITDA margin to 19-24%. The company expects stabilization and slow recovery to continue, with cost efficiency measures supporting the P&L going forward. The guidance range for AUM for the year is EUR 56 billion to EUR 60 billion.

Valuation and Growth Prospects

With a P/E Ratio of 30.95 and an EV/EBITDA of 13.28, the market seems to have priced in a significant level of growth. Analysts estimate next year's revenue growth at 5.3%. The company's mid-term guidance of EUR 100 billion in AUM by 2030 remains a key goal, driven by organic growth and strategic opportunities. The current platform can handle significant transaction volumes, and the company is open to inorganic growth opportunities.

Balance Sheet and Investments

On balance sheet investments, negotiations with investors in the Dawonia fund are constructive, with the portfolio performing well. Some strategic seed investments are being prepared for exit, while others will be held for further development. Additional seed investments are being considered, particularly in infrastructure.

3. NewsRoom

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Patrizia SE (WBO:P1Z) Q3 2025 Earnings Call Highlights: Strong EBITDA Growth Amid Market Challenges

Nov -17

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Statkraft's district heating business sold to experienced owners

Sep -30

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PATRIZIA's (ETR:PAT) Solid Earnings May Rest On Weak Foundations

Aug -20

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Patrizia SE (WBO:P1Z) (H1 2025) Earnings Call Highlights: Strong EBITDA Growth Amidst Market ...

Aug -15

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What Is PATRIZIA SE's (ETR:PAT) Share Price Doing?

Jul -14

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PATRIZIA SE's (ETR:PAT) largest shareholders are private companies with 53% ownership, individual investors own 31%

Jun -17

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PATRIZIA's (ETR:PAT) Earnings Offer More Than Meets The Eye

May -21

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PATRIZIA's (ETR:PAT) Earnings Seem To Be Promising

Apr -22

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.51%)

6. Segments

Management Services

Expected Growth: 4.5%

PATRIZIA SE's Management Services segment growth of 4.5% is driven by increasing demand for real estate investment management, expansion into new markets, and strategic acquisitions. Additionally, the company's focus on ESG and sustainable investments, as well as its expertise in alternative asset classes, contribute to its growth momentum.

Investments

Expected Growth: 5.5%

PATRIZIA SE's 5.5% growth is driven by increasing demand for sustainable real estate, expansion into new markets, and strategic acquisitions. The company's focus on ESG and digitalization also contributes to its growth. Additionally, a strong track record of delivering stable income and capital appreciation attracts investors, further fueling growth.

7. Detailed Products

Real Estate Investment Management

PATRIZIA SE offers real estate investment management services, providing clients with access to a diversified range of real estate investment opportunities across Europe.

Real Estate Development

PATRIZIA SE develops and manages real estate projects, from concept to completion, offering a comprehensive range of development services.

Real Estate Fund Management

PATRIZIA SE manages a range of real estate funds, providing investors with access to a diversified portfolio of European real estate assets.

Real Estate Asset Management

PATRIZIA SE provides real estate asset management services, maximizing returns for investors through active asset management and optimization.

Real Estate Advisory

PATRIZIA SE offers real estate advisory services, providing clients with strategic advice on real estate investments and transactions.

8. PATRIZIA SE's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for PATRIZIA SE is moderate, as there are alternative investment options available to investors, but the company's diversified portfolio and strong brand reputation help to mitigate this threat.

Bargaining Power Of Customers

The bargaining power of customers is relatively low, as PATRIZIA SE's clients are primarily institutional investors who have limited negotiating power.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate, as PATRIZIA SE relies on a network of external partners and suppliers to manage its properties, but the company's scale and reputation help to maintain a balance of power.

Threat Of New Entrants

The threat of new entrants is relatively low, as the real estate investment management industry has high barriers to entry, including significant capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry is high, as PATRIZIA SE operates in a competitive industry with several established players, and the company must continually innovate and differentiate itself to maintain its market position.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 22.36%
Debt Cost 3.95%
Equity Weight 77.64%
Equity Cost 9.16%
WACC 7.99%
Leverage 28.79%

11. Quality Control: PATRIZIA SE passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
LSL Property Services

A-Score: 4.8/10

Value: 5.4

Growth: 2.3

Quality: 7.7

Yield: 5.6

Momentum: 2.0

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
Helical

A-Score: 4.4/10

Value: 3.8

Growth: 1.6

Quality: 6.3

Yield: 5.0

Momentum: 4.0

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
PATRIZIA

A-Score: 4.2/10

Value: 4.3

Growth: 1.2

Quality: 5.0

Yield: 6.9

Momentum: 2.5

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
MLP

A-Score: 3.7/10

Value: 4.9

Growth: 5.7

Quality: 5.8

Yield: 0.0

Momentum: 1.0

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
Jeudan

A-Score: 3.7/10

Value: 3.0

Growth: 2.9

Quality: 5.3

Yield: 1.9

Momentum: 1.5

Volatility: 7.3

1-Year Total Return ->

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Stock-Card
K-Fast Holding

A-Score: 2.7/10

Value: 6.6

Growth: 3.1

Quality: 3.4

Yield: 0.0

Momentum: 1.0

Volatility: 2.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

7.5$

Current Price

7.5$

Potential

-0.00%

Expected Cash-Flows