PATRIZIA : 3M 2024 Interim Statement

PATRIZIA

3M 2024 Interim Statement

PATRIZIA SE | 3M 2024 Interim Statement

Content
1	Highlights & operational results	3
2	Development of key financial performance indicators (KPIs)	4
3	Capital allocation	9
4	Consolidated income statement	10
5	Consolidated balance sheet	12
6	Guidance for the fiscal year 2024	15
7	Responsibility statement by the legal representatives	16
8	The PATRIZIA share	17
9	Supplementary report	19
10	Appendix	20

2

PATRIZIA SE | 3M 2024 Interim Statement

1 Highlights & operational results

PATRIZIA is a leading European independent real asset investment manager. The Company's core business is real asset investment management, offering a comprehensive product portfolio of private and listed equity funds, private debt funds and (multi-manager) fund of fund products in line with individual return expectations, diversification objectives and risk styles to more than 500 institutional and 7,000 semi-professional or private investors.

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. In total, available firepower of EUR 3.4bn in PATRIZIA's funds enables the Company to immediately take chances on behalf of its clients when they arise.

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.

PATRIZIA's balance sheet remains well positioned with a solid net equity ratio of close to 70.0% and available liquidity of more than EUR 300.0m, both enabling PATRIZIA to seize market opportunities as they arise, even in a subdued market environment. The Company will also continue to temporarily warehouse assets on its own balance sheet when favourable opportunities arrive.

PATRIZIA's 2024 Annual General Meeting will be held virtually on 12 June 2024. The Board of Directors proposes 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.

3

PATRIZIA SE | 3M 2024 Interim Statement

2 Development of key financial performance indicators (KPIs)

2.1 Assets under Management (AUM)

Assets under Management (EUR bn)
31.12.2023	57.3	57.3
		-1.0%
31.03.2024	56.7	56.7

Assets under Management as at 31 March 2024 | Sectoral distribution
3%3%		Office
2%		Residential
	27%
16%
	Retail
		Logistics, Industrial & Light Industrial
12%		Infrastructure
	Hotel
9%	28%	Health Care
		Other
Assets under Management as at 31 March 2024 | Geographical distribution
4% 6%		Germany
	UK & Ireland
4%		France & Belgium
3%
4%		Nordics
4%	53%	Asia-Pacific
7%	Netherlands
	Italy
4%
	Spain
11%		North America
		Other

• AUM slightly decreased by 1.0% to EUR 56.7bn in the first three months of 2024 compared to EUR 57.3bn at year-

end 2023 predominantly driven by valuation effects.

4

PATRIZIA SE | 3M 2024 Interim Statement

2.2 EBITDA and EBITDA margin

Composition of EBITDA (EUR m)

			▼ -28.3%	▼ -5.1%	▲ +1.7%
	▼ -7.2%	▼ -85.3%	14.6	1.6
		0.2			-62.5
	57.7					▲ +73.1%	▼ -36.3%
27.2					11.6	5.7	17.3
EBITDA	Management	Transaction fees	Performance	Net sales	Operating	Other income	EBITDA
3M 2023	fees		fees	revenues and co-	expenses		3M 2024
				investment
				income
	Total service fee income
	EUR 72.5m; -13.3%
						change y-o-y

• Management fees decreased by 7.2% to EUR 57.7m (3M 2023: EUR 62.2m), in particular due to lower management fees from servicing project developments for clients compared to the same period of the previous year. On a like-for-like basis, management fees showed stability compared to last year.
• Transaction fees in the amount of EUR 0.2m (3M 2023: EUR 1.1m) decreased by 85.3% compared to the same period of the previous year due to the persistently challenging market environment.
• Performance fees in the amount of EUR 14.6m decreased by 28.3% due to the current market environment (3M 2023: EUR 20.4m) and mainly resulted from the annual performance fee of co-investment Dawonia.
• Net sales revenues and co-investmentincome decreased by 5.1% and amounted to EUR 1.6m (3M 2023: EUR
  1.7m). Net sales revenues increased by 111.0% to EUR 1.7m (3M 2023: EUR 0.8m), mainly due to rental revenues from a property portfolio consolidated for the first time in Q3 2023. In contrast, co-investment income decreased by 111.4% to EUR -0.1m (3M 2023: EUR 0.9m) due to the negative earnings from a temporarily consolidated at- equity investment.
• 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.
• The 73.1% increase in other income to EUR 5.7m (3M 2023: EUR 3.3m) is due to the release of liabilities recognised in profit or loss and a deconsolidation effect.
• Due to the aforementioned factors, EBITDA totalled EUR 17.3m in the 3M 2024 reporting period after EUR 27.2m

in the same period of the previous year.

5

PATRIZIA SE | 3M 2024 Interim Statement

EBITDA margin

in %

EBITDA margin

3M 2024

23.4%

3M 2023	Change
31.8%	-8.5 PP

• EBITDA margin compares EBITDA with the sum of total service fee income and net sales revenues and co-investment income. The EBITDA margin decreased year-on-year by 8.5 percentage points to 23.4% (3M 2023: 31.8%) due to decrease in total service fee income, whereby this decline could not be offset by corresponding reductions in expenses.

6

PATRIZIA SE | 3M 2024 Interim Statement

Detailed reconciliation to EBITDA

EUR k	3M 2024	3M 2023
Management fees (excluding result from participations)	55,793	59,932
Shareholder contribution for management services (in result
from participations)	1,946	2,293
Management fees	57,739	62,226
Transaction fees	158	1,070
Performance fees (excluding result from participations)¹	-494	485
Performance fees (in result from participations)	15,124	19,908
Performance fees	14,631	20,394
Total service fee income	72,527	83,690
Revenues from the sale of principal investments	5	0
Cost of materials	-179	-59
Rental revenues	1,828	851
Revenues from ancillary costs	78	30
Net sales revenues	1,732	821
Earnings from companies accounted for using the equity method	-936	62
Remaining result from participations	811	810
Co-Investment result	-126	872
Net sales revenues and co-investment income	1,607	1,694
Staff costs	-41,576	-40,359
Other operating expenses²	-15,640	-16,870
Cost of purchased services	-4,308	-4,110
Impairment result for trade receivables and contract assets	-14	-6
Reorganisation expenses	-967	-142
Operating expenses	-62,505	-61,487
Other operating income²	5,066	2,790
Other revenues	615	494
Reorganisation Income	2	0
Other income	5,683	3,284
EBITDA	17,313	27,181

Change

-6.9%

-15.1%

-7.2%

-85.3%

-201.7%

-24.0%

-28.3%

-13.3%

/

201.6%

114.9%

163.8%

111.0%

<-1,000.0%

0.1%

-114.4%

-5.1%

3.0%

-7.3%

4.8%

152.1%

580.6%

1.7%

81.6%

24.4%

/

73.1%

-36.3%

Table in the current report

Reconciliation of total service fee income

Reconciliation of total service fee income

Reconciliation of total service fee income

Reconciliation of total service fee income

Reconciliation of total service fee income

Reconciliation of total service fee income

Revenues

Consolidated income statement

Revenues

Revenues

Consolidated income statement

Consolidated income statement & Reconciliation of total service fee income

Consolidated income statement

Consolidated income statement

Consolidated income statement

Consolidated income statement

Consolidated income statement

Consolidated income statement

Revenues

Consolidated income statement

1. Negative revenues due to updated service billing.
2. The previous year´s figures were restated in line with the new table structure in the year under review.

7

PATRIZIA SE | 3M 2024 Interim Statement

2.3 Further KPIs

Transaction volume based on signed transactions (EUR m)

3M 2023	256.6	7.6
		+22.6%
3M 2024	157.0	166.9
	Acquisitions	Disposals

Transaction volume based on closed transactions (EUR m)

3M 2023	346.4	169.2
			+16.4%
3M 2024	281.9	318.0
		Acquisitions	Disposals

• In the reporting period, investment and transaction markets for real estate and infrastructure remained subdued. Sustained high uncertainty, resulting from unclear interest rate developments and higher geopolitical concerns characterised the position on European transaction markets in the first three months of 2024. Nevertheless, PATRIZIA was able to sign transactions for EUR 323.9m (3M 2023: EUR 264.2m; +22.6%) on behalf of clients, with the majority of acquisitions being in the infrastructure sector and the majority of disposals in commercial real estate. Transactions closed increased by 16.4% to EUR 600.0m (3M 2023: EUR 515.6m).

Equity raised (EUR m)

3M 2023	22.9
	+1,255.5%
3M 2024	311.0

• New equity raised from institutional and semi-professional investors for various German and international real asset investments amounted to EUR 311.0m (3M 2023: EUR 22.9m; +>100.0%) in the first three months of 2024. With available dry powder totalling EUR 3.4bn in the funds managed, PATRIZIA is ready to take opportunities for its

clients once they arise.

8

PATRIZIA SE | 3M 2024 Interim Statement

3 Capital allocation

PATRIZIA's capital allocation as at 31 March 2024

Third-party business

Co-Investments and Warehousing

Real estate - residential

thereof Dawonia GmbH

thereof Dawonia profit entitlements

Real estate - balanced

Real estate - commercial

Infrastructure

Venture capital

Private equity

Principal investments

Other balance sheet items

Tied-up investment capital

Available liquidity

Total investment capital

of which debt (bonded loans - PATRIZIA Group corporate financing)

of which debt (financing for temporarily consolidated assets and portfolios)

of which equity PATRIZIA (without non-controlling interests)

1. Net of deferred taxes from valuation in accordance with IFRS 9
2. Incl. goodwill and fund management contracts (included in other intangible assets)

Assets under Management

EUR m

46,580.5

10,123.2

5,184.4

5,046.3

2,629.7

669.7

1,597.6

18.7

23.1

2.2

56,705.9

56,705.9

Invested
capital (fair		Invested
value)		capital (at cost)	Participations
EUR m		EUR m	in %
0.0
793.0		388.3
576.4		174.3
159.6	¹	51.7	5.1
294.2	¹	0.0	0.1
97.7		99.2
64.0	¹	59.9
49.8		49.6
4.0		4.1
1.1		1.1

1. ²

1,176.7

322.9

1,499.6

158.0

180.5

1,161.1

• PATRIZIA selectively invests Group equity in partnerships with its institutional clients, in the form of co- investments, of which Dawonia GmbH is the largest co-investment. In addition, PATRIZIA uses equity to temporarily consolidate assets and portfolios with the aim of later contributing them to funds financed by clients.
• PATRIZIA holds a stake in a very attractive residential real estate portfolio via Dawonia GmbH. With around 27,000 flats, Dawonia is one of the largest housing companies in Munich and southern Germany. For 80 years, Dawonia has been planning, developing, building and managing high-quality, affordable apartments which are in high demand, particularly in urban growth regions. The company therefore is very well positioned in this market segment. Around 80% of the housing stock is concentrated in the 20 largest locations in southern Germany, i.e. in conurbations such as Munich and the surrounding area, as well as Nuremberg, Erlangen, Regensburg and Würzburg. Dawonia is now also active outside Bavaria, for example in Hessen.
• Furthermore, PATRIZIA holds an interest in OSCAR Lux Carry SCS (Dawonia profit entitlements - see table above), which entitles PATRIZIA to a variable profit share in connection with the Dawonia investment. The initial 10-year investment phase of the fund has been temporarily extended beyond 2023 in close alignment with all investors. PATRIZIA is in constructive discussions with investors in Dawonia about a long-term extension of the investment mandate.

9

PATRIZIA SE | 3M 2024 Interim Statement

4 Consolidated income statement

EUR k

Revenues

Other operating income¹

Total operating performance

Cost of materials

Cost of purchased services

Staff costs

Other operating expenses¹

Impairment result for trade receivables and contract assets

Result from participations

Earnings from companies accounted for using the equity method

EBITDAR

Reorganisation income

Reorganisation expenses

EBITDA

Depreciation, amortisation and impairment

Earnings before interest and taxes (EBIT)

Financial income

Financial expenses

Other financial result

Result from currency translation

Earnings before taxes (EBT)

Income taxes

Net profit/ loss for the period

Attributable to shareholders of the parent company

Attributable to non-controlling interests

Earnings per share (undiluted) in EUR

Earnings per share (diluted) in EUR

3M 2024

57,983

5,066

63,049

-179

-4,308

-41,576

-15,640

-14

17,881

-936

18,278

2

-967

17,313

-6,739

10,574

4,276

-2,417

0

-1,568

10,865

-6,445

4,420

4,619

-199

0.05

0.05

3M 2023

62,863

2,790

65,652

-59

-4,110

-40,359

-16,870

-6

23,012

62

27,323

0

-142

27,181

-7,125

20,056

2,218

-1,848

156

-23

20,559

-8,123

12,436

12,474

-38

0.15

0.15

1 The previous year's figures were restated in line with the new table structure in the year under review.

10