EQS-Adhoc: PATRIZIA SE: PATRIZIA adjusts FY 2023 guidance due to expectation of continued muted market investment activity in H2 2023

PATRIZIA adjusts its FY 2023 guidance range for EBITDA to EUR 50.0 – 70.0m (from EUR 50.0 – 90.00m before). The guidance range for assets under management (AUM) is revised to EUR 57.0 - 62.0bn (from EUR 60.0 – 65.0bn before). The guidance range for EBITDA margin subsequently changes to 16.7% - 21.2% (from 15.6% - 24.3% before).

Preliminary PATRIZIA H1 2023 financial results are in line with expectations of management and indicate an EBITDA of EUR 28.4m after the first six months and AUM of EUR 57.9bn as at 30 June 2023. This follows an EBITDA of EUR 27.2m after the first three months and AUM of EUR 58.1bn as at 31 March 2023.

Management expected a muted first and second quarter in terms of investment activity. However, a material increase in client and investment activity was expected for the second half of the year 2023.

Client restraint to deploy capital especially into real estate investments is likely to continue throughout 2023 - other than expected at the beginning of the year - with subsequent negative impact on the level of transaction fees and hence EBITDA for H2 2023. Management now only expects a moderate level of investment activity during H2 2023, also limiting the level of organic AUM growth. At the same time, PATRIZIA’s diversified AUM continue to show valuation resilience compared to the market.

PATRIZIA will publish the full set of H1 2023 financial results on 11 August 2023.

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