Slides
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9M 2025 Financial Results Presentation 11 November 2025 Dr Asoka Wöhrmann | CEO Martin Praum | CFO
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CEO Highlights 9M 2025
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Financial highlights in 9M 2025 1 Change vs. 30.06.2025 | PP = percentage points 3 change y-o-y CEO Highlights PATRIZIA | © 2025 EUR 44.6m EBITDA +567.3% • Strong EBITDA increase driven by cost discipline leading to structurally improved earnings quality 22.1% EBITDA margin +18.6PP • EBITDA margin points in the right direction, additional management fees earned will enhance profitability 0.7%1 EUR 56.3bn AUM • AUM slightly up quarter-on-quarter, driven by lower than anticipated net organic growth and valuations of real assets turning positive again in Q3 2025
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Business model successfully streamlined, now less dependent on market activity Management fees Strengthening long-term profitability Operating Expenses in EURm -64.7 -70.4 -65.1 -56.2 -56.3 -53.4 57.7 57.7 56.1 56.0 57.4 60.6 Q1 24 Q2 24 Q3 24 Q1 25 Q2 25 Q3 25 CEO Highlights PATRIZIA | © 2025 4 Streamlined operating model bearing fruit and powering an integrated real asset platform that creates value for our clients through dedicated fund clusters 1 2 Focus on cost discipline now deeply embedded within the Company through continued cost management efforts 3 Operational leverage unlocked to step up fundraising, transactions, and business growth in a market environment turning more favorable going into 2026
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Acquisitions delivered in Q3 2025 dominated by Real Estate 5PATRIZIA | © 2025 CEO Highlights United Kingdom PATRIZIA accelerates Europe’s energy transition with EUR 312m investment in Nordic district heating platform (signed) PATRIZIA expands its real estate platform through strategic acquisition of prime residential portfolio in Tokyo (closed) PATRIZIA launches joint venture, exceeding EUR 115m to develop sustainable and affordable housing in London (closed) PATRIZIA supports Australian client in expanding their real estate footprint helping them diversify across key property (closed) Real Estate Living Real Estate Living Japan Norway Infrastructure Equity Australia Commercial Real Estate
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Confidence slowly returns to real estate while infrastructure continues to grow 1 PATRIZIA’s 5th Annual Client Survey: Real Estate confidence returns as valuation and investor sentiment rebound | PATRIZIA SE 6 47% 21% 16% 9% 5% 3% Residential Modern living strategies Logistics Office Hospitalty Retail PATRIZIA | © 2025 CEO Highlights Client survey 2025 | Top choices in real estate1 Client survey 2025 | Top assetstargeted in infrastructure1 Client expectations 2024 2025 Change Increase in Deal Activity 64% 73% Increase in Total Returns 64% 80% Increase in Valuations 27% 39% Client expectations 2024 2025 Change Increase Infra Exposure 70% 35% Attracted by RE-Infra n/a 86% - Increase in Valuations 38% 44% 40% 37% 10% 10% 3% Energy transition Digital infrastructure Utilities Transprort Other
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Management priorities going forward 7 • Deliver outstanding products for clients and step-up fundraising • Focus on product profitability • Leverage core strengths Client and product focus • Grow management fees • Improve co-investment result • Stay cost conscious • Reduce impact of one-off items Earnings quality Strengthening long-term profitability • Drive portfolio efficiency and upgrade systems • Enable entrepreneurial spirit • Creating positive impact on society through products and employee engagement Employees and platform PATRIZIA | © 2025 CEO Highlights
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Financials & Guidance 9M 2025
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AUM1 development 9M 2025| EUR bn • AUM almost stabilised with EUR 56.3bn as at 30 September 2025 (31.12.2024: EUR 56.4bn); currency effects avoided a return to growth, while already seeing slight growth vs. 30.06.2025 • Equity raised slightly increased to EUR 0.8bn (9M 2024: EUR 0.7bn) • Continuing net organic AUM growth with inflows of EUR 0.9bn being dominated by clients’ appetite for investments in infrastructure. • Outflows dominated by cash returns and performance realisations • Valuation effects turned slightly positive across the portfolio in 2025, expecting further sidewards movement • Acquisitions signed but not closed will support AUM development in Q4 2025 • Outstanding open equity commitments of EUR 1.1bn as at 30 September 2025 available for investments 9PATRIZIA | © 2025 Financials & Guidance AUM showed organic growth but faced currency headwinds 56.056.4 0.9 -0.5 -0.7 0.2 56.3 0.0 10.0 20.0 30.0 40.0 50.0 60.0 AUM 30.09.25 Inflows Outflows (incl. net cash returns to clients) Currency effects Valuation effects EUR 0.5bn net organic growth 1 The calculation of AUM is mainly based on external valuation reports as at the respective reporting date. For individual products or specific platforms (i.e. fund of funds, infrastructure), values of the previous quarter are used, including an extrapolation as at the reporting date. The cash/liquidity component mainly reflects the previous quarter. AUM 31.12.24
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EBITDA surged due to cost discipline and efficiency gains Composition of EBITDA | EUR m PATRIZIA | © 2025 10 • Strong EBITDAincrease to EUR 44.6m due to successful cost efficiency measures and improved co-investment income • Management fees exceed operating expenses and start being a driver for net profit • Net sales revenues and co-investment income significantly improved after facing negative one-off effects from at-equity investments in 9M 2024 • Other income normalised due to lower release of provisions • Strategic milestone reached through decoupling profitability from transaction timing and performance fees 6.7 174.0 44.6 5.0 12.6 10.6 166.0 8.3 -17% EBITDA Manage- ment fees Opera- ting expenses EBITDANet sales revenues and co- investment income Trans- action fees Perfor- mance fees Total service fee income EUR 191.7m; -4% change y-o-y 9M 20259M 20241 Other income +567% 1 Restated figure -37% -31% -44% +1% +316% Financials & Guidance
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8.9 5.0 9M 2024 9M 2025 18.2 12.6 9M 2024 9M 2025 171.6 174.0 9M 2024 9M 2025 11 Management fees | EUR m Transaction fees | EUR m - 31% Total service fee income down by -3.5% to EUR 191.7m (9M 2024: EUR 198.7m): • Management fees returned to growth while also seeing quarter on quarter growth in AUM, however partly positively impacted through catch-up fees • Transaction fees decreased due to lower transaction activity in real estate • Performance fees declined due to expected lower annual carry payments Total service fee income stabilised with management fees returning to growth PATRIZIA | © 2025 Performance fees | EUR m - 43% +1% Financials & Guidance
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Total service fee income | EUR m Total service fee income | quarterly view 12PATRIZIA | © 2025 Total service fee income down by -3.5% to EUR 191.7m (9M 2024: EUR 198.7m): • Management fees returned to growth while also seeing quarter on quarter growth in AUM, however partly positively impacted through catch-up fees in Q3 2025 • Transaction fees decreased due to lower transaction activity in real estate • Performance fees declined due to expected lower annual carry payments EUR m Q3 2024 Q3 2025 Change 9M 2024 9M 2025 Change Total service fee income 61.5 63.3 3.0% 198.7 191.7 -3.5% 57.7 57.7 56.1 56.8 56.0 57.4 60.6 14.6 2.2 1.4 3.0 10.6 0.7 1.3 0.2 4.7 4.0 5.6 1.6 2.0 1.5 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Management fees Performance fees Transaction fees Financials & Guidance
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200.3 -19.5 -14.1 -0.7 166.0 Staff costs Other operating expenses Cost containment remains priority enabling significantimprovement in operating expenses 13PATRIZIA | © 2025 Other expenses1 Operating expenses 9M 2025 -15% -17% -25% 1 Cost of purchased services + Impairment result for trade receivables and contract assets + Reorganisation expenses -6% Operating expenses 9M 2024 • Overall progress based on intensified cost efficiency measures focusing on scalability. • Operating expenses decreased by -17.1% to EUR 166.0m (9M 2024: EUR 200.3m) on the back of constant cost discipline and efficiency measures: • Staff costs down -14.9% to EUR 111.4m (9M 2024: EUR 130.9m) mainly due to lower FTEs (30.09.2025: 846 vs. 30.09.2024: 885) and lower bonus accruals for variable salaries • Other operating expenses reduced by -25.2% to EUR 41.8m (9M 2024: EUR 55.8m) with continued focus on platform efficiency Total cost reduction of EUR -34.3m in 9M 25 Operating expenses y-o-y | EUR m change y-o-y Financials & Guidance
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35.3 9.5 -0.2 44.6 Investment Management Balance Sheet Investments 9M 2025 EBITDA by segments| EUR m • Both operating segments significantly increased their EBITDA contribution: • EBITDA in Investment Management doubled to EUR 35.3m (9M 2024: EUR 17.7m). Positive development mainly driven by strict cost discipline while total service fee income further stabilized • Balance Sheet Investments substantially improved its EBITDA to EUR 9.5m (9M 2024: -10.1m), mainly driven by negative one-off effects within the at equity result in the previous year and higher rental revenues generated from seed-investments in 9M 2025 • EBITDA in Consolidation/other limited to reorganisation effects of EUR -0.2m (9M 2024: EUR -0.9m) Segment reporting: Investment Management EBITDA doubled 14PATRIZIA | © 2025 PATRIZIA +100% +195% +567% Consolidiation /other +82% change y-o-y Financials & Guidance
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7.6 6.7 378.0 736.5 132.6 133.7 Other Real Estate Infrastructure Strategic balance sheet investments increased PATRIZIA | © 2025 PATRIZIA’s (own) Invested capital1 | EUR m 518.3 876.8 30.09.2025 Invested capital (fair value)1 Invested capital (at cost) • Additional strategic infrastructure investments of EUR 7m conducted in Q3 2025 • Positive long-term return driven by investments in Real Estate; especially in residential platform Dawonia worth EUR 437m1 (including profit entitlements of EUR 255m) showing stable development in Q3 2025 • Selected strategic seed investments in Real Estate, conducted to make use of market opportunities being offered to clients, remained stable at EUR 276m (31.12.2024: EUR 273m): change fair value vs. at cost +69% +95% +0.8% GRF IV | Residential portfolio in Augsburg EUR 126m TEP VIII | Real estate logistics portfolio in Sweden EUR 67m PGK (Retail business) | Two value add office assets in prime German locations (Hamburg & Cologne) EUR 83m 1 After deduction of deferred taxes from the valuation according to IFRS 9 15 Financials & Guidance
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Operating cashflow: Development driven by strong operating performance PATRIZIA | © 2025 Financials & Guidance 16 Operating cashflow y-o-y | EUR m 36.0 10.6 -8.8 40.2 2.3 9M 2024 Net profit 9M 2025 OtherWorking capital change y-o-y Operating Cashflow surged to EUR 40.2m (9M 2024: EUR 2.3m) mainly driven by: • Net profit improving by EUR 36.0m vs. 9M 2024 • Other effects containing several elements including successful reduction of working capital freeing up additional liquidity of EUR 10.6m vs. 9M 2024 and a drop in interests received by EUR 5.0m vs. 9M 2024 from deploying surplus liquidity
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Solid balance sheet and financial strength 17 • Bank balances, cash and term deposits of EUR 160.7m (31.12.2024: EUR 185.1m) decreased due to dividend payments (EUR 30m) and strategic investments (EUR 45m) financed through OCF • Financial flexibility supported through undrawn revolving credit facility (EUR 100m) • Net cash (+)/debt (-) of EUR -115.3m, solely driven by debt attached to strategic seed investments of EUR 206.9m, intended to be offered to clients • Treasury shares of ∼EUR 42.3m as additional reserve (5.894.529 * 7.18 EUR = EUR 42.3m) EUR m 30.09.2025 Total assets 1,679.3 Equity (excl. non- controlling interests) 1,059.0 Equity ratio 63.1% Cash and cash equivalents 154.7 + Term deposits +5.9 – Bonded loans1 (Corporate debt) –69.0 = Net cash excl. loans for seed investments 91.6 – Bank loans (Debt attached to strategic seed investments) –206.9 = Net cash (+)/debt (-) -115.3 Net equity ratio2 69.5% Strong balance sheet Liquidity EUR m 30.09.2025 Bank balances, cash and term deposits 160.7 - Regulatory reserve for asset management companies –44.6 - Transaction related liabilities and blocked cash –5.9 - Liquidity in closed-end funds business property companies –9.9 = Available liquidity3 100.3 1 Maturity in 2027 (EUR 69m) 2 Net equity ratio: Equity (excl. non-controlling interests) divided by total net assets (total assets minus financial liabilities covered by cash in hand) 3 Excluding PATRIZIA treasury shares with a value of EUR 42.3m as at 30.09.2025 (closing price of EUR 7.18 per share) PATRIZIA | © 2025 Financials & Guidance
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Outlook specified: EBITDA guidance raised for FY 2025; AUM guidance specified 18 EBITDA in EUR m • EBITDA guidance raised and narrowed to a range of EUR 50 – 65m for FY 2025e based on ongoing cost discipline and the positive financial development seen in 9M 2025 • Targeted efficiency measures are bearing fruit and strengthen recurring profitability. EBITDA margin now expected in the range of 19.0 – 24.0% for FY 2025e • Specified AUM guidance of EUR 56 - 60bn due to lower than anticipated equity raised, investment activities for clients and currency effects 0 20 40 60 80 100 40 – 60 50 – 65 58 – 62 56 – 60 15.2 – 20.8% 19.0 – 24.0% FY 2025e prev. Guidance FY 2025e new Guidance AUM in EUR bn EBITDA margin Financials & Guidance
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Q&A
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Financial calendar 2026 Events: https://ir.patrizia.ag/en/events-for-shareholders Latest publications: https://ir.patrizia.ag/en/ Newsletter: https://ir.patrizia.ag/en/contact PATRIZIA on social media: LinkedIn: Vacatures zoeken - Apps op Google Play 20 04 MAR 26 2025 Preliminary results 05 MAR 26 Investor and analyst conference call on preliminary results 2025 27 MAR 26 2025 Annual Report 11 MAY 26 3M 2026 Quarterly Statement 12 MAY 26 3M 2026 Investor and analyst conference call 10 JUN 26 2026 Annual General Meeting 10 AUG 26 H1 2026 Financial Report 11 AUG 26 H1 2026 Investor and analyst conference call 09 NOV 26 9M 2026 Quarterly Statement 10 NOV 26 9M 2026 Investor and analyst conference call
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Appendix 9M 2025
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22 Results 9M 2025 and Guidance FY 2025 Results 9M 2025 and Guidance FY 2025 Guidance range 2025 Previous Guidance range 2025 EUR m 9M 2025 9M 20241 Change min max min max Management fees 174.0 171.6 1.4% Transaction fees 5.0 8.9 -43.5% Performance fees 12.6 18.2 -30.8% Total service fee income 191.7 198.7 -3.5% Net sales revenues and co-investment income 10.6 -4.9 315.6% Operating expenses -166.0 -200.3 -17.1% Other income 8.3 13.2 -36.9% EBITDA 44.6 6.7 567.3% 50.0 65.0 40.0 60.0 EBIT 24.0 -19.7 221.7% EBT 10.1 -21.7 146.4% EUR bn 9M 2025 9M 20241 Change min max min max Assets under management 56.3 55.9 0.6% 56.0 60.0 58.0 62.0 EBITDA Marge (%) 22.1% 3.5% 18.6 PP 19.0% 24.0% 15.2% 20.8% PP = percentage points EUR bn 9M 2025 9M 2024 Change Equity raised 0.8 0.7 7.6% Transaction volume - signed 2.3 1.3 79.1% Transaction volume - closed 2.3 2.2 7.7% Appendix PATRIZIA | © 2025 1 Restated figure
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Reconciliation of EBITDA (I/II) 23 Detailed reconciliation to EBITDA EUR k 9M 2025 9M 2024¹ Change Management fees (excluding result from participations) 169,255 165,912 2.0% Reconciliation of total service fee income Shareholder contribution for management services (in result from participations) 4,752 5,641 -15.8% Reconciliation of total service fee income Management fees 174,007 171,552 1.4% Transaction fees 5,048 8,932 -43.5% Reconciliation of total service fee income Performance fees (excluding result from participations) 2,309 3,105 -25.6% Reconciliation of total service fee income Performance fees (in result from participations) 10,301 15,124 -31.9% Reconciliation of total service fee income Performance fees 12,611 18,230 -30.8% Total service fee income 191,665 198,714 -3.5% Reconciliation of total service fee income Revenues from the sale of principal investments 0 5 -100.0% Revenues Cost of materials -2,304 -929 148.1% Consolidated income statement Rental revenues 9,406 6,232 50.9% Revenues Revenues from ancillary costs 223 228 -1.9% Revenues Net sales revenues 7,325 5,535 32.3% Earnings from companies accounted for using the equity method 64 -13,271 100.5% Consolidated income statement Remaining result from participations 3,236 2,807 15.3% Consolidated income statement & Reconciliation of total service fee income Co-investment result 3,300 -10,463 131.5% PATRIZIA | © 2025 Appendix
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Reconciliation of EBITDA (II/II) 24 1 Restated figure PATRIZIA | © 2025 EUR k 9M 2025 9M 2024¹ Change Net sales revenues and co-investment income 10,625 -4,928 315.6% Staff costs -111,390 -130,855 -14.9% Consolidated income statement Other operating expenses -41,758 -55,846 -25.2% Consolidated income statement Cost of purchased services -12,043 -12,433 -3.1% Consolidated income statement Impairment result for trade receivables and contract assets -110 -22 405.2% Consolidated income statement Reorganisation expenses -659 -1,106 -40.4% Consolidated income statement Operating expenses -165,959 -200,262 -17.1% Other operating income 6,475 11,253 -42.5% Consolidated income statement Other revenues 1,340 1,707 -21.5% Revenues Reorganisation income 498 206 141.4% Consolidated income statement Other income 8,313 13,167 -36.9% EBITDA 44,644 6,691 567.3% Appendix
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Capital allocation 25 PATRIZIA’s capital allocation as at 30.09.2025 Assets under management Invested capital (fair value) Invested capital (at cost) Participations EUR m EUR m EUR m in % Third-party business 45,650.2 Co-investments and seed investments 10,626.1 876.8 518.3 Real estate - residential 5,076.7 566.3 209.4 thereof Dawonia 4,950.5 152.4 ¹ 51.7 5.1 thereof Dawonia profit entitlements 255.2 ¹ 0.0 0.1 thereof Dawonia Fund 29.8 ¹ 21.3 1.1 Real estate - balanced 2,399.1 93.2 97.1 Real estate - commercial 885.4 77.0 71.6 Infrastructure 2,213.8 133.7 132.6 Venture capital 21.7 5.4 6.5 Private equity 29.4 1.3 1.2 Other balance sheet items 357.8 ² Tied-up investment capital 56,276.3 1,234.6 Available liquidity 100.3 Total investment capital 56,276.3 1,334.9 of which debt (bonded loans - PATRIZIA Group corporate financing) 69.0 of which debt (financing for temporarily consolidated assets and portfolios) 206.9 of which equity PATRIZIA (excl. non-controlling interests) 1,059.0 1 After deduction of deferred taxes from the valuation according to IFRS 9 2 Incl. goodwill and fund management contracts PATRIZIA | © 2025 Appendix
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Consolidated income statement 26 Income Statement EUR k Q3 2025 Q3 2024¹ 9M 2025 9M 2024¹ Change (9M y-o-y) Revenues 66,181 62,524 187,582 186,120 0.8% Other operating income 1,226 1,462 6,475 11,253 -42.5% Total operating performance 67,407 63,986 194,057 197,374 -1.7% Cost of materials -1,271 -677 -2,304 -929 148.1% Cost of purchased services -4,178 -4,058 -12,043 -12,433 -3.1% Staff costs -36,509 -42,741 -111,390 -130,855 -14.9% Other operating expenses -12,554 -18,316 -41,758 -55,846 -25.2% Impairment result for trade receivables and contract assets 38 1 -110 -22 405.2% Result from participations 2,876 2,891 18,289 23,572 -22.4% Earnings from companies accounted for using the equity method -176 -9,199 64 -13,271 100.5% EBITDAR 15,634 -8,113 44,805 7,590 490.3% Reorganisation income 57 95 498 206 141.4% Reorganisation expenses -175 -8 -659 -1,106 -40.4% EBITDA 15,516 -8,025 44,644 6,691 567.3% Depreciation, amortisation and impairment -6,775 -6,732 -20,677 -20,146 2.6% Results from fair value adjustments to investment property 0 0 0 -6,238 100.0% Earnings before interest and taxes (EBIT) 8,741 -14,757 23,967 -19,693 221.7% Financial income 797 2,230 2,949 9,690 -69.6% Financial expenses -3,697 -4,628 -9,877 -10,621 -7.0% Other financial result -2,004 0 -2,004 0 / Result from currency translation -2,750 1,507 -4,945 -1,120 -341.6% Earnings before taxes (EBT) 1,087 -15,648 10,090 -21,744 146.4% Income taxes 1,064 -782 -3,227 -7,414 -56.5% Net profit/ loss for the period 2,150 -16,430 6,863 -29,158 123.5% Attributable to shareholders of the parent company 2,019 -10,977 7,152 -18,933 137.8% Attributable to non-controlling interests 131 -5,452 -289 -10,225 97.2% Earnings per share (undiluted) in EUR 0.02 -0.13 0.08 -0.22 137.7% Earnings per share (diluted) in EUR 0.02 -0.13 0.08 -0.22 137.3% 1 Restated figures PATRIZIA | © 2025 Appendix
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Consolidated balance sheet | Assets 27 Assets EUR k 30.09.2025 31.12.2024 A. Non-current assets Goodwill 259,977 265,879 Other intangible assets 69,289 78,473 Software 3,841 5,059 Rights of use 34,152 43,379 Investment property 277,713 275,413 Equipment 22,850 26,833 Participations in companies accounted for using the equity method 2,648 3,132 Participations 690,965 657,718 Other non-current financial assets (FVTPL) 7,386 9,008 Other non-current financial assets (AC) 15,624 19,585 Other non-current non-financial assets 751 1,321 Deferred tax assets 11,477 11,615 Total non-current assets 1,396,673 1,397,416 B. Current Assets Inventories 281 281 Current tax assets 23,576 27,012 Current receivables and other current financial assets 97,737 149,835 Other current non-financial assets 6,267 5,640 Cash and cash equivalents 154,724 149,359 Total current assets 282,585 332,128 Total assets 1,679,258 1,729,543 PATRIZIA | © 2025 Appendix
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Equity & Liabilities EUR k 30.09.2025 31.12.2024 A. Equity Share capital 86,457 86,229 Capital reserves 84,322 83,534 Retained earnings Legal reserves 505 505 Currency translation difference -2,598 2,346 Remeasurements of defined benefit plans according to IAS 19 3,808 3,808 Revaluation reserve according to IFRS 9 99,900 100,898 Consolidated unappropriated profit 786,595 806,912 Non-controlling interests 34,494 34,514 Total equity 1,093,483 1,118,746 B. Liabilities NON-CURRENT LIABILITIES Deferred tax liabilities 91,789 97,007 Retirement benefit obligations 18,192 18,902 Non-current bonded loans 69,000 69,000 Non-current bank loans 206,890 155,584 Other non-current financial liabilities 56,571 50,296 Non-current lease liabilities 34,362 39,988 Total non-current liabilities 476,803 430,777 CURRENT LIABILITIES Current bank loans 42 45,600 Other provisions 18,382 22,371 Other current financial liabilities 66,223 83,562 Current derivative financial instruments 673 294 Other current non-financial liabilities 10,229 9,221 Current lease liabilities 5,161 8,139 Income tax liabilities 8,264 10,835 Total current liabilities 108,972 180,021 Total equity and liabilities 1,679,258 1,729,543 PATRIZIA | © 2025 28 Consolidated balance sheet | Equity and liabilities Appendix
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29 Consolidated statement of cash flows (I/II) Cashflow Statement EUR k 9M 2025 9M 2024¹ Net profit/ loss for the period 6,863 -29,158 Income taxes recognised through profit or loss 3,227 7,414 Financial expenses recognised through profit or loss 9,877 10,621 Financial income recognised through profit or loss -2,949 -9,690 Income from participations through profit or loss -18,289 -23,572 Earnings from companies accounted for using the equity method -64 13,271 Income from unrealised currency translation recognised through profit or loss 1,591 -165 Income from the disposal of other intangible assets, software, rights of use and equipment recognised through profit or loss 133 145 Income from divestments of financial assets recognised through profit or loss 0 -6 Share-based payment through profit or loss 1,807 2,010 Depreciation, amortisation and impairment 20,677 20,146 Results from fair value adjustments to investment property 0 6,238 Results from fair value adjustments to securities 2,004 0 Results from fair value adjustments to hedges 379 -415 Income from the deconsolidation of subsidiaries -3 -971 Other non-cash items -848 -5,400 Changes in inventories, receivables and other assets that are not attributable to investment activities 15,851 531 Changes in liabilities that are not attributable to financing activities -10,100 -831 Distributed income from participations 20,552 26,060 Interest paid -7,112 -10,468 Interest received 4,057 9,070 Income tax payments -7,491 -12,550 Cash flow from operating activities 40,162 2,279 PATRIZIA | © 2025 Appendix
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30 Consolidated statement of cash flows (II/II) EUR k 9M 2025 9M 2024¹ Payments for investments in other intangible assets, software and equipment -153 -19,371 Payments received from the disposal of intangible assets and equipment 8 60 Payments for the development of investment property 52 -23,585 Payments for the acquisition of securities and short-term investments -602 -25,187 Payments received from the disposal of securities and short-term investments 30,008 466 Payments for the acquisition of participations -52,130 -7,061 Payments received from the equity reduction of participations 1,862 485 Payments received from the disposal of participations 18,704 32 Payments for investments in companies accounted for using the equity method -515 -142,900 Payment received through distributions of companies accounted for using the equity method 108 324 Payments received from the repayment of shares of companies accounted for using the equity method 657 0 Payments received from the repayment of loans to companies with participation interest 2,263 0 Payments for loans to companies with participation interest -340 -700 Payments received from the repayment of other loans 1,050 924 Payments for other loans -62 -95 Payments for the disposal of consolidated companies and other business units 0 -870 Payments for the acquisition of consolidated companies and other business units 0 -3,435 Cash flow from investing/divesting activities 910 -220,912 Borrowing of loans 50,642 99,894 Repayment of loans -46,200 -97,626 Repayment of leasing liabilities -6,458 -6,354 Interest paid -1,176 -964 Cash received from the settlements of the derivative financial instruments used to hedge liabilities arising from financing activities 0 114 Cash paid due to the settlements of the derivative financial instruments used to hedge liabilities arising from financing activities -880 -118 Payments of profit shares to non-controlling interests 0 -342 Payments of dividends to shareholders -30,260 -29,318 Payments received from increase of capital stock (non-controlling interests)² 90 66,204 Cash flow from financing activities -34,242 31,490 Change in cash and cash equivalents 6,830 -187,144 Cash and cash equivalents as at 01.01. 149,359 340,181 Effects of changes in foreign exchange rates on cash and cash equivalents -1,465 759 Cash and cash equivalents as at 30.09. 154,724 153,797 PATRIZIA | © 2025 1 Restated figure 2 Payments received from increase of capital stock in year 2024 in the amount of EUR 66.2m relate to fundraising for temporarily consolidated funds (non-controlling interests). Appendix
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31 Segment reporting – 9M 2025 (I/II) Segment reporting - 2025 (01.01.-30.09.2025) EUR k Investment Management Balance Sheet Investments Consolidation/ other Total Revenues 194,492 8,727 -15,637 187,582 Management service fees 169,824 0 -569 169,255 Services provided as shareholder contributions 4,752 0 -4,752 0 Management fees 174,576 0 -5,321 169,255 Transaction fees 5,048 0 0 5,048 Performance fees 2,309 0 0 2,309 Performance-related shareholder compensation 10,301 0 -10,301 0 Performance fees 12,611 0 -10,301 2,309 Total service fee income 192,235 0 -15,623 176,612 Other revenues 2,257 8,727 -14 10,970 Other operating income 4,828 1,647 0 6,475 Total operating performance 199,319 10,374 -15,637 194,057 Cost of materials -912 -1,392 0 -2,304 Cost of purchased services -12,032 -580 569 -12,043 Staff costs -111,390 0 0 -111,390 Other operating expenses -39,711 -2,061 14 -41,758 Impairment result for trade receivables and contract assets 4 -113 0 -110 Result from participations 0 3,236 15,053 18,289 Earnings from companies accounted for using the equity method 0 64 0 64 EBITDAR 35,278 9,527 0 44,805 Reorganisation income 0 0 498 498 Reorganisation expenses 0 0 -659 -659 EBITDA 35,278 9,527 -161 44,644 PATRIZIA | © 2025 Appendix
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32 Segment reporting – 9M 2025 (II/II) PATRIZIA | © 2025 EUR k Investment Management Balance Sheet Investments Consolidation/ other Total Depreciation of rights of use -7,266 0 0 -7,266 Amortisation of fund management contracts, licences and goodwill 0 0 -8,227 -8,227 Other depreciation, amortisation and impairment -5,185 0 0 -5,185 Results from fair value adjustments to investment property 0 0 0 0 Earnings before interests and taxes (EBIT) 22,827 9,527 -8,388 23,967 Financial income 0 2,894 55 2,949 Financial expenses 0 -9,877 0 -9,877 Other financial result 0 0 -2,004 -2,004 Result from currency translation 0 0 -4,945 -4,945 Earnings before taxes (EBT) 22,827 2,544 -15,281 10,090 Income tax 0 0 -3,227 -3,227 Net profit/ loss for the period 22,827 2,544 -18,508 6,863 Appendix
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33 Segment reporting – 9M 2024 (I/II) PATRIZIA | © 2025 Segment reporting - 2024 (01.01.-30.09.2024)¹ EUR k Investment Management Balance Sheet Investments Consolidation/ other Total Revenues 201,287 5,849 -21,017 186,120 Management service fees 165,443 536 -67 165,912 Services provided as shareholder contributions 5,641 0 -5,641 0 Management fees 171,083 536 -5,707 165,912 Transaction fees 8,932 0 0 8,932 Performance fees 3,105 0 0 3,105 Performance-related shareholder compensation 15,124 0 -15,124 0 Performance fees 18,230 0 -15,124 3,105 Total service fee income 198,245 536 -20,832 177,949 Other revenues 3,043 5,314 -185 8,172 Other operating income 9,259 1,994 0 11,253 Total operating performance 210,546 7,844 -21,017 197,374 Cost of materials -25 -904 0 -929 Cost of purchased services -12,318 -181 67 -12,433 Staff costs -130,855 0 0 -130,855 Other operating expenses -49,669 -6,362 185 -55,846 Impairment result for trade receivables and contract assets -22 0 0 -22 Result from participations 0 2,807 20,765 23,572 Earnings from companies accounted for using the equity method 0 -13,271 0 -13,271 EBITDAR 17,658 -10,068 0 7,590 Reorganisation income 0 0 206 206 Reorganisation expenses 0 0 -1,106 -1,106 EBITDA 17,658 -10,068 -900 6,691 Appendix
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34 Segment reporting – 9M 2024 (II/II) EUR k Investment Management Balance Sheet Investments Consolidation/ other Total Depreciation of rights of use -8,361 0 0 -8,361 Amortisation of fund management contracts, licences and goodwill 0 0 -7,227 -7,227 Other depreciation, amortisation and impairment -4,502 -55 0 -4,557 Results from fair value adjustments to investment property 0 -6,238 0 -6,238 Earnings before interests and taxes (EBIT) 4,795 -16,361 -8,127 -19,693 Financial income 0 9,651 39 9,690 Financial expenses 0 -10,621 0 -10,621 Other financial result 0 0 0 0 Result from currency translation 0 0 -1,120 -1,120 Earnings before taxes (EBT) 4,795 -17,331 -9,208 -21,744 Income tax 0 0 -7,414 -7,414 Net profit/ loss for the period 4,795 -17,331 -16,622 -29,158 PATRIZIA | © 2025 1 The previous year figures were restated in line with the new table structure in the year under review Appendix
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Contact MARTIN PRAUM Executive Director | CFO investor.relations@patrizia.ag JANINA ROCHELL Director | Investor Relations T +49 69 643505-1229 M +49 151 64085881 investor.relations@patrizia.ag Disclaimer The information contained herein is directed only at professional clients and intended solely for use by the recipient. No part of this document or the information herein may be distributed, copied or reproduced in any manner, in whole or in part, without our prior written consent. This document is for information and illustrative purposes only. It does not constitute advice, a recommendation or a solicitation of an offer to buy or sell shares or other interests, financial instruments or the underlying assets, nor does this document contain any commitment by PATRIZIA SE or any of its affiliates. Whilst prepared in good faith, the information contained in this document does not purport to be comprehensive. PATRIZIA SE and its affiliates provide no warranty or guarantee in relation to the information provided herein and accept no liability for any loss or damage of any kind whatsoever relating to this material. The information herein is subject to change without notice. This document contains specific forward-looking statements that relate in particular to the business development of PATRIZIA SE and the general economic and regulatory environment and other factors to which PATRIZIA SE is exposed to. These forward-looking statements are based on current estimates and assumptions by the Company made in good faith and are subject to various risks and uncertainties that could render a forward-looking estimate or statement inaccurate or cause actual results to differ from the results currently expected. PATRIZIA SE does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this publication. Due to commercial rounding of figures and percentages small deviations may occur. 11 November 2025 35 PATRIZIA | © 2025 TOBIAS ENDER Associate Director | Investor Relations T +49 69 643505-1443 M +49 151 50822434 investor.relations@patrizia.ag VERENA SCHOPP DE ALVARENGA Associate Director | Investor Relations T +49 821 50910-403 M +49 151 58339292 investor.relations@patrizia.ag Appendix