PATRIZIA

Annual Report 2025

PATRIZIA SE 2025 | Our Company

Financial key figures ... 3 Preamble by the Executive Directors ... 4 Report of the Board of Directors ... 6

Management Report ... 11 1 Group Fundamentals ... 11 2 Group strategy ... 14 3 Group management and performance indicators ... 15 4 Group Non-Financial Statement ... 18 5 Economic report ... 79 6 Other disclosures ... 99 7 Risk and opportunity report ... 101 8 Guidance ... 112

Consolidated financial statements ... 116 Consolidated balance sheet ... 116 Consolidated income statement ... 118 Consolidated statement of comprehensive income ... 119 Consolidated cash flow statement ... 120 Consolidated statement of changes in equity ... 122

Notes to the consolidated financial statements ... 124 1 Principles applied in the preparation of the consolidated financial statements ... 124 2 Consolidated group and consolidation methods ... 126 3 Summary of key accounting policies ... 129 4 Notes to the consolidated balance sheet and consolidated income statement ... 130 5 Segment reporting ... 176 6 Information on the consolidated cash flow statement ... 180 7 Other disclosures ... 182 8 Responsibility statement of the Executive Directors ... 195

Annex to the notes to the consolidated financial statements ... 196 Responsibility statement by the Executive Directors ... 204 Independent Auditor's Report ... 205

Further information ... 212 1 Five-year overview balance sheet and income statement ... 212 2 Board of Directors and Executive Directors ... 215 3 Financial calendar and contact details ... 218

PATRIZIA SE 2025 | Our Company

Financial key figures

Financial performance indicators

	2025	2024	Change
Assets under management (AUM)¹	EUR 56.2bn	EUR 56.4bn	-0.3%
EBITDA	EUR 63.0m	EUR 46.5m	35.4%
EBITDA margin	22.9%	17.5%	5.4 PP

PP = percentage points

Revenues and earnings

EUR k	2025	2024	Change
Revenues	258,416	255,667	1.1%
Total operating performance	269,727	292,255	-7.7%
EBITDA	63,023	46,544	35.4%
thereof Investment Management	51,032	39,533	29.1%
thereof Balance Sheet Investments	14,091	14,906	-5.5%
EBIT	35,325	11,174	216.1%
EBT	17,893	3,411	424.6%
thereof Investment Management	34,306	22,241	54.2%
thereof Balance Sheet Investments	3,378	2,577	31.1%
Net profit/ loss for the period	16,379	2,379	588.4%
attributable to shareholders of the parent company	17,968	12,867	39.6%
attributable to non-controlling interests	-1,588	-10,488	84.9%

Structure of assets and capital

EUR k	31.12.2025	31.12.2024	Change
Non-current assets	1,395,206	1,397,416	-0.2%
Current assets	304,161	332,128	-8.4%
Equity (excl. non-controlling interests)	1,126,952	1,084,232	3.9%
Equity ratio (excl. non-controlling interests)	66.3%	62.7%	3.6 PP
Net equity ratio	73.6%	68.6%	5 PP
Non-current liabilities	413,633	430,777	-4.0%
Current liabilities	125,394	180,021	-30.3%
Total assets	1,699,367	1,729,543	-1.7%

PP = percentage points

PATRIZIA share

ISIN	DE000PAT1AG3
SIN (Security Identification Number)	PAT1AG
Code	PAT
Issued shares as at 31.12.2025	92,351,476 shares
Outstanding shares as at 31.12.2025¹	86,456,947 shares
Treasury shares as at 31.12.2025	5,894,529 shares
Closing price as at 31.12.2025²	EUR 8.14
Share price performance 2025²	3.0%
Market capitalisation as at 31.12.2025	EUR 0.8bn
Average trading volume per day 2025³	80,949 shares

¹ Reduced number of shares compared to the issued shares due to share buybacks | ² Closing price on Xetra-trading | ³ All German stock exchanges

PATRIZIA SE 2025 | Our Company

Preamble by the Executive Directors

Dear Shareholders,

Dear Readers,

2025 was another year of transition in a continued challenging market environment, approached by PATRIZIA with renewed confidence. After a prolonged period of volatility, valuation pressure, and restrained investment and transaction activity, we see the beginning of a new investment cycle. This cycle is developing into a longer, slower and bumpier market recovery. Investors continue to be very selective regarding asset classes, geographies and investment partners. However, the new cycle is gaining momentum and presents tangible opportunities for strong and well-prepared real asset investment managers. Thanks to the progress achieved in our organisational structure, our disciplined cost measures and our clear strategic focus, PATRIZIA is well positioned to benefit from this evolving market environment. With our integrated investment platform for real estate and infrastructure, we remain successfully invested along the DUEL megatrends of Digitalisation, Urbanisation, Energy and Living transitions.

Improved profitability and a strengthened platform

In 2025 we were able to successfully de-couple the Group's profitability from the overall market environment and achieved a notable improvement in profitability. EBITDA increased by 35.4% to EUR 63.0m reaching the upper quartile of our latest, increased guidance range of EUR 50.0 - 65.0m. The EBITDA margin subsequently increased to 22.9%, also reaching the upper quartile of our latest guidance range of 19.0 - 24.0%, representing a clear improvement compared to the prior-year level of 17.5%. These results reflect the success of our efforts to streamline processes, enhance efficiency and subsequently strengthen the quality of our earnings.

A notable milestone this year was that management fees fully offset operating expenses for the first time. This reflects the increased resilience of our business model based on a recurring fee base. As market momentum continues to build, our platform is now more efficient providing us with additional operating leverage to turn business growth into profitability.

The integration and re-alignment of Investment & Fund Management, Global Investment Operations and our Client & Product platforms has enabled stronger collaboration and faster execution across both real estate and infrastructure solutions.

We would like to share these successes with our shareholders again this year and, together with the Company's Board of Directors, propose an increase in the dividend per share of EUR 0.01 to EUR 0.36. This represents an increase of 2.9% over the previous year and is now the eighth consecutive increase in the dividend per share.

Growing investment activity

After a period of subdued activity in previous years, the year 2025 marked a turning point in investment markets. Signed transactions increased by 63.3% to EUR 3.3bn in FY 2025. The rise in activity reflects many investors' gradual move from a defensive stance on real assets towards selective new deployment in anticipation of attractive total returns in the new cycle.

AUM stabilisation and momentum in organic growth

Assets under management (AUM) amounted to EUR 56.2bn for FY 2025, within the range of our revised guidance, albeit at the lower end. AUM therefore remained almost stable compared to the prior-year level of EUR 56.4bn. Organic growth from new investments for clients through converting existing and new equity commitments into investments, and the return of positive valuation effects were not able to compensate for negative currency developments and outflows during FY 2025.

Strong balance sheet and disciplined capital allocation

Our financial position as a Group remains strong with a net equity ratio of 73.6% and available liquidity of more than EUR 100m. Operating cash flow improved significantly during 2025 to EUR 56.7m after EUR 12.6m in the previous year, based on the strong operating performance and active working capital management.

During the year, we took advantage of attractive co-investment opportunities while maintaining sufficient financial flexibility to support future fund initiatives. Furthermore, we successfully agreed with the investors of our largest flagship fund, Dawonia, on a long-term extension of the investment management mandate until the end of 2030, with options for further extensions. As part of this agreement, part of the value created in Dawonia in prior years will strengthen our financial position over the coming years through a partial realisation and settlement of the exit carry.

Market environment and the beginning of a new cycle

Despite continued market challenges, signs of market stabilisation became increasingly visible across real estate and infrastructure throughout the year 2025. Investor sentiment in real estate has stabilised and infrastructure markets showed encouraging momentum, supported by the acceleration of the energy transition and growing interest in circular economy assets.

PATRIZIA SE 2025 | Our Company

Our sector-specific investment strategies are driven by the four DUEL megatrends — digital, urban, energy and living transitions. Our annual international client survey confirmed this shift in investment focus. Investors now place greater emphasis on asset classes that benefit from these megatrends. In addition, Europe is once again coming to the fore in investor discussions as an investment region.

The "Living" sector remains one of our key investment strategies, offering attractive long-term returns for investors. "Living" has been a strategic growth pillar for PATRIZIA for more than 40 years underpinned by an outstanding track-record. We successfully invested in apartments and social housing in several key European markets, as well as in Japan. And we continued to invest in the energy transition and smart city solutions in Europe as well as in Asia-Pacific.

Strengthening Our Commitment to Sustainability and Social Impact

In the year 2025, we introduced non-financial ESG steering KPIs into the Group's remuneration system, further aligning our corporate governance with our sustainability ambitions and reflecting our conviction that responsible corporate behaviour and financial performance jointly drive long-term value creation.

In addition, achieving a five-star PRI rating confirms the strength of our responsible investment approach and, together with new ESG-linked long-term performance indicators, reinforces our strategic focus on sustainability.

Our employees also showed strong personal commitment to social engagement, contributing an average of 0.6 volunteering days per employee and supporting charitable organisations, including the PATRIZIA Foundation, in expanding its work to provide children and young people in need with access to education, health care and safe environments across four continents.

Priorities for the road ahead

As we enter 2026, our focus remains centred around our stakeholders including our relationships to clients, investors, and employees, accelerating fundraising and developing high-conviction strategies led by the DUEL megatrends. At the same time, we will continue to strengthen recurring revenue sources, optimise co-investment results and maintain strict cost discipline. Further improving scalability and efficiency of our smart real asset platform through technology will play an essential role in supporting long-term profitable growth.

For 2026, we expect to generate EBITDA in a range of EUR 60.0 - 75.0m, EBITDA margin in a range of 22.0 - 26.5% and we expect AUM in a range of EUR 55.0 - 60.0bn, driven by continued cost control, gradually improving market activity, utilising operating leverage from our streamlined platform and a growing pipeline of client commitments.

Thank you

We would like to extend our heartfelt thanks to all our colleagues for their commitment, professionalism and perseverance throughout 2025. We also wish to express our deep gratitude to you, our shareholders, and to our clients and business partners for your continued trust, loyalty and partnership. Your support strengthens our conviction and enables us to move forward with confidence. Together, we look ahead to capturing the opportunities of the new investment cycle. With our enhanced operating model, improved profitability and clear strategic direction, we are well positioned to deliver sustainable long-term value for all our stakeholders.

Augsburg, 24 March 2026

The PATRIZIA SE Executive Directors

Dr Asoka Wöhrmann CEO

Martin Praum CFO

James Muir Head of Investment Division

Dr Konrad Finkenzeller Head of Client Division

Wolfgang Egger Founder

PATRIZIA SE 2025 | Our Company

Report of the Board of Directors

Dear Shareholders,

Dear Readers,

2025 was a pivotal year of transition for PATRIZIA from the perspective of the Board of Directors. In a longer, slower and bumpier market recovery than in previous cycles, marked by heightened investor selectivity, the Company demonstrated resilience in its strategy and business model, stability in its operations, and strong financial performance. The Board of Directors is confident that PATRIZIA's strengthened organisational setup and clear strategic focus provide a solid foundation to navigate the current market cycle and capture emerging opportunities.

Composition of the Board of Directors and its Committees

Until the Annual General Meeting on 4 June 2025, the Board of Directors consisted of five members, namely Uwe H. Reuter, Wolfgang Egger, Jonathan Feuer, Saba Nazar and Dr Asoka Wöhrmann. At the Annual General Meeting on 4 June 2025, the Board of Directors was newly elected. Since 4 June 2025 the Board of Directors has consisted of six members, namely Frank Kuhnke (Chair of the Board of Directors), Dr Michael Fronhöfer (Deputy Chair of the Board of Directors), Wolfgang Egger, Jacqueline Beckett, known as Jacqui Irvine, Aradhana Khowala and Dr Asoka Wöhrmann. Wolfgang Egger and Dr Asoka Wöhrmann also serve as Executive Directors of the Company.

The Board of Directors maintains an Audit Committee and a Nomination and Remuneration Committee. Following the Board elections, the members of both committees were newly appointed.

The members of the Audit Committee in the year under review were:

Jonathan Feuer (until 4 June 2025 and during this period also as Chair)
Uwe H. Reuter (until 4 June 2025)
Frank Kuhnke (as from 4 June 2025 and during this period also as Chair)
Dr Michael Fronhöfer (as from 4 June 2025)
Jacqui Irvine (as from 4 June 2025)

The members of the Nomination and Remuneration Committee in the year under review were:

Wolfgang Egger (Chair)
Dr Asoka Wöhrmann (until 4 June 2025)
Uwe H. Reuter (until 4 June 2025)
Aradhana Khowala (as from 4 June 2025)
Jacqui Irvine (as from 4 June 2025)

Cooperation with the Executive Directors

In the monistic governance system of PATRIZIA SE, the Board of Directors determines and oversees the adaption of the basic guidelines for the Company's activities. The Board of Directors made use of the statutory option to delegate the day-to-day business to Executive Directors. Regular reports on the course of business were submitted to the Board of Directors. All business transactions requiring approval were discussed intensively with the Executive Directors and - where necessary - approval was granted. The members of the Board of Directors requested that the Executive Directors shall inform the Board of Directors about all important items and developments of the Company and the Group and in addition requested detailed information about specific issues. These requests were answered by means of oral and written reports by the Executive Directors and senior leaders during board meetings, dedicated thematic deep dive workshops or direct information to the relevant member of the Board of Directors in case of specific requests. The Board of Directors discussed these reports and intensively debated questions of business policy, the course of business and the further development of the Company and the Group during the meetings. In addition, also outside the meetings, the Chair of the Board of Directors was in regular personal, virtual and written contact with the CEO and other senior leaders of the Company to get up-to-date general and specific information on the development of the business. Based on the reports submitted by the Executive Directors and the other information received, the Board of Directors has informed itself of the proper management of the Group. The Board of Directors, supported by the Audit Committee, has reviewed the appropriateness of the internal control system and risk management system in place and assessed their effectiveness. The Board of Directors once again noted significant progress in the quality of the risk management system and has no reason to assume that the risk management system is inappropriate or ineffective. The internal control system continues to be subject to ongoing development and adaptation. In the financial year 2025, the Board of Directors and the Executive Directors implemented further measures to strengthen the appropriateness and effectiveness of the internal control system.

PATRIZIA SE 2025 | Our Company

Meetings

A total of nine meetings of the Board of Directors took place in the year under review. Four meetings were held in person, and five meetings were held virtually.

In addition, a total of four meetings of the Audit Committee and five meetings of the Nomination and Remuneration Committee were held in the reporting year. The Audit Committee and the Nomination and Remuneration Committee held all meetings virtually. In addition, the Committees met for several informal working sessions throughout the year.

Details on the meetings held and individual meeting attendance can be found in the following overview:

Individual attendance of meetings by members of the Board of Directors in 2025

	Board of Directors		Audit Committee		Nomination and Remuneration Committee
	Number	in %	Number	in %	Number	in %
Uwe H. Reuter¹	6/6	100%	2/2	100%	2/2	100%
Jonathan Feuer¹	5/6	83%	2/2	100%	n/a	n/a
Wolfgang Egger	9/9	100%	n/a	n/a	5/5	100%
Dr Asoka Wöhrmann²	9/9	100%	n/a	n/a	2/2	100%
Saba Nazar¹	4/6	67%	n/a	n/a	n/a	n/a
Frank Kuhnke³	3/3	100%	2/2	100%	n/a	n/a
Dr Michael Fronhöfer	3/3	100%	2/2	100%	n/a	n/a
Aradhana Khowala	3/3	100%	n/a	n/a	3/3	100%
Jacqui Irvine	3/3	100%	2/2	100%	3/3	100%

¹ Uwe Reuter, Jonathan Feuer, and Saba Nazar were members of the Board of Directors until 4 June 2025; Messrs. Reuter and Feuer also served as members of the Board of Directors's committees. During this period, six Board of Directors meetings, two Audit Committee meetings, and two Nomination and Remuneration Committee meetings were convened. ² Dr Asoka Wöhrmann was a member of the Nomination and Remuneration Committee until 4 June 2025. ³ Frank Kuhnke, Dr Michael Fronhöfer, Aradhana Khowala and Jacqui Irvine were elected as members of the Board of Directors and its committees effective 4 June 2025 after which three further Board of Directors meetings, three Audit Committee meetings, and two Nomination and Remuneration meetings were convened.

Focal points of activities

In a first meeting of the Board of Directors on 5 March 2025, following a report of the Nomination and Remuneration Committee, the Board of Directors focussed on personnel topics, in particular decisions on the performance evaluation of the STI target achievements of the Executive Directors for the financial year 2024, the setting of corporate targets and individuals targets for the variable remuneration of the Executive Directors for the financial year 2025 as well as a decision on the implementation of a Share Ownership Guideline. This was followed by a report on the activities of the Audit Committee, in particular regarding the ongoing audit process and discussions with the auditor on the financial statements 2024. Further topics of this meeting were reports by the CEO and the CFO including an update on the Dawonia mandate, a business update provided by the Head of Investment Division & Executive Director, James Muir and the Head of Client Division & Executive Director, Dr Konrad Finkenzeller, a report on risk management, a decision to approve the conclusion of a revolving credit facility for PATRIZIA SE, the approval of the agenda items for the upcoming Annual General Meeting as well as the approval of the Declaration of Compliance and the Corporate Governance Statement. Finally, the members of the Board of Directors discussed the Company's dividend policy.

Additional extraordinary meetings were held on 10, 13 and 19 March 2025 during which the members of the Board of Directors intensively discussed the dividend proposal for the financial year 2024, which was resolved by circular resolution following these meetings.

The focus of the Board of Directors' meeting on 9 April 2025 was on the report of the board of directors on the 2024 financial year, the approval of the annual financial statements and the approval of the consolidated financial statements. At this meeting, the auditors of BDO AG Wirtschaftsprüfungsgesellschaft reported on their audit activities for the financial year 2024. After reviewing the annual financial statements and the consolidated financial statements for the financial year 2024 as well as the combined Annual Report 2024 of the Company and the Group, the Board of Directors adopted the annual financial statements and approved the consolidated financial statements 2024, including the Non-Financial Statement. The Board of Directors also approved the Dependency Report as well as the Remuneration Report of the Company for the financial year 2024. The Board of Directors decided to follow the proposal of the Executive Directors to propose to the shareholders of the Company to pay a dividend of EUR 0.35 per share for the financial year 2024. In addition, the Board of Directors resolved on the vesting of the long-term incentives of the Executive Directors and former members of the Management Board for the financial year 2022, updates on the agenda for the upcoming Annual General Meeting including voting recommendations as well as proposed candidates for the election of member of the Board of Directors.

PATRIZIA SE 2025 | Our Company

A further ordinary meeting was held on 4 June 2025 following the Annual General Meeting during which the newly composed Board of Directors elected its Chair, Co-Chair as well as Chairs and members of its committees. Further topics of this meeting were the rules of collaboration between the Board of Directors and the Executive Directors, an introduction by the CEO on the Company's strategy and organisational set-up as well as a report by the CFO on the financial status of the Company, introductions by the other Executive Directors and further senior leaders on their respective areas of responsibility, an update on risk matters by the Head of Risk Management and an update on the lease situation for the Company's headquarters in Augsburg. Finally, the Board of Directors resolved on updates of the service agreements for Dr Asoka Wohrmann and James Muir and the updated wording of the English language convenience translation of the Company's Articles of Association.

A virtual meeting was held on 15 July 2025 during which the Board of Directors dealt with handling of remediation of audit findings from the financial year 2024 as well as the preparation of the audit process for the financial year 2025, management updates by the Executive Directors as well as a detailed discussion on the status quo and strategy towards an extension of the Dawonia mandate. During this meeting the Board of Directors also cast resolutions on requirements for financial reporting towards the Board of Directors, the further handling of approvals regarding potential draw-downs under the revolving credit facility for PATRIZIA SE, the appointment of experts in the field of accounting and audit within the Board of Directors and an update on the Company's Declaration of Compliance.

On 16 September 2025, the Board of Directors held a further ordinary meeting. The first agenda item was a management report on current business developments with special focus on fundraising and fund management provided by James Muir and Dr Konrad Finkenzeller as well as a finance update by the CFO. This was followed by a report of the Nomination and Remuneration Committee and a resolution by the Board of Directors on updated gender targets for the Board of Directors and the Executive Directors as well as a report by the Audit Committee. Further topics of this meeting were the Company's data, platform and systems strategy, updates regarding compliance, risk and internal audit as well as an update on the status of the Dawonia mandate and the approval of Dr Konrad Finkenzeller's appointment as managing director of PATRIZIA Real Assets Kapitalverwaltungsgesellschaft mbH. The Board of Directors discussed the status of a process error in a complex tax proceeding at fund level and its potential implications on PATRIZIA.

In the last meeting of the reporting year on 4 December 2025, the Board of Directors set a focus on the Company's future strategy, the update of ESG targets, actual market developments and the budget for the financial year 2026 which was discussed and approved following a report by the CFO. This was followed by a management report by the CEO as well as business reports by James Muir and Dr Konrad Finkenzeller regarding their areas of responsibility. Further topics of the meeting were reports by the Audit Committee, an update on the current status of the Dawonia mandate as well as a regular update on material disputes and an overview of the groupwide insurance programme. Furthermore, the Board of Directors dealt with personnel and remuneration topics including envisaged changes to the remuneration system of the Executive Directors, discussions on the actual status of fulfilment of individual targets of the Executive Directors for the financial year 2025 as well as proposals for setting of individual targets for the Executive Directors for the financial year 2026. Finally, the Board of Directors resolved on an update of the Declaration of Compliance as well as the format for the Annual General Meeting 2026.

In addition to the formal meetings, several informal meetings (deep dive sessions) between the members of the Board of Directors and the Executive Directors as well as other senior leaders of the Company took place, e.g. regarding investment management and distribution, information technology and operations, remuneration and people, and the Company's hospitality portfolio. In addition, the chair of the Board of Directors holds a standing non-voting seat at the Risk Committee.

On a regular basis, the Audit Committee dealt with the quarterly financial performance of the Company, the review of the annual report and the quarterly external reporting of Company financials, the regular review of the financial and liquidity forecast, financial commitments analysis, underlying earnings and the evaluation of the applicability of CSRD reporting. In addition, the Audit Committee dealt with the election proposal and commissioning for the auditor and the independence of the auditor, the determination of the focal points for the audit of the consolidated and annual financial statements, the monitoring of the accounting processes and the audit of the consolidated and annual financial statements and the Remuneration Report 2025. In addition, the Audit Committee dealt with the Company's compliance management, measures on further improving effectiveness of the internal control system with a focus on accounting, the risk management system and the internal audit system as well as the quality of the audit and additional non-audit services provided by the auditor. The Audit Committee also took a circular decision on starting a tender process in 2025 to select an auditor for the financial year 2026 and engaged with all participants of the audit tender. The Chair of the Audit Committee was in regular contact with the appointed auditor for fiscal year 2025.

The Nomination and Remuneration Committee dealt with the Remuneration Report, the personnel changes in the area of the Executive Directors and the Board of Directors, the remuneration of the members of the former Management Board and the Executive Directors, including the remuneration system and the determination of the variable remuneration for the past financial year as well as the determination of corporate and individual performance targets for the variable remuneration for financial year 2024. Another focus of the activities was the preparation of succession planning for the Executive Directors, reviewing a setting of diversity targets, as well as the assessment and recommendation to the Board of Directors of changes of the remuneration scheme for the Executive Directors.

PATRIZIA SE 2025 | Our Company

Further Resolutions, Conflicts of Interest & Training

Where necessary, the Board of Directors also made decisions by way of circular resolutions. These concerned, amongst others, decisions on the approval of the dividend proposal, proposals for the nomination of members of the Board of Directors to be elected by the Annual General Meeting as well as changes of the remuneration system of the Board of Directors, the mandate letter for the auditor for the financial year 2025 as well as the impact of restatement of the financial accounts for the financial years 2022 and 2023 on remuneration aspects of Executive Directors.

Wolfgang Eggers and Dr Asoka Wöhrmann's dual function as a member of the Board of Directors and as Executive Director at the same time could possibly have led to conflicts of interest. Therefore, Wolfgang Egger and Dr Asoka Wöhrmann did not participate, and will abstain from participating, in Board discussions and resolutions where a personal conflict of interest arises from their roles as Executive Directors or from transactions involving related parties or assets. Furthermore, the Compliance function of PATRIZIA maintains and manages a group-wide conflict register. That aside, the members of the Board of Directors are not aware of any further potential conflicts of interest in the financial year 2025.

The Company assists the members of the Board of Directors in obtaining the necessary training and continuing development for their responsibilities, such as changes in the legal framework or in capital market-specific governance requirements. Following the composition of the newly elected Board of Directors, an intensive onboarding programme for the newly elected members took place. Individual members of the Board of Directors took part in external training sessions, e.g., the responsibilities of a Board of Directors with special focus on risk management, internal control, responsibilities of the Audit Committee as well as regarding the Digital Operational Resilience Act (DORA). In addition, the Board of Directors regularly receive Capital Market Updates from the Company's Investor Relations team.

Corporate Governance

The Board of Directors published the Corporate Governance Statement on 3 March 2026 on PATRIZIA's website at:

https://ir.patrizia.ag/en/corporate-governance/.

On 4 December 2025, the Board of Directors adopted the Declaration of Compliance with the recommendations of the "Government Commission on the German Corporate Governance Code" pursuant to Section 161 of the German Stock Corporation Act (DCGK 2022). The recommendations were complied with during the year, with a few exceptions. The current and all previous declarations of compliance are also permanently available on the PATRIZIA website in the Corporate Governance section.

Audit of the annual and consolidated financial statements 2025

The annual financial statements of PATRIZIA SE prepared in accordance with the German Commercial Code (HGB), the consolidated financial statements prepared in accordance with IFRS as applicable in the European Union (both including the accounting records), the combined management report (including the Group Non-Financial Statement, audited with limited assurance) and the Remuneration Report for the financial year 2025 were audited by BDO AG Wirtschaftsprüfungsgesellschaft, Frankfurt am Main, and were each given an unqualified audit opinion. The members of the Board of Directors of PATRIZIA SE received the aforementioned documents and the audit reports of BDO AG Wirtschaftsprüfungsgesellschaft ahead of the balance sheet meeting. The Executive Directors and the responsible auditors explained the results of the audit to the Board of Directors at the balance sheet meeting on 27 March 2026 and provided supplementary information. In addition, the Executive Directors explained the financial statements of PATRIZIA SE and the Group at this meeting.

The Board of Directors, and in particular the Audit Committee, also examined the annual financial statements of PATRIZIA SE, the consolidated financial statements, the combined management report for the Company and the Group, including the Group Non-Financial Statement, for the financial year 2025, the Remuneration Report and the Executive Directors' proposal for the appropriation of profits. Following the result of its examination, the Board of Directors did not raise any objections against the annual and consolidated financial statements. The Board of Directors took note of the auditor's findings and approved the annual and consolidated financial statements accordingly. The annual financial statements of PATRIZIA SE for the financial year 2025 are thus adopted. The Board of Directors will - based on a proposal by the Company's Executive Directors - propose a dividend per share for the financial year 2025 of EUR 0.36 to shareholders. This reflects the eighth consecutive increase in dividend per share, equivalent to $2.9%$ y-o-y growth. The proposal factored in the Company's continued strong balance sheet ratios, its liquidity and operating cash-flow generation. The remaining amount of the balance sheet profit according to HGB will be carried forward.

PATRIZIA SE 2025 | Our Company

Examination of the Dependency Report

The Dependency Report of PATRIZIA SE, which reports about relationships with related parties for the financial year 2025, was also examined by the auditor. The auditor issued the following note on the Dependency Report:

"Following our audit and assessment, we confirm that

the factual statements in the report are correct,
for the legal transactions disclosed in the report, the company's consideration was not unreasonably high."

The Dependency Report prepared by the Executive Directors and audited by the auditor as well as the related audit report were made available to all members of the Board of Directors and were presented and explained to the Board of Directors. The Board of Directors raised no objections to the Dependency Report and the concluding statement by the Executive Directors contained therein.

The Board of Directors wishes to express its sincere thanks go to the Executive Directors and all PATRIZIA employees for what has been achieved. You have contributed significantly to the development of the Company with your integrity, expertise and hard work.

Augsburg, 27 March 2026

For the Board of Directors of PATRIZIA SE

Frank Kuhnke (Chair)

PATRIZIA SE 2025 | Management Report

Management Report

Combined management report of the company and the Group

The management report has been combined with the management report of PATRIZIA SE in accordance with section 315 (5) of the German Commercial Code (HGB) in conjunction with section 298 (2) HGB because the situation of PATRIZIA SE as management holding company is strongly linked with and representative of the situation of the Group. The combined management report contains all presentations of the net assets, earnings and financial situation of the company and the Group as well as other details that are required according to German commercial law and the supplementary provisions of DRS 20 (German Accounting Standard). Where the term "company" is used below, this refers to the parent company PATRIZIA SE; where the term "Company" or "PATRIZIA" is used, this refers to the entire Group.

The currency denomination is EUR. Differences may occur when using rounded amounts and percentages. All references on chapters and individual sections refer to chapters and sections in this report.

The Company does not differentiate between genders in our writing and always uses the masculine form of personal nouns. This is intended to be a neutral language that aims to address everyone equally and without any type of bias.

1 Group Fundamentals

Company Profile

The Company is a leading European independent real asset investment manager¹ with 816 employees (Full-Time Equivalents, FTE) as at 31 December 2025 (31 December 2024: 887 FTE) active in 26 locations (31 December 2024: 26 locations) worldwide. The Company's core business is the investment management of real assets for fund investors ("clients"). Offering a comprehensive product portfolio of private and listed real assets equity funds, private debt funds and multi-manager (fund of fund) products in line with individual investment goals, return expectations, diversification objectives and risk styles to more than 550 institutional and more than 7,000 semi-professional or private investors.

Organisation

PATRIZIA is managed by an international leadership team. The Company is organised in four distinct business areas ("Divisions"): the Executive Division, CFO Division, Investment Division and Client Division. Each Division has a comparable divisional structure with dedicated functions for their respective business area on a global level and across all regions. To better align the global business strategy with regional markets, characteristics and regulatory requirements the Company has implemented joint ownership of the Executive Directors on a regional level via Regional Committees.

¹ Source: Within Europe, IPE Real Assets Top 150 Real Estate Investment Managers, 13 November 2025 (latest available data; excluding real estate operating companies). Ranking based on assets under management.

PATRIZIA SE 2025 | Management Report

Products and Services

PATRIZIA's product range comprises more than 100 funds that invest in real assets. The offering includes tailor-made client solutions, multi-manager products (PATRIZIA Global Partners and Advantage Investment Partners) and single asset & portfolio deal solutions to comprehensively and specifically meet the requirements of clients. The Company provides a wide range of services, from asset and portfolio management to the execution of asset acquisitions and disposal transactions for almost all real estate and infrastructure sectors to alternative investments and project developments on behalf of clients. For investors, the Company offers an "all-round solution" covering services across the entire value chain of real asset investments. Specific parts from this service assortment can be chosen as well.

The management of PATRIZIA's funds is based on long-standing, deep and proven expertise in various investment strategies and risk classes of real estate and infrastructure. In recent years, the Company has enriched its historically private markets-based residential, commercial and infrastructure assets and asset product portfolio by listed equity, private debt and additional multi-manager strategies to offer investors comprehensive diversification opportunities.

PATRIZIA's funds invest in a broad portfolio of real estate and infrastructure assets. The asset classes in real estate range from residential, office, retail and logistics properties to hotels and care homes. Infrastructure products primarily invest in holdings in companies from the following sectors: energy, including renewables, distribution networks for electricity, communications, gas and heat, water and waste management as well as underground energy storage facilities, so called caverns, transport and social infrastructure, like schools and kindergardens.

The assets held by the funds typically have a planned initial holding period of between five and ten years, with a propensity for ten years.

Clients and regional platforms

PATRIZIA's clients include institutional and semi-professional investors such as insurance firms, pension fund institutions and sovereign wealth funds from Germany, Europe, North America, Australia and Asia, family offices, high-net-worth individuals (HNWI) and private investors.

PATRIZIA seeks a trust-based and reliable collaboration with business partners and successful investments for clients, and deems sustainable, prudent, and successful business operations to be the basis for this. Its brand and associated trust are considered essential for attracting new clients and extending existing business relationships. This is why the Company places great value on fostering the PATRIZIA brand and earning the trust of investors with every investment.

PATRIZIA is represented in its markets either with own operations or partners with long-standing track record and, above all, local expertise. The Company's regionally and nationally established network gives direct insight into and access to current market developments and enables it to track transactions relevant to its clients. It enables PATRIZIA to identify and pursue attractive investment opportunities across nearly all asset classes and risk profiles in real estate and infrastructure.

PATRIZIA operates various entities that are designed to manage investment assets, including German asset management companies and a regulated platform (AIFM) in each of Luxembourg, France, Denmark, the United Kingdom and Australia. They undertake global investments in various real estate and infrastructure sectors, on behalf of their clients via the funds launched. The funds act as holding vehicles and hold the investments contained in the funds.

This provides the pre-requisites to offer investments within the legal and regulatory framework preferred by the respective clients catering to the investment objectives in accordance with their local regulations. Relationships with clients have been and continue to be expanded worldwide. Local contacts have been established in Middle East, Australia, Singapore, Hong Kong, Japan, South Korea, the US and Canada. The existing client base in Germany and the rest of Europe is equally being expanded further. The aim is to build a long-term, stable relationship with international clients similarly to the relationship PATRIZIA already enjoys with its existing predominantly German investors.

PATRIZIA SE 2025 | Management Report

Transition megatrends that impact PATRIZIA’s business: DUEL Megatrends

In the current business, social and industry environment, PATRIZIA is catering to and focusing on four major transitional megatrends that are expected to shape investment strategies for real estate and infrastructure in the medium and long term: digital transition, urban transition, energy transition, and living transition, also known as “DUEL” megatrends:

Digital transition is driving the transformation in real estate and infrastructure by enhancing efficiency, and performance through technologies such as fibre optics, cloud services, the Internet of Things (IoT), and artificial intelligence (AI), while enabling innovative solutions like predictive analytics and smart building interactions that redefine traditional business models.

Urban transition reflects the transformation of cities into sustainable, connected, and efficient hubs, driven by increasing urbanisation as more people move to cities. This growing urban population intensifies demand for housing, infrastructure, mobility, and services, requiring cities to continuously adapt to the evolving needs of their inhabitants. By integrating smart technologies, innovative mobility solutions, flexible living and working models, and decarbonisation measures, cities evolve as dynamic systems that enhance quality of life in an increasingly interconnected society.

Energy transition represents a fundamental shift toward sustainable and efficient energy systems by driving investments in renewable energy, storage technologies, and green infrastructure, integrating ESG principles into real estate and infrastructure projects, and embracing innovations such as electric vehicles and charging networks to reduce emissions and accelerate the move to a cleaner, low-carbon future.

Living transition embodies the evolution of real estate toward modern, connected, and user-centric spaces by responding to demographic changes, rising affordability challenges, and the need for integrated neighbourhoods that combine living, working, and leisure, while embracing innovative solutions such as modular construction, co-living, and smart housing.

Segments

Segment reporting categorises the business areas according to whether PATRIZIA invests money as a service provider for clients or acts as a principal investor itself.

Investment Management

In the “Investment Management” segment, PATRIZIA generates stable and recurring income in the form of management fees for the services provided by the Company to clients. The basis for this is client fundraising and the subsequent investment in real assets, such as real estate and infrastructure. The product range also includes value-oriented property management (asset management), strategic consulting on investment strategy, portfolio planning and allocation (portfolio management) and the execution of complex, non-standard investments (alternative investments).

PATRIZIA structures, places and manages fund vehicles for clients through the Group’s own financial capital management entities. The size of Assets under management (AUM) impacts the level of recurring fee income. Management fees being the main source of revenues for the Company are supplemented by transaction fees and performance-related fees. Revenue in the form of transaction fees is generated by the acquisition and disposal of assets through intermediation of PATRIZIA at the level of funds. PATRIZIA also receives performance fees if individual yield targets for funds or assets agreed with clients are exceeded in accordance with the respective investment agreement or prospectus.

Balance Sheet Investments

In the “Balance Sheet Investments” segment, PATRIZIA generates additional income from the investment of its own Group balance sheet capital. PATRIZIA invests its own liquidity by utilising its available capital selectively in partnership with its institutional clients in the form of long-term co-investments. In this way, PATRIZIA supports both the alignment of interest with clients and the organic growth of its core business and generates investment income and cashflows based on the performance and distributions of the underlying portfolio of real assets.

Furthermore, the Management selectively uses existing liquidity for seed investments in funds or assets that are initially consolidated at Group level. Through these seed investments, PATRIZIA is invested in a portfolio of funds holding moderately sized and well diversified real estate or infrastructure assets or companies, with the aim of marketing these funds to clients. In this interim period, this may result in revenues through occasional fund generated revenues from rental income through the letting of assets held on the balance sheet. The marketing of these assets for ultimate sale of the funds’ shares to qualified investors is intended to promote growth in fee income in the Investment Management segment by increasing the total service fee income and AUM. Unlike long-term co-investments, it is the aim of PATRIZIA to release the invested seed capital, which is partially debt-financed, mid-term.

Scope of consolidation

There were no significant changes in the scope of consolidation during the reporting period. The scope of consolidation of PATRIZIA Group comprises 129 subsidiaries as at 31 December 2025 (previous year: 131) and six companies accounted for using the equity method (previous year: 6). PATRIZIA SE has nine branches (previous year: 12).

PATRIZIA SE 2025 | Management Report

2 Group strategy

PATRIZIA's vision is to become the leading manager for smart real asset solutions and pursues a long-term growth target for AUM. AUM is targeted to grow to more than EUR 100bn by 2030. To achieve this growth target, the Board of Directors defined six strategic priorities in 2024 that remain unchanged:

Focus on five key growth areas
Establish RE-Infra as new asset class
Facilitate a Dynamic Product Portfolio
Live cost discipline
Drive distinct performance culture
Ensure clear responsibilities and operational excellence

The Company places particular emphasis on thematic investment strategies and flagship funds. PATRIZIA has defined a clear growth path and aims to raise a total of EUR 30bn in equity capital in the following five areas from the 2024 financial year up to and including 2030: Living, Value-add Strategies, Re-Infra & Smart City Solutions, (European) Infrastructure, and through its independent platform Advantage Investment Partners. PATRIZIA will leverage its strong position in Germany with attractive real asset offerings and continue to grow internationally.

After more than a decade of growth, the current state of the real asset markets, especially real estate, has substantially changed during the last few years. Between 2022 and 2024, the markets were heavily influenced by geopolitical and macroeconomic uncertainty leading to a general rise in interest rates, which in turn led to negative changes in valuations and declining returns, particularly in the real estate sector. These uncertainties combined with lower capital returns from existing investments also led institutional investors to seek reducing their share of capital allocated to illiquid, private investments or to reduce - in absence of proceeds from liquidation of prior investments - their appetite for further capital commitments to this asset class. In 2025, the real estate markets started stabilising, while investment returns slowly returned to positive territory, with significant differentiation between the various types of use and investment countries.

Furthermore, real assets are impacted by the fundamental shifts in economies and societies. The four transitional megatrends – Digital transition, Urban transition, Energy transition and Living transition, known as the “DUEL” megatrends – are driving these changes in PATRIZIA's view. As a result of these megatrends, the Company expects that the distinct line between real estate and infrastructure will diminish over time. The combination of real estate and infrastructure investments is bundled into a holistic product offering that offers untapped potential, which should initially unfold in the area of “Re-Infra & Smart City Solutions”.

Smart Real Asset Player characteristics

PATRIZIA's transformation into a smart real asset player is based on five characteristics relevant to success achieving outstanding performance in a changing business and market environment. These serve as a mission statement for achieving the six strategic priorities mentioned above. PATRIZIA puts highest emphasis on further developing these characteristics to position the Company as a smart real asset player. For PATRIZIA, "smart" has the following meaning:

In addition to its intention to grow its business, PATRIZIA aims to continuously optimise its Company structure with clear responsibilities striving for operational excellence as well as a people-centric and performance-oriented culture fostering cost discipline.

PATRIZIA SE 2025 | Management Report

Further Improvement of Earnings Quality

The Group strategy is part of PATRIZIA's effort to ensure its continued financial success. The Company strives to fulfil the demands and return expectations of its shareholders. In order to cover operating costs on a permanent basis exclusively via recurring management fees and across market cycles, the Company intends to further increase both AUM and recurring fee income from existing and new investment propositions, while at the same time further strengthening cost discipline. In doing so the Company intends to sustainably increase profitability and further improving financial stability and flexibility.

PATRIZIA's primary mid-term financial objective is to increase the share of recurring management fees in total service fee income. In addition, it intends to increase the proportion of scalable, margin accretive flagship funds, that contribute to the DUEL megatrends and are made accessible to investors in Germany, Europe and other regions worldwide.

3 Group management and performance indicators

3.1 Corporate and Group management by segments

In the first half of 2025, PATRIZIA adjusted the Group's internal reporting structure for management purposes.

Segment reporting categorises the business areas according to whether PATRIZIA invests money as a service provider for clients or acts as an investor itself. In line with the Group's reporting for management purposes and in accordance with the definition of IFRS 8 "Operating Segments", two segments have been identified based on functional criteria: "Investment Management" and "Balance Sheet Investments". The Investment Management segment comprises PATRIZIA's core business, generating fee income on the basis of long-term contracts with an associated cost base necessary for the services offered. The Balance Sheet Investments segment comprises rental and investment income from equity and debt-financed investments and financial instruments (co-investments, seed investments and other investments), deconsolidation/disposal effects and the financial result achieved through the investment of available liquidity. Most investments classified as participations are typically accounted for at fair value through Other Comprehensive Income (OCI), with changes directly accounted against equity.

Internal controlling and reporting within the Company is based on IFRS principles. The Company measures the success of its segments using segment earnings indicators, which are referred to for the purpose of internal controlling and reporting as earnings before tax (EBT). The EBT of the segments comprises the above-described segment-specific attributable income and expenses. In particular, M&A-related expenses, restructuring effects and income taxes are not allocated to the segments and are reported in the column "Consolidation/other".

Segment reporting can be found in the notes to the consolidated financial statements.

3.2 Corporate and Group management on the basis of financial performance indicators

PATRIZIA used the following financial performance indicators for corporate management in the past financial year 2025 and will continue utilising them in the upcoming financial year. Management is carried out exclusively at group level and also includes PATRIZIA SE. They are the key financial performance indicators within the meaning of the German Accounting Standard (GAS) 20.

PATRIZIA Key Performance Indicators within the meaning of GAS 20

Financial performance indicators	Description
Assets under Management (AUM)	The Group's growth is assessed on the basis of assets under management. A detailed calculation method can be found below.
EBITDA	EBITDA is the Group's key management parameter. It can be derived directly from the IFRS income statement.
EBITDA margin	The EBITDA margin compares the EBITDA of the financial year with the sum of total service fee income and net sales revenues and co-investment income.

AUM consist of the total market value of the investments in real estate and infrastructure managed by the Company, for which the Company provides supervision, investment management services and other advisory services.

PATRIZIA SE 2025 | Management Report

The AUM resulting from investments in real estate are calculated as follows:

Unlisted real estate equity	Market value + cash in fund
Unlisted real estate developments	Fair value on the basis of the most recent valuation in alignment with IFRS 15, i.e. the fund is committed to perform its obligation to complete the construction of the asset.
PATRIZIA funds investing in other PATRIZIA funds	Crossholding: gross property value in AUM whenever fees are generated for PATRIZIA, i.e. whenever PATRIZIA earns fees both in the fund that invests in other funds as well as in the fund in which other PATRIZIA invest.
Minority share, Joint ventures and co-investments	Only proportionate shares owned by a PATRIZIA product are considered in the calculation, not the shares owned by other Investment Managers
Fund of Funds (Multi-Manager)	Net asset value as provided by the managing entity

The market value generally includes provisions for maintenance backlog, which were deducted in the valuation report. This approach reflects the asset's sustainable condition rather than temporary deficiencies. It ensures that AUM appropriately capture the true scope of PATRIZIA's management capabilities and provides a consistent and economically meaningful basis for AUM reporting. In this context, it is assumed that the fund holding the asset has established adequate capital reserves to remediate the maintenance backlog.

Real estate is generally valued at least once a year by external appraisers. The calculation of AUM is generally based on the external valuation reports available on the reporting date and information from fund accounting on cash and cash equivalents. If no information on the funds' cash and cash equivalents is available on the Group's reporting date, the cash and cash equivalents from the previous quarter are used. The resulting imprecision is not material to the overall result from the Company's perspective (historically, this resulted in a deviation of less than $1%$ ).

When PATRIZIA invests in multi-manager solutions (funds of funds) on behalf of its clients, investments are generally made in a portfolio of other third-party investment funds and not directly in securities or assets managed by PATRIZIA. In the context of multi-manager structures, AUM represent generally the market value of underlying assets, with the differentiation described below, that during the investment phase, no market value is yet available and AUM therefore correspond to the value of total capital commitments of investors.

The AUM resulting from investments in infrastructure assets and debt securities (debt capital) comprise the market value of all infrastructure projects managed by the Company or the funds:

Equity Investments in unlisted infrastructure projects	Enterprise value (gross asset value (GAV), equity value extrapolated by net debt at owner level)
Equity Investments in listed infrastructure projects	Value of equity (share price * number of shares) + cash in the fund
Investments in debt instruments of unlisted infrastructure projects	Market value of debt instruments + accrued interest (dirty value)
Unlisted funds of funds for infrastructure (multi-manager)	Value of equity + cash in the fund
Fund of Funds (multi-manager)	Net asset value + proportionate share of the respective fund's debt capital

As at 31 December 2025, PATRIZIA refined its AUM policy, resulting in two clarifications to the definition of AUM that affect different components, as set out below:

The definition of AUM for fund of funds structures has been specified as follows: If an investment is within its predefined "investment phase" during which fees are earned solely based on the capital committed for investments in funds of funds, AUM will be equal to the total capital commitments of investors. Once the agreed investment phase has expired, fees are earned based on net asset value of the underlying investment fund plus the cash in the fund. This adjustment of the AUM definition accounts for a positive change in AUM of EUR 16.2m as at 31 December 2025.
Across all products, uncalled capital commitments from investors are also included in the AUM calculation, provided that these commitments represent legally binding and irrevocable obligations to provide capital and generate recurring fees in accordance with the respective contractual documents. This adjustment of AUM definition compared with the previous year accounts for a positive change in AUM of EUR 313.4m as at 31 December 2025.

As there are no regulatory guidelines for a standardised calculation of AUM worldwide, the method used by the Company to determine AUM may differ from the methodology of competitors and from the methodology of a local regulatory calculation of AUM.

PATRIZIA SE 2025 | Management Report

In addition, the following framework parameters support the management of the Group.

Additional PATRIZIA Group Performance Indicators

Further framework parameters	Description
Management fees	PATRIZIA receives recurring service fees for managing real assets, usually depending on the volume of assets under management or net asset value of the managed funds.
Transaction fees	PATRIZIA receives a transaction volume-related fee for purchases or sales.
Performance fees	PATRIZIA receives performance fees if defined target returns on individual investments are exceeded.
Transaction volume	The transaction volume is the sum of signed acquisitions and disposals.
Net sales revenues and co-investment income	Return on capital employed.
Equity raised	For the various investments, equity is raised from institutional, (semi-)professional and private investors worldwide.

EBIT and EBT will also support the management of the Group as additional framework parameters.

The development of these indicators is further explained in the chapter Economic report under Comparison of financial year 2025.

Within the guidance section of this report, a guidance is given for the three financial performance indicators of PATRIZIA.

Corporate and Group management on the basis of non-financial performance indicators

PATRIZIA attaches great importance to the integration of sustainability aspects and has defined key non-financial performance indicators in accordance with GAS 20.

With effect from 1 January 2025, the Company integrated sustainability targets into its remuneration system for Executive Directors. In addition to the financial targets for the Short-Term Incentive Plan (STIP) and the Long-Term Incentive Plan (LTIP), the remuneration system now also includes a non-financial ESG factor for each plan. The components of these ESG factors were adopted as non-financial performance indicators into the Group management system.

In the 2025 financial year, the ESG factor in the STIP comprised two key performance indicators that reflect PATRIZIA's social commitment and responsible corporate governance. On the one hand, the social commitment of employees was taken into account, measured by the average number of days spent on voluntary work based on the approved days for volunteering. Secondly, the PRI rating, a recognised indicator of responsible investment, was included in the assessment. The integration of the ESG factor into the STIP was also implemented for all other PATRIZIA executives and employees from 1 January 2025 onwards.

The ESG factor in the LTIP comprises three strategically oriented performance indicators that reflect PATRIZIA's key sustainability priorities. In the social category, the proportion of female employees in the first and second management levels below the GEC is considered. The impact category takes into account the volume of AUM managed in the area of impact investing. PATRIZIA defines impact investing as investments that are made with the intention to generate a positive social and/or environmental result because of the investment, alongside an attractive risk-adjusted financial return. Three important factors of impact investing are intentionality, additionality and measurability. The third metric addresses the reduction of greenhouse gas emissions through energy efficiency of the property portfolio by assessing the reduction in the proportion of energy-inefficient properties (energy efficiency class (EPC) D or worse) for directly operated real estate assets within its investment portfolio.

PATRIZIA SE 2025 | Management Report

4 Group Non-Financial Statement

General information (ESRS 2)

Basis for preparation

General basis for preparation of the Group Non-Financial Statement (BP-1)

Frameworks

Compliance with the requirements of §§315b to 315c HGB.

The Group Non-Financial Statement was prepared to comply with the requirements under Sections 315b, 315c in conjunction with Section 289c to 289e of the German Commercial Code (HGB) in reference to the requirements under Regulation (EU) 2023/2772, the so-called European Sustainability Reporting Standards (ESRS), to the extent data is currently available. The ESRS requirements E1-5, E1-6 and S1-16 are not fully complied with, as certain data points required under these standards were not yet available at the reporting date. Furthermore, in order to improve readability, no cross-references in accordance with ESRS 1.120(a) are made in the management report to the disclosures contained in the consolidated non-financial statement. Moreover, the disclosures pursuant to Regulation (EU) 2020/852 are described in the EU Taxonomy section, included in the section environmental information of this The Group Non-Financial Statement. Data and assumptions used in preparing the Group Non-Financial Statement are consistent to the extent possible with the corresponding financial data used for financial reporting in the Annual Report 2025; unless otherwise noted. As part of this statement, PATRIZIA also discloses a set of additional, entity-specific data points that fall outside the scope of the ESRS requirements. These disclosures are provided to offer further context regarding the Company's sustainability ambitions and the progress achieved to date. The additional information includes PATRIZIA's Interim Decarbonisation Goals (see E1-1).

Further disclosures stemming from other legislation or other sustainability reporting standards have been considered and are referenced in the section below. All disclosures made and key figures presented relate to activities on Group level, including the parent company PATRIZIA SE, unless otherwise indicated. Information on the Company's business purpose, organisational structure, and business processes can be found in the Management Report Section 1 "Group Fundamentals".

The external auditor covers only the Key Performance Indicators (KPIs) marked with a $\checkmark$ symbol. Relevant points as part of the Group Non-Financial Statement are subject to a limited assurance engagement in accordance with ISAE 3000 (rev.). All other sections are not subject to external assurance; however, information presented continues to undergo rigorous internal governance processes. This includes multiple layers of review by separate departments at PATRIZIA, applying principles such as the "four-eyes" check to ensure accuracy and reliability.

PATRIZIA has prepared the 2025 Group Non-Financial Statement in accordance with the ESRS reporting standards adopted by the European Commission, reflecting the growing importance of ESRS disclosure requirements and related legislation. The reconciliation of the ESRS topics and information on the aspects according to the §289c paragraph 3 HGB can be found in the table below.

Reconciliation of the ESRS topics/information on the aspects according to §289c para. 3 HGB

Aspect according to §289c para. 3 HGB	ESRS according to the CSRD
Environmental concerns	Please refer to ESRS E1 – Climate Change
Employee matters	Please refer to ESRS S1 – Own workforce for information on employee matters
Human rights	Please refer to ESRS S1 – Own workforce
Social issues	Please refer to ESRS S1 – Own workforce
Prevention of corruption and bribery	Please refer to ESRS G1 – Business Conduct for information on the prevention of corruption and bribery
Other matters	n/a

Disclosures stemming from other legislation or other sustainability reporting standards

The Group Non-Financial Statement includes information presented in reference to the Taskforce for Climate-related Financial Disclosures (TCFD), and the principles for the United Nations Global Compact (UNGC) and Principles for Responsible Investment (PRI).

PATRIZIA integrates nine Sustainable Development Goals (SDGs) into its business practices, using them as a blueprint for its sustainability strategy. These SDGs are both intersecting and distinct. Details on their incorporation into the corporate strategy can be found on the company website under https://www.patrizia.ag/en/sustainability. Therefore, there is no specific reference to the SDGs in the Group Non-Financial Statement. Reference to the TCFD report can be found in ESRS E1. Reference to the UNGC can be found throughout the report specifically in ESRS S1. While not explicitly stated in PATRIZIA's Annual Report, the Principles of Responsible Investment (PRIs) are integrated throughout. This is evident in PATRIZIA's Responsible Investment Policy and commitment to the six responsible investment standards.

PATRIZIA SE 2025 | Management Report

PATRIZIA also reports on internally defined Interim Decarbonisation Goals under E1-1, such disclosures are PATRIZIA entity specific. For further details, please refer to E1-1.

Scope of consolidation

The disclosures made in this Group Non-Financial Statement relate to all subsidiaries over which the PATRIZIA has control, i.e. all subsidiaries that are included in the consolidated financial statements of PATRIZIA SE. The reporting period corresponds to the reporting period for the consolidated financial statements. The consolidated financial statements of PATRIZIA SE (from now on referred to as PATRIZIA) comprise the financial statements of the parent company and those which are included in the consolidated financial statements in accordance with the rules of full consolidation, as described in the chapter Scope of consolidation in the section "Group Fundamentals" in the Group Management Report. As at 31 December 2025, 44 (31 December 2024: 43) companies are not included in the scope of consolidation as they have little or no business operations and are of minor importance to the Group and to the presentation of a true and fair view of its net assets, financial position and results of operations. In addition, six at-equity entities are accounted for in the consolidated financial statements.

Respective information for entities, being associated companies or joint ventures, accounted for under the equity method in the financial statements and being part of the value chain, are included in the disclosures on the value chain, in accordance with the approach adopted for the other business relationships in the value chain.

Furthermore, PATRIZIA selectively uses existing liquidity for co-investments, seed investments or the warehousing of real estate and infrastructure assets and funds. These investments are included in the "Assets under Management (AUM)" reporting.

For reasons of materiality, no additional disclosures are made below for associated companies that are accounted for using the equity method and are not intended to be placed into fund level. In these cases, PATRIZIA has no operational control as a minority shareholder and does not consider the non-financial effects stemming from business activities of these investments to be material.

Information regarding employees applies to all employees in PATRIZIA Group. Any exceptions have been noted in the respective sections.

Sustainability information relating to AUM

Besides the material impacts, risks and opportunities (IROs) directly connected with PATRIZIA, the Double Materiality Assessment (DMA) conducted in 2023 and updated in 2025 also revealed indirect IROs stemming from assets managed on behalf of clients. To reflect these insights, PATRIZIA reports on material IROs at AUM level whenever the results of the materiality assessment relates primarily to assets rather than the entity. While ESRS currently reference asset-level reporting for financial institutions in Appendix A of ESRS E1 AR 46(b) of Commission Delegated Regulation (EU) 2023/2772 regarding Scope 3 GHG emissions, PATRIZIA is currently unable to report complete Scope 3 data due to data availability limitations. The Company is implementing measures to improve data collection and aims to enhance Scope 3 coverage in future reporting periods.

Managed assets (AUM) categorised by the nature of the asset class as at 31 December 2025

	Real Estate	Infrastructure	Other	Total AUM
Scope	Indirect and direct real estate assets managed by PATRIZIA or one of its subsidiaries and Dawonia	Unlisted infrastructure equity and debt, listed infrastructure and infrastructure multi-manager assets	Venture capital investments, Advantage Investment Partners and cash
AUM in EUR bn (in % of total AUM)	42.3 (75.2%)	8.1 (14.4%)	5.9 (10.4%)	56.2 (100.0%)

Value Chain

Inclusion and an explanation of PATRIZIA's value chain is a crucial aspect of the CSRD and indicates PATRIZIA's commitment to transparency and accountability. Reporting on the environmental and social impacts of PATRIZIA's entire value chain, including both upstream and downstream as well as own operations, ensures comprehensive transparency as well as identifying and mitigating sustainability IROs of the entire value chain to improve sustainability performance. Furthermore, reporting on the value chain aligns with the principles of double materiality, considering both the financial impact of sustainability issues of PATRIZIA and the impact on the environment and society. This holistic approach enables stakeholders to make better informed decisions and supports the transition to a more sustainable economy.

The upstream value chain for PATRIZIA consists of stakeholders and activities that enable the company to operate effectively as an investment manager and acquire and sell real estate and infrastructure assets. This includes suppliers providing property management, legal, financial, and advisory services as well as PATRIZIA SE share investors and fund investors.

PATRIZIA SE 2025 | Management Report

These stakeholders supply essential resources, expertise, and capital, supporting market research, strategic planning, and investment evaluation processes.

PATRIZIA's own operations comprise the internal governance, management, and operational activities required to manage investments and assets, integrate sustainability considerations, and ensure regulatory compliance across the organisation.

The downstream value chain comprises PATRIZIA's AUM. The downstream value chain involves the engagement and management of acquired assets to create value for PATRIZIA's clients, which includes monitoring performance, developing assets and implementing strategies to gain returns. The downstream value chain stakeholders ensure that PATRIZIA can effectively manage all AUM, maintain client satisfaction and comply with regulatory requirements. The value chain is taken into consideration and reported on in ESRS E1 climate change and ESRS G1 business conduct. All IROs related to the value chain are expanded on in the corresponding ESRS chapters, with the opening paragraphs indicating if the ESRS topic will cover upstream, downstream or own operations. Additionally, the table in section ESRS 2 SBM-3 indicates which IROs impact the value chain.

Transparency

To the best of PATRIZIA's knowledge, no information corresponding to intellectual property, know-how or the results of innovation has been omitted from the Group Non-Financial Statement. Nor has PATRIZIA been exempt from disclosure of any impending developments or matters that are currently in the course of negotiation.

Disclosures in relation to specific circumstances (BP-2)

Time horizons

PATRIZIA's financial time horizons (aligned with the time horizons used in ESRS E1 - Climate Change) used in the DMA are the following:

Short-term horizon: 1 year
Mid-term horizon: 1-5 years
Long-term horizon: >5 years

Estimates in the Value Chain

Please refer to the estimation sources section for a summary of estimations.

Sources of estimation and outcome uncertainty

For assets where primary data is available, data processed is aligned with the PATRIZIA ESG Data Process which has a strict data hierarchy where actual data is always prioritised over estimated data and utilised wherever possible.

While best efforts are made to collect data from underlying investments to assess and report on relevant indicators, there are factors, including industry-wide challenges, that limit data availability, particularly where data owners, such as building occupiers, are not obligated or incentivised to share data. In such cases, the Company leverages suitable proxies, based on granular benchmarks.

Limitations to data accuracy exist, but it is intended that the quality will be improved over time. The Company is making best efforts to increase data availability, such as through asset-level measures, including installation of smart meters and implementation of "green" leases, and Company-wide measures, including a review of ESG data management platforms, engagement with service providers, and allocation of dedicated resources for data processing.

Estimation Use Sources
Consumption Data & GHG Emissions Reporting	- PATRIZIA is reliant on data received by third parties for the production of GHG Emissions Reporting, this includes receipt of data from property managers which may be subject to inaccuracies
	- PATRIZIA is reliant on utilizing estimations where 100% data is not available. For corporate footprint, estimations are predominantly estimated utilizing historic data and where this is not available, estimations are based on proxy data (determined based on asset class and geography)
	- Emissions factors used can impact the associated emissions presented. PATRIZIA has outlined emissions factors used in section E1. For full details please refer to E1-6

Changes in the preparation or presentation of sustainability information

For the 2024 reporting period, PATRIZIA structured its Group Non-Financial Statement in accordance with ESRS requirements for the first time. A DMA was conducted in 2023 and finalised in 2024 to identify material IROs across PATRIZIA's own operations and AUM. In 2025, the DMA was updated to ensure continued alignment with ESRS and evolving stakeholder expectations. As part of this update, the scope of material topics was refined to focus on those with the most significant impacts and relevance, based on improved data insights and prioritisation criteria. This refinement strengthens the clarity and decision-usefulness of sustainability disclosures while maintaining PATRIZIA's commitment to robust reporting standards.

PATRIZIA SE 2025 | Management Report

Reporting errors in prior periods

Under chapter E1-6, regarding the disclosure of the company's corporate carbon footprint, figures for the 2024 reporting period have been restated compared to those reported last year. This reflects improvements in data coverage, with more representative data now available for the reference period, enabling a more accurate year-on-year comparison:

Corporate GHG emissions	Reported figure (2024)	Restated figure (2024)	Difference
Gross Scope 1 GHG emissions (tCO₂eq)	2.01	4.8	138.8%
Gross Scope 2 Location-Based GHG emissions (tCO₂eq)	488	653.1	33.8%

Incorporation by reference

To fulfil disclosure requirements in ESRS 2 SBM-1 PATRIZIA states and has incorporated by reference the following - please refer to the "Group Fundamentals" and "Strategy" section within the Management Report.

Governance

The role of the administrative, management and supervisory bodies (GOV-1) and Information provided to and sustainability matters addressed by the undertaking's administrative, management and supervisory bodies (GOV-2)

Sustainability is perceived to be most successful when implemented at both the corporate level and investment level. Sustainable investment management requires ESG responsibilities to be integrated across all business functions and be a part of the day-to-day operations of the Company.

Board of Directors

PATRIZIA's Board of Directors (the Board) is responsible for defining, supervising, implementing, and approving the Company's business and sustainability strategy as well as for the oversight of IROs. The Board is informed by the Executive Directors on PATRIZIA's approach to sustainability, performance and material IROs during reviews and approvals of the Group Non-Financial Statement. Sustainability topics are discussed frequently at Board meetings, also during the reporting period.

PATRIZIA's Board consists of six members, four male and two female (33% - the Board's gender diversity ratio). The Board of Directors is comprised of two Executive Directors and four independent, non-Executive Directors, thus 67% of the Board of Directors members are independent. The Boards ages range from 47 to 60 years. Three members of the Board are German, two are British and one member has dual German-Sri Lankan citizenship. Three out of six members of the Board have explicit expertise and skills on sustainability matters. Supplementary information about the competencies and skills of the individual members can be found in the Corporate Governance Statement accessible on the PATRIZIA website: https://ir.patrizia.ag/en/corporate-governance.

No employees are represented on the Board, and the Company is not subject to the German One-Third Participation Act (DrittelbG). Besides, the governance structure of PATRIZIA SE is monistic, which means that the management and supervision functions are consolidated into a singular administrative board.

The Declaration of Compliance, Corporate Governance Statement, Rules of Procedure and remuneration system are all documents that the Board signs off and that reflect IROs.

Audit Committee

The Board of Directors has established an Audit Committee to monitor the Group's accounting, which includes the Group Non-Financial Statement. At least one of the members of the Audit Committee has expertise in the field of accounting and one other member has expertise in the field of auditing. Accounting and auditing also include sustainability reporting and its audit and assurance. The Audit Committee is provided with regular updates on sustainability related financial risks and opportunities as well as on the status of the sustainability reporting in its meetings, also during the reporting period. This framework allows the Audit Committee and Nomination & Remuneration Committee as part of the Board to have oversight of the sustainability-related risks and opportunities which are impacting the business. The Audit Committee's Chair is part of the Board of Directors, therefore the Board has the highest level of oversight.

PATRIZIA SE 2025 | Management Report

The Group Executive Committee (GEC)

The Board has delegated overarching responsibility of implementing the Company's strategy to the Executive Directors (hereinafter also referred to collectively as "the Group Executive Committee" or "GEC"), whose responsibilities include executive oversight of ESG, supported by the ESG Council. During the reporting period the GEC consisted of five Executive Directors, representing the divisions of the firm. The GEC is provided regularly with updates on material sustainability related IROs in its meetings, also during the reporting period. All members of the GEC have expertise and skills on sustainability matters and/or access to such expertise and skills through their reporting lines. An overview of the reporting lines, reflecting individual responsibilities for IROs can be found in the Schedule of Responsibilities, which is part of the Rules of Procedure of the Executive Directors. The full document can be found on the PATRIZIA website:

https://ir.patrizia.ag/en/corporate-governance.

As at 31 December 2025, the members of the GEC are jointly responsible for the fulfilment of sustainability related targets. These are part of the general reporting and controlling process. The members of the GEC are responsible for oversight of IROs.

The members of the GEC are all male (0% female). Four members are German (one with dual German-Sri Lankan citizenship), and one is British. The members ages range between 43 and 60 years. The curriculum vitae of the GEC members (as at 31 December 2025) can be found on the PATRIZIA website: https://www.patrizia.ag/en/our-company/management-team/.

ESG Governance

In 2025, the Group Executive Committee (GEC) continues to serve as the ultimate decision-making body for PATRIZIA's business operations and oversees ESG matters. To strengthen operational delivery, PATRIZIA launched a dedicated ESG Council in 2025. This Council acts as an implementation and coordination forum, bringing together cross-functional experts from across the business to drive ESG initiatives and ensure progress against strategic goals. This replaces the previous ESG Committee structure and reflects PATRIZIA's integrated approach to sustainability within its investment and corporate activities.

PATRIZIA continued to maintain and enhance its ESG KPI framework in 2025. This framework sets measurable targets for relevant departments and tracks progress against agreed KPIs, including decarbonisation, diversity and inclusion, and governance standards. Reporting remains embedded at the highest level, with regular updates provided to the GEC for oversight and accountability.

The ESG Council

In 2025, PATRIZIA launched the ESG Council as a cross-divisional body with a clear mandate to oversee group-wide operational ESG topics, building on the former ESG Committee. Meeting quarterly from June, the Council is responsible for monitoring non-financial KPIs, corporate policies and controls, Group sustainability reporting, and addressing emerging regulatory and investor requirements. Chaired by the Head of Investment Management Sustainability, the Council brings together senior representatives from all divisions, ensuring a collaborative and integrated approach to sustainability across the organisation. This enhanced governance structure reflects PATRIZIA's commitment to embedding ESG principles into its operations and decision-making processes, supporting long-term value creation and regulatory alignment.

The ED&I Council

The ED&I Council steers PATRIZIA's agenda on all equity, diversity and inclusion matters ("ED&I") and supports the ongoing commitment to ED&I matters by PATRIZIA. It identifies emerging market trends and investor requirements related to ED&I, and actively promotes their adoption within the organisation. In addition, the Council is responsible for educating employees across PATRIZIA on ED&I matters, ensuring that all staff members are informed and engaged. The ED&I Council also takes the lead in developing and updating company policies and practices to align with PATRIZIA's ED&I strategy, ensuring that these values are embedded in the corporate culture. Furthermore, the Council oversees the creation and dissemination of ED&I-related reports and communications to investors and other stakeholders, maintaining transparency and accountability. In coordination with various departments, including HR, Legal, and Compliance, the ED&I Council identifies key ED&I topics and facilitates their execution, fostering an inclusive and equitable work environment across the organization. The ED&I Council structure was reviewed in 2025, with the refreshed structure scheduled for implementation in 2026. As a result of the ongoing review, no Council meetings were held during the 2025 reporting period; however, members remained actively engaged through other employee resource groups and ED&I initiatives.

The Sustainability Team

The Sustainability team is embedded within the Investment Division, reporting to the Co-Head of Investment Management. The division is led by a member of the Group Executive Committee, ensuring oversight of sustainability-related topics. The team is responsible for designing and implementing processes that drive ESG performance at both Company and fund level, aligned with corporate sustainability targets across AUM, and for integrating ESG considerations into the investment process. Its remit includes assessing IROs as part of PATRIZIA's sustainability strategy. This is reflected in governance practices such as mandatory sign-off on potential transactions as part of the Investment Committee process, as well as quarterly sustainability risk updates being provided to the risk tracker. During 2025, the Sustainability team reported sustainability information, including information on sustainability risks and progress against targets, to the Group Executive Committee.

PATRIZIA SE 2025 | Management Report

Sustainability Strategy

PATRIZIA has defined four corporate sustainability goals as part of its Sustainability Strategy to address global challenges and drive long-term value creation. In line with best practice, these overarching goals were reviewed in 2025 and confirmed as remaining highly relevant. A minor adjustment was made to the impact goal to better reflect PATRIZIA's ongoing ambitions and commitment.

Be a leading impact investor in real assets with a meaningful part of our AUM in impact investments²
Be a leading responsible investor in real assets with a consistent PRI five-star rating from 2025 onwards
Be an employer of choice in the real assets sector, where everyone feels included, represented and valued equitably
Achieve net zero carbon across our corporate operations and real assets portfolio by 2040 or earlier, with a clear ambition to execute as fast as external and stakeholder requirements permit

Integration of sustainability-related performance in incentive schemes (GOV-3)

Effective from 1 January 2025 onwards, sustainability targets were integrated into the PATRIZIA remuneration system for Executive Directors. The remuneration system includes ESG KPIs alongside financial targets for the Short-Term Incentive Plan (STIP) as well as ESG KPIs alongside financial targets for the Long-Term Incentive Plan (LTIP).

The ESG KPIs for STIP are weighted 10% within the Corporate targets, hence reducing the weightings for financial targets within the Corporate targets from 100% in 2024 to 90% in 2025. This consists of a 5% target related to social impact, measured by volunteering activities, and a 5% target related to responsible investment, measured by PATRIZIA's PRI rating.

The ESG KPIs for LTIP hold a 15% weighting, hence reducing the weightings for financial targets from 100% in 2024 to 85% in 2025. This is comprised of a 7.5% target for impact investment, 5% target relating to the percentage women in leadership positions, and 2.5% target for GHG reductions, measured with energy performance certificate ratings.

The integration of an ESG factor in the STIP also applies for all other employees and senior managers of PATRIZIA in 2025, based on the guiding principle that the remuneration system of the Executive Directors followed the same principles as the system implemented for all other employees and senior managers of PATRIZIA.

The quantification of these five non-financial performance indicators is provided in the Economic report in the section 5.3 "Comparison of financial year 2025 – actual and forecast business development".

Statement on due diligence (GOV-4)

The following table provides a mapping to where in PATRIZIA's Group Non-Financial Statements information is provided on the due diligence process.

Statement on due diligence

Core elements of due diligence	Specific ESRS to map	Sections in the Group Non-Financial Statement	Reference pages in the Group Non-Financial Statement
Embedding due diligence in governance, strategy and business model	ESRS 2 GOV-2	ESRS 2 - 2. Governance	Page 21
	ESRS 2 GOV-3	ESRS 2 - 2. Governance	Page 23
	ESRS 2 SBM-3	ESRS 2 - 3. Strategy	Page 27
Engaging with affected stakeholders	ESRS 2 GOV-2	ESRS 2 - 2. Governance	Page 21
	ESRS 2 SBM-2	ESRS 2 - 3. Strategy	Page 25
	ESRS 2 IRO-1	ESRS 2 - 2. Governance	Page 33
	ESRS 2 MDR-P	ESRS E1 Climate Change	Page 57
		ESRS S1 Own workforce	Page 64
		ESRS G1 Business Conduct	Page 75
Identifying and assessing negative impacts on people and the environment	ESRS IRO-1	ESRS 2 - 2. Governance	Page 33
	ESRS 2 SBM-3	ESRS 2 - 3. Strategy	Page 27
Taking actions to address negative impacts on people and the environment	ESRS 2 MDR-A	ESRS E1 Climate Change	Page 58
		ESRS S1 Own workforce	Page 66
		ESRS G1 Business Conduct	Page 76
Tracking the effectiveness of these efforts	ESRS 2 MDR-M	ESRS E1 Climate Change	Page 59
		ESRS S1 Own workforce	Page 69
	ESRS 2 MDR-T	ESRS E1 Climate Change	Page 58
		ESRS S1 Own workforce	Page 68

² The goal "Become a leading global impact investor in the real assets sector with a meaningful part of assets under management in impact investment by 2035" was updated to better reflect PATRIZIA's ongoing strategic focus, as well as its established impact strategy and market positioning.

PATRIZIA SE 2025 | Management Report

Risk management and internal controls over sustainability reporting (GOV-5)

Following the completion of the DMA and engagement of auditors, PATRIZIA initiated the preparation of its Group Non-Financial Statement. The Sustainability team coordinated with internal business units and relevant stakeholders across the downstream value chain to gather required information. Draft chapters were compiled and circulated to responsible teams for review, ensuring that all data underwent verification by multiple parties to mitigate the risk of errors or fraud. These internal control measures also supported completeness and data integrity, ensuring accurate representation of all relevant information. PATRIZIA did not apply a formal risk assessment approach specific to Group Non-Financial Statement and therefore did not identify related risks or mitigation strategies. Several teams contributed to the review of ESRS chapters including the Sustainability Team, Investor Relations, Human Resources and Group Reporting and Consolidation. The full report was subsequently reviewed the CFO and the Head of the Investment Division, both of whom are Executive Directors, as well as the Audit Committee.

Strategy

Strategy, business model and value chain (SBM-1)

Please refer to the chapter Group fundamentals within the Management Report for a description of the business model, including products and services offered, clients and regional platforms, revenue generation and segments. Further details on the Group strategy can be found in the chapter Strategy within the Management Report. A description of the value chain is provided in the section "General basis for preparation of the Group Non-Financial Statement (BP-1)". The headcount of employees by geographical areas can be found in the section "Characteristics of the undertaking's employees (S1-6)".

PATRIZIA's adjusted mid-term strategy, announced on 26 July 2024, integrates sustainability further into its core business model and value chain through its focus on five key growth areas: Living, Value-add Strategies, RE-Infra and Smart City Solutions, European Infrastructure, and its independent Advantage Investment Partners platform. The company aims to reach EUR 100bn in AUM by 2030, aligning its growth ambitions with sustainable investments on behalf of its clients.

PATRIZIA conducted a DMA in 2023, which was finalized in 2024 and identified the transition to a low-carbon economy, climate change mitigation, and physical climate risk as the most significant environmental impacts, risks, and opportunities. In 2025, the DMA was updated to ensure continued alignment with ESRS requirements and evolving stakeholder expectations. PATRIZIA continues to identify the transition to low-carbon economy, climate change mitigation and physical climate risk as most significant environmental IROs. A full overview can be found in SBM-3.

PATRIZIA's investment philosophy behind the mid-term strategy is driven by the transitional "DUEL" megatrends - Digital, Urban, Energy, and Living transitions - highlighting the Company's vision of a World in Transition. These trends significantly align with the significant and important IROs identified in the DMA, particularly in addressing climate change and decarbonization.

The Digital Transition, with advancements like real-time connectivity and AI, offers new ways to optimize energy efficiency, implement smart building solutions, and manage carbon emissions in real estate and infrastructure investments. These technologies are crucial in mitigating climate-related risks by enabling more sustainable and resilient operational models.

Urban Transition 2.0 emphasises the role of cities as hubs for innovation, smart technologies, and decarbonization efforts. As PATRIZIA invests in urban centres, the integration of green infrastructure and energy-efficient buildings becomes a core component of mitigating the risks posed by regulatory changes and increasing carbon reduction standards. Opportunities arise in the form of developing sustainable urban spaces that meet growing demands for low-carbon living and working environments.

The Energy Transition is central to PATRIZIA's Net Zero Carbon Strategy, (see the chapter on Climate Change (ESRS E1) for further information), addressing the risks of climate change and global warming by shifting investments towards renewable energy and sustainable energy production solutions. This transition presents both risks - such as regulatory pressures to reduce carbon footprints - and opportunities for investments in renewable energy infrastructure and green energy storage technologies.

The Living Transition, driven by changing demographics and the need for smart housing, aligns with PATRIZIA's efforts to create sustainable living environments. By prioritizing energy-efficient, smart, and low-carbon housing developments, PATRIZIA can mitigate the risks related to rising energy costs and stricter carbon regulations, while seizing opportunities to cater to evolving consumer demands for sustainable, modern living solutions.

PATRIZIA SE 2025 | Management Report

PATRIZIA's Responsible Investment Policy is a cornerstone of its approach to ESG integration and sustainable investment. The policy reflects PATRIZIA's strong commitment to responsible business practices, societal value creation, and a culture that respects individuals, communities, and the environment. Governed by the ESG Council, it sets out clear principles and guidelines, including corporate standards, business unit-specific requirements, and a framework for impact-oriented investments. The policy applies to PATRIZIA's own operations and investment activities across real estate and infrastructure. It provides a structured approach to embedding ESG considerations in decision-making, helping to manage risk and capture opportunities that support resilient long-term performance. All employees are expected to align with these principles in their roles, reinforcing PATRIZIA's culture of responsibility and sustainability. The policy is available on the internal portal and on the Company website for external stakeholders. Additional sections provide tailored guidance for individual Business Units, as outlined in the table below.

Scope of application by section of the Responsible Investment Policy

Policy Section	Real Estate	Infrastructure Equity	Infrastructure Debt	Infrastructure Listed
PATRIZIA approach	X	X	X	X
Overarching principles	X	X	X	X
Corporate guidelines (own operations)	X	X	X	X
Real Estate	X
Infrastructure equity		X
Infrastructure listed				X
Impact investing	X	X		X

PATRIZIA does not categorise its revenues by ESRS (European Sustainability Reporting Standards) sectors, as no such sectors have been established or defined within the Company's financial reporting framework. However, the Company provides a supplementary breakdown of its total revenues in accordance with IFRS 8 Operating Segments which can be found in the chapter Segment reporting contained in the Notes to the consolidated statements.

PATRIZIA works with property and infrastructure managers to oversee day-to-day operations, maintain asset quality, and respond to tenant needs. These activities integrate sustainability considerations to support long-term resilience. The downstream value chain also includes marketing strategies to attract tenants and the appointment of property managers to manage leasing and maintenance.

Tenants and end users are key stakeholders. PATRIZIA develops strategies to attract and retain them, including negotiating lease terms, managing tenant turnover, and maintaining healthy occupancy levels across residential, commercial, and industrial assets. Strategic initiatives to enhance asset value include renovations, retrofits, and property repositioning to meet market demand, complemented by sustainability measures such as obtaining certifications and implementing efficiency and decarbonisation improvements.

Where construction, development, or refurbishment is required, activities are designed to unlock the asset's full potential and align with investment objectives. This phase involves engaging contractors, architects, engineers, and urban planners, securing approvals from local authorities, and consulting with local communities. Compliance and sustainability remain central considerations, ensuring projects meet all applicable laws, rules, regulations and environmental standards and incorporate practices that minimize environmental impact.

Outputs, outcomes, and expected benefits for stakeholders include sustainable growth and an enhanced market position for investors in PATRIZIA shares (share investors), supporting potential dividend income and share price appreciation. Employees benefit from employment opportunities and professional development, while local communities gain from innovation, socially responsible investment practices, and collaborative engagement.

PATRIZIA is not active in the fossil fuel sector and does not generate revenue from coal or oil. The company has minimal revenue exposure to gas-related activities within its infrastructure AUM. As a result, only an immaterial share of PATRIZIA's activities relates to Taxonomy-aligned economic activities associated with fossil gas. Please refer to the Taxonomy disclosure for details on PATRIZIA's minimal exposure to revenue from nuclear and fossil-gas related activities within its infrastructure AUM.

Interests and views of stakeholders (SBM-2)

PATRIZIA engages regularly with stakeholders most affected by its business activities. The Company is committed to transparency and provides relevant data and performance measures to build trust while gaining insight into stakeholders' interests and perspectives. The table below outlines the type of engagement activity, its purpose, and the outcomes achieved. Stakeholder feedback informs PATRIZIA's due diligence processes and materiality assessment, as described in IRO-1. Among the stakeholders listed, PATRIZIA's key stakeholder groups include fund investors and clients, employees, analysts and share investors, and tenants.

PATRIZIA SE 2025 | Management Report

Stakeholder

Stakeholder Group	Engagement Activity	Purpose of Engagement	Outcome from Engagement
Fund Investors & Clients	Regular fund investor meetings. Standardised quarterly ESG risk reporting to all investors. Regular ESG events for all German investors to present innovations, regulations and strategies. Macroeconomic research and investment trends. Regular social media engagement and posting of ESG-related articles and content on the PATRIZIA website. Requests for proposals or questionnaires from investors. Annual investor conferences held by infrastructure funds (where applicable)	To understand the expectations of investors on sustainability topics. Enhancement of transparency between PATRIZIA and investors. To attract responsible investors. To educate and increase literacy on relevant topics.	A trusting relationship with investors and clients. Increased flow of information between PATRIZIA and investors. Informing investing decisions.
Analysts & Share Investors	Publication of the PATRIZIA Annual Report (including Group Non-Financial Statement), Sustainability Report and quarterly reporting. Capital Markets Day. Regular conference calls that address the strategic and financial development of the Group. Regular roadshows and conferences to present PATRIZIA, as well as additional meetings and calls with analysts and investors. Annual General Meetings. Rating agencies review of PATRIZIA, such as MSCI, ISS and Sustainalytics.	Transparency between PATRIZIA and shareholders. To attract responsible investors. To understand the sustainability-related expectations of investors. Facilitating discussions and conversations with shareholders.	Ensure transparency on business development and sustainability with shareholders.
Employees	Employee Resource Groups (ERGs) are in place. Internal communications, such as a monthly Business Update Call and the PAT A GLANCE newsletter. The Employee intranet includes HR policies, training and development and a place for collaboration. Employees can volunteer, amongst others through the PATRIZIA Foundation. Annual performance reviews include ESG KPIs. Regular internal and external ESG training. Employee representation bodies in form of a European Employee Forum (EEF) and a local works council in Frankfurt	Gain employee perceptions and experiences of working at PATRIZIA to become an employer of choice. Encourage a culture of development, open communication, and philanthropy.	Develops a culture of open dialogue. Keeps employees up to date on PATRIZIA progress, policies and training. Ensure employees feel included and equitably valued, with aligned incentives that maximize performance.
Tenants	Communication with tenants through videos, ESG guidelines, surveys, meetings and events. Green clause implementation for almost all new leases and prolongations. Use of third-party engagement platforms (apps) for residential community-building.	Encourage sustainable practices in assets and develop tenants understanding of ESG. Giving tenants a platform to provide their opinions and views.	Collaboration and development of further tenant engagement initiatives and sustainable practices.
Property Management Teams	Annual meetings are held with Property Management teams to discuss all asset-related topics, including sustainability topics. Service level agreements are implemented to ensure alignment on sustainability topics.	To understand the expectations of property managers on sustainability topics.	Development of further sustainable initiatives for assets. Instill PATRIZIA's sustainability strategy at asset level.
Suppliers & Contractors	Applying PATRIZIA's Supplier Code of Conduct.	Influence sustainable conduct, including human and labour rights, across the supply chain.	Upholding of PATRIZIA values regarding protection of people and the environment.
Communities	Employees volunteering, including with the PATRIZIA Foundation (up to 1% working hours can be used to support a non-profit organisation with a charitable impact). Coordinate with local operating partner to hold community engagement activities, such as community surveys.	Encourage employees to be philanthropic.	Develop a culture of giving back to communities.

PATRIZIA SE 2025 | Management Report

Business Partners	- Annual ESG surveys sent to all local operating partners to assess ESG performance; comparative results shared.	- To understand the expectations of business partners in terms of sustainability topics.	- Enhancement of transparency between PATRIZIA and business partners.
	- Active engagement with partners through advice on improvements, discussion of trends, strategies, and best practices across asset classes and regions.	- Facilitating discussions and conversations between PATRIZIA and business partners.
	- Regular meetings with partners in impact funds to monitor impact KPIs (e.g., energy efficiency, embodied carbon reduction, social program implementation).
Local Authorities	- In the case of renovations, PATRIZIA works with municipalities to ensure work is in line with local regulations, standards and sustainability ambitions. - Where applicable, PATRIZIA considers community needs and housing affordability as part of our broader impact strategy.	- Ensure compliance with local regulations and standards by securing necessary approvals, obtaining permits, and aligning projects with social and environmental priorities, contributing to local plans and positive community outcomes.	- Compliance with local regulations and standards.
Industry Bodies	- Signatory to NZAM, CDP, UNGC and the PRI. - PATRIZIA holds committee member seats or representation in various regional industry associations - INREV, RICS, AREF, ZIA, BVI, ULI, to name a few.	- Enhances PATRIZIA's sustainability accreditation and reputation. - Benchmarks PATRIZIA sustainability approach.	- Alignment with industry best practices and standards.
Portfolio Companies	- Regular engagement by Operating Partners, Asset Management and Sustainable Transformation teams with portfolio company management. - Sustainability Workshops run on site. - Engagement with ESG data collection, including training sessions in the new data collection system.	- Develop portfolio companies understanding of sustainability.	- Increased sustainability practices and data within our portfolio.

The operating model introduced in 2024 comprises four divisions managing all business areas of the company: the Executive Division, CFO Division, Investment Division, and Client Division. Each division follows a comparable divisional structure, with dedicated functions for its respective business area at both global and regional levels, is led by an Executive Director who is a member of the Group Executive Committee (GEC), and supports consistent engagement with key stakeholders across the organisation.

Material impacts, risks and opportunities and their interaction with strategy and business model (SBM-3)

PATRIZIA's material IROs identified during the DMA analysis are indicated in the table on the following page 28. Each material topic is further described in this Group Non-Financial Statement, found in the respective chapters.

As previously highlighted, in 2025 PATRIZIA refined its DMA process to ensure continued alignment with ESRS requirements and that it accurately reflects PATRIZIA SE's business activities. The review began with an analysis of the prior DMA and the 2024 Annual Report, complemented by a peer study. Given that no major changes occurred in PATRIZIA's business and/or reporting activities, the topics disclosed in the 2024 Annual Report were used as the starting longlist. The refinement process included an initial review by the Sustainability Team, followed by a session led by the ESG Council. For a full description of the DMA process, please refer to IRO-1.

PATRIZIA has further analysed each impact, risk and opportunity in terms of sub-topic. The table below describes in more detail the material topics. Further information on how PATRIZIA responds to the effects of each IRO can be found in the ESRS chapters in the report. All IROs in the table were addressed by the Sustainability Team during the reporting year.

PATRIZIA SE 2025 | Management Report

Material topics

ESRS Topic	Description	Time horizon			Value Chain
		Short term	Medium term	Long term	Upstream	Own Operations Downstream
E1 Climate Change
Climate Change adaptation – Transition to a low carbon economy
Positive impact	- Contribution to system-level decarbonisation through investment in energy-transition infrastructure, including renewable energy generation and supporting technologies.	X			X	X
Risk	- Increased operating and capital costs to comply with tightening climate and energy-efficiency legislation, as well as technical challenges associated with implementing low-carbon technologies.- Potential fines, delayed permitting or non-compliance risks, and increased resource needs (internal or external expertise).	X			X	X
Opportunity	- Lower energy consumption and reduced operating costs to increase tenant demand, supporting higher net operating income and investment performance.- Potential for valuation uplift as efficient, climate-aligned assets attract stronger demand and lower risk premia.- Enhanced access to capital as investors increasingly favour assets and managers with credible decarbonisation pathways and exposure to energy-transition opportunities.- Reduced emissions and improved environmental performance through the use of low-carbon materials, innovative heating and cooling technologies, and nature-based design solutions.	X			X	X
Climate Change adaptation – Physical climate risk
Positive Impact	- Enhanced asset resilience through forward-looking physical risk assessments and proactive management of identified risks.- Reduced vulnerability to extreme weather and overheating through biodiversity measures, nature-based solutions and improved building fabric.- Support for local resilience and reduced demand on infrastructure through onsite renewables, water-saving measures and other resource-efficient design choices.	X			X	X
Negative impact	- Construction, refurbishment and operational activities can contribute to increased pressure on ecosystems and local infrastructure, which may exacerbate environmental stresses such as water scarcity, flooding risk and heat vulnerability.					X
Risk	- Higher operating and repair costs arising from more frequent and severe chronic climate conditions (e.g., heat stress, drought, water scarcity, sea-level rise)- Potential loss of revenue or asset value where locations become less attractive or less viable due to climate impacts. Increased cost and technical complexity associated with improving energy performance and reducing consumption.- Growing regulatory and market expectations for low-carbon mobility and resilient building features (e.g., EV charging, access to public transport).	X			X	X
Opportunity	- Growing availability of capital directed toward sustainable and resilient real assets and energy-transition infrastructure.- Improved climate-resilience can lower exposure to physical risks, creating an opportunity to secure more favourable insurance terms and stabilise long-term insurability costs.	X				X

PATRIZIA SE 2025 | Management Report

Climate Change Mitigation
Positive Impact	- Reduced energy consumption and associated emissions through efficiency upgrades and building optimisation.	X					X
Risk	- Increased pressure to lower energy consumption and intensity resulting in costs of improvements and technological challenges.	X					X
Opportunity	- Increasing demand for low-carbon mobility and energy solutions (e.g., EV charging, access to clean energy), supporting higher occupier appeal and competitiveness.
	- Lower operating costs and improved asset performance driven by energy-efficiency upgrades.	X					X
	- Reduced emissions and enhanced resilience through greater use of renewable and low-carbon energy sources.
ESRS S1 Own Workforce		Short term	Medium term	Long term	Upstream	Own Operations	Downstream
Working Conditions
Positive impact	- Good working conditions (such as fair compensation, a work-life balance, development opportunities, an ergonomic work environment, health and safety, transparent communication and inclusive culture) lead to healthier, more satisfied employees who contribute positively to their communities. Employees prospering from good working conditions are more likely to engage in community activities and volunteer work, fostering social cohesion.	X				X
Negative impact	- Substandard working conditions can lead to chronic health issues among employees, increasing public health burdens and reducing the overall quality of life in the community.	X				X
	- Poor attention to well-being can contribute to mental and physical health issues such as stress, anxiety, depression, heart disease, hypertension, and obesity. This places additional strain on healthcare systems and reduces overall public health. Furthermore, it can have wide-reaching effects on the ability of employees to contribute to society.	X				X
	- Neglecting employee health and well-being can result in higher absenteeism and a higher burden on healthcare systems.	X				X
	- High turnover rates and decreased productivity due to poor working conditions can lead to economic instability within the Company and the community, as local economies rely on the success of businesses for jobs and economic growth.	X				X
Risk	- A lack of focus on favourable working conditions, especially wellbeing, diminishes employee engagement and productivity, as workers feel undervalued and unsupported. Lower employee engagement and productivity from poor health and wellbeing initiatives can lead to higher rates of absenteeism, increasing costs caused by decreased productivity or hiring temporary staff.	X				X
	- Poor working conditions contribute to job dissatisfaction, increasing staff fluctuation and the costs associated with recruiting, hiring and training new employees.	X				X

PATRIZIA SE 2025 | Management Report

Opportunity	- Good working conditions, including secure employment, comfortable workspaces, adequate resources, and fair compensation, enhance employee productivity and efficiency, leading to higher output and profitability. Additionally, prioritising health and wellbeing through initiatives like mental health support and well-being programs can reduce absenteeism and chronic illness, which can lower personnel expenses and healthcare cost. - A focus on wellbeing leads to higher employee engagement and satisfaction, as workers feel valued and supported, leading to higher productivity and lower turnover costs. - Positive working conditions lead to higher job satisfaction, reducing turnover rates and retaining valuable talent and knowledge within the organisation, reducing costs for recruiting, hiring and training new employees.	X	X

Equal treatment and opportunities for all

Positive impact	- Promoting equal treatment and non-discrimination (through ED&I training, ERGs, ED&I policies, promoting a diverse culture and inclusive development opportunities) helps to reduce societal inequalities. PATRIZIA ensures fair treatment (through diverse leadership, flexible work arrangements, transparent ED&I policies, ERGs, ED&I training, and mentor programs), and contributes to a more just and equitable society where opportunities are accessible to all, regardless of background.	X	X
Negative impact	- Inequality and discrimination in the workplace can perpetuate social divides and tensions, leading to a less cohesive and more fragmented society.	X	X
	- Discrimination prevents talented individuals from contributing fully to the economy and society, leading to a loss of potential innovation and economic growth.	X	X
Risk	- Inequality and discrimination create a toxic work environment, leading to decreased employee morale, motivation, and loyalty.	X	X
	- Discriminatory practices expose the organisation to legal challenges, including lawsuits, fines, and settlements. Furthermore, they can damage its reputation, and harm the Company's brand, leading to loss of clients and revenue.	X	X
Opportunity	- Ensuring non-discrimination attracts a diverse range of candidates, enriching the Company with varied perspectives and innovative ideas. A diverse workforce brings a variety of perspectives and ideas, driving innovation and potentially leading to new products, services, and markets.	X	X
	- A reputation for fairness and inclusivity attracts top talent, reducing recruitment costs and increasing the quality of hires.	X	X
	- Promoting equal treatment and non-discrimination fosters a supportive and inclusive work environment, boosting employee morale and motivation, leading to higher employee productivity, associated with increased financial performance.	X	X

PATRIZIA SE 2025 | Management Report

ESRS S4 Consumers and End Users		Short term	Medium term	Long term	Upstream	Own Operations	Downstream
Information related impacts for consumers and/or end users
Positive impact	- Respecting the privacy of end users and businesses fosters trust and supports cooperative, well-functioning communities.	X					X
Risk	- Failure to provide sufficient access to accurate information or to respect privacy rights can lead to reputational damage, legal exposure, and loss of tenant trust-potentially resulting in decreased occupancy and revenue.	X					X
Opportunity	- Providing tenants with accurate and timely information fosters transparency and trust, enabling informed decision-making. This strengthens relationships, improves satisfaction, and supports higher tenant retention, which can also attract similar high-quality tenants.	X					X
Personal safety of consumer and/or end users
Positive impact	- Providing safe and healthy living conditions helps reduce social and economic disparities, improve quality of life, and support healthier communities. This can ease pressure on healthcare systems and contribute to reducing inequality.	X					X
Risk	- Failure to uphold safety and health standards can lead to reputational damage, legal exposure, and loss of tenant confidence-potentially resulting in reduced occupancy and asset value.	X					X
Opportunity	- Strong safety and health measures enhance tenant trust and satisfaction, supporting higher retention and attracting new tenants, which can contribute to long-term value creation.	X					X
Social inclusion of consumers and/or end users
Opportunity	- Initiatives such as the development of affordable housing and advocacy for inclusivity fosters social inclusion by addressing community needs and creating shared spaces for engagement. These initiatives can strengthen tenant relationships and improve retention.	X					X
ESRS G1 Business Conduct		Short term	Medium term	Long term	Upstream	Own Operations	Downstream
Protection of whistleblowers
Positive impact	- Encouraging transparency, accountability, and ethical behaviour across industries and institutions. Including the whistleblowing system, access to information annually in PATRIZIA reports, and clear communication with stakeholders on whistleblowing systems and the Code of Values.	X				X
Management of relationships with suppliers including payment practices
Positive impact	- By fostering collaborative and long-term relationships with suppliers, businesses drive economic growth, and it leads to more stable supply chains. Collaboration leads to innovation and efficiency, which boosts productivity and enables essential services to remain available.	X				X
Negative impact	- Poor management of suppliers, including unfair payment practices can cause economic instability and exploitation of workers as well as it undermines fair trade and ethics.	X				X
Risk	- Reputational and legal risk from not adhering to best business practices in managing the relationship with suppliers may affect the supply chain, leading to operational disruptions, resulting in higher operational costs, penalties for missed deadlines or lost revenue.	X				X
Opportunity	- Cost savings due to PATRIZIA having a reliable supply chain that signs a supplier code of conduct and reinforces positive business practices. Therefore, resulting in enhanced profitability, improved operational efficiency and the creation of a competitive advantage.	X				X

PATRIZIA SE 2025 | Management Report

Corruption and Bribery

Positive impact	- By PATRIZIA or its underlying investment companies publicly stating if they have had any corruption and bribery conflicts or exposure it fosters a more transparent and fair society, leading to economic growth and enhanced trust in institutions globally.	X		X
Risk	- Reputational and legal risk as well as damage from not adhering to best business practices, anti-corruption and anti-bribery rules and practices.	X		X
Opportunity	- Capitalising on opportunities created by a culture free from corruption and bribery. Opportunities include an enhanced reputation and trust from stakeholders, regulatory compliance preventing legal issues, fines and establishing a culture free from corruption as well as a potential for increased investments from investors looking for companies with ethical practices.	X		X

Corporate Culture

Positive Impact	- Fostering a strong corporate culture built on integrity, collaboration, and accountability enhances employee engagement and trust, which drives sustainable growth and strengthens stakeholder relationships. A values-driven culture contributes positively to society by promoting ethical, inclusive and responsible behaviour and encourages employees to create an impact beyond the organisation.	X		X
Risk	- Reputational and operational risk may arise if strong corporate culture is not consistently upheld, leading to governance gaps, reduced compliance, attrition of talent, and potential stakeholder dissatisfaction.	X		X
Opportunity	- Instilling a purpose-driven and inclusive culture attracts diverse talent, fosters innovation, and embeds sustainability principles, resulting in enhanced competitiveness and long-term value creation.	X		X

Following the updated DMA, there have been changes to the material IROs compared to the previous reporting period. As previously stated, the updated DMA has highlighted the following topics as not material:

E2 - Pollution
E3 - Water and Marine Resources
E4 - Biodiversity and Ecosystems
S2 - Workers in the Value Chain
S3 - Affected Communities

Additionally, the below sub-topic has been identified as material under G1 - Business Conduct:

Corporate Culture

Material impacts stated above do not originate directly from the Company's business model; however, they are closely connected to the strategic ambition of becoming a smart real asset player. If not effectively managed, these impacts could impede progress towards achieving these objectives, since they all relate to the "DUEL" megatrends - Digital, Urban, Energy, and Living transitions - highlighting the Company's vision of a World in Transition. These trends strongly align with the important IROs identified in the DMA, particularly in addressing climate change and decarbonization, which indicates the resilience of PATRIZIA's strategy and business model. PATRIZIA has not undertaken a resilience analysis of its strategy and business model; however, throughout the last 41 years, PATRIZIA has seen success and growth of the Company, through internationalisation, a growing variety of real estate and infrastructure asset classes and being close to the assets to create added value. The DUEL megatrends that PATRIZIA is now focusing on aim to position PATRIZIA to become a leading global real asset manager.

PATRIZIA SE 2025 | Management Report

Impact, risk and opportunity management

Disclosures on the materiality assessment process

IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities

PATRIZIA, with the assistance of a third-party consultant, conducted in 2023 and finalised in 2024 a DMA in accordance with the requirements of the ESRS. The DMA was a first step in aligning with the CSRD and identifying which ESG-related topics are material for the company. For full details of this process, please refer to the 2024 Annual Report. In 2025, an updated DMA was conducted by ESG Council. Material topics were assessed on the impact the company is having on the planet and the people (both positive and negative), as well as the risks and opportunities the company is exposed to. Once identified, the material topics are reported on in the annual disclosure, as seen in this Group Non-Financial Statement.

ESG topics were initially compiled by PATRIZIA's Sustainability Team and formally reviewed by the ESG Council. The longlist of relevant ESG topics (based on the ESRS classification) was derived from the topics previously reported by PATRIZIA in its 2024 Annual Report.

The ESG Council was an appropriate setting for the workshop to review, assess and validate the material topics due to the broad range of stakeholders (such as Human Resources, Legal, Investor Relations, Fund Management) which are representative of different components of the value chain. Given that the updated materiality assessment leveraged the outcomes of the prior DMA, internal stakeholders were intentionally selected to act as proxies for external stakeholder groups, ensuring continuity and informed decision-making. These representatives were chosen based on their specialized knowledge and direct engagement experience with external parties. For example, the Investor Relations team represented PATRIZIA's shareholder base due to their comprehensive understanding of investor and their advisors' priorities, expectations, and concerns.

Internal control procedures to identify the material IROs included oversight from the Head of Investment Management Sustainability and Head of Investor Relations conducting the DMA and using resources in their team to complete the Group Non-Financial Statement.

In line with ESRS 1, the severity of impacts was assessed using the factors scale, scope, and irremediability (for negative impacts). Financial materiality was evaluated based on financial and reputational effects arising from risks and opportunities, as well as regulatory considerations. Each potential IRO was scored using the following approach:

Impact materiality = maximum of (scale, scope, irremediability) × likelihood
Financial materiality = financial effect × likelihood

The minimum materiality threshold for the inclusion of topics was set at a minimum score of three on a five-point scale, ensuring that only topics with meaningful relevance were considered material for reporting.

ESRS S4 – Consumers by Commission Delegated Regulation (EU) 2023/2772, which supplements the CSRD, PATRIZIA is not required to provide detailed disclosures on this topic for the current reporting period. This exemption is part of the EU "quick fix" measures designed to facilitate phased implementation of ESRS requirements. PATRIZIA will continue to monitor S4 and intends to provide full disclosures once the transitional period concludes.

The following topics were assessed as non-material. The table provides the rationale for their non-materiality assessment (individually and in sum/total) and explains how the focus was directed toward material topics relevant to operations, stakeholders, and the regulatory environment. The assessment assumed that, for these topics, the Company does not generate significant positive or negative impacts on people or the planet, nor faces material risks or opportunities related to them. No further assumptions were applied.

PATRIZIA SE 2025 | Management Report

Non-material ESRS topics

Topic	Sub-topic	Reason
ESRS E2 Pollution	Pollution of air	As an investment manager for real estate and infrastructure investments, PATRIZIA does not have operational control over industrial processes that typically cause air, water, or soil pollution.
	Pollution of water	Real estate assets, unlike manufacturing or industrial companies, have a relatively lower environmental impact on these pollution types. Pollution from tenants or indirect sources are not material since PATRIZIA's role as an investment manager limits direct control over operational activities within the buildings.
	Pollution of soil	PATRIZIA operates in the real estate and infrastructure investment management sector. The Company's activities do not involve direct interactions with agricultural or food production systems, where pollution of food resources might be a material concern. Therefore, pollution impacting living organisms and food chains is not relevant in the context of the operations of the Company.
	Substances of concern	The use of substances of concern is primarily associated with manufacturing and industrial processes. As an investment manager operating in an office-based environment, PATRIZIA has negligible exposure to such substances. Any residual risk during due diligence is rare and mitigated through strict compliance and remediation measures, making this topic immaterial for PATRIZIA.
	Substances of very high concern	The use of substances of very high concern is typically associated with industries such as chemicals, pharmaceuticals, or heavy manufacturing. PATRIZIA does not engage in activities where the handling of substances of very high concern is a significant risk.
	Microplastics	The production and release of microplastics are primarily associated with industries like textiles, packaging, and consumer goods. As an investment manager, PATRIZIA does not contribute to microplastic pollution.
ESRS E3 Water and Marine Resources	Marine resources	PATRIZIA's real estate and infrastructure activities are land-based, having no material interaction with marine environments.
	Water	Water-related impacts are most significant in sectors such as agriculture and heavy manufacturing. For an investment manager with predominantly office-based operations, direct water consumption is minimal and therefore not material. At the asset level, any exposure is indirect and primarily linked to tenant activities or construction phases in development projects. These risks are considered low and are mitigated through building design standards, regulatory compliance, and incorporation of water efficiency measures.
ESRS E4 Biodiversity and Ecosystems	Impact on the state of species	The core activities of real estate and infrastructure investment focus on urban and built environments, with development projects primarily occurring on brownfield sites rather than natural habitats. This significantly limits direct impacts on species and ecosystems. Any residual exposure is indirect and managed through regulatory compliance, environmental assessments, and design standards.
	Direct Impact of Biodiversity
	Impact on the extent and condition of ecosystems
	Impact and dependencies on ecosystem services
ESRS E5 Resource Use and Circular Economy	Waste management	For an investment manager with predominantly office-based operations, waste generation is considered minimal. Indirect exposure at asset level, such as tenant activities or that of particular infrastructure AUM, is not substantial compared to sectors with high material throughput or production processes.
	Resources inflows, including resource use	As an investment manager focused on real assets, resource use is indirect and primarily linked to downstream activities such as real estate development, and portfolio company operations. This level of consumption is insignificant compared to resource-intensive sectors like manufacturing or heavy industry.
	Resource outflows related to products and services	PATRIZIA's business model does not involve production of physical goods or resource-intensive services.
ESRS S1 Own Workforce	Other work-related rights	The subtopic of "other work-related rights" under ESRS S1 Own Workforce is not significantly material for PATRIZIA, as the company operates in regions with stringent labour laws that prohibit forced or child labour. Additionally, PATRIZIA's robust internal policies and compliance measures ensure that all employees' rights are protected, further mitigating any risks associated with these issues.
	Communities' economic, social and cultural rights	As an investment manager, PATRIZIA does not have substantial operational control over activities affecting communities' economic, social or cultural rights. Any potential impacts are indirect and arise primarily through tenants, operators or development activities subject to local laws and regulatory requirements.

PATRIZIA SE 2025 | Management Report

ESRS S3 Affected Communities	Communities' civil and political rights	PATRIZIA's activities as a real estate and infrastructure investment manager do not typically involve operations or business relationships that give rise to impacts on communities' civil or political rights. Such issues are generally more relevant to sectors involving direct engagement with public authorities, political processes or civil society at an operational level.
	Rights of indigenous people	PATRIZIA's assets are predominantly located in urban or developed markets where the presence of indigenous peoples is limited. As a result, PATRIZIA's activities are unlikely to give rise to impacts on the rights of indigenous peoples.
ESRS G1 Business Conduct	Animal welfare	Animal welfare considerations are typically associated with sectors such as agriculture, food production or retail. PATRIZIA's investment management activities do not involve operations or business relationships that affect animal welfare.
	Political and lobbying activities	While political engagement and lobbying may be relevant for certain sectors, PATRIZIA's role as an investment manager does not typically involve significant political engagement or lobbying activities. Any interactions with public authorities are generally limited to standard regulatory, planning or supervisory processes.

PATRIZIA identifies and assesses risks and opportunities with potential financial effects through a structured risk inventory process. The outcomes are documented in a risk catalogue, which defines and provides an overview and detailed description of relevant risk categories and risk types. The risk catalogue outlines the nature of each risk and sets out exemplary control and mitigation measures. PATRIZIA has considered and mapped the relevant IROs from the DMA to the risk catalogue. Any such risks with material impacts are to be notified and registered with PATRIZIA's risk tracker tool. To monitor risks, PATRIZIA's Risk Management department establishes periodic reporting, ensuring that the identified risks are subject to periodic analyses and assessment, and that the adequacy and effectiveness of the implemented risk control measures are steered and monitored via a risk owner setup.

During the DMA, PATRIZIA assessed impacts based on their likelihood, ranging from highly improbable to imminent. Impacts were also evaluated based on their significance and scope. For impact materiality, the significance of impacts was assessed on a scale from minimal to absolute, and their scope from limited to absolute. In addition, the irremediable character of impacts was assessed, ranging from relatively easy to remedy to irreversible. For financial materiality, potential financial effects were assessed on a scale from insignificant to critical. These assessment scales and the underlying methodology enabled PATRIZIA to determine which sustainability IROs are material for reporting purposes. The process used to identify, assess and IROs remained unchanged compared to the prior reporting period.

IRO-2 Disclosure requirements in ESRS covered by the undertaking's Group Non-Financial Statement

The following table sets out the ESRS disclosure requirements identified as material, together with references to the relevant page numbers or explanations for omission. Certain disclosure requirements are cross-cutting and include data points derived from other EU legislation. Where applicable, the relevant legislation is indicated in the table.

Disclosure Requirement

Disclosure Requirement	Related data point and cross cutting EU legislation	Page Reference
ESRS 2 General Disclosures
BP-1 General basis for preparation of the Group Non-Financial Statement	n/a	Page 18
BP-2 Disclosures in relation to specific circumstances	n/a	Page 20
GOV-1 The role of administrative, management and supervisory bodies	Boards gender diversity - SFDR, Benchmark regulation	Page 21
GOV-2 Information provided to and sustainability matters addressed by the undertaking's administrative, management and supervisory bodies	Percentage of board members who are independent - Benchmark regulation	Page 21
GOV-3 Integration of sustainability-related performance in incentive schemes	n/a	Page 23
GOV-4 Statement on due diligence	Statement on due diligence - SFDR	Page 23
GOV-5 Risk management and internal controls over sustainability reporting	n/a	Page 24
SBM-1 Strategy, business model and value chain	Involvement in activities related to fossil fuel activities, chemical production, controversial weapons, and cultivation and production of tobacco - SFDR, Pillar 3 and Benchmark regulation	Page 24
SBM-2 Interests and views of stakeholders	n/a	Page 25
SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model	n/a	Page 27
IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities	n/a	Page 33
IRO-2 Disclosure requirements in ESRS covered by the undertaking's Group Non-Financial Statement		Page 35

PATRIZIA SE 2025 | Management Report

ESRS E1 Climate Change
ESRS 2 GOV-3 Integration of sustainability-related performance in incentive schemes	n/a	Page 23
E1-1 Transition plan for climate change mitigation	Transition plan to reach climate neutrality by 2050 – EU Climate Law	Page 52
	Undertakings excluded from Paris-aligned benchmarks – Pillar 3 and Benchmark regulation
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model	n/a	Page 54
ESRS 2 IRO-1 Description of the processes to identify and assess material climate-related impacts, risks and opportunities	n/a	Page 55
E1-2 Policies related to climate change mitigation and adaptation	n/a	Page 57
E1-3 Actions and resources in relation to climate change policies	n/a	Page 58
E1-4 Targets related to climate change mitigation and adaptation	GHG emission reduction targets – SFDR, Pillar 3, Benchmark reference	Page 58
E1-5 Energy consumption and mix	Energy consumption from fossil sources disaggregated by sources – SFDR	Page 59
	Energy consumption and mix – SFDR
	Energy intensity associated with activities in high climate impact sectors – SFDR
E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions	Gross Scope 1,2,3 and total GHG emissions – SFDR, Pillar 3 and Benchmark regulation	Page 60
	Gross GHG emissions intensity – SFDR, Pillar 3 and Benchmark regulation
E1-7 GHG removals and GHG mitigation projects financed through carbon credits	GHG removal and carbon credits – EU Climate Law	Not applicable to PATRIZIA
E1-8 Internal carbon pricing	n/a	Not applicable to PATRIZIA
E1-9 Anticipated financial effects from material physical and transition risks and potential climate-related opportunities	Exposure of the benchmark portfolio to climate related physical risks – Benchmark regulation	Using phase-in allowance
	Disaggregation of monetary amounts of acute and chronic physical risk – Pillar 3
	Breakdown of the carrying value of its real estate assets by energy efficiency classes – Pillar 3
	Degree of exposure of the portfolio to climate related opportunities – Benchmark regulation

PATRIZIA SE 2025 | Management Report

ESRS S1 Own Workforce
ESRS 2 SBM-2 Interests and views of stakeholders	n/a	Page 62
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model	Risk of incidents of forced labour - SFDR	Page 62
	Risk of incidents of child labour - SFDR
S1-1 Policies related to own workforce	Human rights policy commitment - SFDR	Page 64
	Due diligence policies on issues addressed by the ILO - Benchmark regulation
	Processes and measures for preventing trafficking in human beings - SFDR
	Workplace accident prevention policy or management system - SFDR
S1-2 Processes for engaging with own workers and workers' representatives about impacts	n/a	Page 65
S1-3 Processes to remediate negative impacts and channels for own workers to raise concerns	Grievance/complaints handling mechanism - SFDR	Page 66
S1-4 Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions	n/a	Page 66
S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	n/a	Page 68
S1-6 Characteristics of non-employee workers in the undertaking's own workforce	n/a	Page 69
S1-7 Characteristics of non-employee workers in the undertaking's own workforce	n/a	Page 71
S1-8 Collective bargaining coverage and social dialogue	n/a	Page 71
S1-9 Diversity metrics	n/a	Page 71
S1-10 Adequate wages	n/a	Page 72
S1-11 Social protection	n/a	Page 72
S1-12 Persons with disabilities	n/a	Page 72
S1-13 Training and skills development metrics	n/a	Page 72
S1-14 Health and safety metrics	Number of fatalities and number and rate of work-related accidents - SFDR and Benchmark regulation	Page 73
	Number of days lost of injuries, accidents, fatalities or illness - SFDR
S1-15 Work-life balance metrics	n/a	Page 73
S1-16 Compensation metrics (pay gap and total compensation)	Unadjusted gender pay gap - SFDR and Benchmark regulation	Page 73
	Excessive CEO pay ratio - SFDR
S1-17 Incidents, complaints and severe human rights impacts	Incidents of discrimination - SFDR	Page 74
	Non-respect of UNGPs on Business and Human Rights and OECD guidelines - SFDR and Benchmark regulation

PATRIZIA SE 2025 | Management Report

ESRS S4 Consumers and End Users
ESRS 2 SBM-2 Interests and views of stakeholders	n/a	S4 data points are not presented as PATRIZIA is applying phase-in approach.
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model	n/a	S4 data points are not presented as PATRIZIA is applying phase-in approach.
S4-1 Policies related to consumers and end-users	n/a	S4 data points are not presented as PATRIZIA is applying phase-in approach.
S4-2 Processes for engaging with consumers and end-users about impacts	n/a	S4 data points are not presented as PATRIZIA is applying phase-in approach.
S4-3 Processes to remediate negative impacts and channels for consumers and end-users to raise concerns	n/a	S4 data points are not presented as PATRIZIA is applying phase-in approach.
S4-4 Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions	n/a	S4 data points are not presented as PATRIZIA is applying phase-in approach.
S4-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	n/a	S4 data points are not presented as PATRIZIA is applying phase-in approach.
ESRS G1 Business Conduct
---	---	---
ESRS 2 GOV-1 The role of the administrative, supervisory and management bodies	n/a	Page 74
ESRS 2 IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities	n/a	Page 74
G1-1 Business conduct policies and corporate culture	United Nations Convention against corruption – SFDR	Page 75
	Protection of whistle-blowers – SFDR
G1-2 Management of relationships with suppliers	n/a	Page 76
G1-3 Prevention and detection of corruption and briber	n/a	Page 77
G1-4 Confirmed incidents of corruption or bribery	Fines for violation of anti-corruption and anti-bribery laws – SFDR and Benchmark regulation	Page 77
	Standards of anti-corruption and anti-bribery – SFDR
G1-5 Political influence and lobbying activities	n/a	Not material to PATRIZIA
G1-6 Payment practices	n/a	Page 78

PATRIZIA SE 2025 | Management Report

Environmental information

EU Taxonomy Regulation ✓

Background

Regulation (EU) 2020/852 on the establishment of a framework to facilitate sustainable investment ("Taxonomy Regulation") has established a unified EU classification system for environmentally sustainable economic activities (referred to as "Taxonomy-aligned activities") and imposes transparency obligations on certain non-financial and financial undertakings with respect to those activities.

The Taxonomy Regulation recognises an economic activity as environmentally sustainable when it contributes significantly to one or more of six environmental objectives, while not causing significant harm to any of the remaining objectives (the so called "do no significant harm" principle). The six objectives are:

Climate change mitigation
Climate change adaptation
Sustainable use and protection of water and marine resources
Transition to a circular economy
Pollution prevention and control
Protection and restoration of biodiversity and ecosystems

The criteria for assessing alignment with each of the six environmental objectives and for adherence to the "do no significant harm" principle were introduced in stages through several delegated and implementing acts. Commission Delegated Regulation (EU) 2021/2139 ("Climate Delegated Act") sets out the technical screening criteria for substantial contribution to climate change mitigation and climate change adaptation. The Commission later adopted Commission Delegated Regulation (EU) 2023/2486 ("Environmental Delegated Act") to establish the technical screening criteria for the remaining four environmental objectives.

In addition, in July 2021 the European Commission adopted Commission Delegated Regulation (EU) 2021/2178 (the "Disclosure Delegated Act"), supplementing the Taxonomy Regulation with regard to the content and presentation of information to be disclosed by undertakings on Taxonomy-eligible and Taxonomy-aligned economic activities. This delegated act establishes the disclosure requirements for financial and non-financial undertakings and was amended in 2023 by Commission Delegated Regulation (EU) 2023/2772 to incorporate additional economic activities and environmental objectives into the reporting framework.

The Taxonomy Regulation introduced mandatory disclosure obligations for organisations in scope of the Accounting Directive as amended by the CSRD, with disclosure rules that differ for non-financial and financial undertakings. Undertakings subject to non-financial reporting are required to disclose how and to what extent their activities are associated with environmentally sustainable activities, allowing for the comparison of companies and investment portfolios.

In this context, eligibility refers to investments in economic activities that are in scope of the Taxonomy Regulation, i.e., for which technical screening criteria have been established. Taxonomy-eligibility, therefore, does not provide an indication of the environmental sustainability of investments. Taxonomy-alignment, however, implies that an activity fulfils the criteria for determining substantial contribution to one or more of the EU environmental objectives. From 1 January 2026 (for the 2025 financial year), the disclosure of taxonomy compliance will cover all six environmental objectives. In addition, taxonomy-alignment requires compliance with the minimum safeguards referred to in Article 18 of the Taxonomy Regulation.

The European Commission has issued several commission notices to clarify the implementation of EU Taxonomy Regulation, PATRIZIA SE applies the principles of all of the commission notices published to date. This excludes the Draft Commission Notice on the interpretation and implementation of certain legal provisions of the Disclosures Delegated Act under Article 8 of the EU Taxonomy Regulation, as amended by the Omnibus Delegated Act, on the reporting of Taxonomy-eligible and Taxonomy-aligned economic activities and assets (fourth notice), which was published on 17 December 2025.

PATRIZIA SE is a non-financial holding company. Most of its subsidiaries operate in the area of asset management (managing real estate investments and infrastructure assets), which is a financial activity. PATRIZIA SE and its financial subsidiaries are hereinafter together referred to as "PATRIZIA Group". With reference to the Third Commission Notice PATRIZIA report for consolidated activities of financial subsidiaries separately using the disclosure rules for asset managers, as this results in a disclosure that is relevant and clear to investors/creditors regarding Taxonomy alignment.

Methodology

In July 2025, the Commission adopted a delegated act ('the Omnibus Delegated Act'), which amended the Disclosures Delegated Act as well as the Taxonomy Climate and Environmental Delegated Acts. This includes a transitional option for reporting undertakings to apply the reporting rules that were applicable until 31 December 2025 when publishing reports for

PATRIZIA SE 2025 | Management Report

the 2025 financial year. Using this option, PATRIZIA continues to apply the existing EU Taxonomy methodology and the 2024 reporting templates for 2025. This approach is taken in light of the legal uncertainty created by the extended scrutiny period. The Taxonomy KPIs for asset managers require calculation of the proportion of investments made in Taxonomy-aligned economic activities in the value of their total AUM, which covers both collective and individual portfolio management, excluding exposures to central governments, central banks and supranational issuers (denominator). Asset managers need to identify investments aimed at financing taxonomy-aligned economic activities. Taxonomy-alignment is expressed as the weighted average of the value of investments in Taxonomy-aligned economic activities, where the weighting is based on both the proportion of revenues and CapEx of investees, related to such activities.

In the composition of the numerator PATRIZIA has implemented exclusions in accordance with Article 7 of the Disclosure Delegated Act. These exclusions pertain to exposures in undertakings that do not fall under Articles 19a and 29a of the Accounting Directive. Specifically, these exclusions apply to non-CSRD entities within the infrastructure, real estate, and venture capital portfolios.

The turnover-based KPI indicates the proportion of investments in environmentally sustainable activities, determined as the weighted average value of investments, based on the proportion of taxonomy-aligned economic activities of investee companies. For investments in non-financial undertakings, the numerator is calculated as the proportion of revenues derived from Taxonomy-aligned activities, as reported by the investee. For investments in real estate, the numerator is calculated as the rental income generated from Taxonomy-aligned properties. The turnover-based KPI provides the best indication of the proportion of AUM that is already Taxonomy-aligned.

The CapEx-based KPI indicates the weighted average value of investments, based on the proportion of capital expenditure for real estate assets or investee companies that is effectively assisting Taxonomy-aligned activities. This may include a CapEx plan to expand Taxonomy-alignment, produce Taxonomy-aligned output, or that relates to the reduction of greenhouse gas emissions. The CapEx-based KPI provides an indication of efforts to increase Taxonomy-alignment. However, CapEx may only be recognised as Taxonomy-aligned where the methodology used meets certain conditions. CapEx may be recognised as Taxonomy-aligned where the expansion of Taxonomy-aligned activities becomes operational in the same financial period when all related CapEx is incurred. Otherwise, it must be part of a CapEx plan that specifically addresses all Technical Screening Criteria for rendering an investment activity as Taxonomy-aligned within a period of five years.

Qualitative Disclosures

Contextual information in support of the quantitative indicators, on the scope of assets, data sources and limitations

PATRIZIA's AUM primarily comprise investments in real estate and infrastructure. The scope of assets that are included in the quantitative indicators as Taxonomy-eligible fall within the sectors of construction and real estate, namely acquisition and ownership of buildings (economic activity 7.7 pursuant to Delegated Regulation (EU) 2021/2139), and various infrastructure sectors, including energy, transport, and information and communication. Acquisition and ownership of buildings, constitute the majority of PATRIZIA's AUM and are Taxonomy-eligible. At present, only those real estate assets domiciled in the EU and UK can be reliably assessed as Taxonomy-aligned due to the references within the Technical Screening Criteria to various EU regulations. In the breakdown of the KPIs, investments in real estate are categorised as exposures to other counterparties and assets. The assessment of Taxonomy-alignment requires determining compliance with numerous activity-specific and nuanced Technical Screening Criteria as well as Minimum Safeguards.

PATRIZIA's AUM include EUR 36.2m of exposures to shares in companies that have some portion of involvement in the nuclear and/or fossil gas related activities set out in Template 1 of Annex III of Delegated Regulation 2022/1214 (0.1% of total AUM).

The scope of assets included in the KPI that are assessed as Taxonomy-non-eligible primarily comprise cash and cash equivalent assets. The scope of PATRIZIA's infrastructure investments that are included as Taxonomy-eligible is limited to a minor subset of AUM that are included in the Green Investment Ratio (GIR) calculation, this comprises of listed infrastructure.

All criteria must be fulfilled and sufficiently evidenced for investment activities to be considered Taxonomy-aligned. For real estate investments, where the necessary information and substantiating evidence is not reported and may not be available (despite best efforts) on proprietary systems in the level of detail required, the respective assets are reported as Taxonomy-non-aligned.

Concerning listed infrastructure investments, limitations exist in the presentation of taxonomy data due to reporting-cycle timing. Where information for the current year is not yet available, data from the previous year may be used to determine taxonomy eligibility and taxonomy alignment

The nature, objectives & evolution of Taxonomy-Aligned economic activities

PATRIZIA's AUM are typically in economic activities that play a role in the transition to a low carbon economy, including but not limited to the built environment, transportation, and energy related infrastructure, such as renewable energy. Correspondingly, a significant proportion of PATRIZIA's AUM are designated by the Taxonomy Regulation as eligible to substantially contribute to the EU environmental objective of climate change mitigation.

PATRIZIA SE 2025 | Management Report

The proportion of PATRIZIA's AUM that are reported as Taxonomy-aligned, within the parameters of the disclosure rules, are namely real estate assets that substantially contribute to the environmental objective of climate change mitigation. Those assets are determined to have an Energy Performance Certificate (EPC) rating of at least "A" and the physical climate risks material to the activity must be determined by means of a robust climate risk and vulnerability assessment in accordance with the requirements of Appendix A in Annex I of the Climate Delegated Act (EU 2021/2139) as per the relevant DNSH criteria. In addition, the OECD guidelines, and the UN Guiding Principles on Business and Human Rights, including the principles and rights set out in the eight fundamental conventions identified in the Declaration of the International Labour Organisation on Fundamental Principles and Rights at Work and the International Bill of Human Rights in connection with the acquisition or ownership of the building must be fulfilled in accordance with Article 18 of the Taxonomy Regulation.

While the investment strategy of such investments did not explicitly include a commitment to aligning with the criteria of the Taxonomy Regulation, alignment is a product of the synergies with PATRIZIA's approach to ESG integration, including the management of climate related risk and opportunities to protect and enhance the value of assets.

The process for assessing alignment across acquisition and ownership of buildings and infrastructure assets has remained consistent, ensuring continuity in PATRIZIA's evaluation methodology. PATRIZIA continues to utilise the BVI methodology for EPC conversion (where applicable by asset type and geography), as this is considered aligned with market practice for harmonising ratings where EPCs in that geography do not apply a letter-based scale (A-G). Taxonomy alignment has increased compared to the 2024 reporting period, primarily due to a small increase in real estate assets achieving alignment. Additionally, further adjustments to alignment are attributable to changes in assets under management and the acquisition and disposal of assets. The KPI for asset managers is the Green Investment Ratio (GIR), which represents the weighted average value of investments associated with taxonomy-aligned economic activities relative to total assets covered by the KPI and is composed of a turnover-based share and a CapEx-based share. The turnover-based GIR increased by $0.7%$ , while the capex-based GIR remained stable at $0.1%$ .

FY24 KPI Overview

Figures in %	Figures in EUR m
The weighted average value of all the investments that are directed at funding, or are associated with taxonomy-aligned economic activities relative to the value of total assets covered by the KPI, with following weights for investments in undertakings per below: Turnover-based: 2.6% CapEx-based: 0.1%	The weighted average value of all the investments that are directed at funding, or are associated with taxonomy-aligned economic activities, with following weights for investments in undertakings per below: Turnover-based: EUR 1,486m CapEx-based: EUR 42m

Compliance with the Taxonomy Regulation in PATRIZIA's business strategy, product design processes and engagement activities

PATRIZIA considers that its business strategy, including sustainability goals and responsible investment practices, supports contribution to the environmental objectives set out in the Taxonomy Regulation. For example, PATRIZIA's commitment to achieving net zero carbon by 2040 or sooner and the progression of the Net Zero Carbon Strategy supports increasing alignment with the EU objectives of climate change mitigation and adaptation. Additionally, engagement with investee companies to establish ESG related goals and strategies, undertaken by PATRIZIA's Sustainable Transformation team, may lead to increased Taxonomy-alignment of portfolio companies.

The Taxonomy Regulation offers a harmonised framework for considering the environmental sustainability of eligible investments, which is complimentary to PATRIZIA's approach to ESG integration. PATRIZIA considers numerous ESG factors in its investment decision making process for real estate and infrastructure investments, including but not limited to the assessment of physical climate risk, leveraging state-of-the-art climate projections. Since the Taxonomy Regulation came into force, PATRIZIA has adapted its due diligence processes for the selection of real estate and infrastructure investments to include aspects of the Technical Screening Criteria to enable an assessment of Taxonomy-alignment (subject to data availability). Furthermore, PATRIZIA continues to adapt its tools and systems for data collection to facilitate improvement in the analysis of ESG data pertaining to the Taxonomy Regulation.

PATRIZIA considers the objectives of the Taxonomy Regulation in the development of products. For example, the investment strategy and binding commitments of several real estate and infrastructure products include a commitment to a minimum proportion of Taxonomy-aligned investments. This is expected to result in increased capital allocation towards investments that substantially contribute to the environmental objectives of the EU.

PATRIZIA SE 2025 | Management Report

Key Figures

Standard template for the disclosure required under Article 8 of Regulation (EU) 2020/852 (asset managers)

Overview

Figures in %	Figures in EUR m
The weighted average value of all the investments that are directed at funding, or are associated with taxonomy-aligned economic activities relative to the value of total assets covered by the KPI, with following weights for investments in undertakings per below: Turnover-based: 3.3% CapEx-based: 0.1%	The weighted average value of all the investments that are directed at funding, or are associated with taxonomy-aligned economic activities, with following weights for investments in undertakings per below: Turnover-based: EUR 1,850m CapEx-based: EUR 59m
The percentage of assets covered by the KPI relative to the total investments (total AUM). Excluding investments in sovereign entities, Coverage ratio: 100%	The monetary value of assets covered by the KPI. Excluding investments in sovereign entities, Coverage: EUR 56,219m

Additional, complementary disclosures: breakdown of denominator of the KPI

Figures in %	Figures in EUR m
The percentage of derivatives relative to total assets covered by the KPI: 0%	The value in monetary amounts of derivatives: EUR 0m
The proportion of exposures to EU financial and non-financial undertakings not subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI: For non-financial undertakings 15.2% For financial undertakings: 1.2%	Value of exposures to EU financial and non-financial undertakings not subject to Articles 19a and 29a of Directive 2013/34/EU: For non-financial undertakings: EUR 8,527m For financial undertakings: EUR 654m
The proportion of exposures to financial and non-financial undertakings from non-EU countries not subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI: For non-financial undertakings: 11.5% For financial undertakings: 1.0%	Value of exposures to financial and non-financial undertakings from non-EU countries not subject to Articles 19a and 29a of Directive 2013/34/EU: For non-financial undertakings: EUR 6,485m For financial undertakings: EUR 546m
The proportion of exposures to financial and non-financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI: For non-financial undertakings: 0.2% For financial undertakings: 0.0%	Value of exposures to financial and non-financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU: For non-financial undertakings: EUR 89m For financial undertakings: EUR 0m
The proportion of exposures to other counterparties and assets over total assets covered by the KPI: 71.0%	Value of exposures to other counterparties and assets: EUR 39,918m
The value of all the investments that are funding economic activities that are not taxonomy-eligible relative to the value of total assets covered by the KPI: 40.3%	Value of all the investments that are funding economic activities that are not taxonomy-eligible: EUR 22,653m
The value of all the investments that are funding taxonomy-eligible economic activities, but not taxonomy-aligned relative to the value of total assets covered by the KPI: 56.4%	Value of all the investments that are funding Taxonomy-eligible economic activities, but not taxonomy-aligned: EUR 31,717m

Additional, complementary disclosures: breakdown of numerator of the KPI

Figures in %	Figures in EUR m
The proportion of Taxonomy-aligned exposures to financial and non-financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI: For non-financial undertakings: Turnover-based: 0.1% Capital expenditures-based: 0.1% For financial undertakings: Turnover-based: 0.0% Capital expenditures-based: 0.0%	Value of Taxonomy-aligned exposures to financial and non-financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU: For non-financial undertakings: Turnover-based: EUR 40m Capital expenditures-based: EUR 59m For financial undertakings: Turnover-based: EUR 0m Capital expenditures-based: EUR 0m
The proportion of Taxonomy-aligned exposures to other counterparties and assets in over total assets covered by the KPI: Turnover-based: 3.2% Capital expenditures-based: 0.0%	Value of Taxonomy-aligned exposures to other counterparties and assets: Turnover-based: EUR 1,810m Capital expenditures-based: EUR 0m

PATRIZIA SE 2025 | Management Report

Breakdown of the numerator of the KPI per environmental objective

Taxonomy Aligned Activities

| (1) Climate Change Mitigation | Turnover: 3.3% CapEx: 0.1% | Transitional Activities: Turnover: 0.0% Capex: 0.0%

Enabling Activities: Turnover: 0.0% Capex: 0.0% | | --- | --- | --- | | (2) Climate Change Adaptation | Turnover: 0.0% CapEx: 0.0% | Transitional Activities: Turnover: 0.0% Capex: 0.0%

Enabling Activities: Turnover: 0.0% Capex: 0.0% | | (3) The sustainable use and protection of water and marine used | Turnover: 0.0% CapEx: 0.0% | Transitional Activities: Turnover: 0.0% Capex: 0.0%

Enabling Activities: Turnover: 0.0% Capex: 0.0% | | (4) The transition to a circular economy | Turnover: 0.0% CapEx: 0.0% | Transitional Activities: Turnover: 0.0% Capex: 0.0%

Enabling Activities: Turnover: 0.0% Capex: 0.0% | | (5) Pollution prevention and control | Turnover: 0.0% CapEx: 0.0% | Transitional Activities: Turnover: 0.0% Capex: 0.0%

Enabling Activities: Turnover: 0.0% Capex: 0.0% | | (6) The protection and restoration of biodiversity and ecosystems | Turnover: 0.0% CapEx: 0.0% | Transitional Activities: Turnover: 0.0% Capex: 0.0%

Enabling Activities: Turnover: 0.0% Capex: 0.0% |

PATRIZIA SE 2025 | Management Report

Standard template for the disclosure of nuclear and fossil gas related activities

Template 1 - Nuclear and fossil gas related activities (Turnover-based and CapEx-based KPIs)

Row	Nuclear energy related activities
1.	The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.
2.	The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies.
3.	The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.
Fossil gas related activities
4.	The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels.
5.	The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels.
6.	The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.

Template 2 - Taxonomy-aligned economic activities (denominator), Turnover-based KPI

Row	Economic Activities	Amount and proportion
		CCM + CCA		Climate Change Mitigation (CCM)		Climate Change Adaptation (CCA)
		Amount	%	Amount	%	Amount	%
1	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	0%	-	0%	-	0%
2	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	0%	-	0%	-	0%
3	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	0%	-	0%	-	0%
4	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	0.5	0%	0.5	0%	-	0%
5	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	0.1	0%	0.1	0%	-	0%
6	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	0.0	0%	0.0	0%	-	0%
7	Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI	1,457.0	3%	1,457.0	3%	-	0%
8	Total applicable KPI	56,219.1	100%	56,219.1	100%	-	0%

PATRIZIA SE 2025 | Management Report

Template 3 - Taxonomy-aligned economic activities (numerator), Turnover-based KPI

Row	Economic Activities	Amount and proportion
		CCM + CCA		Climate Change Mitigation (CCM)		Climate Change Adaptation (CCA)
		Amount	%	Amount	%	Amount	%
1	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI	-	0%	-	0%	-	0%
2	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI	-	0%	-	0%	-	0%
3	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI	-	0%	-	0%	-	0%
4	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI	-	0%	-	0%	-	0%
5	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI	-	0%	-	0%	-	0%
6	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI	-	0%	-	0%	-	0%
7	Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI	1,457.7	3%	1,457.7	3%	-	0%
8	Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI	1,457.7	3%	1,457.7	3%	-	0%

PATRIZIA SE 2025 | Management Report

Template 4 - Taxonomy-eligible but not taxonomy-aligned economic activities, Turnover-based KPI

Row	Economic Activities	Amount and proportion
		CCM + CCA		Climate Change Mitigation (CCM)		Climate Change Adaptation (CCA)
		Amount	%	Amount	%	Amount	%
1	Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	0%	-	0%	-	0%
2	Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	0%	-	0%	-	0%
3	Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	0%	-	0%	-	0%
4	Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	0.8	0%	0.8	0%	-	0%
5	Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	0.1	0%	0.1	0%	-	0%
6	Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	0.0	0%	0.0	0%	-	0%
7	Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI	31,716.0	56%	31,716.0	56%	-	0%
8	Total amount and proportion of taxonomy eligible but not taxonomy-aligned economic activities in the denominator of the applicable KPI	31,716.9	56%	31,716.9	56%	-	0%

PATRIZIA SE 2025 | Management Report

Template 5 - Taxonomy non-eligible economic activities, Turnover-based KPI

Row	Economic Activities	Amount	%
1	Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	0%
2	Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	0%
3	Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	0.2	0%
4	Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	0%
5	Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	0%
6	Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	0%
7	Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI	3,092.6	6%
8	Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI	3,092.8	6%

PATRIZIA SE 2025 | Management Report

Template 2 - Taxonomy-aligned economic activities (denominator), CapEx-based KPI

Row	Economic Activities	Amount and proportion
		CCM + CCA		Climate Change Mitigation (CCM)		Climate Change Adaptation (CCA)
		Amount	%	Amount	%	Amount	%
1	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	0%	-	0%	-	0%
2	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	0%	-	0%	-	0%
3	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	0%	-	0%	-	0%
4	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	0.6	0%	0.6	0%	-	0%
5	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	0.1	0%	0.1	0%	-	0%
6	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	0.0	0%	0.0	0%	-	0%
7	Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI	58.8	0%	58.0	0%	0.9	0%
8	Total applicable KPI	56,219.1	100%	56,218.2	100%	0.9	0%

PATRIZIA SE 2025 | Management Report

Template 3 - Taxonomy-aligned economic activities (numerator), CapEx-based KPI

Row	Economic Activities	Amount and proportion
		CCM + CCA		Climate Change Mitigation (CCM)		Climate Change Adaptation (CCA)
		Amount	%	Amount	%	Amount	%
1	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI	-	0%	-	0%	-	0%
2	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI	-	0%	-	0%	-	0%
3	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI	-	0%	-	0%	-	0%
4	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI	-	0%	-	0%	-	0%
5	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI	-	0%	-	0%	-	0%
6	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI	-	0%	-	0%	-	0%
7	Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI	59.6	0%	58.7	0%	0.9	0%
8	Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI	56,219.1	100%	56,218.2	100%	0.9	0%

PATRIZIA SE 2025 | Management Report

Template 4 - Taxonomy-eligible but not taxonomy-aligned economic activities, CapEx-based KPI

Row	Economic Activities	Amount and proportion
		CCM + CCA		Climate Change Mitigation (CCM)		Climate Change Adaptation (CCA)
		Amount	%	Amount	%	Amount	%
1	Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	0%	-	0%	-	0%
2	Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	0%	-	0%	-	0%
3	Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	0%	-	0%	-	0%
4	Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	0.6	0%	0.6	0%	-	0%
5	Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	0.1	0%	0.1	0%	-	0%
6	Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	0.0	0%	0.0	0%	-	0%
7	Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI	33,528.8	60%	33,528.8	60%	-	0%
8	Total amount and proportion of taxonomy eligible but not taxonomy-aligned economic activities in the denominator of the applicable KPI	33,529.5	60%	33,529.5	60%	-	0%

PATRIZIA SE 2025 | Management Report

Template 5 - Taxonomy non-eligible economic activities, CapEx-based KPI

Row	Economic Activities	Amount	%
1	Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	0%
2	Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	0%
3	Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	0.1	0%
4	Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	0%
5	Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	0%
6	Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	0%
7	Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI	2,914.8	5%
8	Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI	2,914.8	5%

PATRIZIA SE 2025 | Management Report

Climate Change (ESRS E1)

Transition plan for climate change mitigation (E1-1)

PATRIZIA has committed to achieving net zero carbon emissions across its corporate operations and its directly held, discretionary AUM, using a 2019 industry-wide baseline that adjusts with portfolio composition. The 2040 target reflects a proactive approach to transition risk, staying ahead of evolving regulation and market expectations. This ambition aligns with global efforts to limit warming to 1.5°C.

To support this commitment, PATRIZIA has established interim emissions reduction targets informed by recognised scientific guidance, including a 50% reduction in Scope 1, Scope 2 and the most material Scope 3 emissions from the 2019 baseline by 2030. Scope 1 emissions are direct GHG emissions from sources that PATRIZIA owns or controls. Scope 2 emissions are indirect GHG emissions from the consumption of purchased electricity, heat, steam or cooling. Scope 3 emissions include other indirect emissions across PATRIZIA's value chain and are disclosed for the categories assessed as relevant and material to the business.

PATRIZIA is committed to ensuring that its AUM remain resilient and competitive, as climate-related performance expectations continue to influence market behaviour and financial decisions. This helps to mitigate transition risks and support long-term value preservation.

The transition plan is integrated into PATRIZIA's short- and mid-term business and financial planning, with climate-related considerations incorporated through established processes such as annual planning, investment analysis, asset-level business plans and post-investment monitoring. These considerations are assessed and reflected when they become financially or operationally relevant – for example through regulatory developments, changes in data availability, market signals or technical advancements. This ensures that transition-related risks, opportunities and resource needs remain aligned with PATRIZIA's broader strategy and support long-term resilience and competitiveness.

PATRIZIA's growth strategy is shaped by structural market trends – including digitalisation, urbanisation, the energy transition and evolving living needs – and the Group continues to expand selectively into sectors that enable or benefit from the energy transition, such as renewable energy infrastructure. Sustainability-related performance objectives are incorporated into the Group's remuneration framework from 1 January 2025 through both the Short-Term and Long-Term Incentive systems (see GOV-3).

Governance of the transition plan is overseen by the Group Executive Committee, which ensures strategic alignment, and by the Investment Committee, which considers transition-related analysis in investment proposals. The sustainability team provides the underlying assessments and guidance that support consistent integration of climate-related considerations across the business.

Decarbonisation targets & progress

To operationalise its transition plan, PATRIZIA maintains a set of mid-term decarbonisation targets that guide climate mitigation efforts across its real estate AUM and corporate operations. Continued progress is ensured through investment in data foundations and systems infrastructure, the dedicated resourcing of workstreams that drive implementation across the portfolio under management, and the strengthening of governance, processes, and capabilities across the organisation. The interim decarbonisation targets are not required under ESRS, but rather are reflective of entity specific targets to ensure progress towards broader corporate goals.

Achieving net zero carbon by 2040 is inherently challenging and depends on the continuing advancement of industry approaches and wider systems development, including low carbon infrastructure and technologies. PATRIZIA remains committed to its trajectory and has made credible progress within the areas it can directly influence, while being transparent about the areas where further work is required and contributing to the development of sector-wide solutions. PATRIZIA will continue to refine its transition planning accordingly to ensure it remains both ambitious, impactful and deliverable.

As several of the interim decarbonisation targets were maturing at the end of FY 2025, a scheduled review of the ESG framework and targets was undertaken by the Group's ESG Council to assess their continued suitability, considering market practice, peer benchmarks and PATRIZIA's operating context. The review affirmed that the underlying focus areas of the transition plan remain appropriate, and therefore several interim targets will be carried forward with refined framing that reflects learnings from implementation over recent years.

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The targets surrounding 'Energy and Carbon Intensity', 'Data Coverage', 'Decarbonisation of Heat', 'Renewable Energy Procurement' and 'Development Emissions' have been retained with updated formulations. The 'Asset Level Implementation' target surrounding asset-level transition planning has been reframed on a risk-materiality basis to reflect varying levels of climate-related risk across the portfolio and the practical need to prioritise action where it is most material to performance. The 'Corporate Emissions' target has also been adjusted, with the target moved from 2030 to 2040 which aligns it with PATRIZIA's overarching net zero ambition and provides a coherent long-term trajectory grounded in realistic decarbonisation levers. The revision reflects a maturing understanding of Scope 3 data availability and the degree of operational control PATRIZIA has over its emissions sources (e.g., supply chain), alongside the need to prioritise credible emissions reductions over reliance on market-based mechanisms such as offsets. Benchmarking against peer practices confirms that the revised target remains competitive and ambitious, while fully consistent with PATRIZIA's broader climate objectives and transition planning.

The changes were approved by the Group Executive Committee and the Board of Directors and are reflected in the targets set out below, which apply to PATRIZIA's direct discretionary AUM unless stated otherwise. All KPI percentages below relate to the period of FY24.

Interim Decarbonisation Goals

Category	Strategy Goal and Timeframe	Progress 2025
Energy and Carbon Intensity	Reduce energy intensity3 by 30% and carbon intensity by 50% by 2030 across our direct, discretionary real estate AUM, from an industry-wide baseline of 2019.	- 35% reduction in energy intensity for direct, discretionary real estate (28% coverage) based on FY24 data
		- 47% reduction in carbon intensity for direct, discretionary real estate (28% coverage) based on FY24 data
		- Progress across our infrastructure equity portfolio is tracked through Weighted Average Carbon Intensity, however, data is not available to be reported as of the time of the report
Data Coverage	Deliver comprehensive (over 90%) coverage of energy4 data annually for direct, discretionary real estate AUM.	- For the direct, discretionary real estate portfolio, 77% assets hold landlord electricity data and 55% assets hold landlord heating data
		- Continued progress driven by the onboarding of the ESG data platform and implementation of country-level data automation strategies, including technology pilots.
Renewable Energy Procurement	Use renewable electricity each year for all supplies for direct, discretionary real estate AUM.	- Overall, ca. 82% of discretionary real estate assets hold renewable energy for landlord contracts, considered during each contract renewal.
		- Robust renewable energy contract in place for the majority of landlord electricity supplies.
Asset Level Implementation	Develop climate transition plans for all real estate AUM, on a risk-materiality basis, by 2027.	- Carbon Risk Real Estate Monitor (CRREM) analysis undertaken for all in-scope assets to assess decarbonisation pathway alignment.
Decarbonisation of Heat	Remove onsite fossil fuel heat sources where feasible by 2030 for all direct, discretionary real estate AUM.	- 61% of discretionary real estate assets analysed (ca. 98% coverage) use heat sources that are not onsite fossil fuel based
Development Emissions	Ensure that by 2030, all new direct, discretionary real estate developments are net zero carbon.	- All discretionary real estate development projects underway incorporate assessment of development emissions and consider PATRIZIA's operational and embodied carbon standards.
Corporate Emissions	Achieve net zero carbon status for the Company's corporate operations5 by 2040.	- Progress has centred on enhancing ESG data collection and further embedding the corporate travel policy, with sustainability considerations informing ongoing corporate office lease negotiations.
		- No baseline year has been set yet for the target due to low historic data availability

Locked-in emissions and transition risk

Locked-in emissions, primarily embodied carbon from construction materials and processes, form a significant share of whole-life emissions and cannot be materially reduced once an asset is built. Across both real estate and infrastructure, locked-in emissions arise from new construction, renovation and retrofit activities, as well as maintenance and end-of-life works. As operational emissions decline through energy efficiency measures and renewable energy procurement, embodied carbon becomes increasingly relevant to meeting emission reduction targets. Higher levels of locked-in emissions may also increase exposure to transition risks, including more stringent regulation, higher material and construction costs and potential valuation impacts where assets fall short of evolving sustainability expectations. For real estate development activities, PATRIZIA's Real Estate Development team uses an embodied carbon matrix with country and sector-specific targets to monitor and benchmark performance of development and refurbishment activities.

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Significant operational expenditure (OpEx) and capital expenditure (CapEx) required to implement the action plan

Delivery of PATRIZIA's transition plan requires both operational and capital expenditure across corporate functions and investment activities. The following outlines how these resources are deployed:

Corporate - PATRIZIA's commitment to funding the OpEx and CapEx required to deliver its climate objectives is reflected in the resourcing of its sustainability function and continued investment in supporting systems, in response to evolving data, risk management and reporting needs. This includes dedicated sustainability personnel and ongoing OpEx for tools that enable the assessment and monitoring of climate-related risks, such as Munich Re's physical risk model, Deepki for ESG data management in real estate, and Reporting21 for facilitating ESG data collection from portfolio companies.

Real estate AUM - CapEx for decarbonisation measures is allocated on a case-by-case basis through individual asset business plans, underwritten at acquisition and refined through technical assessment. Investments may include full refurbishments or targeted upgrades such as energy-efficient equipment, onsite renewable energy installations, building fabric improvements and the electrification of heating systems, depending on the level of intervention required. CapEx decisions follow established investment governance processes to ensure financial feasibility and alignment with client mandates and transition objectives.

Infrastructure AUM - CapEx for decarbonisation within infrastructure assets is likewise determined on an asset-by-asset basis. Where required, PATRIZIA engages with investee companies to develop decarbonisation plans, supported by appropriate technical assessments, which are submitted to their Board of Directors for approval. Specific measures vary according to asset type, operational characteristics and feasibility within business plans, ensuring alignment with sector-specific climate transition considerations.

Material impacts, risks and opportunities and their interaction with strategy and business model (SBM-3)

Climate Change Impact, Risks and Opportunities

Climate Change Adaptation – Transition to a low carbon economy
Positive Impact	- Contribution to system-level decarbonisation through investment in energy-transition infrastructure, including renewable energy generation and supporting technologies.
Risk	- Increased operating and capital costs to comply with tightening climate and energy-efficiency legislation, as well as technical challenges associated with implementing low-carbon technologies. - Potential fines, delayed permitting or non-compliance risks, and increased resource needs (internal or external expertise).
Opportunity	- Lower energy consumption and reduced operating costs to increase tenant demand, supporting higher net operating income and investment performance. - Potential for valuation uplift as efficient, climate-aligned assets attract stronger demand and lower risk premia. - Enhanced access to capital as investors increasingly favour assets and managers with credible decarbonisation pathways and exposure to energy-transition opportunities. - Reduced emissions and improved environmental performance through the use of low-carbon materials, innovative heating and cooling technologies, and nature-based design solutions.
Climate Change Adaptation – Physical climate risk
Positive Impact	- Enhanced asset resilience through forward-looking physical risk assessments and proactive management of identified risks. - Reduced vulnerability to extreme weather and overheating through biodiversity measures, nature-based solutions and improved building fabric. - Support for local resilience and reduced demand on infrastructure through onsite renewables, water-saving measures and other resource-efficient design choices.
Negative Impact	- Construction, refurbishment and operational activities can contribute to increased pressure on ecosystems and local infrastructure, which may exacerbate environmental stresses such as water scarcity, flooding risk and heat/cold vulnerability.
Risk	- Higher operating and repair costs arising from more frequent and severe chronic climate conditions (e.g., heat stress, drought, water scarcity, sea-level rise) - Potential loss of revenue or asset value where locations become less attractive or less viable due to climate impacts. Increased cost and technical complexity associated with improving energy performance and reducing consumption. - Growing regulatory and market expectations for low-carbon mobility and resilient building features (e.g., EV charging, access to public transport).
Opportunity	- Growing availability of capital directed toward sustainable and resilient real assets and energy-transition infrastructure. - Improved climate-resilience can lower exposure to physical risks, creating an opportunity to secure more favourable insurance terms and stabilise long-term insurability costs.
Climate Change Mitigation
Positive Impact	- Reduced energy consumption and associated emissions through efficiency upgrades and building optimisation.
Risk	- Increased pressure to lower energy consumption and intensity resulting in costs of improvements and technological challenges.
Opportunity	- Increasing demand for low-carbon mobility and energy solutions (e.g., EV charging, access to clean energy), supporting higher occupier appeal and competitiveness. - Lower operating costs and improved asset performance driven by energy-efficiency upgrades. - Reduced emissions and enhanced resilience through greater use of renewable and low-carbon energy sources.

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Processes to identify and assess material climate-related impacts, risks and opportunities and Climate-related risks and opportunities (E1 IRO-1)

PATRIZIA identifies and assesses climate-related IROs across its real estate and infrastructure portfolios through established processes embedded in due diligence, ongoing asset monitoring and portfolio-level risk management. Climate-related risks are assessed across short-, medium- and long-term time horizons (aligned with financial planning: 1 year, 1-5 years and >5 years).

PATRIZIA considers two categories of climate risk:

Physical risks, arising from acute and chronic climate hazards that may affect asset performance, valuation and operating costs.
Transition risks, arising from regulatory tightening, market expectations, technological change and reputational drivers associated with the shift to a low-carbon economy.

Climate related physical risks (acute and chronic)

Risk type	Description	Impact	Time horizon
			Short term	Medium term	Long term
Extreme events and long-term changes in weather pattern	- Fluvial and/or coastal flooding – as temperatures are rising, heavy rainfalls are becoming more frequent, which in turn results in more extreme flooding.	- Reduced asset value and liquidity in high-risk locations due to higher stranding risk, destroyed raw materials or interruptions in operations and loss of revenue at unpredictable times. Reduced revenue due to higher costs for damage repairs of assets affected by physical damages, the cost of adaptation measures to withstand future physical climate affects and higher insurance costs to assets.		x	x
	- Strong winds and/or tropical cyclones – evaporation intensifies as temperatures rise, and so does the transfer of heat from the oceans to the air. As the storms travel across warm oceans, they pull in more water vapor and heat. This implies stronger wind, heavier rainfall, and more flooding when the storms hit land.			x	x
	- Extreme heat and wildfires – as temperatures rise and extreme heat waves are occurring more often, the risk of wildfires increases.			x	x

Physical Climate Risks

Physical climate risks are evaluated using forward looking scenario analysis across both real estate and infrastructure AUM. Physical climate risks are assessed using the Munich Re Location Risk Intelligence model, which evaluates asset-level exposure to key hazards relevant to PATRIZIA's portfolios, including flooding, storms, extreme heat and extreme cold. Assessments are conducted under multiple Representative Concentration Pathway ("RCP") warming scenarios (RCP 4.5 and RCP 8.5) and time horizons (2030 and 2050) to capture potential medium- and long-term impacts. RCP 4.5 represents a moderate emissions trajectory, while RCP 8.5 is treated as a stress case with continued emissions growth.

Physical risk assessments have been undertaken for EUR 35.8bn of AUM.

Physical Risk: Percentage of real estate AUM analysed exposed to high or very high risk (RCP 4.5, RCP 8.5 in 2030, 2050)

Real Estate AUM	River Flooding	Storm Surge	Heat Stress	Cold Stress
RCP 4.5 (2030)	5.4%	0.5%	3.2%	35.3%
RCP 4.5 (2050)	5.4%	0.6%	4.2%	25.1%
RCP 8.5 (2030)	5.5%	0.5%	3.4%	35.7%
RCP 8.5 (2050)	5.7%	0.6%	4.9%	15.4%

Physical Risk: Percentage of infrastructure AUM analysed exposed to high or very high risk (RCP 4.5, RCP 8.5 in 2030, 2050)

Infrastructure AUM	River Flooding	Storm Surge	Heat Stress	Cold Stress
RCP 4.5 (2030)	6.0%	1.3%	33.7%	3.9%
RCP 4.5 (2050)	5.7%	1.3%	42.9%	3.8%
RCP 8.5 (2030)	6.2%	1.3%	34.9%	3.9%
RCP 8.5 (2050)	7.2%	1.4%	49.6%	3.4%

PATRIZIA recognises that climate risk assessments and underlying models carry inherent uncertainties, including data gaps, forecast variability, and scenario limitations (e.g. unprecedented events). The Group will continue to monitor all asset locations using appropriate climate risk models, aiming to increase the sophistication of its scenario analysis over time. PATRIZIA does not use climate-related assumptions in the financial statement.

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Transition Risks

Climate related transition risks

Risk type	Description	Impact	Time horizon
			Short term	Medium term	Long term
Market	- Declining attractiveness of submarkets due to increased vulnerability and exposure to higher costs; (e.g., exposure to energy inefficient real estate assets, or exposure to assets involved in the extraction, storage, transport, or manufacture of fossil fuels).	- Asset re-pricing to reflect material climate risks due to increasing of stranding risk.	x	x	x
Policy and legal	- Proliferation of legislation focused on climate change, e.g., disclosure of climate risks, minimum energy efficiency standards, stricter development standards, carbon taxes, etc.	- Higher operating and compliance costs, and potential reduction in demand or investment viability where assets cannot meet tightening regulatory requirements.	x	x	x
Reputation	- Growing stakeholder expectations that climate risks are fully integrated into investment decisions, alongside increasing scrutiny of how companies contribute to the low-carbon transition.	- Potential adverse effects on investor confidence and stakeholder relationships if assets or strategies are perceived as insufficiently aligned with credible decarbonisation pathways.	x	x	x
Technology	- Acceleration of energy-saving, low-carbon and fossil-free technologies, alongside the phasing out of older, redundant, less efficient systems.	- Higher costs and operational challenges associated with upgrading or replacing existing technologies to meet evolving policy requirements and maintain asset competitiveness.	x	x	x

Transition risks are becoming more visible as climate-related regulation tightens, stakeholder expectations increase, and technology evolves rapidly. Measures such as minimum energy-efficiency standards – already in force in markets including the UK and the Netherlands and further strengthened under the EU's revised Energy Performance of Buildings Directive (EPBD) – are expected to accelerate the renovation of inefficient buildings. These developments may require significant capital expenditure to maintain compliance and protect asset value. Given the differences between real estate and infrastructure asset classes, PATRIZIA assesses transition risks using tailored methodologies:

Transition Risks - Real Estate investments - PATRIZIA undertakes regular Carbon Risk Real Estate Monitor (CRREM) analyses across all direct real estate investments to assess the short-, medium-, and long-term vulnerability of assets to transition risk. CRREM benchmarks each asset's energy and carbon intensity against country- and sector-specific pathways aligned with the Paris Agreement's $1.5^{\circ}\mathrm{C}$ target. The analysis identifies potential misalignment based on projected energy and carbon intensity, supporting prioritisation of assets requiring deeper investigation or intervention. CRREM assessments incorporate asset-specific factors such as energy sources, usage type and tenant profiles, drawing on data from Energy Performance Certificates (EPCs), technical assessments, consumption records and supplier documentation. Where building-specific data is unavailable, estimates rely on proxies. While energy and emissions data quality remains an industry-wide challenge, availability continues to improve through the Group's ESG data strategy.

Transition Risks - Infrastructure investments - PATRIZIA assesses transition risks of each infrastructure asset using the TCFD recommendations as a framework and reflects these in an internal Climate Change Risk report produced for each fund and strategy, including portfolio company mitigation and adaptation strategies where risks have been identified. The greenhouse gas emission footprint of each equity investment is collected annually, with decarbonisation planning ongoing through engagement with investee companies, in line with PATRIZIA's commitment to reduce greenhouse gas emissions intensity under the Net Zero Asset Managers Initiative (NZAM).

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Climate related opportunities

Opportunity type	Description	Impact	Time horizon
			Short term	Medium term	Long term
Resource efficiency	- Adoption of more efficient technologies and materials, reduced water and resource use, and increased recycling and circular-economy practices across assets.	- Reduced operational costs through efficiency gains for both landlords and occupiers, contributing to investment performance.		x	x
Markets	- Growing market demand for low-carbon real assets and the expansion into new geographies or sectors aligned with the energy transition, supported by green finance instruments.	- Increasing allocation of preferential capital towards efficient, low carbon buildings and infrastructure.	x	x	x
Energy sources	- The opportunity for lower emissions sources of energy; the use of new technologies and support of policy incentives and evolution of new technology.	- Thematic investment and value creation opportunities through alternative energy sources and asset repositioning.	x	x	x
Products and services	- Growing investor demand for climate-aligned investment products, including strategies focused on sustainable real estate, energy-transition infrastructure, and assets with strong climate-risk mitigation and adaptation profiles.	- Opportunity to expand or diversify fund offerings, attract new capital commitments, and differentiate through credible decarbonisation strategies and solution-oriented investment products.	x	x	x

Adaptation and Adjustments – The Group continues to adapt its strategies and portfolio management approach to reflect the climate-related risks and opportunities identified through its assessments. The focus of activity evolves across time horizons, aligned with PATRIZIA's financial planning cycles.

Short term (1 year): Focus on resilience measures within the standing portfolio by integration of physical and transition risk findings into asset-level business plans, hold/sell analyses and operational priorities; identification of near-term interventions targeting and/or aiming to protect value and ensure compliance.
Medium term (1-5 years): Validate sustainability outcomes and shift toward value creation through accretive brown-to-green repositioning strategies; proactive identification of assets suitable for decarbonisation-led upgrades, refurbishments or selective redevelopment; development of new investment products and thematic strategies aligned with the energy transition and investor demand.
Long term (>5 years): Broader engagement across the value chain, including supply-chain collaboration and long-term decarbonisation enablers; continued alignment of portfolio strategy with emerging regulation, market expectations and technological progress; leveraging the organisation's track record in climate transition as a differentiator.

Policies related to climate change mitigation and adaptation (E1-2)

To address the material IROs associated with climate change, PATRIZIA has implemented a Net Zero Carbon (NZC) Strategy, first established in 2022. The strategy represented an initial step in structuring PATRIZIA's approach to climate change mitigation and adaptation across its corporate operations and directly held discretionary AUM.

The NZC Strategy sets out PATRIZIA's long-term net zero ambition and associated interim decarbonisation pathway targets, underpinned by defined emissions baselines. Together, these elements provide a structured framework to guide implementation, prioritise action and monitor progress over time, while allowing for refinement as data quality, market practice and regulatory expectations evolve. The strategy is supported by interim targets and implementation roadmaps, which are reviewed on a 3-5 year cycle to ensure continued relevance and alignment with PATRIZIA's operating context. As several interim targets reached their planned end points at the end of FY 2025, these were reviewed and updated through PATRIZIA's established governance processes. To reflect these changes, a comprehensive update of the NZC Strategy is planned for the year 2026, ensuring coherence between the overarching strategy and interim targets.

Delivery of the NZC Strategy is led by PATRIZIA's Investment Management Sustainability team and overseen by the ESG Council, which provides cross-functional governance and ensures alignment with broader business strategy, risk management and investment priorities. The principles and commitments of the NZC Strategy are embedded into PATRIZIA's investment and operational processes through the Group Responsible Investment Policy.

The NZC Strategy covers climate change mitigation and adaptation, energy efficiency and renewable energy deployment. It is informed by recognised best practice and aligned with the objectives of the Paris Agreement and relevant IPCC guidance.

The NZC Strategy is publicly available on PATRIZIA's website (accessible via the following link: https://www.patrizia.ag/en/sustainability) and is provided to investors upon request.

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Actions and resources in relation to climate change policies (E1-3)

Decarbonisation levers and key actions – mitigation and adaptation

PATRIZIA’s climate change mitigation and adaptation actions are embedded within its investment management processes and operational activities, supporting delivery of the Net Zero Carbon Strategy and the management of material climate-related risks and opportunities across real assets and corporate operations.

At the corporate level, emissions reductions are supported through dedicated sustainability resourcing embedded within investment management, continued investment in ESG data and risk management systems, and the embedding of Group-wide policies. This includes a Company-wide car policy supporting a transition toward more sustainable fleet options, alongside a corporate travel policy that prioritises lower-carbon transport options where feasible.

Across the investment lifecycle, climate considerations are integrated at key decision points. During sourcing and acquisitions, ESG due diligence is undertaken for all real estate investments to identify material climate-related risks and opportunities, including physical risk exposure, energy and carbon performance, and regulatory considerations, which are reflected in investment proposals and asset business plans. For infrastructure investments, carbon and climate-related metrics are assessed as part of the investment risk analysis and inform Investment Committee decision-making.

Within development and refurbishment activities, PATRIZIA applies country-specific operational and embodied carbon benchmarks and sustainability requirements to guide project design and execution. Across the standing real estate portfolio, targeted interventions continue to be implemented through brown-to-green repositioning strategies, including energy-efficiency upgrades, replacement of fossil-fuel heating systems, building fabric improvements, deployment of onsite renewable energy, EV charging infrastructure, and broader refurbishment or redevelopment projects where appropriate. Collaboration with occupiers and the use of sustainability certifications support the prioritisation and delivery of improvement measures. PATRIZIA also continues to invest in data foundations and technology-enabled solutions to support decision-making and capital planning. This includes ESG data platforms, building optimisation and data-acquisition pilots, and technology-driven retrofit modelling to assess alternative decarbonisation pathways, compare capital expenditure requirements, and inform asset-level business planning.

For infrastructure assets, sustainability is assessed at the acquisition of the assets and sustainability roadmaps are developed post-acquisition to address identified climate-related risks and opportunities, with implementation overseen through portfolio company governance structures. Climate-related performance is monitored on an ongoing basis, supporting asset-level and portfolio-level risk management and value creation.

Delivery of these actions is supported by dedicated sustainability professionals embedded within investment management, ongoing operational expenditure for ESG systems and tools, and capital expenditure allocated through established investment and asset management governance processes.

Achieved GHG emission reductions

Progress against PATRIZIA’s interim decarbonisation targets across real assets and corporate operations is presented in the Interim Decarbonisation Targets table above (please refer to E1-1). Quantitative disclosure of corporate Scope 1 and Scope 2 emissions, and year-on-year movements, is provided in E1-6.

Expected GHG emission reductions

PATRIZIA does not quantify expected future corporate GHG reductions at the reporting date, given dependencies on factors such as data availability and operational variables (including office energy and travel activity). The Group continues to strengthen data collection and monitoring to support more robust forward-looking assessment over time (see E1-6 and E1-9).

Targets related to climate change mitigation and adaptation (E1-4)

PATRIZIA has set four strategic sustainability goals, including a commitment to achieve net zero carbon emissions across its corporate operations and directly managed assets by 2040–well ahead of the Paris Agreement’s mid-century target. This is an absolute target covering Scope 1–3 emissions for PATRIZIA Group. Stakeholders were not involved in setting the target.

As part of this ambition, PATRIZIA has established a mid-term goal to reduce carbon intensity across its directly managed real estate portfolio (i.e., real estate assets under PATRIZIA’s operational management) by 50% by 2030. The target reflects Scope 1,2, and 3 location-based emissions (i.e. within the boundaries of the assets rather than PATRIZIA’s own operational emissions). The baseline year is 2019, with an unadjusted reference value of 26.6 kg CO₂/m²/a, derived from CRREM industry benchmarks. Because this baseline reflects market-wide data, PATRIZIA cannot provide actual 2019 figures for its own operations. Baselines are reviewed annually to reflect changes in asset composition.

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The target aligns with the Paris Agreement and IPCC guidance. It is based on scientific evidence but is not formally validated as a science-based target. Methodologies remain consistent with prior years, although baselines have been updated to reflect current AUM composition.

Performance - For the latest available reporting period (2024), based on actual consumption data for assets with full-year coverage, PATRIZIA achieved an estimated $43%$ reduction in carbon intensity versus the relative 2019 adjusted baseline (equivalent to $20.0\mathrm{kgCO_2 / m^2 / a}$ ). This assessment applies only to discretionary real estate assets where complete data was available; assets with partial or missing data were excluded to avoid distortion. Assets which are excluded from the actual data calculation are also excluded from baseline, to reflect actual performance improvements vs. differences in portfolio composition. Corporate operations are tracked separately under the 2040 net zero goal. Performance is calculated on a like-for-like basis, comparing each asset against its respective 2019 baseline, ensuring improvements reflect genuine efficiency gains rather than portfolio changes. This approach provides a transparent measure of progress toward the mid-term goal of a $50%$ reduction by 2030. While results indicate strong progress, they should be interpreted with caution given current data limitations.

Limitations - Reporting relies on consumption data provided by external sources such as property managers. While internal validation processes and external assurance for GRESB-participating funds help mitigate risk, gaps remain in completeness and accuracy. As a result, current data coverage is not comprehensive, and reported results may not fully capture progress toward portfolio-wide targets.

PATRIZIA has established mid-term pathway goals with varying timeframes (see E1-1). These goals are designed to maintain alignment with evolving market conditions and regulatory requirements, ensuring the strategy remains both ambitious and adaptable.

E1-5 Energy consumption and mix

The following table provides information on PATRIZIA's energy consumption. Information covers PATRIZIA's own office operations where the Company controls the energy supply (i.e. co-working spaces are excluded from such analysis), and does not include consumption data from the upstream or downstream value chain. The data is subject to use of estimations, predominantly based on utilizing prior year consumption performance where data from the reporting period is not available. Fossil fuel exposure only relates to fuel consumption from gas, with no consumption from coal, coal products, crude oil or other fossil fuel sources.

Corporate Energy Consumption Data & Mix 2025

	Fuel consumption for renewable sources	Purchased renewable energy	Self-generated non-fuel renewable energy	Consumption from fossil sources	Consumption from nuclear sources	Not defined/other non-renewable (District Heating/Non-Renewable Electricity)	Total	Coverage
Corporate energy consumption (kWh)	0	1,668,071	0	26,486	0	1,513,000	3,207,558	100% coverage Data is subject to estimations, please refer to E1-6
Corporate energy consumption (%)	0%	52%	0%	1%	0%	47%	100%	n.a

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Gross Scope 1, 2, 3 and Total GHG emissions (E1-6)

Current Scope 3 data coverage is incomplete and inconsistent. To avoid reporting inaccurate or potentially misleading information, PATRIZIA has chosen not to disclose preliminary estimates for FY 2025. This reflects our commitment to data integrity. PATRIZIA is actively strengthening data collection processes and collaborating with stakeholders to improve quality and coverage, working towards comprehensive disclosure in future reporting periods. Scope 3 emissions remain a significant component of PATRIZIA's overall carbon footprint and an important focus of its sustainability strategy.

The operational boundary is informed by best practice and covers the most material sources arising from both corporate operations and investment activities. There have been no significant events or changes in circumstances between the reporting dates and the date of the financial statements that would affect this boundary. Identification of relevant Scope 3 activities is based on estimated scale of emissions and follows the GHG Protocol Corporate Value Chain (Scope 3) Accounting and Reporting Standard (2011), ensuring alignment with recognized methodologies.

Scope 3 Emissions Categories and Boundaries

	Relevant categories for PATRIZIA	Reasoning for exclusion (if applicable)
Purchased goods and services	Yes	Included – however there are persistent methodological challenges in obtaining data
Capital Goods	No	Not relevant
Fuel and energy (not related to Scope 1&2)	No	Not relevant – any exposure to fuel and energy (not related to Scope 1 & 2) are captured under “Investments”
Upstream transportation and distribution	No	Not relevant
Waste generated in operations	No	Not material
Business Travel	Yes	Included
Employee Commuting	No	Not material
Upstream leased assets	No	Not relevant
Transportation and distribution of sold products	No	Not relevant
Processing of sold products	No	Not relevant
Use of sold products	No	Not relevant
End-of-life treatment of sold products	No	Not relevant
Downstream Leased Assets	No	Not relevant
Franchises	No	Not relevant
Investments	Yes	Include in scope and reflects the emissions of direct AUM. Not presented as part of FY25 reporting due to data availability

Corporate Footprint

Emissions have been calculated in accordance with the GHG Protocol. Figures for 2024 have been re-stated compared to the prior Annual Report to reflect improved data availability and accuracy.

GHG Emissions

	Retrospective
	Base Year	2024	2025	% Change
Gross Scope 1 GHG emissions (tCO2eq)	Not available	4.8	4.7	-2.1%
Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%)	Not available	0%	0%	0%
Gross Scope 2 Location-Based GHG emissions (tCO2eq)	Not available	653.1	621.0	-4.9%
Total Gross Indirect (Scope 3) GHG emissions (tCO2eq)	Not available	Not available	Not available	Not available
1. Purchased goods and services	Not available	Not available	Not available	Not available
6. Business Travelling	Not available	Not available	Not available	Not available
15. Investments	Not available	Not available	Not available	Not available
Total Location-Based GHG emissions (tCO2eq)	Not available	657.9	625.7	-4.9%

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Key Assumptions

Scope	PATRIZIA Covered Data	Coverage of Data	Estimations Used if Applicable	Limitations	Emissions Factor Source
Scope 1	Direct GHG emissions (natural gas consumption for corporate offices)	2025: Gas: 100% data coverage, utilising 70% actual data from reporting period	2025: Prior years reporting data utilised where actual consumption data from the period not available.	Data presented is subject to estimations which may not be representative of actual performance	IEA, CRREM, Country Specific databases (e.g. Australian National Greenhouse Accounts Factors)
		2024: Gas: 100% data coverage, utilising 70% actual data from reporting period	2024: Adjusted actual data from the reporting period utilised where incomplete reporting period coverage.
Scope 2	Indirect GHG Emissions (purchased electricity and heating for corporate offices)	2025: Electricity: 100% data coverage, utilising 14% actual data from reporting period	2025: Adjusted FY25 data and prior years reporting data utilised where full year actual consumption data from the period not available.	Data presented is subject to estimations which may not be representative of actual performance	CRREM, Country Specific databases (e.g. Australian National Greenhouse Accounts Factors)
		Heating: 100% data coverage, utilising 100% estimated data	2024: Prior years reporting data utilised where actual consumption data from the period not available.
		2024: Electricity: 100% data coverage, utilising 17% actual data from reporting period
Scope 3 (Purchased Goods & Services)	n/a – data not presented	0%	n/a – data not presented	Due to restrictions in data quality, PATRIZIA will not be presenting as part of the FY25 reporting	n/a – data not presented
Scope 3 (Business Travel)	n/a – data not presented	0%	n/a – data not presented	Due to restrictions in data quality, PATRIZIA will not be presenting as part of the FY25 reporting	n/a – data not presented
Scope 3 (Investments)	n/a – data not presented	0%	n/a – data not presented	Due to restrictions in data quality, and data rights of tenant data PATRIZIA will not be presenting as part of the FY25 reporting	n/a – data not presented

There are no biogenic $\mathrm{CO}_{2}$ emissions from the combustion or biodegradation of biomass within Scope 1. Additionally, there have been no significant changes to the definition of PATRIZIA's value chain during this reporting year.

GHG removals and GHG mitigation projects financed through carbon credits (E1-7)

PATRIZIA does not currently finance any GHG removal or mitigation projects through carbon credits. In the context of the Net Zero by 2040 target, the Group may consider using carbon credits in the future to offset residual emissions that cannot be eliminated through implementation measures.

Internal carbon pricing (E1-8)

PATRIZIA does not apply an internal carbon pricing mechanism at the corporate level. One fund within the Group has adopted an internal carbon pricing mechanism as part of its investment decision-making framework but this does not extend to Group-wide operations.

PATRIZIA SE 2025 | Management Report

Anticipated financial effects from material physical and transition risks and potential climate-related opportunities (E1-9)

Climate-related risks and opportunities are embedded in PATRIZIA's investment planning and portfolio risk management processes (see SBM-3 and E1-1/E1-3). However, isolating the financial impact attributable specifically to climate factors at Group level is not currently feasible. Outcomes such as asset valuations, mandate wins, and portfolio returns reflect multiple interdependent drivers—asset quality, location, market conditions, and product design—alongside sustainability considerations. Similarly, while climate commitments and transition-aligned products support client engagement and fundraising, PATRIZIA does not systematically track win/loss attribution in a way that would enable reliable quantification.

The dynamics outlined above influence management fees through AUM growth, performance fees through NAV and income trends, and capital formation through investor demand for climate-aligned strategies. They may also affect financing costs and insurance premiums. However, given the complexity of attribution and the absence of robust methodologies, PATRIZIA has opted to omit quantitative disclosure for this reporting period to avoid presenting incomplete or misleading information.

Own Workforce (ESRS S1)

Interests and views of stakeholders (ESRS 2 SBM-2)

PATRIZIA's (the "Company") DMA indicates that the own workforce (ESRS S1) is a material topic recognised by stakeholders with regards to working conditions, health and wellbeing and equal treatment and non-discrimination. These topics can be mapped to the sub-topics working conditions and equal treatment and opportunities for all ESRS S1, own workforce.

Material impacts, risks and opportunities and their interaction with strategy and business model (ESRS 2 SBM-3)

PATRIZIA's employees significantly contribute to the success of the Company's daily operations and its strategy of becoming a smart real asset player. PATRIZIA relies on the skills, expertise, and performance of its employees, the entrepreneurial business mindset, the unique performance culture, and execution excellence of the workforce.

Aligned with these strategic objectives, PATRIZIA has set the sustainability goal to be an employer of choice in the real asset sector, where everyone feels included, represented, and valued equitably. To achieve this goal, the Company focuses on additional social aspects such as equity, diversity, and inclusion (ED&I) as well as employee development.

This dual focus ensures that PATRIZIA not only attracts and retains top talent but also cultivates a supportive and dynamic workplace environment that enhances overall employee satisfaction and productivity. By integrating ED&I initiatives with robust recruitment and development programs, PATRIZIA strengthens its workforce's capabilities and commitment, ultimately driving sustainable success and innovation in the real asset industry.

The following indicates the assumed and potential workforce-related IROs at the corporate level.

PATRIZIA SE 2025 | Management Report

Own Workforce Impacts, Risks and Opportunities

Working Conditions
Positive Impact	- Good working conditions (such as fair compensation, a work-life balance, development opportunities, an ergonomic work environment, health and safety, transparent communication and inclusive culture) lead to healthier, more satisfied employees who contribute positively to their communities. Employees prospering from good working conditions are more likely to engage in community activities and volunteer work, fostering social cohesion.
Negative Impact	- Substandard working conditions can lead to chronic health issues among employees, increasing public health burdens and reducing the overall quality of life in the community.
	- Poor attention to well-being can contribute to mental and physical health issues such as stress, anxiety, depression, heart disease, hypertension, and obesity. This places additional strain on healthcare systems and reduces overall public health. Furthermore, it can have wide-reaching effects on the ability of employees to contribute to society.
	- Neglecting employee health and well-being can result in higher absenteeism and a higher burden on healthcare systems.
	- High turnover rates and decreased productivity due to poor working conditions can lead to economic instability within the Company and the community, as local economies rely on the success of businesses for jobs and economic growth.
Risk	- A lack of focus on favourable working conditions, especially wellbeing, diminishes employee engagement and productivity, as workers feel undervalued and unsupported. Lower employee engagement and productivity from poor health and wellbeing initiatives can lead to higher rates of absenteeism, increasing costs caused by decreased productivity or hiring temporary staff.
Opportunity	- Poor working conditions contribute to job dissatisfaction, increasing staff fluctuation and the costs associated with recruiting, hiring and training new employees.
	- Good working conditions, including secure employment, comfortable workspaces, adequate resources, and fair compensation, enhance employee productivity and efficiency, leading to higher output and profitability. Additionally, prioritising health and wellbeing through initiatives like mental health support and well-being programs can reduce absenteeism and chronic illness, which can lower personnel expenses and healthcare cost.
	- A focus on wellbeing leads to higher employee engagement and satisfaction, as workers feel valued and supported, leading to higher productivity and lower turnover costs.
	- Positive working conditions lead to higher job satisfaction, reducing turnover rates and retaining valuable talent and knowledge within the organisation, reducing costs for recruiting, hiring and training new employees.
Equal treatment and opportunities for all
---	---
Positive Impact	- Promoting equal treatment and non-discrimination (through ED&I training, ERGs, ED&I policies, promoting a diverse culture and inclusive development opportunities) helps to reduce societal inequalities. PATRIZIA ensures fair treatment (through diverse leadership, flexible work arrangements, transparent ED&I policies, employee resource groups, ED&I training, and mentor programs), and contributes to a more just and equitable society where opportunities are accessible to all, regardless of background.
Negative Impact	- Inequality and discrimination in the workplace can perpetuate social divides and tensions, leading to a less cohesive and more fragmented society.
	- Discrimination prevents talented individuals from contributing fully to the economy and society, leading to a loss of potential innovation and economic growth.
Risk	- Inequality and discrimination create a toxic work environment, leading to decreased employee morale, motivation, and loyalty.
	- Discriminatory practices expose the organisation to legal challenges, including lawsuits, fines, and settlements. Furthermore, they can damage its reputation, and harm the Company's brand, leading to loss of customers and revenue.
Opportunity	- Ensuring non-discrimination attracts a diverse range of candidates, enriching the Company with varied perspectives and innovative ideas. A diverse workforce brings a variety of perspectives and ideas, driving innovation and potentially leading to new products, services, and markets.
	- A reputation for fairness and inclusivity attracts top talent, reducing recruitment costs and increasing the quality of hires.
	- Promoting equal treatment and non-discrimination fosters a supportive and inclusive work environment, boosting employee morale and motivation, leading to higher employee productivity, associated with increased financial performance.

PATRIZIA pays close attention to ensuring that employees feel valued for the work they do. This means providing favourable employment conditions for employees, including social protection, paid leave, competitive compensation packages, flexible working hours and health and wellbeing offers.

The term "employee" includes all individuals who hold an employment contract with PATRIZIA or any of its subsidiaries. Non-employees, such as independent contractors, consultants, and temporary agency workers, generally fall outside the scope of this chapter.

PATRIZIA's primary focus is on the permanent workforce; however, PATRIZIA occasionally relies on temporary support. This may include addressing short-term resource gaps or managing specialized projects that demand specific expertise and skills. Consultants are engaged for advisory roles, such as in legal, tax, or IT matters, while temporary workers assist PATRIZIA's permanent team during periods of increased workload. These resources may be provided by third parties or contractors. In all cases, PATRIZA ensures adherence to a compliant process. It is important to note that PATRIZIA employs a very limited number of non-employees. No employee is at greater risk of harm than one another.

PATRIZIA SE 2025 | Management Report

Policies related to own workforce (S1-1)

Working conditions

Key policies to address the IROs regarding working conditions include the Compliance Manual and the Code of Values. Key contents of the Code of Values include the following topics:

Fundamental values and basic rights
Conduct vis-à-vis the Community
Conduct when dealing with business partners and third parties
Conduct within the organisation
Organisational matters

The Code of Values describes the common values that PATRIZIA employees share and is also a guide to an employee's day-to-day actions. The code is intended to enable employees to familiarise themselves with the values. Managers at PATRIZIA have particular responsibility for ensuring compliance with the rules. The managers are role models for employees by complying with the rules themselves and are responsible for ensuring that others comply with the rules of the Code of Values. The Code applies to all employees of PATRIZIA SE and its affiliated companies and is also applicable to freelancers and consultants where it appears necessary and appropriate. The Head of Compliance is the most senior person responsible for the implementation of the Code.

The Compliance Manual covers the following topics to name a few:

General compliance regulations at PATRIZIA
Overview of the compliance organisation at PATRIZIA
Code of Conduct to prevent breaches of duty and criminal conduct
Code of Conduct on Conflicts of interest
Code of Conduct on public limited company and capital market law
Code of Conduct on dealing with business partners
Code of Conduct on invitations, gifts, donations, sponsoring and memberships

PATRIZIA has established the Compliance Manual to ensure its business operations are structured to prevent any breaches or violations that would lead to unintended consequences for Investors in PATRIZIA managed funds or stakeholders in the Corporation or that could lead to criminal charges or administrative fines. The Manual recognises the principles of standard commercial practice and the general customs that form part of day-to-day life as sometimes corporate principles can conflict with certain business practices or certain forms of expected or offered behaviour. The compliance officers are responsible for monitoring employees' adherence to the Manual. The Head of Compliance, who reports into the Head of Group Control, is the most senior level accountable for the implementation of the Manual. The Manual applies to all employees of PATRIZIA and its affiliated companies.

PATRIZIA is committed to comply with all legal requirements in relation to human rights due diligence at a corporate level. PATRIZIA's commitment to human rights (for instance in the form of equal opportunities, opposition to forced labour, privacy and business ethics, parental leave, anti-harassment and health & safety policies to name a few) is included in the Group's Compliance Manual and the Groups' Code of Values. One of PATRIZIA's most important values is the principle of law-abiding behaviour. There are no exceptions to this principle, which applies equally to employees, senior staff, contractual partners and other stakeholders. The principle of law-abiding behaviour obliges each of PATRIZIA's staff individually to obey the laws in force without exception. This includes but is not limited to the following grounds for discrimination: Racial and ethnic origin, colour, sex, sexual orientation, gender identity, disability, age, religion, political opinion, national extraction or social origin, or other forms of discrimination covered by Union and/or national law. It applies both to each individual and to the Company as a whole.

Equal treatment and opportunities for all

The key policy addressing the IROs regarding equal treatment and opportunities for all is the Equity, Diversity and Inclusion (ED&I) Strategy Statement. The Statement addresses why ED&I is important PATRIZIA's approach to ED&I, and roles & responsibilities within the Company. PATRIZIA recognises that in a diverse workplace, individuals require different forms of support to thrive. We are committed to ensuring fair treatment, equal access, opportunity and progression for all, and to identifying and removing barriers that hinder full participation. Advancing ED&I is the responsibility of all staff at PATRIZIA, and employees are required to monitor and demonstrate how they do this as part of the performance enablement process. The ED&I statement applies to all PATRIZIA employees. The ED&I Council is the most senior level responsible for the implementation of the statement.

Within the organisation, employees are treated equally and given equal opportunities regardless of race or ethnic origin, gender, religion or ideology, disability, age, sexual identity, or orientation. Appointments, promotions, and level of remuneration are based solely on employees' competencies, experience and performance. PATRIZIA maintains a groupwide Job Architecture; a framework that describes job profiles with remuneration principles that ensures equal pay for equal work by standardising job roles consistency and fairness in compensation. The Job Architecture framework is regularly reviewed by the Reward and Remuneration Governance team as part of the HR department.

PATRIZIA SE 2025 | Management Report

PATRIZIA's Equity, Diversity and Inclusion (ED&I) Policy contained in the ED&I Strategy Statement embraces a comprehensive definition of diversity that encompasses, but is not limited to, age, gender, race, ethnicity, disability, sexual orientation, religious beliefs, cultural background, education, life experiences, socio-economic status, marital status and carer responsibilities. It defines PATRIZIA's approach to ED&I as well as the roles and responsibilities. It applies to all PATRIZIA employees.

The PATRIZIA ED&I Council acts as the advisory board for all ED&I initiatives across PATRIZIA and provides governance on ED&I priorities, programmes, actions, and metrics. The PATRIZIA ED&I Council is overseen by the Group Executive Committee and supported by the HR department. On signing their employment contract, all managers and employees are obliged to refrain from discrimination. With the ED&I strategy, PATRIZIA and the ED&I Council take a proactive stance in preventing discrimination and harassment in the workplace and call everyone in the Company to take own actions, ranging from information and awareness raising up to individual ED&I performance goal.

Processes for engaging with own workers and workers' representatives about impacts (S1-2)

PATRIZIA conducts regular town hall meetings, so-called PAT Talks as well as monthly business update calls, where management and teams provide updates on projects, current successes and challenges, and business performance. Employees have an opportunity to ask questions and provide feedback during these sessions. Furthermore, the Executive Directors inform the employees monthly on current topics through the so-called PAT A GLANCE newsletter. The newsletter contains a feedback channel that allows employees to share their questions, comments or ideas with the creators and management. PATRIZIA also maintains an internal website, the so-called PIN-page, where updates are posted and a social media platform through which all employees in the Company can exchange information in communities and remain in dialogue.

The global Employee Engagement Surveys, which are anonymous surveys, are distributed to all employees on a regular basis to evaluate the effectiveness of the engagement procedures and to gather their opinions on working conditions and overall satisfaction. Results are reviewed by management and discussed to address key issues. PATRIZIA conducted its first global Employee Engagement Survey in 2023, succeeded by a pulse survey in 2024. In 2025, a follow-up employee survey was introduced to define priorities for 2026 and beyond. The 2025 survey achieved an impressive overall response rate of 89.6%, providing a reliable snapshot of where PATRIZIA stands as an organisation. While the objective of enhancing collaboration was successfully met, the anticipated increase in overall employee engagement - reflected in an engagement score of only 41% - was not achieved and will therefore inform the development of targeted measures for 2026. Notably, several key indicators demonstrated strong performance, with favourable scores exceeding 80%. For example, 85% of the employees agreed that they collaborate effectively and efficiently within their teams, and equally 85% confirmed they know what is required to succeed in their roles. Team spirit also scored highly at 82%, while management-related factors such as mid-year check-ins and genuine care for employee wellbeing achieved favourable ratings of 82% and 81% respectively. These results underline areas of strength in collaboration, communication, and managerial support, while highlighting engagement as a critical focus for the coming year.

In the Company's Frankfurt office, there are weekly meetings between representatives of the HR department and the local works council and several meetings per year between the works council and management depending on the topic and need e.g. regarding organisational changes, IT processes or systems. In Luxembourg, the works council, locally called "Staff Delegation", meets quarterly with the local Managing Directors as well as a representative from the HR department to exchange on important matters for the Luxembourg workforce. Every employee can approach the local works councils at any given time to discuss topics confidentially. The European works council (European Employee Forum, EEF) has at least one annual meeting in which management shares the strategic and economic situation and direction of the Company and listens to the voice of the EEF. The members of the EEF exchange regularly among their group, typically every 1-2 months. In general, every employee within Europe may reach out to the EEF members directly to discuss any topic they deem relevant.

To continually advance ED&I at PATRIZIA a series of ERGs have been launched, providing a voice for PATRIZIAn communities and allies. These groups bring together PATRIZIAns from across all locations to actively create a workplace where everyone can feel included, represented, and valued equitably, thus having created the place and space where individual needs and voices are heard and amplified. Since 2021, ERG leads have set up the following groups:

PATRIZIA Advance: Focuses on strengthening career growth opportunities for women through events, mentoring, and partnerships
PATRIZIA NextGen: Supports early career professionals via education, networking, and recruitment to position PATRIZIA as an employer of choice
Pride Alliance: Connects LGBTQ+ members and allies, aiming to normalise conversations about LGBTQ+ matters and promote inclusivity
Working Parents & Carers Network: Provides a supportive environment for those balancing work and caregiving
Gen50 Plus: Creating the best possible environment, to pass on experience and maintain health and performance for a long time.

PATRIZIA SE 2025 | Management Report

PATRIZIA became a signatory to the United Nations Global Compact (UNGC) in 2024 and is committed to respecting fundamental human rights as defined by the United Nations Universal Declaration of Human Rights as well as upholding the human rights and labour standards as defined by the International Labour Organisation (ILO). PATRIZIA has robust processes and mechanisms in place to monitor and ensure compliance with these international standards. Specific mechanisms include a due diligence process, a supplier code of conduct, stakeholder engagement, whistleblowing mechanism, training and awareness programmes, monitoring and reporting. These measures help in identifying and addressing any potential human rights and labour rights issues proactively throughout the value chain. The Company operates in countries with high standards on secure employment, including regulations on adequate wages, working time as well as freedom of association and collective bargaining rights and expects all business partners and suppliers to respect internationally recognised human rights. PATRIZIA's policies with regard to its own workforce are aligned with the requirements set out by the three bodies stated above (UNGC, ILO and Declaration of Human Rights).

Processes to remediate negative impacts and channels for own workers to raise concerns (S1-3)

PATRIZIA adopts a proactive stance on mitigating negative impacts through working conditions on its employees. This involves a commitment to identifying, addressing, and resolving issues that arise from the Company's operations.

PATRIZIA maintains an open-door concept encouraging employees to enter into dialogue with their line manager, a representative of the HR team, a works council member or persons of trust from ERGs about concerns or complaints at all times. Moreover, within each jurisdiction the employment contract, handbook or local policies set out the procedure for employee complaints. This does not affect any further legal rights by local laws that exist in the majorities of countries where PATRIZIA operates. Furthermore, employees are encouraged to raise concerns with their line manager or in the regular town hall meetings. Where formal grievances are raised, these are managed by the HR department in a confidential manner. Once they are investigated and an outcome is given, the HR team supervises the implementation of any recommendations or corrective actions.

PATRIZIA is committed to fostering good relations with employees and is committed to ensuring that employees feel able to share their views and concerns both on an informal and formal basis through the various structures and processes mentioned above. To ensure that employees are aware of, and trust in these structures and processes as a way to raise concerns or needs and have them addressed, PATRIZIA regularly engages with the various formal and informal employee groups, such as works councils or Employee Resource Groups (ERGs). As a part of the regular employee survey, employees are asked whether they feel they can voice a contrary opinion without fear of negative consequences and whether there is open and honest communication at PATRIZIA. The survey results are then analysed and actions put in place where it is felt that more needs to be done across the Group or within particular divisions.

Where these channels are unsuitable, employees as well as third parties can use PATRIZIA's digital whistleblowing system, also anonymously, to send information about possible or actual violations of laws or regulations. The system enables a secure and confidential exchange between the whistleblower and Compliance via an anonymised mailbox. Each report undergoes thorough investigation. Throughout the handling process, utmost confidentiality and equitable treatment of the whistleblower are upheld. Furthermore, there is the option to send information via letter. The information is also contained in the compliance manual distributed to all employees upon commencement. Furthermore, the information about the digital whistleblowing system and contact details can be found on the internal PIN page and the external PATRIZIA website: https://www.patrizia.ag/en/our-company/compliance/.

Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions (S1-4)

Working Conditions

In 2025, the Company's headquarters in Augsburg underwent a refurbishment and a redesign, bringing it in line with modern working practices. The redesign introduced a clean desk policy and open-space concept to foster collaboration across teams. In April 2025, PATRIZIA updated the Company's Global Mobile Working Policy to reinforce office presence and enhance teamwork. The revised policy establishes an average monthly split of three days in the office per week –including business travel–and a maximum of two days of mobile working per week. This adjustment has the aim to increase office attendance and improved productivity. PATRIZIA also implemented a Global Recruiting Policy to elevate our recruitment standards and ensure a fair, transparent process. Complementing this, a referral program was launched to strengthen our talent pipeline. For front-office teams, a Skills Development Project was initiated, encouraging employees to complete their career profiles. This initiative supports internal mobility, professional growth, and long-term development.

All of these initiatives and actions cover the IROs related to wellbeing, working conditions, turnover rates, health issues and job satisfaction. Other measures in place to mitigation negative impacts on the workforce specifically in relation to ecological and climate aspects includes the cycle to work scheme offered in some countries, EV car policy, volunteering days, and encouraging the shutting down of computers, turning off lights and saving electricity within the office. The New Work

PATRIZIA SE 2025 | Management Report

concept does not have significant current or future monetary CapEx or OpEx, therefore no current or future financial resources will be reported on.

PATRIZIA recognises and accommodates many personal working circumstances and has comprehensive family leave policies and practices that cover maternity, paternity, adoption, shared parental, parental, time off for dependents, flexible working, compassionate, additional paid, jury service, and unpaid leave circumstances to promote work-life balance. Moreover, PATRIZIA offers flexible working hours and maintains a global mobile working policy that applies to all employees within PATRIZIA. Furthermore, PATRIZIA is committed to employee well-being by promoting physical, mental, and emotional health across the workforce. The details are laid out in the employee handbook.

The Company aims to offer attractive, interesting positions with motivating remuneration schemes, including relevant development and training opportunities to promote professional and personal development, offering all PATRIZIAns access to a meaningful career and reaching their full potential. All employees are invited to participate in a variety of training opportunities, including the PATRIZIA Academy, language learning, and external trainings which can be accessed via the intranet site. The Academy has a range of internal and external expert trainers, giving each employee the opportunity to learn and build insights into a variety of topics specific to their career. The Academy's training catalogue is constantly reviewed to best answer the needs of PATRIZIA's employees in terms of risks from working conditions as well as equal treatment and opportunities for all. The catalogue includes training delivered by both internal and external trainers across six curricula: Job Ready Skills, Leadership & Management, ED&I, Wellbeing, Personal Effectiveness, and Compliance & Regulatory.

Equal treatment and opportunities for all

The key action that was undertaken in 2025 to address the impacts, risk and opportunities regarding equal treatment and opportunity for all were the ongoing training programmes. This action relates to the IROs by promoting equal opportunity, helps to reduce societal inequalities, contributes to a more equitable society, eradicates discrimination and does not allow a toxic work culture to be fostered.

PATRIZIA offers all employees a range of ED&I training courses every year. As part of the PATRIZIA Academy, in 2024 a total of 13 ED&I related online courses were offered which were attended by a total of 132 participants. In 2025, the Company delivered 11 ED&I training sessions through the PATRIZIA Academy, engaging 69 participants, alongside four ESG training sessions attended by 170 participants, reinforcing the commitment to ED&I and ESG. An ED&I keynote with an open Q&A session was held in 2025 in cooperation with AllBright and was made available to all employees. In addition, PATRIZIA participated for the fourth consecutive year in the Moving Ahead cross-company mentoring programme, Mission Gender Equity, engaging 10 mentees and 10 mentors to foster diversity, equity and inclusion through cross-company exchange. The trainings do not require significant monetary CapEx or OpEx, so no current or future financial resources will be reported on.

As part of PATRIZIA's development efforts, PATRIZIA also supports Future Talents and students by creating meaningful opportunities for growth and engagement. Every two to three months, PATRIZIA organises internal networking events for students and dual trainees, fostering connections and collaboration. Each event includes an inspiring keynote or impulse talk to provide fresh perspectives and encourage knowledge sharing. In addition, PATRIZIA collaborated with the University of Augsburg in 2025 to deliver an applicant training session, equipping students with practical skills for successful job applications and interviews.

The following actions stated below are supplementary actions in relation to equal treatment and opportunities for all but are not key actions so will not be reported on further.

In 2025 PATRIZIA continued to invest in leadership and management development through the PATRIZIA Academy, offering nine dedicated trainings for People Managers. These sessions focused on building accountable teams, fostering a high-performance culture, enabling collaborative decision-making, and strengthening career development conversations. Additionally, a toolkit for handling difficult conversations was introduced to support managers in navigating challenging situations effectively.

The RISE development programme for first-time people managers was delivered in Q1 and Q2 2025, maintaining its emphasis on preparing new leaders for their responsibilities. Anti-bias trainings were rolled out across the organisation via the PATRIZIA Academy, targeting both employees and managers to reinforce inclusive leadership and align with PATRIZIA's updated recruiting policy.

PATRIZIA plans to continue to enhance the good working conditions and work-life-balance of its employees as well as development opportunities through flexible work arrangements, focus on employee assistance programs and the introduction of internal mobility and promotion policies.

Employees are asked to set annual ED&I performance goals to sharpen their perception or to improve their direct work environment with regards to ED&I issues. Furthermore, PATRIZIA continues to foster a favourable working environment and reviews its actions, guidelines and policies on a continuous basis.

PATRIZIA SE 2025 | Management Report

Furthermore, PATRIZIA can draw on a comprehensive catalogue of existing programmes that take place regularly and on demand.

The Group-wide appraisal system aims to ensure that each employee has a clear understanding of their progress and direction within their job role and thereby help to achieve the Company's objectives. In turn, the process also provides each employee with an opportunity to review their own progress and identify areas of further development or interest. Mid-year and year-end discussions form an integral part of this process. The performance enablement process is set out via process guides on the PATRIZIA intranet site, and the process is regularly reviewed and owned by the HR team.

Please refer to ESRS 2 for the mapping of material ESRS topics and the risk management system.

Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities (S1-5)

As described under S1-2 and S1-3, to minimize negative impacts, enhance positive effects, reduce risks, and seize opportunities, PATRIZIA regularly conducts the Employee Engagement Survey. This survey enables a detailed analysis of how employees perceive changes, initiatives, the current workplace/work environment and what positive or negative impact they have.

Based on the results, targets for Executive Directors are defined and evaluated, focusing on improving the circumstances reflected in employees' assignment of key survey scores. Where relevant, this is cascaded across the organisation to ensure broad adoption and sustainable implementation.

In addition to the Employee Engagement Survey, other statistical data, such as turnover rates, is collected, analysed, and processed on a regular basis by PATRIZIA's risk department to ensure they don't exceed defined hurdles. These insights are regularly provided to key decision-making bodies, such as the Board of Directors, to identify trends at an early stage and take targeted countermeasures if necessary.

To support the ED&I strategy, PATRIZIA has set diversity targets that are measurable and achievable. Progress against the targets is measured at least once a year and reported to the GEC and Board of Directors. In 2025, PATRIZIA updated these targets due to the changes made to the Board of Directors, the newly implemented GEC consisting of five appointed Executive Directors and the redefined management levels below the Executive Directors. Management has set a target of two women on its Board of Directors (previous target: 40%) to be retained by 31 December 2028 and a respective target of one woman on the level of Executive Directors (previous target: 33%) also to be achieved by 31 December 2028.

PATRIZIA aims to advance gender diversity and equality within the organisational hierarchy by also addressing the two management levels below the Group Executive Committee. Under ESRS S1, the Company reports the following diversity-related KPIs that are also used for internal steering:

The first management level below the Executive Directors (EDs) comprises all employees reporting directly into one of the EDs and who are People Managers. A "People Manager" is hereby defined as an employee who holds disciplinary responsibility within PATRIZIA, meaning they are formally accountable for managing their direct reports' performance, development, and adherence to company policies. The target to be achieved until 31 December 2028 for the share of women is set at 25%.

The second management level below the EDs is defined as all employees with people management responsibility (people managers) reporting directly into the first management level below the EDs. The target to be achieved until 31 December 2028 for the share of women for the second management level is set at 30%.

Progress against diversity targets is shared and discussed within the GEC and shared with the ED&I Council and relevant ERGs. The ERGs give input on PATRIZIA's ED&I strategy and the various initiatives that are undertaken to further Equity, Diversity and Inclusion at PATRIZIA. An example would be the PATRIZIA Advance ERG giving input on how PATRIZIA is going to improve gender representation at PATRIZIA.

Through this beforementioned structured and partially data-driven approach, PATRIZIA ensures continuous improvements in working conditions, actively promotes equal treatment and opportunities, and drives sustainable transformation within the organization. PATRIZIA has set the mentioned targets in relation to diversity. Progress against diversity targets is shared and discussed within the GEC on a regular basis.

PATRIZIA SE 2025 | Management Report

Characteristics of the undertaking's employees (S1-6)

Employees of PATRIZIA incl. AIP (Advantage Investment Partners)

	2025	2024	Change
Employees (headcount in persons)	848	921	-8%
Full-Time Equivalents (FTE)	816	887	-8%

As at 31 December 2025, PATRIZIA employed a total of 848 employees or 816 FTE (2024: 921 employees or 887 FTE).

A Full-Time Equivalent (FTE) as it is stated above represents a standardised unit of an employee's workload based on the full weekly working hours of a specific country or region. A 100% FTE position corresponds to the full regular working hours of a country, e.g., 40 hours per week in Germany. Part-time positions or reduced working hours are calculated proportionally. For example, a 50% FTE position in Germany equals 20 hours per week.

The figures shown refer to headcount (persons) and FTEs as of 31 December of the respective year. They include apprentices but exclude interns, working students, and employees on parental leave or unpaid leave (in Germany). Due to limited data availability, employees of Advantage Investment Partners (AIP) were not included in the FTE calculation for the reporting year 2024 (12 employees; 10.6 FTE). From the reporting year 2025 onwards, AIP are included in the Headcount/FTE figures to reflect the full Group perimeter. Given the relatively small headcount concerned, the figures remain broadly comparable year-on-year; however, comparability is slightly reduced due to this change in perimeter and the fact that prior-year figures have not been restated.

Employees of PATRIZIA by gender (headcount) $^6$

	2025	2024	Change
Male	447	489	-8.6%
Female	401	420	-4.5%
Total employees	848	909	-6.7%

Employees of PATRIZIA by country (headcount)

	2025	2024	Change
Germany	514	539	-4.6%
United Kingdom	147	173	-15.0%
Luxembourg	49	53	-7.5%
Other	138	144	-4.2%
Total employees	848	909	-6.7%

Employees of PATRIZIA by region (headcount)

	2025	2024	Change
Europe	796	853	-6.7%
thereof Germany	514	539	-4.6%
thereof Luxembourg	49	53	-7.5%
thereof United Kingdom	147	173	-15.0%
Americas	2	2	0.0%
Asia-Pacific	49	54	-9.3%
Middle East and North Africa	1	0	-
Total employees	848	909	-6.7%

Employees of PATRIZIA by contract type, broken down by gender (headcount) $^7$

Contract type	Female	Male	Total
Number of employees	401	447	848
Number of permanent employees	393	441	834
thereof number of Executive Directors	0	5	5
Number of temporary employees (fixed term)	8	6	14
thereof number of apprenticeships	4	0	4
thereof number of dual students	1	3	4
Number of non-guaranteed hours employees	0	0	0
Number of full-time employees*	289	425	714
Number of part-time employees*	107	19	126

*Figures presented exclude apprentices and dual students

6 Breakdown of Other and Not Disclosed is not available at time of reporting

7 Breakdown of Other and Not Disclosed is not available at time of reporting

PATRIZIA SE 2025 | Management Report

Employees of PATRIZIA by contract type, broken down by countries with more than 50 employees or at least 10% of total employees (headcount)

2025

Contract type	Germany	Luxembourg®	United Kingdom
Number of employees	514	49	147
Number of permanent employees	503	49	145
thereof number of Executive Directors	4	0	1
Number of temporary employees (fixed term)	11	0	2
thereof number of apprenticeships	4	0	0
thereof number of dual students	4	0	0
Number of non-guaranteed hours employees	0	0	0
Number of full-time employees*	414	42	140
Number of part-time employees*	92	7	7

*Figures presented exclude apprentices and dual students

Employees are put at the centre of activities and therefore offered flexibility and modern workspaces. In addition to offering modern, flexible workspaces, a variety of work models tailored to the individual needs and life situations of employees are provided. For this reason, a significant number of staff work part-time, allowing employees to reduce working hours and create more space for personal interests or family responsibilities. Additionally, fixed-term contracts are offered, primarily used to handle increased workloads or to support time-limited projects.

Turnover calculation based on headcount

During the reporting period, the company experienced an employee turnover rate of 15.2% (2024: 16.8%), which represents a total of 136 employees (2024: 159) who have left the company. This turnover continued to be influenced by its further reorganisation measures, accounting for an involuntary turnover rate of 3.8% (2024: 7.0%), which translates to a voluntary turnover rate of 11.4% (2024: 9.8%).

Turnover calculation – methodology

Turnover methodology and assumptions for Workforce Data Compilation:

Terminated Employees: The numerator in the turnover calculation includes all terminated employees, with the exception of employees on fixed-term contracts. Fixed-term employees are excluded from termination counts as their departures are based on pre-determined contract expirations rather than voluntary or involuntary turnover. Voluntary terminations refer to employee-initiated separations, such as resignations and retirements. These exits occur at the employee's discretion and are not initiated by the employer. Involuntary terminations represent employer-initiated separations, including dismissals due to performance, layoffs, redundancies, or other organisational decisions.
Head Count Reporting: The data presented is reported using head count rather than Full-Time Equivalent (FTE). Each employee, regardless of their working hours, is counted as one unit. This method provides a straightforward count of the number of employees without adjusting for part-time or full-time status.
Reporting Period and Headcount Calculation: End of Reporting Period Data: The calculation method considers "Ending Headcount" numbers for each specific month within the reporting period (e.g., 2025-01, 2025-02, etc.). These figures reflect the total number of employees on the last day of each respective month, providing a snapshot of the workforce at those points in time.
Average Monthly Headcount: The "Average Monthly Headcount" is calculated by summing the headcounts recorded at the end of each month and then dividing by the number of months in the reporting period. This average provides a more stable and representative measure of workforce size over the period, smoothing out any monthly fluctuations. Average Monthly Headcount = Sum of Monthly Headcounts/Number of Months. For instance, with a sum of monthly headcounts of 5,946 over six months, the average monthly headcount is 991.
Turnover Rate Calculation: The turnover rate is determined using the average monthly headcount as the denominator. This approach ensures that the turnover rate accurately reflects the average workforce size over the reporting period, rather than just a snapshot at a single point in time. Turnover % = Number of Terminations/Average Monthly Headcount x 100. By employing head count and calculating average monthly headcount, this methodology ensures a clear and accurate representation of workforce size and turnover rates, facilitating better analysis and decision-making.

Luxembourg is included in order to provide comparison with prior reporting period

PATRIZIA SE 2025 | Management Report

Characteristics of non-employee workers in the undertaking's own workforce (S1-7)

As already described, consultants are used to provide advice e.g. in legal, tax or IT matters and temporary workers to support permanent workforce in workload peaks. This can be provided by third party or contractors. Both cases follow a compliant process. Contractors include self-employed and temporary workers from employee leasing. Figures for non-employee works of PATRIZIA are not presented as they do not represent a material amount.

Collective bargaining coverage and social dialogue (S1-8)

The majority of PATRIZIA's employees are represented at the European level by the EEF. The EEF operates in its function as SE works council. However, although the legal remit is Europe excluding UK and Switzerland the EEF represents the interests of employees in these locations. Additionally, specific employee representatives are present at PATRIZIA's locations in Frankfurt and Luxembourg, where they represent the interests of the employees working at these locations.

PATRIZIA is committed to ensuring the best possible representation of its employees' interests and, therefore, places great emphasis on close collaboration with the respective employee representatives at both the European and local levels.

Diversity metrics (S1-9)

Gender distribution (headcount)

Management Levels	2025			2024
	Female	Male	Female	Male
in Board of Directors*	2	4	1	4
among Executive Directors	0	5	0	6
In level 1 below Executive Directors	9	19	8	26
In level 2 below Executive Directors	14	48	24	56

*Two members of the Board of Directors are also Executive Directors (both male). Excluding these executive Board members, the gender distribution among the external (non-executive) Board members is balanced at 50% female / 50% male.

Gender distribution (in %)

Management Levels	2025			2024
	Female	Male	Female	Male
in Board of Directors*	33.3%	66.7%	20.0%	80.0%
among Executive Directors	0.0%	100.0%	0.0%	100.0%
In level 1 below Executive Directors	32.1%	67.9%	23.5%	76.5%
In level 2 below Executive Directors	22.6%	77.4%	30.0%	70.0%

Age distribution (headcount)*

Age Groups	2025	2024	Change
<30	107	119	-10.1%
30 – 50	563	619	-9.0%
>50	166	171	-2.9%

*Statistic continues to exclude employees for AIP in 2025.

Age distribution (in %)*

Age Groups	2025	2024	Change
<30	12.8%	13.1%	-2.2%
30 – 50	67.3%	68.1%	-1.1%
>50	19.9%	18.8%	5.6%

*Statistic continues to exclude employees for AIP in 2025.

PATRIZIA is committed to promoting gender diversity and equality throughout its organisational structure, also addressing the BoD and Executive Director (ED) level for the legal entity PATRIZIA SE as well as on Group level. To this end, the GEC and BoD have established specific target values for the representation of women in leadership roles. These targets apply to the first and second management levels below the EDs of PATRIZIA SE (in accordance with § 76 para. 4 AktG). In addition, the GEC and BoD have set equivalent targets for these management levels across the entire Group. For description of targets, please refer to S1-5.

PATRIZIA SE 2025 | Management Report

Adequate wages (S1-10)

In accordance with Disclosure Requirement S1-10 – Adequate Wages, it is essential to note that in the majority of countries where PATRIZIA operates, particularly within the European Union, there exist stringent legal requirements regarding minimum wages. Moreover, PATRIZIA competes for skilled talent across all markets. Consequently, PATRIZIA is dedicated to providing market-competitive and performance-based compensation in all regions and thus provides adequate wages to all employees of PATRIZIA Group. To ensure alignment with market standards and competitiveness, the Company selectively conducts benchmarking for specific markets, asset classes, and job profiles or leverages comparative data from executive search firms and consultants regarding salary levels and salary development trends. This commitment is documented internally within the remuneration guidelines of all PATRIZIA's regulated entities.

Social protection (S1-11)

PATRIZIA operates exclusively in countries that provide robust social protection systems. In these countries, all employees are either partially or fully covered by comprehensive state social security programs. Despite the already high level of state social security in most countries, PATRIZIA also covers to a large extent all employees through Group-wide accident insurance, as far as local market conditions permit. This insurance provides financial support in the event of an accident that leads to either death or a degree of disability.

In addition to accident insurance, the company offers a range of other benefits depending on local market practices. These may include subsidies to state parental allowances, or insurance policies that provide financial assistance to employees in the event of illness. Furthermore, in multiple locations, the company provides pension plans or contributions to retirement schemes, enhancing the long-term financial security of its employees. This ensures that employees receive support not only during their working years but also as they transition into retirement.

Persons with disabilities (S1-12)

PATRIZIA promotes an open and inclusive corporate culture that supports equal opportunities and fair treatment for all employees. Diversity and inclusion are considered important contributors to the Group's success. In countries where there is no legal requirement to document disability status, employees may voluntarily disclose this information via the Human Capital Management (HCM) system. Regardless, this is considered within PATRIZIA's operational practice and places of work to ensure an inclusive working environment. In Germany, where reporting is legally required, disability status information is documented and stored in the HCM and payroll systems. In the UK and Luxembourg, there is no such mandatory requirement. In the UK, this information may be collected through a medical questionnaire but is not stored in the system. These arrangements support an inclusive working environment while respecting data protection and privacy requirements.

Training and skills development metrics (S1-13)

All employees at PATRIZIA participate in an annual performance and career development review with only minimal exceptions such as potentially fixed term employees with a defined leaver date. In addition to quantitative goals, PATRIZIA places great importance on qualitative aspects, including values, which are systematically considered and discussed in individual goal-setting agreements and year-end reviews. Through regular feedback discussions and a transparent performance evaluation process, PATRIZIA ensures that not only measurable KPIs but also factors such as collaboration, personal development, and leadership behaviour are taken into account. The continuous development of employees, together with the progressive expansion of their responsibilities and tasks, is a core element of PATRIZIA's talent strategy. This approach supports individual development while enabling structured planning and assessment of career progression across the Group.

In addition, PATRIZIA conducted comprehensive talent assessments across the organisation in 2025. These assessments provided valuable insights into individual strengths, development areas and potential, enabling targeted succession planning and supporting our long-term talent strategy.

Employees participating in the annual performance and career development review by Gender (in %)

	2025	2024	Change
Male	99.1%	99.4%	-0.3%
Female	99.5%	99.3%	0.2%
Total employees	99.3%	99.3%	-0,1%

Employees at PATRIZIA have spent on average 230 minutes (2024: 305 minutes) on training and development activities in 2025. Female employees thereof spent approximately 262 minutes (2024: 326 minutes) whilst male employees spent approximately 201 minutes (2024: 287 minutes).

PATRIZIA SE 2025 | Management Report

Health and safety metrics (S1-14)

At PATRIZIA, ensuring the health and safety of employees is a top priority. To enhance transparency and accessibility, PATRIZIA has established a dedicated section on the internal intranet focusing on health and safety.

This section provides employees with a comprehensive Wellbeing Guide, offering valuable resources to support their physical and mental well-being. Additionally, PATRIZIA has listed key HR contacts for each location, enabling employees to seek further information about health and safety offerings specific to their region.

Due to the industry-specific nature of the professional activities, employees conduct their business activities primarily within secure office premises of PATRIZIA. This results in virtually no workplace accidents. Due to non-materiality, these figures do not constitute Key Performance Indicators (KPIs).

PATRIZIA recognises the intense competition for skilled professionals in the labour market and therefore provides attractive, modern workplaces that meet the needs of employees and offer a high degree of workplace safety. In addition, the Global Mobile Working Policy enables employees to work from home. This flexibility, together with high workplace standards, supports employee well-being and helps to reduce the risk of workplace accidents.

Through these measures, PATRIZIA not only ensures the safety and well-being of employees but also promote their satisfaction and productivity, ultimately contributing to a positive work environment, and positioning PATRIZIA as an employer of choice.

Work-life balance metrics (S1-15)

PATRIZIA recognises the importance of family and grants all employees the right to take leave to fulfil family-related obligations. Accordingly, all PATRIZIA employees are entitled to family-related leave. Compensation during these periods of absence is generally determined by local legal regulations. As the Company operates mainly in welfare states, employees typically receive financial support during their parental leave. In countries where support is limited or where it is common market practice to maintain salary payments during the initial phase to support mothers and fathers, PATRIZIA offers corresponding programs.

For the year 2025, 13.8% (2024: 11.9%) of all employees took leave for family-related reasons. These reasons include but are not limited to parental leave, maternity leave, as well as child illness days, weddings, or school enrolments. Among female employees, about 16.7% (2024: 13.8%) took leave for family-related reasons, while approximately 11.1% (2024: 10%) of all male employees took time off for such.

Compensation metrics (pay gap and total compensation) (S1-16)

As of December 31, 2025, the unadjusted gender pay gap at PATRIZIA was 43.4% (2024: 41.3%). This figure is based on a snapshot analysis and measures the difference in average remuneration between female and male employees as a percentage of the average salary of male employees.

The calculation includes both base salary and variable compensation components:

Base Salary: Salaries are contractual and intended to reflect an employee's professional experience and organisational responsibility as set out in the employee's job description and terms of employment. Base salaries are fixed, pre-determined, non-discretionary, non-revocable, and not dependent upon performance.
Variable Compensation: Variable remuneration predominantly consists of both Short-Term Incentive (STI) and Long-Term Incentive (LTI) awards. The LTI is delivered as either Restricted Share Units (RSUs) or Performance Share Units (PSUs), typically granted to senior management, in particular members of the Group Executive Committee (GEC) and depending on the strategic relevance other senior leaders or regional managers. In some cases, employees with sales targets may be granted an additional variable compensation in the form of a discretionary commission bonus. For this purpose, the Company allocates bonus amounts based on prior years, which are determined at its reasonable discretion, taking into account the invested capital of certain client groups.

When considering variable compensation in the gender pay gap calculation, target values were used. Specifically, for the STI, the annual target amount was included, while for the LTI, the face value (value at grant date) was taken into account. To ensure comparability, all salaries have been standardized to a full-time equivalent (FTE) basis, and remuneration has been converted into an hourly rate using a consistent working hour assumption.

PATRIZIA SE 2025 | Management Report

Further analysis shows that the primary driver of the gender pay gap is the distribution of employees across different seniority levels and salary levels within the Company. In senior positions, where higher salaries are typically attributed, the proportion of women was lower which significantly influences the unadjusted average salary calculations. This analysis indicates that the gender pay gap is less influenced by differences in pay for men and women in comparable roles and is more reflective of structural disparities in representation within the organisation. To address gender pay differences, PATRIZIA is committed to implementing measures that support a more balanced gender distribution across all career levels.

Incidents, complaints and severe human rights impacts (S1-17)

No severe human rights incidents connected to the undertaking's workforce occurred during the 2025 reporting period. In the year 2025, there were no complaints (2024: two complaints) reported and all potential concerns were handled according to the process outlined in section S1-3. No incidents as defined by disclosure requirement S1-17 took place, and in particular, no complaints were filed through workforce grievance mechanisms or with the National Contact Points for OECD Multinational Enterprises relating to matters covered in paragraph 2 of this standard. Furthermore, no fines, penalties, or compensation payments were incurred in relation to such incidents. Accordingly, there were no cases of non-respect of the UN Guiding Principles on Business and Human Rights, the ILO Declaration on Fundamental Principles and Rights at Work, or the OECD Guidelines for Multinational Enterprises.

Business Conduct (ESRS G1)

The role of the administrative, management and supervisory bodies (ESRS 2 GOV-1)

In reference to the role of administrative, management, and supervisory bodies, please see Section ESRS 2 GOV-1 – the role of the administrative, management and supervisory bodies of the report, where the responsibilities of the Board of Directors, the Group Executive Committee and further management bodies are described in detail.

The Compliance department is led by the Head of Compliance who reports directly to the Head of Group Control. The Head of Group Control feeds directly to the Chief Financial Officer, who is part of the Group Executive Committee.

The Compliance team deals with compliance-related matters within PATRIZIA, and is responsible for the implementation and further development of its Compliance Management System ("CMS") and all compliance-related precautions. The Compliance team advises PATRIZIA employees on compliance-related matters.

Description of the processes to identify and assess material impacts, risks and opportunities (ESRS 2 IRO-1)

At PATRIZIA, employees are encouraged to act with integrity and a sense of responsibility, which is also expected from all business partners. PATRIZIA aims to be a reliable partner for clients, third-party service providers and the communities in which the Company operates.

PATRIZIA's DMA indicated that business conduct (ESRS G1) is a material topic, and the material sub-topics are protection of whistleblowers, management of a relationship with suppliers including payment practices, corruption and bribery and corporate culture. This chapter covers PATRIZIA SE as a corporate.

The following indicates the assumed and potential business conduct IROs for PATRIZIA.

PATRIZIA SE 2025 | Management Report

Business Conduct Impacts, Risks and Opportunities

Protection of whistleblowers
Positive Impacts	- Encouraging transparency, accountability, and ethical behaviour across industries and institutions. Including the whistleblowing system, access to information annually in PATRIZIA reports, and clear communication with stakeholders on whistleblowing systems and the Code of Values.
Management of relationships with suppliers including payment practices
Positive Impact	- Collaborative and long-term supplier relationships contribute to economic resilience, innovation, and efficiency across the value chain. Fair payment practices and ethical standards strengthen supply chain stability and support sustainable business growth.
Negative Impact	- Poor supplier management, including delayed or unfair payments, can create financial stress for smaller suppliers, increase the risk of labour exploitation, and undermine fair trade principles. These practices erode trust and compromise social and governance objectives.
Risk	- Reputational and legal risk from not adhering to best business practices in managing the relationship with suppliers may affect the supply chain, leading to operational disruptions, resulting in higher operational costs, penalties for missed deadlines or lost revenue.
Opportunity	- Embedding responsible business practices through supplier codes of conduct and timely payment processes creates a reliable and resilient supply chain. This supports cost efficiency and operational continuity.
Corruption and bribery
Positive Impact	- Public disclosure of exposure to corruption and bribery risks fosters transparency and accountability. This contributes to a fairer business environment, strengthens trust in institutions, and supports sustainable economic growth.
Risk	- Non-compliance with anti-corruption and anti-bribery standards creates significant reputational and legal risks. These risks can lead to regulatory penalties, financial losses, and erosion of stakeholder confidence.
Opportunity	- Maintaining a culture free from corruption and bribery enhances trust among stakeholders and supports regulatory compliance. This approach reduces the likelihood of legal issues and fines, strengthens reputation, and can attract investment from stakeholders seeking ethical and responsible business practices.
Corporate Culture
Positive Impact	- By fostering a strong corporate culture built on integrity, collaboration, and accountability, PATRIZIA SE enhances employee engagement and trust, which drives sustainable growth and strengthens stakeholder relationships. At the same time, a values-driven culture contributes positively to society by promoting ethical, inclusive and responsible behaviour and encourages employees to create an impact beyond the organisation.
Risk	- Reputational and operational risk may arise if strong corporate culture is not consistently upheld, leading to governance gaps, reduced compliance, attrition of talent, and potential stakeholder dissatisfaction.
Opportunity	- Capitalising on a purpose-driven and inclusive culture enables PATRIZIA SE to attract diverse talent, foster innovation, and embed sustainability principles, resulting in enhanced competitiveness and long-term value creation.

Business conduct policies and corporate culture (G1-1)

PATRIZIA is committed to high ethical standards and expects the same from its employees and third-party service providers. A Code of Values and a Compliance Manual is in place and contains extensive principles, rules and standards relating to fundamental values and basic rules. Further information on the Code of Values and the Compliance Manual can be found in S1-1. The Code of Values and Compliance Manual promote compliance and consistency with global and applicable laws, such as the United Nations Convention against Corruption and that PATRIZIA avoids unlawful or unethical behaviour and potential damages. Employees are required to respect all corporate governance and compliance standards and protocols in the Compliance Manual and Code of Values which include whistleblowing, and how to conduct dealings with business partners and third parties and anti-bribery and corruption topics. The Code of Values applies to all employees at PATRIZIA. All new employees must complete a signed certification to indicate adherence to the rules and principles in daily business as well as drive a strong compliance culture.

The Compliance Manual includes a whistleblowing policy that ensures both employees and third parties can access and report into the whistleblowing system, reinforcing protections for whistleblowers. Employees as well as third parties can use PATRIZIA's digital whistleblowing system, also anonymously, to send information about possible or actual violations of laws or regulations. This is an ongoing measure with no defined completion horizon, as the whistleblowing system operates continuously. Its implementation requires minimal CapEx and OpEx. The system provides a secure, confidential channel for communication between whistleblowers and Compliance through an anonymized mailbox, and every report is subject to a thorough investigation. Throughout the handling process, utmost confidentiality and equitable treatment of the whistleblower are upheld. Furthermore, there is the option to send information via letter. Information about the digital whistleblowing system and contact details can be found on the internal PIN page and the external PATRIZIA website: https://www.patrizia.ag/en/our-company/compliance/. In order to protect anonymity and uphold integrity in the whistleblowing process, the whistleblowing portal is managed entirely by a third-party service provider comprised of experienced investigators. Employees do not receive specific training on the whistleblowing policy. PATRIZIA is in accordance with the applicable law transposing Directive EU 2019/1937 of the European Parliament and of the Council as the whistleblowing policy has an internal reporting channel to ensure confidentiality, the policy includes a protection and support clause to ensure there is no retaliation, employees are made aware of the policy via the internal system and in the employee handbook, there is a clear investigation and action procedure and the outcomes of the process are given to the whistleblower. PATRIZIA does not have a target in relation to the protection of whistleblowers as it is not deemed applicable. PATRIZIA does not track the effectiveness of the whistleblowing system.

PATRIZIA SE 2025 | Management Report

PATRIZIA takes a zero-tolerance approach to fraud, bribery, and corruption. Clear guidance is provided in the Compliance Manual, including the responsibilities of supervisors and the Compliance Officer. These principles extend to suppliers through PATRIZIA's Supplier Code of Conduct. Business partners are expected to comply with all statutory prohibitions on bribery, corruption, and competition law. PATRIZIA will not tolerate any attempt to inappropriately influence employees through gifts or other benefits and will ensure that no impression is given that such conduct is acceptable.

PATRIZIA fosters an inclusive and collaborative work environment in which employees are encouraged to contribute their talents and take ownership of their roles as described in S1. Openness, mutual trust and respect are core interpersonal values. Employees are encouraged to share opinions and ideas, with the belief that diverse perspectives and constructive dialogue drive better outcomes. Principles such as mutual trust, courage, creativity, optimism, and perseverance are emphasised as cultural drivers that help teams navigate challenges and achieve shared goals.

PATRIZIA also places importance on social responsibility and sustainability within its culture. Environmental protection, sustainable investing and broader ESG commitments are integrated into day-to-day operations and long-term strategy, reflecting a belief that responsible practices benefit both society and business success. PATRIZIA's social responsibility is particularly evident in the Company's attitude that part of its success must be shared with those who are in desperate need. A proof of impact of this responsibility is the support of the PATRIZIA Foundation. The PATRIZIA Foundation is a legally independent organisation and is supported in its work by PATRIZIA. Up to 1% of PATRIZIA's EBITDA is used to cover the Foundation's administration costs, enabling 100% of donations to go to the Foundation projects. All of PATRIZIA's employees are encouraged to use up to one percent of their working hours for charitable purposes, like supporting the work of the PATRIZIA Foundation. 2025 has yet again shown our employees' commitment to this endeavour, with various social fundraising running, cycling and hiking challenges both initiated and loved by our workers.

PATRIZIA does not use the definition "functions-at-risk". However, if PATRIZIA was to assess the departments which are most likely to experience risks such as corruption and bribery, these are the sales department, Investor Relations, Legal and Compliance, Procurement, Asset Management, Transactions, Fund Management and the Accounting Team.

Management of relationships with suppliers (G1-2)

PATRIZIA is committed to conducting procurement with the highest standards of ethics and integrity. This commitment is reflected in our Procurement Policy, which sets clear guidance for managing supplier relationships and addresses related impacts, risks, and opportunities. The Procurement policy provides guidance to PATRIZIA staff over procurement activities, describes an agreed system of delegation of authority, establishes a procurement process, makes sure the right outcome is achieved when purchasing goods and services and secures adherence to the procurement principles and provides an ethical behaviour. The policy is binding for all PATRIZIA employees and can be found on the Company intranet. The Chief Financial Officer is the most senior level in the organisation accountable for the implementation of the policy.

Staff members are expected to act in a manner that upholds the principles of the Procurement Policy and to ensure their conduct is perceived accordingly. This commitment is reflected in the company's approach to supplier management, where potential and existing suppliers, including SMEs, are approached with a consistent emphasis on equality and fairness. PATRIZIA ensures that no personal gain is sought or received, and maintains strict confidentiality around sensitive information, including contract prices. The Company emphasises professionalism, transparency, and impartiality in all supplier interactions, including SMEs, avoiding any conflicts of interest. All suppliers and tenderers, including SMEs, are given equal access to information and opportunities, and PATRIZIA aims to ensure that all procurement decisions are justifiable, with feedback readily available. This framework fosters trust and accountability in supplier relationships, supporting ethical partnerships and sustainable outcomes.

A key action contributing to the management of relationships with is the use of the Supplier Code of Conduct. The Code sets out clear requirements that suppliers must meet in areas including the protection of employees and human rights, fair labour practices, workplace health and safety, prevention of modern slavery, environmental protection, data protection, community involvement, and ethical business conduct. Suppliers are expected to have processes in place to uphold these standards and to provide evidence of compliance when requested. For key suppliers, the Procurement & Travel team have established and maintain an evaluation matrix when assessing new suppliers. The matrix integrates ESG factors by assessing whether a new supplier implements measures to minimize the environmental impact of its operations and goods or services, engages in community initiatives, and demonstrates fair labour practices and worker safety. The matrix ensures that social and environmental criteria is taken into account for the selection of new suppliers. PATRIZIA does not incur significant CapEx or OpEx for this action, as it is managed internally by PATRIZIA colleagues. Therefore, current and future financial resource allocations are not reported. No targets have been set for this action, as target-setting is not considered appropriate. PATRIZIA does not currently track the effectiveness of this policy or related actions.

PATRIZIA SE 2025 | Management Report

Another key action contributing to the management of payment practices impact, risk and opportunity, is PATRIZIA's standardised and ERP-based invoicing process in place that captures the purchase order-related invoice with all relevant details, including payment conditions and ensures that payments are aligned with procurement agreements. Invoices or contracts are captured in the procurement tool and sent to the requester for approval in the invoice approval system. Contingent on the acceptance of goods & services, the approver can release the invoice for payment. Once Accounting receives the invoice approval through the procurement tool, the invoice is settled in line with the agreed payments terms. The invoice process employs a four-eye principle in all steps. Payment runs are conducted regularly to ensure all suppliers, including SMEs, are paid on time and in line with agreed payment terms. PATRIZIA does not incur significant CapEx or OpEx for this process, as it is managed internally. Therefore, current and future financial resource allocations are not reported.

Prevention and detection of corruption and bribery (G1-3)

PATRIZIA has a zero-tolerance approach to bribery and corruption and is committed to acting professionally, fairly and with integrity in all business dealings and relationships. If an incident occurs or an employee is suspect of a breach the respective Line Manager is notified as soon as possible. The Compliance Manual and Code of Values outlines rules that must be adhered to on corruption and bribery.

A key action contributing to the impact, risk and opportunity for corruption and bribery is compliance training. Compliance training is conducted to prevent misconduct through the Global Compliance Training Plan. A Compliance Induction Training is given to all new PATRIZIA employees upon their hire. Employees are trained on corruption and bribery upon onboarding and are regularly reminded of provisions that are contained in the PATRIZIA Compliance Manual and Code of Values on bribery and corruption. PATRIZIA employees are introduced to the whistleblowing when joining the company through the employee handbook and available communication channels and are required to reach out to PATRIZIA Compliance (directly or on an anonymous basis via an external Whistleblowing facility) and inform of any suspicious activity that may represent a breach of policy, laws or regulations. All compliance rules and regulations are published in the Compliance section of the internal intranet. All employees receive induction training regardless of position, with no distinction between at-risk and non-at-risk functions. PATRIZIA does not apply the definition of "functions-at-risk" and therefore does not report the percentage of such functions covered by training programs. PATRIZIA is unable to provide CapEx or OpEx figures for current or future financial resource allocations. Members of the Administrative, Supervisory, and Management bodies are trained and held to the same standards as all other personnel. In addition, a specific group of C-level executives is required to submit regular confirmation statements on adherence to Compliance policies, including those related to bribery and corruption.

Compliance regularly provides a Compliance report to senior management and an update to the Audit Committee. PATRIZIA's Board of Directors has the prerogative to require information from Compliance at any time to fulfil its supervisory duties. Compliance has the authority to conduct investigations and engage independent external advisors when necessary. Compliance works as an in-house independent advisor on prevention and detection of corruption and bribery, develop, implements and enforces relevant policies and procedures and is not a part of the chain of management.

Incidents of corruption and bribery (G1-4)

As stated in the Code of Values and Compliance Manual, PATRIZIA has a zero-tolerance approach to bribery and corruption within its own operations and value chain. In 2025 PATRIZIA did not record any incidents or convictions for violation of anti-corruption and anti-bribery laws and did not receive any fines for violation of anti-bribery and anti-corruption laws. PATRIZIA stipulates that all employees are responsible for maintaining corruption-free conduct, which can be a limitation to this metric. Investigations and surveillance methods are only used where there are relevant indicators or incidents reported by employees and require confirmation from the Compliance Officer. This supports the material positive impacts, risks, and opportunities identified under corruption and bribery. Progress will be measured annually, using the previous year as the reference point rather than a fixed baseline year, with the baseline value set at zero. No specific methodologies or assumptions have been applied in defining the target, as it is not an environmental matter and is not based on scientific evidence. Stakeholders were not involved in setting the target. There have been no changes to the target's methodologies, assumptions, or limitations.

PATRIZIA SE 2025 | Management Report

Payment practices (G1-6)

To ensure timely payment according to the individual conditions, PATRIZIA employs a system-based invoicing process that is designed to facilitate timely payments to its suppliers. This automated process ensures efficiency and accuracy, helping to reduce the risk of delays and promoting a fair and reliable payment schedule, relevant for all suppliers including SMEs.

The average number of days between invoice date and payment date was 22 days for the financial year 2025 (2024: 16). The increase in number of days is driven by an optimisation of PATRIZIA's working capital management.

To PATRIZIA's knowledge, there are no outstanding legal proceedings related to late payments. The analysis of the average payment days metric assumes that only paid invoices from third-party suppliers are included, while invoices settled via direct debit are excluded. The calculation is based on the difference between the payment date and the invoice date.

PATRIZIA does not have standard payment terms and does not group suppliers by category. As PATRIZIA does not have this, the percentage of payments aligned with standard payment terms cannot be provided. Payment terms are determined individually with each contractor, depending on various factors such as the specific contractor and the legal or regulatory requirements of the jurisdiction involved. This approach ensures flexibility and compliance with local regulations while addressing the unique conditions of each contractual relationship.

PATRIZIA SE 2025 | Management Report

5 Economic report

5.1 Economic environment

Macroeconomic environment

According to the World Bank, the global macroeconomic environment was resilient but marked by elevated uncertainty in 2025. Global GDP growth reached around 2.7%, inflation continued to ease and financial conditions loosened, supported by declining interest rates and stronger investor risk appetite. Accordingly, at year-end 2025, the European Central Bank’s main refinancing rate stood at 2.15%, while in the United States the Federal Reserve maintained a target range for the federal funds rate of 3.50% - 3.75%. At the same time, trade tensions, volatile commodity and energy prices, ongoing structural adjustments and the increasing use of artificial intelligence continued to affect economic activity and investor confidence. Moreover, escalating global conflicts and heightened geopolitical tensions in 2025 weighed on global trade and commodity markets. This had a dampening effect on investment activity and on business and investor sentiment. For fundraising activities, this environment created opportunities arising from improved financing conditions and capital inflows, but also entailed increased risks related to trade fragmentation, geopolitical developments, regulatory changes and persistently high market uncertainty.

Sources: The World Bank Group (2026). Global Economic Prospects, January 2026; European Central Bank (18 December 2025). Combined monetary policy decisions and statement; Federal Reserve (10 December 2025). Implementation Note issued 10 December 2025.

Sector-specific environment

Real estate markets: In 2025, European real estate markets, PATRIZIA’s core geography and asset class, have seen a stabilisation of the investment environment. Valuations have largely stabilised and, in parts of the market, have started to show early signs of improvement, with the living segment leading positive capital growth whilst offices continued to underperform. Total transaction volumes remained broadly in line with 2024, as the anticipated recovery progressed only gradually and investors continued to take a cautious stance amid geopolitical risks, economic uncertainty and interest rates that, while having declined in 2025, remain relatively elevated compared to levels seen during the last cycle. However, slightly improving valuations, improving financing conditions and rising fundraising points to better momentum ahead. Supported by persistent megatrends and robust market fundamentals, the living segment continued to attract investor interest, with several living alternatives such as student accommodation taking an increasingly leading role. In the logistics sector, fundamentals began to normalise following an extended period of exceptional performance; however, structural drivers such as Europe’s rearmament efforts, evolving supply chains, and the expected return of e commerce growth continue to provide medium-term tailwinds. Office and retail markets saw improvement but remained highly polarised driven by the quality of space, the location, and the subsector. Structural adjustment and technological change, particularly the rising importance of data centres driven by the AI capex supercycle, has become a key catalyst in accelerating the convergence of real estate and infrastructure (Re-Infra) investments.

Sources: PATRIZIA House View, MSCI (2026): Europe Capital Trends 2025. MSCI Real Capital Analytics. Data as of January 26, 2026; European Central Bank

Infrastructure markets: According to data from Preqin, infrastructure fundraising recovered strongly in 2025 following two extremely sluggish years in 2023 and 2024; a total of USD 210bn was raised over the course of the year, surpassing the previous record set in 2022 of USD186bn. However, fundraising was extremely skewed towards the mega funds: Global Infrastructure Partners, EQT and Brookfield Asset Management accounted for a third of total funds raised in 2025. Across the risk spectrum, core-plus funds were the standout recipients of inflows in 2025, with USD 86bn in funds raised compared to just USD 16bn in 2024. European fundraising has remained resilient, however fundraising activity in 2025 was skewed towards strategies that will invest in North America. According to data from Infralogic, deal activity also experienced a notable rebound in 2025; investments in renewable energies (onshore wind/solar) accounted for nearly half of all deals closed over the year.

Source: Preqin and Infralogic, data as at 3 February 2026

PATRIZIA SE 2025 | Management Report

5.2 Comparison of financial year 2025 - actual and forecasted business development

Financial targets and achievement 2025

Guidance during the year 2025: With the publication of the preliminary results for FY 2024 on 24 March 2025 PATRIZIA issued its financial outlook for FY 2025, expecting AUM to range between EUR 58.0 – 62.0bn and EBITDA between EUR 40.0 – 60.0m, corresponding to an EBITDA margin of 15.2 – 20.8%. The guidance was confirmed with the publication of the 3M 2025 results on 13 May 2025 and again with the H1 2025 results on 12 August 2025. On 11 November 2025, in connection with the 9M 2025 results, PATRIZIA raised its guidance for EBITDA and the EBITDA margin and specified the AUM outlook. EBITDA was now expected in a range between EUR 50.0 – 65.0m for FY 2025, with an EBITDA margin of 19.0 – 24.0%. The AUM guidance was specified to a range between EUR 56.0 – 60.0bn.

Achievement of guidance: For the 2025 financial year, PATRIZIA achieved an EBITDA of EUR 63.0m, corresponding to an EBITDA margin of 22.9%, being in the upper quartile of the latest guidance ranges of EUR 50.0 – 65.0m for EBITDA and 19.0 – 24.0%, for EBITDA margin, respectively. AUM amounted to EUR 56.2bn at year-end, being at the lower end of the specified guidance range of EUR 56.0 – 60.0bn (previously: EUR 58.0–62.0bn), after the guidance had been adjusted during the year due to lower than expected equity raised, reduced investment activity for clients, and negative currency effects.

Non-financial targets and achievement 2025

Budgeted levels during the year 2025

For the STIP, the ESG volunteering target was set at an average of 0.5 days per employee. The STI target for the ESG PRI score was set at 91.0%.

For the LTIP, targets have been set that must be achieved over a three-year performance period starting with grant in 2025 and ending in 2027. To enable year-on-year comparability (even though this approach is not fully aligned with the long-term nature of the LTIP and the underlying performance assessment), the three-year targets for the share of female people managers at the first and second management levels below the GEC and for the share of energy-inefficient directly operated real estate assets were translated into interim targets on a linear basis for the intervening years. The 2024 values were used as the baseline for this linear phasing. As a result, the interim target for 2025 for the Social category, the share of female people managers in the first and second management levels below the GEC (GEC-1 and GEC-2), was set at 28.7%. In the Impact category, the interim target 2025 for AUM in impact investing amounted to EUR 310m. The environmental interim target 2025 aimed to reduce the proportion of energy-inefficient directly operated real estate assets (energy performance certificate class D or worse) in the investment portfolio to 29.0%.

Target Achievement

STIP: In the 2025 financial year, PATRIZIA achieved an average of 0.61 days per employee in ESG volunteering, thereby exceeding the defined STIP target of 0.5 days per employee. The ESG PRI score amounted to 98.2% and therefore exceeded the STIP target of 91.0%.

LTIP: With regards to the achievements of the ESG LTIP targets for 2027, the interim target for the share of female people managers at the first and second management levels below the GEC (GEC-1 and GEC-2) for 2025 was not met, as the actual share reached 25.6% compared with the interim target of 28.7%. The interim target for AUM in impact investing for 2025 was met, with actual AUM amounting to EUR 310m, identical with the target level. The interim target 2025 for the share of energy-inefficient, directly operated real estate assets was not met, with an actual proportion of 31.0%, above the defined interim target level of 29.0%, respectively.

PATRIZIA SE 2025 | Management Report

5.3 Business performance and development of financial performance indicators

Assets under Management

As at 31 December 2025, PATRIZIA managed Assets under Management (AUM) of EUR 56.2bn, compared to EUR 56.4bn as at the previous year's reporting date. In total, AUM remained almost stable in the reporting period, as positive effects from AUM inflows, AUM reporting policy changes as described in chapter Corporate and Group management on the basis of financial performance indicators, valuation movements and cash effects were not able to overcompensate negative effects from currency movements and AUM outflows.

EBITDA

EBITDA is a key management parameter of the Group and can be derived directly from the IFRS income statement.

PATRIZIA has achieved an EBITDA of EUR 63.0m in the financial year 2025 (2024: EUR 46.5m), which is equivalent to an increase of $35.4%$ compared to the previous year. While total service fee income remained nearly stable, the improvement in EBITDA was largely driven by the positive effects of a further strengthening of the cost discipline.

PATRIZIA SE 2025 | Management Report

Detailed reconciliation to EBITDA

EUR k	2025	2024	Change	Table in the current report
Management fees (excluding result from participations)	227,195	221,002	2.8%	Reconciliation of total service fee income
Shareholder contribution for management services (in result from participations)	6,209	7,389	-16.0%	Reconciliation of total service fee income
Management fees	233,403	228,392	2.2%
Transaction fees	7,414	14,507	-48.9%	Reconciliation of total service fee income
Performance fees (excluding result from participations)	7,682	6,101	25.9%	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	17,984	21,226	-15.3%
Total service fee income	258,801	264,124	-2.0%	Reconciliation of total service fee income
Revenues from the sale of principal investments	0	9	-100.0%	Revenues
Cost of materials	-2,835	-948	198.9%	Consolidated income statement
Income from the sale of investment property	0	62	-100.0%	Consolidated income statement
Rental revenues	12,859	9,269	38.7%	Revenues
Revenues from ancillary costs	367	338	8.5%	Revenues
Net sales revenues	10,391	8,729	19.0%
Earnings from companies accounted for using the equity method	149	-11,996	101.2%	Consolidated income statement
Remaining result from participations	6,325	5,837	8.4%	Consolidated income statement & Reconciliation of total service fee income
Co-investment result	6,474	-6,160	205.1%
Net sales revenues and co-investment income	16,865	2,569	556.5%
Staff costs	-142,313	-150,936	-5.7%	Consolidated income statement
Other operating expenses	-66,838	-82,639	-19.1%	Consolidated income statement
Cost of purchased services	-15,666	-16,496	-5.0%	Consolidated income statement
Impairment result for trade receivables and contract assets	64	-142	-145.1%	Consolidated income statement
Reorganisation expenses	-7,947	-13,502	-41.1%	Consolidated income statement
Operating expenses	-232,700	-263,715	-11.8%
Other operating income	11,311	36,527	-69.0%	Consolidated income statement
Other revenues	2,898	4,440	-34.7%	Revenues
Reorganisation income	5,847	2,598	125.0%	Consolidated income statement
Other income	20,056	43,566	-54.0%
EBITDA	63,023	46,544	35.4%

Certain income recognised under IFRS within the result from investments and carrying a fee-like character is reclassified in the Management report to fee income for EBITDA purposes in order to appropriately reflect the Group's operating performance.

PATRIZIA SE 2025 | Management Report

In the reporting year 2025, total service fee income was nearly at previous year's level at EUR 258.8m (2024: EUR 264.1m). The individual components of total service fee income are explained below:

Management fees: Services provided by PATRIZIA are remunerated in form of fees. Management fees include remuneration for investment management services such as asset, fund and portfolio management and are broadly recurring. Management fees of EUR 233.4m were recognised in the financial year 2025 (2024: EUR 228.4m). The increase by 2.2% was driven by catch up fees and directorship fees in the total amount of EUR 9.8m, more than offsetting a decrease in real estate developments fees of EUR 4.6m y-o-y.

Transaction fees: PATRIZIA receives transaction fees for the execution of acquisition and disposal transactions. These fees decreased to EUR 7.4m in the reporting year (2024: EUR 14.5m; -48.9%) as a significant share of transactions was executed in funds with all-in fee structures. In this context, acquisition fees accounted for EUR 3.9m (2024: EUR 9.5m; -59.6%) and disposal fees for EUR 3.6m (2024: EUR 5.0m; -28.4%).

Performance fees: PATRIZIA receives performance fees if defined target investment yields are met or exceeded. In 2025, performance fees of EUR 18.0m were achieved (2024: EUR 21.2m; -15.3%). In the consolidated income statement, these fees are reported partly as revenues and partly as income from participations. The decrease is attributable to the fact that higher performance fees generated from realisations for clients recognised as revenues (2025: EUR 7.7m; 2024: EUR 6.1m; 25.9%) were not sufficient to fully offset the expected lower annual carry payments from the co-investment Dawonia recognised as income from participations (2025: EUR 10.3m; 2024: EUR 15.1m; -31.9%).

In the 2025 reporting year, PATRIZIA generated EUR 16.9m in net sales revenues and co-investment income, compared to EUR 2.6m in the same period of the previous year. Net sales revenues contributed EUR 10.4m (2024: EUR 8.7m). The increase is mainly due to higher rental income from consolidated investment properties. The co-investment result amounted to EUR 6.5m (2024: EUR -6.2m). The improvement is due to the absence of the negative one-off effects from at-equity investments in the previous year and by an improved result from participations, albeit to a lesser extent.

Operating expenses decreased by 11.8% to EUR 232.7m (2024: EUR 263.7m). The decrease reflects further progress in the cost reduction programme as well as a lower headcount. Other operating expenses decreased to EUR -66.8m (2024: EUR -82.6m, -19.1%). A targeted reduction of advisory services and other operating expenses was the main reason for this development. Staff costs declined by 5.7% to EUR -142.3m (2024: EUR -150.9m) due to the lower headcount. The reorganisation expenses declined to EUR -7.9m (2024: EUR -13.5m; -41.1%).

Other income declined to EUR 20.1m (2024: EUR 43.6m) after previous year's figure was positively impacted by deconsolidation effects recognised in the position other operating income. The decrease in the position other operating income to EUR 11.3m (2024: EUR 36.5m) could not be offset by the increase in reorganisation income to EUR 5.5m (2024: EUR 2.6m).

Overall, the net reorganisation result improved significantly to EUR -2.1m compared to EUR -10.9m in the prior year driven by lower reorganisation expenses and additional reorganisation income from the release of provisions recognised in the prior year.

EBITDA margin

The EBITDA margin compares the EBITDA of the financial year with the sum of total service fee income and net sales revenues and co-investment income.

Despite a decline in total service fee income and lower other income, the EBITDA margin increased year-on-year to 22.9% (2024: 17.5%) driven by an improved cost base.

PATRIZIA SE 2025 | Management Report

Further KPIs

Transaction volume based on signed transactions (EUR bn)

Transaction volume based on closed transactions (EUR bn)

PATRIZIA remained an active investor for its clients in infrastructure and real estate assets in the 2025 reporting year. Both transactions signed and transactions closed increased on a $y$ -o-y basis, reflecting gradually improving momentum in real asset transactions driven by stabilising asset values especially in real estate. Signed transactions amounted to EUR 3.3bn, an increase of $63.3%$ compared to the previous year (2024: EUR 2.0bn), while closed transactions exhibited an increase of $19.0%$ to EUR 3.5bn (2024: EUR 2.9bn). Overall, and despite the still challenging market environment, PATRIZIA again reinforced its ability to be a net buyer in a challenging market environment, underlining its strong investment capability and its commitment to proactively deploy capital for its clients in both infrastructure and real estate.

Equity raised (EUR bn)

Client demand for investment products increased throughout the year 2025 resulting in higher fundraising activity with equity raised totalling EUR 1.2bn, an increase of $22.1%$ (2024: EUR 1.0bn). Compared to fundraising levels seen before the year 2023, the overall activity was still comparably low. The amount of open equity commitments available for investments via managed funds remained at EUR 1.3bn as at 31 December 2025 in line with the previous year (2024: EUR 1.3bn).

PATRIZIA SE 2025 | Management Report

5.4 Economic situation

5.4.1 General statement by the Executive Directors

2025 represented a year of transition for PATRIZIA in a continued challenging market environment. Following a prolonged period of volatility, valuation pressure and subdued investment and transaction activity, market conditions began to show early signs of recovery as indicated by increased fundraising activity and rising transaction volumes. However, the new investment cycle in real assets is unfolding more gradually and unevenly than initially expected, with transaction activity and capital raising remaining below historical levels and investors continuing to be highly selective in terms of asset classes, geographies, strategies and investment partners.

Against this backdrop, PATRIZIA focused on enhancing the efficiency and scalability of its platform, strengthening its financial resilience and further advancing its organisational structure by applying disciplined cost measures based on a clear strategic focus.

AUM almost remained stable at EUR 56.2bn, being at the lower end of the latest guidance range given by the Company.

In 2025 PATRIZIA was able to successfully de-couple the Group's profitability from the overall market environment and achieved a significant improvement in both profits and profitability. EBITDA increased by $35.4%$ to EUR 63.0m reaching the upper quartile of the latest, increased guidance range of EUR 50.0 - 65.0m. The EBITDA margin correspondingly increased to $22.9%$ , representing a clear improvement compared to the prior-year level of $17.5%$ and also being in the upper quartile of the latest guidance range of 19.0 - 24.0%. These results reflect the success of the Company's efforts to streamline processes, enhance efficiency and strengthen the quality of earnings, supported by strict cost discipline and a structurally improved cost base despite still restrained market sentiment.

Forecast vs. actual comparison of key financial performance indicators

	Results previous year (actual) 2024	Forecast 2025 (24 Mar 2025)	Adjusted forecast 2025 (11 Nov 2025)	Results (actual) 2025
EBITDA (in EUR m)	46.5	40.0 – 60.0	50.0 – 65.0	63.0
EBITDA margin (in %)	17.5	15.2 – 20.8	19.0 – 24.0	22.9
AUM (in EUR bn)	56.4	58.0 – 62.0	56.0 – 60.0	56.2

Another important milestone in 2025 was that management fees more than covered the Group's operating expenses. This reflects the increased stability and resilience of PATRIZIA's business model based on a recurring fee base. As market momentum continues to recover, the platform of PATRIZIA is now expected to be more efficient providing the Company with additional operating leverage to deliver profitable growth.

The improved earnings and active working capital management also led to a substantial growth in the Group's operating cash flow. Operating cash flow amounted to EUR 57.6m (2024: EUR 12.6m) and thus well exceeded the EUR 30.3m dividend payments for FY 2024 as paid in 2025. Going forward, the successful agreement to realise part of the exit carry entitlement from the Dawonia investment mandate is expected to have a positive impact on PATRIZIA's cash inflows and financial flexibility in the medium term and therefore further strengthens the Group's financial position over the coming years. Further information can be found in section "Financial position of the Group".

With its integrated investment platform for real estate and infrastructure assets, the Group continues to execute its sector-specific investment strategies investing along the DUEL megatrends of Digitalisation, Urbanisation and the Energy and Living transition. As market momentum gradually returns, PATRIZIA sees itself well positioned to benefit from the further recovering investment environment and to lay the foundation for profitable growth in the next phase of the market cycle.

Furthermore, PATRIZIA's positive financial and asset position continue to provide a solid basis for the successful implementation of its strategy 2030.

Taking into account the current market environment, the Executive Directors consider the financial situation to be satisfactory and appropriate.

Dividend proposal

Based on the improved earnings performance, the continued solid financial situation and, in particular, the strong operating cash flow generated in the reporting period, the Executive Directors and the Board of Directors will propose that the Annual General Meeting approves the distribution of a dividend of EUR 0.36 for the financial year 2025. The proposed dividend level reflects the Group's enhanced capacity to generate recurring cash flows from operations, a solid balance sheet profit in accordance with the German Commercial Code (HGB) and underpins its commitment to its communicated dividend policy.

PATRIZIA SE 2025 | Management Report

5.4.2 Results of operations of the Group

EBITDA

In the 2025 financial year, PATRIZIA generated an EBITDA of EUR 63.0m. A detailed reconciliation of the development of the EBITDA can be found in the table below:

Reconciliation of EBITDA

EUR k	2025	2024	Change
Total operating performance	269,727	292,255	-7.7%
Cost of materials	-2,835	-948	198.9%
Cost of purchased services	-15,666	-16,496	-5.0%
Staff costs	-142,313	-150,936	-5.7%
Other operating expenses	-66,838	-82,639	-19.1%
Impairment result for trade receivables and contract assets	64	-142	-145.1%
Result from participations	22,836	28,350	-19.5%
Earnings from companies accounted for using the equity method	149	-11,996	101.2%
EBITDAR	65,123	57,448	13.4%
Reorganisation result	-2,100	-10,904	80.7%
EBITDA	63,023	46,544	35.4%

The following section discusses the individual components of EBITDA in greater detail in the order in which they are reported in the consolidated income statement.

Total operating performance

Total operating performance – which also includes other operating income – reflects PATRIZIA's operating performance more comprehensively than revenues alone. PATRIZIA's total operating performance decreased by -7.7% to EUR 269.7m in 2025 after EUR 292.3m in the previous year.

Reconciliation of total operating performance

EUR k	2025	2024	Change
Revenues	258,416	255,667	1.1%
Income from the sale of investment property	0	62	-100.0%
Other operating income	11,311	36,527	-69.0%
Total operating performance	269,727	292,255	-7.7%

PATRIZIA SE 2025 | Management Report

Revenues

Revenues increased in the reporting year 2025 from EUR 255.7m to EUR 258.4m (1.1%). The increase in rental revenues and revenues from management services more than compensated the decrease in the position Other. The item 'Other' decreased in the 2025 reporting year due to lower reversals of provisions and the absence of positive one-off effects.

Revenues

EUR k	2025	2024	Change
Revenues from management services	242,291	241,611	0.3%
Proceeds from the sale of principal investments	0	9	-100.0%
Rental revenues	12,859	9,269	38.7%
Revenues from ancillary costs	367	338	8.5%
Other	2,898	4,440	-34.7%
Revenues	258,416	255,667	1.1%

Revenues from management services slightly increased in the reporting period from EUR 241.6m to EUR 242.3m.

Taking into account the income from the Dawonia co-investment, which is reported in income from participations, total service fee income amounted to EUR 258.8m, which corresponds to a decrease of -2.0% to the previous year's figure of EUR 264.1m. The increase in management fees, taking into account income from the Dawonia co-investment, by 2.2% compared to last year to EUR 233.4m (2024: EUR 228.4m) was driven by catch up fees and directorship fees in the amount of EUR 9.8m, more than offsetting a decrease in project developments fees of EUR 4.6m y-o-y. Transaction fees remained at a historically very low level and decreased by -48.9% to EUR 7.4m (2024: EUR 14.5m) as a significant share of transactions was executed in funds with all-in fee structures. Furthermore, performance fees - including the result of co-investment Dawonia - decreased by -15.3% to EUR 18.0m (2024: EUR 21.2m) as higher performance fees generated from disposals were not sufficient to fully offset the expectedly lower annual carry payments.

Reported income from participations separately results in the following breakdown of total service fee income:

Reconciliation of total service fee income

EUR k	2025	2024	Change
Management fees (excluding result from participations)	227,195	221,002	2.8%
Performance fees (excluding result from participations)	7,682	6,101	25.9%
Transaction fees	7,414	14,507	-48.9%
Revenues from management services	242,291	241,611	0.3%
Performance fees (in result from participations)	10,301	15,124	-31.9%
Shareholder contribution for management services (in result from participations)	6,209	7,389	-16.0%
Total service fee income	258,801	264,124	-2.0%

As in the previous year, proceeds from the sale of principal investments were immaterial for the financial performance.

PATRIZIA generated rental revenues of EUR 12.9m in the reporting period after EUR 9.3m in the 2024 financial year, mainly due to the properties in temporary consolidated funds. The increase is mainly due to the addition of a logistics portfolio in a consolidated fund as well as the completion of a residential real estate project development at the end of the financial year 2024, which subsequently generated rental revenues.

Revenues from ancillary costs relate to rental ancillary costs and amounted to EUR 0.4m in the period under review (2024: EUR 0.3m).

Other revenues essentially comprise transaction costs initially covered by the Company and being recharged to the corresponding investment vehicles. In the financial year 2025, this item decreased to EUR 2.9m compared to EUR 4.4m in the same period of the previous year.

PATRIZIA SE 2025 | Management Report

Changes in inventories

Changes in inventories consist of the carrying amount of principal investments sold from inventories (-) and the capitalised cost of materials assigned to inventories (+). The accounting effects of the sale as well as the maintenance and construction costs of properties held for sale are recognised in profit or loss under changes in inventories. In the 2025 reporting year, as in the previous year, no changes in inventories were posted.

Other operating income

Other operating income decreased to EUR 11.3m in the financial year 2025 (2024: EUR 36.5m), after previous year's figure was positively impacted by deconsolidation effects and higher reversals of provisions.

Income from the deconsolidation of subsidiaries amounts to EUR 0m in the financial year 2025 (2024: EUR 15.2m). The decrease of this item is primarily due to the fact that the prior-year figure included income of EUR 14.0m from the deconsolidation of PATRIZIA European Infrastructure Fund III, a temporarily on balance sheet held infrastructure fund. This income largely represented a reversal of losses previously recognised in profit or loss for this investment.

Cost of materials

Cost of materials includes construction and maintenance work for principal investments that are typically capitalised and must be accounted for in conjunction with changes in inventories. Cost of materials increased year-on-year from EUR 0.9m to EUR 2.8m due to an increase in property operating-, renovation- and construction costs.

Cost of purchased services

Cost of purchased services in the amount of EUR 15.7m (2024: EUR 16.5m) essentially comprises the purchase of fund management services for external label funds in the amount of EUR 15.7m (2024: EUR 16.4m) for which PATRIZIA is the service capital management company.

Staff costs

PATRIZIA employed a total of 816 full-time equivalents (FTE) as at 31 December 2025 compared to 887 in the previous year.

EUR k	2025	2024	Change
Fixed salaries	90,989	97,245	-6.4%
Variable salaries	22,046	24,956	-11.7%
Social security contributions	20,598	19,308	6.7%
Effect of long-term variable remuneration¹	38	-3	>1,000.0%
Share-based payment	5,916	4,460	32.6%
Other	2,726	4,971	-45.2%
Total	142,313	150,936	-5.7%

¹ Valuation changes of the long-term variable remuneration (phantom shares) due to changes in the share price

Overall, staff costs decreased by -5.7% to EUR 142.3m (2024: EUR 150.9m) - despite general inflation-related salary adjustments - due to the reduction in the number of employees.

In the financial year 2025, expenses of EUR 5.9m (2024: EUR 4.5m) were recognised for the share-based payment agreement (LTI) for executives. Further information on the determination of the fair value of this remuneration component can be found in the chapter Share-based remuneration agreement (LTIP) in the notes to the consolidated financial statements.

The position Other, which comprises miscellaneous personnel-related expenses other than wages, salaries and social security contributions, in particular costs for pensions, employee benefits and employment-related expenses, decreased from EUR 5.0m in the prior year to EUR 2.7m in the reporting period due to lower utilisation and a reduced number of employees.

Please refer to the chapter Other employee benefits in the notes to the consolidated financial statements for information on the costs of retirement benefits.

PATRIZIA SE 2025 | Management Report

Other operating expenses

Other operating expenses decreased by 19.1% to EUR 66.8m in 2025 after EUR 82.6m in the previous year. This item breaks down as follows:

Other operating expenses

EUR k	2025	2024	Change
Tax, legal, other advisory and financial statement fees	17,383	22,454	-22.6%
IT and communication costs and cost of office supplies	15,057	16,083	-6.4%
Rent, ancillary costs and cleaning costs	5,731	4,566	25.5%
Other taxes	341	448	-23.8%
Vehicle and travel expenses	6,615	7,143	-7.4%
Advertising costs	2,380	3,544	-32.9%
Recruitment and training costs and cost of temporary workers	2,306	4,771	-51.7%
Contributions, fees and insurance costs	5,068	4,781	6.0%
Commission and other sales costs	989	669	47.7%
Costs of management services	1,766	2,999	-41.1%
Indemnity/reimbursement	1,940	1,375	41.1%
Donations	474	554	-14.3%
Cost from the deconsolidation of subsidiaries	0	8	-100.0%
Other	6,786	13,244	-48.8%
Total	66,838	82,639	-19.1%

Tax, legal, other advisory and financial statement fees in the amount of EUR 17.4m (2024: EUR 22.5m) decreased mainly due to reduced other advisory services as a result of the ongoing cost optimisation programme.

Tax, legal, other advisory and financial statement fees include, among other things:

Costs in connection with personnel-related advisory in the amount of EUR 1.3m (2024: EUR 1.6m)
Audit fees in the amount of EUR 2.5m (2024: EUR 2.5m)
Project-related consulting services in the context of digitalization as well as costs of initial testing, acquisition and use of new technologies in the amount of EUR 0.3m (2024: EUR 0.5m)
Tax advisory fees in the amount of EUR 1.3m (2024: EUR 1.6m)
Costs rechargeable to funds amounting to EUR 2.3m (2024: EUR 1.4m)
Costs in connection with balance sheet investments amounting to EUR 0.9m (2024: EUR 1.8m)

IT, communication, office supplies, recruitment, training and temporary employment, vehicle and travel and advertising costs were reduced primarily by PATRIZIA's focus on cost efficiency.

The donations include donations to charitable organisations such as the PATRIZIA Foundation. From 2022 on the management had decided to support charitable organisations annually with up to 1% of the Group's EBITDA.

The position Other decreased mainly as a result of PATRIZIA's continued cost focus. Furthermore, the prior-year figure included an adjustment related to a first-time consolidation recognised in profit or loss, which did not recur in the year under review.

PATRIZIA SE 2025 | Management Report

Impairment result for trade receivables and contract assets

This item includes a reversal of impairment for other trade receivables and other assets in the amount of EUR 0.1m (2024: EUR -0.1m).

Result from participations and earnings from companies accounted for using the equity method

PATRIZIA generated a result from participations of EUR 22.8m in 2025 (2024: EUR 28.4m, -19.5%). The positive contribution mainly relates to the Dawonia co-investment and the corresponding management mandate, totaling to EUR 19.7m (2024: EUR 25.7m), whereas the expected y-o-y decrease was primarily due to lower annual carry entitlements.

Earnings from companies accounted for using the equity method stood at EUR 0.1m (2024: EUR -12.0m). The increase is mainly attributable to the fact that the prior-year figure was negatively impacted by the performance of an at-equity investment in a temporary consolidated fund, which was deconsolidated at the end of the year and therefore did not reoccur in the current year.

The result from participations and earnings from companies accounted for using the equity method represent the investment income from co-investments and, for Dawonia management and performance fees as well. The result from participation of Dawonia is used in addition to the explanation of the result from participations for the explanation of the total service fee income (see also previous explanation for revenue).

Result from participations

EUR k	2025	2024	Change
Dawonia	19,733	25,736	-23.3%
Seneca	587	240	144.7%
Closed-end funds business	207	297	-30.3%
Other	2,309	2,054	11.2%
Result from participations	22,836	28,350	-19.4%
Earnings from companies accounted for using the equity method	149	-11,996	-101.2%
Total	22,984	16,354	40.5%

Net reorganisation result

Reorganisation expenses of EUR 7.9m relate to the adjustment of the organisational structure as part of the new Strategy 2030 and mainly comprise personnel expenses. The reorganisation expense of EUR 13.5m in the previous year was also related to the review and adjustment of the organisational structure and mainly comprised personnel expenses.

The income from reorganisation of EUR 5.8m (2024: EUR 2.6m) relates to the release of unused reorganisation provisions.

Overall, the net reorganisation result improved significantly to EUR -2.1m compared to EUR -10.9m the prior year.

PATRIZIA SE 2025 | Management Report

Net profit for the period

In the 2025 financial year, PATRIZIA's net profit for the period surged to EUR 16.4m (2024: EUR 2.4m). The share of net profit attributable to the shareholders of the parent company amounted to EUR 18.0m (2024: EUR 12.9m).

Reconciliation of net profit for the period

EUR k	2025	2024	Change
EBITDA	63,023	46,544	35.4%
Depreciation, amortisation and impairment	-27,734	-28,342	-2.1%
Results from fair value adjustments to investment property	36	-7,028	100.5%
Earnings before interest and taxes (EBIT)	35,325	11,174	216.1%
Financial income	4,655	12,056	-61.4%
Financial expenses	-14,620	-17,276	-15.4%
Other financial result	-1,515	-1,985	23.7%
Result from currency translation	-5,953	-557	-969.2%
Financial result	-17,432	-7,763	-124.6%
Earnings before taxes (EBT)	17,893	3,411	424.6%
Income taxes	-1,513	-1,031	46.7%
Net profit for the period	16,379	2,379	588.4%
Attributable to shareholders of the parent company	17,968	12,867	39.6%
Attributable to non-controlling interests	-1,588	-10,488	84.9%

The following section discusses the relevant items of the reconciliation of net profit for the period.

Depreciation, amortisation and impairment

Depreciation, amortisation and impairment decreased to EUR 27.7m (2024: EUR 28.3m) and mainly consisted of amortisation of fund management contracts (see chapter Other operating income in the notes to the consolidated financial statements for further information) and licences of EUR 11.0m (2024: EUR 11.0m), amortisation of rights of use of EUR 9.5m (2024: EUR 10.8m) and amortisation of software and depreciation of equipment of EUR 6.1m (2024: EUR 5.4m).

Results from fair value adjustments to investment property

Results from fair value adjustments to investment property amounted to EUR 0m (2024: EUR -7.0m). The prior-year figure was negatively impacted by market-driven fair value adjustments.

Financial result

Financial income decreased to EUR 4.7m after EUR 12.1m in 2024 and essentially relates to the interest income from cash and term deposits, which declined due to lower money market interest rates and lower investment volumes.

Financial income was offset by financial expenses of EUR 14.6m (2024: EUR 17.3m), the improvement was mainly attributable to lower bank loans attached to strategic seed investments in combination with lower interest rates and, to a lesser extent, to lower processing fees and discounting interest.

The other financial result in the amount of EUR -1.5m (2024: -2.0m) mainly includes effects regarding the revaluation of financial assets. The y-o-y improvement is primarily attributable to a positive fair value movement of the newly acquired 1.05% of the shares in OSCAR Germany SCS, SICAF-FIS (Dawonia Fund).

The result from currency translation amounted to EUR -6.0m as at 31 December 2025 (2024: EUR -0.6m). It is composed of realised currency effects of EUR -1.4m (2024: EUR -1.4m), and non-cash currency effects of EUR -4.5m (2024: EUR 0.8m). The main drivers were intra-group loans and cash pooling arrangements with subsidiaries in Japan, the UK, and Sweden. The deconsolidation of a subsidiary also had a significant impact on the currency result.

Income taxes

Tax expenses amounted to EUR 1.5m in the financial year 2025 after EUR 1.0m in the previous year. The total income tax expense comprises current income tax expense of EUR 10.5m and deferred tax income of EUR 9.0m. Tax expense for the previous year 2024 comprised current income tax expense of EUR 6.7m and deferred tax income of EUR 5.7m.

PATRIZIA SE 2025 | Management Report

5.4.3 Segment result

Segment performance indicators

EUR k	2025		2024
	Investment Management	Balance Sheet Investments	Investment Management	Balance Sheet Investments
Total operating performance	273,885	13,496	285,524	30,092
EBITDA	51,032	14,091	39,533	14,906
EBT	34,306	3,378	22,241	2,577

Investment Management

Total operating performance of the segment Investment Management declined to EUR 273.9m in 2025 (2024: EUR 285.5m). This decline is mainly attributable to lower transaction and performance fee income, primarily due to the market environment, as well as expected lower annual carry payments from Dawonia.

The increase in EBITDA of the segment Investment Management to EUR 51.0m (2024: EUR 39.5m) was due to lower staff costs in light of the reduction in the number of employees and the generally reduced cost base, which more than compensated for the lower total operating performance.

Due to the effects described above, the segment EBT in 2025 increased to EUR 34.3m (2024: EUR 22.2m).

Balance Sheet Investments

In 2025, total operating performance of the Balance Sheet Investments segment decreased to EUR 13.5m (2024: EUR 30.1m), which is primarily attributable to higher positive non-recurring effects in the previous year predominantly caused by the deconsolidation of subsidiaries. This effect was largely offset by corresponding negative earnings from companies accounted for using the equity method of EUR -12.0m in the previous year.

As a result, EBITDA remained stable at EUR 14.1m in the financial year 2025 (2024: EUR 14.9m).

Segment EBT improved to EUR 3.4m in the year 2025 (2024: EUR 2.6m), despite a weaker financial result, primarily due to the absence of the negative effect from fair value adjustments to investment property recognised in the previous year.

PATRIZIA SE 2025 | Management Report

5.4.4 Financial position of the Group

PATRIZIA's balance sheet remains well capitalised and resilient with a net equity ratio of 73.6%, up five percentage points y-o-y, and available liquidity of EUR 114.7m, compared to EUR 118.2m at the end of 2024, enabling PATRIZIA to seize market opportunities as they arise in a recovering market environment.

At the level of PATRIZIA SE, the free liquidity of the Group companies is pooled (cash pooling) and disbursed as cash pool loans in accordance with liquidity requirements of the individual Group companies. The individual cash flows are legally classified as loans granted or loan repayments received and can be compared with a current account. The interest rates for this purpose are regularly calculated with the aid of a software on the basis of comparable yield curves and are assigned a risk-adequate margin.

PATRIZIA's equity ratios

EUR k	31.12.2025	31.12.2024	Change
Total assets	1,699,367	1,729,543	-1.7%
Equity (excl. non-controlling interests)	1,126,952	1,084,232	3.9%
Equity ratio	66.3%	62.7%	3.6 PP
Cash and cash equivalents	169,208	149,359	13.3%
+ Term deposits	5,942	35,730	-83.4%
- Bank loans	-207,725	-201,184	3.3%
- Bonded loans	-69,000	-69,000	0.0%
= Net cash (+) / net debt (-)	-101,575	-85,094	19.4%
Net equity ratio¹	73.6%	68.6%	5 PP

¹ Net equity ratio: Equity (excl. non-controlling interests) divided by total net assets (total assets less financial liabilities covered by cash and cash equivalents) PP = Percentage points

Total assets

The Group's total assets remained almost stable at EUR 1.7bn as at 31 December 2025 (31 December 2024: EUR 1.7bn).

Equity

Equity (excluding non-controlling interests) amounted to EUR 1.1bn (31 December 2024: EUR 1.1bn), showing a slight increase of EUR 42.7m overall. This development was mainly driven by an increase in the revaluation reserve under IFRS 9 triggered by the reduction of deferred tax liabilities in connection with the new Dawonia investment management contract, partly offset by a decrease in consolidated unappropriated profit.

Please see the statement of changes in equity for further information.

PATRIZIA SE 2025 | Management Report

An overview of all PATRIZIA's participations, Assets under Management and Invested capital can be found in the following table.

PATRIZIAs capital allocation as at 31.12.2025

	Assets under management EUR m	Invested capital (fair value) EUR m	Invested capital (at cost) EUR m	Participations in %
Third-party business	45,613.5	0.0
Co-investments and seed investments	10,605.6	930.2	521.4
Real estate - residential	5,008.1	610.8	210.3
thereof Dawonia	4,883.4	152.51	51.7	5.1
thereof Dawonia profit entitlements		308.81	0.0	0.1
thereof Dawonia Fund		21.81	22.0	1.1
Real estate - balanced	2,355.7	92.4	97.1
Real estate - commercial	885.2	80.1	71.8
Infrastructure	2,300.4	139.8	134.1
Venture capital	26.9	5.7	6.8
Private equity	29.4	1.4	1.2
Other balance sheet items		358.82
Tied-up investment capital	56,219.1	1,289.0
Available liquidity		114.7
Total investment capital	56,219.1	1,403.7
of which debt (bonded loans - PATRIZIA Group corporate financing)		69.0
of which debt (financing for temporarily consolidated assets and portfolios)		207.7
of which equity PATRIZIA (excl. non-controlling interests)		1,127.0

1 After deduction of deferred taxes according to IFRS 9 2 Including goodwill and fund management contracts

PATRIZIA selectively invests Group equity in partnership with its institutional clients, in the form of co-investments, of which Dawonia is the largest co-investment. In addition, PATRIZIA uses Group equity to temporarily warehouse assets and portfolios on its balance sheet with the aim of later contributing them to funds financed by clients.

PATRIZIA holds a stake in a residential real estate portfolio via Dawonia. 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 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 the state of Hesse.

Furthermore, PATRIZIA holds an interest in OSCAR Lux Carry S.C.S. (Dawonia profit entitlements - see table above), which entitles PATRIZIA to a variable profit share in connection with the Dawonia investment. In 2025, PATRIZIA and the investors in Dawonia agreed a long-term extension of the investment management mandate until the end of 2030 with the possibility of further extensions.

As part of the mandate extension, PATRIZIA was granted the right to realise part of the exit carry entitlement and to receive corresponding payments of around EUR 49m (gross) per annum from 2026 until 2029 and, subject to certain conditions, the possibility of a further payment of the same amount in 2031. This settlement of part of the exit carry entitlement, will have a positive impact on PATRIZIA's financial position over the next years. The remaining exit carry entitlement will be settled upon an actual exit of the Dawonia investment.

During the financial year 2025, PATRIZIA acquired a 1.05% share in OSCAR Germany SCS, SICAF-FIS (Dawonia Fund - see table above). The purchase price amounted to EUR 21.3m. The transaction price was below the fair value of the asset. The difference between the transaction price and the fair value at the acquisition time (day-one profit) amount EUR 5.5m. Since the measurement parameters are not fully based on observable market data (Level 3 inputs), the difference was deferred in a separate calculation at initial recognition and will be recognised in the income statement on a straight-line basis over the life of the instrument. The differences still to be recognised as income as of 31 December 2025 amounts EUR 4.8m.

In the financial year 2025, further seed investments were made in line with PATRIZIA's strategy, particularly in the area of infrastructure.

PATRIZIA SE 2025 | Management Report

Capital structure

Financial liabilities

The Group's financial liabilities increased from EUR 270.2m as at 31 December 2024 to EUR 276.7m as at 31 December 2025

The final outstanding tranche of the bonded loans (Schuldscheindarlehen, SSD) issued in the 2017 financial year matures in 2027 and continues to be presented accordingly as non-current bonded loans (EUR 69.0m).

Bank loans of EUR 207.7m relate to financings for residential, office and logistics real estate properties consolidated within the Group. Within the warehoused assets, current bank loans were repaid, optimising the capital structure. At Group level, this is presented as a reclassification between current and non-current bank loans, with no material impact on net debt.

Financial liabilities developed as follows:

Financial liabilities

EUR k	31.12.2025	31.12.2024	Change
Non-current bonded loans	69,000	69,000	0.0%
Non-current bank loans	207,684	155,584	33.5%
Current bank loans	42	45,600	-99.9%
Total financial liabilities	276,725	270,184	2.4%

A detailed maturity profile of the financial liabilities (financial liabilities used as part of the key assets and financial data for calculating net cash/net debt as well as the net equity ratio: bank, mortgage and bonded loans) as well as other financial liabilities and lease liabilities can be found in the chapter Liquidity risk in the notes to the consolidated financial statements.

Liquidity

PATRIZIA has available liquidity of EUR 114.7m as at 31 December 2025 compared to EUR 118.2m at the end of 2024.

Available Liquidity

EUR k	31.12.2025	31.12.2024
Cash and cash equivalents	169,208	149,359
Term deposits	5,942	35,730
Liquidity	175,150	185,090
Regulatory reserve for asset management companies	-44,601	-49,517
Transaction related liabilities and blocked cash	-5,565	-5,824
Liquidity, PATRIZIA cannot freely access	-10,324	-11,563
Available liquidity	114,660	118,185

Liquidity amounts to EUR 175.1m in total as at 31 December 2025 (31 December 2024: EUR 185.1m). Liquidity was utilised for the payment of the dividend for the 2024 financial year as well as for strategic investments. As at 31 December 2025, a total of EUR 5.9m is invested in term deposits.

PATRIZIA cannot freely dispose the full amount of its liquidity. Cash and cash equivalents of EUR 44.6m in total must be permanently retained for capital management companies (Kapitalverwaltungsgesellschaften) and closed-ended funds to comply with the relevant regulatory requirements.

Transaction-related liabilities and blocked cash amount to EUR 5.6m, comprising transaction-related payables (e.g. purchase price liabilities and deferred consideration) and cash subject to restrictions, primarily related to ongoing transactions and regulatory requirements of the Group's capital management companies.

Furthermore, liquidity in the amount of EUR 10.3m is tied up in consolidated companies, which PATRIZIA cannot freely access.

As at 31 December 2025, the Company's available liquidity remains solid. Also, the Company's investment assets held on its balance sheet are predominantly unincumbered, providing for a readily available asset base in case of additional funding needs. On this basis and based on the Group's liquidity planning, it can be assumed that the company will always remain solvent.

PATRIZIA SE 2025 | Management Report

Consolidated cash flow statement

Cash flow from operating activities amounted to EUR 57.6m in the reporting year, compared to EUR 12.6m in the year 2024. The improvement compared to the previous year mainly results from the strong operating performance as well as from an active working capital management.

Cash flow from investing/disinvesting activities resulted in a cash inflow of EUR -0.3m in the reporting year (2024: EUR - 238.0m). The significant y-o-y improvement is primarily attributable to substantially lower cash outflows for investments in companies accounted for using the equity method. In addition, the repayments from securities, short-term investments and cash on hand were used to acquire additional Dawonia Fund shares and to selectively expand the Group's infrastructure investments, reflected in the position Payments for the acquisition of participations.

The cash flow from financing activities amounts EUR -36.1m, compared to EUR 32.1m in the previous year. The significant decrease compared with the previous year is mainly attributable to the absence of proceeds from an increase in capital stock of non-controlling interests, related to fundraising for temporarily consolidated funds (non-controlling interests) in the prior-year period. Financing activities in the year 2025 were largely characterised by a broadly balanced level of borrowings and repayments of loans, resulting in only a limited net cash effect. Dividend payments of EUR -30.3m to shareholders remained at a comparable level to the prior year (2024: EUR -29.3m) and continued to represent a major cash outflow within financing activities.

The cash-effective change in cash and cash equivalents amounted in total to EUR 21.2m (2024: EUR -193.4m) resulting in an increase of cash and cash equivalents from EUR 149.4m at the end of 2024 to EUR 169.2m as at 31 December 2025.

Abridged consolidated statement of cash flow for the period from 1 January to 31 December 2025

EUR k	2025	2024
Cash flow from operating activities	57,565	12,574
Cash flow from investing/divesting activities	-274	-238,015
Cash flow from financing activities	-36,101	32,078
Change in cash and cash equivalents	21,189	-193,363
Cash and cash equivalents as at 01.01.	149,359	340,181
Effects of changes in foreign exchange rates on cash and cash equivalents	-1,341	904
Effects of changes in consolidated group on cash and cash equivalents	0	1,637
Cash and cash equivalents as at 31.12.	169,208	149,359

PATRIZIA SE 2025 | Management Report

5.4.5 Notes to the HGB annual financial statements of PATRIZIA SE (parent company)

The financial position of the parent company PATRIZIA SE is primarily determined by the activities of the Group's operating entities.

Results of operation

As the management holding company for these companies, PATRIZIA SE generated revenues of EUR 35.8m (2024: EUR 43.5m; -17.8%), which mainly resulted from management fees charged to subsidiaries. Other operating income rose to EUR 25.5m in 2025 (2024: EUR 10.2m; 148.5%) and mainly comprises income in connection with variable purchase price components from the acquisition of Whitehelm Capital in 2023 amounting to EUR 14.8m (2024: EUR 0m), capital gains on disposals of assets amounting to EUR 8.4m (2024: EUR 1.0m) and the reversal of provisions amounting to EUR 1.1m (2024: EUR 5.6m).

Staff costs decreased by 2.6% to EUR 34.3m (2024: EUR 35.3m). This is mainly due to a reduction in ancillary personnel costs. During the fiscal year, 163 (2024: 163) full-time employees and 54 (2024: 60) part-time employees were employed. Amortisation of intangible assets and depreciation of property, tangible assets as well as other operating expenses decreased by EUR 46.4m (-46.4%) to EUR 53.6m (2024: EUR 100.0m) compared to the previous year. This development was driven by lower impairments of intercompany receivables and provisions in connection with variable purchase price components in the previous year. Income from participations remained stable at EUR 3.2m (2024: EUR 3.3m). The income from profit transfers rose by EUR 5.9m to EUR 81.6m (2024: EUR 75.7 million). Depreciation and amortisation on financial assets improved by EUR 29.8m to EUR -27.9m (2024: EUR -57.7m). This is mainly due to reduced impairment losses on shares in affiliated companies amounting to EUR -27.0 million (2024: EUR -50.6 million). The item income from participations, amortisation of financial assets and profit and loss agreements improved by EUR 35.7m to EUR 57.0m (2024: EUR 21.3m). This is mainly due to reduced impairment losses on investments in subsidiaries amounting to EUR 27.0m (2024: EUR 50.6m) and a higher balance from profit and loss transfers amounting to EUR 81.6m (2024: EUR 75.7m). Net interest result decreased by EUR 1.5m to EUR -5.5m (2024: EUR -4.0m). Tax expense increased by EUR 4.6m to EUR 6.4m (2024: EUR 1.8m). This was primarily due to higher income taxes.

Overall, this results in a net profit for PATRIZIA SE of EUR 18.3m for the 2025 reporting year in accordance with HGB (2024: net loss of EUR 66.3m). Net profit forms together with the profit carried forward of EUR 138.7m and the difference between the calculated value and the share price for the transfer of treasury shares of EUR 1.5m, the unappropriated profit of EUR 158.4m as at 31 December 2025 (31 December 2024: EUR 168.9m).

Financial position

Due to its function as a management holding company, PATRIZIA SE balance sheet is dominated by financial assets and receivables from affiliated companies.

Total assets increased from EUR 0.8bn to EUR 0.9bn as of December 31, 2025. Major driver was the increase in financial assets by EUR 27.8m to EUR 443.1m (December 31, 2024: EUR 415.3m) driven by acquisitions and the increase in receivables and other assets to EUR 377.7m (December 31, 2024: EUR 342.2m). This also had an impact on the company's available liquidity. As of December 31, 2025, this amounted to EUR 31.6m (December 31, 2024: EUR 71.2m). This relates to balances with banks. On this basis and based on the company's liquidity planning, the Executive Directors assume that the Company has a solid liquidity position.

The equity ratio stood at 49.5% as at 31 December 2025 (31 December 2024: 51.9%)

PATRIZIA SE 2025 | Management Report

Overall statement of the Executive Directors on the business development of PATRIZIA SE

PATRIZIA SE (the parent company) is a central entity within the Group and is managed on the basis of IFRS performance indicators. The macroeconomic and industry-specific conditions relevant to PATRIZIA SE are, in all material respects, consistent with those of the PATRIZIA Group and are described in the section "Economic Environment" of the combined management report.

The earnings position of PATRIZIA SE is primarily shaped by its function as a management holding company. Revenue is generated predominantly from management fees charged to its subsidiaries. The 2025 financial year closed with a net profit of EUR 18.3m. Taking into account the profit carried forward, this results in retained earnings of EUR 158.4m. Equity of PATRIZIA SE amounted to EUR 428.7m as at 31 December 2025, corresponding to an equity ratio of 49.5%. Available liquidity totalled EUR 31.6m as of the reporting date.

In light of the current market environment, the Executive Directors assess the earnings position as well as the financial and net asset position of PATRIZIA SE as satisfactory overall. From the perspective of the Executive Directors, there are no risks that could jeopardise the ability of PATRIZIA SE to continue as a going concern.

The following tables provide a summarized overview of the balance sheet and the income statement of PATRIZIA SE.

Abridged consolidated balance sheet of PATRIZIA SE

EUR k	31.12.2025	31.12.2024
Fixed assets	451,755	427,721
Current assets	409,253	413,427
Prepaid expenses	5,310	3,841
Total assets	866,318	844,990
Equity	428,707	438,972
Provisions	55,571	66,437
Liabilities	381,297	338,978
Accrued expenses and deferred income	743	603
Total equity and liabilities	866,318	844,990

Abridged income statement of PATRIZIA SE

EUR k	2025	2024	Change
Revenues	35,765	43,518	-17.8%
Other own work capitalised and other operating income	25,453	10,243	148.5%
Cost of materials (cost of purchased services)		-364	100.0%
Staff costs	-34,348	-35,260	2.6%
Amortisation of intangible assets and depreciation of property, tangible assets as well as other operating expenses	-53,616	-100,014	46.4%
Income from participations, amortisation of financial assets and profit and loss transfer agreements	57,002	21,299	167.6%
Net interest expense	-5,546	-3,953	-40.3%
Taxes	-6,418	-1,756	-265.6%
Net profit/ loss for the year	18,291	-66,287	127.6%
Profit carried forward	138,667	232,291	-40.3%
Purchase and transfer of treasury shares	1,475	2,923	-49.5%
Unappropriated profit	158,433	168,927	-6.2%

PATRIZIA SE 2025 | Management Report

6 Other disclosures

6.1 Acquisition-related disclosures

This chapter provides supplementary information, in particular takeover-related disclosures, in accordance with the legal requirements applicable to listed companies.

Composition of share capital, share classes

The Company's share capital amounts to EUR 92,351,476 divided into 92,351,476 shares. These are no-par value bearer shares; there are no other share classes. The Company held 5,894,529 treasury shares as at 31 December 2025. The Company's share capital shown in the consolidated balance sheet amounts to EUR 86,456,947 accordingly. Further details can be found in chapter Earnings per share in the notes to the consolidated financial statements.

Restrictions on voting rights or the transfer of shares

Each share grants the holder one vote. There are no restrictions on voting rights. Restrictions on the transfer of shares only exist insofar as individual shares transferred in connection with employee remuneration schemes or company acquisitions to third parties by PATRIZIA SE subject to the condition that they may not be sold within a defined lock-up period. The Executive Directors are not aware of any corresponding shareholder agreements. Treasury shares do not entitle the Company to voting rights.

Direct or indirect interest in the Company's share capital of more than 10%

As at 31 December 2025 Wolfgang Egger (Germany), member of the Board of Directors and Executive Director of PATRIZIA SE, held an interest of 55.11% in the Company's share capital (31 December 2024: 54.47%), the majority of which was held via First Capital Partner GmbH (Gräfelfing, Germany), in which he indirectly holds a 100% equity interest via we holding GmbH & Co. KG (Gräfelfing, Germany).

Shares with special rights conferring powers of control

There are no shares with special rights that confer powers of control.

Controls in respect of voting rights for shares held by employees

There are no controls in respect of voting rights for shares held by employees.

Appointment and dismissal of members of the Board of Directors and Executive Directors, amendments to the Articles of Association

The appointment and dismissal of members of the Board of Directors is governed by section 28 and section 29 of the SE Implementation Act (SEAG) in conjunction with article 43 (3) of the SE Council Regulation and is supplemented by section 7 of the Company's Articles of Association, which contains clarifications on the appointment and term of office of substitute members. The appointment and dismissal of Executive Directors is governed by section 40 SEAG and supplemented by section 13 of the Company's Articles of Association, which permits removal from office at any time by simple majority, regulates the sole responsibility of the Board of Directors to issue Rules of Procedure for the Executive Directors and allows for the appointment of one or two chairpersons and one or two deputy chairpersons. Amendments to the Articles of Association shall be made in accordance with section 51 SEAG in conjunction with section 19 of the Company's Articles of Association.

Authorisations of the Management Board, Supervisory Board, the Board of Directors and Executive Directors to issue and buy back shares

By resolution of the Annual General Meeting on 25 May 2023, the Executive Directors were authorised until 24 May 2028 (inclusive) to acquire treasury shares pursuant to section 71 (1) no. 8 of the German Stock Corporation Act (AktG) in an amount of up to a total of 10% of the then existing share capital; this corresponds to 9,235,147 shares as at 31 December 2025. The shares acquired on the basis of this authorisation, together with other shares in the Company that the Company has already acquired and still holds or that are attributable to it in accordance with Sections 71a et seq. of the German Stock Corporation Act (AktG), may at no time account for more than 10% of the respective share capital. The authorisation may be exercised in whole or in part, once or several times and in pursuit of one or more objectives by the Company and its Group companies or by third parties acting on behalf of the Company and its Group companies. The Executive Directors are free to choose whether to purchase the shares on the stock exchange, by means of a public purchase offer extended to all shareholders of the Company, by means of a public invitation to submit offers for sale or through the use of derivates. The purchased shares may be subsequently used for all legally permissible purposes; in particular, they may be withdrawn, sold in exchange for cash or non-cash contributions, transferred as part of employee participation programmes or used to meet subscription or conversion rights.

The following resolutions were passed for PATRIZIA AG prior to the conversion into PATRIZIA SE becoming effective on 15 July 2022 and were also confirmed for PATRIZIA SE by resolution of the Annual General Meeting on 1 June 2022. In the process, the authorisation of the Management Board with the approval of the Supervisory Board was replaced by an authorisation of the Board of Directors.

PATRIZIA SE 2025 | Management Report

By resolution of the Annual General Meeting on 14 October 2021, the Management Board of the Company was authorised, with the consent of the Supervisory Board, to increase the Company's share capital on one or more occasions on or before 13 October 2026 (inclusive) by up to a total of EUR 17,470,295.00 by issuing up to 17,470,295 new no-par value registered shares in return for cash contributions and/or contributions in kind (Authorised Capital 2021/I). The Management Board is authorised, with the consent of the Supervisory Board, to disapply shareholders' statutory pre-emption rights in certain cases. The full authorisation derives from section 4 (4) of the Articles of Association.

The Annual General Meeting on 14 October 2021 also authorised the Management Board, with the consent of the Supervisory Board, to increase the Company's share capital by up to a total of EUR 1,000,000.00 by 13 October 2026 (inclusive) by issuing up to 1,000,000 new no-par value registered shares against cash contributions for the purpose of issuing them to employees of PATRIZIA AG and its affiliated companies, excluding the members of the Management Board and Supervisory Board of the Company as well as the Management Board, Supervisory Board and other officers of affiliated companies (employee shares) on one or more occasions (Authorised Capital 2021/II). The full authorisation derives from section 4 (5) of the Articles of Association.

Furthermore, the Management Board by resolution of the Annual General Meeting on 14 October 2021 was authorised, with the consent of the Supervisory Board, to issue bearer or registered convertible bonds and/or bonds with warrants and/or profit participation rights with conversion or option rights and/or conversion or option obligations and/or participating bonds (or a combination of these instruments) on one or more occasions until 13 October 2026 (inclusive) in a total nominal amount of up to EUR 500,000,000.00 with or without a limited term and to grant or impose upon the creditors of Bonds conversion or option rights and/or conversion or option obligations to subscribe for a total of up to 18,470,295 new registered no-par value shares of the Company with a pro rata amount of the share capital of up to EUR 18,470,295.00 in total in accordance with the respective terms and conditions of the Bonds. Details can be found in section 4 (6) of the Articles of Association.

Significant agreements by the Company contingent upon a change of control following a takeover bid

There are no significant agreements contingent upon a change of control following a takeover bid.

Compensation agreements between the Company and the Executive Directors or employees in the event of a takeover bid

There are no compensation agreements with the Executive Directors or employees in the event of a takeover bid.

6.2 Combined Corporate Governance Statement – disclosures in accordance with section 289f HGB and section 315d HGB (German Commercial Code)

The Board of Directors published the Corporate Governance Statement on 3 March 2026 on PATRIZIA's website at: https://ir.patrizia.ag/en/corporate-governance/.

German Corporate Governance Code – disclosures in accordance with section 161 AktG (German Stock Corporation Act)

On 4 December 2025 the Board of Directors adopted the Declaration of Compliance with the recommendations of the "Government Commission of the German Corporate Governance Code" in accordance with article 9 (1) lit. c) ii) Council Regulation (EC) No. 2157/2001 of 8 October 2001 on the Statute for a European company (SE) ("SE Regulation"), section 22 (6) SEAG (SE Implementation Act) in conjunction with section 161 AktG (German Stock Corporation Act). Since the last Declaration of Compliance, PATRIZIA has complied with and is complying with the recommendations in the version of 28 April 2022, published in the Federal Gazette (Bundesanzeiger) on 27 June 2022 ("GCGC 2022"), with only a few exceptions. The current and all previous Declarations of Compliance are permanently available to the public on the PATRIZIA website at: https://ir.patrizia.ag/en/corporate-governance/.

Remuneration Report

The Remuneration Report 2025 is available to the public on the PATRIZIA website at: https://ir.patrizia.ag/en/news-publications/annual-reports/.

6.3 Related party transactions

The Executive Directors presented a Dependency Report to the Board of Directors with the following closing statement: "As Executive Directors of the Company, we hereby declare that, according to the circumstances known to us at the time when the transactions listed in the Dependency Report were carried out, the Company generally received appropriate consideration for each transaction or, where this was not the case in respect of individual transactions disclosed in the Dependency Report, did not suffer any disadvantage. There were no measures subject to reporting requirements in the financial year."

Extensive information on related party transactions can be found in the chapter Related party transactions in the notes to the consolidated financial statements.

PATRIZIA SE 2025 | Management Report

7 Risk and opportunity report

7.1 Comprehensive risk and opportunity management

In order to successfully implement PATRIZIA's corporate strategy, the Group must consciously take balanced and manageable risks based on its corporate risk strategy. Business decisions are fundamentally evaluating opportunities on anticipated risks and rewards. PATRIZIA therefore continuously identifies, evaluates, analyses, aggregates and manages risks and opportunities as part of its comprehensive risk and opportunity management system – both through internal control processes and the use of business specific risk management tools.

PATRIZIA is exposed to a variety of risks at company and Group level, as well as risks arising from managed funds. These risks arise from the nature of the business and may adversely affect the business or, in extreme cases, jeopardise the existence of the company or Group. The Group risk strategy sets the framework for PATRIZIA's risk profile and the principles on which risk management is based. Risk management is carried out through structured interaction of principles, organisational structures and measurement and monitoring processes that are closely interlinked with business activities. At the same time, PATRIZIA actively strives to take advantage of opportunities that arise within its risk appetite and capacity. Opportunity management is carried out in parallel with risk management.

PATRIZIA's risk management is subject to continuous development and adaptation. In this context, the current presentation of opportunities and risks has been progressed and modified in the following aspects compared to the previous year's presentation in order to improve clarity and transparency:

Adjustment of the report structure and adjustment of the titles of the sub-sections
Enhancement of the presentation of governance systems, including a more detailed presentation of the 'three lines of defence' approach and a now holistic view of all components of governance systems
Progression of the presentation of the important risk categories with a focus on three strategic categories and – to further enhance transparency and comparability – introduction of the assessment of risks according to a theoretical probability of occurrence and potential extent of damage
Inclusion of ESG risks and opportunities as part of all risks and opportunities chapter. A separate overall assessment of ESG risks has therefore not been included again.

7.2 PATRIZIA's internal control and risk management system

PATRIZIA's governance systems comprise the internal control system (ICS), the risk management system and – as integral components of these system frameworks – the compliance management system and the information security management system. The risk management system also includes the early risk detection system.

Overall responsibility lies with the Board of Directors of PATRIZIA SE. Implementation has been delegated to the Executive Directors, who are supported in the daily execution by PATRIZIA's Group Control Office. The Head of Group Risk Management and the Head of Compliance report quarterly to the Audit Committee of the Board of Directors on the status of the overall risk profile in the context of PATRIZIA's risk appetite and risk tolerance, key and newly identified risks and measures taken. This is intended to ensure appropriate transparency, retain the overall risk profile within the risk appetite and to continuously review, update and enhance the effectiveness of the governance systems.

Key features of the ICS

PATRIZIA has established a group-wide Internal Control System (ICS), which comprises a range of activities carried out by and within PATRIZIA to achieve defined business and control objectives. These apply across all business departments and divisions. The controls are designed to support the effectiveness of the company or Group and its business activities. These controls are also intended to help verify the effectiveness of the applicable processes, procedures and regulations and ensure their consistency within the group. Additionally, they also aim to identify possible measures to remedy deficiencies.

PATRIZIA's ICS is an iterative process that includes general elements related to control activities and the risk management framework. Specific controls are implemented particularly regarding financial reporting at both Group and company level, in IT and in risk management. They comprise the following five components:

PATRIZIA SE 2025 | Management Report

PATRIZIA's ICS

PATRIZIA has defined its overarching ICS in such a way that it pursues a "three lines of defence" approach:

First line of defence: Primarily within the business divisions as well as in the operational and financial functions, managers and employees are responsible for identifying, assessing, owning and managing risks, ensuring compliance and establishing and implementing controls. This is done as part of their daily tasks and their responsibility for achieving objectives. This is intended to ensure that both the risk profile of individual risk types and the overall risk profile remain within the defined risk appetite. Appointed risk owners within the "first line" of defence are responsible for the risks and controls within their area of responsibility, carry out regular risk self-assessments, initiate necessary remedial measures and act as the primary contact for risk management.

Second line of defence: This primarily lies with the functions of the Group Control Office. They define principles and standards for risk identification and measurement as well as the Group risk governance documented in guidelines and develop appropriate methods and processes. They support consistent implementation and compliance throughout the Group. The functions of the Group Control Office monitor compliance, control and risk management processes and steer appropriate measures. The Risk Management function analyses, evaluates, measures and reports risks, aggregates the risk profile and compares it with the risk appetite. As subject matter experts, the independent functions of the Group Control Office support managers and employees in developing appropriate risk, control and compliance management procedures. They oversee the implementation of the risk management framework and engage jointly with the risk owner in remediation of deficiencies when required.

Third line of defence: Internal Audit independently evaluates the defined standards and guidelines with regard to regulatory requirements and best practices and reviews the organisation's compliance with these requirements. Key business processes and the corresponding internal controls are subject to regular internal audits by the internal audit function, which is established at both the parent company level and in the major regulated subsidiaries. The internal audit function prepares and, if necessary, updates a three-year audit plan using a risk-based approach that considers the nature, scope, complexity and risk content of the business activities. In the planned audits of operational and business processes, risk management, compliance and internal control systems, the internal audit function assesses their functionality, effectiveness, efficiency and appropriateness.

The internal audit reports are submitted to the Executive Directors and the Audit Committee of the company. The status of implementation of the audit findings is monitored throughout the year, forms part of management's performance measurement and is communicated to the above-mentioned management.

In accordance with Art. 9 ff SE Regulation and Section 317 (4) German Commercial Code (HGB), the early risk detection system pursuant to Section 91 (2) German Stock Corporation Code (AktG) is also audited by the auditor of PATRIZIA SE.

PATRIZIA SE 2025 | Management Report

Internal control and risk management system with regard to the accounting process – disclosures pursuant to Section 289 (4) and Section 315 (4) of the German Commercial Code (HGB):

The key risk associated with accounting and financial reporting is that the consolidated and annual financial statements, the half-yearly financial report and the quarterly statements could contain inaccurate or incomplete representations. In order to avoid sources of error, PATRIZIA has established an ICS for the accounting process. This is intended to provide sufficient assurance of the reliability of financial reporting and the preparation of consolidated, annual and quarterly financial statements in accordance with regulatory and capital market requirements. Nevertheless, the ICS cannot guarantee absolute assurance. Errors in accounting may occur but are, upon recognition, analysed immediately and subjected to a "read-across" and "lessons learnt" process in order to improve processes. The Executive Directors of PATRIZIA SE have established procedures within the ICS for the accounting process to ensure that the financial information contained in the consolidated and annual financial statements, the half-yearly financial report and the quarterly statements is prepared in accordance with the applicable accounting standards and provides a true and fair view of the Company's net assets, financial position and results of operations of the Company. The budget of the entire Group is the starting point for the controlling process as a central component of the ICS, which is based on the targets set by the Board of Directors and the Executive Directors as well as the expectations for operational business development. This serves as a guideline and benchmark for the budget of the Company and the upcoming financial year. For the current financial year, regular analyses, forecasts and projections are prepared on the basis of the actual results achieved in comparison with the budget and the opportunities and risks identified.

The accounting process also includes measures for the timely recording of all business transactions and items in the accounting and financial reports of the company and the Group. Changes in legislation and accounting standards and their impact on the Group's accounting and annual financial statements are examined. Key accounting, valuation and account assignment guidelines are available in an accounting manual, which is continuously expanded and updated. The implementation of the 4-eyes-principle, the deployment of sufficiently qualified employees and appropriate IT systems are intended to ensure compliance with legal and organisational requirements in accounting-related processes. The basis for the ICS is formed by guidelines on the segregation of duties and independent approval processes, which are supported by standardised control and reconciliation processes. Approvals are documented and archived. Measures are in place to ensure that the management report complies with applicable and best practice standards.

Accounting for all operating companies in Germany and for a number of other European subsidiaries is organised in a central service centre in Germany. In addition, there are two local accounting hubs in Denmark and the United Kingdom. Accounting for selected Asian subsidiaries is performed by local service providers under the supervision of the Accounting department. The accounting process follows uniform requirements across the Group within a centralised, largely SAP-based IT environment. The data is consolidated in the Group Reporting & Consolidation department. The employees involved in preparing the financial statements are suitably qualified, and the responsibilities and controls in the preparation process are clearly defined.

The accounting-related ICS is continuously developed and regularly assessed for its functionality through centralised and decentralised process analyses, analyses of data in the financial systems and internal audit activities. The focus on corporate governance contributes to further operational stabilisation and optimisation of existing processes, including the ICS for accounting. PATRIZIA's management worked on further improving the accounting-related internal control system in the financial year 2025.

Key features of the risk management system

PATRIZIA has established a group-wide risk management system, which is part of the Group Control Office. The group-wide risk management system is designed to ensure that significant business risks are systematically identified, recorded, managed and, where necessary, communicated internally and externally. The aim of the risk management system is to collect relevant information about potential and actual risks and their direct and indirect financial impact on PATRIZIA at an early stage and proactively in order to manage these risks and secure and increase the Company's value in the long term. This also includes the monitoring of sustainability risks, which is continuously further developed on the basis of regulatory requirements.

The processes implemented as part of the risk management framework include, in particular, risk identification mechanisms involving all key business areas, early risk detection systems and risk indicator systems, risk-bearing capacity analyses and regular risk reporting to the Executive Directors, the Audit Committee and the Board of Directors of PATRIZIA SE. The concept of risk owners within PATRIZIA's risk management system is designed to ensure optimal interaction between risk bearing and risk monitoring functions. PATRIZIA has also established a committee structure to support management. The consideration of potential risks and future opportunities is of particular relevance. The committee structure ensures that all important bodies are informed and involved in a timely manner about all risk relevant significant incidents and the risk profile and thus forms a central element of risk identification and control. The main committees at the level of the Board of Directors (BoD) and senior management are as follows:

PATRIZIA SE 2025 | Management Report

The establishment of risk management functions in PATRIZIA's regulated Group companies complies with specific legal requirements and regulatory provisions and is carried out by those companies in accordance with applicable laws and regulations. PATRIZIA's group-wide risk management and the regulated entities are in constant communication with each other. This supports the exchange of knowledge between risk management functions at all levels and ensures that PATRIZIA's risks are considered effectively and efficiently.

The departments Accounting and Corporate Financial Planning & Analysis regularly report key consolidated financial information about the Group to the Executive Directors, the Audit Committee, the Board of Directors and the Risk Management department. This reporting supports the early identification of potential risks and helps to initiate appropriate countermeasures.

As part of risk management, the identified risks are considered separately according to possible occurrence scenarios and assessed at Group and company level, estimating the theoretical probability of occurrence and the potential damage. This serves to determine the necessary measures for controlling and, if necessary, limiting the effects of the respective risks through operational countermeasures, e.g. process changes and, if necessary, accounting precautions such as the creation of provisions, etc. The risk assessment generally considers the impact over a year and is aligned with PATRIZIA's financial year and, thus, the budget period.

In accordance with the matrix below, the identified risks are assessed, where possible, in terms of their potential for adverse impact or damage and their theoretical probability of occurrence. In assessing materiality in the overall risk portfolio, the identified risks are classified individually. The classification is "very high", "high", "medium", "low" or "very low". The potential impact is assessed quantitatively. The quantitative assessment reflects a possible negative impact on EBITDA.

PATRIZIA SE 2025 | Management Report

Risk matrix

The identified and assessed risks are taken into account in a risk-bearing capacity calculation at Group level. The identified material risk areas, the results of the risk-bearing capacity calculation and the results of the implemented risk indicator system are included in the periodic reporting of the risk management function to the Audit Committee of PATRIZIA SE.

Key features of the compliance management system

PATRIZIA has established a compliance function, which is part of the Group Control Office. Sincerity and integrity rank among the essential principles at PATRIZIA. This includes acting in the interests of investors, demonstrating diligence, exercising honesty, applying expertise, treating counterparts with fairness and safe-guarding market integrity. From PATRIZIA's perspective, it is crucial that all Company activities meet the applicable legal and regulatory requirements governing its licenses and operations. Compliance aims, in PATRIZIA's self-interest, to ensure it adheres to the highest professional and ethical standards, not the least to prevent penalties, administrative fines, liability and purely financial losses, reputational damage and intervening measures from supervisory authorities resulting from infringements of provisions of law.

At PATRIZIA, the term "compliance" refers to all the precautionary measures taken to comply with laws, regulations, contracts, industry standards, and other sources of law, regulation and standards, that have a binding effect for PATRIZIA. Compliance also extends to adhering with basic ethical rules and company specific requirements. It involves taking suitable organisational measures to identify and sanction any breaches, while promoting a culture of integrity and accountability.

PATRIZIA's corporate principles rules, regulations and values are articulated in the PATRIZIA Guiding Principles that form part of the PATRIZIA Code of Values. These principles are supplemented by the Code of Values, the Compliance Manual, additional internal policies and procedures as well as applicable statutory provisions.

The compliance management system is monitored by PATRIZIA's Head of Compliance. Compliance measures include, in particular:

Risk analyses to identify and assess compliance risks
A set of compliance rules for PATRIZIA, which in particular includes guidelines relating to, for example:

Corruption and bribery prevention Managing breaches of duty and criminal conduct Addressing conflicts of interest Adhering to public limited company law and the capital market regulations Standards for interaction with business partners Guidelines for invitations, gifts, donations, sponsoring and memberships and Prevention of money laundering and financing of terrorism

Regular compliance trainings and communications on initiatives to promote awareness and understanding of regulatory obligations, and
An anonymous whistleblowing system accessible to internal and external parties to report suspected violations of laws, policies and regulations.

PATRIZIA SE 2025 | Management Report

Key features of the information security management system

PATRIZIA has established a Group-wide information security management system, which is part of the Group Control Office and through which the Board of Directors and the Executive Directors receive regular reports. The Group-wide information security management system is based on the international security standard ISO/IEC 27001 and covers all security guidelines and processes required by this standard, including information security risk management and IT security requirements. Any disruption in the operation of IT systems has an impact on business activities. Significant data loss and breaches of data protection requirements could result in serious financial damage but could also negatively affect the Group's public image. With the aim of ensuring the availability of business applications, all systems hosted by PATRIZIA itself are operated redundantly in two physically separate data centres. In addition, the ERP (enterprise resource planning) systems are also operated in parallel and mirrored. These measures prevent failures and ensure a significant reduction in downtime and recovery times in the event of an emergency. Further protective measures, such as identity management, restrictive authorisation and additional network access restrictions, as well as other supplementary anti-malware mechanisms, reduce the risk of damage from viruses, trojans and ransomware (malicious programs, in particular extortion software). Cloud services are also increasingly being used and, where necessary, adequately integrated into the existing security mechanisms. Regular information activities and training courses to raise employee awareness (e.g. on topics such as phishing, social engineering or CEO fraud – but also on the requirements of the General Data Protection Regulation, GDPR) complement the system-based protection and security measures. Another component of the security concept is two-factor authentication for remote access – particularly in view of the optionality of mobile use of the infrastructure.

In addition to the existing preventive measures, PATRIZIA has worked with an external cybersecurity service provider to introduce and commission a SOC (Security Operations Centre) and a SIEM (Security Information and Event Management) approach and system. This enables unusual system behaviour and security incidents to be quickly detected and analysed, and appropriate countermeasures to be taken if necessary. This is accompanied by regular technical checks, such as penetration tests, vulnerability scans and recovery tests.

Regular data backups are performed to prevent the loss of company data and to ensure the reliability of IT operations. Annual emergency tests with varying focal points are designed to ensure that, in the event of a crisis, the organisation and technology work together and systems and data can be made available again in compliance with defined service levels.

Reliable and effective information security strengthens confidence in PATRIZIA, both internally and, in particular, externally.

Appropriateness and effectiveness of the internal control and risk management system

The Board of Directors and the Executive Directors have reviewed the appropriateness of the internal control and risk management system that has been established and assessed its effectiveness. The Audit Committee of the Board of Directors monitors the effectiveness of the internal control and risk management system and their outcome. To this end, it receives regular reports on the status of the internal control and risk management system, key findings of the internal audit and planned measures for system improvement.

The Executive Directors conduct an annual structured self-assessment of the appropriateness and effectiveness of the internal control and risk management system. This assessment is based on internal audit reports, risk management data, compliance findings and feedback from the Audit Committee. The results of the self-assessment are documented in a self-assessment matrix, which enables an evaluation of the governance system components (internal control system, risk management system, compliance management system, information security management system) along the dimensions of appropriateness, effectiveness and documentation. The matrix is updated annually and serves as an internal control instrument for governance improvements.

The early risk detection system is subject to review by the auditor.

In the financial year 2025, the Board of Directors and the Executive Directors once again noted significant progress in the quality of the risk management system and have no reason to assume that the risk management system is inappropriate or ineffective.

The ICS continues to be subject to ongoing development and adaptation. In the financial year 2025, the Board of Directors and the Executive Directors implemented further measures to strengthen the appropriateness and effectiveness of the ICS.

Nevertheless, every risk and internal control system has inherent limitations, regardless of its design or assessment, and cannot guarantee with absolute certainty that all risks will be identified before they occur and that the controls in place will detect or anticipate all weaknesses.

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PATRIZIA SE 2025 | Management Report

Opportunity management is firmly embedded in PATRIZIA’s strategic corporate management. The aim is to identify developments at an early stage that could have a positive impact on business activities and value creation. The focus is particularly on the DUEL megatrends (digital transition, urban transition, energy transition and living transition), which provide for long-term growth opportunities. Technological advances, regulatory changes and social developments are continuously monitored and analysed as potential areas of opportunity. The results are incorporated into strategic planning and operational implementation. Overall, PATRIZIA regards opportunity management as a proactive tool for securing its future viability and sustainable value enhancement in its commercial activities.

7.3 Significant risks

PATRIZIA’s risk profile is reflected in the following strategic risk categories, which enable the company to identify and manage the relevant risks:

Non-financial risks
Financial risks
Risks arising from managed funds

The risks are described from the Group’s perspective and predominantly also affect the parent company PATRIZIA SE.

In accordance with DRS 20, the following section reports all material risks classified as very high, high, or medium based on the matrix described above, taking into account established risk mitigation and management measures (net risk). PATRIZIA also reports risks that may not be assessable (financially), or only to an insufficient or insignificant extent. These are classified as “significant” risks.

No significant risk potentials were identified that would exceed the risk tolerance and thus also the risk-bearing capacity of the company.

Non-financial risks

This category includes risks related to organisational processes, IT, human resources, projects, legal and compliance issues, and strategic risks – all of which carrying the potential for generating undesired or unfavourable outcome to PATRIZIA and its stakeholders. ESG (environmental, social and governance) risks from part of all risks and, in particular, non-financial risks. ESG risks include, in particular, physical risks resulting from climate change, transitional risks from regulatory changes, and reputational risks. As part of integrated risk management, these risks are continuously assessed and included in the risk-bearing capacity calculation.

Significant non-financial risks to be reported are:

Strategic risks (classified as “significant”): Strategic risks may arise from reputational factors, PATRIZIA’s ability to identify megatrends relevant to the industry, as well as political decisions or changes in the regulatory framework. Strategic risks are influenced by geopolitical and macroeconomic risk factors. The global political and economic situation is characterised by numerous complex, interrelated uncertainties, e.g. supply chains, commodity prices, trade conflicts, customs policy, central bank policy, impacts of AI and defence developments. Next to these, heightened US tariff risks leading to a more protectionist trade stance could dampen global economic growth and negatively impact investor sentiment, raise costs along global supply chains, and reduce international transaction volumes. These interrelated uncertainties can have a direct or indirect impact on factors that influence PATRIZIA’s strategy, such as the interest rate environment, material and construction costs, access to markets and investor behaviour. They can also occur in the form of transition risks, which are business-related risks that follow, for example, social and economic changes towards a low-carbon and more climate-friendly future. Strategic risks can lead to important targets for performance indicators such as EBITDA, EBITDA margin or the level of AUM not being achieved. Throughout the year, the implementation of the business strategy is regularly monitored in management reports in the context of the internal reporting structure for management purposes. This allows to assess performance against strategic objectives and to ensure that PATRIZIA remains on track to achieve its goals in a changing market environment.
IT security and cyber risks (classified as “high” with a potential damage of >EUR 5m): The cyber and IT security landscape has changed significantly, and the threat of attacks on IT systems continues to grow. The main reasons for this are the general political situation, military crises and hybrid threats, but also the increasing professionalisation and automation of attack methods. In this context, there has been a significant increase in the number of phishing attempts, spam emails and imitation attacks across all possible communication channels. Cybercrime and the number of ransomware attacks are at an all-time high and therefore represent the greatest cyber risks. Malware infections can lead to temporary business interruptions with significant negative consequences. Cyber risks are managed and controlled in close coordination between IT and the Information Security Officer. In addition, significant risks are recorded in the central risk register and are subject to the processes specified therein. Cyber risks are included in quarterly internal reporting in order to identify potential impacts at an early stage and limit their adverse impact through appropriate control measures. Such measures are defined for each risk and implemented by IT on an ongoing basis.

PATRIZIA SE 2025 | Management Report

Legal risks (classified as "medium" with a potential damage of >EUR 5m): PATRIZIA's group companies operate in a highly regulated environment with highest standards (such as in the area of taxation) and are potentially exposed to litigation, liability claims, legal and regulatory sanctions and reputational damage, the costs of which can be significant and difficult to estimate. Individual companies can be involved in various court and arbitration proceedings as a result of their business operations. Claims may also sometimes be asserted against them out of court. Through ongoing monitoring of upcoming legal regulations, oversight of compliance with contractual obligations, and the involvement of local legal experts in contractual matters and legislative changes, PATRIZIA aims to minimise potential legal risks.
Operational risks (classified as "medium" with a potential damage range of EUR 1–5m): Business processes may be designed or performed inadequately or incorrectly, resulting in operational risks. This may be due to inadequate or faulty internal processes and systems. To minimise these risks, PATRIZIA continuously reviews its processes, systems and control mechanisms. Predominantly manual processes are systematically analysed with the aim of increasing the degree of automation and improving embedded controls. PATRIZIA counters operational risks with appropriate organisational structures, procedural instructions and process documentation in order to effectively limit existing risks. PATRIZIA established a group wide Error Management, that allows to analyse errors, to determine appropriate measures and to track their implementation.

Financial risks

This category includes market, counterparty and liquidity risks:

Market risk includes the possibility of changes in the value of assets and liabilities as a result of changes in market prices, risks associated with interest rates and currency risks. It also relates to co-investments and warehousing, as well as risks associated with goodwill and other intangible assets. This also includes related tax risks.
Counterparty risk includes risks associated with banks, trading venues, borrowers, suppliers, tenants and other contractual partners.
Liquidity risk includes risks associated with the Group's short-term solvency.

Significant financial risks to be reported are:

Tax risks (classified as "very high" with a potential damage of >EUR 5m): Due to possible uncertainties in the initial and retroactive tax assessment of business transactions, there could be tax risks for the companies of the PATRIZIA Group. This risk could influence cost and budget planning and thus earnings and income planning. In particular, retroactive tax claims may arise in connection with past transactions. As part of the realignment of the Dawonia mandate, all related future tax risks will also be analysed in detail and, if necessary, the corresponding potential for damage will be determined and taken into account in the risk profile. Based in particular on a comprehensive external opinion, PATRIZIA currently considers it likely that only a minor income tax burden will arise from the realisation of the exit carry entitlements. However, there remains a risk that the payments expected over the coming years could be fully subject to German corporate income tax and trade tax. Where advisable, opinions are obtained from external tax advisory firms in order to confirm the tax assessment of the relevant facts.
Valuation risks (classified as "high" with a potential damage range of >EUR 5m): Uncertainty regarding the determination of the fair value of financial instruments and investments can lead to valuation risks. PATRIZIA applies the fair value hierarchy defined in IFRS 13 (Levels 1–3) and uses internal valuation models. Valuation risks are influenced by a variety of micro- and macroeconomic factors, including the interest rate environment, macroeconomic developments and others. Valuation risks are reported quarterly, and appropriate measures are being defined and tracked on an ongoing basis. The valuation risk particularly affects co-investments and warehousing: PATRIZIA participates in funds or certain assets with its own capital via co-investments and temporary warehousing. On the one hand, this is an important factor and enabler, particularly for value-add strategies and infrastructure investments, as both are strategic growth areas of the business. On the other hand, the invested equity is subject to the asset-related risks described below. The largest balance sheet item in this area is the Dawonia co-investment, as described in the chapter Results of operations of the Group in the Economic report. The Dawonia co-investment and warehousing are subject to valuation risks and may be positively/negatively affected by changes in the value of the underlying portfolio. Valuation risks are influenced by a variety of micro- and macroeconomic factors, including the interest rate environment, development and management costs, the tax framework, location and local attractiveness, as well as the age and condition of the properties or infrastructure facilities. The same applies to the claims for performance-related fees in connection with a potential Dawonia exit ("exit carry") capitalised in the Group's balance sheet, which are also recognised under investments. In the separate financial statements, this would affect the shares in affiliated companies (consolidated in the consolidated financial statements).
Interest rate risks (classified as "medium" with a potential loss range of EUR 1 – 5m): these arise for PATRIZIA in particular from fluctuations in the general interest rate level. This relates to refinancing issues. PATRIZIA may need to refinance credit facilities. In such cases, scenarios of persistently high or rising interest rates would have an impact on borrowing costs. Interest rate risks can be avoided or minimised by agreeing fixed interest rates, entering into derivatives, and active liquidity and interest rate management.
Risks arising from the impairment of goodwill and other intangible assets (classified as "significant"): Goodwill and other intangible assets are tested for impairment at least once a year at Group level. Determining the recoverable amount as part of the impairment test requires estimates that necessitate subjective judgements and assumptions by management. These estimates and assumptions can lead to significant deviations from the reported amounts if the

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underlying circumstances change. Goodwill acquired in previous transactions represents a significant portion of PATRIZIA's assets. Impairment of goodwill and other intangible assets may result in the recognition of write-downs, which do not, however, lead to cash outflows and have no liquidity impact. Rather, this could have a significant impact on PATRIZIA's results and/or capitalisation the company's share price. The financial plans underlying the impairment test are reviewed regularly.

Risks arising from managed funds

This category includes risks arising from managed funds that could potentially also lead to risks for the Group. The risks of managed funds relate to a variety of sub-categories associated with the fund business, in particular (among others): operational activities related to the fund business, AUM, raising equity capital, share redemptions, financing and the valuation of fund assets.

Significant reportable risks from managed funds are:

Risks arising from raising equity capital, share redemptions (classified as "very high" with a potential damage of >EUR 5m): Macroeconomic developments, political decisions and economic and geopolitical uncertainties may influence PATRIZIA's business strategy or customer expectations and lead to a difficult environment for raising equity capital and increased risks with regard to requests for share redemptions by existing investors. The latter may also be the result of the investors' overall portfolio allocation towards real assets, which is often at or above the target allocation due to higher volatility and liquidity in the bond and equity markets. Overall, investments in real assets are subject to inherent, asset-class specific challenges, especially when rising interest rates reduce potential positive leverage effects compared to asset returns, thereby increasing the attractiveness of fixed-income investments. In addition, as an investment manager, PATRIZIA is responsible for managing and optimising the value and performance of its clients' assets. Inadequate services could lead to customer dissatisfaction or financial claims, or even the loss of mandates, and could have a negative impact on the Group's earnings. A combination of these or other factors may, in individual cases, lead to the suspension of fund share redemptions. Risks specifically arising from the suspension of redemptions are currently assessed as low. Falling interest rates have the potential to contribute to a reduction in the risk of mandate losses or share certificate redemptions. PATRIZIA has designed its business model in such a way that these risks can be identified at an early stage through continuous dialogue with customers. Risks arising from share redemption or the loss of mandates are monitored on an ongoing and detailed basis, appropriate measures are being determined and tracked continuously.
Legal and operational risks relating to the fund business (classified as "very high" with a potential damage of >EUR 5m). These include risks arising from contractual obligations, legal disputes and legal requirements. PATRIZIA provides a range of different services to its customers. This could give rise to operational risks, which may manifest themselves in particular in potential claims for damages from the investment assets managed on a fiduciary basis, e.g. due to omissions or management errors. PATRIZIA's regulated legal entities also operate in a highly regulated environment and are potentially exposed to litigation, liability claims and other costs, the amount of which can be significant and difficult to anticipate and estimate, as well as legal and regulatory sanctions and reputational damage. Individual funds and companies can be involved in various court proceedings and arbitration proceedings as a result of their business operations. Claims may also sometimes be asserted against them out of court. PATRIZIA's legal entities responsible for fund management regularly act as trustees and manage the invested client capital in their exclusive interest, operating within applying control measures to manage these risks. PATRIZIA continuously reviews guidelines, processes and systems to minimise risks. PATRIZIA counters operational risks with appropriate organisational structures, procedural instructions and process documentation, thereby effectively limiting existing risks. By implementing appropriate controls, monitoring contractual obligations and involving local legal experts in contractual matters and legislative changes, PATRIZIA aims to minimise any legal risks.
Market price and transaction risks (classified as "very high" with a potential damage of >EUR 5m). Adverse influences on the AUM in the fund structures managed by PATRIZIA and its regulated companies can lead to risks for fee income, which depends on the value of the real estate and infrastructure AUM, the prices at which purchases and sales are made, and the income and returns on capital generated by the funds. Overall fee income may be negatively affected by a decline in the value and income of tangible assets, rental losses and a reduced transaction volume in relevant markets. Valuation risks are influenced by a variety of micro- and macroeconomic factors, including the interest rate environment, development and management costs, the tax framework, location and local attractiveness, as well as the age and condition of the properties or infrastructure facilities. However, PATRIZIA manages a large number of different funds and has access to a wide range of suitable assets in Europe and beyond, thereby using diversification and adherence to highest professional standards to mitigate the inherent risks.

PATRIZIA SE 2025 | Management Report

7.4 Significant opportunities

PATRIZIA published its revised corporate strategy in 2024 and aims to become a smart real assets player with an AUM volume of EUR 100bn by 2030, by leveraging its strong position in Germany and accelerating its international growth in five key growth areas: Living, Value-add Strategies, Re-Infra & Smart City Solutions, European Infrastructure and the independent Advantage Investment Partners platform.

The main opportunities for PATRIZIA lie in expanding its current product and client portfolio, increasing the share of scalable products (flagship funds) and making strategic investments, including mergers and acquisitions and other alternative investment opportunities. The Client Division (responsible for fundraising and client management) develops new products and investment structures for clients. Strategic growth opportunities are identified and systematically pursued by the Group Executive Committee of PATRIZIA SE and the Strategic Investments Team. Furthermore, PATRIZIA expects that the DUEL megatrends will in particular offer opportunities for the placement of new products as well as for attractive investment opportunities in future-orientated asset classes and strategies, which are pursued equally to ensure continuous growth and strategic development as well as ongoing operational optimisation. In addition to the strategic megatrends, financial and operational opportunities are also systematically evaluated. These include, in particular, efficiency gains through digitalisation and potential cost advantages from process optimisation. These opportunities are incorporated into strategic planning.

Market opportunities:

Real estate market: While markets currently largely assume a stable interest rate outlook for 2026, interest rate cuts next year and a decline in interest rates, particularly at the long end of the yield curve, could unlock further upside potential for real estate markets. Faster or more pronounced monetary easing would support asset prices, improve financing conditions and create a more favourable overall market environment. In addition, large-scale investment programmes in Europe, such as the German infrastructure package, could significantly strengthen economic momentum. This would not only improve the general investment climate but also promote rental growth and strengthen market confidence. Unexpected geopolitical détente in certain regions could provide additional impetus for economic growth and real estate markets. As a result, a more liquid market environment and higher-than-expected fee income for the company could emerge.

Source: PATRIZIA House View, European Central Bank, Oxford Economics, MSCI Real Capital Analytics

Infrastructure market: One sub-sector of infrastructure that is in demand is data centres. This is driven by AI and the need for increased computing power. This trend is expected to continue for several years as AI becomes increasingly integrated into business processes and society. Inflation has declined in recent years, and interest rates are generally on a downward trend. This affects the infrastructure sector in various ways. However, such investments are inflation-resistant due to the long duration of infrastructure investments and the pricing of contracts with built-in inflation indexation, and are therefore correlated with inflation, which provides a natural hedge for investors. This has meant that valuations of such infrastructure assets have generally proven resilient, while transaction volumes worldwide, particularly for larger assets, have been lower. This could open up opportunities for more stable asset valuations and higher-than-expected management and performance fees for the company.
Re-Infra market: Re-Infra is expected to focus on growth areas such as the development of data centres, decarbonisation solutions such as solar roofs and battery storage, and electric vehicle charging at real estate locations. The expected demand for these solutions is very high worldwide. For example, demand for data centres has been boosted by significant increases in demand in the areas of artificial intelligence (AI) and quantum computing. As these investments typically have infrastructure characteristics, they will involve some exposure to inflation-linked cash flows, meaning they could benefit in a scenario where inflation remains higher for longer. This could lead to greater investor interest in these products and positive valuation pressure, which could result in higher-than-expected overall fee income and revenue targets for the company.

At the same time, ESG-related opportunities are emerging from the development of sustainable investment solutions that respond to institutional investors' demand for responsible investments.

Opportunities in terms of raising equity capital: With a more balanced asset allocation, investors could once again become more interested in real assets, particularly real estate. Combined with the valuation correction that has taken place in recent years, a situation in which some funds are facing share redemptions, and a significant number of project developers still struggling with their financing, this presents attractive buying opportunities for investors/managers with sound asset management and repositioning capabilities; in PATRIZIA's opinion. Compared to the low-interest rate phase, lot sizes are generally smaller and new investments with existing managers are preferred. This is in line with PATRIZIA's strategy and enables it to remain an important player in the market. The current situation represents an opportunity for PATRIZIA's business in the real estate and infrastructure asset classes. As one of the market leaders in Europe with a broad product range, PATRIZIA expects to be well positioned to meet the current market challenges and offer existing and new clients compelling investment solutions based on the opportunities that arise. Infrastructure, residential and logistics in particular are segments that are in demand among investors worldwide. With more than 500 institutional clients now investing through PATRIZIA - from savings banks to insurance companies and from pension funds to sovereign wealth funds - PATRIZIA expects to benefit from this. This could provide an opportunity to acquire new clients and deepen existing client relationships.

PATRIZIA SE 2025 | Management Report

Opportunities in market prices and transactions: In PATRIZIA's opinion, there are return opportunities for value-add investors. PATRIZIA has suitable vehicles for value-add investments that are already available or in the process of being launched. PATRIZIA considers itself as a reliable and professional partner for the trustworthy and rapid implementation of large individual and portfolio investments. This could lead to an expansion of the investor base and thus further improve overall revenue planning and fee income. The infrastructure asset class currently offers investment opportunities in areas such as the energy transition and the digitalisation of cities. The expansion of the private client business (private investors and asset management) is expected to open up new business opportunities for PATRIZIA. This could lead to PATRIZIA gaining a new investor segment and strengthening its reputation as a smart real asset player in the global market in line with its corporate strategy.

7.5 Overall assessment of risks and opportunities

As part of PATRIZIA's risk management process, risks are continuously identified, assessed, evaluated and aggregated. The assessed and aggregated risks are included in PATRIZIA's risk-bearing capacity analysis, the results of which are then brought to the attention of the Executive Directors, as well as the Audit Committee and the Board of Directors of PATRIZIA SE. The risk-bearing capacity calculation is based on the calculation of a theoretical default risk, which is based on the Group's earnings and balance sheet ratios. The theoretical default risk does not exhibit a linear relationship with the earnings and balance sheet ratios applied. The Group's risk-bearing capacity is defined as the maximum risk potential which, in the Group's opinion, would have a lasting negative impact on the Group's refinancing on the capital market, among other things, if it were to occur, and is expressed as the upper limit of the theoretical default risk. It thus defines the limit of risks that are acceptable overall and therefore do not yet threaten the Group's going concern and existence. In addition, PATRIZIA has defined a limit for risk tolerance, which is also expressed as theoretical default risk and set below the risk-bearing capacity upper limit. Finally, as part of the risk-bearing capacity calculation, the potential impact of existing risks on the theoretical default risk is determined and compared with the risk tolerance and risk-bearing capacity.

At the end of 2025, no significant current or potential risks were identified that would exceed the Group's risk tolerance and thus also its risk-bearing capacity. The calculated theoretical probability of default is within the defined limits for risk-bearing capacity. The probability of risks that could jeopardise the Group's continued existence is assessed as low. Furthermore, the overall risk situation has improved compared with the previous year and valuation risks are at a reduced level, despite the continuing uncertainty on the transaction market for real estate and infrastructure. Based on the information available and the medium-term business and financial planning, there is no indication as at 31 December 2025 that the existing risk situation could jeopardise the future development or continued existence of PATRIZIA SE or the PATRIZIA Group.

The main opportunities for PATRIZIA lie in expanding the current product and client portfolio, increasing the share of scalable products (flagship funds) and making strategic investments, including mergers and acquisitions and other alternative investment opportunities whilst retaining a strong cost discipline. The Client Division (responsible for fundraising and serving the company's clients) develops new products and investment structures for clients. Strategic growth opportunities are identified and systematically pursued by the Group Executive Committee of PATRIZIA SE and the Strategic Investments Team. In addition, PATRIZIA expects that the DUEL megatrends will in particular offer opportunities for the placement of new products as well as for attractive investment opportunities in forward-looking asset classes and strategies, which are pursued equally to ensure continuous growth and strategic development as well as ongoing operational optimisation.

After the end of the reporting year, geopolitical tensions in connection with the Iran conflict have further intensified. The resulting political and economic developments could potentially have an impact on macroeconomic conditions, energy and commodity prices, supply chains and the stability of the financial markets.

Due to the highly dynamic and uncertain nature of the current situation, the specific impact on the company's net assets, financial position, results of operations and risk profile cannot yet be fully assessed. Developments are being monitored on an ongoing basis and taken into account as part of risk management.

PATRIZIA SE 2025 | Management Report

8 Guidance

8.1 Macroeconomic outlook

According to the World Bank's Global Economic Prospects (January 2026), global GDP growth is projected to moderate to 2.6% in 2026 (2025: 2.7%) as earlier supportive factors such as trade front-loading and inventory accumulation, fade. Global trade growth is expected to weaken as tariff effects intensify, while near-term risks remain tilted to the downside, including elevated trade tensions, geopolitical uncertainty and potential financial market volatility. At the same time, inflation is projected to ease further in most economies, and interest rates are projected to gradually decline or stabilise, contributing to improving financing conditions. Investment related to artificial intelligence continues to provide selective growth impulses, although overall global expansion is expected to remain moderate.

For the euro area, the European Central Bank projects economic growth to strengthen moderately to around 1.2% in 2026, compared to an estimated 0.8% in 2025, while headline inflation is expected to decline further towards approximately 1.9% (2025: around 2.3%) as price pressures ease (ECB, December 2025 projections). For Germany, the Deutsche Bundesbank anticipates a gradual recovery in 2026 following weak economic performance in 2025, with growth expected to remain subdued but improving over the course of the year, reflecting easing inflationary pressures and somewhat more supportive financing conditions despite ongoing structural and external challenges (Deutsche Bundesbank, Outlook 2026).

Sources: The World Bank Group (2026); Global Economic Prospects, January 2026; European Central Bank (2025), Eurosystem staff macroeconomic projections; Deutsche Bundesbank (2026), Outlook for 2026 in light of global challenges.

8.2 Sector-specific outlook

For real estate and infrastructure markets, the interest rate environment remains the key determinant of investment activity in 2026. According to INREV's Investment Intentions Survey 2026, 84% of global investors identify interest rates as the most significant factor influencing their investment plans. As monetary conditions stabilise, investor sentiment towards real estate is improving, with expectations to invest in 2026 strengthening across regions. The survey further shows that 11 of the 15 most preferred global investment markets are located in Europe. Germany continues to rank among the top target markets for international investors. The 2026 UBS Global Real Estate Investor Survey confirms this constructive shift in positioning: 72% of respondents maintain an overweight allocation to Continental Europe, making it the most favoured region for real estate investments globally. At the same time, investors expect a rise in Net Asset Values across regions, including Continental Europe, further underlining improving valuation sentiment, according to the 2026 UBS Global Real Estate Investor Survey.

In terms of sector preferences, two surveys point to continued strength in Living strategies. The UBS Global Real Estate Investor Survey 2026 identifies Living as the most likely outperformer in 2026. This aligns with INREV's Investment Intentions Survey 2026, which also highlights Living as the most preferred sector globally and in Europe, reflecting sustained conviction in structurally supported living strategies underpinned by demographic demand and resilient income profiles.

According to Preqin, infrastructure fundraising is expected to be supported by strong investor demand for core-plus and value-added strategies in 2026, particularly in digital infrastructure and energy transition assets. Transaction activity is anticipated to gradually recover as record dry powder (e.g. committed, but uncalled investment capital) levels drive deployment pressure, although competition for high-quality assets may intensify. Overall, resilient returns and structural tailwinds from AI-driven data centers and renewable energy should underpin sector momentum into 2026.

Overall, easing inflation, gradually declining and stabilising interest rates and AI-driven investment impulses are expected to provide a more constructive backdrop for real estate and infrastructure investments in 2026, supporting stabilisation in transaction markets and a gradual recovery in fundraising activity.

Sources: UBS (2026). Global Real Estate Strategy – Positioning Survey: What does $450bn in AUM think?, January 2026; INREV (2026); Investment Intentions Survey 2026; Preqin (2025); Preqin Global Report: Infrastructure in 2026.

PATRIZIA SE 2025 | Management Report

8.3 Expected development of results of operations and assumptions concerning financial target attainment in 2026

Against this overall backdrop of improving financing conditions, at least stabilising valuations and gradually recovering market activity, PATRIZIA anticipates higher fundraising volumes and increased transaction activity in 2026 compared to 2025, encompassing both acquisitions and disposals. While acquisitions on behalf of clients are expected to be partially offset by disposals on behalf of clients, the combined impact of fundraising, selective valuation support and increasing market activity is expected to result in a slight increase in AUM. Accordingly, PATRIZIA expects AUM to close in a range between EUR 55.0 - 60.0bn at the end of 2026, excluding potential currency impacts.

EBITDA for the financial year 2026 is expected in a range between EUR 60.0 - 75.0m, compared to the EBITDA of the financial year 2025 of EUR 63.0m. PATRIZIA forecasts a moderate increase in total service fee income alongside a further reduction in operating expenses driven by continued active cost management.

The EBITDA margin is accordingly expected to be in a range between 22.0 - 26.5% (2025: 22.9%) in the financial year 2026.

The details of the guidance for the financial year 2026 are shown in the following table.

Guidance FY 2026

		2024	2025	Guidance 2026
Assets under Management	EUR bn	56.4	56.2	55.0 - 60.0
EBITDA	EUR m	46.5	63.0	60.0 - 75.0
EBITDA margin	%	17.5	22.9	22.0 - 26.5

The guidance for PATRIZIA SE is based on the same assumptions and framework conditions as for the Group. As the parent company, it is included in the Group's forecast. Management is conducted exclusively at the Group level.

8.4 Expected development of net assets and financial position

PATRIZIA does not expect any significant changes in the Company's and Group's net assets and financial position in the year 2026. PATRIZIA also expects to have sufficient liquidity in the year 2026. This expectation is further supported by the agreement under which PATRIZIA was granted the right to realise part of its exit carry entitlement from the Dawonia mandate and to receive corresponding payments of approximately EUR 49m (gross) per annum between 2026 and 2029.

8.5 Expected development of results of operations and assumptions concerning non-financial target attainment in 2026

For the short-term incentive programme 2026 (STIP 2026), the ESG volunteering target remains set at an average of 0.5 days per employee, and the ESG PRI score target remains at 91.0% for year-end 2026, reflecting an expected stable level year-on-year.

In relation to the long-term incentive programme (LTIP 2025) ESG indicators, PATRIZIA expects differentiated developments compared to 2025: The share of female people managers at the first and second management levels below the GEC is expected to increase to 29.4% at year-end 2026 (31 December 2025: 25.6%) and therefore to move towards the defined long-term objective. AUM in impact investing is expected to increase to EUR 566m at year-end 2026 (31 December 2025: EUR 310m), reflecting continued product development and investor demand. The proportion of energy-inefficient directly managed real estate assets within AUM is expected to decrease further to 27.0% at year-end 2026 (31 December 2025: 31.0%), driven by targeted asset management measures and ongoing portfolio optimisation.

Overall, the Company expects measurable progress across its key ESG indicators in 2026 compared to the reporting year.

PATRIZIA SE 2025 | Management Report

8.6 Dividend policy

For the past financial year 2025, the Board of Directors of PATRIZIA SE will, based on a proposal by the Company's Executive Directors, propose to shareholders to use the unappropriated profit according to HGB of EUR 158.4m to pay out a dividend per share of EUR 0.36 equivalent to EUR 31.1m, excluding treasury shares as at 31 December 2025, and to carry forward the remaining amount to new account. This reflects the eighth consecutive increase in dividend per share, equivalent to an increase of $2.9%$ compared to the previous year.

The Company strives to offer steadily growing dividends to its shareholders throughout market cycles, backed by its strong balance sheet and financial flexibility. Long-term, PATRIZIA aims to distribute more than $50%$ of the Group's annual net profit attributable to shareholders in the form of dividends. The application of the dividend policy for future years is subject to the Group's balance sheet strength, profitability, available liquidity and the general market environment.

8.7 Management's overall assessment of the outlook for 2026

PATRIZIA considers the 2026 financial year to be an important step towards achieving its mid-term strategic goals. Improving financing conditions driven by easing inflation and comparatively lower interest rates are expected to support a stabilisation in real asset markets. Against this backdrop, the Company expects a progressive transition into the new investment cycle, with fundraising activity gradually gaining momentum as investor confidence improves. Besides, capital allocation decisions are likely to remain selective and paced in line with liquidity considerations and portfolio rebalancing priorities on the investor side, resulting in a more gradual and potentially bumpier recovery than in previous cycles.

Although global growth is expected to remain moderate and downside risks persist, including elevated trade tensions, geopolitical uncertainty and potential financial market volatility, PATRIZIA is already observing early signs of stabilisation and selective improvement in valuations. Following the correction phase of the past years, valuation levels in real assets, particularly in the real estate sector, have begun to recover modestly. For 2026, the Company therefore expects small positive valuation effects for real estate funds, supported by a lower and more predictable interest rate environment.

The transition into a lower interest rate environment should gradually improve the risk-return profile of real estate and infrastructure investments, thereby supporting a revival of transaction market activity, although the recovery may be more gradual and less linear than in previous cycles. For real estate, PATRIZIA expects the most attractive opportunities in residential and logistics, with data centres (Re-Infra) continuing to gain momentum, while increased policy and macroeconomic uncertainty in the US may influence regional allocation decisions. In infrastructure, PATRIZIA anticipates improving fundraising conditions, with digital infrastructure remaining a preferred segment and the energy transition representing an increasingly important structural growth opportunity.

Against this backdrop, PATRIZIA intends to continue offering targeted investment solutions across the key strategies in Living, Value-Add, Re-Infra and Infrastructure. The Company's product pipeline is aligned with the structural megatrends of Digitalisation, Urbanisation, Energy and Living transition (DUEL megatrends), which are expected to drive long-term demand for real assets and are further supported by accelerating government initiatives. In PATRIZIA's view, the Living segment, comprising Core Living, Value-Add Living and Affordable Living, provides access to market areas that are currently experiencing sustained investor demand and strong structural tailwinds. From PATRIZIA's perspective, these segments are supported by robust demographic trends and the growing need for sustainable, high-quality and affordable housing solutions in key markets.

In addition, PATRIZIA expects that selective growth impulses driven by investments in artificial intelligence could provide further momentum to the Re-Infra segment.

PATRIZIA will continue to position its real estate and infrastructure fund products for institutional, semi-professional and private investors in line with evolving market opportunities in 2026.

The guidance for financial year 2026 and any statements concerning subsequent years take into account all events that could affect PATRIZIA's business development that were known when the consolidated financial statements and the combined management report were prepared. Against the backdrop of a persistently volatile macroeconomic and geopolitical environment, the guidance continues to be subject to uncertainty.

PATRIZIA SE 2025 | Management Report

In March 2026, geopolitical tensions in connection with the Iran conflict have further intensified. The resulting political and economic developments could potentially have an impact on macroeconomic conditions, energy and commodity prices, supply chains and the stability of the financial markets. Due to the highly dynamic and uncertain nature of the current situation, the specific impact on the Company's net assets, financial position, results of operations and risk profile cannot yet be fully assessed. Developments are being monitored on an ongoing basis and taken into account as part of risk management.

Augsburg, 24 March 2026

The PATRIZIA Executive Directors

Dr Asoka Wöhrmann CEO

Martin Praum CFO

James Muir Head of Investment Division

Dr Konrad Finkenzeller Head of Client Division

Wolfgang Egger Founder

This report contains certain forward-looking statements that relate in particular to the business development of PATRIZIA, the general economic and regulatory environment and other factors to which PATRIZIA is exposed. 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 statement or estimate inaccurate, or cause actual results to differ from the results currently expect.

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PATRIZIA SE 2025 | Consolidated financial statements

Consolidated financial statements

Consolidated balance sheet

as at 31 December 2025

Assets

EUR k	Note	31.12.2025	31.12.2024
A. Non-current assets
Goodwill	4.2	260,232	265,879
Other intangible assets	4.3	66,562	78,473
Software	4.4	3,370	5,059
Rights of use	4.5	40,768	43,379
Investment property	4.6	279,272	275,413
Equipment	4.7	21,495	26,833
Participations in companies accounted for using the equity method	4.8	2,606	3,132
Participations	4.1.2	688,984	657,718
Other non-current financial assets (FVTPL)	4.1.4	7,226	9,008
Other non-current financial assets (AC)	4.1.3	14,565	19,585
Other non-current non-financial assets	4.9	620	1,321
Deferred tax assets	4.18.4	9,507	11,615
Total non-current assets		1,395,206	1,397,416
B. Current Assets
Inventories	4.10	281	281
Current tax assets	4.18.1	33,921	27,012
Current receivables and other current financial assets	4.1.7	93,738	149,835
Other current non-financial assets		7,013	5,640
Cash and cash equivalents	4.1.8	169,208	149,359
Total current assets		304,161	332,128

Total assets		1,699,367	1,729,543

PATRIZIA SE 2025 | Consolidated financial statements

Consolidated balance sheet

as at 31 December 2025

Liabilities

EUR k	Note	31.12.2025	31.12.2024
A. Equity
Share capital	4.11	86,457	86,229
Capital reserves	4.11	88,402	83,534
Retained earnings
Legal reserves	4.11	505	505
Currency translation difference	2.3	-831	2,346
Remeasurements of defined benefit plans according to IAS 19		5,479	3,808
Revaluation reserve according to IFRS 9		151,232	100,898
Consolidated unappropriated profit	4.11	795,708	806,912
Non-controlling interests	4.11	33,387	34,514
Total equity		1,160,339	1,118,746
B. Liabilities
NON-CURRENT LIABILITIES
Deferred tax liabilities	4.18.4	31,236	97,007
Retirement benefit obligations	4.12.1	15,929	18,902
Non-current bonded loans	4.1.11	69,000	69,000
Non-current bank loans	4.1.11	207,684	155,584
Other non-current financial liabilities	4.14	49,079	50,296
Non-current lease liabilities	4.5.3	40,706	39,988
Total non-current liabilities		413,633	430,777
CURRENT LIABILITIES
Current bank loans	4.1.11	42	45,600
Other provisions	4.15	16,630	22,371
Other current financial liabilities	4.16	74,037	83,562
Current derivative financial instruments	4.1.6	999	294
Other current non-financial liabilities	4.17	9,747	9,221
Current lease liabilities	4.5.3	6,157	8,139
Income tax liabilities	4.18.2	17,783	10,835
Total current liabilities		125,394	180,021
Total equity and liabilities		1,699,367	1,729,543

PATRIZIA SE 2025 | Consolidated financial statements

Consolidated income statement

for the period from 1 January to 31 December 2025

EUR k	Note	2025	2024
Revenues	4.19	258,416	255,667
Income from the sale of investment property	4.6	0	62
Other operating income	4.21	11,311	36,527
Total operating performance		269,727	292,255
Cost of materials	4.22	-2,835	-948
Cost of purchased services	4.23	-15,666	-16,496
Staff costs	4.24	-142,313	-150,936
Other operating expenses	4.25	-66,838	-82,639
Impairment result for trade receivables and contract assets	4.1.9	64	-142
Result from participations	4.1.2	22,836	28,350
Earnings from companies accounted for using the equity method	4.8	149	-11,996
EBITDAR		65,123	57,448
Reorganisation income	4.26	5,847	2,598
Reorganisation expenses	4.26	-7,947	-13,502
EBITDA		63,023	46,544
Depreciation, amortisation and impairment	4.27	-27,734	-28,342
Results from fair value adjustments to investment property	4.6	36	-7,028
Earnings before interest and taxes (EBIT)		35,325	11,174
Financial income	4.1.14	4,655	12,056
Financial expenses	4.1.14	-14,620	-17,276
Other financial result	4.1.14	-1,515	-1,985
Result from currency translation	4.1.14	-5,953	-557
Earnings before taxes (EBT)		17,893	3,411
Income taxes	4.18	-1,513	-1,031
Net profit		16,379	2,379
Attributable to shareholders of the parent company		17,968	12,867
Attributable to non-controlling interests	4.11	-1,588	-10,488
Earnings per share (undiluted) in EUR	4.28	0.21	0.15
Earnings per share (diluted) in EUR	4.28	0.20	0.15

PATRIZIA SE 2025 | Consolidated financial statements

Consolidated statement of comprehensive income

for the period from 1 January to 31 December 2025

EUR k	2025	2024
Net profit	16,379	2,379
Items of other comprehensive income with possible future reclassification to net profit for the period
Profit/loss arising on the translation of the financial statements of foreign operations	-5,363	5,419
Items of other comprehensive income without future reclassification to net profit for the period
Value adjustments resulting from equity instruments measured including capital gains (IFRS 9)	53,562	-30,983
Value adjustments resulting from remeasurements of defined benefit plans (IAS 19)	1,762	911
Other comprehensive income	49,961	-24,653
Total comprehensive income for the reporting period	66,340	-22,274
Attributable to shareholders of the parent company	67,742	-10,711
Attributable to non-controlling interests	-1,401	-11,563

PATRIZIA SE 2025 | Consolidated financial statements

Consolidated cash flow statement

for the period from 1 January to 31 December 2025

EUR k	2025	2024
Net profit	16,379	2,379
Income taxes recognised through profit or loss	1,513	1,031
Financial expenses recognised through profit or loss	14,620	17,276
Financial income recognised through profit or loss	-4,655	-12,056
Income from participations through profit or loss	-22,836	-28,350
Earnings from companies accounted for using the equity method	-149	11,996
Income from unrealised currency translation recognised through profit or loss	1,673	1,060
Income from the disposal of other intangible assets, software, rights of use and equipment recognised through profit or loss	199	176
Income from divestments of financial assets recognised through profit or loss	0	-1
Share-based payment through profit or loss	5,916	4,460
Income from bargain purchase	0	-12
Depreciation, amortisation and impairment	27,734	28,342
Write-ups non-current assets	0	-166
Results from fair value adjustments to investment property	-36	7,028
Income from the sale of investment property	0	-62
Results from fair value adjustments to securities	2,235	1,985
Results from fair value adjustments to hedges	705	-3
Expenses of the deconsolidation of subsidiaries	0	8
Income from the deconsolidation of subsidiaries	-3	-15,232
Other non-cash items	-10,538	-20,008
Changes in inventories, receivables and other assets that are not attributable to investment activities	20,169	24,242
Changes in liabilities that are not attributable to financing activities	-2,965	-24,279
Distributed income from participations	22,657	26,325
Interest paid	-10,620	-15,382
Interest received	5,524	10,573
Income tax payments	-9,957	-8,760
Cash flow from operating activities	57,565	12,574

PATRIZIA SE 2025 | Consolidated financial statements

EUR k	2025	2024
Payments for investments in other intangible assets, software and equipment	-204	-18,474
Payments received from the disposal of intangible assets and equipment	15	37
Payments received from the sale of investment property	0	313
Payments for the development of investment property	52	-25,854
Payments for the acquisition of securities and short-term investments	-1,260	-25,734
Payments received from the disposal of securities and short-term investments	30,612	497
Payments for the acquisition of participations	-54,291	-20,877
Payments received from the equity reduction of participations	1,877	485
Payments received from the disposal of participations	18,704	19
Payments for investments in companies accounted for using the equity method	-515	-141,555
Payment received through distributions of companies accounted for using the equity method	108	918
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	3,431	0
Payments for loans to companies with participation interest	-508	-700
Payments received from the repayment of other loans	1,145	1,004
Payments for other loans	-96	-124
Payments for the disposal of consolidated companies and other business units	0	-4,478
Payments for the acquisition of consolidated companies and other business units	0	-3,493
Cash flow from investing/divesting activities	-274	-238,015
Borrowing of loans	50,642	102,938
Repayment of loans	-46,200	-97,714
Repayment of leasing liabilities	-7,876	-8,931
Interest paid	-1,643	-1,757
Cash received from the settlements of the derivative financial instruments used to hedge liabilities arising from financing activities	0	732
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	-29,323
Payments received from increase of capital stock (non-controlling interests)	115	66,595
Cash flow from financing activities	-36,101	32,078
Change in cash and cash equivalents	21,189	-193,363
Cash and cash equivalents as at 01.01.	149,359	340,181
Effects of changes in foreign exchange rates on cash and cash equivalents	-1,341	904
Effects of changes in consolidated group on cash and cash equivalents	0	1,637
Cash and cash equivalents as at 31.12.	169,208	149,359

121

PATRIZIA SE 2025 | Consolidated financial statements

Consolidated statement of changes in equity

for the period from 1 January to 31 December 2024

EUR k	Share capital	Capital reserve	Retained earnings (legal reserves)	Currency translation difference	Remeasurements of defined benefit plans according to IAS 19	Revaluation reserve according to IFRS 9	Consolidated unappropriated profit	Equity of the shareholders of the parent company	Equity of non-controlling interests	Total
As at 01.01.2024	85,844	78,930	505	-1,439	2,943	130,660	823,644	1,121,088	39,553	1,160,641
Net profit	0	0	0	0	0	0	12,867	12,867	-10,488	2,379
Other comprehensive income	0	0	0	5,373	865	-29,816	0	-23,577	-1,076	-24,653
Total comprehensive income	0	0	0	5,373	865	-29,816	12,867	-10,711	-11,563	-22,274
Non-controlling interests arising from the inclusion of new companies	0	0	0	0	0	0	0	0	1	1
Disposal group	0	0	0	-1,869	0	0	0	-1,869	-58,871	-60,740
Capital increase	0	0	0	0	0	0	0	0	66,595	66,595
Dividend distribution to shareholders in cash	0	0	0	0	0	0	-29,318	-29,318	0	-29,318
Non-controlling interests arising from the sale of shares	0	0	0	0	0	54	805	859	-859	0
Payout of profit shares to non-controlling interests	0	0	0	0	0	0	0	0	-342	-342
Share-based payment	0	1,922	0	0	0	0	0	1,922	0	1,922
Other changes	0	0	0	281	0	0	-1,087	-806	0	-806
Disposal of shares / transfer of shares	384	2,682	0	0	0	0	0	3,067	0	3,067
As at 31.12.2024	86,229	83,534	505	2,346	3,808	100,898	806,912	1,084,232	34,514	1,118,746

PATRIZIA SE 2025 | Consolidated financial statements

Consolidated statement of changes in equity for the period from 1 January to 31 December 2025

EUR k	Share capital	Capital reserve	Retained earnings (legal reserves)	Currency translation difference	Remeasurements of defined benefit plans according to IAS 19	Revaluation reserve according to IFRS 9	Consolidated unappropriated profit	Equity of the shareholders of the parent company	Equity of non-controlling interests	Total
As at 01.01.2025	86,229	83,534	505	2,346	3,808	100,898	806,912	1,084,232	34,514	1,118,746
Net profit	0	0	0	0	0	0	17,968	17,968	-1,588	16,379
Other comprehensive income	0	0	0	-5,330	1,671	53,432	0	49,774	187	49,961
Total comprehensive income	0	0	0	-5,330	1,671	53,432	17,968	67,742	-1,401	66,340
Disposal group	0	0	0	2,153	0	0	0	2,153	0	2,153
Capital increase	0	0	0	0	0	0	0	0	115	115
Dividend distribution to shareholders in cash	0	0	0	0	0	0	-30,260	-30,260	0	-30,260
Non-controlling interests arising from the sale of shares	0	0	0	0	0	0	-160	-159	159	0
Reclassification	0	0	0	0	0	-3,098	3,098	0	0	0
Share-based payment	0	3,954	0	0	0	0	0	3,954	0	3,954
Other changes	0	0	0	0	0	0	-1,851	-1,851	0	-1,851
Disposal/ transfer of shares	228	914	0	0	0	0	0	1,142	0	1,142
As at 31.12.2025	86,457	88,402	505	-831	5,479	151,232	795,708	1,126,952	33,387	1,160,339

PATRIZIA SE 2025 | Notes to the consolidated financial statements

Notes to the consolidated financial statements

for the period from 1 January to 31 December 2025

General information

PATRIZIA SE (hereinafter also referred to as PATRIZIA or the Group) is a listed stock corporation. The registered office of the Company is Fuggerstraße 20, 86150 Augsburg (Augsburg Local Court, HRB 37716).

PATRIZIA is a European independent real asset investment manager with 816 (Full-Time Equivalents, FTE) as at 31 December 2025 (31 December 2024: 887 FTE) active in 26 locations worldwide (31 December 2024: 26 locations). PATRIZIA provides a range of services, from asset and portfolio management to the execution of acquisitions and disposal transactions for almost all real estate and infrastructure sectors to alternative investments and project developments. Its clients include institutional and semi-professional investors such as insurance firms, pension fund institutions and sovereign funds from Germany, Europe, the US and Asia in addition to private investors. PATRIZIA develops bespoke products for its clients in line with their individual return expectations, diversification objectives and risk styles.

1 Principles applied in the preparation of the consolidated financial statements

The consolidated financial statements of PATRIZIA SE as at 31 December 2025 have been prepared in accordance with IFRS, as applicable in the EU, and in compliance with the provisions of German commercial law in line with section 315e of the Handelsgesetzbuch (HGB – German Commercial Code). All effective official announcements of the International Accounting Standards Board (IASB) have been applied, i.e. those adopted by the EU in the context of the endorsement process and published in the Official Journal of the EU by the end of the reporting period. The income statement was prepared in line with the nature of expense method.

The financial year is the calendar year. The consolidated financial statements are prepared in Euro. The amounts, including the previous year's figures, are shown in thousands of Euro (EUR k) unless stated otherwise. Please note that differences can occur when using rounded amounts and percentages.

PATRIZIA SE 2025 | Notes to the consolidated financial statements

1.1 New financial reporting standards effective in the financial year and revision of the notes of the consolidated financial statements

At the time of the preparation of the consolidated financial statements, the following new and amended standards and interpretations are effective for the first time in the financial year:

Standard	Title
Amendments IAS 21	Lack of Exchangeability

The amendments for IAS 21 define, when currencies in high-inflation countries without free exchange mechanisms are considered convertible and how the applicable exchange rate is to be determined. Furthermore, the necessary information for this is addressed. PATRIZIA is not affected by this.

1.2 New financial reporting standards effective in future periods

The following standards, amendments to standards and interpretations had already been published by the IASB at the time the consolidated financial statements were prepared, but will only become effective in later reporting periods and will not be applied early by the Group:

Standard	Title	Date of adoption	Planned adoption
Endorsed
Amendments IFRS 9/IFRS 7	Classification and Measurement of Financial Instruments	01.01.2026	01.01.2026
Amendments IFRS 9/IFRS 7	Contracts Referencing Nature-dependent Electricity	01.01.2026	01.01.2026
Introduction IFRS 18	Presentation and Disclosure in Financial Statements	01.01.2027	01.01.2027
Amendments IFRS 1, IFRS 7, IFRS 9, IFRS 10, IAS 7	Annual Improvements IFRS Volume 11	01.01.2026	01.01.2026
Endorsement pending
Amendments IAS 21	Translation to a Hyperinflationary Presentation Currency	01.01.2027	01.01.2027
Introduction IFRS 19 and Amendments IFRS 19	Subsidiaries without Public Accountability: Disclosures	01.01.2027	01.01.2027

The amendments to IFRS 9 and IFRS 7 as well as the annual improvements have no impact on the consolidated financial statements.

The amendments to IAS 21 "Translation to a Hyperinflationary Presentation Currency" address the question of how a company that prepares its financial statements in a hyperinflationary currency but also operates in areas with a non-hyperinflationary currency should convert. PATRIZIA is not affected by these changes.

IFRS 18 'Presentation and Disclosure in Financial Statements' replaces IAS 1 and will be mandatory from 1 January 2027. The objective of the standard is to enhance the transparency, comparability and clarity of IFRS financial statements. To achieve this, IFRS 18 introduces in particular a newly structured statement of profit or loss with mandatory operating, investing and financing categories as well as standardised subtotals. In addition, the standard expands the disclosure requirements, including those relating to Management-Defined Performance Measures (MPMs). The new requirements are intended to improve the usefulness of information without changing recognition and measurement principles. PATRIZIA has started to analyse the potential impacts but cannot yet reliably assess the extent of the changes.

IFRS 19 'Subsidiaries without Public Accountability: Disclosures' allows subsidiaries without public accountability that are included in IFRS consolidated financial statements to apply reduced disclosure requirements. PATRIZIA is not affected by this.

PATRIZIA SE 2025 | Notes to the consolidated financial statements

2 Consolidated group and consolidation methods

2.1 Consolidated group

The consolidated financial statements of PATRIZIA SE include the financial statements of the parent company and 129 (31 December 2024: 131) subsidiaries. Subsidiaries are directly or indirectly controlled by the parent company and are included in the consolidated financial statements in accordance with the rules of full consolidation. In addition, six (31 December 2024: six) investments in associated companies are accounted for in the consolidated financial statements (refer to chapter 4.8).

The reporting dates of the subsidiaries included in the consolidated financial statements correspond to the reporting date of the parent company.

As at 31 December 2025 44 (31 December 2024: 43) companies are not included in the scope of consolidation as they have only minor or no business operations and are, individually or cumulatively, of minor importance for the Group and for the presentation of a true and fair view of the results of operations, financial position and net assets.

In one company (31 December 2024: one investee), PATRIZIA holds more than half of the voting rights; however, due to the contractual arrangements (the grant of the relatively strong removal right of the limited number of external fund investors and PATRIZIA's small aggregated economic interest), the conditions for control as defined in IFRS 10 are not met (no linkage between power and control). Consequently, this entity is classified as other investment.

One investment fund (31 December 2024: one investment fund) in which the Group holds 43% is fully consolidated, as the Group has concluded, based on the expected substantial returns, that it does not act as an agent for external third parties but instead controls the fund.

For five entities (31 December 2024: five entities) that are immaterial to the Group's financial position, financial performance and cash flows, the Group holds more than 20% but classifies them as other investments. In other three entities (31 December 2024: two entities), the Group holds more than 20% of the voting rights, but due to PATRIZIA's limited, non-significant influence, this is reported as other investment

A full list of the entities included in the Group can be found in the list of shareholdings in the appendix.

Change in scope of consolidation

All companies included in the consolidated financial statements of PATRIZIA SE are listed in the list of shareholdings (appendix to the notes to the consolidated financial statements). The number of Group companies included in the consolidated financial statements developed as follows in the reporting period:

Subsidiaries

As at 01.01.2025	131
Companies founded	1
Mergers	-1
Companies deconsolidated	-2
As at 31.12.2025	129

The Subsidiary is founded in connection with a newly established fund. No acquisitions with business operations were completed in the reporting period.

The mergers were carried out to streamline the legal structure of the Group and had no impact on PATRIZIA's consolidated financial statements.

In the course of ordinary business activities, the Group lost control, due to liquidation, over two subsidiaries and recognised deconsolidation income of EUR 3k (2024: EUR 15,232k) in the income statement.

Business combinations are accounted for using the purchase method in accordance with IFRS 3. The consideration transferred, measured at fair value, and the fair value of any previously held equity interest are compared to the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date. Any excess is recognised as goodwill; any negative difference is recognised immediately in profit or loss as a gain on acquisition at a price below fair value. Non-controlling interests are measured at the proportionate fair value of the acquired net assets (partial goodwill approach). Transaction costs associated with the business combination are recognised in profit or loss as incurred.

Disclosure on unconsolidated structured entities

PATRIZIA SE 2025 | Notes to the consolidated financial statements

The unconsolidated structured entities of PATRIZIA Group relate exclusively to companies that are necessary for PATRIZIA's core business as an investment manager for real assets. For structuring reasons, the Group selectively invests equity in the form of seed- and co-investments in PATRIZIA fund vehicles for clients. PATRIZIA generally acts as an agent for these funds and, in accordance with IFRS 10, does not control these vehicles regardless of voting rights and contractual agreements.

The information on the unconsolidated structured entities is presented in summarised form due to the similar activities of the companies:

As of 31 December 2025, the carrying amounts of the unconsolidated structured entities of PATRIZIA amounted to EUR 688,984k (2024: EUR 657,718k), which are reported as investments in the consolidated balance sheet. The income from these participations is recognised in the consolidated income statement as income from participations with EUR 22,836k (2024: EUR 28,350k). The Group recognises value fluctuations, as part of the subsequent valuation of the non-consolidated structured entities, in other comprehensive income EUR 53,562k (2024: EUR -30,983k). For a detailed presentation of the effects of investments on the balance sheet and on earnings, please refer to chapter 4.1 of the notes to the consolidated financial statements.

The assets under management managed by PATRIZIA amounted to EUR 56.2bn as at 31 December 2025 (31 December 2024: EUR 56.4bn).

The maximum risk of loss from unconsolidated structured entities corresponds to the total of their carrying amounts. Any contractually agreed capital calls for funds issued by PATRIZIA, which are classified as unconsolidated structured entities in accordance with IFRS 12, amount to EUR 17,387k (2024: EUR 42,794k). No further non-contractually agreed support was provided in the current financial year or in the comparative period, nor is it intended.

2.2 Consolidation of intragroup balances, income and expenses and elimination of intragroup profits

Intragroup balances and transactions, gains and expenses of the companies included in consolidation are eliminated in full on consolidation. Deferred taxes are recognised for temporary differences that arise from the elimination of profits and losses resulting from intragroup transactions.

2.3 Currency translation

Transactions in foreign currencies are translated at the relevant exchange rates at the time of the transaction. In subsequent periods, monetary assets and liabilities are measured at the reporting date and the resulting translation differences are recognised in profit or loss. Non-monetary items are measured at historical cost in foreign currency and translated at the exchange rate at the date of the transaction.

The financial statements of foreign subsidiaries whose functional currency is not Euro and therefore not the Group's presentation currency are translated using the modified closing rate method. Accordingly, assets and liabilities are translated at the respective closing rate. Income and expenses are translated at the average exchange rate for the year. The resulting translation differences are recognised separately in equity.

The functional currency is the currency of the primary economic environment in which a company operates. As a rule, the functional currency is the currency in which the majority of a company's revenues and costs are incurred, even if this is not the respective national currency of the country of domicile in individual cases.

PATRIZIA SE 2025 | Notes to the consolidated financial statements

2025 - Currency translation into EUR

Currency	Closing rate 31.12.2025	Average exchange rate 2025
AED	4,31	4,19
AUD	1,76	1,75
CAD	1,61	1,58
CHF	0,93	0,94
DKK	7,47	7,46
GBP	0,87	0,86
HKD	9,15	8,81
HUF	385,15	397,76
JPY	184,09	169,03
KRW	1.696,94	1.605,44
PLN	4,22	4,24
SEK	10,82	11,07
SGD	1,51	1,48
USD	1,18	1,13

2024 - Currency translation into EUR

Currency	Closing rate 31.12.2024	Average exchange rate 2024
AUD	1.68	1.64
CAD	1.49	1.48
CHF	0.94	0.95
DKK	7.46	7.46
GBP	0.83	0.85
HKD	8.07	8.45
HUF	411.35	395.31
JPY	163.06	163.82
KRW	1,532.15	1,475.40
PLN	4.28	4.31
SEK	11.46	11.43
SGD	1.42	1.45
USD	1.04	1.08

PATRIZIA SE 2025 | Notes to the consolidated financial statements

3 Summary of key accounting policies

The preparation of the consolidated financial statements requires management to make certain judgements and assumptions as well as estimates that affect the reported amounts and the disclosure of assets and liabilities, income and expenses, and contingent assets and liabilities during the reporting period.

3.1 Discretionary decisions

In applying accounting policies, judgements were required in the following areas that could have a significant effect on the consolidated financial statements:

Assessing whether significant influence exists over participations (refer to chapter 4.8)
Determination of the functional currency of subsidiaries (refer to chapter 2.3)

3.2 Estimates and assumptions

Estimates and assumptions are made on the basis of the latest reliable information available. The assets, liabilities, income, expenses and contingent assets and liabilities recognised on the basis of estimates and assumptions may differ from the amounts that will be realised in the future. Changes were recognised in profit or loss when better information becomes available. Estimates were mainly made for the following items:

Valuation of equity investments (refer to chapter 4.1.5)
Impairment of goodwill and intangible assets (refer to chapter 4.2 f.)
Determination of transaction price for variable consideration (refer to chapter 4.19.1)
Allowance for doubtful accounts and contract assets (refer to chapter 4.1.9)
Realisability of deferred tax assets (refer to chapter 4.18.4)
Recognition and measurement of provisions (refer to chapter 4.15)
Valuation of investment property (refer to chapter 4.6)
Determining the term of leases with renewal and termination options or, in the case of perpetual leases, the Group as lessee (refer to chapter 4.5)

129

PATRIZIA SE 2025 | Notes to the consolidated financial statements

4 Notes to the consolidated balance sheet and consolidated income statement

4.1 Financial instruments

4.1.1 Classification and measurement of financial assets and liabilities

The table below shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. Carrying amounts are classified as follows: at fair values through profit and loss (FVTPL), at fair value through other comprehensive income (FVTOCI) and at amortised cost (AC). Non-derivative financial instruments are recognised for the first time on settlement date and derivative financial instruments on trade date.

Financial assets and liabilities 31.12.2025

	Carrying amounts			Fair value
EUR k	FVTPL	FVTOCI	AC	Level 1	Level 2	Level 3
Financial assets
Participations	2,229	686,755				688,984
Other non-current financial assets (FVTPL)	7,226					7,226
Other non-current financial assets (AC)			14,565			15,571
Current receivables and other current financial assets¹			93,738
Cash and cash equivalents¹			169,208
Total	9,455	686,755	277,511	0	0	711,781
Financial liabilities
Non-current bank loans			207,684			211,809
Current bank loans¹			42
Non-current bonded loans			69,000			69,053
Non-current financial liabilities			49,079			49,071
Current financial liabilities¹			74,037
Current derivative financial instruments	999				999
Non-current lease liabilities¹			40,706
Current lease liabilities¹			6,157
Total	999	0	446,705	0	999	329,933

¹ According to IFRS 7.29 no disclosure of fair values. The fair value corresponds approximately to the book value, as interest rate, credit and currency risks are negligible. Cash and cash equivalents are assigned to Level 1, all other financial assets and liabilities are assigned to Level 3.

PATRIZIA SE 2025 | Notes to the consolidated financial statements

Financial assets and liabilities 31.12.2024

	Carrying amounts			Fair value
EUR k	FVTPL	FVTOCI	AC	Level 1	Level 2	Level 3
Financial assets
Participations		657,718				657,718
Other non-current financial assets (FVTPL)	9,008					9,008
Other non-current financial assets (AC)			19,585			22,164
Current receivables and other current financial assets¹			149,835
Cash and cash equivalents¹			149,359
Total	9,008	657,718	318,780	0	0	688,890
Financial liabilities
Non-current bank loans			155,584			161,894
Current bank loans¹			45,600
Non-current bonded loans			69,000			69,362
Non-current financial liabilities			50,296			50,754
Current financial liabilities¹			83,562
Current derivative financial instruments	294				294
Non-current lease liabilities¹			39,988
Current lease liabilities¹			8,139
Total	294	0	452,169	0	294	282,011

The fair values of the Group's financial instruments measured at amortised cost are determined by using the discounted cashflow method. The own non-performance risk as at 31 December 2025 was classified as insignificant.

PATRIZIA SE 2025 | Notes to the consolidated financial statements

Financial assets

Financial assets are initially recognised at fair value. For the classification and subsequent measurement of financial assets, IFRS 9 contains three basic business models:

"Hold": the business model provides for holding the financial assets in order to generate the contractual cash flows (measured at amortised cost (AC))
"Hold and Sell": the business model provides for both holding the financial assets to achieve the contractual cash flows and sales (measured at fair value with changes in value recognised in other comprehensive income (FVTOCI))
"Residual": financial assets, which cannot be assigned to either the business model "Hold" or the business model "Hold and Sell" (measured at fair value with changes in fair value recognised in profit or loss (FVTPL))

The Group classifies its financial instruments into the three levels prescribed by the accounting standards:

Level 1: the fair value of financial instruments traded in active markets is based on the quoted market prices at the end of the reporting period
Level 2: the fair value of financial instruments that are not traded in an active market is determined using valuation techniques that maximise the use of observable market data and minimise the use of entity-specific estimates
Level 3: if one or more of the significant input factors are not observable, the instrument is classified at level 3

If the cash flows consist solely of principal and interest payments and these financial assets are held in a business model with the objective to solely realise contractual cash flows, they are measured at amortised cost (AC). Debt instruments that do not meet these requirements are measured at fair value with changes in value recognised in profit or loss (FVTPL).

Other loans, trade receivables and other receivables are accordingly classified at amortised cost (AC). Non-current loans with cash flows that do not consist solely of principal and interest payments on the principal outstanding are measured at FVTPL in accordance with IFRS 9. Securities held in the short term are also measured at FVTPL. For further information we refer to chapter 4.1.

Participations are equity instruments that the Group intends to hold for the long term for strategic reasons. In accordance with IFRS 9, the Group has therefore classified participations at FVTOCI at the date of initial recognition. The Group believes that the designation as FVTOCI provides a more meaningful accounting treatment for its strategic investments. Subsequent changes in the fair value of the investment are recognised in other comprehensive income (OCI). Nevertheless, the Group may exercise the right to choose the option for FVTPL when a financial asset is recognised for the first time, provided that the criteria for designation as FVTOCI are not met. Dividend payments received are recognised in profit or loss.

Cash and cash equivalents include cash and short-term bank deposits held by the Group with a duration of one day up to three months. Based on the short duration, the book value of these assets corresponds to their fair value.

Financial liabilities

Financial liabilities are classified and measured at amortised cost unless they are held for trading. If the latter is the case, they are measured at fair value with changes in value recognised in profit or loss.

Interest-bearing loans are initially recognised at fair value less transaction costs directly associated with the borrowing. After initial recognition, interest-bearing loans are measured at amortised cost using the effective interest method (other financial liabilities).

Derecognition of financial assets and financial liabilities

A financial asset is derecognised when the rights to receive payment expire or the financial asset is transferred to a third party. The Group derecognises a financial liability when the contractual obligations are discharged, cancelled or expire. The difference between the carrying amount of a derecognised financial liability and the amount paid is recognised in the statement of profit or loss.

A significant change in the contractual terms of a financial instrument results in its derecognition and the recognition of a new financial asset or financial liability. Non-significant changes result in an adjustment to the carrying amount through profit or loss without derecognition of the financial instrument. There were no transactions of this type in the current financial year.

PATRIZIA SE 2025 | Notes to the consolidated financial statements

4.1.2 Participations

The development of the participations in the financial year is as follows:

Participations

EUR k 2025

	Dawonia	Dawonia Carry	Dawonia Fund	EIF III	Other participations	Total carrying amount
As at 01.01.	154,307	338,030	0	84,605	80,777	657,718
Additions	0	0	21,991	16,145	16,874	55,011
Disposals	0	-18,704	0	0	-1,975	-20,679
Positive changes in market value	356	1,083	0	7,211	3,519	12,169
Negative changes in market value	-626	-7,040	-190	0	-6,071	-13,926
Foreign exchange differences	0	0	0	0	-1,309	-1,309
As at 31.12.	154,037	313,369	21,801	107,961	91,816	688,984

Participations

EUR k 2024

	Dawonia	Dawonia Carry	EIF III	Other participations	Total carrying amount
As at 01.01.	161,253	360,904	0	72,529	594,686
Additions	0	0	84,605	16,970	101,575
Changes in the consolidated group	0	0	0	-2,856	-2,856
Disposals	0	0	0	-552	-552
Positive changes in market value	0	0	0	2,407	2,407
Negative changes in market value	-6,946	-22,875	0	-8,782	-38,602
Foreign exchange differences	0	0	0	1,061	1,061
As at 31.12.	154,307	338,030	84,605	80,777	657,718

PATRIZIA selectively invests Group equity in partnerships with its institutional clients, in the form of co-investments, of which the investments in Dawonia are the largest co-investments. 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 residential real estate portfolio via Dawonia GmbH ("Dawonia" – see table above).

Furthermore, PATRIZIA holds an interest in OSCAR Lux Carry S.C.S ("Dawonia Carry" – see table above), which entitles PATRIZIA to a variable profit share in connection with the Dawonia investment. According to the investment agreement, the Exit-Carry will be paid out in event of an exit from the investment. The disposal of Dawonia Carry in the amount of EUR 18,704k during the financial year 2025 can be explained by its partial realisation. The negative change in market value of Dawonia Carry in the amount of EUR 7,040k results mainly from contractual changes as part of the partial realisation, as the relevant fund units will no longer be subject to a Carry charge in future.

In the 2025 financial year, PATRIZIA acquired 1.05% of the shares in OSCAR Germany SCS for a transaction price of EUR 21,271k (in the table: "Dawonia funds"), this one deviated from the fair value of EUR 26.790k. The transaction price was below the fair value of the asset. The difference between the transaction price and the fair value at the acquisition time (day-one profit) amounts EUR 5,518k. Since the measurement parameters are not fully based on observable market data (Level 3 inputs), the difference was deferred in a separate calculation at initial recognition and will be recognised in the income statement on a straight-line basis over the life of the instrument. The income for the year 2025 amounts to EUR 719k. The differences still to be recognized as income as of 31 December 2025 amounts EUR 4,799k. In the subsequent valuation, only the valuation effects beyond the Day-One-Profit are recorded as FVTOCI.

133

PATRIZIA SE 2025 | Notes to the consolidated financial statements

The fair value of the disposed equity investments at the time of disposal amounts to EUR 20,679k (2024: EUR 552k) and mainly reflects capital repayments. No gains were realised in the statement of comprehensive income in connection with the final disposal of the equity investments.

Result from participations

The result from participations reported in the income statement is composed as follows:

Result from participations

EUR k	2025	2024	Change
Performance-based shareholder remuneration	10,301	15,124	-31.9%
Services provided as shareholder contributions	6,209	7,389	-16.0%
Return on equity employed	6,325	5,837	8.4%
Total	22,836	28,350	-19.5%

The result from participations in the reporting period results from the investments Dawonia GmbH, First Street Development Limited, Seneca Holdco SCS, NPS European Property III SCSp, SICAV-RAIF, PATRIZIA TransEuropean Property VII SCSp-RAIF as well as from the closed end fund business for semi-professional and private investors (2024: from the investments Dawonia GmbH, Seneca Holdco SCS, PATRIZIA MONTCLAIR (SCOTLAND) LIMITED PARTNERSHIP, Camber Creek Fund III, LP as well as from public fund business for semi-professional and private investors).

The return on equity employed includes expenses from loss transfers of EUR 124k (2024: EUR 0k). Dividend income from participations measured at FVTOCI amounted to EUR 22,836k in the financial year (2024: EUR 28,350k) and are made up as follows:

Dividends received from equity investments designated as at FVTOCI

EUR k	2025	2024
Relating to investments derecognised during the year	48	0
Relating to investments held at the end of the reporting period	22,788	28,350
	22,836	28,350

For further details regarding the results from participations, please refer to the combined management report under Group earnings situation in chapter 5.4.2.

4.1.3 Other non-current financial assets (AC)

Other non-current financial assets classified at amortised cost have interest rates ranging from 0.0% to 5.0% (2024: 0.0% to 7.5%) and remaining maturity of up to two years. The book value of the loans classified at amortised cost was EUR 14,565k as at 31 December 2025 (31 December 2024: EUR 19,585k). These are non-current loans with cash flows that consist solely of principal and interest payments on the principal and are held to collect the contractual cash flows. The decrease is mainly due to the full repayment of the loan to First Street Development Limited.

4.1.4 Other non-current financial assets (FVTPL)

Other non-current financial assets measured at fair value with changes in fair value recognised in profit or loss with a carrying amount of EUR 7,226k (31 December 2024: EUR 9,008k) are convertible loans held on a long-term basis. In the reporting period 2025, the loan to EVANA AG was converted into shares in the company. The carrying amount of the convertible loan before the conversion amounted to EUR 100k.

PATRIZIA SE 2025 | Notes to the consolidated financial statements

4.1.5 Determination of fair values of Level 3 financial assets

The tables below show the valuation techniques used to determine Level 3 fair values and the significant unobservable inputs used.

Valuation technique fair value

Type	Valuation technique	Important non-observable input factors	Context between Important non-observable input factors and the valuation at fair value
Participations	Valuation model considers the individual shares of participations as well as assessment basis in particularly the fair value of the net assets (Net asset value). The essential value driver is the respective Fair Value of the contained property assets.	Shares of participations (0.01% - 100%) - important assessment basis: the fair value of the net assets 2025 of the participations (EUR 0 - 3,062m)	Estimated fair value would increase (decrease), if the assessment basis increase (decrease)
Other financial assets (FVTPL)	Since these are convertible loans, the valuation model considers the fair value of the net assets of the borrowers.	The fair value of the net assets 2025: (EUR 7.9m)	Estimated fair value would increase (decrease), if the assessment basis increase (decrease)

For participations, a 10% increase (decrease) in the respective measurement bases, with the other inputs held constant, would result in an increase (decrease) in fair value of EUR 85,687k (2024: EUR 82,541k).

In the case of other non-current financial assets, a 10% increase (decrease) in net assets would lead to an increase (decrease) in fair value of EUR 735k (2024: EUR 1,015k). The fixed-rate coupons of the convertible loans have no material effect on the valuation.

135

PATRIZIA SE 2025 | Notes to the consolidated financial statements

The table below shows the reconciliation of the opening balance to the closing balance of Level 3 fair values.

Reconciliation of level 3 fair values - 2025

EUR k	Participations	Other non-current financial assets (FVTPL)
As at 01.01.2025	657,718	9,008
Profit/loss, including in the other comprehensive income (IFRS 9)
changes of the fair value	-1,757	0
Profit/loss, including in the net profit for the period
changes of the fair value	0	-2,235
Additions in the financial year	55,011	636
Disposals in the financial year	-20,679	-183
Foreign exchange differences	-1,309	0
As at 31.12.2025	688,984	7,226

Reconciliation of level 3 fair values - 2024

EUR k	Participations	Other non-current financial assets (FVTPL)
As at 01.01.2024	594,686	10,203
Profit/loss, including in the other comprehensive income (IFRS 9)
changes of the fair value	-36,195	0
Profit/loss, including in the net profit for the period
changes of the fair value	0	-1,985
Additions in the financial year	101,575	863
Disposals in the financial year	-552	-83
Foreign exchange differences	1,061	0
Changes in the consolidated group	-2,856	0
As at 31.12.2024	657,718	9,008

4.1.6 Derivative financial instruments

PATRIZIA is exposed to various financial risks in the course of its ordinary business activities and hedges these economically as required using derivative financial instruments. In the current reporting period, a currency risk was hedged using a derivative financial instrument, which had a fair value of EUR -999k (31 December 2024: EUR -294k) and was measured using observable measurement parameters such as exchange rates and yield curves (Level 2 fair value hierarchy). The derivative financial instruments are classified as "held for trading" for accounting purposes and measured at fair value through profit or loss.

PATRIZIA SE 2025 | Notes to the consolidated financial statements

4.1.7 Current receivables and other current financial assets

Current receivables and other current financial assets are composed as follows:

Current receivables and other current financial assets

EUR k	2025	2024
Trade receivables	73,645	98,518
Receivables from services	39,743	64,002
Other	33,902	34,517
Other financial assets	20,093	51,317
Term deposits	5,942	35,730
Receivables from other investees and investors	5,092	5,026
Other	9,060	10,560
Current receivables and other current financial assets	93,738	149,835

Other trade receivables essentially include accrued acquisition and performance fees that were earned at the end of the financial year and will become cash effective in later periods.

Due to the maturities of the term deposits amounting to EUR 5,942k (31 December 2024: EUR 35,730k) of more than 3 months, these are presented in the balance sheet items trade receivables and other financial assets instead of in the balance sheet item cash and cash equivalents.

The item of other financial assets "Other" essentially includes deposits, creditors with debit balances, accrued interest income and current employee loans.

4.1.8 Cash and cash equivalents

At the end of the fiscal year the Group held EUR 169,208k of cash and cash equivalents (31 December 2024: EUR 149,359k).

Cash and cash equivalents comprise cash and short-term bank deposits held by the Group with a duration of one day up to three months. Due to the short term, the book value corresponds to the fair value of this assets.

Regulatory liquidity reserve for asset management companies, which form a part of cash and cash equivalents, amounts to EUR 44,601k (31 December 2024: EUR 49,517k).

4.1.9 Default risk and impairment of financial assets

Default risks exist for all financial assets and are limited to their carrying amount. For participations and other non-current financial assets the default risk is already taken into account in the determination of the fair value. For all financial assets measured at amortised cost, the impairment model "expected credit loss" (ECL) is applied in accordance with IFRS 9. In the Group, this generally applies to the following financial assets:

Other non-current financial assets (AC)
Current receivables and other current financial assets
Cash and cash equivalents

The Group's default risk results primarily from trade receivables. Appropriate risk provisions have been made for these financial assets. For trade receivables, collateral exists for global sales in the form of an economic right of retransfer of the sold properties in the event of default by the customer. In the case of the sale of individual flats, ownership is not transferred until the purchase price has been received in full, so that there is no default risk.

Impairments on financial assets are recognised in profit or loss as follows:

Result impairment on financial assets

EUR k	2025	2024
Impairment result for trade receivables and contract assets	64	-142
Total impairment	64	-142

The result from impairment of trade receivables and contract assets includes losses on receivables of EUR 78k in the reporting period (2024: EUR 74k).

137

PATRIZIA SE 2025 | Notes to the consolidated financial statements

The movement in the loss allowance for trade receivables is presented as follows:

Impairment losses on trade receivables

EUR k	2025	2024
Value adjustment for sales as at 01.01.	0	23
Value adjustment for rent receivables as at 01.01.	464	406
As at 01.01.	464	429
Net revaluation of value adjustment	-141	35
As at 31.12.	323	464

The Group's default risk is mainly determined by the overdue nature of receivables. Furthermore, the type of sales from which the receivables result is also relevant. Due to the impairment losses on rent receivables, risk provisions were reduced. The revaluation of the impairments in the financial year is mainly due to changes in the receivables and the age structure of the receivables.

The following table contains information on the default risk and the expected credit losses for receivables from sales of various project developments and services from fund management.

2025 Credit risk and expected credit losses

EUR k	Loss rate (weighted average) 31.12.2025	Gross carrying amount 31.12.2025	Affected credit rating 31.12.2025
Low risk - maturity up to 90 days	0.0%	63,755	no
Medium risk - maturity up to 180 days	0.0%	732	no
Doubtful - maturity over 180 days	0.0%	5,821	no
Total default risk/expected credit losses	0.0%	70,309

2024 Credit risk and expected credit losses

EUR k	Loss rate (weighted average) 31.12.2024	Gross carrying amount 31.12.2024	Affected credit rating 31.12.2024
Low risk - maturity up to 90 days	0.0%	72,113	no
Medium risk - maturity up to 180 days	0.0%	13,030	no
Doubtful - maturity over 180 days	0.0%	5,721	no
Total default risk/expected credit losses	0.0%	90,864

The Group uses corresponding allowance matrices to measure the expected credit losses of trade receivables from rentals, property sales and other services (with and without fund management).

The loss rates are based on historical values, as well as on current information on our property portfolios of the funds adjusted for prospective expectations concerning the real estate-related receivables. The analysis of these factors shows, that there is no default risk. In 2025 and 2024 no adjustments of loss rates were necessary.

138

PATRIZIA SE 2025 | Notes to the consolidated financial statements

The following table provides information on the estimated default risk and expected credit losses for receivables from rentals, property sales and other services (excluding fund management).

2025 Loss rate (weighted average)

EUR k	not yet due	due up to 30 days	due up to 60 days	due up to 90 days	due up to 120 days	due up to 180 days	due up to 365 days	due since 365 days
Rent receivables	3%	3%	25%	25%	75%	75%	100%	100%
Receivables from sales	0%	0%	0%	0%	75%	75%	100%	100%
Receivables from other services (without fund management)	0%	0%	25%	25%	75%	75%	100%	100%
Gross carrying amount	3,026	238	133	32	1	0	-1	252
Value adjustment	49	3	33	8	1	0	-1	252

2024 Loss rate (weighted average)

EUR k	not yet due	due up to 30 days	due up to 60 days	due up to 90 days	due up to 120 days	due up to 180 days	due up to 365 days	due since 365 days
Rent receivables	3%	3%	25%	25%	75%	75%	100%	100%
Receivables from sales	0%	0%	0%	0%	75%	75%	100%	100%
Receivables from other services (without fund management)	0%	0%	25%	25%	75%	75%	100%	100%
Gross carrying amount	6,895	575	157	67	2	60	35	329
Value adjustment	26	1	39	17	1	45	6	329

A write-off due to default (loss on receivables) is made when there is no reasonable expectation that the contractual cash flows will be realised. This is the case when internal or external information indicates that it is unlikely that the Group will receive the outstanding contractual payments in full.

The simplified impairment model (simplified approach) is applied to current receivables and other current financial assets, including receivables from fund management. According to the simplified impairment model, a risk provision in the amount of the expected losses over the entire remaining term must be recognised for trade receivables, regardless of the respective credit quality. Application of the 30-days-past-due criterion is not useful for receivables from fund management. Payments are sometimes delayed due to process-related delays. These are then made at the latest when the fund is settled. Analyses of historical values and forward-looking information have shown that no expected credit losses need to be recognised on receivables from fund management.

No impairment is made for bank balances and time deposits, because the concerning expected credit loss is immaterial. Liquid funds in foreign currency are valued according to IAS 21. The default risk with regard to credit balances from the investment of liquid funds with credit institutions is essentially excluded through the selection of credit institutions with strong credit ratings (from BBB rating onwards).

Investigations by the Group showed that no risk provisioning is required for other non-current financial assets, which are accounted for at amortised cost. The risk has not changed since the date of acquisition; there are no indications of a deterioration in the borrower's rating. The risk at the time of acquisition was assessed as immaterial.

There is currently no concentration of risks in the Group due to a broad counterparty structure.

139

PATRIZIA SE 2025 | Notes to the consolidated financial statements

4.1.10 Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. PATRIZIA is exposed to interest rate risk, foreign currency risk and equity market risk in the ordinary course of business.

Interest rate risk

The Group is mainly exposed to interest rate risks from the volatility of the interest income from bank deposits caused by the fluctuations of the underlying market interest rates. An increase (+) / (decrease (-)) of the market interest rates by 100 basis points would lead to an increase (+) / (decrease (-)) of the interest income of EUR 1,234k (EUR -1,234k) (2024: EUR 1,175k (EUR -1,175k)). Interest rate risks are minimised by agreeing mainly fixed interest rates and by active liquidity management. The carrying amount represents the maximum credit exposure, for more details please refer to chapter 4.1.8.

Foreign currency risk

PATRIZIA is in general exposed to currency risks from financial instruments due to its global business model. However, all operational business activities in terms of sales and expenses are performed in the local currency and no non-derivative financial instruments are held in a foreign currency, there were no foreign currency risk from non-derivative financial instruments at the end of the reporting period. As at 31 December 2025 the Group had partially hedged a currency risk from a Scandinavian property portfolio using a derivative financial instrument. The negative fair value of the derivative would lead to an increase (+) / (decrease (-)) in the fair value of around EUR 100k (EUR -100k) (2024: EUR 30k (EUR -30k)) if the underlying were to increase (+) / (decrease (-)) by 10% while maintaining the other input factors. The Group monitors and assesses its overall currency risk on a regular basis in order to immediately identify any need for action and to be able to initiate countermeasures such as currency hedging.

4.1.11 Liquidity risk

Liquidity risk is defined as the risk that the Group may encounter difficulty in meeting the obligations associated with its financial liabilities. The Group continuously monitors the risk of a liquidity shortage by means of liquidity planning. This liquidity planning takes into account the maturities of financial liabilities and expected cash flows from operating activities. The Group's objective is to ensure continuous coverage of its financial needs through existing liquidity, the use of overdrafts and loans.

Following table shows a prospective liquidity analysis for financial liabilities (undiscounted values on the basis of the contractual due dates):

Maturity of undiscounted financial liabilities including interest payments 31.12.2025

EUR k	Carrying amount	Total amount	2026	2027	2028	2029	2030	>2030
Bank loans	207,725	224,883	6,614	181,502	36,766	0	0	0
Bonded loans	69,000	70,499	0	70,499	0	0	0	0
Other financial liabilities	123,116	123,443	80,265	12,060	594	997	966	28,561
Derivative financial instruments	999	999	999	0	0	0	0	0
Lease liabilities	46,863	54,212	7,894	8,147	7,563	6,882	6,226	17,501
Total financial liabilities undiscounted	447,703	474,035	95,771	272,208	44,923	7,878	7,192	46,062

Maturity of undiscounted financial liabilities including interest payments 31.12.2024

EUR k	Carrying amount	Total amount	2025	2026	2027	2028	2029	>2029
Bank loans	201,184	222,985	53,115	6,468	128,681	34,721	0	0
Bonded loans	69,000	72,565	576	1,490	70,499	0	0	0
Other financial liabilities	133,857	134,514	83,694	3,068	12,947	558	745	33,503
Derivative financial instruments	294	294	294	0	0	0	0	0
Lease liabilities	48,127	54,542	9,201	6,747	7,276	6,791	6,081	18,446
Total financial liabilities undiscounted	452,463	484,900	146,880	17,773	219,403	42,070	6,826	51,949

The final outstanding tranche of the bonded loans issued in 2017 financial year matures in 2027 and is presented accordingly as non-current bonded loans (EUR 69,000k).

140

PATRIZIA SE 2025 | Notes to the consolidated financial statements

Bank loans of EUR 207,725k (31 December 2024: 201,184k) are mainly in connection with loans for temporarily consolidated real estate properties.

Other financial liabilities of EUR 123,116k (31 December 2024: EUR 133,857k) include mainly trade payables, liabilities relating to variable salary components and liabilities to companies with a participating interest.

Lease liabilities are described in detail in chapter 4.5.3.

4.1.12 Capital management

The Group monitors its capital structure using the equity and net equity ratios as follows:

Capital management

EUR k	31.12.2025	31.12.2024
Interest-bearing loans	207,725	201,184
Bonded loans	69,000	69,000
Less cash and cash equivalents and short-term deposits, not exceeding the total amount of the above debt	-169,208	-149,359
Net financial liabilities	107,517	120,825
Total Assets	1,699,367	1,729,543
Net total assets¹	1,530,159	1,580,184
Equity (excl. non-controlling interests)	1,126,952	1,084,232
Equity ratio	66.3%	62.7%
Net equity ratio²	73.6%	68.6%

¹ Net total assets: total assets less financial liabilities covered by cash and cash equivalents ² Net equity ratio: Equity (excl. non-controlling interests) divided by total net assets (total assets less financial liabilities covered by cash and cash equivalents)

4.1.13 Loan covenants

According to the contractual terms of a bank loan in a temporarily consolidated fund with a carrying amount of EUR 25,000k (2024: EUR 25,000k), the Group is obliged to comply with the following financial covenants as at 30 June: The interest coverage ratio must not fall below 120% (2024: 115%). As at 30 June 2025 the interest coverage ratio was 124% (30 June 2024: 126%). The Group complied with the requirements during the reporting period.

According to the contractual terms of a bank loan in a temporarily consolidated fund with a carrying amount of EUR 35,208k (2024: EUR 33,147k), the entity is obliged to comply with the following financial covenants at the end of each quarter: The projected debt service cover must be at least 175% and the loan to value may not exceed 70%. The Group complied with the covenants during the reporting period. As at 31 December 2025, the projected debt service cover was 207% (31 December 2024: 208%) and the loan to value was 53.71% (31 December 2024: 53.60%).

According to the contractual terms of a bank loan in PATRIZIA SE with a carrying amount of EUR 50,000k (2024: EUR 0k), the Group is obliged to comply with the following financial covenants as of 30 June and 31 December respectively: The minimum equity ratio must be at least 25.00% on the cut-off dates and the sum of total fee income, rental income and the remaining income from participations in relation to the expense item must be greater than or equal to one. As at 31 December 2025, the equity ratio according to the calculation formula of the granting bank was 62.3% (31 December 2024: 57.9%) and the minimum revenue-to-expenditure ratio was 1.23 (31 December 2024: 1.07). The Group complied with the covenants during the reporting period.

141

PATRIZIA SE 2025 | Notes to the consolidated financial statements

4.1.14 Financial result

Financial result

EUR k	2025	2024	Change
Interest on bank deposits and loans	2,505	6,339	-60.5%
Interest from participations	276	3,017	-90.9%
Interest from taxes	688	54	>1,000.0%
Other interest	1,187	2,645	-55.1%
Financial income	4,655	12,056	-61.4%
Interest on overdraft facilities and loans	-9,792	-12,053	18.8%
Interest expenses from taxes	-709	-752	5.7%
Interest expenses from participations	-1,003	-832	-20.5%
Interest expenses - Leasing IFRS 16	-1,643	-1,757	6.5%
Other financial expenses	-1,473	-1,882	21.8%
Financial expenses	-14,620	-17,276	15.4%
Other financial result	-1,515	-1,985	23.7%
Result from currency translation	-5,953	-557	-969.2%
Financial result	-17,432	-7,763	-124.6%

Financial income of EUR 4,655k (2024: EUR 12,056k) is attributable to financial assets measured at amortised cost.

Financial expenses of EUR 14,620k (2024: EUR 17,276k) are attributable to financial liabilities measured at amortised cost and recognised at effective interest.

Interest on overdrafts and loans mainly includes interest on bonded loans of EUR 1,490k (2024: EUR 2,045k) as well as loans for the financing of the temporarily consolidated funds in the amount of EUR 8,301k (2024: EUR 10.007k).

The other financial expenses essentially relate to the change in interest rates of pension obligations.

The other financial result of EUR -1,515k (2024: EUR -1,985k) mainly includes expenses regarding the revaluation of financial assets. The position includes, as an opposite effect, the gain from the realisation of the day-one profit in the amount of EUR 720k (2024: EUR 0k) (please refer to chapter 4.1.2).

In the 2025 financial year, the currency result amounted to EUR -5,953k (2024: EUR -557k). This includes realised exchange rate effects of EUR -1,419k (2024: EUR -1,376k), exchange rate effects from deconsolidation of an entity balanced in foreign currency in the amount of EUR -2,157k (2024: EUR 1,877k), unrealised effects from fair value adjustment currency of derivatives of EUR -705k (2024: EUR 3k) as well as non-cash exchange rate effects of EUR -1,672k (2024: EUR -1,061k).

Net gains/losses by category

EUR k	31.12.2025	31.12.2024
Financial assets and liabilities, which are mandatory measured at FVTPL	-2,607	23
Financial assets, which are measured at amortised cost	938	11,924
Financial liabilities, which are measured at amortised cost	-13,600	-15,040
Equity investments, which are measured at FVTOCI (without recycling)¹	76,988	-1,465

¹ Amount after tax, amount as at 31 December 2024 is adjusted with the income from dividends

PATRIZIA SE 2025 | Notes to the consolidated financial statements

4.2 Goodwill

PATRIZIA Group has recognised goodwill of EUR 260,232k as at 31 December 2025 (31 December 2024: EUR 265,879k). Goodwill of EUR 4,388k (31 December 2024: EUR 4,812k) is tax deductible in future tax periods.

Goodwill

EUR k	Cost	Impairment	2025		2024
			Carrying amounts	Cost	Impairment	Carrying amounts
As at 01.01.	265,879	0	265,879	269,542	-5,187	264,355
Disposals	0	0	0	-5,187	5,187	0
Foreign exchange differences	-5,647	0	-5,647	1,524	0	1,524
As at 31.12.	260,232	0	260,232	265,879	0	265,879

The goodwill resulting from a business combination is recognized at cost less any impairment and reported separately in the consolidated statement of financial position.

For the purposes of impairment testing, goodwill is allocated to each of the Group's cash-generating units (CGUs) that are expected to benefit from the synergies of the combination.

Corporate management and monitoring take place on the basis of functions. This functional management is carried out in the "Investment Management" and "Balance Sheet Investment" segments.

Within the segments, the cash-generating units are defined as follows:

"Investment Management" segment:

Core business
PATRIZIA Global Partners
Retail business
Alternative investments
PATRIZIA Japan KK
BrickVest

"Balance Sheet Investments" segment:

Principal investments
Assets related to fund business

As at 31 December 2025 goodwill was allocated to the cash-generating units as follows:

Core business: EUR 250,194 k (31 December 2024: EUR 255,407k)
PATRIZIA Global Partners: EUR 6,754k (31 December 2024: EUR 6,764k)
PATRIZIA Japan KK: EUR 3,284k (31 December 2024: EUR 3,708k)

143

PATRIZIA SE 2025 | Notes to the consolidated financial statements

The change in total goodwill compared to 31 December 2024 is mainly due to exchange rate changes of EUR -5,647k (2024: EUR 1,524k). These exchange rate changes are mainly due to the exchange rate development of the Australian dollar as well as the British pound.

The disposals and changes in the consolidated group in the financial year 2024 are an off-period correction of a disposal and changes in the consolidated group from 2022 with no effect on profit or loss.

The Group tests the goodwill for impairment at least once per year in accordance with IAS 36. Moreover, if there is an indication, an impairment test is performed in addition.

The recoverable amount of the cash-generating units was determined by calculating the value in use, using measurement methods based on discounted cash flows. These discounted cash flows are based on the five-year forecasts, based on the 2026 budget approved by the Board of Directors. The cash flow forecasts take into account past experience and are based on management estimates of future developments and external economic data. Past planning inaccuracies were also analysed and incorporated into the estimates made. In particular, the current market environment was taken into account, with the associated impact on product-level revenues being adjusted in detail and the cost base being incorporated into the planning accordingly. The cash flows were derived from forecasts of future cash flows from the respective fund management contracts and realised synergies. Cash flows beyond the planning period are projected at a growth rate of 1.0% p.a. (2024: 1.0%).

The weighted average cost of capital (WACC) was used to discount the cash flows applying costs of capital before income taxes specific to the cash-generating units.

In the year 2025 the following cost of capital rates (before taxes) were derived for the cash-generating units:

Core Business: 10,4% (2024: 9.5%)
PATRIZIA Global Partners: 9.3% (2024: 8.7%)
PATRIZIA Japan KK: 10.5% (2024: 9.8%)

The impairment test performed in 2025 did not give rise to any impairment requirement as the recoverable amount exceeds the carrying amount of the respective cash-generating unit. The recoverable amount of the Core Business CGU exceeded its carrying amount by EUR 74,424k (2024: EUR 69,261k).

These assumptions and the underlying method can have a significant influence on the respective values and ultimately on the amount of possible goodwill impairment.

Sensitivity analyses were carried out for key assumptions (WACC, cash flows in the terminal value) used in the impairment testing of cash-generating units. In each of the sensitivity analyses, the key assumptions were changed by 10.0% compared to the base value.

Based on these analyses and taking into account the change in key assumptions on which the impairment tests are based, there is no sufficiently probable scenario that would lead to a need for impairment of the goodwill allocated to the cash-generating units.

144

PATRIZIA SE 2025 | Notes to the consolidated financial statements

4.3 Other intangible assets

Other intangible assets

2025
EUR k	Cost	Amortisation	Carrying amounts	Cost	Amortisation	Carrying amounts
As at 01.01.	257,026	-178,553	78,473	254,411	-165,091	89,320
Additions	0	-11,049	-11,049	0	-11,092	-11,092
Disposals	-1,396	1,396	0	-200	200	0
Foreign exchange differences	-4,781	3,919	-862	2,816	-2,570	246
As at 31.12.	250,850	-184,288	66,562	257,026	-178,553	78,473

Other intangible assets

EUR k	31.12.2025	31.12.2024
Fund management contracts	66,492	78,327
PATRIZIA Frankfurt Kapitalverwaltungsgesellschaft mbH	34,798	39,756
PATRIZIA PROPERTY INVESTMENT MANAGERS LLP	4,722	5,626
PATRIZIA Real Assets Kapitalverwaltungsgesellschaft mbH	13,141	14,890
PATRIZIA PTY LTD	6,172	8,198
PATRIZIA INFRASTRUCTURE LTD	3,609	4,607
ADVANTAGE Investment Partners A/S	3,507	3,905
Other	544	1,346
Other intangible assets	70	146
Total	66,562	78,473

The decrease in other intangible assets compared to 31 December 2024 is mainly due to the ongoing amortisation of the fund management contracts over the amortization period.

In the financial year, write-downs and impairments were made on fund management contracts totaling EUR 10,974k (2024: EUR 11,016k).

In the course of impairment tests of fund management contracts as at 31 December 2025, no impairments (2024: EUR 1,401k, three contracts) on fund management contracts occurred due to disposals and termination of funds. The statement of comprehensive income includes depreciation and amortisation totalling EUR 11,049k (2024: EUR 11,092k) under the item "Depreciation, amortisation and impairment".

The currency effects of EUR -862k (2024: EUR 246k) result from the currency translation of the fund management contracts as at the reporting date.

The fund management contracts were recognised as part of acquisitions made in the past. In the course of the purchase price allocations, they were recognised separately and measured at fair value at the closing.

In subsequent periods, these fund management contracts are measured at cost less accumulated amortisation and any accumulated impairment losses, in line with the individually acquired intangible assets. The amortisation period for the fund management contracts is based on the expected remaining terms (1 to 21 years) of the fund contracts. Since their development cannot be determined with certainty in advance, the straight-line depreciation method was chosen. The amortisation period and the amortisation method are reviewed at least at the end of each reporting period. As at 31 December 2025, no necessary adjustments could be identified. As at 31 December 2024, the useful life of five contracts was significantly reduced as part of this review and the straight-line amortisation period was adjusted accordingly. This has an impact on the amount of amortisation in subsequent periods.

At least once a year, it is examined whether there is an indication of impairment. Moreover, if there is an indication, an impairment test is performed in addition. This review is usually performed at the individual fund level. The recoverable amount is determined. If the recoverable amount is lower than the carrying amount, the difference is recognised as an impairment loss in the result for the period. If the reason for the impairment no longer exists, the impairment is reversed through profit or loss. Other intangible assets are allocated to the CGUs (mainly the "Core Business" CGU). Impairment testing is carried out as part of the CGU (see "Goodwill" section).

145

PATRIZIA SE 2025 | Notes to the consolidated financial statements

4.4 Software

Software

		2025			2024
EUR k	Acquisition costs	Amortisation	Carrying amounts	Acquisition costs	Amortisation	Carrying amounts
As at 01.01.	33,076	-28,017	5,059	40,335	-33,610	6,725
Additions	25	-1,644	-1,620	165	-1,831	-1,666
Disposals	-1,545	1,476	-69	-7,424	7,424	-0
As at 31.12.	31,556	-28,186	3,370	33,076	-28,017	5,059

Software is measured at amortised cost. Acquisition costs comprise the directly attributable acquisition and provision costs.

The statement of comprehensive income includes amortisation totalling under the item "Depreciation, amortisation and impairment".

Scheduled amortisation is carried out according to the straight-line method. The depreciation period is based on the expected useful life. The acquired software is depreciated over three to ten years.

146

PATRIZIA SE 2025 | Notes to the consolidated financial statements

4.5 Leasing

At the inception of the contract, the Group assesses whether the contract creates or contains a lease. This is the case if the contract entitles the lessee to control the use of an identified asset for a certain period of time in return for payment of a fee.

4.5.1 Lessee

The classes of assets underlying leases relate to:

Rental contracts for business and office premises
Motor vehicles
IT equipment (IT)

The Group measures all leases using a uniform model - with the exception of current leases (term up to 12 months) and leases of low value (underlying individual asset with a new value of less than EUR 5k). The lessee's balance sheet shows assets (from the right of use) and liabilities (from the lease obligation) for all identified leases.

4.5.2 Rights of use

The rights of use are as follows:

Rights of use

		2025			2024
EUR k	Cost	Amortisation	Carrying amounts	Cost	Amortisation	Carrying amounts
As at 01.01.	87,263	-43,883	43,379	89,908	-38,612	51,296
Additions	7,926	-9,460	-1,534	1,904	-10,777	-8,873
Disposals	-20,847	20,754	-94	-5,843	5,829	-14
Foreign exchange differences	-1,466	481	-984	1,293	-322	971
As at 31.12.	72,876	-32,108	40,768	87,263	-43,883	43,379

Rights of use by class

EUR k	2025	2024	Change
Rental contracts for business and office premises	39,852	42,203	-5.6%
Motor vehicles	906	1,137	-20.3%
IT	10	39	-73.1%
Total	40,768	43,379	-6.0%

The additions in 2025 results mainly of the new lease agreement for PATRIZIA SE's headquarters at Fuggerstrasse 20 in Augsburg.

In the year 2025 as in the 2024 the rights of use mainly decreased due to scheduled depreciation over the term of the rental contracts for business and office premises.

The right of use is measured at cost. At the time of acquisition (date of provision), this includes the amount from the initial valuation of the leasing liability plus any initial direct costs of the lessee. In the case of leasing contracts for business and office premises as well as vehicle leasing contracts, leasing and non-leasing components are separated. Non-lease components are expensed immediately.

In subsequent measurement, the right of use is amortised over the term of the contract. In addition, the right-of-use asset is adjusted on an ongoing basis for certain revaluations of the lease liability and reduced for impairment losses. An impairment loss arises for example, if rental properties that cannot be terminated at short notice are no longer used in future.

147

PATRIZIA SE 2025 | Notes to the consolidated financial statements

4.5.3 Lease liabilities

The following table shows the remaining terms of the undiscounted Lease liabilities including interest payments after the balance sheet date:

Maturity of undiscounted Lease liabilities including interest payments 31.12.2025

EUR k	Carrying amount	Total amount	2026	2027 - 2030	2031+
Lease liabilities	46,863	54,212	7,894	28,818	17,501

Maturity of undiscounted Lease liabilities including interest payments 31.12.2024

EUR k	Carrying amount	Total amount	2025	2026 - 2029	2030+
Lease liabilities	48,127	54,542	9,201	26,895	18,446

Lease liabilities are measured as the present value of lease payments made during the lease term. Renewal options and perpetual leases that require an estimate of the lease term, exist primarily for office leases. This assessment is made at the inception of the lease and is evaluated and adjusted, if appropriate, on an ongoing basis or whenever there is a change in the relevant factors for determining whether an option to renew or terminate is exercised with reasonable certainty. Lease payments in PATRIZIA Group are discounted using the country-specific incremental borrowing rate with matching maturities. The country-specific incremental borrowing rate with matching maturities is based on the interest rate that the Company would have to apply under comparable economic conditions to borrow funds for the purpose of acquiring an asset of similar value. A uniform discount rate is applied to portfolios of similarly structured leases (e.g. similar assets, similar remaining terms, similar economic environment).

In the financial year 2025, the incremental borrowing rate used had a range of 0.90% to 4.37% (2024: range from 0.90% to 5.94%).

Lease payments included in the measurement of the lease liability comprise:

fixed payments, including de facto fixed payments,
variable lease payments linked to an index or (interest) rate, initially measured using the index or (interest) rate in effect at the commitment date,
amounts expected to be payable under a residual value guarantee; and
the exercise price of a purchase option if the Group is reasonably certain to exercise it, lease payments for a renewal option if the Group is reasonably certain to exercise it, and penalties for early termination of the lease unless the Group is reasonably certain not to terminate early.

In subsequent measurement, the lease liability is carried forward using the effective interest method and taking into account the lease payments made.

Lease liabilities are remeasured if there is a change in the future lease payments due to a change in an index or interest rate, if the Group adjusts its estimate of the expected payments under a residual value guarantee, if the Group changes its estimate of the exercise of a purchase, renewal or termination option or if there is a change in a de facto fixed lease payment. Upon such reassessment of the lease liability, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recognised in profit or loss when the carrying amount of the right-of-use asset is reduced to zero.

For short-term (term up to 12 months) and low-value leases (underlying individual asset with a new value of less than EUR 5k), neither a lease liability nor a right of use is recognised. Instead, the lease payments are recognised as an expense on a straight-line basis over the lease term.

148

PATRIZIA SE 2025 | Notes to the consolidated financial statements

4.5.4 Effects on the Earnings and Financial Position

In the financial year, the following amounts were recognised in the income statement from leasing relationships:

Leasing relationships

EUR k	2025	2024	Change
Depreciation rights of use	-9,460	-10,777	-12.2%
Interest expenses Leasing liabilities	-1,643	-1,757	-6.5%
Expenses for short-term leases and leases of a low-value asset	-453	-527	-14.1%
Income from subleases	1,469	1,423	3.2%
Total	-10,087	-11,639	-13.3%

The amortisation of the rights of use is divided as follows:

Amortisation of rights of use

EUR k	2025	2024	Change
Rental contracts for business and office premises	8,643	9,770	-11.5%
Motor vehicle contracts	788	972	-18.9%
IT contracts	28	38	-25.2%
Extraordinary amortisation of rental contracts for business and office premise	0	-3	100.0%
Total	9,460	10,777	-12.2%

Total cash outflows for leases amounted to EUR 9,972k in the reporting period (2024: EUR 11,215k).

Set out below are the undiscounted potential future cash outflows that are not reflected in the measurement of lease liabilities.

Undiscounted potential future cash outflows that are not reflected in the measurement of lease liabilities

EUR k	2025	2024
Potential future cash outflows due to
Extension options	14.914	26,931
Leases not yet commenced to which the lessee is committed	0	13,996
Total	14.914	40,927

PATRIZIA SE 2025 | Notes to the consolidated financial statements

4.5.5 Lessor

The Group has entered into operating leases on its investment property portfolio mainly consisting of real estate portfolios over which the Group has gained control in the ordinary course of business as an investment manager (refer to chapter 4.6). The Group has classified these leases as operating leases as they do not transfer substantially all the risks and rewards incidental to ownership.

The Group takes full account of the default risks of lease receivables by recognising valuation allowances in accordance with the provisions of IFRS 9 (refer to chapter 4.1.9).

In 2025 the Group recognised rental income from these properties in the amount of EUR 11,354k (2024: EUR 7,815k).

The following table presents a maturity analysis of the non-discounted, non-cancellable lease payments under operating leases to be received after the reporting date.

Maturity analysis of the non-discounted, non-cancellable lease payments under operating leases to be received after the reporting date

EUR k	2025	2024
Within 1 year	9,352	10,380
Between 1 and 2 years	6,122	5,483
Between 2 and 3 years	4,369	4,786
Between 3 and 4 years	3,564	3,872
Between 4 and 5 years	3,119	3,427
More than 5 years	5,402	9,157
Total	31,928	37,105

PATRIZIA SE 2025 | Notes to the consolidated financial statements

4.6 Investment property

The investment properties are as follows as at the balance sheet date:

Investment property

EUR k	2025	2024
As at 01.01.	275,413	246,481
Addition	-52	25,854
Changes in the scope of consolidated group	0	11,870
Disposal	0	-251
Changes in market value	36	-7,028
Foreign exchange differences	3,875	-1,513
Closing balance 31.12.	279,272	275,413

The investment properties primarily represent property portfolios over which the Group has gained control in the course of its ordinary business activities as an investment manager.

The negative addition in the financial year results from the subsequent reduction in the construction costs for residential properties from the previous year.

The fair value changed by EUR 36k in the financial year (2024: EUR -7,028k) and was recognised separately in profit or loss in the consolidated income statement. The change recognized in profit or loss has not been realized.

The table below provides an overview of the types of use of investment property and the underlying valuation techniques.

Valuation technique fair value

Type of use	Valuation technique	Important unobservable input parameters	Relationship between important unobservable input parameters and the valuation of the fair value
Residential real estate	valued internally by means of a detailed project calculation	Rental income per month from EUR 15.14/sqm to EUR 21.68/sqm (2024: EUR 17.93/sqm to EUR 20.22/sqm), maintenance costs per year EUR 14.00/sqm (2024: EUR 12.00/sqm), capitalisation factor from 29.37x to 30.11x (2024: 29.82x to 30.20x), capitalization rate from 3.00% to 3.10% (2024: 3.00% to 3.05%) and rent loss risk from 2% (2024: 2% to 3%)	The estimated fair value would increase (decrease), if the - rental income were higher (lower) - the maintenance costs were lower (higher) - the capitalization factor were lower (higher) - the capitalization rate were lower (higher) - the rent loss risk were lower (higher)
Office and commercial real estate	Income approach by an external appraiser	Rental income per month from EUR 21/sqm to EUR 28/sqm (2024: from EUR 21/sqm to EUR 28/sqm), average maintenance costs per year from EUR 9.26/sqm to EUR 10.68/sqm (2024: from EUR 10.29/sqm to EUR 10.68/sqm) capitalisation factor from 18.51x to 21.64x (2024: 19.00x to 22.10x), capitalization rate from 2.7% to 3.25% (2024: from 2.7.% to 3.2%) and rent loss risk unchanged 4%	The estimated fair value would increase (decrease), if the - rental income were higher (lower) - the maintenance costs were lower (higher) - the capitalization factor were lower (higher) - the capitalization rate were lower (higher) - the rent loss risk were lower (higher)
Logistics real estate	Income approach by an external appraiser	Rental income per month from EUR 7.09/sqm to EUR 14.31/sqm (2024: from EUR 5.97/sqm to EUR 13.17/sqm), average remaining lease term 4.8 years (2024: 5.5 years) and net yield 5.95% (2024: 6.22%)	The estimated fair value would increase (decrease) if - rental income were higher (lower) - net yields were higher (lower) - the maintenance costs were lower (higher)

Interrelationships are possible between all of these unobservable inputs, as they are determined by market conditions. However, due to the complexity of the interrelationships, these cannot be quantified. The effects on the valuation are mitigated by the correlation between two unobservable inputs that move in one direction. For example, increased rental

PATRIZIA SE 2025 | Notes to the consolidated financial statements

income can be compensated for by an increased capitalization factor or capitalization rate, which has no net effect on the valuation. However, if the inputs move in opposite directions (increase in rental income and reduction in the capitalization factor or capitalization rate), they can increase the net effect on the valuation.

The following table shows the reconciliation of the opening balance to the closing level 3 fair value by type of use for the 2025 financial year. For the reconciliation of the fair value by type of use for the 2024 financial year, please refer to the above statement of changes in non-current assets, which shows the reconciliation for the sole type of use in 2024, "Residential real estate".

Reconciliation of level 3 fair values - 31.12.2025

EUR k	Residential real estate	Office and commercial real estate	Logistics real estate
As at 01.01.	127,987	82,800	64,626
Addition	-52	0	0
Changes in market value	-1,808	-1,170	3,014
Foreign exchange differences	0	0	3,875
Closing balance 31.12.	126,127	81,630	71,515

The Group's investment properties are rented out (refer to chapter 4.5 Leases). The development of residential properties was completed in July 2024. Letting for these properties began in August 2024. The capitalized development costs include borrowing costs for 2024 of EUR 1,306k, with a financing cost rate of 3.53% and 3.81% respectively.

Rental revenue of EUR 11,354k (2024: EUR 7,815k) and direct operating expenses of EUR 1,918k (2024: EUR 921k) were recognised in the reporting period.

The investment properties are mainly encumbered by mortgages in favor of lenders.

The qualification of real estate as a financial investment is based on a corresponding management decision to use this real estate itself to generate rental income and to realise its potential for rent increases over a longer period of time as well as the associated increases in value. The measurement is carried out on the date of the acquisition at the acquisition or production costs and then at the fair value, changes in value affect the Group's net income for the period. The fair value measurement of investment property is therefore to be assigned to Level 3 overall in accordance with the measurement hierarchy of IFRS 13. The assumptions made in the valuation of the properties could subsequently prove to be partially or fully incorrect. The fair value of real estate is determined not only by the specific factors existing in each property, but also by the development of the real estate market and the general economic situation. Developments that are also possible in the short term could reduce the value of the property assets and worsen the earnings situation.

152

PATRIZIA SE 2025 | Notes to the consolidated financial statements

4.7 Equipment

Equipment

	2025			2024
EUR k	Cost	Amortisation	Carrying amounts	Cost	Amortisation	Carrying amounts
As at 01.01.	42,215	-15,382	26,833	29,715	-15,135	14,580
Additions	180	-4,487	-4,308	15,609	-3,607	12,002
Changes in the consolidated group	0	0	0	-3	-17	-20
Disposals	-3,089	2,944	-145	-3,664	3,450	-214
Foreign exchange differences	-1,039	153	-886	558	-73	485
As at 31.12.	38,267	-16,772	21,495	42,215	-15,382	26,833

Equipment is valued at amortised acquisition or production cost. The acquisition costs include the directly attributable acquisition and provision costs.

Scheduled depreciation is carried out using the straight-line method. The depreciation period is based on the expected useful life over three to 13 years.

If there are indications, an additional impairment test is carried out. The recoverable amount is determined as the higher of the value in use and the fair value less costs to sell. If the recoverable amount is lower than the carrying amount, the difference is recognised as an impairment loss in the result for the period. If the reason for the impairment no longer exists, the impairment loss is reversed through profit or loss.

Equipment is allocated to the CGUs (mainly the "Core Business" CGU). Impairment testing is carried out as part of the CGU (see "Goodwill" section).

153

PATRIZIA SE 2025 | Notes to the consolidated financial statements

4.8 Participations in companies accounted for using the equity method

The development of investments in companies accounted for using the equity method is as follows:

Participations in companies accounted for using the equity method

	2025	2024
EUR k	Carrying amounts	Carrying amounts
As at 01.01.	3,132	40,412
Additions	616	141,555
Investor's share of earnings	149	-11,996
Dividends	-108	0
Impairments	-447	14
Changes in the consolidated group	0	-165,918
Disposals	-657	-918
Foreign exchange differences	-80	-17
As at 31.12.	2,606	3,132

The earnings from companies accounted for using the equity method is made up as follows:

Earnings from companies accounted for using the equity method

EUR k	2025	2024	Change
Mercury Lux S.à r.l.	0	-14,827	100.0%
Eagle S.p.A	0	1,468	-100.0%
PATRIZIA MBK FUND MANAGEMENT PTY LTD	198	289	-31.8%
Evana AG	-32	-287	88.7%
PATRIZIA WohnModul I SICAV-FIS	-16	1,487	-101.1%
Others	0	-127	100.0%
Total	149	-11,996	101.2%

The equity method is used for the consolidated balance sheet presentation of joint ventures and associated companies. The carrying amount of the investment is adjusted quarterly in accordance with the development of the proportionate equity of the participation. The investment in an entity accounted for using the equity method is the carrying amount of the investment plus any long-term participation that, in substance, represents the owner's net investment in the entity. Initial recognition is at cost. The acquisition costs for the acquired shares are compared with the revalued equity capital attributable to them. Any positive difference is treated as goodwill, negative difference is treated as a gain on acquisition at a price below market value. In subsequent periods, the carrying amount of the investment is adjusted for the proportionate change in equity of the associated company. PATRIZIA's share in the result of the company accounted for using the equity method after acquisition is recognised in the consolidated income statement. The cumulative changes after the acquisition date increase or decrease the carrying amount of the investment. If the losses of an at-equity accounted company attributable to PATRIZIA correspond to or exceed the value of the share in this company, no further share of losses is recognised. Distributions received from the participation reduce the carrying amount of the shares.

PATRIZIA at least checks on each balance sheet date whether there are objective indications of an impairment of the share in the company accounted for using the equity method. If such indications exist, PATRIZIA determines the impairment requirement as the difference between the recoverable amount and the carrying amount of the company accounted for using the equity method. Impairments are recognised in profit or loss in the item "Amortisation of other intangible assets, software, rights of use, property, plant and equipment and financial investments". Impairment losses recognised relate to the carrying amount of the investment in the company accounted for using the equity method as a whole and are not allocated to individual assets or any goodwill contained therein, so that in subsequent periods a reversal of impairment losses can be recognised in profit or loss up to a maximum of the total original carrying amount of the investment before impairment.

At the date of loss of significant influence over the associate, any remaining investment is remeasured to fair value. The difference between the carrying amount of the associate and the fair value of the remaining interest, plus any proceeds on disposal, is recognised in profit or loss under depreciation and amortisation (refer to Chapter 4.27).

The item "Participations in companies accounted for using the equity method" breaks down as follows:

PATRIZIA SE 2025 | Notes to the consolidated financial statements

Participations in companies accounted for using the equity method

Entity	Head office	Equity Investment	31.12.2025 Carrying amounts EUR k	31.12.2024 Carrying amounts EUR k
PATRIZIA WohnModul I SICAV-FIS	Luxemburg	10.10%	202	875
Evana AG	Saarbrücken	24.62%	308	538
Cognotekt GmbH	Köln	35.67%	0	0
ASK PATRIZIA (GQ) LLP	Manchester	50.00%	413	434
PATRIZIA MBK FUND MANAGEMENT PTY LTD	Sydney	50.00%	1,289	1,257
SUSTAINABLE FUTURE VENTURES LIMITED	London	50.00%	394	28
Total			2,606	3,132

An associate is an entity over which PATRIZIA has the ability to exercise significant influence over operating and financial policies. Significant influence is presumed if a direct or indirect voting interest of at least 20% is held in another company. Although PATRIZA only holds 10.10% in PATRIZIA WohnModul I SICAV-FIS, significant influence exists. The share capital of WohnModul I SICAV-FIS is divided into two share classes A and B. PATRIZIA SE is entitled to shares in share class B only. It holds a total of 51% of the voting rights. In contrast, the shareholder of share class A is entitled to the right to appoint a governing body. PATRIZIA therefore does not exercise a controlling influence, but it does have a significant influence. On the other hand, the presumption of materiality can be rebutted if, despite a share of voting rights of 20% or more, contractual provisions exclude any influence on the exercisable business and company policy and the exercisable rights merely represent protective rights. PATRIZIA holds 30.0% of the limited liability capital of a project development company (in the form of a GmbH & Co. KG) and 30.0% of the shares in the associated general partner GmbH. Significant influence does not exist, as management can neither be exercised nor significantly influenced due to provisions in the partnership agreement, and there is no right to appoint members of governing bodies. The shares in this project development company are reported under the item "Participations" and measured at fair value with changes in value recognised in other comprehensive income (refer to chapter 4.1.2).

PATRIZIA MBK FUND MANAGEMENT PTY LTD and ASK PATRIZIA (GQ) LLP are joint ventures. A joint venture is an arrangement whereby the parties have joint control and joint rights over the net assets. Joint control exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.

For reasons of materiality, no additional disclosures are omitted in the further course for the joint venture ASK PATRIZIA (GQ) LLP and the associated companies PATRIZIA WohnModul I SICAV-FIS, Evana AG, Cognotekt GmbH and SUSTAINABLE FUTURE VENTURES LIMITED. Only the extended financial information on the joint venture PATRIZIA MBK FUND MANAGEMENT PTY LTD is shown.

Summarized financial information is shown for the individually immaterial joint ventures and associated companies.

155

PATRIZIA SE 2025 | Notes to the consolidated financial statements

PATRIZIA MBK FUND MANAGEMENT PTY LTD

PATRIZIA MBK FUND MANAGEMENT PTY LTD is a joint venture with Mitsui & Co, LTD, Tokyo, with the strategy of expanding investments in sustainable infrastructure in the Asia-Pacific region. PATRIZIA MBK FUND MANAGEMENT PTY LTD provides advisory services for fund managers.

The aim is to invest in sustainable infrastructure projects in the key markets of Australia, Japan, Singapore, South Korea, New Zealand and Taiwan as well as in selected Asian emerging markets.

As part of its investment in PATRIZIA MBK FUND MANAGEMENT PTY LTD, PATRIZIA is subject to the usual real estate and fund-specific risks.

The summarised financial information of PATRIZIA MBK FUND MANAGEMENT PTY LTD is given below.

Summarised financial information of PATRIZIA MBK FUND MANAGEMENT PTY LTD

EUR k	2025	2024
Current assets	2,835	2,915
Non-current assets	880	1,129
Current liabilities	384	411
Non-current liabilities	753	1,118
Revenues	1,985	1,737
Profit or loss	380	308
Other comprehensive income	0	0
Total comprehensive income	380	308
Cash and cash equivalents	2,599	1,729
Current financial liabilities (excluding trade and other payables and provisions)	0	0
Non-current financial liabilities (excluding trade and other payables and provisions)	0	0
Depreciation and amortisation	126	141
Interest income	0	3
Interest expense	0	0
Income tax expense	163	132
Received dividends	108	0

The result of PATRIZIA MBK FUND MANAGEMENT PTY LTD attributable to PATRIZIA Group amounts to EUR 198k (2024: EUR 289k) in the reporting period.

Statement of reconciliation from the financial information presented to the carrying amount of the equity investment in PATRIZIA MBK FUND MANAGEMENT PTY LTD

EUR k	2025	2024
Net assets of associated company	2,578	2,514
Group shareholding	50.00%	50.00%
Other adjustments	0	0
Carrying amount of the equity investment	1,289	1,257

PATRIZIA SE 2025 | Notes to the consolidated financial statements

Summary of the financial information of joint ventures and associated companies that are not individually material.

The following table presents the carrying amount and share of profit or loss, other comprehensive income and total comprehensive income of individually immaterial joint ventures in aggregated form.

Summary financial information of joint ventures that are not individually material

EUR k	2025	2024
Profit or loss from continuing operations	0	-2
Post-tax profit or loss from discontinued operations	0	0
Other comprehensive income	0	0
Total comprehensive income	0	-2
Carrying amount of the equity investment	413	434

One joint venture has an obligation for potential cancellation costs as part of a project development amounting to around EUR 3,725k (2024: EUR 3,920k) until 2029. As at the reporting date, it is not possible to reliably estimate the amount and timing of any outflow of resources.

The following table presents the carrying amount and share of profit or loss, other comprehensive income and total comprehensive income of individually immaterial associated companies in aggregated form.

Summary financial information of associated companies that are not individually material

EUR k	2025	2024
Profit or loss from continuing operations	-887	-1,050
Post-tax profit or loss from discontinued operations	0	0
Other comprehensive income	0	0
Total comprehensive income	-887	-1,050
Carrying amount of the equity investment	904	1,441

PATRIZIA Group recognized impairment losses of EUR 447k (2024: EUR 152k) and reversals of impairment losses of EUR 0k (2024: EUR 166k) for associated companies that are not individually material in fiscal year 2025.

For an investment in an associated company accounted for using the equity method that was already written down to EUR 0 in 2023, pro rata share of losses of EUR 8k for 2025 (2024: EUR 48k) and total accumulated losses of EUR 366k (2024: EUR 358k) were not recognized in profit or loss.

An associated company accounted for using the equity method has issued an irrevocable payment obligation for potential guarantee obligations from its project companies in the amount of EUR 25,131k (2024: EUR 25,131k).

Another associated company accounted for using the equity method has an obligation to make additional financial contributions of EUR 1,001k.

157

PATRIZIA SE 2025 | Notes to the consolidated financial statements

4.9 Other non-current non-financial assets

Other non-current assets of EUR 620k (31 December 2024: 1,321k) mainly relate to contract assets recognised as a result of the acquisition of Whitehelm Capital.

4.10 Inventories

Inventories are composed as follows:

Inventories

EUR k	31.12.2025	31.12.2024
Properties intended for sale	281	281
Total	281	281

The item inventories includes properties acquired for the purpose of sale in the ordinary course of business or for development and resale. Development also includes modernisation and renovation activities. The assessment and qualification as inventory were already made within the framework of the purchase decision and implemented accordingly in the balance sheet at the time of acquisition.

Inventories are valued at acquisition or construction cost. If the expected net realisable value is lower, this is recognised. The acquisition costs include the directly attributable acquisition and provision costs, i.e. in particular acquisition costs for real estate as well as ancillary acquisition costs (notary fees, etc.). Construction costs comprise the costs directly attributable to the real estate development process, i.e. in particular renovation costs. Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised as part of the acquisition or production cost of that asset. The net realisable value is the estimated selling price in the ordinary course of business, less any costs of renovation, refurbishment and disposal.

158

PATRIZIA SE 2025 | Notes to the consolidated financial statements

4.11 Equity

Please see the statement of changes in equity for information on changes in equity.

Share capital

The share capital of the Company amounts, after offsetting treasury shares in the amount of EUR 5,894,529 (31 December 2024: EUR 6,122,608), to EUR 86,457k (31 December 2024: EUR 86,229k) as at the end of the reporting period and was divided into 86,456,947 no-par-value registered shares (31 December 2024: 86,228,868).

The direct parent company of PATRIZIA SE is First Capital Partner GmbH. The parent company of First Capital Partner GmbH and thus the ultimate parent company of PATRIZIA SE is we holding GmbH & Co. KG. Compared to 31 December 2024, First Capital Partner GmbH at 31 December 2025 held a stake of 50,887,873 (31 December 2024: 50,302,173) no-par-value shares in PATRIZIA SE which corresponds to a share of 55.10% (31 December 2024: 54.47%).

Capital reserves

Capital reserves changed from EUR 83,534k to EUR 88,402k as at 31 December 2025 mainly due to the transfer of shares in connection with M&A transactions as well as the recognition of share-based payment (IFRS 2).

Retained earnings

Legal reserves reported under retained earnings in the amount of EUR 505k as at 31 December 2025 were unchanged compared to the previous period.

Treasury shares

In the financial year, the number of treasury shares changed to 5,894,529 and their total value (based on acquisition costs) to EUR 97,060,609 due to the transfer of treasury shares.

Treasury shares - 31.12.2025

	Number of shares	Price per share in EUR¹	Total value in EUR
As at 01.01.	6,122,608		98,791,729
Disposal and transfer of shares	-228,079	7.59	-1,731,120
Closing balance²	5,894,529		97,060,609

¹ Average price per share in EUR from several share purchases/sales (incl. transaction costs regarding share buyback programme) ² The total value of treasury shares is calculated by adding up all share buyback programmes up to the current reporting date, less all sales of treasury shares in the context of purchase price payments of M&A transactions as well as transfer to the senior management.

Consolidated unappropriated profit

The consolidated unappropriated profit decreased from EUR 806,912k in the previous year to EUR 795,708k as at 31 December 2025 especially since the amount of the dividend payout was higher than the net profit for the financial year.

A cash dividend of EUR 30,260k (2024: EUR 29,318k) was distributed to the shareholders in the financial year. The dividend per share amounts to EUR 0.35 for the financial year 2024 (2023: EUR 0.34).

159

PATRIZIA SE 2025 | Notes to the consolidated financial statements

Non-controlling interests

There were non-controlling interests of EUR 33,387k as at 31 December 2025 (31 December 2024: EUR 34,514k).

A profit share of EUR -1,588k (31 December 2024: EUR -10,488k) was allocated to non-controlling interests in the reporting period.

As at 31 December 2025 profit shares of EUR 0k (31 December 2024: EUR 342k) had been withdrawn by non-controlling interests. These are payments to non-controlling interests, some of whom are also employed by the company.

The non-controlling interests are mainly attributable to PATRIZIA German Residential Fund IV, Hamburg.

The non-controlling interests of PATRIZIA German Residential Fund IV as at 31 December 2025 are broken down as follows:

EUR k	2025	2024
Interest held by non-controlling interests	56.73%	56.73%
Equity attributable to non-controlling interests	33,231	33,906
Net profit/loss attributable to non-controlling interests	-674	-4,114

The following table contains summarised financial information of PATRIZIA German Residential Fund IV and is presented before intercompany eliminations:

Summary of the financial information for subsidiary PATRIZIA German Residential Fund IV

EUR k	2025	2024
Revenues	4,246	1,231
Net profit/loss	-1,189	-7,253
Other comprehensive income	0	0
Total comprehensive income	-1,189	-7,253
Net profit/loss attributable to non-controlling interests	-674	-4,114
Other comprehensive income attributable to non-controlling interests	0	0
Non-current assets	126,948	128,508
Current assets	5,527	4,859
Non-current liabilities	-72,035	-71,997
Current liabilities	-1,852	-1,594
Net assets	58,588	59,777
Net assets attributable to non-controlling interests	33,237	33,911
Cash flow from operating activities	549	-1,190
Cash flow from investing/divesting activities	52	25,544
Cash flow from financing activities	39	25,880
Change in cash and cash equivalents	640	-854
Cash and cash equivalents	4,237	3,597
Dividends paid to non-controlling interests^{1}	0	68

1 Included in cash flow from financing activities.

PATRIZIA SE 2025 | Notes to the consolidated financial statements

4.12 Employee benefits

4.12.1 Retirement benefit obligations

The Group generally has no defined benefit plans. There are exceptions to this for plans that were taken on in past financial years in connection with M&A transactions. Furthermore, defined benefit plans were transferred to the Group in connection with the acquisition of TRIUVA in the 2018 financial year. The benefit plans essentially comprise commitments to retirement pension and, in some cases, early retirement pension, disability pension and survivor's pension. Defined benefit plans can expose the Group to actuarial risks such as longevity risk, interest rate risk and currency risk.

There were defined benefit obligations for 74 persons (31 December 2024: 76) in total as at the end of the reporting period. 30 of these persons (31 December 2024: 32) are retired and already receive ongoing pension benefits.

The development of retirement benefit obligations and plan assets for defined benefit plans is as follows:

Defined benefit obligation

EUR k	2025	2024
As at 01.01.	18,902	20,813
Current expenses of employment period	56	61
Remeasurements	-2,716	-1,341
thereof adjustments of financial assumptions	-2,015	-1,496
thereof adjustments of demographical assumptions	0	0
thereof other/experience adjustments	-701	154
Interest expenses	639	637
Pension payments/scheduled payments made	-953	-1,267
As at 31.12.	15,929	18,902

Plan assets at fair value

EUR k	2025	2024
As at 01.01.	0	341
Income/expenses from plan assets (without interests)	0	0
Interest income/interest expenses	0	11
Contributions to provision plan/employer contributions	0	0
Pension payments/payments made	0	-351
Mergers/business transfer	0	0
As at 31.12.	0	0

The plan assets were a reinsurance policy for a pension commitment to a former managing director who reached retirement age in 2025 and therefore the plan assets were paid out.

Composition of net liability from defined benefit plans

EUR k	2025	2024
Defined benefit obligation	15,929	18,902
Plan assets at fair value	0	0
Net liability	15,929	18,902

Actuarial assumptions

%	2025	2024
Discounting interest rate	4.46	3.48
Salary trend	0.00 / 3.00	0.00 / 3.00
Pension trend	1.00/ 2.00	1.00/ 2.00

Various pension plans are included.

161

PATRIZIA SE 2025 | Notes to the consolidated financial statements

The calculations are based on the current biometric mortality and disability tables according to Prof. Dr Klaus Heubeck (Richttafeln 2018 G).

A change in one of the actuarial assumptions, with all other assumptions remaining constant, would alter the defined benefit obligation as follows:

Sensitivity analyses

	31.12.2025			31.12.2024
EUR k	Sensitivity	Increase	Decrease	Increase	Decrease
Discounting interest rate	+/- 0.50%	-884	977	-1,149	1,280
Salary trend	+/- 0.50%	18	-18	27	-26
Pension trend	+/- 0.50%	597	-557	766	-693
Life expectancy	+/- 1 Year	712	-722	926	-926

The above analysis was performed based on an actuarial method that shows the impact on the defined benefit obligation as a result of changes in key assumptions.

In the 2026 financial year, pension service costs of EUR 29k (2024: EUR 60k) and payments due to retirement benefit obligations of EUR 947k (2024: EUR 1,000k) and contributions to plan assets of EUR 0k (2024: EUR 0k) may arise for the Group.

The average term of retirement benefit obligations is 12.0 years (2024: 13.0 years).

The defined benefit pension plans are valued according to the projected unit credit method on the basis of a pension appraisal by a qualified actuary. The pension obligations in the balance sheet are determined from the present value of the defined benefit obligation at the balance sheet date. The Group recognises actuarial gains and losses for defined benefit pension plans in other comprehensive income in the reporting period in which they occur.

4.12.2 Other employee benefits

The Group makes payments to defined contribution plans for employees. The cost recognised in the financial statements for defined contribution plans (e.g. direct insurance policies, pension funds) amounted to EUR 3,054k for the 2025 financial year (2024: EUR 4,087k).

In addition, there are pension plans for the Executive Directors and former member of the Management Board in the form of provident funds. The Group pays set contributions to an independent entity (fund) in this context. This pension benefit involves a risk of subsidiary liability for the Group if the special fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods. The commitment of the provident fund is covered on the basis of life insurance policies. A total of EUR 49k (2024: EUR 72k) was paid in contributions to the provident fund for the Executive Directors and former member of the Management Board in 2025. Furthermore, contributions in total of EUR 26k were paid to a self-invested personal pension for Executive Director (2024: EUR 11k).

162

PATRIZIA SE 2025 | Notes to the consolidated financial statements

4.13 Long-term accruals

The other long-term accruals as at 31 December 2025 amount to EUR 0k.

Long-term accruals 2024

EUR k	01.01.2024	Unused amounts reversed	Utilisation	Reclassification	Time value of money	Foreign exchange differences
Other provisions long-term	480	-216	-370	0	94	13
Provisions for reorganization expenses long-term	173	-71	-116	0	14	0
Long-term Litigation risks	1,121	0	-52	-1,092	23	0
Total	1,774	-287	-539	-1,092	131	13

The reclassification of accruals relates to a change in presentation between non-current and current accruals.

4.14 Other non-current financial liabilities

Other non-current financial liabilities of EUR 49,079k (31 December 2024: EUR 50,296k) essentially consist of liabilities to companies with a participating interest of EUR 25,936k (31 December 2024: EUR 24,986k) as well as put-options in the amount of EUR 18.050k (31 December 2024: EUR 19,329k). In addition, the long-term component of the management participation model (refer to chapter 7.1), as well as other non-current financial liabilities (refer to chapter 4.1.11) are another key element.

163

PATRIZIA SE 2025 | Notes to the consolidated financial statements

4.15 Other provisions

Other provisions in the financial year 2025 developed as follows:

Other provisions 2025

EUR k	01.01.2025	Addition	Unused amounts reversed	Utilisation	Reclassification	Foreign exchange differences	31.12.2025
Litigation risks	4,660	1,203	-159	-1,501	-5	0	4,198
Indemnification obligation	63	0	0	0	0	0	63
Reorganisation costs	13,171	6,307	-5,847	-4,756	0	-198	8,678
Employee benefits	4,477	3,166	-0	-3,884	0	-68	3,691
Total	22,371	10,677	-6,006	-10,140	-5	-266	16,630

Other provisions 2024

EUR k	01.01.2024	Addition	Changes to the scope of consolidation	Unused amounts reversed	Utilisation	Reclassification	Foreign exchange differences	31.12.2024
Litigation risks	11,166	0	0	-5,981	-1,618	1,092	0	4,660
Indemnification obligation	63	0	0	0	0	0	0	63
Other current provisions	268	0	0	0	-275	0	7	0
Reorganisation costs	14,506	12,118	0	-2,527	-10,987	0	61	13,171
Employee benefits	4,227	2,267	-15	-26	-1,960	0	-15	4,477
Total	30,230	14,385	-15	-8,534	-14,840	1,092	53	22,371

The provisions from litigation risks relate to the current portion of litigation risks from legal disputes arising from property projects.

The additions in the current period in the item "Provisions from reorganization costs" result from the streamlining of the organisational structure as part of the company's Strategy 2030 (refer to chapter 4.26).

The provisions for employee benefits listed under other provisions are for unused annual leave, contributions to the employers' liability insurance association and the severely disabled levy.

Provisions are liabilities of uncertain amount or due date. The recognition of a provision generally requires a present obligation as a result of a past event, that a corresponding outflow of resources is probable and that the amount of this outflow of resources can be reliably estimated. Provisions are measured using the best estimate of the extent of the obligation. In the case of significant interest effects, the provisions are discounted.

164

PATRIZIA SE 2025 | Notes to the consolidated financial statements

4.16 Other current financial liabilities

Other current financial liabilities break down as follows:

Other current financial liabilities

EUR k	31.12.2025	31.12.2024
Liabilities from outstanding invoices	32,984	37,246
Liabilities from variable salary components and other personnel costs	24,286	23,315
Trade payables	2,175	5,158
Interest on loans	1,774	1,140
Liabilities to companies with a participating interest	1,504	1,381
Liabilities from subsequent costs for sold	472	528
Debtors with credit balances	1,157	845
Accounting and auditing costs	594	691
Other	9,090	13,259
Total	74,037	83,562

The line item "Other" consists mainly of liabilities from received rental deposits EUR1,044k (31 December 2024: EUR 884k), liabilities from advance service-charge payments EUR 930k EUR (31 December 2024: 881k EUR), liabilities from minimum guaranteed dividends EUR 1,696k (31 December 2024: EUR 1,696k) and employ-related liabilities EUR 4,026k (31 December 2024: EUR 8,714k).

4.17 Other current non-financial liabilities

Other current non-financial liabilities of EUR 9,747k (31 December 2024: 9,221k) mainly include liabilities regarding other tax.

165

PATRIZIA SE 2025 | Notes to the consolidated financial statements

4.18 Tax

4.18.1 Current tax assets

Current tax assets of EUR 33,921k (31 December 2024: EUR 27,012k) are essentially recognised for receivables due to overpayment of taxes and refunds of withholding taxes in the financial year.

4.18.2 Income tax liabilities

Income tax liabilities of EUR 17,783k (31 December 2024: EUR 10,835k) mainly comprise corporate and trade taxes on the profits of German and non-German subsidiaries.

4.18.3 Actual income taxes

Current tax assets and liabilities for current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authority. The calculation of the amount is based on the tax rates and tax laws applicable on the balance sheet date. Tax assets and tax liabilities are offset against each other if the Group has an enforceable right to offset actual tax refund claims against actual tax liabilities and these relate to taxes of the same taxable entity and are levied by the same tax authority.

4.18.4 Deferred tax assets and deferred tax liabilities

The main deferred taxes are presented below:

Deferred tax assets/liabilities

| EUR k | 31.12.2025 Assets | 31.12.2025 Liability | 31.12.2024 Assets | 31.12.2024 Liability | | --- | --- | --- | --- | --- | | Fund management contracts | 0 | 18,792 | 0 | 23,709 | | Other intangible assets | 287 | 1,414 | 21 | 1,299 | | Fixed assets | 3,861 | 1,522 | 3,871 | 952 | | Participations | 941 | 7,718 | 611 | 68,735 | | Liabilities / Provisions | 1,995 | 1,677 | 3,552 | 1,602 | | Leasing | 1,539 | 1 | 1,194 | 6 | | Other | 883 | 113 | 2,366 | 704 | | Total | 9,507 | 31,236 | 11,615 | 97,007 |

The reduction in deferred tax liabilities relating to investments is predominantly attributable to the Dawonia Exit carry entitlements.

Changes to the contractual framework conditions in connection with the Dawonia investment made it necessary to reassess the expected income tax consequences of the realization of the Carry claims. After thorough examination of all relevant legal sources, PATRIZIA considers it likely that the realization of the Exit Carry claims, expected in the coming years, will lead to favorable taxation in the mid-single-digit million range and has taken this into account in the valuation and accounting of the deferred taxes.

A divergent view of the full taxation of the realized Carry claim with German corporation tax and trade tax cannot be ruled out. In connection with the realization of the Exit-Carry-permission, PATRIZIA will have the right from 2026 onwards, to realise a part and make corresponding payments in the amount of approximately EUR 49k before taxes until 2029 and under certain conditions, the possibility of receiving a further payment of the same amount in year 2031.

Deferred taxes on income tax losses of EUR 15,761k (31 December 2024: EUR 2,751k) which arose prior to joining a tax group have not been recognised as there are no plans to terminate the respective tax grouping. The losses can be carried forward indefinitely.

In addition, deferred tax assets were not recognised for German and foreign income tax loss carryforwards in the amount of EUR 195,931k (31 December 2024: EUR 168,687k) as the usage of those losses is uncertain. The group considers it unlikely that there will be a significant change in the underlying profitability assumptions regarding the usage for tax purposes. These losses can also largely be carried forward indefinitely.

Taxable temporary differences from participations in subsidiaries for which no deferred taxes were recognised amount to EUR 270,385k (31 December 2024: EUR 262,351k).

Deferred taxes are recognised using the liability method on temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base as at the balance sheet date.

166

PATRIZIA SE 2025 | Notes to the consolidated financial statements

Deferred tax assets are recognised for all deductible temporary differences, unused tax losses carried forward and unused tax credits to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the unused tax losses carried forward and tax credits can be utilised.

The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available against which the deferred tax asset can be at least partially utilised. Unrecognised deferred tax assets are reviewed at each balance sheet date and recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured using the tax rates that are expected to apply to the period when the asset is realised or the liability is settled. The tax rates and tax laws used are those that are enacted or substantively enacted by the balance sheet date. Future changes in tax rates must be taken into account on the balance sheet date if material effectiveness requirements are met within the framework of a legislative procedure.

Deferred taxes relating to items recognised directly in equity are not recognised in the income statement, but also in equity.

Deferred tax assets and deferred tax liabilities are offset against each other if the Group has a legally enforceable right to set off current tax assets against current tax liabilities, the deferred taxes relate to income taxes related to the same taxable entity and the same taxation authority.

4.18.5 Income taxes in the income statement

The income tax item in the income statement of the consolidated financial statements is composed as follows:

Income taxes

EUR k	2025	2024	Change
Current income taxes	-10,504	-6,773	-55.1%
Deferred taxes	8,990	5,742	56.6%
Income tax	-1,513	-1,031	-46.7%

The deferred taxes in the income statement mainly result from the change of temporary differences, most of which were caused by amortisation of fund management contracts.

The current taxes on income include tax income for previous years in the amount of EUR 2,583k (2024: EUR 1,708k).

4.18.6 Deferred tax effects in connection with components of other comprehensive income

The deferred tax effects from the statement of comprehensive income are presented below:

Deferred income tax relating to components of other comprehensive income

	2025			2024
EUR k	Before tax	Tax	Net	Before tax	Tax	Net
Profit/loss arising on the translation of the financial statements of foreign operations	-5,363	0	-5,363	5,419	0	5,419
Value adjustments resulting from equity instruments measured including capital gains (IFRS 9)	-1,852	55,414	53,562	-35,161	5,212	-29,948
Value adjustments resulting from remeasurements of defined benefit plans (IAS 19)	2,716	-953	1,762	1,342	-431	911
Total	-4,500	54,461	49,961	-28,400	4,782	-23,618

PATRIZIA SE 2025 | Notes to the consolidated financial statements

4.18.7 Tax reconciliation statement

The tax reconciliation explains the relationship between the effective tax expense and the expected tax expense resulting from the IFRS consolidated net income before income taxes by applying the income tax rate of 32.10% (2024: 32.10%). The income tax rate consists of 15.00% corporate income tax, 5.50% solidarity surcharge and 16.28% trade tax:

Tax reconciliation statement

EUR k	2025	2024
IFRS consolidated net profit before income taxes	17,893	3,411
Income tax expense expected on the above	-5,744	-1,095
Tax-free income	212	1,988
Non-deductible expenses	-1,976	-506
Tax rate differences	3,094	4,042
Change in deferred tax assets on losses	-4,382	-8,724
Use of loss carryforwards not capitalised	3,925	2,259
Prior-period effects	2,861	657
Tax rate changes	1,183	0
Other tax effects	-687	347
Income tax	-1,513	-1,031

The effect of the tax rate changes results from the reduction of the corporate income tax rate in Germany beginning in 2028 and the corresponding remeasurement of deferred taxes.

168

PATRIZIA SE 2025 | Notes to the consolidated financial statements

4.19 Revenues

Revenues break down as follows:

Revenues

EUR k	2025	2024
Revenues from management services	242,291	241,611
Management fees	227,195	221,002
Performance fees	7,682	6,101
Transaction fees	7,414	14,507
Proceeds from the sale of principal investments	0	9
Rental revenues	12,859	9,269
Revenues from ancillary costs	367	338
Other	2,898	4,440
Revenues	258,416	255,667

Revenue is measured on the basis of the consideration specified in a contract with a client. The Group recognises revenue when it transfers control of a good or service to a client.

4.19.1 Revenues from Management Services

Revenues from management services are regularly broken down as follows:

Management fees (excluding result from participations)

Management fees include the remuneration for services such as asset, fund and portfolio management as well as services in managing project developments on behalf of clients. These are usually charged monthly/quarterly and are highly recurring. Management fees are generally based on the fund volume at the end of the month, which fluctuates depending on the market values of the assets (mainly real estate and infrastructure) as regularly determined by external appraisers. Any uncertainties regarding to the consideration are generally resolved with the determination of the fund volume at the end of the month. The service is provided on a time-period basis. Management fees of EUR 227,195k were received in the financial year 2025 (2024: EUR 221,002k). Due to the stable level of the AUM, the management fees could broadly be kept constant overall. Compared to the previous year management fees increased by $2.8%$ which is mainly attributable to retroactive compensation fees.

Transaction fees

Transaction fees are received for services rendered in connection with the purchase or sale of assets or shares in such assets. In the case of transaction fees, there are usually performance obligations that are fulfilled at a specific point in time (point in time-related), namely with the purchase or sale of the assets or portfolios. In some cases, performance-based considerations are due if the sales proceeds exceed a certain benchmark. Since this is usually already determined when the transaction is carried out, there are no significant uncertainties associated with these variable considerations.

These fees amounted to EUR 7,414k in the 2025 financial year (2024: EUR 14,507.k; -48.9%). Within the transaction fees EUR 3,857k (2024: EUR 9,537k; -59.6%) are attributable to asset acquisitions and EUR 3,557k (2024: EUR 4,970k; -28.4%) to disposals. The negative development of the transaction fees, and the low overall level of the total transaction fees remain to a challenging market environment.

Performance fees (excluding result from participations)

PATRIZIA receives performance fees if, among other things, the performance of the investment vehicle exceeds defined target returns or if it has outperformed its benchmark. The performance fee is recorded on a point in time basis, can cover one year or several years and represents a variable consideration, the measurement of which can be subject to uncertainty.

Increased performance-based fees of individual investment vehicles were responsible for the increase of $25.9%$ to EUR 7,682k in the year 2025 (2024: EUR 6,101k).

Further explanations

Fees from management services are performance obligations which are separately identifiable, since the investor usually derives an independent benefit from the fulfilment of a performance obligation and the promised services are separable from the other services of the same contract. Revenue from management services is recognised when the service is provided. Invoices for management fees are generally payable within 14 days and invoices for transaction fees are generally payable within 0-60 days. Sales revenues from principal investments are recognised when control of the property is transferred to the buyer.

Buyers obtain control of real estate when possession, benefits and burdens are transferred. At this point, an enforceable claim to payment arises. The sales proceeds correspond to the contractually agreed transaction price. In most cases, the

169

PATRIZIA SE 2025 | Notes to the consolidated financial statements

consideration is due when the legal title is transferred. Therefore, no significant financing component is included in the transaction price.

4.19.2 Revenues from ancillary costs

Revenues from ancillary costs are recognised over the period in which the services are provided. The tenant regularly receives and consumes the services at the same time. Revenue is recognised using input-based methods, whereby revenue is recognised based on the costs incurred or resources consumed in relation to the total inputs expected to satisfy that service obligation. The agreed consideration is payable monthly.

4.19.3 Rental revenues

The Group generated rental revenues of EUR 12,859k in the 2025 financial year (2024: EUR 9,269k). This included rental revenues from investment properties and leasing income (rental revenues) in accordance with IFRS 16. The overall increase is mainly due to the increase in investment properties and the associated year-round rental in 2025.

4.19.4 Revenues from contracts with clients

The distribution of revenue from contracts with clients with regard to the timing of revenue recognition is as follows:

Revenues from contracts with clients

EUR k	2025	2024
Transferred products/services at a period of time	15,096	20,617
Transferred products/services over a period of time	230,460	225,781
Revenues from client contracts	245,556	246,398

4.19.5 Contract balances

The following table provides information on receivables, contract assets and contract liabilities from contracts with clients.

Contract balances

EUR k	31.12.2025	31.12.2024
Trade receivables	73,645	98,518
Contract assets	620	1,321
Contract liabilities	166	193

Contract assets consider non-current non-financial assets recognized as a result of the acquisition of Whitehelm Capital in 2023 and are amortised over five years. The amortisation recognised in the reporting period amounts to EUR 647k (2024: EUR 1,048k).

Contract liabilities mainly relate to advance payments received from clients in connection with performance fees. The recognised amount at the end of the previous period was mainly recognised as revenue in the 2025 financial year. The contract liabilities existing at the balance sheet date have an expected term of one year or less.

4.20 Changes in inventories

PATRIZIA SE 2025 | Notes to the consolidated financial statements

4.21 Other operating income

Other operating income essentially relates to:

Other operating income

EUR k	2025	2024	Change
Income from discontinued obligations	6,657	17,955	-62.9%
Income from the deconsolidation of subsidiaries	3	15,232	-100.0%
Income from payments in kind	851	1,283	-33.7%
Income from bargain purchase	0	12	-100.0%
Income from reimbursement of lawyers' fees etc. and transaction costs	1,072	37	>1,000.0%
Other	2,729	2,009	35.8%
Total	11,311	36,527	-69.0%

The decrease in income from discontinued obligations is mainly due to the reversal of provisions for litigation risks as a result of a settlement of the previous year and the reversal of liabilities from variable salary components and bonuses of the previous year.

Income from the deconsolidation of subsidiaries amount to EUR 3k in the financial year 2025 (2024: EUR 15,232k). The high income in this item in the previous year is mainly due to the deconsolidation of the infrastructure fund PATRIZIA European Infrastructure Fund III SCSp, which was temporarily held on the balance sheet, in the amount of EUR 14,041k.

The increase in the position "Other" to EUR 2,729k (2024: EUR 2,009k) is mainly due to tax refunds from previous periods.

4.22 Cost of materials

The cost of materials includes the direct costs incurred in connection with the performance of services and breaks down as follows:

Cost of materials

EUR k	2025	2024	Change
Renovation and construction costs	972	85	>1,000.0%
Incidental costs	789	-131	702.1%
Maintenance costs	1,074	994	8.0%
Total	2,835	948	198.9%

4.23 Cost for purchased services

Cost of purchased services totalling EUR 15,666k (2024: EUR 16,496k) essentially comprises the purchase of fund management services for external label funds in the amount of EUR 15,653k (2024: EUR 16,372k) for which mainly PATRIZIA Real Assets Kapitalverwaltungsgesellschaft mbH is the service investment management company. The reduction of cost of purchased services is mainly due to lower transaction related advisory fees for acquisitions and disposals in the amount of EUR 5k (2024:EUR 124k), in particular due to reduced fund management services for external label funds.

171

PATRIZIA SE 2025 | Notes to the consolidated financial statements

4.24 Staff costs

Staff costs break down as follows:

Staff costs

EUR k	2025	2024	Change
Wages and salaries	121,715	131,629	-7.5%
of which valuation of phantom shares	38	-3	>1,000.0%
of which share-based payment	5,916	4,460	32.6%
Social security contributions	20,598	19,308	6.7%
Total	142,313	150,936	-5.7%

PATRIZIA employed a total of 816 full-time equivalents (FTE) as at 31 December 2025 compared to 887 in the previous year.

Overall, staff costs decreased by -5.7% to EUR 142,313k (2024: EUR 150,936k). Staff costs decreased due to the reduction in the number of employees.

In line with the increase in the share price of PATRIZIA SE shares in the year 2025, expense of EUR 38k (2024: income EUR 3k) arose in connection with the remeasurement of the value of phantom shares (LTI) in the reporting period.

Expenses of EUR 5,916k (2024: EUR 4,460k) were recognized for the share-based payment agreement for executives. For further information on the determination of the fair value of this remuneration component we refer to chapter 7.1.2 of the notes to the consolidated financial statements.

Please refer to chapter 4.12.2 in the notes to the consolidated financial statements for information on pension costs.

172

PATRIZIA SE 2025 | Notes to the consolidated financial statements

4.25 Other operating expenses

Other operating expenses break down as follows:

Other operating expenses

EUR k	2025	2024	Change
Tax, legal, other advisory and financial statement fees	17,383	22,454	-22.6%
IT and communication costs and cost of office supplies	15,057	16,083	-6.4%
Rent, ancillary costs and cleaning costs	5,731	4,566	25.5%
Other taxes	341	448	-23.8%
Vehicle and travel expenses	6,615	7,143	-7.4%
Advertising costs	2,380	3,544	-32.9%
Recruitment and training costs and cost of temporary workers	2,306	4,771	-51.7%
Contributions, fees and insurance costs	5,068	4,781	6.0%
Commission and other sales costs	989	669	47.7%
Costs of management services	1,766	2,999	-41.1%
Indemnity/reimbursement	1,940	1,375	41.1%
Donations	474	554	-14.3%
Cost from the deconsolidation of subsidiaries	0	8	-100.0%
Other	6,786	13,244	-48.8%
Total	66,838	82,639	-19.1%

Tax, legal, other advisory and financial statement fees in the amount of EUR 17,383k (2024:EUR 22,454k) decreased mainly due to lower other advisory costs as a result of the cost-cutting program initiated in 2023.

Tax, legal, other advisory and financial statement fees include, among other things:

Costs in connection with personnel-related advisory in the amount of EUR 1,295k (2024: EUR 1,612k)
Audit fees in the amount of EUR 2,454k (2024: EUR 2,491k)
Project-related consulting services in the context of digitalization as well as costs of initial testing, acquisition and use of new technologies in the amount of EUR 257k (2024: EUR 491k)
Tax advisory fees in the amount of EUR 1,321k (2024: EUR 1,624k)
Costs that can be passed on to the funds in the amount of EUR 2,278k (2024: EUR 1,356k)
Costs in connection with the balance sheet investments in the amount of EUR 860k (2024: EUR 1.794k)

IT, communication, office supplies, recruitment, training and temporary employment, vehicle and travel and advertising costs were reduced primarily by PATRIZIA's focus on cost efficiency.

The donations include donations to charitable organisations such as the PATRIZIA Foundation. In 2022 the management had decided to support charitable organisations annually with up to 1% of the Group's EBITDA.

The position "Other" decreased mainly due to the focus on cost efficiency and the recognized adjustments affecting net income from initial consolidation of the previous year.

173

PATRIZIA SE 2025 | Notes to the consolidated financial statements

4.26 Reorganisation income/expenses

Reorganisation expenses of EUR 7,947k (2024: EUR 13,502 k) relate to the adjustment of the organisational structure as part of the Strategy 2030 and mainly comprise personnel expenses. The reorganisation expenses in the previous year resulted from a previous review of the cost base and mainly comprised personnel expenses.

The income from reorganisation in the amount of EUR 5,847k (2024: EUR 2,598k) relates to the release of unused reorganisation provisions.

4.27 Depreciation, amortisation and impairment

Depreciation, amortisation and impairment breaks down as follows:

Depreciation, amortisation and impairment

EUR k	2025	2024	Change
Amortisation of fund management contracts and licences	11,008	11,049	-0.4%
Depreciation of rights of use	9,460	10,777	-12.2%
Depreciation of software and equipment	6,132	5,439	12.7%
Amortisation of other rights and assets	688	1,090	-36.9%
Impairment of at-equity investments	447	-14	>1,000.0%
Total	27,734	28,342	-2.1%

The amortisation of fund management contracts in the segment management service includes non-scheduled write-downs of EUR 0k (2024: EUR 1,401k) due to the sale and termination of funds. In addition, reference is made to the accounting and valuation methods in chapter 4.3 Other intangible assets.

For detailed information on the amortisation of the rights of use, please refer to chapter 4.5 Leasing.

The impairment adjustment 2025 in at-equity investments contains an impairment loss of the equity-accounted company Evana AG of EUR 405k and PATRIZIA WohnModul I SICAV-FIS of EUR 42k. In the previous year the impairment adjustment contains an impairment loss of the equity-accounted company SUSTAINABLE FUTURE VENTURES LIMITED of EUR 152k and an offsetting reversal of impairment loss of the equity-accounted company Evana AG of EUR 166k.

174

PATRIZIA SE 2025 | Notes to the consolidated financial statements

4.28 Earnings per share

Basic earnings per share are calculated by dividing the consolidated net profit or loss attributable to shareholders of the parent company (the numerator) by the weighted average number of ordinary shares outstanding (the denominator) during the reporting period. To calculate diluted earnings per share, the consolidated net profit and the weighted average number of shares are adjusted for all potential dilution effects. Dilution effects result from the Group's share-based remuneration components and contingent benefit employment agreements in relation with business combinations.

Earnings per share

EUR k	2025	2024
Share of earnings attributable to shareholders of the Group	17,968	12,867
Number of shares¹	86,456,947	86,228,868
Weighted number of shares undiluted¹	86,397,112	86,111,500
Effects of potential dilution	2,000,429	2,217,066
Weighted numbers of shares diluted	88,397,541	88,328,566
Earnings per share (undiluted) in EUR	0.21	0.15
Earnings per share (diluted) in EUR	0.20	0.15

¹ Outstanding, after transfer of shares.

The average market value of the shares for the calculation of the dilutive effect of share options is based on the quoted market prices for the period in which the options were outstanding.

175

PATRIZIA SE 2025 | Notes to the consolidated financial statements

5 Segment reporting

In the first half of 2025, the Company adjusted the Group's internal reporting structure for management purposes.

Segment reporting differentiates the business activities based on whether PATRIZIA acts as a service provider or as an investor. In line with the Group's management reporting and in accordance with the definition of IFRS 8 'Operating Segments', two segments have been identified based on functional criteria: Investment Management and Balance Sheet Investments.

The Investment Management segment comprises PATRIZIA's asset-light core business, its related fee income, and the associated operating cost base.

The Balance Sheet Investments segment includes all profit or loss items before tax (including deconsolidation/disposal effects and net finance result) arising from equity-financed investments (e.g., warehousing, co-investments, seed investments and other investments, except for fee-income-related results of Dawonia, which are part of the Investment Management segment).

Internal management and reporting within PATRIZIA is generally based on the accounting principles described above in accordance with IFRS. The Group measures the success of its segments using segment-specific key performance indicators. Internal management and reporting focus on EBITDA as the primary earnings measure, with EBIT and EBT also reported for the segments. The segments' earnings before tax include the segment-specific attributable income and expenses described above. In particular, M&A-related expenses, the valuation of intercompany loans, restructuring effects and income taxes are not allocated to the segments and are reported in the column 'Consolidation/Other'.

Revenues arise from transactions between the reportable segments. Intragroup services are settled at arm's-length conditions.

All relevant consolidation adjustments to be eliminated, including intragroup revenue, unrealised intercompany profits and the reversal of intragroup settlements, including financing transactions, are recognised within the 'Consolidation/Other' column. The revenues of the Investment Management segment include intragroup revenues of EUR 99k as at 31 December 2025 (2024: EUR 270k).

In line with the prior year, the predominant portion of the Group's non-current assets is attributable to Germany. Non-current assets exclude financial investments and deferred tax assets.

The segment information is determined in accordance with the accounting and measurement policies applied in the preparation of the consolidated financial statements.

The individual business segments are presented as follows. Due to the presentation of amounts in EUR thousand, the disclosures are nevertheless based on unrounded figures.

176

PATRIZIA SE 2025 | Notes to the consolidated financial statements

Segment reporting - 2025 (01.01.-31.12.2025)

EUR k	Investment Management Balance Sheet Consolidation/			Total
	Management	Investments	other
Revenues	264,348	11,722	-17,654	258,416
Management service fees	228,240	0	-1,045	227,195
Services provided as shareholder contributions	6,209	0	-6,209	0
Management fees	234,449	0	-7,254	227,195
Transaction fees	7,414	0	0	7,414
Performance fees	7,682	0	0	7,682
Performance-related shareholder compensation	10,301	0	-10,301	0
Performance fees	17,984	0	-10,301	7,682
Total service fee income	259,846	0	-17,555	242,291
Other revenues	4,502	11,722	-99	16,125
Other operating income	9,537	1,774	0	11,311
Total operating performance	273,885	13,496	-17,654	269,727
Cost of materials	-918	-1,918	0	-2,835
Cost of purchased services	-15,611	-1,100	1,045	-15,666
Staff costs	-142,313	0	0	-142,313
Other operating expenses	-64,094	-2,842	98	-66,838
Impairment result for trade receivables and contract assets	84	-20	0	64
Result from participations	0	6,325	16,510	22,836
Earnings from companies accounted for using the equity method	0	149	0	149
EBITDAR	51,032	14,091	-0	65,123
Reorganisation income	0	0	5,847	5,847
Reorganisation expenses	0	0	-7,947	-7,947
EBITDA	51,032	14,091	-2,101	63,023
Depreciation of rights of use	-9,460	0	0	-9,460
Amortisation of fund management contracts, licences and goodwill	0	0	-11,008	-11,008
Other depreciation, amortisation and impairment	-7,267	0	0	-7,267
Results from fair value adjustments to investment property	0	36	0	36
Earnings before interests and taxes (EBIT)	34,306	14,127	-13,108	35,325
Financial income	0	3,870	785	4,655
Financial expenses	0	-14,620	0	-14,620
Other financial result	0	0	-1,515	-1,515
Result from currency translation	0	0	-5,953	-5,953
Earnings before taxes (EBT)	34,306	3,378	-19,791	17,893
Income tax	0	0	-1,513	-1,513
Net profit/ loss for the period	34,306	3,378	-21,305	16,379

PATRIZIA SE 2025 | Notes to the consolidated financial statements

Segment reporting - 2024 (01.01.-31.12.2024)

EUR k	Balance			Total
	Investment Management	Sheet Investments	Consolidation/other
Revenues	270,910	8,117	-23,360	255,667
Management service fees	221,559	19	-576	221,002
Services provided as shareholder contributions	7,389	0	-7,389	0
Management fees	228,948	19	-7,965	221,002
Transaction fees	14,507	0	0	14,507
Performance fees	6,101	0	0	6,101
Performance-related shareholder compensation	15,124	0	-15,124	0
Performance fees	21,226	0	-15,124	6,101
Total service fee income	264,681	19	-23,090	241,611
Other revenues	6,229	8,097	-270	14,056
Income from the sale of investment property	0	62	0	62
Other operating income	14,613	21,914	0	36,527
Total operating performance	285,524	30,092	-23,360	292,255
Cost of materials	-27	-921	0	-948
Cost of purchased services	-16,333	-739	576	-16,496
Staff costs	-150,936	0	0	-150,936
Other operating expenses	-79,045	-7,291	3,697	-82,639
Impairment result for trade receivables and contract assets	351	-74	-419	-142
Result from participations	0	5,837	22,514	28,350
Earnings from companies accounted for using the equity method	0	-11,996	0	-11,996
EBITDAR	39,533	14,906	3,008	57,448
Reorganisation income	0	0	2,598	2,598
Reorganisation expenses	0	0	-13,502	-13,502
EBITDA	39,533	14,906	-7,896	46,544
Depreciation of rights of use	-10,777	0	0	-10,777
Amortisation of fund management contracts, licences and goodwill	0	0	-11,049	-11,049
Other depreciation, amortisation and impairment	-6,515	0	0	-6,515
Results from fair value adjustments to investment property	0	-7,028	0	-7,028
Earnings before interests and taxes (EBIT)	22,241	7,878	-18,945	11,174
Financial income	0	11,975	80	12,056
Financial expenses	0	-17,276	0	-17,276
Other financial result	0	0	-1,985	-1,985
Result from currency translation	0	0	-557	-557
Earnings before taxes (EBT)	22,241	2,577	-21,407	3,411
Income tax	0	0	-1,031	-1,031
Net profit/ loss for the period	22,241	2,577	-22,439	2,379

PATRIZIA SE 2025 | Notes to the consolidated financial statements

Revenues by Country 2025

EUR k	Germany	Luxembourg	United Kingdom	Rest of world	Total
Investment management	151,990	52,076	29,597	30,686	264,348
Balance sheet Investment	4,246	2,842	0	4,634	11,722
Other/ Consolidation	-17,453	-201	0	0	-17,654
Total	138,782	54,717	29,597	35,320	258,416

Revenues by Country 2024

EUR k	Germany	Luxembourg	United Kingdom	Rest of world	Total
Investment management	164,631	48,650	26,190	31,440	270,910
Balance sheet Investment	1,231	2,877	0	4,070	8,178
Other/ Consolidation	-23,011	-349	0	0	-23,360
Total	142,850	51,178	26,190	35,510	255,728

Geographical allocation is based on the registered office of the unit performing the services.

The Balance Sheet Investments segment is primarily attributable to rental income amounting to EUR 11,722k (2024: EUR 8,097k). The Investment Management segment is primarily attributable to revenues from management services.

The non-current assets, excluding financial instruments, deferred tax assets, post-employment benefits and insurance contracts, are allocated as follows: Germany EUR 329,419k (2024: EUR 339,801k), Luxembourg EUR 92,580k (2024: EUR 95,411k), United Kingdom EUR 102,444k (2024: EUR 114,388k), Sweden EUR 71,558k (2024: EUR 64,830k) and other countries EUR 76,318k (2024: EUR 81,928k).

179

PATRIZIA SE 2025 | Notes to the consolidated financial statements

6 Information on the consolidated cash flow statement

The consolidated cash flow statement was prepared in accordance with requirements set out in IAS 7.

In the consolidated cash flow statement, cash flows are presented according to cash flow from operating activities, cash flow from investing activities and cash flow from financing activities. The effects of changes in the consolidated Group are eliminated in the respective items. The cash flow from operating activities was calculated using the indirect method.

Other non-cash effects mainly result from deferred taxes, income from participations, currency effects, changes in provisions, fair value changes in accordance with IFRS 9 and IAS 19 and other valuation effects.

When deriving the operating cash flow from adjustments to net profit, only changes that were recognised in the income statement are taken into account.

The cash flow from investing/divesting activities contains the effects of investments and disposals, in particular in participations in companies accounted for using the equity method, financial assets, investment property, intangible assets and property, plant and equipment.

The item "Payments received from the disposal of consolidated companies and other business units" shows the additions of cash and cash equivalents from the sale of subsidiaries.

The item "Payments for the disposal of consolidated companies and other business units" essentially shows cash outflows due to the deconsolidation of closed-end funds (placement of shares).

Cash outflows for acquisitions of subsidiaries are reported under the item "Payments for the acquisition of consolidated companies and other business units".

"Payments received for the acquisition of consolidated companies and other business units" include cash inflows from the acquisition of subsidiaries.

The cash flow from financing activities includes loan borrowings and repayments for the financing of current and non-current assets, dividend payments to shareholders, payments received from increase of capital stock (non-controlling interests) and payments for the redemption of and interest on lease liabilities.

Interest paid in cash flow from financing activities consists entirely of interest for lease liabilities.

The amounts shown in the consolidated cash flow statement correspond only partially to the changes in the statement of financial position observable from one reporting period to the next, as they do not take into account non-cash items such as changes in exchange rates or changes in the scope of consolidation.

Defined cash and cash equivalents correspond to the balance sheet item cash and cash equivalents. The cash and cash equivalents item comprises cash and short-term bank deposits held by the Group with a term of up to three months. The carrying amount of these assets corresponds to their fair value.

180

PATRIZIA SE 2025 | Notes to the consolidated financial statements

Changes in liabilities arising from financing activities developed as follows over 2025

Financial liabilities 2025

EUR k	Financing cash flows			Non-cash changes
	As at 01.01.	Payments received	Repayments	Changes in the consolidated group	Changes in market value	Foreign exchange differences	Other changes	Total
Bank loans	201,184	50,680	-46,094	0	0	1,955	0	207,725
Bonded loans	69,000	0	0	0	0	0	0	69,000
Lease liabilities	48,127	0	-7,876	0	0	-1,209	7,820	46,863
Derivative financial instruments	294	0	-919	0	999	0	625	999

The following table shows the comparative information for 2024

Financial liabilities 2024

EUR k	Financing cash flows			Non-cash changes
	As at 01.01.	Payments received	Repayments	Changes in the consolidated group	Changes in market value	Foreign exchange differences	Other changes	Total
Bank loans	164,571	102,938	-8,714	-56,850	0	-760	0	201,184
Bonded loans	158,000	0	-89,000	0	0	0	0	69,000
Lease liabilities	53,344	0	-8,931	0	0	1,077	2,637	48,127
Derivative financial instruments	297	732	-118	0	0	0	-617	294

PATRIZIA SE 2025 | Notes to the consolidated financial statements

7 Other disclosures

7.1 Share-based remuneration components

As at 31 December 2025, the following share-based remuneration components exist in the Group:

7.1.1 Phantom Shares participation model

PATRIZIA's phantom shares participation model focuses on the aspects of market conformity, performance and sustainability. It was developed in line with the requirements of the German Corporate Governance Code.

The model is primarily aimed at the Executive Directors of PATRIZIA SE as well at the managing directors of regulated companies. In particular, these are executives who are to receive part of their variable remuneration in the form of instruments and with a long-term payout period. The underlying target system assigns quantitative and qualitative targets to these executives at company, divisional and individual level.

The degree to which the quantitative targets are achieved is determined by reference to budgeted figures in line with company planning. The key targets are EBITDA (for definition we refer to section 5 Segment Reporting), EBITDA margin, Assets under Management (AUM) growth and Environmental, Social & Governance (ESG) targets as well as other relevant performance indicators for the respective financial year. At division level, the performance contribution is recognised in the form of value contributions to processes and the aforementioned corporate performance indicators.

At individual level, the quantitative results and qualitative project results for which the Executive Directors of PATRIZIA SE and the managing directors of regulated companies are individually responsible are included in the target achievement.

The degree to which the individual targets are achieved determines the amount of the variable remuneration component. The amount of the variable remuneration components possible is capped.

The variable remuneration is divided into a short-term and a deferred incentive component. The short-term component is paid out immediately after it has been established that targets have been achieved. The deferred incentive is a salary commitment with a virtual link to PATRIZIA's share price. It is only paid out up to three to four years after confirmation that targets have been achieved.

Phantom Shares of EUR 998k (31 December 2024: EUR 762k) were considered for the aforementioned beneficiaries for the 2025 financial year. This corresponds to the liability recognised on the basis of average target achievement of 76% (2024: 68%). The liability as at 31 December 2025 is converted at the average closing price in Xetra trading for PATRIZIA SE shares for the 30 days prior to and 15 days after 31 December of the financial year in question. The shortened 15-day period is due to PATRIZIA's closing process. The final calculation can only be made after all data required for the calculation is known, which is only the case after the consolidated financial statements as at 31 December 2025 have been approved. The monetary amount earned is converted into performance share units at the average closing price in Xetra trading for PATRIZIA SE shares for the 30 days prior to and 30 days after 31 December of the financial year in question. The equivalent value of the shares (adjusted for bonus shares in the past) is paid out in cash at the average closing price in Xetra trading 30 days prior to and after 31 December up to four years (vesting period). Depending on the group of people, phantom shares are paid out either in instalments over 3 years or after a vesting period of two to four years.

Based on the 30 days prior to and 15 days after 31 December 2025 the average price of PATRIZIA SE shares is EUR 8.06 (2024: EUR 7.84), thus amounting to 123,872 shares for 2025 (2024: 97,197 shares). In the reporting period, expenses from the calculation of the share-based payment of EUR 1,035k (31 December 2024: income EUR -250k) was recognised. This comprises the fair value as at 31 December 2025 of EUR 998k, the exchange rate effects of EUR 38k and the corrections due to the final settlement from previous years of EUR -2k.

In the prior year period, the income for share-based payment in the amount of EUR -250k comprises the fair value as at 31 December 2024 of EUR 762k, exchange rate effects of EUR -3k and the corrections due to the final settlement from previous years of EUR -1,009k.

182

PATRIZIA SE 2025 | Notes to the consolidated financial statements

The fair value is as follows:

Components with long-term incentive effect

	Number of phantom shares 2025	Fair Value 31.12.2025 EUR k	Number of phantom shares 2024	Fair Value 31.12.2024 EUR k	Paid out EUR k
Phantom shares tranche 2025¹	123,872	998			0
Phantom shares tranche 2024	96,945	781	97,197	762	0
Phantom shares tranche 2023	23,223	187	27,127	213	31
Phantom shares tranche 2022	11,585	93	11,585	91	0
Phantom shares tranche 2021	41,721	336	44,388	348	21
Phantom shares tranche 2020	0	0	31,039	243	244
Total	297,346	2,397	211,336	1,657	295

¹ Corresponds to the liability recognised for an average target achievement of 76%. The final calculation of this variable remuneration and the allocation to the individual beneficiaries will be performed after the 2025 consolidated financial statements have been approved.

Phantom Shares units outstanding at the end of the reporting period are as follows:

Phantom shares

	01.01.-31.12.2025	01.01.-31.12.2024
Outstanding at the start of the reporting period	211,336	259,659
Granted in the reporting period	123,872	97,197
Correction due to final settlement in the reporting period	-252	-127,966
Paid out in the reporting period	-37,610	-17,554
Outstanding at the end of the reporting period	297,346	211,336

PATRIZIA SE 2025 | Notes to the consolidated financial statements

7.1.2 Share-based remuneration agreement (LTIP)

In January 2020, the Group introduced a share-based long-term incentive program (LTI) for executives. This grants beneficiary employees an entitlement to PATRIZIA SE shares without them having to make any payment in return. The share-based commitments can be fulfilled by newly issued PATRIZIA SE shares, by treasury shares or by cash settlement. The Group currently assumes that all options will be settled by physical delivery of shares. If the beneficiary's employment ends before the end of the vesting period, the commitments may lapse.

The program has a three-year vesting period. The number of shares awarded at the end of the vesting period depends on the Group meeting certain performance criteria. The performance indicators consist of a market-independent internal profitability indicator (70%), a market-independent internal Environmental, Social & Governance (ESG) factor (15%) and a market-dependent component (15%) which considers the Group's share total shareholder return in relation to the STOXX 600 Financial Services Index and the FTSE EPRA/NAREIT Developed Europe Index.

The shares awarded at the end of the vesting period are subsequently subject to a holding period of two years.

The share awards developed as follows:

Development of share awards

Number of options per year	Outstanding as at 1 January	Granted during the year	Released during the year	Forfeited during the year	Performance adjustments	Outstanding as at 31 December	Remaining contractual lifetime (weighted-average, in years)
2024	388,958	447,015	-2,833	-51,077	-254,457	527,606	1.87
2025	527,606	221,660	0	-33,410	472,790	1,188,646	1.14

The fair value of the share-based payment arrangement was determined using the Monte Carlo simulation.

The following parameters were used in determining the fair value at the grant date of the equity-settled share-based payment arrangement:

Share-based payment arrangement

	2025	2024
Fair value at grant date (in EUR)	8.46	8.94
Share price at grant date (weighted-average, in EUR)	7.80	7.80
Exercise price (in EUR)	0.00	0.00
Expected volatility (weighted-average, in %)	42.52%	41.23%
Expected lifetime at grant date (in years)	3.00	3.00
Expected dividend yield (in %)	3.73%	4.04%
Risk-free interest rate (based on government bonds, in %)	2.11%	2.25%

The expected volatility is based on the assessment of the indices as the historical volatility of the daily logarithmic stock price returns in EUR, for the same period corresponding to the simulation period. Daily closing prices were used for the volatility calculation.

7.1.3 Share-based remuneration agreement (SVL)

In the 2023 financial year, one Executive Director was granted participation in the Shareholder Long-Term Incentive Program (SVL). The purpose of the program is to align the interests of the company's shareholders more closely with the interests of the respective Managing Director. Under the SVL, the Executive Director has undertaken to acquire a certain number of shares in PATRIZIA SE and to hold them for the entire vesting period of the SVL; in return, the Executive Director is granted an award consisting of Performance Share Units (PSUs) in a number corresponding to the number of shares acquired by the Managing Director.

The share-based commitments can be fulfilled by newly issued PATRIZIA SE shares, by treasury shares or by cash settlement. The Group currently assumes that all options will be settled by physical delivery of shares.

The number of shares allocated at the end of the five-year vesting period depends on the fulfilment of certain performance indicators by the Group. The performance indicators are linked to the performance of the PATRIZIA SE share price and to a capital market valuation in the form of an EBITDA multiple.

The shares awarded at the end of the vesting period are subsequently subject to a holding period of three years.

PATRIZIA SE 2025 | Notes to the consolidated financial statements

The share awards developed as follows:

Development of share awards

Number of options per year	Outstanding as at 1 January	Granted during the year	Forfeited during the year	Released during the year	Performance adjustments	Outstanding as at 31 December	Remaining contractual lifetime (weighted-average, in years)
2024	316,122	0	0	0	0	316,122	3.50
2025	316,122	0	0	0	0	316,122	2.50

The fair value of the share-based payment arrangement was determined using the Monte Carlo simulation.

The following parameters were used in determining the fair value at the grant date of the equity-settled share-based payment arrangement:

Share-based payment arrangement

	2023
Fair value at grant date (in EUR)	1.33
Share price at grant date (weighted-average, in EUR)	9.09
Exercise price (in EUR)	0.00
Expected volatility (weighted-average, in %)	36.77%
Expected lifetime at grant date (in years)	5.00
Expected dividend yield (in %)	3.49%
Risk-free interest rate (based on government bonds, in %)	2.26%

7.1.4 Share-based remuneration agreement (RSU)

Since the 2023 financial year, restricted stock units (RSUs) have been granted to a certain group of employees in order to strengthen employee retention. The beneficiary employees receive entitlement to PATRIZIA SE shares without having to make a payment. The fulfilment period is staggered over three to five years (depending on the respective employee retention program), payment is not linked to performance indicators and there is no subsequent holding obligation.

The share-based commitments can be fulfilled in the form of newly issued PATRIZIA SE shares, treasury shares or cash settlement. The Group currently assumes that fulfilment will take place in the physical delivery of shares.

The share awards developed as follows:

Development of share awards

Number of options per year	Outstanding as at 1 January	Granted during the year	Released during the year	Forfeited during the year	Outstanding as at 31 December	Remaining contractual lifetime (weighted-average, in years)
2024	388,500	345,608	0	-38,746	695,362	1.84
2025	695,362	84,475	-86,367	-27,386	666,084	1.34

The following parameters were used in determining the fair value at the grant date of the equity-settled share-based payment arrangement:

Share-based payment arrangement

	2025	2024
Fair value at grant date (in EUR)	5.75 / 6.81	7.64
Share price at grant date (weighted-average, in EUR)	7.27 / 8.05	8.18
Exercise price (in EUR)	0.00	0.00
Expected lifetime at grant date (in years)	3 to 5	3 to 5
Expected dividend yield (in %)	4.26% / 3.90%	3.95%

PATRIZIA SE 2025 | Notes to the consolidated financial statements

7.1.5 Share-based remuneration agreements in relation with business combinations

In the context of business combinations, the Group has agreed variable purchase price components with former shareholders of the acquired companies, which are to be treated as contingent benefit employment arrangements in accordance with IFRS 3. A portion of these contingent benefit employment arrangements is to be treated as share-based payments, as the claim arising from these arrangements can be settled using treasury shares. The Group assumes that the claims will be settled in treasury shares. The conditions to be met are linked to the revenue and profitability targets of the acquired business unit. If the contingent benefit employment agreements have not yet been settled based on actual revenues, the Group has recognised the expected outflow of resources for the corresponding period as personnel expenses in accordance with the official business plan.

In the financial year 2025, 183,328 (2024: 384,435) PATRIZIA SE treasury shares with a value of EUR 1,350k (2024: EUR 3,750k) were transferred.

Expenses recognised in profit and loss

Further information on employee benefit expenses can be found in the Notes under chapter 4.24 personnel expenses.

186

PATRIZIA SE 2025 | Notes to the consolidated financial statements

7.2 Related party transactions

All subsidiaries as well as associated companies and joint ventures of PATRIZIA are considered related parties. These companies are also presented in the consolidated financial statements via the list of shareholdings. In addition, related parties include Executive Directors, members of the Board of Directors as well as former members of the Management Board, including their close family members, as well as those companies over which Executive Directors, members of the Board of Directors as well as former members of the Management Board of the Company or their close family members can exercise a significant influence or in which they hold a significant share of the voting rights.

The direct parent company of PATRIZIA SE is First Capital Partner GmbH, Gräfelfing. The parent company of First Capital Partner GmbH and thus the ultimate parent company of PATRIZIA SE is we holding GmbH & Co. KG, Gräfelfing. If members of the Management in key positions of First Capital Partner GmbH and we holding GmbH & Co. KG control other companies outside PATRIZIA Group, these companies are also considered related parties to PATRIZIA.

Related party transactions

Shareholdings in PATRIZIA by members of Management in key positions and their related parties

Wolfgang Egger, Executive Director and member of the Board of Directors of the company, holds a total interest of 55.10% (31 December 2024: 54.47%) in the company through First Capital Partner GmbH, in which he directly and indirectly holds a 100% interest through we holding GmbH & Co. KG as at the end of the reporting period.

Wolfgang Egger also holds 5.1% in Projekt Wasserturm Grundstücks GmbH & Co. KG. A further 45.9% is held indirectly by PATRIZIA, while the remaining 49.0% is held by Mr Ernest-Joachim Storr. There were no changes here in comparison to the previous year.

Remuneration of key Management personnel¹:

Total remuneration

	2025		2024
EUR k	granted	paid out	granted	paid out
Remuneration and fringe benefits	2,759	2,759	2,590	2,590
Short-Term-Incentives	3,194	1,448	2,397	689
Benefits after termination of the employment relationship	-	-	-	-
Benefits on the occasion of the termination of the employment relationship	-	-	-	-
Share-based payment	1,152	-	997	-
Remuneration Supervisory Board/ Board of Directors²	561	561	724	724
Total remuneration	7,666	4,768	6,708	4,002

¹ Key management personnel: Executive Directors, Former Management Board members, Board of Directors of the SE. ² Remuneration to Bord of Directors/ Board of Directors net of VAT. In addition, travel and incidental expenses are reimbursed.

PATRIZIA SE 2025 | Notes to the consolidated financial statements

Other related party transactions:

Other related party transactions

Other related party transactions
	Transaction values		Balance outstanding as at 31 December
EUR k	2025	2024³	2025	2024³
From services and other exchange of services (incl. rents paid and received, purchase and sale of assets)
Service provider
Parent company	-36	-38	0	0
Members of the management in key positions¹	-25	-5	11	-8
Associates	-606	-2,726	239	73
Joint ventures	-745	-831	0	331
Other related parties²	-249	-2,796	219	3,272
Non-consolidated subsidiaries	-7,455	-8,431	1,904	891
Beneficiary
Parent company	1,774	2,102	-10	-23
Members of the management in key positions¹	25	0	0	0
Associates	0	2,560	0	0
Joint ventures	0	38	0	0
Other related parties²	2,574	2,013	-2	0
Non-consolidated subsidiaries	9	218	0	0
Transfer within the framework of financing agreements (incl. loans, cash, securities and distributions)
Parent company	0	0	0	0
Members of the management in key positions¹	0	0	0	0
Associates	-183	-806	0	1,306
Joint ventures	108	0	0	0
Other related parties²	0	0	0	0
Non-consolidated subsidiaries	0	0	0	0
Obligations that are contingent on the occurrence or non-occurrence of a future event and pending transactions
Parent company	0	0	0	0
Members of the management in key positions¹	0	0	0	0
Associates	0	0	-4,263	-3,262
Joint ventures	0	0	-3,725	-3,920
Other related parties²	0	0	0	0
Non-consolidated subsidiaries	0	0	0	0
Total	-4,807	-8,702	-5,625	-1,341

¹ Key management personnel: Executive Directors, former Management Board members, Board of Directors of the SE and Management Board members of the parent companies ² Other related parties: family members and the companies of the Executive Directors, former members of the Management Board, Board of Directors of the SE and Management Board Members of the parent companies ³ The previous year's figures were supplemented to include missing items and restated in line with the new table structure in the year under review.

Other related party transactions from services and other exchange of service

The Group acts as a service recipient vis-à-vis the parent company on the basis of tenancy agreements for office buildings.

Transactions between PATRIZIA as a service provider and associates relate in particular to interest income from loans, income from consulting services and income from costs incurred.

Transactions between PATRIZIA as a service provider and joint ventures relate in particular to income from consulting services and income from costs incurred.

Transactions between PATRIZIA as the service provider and other related parties primarily relate to revenues from management fee, revenues from project development and other income from the recharging of costs.

The Group acts as a service recipient vis-à-vis other related parties and companies on the basis of rental agreements for office buildings.

188

PATRIZIA SE 2025 | Notes to the consolidated financial statements

Transactions between PATRIZIA as the service provider and affiliated, non-consolidated companies relate in particular to revenues from management services.

Transfer within the Framework of financing agreements

In the reporting period, capital repayments were made to associates in the context of financing agreements. A loan increase was also granted to an associate.

Loans granted by the group to associates amounted to EUR 0k at the time of preparation as of 31 December 2025 (31 December 2024: EUR 1,306k). The reduction results from the fact that the subsidiary, which had issued a loan, converted the loan into shares in the holding associate. This was preceded by a write-down of the loan.

Under financing agreements, dividend distributions were made to joint ventures during the reporting period.

Obligations that are contingent on the occurrence or non-occurrence of a future event and pending transactions

PATRIZIA has entered into a commitment vis-à-vis two associated companies within the framework of a letter of comfort or contractual payment obligation.

PATRIZIA has entered into an obligation for potential cancellation costs with respect to a company accounted for joint ventures in connection with a development project.

189

PATRIZIA SE 2025 | Notes to the consolidated financial statements

7.3 Board of Directors and Executive Directors

Executive Directors of the parent company

As at 31 December, 2025 the Company's Group Executive Committee (Management Board) consists of the following five Executive Directors:

Dr Asoka Wöhrmann, CEO
Martin Praum, CFO
James Muir, Head of Investment Division
Dr Konrad Finkenzeller, Head of Client Division
Wolfgang Egger, Founder

Total remuneration of the Executive Directors

The total remuneration of the Executive Directors is as follows:

Remuneration granted as a whole (excluding former members of the Management Board)

	2025			2024
	Target Remuneration in EUR k	Remuneration granted in EUR k	Remuneration granted in % of total remuneration	Target Remuneration in EUR k²	Remuneration granted in EUR k	Remuneration granted in % of total remuneration
Fixed remuneration	2,612	2,612	37%	2,440	2,440	41%
Fringe benefits¹	86	86	1%	67	67	1%
Fixed pay total	2,698	2,698	38%	2,507	2,507	42%
One-time-payment	0	0	0%	0	0	0%
Short-term variable remuneration (STI)	3,657	3,194	45%	3,416	2,397	40%
Delivered in cash	2,353	2,127	30%	2,164	1,665	28%
Delivered as Deferral (Share-Based over four years)	1,303	1,067	15%	1,252	732	12%
Long-term variable remuneration (LTI)
LTI 2024 - 2026	0	0	0%	0	0	0%
LTI 2025 - 2027	1,152	1,152	16%	997	997	17%
Variable pay total	4,809	4,346	61%	4,413	3,394	57%
Delivered in cash	2,353	2,127	30%	2,164	1,665	28%
Delivered as Share-Based instrument	2,455	2,219	31%	2,249	1,730	29%
Subtotal	7,506	7,044	99%	6,920	5,901	99%
Service cost (Pension contributions)	61	61	1%	83	83	1%
Total remuneration	7,568	7,105	100%	7,003	5,984	100%

¹ The item primarily contains benefits for insurance premiums and the use of a company car or car allowance. ² Pro rata temporis. ³ Long-term variable STI deferral for 2021 - 2023 re-structured and thus not applicable due to adjustment for board members to apply a four year deferral

190

PATRIZIA SE 2025 | Notes to the consolidated financial statements

Remuneration paid out as a whole (excluding former members of the Management Board)

	2025		2024
	in EUR k	in %	in EUR k²	in %
Fixed remuneration	2,612	62%	2,440	74%
Fringe benefits¹	86	2%	67	2%
Subtotal	2,698	64%	2,507	76%
One-time payment	0	0%	0	0%
STI in cash
STI in cash (For FY2023)	0	0%	689	21%
STI in cash (For FY2024)	1,378	33%	0	0%
STI Deferral (in phantom shares)²
Tranche 2021-2024	70	2%	0	0%
Long-term variable remuneration (LTI)
LTI 2021-2023	0	0%	0	0%
LTI 2022-2024	0	0%	0	0%
Total	4,145	99%	3,196	97%
Service cost (Pension Contributions)	61	1%	83	3%
Total remuneration	4,206	100%	3,278	100%

In addition, the former Management Board member Arwed Fischer received in the financial year 2025 a pension payment of EUR 6k (2024: EUR 6k). A former Executive Director received in 2025 a total remuneration amounting to EUR 294k (2024: EUR 0k). Former Management Board members and a former Executive Director received total remuneration of EUR 603k (2024: EUR 236k).

In the reporting year, the Executive Directors were granted 146,957 share awards in the form of performance share units (2024: 129,390) with a fair value at grant date of EUR 1,243k (2024: EUR 1,157k) as part of share-based remuneration.

Activities of Executive Directors

Wolfgang Egger is the Managing Director of Wolfgang Egger Verwaltungs-GmbH (general partner of Wolfgang Egger GmbH & Co. KG) and the general partner of Friedrich List Vermögensverwaltungs KG.

191

PATRIZIA SE 2025 | Notes to the consolidated financial statements

Members of the Board of Directors of the parent company

Composition of the Board of Directors (since 4 June 2025):

Frank Kuhnke, Chair of the Board of Directors, Advisor and Member of various Boards and Committees
Dr Michael Fronhöfer, Deputy Chair of the Board of Directors, Notary
Wolfgang Egger, Founder and Executive Director and member of the Board of Directors of PATRIZIA SE
Jacqui Irvine, Independent Board Member
Aradhana Khowala, CEO and founder of Aptamind Partners
Dr Asoka Wöhrmann, CEO and Executive Director and member of the Board of Directors of PATRIZIA SE

Total Remuneration of the Board of Directors

The Board of Directors received total remuneration of EUR 561k in the financial year 2025 (2024: EUR 724k). In addition, value added tax, travel and incidental expenses are reimbursed.

Activities of Board of Director Members in companies outside PATRIZIA as of 31 December 2025

The Chair of the Board of Directors Frank Kuhnke holds the following mandates in addition to being a member of the Board of Directors of PATRIZIA SE:

Memberships in comparable domestic and foreign supervisory bodies of commercial enterprises:

Yttrium GmbH (former Digital+ Partners GmbH), member of the Supervisory Board and Chair of the Risk Committee

Other significant activities:

Bank-Verlag GmbH, Chairperson of the Advisory Board

The Deputy Chair of the Board of Directors Dr Michael Fronhöfer holds no further mandates in addition to being a member of the Board of Directors of PATRIZIA SE.

Member of the Board of Directors Wolfgang Egger holds the following mandate in addition to being a member of the Board of Directors of PATRIZIA SE:

Other significant activities:

PATRIZIA Foundation, initiator of the foundation and member of the Foundation Council

Member of the Board of Directors Jacqui Irvine holds no further mandates in addition to being a member of the Board of Directors of PATRIZIA SE.

Member of the Board of Directors Aradhana Khowala holds the following mandates in addition to being a member of the Board of Directors of PATRIZIA SE:

Memberships in comparable domestic and foreign supervisory bodies of commercial enterprises:

Elaf Group (SEDCO Holding), Saudi Arabia, Non-Executive Board Member and Chair of the Compensation and Remuneration Committee

Other significant activities:

Global Wellness Institute, USA, Member of the Board of Advisors

Member of the Board of Directors Dr Asoka Wöhrmann holds no further mandates in addition to being a member of the Board of Directors of PATRIZIA SE.

192

PATRIZIA SE 2025 | Notes to the consolidated financial statements

7.4 Contingent liabilities and contractual payment obligations

As at the balance sheet date, PATRIZIA had contingent liabilities from obligations to make additional financial contributions to participations amounting to EUR 17,387k (2024: EUR 42,794k). These are capital calls that the management of the respective companies can make without further approval if required. There is an obligation for potential cancellation costs of EUR 3,725k (2024: EUR 3,920k) until 2029 towards an investment in a joint venture as part of a project development. PATRIZIA has entered into an obligation towards an associate in an amount of EUR 3,262k (2024: EUR 3,262k) as part of a letter of comfort. Information on the maturities of outflows cannot be provided reliably.

There are also contractual payment obligations from IT and maintenance contracts amounting to EUR 10,968k (2024: EUR 13,385k). The expected outflows are divided into EUR 4,652k in 2026, EUR 6,316k for the years 2027 to 2030 and EUR 0k for 2031 and subsequent years.

Other contingent liabilities amounted to EUR 1,060k as at the reporting date (2024: EUR 50k).

7.5 Employees

The average headcount of full-time employees at the Group in 2025 (not including trainees) was 880 (2024: 924 full-time employees). The Group also had 11 trainees (2024: 12 trainees).

7.6 Auditor's fees and other disclosures

The consolidated financial statements are audited by BDO AG Wirtschaftsprüfungsgesellschaft.

The expenses for the auditor are composed as follows:

Auditor's fees

EUR k	2025	2024
Auditor fee	982	765
Other attestation services	101	177
Tax consulting services	0	0
Other services	31	60
Total	1,114	1,002

The position auditor fee includes an additional expense of EUR 215k for the year 2024.

Other attestation services mainly include fees for the audit of the Group's non-financial statement and the audit of the remuneration report.

Other services include fees for support services in connection with an enforcement procedure.

193

PATRIZIA SE 2025 | Notes to the consolidated financial statements

7.7 Events after the end of the reporting period

7.8 German corporate governance code

In December 2025 the Board of Directors of PATRIZIA SE approved the declaration of compliance in accordance with section 161 of the Aktiengesetz (AktG – German Corporation Act) and made it permanently available on the Group's website: https://ir.patrizia.ag/en/corporate-governance/.

7.9 Remuneration Report

The FY 2025 Remuneration Report is available to the public on the PATRIZIA website at: https://ir.patrizia.ag/en/news-publikationen/geschaeftsberichte/.

194

PATRIZIA SE 2025 | Notes to the consolidated financial statements

8 Responsibility statement of the Executive Directors

The Executive Directors of PATRIZIA SE are responsible for the preparation, completeness and accuracy of the consolidated financial statements and the combined management report of the company and the Group.

The Executive Directors approved the financial statements for submission to the Board of Directors on 24 March 2026.

It is the responsibility of the Board of Directors to examine the consolidated financial statements and to state whether it adopts them.

The consolidated financial statements were prepared in accordance with International Financial Reporting Standards (IFRS).

Augsburg, 24 March 2026

Dr Asoka Wöhrmann CEO

Martin Praum CFO

James Muir Head of Investment Division

Dr Konrad Finkenzeller Head of Client Division

Wolfgang Egger Founder

195

PATRIZIA SE 2025 | Notes to the consolidated financial statements

Annex to the notes to the consolidated financial statements

List of shareholdings of PATRIZIA SE as at 31 December 2025 pursuant to § 313 (2) HGB

Fully consolidated subsidiaries

Name of the company	Domicile	Currency	Relation to PATRIZIA SE	Shares in equity %	Footnote
Germany
PATRIZIA Augsburg Kapitalverwaltungsgesellschaft mbH	Augsburg	EUR	direct	100.00	1;3
LB Invest GmbH	Hamburg	EUR	indirect	100.00	3
PATRIZIA Real Assets Kapitalverwaltungsgesellschaft mbH	Hamburg	EUR	indirect	94.90	1; 3
PATRIZIA Deutschland GmbH	Augsburg	EUR	direct	100.00	1;3;4
PATRIZIA GrundInvest Kapitalverwaltungsgesellschaft mbH	Augsburg	EUR	direct	100.00	1;3
PATRIZIA GrundInvest Co-Invest GmbH	Augsburg	EUR	indirect	100.00	3
Mondstein 402. GmbH	München	EUR	direct	100.00	3
PATRIZIA Frankfurt Kapitalverwaltungsgesellschaft mbH	Frankfurt am Main	EUR	indirect	94.00	3;9
PMG - Property Management Gesellschaft mit beschränkter Haftung	Frankfurt am Main	EUR	indirect	100.00	3
STORAGE Etzel Komplementär GmbH	Frankfurt am Main	EUR	indirect	100.00	3
PATRIZIA Acquisition Holding alpha GmbH	Augsburg	EUR	direct	100.00	3
PATRIZIA Acquisition Holding delta GmbH	Augsburg	EUR	direct	100.00	1;3;4
PATRIZIA Acquisition Holding epsilon GmbH	München	EUR	direct	100.00	1;3;4
PATRIZIA Acquisition Holding beta GmbH	Augsburg	EUR	direct	100.00	1;3;4
PATRIZIA Real Estate Corporate Finance und Service GmbH	Augsburg	EUR	direct	100.00	3
PATRIZIA REAL ESTATE 10 GmbH	Augsburg	EUR	indirect	100.00	3
PATRIZIA Real Estate 50 GmbH	Augsburg	EUR	indirect	100.00	3
PATRIZIA Real Estate 60 GmbH	Augsburg	EUR	indirect	100.00	3
PATRIZIA Projekt 170 GmbH	Augsburg	EUR	direct	100.00	1;3;4
PATRIZIA Projekt 180 GmbH	Augsburg	EUR	direct	100.00	1;3;4
PATRIZIA Projekt 260 GmbH	Augsburg	EUR	direct	100.00	1;3;4
PATRIZIA Alternative Investments GmbH	Augsburg	EUR	direct	100.00	1;3;4
Stella Grundvermögen GmbH	Augsburg	EUR	direct	100.00	1;3;4
Alte Haide Baugesellschaft mit beschränkter Haftung München	Augsburg	EUR	indirect	100.00	1;3;4
Wohnungsgesellschaft Olympia mbH	Augsburg	EUR	direct	100.00	3
F 40 GmbH	Augsburg	EUR	indirect	100.00	3
Projekt Wasserturm Grundstücks GmbH & Co. KG	Augsburg	EUR	indirect	45.90	3
Projekt Wasserturm Bau GmbH & Co. KG	Augsburg	EUR	indirect	51.00	3
Projekt Wasserturm Verwaltungs GmbH	Augsburg	EUR	indirect	51.00	3
PATRIZIA European Real Estate Management GmbH	Gräfelfing	EUR	indirect	100.00	3
PATRIZIA Projekt 600 GmbH	Augsburg	EUR	indirect	100.00	1;3;4
PATRIZIA Projekt 710 GmbH	Augsburg	EUR	direct	100.00	3
Carl Carry Verwaltungs GmbH	Gräfelfing	EUR	direct	100.00	3
PATRIZIA Carry GmbH & Co. KG	Gräfelfing	EUR	indirect	100.00	3
Carl A-Immo Verwaltungs GmbH	Augsburg	EUR	direct	100.00	3
Pearl AcquiCo Zwei GmbH & Co. KG	Augsburg	EUR	direct	100.00	3
Hafencity Plot 108 GmbH	Augsburg	EUR	indirect	100.00	3
PATRIZIA GrundInvest Beteiligungs GmbH & Co. KG	Augsburg	EUR	indirect	100.00	3
PATRIZIA GrundInvest Beteiligungs 2 GmbH & Co. KG	Augsburg	EUR	indirect	100.00	3
PATRIZIA German Residential Fund IV	Augsburg	EUR	direct	43.27	6;8

PATRIZIA SE 2025 | Notes to the consolidated financial statements

Name of the company	Domicile	Currency	Relation to PATRIZIA SE	Shares in equity %	Footnote
United Kingdom
PATRIZIA UK LIMITED	London	GBP	direct & indirect	100.00	3
PATRIZIA PROPERTY HOLDINGS LIMITED	London	GBP	direct & indirect	94.90	3
PATRIZIA EUROPE LIMITED	London	GBP	indirect	100.00	3
PATRIZIA PROPERTY ASSET MANAGEMENT	London	GBP	indirect	100.00	3
PATRIZIA PIM LIMITED	London	GBP	indirect	100.00	3
PATRIZIA PROPERTY INVESTMENT MANAGERS LLP	London	GBP	indirect	100.00	3
PATRIZIA P.I.M. (REGULATED) LIMITED	London	GBP	indirect	100.00	3
PATRIZIA INFRASTRUCTURE LTD	London	GBP	indirect	100.00	3
PATRIZIA PLUS GP LLP	London	GBP	indirect	100.00	3
PATRIZIA FARUM GP LLP	London	GBP	indirect	100.00	3
KINLAND UK CO-INVESTMENT GP LLP	London	GBP	indirect	100.00	3
PAT PIM 1 IRELAND DESIGNATED ACTIVITY COMPANY	Dublin	EUR	indirect	100.00	3
PAT PIM 2 IRELAND DESIGNATED ACTIVITY COMPANY	Dublin	EUR	indirect	100.00	3
PATRIZIA PANEUROPEAN GP LLP	London	GBP	indirect	100.00	3
PATRIZIA PERIPHERAL EUROPE GP LLP	London	GBP	indirect	100.00	3
PATRIZIA MONTCLAIR (SCOTLAND) LIMITED PARTNERSHIP	Edinburgh	GBP	indirect	100.00	3
PROJECT URBAN (SLP) LLP	Edinburgh	GBP	indirect	100.00	3;6
PATRIZIA EUROPEAN PROPERTY III (SCOTS) LP	Edinburgh	GBP	indirect	74.39	3
PATRIZIA TRANSEUROPEAN PROPERTY VII (SCOTS) COINVEST LLP	Edinburgh	GBP	indirect	100.00	3;6
PATRIZIA TRANSEUROPEAN PROPERTY VII (SCOTS) COINVEST LIMITED PARTNERSHIP	Edinburgh	GBP	indirect	69.92	3
TRANSEUROPEAN PROPERTIES (SLP) VII LLP	Edinburgh	GBP	indirect	100.00	3;6
TRANSEUROPEAN PROPERTY (SCOTS) VII LIMITED PARTNERSHIP	Edinburgh	GBP	indirect	76.40	3
PATRIZIA JAPAN RESIDENTIAL (SCOTS) LP	Edinburgh	GBP	indirect	100.00	3
PATRIZIA APAC INFRASTRUCTURE COMMITMENT (SCOTS) LP	Edinburgh	GBP	indirect	100.00	3
PATRIZIA GQ LIMITED	Swindon	GBP	indirect	100.00	3
Luxembourg
PATRIZIA Investment Management S.à r.l.	Luxemburg	EUR	direct	100.00	3
PATRIZIA Carry Co-Invest GP	Luxemburg	EUR	indirect	100.00	3
PATRIZIA EIF II GP S.à r.l.	Luxemburg	EUR	indirect	100.00	3;6
PATRIZIA Infrastructure Debt Partners (General Partner) S.à r.l.	Luxemburg	EUR	indirect	100.00	3;6
PATRIZIA Luxembourg S.à r.l.	Luxemburg	EUR	indirect	100.00	3
PATRIZIA RE Management HoldCo S.à r.l.	Luxemburg	EUR	indirect	100.00	3
Alliance Real Estate HoldCo S.à r.l.	Luxemburg	EUR	indirect	100.00	3
PATRIZIA Ivanhoe 10 S.à r.l.	Luxemburg	EUR	indirect	100.00	3
SFV Technology Founder I SCSp	Luxemburg	EUR	indirect	92.99	3
PATRIZIA REAL ESTATE 20 S.à r.l.	Luxemburg	EUR	indirect	100.00	3
Seneca Topco S.à r.l.	Luxemburg	EUR	indirect	100.00	3
First Street Topco 1 S.à r.l.	Luxemburg	GBP	indirect	100.00	3
TransEuropean Property (Lux) VIII Co-Invest SCSp	Luxemburg	EUR	indirect	100.00	3
TransEuropean Property (Lux) VIII Co-Invest GP S.à r.l.	Luxemburg	EUR	indirect	100.00	3
PATRIZIA TransEuropean Living Co-Invest GP S.à r.l.	Luxemburg	EUR	indirect	100.00	7
PATRIZIA TransEuropean Living Co-Invest SCSp	Luxemburg	EUR	indirect	78.73	7
Sudermann S.à r.l.	Luxemburg	EUR	indirect	100.00	3
PATRIZIA Value Add Opportunities S.A. SICAV-RAIF	Luxemburg	EUR	indirect	67.55	3
PATRIZIA VAO HoldCo S.à r.l.	Luxemburg	EUR	indirect	100.00	3
PATRIZIA VAO Deutschland 1 S.à r.l.	Luxemburg	EUR	indirect	100.00	3
PATRIZIA VAO Deutschland 2 S.à r.l.	Luxemburg	EUR	indirect	100.00	3
PATRIZIA TransEuropean Property VIII SCSp	Luxemburg	EUR	indirect	100.00	3
PATRIZIA TransEuropean Property VIII Holding S.à r.l.	Luxemburg	EUR	indirect	100.00	3

197

PATRIZIA SE 2025 | Notes to the consolidated financial statements

Name of the company	Domicile	Currency	Relation to PATRIZIA SE	Shares in equity %	Footnote
Denmark
PATRIZIA DENMARK A/S	Kopenhagen	DKK	direct	100.00	3
PATRIZIA Multi Managers Holding A/S	Kopenhagen	DKK	direct	100.00	3
PATRIZIA Global Partners A/S	Kopenhagen	DKK	indirect	100.00	3
BMK 3 ApS	Kopenhagen	DKK	indirect	100.00	2
SPF III GP ApS	Kopenhagen	DKK	indirect	100.00	2
SPF III MPC I GP ApS	Kopenhagen	DKK	indirect	100.00	2
PMM V GP ApS	Kopenhagen	DKK	indirect	100.00	2
PMM Global V Feeder GP ApS	Kopenhagen	DKK	indirect	100.00	2
ADVANTAGE Investment Partners A/S	Kopenhagen	DKK	indirect	100.00	3
Advantage Club GP ApS	Kopenhagen	DKK	indirect	100.00	2
Advantage PE 2019 A GP ApS	Kopenhagen	DKK	indirect	100.00	2
ADVANTAGE Private Equity 2020 I GP ApS	Kopenhagen	DKK	indirect	100.00	2
ICP 2020 GP ApS	Kopenhagen	DKK	indirect	100.00	2
ADVANTAGE Private Equity Holding ApS	Kopenhagen	DKK	direct	100.00	3
Advantage Club GP II ApS	Kopenhagen	DKK	indirect	100.00	2
Other countries
PATRIZIA PTY LTD	Barton	AUD	direct	100.00	3
EMIF HOLDINGS PTY LTD	Barton	AUD	indirect	100.00	3
PATRIZIA Hong Kong Limited	Hong Kong	HKD	direct	100.00	3
PATRIZIA Japan KK	Tokyo	JPY	direct	100.00	3;6
PATRIZIA CANADA INSTITUTIONAL CLIENTS & ADVISORY INC.	Toronto	CAD	direct	100.00	3
PATRIZIA Singapore Pte. Ltd.	Singapur	SGD	direct	100.00	3
PATRIZIA Property Inc.	Wilmington	USD	direct	100.00	3
PATRIZIA (Middle East) Limited	Abu Dhabi	USD	direct	100.00	2
PATRIZIA Sweden AB	Stockholm	SEK	direct	100.00	3
PATRIZIA Finland Oy	Helsinki	EUR	direct	100.00	3
PATRIZIA IRELAND LIMITED	Dublin	EUR	direct	100.00	3
PATRIZIA France SAS	Paris	EUR	direct	100.00	3
PATRIZIA Netherlands B.V.	Amsterdam	EUR	direct	100.00	10
PATRIZIA ACTIVOS INMOBILIARIOS ESPAÑA S.L.	Madrid	EUR	direct	100.00	3
PB Mallen 17 AB	Sundsvall	SEK	indirect	100.00	3
PB Glaskronan 1 AB	Sundsvall	SEK	indirect	100.00	3
PB Glaskolven 3 AB	Sundsvall	SEK	indirect	100.00	3
PB ÖM AB	Sundsvall	SEK	indirect	100.00	3
PB Säkringen 1 AB	Sundsvall	SEK	indirect	100.00	3
PB Goliath Nyköping AB	Sundsvall	SEK	indirect	100.00	3
PB Arnö AB	Sundsvall	SEK	indirect	100.00	3
PB Gumsbacken 3 AB	Sundsvall	SEK	indirect	100.00	3
PB Kopparn 14 AB	Sundsvall	SEK	indirect	100.00	3
PB Grepen 3 AB	Sundsvall	SEK	indirect	100.00	3
PB JV Holdings AB	Sundsvall	SEK	indirect	97.50	3
PB HoldCo 1 AB	Stockholm	SEK	indirect	100.00	3

PATRIZIA SE 2025 | Notes to the consolidated financial statements

Non-consolidated subsidiaries of minor importance

Name of the company	Domicile	Currency	Relation to PATRIZIA SE	Shares in equity %	Footnote
Germany
PATRIZIA GrundInvest Fonds-Treuhand GmbH	Augsburg	EUR	indirect	100.00	3
TRIUVA Angerhof und Zeil 94 Verwaltungs GmbH	Frankfurt am Main	EUR	indirect	100.00	6
PATRIZIA GrundInvest Value Add Plus GmbH & Co. KG	Augsburg	EUR	indirect	100.00	3;6
Blitz 13-309 GmbH	Augsburg	EUR	direct	100.00	3
United Kingdom
PATRIZIA GRB (GENERAL PARTNER) LIMITED	London	GBP	indirect	100.00	3
PATRIZIA PORTUGUESE PROPERTY PARTNERSHIP (GENERAL PARTNER SCOTLAND) LIMITED	Edinburgh	GBP	indirect	100.00	3
PATRIZIA PORTUGUESE PROPERTY PARTNERSHIP (GENERAL PARTNER) LIMITED	London	GBP	indirect	100.00	3
TRANSEUROPEAN PROPERTIES (SLP) IV LIMITED	Edinburgh	GBP	indirect	100.00	3
TRANSEUROPEAN PROPERTIES (GENERAL PARTNER) IV LIMITED	London	GBP	indirect	100.00	3
PATRIZIA UK VALUE SLP (SCOTLAND) LIMITED	Edinburgh	GBP	indirect	100.00	3
PATRIZIA TRANSEUROPEAN PROPERTIES (GENERAL PARTNER) V LIMITED	London	GBP	indirect	100.00	3
TRANSEUROPEAN PROPERTIES (SLP) V LIMITED	Edinburgh	GBP	indirect	100.00	3
PATRIZIA SINGLE EUROPE (GENERAL PARTNER) LIMITED	London	GBP	indirect	100.00	3
ROCKSPRING SINGLE CLIENT FUND (GENERAL PARTNER) LIMITED	London	GBP	indirect	100.00	3
PATRIZIA UK VALUE SLP (SCOTLAND) L.P.	Edinburgh	GBP	indirect	100.00	3
PATRIZIA MONTCLAIR SLP (GP) LLP	Edinburgh	GBP	indirect	100.00	3;6
PATRIZIA SINGLE CLIENT II SLP (GENERAL PARTNER) LLP	Edinburgh	GBP	indirect	100.00	3
TRANSEUROPEAN PROPERTIES (SLP) VI LLP	Edinburgh	GBP	indirect	100.00	3
PATRIZIA TRANSEUROPEAN PROPERTIES (GENERAL PARTNER) VI LLP	London	GBP	indirect	100.00	3
PATRIZIA PERIPHERAL EUROPE SLP (GENERAL PARTNER) LLP	Edinburgh	GBP	indirect	100.00	3
PATRIZIA UK VALUE 2 SLP (GENERAL PARTNER) LLP	Edinburgh	GBP	indirect	100.00	3
PATRIZIA UK VALUE 2 (GENERAL PARTNER) LLP	London	GBP	indirect	100.00	3
PATRIZIA GRB (GP2) LLP	London	GBP	indirect	100.00	3
PATRIZIA SINGLE EUROPE (GP2) LLP	London	GBP	indirect	100.00	3
PATRIZIA TRANSEUROPEAN PROPERTIES (GP2) V LLP	London	GBP	indirect	100.00	3
PATRIZIA SINGLE CLIENT (GP2) LLP	London	GBP	indirect	100.00	3
PATRIZIA RIMBAUD SLP (GP) LLP	Edinburgh	GBP	indirect	100.00	3
PATRIZIA SPREE (GP) LIMITED	London	GBP	indirect	100.00	3
TRANSEUROPEAN PROPERTIES (GP2) IV LLP	London	GBP	indirect	100.00	3
PATRIZIA SINGLE CLIENT III SLP (GENERAL PARTNER) LLP	Edinburgh	GBP	indirect	100.00	3;6
PATRIZIA APAC INFRASTRUCTURE COMMITMENT (GENERAL PARTNER) LLP	Edinburgh	GBP	indirect	100.00	3
PATRIZIA Everest GP LLP	London	GBP	indirect	100.00	2

PATRIZIA SE 2025 | Notes to the consolidated financial statements

Name of the company	Domicile	Currency	Relation to PATRIZIA SE	Shares in equity %	Footnote
Other countries
Water Infrastructure Australia Pty Ltd	Barton	AUD	indirect	100.00	3
PATRIZIA HANOVER REAL ESTATE INVESTMENT MANAGEMENT LIMITED	St Helier	GBP	indirect	100.00	2
Patrizia Single Client III (General Partner) S.à r.l.	Luxemburg	EUR	indirect	100.00	3
Project Urban Feeder GP S.à r.l.	Luxemburg	GBP	indirect	100.00	3
PATRIZIA EIF III Carry and Co-invest SCSp	Luxemburg	EUR	indirect	100.00	7
Carl Offshore Limited	St Peter Port	GBP	direct	100.00	3
Carl Two Offshore Limited	St Peter Port	GBP	direct	100.00	3
PATRIZIA Transeuropean Properties (General Partner) VII S.à r.l.	Luxemburg	EUR	indirect	100.00	3
PO-SH Europe Residential Investment GP S.à r.l.	Luxemburg	EUR	indirect	100.00	3
Advantage PE V K/S	Copenhagen	USD	indirect	100.00	3
NIC DIF VIII K/S	Copenhagen	EUR	indirect	100.00	3
PATRIZIA Sustainable Communities II SCSp	Luxembourg	EUR	indirect	99.00	7

Associated companies accounted for using the equity method

Name of the company	Domicile	Currency	Relation to PATRIZIA SE	Shares in equity %	Footnote
PATRIZIA WohnModul I SICAV-FIS	Luxemburg	EUR	direct	10.10	3
ASK PATRIZIA (GQ) LLP	Manchester	GBP	indirect	50.00	2
Evana AG	Saarbrücken	EUR	indirect	24.62	3
Cognotekt GmbH	Köln	EUR	indirect	35.67	3
PATRIZIA MBK FUND MANAGEMENT PTY LTD	Sydney	USD	indirect	50.00	3
Sustainable Future Ventures Limited	London	GBP	indirect	50.00	3

PATRIZIA SE 2025 | Notes to the consolidated financial statements

Other investments

Name of the company	Domicile	Currency	Relation to PATRIZIA SE	Shares in equity %	Equity in currency (in k)	Net result in currency (in k)	Footnote
Germany
Carl HR GmbH & Co. KG	München	EUR	direct	3.61	1	0	3
Berliner Volksbank eG	Berlin	EUR	direct	0.00	1,205,676	36,915	3
PATRIZIA Projekt 430 GmbH	Augsburg	EUR	direct	5.10	-4,259	-16	3
PATRIZIA Projekt 440 S.à r.l.	Augsburg	EUR	direct	5.10	-1,944	-89	3
PATROffice Real Estate GmbH & Co. KG	Gräfelfing	EUR	indirect	6.25	10,628	-55	3
PATRIZIA GrundInvest Campus Aachen GmbH & Co. geschlossene Investment-KG	Augsburg	EUR	indirect	0.08	36,402	1,669	3
PATRIZIA GrundInvest Stuttgart Südtor GmbH & Co. geschlossene Investment-KG	Augsburg	EUR	indirect	0.04	72,460	2,401	3
PATRIZIA GrundInvest Kopenhagen Südhafen GmbH & Co. geschlossene Investment-KG	Augsburg	EUR	indirect	0.10	44,297	1,269	3
PATRIZIA GrundInvest München Leopoldstraße GmbH & Co. geschlossene Investment-KG	Augsburg	EUR	indirect	0.29	47,786	-1,580	3
PATRIZIA GrundInvest Mainz Rheinufer GmbH & Co. geschlossene Investment-KG	Augsburg	EUR	indirect	0.06	91,537	1,809	3
Projekt Feuerbachstraße Verwaltung GmbH	Frankfurt am Main	EUR	indirect	30.00	32	0	10
Dawonia Real Estate GmbH & Co. KG	Grünwald	EUR	indirect	0.10	1,182,728	73,143	3
Dawonia GmbH	Grünwald	EUR	indirect	5.10	441,077	0	3
PATRIZIA GrundInvest Garmisch-Partenkirchen GmbH & Co. geschlossene Investment-KG	Augsburg	EUR	indirect	0.29	15,921	640	3
PATRIZIA GrundInvest Dresden GmbH & Co. geschlossene Investment-KG	Augsburg	EUR	indirect	0.07	29,140	-1,623	3
PATRIZIA GrundInvest Die Stadtmitte Hofheim am Taunus GmbH & Co. geschlossene Investment-KG	Augsburg	EUR	indirect	0.07	22,335	-1	3
TRIUVA Garbe Logistik Europa	Frankfurt am Main	EUR	indirect	0.26	219,710	2,849	3;6;8
PATRIZIA GrundInvest Frankfurt Smart Living GmbH & Co. geschlossene Investment-KG	Augsburg	EUR	indirect	0.16	19,369	-213	3
PATRIZIA GrundInvest Objekt Mainz Rheinufer GmbH & Co. KG	Augsburg	EUR	indirect	5.10	43,452	2,799	3
PATRIZIA GrundInvest Objekt Dresden GmbH & Co. KG	Augsburg	EUR	indirect	5.10	21,919	-224	3
PATRIZIA GrundInvest Objekt Hofheim GmbH & Co. KG	Augsburg	EUR	indirect	5.10	19,330	277	3
PATRIZIA GrundInvest Objekt Berlin GmbH & Co. KG	Augsburg	EUR	indirect	5.10	48,293	1,401	3
PATRIZIA GrundInvest Berlin Landsberger Allee GmbH & Co. geschlossene Investment-KG	Augsburg	EUR	indirect	0.09	64,212	-4,704	3
PATRIZIA GrundInvest Die Stadtmitte Mülheim GmbH & Co. geschlossene Investment-KG	Augsburg	EUR	indirect	0.05	34,524	-3,413	3
PATRIZIA GrundInvest Objekt Mülheim Die Stadtmitte GmbH & Co. KG	Augsburg	EUR	indirect	5.10	26,221	762	3
PATRIZIA GrundInvest Europa Wohnen Plus GmbH & Co. geschlossene Investment-KG	Augsburg	EUR	indirect	0.46	37,941	-1,166	3

PATRIZIA SE 2025 | Notes to the consolidated financial statements

Name of the company	Domicile	Currency	Relation to PATRIZIA SE	Shares in equity %	Equity in currency (in k)	Net result in currency (in k)	Footnote
PATRIZIA GrundInvest Hamburg Schloßstraße GmbH & Co. geschlossene Investment-KG	Augsburg	EUR	indirect	0.14	15,362	-25	3
Carl A-Immo GmbH & Co. KG	München	EUR	direct	12.50	0	0	2
PATRIZIA GrundInvest Objekt Hamburg Schloßstraße GmbH & Co. KG	Augsburg	EUR	indirect	5.10	10,170	242	3
PATRIZIA GrundInvest Objekte Augsburg Nürnberg GmbH & Co. KG	Augsburg	EUR	indirect	10.10	36,768	-917	3
PATRIZIA GrundInvest Helsinki GmbH & Co. geschlossene Investment-KG	Augsburg	EUR	indirect	0.08	34,348	-7,508	3
STORAG Etzel GmbH & Co. geschl. InvKG	Frankfurt am Main	EUR	indirect	0.00	249,447	151	3;6
PATRIZIA GrundInvest Augsburg Nürnberg GmbH & Co. geschlossene Investment-KG	Augsburg	EUR	indirect	0.06	37,701	-4,792	3
PATRIZIA GrundInvest Erfurt Stadtmitte GmbH & Co. geschlossene Investment-KG	Augsburg	EUR	indirect	0.09	19,136	1,213	3
PATRIZIA GrundInvest Objekt Erfurt GmbH & Co. KG	Augsburg	EUR	indirect	10.10	17,402	231	3
PATRIZIA GrundInvest Heidelberg Bahnstadt GmbH & Co. geschlossene Investment-KG	Augsburg	EUR	indirect	0.04	41,167	-3,369	3
PATRIZIA GrundInvest Objekt Heidelberg GmbH & Co. KG	Augsburg	EUR	indirect	10.10	37,340	-199	3
United Kingdom
PATRIZIA EUROPEAN PROPERTY II (SCOTS) LP	Edinburgh	GBP	indirect	15.35	1,406	803	3
TRANSEUROPEAN PROPERTY (SCOTS) VI LIMITED PARTNERSHIP	Edinburgh	GBP	indirect	5.61	0	0	3
PATRIZIA PERIPHERAL EUROPE (SCOTLAND) LIMITED PARTNERSHIP	Edinburgh	GBP	indirect	16.00	0	0	3
PATRIZIA UK VALUE 2 (SCOTLAND) LIMITED PARTNERSHIP	Edinburgh	GBP	indirect	32.20	0	0	3
PATRIZIA RIMBAUD (SCOTLAND) LIMITED PARTNERSHIP	Edinburgh	GBP	indirect	24.82	139	-9	3
TRANSEUROPEAN PROPERTY (SCOTS) V LIMITED PARTNERSHIP	Edinburgh	GBP	indirect	5.06	1,937	-4	3
FIRST STREET DEVELOPMENT LIMITED	Manchester	GBP	indirect	10.00	10,121	3,604	3
PATRIZIA PANEUROPEAN PROPERTY LIMITED PARTNERSHIP	London	EUR	indirect	0.06	492,428	-18,676	3
PATRIZIA TRANSEUROPEAN PROPERTY V LIMITED PARTNERSHIP	London	EUR	indirect	0.64	2,701	-215	3
PATRIZIA UK VALUE 2 LIMITED PARTNERSHIP	London	GBP	indirect	0.65	4,386	3,047	3;6
PATRIZIA TRANSEUROPEAN PROPERTY VI LIMITED PARTNERSHIP	London	EUR	indirect	0.99	208,830	-37,703	3
CHARLIE BERLIN LP	London	EUR	indirect	0.99	1,150	-126	3
ROCKSPRING PERIPHERAL EUROPE LIMITED PARTNERSHIP	London	EUR	indirect	0.16	616	-35	3
HBOS FSPS EUROPEAN PROPERTY LIMITED PARTNERSHIP	London	EUR	indirect	0.00	303,444	4,321	3
NPS REAL ESTATE PROJECTS LIMITED PARTNERSHIP	London	GBP	indirect	0.00	127,957	-11,453	3
PI LABS III LP	London	GBP	indirect	2.92	46,243	2,785	3;6
PATRIZIA SPITFIRE CARRY LLP	London	GBP	indirect	11.10	124	132	3
SCIF Investor Vehicle LLP	London	EUR	indirect	1.00	617,396	23,209	3
PROJECT URBAN (SCOTS) LIMITED PARTNERSHIP	Edinburgh	GBP	indirect	4.76	-1,227	-214	3

202

PATRIZIA SE 2025 | Notes to the consolidated financial statements

Name of the company	Domicile	Currency	Relation to PATRIZIA SE	Shares in equity %	Equity in currency (in k)	Net result in currency (in k)	Footnote
Luxembourg
PATRIZIA Lux TopCo S.à r.l. en liquidation volontaire	Luxemburg	EUR	indirect	10.00	523	0	3
Carl Lux SCS	Luxemburg	EUR	direct	0.01	-6	0	3
Opportunitäten Europa 1 S.à r.l.	Luxemburg	EUR	indirect	5.10	39	-6	3
Opportunitäten Europa 2 S.à r.l.	Luxemburg	EUR	indirect	5.10	810	-27	3
Opportunitäten Europa 3 S.à r.l.	Luxemburg	EUR	indirect	5.10	802	193	3
Opportunitäten Europa 4 S.à r.l.	Luxemburg	EUR	indirect	5.10	211	121	3
Opportunitäten Europa 5 S.à r.l.	Luxemburg	EUR	indirect	5.10	-612	76	3
Opportunitäten Europa 6 S.à r.l.	Luxemburg	EUR	indirect	5.10	121	-158	3
Opportunitäten Europa 7 S.à r.l.	Luxemburg	EUR	indirect	5.10	-2,902	-2,158	3
Opportunitäten Europa 8 S.à r.l.	Luxemburg	EUR	indirect	5.10	1,070	91	3
Opportunitäten Europa 9 S.à r.l.	Luxemburg	EUR	indirect	5.10	-3,791	-352	3
Opportunitäten Europa 10 S.à r.l.	Luxemburg	EUR	indirect	5.10	-3,154	-53	3
Opportunitäten Europa 11 S.à r.l.	Luxemburg	EUR	indirect	5.10	-1,432	-24	3
Seneca Holdco SCS	Luxemburg	EUR	indirect	5.10	42,241	2,670	3
OSCAR Lux Carry SCS	Luxemburg	EUR	indirect	0.10	1,707	1,202	3
PATRIZIA TransEuropean Property VII SCSp-RAIF	Luxemburg	EUR	indirect	1.00	503,173	-19,396	3
Augusta Wohnen S.à r.l.	Luxemburg	EUR	indirect	2.00	-59	-1,419	3;6
PATRIZIA Europe Residential Plus	Luxemburg	EUR	indirect	0.04	240,863	-822	3
PATRIZIA EuroLog Fund SCSp	Luxemburg	EUR	indirect	0.00	545,690	-20,104	3
PATRIZIA PanEuropean Property SCS	Luxemburg	EUR	indirect	0.12	116,413	-2,040	3
NPS EUROPEAN PROPERTY III SCSP, SICAV-RAIF	Luxemburg	EUR	indirect	0.99	-34,637	4,012	3
PATRIZIA Sustainable Communities I SCSp-RAIF	Luxemburg	EUR	indirect	0.97	64,689	44,106	3
PATRIZIA EIF II Team Commitment Partner	Luxemburg	EUR	indirect	35.84	5,730	622	3
PATRIZIA Infrastructure Debt Partners I SCSp	Luxemburg	EUR	indirect	0.00	97,300	-1,986	3;6
PATRIZIA EIF II Carried Interest Partner	Luxemburg	EUR	indirect	36.05	1	0	3
PATRIZIA SCIF Carried Interest Partner	Luxemburg	EUR	indirect	42.00	0	0	3
SFV Technology Fund I SCSp	Luxemburg	EUR	indirect	17.80	21,164	-2,307	3
PATRIZIA European Infrastructure Fund III SCSp	Luxemburg	EUR	indirect	58.29	145,148	4,979	3
PATRIZIA Infrastructure Invest GP S.à r.l.	Luxemburg	EUR	indirect	0.01	12	0	7
PATRIZIA Infrastructure Invest SCA	Luxemburg	EUR	indirect	32.02	7.112	-150	2
OSCAR Germany SCS, SICAF-RAIF	Luxemburg	EUR	direct	1.05	2.643.878	-20.793	3
Other countries
MERRION S.A.	Brüssel	EUR	indirect	0.00	1,189	-352	3
Opportunitaeten Europa 12 Limited	Dublin	EUR	indirect	5.10	-6,953	-77	3
WS HOLDCO, PBC	Wilmington	USD	indirect	2.17	11,021	-825	3
Real Tech Ventures I ILP	Sydney	AUD	indirect	3.39	134,430	-4,345	3;6
Camber Creek Fund III, LP	Wilmington	USD	indirect	1.99	239,746	-1,263	3
PATRIZIA JAPAN RESIDENTIAL LP	Singapur	GBP	indirect	1.93	4,471	217	3;6
Advantage PE 2021 A K/S	Kopenhagen	USD	indirect	5.85	21,416	1,831	3
APAC Sustainable Infrastructure Fund Pte. Ltd.	Singapore	USD	indirect	22.93	81,026	-5,315	3;6
CSIM Aligned GP LLC	Dänemark	USD	indirect	14.05	388	0	2

1 As a result of the existing control and profit transfer agreements. The results are adopted by PATRIZIA / 2 Provisional financial statements / 3 Previous financial statements figures / 4 Use of Section § 264 Abs. 3 HGB resp. § 264b HGB / 5 General Partner as per § 285 Nr.11a HGB / 6 Deviating financial year / 7 Opening balance amounts / 8 Special fund according to Capital Investment Code / 9 As a result of the existing control and profit transfer agreements. The results are adopted by PATRIZIA Projekt 710 GmbH / 10 Annual accounts 2023 / 11 Control due to potential voting rights / 12 In liquidation

203

PATRIZIA SE 2025 | Notes to the consolidated financial statements

Responsibility statement by the Executive Directors

of PATRIZIA SE (Group)

To the best of our knowledge and in accordance with the applicable reporting principles the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group and the combined management report for the Company and the Group includes a fair review of the development and performance of the business and the position of the Group together with a description of the principal opportunities and risks associated with the expected development of the Group.

Augsburg, 24 March 2026

The Executive Directors

Dr Asoka Wöhrmann CEO

Martin Praum CFO

James Muir Head of Investment Division

Dr Konrad Finkenzeller Head of Client Division

Wolfgang Egger Founder

204

PATRIZIA SE 2025 | Independent Auditor's Report

Independent Auditor’s Report

To PATRIZIA SE, Augsburg

REPORT ON THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS AND OF THE COMBINED MANAGEMENT REPORT

AUDIT OPINIONS

We have audited the consolidated financial statements of PATRIZIA SE, Augsburg, and its subsidiaries (the group), which comprise the consolidated statement of financial position as at 31 December 2025, the consolidated statement of profit or loss, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and consolidated statement of cash flows for the financial year from 1 January 2025 to 31 December 2025, and notes to the consolidated financial statements, including material accounting policy information.

In addition, we have audited the combined management report (report on the position of the company and of the group) of PATRIZIA SE for the financial year from 1 January 2025 to 31 December 2025. In accordance with the German legal requirements, we have not audited the content of those parts of the combined management report listed in section "OTHER INFORMATION".

In our opinion, on the basis of the knowledge obtained in the audit,

the accompanying consolidated financial statements comply, in all material respects, with the IFRS Accounting Standards issued by the International Accounting Standards Board (IASB) (hereafter "IFRS Accounting Standards") as adopted by the EU, and the additional requirements of German commercial law pursuant to § 315e (1) HGB [Handelsgesetzbuch: German Commercial Code] and, in compliance with these requirements, give a true and fair view of the assets, liabilities and financial position of the group as at 31 December 2025, and of its financial performance for the financial year from 1 January 2025 to 31 December 2025, and
the accompanying combined management report as a whole provides an appropriate view of the group's position. In all material respects, this combined management report is consistent with the consolidated financial statements, complies with German legal requirements and appropriately presents the opportunities and risks of future development. Our opinion on the combined management report does not cover the content of those parts of the combined management report listed in section "OTHER INFORMATION". Pursuant to § 322 (3) sentence 1 HGB (German Commercial Code), we declare that our audit has not led to any reservations relating to the legal compliance of the consolidated financial statements and of the combined management report.

BASIS FOR THE AUDIT OPINIONS

We conducted our audit of the consolidated financial statements and of combined management report in accordance with § 317 HGB and the EU Audit Regulation (No. 537/2014, referred to subsequently as "EU Audit Regulation") and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). Our responsibilities under those requirements and principles are further described in the "AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS AND OF THE COMBINED MANAGEMENT REPORT" section of our auditor's report. We are independent of the group entities in accordance with the requirements of European law and German commercial and professional law, and we have fulfilled our other German professional responsibilities in accordance with these requirements.

In addition, in accordance with Article 10 (2) letter (f) of the EU Audit Regulation, we declare that we have not provided non-audit services prohibited under Article 5 (1) of the EU Audit Regulation.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions on the consolidated financial statements and on the combined management report.

Key audit matters are those matters that, in our professional judgment, were of most signifi-cance in our audit of the consolidated financial statements for the financial year from 1 January 2025 to 31 December 2025. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our audit opinion thereon; we do not provide a separate audit opinion on these matters.

We have identified the following matters as key audit matters to be disclosed in our auditor's report: Valuation of the participations at fair valueRecoverability of goodwill

Valuation of the participations at fair value

Matter

PATRIZIA SE's consolidated financial statements include participations totaling EURk 688,984 (previous year EURk 657,718), which corresponds to 40.5% of the consolidated balance sheet total or 59.4% of consolidated equity. Investments are measured at fair value in accordance with IFRS 9, with changes in value recognized in other comprehensive income (FVTOCI). PATRIZIA SE uses a valuation model for the valuation of these investments, which is essentially based on the net asset values (NAV) or, if known, expected sales prices of the investees and which takes into account the relevant share of PATRIZIA SE from its investment. The NAV of the investees is largely determined by the market values of the real estate held by them, for which external valuation reports are generally available. The assessment of the Executive Directors with regard to the valuation of the investments is subject to uncertainties, and incorrect valuations would have a significant impact on other comprehensive income and thus on the overall result for the respective reporting period and the equity ratio. Against this background, we have classified the fair value measurement of the investments as a key audit matter. The information provided by the Executive Directors on the valuation of the investments is included in section 4.1.2 of the notes to the consolidated financial statements.

Auditor's Response

As part of our audit of the participations, we first reviewed the valuation model and the methodical approach used by PATRIZIA SE to value the participations. Based on this, we examined the net assets, financial position and results of operations of the respective investee in more detail for selected material investees and, in particular, evaluated the annual audit reports, valuation reports and other documents and information relating to these investees. With regard to the NAVs, we first examined whether they were determined in a methodologically appropriate manner and on the basis of suitable data. By interviewing the legal representatives or third parties appointed by them, we satisfied ourselves of the appropriateness of the main underlying assumptions. In addition, we performed reconciliations with general and sector-specific market expectations. With regard to the share of the NAV of the investees allocated to PATRIZIA SE as part of the valuation model, we verified on the basis of the contractual documents that this allocation corresponds to the contractual provisions on the distribution of earnings and assets for the respective investees. Due to the above-mentioned possible material significance and the fact that the valuation of the investments also depends on general conditions and external effects that are beyond the control of PATRIZIA SE, we also examined the sensitivity analyses performed by the Executive Directors on the basis of a critical appraisal of the methodology and parameters in order to be able to estimate possible risks of changes in value in the event of a change in key input factors.

Recoverability of goodwill

Matter

The consolidated financial statements of PATRIZIA SE include goodwill of EURk 260,232 (previous year EURk 265,879), which accounts for 15.3% of the consolidated balance sheet total and 22.4% of consolidated equity. Goodwill was allocated to cash-generating units or groups of cash-generating units. The change is not attributable to an impairment and is entirely due to changes in exchange rates.

Cash-generating units or groups of cash-generating units with goodwill are tested for impairment by the Company at least once a year and additionally if there are indications of impairment (impairment test) at least once a year. The valuation is performed using a valuation model based on the discounted cash flow method. The valuation is based on the present values of future cash flows, which are based on the five-year budget planning (detailed planning period) valid at the time the impairment tests are carried out. This detailed planning period is then extrapolated on the basis of long-term growth rates. The discounting is based on the weighted average cost of capital (WACC). If the carrying amount of a cash-generating unit or group of cash-generating units exceeds the recoverable amount, an impairment loss is recognized for the difference.

PATRIZIA SE 2025 | Independent Auditor's Report

The assessment of the recoverability of goodwill is complex and requires numerous estimates and judgments by the legal representatives, particularly with regard to the amount of future cash surpluses, the growth rate for forecasting cash flows beyond the detailed planning period and the discount rate to be used. Due to the significance of the goodwill for the consolidated financial statements of PATRIZIA SE in terms of amount and the considerable uncertainties associated with the measurement, this is a particularly important audit matter.

PATRIZIA SE's disclosures on goodwill are included in chapter 4.2 of the notes to the consolidated financial statements.

Auditor's Response

As part of our audit, we assessed the appropriateness of the key assumptions and parameters used and the method of calculating the impairment tests, with the involvement of our valuation specialists.

In particular, we verified the methodological approach used to perform the impairment tests. We assessed whether the valuation model used appropriately reflects the conceptual requirements of the relevant standards, whether the necessary input data were fully and appropriately determined and adopted, and whether the calculations in the model were correct.

In addition, we obtained an understanding of the planning system and the planning process, as well as of the significant assumptions made by the legal representatives in the planning, through inquiries, walk-throughs and inspections of related documents. We reconciled the forecast of future cash surpluses in the detailed planning period with the multi-year budget planning approved by the Board of Directors and satisfied ourselves of the Company's adherence to planning based on an analysis of deviations from plan in the past and in the current financial year. We verified the assumptions underlying the planning and the growth rates assumed in forecasting the cash flows beyond the detailed planning period by comparing them with past developments and current industry-specific market expectations. In addition, we critically examined the discount rates used on the basis of the average cost of capital of a peer group. As a significant portion of the value in use results from forecasted cash inflows for the period after the detailed planning period (terminal value phase), we critically assessed in particular the sustainable growth rate used for the terminal value phase based on general and industry-specific market expectations. Due to the potential material significance and the fact that the measurement of goodwill also depends on economic conditions that are beyond the Group's control, our audit also included the sensitivity analyses performed by PATRIZIA SE. With regard to the effects of possible changes in the cost of capital and the assumed growth rates, we also performed our own sensitivity analyses.

207

PATRIZIA SE 2025 | Independent Auditor's Report

OTHER INFORMATION

The Executive Directors or the Board of Directors are responsible for the other information. The other information comprises:

the group non-financial statement provided in section 4 "Group non-financial statement" of the combined management report
the separately published corporate governance statement referred to in section 6.2 "Combined Corporate Governance Statement - disclosures pursuant to section 289f HGB and section 315d HGB" of the combined management report
the separately published remuneration report according to § 162 AktG, to which reference is made in section 6.2 of the combined management report
the other parts of the annual report, except for the audited consolidated financial statements and combined management report as well as our auditor's report

Our audit opinions on the consolidated financial statements and on the combined management report do not cover the other information, and consequently we do not express an opinion or any other form of assurance conclusion thereon.

In connection with our audit, our responsibility is to read the other information and thereby acknowledge whether the other information

is materially inconsistent with the consolidated financial statements, with the combined management report, or our knowledge obtained in the audit or
otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

RESPONSIBILITIES OF THE EXECUTIVE DIRECTORS AND THE BOARD OF DIRECTORS FOR THE CONSOLIDATED FINANCIAL STATEMENTS AND THE MANAGEMENT REPORT

The Executive Directors are responsible for the preparation of the consolidated financial statements that comply, in all material respects, with the IFRS Accounting Standards as adopted by the EU and the additional requirements of German commercial law pursuant to § 315e (1) HGB and that the consolidated financial statements, in compliance with these requirements, give a true and fair view of the assets, liabilities, financial position and financial performance of the group. In addition, the Executive Directors are responsible for such internal control as they have determined necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud (i. e. fraudulent financial reporting and misappropriation of assets) or error.

In preparing the consolidated financial statements, the Executive Directors are responsible for assessing the group's ability to continue as a going concern. They also have the responsibility for disclosing, as applicable, matters related to going concern. In addition, they are responsible for financial reporting based on the going concern basis of accounting unless there is an intention to liquidate the group or to cease operations, or there is no realistic alternative but to do so.

Furthermore, the Executive Directors are responsible for the preparation of the combined management report that, as a whole, provides an appropriate view of the group's position and is, in all material respects, consistent with the consolidated financial statements, complies with German legal requirements, and appropriately presents the opportunities and risks of future development. In addition, the Executive Directors are responsible for such arrangements and measures (systems) as they have considered necessary to enable the preparation of a combined management report that is in accordance with the applicable German legal requirements, and to be able to provide sufficient appropriate evidence for the assertions in the combined management report.

The Board of Directors is responsible for overseeing the group's financial reporting process for the preparation of the consolidated financial statements and of the combined management report.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS AND OF THE COMBINED MANAGEMENT REPORT

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and whether the combined management report as a whole provides an appropriate view of the group's position and, in all material respects, is consistent with the consolidated financial statements and the knowledge obtained in the audit, complies with the German legal requirements and appropriately presents the opportunities and risks of future development, as well as to issue an auditor's report that includes our opinions on the consolidated financial statements and on the combined management report.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with § 317 HGB and the EU Audit Regulation and in compliance with German Generally Accepted Standards for Financial Statement

208

PATRIZIA SE 2025 | Independent Auditor's Report

Audits promulgated by the Institut der Wirtschaftsprüfer (IDW) will always detect a material misstatement. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements and this combined management report.

We exercise professional judgment and maintain professional skepticism throughout the audit. We also

identify and assess the risks of material misstatement of the consolidated financial statements and of the combined management report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our audit opinions. The risk of not detecting a material misstatement resulting from fraud is higher than the risk of not detecting a material misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.
obtain an understanding of internal control relevant to the audit of the consolidated financial statements and of arrangements and measures relevant to the audit of the combined management report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an audit opinion on the effectiveness the internal controls or these arrangements and measures.
evaluate the appropriateness of accounting policies used by the Executive Directors and the reasonableness of estimates made by the Executive Directors and related disclosures.
conclude on the appropriateness of the Executive Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in the auditor's report to the related disclosures in the consolidated financial statements and in the combined management report or, if such disclosures are inadequate, to modify our respective audit opinions. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the group to cease to be able to continue as a going concern.
evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements present the underlying transactions and events in a manner that the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and financial performance of the group in compliance with the IFRS Accounting Standards, as adopted by the EU, and the additional requirements of German commercial law pursuant to § 315e (1) HGB.
plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming the audit opinions on the consolidated financial statements and on the combined management report. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinions.
evaluate the consistency of the combined management report with the consolidated financial statements, its conformity with [German] law, and the view of the group's position it provides.
perform audit procedures on the prospective information presented by the Executive Directors in the combined management report. On the basis of sufficient appropriate audit evidence we evaluate, in particular, the significant assumptions used by the Executive Directors as a basis for the prospective information, and evaluate the proper derivation of the prospective information from these assumptions. We do not express a separate opinion on the prospective information and on the assumptions used as a basis. There is a substantial unavoidable risk that future events will differ materially from the prospective information.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal controls that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with the relevant independence requirements and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and, where applicable, the actions taken or safeguards applied to eliminate independence threats.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter.

209

PATRIZIA SE 2025 | Independent Auditor's Report

OTHER LEGAL AND REGULATORY REQUIREMENTS

REPORT ON THE ASSURANCE ON THE ELECTRONIC RENDERING OF THE CONSOLIDATED FINANCIAL STATEMENTS AND THE COMBINED MANAGEMENT REPORT, PREPARED FOR PUBLICATION PURPOSES IN ACCORDANCE WITH § 317 (3A) HGB

Assurance Opinion

We have performed assurance work in accordance with section 317 (3a) HGB to obtain reasonable assurance as to whether the rendering of the consolidated financial statements and the combined management report (hereinafter also referred to as “ESEF documents”) prepared for the purposes of publication and contained in the file “PATRIZIA_SE_KA_2025.xbri”, comply in all material respects with the requirements of section 328 (1) HGB for the electronic reporting format (“ESEF format”). In accordance with German legal requirements, this review is limited to the conversion of the information contained in the annual financial statements and the combined management report into the ESEF format and therefore does not cover either the information contained in these presentations or any other information contained in the aforementioned file. In our opinion, the representations of the consolidated financial statements and the combined management report contained in the aforementioned file and prepared for disclosure purposes comply in all material respects with the requirements of Section 328(1) of the German Commercial Code (HGB) regarding the electronic reporting format. Regarding this audit opinion as well as our audit opinions contained in the preceding “REPORT ON THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS AND THE SUMMARIZED MANAGEMENT REPORT” on the attached annual financial statements and the attached summarized management report for the fiscal year from 1 January 2025 to 31 December 2025.

Furthermore, we do not express any opinion regarding the information contained in these reproductions or the other information contained in the aforementioned file.

Basis for the Assurance Opinion

We have conducted our audit of the consolidated financial statements and the combined management report contained in the file referred to above in accordance with Section 317(3a) of the German Commercial Code (HGB), in compliance with IDW Auditing Standard: Audit of Electronic Representations of Financial Statements and Management Reports Prepared for Disclosure Purposes Pursuant to Section 317 (3a) of the German Commercial Code (HGB) (IDW PS 410 (06.2022)). Our responsibilities in this regard are described in more detail in the section “Auditor’s Responsibility for the Audit of ESEF Documents.” Our audit firm has applied the requirements of the quality assurance system set forth in the IDW Quality Management Standard: Requirements for Quality Management in Audit Firms (IDW QMS 1 (09.2022)).

Responsibilities of the Executive Directors and the Board of Directors for the ESEF Documents

The Executive Directors of the company are responsible for the preparation of the ESEF documents with the electronic renderings of the consolidated financial statements and the combined management report in accordance with § 328 (1) sentence 4 No. 1 HGB and for the presentation of the consolidated financial statements in accordance with § 328 (1), sentence 4, No. 2 of the German Commercial Code (HGB).

In addition, the Executive Directors of the company are responsible for such internal controls that they have considered necessary to enable the preparation of ESEF documents that are free from material intentional or unintentional non-compliance with the requirements of § 328 (1) HGB for the electronic reporting format.

The Board of Directors is responsible for overseeing the process for preparing the ESEF documents as part of the financial reporting process.

PATRIZIA SE 2025 | Independent Auditor's Report

Auditor’s Responsibilities of the consolidated financial statements for the Assurance Work on the ESEF documents

Our objective is to obtain reasonable assurance about whether the ESEF documents are free from material intentional or unintentional non-compliance with the requirements of § 328 (1) HGB. During the audit, we exercise professional judgment and maintain professional scepticism throughout the assurance work. We also

identify and assess the risks of material intentional or unintentional non-compliance with the requirements of § 328 (1) HGB, design and perform assurance procedures responsive to those risks, and obtain assurance evidence that is sufficient and appropriate to provide a basis for our assurance opinion.
obtain an understanding of internal control relevant to the assurance on the ESEF documents in order to design assurance procedures that are appropriate in the circumstances, but not for the purpose of expressing an assurance opinion on the effectiveness of these controls.
evaluate the technical validity of the ESEF documents, i. e. whether the file containing the ESEF documents meets the requirements of the Delegated Regulation (EU) 2019/815, in the version in force at the date of the financial statements, on the technical specification for this electronic file.
evaluate whether the ESEF documents provide an XHTML rendering with content equivalent to the audited consolidated financial statements and to the audited combined management report.
evaluate whether the tagging of the ESEF documents with Inline XBRL technology (iXBRL) in accordance with the requirements of Articles 4 and 6 of the Delegated Regulation (EU) 2019/815, in the version in force at the date of the financial statements, enables an appropriate and complete machine-readable XBRL copy of the XHTML rendering.

FURTHER INFORMATION PURSUANT TO ARTICLE 10 OF THE EU AUDIT REGULATION

We were elected as group auditor by the annual general meeting on 4 June 2025. We were engaged by the Board of Directors on 17 November 2025. We have been the group auditor of the PATRIZIA SE for the first time since the financial year 2022.

We declare that the audit opinions expressed in this auditor’s report are consistent with the additional report to the Audit Committee pursuant to Article 11 of the EU Audit Regulation (long-form audit report).

OTHER MATTER — USE OF THE AUDITOR’S REPORT

Our auditor’s report must always be read together with the audited consolidated financial statements and the audited combined management report as well as the assured ESEF documents. The consolidated financial statements and the combined management report converted to the ESEF format — including the versions to be published in the German Federal Gazette — are merely electronic renderings of the audited consolidated financial statements and the audited combined management report and do not take their place. In particular, the ESEF report and our assurance opinion contained therein are to be used solely together with the assured ESEF documents provided in electronic form.

GERMAN PUBLIC AUDITOR RESPONSIBLE FOR THE ENGAGEMENT

The German Public Auditor responsible for the engagement is Mr Tobias Bordt.

Frankfurt am Main, 24 March 2026

BDO AG

Wirtschaftsprüfungsgesellschaft

Signed by Rücker Wirtschaftsprüfer (German Public Auditor)

Signed by Bordt Wirtschaftsprüfer (German Public Auditor)

PATRIZIA SE 2025 | Further information

Further information

1 Five-year overview balance sheet and income statement

Five-year overview for the Group – consolidated balance sheet (IFRS)

Assets

EUR k	31.12.2025	31.12.2024	31.12.2023¹	31.12.2022¹	31.12.2021
A. Non-current assets
Goodwill	260,232	265,879	264,355	264,808	216,444
Other intangible assets	66,562	78,473	89,320	107,134	91,742
Software	3,370	5,059	6,725	8,080	14,204
Rights of use	40,768	43,379	51,296	26,715	33,770
Investment property	279,272	275,413	246,481	1,892	1,838
Equipment	21,495	26,833	14,580	9,721	9,736
Participations in companies accounted for using the equity method	2,606	3,132	40,412	6,545	23,747
Participations	688,984	657,718	594,686	664,612	633,976
Other non-current financial assets (FVTPL)	7,226	9,008	10,203	6,773	10,440
Other non-current financial assets (AC)	14,565	19,585	41,146	21,421	23,474
Other non-current non-financial assets	620	1,321	2,281	3,497	0
Deferred tax assets	9,507	11,615	7,630	8,341	7,774
Total non-current assets	1,395,206	1,397,416	1,369,115	1,129,540	1,067,145
B. Current Assets
Inventories	281	281	281	159,781	169,796
Securities	0	0	0	29,602	15,752
Current derivative financial instruments	0	0	0	444	0
Current tax assets	33,921	27,012	21,091	29,312	28,448
Current receivables and other current financial assets	93,738	149,835	150,202	225,024	434,229
Other current non-financial assets	7,013	5,640	5,871	6,208	4,827
Cash and cash equivalents	169,208	149,359	340,181	349,518	341,260
Total current assets	304,161	332,128	517,626	799,888	994,312
Total assets	1,699,367	1,729,543	1,886,740	1,929,428	2,061,457

¹ Restatement due to error correction

212

PATRIZIA SE 2025 | Further information

Equity and Liabilities

EUR k	31.12.2025	31.12.2024	31.12.2023¹	31.12.2022¹	31.12.2021
A. Equity
Share capital	86,457	86,229	85,844	86,175	88,620
Capital reserves	88,402	83,534	78,930	81,263	89,831
Retained earnings	0	0	0	0	0
Legal reserves	505	505	505	505	505
Currency translation difference	-831	2,346	-1,439	-4,169	2,317
Remeasurements of defined benefit plans according to IAS 19	5,479	3,808	2,943	4,807	99
Revaluation reserve according to IFRS 9	151,232	100,898	130,660	189,691	179,716
Consolidated unappropriated profit	795,708	806,912	823,644	873,931	921,720
Non-controlling interests	33,387	34,514	39,553	66,346	35,694
Total equity	1,160,339	1,118,746	1,160,641	1,298,550	1,318,503
B. Liabilities
NON-CURRENT LIABILITIES
Deferred tax liabilities	31,236	97,007	103,495	121,417	111,577
Retirement benefit obligations	15,929	18,902	20,473	17,715	25,546
Non-current bonded loans	69,000	69,000	69,000	158,000	158,000
Non-current bank loans	207,684	155,584	164,571	0	0
Non-current accruals	0	0	1,774	10,122	3,978
Other non-current financial liabilities	49,079	50,296	75,870	47,572	28,515
Other non-current non-financial liabilities	0	0	0	442	0
Non-current lease liabilities	40,706	39,988	43,020	18,339	24,862
Total non-current liabilities	413,633	430,777	478,203	373,606	352,477
CURRENT LIABILITIES
Current bank loans	42	45,600	0	91,688	171,095
Current bonded loans	0	0	89,000	0	76,000
Other provisions	16,630	22,371	30,230	17,238	8,213
Other current financial liabilities	74,037	83,562	99,767	113,037	96,464
Current derivative financial instruments	999	294	297	0	0
Other current non-financial liabilities	9,747	9,221	9,403	7,951	13,716
Current lease liabilities	6,157	8,139	10,324	8,950	9,505
Income tax liabilities	17,783	10,835	8,876	18,407	15,484
Total current liabilities	125,394	180,021	247,897	257,272	390,477
Total equity and liabilities	1,699,367	1,729,543	1,886,740	1,929,428	2,061,457

¹ Restatement due to error correction

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PATRIZIA SE 2025 | Further information

Five-year overview for the Group – consolidated income statement (IFRS)

Consolidated income statement

EUR k	2025	2024	2023¹	2022¹	2021
Revenues	258,416	255,667	292,434	346,289	318,163
Income from the sale of investment property	0	62	0	0	0
Changes in inventories	0	0	0	-41,266	603
Other operating income	11,311	36,527	17,361	28,564	21,090
Total operating performance	269,727	292,255	309,795	333,587	339,856
Cost of materials	-2,835	-948	-1,622	-7,608	-3,881
Cost of purchased services	-15,666	-16,496	-17,039	-22,740	-17,971
Staff costs	-142,313	-150,936	-175,745	-187,645	-139,224
Other operating expenses	-66,838	-82,639	-88,872	-99,634	-88,430
Impairment result for trade receivables and contract assets	64	-142	-201	-203	627
Result from participations	22,836	28,350	35,082	34,034	35,638
Earnings from companies accounted for using the equity method	149	-11,996	-3,507	-622	5,138
EBITDAR	65,123	57,448	57,892	49,170	131,755
Reorganisation income	5,847	2,598	563	0	96
Reorganisation expenses	-7,947	-13,502	-16,324	-9,963	-2,929
EBITDA	63,023	46,544	42,131	39,207	128,922
Depreciation, amortisation and impairment	-27,734	-28,342	-50,526	-43,371	-35,611
Results from fair value adjustments to investment property	36	-7,028	1,529	0	0
Earnings before interest and taxes (EBIT)	35,325	11,174	-6,866	-4,164	93,311
Financial income	4,655	12,056	13,445	2,689	1,898
Financial expenses	-14,620	-17,276	-11,632	-7,517	-6,753
Other financial result	-1,515	-1,985	-2,396	-8,979	194
Result from currency translation	-5,953	-557	-3,801	-477	-942
Earnings before taxes (EBT)	17,893	3,411	-11,251	-18,448	87,708
Income taxes	-1,513	-1,031	-4,386	-13,506	-35,900
Net profit/ loss for the period	16,379	2,379	-15,637	-31,954	51,808
Attributable to shareholders of the parent company	17,968	12,867	-5,809	-31,919	47,896
Attributable to non-controlling interests	-1,588	-10,488	-9,828	-35	3,912
Earnings per share (undiluted) in EUR	0.21	0.15	-0.07	-0.36	0.54
Earnings per share (diluted) in EUR	0.20	0.15	-0.07	-0.36	0.54

¹ Restatement due to error correction

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PATRIZIA SE 2025 | Further information

2 Board of Directors and Executive Directors

Board of Directors as at 31 December 2025

Name	Occupation	Year of birth	First appointed	Appointed until	Memberships in domestic supervisory boards to be formed by law	Memberships in comparable domestic and foreign supervisory bodies of commercial enterprises	Other significant activities
Frank Kuhnke
Chair of the Board of Directors,
Independent Member of the Board of Directors,
Chair of the Audit Committee
(Accounting Expert)	Advisor,
Member of various Boards and Committees	1967	04.06.2025	2026	None	Yttrium GmbH (former Digital+ Partners GmbH), member of the Supervisory Board and Chair of the Risk Committee	Bank-Verlag GmbH, Chairpers on of the Advisory Board
Dr Michael Fronhöfer
Deputy Chair of the Board of Directors,
Independent Member of the Board of Directors,
Member of the Audit Committee	Notary	1969	04.06.2025	2026	None	None	None
Jacqui Irvine
Independent Member of the Board of Directors,
Member of the Audit Committee
(Audit Expert),
Member of the Nomination and Remuneration Committee	Independent Board Member	1972	04.06.2025	2026	None	None	None
Aradhana Khowala
Independent Member of the Board of Directors,
Member of the Nomination and Remuneration Committee	CEO and founder of Aptamind Partners	1978	04.06.2025	2026	None	Elaf Group (SEDCO Holding), Saudi Arabia, Non-Executive Board Member and Chair of the Compensation and Remuneration Committee	Global Wellness Institute, USA, Member of the Board of Advisors
Dr Asoka Wöhrmann
Member of the Board of Directors	Executive Director, CEO of PATRIZIA SE	1965	02.05.2023	2026	None	None	None

PATRIZIA SE 2025 | Further information

Wolfgang Egger Member of the Board of Directors, Chair of the Nomination and Remuneration Committee	Founder, Executive Director of PATRIZIA SE	1965	21.08.2002	2026	None	None	PATRIZIA Foundation, initiator of the foundation and member of the Foundation Council

Executive Directors as at 31 December 2025

Name	Year of birth	First appointed	Appointed until	Memberships in domestic supervisory boards to be formed by law	Memberships in comparable domestic and foreign supervisory bodies of commercial enterprises outside the Group	Other significant activities
Dr Asoka Wöhrmann
Chief Executive Officer (CEO)	1965	02.05.2023	open-ended	None	None	None
Martin Praum
Chief Financial Officer (CFO)	1975	01.08.2024	open-ended	None	None	None
James Muir
Head of Investment Division	1978	01.08.2024	open-ended	None	None	Trustee of the PATRIZIA Foundation UK CIO, London
Dr Konrad Finkenzeller
Head of Client Division	1982	01.08.2024	open-ended	None	None	None
Wolfgang Egger
Founder and Executive Director	1965	21.08.2002	open-ended	None	None	PATRIZIA Foundation, initiator of the foundation and member of the Foundation Council

PATRIZIA SE 2025 | Further information

Name	Responsibilities
Dr. Asoka Wöhrmann Chief Executive Officer (CEO)	Strategic Development of PATRIZIA SE, Corporate M&A, Capital Allocation & Investments, Human Resources, Legal, Internal Audit, Procurement & Corporate Real Estate Management, Communication, IT Operations & Strategy, Global Investment Operations, Collaboration with Board of Directors, Insurance, Executive Office, Region DACH
Martin Praum Chief Financial Officer (CFO)	Performance Management, Corporate Finance (inkl. Treasury), Corporate Reporting & Planning, Accounting, Corporate Tax, Investor Relations (incl. Capital Markets compliance), Cost Management, Risk Management, Compliance, Region Europa ex DACH
James Muir Head of Investment Division	Fund- & Investment Management, Real Estate, Infrastructure, Investment Solutions, Investment Strategy & Data Intelligence, Sustainability
Dr. Konrad Finkenzeller Head of Client Division	Clients, Marketing, Products
Wolfgang Egger Founder and Executive Director	Strategic Client Relationships, Capital Deployment Strategy, Region APAC

PATRIZIA SE 2025 | Further information

3 Financial calendar and contact details

Financial calendar 2026

Date
11 May 2026	3M 2026 Quarterly Statement
12 May 2026	3M 2026 Investor and analyst conference call
10 June 2026	2026 Annual General Meeting
10 August 2026	H1 2026 Financial Report
11 August 2026	H1 2026 Investor and analyst conference call
9 November 2026	9M 2026 Quarterly Statement
10 November 2026	9M 2026 Investor and analyst conference call

Investor Relations Dr Janina Rochell T +49 821 50910-600 [email protected]

Corporate Communications Christoph Liedtke T +49 821 50910-636 [email protected]

This Annual Report was published on 27 March 2026. This is a translation of the German Annual Report. In case of doubt, the German version shall apply. Both versions are available on the PATRIZIA website:

https://ir.patrizia.ag/de/news-publikationen/geschaeftsberichte https://ir.patrizia.ag/en/news-publications/annual-reports

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AI assistant

PATRIZIA AG — Annual Report 2025

322_10-k_2026-04-16_876184a7-ec82-4d72-9252-ea05333140bd.pdf

PATRIZIA

Contents

Financial key figures

Preamble by the Executive Directors

Improved profitability and a strengthened platform

Growing investment activity

AUM stabilisation and momentum in organic growth

Strong balance sheet and disciplined capital allocation

Market environment and the beginning of a new cycle

Strengthening Our Commitment to Sustainability and Social Impact

Priorities for the road ahead

Thank you

Report of the Board of Directors

Composition of the Board of Directors and its Committees

Cooperation with the Executive Directors

Meetings

Focal points of activities

Further Resolutions, Conflicts of Interest & Training

Corporate Governance

Audit of the annual and consolidated financial statements 2025

Examination of the Dependency Report

Management Report

Combined management report of the company and the Group

1 Group Fundamentals

Company Profile

Organisation

Products and Services

Clients and regional platforms

Transition megatrends that impact PATRIZIA’s business: DUEL Megatrends

Segments

Investment Management

Balance Sheet Investments

Scope of consolidation

2 Group strategy

Smart Real Asset Player characteristics

Further Improvement of Earnings Quality

3 Group management and performance indicators

3.1 Corporate and Group management by segments

3.2 Corporate and Group management on the basis of financial performance indicators

Corporate and Group management on the basis of non-financial performance indicators

4 Group Non-Financial Statement

General information (ESRS 2)

Basis for preparation

General basis for preparation of the Group Non-Financial Statement (BP-1)

Frameworks

Disclosures stemming from other legislation or other sustainability reporting standards

Scope of consolidation

Sustainability information relating to AUM

Value Chain

Transparency

Disclosures in relation to specific circumstances (BP-2)

Time horizons

Estimates in the Value Chain

Sources of estimation and outcome uncertainty

Changes in the preparation or presentation of sustainability information

Reporting errors in prior periods

Incorporation by reference

Governance

Board of Directors

Audit Committee

The Group Executive Committee (GEC)

ESG Governance

The ESG Council

The ED&I Council

The Sustainability Team

Sustainability Strategy

Integration of sustainability-related performance in incentive schemes (GOV-3)

Statement on due diligence (GOV-4)

Risk management and internal controls over sustainability reporting (GOV-5)

Strategy

Strategy, business model and value chain (SBM-1)

Interests and views of stakeholders (SBM-2)

Material impacts, risks and opportunities and their interaction with strategy and business model (SBM-3)

Impact, risk and opportunity management

Disclosures on the materiality assessment process

IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities

IRO-2 Disclosure requirements in ESRS covered by the undertaking's Group Non-Financial Statement

PATRIZIA AG Annual Report 2025