Half Year 2026 PATRIZIA SE Earnings Call
Speaker #1: Good day, and a warm welcome to today's earnings call after Patricia SA following the publication of the H1 figures of 2026. Kindly note that every participant is in a listen-only mode, but after the presentation we will move on to a Q&A session where we would be happy to take your questions in person via audio line.
Speaker #1: Having said this, I hand over to Patricia's Director of Investor Relations, Janina Rogel.
Speaker #2: Thank you, Maura. Welcome, everyone, to our analyst and investor call for the first half of 2026. This is Janina speaking. I am pleased to have our CFO, Martin Palm, with us today.
Speaker #2: Martin will provide an update on current business developments. If you have any questions, the IR team is more than happy to assist. As usual, this call will be recorded and be made available on our website.
Speaker #2: We will also provide a call transcript for further reference. With that, I'd like to hand over to Martin. Martin, the floor is yours.
Speaker #3: Thank you, Janina. A warm welcome also from my side, and thank you for joining us today. I'm happy to be hosting today's call and taking you through our performance in the first half of 2026 and providing you with some background on the market environment and our outlook.
Speaker #3: You know, over the last few months, the investor relations team and management have thought about how to further optimize the format of our quarterly analyst and investor call.
Speaker #3: But rather than walking you through the H1 financial results presentation slide by slide, today I would like to focus on 10 key messages that, in my view, best capture our performance: the progress we've made, and the key developments across our business.
Speaker #3: And directly after that, I will open the floor to your questions. So let me start with the first key message. In the first half of 2026, our strategy further translated into results.
Speaker #3: Our EBITDA grew by 47% to 43 million euros. Our EBITDA margin expanded by more than 10 percentage points to almost 32%. And net profit more than tripled to nearly 15 million euros in a challenging but slowly improving market environment.
Speaker #3: With these financials locked in after the first half of the year, we're confirming our guidance ranges for the full year. As usual, we do not recommend simply extrapolating our first half results, as certain performance fees booked in the first quarter and timing effects on the cost side supported EBITDA as in previous years.
Speaker #3: So before turning to our business performance in more detail, let me briefly touch on the market environment in which these results were delivered. So point number 2, the market.
Speaker #3: You know that the Iran conflict temporarily weighed on inflation, and interest rate expectations, and briefly clouded the investment environment. But as tensions eased, sentiment recovered to pre-conflict levels, by the end of the reporting period.
Speaker #3: So you could argue that market conditions have improved compared to the immediate aftermath of the conflict, but the investment environment remained selective, and overall still challenging.
Speaker #3: Simply looking at the volatility of the 10-year bund yield as a risk-free rate, this has increased again by 30 bips after the end of the reporting period, after dropping 30 bips before.
Speaker #3: Showing the volatile market environment, our clients and we are still faced with. Against that backdrop, it is encouraging to see that investor conviction in real assets remains strong in selected areas.
Speaker #3: So let's go to the next points. What do our clients think? Our latest investor survey shows that demand for real assets in certain areas is structural, not cyclical.
Speaker #3: While the overall appetite is still impacted by market sentiment, yield developments, and geopolitical risks. Selectively, we nevertheless have reasons for confidence. Nearly half of the investor surveyed planned to increase their infrastructure allocations up from around a third a year ago.
Speaker #3: More than three-quarters intend to expand their living exposure over the next 5 years. And a striking 85% tell us that geopolitics is affecting their real estate and real asset portfolios, which is precisely why local European expertise and operational capability are becoming more valuable, not less.
Speaker #3: At the same time, investors remain highly selective in how and where they deploy capital. In that environment, the breadth of our product offering is an important differentiator.
Speaker #3: Allowing us to address demand across multiple asset classes strategies and investment themes. So this provides the backdrop to the business performance that we delivered in the first half.
Speaker #3: Let's come to point number 4, our business volume. I mentioned the selective market environment, but we were able to deliver good fundraising momentum in the first half.
Speaker #3: Equity raised from clients climbed to 0.8 billion euro from 0.3 billion euro a year ago, with fundraising clearly accelerating in the second quarter with 0.7 billion alone.
Speaker #3: The living sector was the main contributor, accounting for more than 460 million euro of equity raised, primarily through market-led initiatives. Our multi-manager platform, AIP, contributed more than 300 million euros, while infrastructure added around 60 million, so the direct and indirect infrastructure investments account for around 40% of equity raised.
Speaker #3: Transaction activity and investment activity also continue to recover, with signed transactions rising by more than 15% to 1.6 billion euros. Just as important, we enter the second half with 1.5 billion euro of open equity commitments, which is up from 0.9 billion euros a year ago.
Speaker #3: So this is capital, that is ready to be deployed, when the right opportunities arise, and it's the foundation for future assets under management growth.
Speaker #3: With that, let's go to point number 5, AUM. We ended the period at 55.9 billion euros, virtually flat versus year-end, down only by around 0.3 billion.
Speaker #3: Inflows and supportive currency effects largely offset disposals and net cash returns to clients, while valuation effects remained limited. The portfolio itself remains well diversified, more than 45 billion euros in real estate, and around 10 billion in infrastructure, spread across risk sectors styles and geographies.
Speaker #3: During the period, the portfolio composition continued to evolve in line with our strategic focus areas. Living, further strengthened its position as our largest exposure, while office decreased by 1 percentage point to 23%.
Speaker #3: Driven by completed disposals across the UK, Germany, and the Benelux region. Retail also declined by 1 percentage point to 7%, reflecting completed asset sales in Germany, Spain, and the Netherlands.
Speaker #3: This ongoing shift towards higher conviction sectors combined with broad diversification across asset classes and geographies continues to support the resilience and the quality of our AUM base.
Speaker #3: Let's go to point 6, our P&L. Let's look at our own performance. The story this first half of the year I think is operating efficiency.
Speaker #3: Total service fee income was broadly stable at 127 million, with performance fees up almost 17%. Partially offset lower recurring management fees. Yet EBITDA grew by nearly half, because our cost base is structurally lower.
Speaker #3: Operating expenses fell by 11% to 100 million euros, with staff costs and other operating expenses each down 13%. And these are not one-off savings.
Speaker #3: They result from platform optimization that
Speaker #1: That is now embedded in the way we operate . While we expect expenses to trend higher in the second half , particularly in the fourth quarter due to normal seasonality and investments in strategic projects , we continue to expect operating expenses for the full year to be below the 25 levels .
Speaker #1: Let's have a look at the next point . The quality of our earnings If there's one figure I would want to highlight , which I also did in the past , it is this .
Speaker #1: Our recurring management fees of €110 million now more than cover our entire operating cost base . With coverage of €10 million than 1 million a year ago That means our core business generates a further improving operating profit , even at subdued investment and transaction volumes in the market .
Speaker #1: The key driver behind this improvement has been the significant reduction in our cost base over the past few years . Operating expenses have been reduced by €34 million , materially widening the gap between recurring revenues and costs .
Speaker #1: As a result , the surplus generated by recurring management fees has increased significantly Fundamentally improving the resilience and the quality of our earnings profile .
Speaker #1: Let's go to the next point . Number eight . Our balance sheet liquidity . And again , our earnings and value creation . We continue to use our balance sheet with discipline .
Speaker #1: In the first half of 26 . We invested €26 million in Co-investments which going forward will support our PNL with recurring participation and finance income At the same time , we continue running a strong financial position with an equity ratio of 65% , a net equity ratio of 73% and available liquidity , which increased to €122 million .
Speaker #1: The operating cash flow of 17 million and the cash inflow from the partial realization of exit carry entitlements in the amount of €49 million .
Speaker #1: More than covered our dividend payments and the investments that we've done And here is a super important point to make when discussing our financial results .
Speaker #1: Value creation goes beyond simply looking at the PNL . Some effects . For example , value changes of our Co-investments and participations are directly shown in equity in the position .
Speaker #1: Other comprehensive income or OCI . Here we saw a positive impact of slightly more than €5 million in the first half of the year .
Speaker #1: At the same time , we crystallized value that we built over the last decade . And that was so far only reflected in OCI and not in the PNL .
Speaker #1: With the exit carry payments of €49 million showing up in the investing cash flow . So together with our EBITDA of €43 million and looking at our net income after minorities of over €17 million in the first half , you can see the three dimensions of value impact from a shareholder perspective .
Speaker #1: Let's have a look at the outlook . We confirm our guidance for 26 , which is assets under management between 55 and €60 billion .
Speaker #1: And EBITDA between 60 and €75 million and an EBITDA margin between 22 and 26.5% , within that total service fee , income is now expected to remain largely stable versus 25 with a stronger contribution from other income items and continued cost discipline expected .
Speaker #1: While we see some headwinds on AUM growth , but tailwinds for EBITDA and EBITDA margin based on the results that we've delivered in the first half , we recognize increased market opportunities in a selective way with client activity improving , especially market driven opportunities could impact the business activity in the second half .
Speaker #1: And as usual , this depends on timing of signing and closing , which do impact AUM and PNL lines in our business . With that , let me close with the reason for some confidence that we have in a half year that included a genuine geopolitical shock .
Speaker #1: Our earnings grew , our margin expanded , and our cost base came down further . That is the business model doing what it is designed to do .
Speaker #1: We , as management will continue to focus on the things we can influence . And with client demand , that is structural . A recurring fee base that now covers our costs and a balance sheet that's built for flexibility .
Speaker #1: We think we are well positioned for the second half and beyond With that , thank you so much . And I look forward to your questions
Speaker #2: Yes , thank you very much for your presentation . Do you participants , we will now move on to our Q&A session to keep the conversation engaging .
Speaker #2: We kindly ask you to ask questions in person via audio line . To do so , please click on the Raise Hand button on the lower part of your screen .
Speaker #2: If you have dialed in by phone , you can raise your hand by pressing the key combination . Star key nine and with Star Key six , you can unmute yourself .
Speaker #2: We have already received a risen hand By Mr. Neuhold . You may unmute yourself now . I just sent you an invitation Can you hear us , Mr. Neuhold
Speaker #3: Can you hear me ?
Speaker #2: Yes . Perfect .
Speaker #3: Okay , great . So thanks for the presentation and taking my questions . I have two questions . Firstly , on the investment market environment and the survey you did what you think are , would be or could be key triggers that the intention of your clients to increase the exposure to infrastructure and property markets translate into real investments .
Speaker #3: And I was wondering if you have any idea which percentage of your clients still have some legacy issues to work off ? And do you also see new clients who are interested in the infrastructure , property markets , who are talking to you for the first time ?
Speaker #3: That's the first question
Speaker #1: Thomas . Thank you . Thank you for your questions . First of all , yes , we we saw some existing clients , but also new clients doing business with us .
Speaker #1: So I can clearly answer that question with , yes , there are new clients that are interested in our products . Certainly there .
Speaker #1: I mean , given the breadth of our client base , they are here and there are some clients that that have some some things to digest from the last cycle .
Speaker #1: But , but again , we have the power and we have the product and the breadth of product to attract new clients . And , and new product and volumes on our platform .
Speaker #1: The , the investment market in general , I think I can , I can reiterate a little bit what I , what I said , and also looking at the feedback we got from our investor survey , it is selective , but it is very much focused on good cash flow , good IRR investment themes in the especially in the region of living , this still includes residential student housing .
Speaker #1: This includes healthcare , but also on the infrastructure side , we see structurally a higher demand because many of our clients are still under allocated in this asset class and are still exploring ways to to benefit from the growth expected in in infrastructure
Speaker #3: Okay , great . And , and my second question would be on , on operating leverage . Obviously , you have done a great in reducing costs over the last two years .
Speaker #3: So I was wondering if , if AUM grows , come , comes back by , by , let's say by 10 or 20% by how much would your OpEx need to grow in order to capture the new business grow ?
Speaker #1: And Thomas , we didn't simply cut costs in this cycle . And that's why we always mentioned that that we optimized the platform and the processes .
Speaker #1: We're also working a lot on introducing new technologies , and certainly also AI solutions to make us even even more efficient . So from here , if we look at the efficiency that we've built so far with an increased operating leverage , we definitely see that AUM growth and revenue growth would be higher going forward than than Costco because we we simply became more , more efficient through the measures we've taken in the last few quarters .
Speaker #3: Yeah . Thank you .
Speaker #2: Thank you so much , Mr. Neuhold . We have another risen hand by Mr. Philip Kaiser . You may speak now . I just sent you the allowance
Speaker #4: Perfect . Hello , everyone . Can you hear me ?
Speaker #2: Yes , perfectly . Hello .
Speaker #4: Perfect . Thanks for the presentation . Congrats to the strong performance in the first half of the year . And for for taking my question just a couple .
Speaker #4: One from my side , probably starting with the most obvious . You already touched it and viewing your your presentation , you had a strong first half with regards to the development and kind of only confirming the guidance .
Speaker #4: Could you walk us through the guidance bridge for the second half of the year ? What's your scenario ? Also , cost wise ?
Speaker #1: Certainly . Hi , Philipp , and thank you for your question Just to reiterate , for the benefit of all listeners , yes , in the second half , we are somewhat more cautious versus the first half .
Speaker #1: Simply , these are technical effects in the in the first quarter , we usually book the performance fee driven by one of our major investments , which is unlikely to reoccur in the .
Speaker #1: In the second half of the year . And also we had some some cost items timing wise , that will rather occur in the second half versus the first half .
Speaker #1: So this is why we currently expect that the EBITDA in the in the second half will be a little bit lower than in , in the first half .
Speaker #1: And I mentioned that also in my , my , my comments when , when I talked about the guidance , we , you know , we left the guidance ranges as they are because they're still some uncertainties in the market .
Speaker #1: And although we have increased our basically operating income from recurring management fees , still some of our revenues do depend on market activity .
Speaker #1: And also in the in the second half . And there's always a certain level of uncertainty when exactly we do signing and when exactly do we do closing , which then impacts P and L or AUM .
Speaker #1: But but taking your point , absolutely . I would agree . We , we started the year with a strong first half . And if I look at the guidance ranges we've given obviously on on AUM , we we still think we can we can achieve the midpoint .
Speaker #1: Currently we are slightly below that on on EBITDA , I would say we are starting with the midpoint . We have good opportunities to be above that at the moment .
Speaker #1: And definitely for EBITDA margin , we are more in the in the upper range of of the range than in the lower end of the range .
Speaker #4: So there's no real realistic scenario for the lower end of the EBITDA guidance . In your view
Speaker #1: As I said , we we feel comfortable now with with the midpoint currently , I would be I would be surprised if we really had to hit the lower end given on given .
Speaker #1: If we look at what we achieved so far and how our pipeline looks like .
Speaker #4: Thanks a lot . My next one is on the total service fee income . You . You slightly kind of lowered the guidance .
Speaker #4: Is that management fee driven or what's . Yeah , the main driver behind this
Speaker #1: Absolutely . We basically now expect a little lower contribution from from management fees for the full year . But on the other side , we have other contributing factors .
Speaker #1: For example , like participation income from investments that that we did , which will offset that . So it's a smaller change in the in the mix of call it revenues or income items , but not a material change to what we expect .
Speaker #4: Perfect . And is the , the management fee income is driven by a lower than previously assumed AUM growth . In the first half or limited expectation on the development in the second half or closing .
Speaker #4: Maybe towards more . The last quarter .
Speaker #1: No , it's certainly again , timing does play a role here . If you want to generate management fees and grow management fees , you need to have AUM on board .
Speaker #1: And if equity raising takes a little bit longer than expected , then also deploying that capital takes a little longer . And then the positive effect on management fees also is , is delayed .
Speaker #1: And this is kind of the reasons for , for a change in in view . Some things do take longer . These days .
Speaker #1: We and as we've seen , you see equity rates going up . You see that our firepower is going up . But some of these things take a little take a little longer than than initially planned .
Speaker #4: Understood . Thanks a lot . Then . Speaking of management fee , as far as I remember correctly , last year was positively impacted by some development fees .
Speaker #4: Could you give us a kind of a like for like management fee growth rate , excluding those development fees ?
Speaker #1: The delta is only a million roundabout from this effect . Delta .
Speaker #4: Okay .
Speaker #1: Last year .
Speaker #4: Okay . Perfect . Thanks a lot . Then . Speaking of activity , so activity recovers also visible in your equity ways . I think the first inflection point since a couple of quarters science signed transaction also rose by almost 16% .
Speaker #4: But it's heavily disposal reversing last year's mix and should eventually weight on your AUM and the management fee . And do you see any trend reversal towards more acquisition in the in the short term , what could be the trigger for that ?
Speaker #4: And any major impacts on . M sorry ,
Speaker #1: No , no . So Philipp and I think this is a typical pattern . You see I think I mentioned it before in this part of the cycle where you see some portfolio rotation .
Speaker #1: And with the market now opening up and we have more transparency , more deals coming to the market , this this also means that that we advise some of our clients to do some portfolio rotation .
Speaker #1: As you've seen that , that we change sectors as an active advisor . And this is why simply in the first half , you've seen more disposals than than acquisitions , but also look at the the equity raised and the open equity positions that we have .
Speaker #1: They will certainly translate into investments . They will be deployed . And that will then also have an impact in the future on the transaction volume .
Speaker #1: In terms of acquisitions and subsequently , upon closing also on on stabilizing AUM and growing AUM . So we still still believe in our confident that also in 2026 , we will see AUM , which are at a higher level than last year .
Speaker #4: Perfect . Thanks a lot . And that brings me to my last one fundraising . Any specific areas or countries , investor types returning to to the table , or is it just a general ?
Speaker #4: Yeah , start of a recovery . You see in the market
Speaker #1: Not a not a general comment . I can I can make here , Philipp , because as I , as I mentioned , it really depends on the investor is very selective .
Speaker #1: But what we are in the very good position that that we have more than way more than 500 institutional investors globally . And if you look at the fundraising that we've we've done , it was really well diversified , not only German investors , a lot of international investors , different in terms of investment style , etc.
Speaker #1: . So it's really broadly diversified . That's that's what I can say .
Speaker #4: Perfect . Thanks a lot . All from my side .
Speaker #1: Thank you . Philipp .
Speaker #2: Thank you very much We have another risen hand , actually by someone who doubted by phone this time with a last digits of seven , eight , four .
Speaker #2: I just gave you the allowance to speak , and you may unmute yourself by pressing star key six . Can you hear us ?
Speaker #5: Yes . Can you hear me ?
Speaker #2: Perfect . Yes . Hello ?
Speaker #5: Yes . Hey . Good afternoon . I've got three quick questions on me . The first one is in the income statement . The impairment for trade receivables and contract assets .
Speaker #5: If I see that correctly , increased quite strongly in the first half compared to last year . But a bit more . What was the reason for that ?
Speaker #5: Second question is on the delivery expenses so the costs or staff costs and all items went down except one item for share based payment and may put a little bit more of this was really only because of Patrizia share performance or other reasons .
Speaker #5: And third question would be on the on the AUM , could you indicate if in the full year we . Withdrawals the inflows could compensate for withdrawals or tenants clients .
Speaker #5: Thank you
Speaker #1: Thank you . Chi , let me let me start with the the the first question the impairment you've see in the P and L absolutely correct .
Speaker #1: This was a precautionary impairment that that we did on fees that we generated . But in this specific case for this specific mandate where we currently do not expect that we can actually harvest the fees over the year .
Speaker #1: So that's why again , as a precautionary measure , we we booked that impairment . We are still working on unlocking that problem .
Speaker #1: So we can actually harvest these fees in the second half or , or shortly thereafter . Then on the last question , on the last question , it was , I think on AUM and whether inflows should outweigh outflows .
Speaker #1: This is our assumption . Yes . And this is the basis for AUM growth that we expect for for the years . And then in on the on the cost side , you mentioned the share based payments .
Speaker #1: This is a reflection of , of you could say more , more granular planning and booking because based on the improved EBITDA margin and performance , we've also assumed a higher variable pay and share based pay for certain programs that we have
Speaker #5: Okay . Thank you very much . I can ask one last follow up and regarding the valuation of the assets you have on the balance sheet , could indicate how the value , values have changed or have gone down compared to December 25th .
Speaker #1: Yeah , absolutely . And thanks for the question , Kai . There are two elements you have to bear in mind here . One , you will see in the in the PNL that that we had a smaller negative valuation effect on the consolidated assets that that we hold of around 4 million .
Speaker #1: At the same time , we had a positive effect in our equity in OCI of over 5 million on participations that that we hold .
Speaker #1: And I think this is also a good reflection of the market environment . There are some items where you where you see an upward valuation and some selected items .
Speaker #1: Also in our exposure , where we have some some remaining valuation to digest , but overall , I would say stable , stable development
Speaker #5: And so and when do you expect some of the assets
Speaker #1: I one , one one follow up . And also important . And this perhaps explains another question you might have . Why do we have minorities or why is the net net income after minorities higher than than the net income in some of these exposures ?
Speaker #1: We are not the sole or 100% investor . And especially on the assets where we had a negative valuation in the first half , the 4 million .
Speaker #1: This actually not only hits us with the full amount , but also part of this valuation impact goes to external investors . And that's why they are reflected in the minorities .
Speaker #1: And that's why the net income after minorities is actually higher than net income . So these valuations only hit us partially
Speaker #5: Okay . And and would you indicate how many and when of the assets you currently have on the balance sheet will be transferred into a third party product or into , into a fund , if any ?
Speaker #1: That depends on , on the , on the strategy . And we have a number of consolidated assets and co-investments for some of them , we are currently looking at the market environment and whether it makes sense to to sell them directly in the market for others .
Speaker #1: We , we check whether there is a structure that might make it interesting for our fund investors . So these are ongoing strategic reviews .
Speaker #1: We are as management doing at the time . So there are several exit options for for these positions , which we are actively checking at the moment
Speaker #5: Thank you very much .
Speaker #2: Thank you very much . We have one last person hand by Mr. Van Cleef . You may please unmute yourself . Now .
Speaker #6: Yes . Thank you very much . Good afternoon . Three questions from my side as well . I mean , Martin , we all know one swallow doesn't make a summer .
Speaker #6: And I understood that you that you expect client activity to gain further momentum during the remainder of the year . But would you be able or at least willing to already provide some concrete figures for the transaction volume or equity raised that you are targeting for this year ?
Speaker #1: Hi , and thank you for your question . I mean , first of all , yes , we saw a significant increase in equity raising momentum in the second quarter versus the first quarter .
Speaker #1: What gives us a certain confidence is the the equity raising pipeline that that we see and the equity raising discussions that we're having with with clients and also looking at the July figures , I think we are on a on a good track for 2026 to deliver what , what , what we have planned and , and that kind of confirms that we are on a good track to show growth in 26 .
Speaker #1: That's what I can say to your question .
Speaker #6: Okay . And with activity gaining momentum , shall we then expect transaction and performance fees to also materially be up year on year ?
Speaker #6: Or is that rather something that would react positively , rather , in 2027 ?
Speaker #1: I would say yes . That we would expect investment and transaction fees to be up versus versus 25 . Also for performance fees , we we do expect an uptick compared to to the 25 numbers .
Speaker #1: So yes , we should see the impact from that . Also on , on the revenue side .
Speaker #6: Perfect . Thank you . And already elaborated on your EBITDA guidance range and that you rather regard it as likely to end up in the in the upper half .
Speaker #6: I mean , looking at your AUM guidance range and considering that AUM have even declined so far year to date , how confident are you that you can reach the upper end of guidance range , i.e. the 60 billion .
Speaker #1: I would say from where we stand today , and I think I made these comments before on the three KPIs that that we guide the market on that on EBITDA and EBITDA margin .
Speaker #1: I think we are we are more optimistic than than on AUM . And if we want to reach AUM , the upper end of the guidance range .
Speaker #1: Yes . For that , we would need to find some market led opportunities , some larger portfolios in the market in the second half .
Speaker #1: That would also close the deal before 31st of December . So we're looking at several investment opportunities . But again , as I said before on on our AUM guidance range , I'm a little bit more conservative versus profitability .
Speaker #1: And efficiency .
Speaker #6: Okay . Understood . And then maybe lastly , thinking about your medium term strategy , that implies 16% AUM Keger are you considering revisiting or updating this target at some point in the near future , or will you continuously work with your 100 billion AUM North Star for the time being
Speaker #1: Allows you correctly mentioned that the 100 billion that that we we mentioned before is a is a North star and not one of our key financial KPIs that that we guide on .
Speaker #1: And we certainly we want to grow also for the benefit of our clients and for the benefit of the platform , but certainly management focus is more on bottom line profitability and delivering good growth .
Speaker #1: And running a stable platform for our clients and all our stakeholders . So we will certainly , on a regular basis , revisit what the market environment is , what the targets are that that we can achieve .
Speaker #1: But again , very important , the 100 billion is a North Star . Whether at the end of the day , it's 80 , 90 or 110 , is less important to me than having a solid profitability .
Speaker #1: And a solid , solid balance sheet . And platform .
Speaker #6: Understood . Thank you . I'll go back into the line .
Speaker #1: Thank you so much . Lars .
Speaker #2: Thank you very much . In the meantime , we have not received any further questions . So everything seems to be answered by now .
Speaker #2: Should further questions arise later , please feel free to get in contact with Janina and her team at any time . Thank you very much .
Speaker #2: And I guess with this , I hand back to Martin for some final remarks , which concludes to our call for today .
Speaker #1: Thank you so much , everyone , for listening in . Thank you for your very good questions . Thank you for looking and investing at and in Patrizia .
Speaker #1: Is there any follow up questions ? The IR team and I , we are very happy to to answer them and we very much look forward to meeting many of you in the next conferences in autumn of this year .
