Patria Investments Limited · NASDAQ:PAX
Patria Investments — Q3 2024 Earnings Presentation
28 slides from Patria Investments's earnings presentation, Nov 5, 2024
Slide 1: Patria Investments 3Q24 Earnings Presentation
PATRIA PATRIA INVESTMENTS (NASDAQ: P 3024. __ Earnings Presentation
Slide 2: Disclaimer
PAX 3924 Ean Disclaimer \gs Presentation This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You can identify these forward-looking statements by the
Slide 3: Patria Reports Third Quarter 2024 Results
PATRIA PAX 324 Earnings Presentation Patria Reports Third Quarter 2024 Results November 5, 2024 - Patria Investments Limited (NASDAQ: PAX) today reported its unaudited results for the third quarter ended September 30, 2024 Shareholder Relations Contacts PatriaShareholderRelations@patria.com T: +1917
Slide 4: Patria's Third Quarter 2024 IFRS Results
PAX 3Q24 Earnings Presentation PATR I A Patria’s Third Quarter 2024 IFRS Results IFRS Net Income attributable to Patria was $1.5 million for 3Q24 (USS in millions) 3923 3Q24 YTD 2023 YTD 2024 Revenue from management fees 63.5 78.0 185.4 214.0 Revenue from incentive fees 0.0 0.2 0.1 15 Revenue from p
Slide 5: Message from Patria's CEO
PAX 3Q24 Earnings Presentation Message from Patria’s CEO - Alex Saigh PATRIA The third quarter of 2024 was another exciting quarter for Patria as Fee Earning AUM reached $34 billion representing year-over-year and sequential growth of 58% and 9% percent, respectively. We also delivered $34.9 million
Slide 6: Patria's Third Quarter 2024 summary
PAX 3Q24 Earnings Presentation PATRIA Patria’s Third Quarter 2024 summary
Slide 7: Patria's Third Quarter 2024 Summary
PAX 3Q24 Earnings Presentation PATR | A Patria’s Third Quarter 2024 Summary + Management fees of $77.7 million in 3Q24, up 26% compared to 3023 + Fee Related Earnings ("FRE") of $40.6 million in 3Q24, up 13% compared to 3Q23 ‘ * + FRE Margin of 53% in 3Q24 and 55% year to date Fi nancial + Distribut
Slide 8: Patria's Third Quarter 2024 Earnings
PAX 3Q24 Earnings Presentation PATR I A Patria’s Third Quarter 2024 Earnings Distributable Earnings (“DE”) of $34.9 million in 3Q24, or $0.23 per share (USS in millions) 3923 3924 %D YTD 2023 YTD 2024 wD Management Fees 617 777 26% 180.9 210.9 1% (+) Incentive Fees 0.0 0.2 0.4 15 (+) Other Fee Reven
Slide 9: Fee Related Earnings (FRE)
PAX 3Q24 Earnings Presentation Fee Related Earnings (“FRE”) Total Fee Revenues Operating Expenses Fee Related Earnings FRE Margin (%4) Total Fee Revenues Operating Expenses Fee Related Earnings YTD 3Q23 YTD 3Q24 FRE Margin (%) 58% 55% ‘See notes and definitions at end of document, Totals may not add
Slide 10: Net Accrued Performance Fee
PAX 3Q24 Earnings Presentation PATR I A Net Accrued Performance Fee « Net Accrued Performance Fees of $455 million or 2.97 per share on September 30th, 2024, increased approximately $20 million QoQ from $436 million in 2Q24 + Increase in Net Accrued Performance Fees for the quarter were driven mainl
Slide 11: Total Assets Under Management
PAX 3Q24 Earnings Presentation PATR I A Total Assets Under Management + Total AUM of $44.7 billion as of September 30, 2024, up 57% from $28.4 billion one year ago is 5 T% 4, Fon + LTM growth was driven by capital inflows of $5.6 billion, together with $13.7 billion of acquisitions and a positive va
Slide 12: Fee Earning Assets Under Management
PAX 3Q24 Earnings Presentation Fee Earning Assets Under Management + Fee Earning AUM (FEAUM) of $34.0 billion in 3Q24 were up 58% from one year ago driven by organic capital inflows of $3.8 billion, together with $12.2 billion of acquisitions and a positive valuation impact including FX of $1.0 bill
Slide 13: Key Fee Characteristics By Investment Vertical
PAX 3Q24 Earnings Presentation PATR I A Key Fee Characteristics By Investment Vertical 7 Frequency of , Currency Exposure Effective Mgmt. Asset Class FEAUM by Structure Fee Basis NAW Goeninicn Duration Hard? Soft (%) reas Private Ei $5.5 bn 100% Drawdown Funds Deployed Capital at Cost na. Long-dated
Slide 14: Total AUM Roll Forward
PAX 3Q24 Earnings Presentation Total AUM Roll Forward PATRIA Private Equity Infrastru Credit Public Equities Total ‘UM 2024 10,610 5,297 6,135 2,362 4,132 11,787 - 40,322 Reclassifications : 180 (180) : - : : : ‘UM 2024 70,610 5,477 5,955 2,362 4,132 1,787 - 40,322 ‘Acquisitions (1) : : - - 2,264 -
Slide 15: Total FEAUM Roll Forward
PAX 3Q24 Earnings Presentation PATR I A Total FEAUM Roll Forward Private Equity Infrastructure Credit Public Equities | Real Estate Advisory Total FEAUM 2024 6,417 3,240 5,770 2,203 3,864 9,483 = 31,067 ‘Acquisitions (1) - - - . 2,226 - 2,226 Inflows (2) 52 54 447 100 56 947 - 1656 Realizations & Di
Slide 16: Investment Performance — Drawdown Funds
PAX 3Q24 Earnings Presentation Investment Performance — Drawdown Funds PATRIA Comets uptinasnon) ———«ammmad epinad, etd Uresied, Rend, ee ht Roe reign S + ££ 6 6S 6S oS Private Equity PE! (1997) 234,000 Divested 163,812 # 278,480 278,480 17K 4% Th PE II (2003) 50,000 Divested 51,648 z 1,053,625 1,05
Slide 17: Investment Performance — REITs
PAX 3Q24 Earnings Presentation Investment Performance — REITs As of Sep 24 Ticker HGLon Lvain Pvaint HGREN HGPonl TRNTH Hoorn vain HGRUNI Rveitt nla Note: Patria will report investment performance for REITS with AUM in excess of US$75mn. Market based retumn including dividend reinvestment. (1) IFIX
Slide 18: Investment Performance — GPMS
PAX 3Q24 Earnings Presentation PATR I A Investment Performance — GPMS | Secondaries | Semu ee trreni Committed / Invested Capital €5.4 billion €2.6 billion €2.2 billion TVPI Gross! 1.7x 1.6x 1.8x IRR Gross" 7% 19% 19% Notes: Data a of 30 June 2024, Primaries Wack record: compsises ll primary funds s
Slide 19: Investment Performance — Credit & Public Equities
PAX 3Q24 Earnings Presentation Investment Performance — Credit & Public Equities Asset Class Strategy PATRIA Credit Functional Strategy 3Q24 Compounded Annualized Net Returns Excess Return Currency AUM(USDMn) YTD five ayr Syr Since Incep. _ Since Incept. Latam High Yield (2000) 12.6% 18.7% 7.9% 7.8%
Slide 20: Reconciliations & Disclosures
PATRIA PAX 3Q24 Earnings Presentation Reconciliations & Disclosures
Slide 21: Share Summary
PAX 3Q24 Earnings presentation Share Summary PATRIA (USS in millions) 3Q23 4Q23' 1924? 29247 3Q24 Class A Common Shares 54,930,241 55,308,508 57,784,383 58,863,009 60,433,885 Class B Common Shares 92,945,430 92,945,430 92,945,430 92,945,430 92,945,430 Total Shares Outstanding 147,875,671 148,253,938
Slide 22: Patria's Earnings — Quarter View
PAX 3Q24 Earnings Presentation PATRIA Patria’s Earnings — 5 Quarter View QTD FY (USS in millions) 3Q23 4Q23 1024 FY 2022 FY 2023 Management Fees 617 647 62.9 220.6 245.5 (+) Incentive Fees 0.0 3.9 (0.1) 61 4a (+) Other Fee Revenues u 07 13 42 28 (-) Taxes on Revenues (1) (1.2) (1.4) (1.2) (3.7) (5.0
Slide 23: Reconciliation of IFRS to Non-GAAP Measures
PAX 3Q24 Earnings Presentation Reconciliation of IFRS to Non-GAAP Measures PATRIA QTD FY (USS in millions) 3Q23 4Q23 1924 2Q24 FY 2022 FY 2023 Management Fees 617 647 62.9 70.2 220.6 245.5 (+) Incentive Fees 0.0 3.9 (0.1) 13 61 41 (+) Other Fee Revenues u 07 13 2.9 42 28 (-) Taxes on Revenues (1.2)
Slide 24: IFRS Balance Sheet
PAX 3Q24 Earnings Presentation PATR I A IFRS Balance Sheet (USS in millions) 31-Dec-23 30-Sep-24 31-Deo-23 30-Sep-24 Assets Liabilities and Equity Cash and cash equivalents 16.1 38.3 Client funds payable 7A 22.5 Short term investments (1) 204.5 62.9 Consideration payable on acquisition (8) 59.1 137.
Slide 25: Notes
PAX 3Q24 Earnings Presentation Notes Notes to Page 4 Patria's Third Quarter, 2024 IFRS Results, Notes to Pages 8 Patria's Third Quarter 2024 Earnings and Page 22 Patria's Earnings — 5 Quarter View CO} @ 3 “ 6) 6) a @) @ oO 2 @ a) 6) Performance fees determined in accordance with the funds offering d
Slide 26: Notes
PAX 3Q24 Earnings Presentation Notes NotestoPage 23 (1) Reconciliation of IFRS to Non-GAAP Measures 2 @ a o) ) a @) ) Deferred Taxes are temporary taxable differences mostly from rnon-deductible employee profit sharing expenses, performance fees and quarterly revaluation of derivatives (WFRS note "I
Slide 27: Definitions
PAX 3Q24 Earnings Presentation Definitions Distributable Earnings (DE) Drawdown Funds Fee Earning Assets Under Management (FEAUM) Related Earnings (FRE) Gross MOIC Incentive Fees is used to assess our performance and capabilities to distribute dividends to shareholders, DE is calculated as FRE deduc
Slide 28: PATRIA
PATRIA