Patria Investments Limited · NASDAQ:PAX
Patria Investments — Investor Presentation (November 2025)
60 slides from Patria Investments's investor presentation, November 2025
Slide 1: Shareholder Presentation
November 2025 PATRIA INVESTMENTS (NASDAQ: PAX) Shareholder Presentation
Slide 2: Disclaimer
PAX Shareholder Presentation Disclaimer This presentation may contain forward - looking statements Further information on these and other factors that could IFRS Balance sheet and results for the current reporting within the meaning of Section 27A of the Securities Act affect our financial results i
Slide 3: Patria Today
PAX Shareholder Presentation Patria Today A Leading Alternative Investment Firm with 37+ Years of Experience and $39bn of Fee - Earning AUM Diversified Expanding Broad Creating Product Geographical Distribution Shareholder Suite Presence Capabilities Value Evolved from Product Provider to Solutions
Slide 4: Our Strategy: Continue to Enhance our Position as the Gateway to Alternative Investing
PAX Shareholder Presentation Our Strategy | Continue to Enhance our Position as the Gateway to Alternative Investing in LatAm and Selectively Expand into Developed Markets to Drive Long - term Shareholder Returns Global Capital to Regional/Local Unique Investment Capabilities coupled with Best - in-
Slide 5: Our History: The Road to Building a Diversified, Fast Growing, and Resilient Business
PAX Shareholder Presentation Our History | The Road to Building a Diversified, Fast Growing, and Resilient Business to Become the Dominant Alternative Manager in Latin America 1994 2010 2022 2024 Launch of Private Equity Partnership with Acquisition of Igah (closed in Dec - 22) Acquisition of Nexus
Slide 6: Our Platform: Significant Evolution Since our IPO
PAX Shareholder Presentation Our Platform | Significant Evolution Since our IPO with an Asset Base Anchored in Long Duration Structures & Hard Currencies, Enhancing Fee Revenue Predictability and Limiting FX Sensitivity FEAUM By Asset Class FEAUM By Product Structure FEAUM By Currency 3% 2% 13% 29%
Slide 7: Our Growth: Established Track Record of Delivering on Targets
PAX Shareholder Presentation Our Growth | Established Track Record of Delivering on Targets and on Path to Mid - teens FRE Growth @IPO 2022 202 5 Target 202 7 Target (YE 2020) Investor Day Capital $30.9 bn inflows through $20 bn +$35 bn Formation¹ 3Q25 since 2022 Investor Day (4Q22 through 2025) (4Q
Slide 8: Patria 2027 and Beyond: Further Enhancing our All-Weather Platform
PAX Shareholder Presentation Patria 2027 and Beyond | Further Enhancing our All - Weather Platform FEAUM By Asset Class FEAUM By Product Structure FEAUM By Currency EUR GBP BRL 14% 11% ~10% ~15% 3Q25 30% 3Q25 3Q25 33% ~10% 3Q25 CLP 10% 20% ~10% $39 bn $39 bn $39 bn COP FEAUM FEAUM FEAUM ~5% 6% YE27
Slide 9: Patria's AUM 3Q25
PAX Shareholder Presentation Patria’s AUM 3Q25 | Total Assets Under Management – Significant Capital Available to Deploy and Pent - up Earnings Power 1.6 CAGR: $ 51.2 bn 0.3 10.9 US$ 9.3 2.9 US$ +31% 1.2 US$ 3.2 2.4 42.4 bn 4.2 + 0.3 8.8 bn 13.8 bn 1.3 7.4 8.2 3.8 0.1 2.4 0.2 Fair Value Uncalled Cap
Slide 10: Investment Performance Across Asset Classes
PAX Shareholder Presentation Investment Performance | Delivering Strong Investment Performance Across Asset Classes 1 Significant market opportunities with differentiated Asset Class Investment Performance Highlights strategies • Strong sector expertise (healthcare, logistics, food & beverage, Priva
Slide 11: Creating Long-Term Value for Our Shareholders
PAX Shareholder Presentation Creating Long - Term Value for Our Shareholders FEAUM Growth… …Drives our Capacity to Generate Earnings …and Capital Allocation Supports Since Patria’s IPO our Fee - Earning Assets Under Growth… Shareholder Returns and Future Management, “FEAUM” & earnings capacity have
Slide 12: Expanded Global & Local Distribution Capabilities
PAX Shareholder Presentation At Early Stages of Leveraging Expanded Global & Local Distribution Capabilities; Another Long - Term Growth Catalyst Global Footprint 11 Commercial Offices Around the Globe Strong client relationship Seasoned Edinburgh team managing client relations, on average for 15yea
Slide 13: Financial Overview
PAX Shareholder Presentation Financial Overview 13
Slide 14: A Summary of Key Terminology to Help You Understand Our Business
PAX Shareholder Presentation First… A Summary of Key Terminology to Help You Understand Our Business Key Performance Metrics Financial Metrics Total Assets Under Total fair value of investments plus “dry powder” Management Contractual recurring fees based on Fee Earning AUM… Management (AUM) (contra
Slide 15: We've generated very strong growth since our IPO
We’ve generated very strong growth since our IPO FEAUM Mgt. Fees FRE/ share 40%+ ~25% ~25% CAGR CAGR CAGR Note: CAGR 2020-3Q25 LTM 15
Slide 16: Our Fee Earnings AUM Growth Has Been Strong as We've Diversified
Our Fee Earnings AUM Growth Has Been Strong as We’ve Diversified Our Business CAGR Genial & Fee Earning AUM ($bn) Vectis REITs Jul, 2025 41% Credit Suisse Abrdn Solutions & Nexus Jul, 2024 $39 bn Apr, 2024 30% Bancolombia Nov, 2023 KMP VBI 1 6% Mar, 2022 Acquisitions IGAH Jun, 2022 Dec, 2022 Moneda
Slide 17: Diversification Enhances our Management Fee Growth and Resilience
Diversification Enhances our Management Fee Growth and Resilience Vectis & Genial REITs Jul, 2025 Management fee (US$ mn) CAGR Credit Suisse & Nexus Jul, 2024 25% Abrdn Solutions Mgmt. fee Apr, 2024 mix (%) Bancolombia 4% Resilient VBI 1 IGAH Nov, 2023 Jun, 2022 Dec, 2022 16% Diversified platform an
Slide 18: We expect our strong growth to continue through 2027 and beyond
We expect our strong growth to continue through 2027 and beyond FEAUM Mgt. Fees FRE/ share ~30% ~20% ~15% CAGR CAGR CAGR 2024 - 2027 2024 - 2027 2024 - 2027 Note: Based on midpoint guidance 18
Slide 19: FEAUM - Building Blocks to Our Targets
FEAUM - Building Blocks to Our Targets • Targeting Net Organic Inflows of 8 - 10% annually • Investment returns driven mainly by permanent capital and/or long duration investment vehicles • As of 3Q25, FEAUM of $39bn and YTD net inflows of 1.4 bn, reflecting an ~6% annualized organic growth rate ~2x
Slide 20: FRE per Share Growth: A Key Measure of our Success
FRE per Share Growth… A Key Measure of our Success in Building Value CAGR Fee Related Earning ($bn) 2024-27 ~17% $260 - 290mn Management fees 290 CAGR target 2022 -24 Expected continued growth with an $225 - 245mn average fee rate of ~90 bps over time 240 ~14% $200 - 225mn target $1.80 to target 1.6
Slide 21: Strong FRE Growth In Combination With PRE Positions Us to Deliver Higher DE Growth
Strong FRE 2 Growth In Combination With PRE Positions Us to Deliver Higher DE Growth Over The Cycle 25 → 27 Aggregate Midpoint of Range 2x+ over 3 yrs.¹ $4.50 to Fee Related Earnings 2 ~$4.00 $4.80 (after tax & other expenses) per share¹ DE per share (cumulative) $1.90 Performance Related Earnings ~
Slide 22: Updated Capital Allocation Strategy
Updated Capital Allocation Strategy Utilizing our strong cash generation and balance sheet to fuel growth and create optionality for shareholders Cash Generation Cash Uses Dividends • 2026 $0.65/share². Potential increases thereafter. • Intention to repurchase sufficient stock to maintain a stable S
Slide 23: Key 2027 Targets: Double FEAUM and Grow FRE by 15-20% CAGR
Key 2027 Targets: Double FEAUM and Grow FRE by 15 - 20% CAGR Through 2027 Year End 2024 1 Year End 2027 ~$27bn Total Capital Formation ~60% organic ~$35bn (cumulative since investor day) (Cumulative 2025 - 2027) ~$33bn FEAUM ~30% CAGR ~$70bn $170mn ~$260 - 290mn 57% margin FRE 15 - 20% CAGR 58% - 60
Slide 24: Platform Overview
PAX Shareholder Presentation Platform Overview 24
Slide 25: Patria Credit Platform Overview
PAX Shareholder Presentation Patria Credit Platform Overview Strong • All strategies outperforming benchmarks over 3, 5, 10 years+ $8.2 Billion Performance • Flagship Funds ranked top percentile against • LatAm USD Corporate Credit eVestment EM Peer Groups outperforms US and EM over the long term Co
Slide 26: Credit: Strong Track Record & Consistent Outperformance
PAX Shareholder Presentation Credit: Strong Track Record & Consistent Outperformance Regional Corporate Strategies LatAm High Yield ($5.1 Mn AUM) LatAm Local Currency ($1,040 Mn AUM) Outperformance (bps) Outperformance (bps) 370bps 190 70 190 130bps 40 3y 10y Since Inception 3y 10y Since Inception #
Slide 27: Patria Infrastructure Platform Overview
PAX Shareholder Presentation Patria Infrastructure Platform Overview Strong • Pooled net IRR of 10.4% over the latest 2 vintages Performance • 260 bps above benchmark¹ $7.9 Billion Competitive Edge • Strong development capacity, with over $20 bn in budget track record² CapEx , and on time/on Total A
Slide 28: Infra Funds Performing Above Benchmarks
PAX Shareholder Presentation Infra Funds Performing Above Benchmarks 2.6% Above Median Benchmark 10.4% Patria Infrastructure 7.8% Net IRR 14.2% Premium DowJones Brookfield Global Infra Index Burgiss Global Infra Median² Patria Infrastructure 1 Latest vintages (Infra III and IV) - 3.8% (1) Methodolog
Slide 29: Patria Real Estate Platform Overview
PAX Shareholder Presentation Patria Real Estate Platform Overview • Brazil: 500+ bps of annualized outperformance since inception for the Strong largest REIT type (Logistics)² Performance • Colombia: 1,000 bps of annualized outperformance since inception for the largest fund (Diversified) • Deep sec
Slide 30: The Evolution of Patria's Real Estate Platform Since IPO
PAX Shareholder Presentation The Evolution of Patria’s Real Estate Platform Since IPO Fee Earning AUM ($ bn) ~90% Permanent Capital Prior to IPO 2022 2023 July 2025 Completed the acquisition Patria reorganized its In June 2022, Patria By the end of 2023, our of 6 Brazilian REITs from Genial & Real E
Slide 31: Investment Performance - REITs
PAX Shareholder Presentation Investment Performance - REITs 14.6% 14.7% 14.1% 12.3% 11.4% 10.7% 10.6% 9.3% 9.2% 8.6% 8.6% 7.5% 6.9% 6.6% 5.5% 5.1% Annualized Returns² 4.7% in local currency Fund Return (BRL) 2.8% 2.9% 2.6% IFIX Return (BRL) Fund Return (COP) IPC Return (COP) HGLG11 LVBI11 PVBI11 HGR
Slide 32: Patria GPMS Platform Overview
PAX Shareholder Presentation Patria GPMS Platform Overview Strong • 17%, 18% and 18% pooled IRR for Primaries, Secondaries and Co - Performance Investments 2 respectively • Integrated platform of primaries, secondaries and co - investments, invested $13.8 Billion Competitive Edge with 250+ GPs acros
Slide 33: Proven investment process drives market-leading returns
PAX Shareholder Presentation Proven investment process drives market - leading returns Primaries Secondaries Co - Investments 2 Committed / Invested Capital €5.8 billion €2.7 billion €2.6 billion Number of Transactions 200+ 130+ 160+ TVPI Gross 1 1.7x 1.6x 1.9x IRR Gross 17% 18% 18% Notes: Data as o
Slide 34: Patria Private Equity Platform Overview
PAX Shareholder Presentation Patria Private Equity Platform Overview Strong • +200 bps of excess returns versus PE LatAm Performance • Portfolio: +15% EBITDA Growth LTM² $10.9 Billion Competitive Edge • Sector - focused strategy, building market leaders through consolidation with a hands - on approa
Slide 35: Outperforming EM PE Industry & Uncorrelated to LatAm
PAX Shareholder Presentation Outperforming EM PE Industry & Uncorrelated to LatAm Long - Term Alpha Generation Private Equity Differentiated Strategy 20 - year Net IRR (USD)¹ _ Sector Selection Healthcare, F&B, Agribusiness, B2B Services and Logistics Patria PE: 12.6% 12.4% Excess return vs. PE indu
Slide 36: Patria Public Equity Platform Overview
PAX Shareholder Presentation Patria Public Equity Platform Overview Strong • ~570 bps of outperformance since inception in largest strategy 1 Performance • Long term customer relationships with 80% of AUM from clients who have $2.4 Billion Competitive Edge been with Patria 12+ years • Deep research
Slide 37: Disciplined Investment Process Drives Consistency
PAX Shareholder Presentation Disciplined Investment Process Drives Consistency Recurrent outperformance versus the benchmarks since inception Compounded Annualized Net Returns Functional Strategy Excess Return Strategy YTD Currency AUM (USD mn ) Since Incept. 1yr 3yr 10yr Since Incep . Chilean Equit
Slide 38: Firm Management Drives Institutionalization & Efficiency
PAX Shareholder Presentation Firm Management Drives Institutionalization & Efficiency Olimpio Matarazzo Alexandre Saigh Chairman of the Board CEO 30+ Years at Patria 30+ Years at Patria Daniel Ana Santos Guilherme Ana Russo Sorrentino Human Poças CFO Global Head Resources General Counsel of Commerci
Slide 39: Selected Pages 3Q25
November 4, 2025 Selected PATRIA INVESTMENTS (NASDAQ: PAX) Pages 3Q25 Earnings Presentation
Slide 40: Patria's Third Quarter 2025 Summary Financial Measures
PAX 3Q25 Earnings Presentation Patria’s Third Quarter 2025 Summary • Management fees of $87.0 million in 3Q25, up 12% compared to 3Q24 Financial • Fee Related Earnings (“FRE”) of $49.5 $0.31, up 19% year over year million in 3Q25, up 22% compared to 3Q24. On a per share basis, FRE in 3Q25 reached Me
Slide 41: Patria's Third Quarter 2025 Earnings
PAX 3Q25 Earnings Presentation Patria’s Third Quarter 2025 Earnings Distributable Earnings (“DE”) of $46.9 million in 3Q25 %Δ %Δ %Δ (US$ in millions) 3Q24 2Q25 3Q25 (3Q24 vs. 3Q25) (2Q25 vs. 3Q25) YTD 24 YTD 25 (YTD 24 vs. YTD 25) Management Fees 77.7 81.0 87.0 12% 7% 210.9 246.7 17% (+) Incentive F
Slide 42: Fee Related Earnings (FRE)
PAX 3Q25 Earnings Presentation Fee Related Earnings (“FRE”) • Increase in Management Fees sequentially reflects higher FEAUM driven mainly by organic net inflows, positive investment retu rns and FX impacts • Management Fees include $1.3 million of catch - up fees this quarter • Flat Personnel and G
Slide 43: Net Accrued Performance Fees for Drawdown Funds
PAX 3Q25 Earnings Presentation Net Accrued Performance Fees for Drawdown Funds • Net Accrued Performance Fees of $402 million or $2.54 per share on September 30, 2025 • Net Accrued Performance Fees increased in the quarter driven mainly by the depreciating U.S. dollar against other currencies and in
Slide 44: Fundraising
PAX 3Q25 Earnings Presentation Fundraising Highlights • Infrastructure benefited from new co - investment commitments • Credit fundraising was led by the Latam and Chilean High Yield Credit strategies • Real Estate benefited from additional flows into Colombia focused strategies (US$ in millions) Pr
Slide 45: Total Assets Under Management
PAX 3Q25 Earnings Presentation Total Assets Under Management • LTM growth in AUM was +15% US$ US$ driven by organic capital inflows of $6.9 billion, $0.6 $ 51.2 bn 42.4 bn + 8.9 bn billion from acquisitions, a positive valuation impact of $ 44.7 bn $2.4 billion, as well as a Fair Value Uncalled Capi
Slide 46: Fee Earning Assets Under Management
PAX 3Q25 Earnings Presentation Fee Earning Assets Under Management 3Q25 Mgmt. Fee Revenue Breakdown Per • Fee Earning AUM (FEAUM) of $38.8 billion in 3Q25 were up 14% versus +14% US$ Strategy the prior year driven by organic $ 38.8 bn 87.0 mn capital inflows of $5.1 billion, $0.6 billion of acquisit
Slide 47: Key Fee Characteristics By Investment Vertical
PAX 3Q25 Earnings Presentation Key Fee Characteristics By Investment Vertical Frequency of Currency Exposure LTM Effective Asset Class FEAUM by Structure Fee Basis Duration NAV Calculation Hard / Soft (%) Mgmt. Fee Rate Deployed Capital at Private Equity $ 5.5 bn 100% Drawdown Funds Cost n.a. Long -
Slide 48: Total AUM Roll Forward
PAX 3Q25 Earnings Presentation Total AUM Roll Forward Private Equity Infrastructure Credit Public Equities Real Estate GPMS Total AUM 2Q25 10,620 7,311 7,828 2,267 6,820 13,867 48,713 Acquisitions — — 7 — 584 — 591 Inflows 96 612 396 78 109 240 1,531 Realizations & Dividends (57) (75) (28) — (94) (2
Slide 49: Total FEAUM Roll Forward
PAX 3Q25 Earnings Presentation Total FEAUM Roll Forward Private Equity Infrastructure Credit Public Equities Real Estate GPMS Total FEAUM 2Q25 5,474 4,219 7,643 2,212 6,303 11,357 37,207 Acquisitions — — 10 — 592 — 602 Inflows — 30 384 73 108 277 873 Realizations & Dividends — (252) (26) — (106) (18
Slide 50: Investment Performance – Drawdown Funds
PAX 3Q25 Earnings Presentation Investment Performance – Drawdown Funds Committed Deployed Total Unrealized Realized Total (in Thousands, Except Where Noted) Net Returns Capital + Reserved Invested Investments Investments Value Total Value Value Value Value Gross MOIC Net IRR Net IRR Fund (Vintage) %
Slide 51: Investment Performance – REITs
PAX 3Q25 Earnings Presentation Investment Performance – REITs As of Sep 25 Returns in local currency - Since Inception Inception Functional AUM M AUM M Total Return Market IFIX (BR)¹ / Ticker Fund Name Strategy (Functional (USD) (Annualized) Comparison IPC(COL) Currency) (Annualized) HGLG11 PÁTRIA L
Slide 52: Investment Performance – Credit, Public Equities & GPMS
PAX 3Q25 Earnings Presentation Investment Performance – Credit, Public Equities & GPMS Compounded Annualized Net Returns Excess Return Functional Strategy Asset Class Strategy YTD Currency AUM (USD mn) 1yr 3yr 5yr Since Incep. Since Incept. Latam High Yield (2000) 7.7% 10.4% 13.4% 10.8% 11.1% USD 4,
Slide 53: Reconciliations & Disclosures
PAX 3Q25 Earnings Presentation Reconciliations & Disclosures 53
Slide 54: Share Summary
PAX 3Q25 Earnings Presentation Share Summary (US$ in millions) 3Q24(1) 4Q24(2) 1Q25(3) 2Q25(4) 3Q25(5) Class A Common Shares 60,433,885 60,640,738 65,129,962 66,521,566 65,021,566(5) Class B Common Shares 92,945,430 92,945,430 92,945,430 92,945,430 92,945,430 Total Shares Outstanding 153,379,315 153
Slide 55: Patria's Earnings – 5 Quarter View
PAX 3Q25 Earnings Presentation Patria’s Earnings – 5 Quarter View QTD FY (US$ in millions) 3Q24 4Q24 1Q25 2Q25 3Q25 FY 2022 FY 2023 FY 2024 Management Fees 77.7 81.4 78.8 81.0 87.0 220.6 245.6 292.4 (+) Incentive Fees 0.2 12.3 0.3 2.3 0.2 6.1 4.1 13.8 (+) Other Fee Revenues 1.5 4.7 2.0 2.3 2.5 4.2 2
Slide 56: Reconciliation of IFRS to Non-GAAP Measures
PAX 3Q25 Earnings Presentation Reconciliation of IFRS to Non-GAAP Measures QTD FY (US$ in millions) 3Q24 4Q24 1Q25 2Q25 3Q25 FY 2022 FY 2023 FY 2024 Management Fees 77.7 81.4 78.8 81.0 87.0 220.6 245.6 292.4 (+) Incentive Fees 0.2 12.3 0.3 2.3 0.2 6.1 4.1 13.8 (+) Other Fee Revenues 1.5 4.7 2.0 2.3
Slide 57: IFRS Balance Sheet
PAX 3Q25 Earnings Presentation IFRS Balance Sheet (US$ in millions) 31-Dec-24 30-Sep-25 31-Dec-24 30-Sep-25 Assets Liabilities and Equity Cash and cash equivalents 33.4 30.3 Client funds payable (2) 18.7 16.3 Short term investments (1) 59.0 22.0 Consideration payable on acquisition (8) 102.0 110.7 C
Slide 58: Notes
PAX 3Q25 Earnings Presentation Notes Notes to Page 4 1. Performance fees are determined in accordance with the funds offering documents Notes to Page 10 1. Others include Infrastructure fund II, Infrastructure fund V, Moneda Alturas II, Moneda Patria’s Third Quarter and/or agreements with Limited Pa
Slide 59: Notes
PAX 3Q25 Earnings Presentation Notes Notes to Page 23 1. Deferred Taxes are temporary taxable differences mostly from non - Notes to Page 24 1. Short term investments for December 31st, 2024 , included investments from Patria Latin American Opportunity Reconciliation of deductible employee profit sh
Slide 60: Definitions
PAX 3Q25 Earnings Presentation Definitions Distributable Earnings is used to assess our performance and capabilities to distribute dividends Net Accrued represent an accrued balance of performance fees, which if each eligible (DE) to shareholders. DE is calculated as FRE deducted by current income t
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