Patria Investments Limited · NASDAQ:PAX
Patria Investments — Q3 2025 Earnings Presentation
28 slides from Patria Investments's earnings presentation, Nov 4, 2025
Slide 1: 3Q25 Earnings Presentation
November 4, 2025 PATRIA INVESTMENTS (NASDAQ: PAX) 3Q25 Earnings Presentation
Slide 2: Disclaimer
PAX 3Q25 Earnings Presentation Disclaimer This presentation may contain forward-looking statements within the Further information on these and other factors that could affect our IFRS Balance sheet and results for the current reporting meaning of Section 27A of the Securities Act financial results i
Slide 3: Patria Reports Third Quarter 2025 Results
PAX 3Q25 Earnings Presentation Patria Reports Third Quarter 2025 Results November 4, 2025 – Patria Investments Limited (NASDAQ: PAX) today reported its unaudited results for the third quarter ended September 30, 2025 Dividends Conference About Call Patria Patria declared a quarterly dividend of Patr
Slide 4: Patria's Third Quarter IFRS Results
PAX 3Q25 Earnings Presentation Patria’s Third Quarter IFRS Results IFRS Net Income attributable to Patria was $22.5 million for 3Q25 (US$ in millions) 3Q24 2Q25 3Q25 YTD 2024 YTD 2025 Revenue from management fees 78.0 79.7 85.4 214.0 243.2 Revenue from incentive fees 0.2 2.3 0.2 1.5 2.7 Revenue from
Slide 5: Message from Patria's CEO - Alex Saigh
PAX 3Q25 Earnings Presentation "This quarter we celebrate an important milestone for Patria as our Assets under Management exceeded $50 billion, over 3.5x higher than our AUM at the time of our IPO in 2021. We could not have achieved this milestone without the hard work and dedication of our team an
Slide 6: Patria's Third Quarter 2025 Summary
PAX 3Q25 Earnings Presentation Patria’s Third Quarter 2025 Summary 6
Slide 7: 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 million in 3Q25, up 22% compared to 3Q24. On a per share basis, FRE in 3Q25 reached $0.31, up 19% year over year Me
Slide 8: 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 9: 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 returns and FX impacts • Management Fees include $1.3 million of catch-up fees this quarter • Flat Personnel and G&A
Slide 10: 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 $2.54 per share on September 30, 2025 • Net Accrued Performance Fees increased in the quarter driven mainly by the depreciating U.S. dollar against other currencies and in
Slide 11: Fundraising
PAX 3Q25 Earnings Presentation Fundraising Highlights • Infrastructure benefited from new co-investment commitments • Credit fundraising was led by the Latam and Chilean High Yield Credit strategies • Real Estate benefited from additional flows into Colombia focused strategies (US$ in millions) Priv
Slide 12: Total Assets Under Management
PAX 3Q25 Earnings Presentation Total Assets Under Management 1.6 9.3 10.9 •LTM growth in AUM was +15% US$ US$ 2.9 driven by organic capital inflows of $6.9 billion, $0.6 $51.2bn 4.2 42.4 bn 2.4 + 8.9 bn 0.3 billion from acquisitions, a positive valuation impact of $ 44.7bn 10.9 8.2 7.4 3.8 0.2 $2.4
Slide 13: Fee Earning Assets Under Management
PAX 3Q25 Earnings Presentation Fee Earning Assets Under Management 3Q25 Mgmt. 16% Fee Revenue 28% Breakdown Per •Fee Earning AUM (FEAUM) of $38.8 +14% US$ 4% Strategy 38.8bn billion in 3Q25 were up 14% versus $ 87.0 14% the prior year driven by organic mn capital inflows of $5.1 billion, $0.6 billio
Slide 14: 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-d
Slide 15: 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 16: 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 17: 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 18: 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 19: 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 20: Reconciliations & Disclosures
PAX 3Q25 Earnings Presentation Reconciliations & Disclosures 20
Slide 21: 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 22: 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 23: 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 24: 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 25: Notes
PAX 3Q25 Earnings Presentation Notes Notes to Page 4 (1) Performance fees are determined in accordance with the funds offering documents and/ Notes to Page 10 (1) Others include Infrastructure fund II, Infrastructure fund V, Moneda Alturas II, Moneda Patria’s Third Quarter or agreements with Limited
Slide 26: 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 27: 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
Slide 28: PATRIA
PATRIA