Patria Investments Limited · NASDAQ:PAX
Patria Investments — Q2 2024 Earnings Presentation
26 slides from Patria Investments's earnings presentation, Aug 1, 2024
Slide 1: Patria Investments 2024 Earnings Presentation
PATRIA N Patria Investments (Nasdaq: PAX) 2024 Earnings Presentation August 1, 2024
Slide 2: Disclaimer
PAX 2Q24 EARNINGS PRESENTATION Disclaimer 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 Second Quarter 2024 Results
PAX 2Q24 EARNINGS PRESENTATION Patria Reports Second Quarter 2024 Results August 1, 2024 — Patria Investments Limited (NASDAQ: PAX) today reported its unaudited results for the second quarter ended June 30, 2024 Dividend & Share Repurchase Patria has declared a quarterly dividend of $0.15 per share
Slide 4: Patria's Second Quarter 2024 IFRS Results
PAX 2Q24 EARNINGS PRESENTATION Patria’s Second Quarter 2024 IFRS Results = IFRS Net Income attributable to Patria was $0.8 million for 2Q24 Revenue from management fees Revenue from incentive fees Revenue from performance fees (1) Revenue from advisory and other ancillary fees Taxes on revenue (2) R
Slide 5: Message from Patria's CEO — Alex Saigh
PAX 2Q24 EARNINGS PRESENTATION Message from Patria’s CEO — Alex Saigh The second quarter of 2024 was a very busy quarter for Patria as we continued to make solid progress towards our near and long-term goals. Fee Related Earnings reached $40 million, representing year-over-year and sequential growth
Slide 6: Patria's Second Quarter 2024 Summary
PAX 2Q24 EARNINGS PRESENTATION Patria’s Second Quarter 2024 Summary = Fee Related Earnings ("FRE") of $39.5 million in 2Q24, up 17% and 13% compared to 2Q23 and 1Q24 respectively Financial * Distributable Earnings ("DE") of $33.8 million in 2Q24, compared to $42.3 million in 2Q23 as higher FRE was o
Slide 7: Patria's Second Quarter 2024 Earnings
PAX 2Q24 EARNINGS PRESENTATION Patria’s Second Quarter 2024 Earnings * Distributable Earnings (“DE”) of $33.8 million in 2Q24, or $0.22 per share Management Fees 616 70.2 14% 119.1 133.2 12% (+) Incentive Fees 0.0 13 01 13 (+) Other Fee Revenues 05 29 1.0 42 (-) Taxes on Revenues (1) (1.3) (1.3) (2.
Slide 8: Fee Related Earnings ("FRE")
PAX 2Q24 EARNINGS PRESENTATION Fee Related Earnings (“FRE”) $59.5 BQ ce million Total Fee Revenues Operating Expenses Fee Related Earnings FRE Margin @ @®@ TotalFee Revenues $115.5 @>- $131.7 million Operating Expenses 1%) Fee Related Earnings @® YTD 2Q23 YTD 2Q24 PATRIA see nctes ana detntons at en
Slide 9: Net Accrued Performance Fees
PAX 2Q24 EARNINGS PRESENTATION Net Accrued Performance Fees = Net Accrued Performance Fees were $436 million on June 30, 2024, down from $514mn in 1Q24 = Decrease in Net Accrued Performance Fees for the quarter were driven mainly by depreciation of local currencies against the U.S. dollar as decline
Slide 10: Total Assets Under Management
PAX 2Q24 EARNINGS PRESENTATION Total Assets Under Management = Total AUM of $40.3 billion as of June 30, 2024, up 43% from $28.2 billion one year ago = LTM growth was driven by capital inflows of $4.9 billion, together with $11.4 billion of acquisitions and a positive valuation impact of $2.0 billio
Slide 11: Fee Earning Assets Under Management
PAX 2Q24 EARNINGS PRESENTATION Fee Earning Assets Under Management = Fee Earning AUM (FEAUM) of $31.1 billion in 2Q24 were up 44% from one year ago driven by $13.3 billion of inflows including $9.9 billion from acquisitions, in addition to $754 million of positive valuation impacts, partially offset
Slide 12: Note: Currency Exposure Hard / Soft (%) and Effective Management Fee Rate
Note: Currency Exposure Hard / Soft (%) reflects the percentage of FEAUM exposed to each classification of currency. Soft currency exposures include vehicles which are either denominated in a soft (i.e. local) currency or have management fee exposure through the underlying investments where fees are
Slide 13: Total AUM Roll Forward
PAX 2Q24 EARNINGS PRESENTATION Total AUM Roll Forward Private Equity Public Equities | Real Estate Advisory Total AUM 1024 11,654 5,554 5,978 2,804 3,87 2,160 3 31,966 Acquisitions (1) > "; m 7 570 9,482 : 10,052 Inflows (2) 62 102 358 7 142 552 2 1,252 Outflows (3) (220 (96) (219) (286) (96) (488)
Slide 14: Total FEAUM Roll Forward
PAX 2Q24 EARNINGS PRESENTATION Total FEAUM Roll Forward Private Equity Public Equities | Real Estate Advisory Total FEAUM 1024 6,516 3,334 5,639 2,709 3,791 1,866 : 23,895 ‘Acquisitions (1) - - E 479 8,103, - 8.581 Inflows (2) * 8 356 22 142, 37 = 845, Ourtiows (3) (43) @) (223) (286) (ea) (787) - (
Slide 15: Investment performance for Private Equity and Infrastructure funds
Note: Patria will report investment performance for Private Equity and Infrastructure funds/strategies with Total AUM equal to or above $500 million. This table includes funds below that threshold given their disclosure in our reporting since the IPO.
Slide 16: Investment performance for REITs
Note: Patria will report investment performance for REITS with AUM in excess of US$75mn. Includes eligible REITs from CSGH acquisition that transferred post-quarter end.
Slide 17: Composite investment performance of funds
Note: Includes composite investment performance for funds of strategies with or which have reached in the past Total AUM of $500 million or more, and where relevant, a weighted composite of underlying benchmarks
Slide 18: Reconciliation and Disclosures
PATRIA Reconciliation and Disclosures
Slide 19: Share issuance footnotes
(1) 378,267 shares issued in 4Q23 related to consideration for M&A activity; (2) 1,879,977 shares issued related to consideration for M&A activity and 595,898 shares issued related to personnel compensation; (3) 377,992 shares issued related to M&A activity and 740,634 shares issued related to perso
Slide 20: Patria's Earnings — Quarter View
PAX 2Q24 EARNINGS PRESENTATION Patria’s Earnings — 5 Quarter View PATRIA trrouahout this presentational current period amounts are preliminary and unaudited. Totals may not add due to rounding, See notes and defnitons at end of document Management Fees 61.6 617 64.7 62.9 i } (+) Incentive Fees 0.0 0
Slide 21: Reconciliation of IFRS to Non-GAAP Measures
PAX 2Q24 EARNINGS PRESENTATION Reconciliation of IFRS to Non-GAAP Measures ! 1 t u \ ' nT ' Management Fees 616 617 64.7 62.9 i 70.2 H (+) Incentive Fees 0.0 0.0 3.9 (0.1) f 13 1 (+) Other Fee Revenues 0.5 inl 07 a3 29 ' (-) Taxes on Revenues (1.3) (1.2) (1.4) (1.2) H (1.3) ‘ (.) Rebates (1.3) (2.3)
Slide 22: IFRS Balance Sheet
PAX 2Q24 EARNINGS PRESENTATION IFRS Balance Sheet USS in millions) fever Cash and cash equivatents (1) Client funds on deposit Short term investments Accounts receivable (2) Project advances Other assets (3) Recoverable taxes Other financial instruments (6) Current Ass ‘Accounts receivable (2) Defer
Slide 23: Notes
PAX 2Q24 EARNINGS PRESENTATION Notes Notes to Page 4 — Patria’s Second Quarter 2024 IFRS Results (1) Performance fees determined in accordance with the funds offering documents and/or agreements with Limited Partners, based on the expected value for which it is highly probable that a significant rev
Slide 24: Notes
PAX 2Q24 EARNINGS PRESENTATION Notes Notes to page 9 — Net Accrued Performance Fees (1) Others include Private Equity funds I, Infrastructure fund Il, Moneda Alturas II and Kamaroopin’s legacy Growth Equity fund Notes to page 13 - Total AUM Roll Forward (1) Acquisitions reflects the Total AUM for ac
Slide 25: Notes
PAX 2Q24 EARNINGS PRESENTATION Notes Notes to Page 21— Reconciliation of IFRS to Non-GAAP Measures (1) Deferred Taxes are temporary taxable differences mostly from non-deductible employee profit sharing expenses, performance fees and quarterly revaluation of derivatives (IFRS note "Income Tax Expens
Slide 26: Definitions
PAX 2Q24 EARNINGS PRESENTATION Definitions Distributable Earnings (DE) is used to assess our performance and capabilities to distribute dividends to shareholders. DE is calculated as FRE deducted by current income tax expense, plus net realized performance fees, net financial income/(expenses). DE i