Vinci Compass Investments Ltd. · NASDAQ:VINP
Vinci Compass Investments — Q1 2026 Earnings Presentation
60 slides from Vinci Compass Investments's earnings presentation, May 14, 2026
Slide 1: Investor Presentation May 2026
1 May 2026 Investor Presentation
Slide 2: Leading full-service alternative asset manager in Latin America
2 Vinci Compass is a leading full - service alternative asset manager in Latin America Credit Private Equity Equities Global Investment Products & Solutions Real Assets Strategies focused on growth equity transactions in Brazil, working towards transformational growth in collaboration with managemen
Slide 3: The premier partner for alternative investments in Latin America
3 The premier partner for alternative investments and global solutions in Latin America Notes: ¹ Considers assets under management and advisory as of March 2026; S ources : Argentina (ANSES, SSN), Brasil (ANBIMA), Chile (SP, CMF, “ Radiografía y perspectivas de los family offices para 2024, Ameris -
Slide 4: Pan-Regional presence with diversified exposure
4 Pan - Regional presence with a diversified exposure to product offering, funding and currency Segments Breakdown Country Breakdown (Funding) Client Profile Breakdown Country Breakdown (Asset Allocation) Notes: ¹ Considers assets under management and advisory as of March 2026. ²Fee Related Revenues
Slide 5: Deep Access to Latin American & Global LPs
5 Deep Access to Latin American & Global LPs HNWI & Intermediaries 300+ relationships with family offices and UHNWI Over 520 intermediaries distributing Vinci Compass strategies Institutional Investors Deep access to Latin American pension funds, including 100% penetration in Chile, Peru, Colombia,
Slide 6: Local teams providing local, regional and global solutions
6 Notes: As of March 2026. Local teams providing local, regional and global solutions to our clients Operational & Client Service Backbone High involvement from our partners Client Relations Group 83 relationship managers across 9 countries 4 Argentina 25 Brazil 20 Chile 4 Colombia 12 Mexico 3 Peru
Slide 7: Business model built for resilience and long-term value creation
7 Business model built for resilience and long - term shareholder value creation Stable cash flow profile with substantial upside from performance and balance sheet investments FRE + PRE + IRE : recurring cash flow today, with significant gains coming from performance and GP commitments, driving sha
Slide 8: FRE: High-Quality Earnings Stream
8 FRE: High - Quality Earnings Stream Diversified, recurring, and resilient through cycles FRE More balanced than AuM lower concentration risk oi Resilient through cycles: different drivers protect against earnings volatility as we navigate through different cycles oi Predictable cash flow to fund d
Slide 9: PRE: Two Value Drivers
9 PRE: Two Value Drivers Liquids delivered in a tough cycle, privates next Resilient through the cycle: liquid strategies sustained PRE in a high - rate backdrop Private vehicles early in harvest, building a second driver of PRE Performance - eligible AuM and gross accrued performance fees underpin
Slide 10: PRE: What's in the Pipeline
10 PRE: What’s in the Pipeline Performance - eligible base and accrued carry today Portfolio seasoning: core assets maturing to realization phase Embedded carry increasing across flagship vintages Diversified PEAUM across strategies Performance Eligible AuM as of 1Q’26 R$ 47 billion Larger eligible
Slide 11: IRE: A Perpetual Compounding Engine
11 IRE: A Perpetual Compounding Engine IRE is a compounding engine, as each realization creates the capital for the next vintage, perpetuating growth IRE Anchor fundraising LP Commitments Harvest returns Capital calls/ Deployment GP (Re)Commitments Each realization funds the next commitment, leverag
Slide 12: Scale of IRE Commitments
12 Scale of IRE Commitments We have committed R$1.5 billion of proprietary capital into our private market funds, diversified across all our segments Our commitments today are significant and well diversified, setting up a meaningful future earnings base IRE Commitments Highlights Target Gross IRR C
Slide 13: Our Flagship Commitments: Driving Future IRE
13 Our Flagship Commitments: Driving Future IRE These three flagship funds represent the bulk of Vinci Compass’ proprietary investments, diversifying exposure across strateg ies and anchoring future IRE Together these funds represent R$600 million in IRE commitments , already generating FRE uplift a
Slide 14: IRE: Embedded Earnings Potential
14 Notes: Vinci Compass’ estimates consider the lower range of the target net IRR from our proprietary capital commitments; ¹Con sid ers the share base as of March 2025. IRE: Embedded Earnings Potential R$ 1.5 billion 18 - 20% Gross Blended Target IRR Total commitments Our balance sheet holds signif
Slide 15: 2025-2028 Targets at a Glance
15 2025 - 2028 Targets at a Glance ~19% CAGR ~25% CAGR Full Year 2025 Full Year 2028 Target R$ 950 mm R$ 288 mm 30% Fee Related Revenues Fee Related Earnings (FRE) FRE margin ~R$ 1.6 bn ~R$ 600 mm 38% R$ 100 billion Fundraising Target from 2H’25 through 2028 ~8 p.p.
Slide 16: Use of Capital Since IPO
16 Notes: As of March 31, 2026. Use of Capital Since IPO 18 - 20% R$100 million + between 2028 - 2031 IRE Commitments Capital Returned to Shareholders M&As Gross Blended Target IRR Expected Realized IRE Annual Run Rate Contribution R$413.2 m illion Cash used R$1.1 b illion Total Dividends distribute
Slide 17: Business Units Deep Dive
VINCI COMPASS Business Units Deep Dive
Slide 18: Global Investment Products and Solutions (Global IP&S)
18 63% 21% 16% AUM Breakdown by Client Profile Institutional HNWI Intermediaries Global Investment Products and Solutions (Global IP&S) Providing access to a network of world - class GPs and top - tier asset managers, we deliver bespoke global and local investment solutions, granting unparalleled ac
Slide 19: Credit
19 45% 24% 13% 10% 6% 3% AUM Breakdown by Geography (Asset Allocation) Brazil LatAm Mexico Argentina Peru Chile Credit Diversified credit platform with local and hard currency strategies 65+ Portfolio Managers and Analysts R $ 37 billion in AUM Notes: As of March 2026 Local currency Private Credit H
Slide 20: Private Equity
20 66% 22% 11% AUM Breakdown by Client Profile Institutional HNWI Intermediaries R $ 15 billion in AUM¹ Private Equity 2.3x Gross MOIC² 64.5% Gross IRR² R$15.0 bn AUM &UHDWHGE\&KDQXWLV,QGXVWULHV IURPWKH1RXQ3URMHFW &UHDWHGE\'LQRVRIW/DEV IURPWKH1RXQ3URMHFW VIR VCP Impact guidelines Investm
Slide 21: Equities
21 83% 10% 7% AUM Breakdown by Client Profile Institutional Intermediaries HNWI Equities Brazil R$12.0 bn • Long Only • Dividends • Small Caps • Long Biased • Others Chile R$2.7 bn • Long Only • Small Caps Strategies Overview Mexico R$0.4 bn • Long Only LatAm R$0.3 bn • Long Only Multi - Country Equ
Slide 22: Real Assets
22 50% 38% 6% 6% AUM Breakdown by Client Profile Institutional Public Market Vehicles HNWI Intermediaries Real Assets • Investments in major real estate sectors • Seven Listed REITs in the Brazilian Stock Market • Opportunistic Developmen t Strategy with closed - end funds in Brazil • Strategy inclu
Slide 23: Corporate Advisory
23 Notes: As of March 2026. Corporate Advisory M&A • Total or Partial Purchases and Sales of Companies • Joint Ventures and Company Mergers • Board of Directors’ Advisory • Fairness Opinion and Valuation Report Elaboration R$161 bn+ in M&A transactions Fund Raising • Issuing of New Shares (Capitaliz
Slide 24: Financial Highlights
VINCI COMPASS Financial Highlights
Slide 25: First Quarter 2026 Highlights
25 0.17 Quarterly Dividend US$ 52 bn Capital Formation & Appreciation 1Q’26 LTM R$ First Quarter 2026 Highlights R$52 billion of capital formation and appreciation in the 1Q’26 LTM and R$7 billion in the 1Q’26 , with highlights to Global IP&S, Credit and Real Assets segments Approximately R$100 mill
Slide 26: Fee Related Earnings table
26 ∆ YoY(%) 1Q'26 LTM 1Q'25 LTM ∆ YoY(%) 1Q'26 4Q'25 1Q'25 (R$ thousands, unless mentioned) 47% 861,696 586,606 25% 244,858 219,730 195,529 Net revenue from management fees 1% 83,115 82,628 (35)% 16,067 15,444 24,853 Net revenue from advisory fees 136% 45,207 19,187 (2)% 11,040 11,819 11,262 Other r
Slide 27: Assets Under Management and Advisory
27 72% 19% 9% 2% (2)% Capital Formation & Appreciation 1Q’26 LTM Global IP&S Credit Real Assets Equities Private Equity 232 271 263 29 36 37 15 15 16 16 15 15 12 15 15 305 354 347 1Q'25 4Q'25 1Q'26 Global IP&S Credit Equities Private Equity Real Assets Total Assets Under Management and Advisory AuM
Slide 28: Fee Related Revenues
28 Fee Related Revenues Management fees were R$244.9 million in the 1Q’26, up 25% year - over - year. The increase was driven by the Verde transaction and organic growth across Credit and Global IP&S Fee Related Revenues 1Q’26 vs. 1Q’25 ( R$mm ) Fee Related Revenues 1Q’26 LTM vs. 1Q’25 LTM ( R$mm )
Slide 29: Financial Metrics 1Q'26 overview
29 4 6 (0) (3) 4 3 1Q'25 1Q'26 2 2 1Q'25 1Q'26 66 96 1Q'25 1Q'26 Financial Metrics 1Q’26 overview Fee Related Earnings (FRE) of R$96.3 million and R$1.47/share • FRE growth reflects strong fundraising over the last twelve months, including Verde’s first full - quarter contribution, with higher manag
Slide 30: Financial Metrics 1Q'26 LTM overview
30 25 30 (20) 35 6 65 1Q'25 LTM 1Q'26 LTM 22 13 1Q'25 LTM 1Q'26 LTM 260 319 1Q'25 LTM 1Q'26 LTM Financial Metrics 1Q’26 LTM overview Fee Related Earnings (FRE) of R$319.0 million and R$4.95/ share • Stronger fundraising and management fees throughout 1Q’26 LTM led to higher FRE in the period, with C
Slide 31: Adjusted Distributable Earnings
31 62 62 1Q'25 1Q'26 252 292 1Q'25 LTM 1Q'26 LTM Adjusted Distributable Earnings (Adj. DE) See notes and definitions at end of document Adj. DE 1Q’26 vs. 1Q’25 ( R$mm ) 21% 25% 0.98 0.95 Adj. DE 1Q’26 LTM vs. 1Q’25 LTM ( R$mm ) 26% 31% 4.31 4.55 Adj. DE per share % Adj. DE margin Adj. DE per share %
Slide 32: Balance Sheet Highlights & IRE Commitments
32 22% 21% 18% 18% 12% 5% 3% Fair Value of Investments - IRE Commitment Balance Sheet Highlights & IRE Commitments 1Q'26 4Q'25 (IN R$ MILLIONS, UNLESS MENTIONED) 208.5 280.1 Cash and cash equivalents¹ 1,110.6 1,177.7 Net Investments 242.3 333.6 Liquid funds² 868.4 844.1 IRE Commitments³ (565.2) (607
Slide 33: IRE Proprietary Fund Commitments
33 844.1 44.1 (26.3) (8.6) 15.1 868.4 4Q'25 Capital Called Principal Returned Gross Capital Gain Returned Appreciation 1Q'26 See notes and definitions at end of document IRE Proprietary Fund Commitments Fair Value of Investments (R$ mm) IRE Commitments Overview Per share R$13.17 R$12.90 Total Capita
Slide 34: Appendix I – Segment Summaries
34 Appendix – I Segment Summaries
Slide 35: Financials by Segment
35 28% 23% 22% 18% 6% 3% 26% 23% 20% 23% 7% 2% Global IP&S Credit Private Equity Real Assets Equities Corporate Advisory Financials by Segment Fee Related Earnings (FRE) 1Q’26 LTM by Segment Segment Distributable Earnings (DE) 1Q’26 LTM by Segment Fee Related Earnings (FRE) were R$319.0 million in t
Slide 36: Global Investment Products & Solutions
36 See notes and definitions at end of document Global Investment Products & Solutions (Global IP&S) R$263 bn AuM Fee Related Earnings (FRE) of R$42.4 million in the 1Q’26, up 102% YoY, driven mostly by the growth in management fees following the acquisition of Verde Advisory fees of R$14.0 million
Slide 37: Credit
37 Local Currency High Grade & High Yield 38% Hard Currency High Grade & High Yield 24% Real Estate & Infrastructure Credit 11% Structured Credit & Confirming 11% Opportunistic Capital Solutions 9% Diversified Private Credit 5% Agribusiness 2% Credit AuM Breakdown by Strategy Credit R$37 bn AuM Fee
Slide 38: Private Equity
38 Total AuM of R$15.0 billion, down 3% quarter - over - quarter VCP III 54% VCP IV 21% VCP II 14% VIR IV 7% Other 4% Private Equity AuM Breakdown by Flagship Private Equity R$15 bn AuM Fee Related Earnings (FRE) of R$17.0 million in the 1Q’26 and R$70.3 million in the 1Q’26 LTM. The decrease in bot
Slide 39: Equities
39 Total AuM of R$16.1 billion, up 9% year - over - year Brazil 74% Chile 17% Mexico 3% Argentina 2% Global 2% LatAm 2% Equities AuM Breakdown by Strategy Equities R$16 bn AuM Fee Related Revenues of R$21.4 million in the 1Q’26, up 14% YoY, driven by the consolidation of Verde and portfolio apprecia
Slide 40: Real Assets
40 Infrastructure 44% Real Estate 43% Forestry 13% Real Assets AuM Breakdown by Strategy Real Assets Total AuM of R$15.4 billion, up 29% year - over - year R$15 bn AuM Fee Related Earnings (FRE) reached 14.6 million reais in the 1Q’26, up 26% year - over - year, driven by higher management fees from
Slide 41: Corporate Advisory
41 Corporate Advisory Fee Related Earnings (FRE) and Segment Distributable Earnings totaled R$8.9 million in the 1Q26 LTM ∆ YoY (%) 1Q'26 LTM 1Q'25 LTM ∆ YoY (%) 1Q'26 4Q'25 1Q'25 (R$ THOUSANDS, UNLESS MENTIONED) N/A – – N/A – – – Net revenue from management fees (34)% 22,028 33,556 259% 1,639 6,837
Slide 42: Appendix II – Financial Statements
42 Appendix – II Financial Statements
Slide 43: Financials - Income Statement
43 Financials - Income Statement ∆ YoY (%) 1Q'26 LTM 1Q'25 LTM ∆ YoY (%) 1Q'26 4Q'25 1Q'25 (R$ thousands, unless mentioned) REVENUES 47% 861,696 586,606 25% 244,858 219,730 195,529 Net revenue from management fees (28)% 27,519 37,992 (6)% 2,890 13,301 3,077 Net revenue from performance fees (29)% 36
Slide 44: Financials - Non-GAAP Reconciliation
44 Financials - Non - GAAP Reconciliation 1Q'26 LTM 1Q'25 LTM 1Q'26 4Q'25 1Q'25 (R$ thousands, unless mentioned) 331,887 282,731 97,927 85,316 67,404 OPERATING PROFIT (36,231) (50,930) (2,890) (13,301) (3,077) ( - ) Net revenue from realized performance fees 8,711 12,937 – – – ( - ) Net revenue from
Slide 45: Balance Sheet
45 Balance Sheet 03/31/2026 12/31/2025 Assets Current assets 208,545 280,091 Cash and cash equivalents 106,053 121,498 Cash and bank deposits 84,671 153,729 Financial instruments at fair value through profit or loss 17,821 4,864 Financial instruments at amortized cost 755,707 1,534,471 Financial ins
Slide 46: Supplemental Details
VINCI COMPASS Supplemental Details
Slide 47: AuM Rollforward
47 See notes and definitions at end of document AuM¹ Rollforward Total Real Assets Equities Private Equity Credit Global IP&S In R$ millions 354,108 15,476 15,286 15,390 36,464 271,492 Beginning balance (153) (54) – (31) (62) (6) (+/ - ) Capital Subscription / (capital return) 258 147 – – 112 – (+)
Slide 48: Fee-Earning AuM Rollforward
48 See notes and definitions at end of document Fee - Earning AuM¹ Rollforward Total Real Assets Equities Private Equity Credit Global IP&S In R$ millions 346,490 12,684 15,240 12,541 35,870 270,156 Beginning balance (153) (54) – (31) (62) (6) (+/ - ) Capital Subscription / (capital return) 258 147
Slide 49: Investment records – Credit and Equities Funds
49 Investment records – Credit and Equities Funds Hurdle Rate Market Comparison 24 M 12 M YTD 1Q’26 NAV¹ (R$ millions) Segment Fund or Strategy IPCA + Yield IMA - B IPCA + Yield IMA - B 34.6% 40.3% 8.2% 8.2% 287.5 Equities Vinci Total Return² IBOV IBOV 31.7% 40.6% 12.7% 12.7% 965.1 Equities Mosaico
Slide 50: Investment records – Global IP&S and Real Assets Funds
50 Investment records – Global IP&S and Real Assets Funds See notes and definitions at end of document 24 M 12 M YTD 1Q’26 Benchmark 27.7% 14.8% 3.4% 3.4% CDI 2 20.6% 12.5% 3.9% 3.9% IMA - B 3 9.8% 4.1% 1.9% 1.9% IPCA 4 13.6% 16.8% 2.5% 2.5% IFIX 5 Hurdle Rate Market Comparison 24 M 12 M YTD 1Q’26 N
Slide 51: Investment records – Closed End funds
51 See notes and definitions at end of document Investment records – Closed End funds Pro Forma Historical Portfolio Performance¹ Gross IRR Gross IRR Gross MOIC Gross MOIC Total Value Unrealized Realized or Partially Realized Invested Capital Committed Capital Vintage year Segment Fund (USD) (BRL) (
Slide 52: Shareholder Dividends & Share Summary
52 See notes and definitions at end of document Shareholder Dividends & Share Summary 1Q’26 4Q'25 3Q'25 2Q'25 1Q'25 4Q'24 3Q'24 2Q'24 ($ in thousands) 62,237 81,288 73,092 75,759 62,306 73,946 57,104 58,401 Adjusted Distributable Earnings (R$) 12,702 15,605 13,645 13,964 11,027 12,804 9,872 10,331 A
Slide 53: Notes to pages
53 Notes to page 13 (1) As of March 2026 ; Fund size for VCP IV does not consider potential co - investments . Notes to page 25 (1) FRE per share is calculated considering the number of outstanding shares at the end of the current quarter . Notes to page 26 (1) FRE per share is calculated considerin
Slide 54: Notes to pages
54 Notes to page 32 (1) Cash and cash equivalents include cash on hand, bank deposits held with financial institutions, other short - term, highly liquid investments with original maturities of three months or less, that are readily convertible to known amounts of third - party and which are subject
Slide 55: Notes to pages
55 Notes to page 44 (1) Contingent consideration adjustment (after - tax) reflects the change in earn out’s fair value to be paid in stock, due to variation in the stock price in the period . (2) Non - operational expenses are comprised of expenses related to professional services rendered in connec
Slide 56: Notes to pages
56 Notes to page 50 (1) NAV is the net asset value of each fund . For listed vehicles, the NAV represents the Market valuation of the fund . (2) CDI is an average of interbank overnight rates in Brazil (daily average for the period) . (3) IMAB is composed by government bonds indexed to IPCA . IMAB 5
Slide 57: Definitions: Fee related earnings
57 • “Fee related earnings”, or “FRE”, is a metric to monitor the baseline performance of, and trends in, our business, in a manner that does not include performance fees, investment income and expenses that do not arise from our normal course of operations . FRE is calculated as operating profit, l
Slide 58: Definitions: AUM
58 • “AUM” refers to assets under management and advisory . Our AUM equals the sum of : ( 1 ) the fair market value of all funds and accounts under management and advisory by Vinci Compass, across Global IP&S, Credit, Private Equity, Equities, and Real Assets ; ( 2 ) the capital that we are entitled
Slide 59: Definitions: Capital subscription, MOIC, IRR
59 • “Capital Subscription / (capital return)” represents the net capital commitments and capital returns from our Private Markets’ closed end and listed funds . • “Net Inflows / (outflows)” represent the net inflows and outflows from our liquid funds from our Equities, Global IP&S and Credit segmen
Slide 60: Vinci Compass
VINCI COMPASS
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