Patria Investments Limited · NASDAQ:PAX
Patria Investments — Q2 2026 Earnings Presentation
31 slides from Patria Investments's earnings presentation, Jul 31, 2026
Slide 1: 2Q26 Earnings Presentation
July 31, 2026 PATRIA INVESTMENTS (NASDAQ: PAX) 2Q26 Earnings Presentation
Slide 2: Disclaimer
PAX 2Q26 Earnings Presentation Disclaimer This presentation may contain forward-looking statements within the meaning Further information on these and other factors that could affect our financial IFRS Balance sheet and results for the current reporting of Section 27A of the Securities Act results i
Slide 3: Patria Reports Second Quarter 2026 Results
PAX 2Q26 Earnings Presentation Patria Reports Second Quarter 2026 Results July 31, 2026 – Patria Investments Limited (NASDAQ: PAX) today reported its unaudited results for the second quarter ended June 30, 2026 Dividends Conference About Call Patria Patria declared a quarterly dividend of Patria wil
Slide 4: Patria's Second Quarter IFRS Results
PAX 2Q26 Earnings Presentation Patria’s Second Quarter IFRS Results IFRS Net Income attributable to Patria was $10.5 million for 2Q26 (US$ in millions) 2Q25 1Q26 2Q26 Revenue from management fees 79.7 96.1 104.0 Revenue from incentive fees 2.3 — 3.1 Revenue from performance fees (1) — — — Revenue fr
Slide 5: Message from Patria's CEO
PAX 2Q26 Earnings Presentation “Our second quarter results reflect continued strong fundraising momentum, supported by consistent investment performance across our diversified platform,” said Alex Saigh, Chief Executive Officer at Patria. “We raised $2.3 billion in the quarter, bringing year-to-date
Slide 6: Patria's Second Quarter 2026 Summary
PAX 2Q26 Earnings Presentation Patria’s Second Quarter 2026 Summary 6
Slide 7: Patria's Second Quarter 2026 Summary
PAX 2Q26 Earnings Presentation Patria’s Second Quarter 2026 Summary • Management fees of $103.7 million in 2Q26, up 28% compared to 2Q25 Financial • Fee Related Earnings (“FRE”) of $57.1 million in 2Q26, up 24% versus 2Q25. On a per share basis, FRE in 2Q26 reached $0.36, up 24% year over year Measu
Slide 8: Patria's Second Quarter 2026 Earnings
PAX 2Q26 Earnings Presentation Patria’s Second Quarter 2026 Earnings Distributable Earnings (“DE”) of $50.7 million in 2Q26 %Δ %Δ (US$ in millions) 2Q25 1Q26 2Q26 (2Q25 vs. 2Q26) (1Q26 vs. 2Q26) Management Fees 81.0 95.2 103.7 28% 9% (+) Incentive Fees 2.3 — 2.5 (+) Other Fee Revenues 2.3 3.3 7.0 (–
Slide 9: Fee Related Earnings (FRE)
PAX 2Q26 Earnings Presentation Fee Related Earnings (“FRE”) Highlights for the quarter • Year-over-year increase in Management Fees reflects higher FEAUM driven mainly by organic net inflows, positive investment returns, FX, and the closing of the Solis, RBR, and WP Global Partners acquisitions, par
Slide 10: Net Accrued Performance Fees for Drawdown Funds
PAX 2Q26 Earnings Presentation Net Accrued Performance Fees for Drawdown Funds • Net Accrued Performance Fees of $238 million or $1.49 per share on June 30, 2026 • Net Accrued Performance Fees decreased in the quarter mainly driven by revaluation of portfolio companies in PE Fund VI • Other Net Accr
Slide 11: Fundraising
PAX 2Q26 Earnings Presentation Fundraising Highlights for the quarter • Multi Asset raised $970 million from upsizing of existing Separately Managed Account (SMA) from key Sovereign Wealth Fund • Credit raised a total of $657 million, including $239 million from Solis, our recently acquired CLO busi
Slide 12: Total Assets Under Management
PAX 2Q26 Earnings Presentation Total Assets Under Management • LTM growth in AUM was driven by US$ US$ +28% organic capital inflows of $7.7 billion, a positive valuation impact of $1.1 51.1 bn + 11.0 bn billion as well as a positive impact from USD depreciation vs other 62.1bn $ currencies, and $7.6
Slide 13: Fee Earning Assets Under Management
PAX 2Q26 Earnings Presentation Fee Earning Assets Under Management • Fee-Earning AUM (FEAUM) of $48.9 billion +32% in 2Q26 were up 32% versus the prior year 48.9bn $ driven by organic capital inflows of $5.3 billion, a positive valuation impact of $2.7 2Q26 Mgmt. Fee billion, $6.7 billion of acquisi
Slide 14: Key Fee Characteristics By Investment Vertical
PAX 2Q26 Earnings Presentation Key Fee Characteristics By Investment Vertical Frequency of Currency Exposure LTM Effective Asset Class FEAUM by Structure Fee Basis Duration NAV Calculation Hard / Soft (%) Mgmt. Fee Rate 95% Drawdown Funds Deployed Capital at Cost n.a. Long-dated & Illiquid 89% | 11%
Slide 15: Total AUM Roll Forward
PAX 2Q26 Earnings Presentation Total AUM Roll Forward (in US$ Million) Private Equity Infrastructure Credit Public Equities Real Estate GPMS Multi Asset Total AUM 1Q26 10,720 8,782 12,837 2,948 9,885 14,107 — 59,279 Acquisitions — — — — — 2,740 — 2,740 Inflows 9 12 657 38 247 413 970 2,347 Realizati
Slide 16: Total FEAUM Roll Forward
PAX 2Q26 Earnings Presentation Total FEAUM Roll Forward (in US$ Million) Private Equity Infrastructure Credit Public Equities Real Estate GPMS Total FEAUM 1Q26 5,423 4,176 12,430 2,842 9,411 11,476 45,758 Acquisitions — — — — — 1,729 1,729 Inflows 196 287 575 38 148 266 1,511 Realizations & Dividend
Slide 17: Investment Performance – Drawdown Funds (1/2)
PAX 2Q26 Earnings Presentation Investment Performance – Drawdown Funds (1/2) Committed Deployed Total Unrealized Realized (in Thousands, Except Where Noted) Capital + Reserved Invested Investments Investments Total Value Net Returns Total Value Value Value Value Gross MOIC Net IRR Net IRR Benchmark²
Slide 18: Investment Performance – Drawdown Funds (2/2)
PAX 2Q26 Earnings Presentation Investment Performance – Drawdown Funds (2/2) Committed Deployed Total Unrealized Realized (in Thousands, Except Where Noted) Capital + Reserved Invested Investments Investments Total Value Net Returns Total Value Value Value Value Gross MOIC Net IRR Net IRR Benchmark³
Slide 19: Investment Performance – Permanent Capital, Interval & Open Funds (1/3)
PAX 2Q26 Earnings Presentation Investment Performance – Permanent Capital, Interval & Open Funds (1/3) Functional AUM mn Compounded Annualized Net Returns in local currency Excess Return Currency (USD) YTD 1yr 3yr 5yr Since Incep. Since Incept.¹ Real Estate Patria Log - HGLG (2011) —% 4% 5% 8% 14% B
Slide 20: Investment Performance – Permanent Capital, Interval & Open Funds (2/3)
PAX 2Q26 Earnings Presentation Investment Performance – Permanent Capital, Interval & Open Funds (2/3) Functional AUM mn Compounded Annualized Net Returns in local currency Excess Return Currency (USD) YTD 1yr 3yr 5yr Since Incep. Since Incept. Public Equities Latam LatAm Small Caps (2008) 2% 11% 3%
Slide 21: Investment Performance – Permanent Capital, Interval & Open Funds (3/3)
PAX 2Q26 Earnings Presentation Investment Performance – Permanent Capital, Interval & Open Funds (3/3) Functional AUM mn Compounded Annualized Net Returns in local currency Excess Return Currency (USD) YTD 1yr 3yr 5yr Since Incep. Since Incept.² Credit Latam Latam High Yield (2000) 6% 12% 14% 9% 11%
Slide 22: Share Summary
PAX 2Q26 Earnings Presentation Share Summary (in millions) 2Q25(1) 3Q25(2) 4Q25(3) 1Q26(4) 2Q26(5) Class A Common Shares 66,521,566 65,021,566 65,023,122 66,108,288 66,584,651 Class B Common Shares 92,945,430 92,945,430 92,945,430 92,945,430 92,945,430 Total Shares Outstanding 159,466,996 157,966,99
Slide 23: Reconciliations & Disclosures
PAX 2Q26 Earnings Presentation Reconciliations & Disclosures 23
Slide 24: Currently Contracted and Already Incurred Liabilities and Share Repurchase Expenses ('26-'28)
Currently Contracted and Already Incurred Liabilities and Share Repurchase Expenses ('26-'28) Excludes Cash Generation from Distributable Earnings and Payment of Dividends from 2026-2028 When including contributions from Distributable Earnings ('26-'28) and available credit facilities, we expect to
Slide 25: Patria's Earnings – 5 Quarter View
PAX 2Q26 Earnings Presentation Patria’s Earnings – 5 Quarter View QTD FY (US$ in millions) 2Q25 3Q25 4Q25 1Q26 2Q26 FY 2023 FY 2024 FY 2025 Management Fees 81.0 87.0 92.0 95.2 103.7 245.6 292.4 338.7 (+) Incentive Fees 2.3 0.2 11.3 — 2.5 4.1 13.8 14.0 (+) Other Fee Revenues 2.3 2.5 2.9 3.3 7.0 2.7 1
Slide 26: Reconciliation of IFRS to Non-GAAP Measures
PAX 2Q26 Earnings Presentation Reconciliation of IFRS to Non-GAAP Measures QTD FY (US$ in millions) 2Q25 3Q25 4Q25 1Q26 2Q26 FY 2023 FY 2024 FY 2025 Management Fees 81.0 87.0 92.0 95.2 103.7 245.6 292.4 338.7 (+) Incentive Fees 2.3 0.2 11.3 — 2.5 4.1 13.8 14.0 (+) Other Fee Revenues 2.3 2.5 2.9 3.3
Slide 27: IFRS Balance Sheet
PAX 2Q26 Earnings Presentation IFRS Balance Sheet (US$ in millions) December 31, 2025 June 30, 2026 December 31, 2025 June 30, 2026 Assets Liabilities and Equity Cash and cash equivalents 53.6 58.9 Client funds payable (2) 25.9 24.9 Short term investments (1) 35.1 54.6 Consideration payable from acq
Slide 28: Notes
PAX 2Q26 Earnings Presentation Notes Notes to Page 4 (1) Performance fees are determined in accordance with the funds offering documents and/or agreements Notes to Page 10 (1) Others include PE Growth and VC funds, Alturas II and Moneda Private Credit. Patria’s Second Quarter with Limited Partners,
Slide 29: Notes
PAX 2Q26 Earnings Presentation Notes Notes to Page 26 (1) Deferred Taxes are temporary taxable differences mostly from non-deductible Notes to Page 27 Reconciliation of IFRS employee profit sharing expenses, performance fees, quarterly revaluation of IFRS Balance (1) Short term Investments are liqui
Slide 30: Definitions
PAX 2Q26 Earnings Presentation Definitions Distributable Earnings (DE) is used to assess our performance and capabilities to distribute dividends Net Accrued Performance represent an accrued balance of performance fees, which if each eligible investment vehicle to shareholders. DE is calculated as F
Slide 31: Patria
PATRIA