Patria Investments Limited · NASDAQ:PAX
Patria Investments — Q2 2025 Earnings Presentation
28 slides from Patria Investments's earnings presentation, Aug 1, 2025
Slide 1: 2Q25 Earnings Presentation
August 1, 2025 PATRIA INVESTMENTS (NASDAQ: PAX) 2Q25 Earnings Presentation
Slide 2: Disclaimer
PAX 2Q25 Earnings 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 Reports Second Quarter 2025 Results
PAX 2Q25 Earnings Presentation Patria Reports Second Quarter 2025 Results August 1, 2025 – Patria Investments Limited (NASDAQ: PAX) today reported its unaudited results for the second quarter ended June 30, 2025 Dividends Conference About Call Patria Patria declared a quarterly dividend of Patria wi
Slide 4: Patria's Second Quarter IFRS Results
PAX 2Q25 Earnings Presentation Patria’s Second Quarter IFRS Results IFRS Net Income attributable to Patria was $12.9 million for 2Q25 (US$ in millions) 2Q24 1Q25 2Q25 YTD 2024 YTD 2025 Revenue from management fees 72.0 78.1 79.7 135.9 157.7 Revenue from incentive fees 1.3 0.3 2.3 1.3 2.6 Revenue fro
Slide 5: Message from Patria's CEO
PAX 2Q25 Earnings Presentation “In 2Q we made continued progress in leveraging and expanding the diversified platform we’ve built the past several years as fundraising was a solid $1.3 billion in the quarter, bringing our total fundraising over the first half of 2025 to almost $4.5 billion. Reflecti
Slide 6: Patria's Second Quarter 2025 Summary
PAX 2Q25 Earnings Presentation Patria’s Second Quarter 2025 Summary 6
Slide 7: Patria's Second Quarter 2025 Summary
PAX 2Q25 Earnings Presentation Patria’s Second Quarter 2025 Summary • Management fees of $81.0 million in 2Q25, up 15% compared to 2Q24 Financial • Fee Related Earnings (“FRE”) of $46.1 million in 2Q25, up 17%, compared to 2Q24. On a per share basis, FRE in 2Q25 reached Measures $0.29, up 11% year o
Slide 8: Patria's Second Quarter 2025 Earnings
PAX 2Q25 Earnings Presentation Patria’s Second Quarter 2025 Earnings Distributable Earnings (“DE”) of $38.8 million in 2Q25 %Δ %Δ %Δ (US$ in millions) 2Q24 1Q25 2Q25 (2Q24 vs. 2Q25) (1Q25 vs. 2Q25) YTD 24 YTD 25 (YTD 25 vs. YTD 24) Management Fees 70.2 78.8 81.0 15% 3% 133.2 159.7 20% (+) Incentive
Slide 9: Fee Related Earnings ("FRE")
PAX 2Q25 Earnings Presentation Fee Related Earnings (“FRE”) • Increase in Management Fees reflects higher FEAUM driven by organic net inflows, M&A, and positive investment returns partially offset by PE IV step down in fees from 2024 • Incentive Fees driven largely by a realization in a Real Estate
Slide 10: Net Accrued Performance Fees for Drawdown Funds
PAX 2Q25 Earnings Presentation Net Accrued Performance Fees for Drawdown Funds • Net Accrued Performance Fees of $394 million or $2.47 per share on June 30, 2025 • Net Accrued Performance Fees increased in the quarter driven mainly by the depreciating U.S. dollar against other currencies, partially
Slide 11: Fundraising Highlights
PAX 2Q25 Earnings Presentation Fundraising Highlights • Infrastructure benefited from additional closing on Infrastructure Fund V and new co-investments • Credit raised a total of $346 million across its platform, led by the USD High Yield Credit Strategy (US$ in millions) Private Equity Infrastruct
Slide 12: Total Assets Under Management
PAX 2Q25 Earnings Presentation Total Assets Under Management 8.9 1.8 10.9 +21% + 3.0 • Full year growth in AUM was US$ US$ driven by organic capital inflows of $7.4 billion, $2.3 $ 48.7bn 2.2 40.1 bn 4.1 8.6 bn 40.3bn 0.2 6.4 0.2 3.3 billion from acquisitions, a $ 7.7 positive valuation impact of 13
Slide 13: Fee Earning Assets Under Management
PAX 2Q25 Earnings Presentation Fee Earning Assets Under Management 2Q25 Mgmt. 17% Fee Revenue • Fee Earning AUM (FEAUM) of $37.2 30% Breakdown +20% US$ Per Strategy 37.2bn 4% 81.0 billion in 2Q25 were up 20% versus the prior year driven by organic $ 13% 31.1bn capital inflows of $5.9 billion, $2.2 m
Slide 14: Key Fee Characteristics By Investment Vertical
PAX 2Q25 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 Private Equity $ 5.5 bn 100% Drawdown Funds Deployed Capital at Cost n.a. Long-d
Slide 15: Total AUM Roll Forward
PAX 2Q25 Earnings Presentation Total AUM Roll Forward Private Equity Infrastructure Credit Public Equities Real Estate GPMS Total AUM 1Q25 10,414 6,683 7,403 2,017 6,220 13,107 45,843 Acquisitions (1) 0 0 0 0 0 0 0 Inflows (2) 24 330 346 80 232 254 1,266 Realizations & Dividends (396) (7) (84) (5) (
Slide 16: Total FEAUM Roll Forward
PAX 2Q25 Earnings Presentation Total FEAUM Roll Forward Private Equity Infrastructure Credit Public Equities Real Estate GPMS Total FEAUM 1Q25 5,444 3,624 7,164 1,966 5,826 10,960 34,984 Acquisitions (1) 0 0 0 0 0 0 0 Inflows (2) 2 536 401 78 50 661 1,727 Realizations & Dividends 0 (5) (81) (5) (72)
Slide 17: Investment Performance – Drawdown Funds
PAX 2Q25 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 2Q25 Earnings Presentation Investment Performance – REITs As of Jun 25 Returns in local currency - Since Inception Inception Functional AUM M AUM M Total Return Market IFIX (BR)1 / Ticker Fund Name Strategy Year Currency (Functional (USD) (Annualized) Comparison IPC(COL) Currency) (Annualized) H
Slide 19: Investment Performance – Credit, Public Equities & GPMS
PAX 2Q25 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) 4.3% 12.7% 11.1% 11.1% 11.1% USD 4,
Slide 20: Reconciliations & Disclosures
PAX 2Q25 Earnings Presentation Reconciliations & Disclosures 20
Slide 21: Share Summary
PAX 2Q25 Earnings Presentation Share Summary (US$ in millions) 2Q24(1) 3Q24(2) 4Q24(3) 1Q25(4) 2Q25(5) Class A Common Shares 58,863,009 60,433,885 60,640,738 65,129,962 66,521,566 Class B Common Shares 92,945,430 92,945,430 92,945,430 92,945,430 92,945,430 Total Shares Outstanding 151,808,439 153,37
Slide 22: Patria's Earnings – 5 Quarter View
PAX 2Q25 Earnings Presentation Patria’s Earnings – 5 Quarter View QTD FY (US$ in millions) 2Q24 3Q24 4Q24 1Q25 2Q25 FY 2022 FY 2023 FY 2024 Management Fees 70.2 77.7 81.4 78.8 81.0 220.6 245.6 292.4 (+) Incentive Fees 1.3 0.2 12.3 0.3 2.3 6.1 4.1 13.8 (+) Other Fee Revenues 2.9 1.5 4.7 2.0 2.3 4.2 2
Slide 23: Reconciliation of IFRS to Non-GAAP Measures
PAX 2Q25 Earnings Presentation Reconciliation of IFRS to Non-GAAP Measures QTD FY (US$ in millions) 2Q24 3Q24 4Q24 1Q25 2Q25 FY 2022 FY 2023 FY 2024 Management Fees 70.2 77.7 81.4 78.8 81.0 220.6 245.6 292.4 (+) Incentive Fees 1.3 0.2 12.3 0.3 2.3 6.1 4.1 13.8 (+) Other Fee Revenues 2.9 1.5 4.7 2.0
Slide 24: IFRS Balance Sheet
PAX 2Q25 Earnings Presentation IFRS Balance Sheet (US$ in millions) 31-Dec-24 30-Jun-25 31-Dec-24 30-Jun-25 Assets Liabilities and Equity Cash and cash equivalents 33.4 28.5 Client funds payable (2) 18.7 25.7 Short term investments (1) 59.0 82.2 Consideration payable on acquisition (8) 102.0 66.1 Cl
Slide 25: Notes
PAX 2Q25 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, Moneda Alturas II and Kamaroopin´s legacy Patria’s First Quarter and/or agreements with Limited Partner
Slide 26: Notes
PAX 2Q25 Earnings Presentation Notes Notes to Page 23 (1) Deferred Taxes are temporary taxable differences mostly from Notes to Page 24 (1) Short term investments include investments from Patria Latin American Opportunity Acquisition Corp. (ticker Reconciliation of IFRS non-deductible employee profi
Slide 27: Definitions
PAX 2Q25 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