Patria Investments Limited · NASDAQ:PAX
Patria Investments — Q1 2026 Earnings Presentation
30 slides from Patria Investments's earnings presentation, May 7, 2026
Slide 1: 1Q26 Earnings Presentation
May 7, 2026 PATRIA INVESTMENTS (NASDAQ: PAX) 1Q26 Earnings Presentation
Slide 2: Disclaimer
PAX 1Q26 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 First Quarter 2026 Results
PAX 1Q26 Earnings Presentation Patria Reports First Quarter 2026 Results May 7, 2026 – Patria Investments Limited (NASDAQ: PAX) today reported its unaudited results for the first quarter ended March 31, 2026 Dividends Conference About Call Patria Patria declared a quarterly dividend Patria will host
Slide 4: Patria's First Quarter IFRS Results
PAX 1Q26 Earnings Presentation Patria’s First Quarter IFRS Results IFRS Net Income attributable to Patria was $2.3 million for 1Q26 (US$ in millions) 1Q25 4Q25 1Q26 Revenue from management fees 78.1 90.8 96.1 Revenue from incentive fees 0.3 11.3 — Revenue from performance fees (1) 0.8 30.4 — Revenue
Slide 5: Message from Patria's CEO
PAX 1Q26 Earnings Presentation “We delivered a strong start to 2026, driven by continued fundraising momentum, meaningful growth in Fee-Earning AUM, and consistent investment performance across our platform,” said Alex Saigh, Chief Executive Officer of Patria. “We raised $2.1 billion in the quarter,
Slide 6: Patria's First Quarter 2026 Summary
PAX 1Q26 Earnings Presentation Patria’s First Quarter 2026 Summary 6
Slide 7: Patria's First Quarter 2026 Summary
PAX 1Q26 Earnings Presentation Patria’s First Quarter 2026 Summary • Management fees of $95.2 million in 1Q26 , up 21% compared to 1Q25 Financial • Fee Related Earnings (“FRE”) of $50.5 million in 1Q26 , up 19% versus 1Q25 . On a per share basis, FRE in 1Q26 reached $0.32, up 18% year over year Meas
Slide 8: Patria's First Quarter 2026 Earnings
PAX 1Q26 Earnings Presentation Patria’s First Quarter 2026 Earnings Distributable Earnings (“DE”) of $42.4 million in 1Q26 %Δ %Δ (US$ in millions) 1Q25 4Q25 1Q26 (1Q25 vs. 1Q26) (4Q25 vs. 1Q26) Management Fees 78.7 92.0 95.2 21% 3% (+) Incentive Fees 0.3 11.3 — (+) Other Fee Revenues 2.0 2.9 3.3 (–)
Slide 9: Fee Related Earnings (FRE)
PAX 1Q26 Earnings Presentation Fee Related Earnings (“FRE”) Highlights for the quarter • Sequential and year-over-year increase in Management Fees reflects higher FEAUM driven mainly by organic net inflows, positive investment returns, and the closing of the Solis and RBR acquisitions in the quarter
Slide 10: Net Accrued Performance Fees for Drawdown Funds
PAX 1Q26 Earnings Presentation Net Accrued Performance Fees for Drawdown Funds • Net Accrued Performance Fees of $281 million or $1.77 per share on March 31, 2026 • Net Accrued Performance Fees increased in the quarter mainly driven by the share price of listed companies in PE Fund VI and appreciati
Slide 11: Fundraising
PAX 1Q26 Earnings Presentation Fundraising Highlights for the quarter • Credit included $322 million in various High Yield strategies and over $260 million raised through Brazilian CLO's • Both Private Equity and Infrastructure benefited from additional co-investment commitments • GPMS benefited fro
Slide 12: Total Assets Under Management
PAX 1Q26 Earnings Presentation Total Assets Under Management 9.1 1.6 10.8 •LTM growth in AUM was driven +29% 3.3 US$ US$ by organic capital inflows of $6.6 billion, a positive valuation 4.6 49.5 bn 2.9 + 9.8 bn impact of $2.9 billion as well as a positive impact from USD $59.3bn 12.6 9.5 4.2 0.4 0.2
Slide 13: Fee Earning Assets Under Management
PAX 1Q26 Earnings Presentation Fee Earning Assets Under Management •Fee Earning AUM (FEAUM) of $45.8 billion in 1Q26 were up 31% versus +31% the prior year driven by organic $ 45.8bn capital inflows of $5.6 billion, a 5.4 1Q26 Mgmt. positive valuation impact of $2.7 billion, $4.9 billion of acquisit
Slide 14: Key Fee Characteristics By Investment Vertical
PAX 1Q26 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 $ 5.4 bn 100% Drawdown Funds Cost n.a. Long-d
Slide 15: Total AUM Roll Forward
PAX 1Q26 Earnings Presentation Total AUM Roll Forward Private Equity Infrastructure Credit Public Equities Real Estate GPMS Total AUM 4Q25 10,482 8,033 8,777 2,795 8,366 14,156 52,609 Acquisitions — — 3,068 — 1,216 — 4,284 Inflows 275 547 926 91 37 267 2,143 Realizations & Dividends (178) (36) (141)
Slide 16: Total FEAUM Roll Forward
PAX 1Q26 Earnings Presentation Total FEAUM Roll Forward Private Equity Infrastructure Credit Public Equities Real Estate GPMS Total FEAUM 4Q25 5,553 4,271 8,586 2,698 7,848 11,854 40,810 Acquisitions — — 3,068 — 1,253 — 4,321 Inflows 28 82 761 88 88 247 1,294 Realizations & Dividends (194) (226) (92
Slide 17: Investment Performance – Drawdown Funds (1/2)
PAX 1Q26 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 Benckmark²
Slide 18: Investment Performance – Drawdown Funds (2/2)
PAX 1Q26 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 Benckmark3
Slide 19: Investment Performance – Permanent Capital, Interval & Open Funds (1/2)
PAX 1Q26 Earnings Presentation Investment Performance – Permanent Capital, Interval & Open Funds (1/2) 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) 1% 11% 8% 7% 14%
Slide 20: Investment Performance – Permanent Capital, Interval & Open Funds (2/2)
PAX 1Q26 Earnings Presentation Investment Performance – Permanent Capital, Interval & Open Funds (2/2) Functional AUM mn Compounded Annualized Net Returns in local currency Excess Return Currency (USD) YTD 1yr 3yr 5yr Since Incep. Since Incept. Credit Latam Latam High Yield (2000) 2% 8% 13% 9% 11% U
Slide 21: Share Summary
PAX 1Q26 Earnings Presentation Share Summary (US$ in millions) 1Q25(1) 2Q25(2) 3Q25(3) 4Q25(4) 1Q26(5) Class A Common Shares 65,129,962 66,521,566 65,021,566 65,023,122 66,108,288 Class B Common Shares 92,945,430 92,945,430 92,945,430 92,945,430 92,945,430 Total Shares Outstanding 158,075,392 159,46
Slide 22: Reconciliations & Disclosures
PAX 1Q26 Earnings Presentation Reconciliations & Disclosures 22
Slide 23: 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), we expect to have ample free cash flow to cov
Slide 24: Patria's Earnings – 5 Quarter View
PAX 1Q26 Earnings Presentation Patria’s Earnings – 5 Quarter View QTD FY (US$ in millions) 1Q25 2Q25 3Q25 4Q25 1Q26 FY 2023 FY 2024 FY 2025 Management Fees 78.8 81.0 87.0 92.0 95.2 245.6 292.4 338.7 (+) Incentive Fees 0.3 2.3 0.2 11.3 — 4.1 13.8 14.0 (+) Other Fee Revenues 2.0 2.3 2.5 2.9 3.3 2.7 10
Slide 25: Reconciliation of IFRS to Non-GAAP Measures
PAX 1Q26 Earnings Presentation Reconciliation of IFRS to Non-GAAP Measures QTD FY (US$ in millions) 1Q25 2Q25 3Q25 4Q25 1Q26 FY 2023 FY 2024 FY 2025 Management Fees 78.8 81.0 87.0 92.0 95.2 245.6 292.4 338.7 (+) Incentive Fees 0.3 2.3 0.2 11.3 — 4.1 13.8 14.0 (+) Other Fee Revenues 2.0 2.3 2.5 2.9 3
Slide 26: IFRS Balance Sheet
PAX 1Q26 Earnings Presentation IFRS Balance Sheet (US$ in millions) December 31, 2025 March 31, 2026 December 31, 2025 March 31, 2026 Assets Liabilities and Equity Cash and cash equivalents 53.6 50.9 Client funds payable (2) 25.9 25.4 Short term investments (1) 35.1 36.0 Consideration payable from a
Slide 27: Notes
PAX 1Q26 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 PE Growth and VC funds, Alturas II, Moneda Private Credit and Patria’s First Quarter or agreements with Limited Partners,
Slide 28: Notes
PAX 1Q26 Earnings Presentation Notes Notes to Page 25 (1) Deferred Taxes are temporary taxable differences mostly from non- Notes to Page 26 Reconciliation of deductible employee profit sharing expenses, performance fees, IFRS Balance (1) Short term Investments are liquid investment funds of private
Slide 29: Definitions
PAX 1Q26 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 30: PATRIA
PATRIA