Patria Investments Limited · NASDAQ:PAX
Patria Investments — Q4 2025 Earnings Presentation
28 slides from Patria Investments's earnings presentation, Feb 3, 2026
Slide 1: 4Q25 Earnings Presentation
February 3, 2026 PATRIA INVESTMENTS (NASDAQ: PAX) 4Q25 Earnings Presentation
Slide 2: Disclaimer
PAX 4Q25 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 Fourth Quarter & Full Year 2025 Results
PAX 4Q25 Earnings Presentation Patria Reports Fourth Quarter & Full Year 2025 Results February 3, 2026 – Patria Investments Limited (NASDAQ: PAX) today reported its unaudited results for the fourth quarter and full year ended December 31, 2025 Dividends Conference About Call Patria Patria declared a
Slide 4: Patria's Fourth Quarter & Full Year IFRS Results
PAX 4Q25 Earnings Presentation Patria’s Fourth Quarter & Full Year IFRS Results IFRS Net Income attributable to Patria was $34.5 million for 4Q25 and $85.6 million for the full year (US$ in millions) 4Q24 3Q25 4Q25 2024 2025 Revenue from management fees 80.0 85.4 90.8 293.9 334.0 Revenue from incent
Slide 5: Message from Patria's CEO - Alex Saigh
PAX 4Q25 Earnings Presentation “We are very excited to report our 4th quarter results, a capstone to a very successful 2025. Highlights for the quarter and 2025 include organic fundraising of $1.7bn in the quarter and a record $7.7bn for the year, FEAUM that reached $40.8bn, up 24% compared to year-
Slide 6: Patria's Fourth Quarter 2025 Summary
PAX 4Q25 Earnings Presentation Patria’s Fourth Quarter 2025 Summary 6
Slide 7: Patria's Fourth Quarter & Full Year 2025 Summary
PAX 4Q25 Earnings Presentation Patria’s Fourth Quarter & Full Year 2025 Summary • Management fees of $92.0 million in 4Q25 and $338.7 million for the full year, up 13% and 16% compared to 4Q24 and 2024 respectively Financial • Fee Related Earnings (“FRE”) of $64.3 million in 4Q25 and $202.5 million
Slide 8: Patria's Fourth Quarter & Full Year 2025 Earnings
PAX 4Q25 Earnings Presentation Patria’s Fourth Quarter & Full Year 2025 Earnings Distributable Earnings (“DE”) of $78.5 million in 4Q25 and $200.9 for the full year %Δ %Δ %Δ (US$ in millions) 4Q24 3Q25 4Q25 (4Q24 vs. 4Q25) (3Q25 vs. 4Q25) 2024 2025 (2024 vs. 2025) Management Fees 81.4 87.0 92.0 13%
Slide 9: Fee Related Earnings (FRE)
PAX 4Q25 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 and positive investment returns • Personnel and G&A expenses totaled approximately $36.1 milli
Slide 10: Net Accrued Performance Fees for Drawdown Funds
PAX 4Q25 Earnings Presentation Net Accrued Performance Fees for Drawdown Funds • Net Accrued Performance Fees of $249 million or $1.58 per share on December 31, 2025 • Net Accrued Performance Fees decreased in the quarter mainly by the share price of listed companies in PE Fund V and appreciation of
Slide 11: Fundraising
PAX 4Q25 Earnings Presentation Fundraising Highlights for the quarter • Real Estate included over $260 million raised through a follow-on offering in our Brazilian Logistics REIT and over $180 million in our funds in Colombia • Infrastructure benefited from additional co-investment commitments and c
Slide 12: Total Assets Under Management
PAX 4Q25 Earnings Presentation Total Assets Under Management 1.5 9.0 11.2 3.0 •LTM growth in AUM was driven by organic capital inflows of +26% 4.0 US$ 43.3 2.7 + US$ 9.3 52.6bn bn bn $7.7 billion, a positive valuation $ 8.6 7.9 4.0 0.4 0.2 impact of $3.2 billion as well as a positive impact from USD
Slide 13: Fee Earning Assets Under Management
PAX 4Q25 Earnings Presentation Fee Earning Assets Under Management 4Q25 Mgmt. 18% Fee Revenue 27% Breakdown Per •Fee Earning AUM (FEAUM) of $40.8 +24% US$ 4% Strategy billion in 4Q25 were up 24% versus $ 40.8bn 92.0 the prior year driven by organic mn 14% 5.6 capital inflows of $5.6 billion, a posit
Slide 14: Key Fee Characteristics By Investment Vertical
PAX 4Q25 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 $ 5.6 bn 100% Drawdown Funds Cost n.a. Long-d
Slide 15: Total AUM Roll Forward
PAX 4Q25 Earnings Presentation Total AUM Roll Forward Private Equity Infrastructure Credit Public Equities Real Estate GPMS Total AUM 3Q25 10,930 7,948 8,387 2,423 7,741 13,791 51,219 Acquisitions — — — — 30 — 30 Inflows 16 415 274 144 523 324 1,695 Realizations & Dividends (140) (406) (11) — (105)
Slide 16: Total FEAUM Roll Forward
PAX 4Q25 Earnings Presentation Total FEAUM Roll Forward Private Equity Infrastructure Credit Public Equities Real Estate GPMS Total FEAUM 3Q25 5,489 4,038 8,171 2,364 7,228 11,535 38,826 Acquisitions — — — — — — — Inflows 84 351 287 110 452 375 1,660 Realizations & Dividends — (33) (15) — (99) (215)
Slide 17: Investment Performance – Drawdown Funds
PAX 4Q25 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 4Q25 Earnings Presentation Investment Performance – REITs As of Dec 25 Returns in local currency - Since Inception Inception Functional AUM M AUM M Total Return Market IFIX (BR)¹ / Ticker Fund Name Strategy (Functional (USD) (Annualized) Comparison IPC(COL) Currency) (Annualized) HGLG11 PÁTRIA L
Slide 19: Investment Performance – Credit, Public Equities & GPMS
PAX 4Q25 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) 10.4% 10.4% 13.3% 9.2% 11.1% USD 5,
Slide 20: Reconciliations & Disclosures
PAX 4Q25 Earnings Presentation Reconciliations & Disclosures 20
Slide 21: Share Summary
PAX 4Q25 Earnings Presentation Share Summary (US$ in millions) 4Q24(1) 1Q25(2) 2Q25(3) 3Q25(4) 4Q25(5) Class A Common Shares 60,640,738 65,129,962 66,521,566 65,021,566 65,023,122 Class B Common Shares 92,945,430 92,945,430 92,945,430 92,945,430 92,945,430 Total Shares Outstanding 153,586,168 158,07
Slide 22: Patria's Earnings – 5 Quarter View
PAX 4Q25 Earnings Presentation Patria’s Earnings – 5 Quarter View QTD FY (US$ in millions) 4Q24 1Q25 2Q25 3Q25 4Q25 FY 2023 FY 2024 FY 2025 Management Fees 81.4 78.8 81.0 87.0 92.0 245.6 292.4 338.7 (+) Incentive Fees 12.3 0.3 2.3 0.2 11.3 4.1 13.8 14.0 (+) Other Fee Revenues 4.7 2.0 2.3 2.5 2.9 2.7
Slide 23: Reconciliation of IFRS to Non-GAAP Measures
PAX 4Q25 Earnings Presentation Reconciliation of IFRS to Non-GAAP Measures QTD FY (US$ in millions) 4Q24 1Q25 2Q25 3Q25 4Q25 FY 2023 FY 2024 FY 2025 Management Fees 81.4 78.8 81.0 87.0 92.0 245.6 292.4 338.7 (+) Incentive Fees 12.3 0.3 2.3 0.2 11.3 4.1 13.8 14.0 (+) Other Fee Revenues 4.7 2.0 2.3 2.
Slide 24: IFRS Balance Sheet
PAX 4Q25 Earnings Presentation IFRS Balance Sheet (US$ in millions) 31-Dec-24 31-Dec-25 31-Dec-24 31-Dec-25 Assets Liabilities and Equity Cash and cash equivalents 33.4 55.0 Client funds payable (2) 18.7 25.9 Short term investments (1) 59.0 35.1 Consideration payable on acquisition (8) 102.0 104.1 C
Slide 25: Notes
PAX 4Q25 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 funds, Alturas II & Moneda Private Credit and Infrastructure Patria’s Fourth Quarter & or agreements with Limite
Slide 26: Notes
PAX 4Q25 Earnings Presentation Notes Notes to Page 23 (1) Deferred Taxes are temporary taxable differences mostly from non- Notes to Page 24 (1) Short term investments for December 31st, 2024, included investments from Patria Latin American Opportunity Reconciliation of deductible employee profit sh
Slide 27: Definitions
PAX 4Q25 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