Vinci Compass Investments Ltd. · NASDAQ:VINP
Vinci Compass Investments — Q2 2025 Earnings Presentation
40 slides from Vinci Compass Investments's earnings presentation, Aug 12, 2025
Slide 1: Second Quarter 2025 Earnings Presentation
1 August 12, 2025 Second Quarter 2025 Earnings Presentation
Slide 2: Disclaimer
2 Disclaimer This presentation contains forward - looking statements that can be identified by the use of words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” among others . By their nature, forward - looking statements are necessarily sub
Slide 3: Second Quarter 2025 Highlights
3 76 mm Adj. DE¹ 2Q’25 17 mm Realized Performance Fees 2Q’25 0.15 Quarterly Dividend US$ 12 bn Appreciation & Capital Formation 2Q’25 R$ + 87 % YoY + 30 % YoY 1.20 Adj. DE per share² 2Q’25 R$ Second Quarter 2025 Highlights R$ R$ The final closing of VICC brought the total fund size to R$1.8 billion
Slide 4: Financial Highlights
4 Financial Highlights
Slide 5: Financial results table 2Q'25
5 ∆ YoY(%) 2Q'25 YTD 2Q'24 YTD ∆ YoY(%) 2Q'25 1Q'25 2Q'24 (R$ thousands, unless mentioned) 86% 391,098 210,589 71% 195,569 195,529 114,134 Net revenue from management fees 134% 51,073 21,840 128% 26,220 24,853 11,481 Net revenue from advisory fees N/A 22,206 – N/A 10,944 11,262 – Other revenues 100%
Slide 6: Total Assets Under Management and Advisory
6 25 232 230 8 29 30 16 16 16 9 15 16 11 12 12 69 305 304 2Q'24 1Q'25 2Q'25 Global IP&S Credit Private Equity Equities Real Assets Total Assets Under Management and Advisory AUM 2Q’25 vs 1Q’25 vs. 2Q’24 ( R$bn ) • Total assets under management and advisory (AUM¹) of R$304.1 billion, up 339% year - o
Slide 7: Additional Capital Detail
7 Vinci Compass recognizes the performance revenue according to IFRS 15. Unrealized performance fees are recognized only when i s h ighly probable that the revenue will not be reversed in the Income Statement. The fund FIP Infra Transmissão in Infrastructure had R$1.7 million as of the end of the se
Slide 8: Fee Related Revenues
8 Fee Related Revenues Fee related revenues totaled R$232.7 million in the quarter, up 85% year - over - year, pushed by growth in management fees, advisory fees and the addition of other revenue streams. Fee Related Revenues 2Q’25 vs. 2Q’24 ( R$mm ) Fee Related Revenues 2Q’25 YTD vs. 2Q’24 YTD ( R$
Slide 9: Realized GP Investment and Financial Income
9 Realized GP Investment and Financial Income Realized GP Investment¹ and Financial Income² of R$35.4 million in the 2Q’25, up 49% year - over - year. This growth reflects the capital return from our GP commitment in FIP Transmissão , combined with solid results from the liquid portfolio. Realized G
Slide 10: Financial Metrics 2Q'25 overview
10 58 76 2Q'24 2Q'25 3 5 2Q'24 2Q'25 62 65 2Q'24 2Q'25 Financial Metrics 2Q’25 overview Fee Related Earnings of R$65.2 million and R$1.03/share • Catch - up fees in the 2Q’24 were higher due to the fundraising cycle of VCP IV. Excluding catch - up fees in the 2Q’24 and 2Q’25, FRE grew by 25%. Perfor
Slide 11: Financial Metrics 2Q'25 YTD overview
11 116 131 2Q'24 YTD 2Q'25 YTD Financial Metrics 2Q’25 YTD overview 108 138 2Q'24 YTD 2Q'25 YTD Adjusted Distributable Earnings (DE) ( R$mm ) 26% 38% 2.03 2.18 +28% Fee Related Earnings of R$130.9 million and R$2.07/ share • Stronger management and advisory fees over the first half of 2025, driven b
Slide 12: Balance Sheet Highlights & GP Commitments
12 25% 21% 15% 14% 14% 5% 3% 3% Fair Value of Investments - GP Commitment Balance Sheet Highlights & GP Commitments 2Q'25 1Q'25 (IN R$ MILLIONS, UNLESS MENTIONED) 189.2 163.8 Cash and cash equivalents¹ 1,131.1 1,200.4 Net Investments 407.7 503.0 Liquid funds² 723.4 697.4 GP Fund Investments³ (558.2)
Slide 13: Our GP Commitments are a long-term strong value creator
13 697.4 45.7 (2.4) (14.8) (2.6) 723.4 1Q'25 Capital Called Principal Returned Gross Capital Gain Returned Depreciation 2Q'25 See notes and definitions at end of document Our GP Commitments are a long - term strong value creator Fair Value of Investments (R$ mm) GP Commitments Overview Per share R$1
Slide 14: Segment Highlights
Segment Highlights VINCI COMPASS
Slide 15: Financials by Segment
15 Financials by Segment Fee Related Earnings (FRE) 2Q ’25 YTD by Segment Segment Distributable Earnings (DE) 2Q’25 YTD by Segment Fee Related Earnings (FRE) were R$130.9 million in the 2Q’25 YTD, with 28% of FRE coming from Private Equity, Global IP&S accounting for 26%, Real Assets with 21%, follo
Slide 16: Global Investment Products & Solutions (Global IP&S)
16 See notes and definitions at end of document TPD Liquid 47% TPD Alternative 31% Global Solutions 8% Separate Mandate 8% Custody & Execution 3% Commingled Fund 1% Pension Plans 1% Other ³ 1% Global IP&S AUM Breakdown by Strategy Global Investment Products & Solutions (Global IP&S) R$230 bn AUM Fee
Slide 17: Credit
17 Local Currency High Grade & High Yield 37% Hard Currency High Grade & High Yield 24% Real Estate & Infrastructure Credit 11% Opportunistic Capital Solutions 11% Structured Credit & Confirming 9% Diversified Private Credit 5% Agribusiness 3% Credit AUM Breakdown by Strategy Credit R$30 bn AUM Fee
Slide 18: Private Equity
18 VCP III 55% VCP IV 19% VCP II 16% VIR IV 6% Other 4% Private Equity AUM Breakdown by Flagship Private Equity R$16 bn AUM Total AUM of R$16 billion, up 2% year - over - year. Fee Related Earnings (FRE) totaled R$ 17.6 million in the quarter, representing a 40% year - over - year decrease. This dec
Slide 19: Equities
19 Brazil 70% Chile 17% Mexico 7% Argentina 2% LatAm 4% Equities AUM Breakdown by Strategy Equities Total AUM of R$16 billion, up 64% year - over - year. R$16 bn AUM Fee Related Revenues grew 36% year - over - year; however, due to higher expenses following the combination with Compass, Fee Related
Slide 20: Real Assets
20 Real Assets Total AUM of R$12 billion, up 14% year - over - year. R$12 bn AUM Fee Related Earnings grew 25% year - over - year, reflecting strong business momentum driven by catch - up fees from the final closing of VICC and inorganic growth. Segment DE posted a 25% year - over - year increase, d
Slide 21: Corporate Advisory
21 Corporate Advisory Fee Related Earnings (FRE) and Segment Distributable Earnings totaled R$3.9 million in the 2Q’25 and R$2.7 million in the 2Q’25 YTD. ∆ YoY (%) 2Q'25 YTD 2Q'24 YTD ∆ YoY (%) 2Q'25 1Q'25 2Q'24 (R$ THOUSANDS, UNLESS MENTIONED) N/A – – N/A – – – Net revenue from management fees (53
Slide 22: Supplement Details
22 Supplement Details
Slide 23: AUM Rollforward
23 See notes and definitions at end of document AUM¹ Rollforward Total Real Assets Equities Private Equity Credit Global IP&S In R$ millions 304,552 11,965 14,793 16,481 29,389 231,924 Beginning balance (18) 23 – (161) 121 (2) (+/ - ) Capital Subscription / (capital return) 443 237 – – 206 0 (+) Cap
Slide 24: Fee-Earning AUM Rollforward
24 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 299,180 11,839 14,739 13,287 28,764 230,551 Beginning balance 29 52 – (142) 121 (2) (+/ - ) Capital Subscription / (capital return) 443 237 – – 2
Slide 25: Investment records – Credit and Equities Funds
25 Investment records – Credit and Equities Funds Hurdle Rate Market Comparison 24 M 12 M YTD 2Q’25 NAV¹ (R$ millions) Segment Fund or Strategy IPCA + Yield IMA - B IPCA + Yield IMA - B 19.0% 15.3% 22.6% 17.0% 246.0 Equities Vinci Total Return² IBOV IBOV 14.0% 10.3% 19.3% 11.1% 847.6 Equities Mosaic
Slide 26: Investment records – Global IP&S and Real Assets Funds
26 Investment records – Global IP&S and Real Assets Funds See notes and definitions at end of document Hurdle Rate Market Comparison 24 M 12 M YTD 2Q’25 NAV¹ (R$ millions) Segment Fund or Strategy CDI CDI 20.4% 10.7% 5.7% 2.8% 99.2 Global IP&S Vinci Multiestratégia FIM CDI CDI 18.0% 12.1% 4.4% 2.7%
Slide 27: Investment records – Closed End funds
27 See notes and definitions at end of document Investment records – Closed End funds Pro Forma Historical Portfolio Performance - Excluding PIPE Investments¹ Gross IRR Gross IRR Gross MOIC Gross MOIC Total Value Unrealized Realized or Partially Realized Invested Capital Committed Capital Vintage ye
Slide 28: Shareholder Dividends & Share Summary
28 See notes and definitions at end of document Shareholder Dividends & Share Summary 2Q'25 1Q'25 4Q'24 3Q'24 2Q'24 1Q'24 4Q'23 3Q'23 ($ in thousands) 75,760 62,306 73,946 57,104 58,401 49,605 63,641 51,820 Adjusted Distributable Earnings (R$) 13,964 11,027 12,804 9,872 10,331 9,801 12,829 10,647 Ad
Slide 29: Reconciliations and Disclosures
29 Reconciliations and Disclosures
Slide 30: Financials - Income Statement
30 Financials - Income Statement ∆ YoY (%) 2Q'25 YTD 2Q'24 YTD ∆ YoY (%) 2Q'25 1Q'25 2Q'24 (R$ thousands, unless mentioned) REVENUES 86% 391,098 210,589 71% 195,569 195,529 114,134 Net revenue from management fees 45% 11,419 7,886 49% 8,342 3,077 5,613 Net revenue from performance fees 77% 20,131 11
Slide 31: Financials - Non-GAAP Reconciliation
31 Financials - Non - GAAP Reconciliation 2Q'25 YTD 2Q'24 YTD 2Q'25 1Q'25 2Q'24 (R$ thousands, unless mentioned) 137,288 119,924 69,884 67,404 65,014 OPERATING PROFIT (20,131) (11,369) (17,054) (3,077) (9,096) ( - ) Net revenue from realized performance fees 8,711 3,483 8,711 – 3,483 ( - ) Net reven
Slide 32: Balance Sheet
32 Balance Sheet 6/30/2025 3/31/2025 Assets Current assets 189,190 163,782 Cash and cash equivalents 100,449 126,844 Cash and bank deposits 58,148 36,938 Financial instruments at fair value through profit or loss 30,593 - Financial instruments at amortized cost 1,449,809 1,488,809 Financial instrume
Slide 33: Notes to page
33 Notes to page 3 1) Adjusted Distributable Earnings is calculated as Distributable Earnings excluding non - operational expenses . 2) Adjusted DE per share is calculated considering the number of outstanding shares at the end of the current quarter . Last twelve months values are calculated as the
Slide 34: Notes to page (cont'd)
34 Notes to page 12 (cont’d) 2) Liquid funds’ value are calculated as investment at fair value as of June 30 , 2025 , in liquid funds from Vinci Compass’ Equities, Global IP&S, Credit and Real Estate . It also comprises the cash and certificate of deposits and federal bonds from Vinci Monalisa FIM .
Slide 35: Notes to page (cont'd)
35 Notes to page 25 (cont’d) 6) Brazil stock market most relevant index . 7) S&P/BMV IPC seeks to measure the performance of the largest and most liquid stocks listed on the Mexican Stock Market . 8) S&P MERVAL Index, Argentina’s flagship index, seeks to measure the performance of the largest, most
Slide 36: Notes to page
36 Notes to page 28 1) US $ Distributable Earnings was calculated considering the exchange rate from USD to BRL of 5 . 4254 , as of August 08 , 2025 , when dividends were approved by our Board of Directors . 2) Per Share calculations are based on end of period Participating Common Shares . 3) Actual
Slide 37: Definitions: Fee related earnings
37 • “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 38: Definitions: AUM
38 • “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 39: Definitions: Capital subscription, inflows, MOIC, IRR
39 • “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 40: Office locations
40 Bogota 601 748 6090 Carrera 11 # 79 – 52 Of 801, Edificio 80 - ONCE Barrio El Nogal COLOMBIA Mexico City 52 55 5010 2150 Paseo de los Tamarindos N Σ 90, Torre 1, Piso 21, 05120 MEXICO Lima 51 1 611 5350 Av. Jorge Basadre Nro. 347 Piso 09, Of 902 San Isidro PERU Miami 786 755 4860 1441 Brickell Av
Vinci Compass Investments — Q2 2025 Earnings Presentation on 6ix