Vinci Compass Investments Ltd. · NASDAQ:VINP
Vinci Compass Investments — Q2 2026 Earnings Presentation
60 slides from Vinci Compass Investments's earnings presentation, Aug 11, 2026
Slide 1: Investor Presentation
Investor Presentation May 2026 1
Slide 2: Vinci Compass is a leading full-service alternative asset manager in Latin America
Vinci Compass is a leading full-service alternative asset manager in Latin America Providing access to Credit solutions developed to meet needs proprietary investment Global Investment of both mature and growing businesses, Credit solutions and world- class managers Products & Solutions through Priv
Slide 3: The premier partner for alternative investments and global solutions in Latin America
The premier partner for alternative investments and global solutions in Latin America The premier partnerin Our footprint for alternative Latin America,investments and global with significant solutions opportunities inalternative for Latin America investments across the region The premier partner fo
Slide 4: Pan-Regional presence with a diversified exposure to product offering, funding and currency
Pan-Regional presence with a diversified exposure to product offering, funding and currency Client Profile Country Breakdown Country Breakdown Segments Breakdown Breakdown (Funding) (Asset Allocation) 3% 1%1% 4%4% 2% 3% 1% 2% 1% 5% 17% 8% 2% 11% 37% 12% 27% AuM¹ (%) 19% 62% 12% 65% 76% 24% Instituti
Slide 5: Deep Access to Latin American & Global LPs
Deep Access to Latin American & Global LPs Scaled distribution HNWI & Intermediaries capabilities 300+ relationships with family Country Breakdown AuM Local, on-the-ground coverage offices and UHNWI by funding across 8 markets + Global Over 520 intermediaries 3% Direct access to pensions, distributi
Slide 6: Local teams providing local, regional and global solutions to our clients
Local teams providing local, regional and global solutions to our clients Number of professionals Client Relations Group 83 relationship managers across 9 countries Argentina 4 Seasoned and High involvement Operational & Client Brazil 25 tenured team from our partners Service Backbone Chile 20 Colom
Slide 7: Business model built for resilience and long-term shareholder value creation
Business model built for resilience and long-term shareholder value creation Stable cash flow profile with substantial upside from performance and balance sheet investments FRE PRE IRE Fee Related Performance Investment Related Earnings Related Earnings Earnings Earnings coming from Earnings coming
Slide 8: FRE: High-Quality Earnings Stream
FRE: High-Quality Earnings Stream Diversified, recurring, and resilient through cycles FRE by segment 1Q’26 LTM Key Takeaways: FRE More balanced than AuM lower concentration risk oi 6%3% Balanced Contracted 28% across & recurring 18% strategies fees drive Resilient through cycles: different drivers
Slide 9: PRE: Two Value Drivers
PRE: Two Value Drivers Liquids delivered in a tough cycle, privates next PRE since IPO distribution Private vs. Liquid PEAUM as of 1Q’26 as of 1Q’26 Resilient through the cycle: liquid strategies sustained PRE Private PRE Liquid PRE in a high-rate Private Liquid backdrop 17% Private vehicles early i
Slide 10: PRE: What's in the Pipeline
PRE: What’s in the Pipeline Performance-eligible base and accrued carry today Performance Eligible AuM Gross Accrued Performance Fees as of 1Q’26 as of 1Q’26 1% 15% 5% 25% Portfolio seasoning: core assets maturing to realization phase 18% R$47 33% R$135 billion million 61% Embedded carry 21% increas
Slide 11: IRE: A Perpetual Compounding Engine
IRE: A Perpetual Compounding Engine IRE is a compounding engine, as each realization creates the capital for the next vintage, perpetuating growth Anchor GP (Re)Commitments fundraising Each realization funds the next commitment, leveraging fundraising and FRE, and creating powerful compounding Harve
Slide 12: Scale of IRE Commitments
Scale of IRE Commitments We have committed R$1.5 billion of proprietary capital into our private market funds, diversified across all our segments IRE Commitments Highlights Our commitments today are significant Capital Target Gross Strategy Product Committed and well diversified, setting up a meani
Slide 13: Our Flagship Commitments: Driving Future IRE
Our Flagship Commitments: Driving Future IRE These three flagship funds represent the bulk of Vinci Compass’ proprietary investments, diversifying exposure across strategies and anchoring future IRE VCP IV VICC SPS IV Fund R$3.1 billion R$1.8 billion R$1.3 billion Size¹ (currently being fundraised)
Slide 14: IRE: Embedded Earnings Potential
IRE: Embedded Earnings Potential Expected Realized IRE Annual Run Total Rate Contribution Timing commitments R$100 million+ We expect to reach R$1.5 billion normalized IRE figures or between 2028-2031 ~R$1.55 per share¹ 18-20% Gross Blended Target IRR Our balance sheet holds significant capital gain
Slide 15: 2025 - 2028 Targets at a Glance
2025 - 2028 Targets at a Glance Full Year 2025 Full Year 2028 Target ~19% CAGR R$950 mm Fee Related Revenues ~R$1.6 bn ~25% CAGR R$288 mm Fee Related Earnings (FRE) ~R$600 mm ~8 p.p. FRE margin 30% 38% Fundraising Target from 2H’25 through 2028 R$100 billion 15
Slide 16: Use of Capital Since IPO
Use of Capital Since IPO Total Gross Blended IRE Commitment R$1.5 billion Target IRR 18-20% IRE Expected Realized IRE R$100 million+ Fundraising Leverage 13.0x Commitments Annual Run Rate between 2028-2031 Contribution Cash used R$413.2 million Total Dividends R$1.1 distributed since IPO billion New
Slide 17: Business Units Deep Dive
VINCI COMPASS Business Units Deep Dive
Slide 18: Global Investment Products and Solutions (Global IP&S)
Global Investment Products and Solutions (Global IP&S) R$264 billion in AUM1 Providing access to a network of world-class GPs and top-tier asset managers, we deliver bespoke global and local investment solutions, granting unparalleled access to opportunities worldwide. Fee Related Revenues² Breakdow
Slide 19: Credit
Credit R$37 billion in AUM Hard currency Local currency Liquid Credit Private Credit Structured High Grade & High Grade & Opportunistic Infrastructure High Grade & Diversified Real Estate Credit & Agribusiness High Yield High Yield Capital Solutions Credit High Yield Private Credit Credit Confirming
Slide 20: Private Equity
Private Equity R$15 billion in AUM¹ Turnaround VCP Strategy VIR Strategy Growth Buyout Minority Growth VCP VIR Equity Check R$300-500 mm R$50-150 mm Turnaround Minority Growth Generates impact at the Sustainability guidelines core of the business and Impact as risk mitigators drivers supports SME co
Slide 21: Equities
Equities R$16 billion in AUM Leverage the region’s advantages without the idiosyncratic By capitalizing on country-specific expertise and targeting assets often overlooked by regional investors, we unlock risks of each country opportunities in niche markets with fewer participants Multi-Country Equi
Slide 22: Real Assets
Real Assets R$15 billion in AUM Forestry ~80% Infrastructure Real Estate R$6.7 bn R$6.7 bn R$2.1 bn • Focus on the key infrastructure themes in • Investments in major real estate sectors • Strategy includes Greenfield and of our AUM Brazil: Energy, Brownfield projects with Transportation and Water •
Slide 23: Corporate Advisory
Corporate Advisory Senior team with multisectoral experience Corporate Advisory’s Pillars Sectors M&A Fund Raising Capital Markets Union of values and vision Consumer & Retail No conflicts of interest Oil & Distribution • Total or Partial • Issuing of New Shares • Initial Public Offering Purchases a
Slide 24: Financial Highlights
: VINCI \ COMPASS Financial Highlights
Slide 25: First Quarter 2026 Highlights
First Quarter 2026 Highlights R$52 billion of capital formation and appreciation in the 1Q’26 LTM and R$7 billion in the 1Q’26, with highlights to Global IP&S, Credit and Real Assets segments R$ R$ 96mm 47 + YoY % 1.47 + 42% YoY Approximately R$100 million in net indemnification proceeds expected FR
Slide 26: First Quarter 2026 Segment Earnings
First Quarter 2026 Segment Earnings (R$ thousands, unless mentioned) 1Q'25 4Q'25 1Q'26 ∆ YoY(%) 1Q'25 LTM 1Q'26 LTM ∆ YoY(%) Net revenue from management fees 195,529 219,730 244,858 25% 586,606 861,696 47% Net revenue from advisory fees 24,853 15,444 16,067 (35)% 82,628 83,115 1% Other revenues 11,2
Slide 27: Total Assets Under Management and Advisory
Total Assets Under Management and Advisory • Total assets under management and advisory (AuM¹) of R$346.8 AuM 1Q’26 vs 4Q’25 vs. 1Q’25 (R$bn) billion, up 14% year-over-year, driven by capital formation across Global IP&S, Credit and Real Assets, portfolio appreciation and the acquisition of Verde •
Slide 28: Fee Related Revenues
Fee Related Revenues Advisory fees totaled R$16.1 million in the 1Q’26, down 35% year-over-year. Upfront fees charged by Third Party Fee Related Revenues of R$990.0 million in the Management fees were R$244.9 million in the Distribution Alternative business vary based on the 1Q’26 LTM, up 44% YoY. T
Slide 29: Financial Metrics
Financial Metrics 1Q’26 overview Fee Related Earnings (FRE) Performance Related Earnings (PRE) Investment Related Earnings (IRE) of R$96.3 million and R$1.47/share of R$1.6 million and R$0.02/share of R$3.5 million and R$0.05/share • FRE growth reflects strong fundraising over the last twelve • Unre
Slide 30: Financial Metrics
Financial Metrics 1Q’26 LTM overview Fee Related Earnings (FRE) Performance Related Earnings (PRE) Investment Related Earnings (IRE) of R$319.0 million and R$4.95/share of R$12.9 million and R$0.20/share of R$64.7 million and R$0.99/share • Stronger fundraising and management fees • 1Q’25 LTM PRE wa
Slide 31: Adjusted Distributable Earnings (Adj. DE)
Adjusted Distributable Earnings (Adj. DE) Realized financial income decreased as the cash Adj. DE growth in the 1Q’26 LTM reflects the Adj. DE in the 1Q’26 remained stable YoY, with position was reduced, impacted by capital calls from IRE combined effect of inorganic growth, capital higher Managemen
Slide 32: Balance Sheet Highlights & IRE Commitments
Balance Sheet Highlights & IRE Commitments (IN R$ MILLIONS, UNLESS MENTIONED) 4Q'25 1Q'26 Cash and cash equivalents¹ 280.1 208.5 Net Cash and Investments of R$754.0 million in the 1Q’26, Net Investments 1,177.7 1,110.6 including cash and cash equivalents, investments in liquid Liquid funds² 333.6 24
Slide 33: IRE Proprietary Fund Commitments
IRE Proprietary Fund Commitments As of 1Q’26, Vinci Compass had R$1,496.0 million in capital commitments signed to Total capital called of R$912.1 million, representing Fair Value of Investments account for R$868.4 proprietary funds mostly across Private Equity, 61.0% of the total capital committed
Slide 34: Appendix – I Segment Summaries
Appendix – I Segment Summaries 34
Slide 35: Financials by Segment
Financials by Segment Fee Related Earnings (FRE) were R$319.0 million in the 1Q’26 LTM, Segment Distributable Earnings (DE) were R$367.6 million in the 1Q’26 with 28% of FRE coming from Global IP&S, Credit accounting for LTM, with 26% coming from Global IP&S, followed by Credit and Real 23%, Private
Slide 36: Global Investment Products & Solutions (Global IP&S)
Global Investment Products & Solutions (Global IP&S) AuM ended 1Q’26 at R$263.5 billion. The quarter was Advisory fees of R$14.0 million in the 1Q’26, coming Fee Related Earnings (FRE) of R$42.4 million in the 1Q’26, impacted by FX variation in U.S. Dollar Global IP&S funds, from upfront fees¹ charg
Slide 37: Credit
Credit Fee Related Earnings (FRE) in the 1Q’26 posted an 84% increase year-over-year, driven by strong fundraising, capital Our one-stop-shop credit platform is accelerating both Total AuM of R$36.8 deployment and portfolio appreciation across different local-to-local and cross-border, delivering R$
Slide 38: Private Equity
Private Equity Fee Related Earnings (FRE) of R$17.0 million in the 1Q’26 and R$70.3 million in the 1Q’26 LTM. The decrease in both The VCP team continues to source new investment Total AuM of R$15.0 opportunities for Fund IV and pursue exits across periods reflects the combined impact of FX variatio
Slide 39: Equities
Equities Fee Related Revenues of R$21.4 million in the 1Q’26, up Equities AuM growth was supported by over R$1.0 billion Total AuM of R$16.1 in capital formation and portfolio appreciation, with 14% YoY, driven by the consolidation of Verde and positive inflows into LatAm and Brazil UCITS strategies
Slide 40: Real Assets
Real Assets Fee Related Earnings (FRE) reached 14.6 million reais in the 1Q’26, up 26% year-over-year, driven by higher Realized GP investment income of R$4.1 million, up 63% year- Total AuM of R$15.4 management fees from Infrastructure and Forestry, over-year, driven by a higher one-off dividend di
Slide 41: Corporate Advisory
Corporate Advisory In an environment of high-interest rates and electoral uncertainties, M&A Fee Related Earnings (FRE) and Segment Distributable Earnings totaled and debt structuring activity has been more subdued. Against this R$8.9 million in the 1Q26 LTM backdrop, the Corporate Advisory team is
Slide 42: Appendix – II Financial Statements
Appendix – II Financial Statements 42
Slide 43: Financials - Income Statement
Financials - Income Statement (R$ thousands, unless mentioned) 1Q'25 4Q'25 1Q'26 ∆ YoY (%) 1Q'25 LTM 1Q'26 LTM ∆ YoY (%) REVENUES Net revenue from management fees 195,529 219,730 244,858 25% 586,606 861,696 47% Net revenue from performance fees 3,077 13,301 2,890 (6)% 37,992 27,519 (28)% Realized pe
Slide 44: Financials - Non-GAAP Reconciliation
Financials - Non-GAAP Reconciliation (R$ thousands, unless mentioned) 1Q'25 4Q'25 1Q'26 1Q'25 LTM 1Q'26 LTM OPERATING PROFIT 67,404 85,316 97,927 282,731 331,887 (-) Net revenue from realized performance fees (3,077) (13,301) (2,890) (50,930) (36,231) (-) Net revenue from unrealized performance fees
Slide 45: Balance Sheet
Balance Sheet Assets 12/31/2025 03/31/2026 Liabilities and equity 12/31/2025 03/31/2026 Current assets Current liabilities Trade payables 13,369 13,692 Cash and cash equivalents 280,091 208,545 Financial instruments at fair value through profit or loss – 29,508 Cash and bank deposits 121,498 106,053
Slide 46: Supplemental Details
VINCI COMPASS Supplemental Details
Slide 47: AuM Rollforward
AuM¹ Rollforward For the Three Months Ended March 31, 2026 In R$ millions Global IP&S Credit Private Equity Equities Real Assets Total Beginning balance 271,492 36,464 15,390 15,286 15,476 354,108 (+/-) Capital Subscription / (capital return) (6) (62) (31) – (54) (153) (+) Capital Subscription – 112
Slide 48: Fee-Earning AuM Rollforward
Fee-Earning AuM¹ Rollforward For the Three Months Ended March 31, 2026 In R$ millions Global IP&S Credit Private Equity Equities Real Assets Total Beginning balance 270,156 35,870 12,541 15,240 12,684 346,490 (+/-) Capital Subscription / (capital return) (6) (62) (31) – (54) (153) (+) Capital Subscr
Slide 49: Investment records – Credit and Equities Funds
Investment records – Credit and Equities Funds Fund or Strategy Segment NAV¹ (R$ millions) 1Q’26 YTD 12 M 24 M Market Comparison Hurdle Rate Vinci Total Return² Equities 287.5 8.2% 8.2% 40.3% 34.6% IPCA + Yield IMA-B IPCA + Yield IMA-B Mosaico Strategy³ Equities 965.1 12.7% 12.7% 40.6% 31.7% IBOV IB
Slide 50: Investment records – Global IP&S and Real Assets Funds
Investment records – Global IP&S and Real Assets Funds Fund or Strategy Segment NAV¹ (R$ millions) 1Q’26 YTD 12 M 24 M Market Comparison Hurdle Rate Vinci Multiestratégia FIM Global IP&S 38.6 3.0% 3.0% 12.9% 23.5% CDI CDI Atlas Strategy Global IP&S 135.1 2.4% 2.4% 11.2% 21.9% CDI CDI Vinci Valorem F
Slide 51: Investment records – Closed End funds
Investment records – Closed End funds Pro Forma Historical Portfolio Performance¹ Committed Realized or Fund Segment Vintage year Invested Capital Unrealized Total Value Gross MOIC Gross MOIC Gross IRR Gross IRR Capital Partially Realized (R$mm) (R$mm) (R$mm) (R$mm) (R$mm) (BRL) (USD) (BRL) (USD) Fu
Slide 52: Shareholder Dividends & Share Summary
Shareholder Dividends & Share Summary Vinci Compass generated R$0.95 or US$0.19 of Adjusted Distributable Earnings per common share for the 1Q’26. The company declared a quarterly dividend of US$4.90² per common share to record holders as of May 25, 2026; payable on June 8, 2026 ($ in thousands) 2Q'
Slide 53: Notes and Definitions
Notes and Definitions Notes to page 13 (1) As of March 2026; Fund size for VCP IV does not consider potential co-investments. Notes to page 25 (1) FRE per share is calculated considering the number of outstanding shares at the end of the current quarter. Notes to page 26 (1) FRE per share is calcula
Slide 54: Notes and Definitions (cont'd)
Notes and Definitions (cont’d) Notes to page 32 (1) Cash and cash equivalents include cash on hand, bank deposits held with financial institutions, other short-term, highly liquid investments with original maturities of three months or less, that are readily convertible to known amounts of third-par
Slide 55: Notes and Definitions (cont'd)
Notes and Definitions (cont’d) Notes to page 44 (1) Contingent consideration adjustment (after-tax) reflects the change in earn out’s fair value to be paid in stock, due to variation in the stock price in the period. (2) Non-operational expenses are comprised of expenses related to professional serv
Slide 56: Notes and Definitions (cont'd)
Notes and Definitions (cont’d) Notes to page 50 (1) NAV is the net asset value of each fund. For listed vehicles, the NAV represents the Market valuation of the fund. (2) CDI is an average of interbank overnight rates in Brazil (daily average for the period). (3) IMAB is composed by government bonds
Slide 57: Notes and Definitions (cont'd)
Notes and Definitions (cont’d) • “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 calcul
Slide 58: Notes and Definitions (cont'd)
Notes and Definitions (cont’d) • “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
Slide 59: Notes and Definitions (cont'd)
Notes and Definitions (cont’d) • “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, Gl
Slide 60: VINCI COMPASS
VINCI COMPASS
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