Patria Investments Limited · NASDAQ:PAX
Patria Investments — Investor Presentation (February 2026)
60 slides from Patria Investments's investor presentation, February 2026
Slide 1: Shareholder Presentation
February 2026 PATRIA INVESTMENTS (NASDAQ: PAX) Shareholder Presentation
Slide 2: Disclaimer
PAX Shareholder 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 Today
PAX Shareholder Presentation Patria Today A Leading Alternative Investment Firm with 37+ Years of Experience and $47bn of pro - forma Fee - Earning AUM Diversified Expanding Broadening Creating Product Geographical Distribution Shareholder Suite Presence Capabilities Value Evolved from Product Provi
Slide 4: Our Strategy: Continue to Enhance our Position as the Gateway to Alternative Investing
PAX Shareholder Presentation Our Strategy | Continue to Enhance our Position as the Gateway to Alternative Investing in LatAm and Selectively Expand into Developed Markets to Drive Long - term Shareholder Returns Global Capital to Regional/Local Unique Investment Capabilities coupled with Best - in-
Slide 5: Our History: The Road to Building a Diversified, Fast Growing, and Resilient Business
PAX Shareholder Presentation Our History | The Road to Building a Diversified, Fast Growing, and Resilient Business to Become the Dominant Alternative Manager in Latin America 1994 2010 2022 2024 2026 Launch of Private Equity Partnership with Acquisition of Igah (closed in Dec - 22) Acquisition of N
Slide 6: Our Platform: Significant Evolution Since our IPO
PAX Shareholder Presentation Our Platform | Significant Evolution Since our IPO with an Asset Base Anchored in Long Duration Structures & Hard Currencies, Enhancing Fee Revenue Predictability and Limiting FX Sensitivity FEAUM By Asset Class FEAUM By Product Structure FEAUM By Currency 3% 2% 13% 29%
Slide 7: Our Growth: Established Track Record of Delivering on Targets
PAX Shareholder Presentation Our Growth | Established Track Record of Delivering on Targets and on Path to Mid - teens FRE Growth @IPO 2022 202 5 Target 202 7 Target (YE 2020) Investor Day Capital $32.6 bn inflows through $20 bn +$35 bn Formation¹ 4Q25 since 2022 Investor Day (4Q22 through 2025) (4Q
Slide 8: Patria 2027 Target: Continuing to Enhance our All-Weather Platform
PAX Shareholder Presentation Patria 2027 Target |Continuing to Enhance our All - Weather Platform FEAUM By Asset Class FEAUM By Product Structure FEAUM By Currency EUR GBP BRL ~5% 12% 13% 4Q25 29% 34% ~10% ~25% Pro - forma 4Q25 9% 4Q25 4Q25 $47 bn 17% $47 bn $47 bn Pro - forma Pro - forma ~10% CLP P
Slide 9: Patria's AUM 4Q25: Total Assets Under Management
PAX Shareholder Presentation Patria’s AUM 4Q25 | Total Assets Under Management – Significant Capital Available to Deploy and Pent - up Earnings Power 1.5 CAGR: $ 60.1 bn 11.2 US$ 9.0 3.0 US$ 2.7 US$ +33% 2.7 43.3 bn 4.0 + 0.4 9.3 bn + ~7.5 bn 3.5 ✓ 1/3 invested in 0.2 4.0 16.8 Brazil 7.9 8.6 1.3 ✓ 1
Slide 10: Investment Performance: Delivering Strong Investment Performance Across Asset Classes
PAX Shareholder Presentation Investment Performance | Delivering Strong Investment Performance Across Asset Classes 1 Significant market opportunities with differentiated Asset Class Investment Performance Highlights strategies • Develop, de - risk and sell strategy Infrastructure Pooled Net IRR for
Slide 11: Creating Long-Term Value for Our Shareholders
PAX Shareholder Presentation Creating Long - Term Value for Our Shareholders FEAUM Growth… …Drives our Capacity to Generate Earnings …and Capital Allocation Supports Since Patria’s IPO our Fee - Earning Assets Under Growth… Shareholder Returns and Future Management, “FEAUM” & earnings capacity have
Slide 12: Expanded Global & Local Distribution Capabilities
PAX Shareholder Presentation At Early Stages of Leveraging Expanded Global & Local Distribution Capabilities; Another Long - Term Growth Catalyst Global Footprint 16 Commercial Offices Around the Globe Edinburgh London Global Commercial San Francisco New York & Chicago Beijing Structure Mexico City
Slide 13: Financial Overview
PAX Shareholder Presentation Financial Overview 13
Slide 14: A Summary of Key Terminology to Help You Understand Our Business
PAX Shareholder Presentation First… A Summary of Key Terminology to Help You Understand Our Business Key Performance Metrics Financial Metrics Total Assets Under Total fair value of investments plus “dry powder” Management Contractual recurring fees based on Fee Earning AUM… Management (AUM) (contra
Slide 15: We've generated very strong growth since our IPO
We’ve generated very strong growth since our IPO FEAUM Mgt. Fees FRE/ share 40%+ ~25% ~25% CAGR CAGR CAGR Note: CAGR 2020-2025 FY 15
Slide 16: Our Fee Earnings AUM Growth Has Been Strong as We've Diversified
Our Fee Earnings AUM Growth Has Been Strong as We’ve Diversified Our Business Solis 2 , CAGR RBR Gestão & Pro - forma Fee Earning AUM ($bn) WP Partners Jan, 2026 44% Genial & $47 bn Credit Suisse Vectis REITs & Nexus Jul, 2025 Jul, 2024 29% Abrdn Solutions Apr, 2024 Bancolombia 6% Nov, 2023 Acquisit
Slide 17: Diversification Enhances our Management Fee Growth and Resilience
Diversification Enhances our Management Fee Growth and Resilience Solis 2 , RBR Gestão & Management fee (US$ mn) WP Partners CAGR Jan, 2026 Vectis & 25% Credit Suisse Genial & Nexus Mgmt. fee REITs Jul, 2024 mix (%) Jul, 2025 IGAH Abrdn Solutions 4% Resilient Apr, 2024 Dec, 2022 18% Diversified plat
Slide 18: We expect our strong growth to continue through 2027 and beyond
We expect our strong growth to continue through 2027 and beyond FEAUM Mgt. Fees FRE/ share ~30% ~20% ~15% CAGR CAGR CAGR 2024 - 2027 2024 - 2027 2024 - 2027 Note: Based on midpoint guidance 18
Slide 19: FEAUM - Building Blocks to Our Targets
FEAUM - Building Blocks to Our Targets • Targeting Net Organic Inflows of 8 - 10% annually • Investment returns driven mainly by permanent capital and/or long duration investment vehicles • As of 4Q25, FEAUM of $40.8bn and YTD net inflows of 2.4bn, reflecting an ~7% annualized organic growth rate ~2
Slide 20: FRE per Share Growth: A Key Measure of our Success
FRE per Share Growth… A Key Measure of our Success in Building Value CAGR Fee Related Earning ($bn) 2024-27 ~17% $260 - 290mn Management fees 290 CAGR target 2022 -24 Expected continued growth with an $225 - 245mn average fee rate of ~90 bps over time 240 ~14% target $1.80 to $203mn 1.60 $1.42 FRE/
Slide 21: Strong FRE Growth In Combination With PRE Positions Us to Deliver Higher DE Growth
Strong FRE 2 Growth In Combination With PRE Positions Us to Deliver Higher DE Growth Over The Cycle 25 → 27 Aggregate Midpoint of Range 2x+ over 3 yrs.¹ $4.50 to Fee Related Earnings 2 ~$4.00 $4.80 (after tax & other expenses) per share¹ DE per share (cumulative) $1.90 Performance Related Earnings ~
Slide 22: Updated Capital Allocation Strategy
Updated Capital Allocation Strategy Utilizing our strong cash generation and balance sheet to fuel growth and create optionality for shareholders Cash Generation Cash Uses Dividends • 2026 $0.65/share². Potential increases thereafter. • Intention to repurchase sufficient stock to maintain a stable S
Slide 23: Key 2027 Targets: Double FEAUM and Grow FRE by 15-20% CAGR
Key 2027 Targets: Double FEAUM and Grow FRE by 15 - 20% CAGR Through 2027 Year End 2024 1 Year End 2027 ~$27bn Total Capital Formation ~60% organic ~$35bn (cumulative since investor day) (Cumulative 2025 - 2027) ~$33bn FEAUM ~30% CAGR ~$70bn $170mn ~$260 - 290mn 57% margin FRE 15 - 20% CAGR 58% - 60
Slide 24: Platform Overview
PAX Shareholder Presentation Platform Overview 24
Slide 25: Patria Credit Platform Overview
PAX Shareholder Presentation Patria Credit Platform Overview • Listed Credit: all strategies outperforming benchmarks over 3, 5, 10 Strong years+ and flagship funds ranked top percentile against eVestment EM Performance • Private Credit: 14+ years investing, not a single negative monthly return, and
Slide 26: Credit: Strong Track Record & Consistent Outperformance
PAX Shareholder Presentation Credit: Strong Track Record & Consistent Outperformance Regional Corporate Strategies LatAm High Yield ($5.2 bn AUM) LatAm Local Currency ($1.1 bn AUM) Outperformance (bps) Outperformance (bps) 270 230 180 370bps 140bps 20 3y 10y Since Inception 3y 10y Since Inception #1
Slide 27: Patria Infrastructure Platform Overview
PAX Shareholder Presentation Patria Infrastructure Platform Overview Strong • Pooled net IRR of 10.1% over the latest three vintages Performance • 210 bps above benchmark¹ $8.0 Billion Competitive Edge • Strong investment capacity, with over $20 bn in budget track record² CapEx , and on time/on Tota
Slide 28: Patria Infrastructure Net IRR
PAX Shareholder Presentation Infra Funds Performing Above Benchmarks 2.1% Above Median Benchmark 10.1% Patria Infrastructure 8.0% Net IRR 8.5% Premium DowJones Brookfield Global Infra Index Burgiss Global Infra Median² Patria Infrastructure 1 1.6% Latest vintages (Infra III, IV and V) (1) Methodolog
Slide 29: Patria Real Estate Platform Overview
PAX Shareholder Presentation Patria Real Estate Platform Overview • Brazil: 500+ bps of outperformance since inception for the largest REIT² • Colombia: 1,000 bps of outperformance since inception for the largest Strong fund (Diversified) Performance • Chile: a top performer among commercial income
Slide 30: The Evolution of Patria's Real Estate Platform Since IPO
PAX Shareholder Presentation The Evolution of Patria’s Real Estate Platform Since IPO Fee Earning AUM ($ bn) ~90% Permanent Capital Prior to IPO 2022 2023 2024 February 2026 Patria reorganized its Real In June 2022, Patria By the end of 2023, our In May, Patria acquired Completed the acquisition Est
Slide 31: Investment Performance - REITs
PAX Shareholder Presentation Investment Performance - REITs 14.3% 14.6% 13.9% 12.5% 11.2% 11.4% 10.9% 9.5% 9.4% 9.1% 8.8% 8.0% 7.5% 7.1% 6.3% 5.7% Annualized Returns² 4.6% in local currency 3.8% 3.7% 3.4% Fund Return (BRL) IFIX Return (BRL) Fund Return (COP) IPC Return (COP) HGLG11 LVBI11 PVBI11 HGR
Slide 32: Patria GPMS Platform Overview
PAX Shareholder Presentation Patria GPMS Platform Overview Strong • 17%, 18% and 17% pooled IRR for Primaries, Secondaries and Co - Performance Investments 2 respectively • Integrated platform of primaries, secondaries and co - investments, $16.8 Billion Competitive Edge invested with 250+ GPs acros
Slide 33: Proven investment process drives market-leading returns
PAX Shareholder Presentation Proven investment process drives market - leading returns Primaries Secondaries Co - Investments 2 Committed / Invested Capital €5.9 billion €2.8 billion €2.7 billion Number of Transactions 200+ 130+ 160+ TVPI Gross 1 1.7x 1.6x 1.9x IRR Gross 17% 18% 17% Notes: Data as o
Slide 34: Patria Private Equity Platform Overview
PAX Shareholder Presentation Patria Private Equity Platform Overview Strong • +130 bps of excess returns versus PE LatAm Performance • Sector - focused strategy, building market leaders through consolidation Competitive with a hands - on approach to value creation $10.5 Billion Edge • Strong operati
Slide 35: Outperforming EM PE Industry & Uncorrelated to LatAm
PAX Shareholder Presentation Outperforming EM PE Industry & Uncorrelated to LatAm Long - Term Alpha Generation Private Equity Differentiated Strategy 20 - year Net IRR (USD)¹ _ Sector Selection Healthcare, F&B, Agribusiness, B2B Services and Logistics Patria PE: _ 11.0% Excess return vs. PE industry
Slide 36: Patria Public Equity Platform Overview
PAX Shareholder Presentation Patria Public Equity Platform Overview Strong • ~600 bps of outperformance since inception in largest strategy 1 Performance • Long term customer relationships with 80% of AUM from clients who $2.8 Billion Competitive Edge have been with Patria 12+ years • Deep research
Slide 37: Disciplined Investment Process Drives Consistency
PAX Shareholder Presentation Disciplined Investment Process Drives Consistency Recurrent outperformance versus the benchmarks since inception Compounded Annualized Net Returns Functional Strategy Excess Return Strategy YTD Currency AUM (USD mn ) Since Incept. 1yr 3yr 10yr Since Incep . Chilean Equit
Slide 38: Firm Management Drives Institutionalization & Efficiency
PAX Shareholder Presentation Firm Management Drives Institutionalization & Efficiency Olimpio Matarazzo Alexandre Saigh Co - Founder & Chairman of the Co - Founder & CEO Board 30+ Years at Patria 30+ Years at Patria Ana Russo Daniel Sorrentino Nikitas Psyllakis Ana Santos Guilherme Poças Partner, Ch
Slide 39: Selected Pages 4Q25
February 3, 2026 Selected PATRIA INVESTMENTS (NASDAQ: PAX) Pages 4Q25 Earnings Presentation
Slide 40: 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 41: 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 42: 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 positiv e investment returns • Personnel and G&A expenses totaled approximately $36.1
Slide 43: 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 apprecia tion o
Slide 44: 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
Slide 45: Total Assets Under Management
PAX 4Q25 Earnings Presentation Total Assets Under Management • LTM growth in AUM was driven by organic capital inflows of +26% US$ 43.3 bn + US$ 9.3 bn $7.7 billion, a positive valuation impact of $3.2 billion as well as $ 52.6 bn a positive impact from USD depreciation vs other $ 41.9 bn Fair Value
Slide 46: Fee Earning Assets Under Management
PAX 4Q25 Earnings Presentation Fee Earning Assets Under Management 4Q25 Mgmt. Fee Revenue Breakdown Per • Fee Earning AUM (FEAUM) of $40.8 +24% US$ Strategy billion in 4Q25 were up 24% versus $ 40.8 bn 92.0 mn the prior year driven by organic capital inflows of $5.6 billion, a positive valuation of
Slide 47: 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 -
Slide 48: 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 49: 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 50: 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 51: 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 52: 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 53: Reconciliations & Disclosures
PAX 4Q25 Earnings Presentation Reconciliations & Disclosures 53
Slide 54: 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 55: 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 56: 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 57: 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 58: Notes
PAX 4Q25 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 PE Growth funds, Alturas II & Moneda Private Credit and Infrastructure Patria’s Fourth Quarter & and/or agreements with Limited P
Slide 59: 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 60: 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
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