Patria Investments Limited · NASDAQ:PAX
Patria Investments — Investor Presentation (August 2025)
59 slides from Patria Investments's investor presentation, August 2025
Slide 1: Shareholder Presentation
August 2025 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 is
Slide 3: Patria Today
PAX Shareholder Presentation Patria Today A Leading Alternative Investment Firm with 36+ Years of Experience and $37bn of Fee-Earning AUM Diversified Expanding Broad Creating Product Geographical Distribution Shareholder Suite Presence Capabilities Value Evolved from Product Provider to Solutions Pr
Slide 4: Our Strategy: 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 Unique Investment Capabilities coupled with Best-in-Class Service 1 Global Capital to Reg
Slide 5: Our History
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 Launch of Private Equity Partnership with Acquisition of Igah (closed in Dec-22) Acquisition of Nexus St
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: 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 2025 Target 2027 Target (YE 2020) Investor Day Capital $28.7 bn inflows through $20 bn +$35 bn Formation¹ 2Q25 since 2022 Investor Day (4Q22 through 2025) (4Q24 t
Slide 8: Patria 2027 and Beyond
PAX Shareholder Presentation Patria 2027 and Beyond | Further Enhancing our All-Weather Platform FEAUM By Asset Class FEAUM By Product Structure FEAUM By Currency EUR GBP BRL 11% ~5% 15% 2Q25 ~15% ~15% 30% 34% 2Q25 2Q25 2Q25 CLP ~10% $37bn $37bn 11% 19% $37bn ~5% COP FEAUM FEAUM FEAUM YE27 6% 21% 16
Slide 9: Patria's AUM 2Q25
PAX Shareholder Presentation Patria’s AUM 2Q25 | Total Assets Under Management – Significant Capital Available to Deploy and Pent-up Earnings Power CAGR: 48.7bn 0.2 8.9 1.8 $ 10.9 +31% + 3.0 US$ US$ US$ 40.1 8.6 3.3 1.4 2.2 4.1 bn bn 1.3 0.4 0.2 3.3 13.9 bn 6.4 7.7 0.1 Fair Value 2.3 Uncalled Capita
Slide 10: Investment Performance Across Asset Classes
PAX Shareholder Presentation Investment Performance | Delivering Strong Investment Performance Across Asset Classes Significant market opportunities with differentiated Asset Class Investment Performance Highlights1 strategies • Strong sector expertise (healthcare, logistics, food & beverage, Privat
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 We a
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 11 Commercial Offices Around the Globe Strong client relationship 15years Edinburgh Seasoned team managing client relations, on London aver
Slide 13: Financial Overview
PAX Shareholder Presentation Financial Overview 13
Slide 14: Summary of Key Terminology
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: Very Strong Growth Since Our IPO
We’ve generated very strong growth since our IPO FEAUM Mgt. Fees FRE/share 40%+ CAGR ~25%CAGR ~25% CAGR Note: CAGR 2020-2Q25 LTM 15
Slide 16: Fee Earning AUM Growth and Diversification
Our Fee Earnings AUM Growth Has Been Strong as We’ve Diversified Our Business CAGR Fee Earning AUM ($bn) Credit Suisse 42% & Nexus Jul, 2024 $37bn Abrdn Solutions Apr, 2024 31% Bancolombia Nov, 2023 KMP VBI1 Mar, 2022 Acquisitions IGAH Jun, 2022 6% Moneda Dec, 2022 Dec, 2021 17% 21% $7.7 bn 11% 9% 4
Slide 17: Diversification Enhances Management Fee Growth
Diversification Enhances our Management Fee Growth and Resilience Management fee (US$ mn) Credit Suisse CAGR & Nexus Jul, 2024 Abrdn Solutions 25% Apr, 2024 Mgmt. fee mix (%) Bancolombia 4% Resilient VBI1 IGAH Nov, 2023 Jun, 2022 Dec, 2022 17% Diversified platform and sticky KMP Mar, 2022 assets cre
Slide 18: Strong Growth to Continue Through 2027
We expect our strong growth to continue through 2027 and beyond FEAUM Mgt. Fees FRE/share ~30% ~20%CAGR ~15% CAGR CAGR 2024-2027 2024-2027 2024-2027 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 2Q25, FEAUM of $37bn and YTD net inflows of 1.3 bn, reflecting an ~8% annualized organic growth rate ~2x i
Slide 20: FRE per Share Growth
FRE per Share Growth… A Key Measure of our Success in Building Value CAGR Fee Related Earning ($bn) 2024-27 Management fees CAGR ~17% $260-290mn Expected continued growth with an 290 2022-24 target ~14% average fee rate of ~90 bps over time $1.80 240 $200-225mn to Fee Related Earnings target 1.60 FR
Slide 21: FRE Growth and PRE Position Us for Higher DE
Strong FRE2 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 Earnings2 ~$4.00 $4.80 (after tax & other expenses) per share¹ DE per share $1.90 (cumulative) Performance Related Earnings ~$0
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 • 2025 $0.60/share. Potential increases thereafter. • Intention to repurchase sufficient stock in order to maintain a
Slide 23: Key 2027 Targets
Key 2027 Targets: Double FEAUM and Grow FRE by 15- 20% CAGR Through 2027 Year End 20241 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% marg
Slide 24: Platform Overview
PAX Shareholder Presentation Platform Overview 24
Slide 25: Patria Credit Platform Overview
Patria Credit Platform Overview PAX Shareholder Presentation $7.6 Strong • All strategies outperforming benchmarks over 3, 5, 10 years+ Performance • Flagship Funds ranked top percentile against eVestment EM Peer Groups Billion • LatAm USD Corporate Credit outperforms US and EM over the long term Co
Slide 26: Credit: Track Record & Consistent Outperformance
PAX Shareholder Presentation Credit: Strong Track Record & Consistent Outperformance Regional Corporate Strategies LatAm High Yield ($4.8 bn AUM) LatAm Local Currency ($987 mn AUM) 370bps Outperformance (bps) Outperformance (bps) 290 180 140bps 40 50 3y 10y Since Inception 3y 10y Since Inception #1
Slide 27: Patria Infrastructure Platform Overview
Patria Infrastructure Platform PAX Shareholder Presentation Overview Strong • 10.8% average returns (over the latest 2 vintages) Performance • 280 bps above benchmark¹ $7.3 Billion Competitive Edge • Strong development capacity, with over $20 bn in CapEx, and on time/on budget track record² Total AU
Slide 28: Infra Funds Performing Above Benchmarks
PAX Shareholder Presentation Infra Funds Performing Above Benchmarks 2.8% Above Median Benchmark Patria 10.8% Infrastructure 8.0% Net IRR 14.8% Premium DowJones Brookfield Global Infra Index Hamilton Lane Infra Global Median² Patria Infrastructure1 Latest vintages (Infra III and IV) -4.0% (1) Method
Slide 29: Patria Real Estate Platform Overview
Patria Real Estate Platform PAX Shareholder Presentation Overview • Brazil: 500+ bps of annualized outperformance since inception for the Strong largest REIT type (Logistics)² Performance • Colombia: 1,000 bps of annualized outperformance since inception for the largest fund (Diversified) $6.3 • Dee
Slide 30: Evolution of Patria's Real Estate Platform Since IPO
PAX Shareholder Presentation The Evolution of Patria’s Real Estate Platform Since IPO Fee Earning AUM ($ bn) ~90% Permanent Capital Prior to IPO 2022 2023 July 2025 Announced acquisition Patria reorganized its In June 2022, Patria By the end of 2023, our of 7 Brazilian REITs from Genial & Real Estat
Slide 31: Investment Performance - REITs
PAX Shareholder Presentation Investment Performance - REITs 14.8% 14.4% 13.6% 12.6% 10.8% 10.4% 10.1% 9.1% 9.0% 8.0% 6.8% 5.8% 5.2% Annualized Returns² 4.7% 4.8% in local currency Fund Return (BRL) 2.5% 2.5% IFIX Return (BRL) 1.6% Fund Return (COP) IPC Return (COP) HGLG11 LVBI11 PVBI11 HGRE11 HGCR11
Slide 32: Patria GPMS Platform Overview
Patria GPMS Platform Overview PAX Shareholder Presentation Strong • 17%, 19% and 19% pooled IRR for Primaries, Secondaries and Co- Performance Investments2 respectively $13.9 • Integrated platform of primaries, secondaries and co-investments, invested Competitive with 250+ GPs across 600+ funds, pro
Slide 33: Proven Investment Process Drives Market-Leading Returns
PAX Shareholder Presentation Proven investment process drives market-leading returns Primaries Secondaries Co-Investments2 Committed / Invested Capital €5.6 billion €2.7 billion €2.5 billion Number of Transactions 190+ 120+ 150+ TVPI Gross1 1.8x 1.6x 1.9x IRR Gross 17% 19% 19% Notes: Data as of 31 M
Slide 34: Patria Private Equity Platform Overview
Patria Private Equity Platform PAX Shareholder Presentation Overview Strong • +80 bps of excess returns versus PE LatAm Performance • Portfolio: +25% EBITDA Growth LTM² $10.6 Billion Competitive Edge • Sector-focused strategy, building market leaders through consolidation with a hands-on approach to
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 _ 12.7% Patria PE: Excess return vs. PE industry Con
Slide 36: Patria Public Equity Platform Overview
Patria Public Equity Platform PAX Shareholder Presentation Overview Strong • ~560 bps of outperformance since inception in largest strategy1 Performance $2.3 • Long term customer relationships with 80% of AUM from clients who have Competitive been with Patria 12+ years Edge • Deep research capabilit
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 Equitie
Slide 38: Firm Management Drives Institutionalization & Efficiency
PAX Shareholder Presentation Firm Management Drives Institutionalization & Efficiency Olimpio Matarazzo Alexandre Saigh Chairman of the Board CEO 30+ Years at Patria 30+ Years at Patria Daniel Ana Santos Guilherme Ana Russo Sorrentino Human Poças CFO Global Head Resources General Counsel of Commerci
Slide 39: Selected Pages 2Q25
August 1, 2025 Selected PATRIA INVESTMENTS (NASDAQ: PAX) 2Q25 Pages Earnings Presentation
Slide 40: Patria's Second Quarter 2025 Summary
PAX 2Q25 Earnings Presentation Patria’s Second Quarter 2025 Summary • Management fees of $81.0 million in 2Q25, up 15% compared to 2Q24 Financial • Fee Related Earnings (“FRE”) of $46.1 million in 2Q25, up 17%, compared to 2Q24. On a per share basis, FRE in 2Q25 reached Measures $0.29, up 11% year o
Slide 41: Patria's Second Quarter 2025 Earnings
PAX 2Q25 Earnings Presentation Patria’s Second Quarter 2025 Earnings Distributable Earnings (“DE”) of $38.8 million in 2Q25 %Δ %Δ %Δ (US$ in millions) 2Q24 1Q25 2Q25 (2Q24 vs. 2Q25) (1Q25 vs. 2Q25) YTD 24 YTD 25 (YTD 25 vs. YTD 24) Management Fees 70.2 78.8 81.0 15% 3% 133.2 159.7 20% (+) Incentive
Slide 42: Fee Related Earnings (FRE)
PAX 2Q25 Earnings Presentation Fee Related Earnings (“FRE”) • Increase in Management Fees reflects higher FEAUM driven by organic net inflows, M&A, and positive investment returns partially offset by PE IV step down in fees from 2024 • Incentive Fees driven largely by a realization in a Real Estate
Slide 43: Net Accrued Performance Fees for Drawdown Funds
PAX 2Q25 Earnings Presentation Net Accrued Performance Fees for Drawdown Funds • Net Accrued Performance Fees of $394 million or $2.47 per share on June 30, 2025 • Net Accrued Performance Fees increased in the quarter driven mainly by the depreciating U.S. dollar against other currencies, partially
Slide 44: Fundraising
PAX 2Q25 Earnings Presentation Fundraising Highlights • Infrastructure benefited from additional closing on Infrastructure Fund V and new co-investments • Credit raised a total of $346 million across its platform, led by the USD High Yield Credit Strategy (US$ in millions) Private Equity Infrastruct
Slide 45: Fee Earning Assets Under Management
PAX 2Q25 Earnings Presentation Fee Earning Assets Under Management 2Q25 Mgmt. 17% Fee Revenue • Fee Earning AUM (FEAUM) of $37.2 30% Breakdown +20% US$ Per Strategy 37.2bn 4% 81.0 billion in 2Q25 were up 20% versus the prior year driven by organic $ 13% 31.1bn capital inflows of $5.9 billion, $2.2 m
Slide 46: Key Fee Characteristics By Investment Vertical
PAX 2Q25 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 Private Equity $ 5.5 bn 100% Drawdown Funds Deployed Capital at Cost n.a. Long-d
Slide 47: Total AUM Roll Forward
PAX 2Q25 Earnings Presentation Total AUM Roll Forward Private Equity Infrastructure Credit Public Equities Real Estate GPMS Total AUM 1Q25 10,414 6,683 7,403 2,017 6,220 13,107 45,843 Acquisitions (1) 0 0 0 0 0 0 0 Inflows (2) 24 330 346 80 232 254 1,266 Realizations & Dividends (396) (7) (84) (5) (
Slide 48: Total FEAUM Roll Forward
PAX 2Q25 Earnings Presentation Total FEAUM Roll Forward Private Equity Infrastructure Credit Public Equities Real Estate GPMS Total FEAUM 1Q25 5,444 3,624 7,164 1,966 5,826 10,960 34,984 Acquisitions (1) 0 0 0 0 0 0 0 Inflows (2) 2 536 401 78 50 661 1,727 Realizations & Dividends 0 (5) (81) (5) (72)
Slide 49: Investment Performance – Drawdown Funds
PAX 2Q25 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 50: Investment Performance – REITs
PAX 2Q25 Earnings Presentation Investment Performance – REITs As of Jun 25 Returns in local currency - Since Inception Inception Functional AUM M AUM M Total Return Market IFIX (BR)1 / Ticker Fund Name Strategy Year Currency (Functional (USD) (Annualized) Comparison IPC(COL) Currency) (Annualized) H
Slide 51: Investment Performance – Credit, Public Equities & GPMS
PAX 2Q25 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) 4.3% 12.7% 11.1% 11.1% 11.1% USD 4,
Slide 52: Reconciliations & Disclosures
PAX 2Q25 Earnings Presentation Reconciliations & Disclosures 52
Slide 53: Share Summary
PAX 2Q25 Earnings Presentation Share Summary (US$ in millions) 2Q24(1) 3Q24(2) 4Q24(3) 1Q25(4) 2Q25(5) Class A Common Shares 58,863,009 60,433,885 60,640,738 65,129,962 66,521,566 Class B Common Shares 92,945,430 92,945,430 92,945,430 92,945,430 92,945,430 Total Shares Outstanding 151,808,439 153,37
Slide 54: Patria's Earnings – 5 Quarter View
PAX 2Q25 Earnings Presentation Patria’s Earnings – 5 Quarter View QTD FY (US$ in millions) 2Q24 3Q24 4Q24 1Q25 2Q25 FY 2022 FY 2023 FY 2024 Management Fees 70.2 77.7 81.4 78.8 81.0 220.6 245.6 292.4 (+) Incentive Fees 1.3 0.2 12.3 0.3 2.3 6.1 4.1 13.8 (+) Other Fee Revenues 2.9 1.5 4.7 2.0 2.3 4.2 2
Slide 55: Reconciliation of IFRS to Non-GAAP Measures
PAX 2Q25 Earnings Presentation Reconciliation of IFRS to Non-GAAP Measures QTD FY (US$ in millions) 2Q24 3Q24 4Q24 1Q25 2Q25 FY 2022 FY 2023 FY 2024 Management Fees 70.2 77.7 81.4 78.8 81.0 220.6 245.6 292.4 (+) Incentive Fees 1.3 0.2 12.3 0.3 2.3 6.1 4.1 13.8 (+) Other Fee Revenues 2.9 1.5 4.7 2.0
Slide 56: IFRS Balance Sheet
PAX 2Q25 Earnings Presentation IFRS Balance Sheet (US$ in millions) 31-Dec-24 30-Jun-25 31-Dec-24 30-Jun-25 Assets Liabilities and Equity Cash and cash equivalents 33.4 28.5 Client funds payable (2) 18.7 25.7 Short term investments (1) 59.0 82.2 Consideration payable on acquisition (8) 102.0 66.1 Cl
Slide 57: Notes
PAX 2Q25 Earnings Presentation Notes Notes to Pages 41 & 42 (1) Taxes on revenue have been adjusted from the comparable line in our IFRS results to Notes to Page 55 (1) Deferred Taxes are temporary taxable differences mostly from non- remove Taxes on Realized Performance Fees, if any, which are excl
Slide 58: Notes
PAX 2Q25 Earnings Presentation Notes Notes to Page 56 (1) Short term investments include investments from Patria Latin American Opportunity Acquisition Corp. (ticker PLAO), a Special Purposes Acquisition Company ("SPAC"). This IFRS Balance cash is maintained in escrow account and kept as a liability
Slide 59: Definitions
PAX 2Q25 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
Patria Investments — Investor Presentation (August 2025) on 6ix