Vinci Compass Investments Ltd. · NASDAQ:VINP
Vinci Compass Investments — FY2025 Earnings Presentation
67 slides from Vinci Compass Investments's earnings presentation, Mar 17, 2026
Slide 1: Investor Presentation March 2026
1 March 2026 Investor Presentation
Slide 2: Leading full-service alternative asset manager in Latin America
2 Vinci Compass is a leading full - service alternative asset manager in Latin America Credit Private Equity Equities Global Investment Products & Solutions Real Assets Strategies focused on growth equity transactions in Brazil, working towards transformational growth in collaboration with managemen
Slide 3: The premier partner for alternative investments and global solutions in Latin America
3 The premier partner for alternative investments and global solutions in Latin America Notes: ¹ Considers assets under management and advisory as of December 2025 for Vinci Compass; S ources: Argentina (ANSES, SSN), Brasil (ANBIMA), Chile (SP, CMF, “Radiografía y perspectivas de los family offices
Slide 4: Pan-Regional presence with diversified exposure
4 Pan - Regional presence with a diversified exposure to product offering, funding and currency Segments Breakdown Country Breakdown (Funding) Client Profile Breakdown Country Breakdown (Asset Allocation) Notes: ¹ Considers assets under management and advisory as of December 2025. ²Fee Related Reven
Slide 5: Deep Access to Latin American & Global LPs
5 Deep Access to Latin American & Global LPs HNWI & Intermediaries 300+ relationships with family offices and UHNWI Over 520 intermediaries distributing Vinci Compass strategies Institutional Investors Deep access to Latin American pension funds, including 100% penetration in Chile, Peru, Colombia,
Slide 6: Local teams providing local, regional and global solutions
6 Notes: As of December 2025. Local teams providing local, regional and global solutions to our clients Operational & Client Service Backbone High involvement from our partners Client Relations Group 83 relationship managers across 9 countries 5 Argentina 25 Brazil 20 Chile 4 Colombia 11 Mexico 3 Pe
Slide 7: Business model built for resilience and long-term shareholder value creation
7 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 : recurring cash flow today, with significant gains coming from performance and GP commitments, driving sha
Slide 8: FRE: High-Quality Earnings Stream
8 FRE: High - Quality Earnings Stream Diversified, recurring, and resilient through cycles FRE More balanced than AuM lower concentration risk oi Resilient through cycles: different drivers protect against earnings volatility as we navigate through different cycles oi Predictable cash flow to fund d
Slide 9: PRE: Two Value Drivers
9 PRE: Two Value Drivers Liquids delivered in a tough cycle, privates next Resilient through the cycle: liquid strategies sustained PRE in a high - rate backdrop Private vehicles early in harvest, building a second driver of PRE Performance - eligible AuM and gross accrued performance fees underpin
Slide 10: PRE: What's in the Pipeline
10 PRE: What’s in the Pipeline Performance - eligible base and accrued carry today Portfolio seasoning: core assets maturing to realization phase Embedded carry increasing across flagship vintages Diversified PEAUM across strategies Performance Eligible AuM as of 4Q’25 R$ 46 billion Larger eligible
Slide 11: IRE: A Perpetual Compounding Engine
11 IRE: A Perpetual Compounding Engine IRE is a compounding engine, as each realization creates the capital for the next vintage, perpetuating growth IRE Anchor fundraising LP Commitments Harvest returns Capital calls/ Deployment GP (Re)Commitments Each realization funds the next commitment, leverag
Slide 12: Scale of IRE Commitments
12 Scale of IRE Commitments We have committed R$1.4 billion of proprietary capital into our private market funds, diversified across all our segments Our commitments today are significant and well diversified, setting up a meaningful future earnings base IRE Commitments Highlights Target Gross IRR C
Slide 13: Our Flagship Commitments: Driving Future IRE
13 Our Flagship Commitments: Driving Future IRE These three flagship funds represent the bulk of Vinci Compass’ proprietary investments, diversifying exposure across strateg ies and anchoring future IRE Together these funds represent R$600 million in IRE commitments , already generating FRE uplift a
Slide 14: IRE: Embedded Earnings Potential
14 Notes: Vinci Compass’ estimates consider the lower range of the target net IRR from our proprietary capital commitments; ¹Con sid ers the share base as of September 2025. IRE: Embedded Earnings Potential R$ 1.4 billion 18 - 20% Gross Blended Target IRR Total commitments Our balance sheet holds si
Slide 15: 2025-2028 Targets at a Glance
15 2025 - 2028 Targets at a Glance ~19% CAGR ~25% CAGR Full Year 2025 Full Year 2028 Target R$ 950 mm R$ 288 mm 30% Fee Related Revenues Fee Related Earnings (FRE) FRE margin ~R$ 1.6 bn ~R$ 600 mm 38% R$ 100 billion Fundraising Target from 2H’25 through 2028 ~8 p.p.
Slide 16: Use of Capital Since IPO
16 As of December 31, 2025 Use of Capital Since IPO 18 - 20% R$100 million+ between 2028 - 2031 IRE Commitments Capital Returned to Shareholders M&As Gross Blended Target IRR Expected Realized IRE Annual Run Rate Contribution R$413.2 m illion Cash used R$1.0 b illion Total Dividends distributed sinc
Slide 17: Business Units Deep Dive
VINCI COMPASS Business Units Deep Dive
Slide 18: Global Investment Products and Solutions
18 63% 21% 16% AUM Breakdown by Client Profile Institutional HNWI Intermediaries Global Investment Products and Solutions (Global IP&S) Providing access to a network of world - class GPs and top - tier asset managers, we deliver bespoke global and local investment solutions, granting unparalleled ac
Slide 19: Credit
19 42% 24% 14% 9% 7% 4% AUM Breakdown by Geography (Asset Allocation) Brazil LatAm Mexico Argentina Peru Chile Credit Diversified credit platform with local and hard currency strategies 65+ Portfolio Managers and Analysts R $ 36 billion in AUM Notes: As of December 2025 Local currency Private Credit
Slide 20: Private Equity
20 66% 23% 12% AUM Breakdown by Client Profile Institutional HNWI Intermediaries R $ 15 billion in AUM¹ Private Equity 2.2x Gross MOIC² 64.5% Gross IRR² R$15.4 bn AUM &UHDWHGE\&KDQXWLV,QGXVWULHV IURPWKH1RXQ3URMHFW &UHDWHGE\'LQRVRIW/DEV IURPWKH1RXQ3URMHFW VIR VCP Impact guidelines Investm
Slide 21: Equities
21 80% 12% 8% AUM Breakdown by Client Profile Institutional Intermediaries HNWI Equities Brazil R$10.6 bn • Long Only • Dividends • Small Caps • Long Biased • Others Chile R$3.3 bn • Long Only • Small Caps Strategies Overview Mexico R$0.4 bn • Long Only LatAm R$0.2 bn • Long Only Multi - Country Equ
Slide 22: Real Assets
22 51% 38% 7% 4% AUM Breakdown by Client Profile Institutional Public Market Vehicles HNWI Intermediaries Real Assets • Investments in major real estate sectors • Seven Listed REITs in the Brazilian Stock Market • Opportunistic Developmen t Strategy with closed - end funds in Brazil • Strategy inclu
Slide 23: Corporate Advisory
23 Notes: As of December 2025. Corporate Advisory M&A • Total or Partial Purchases and Sales of Companies • Joint Ventures and Company Mergers • Board of Directors’ Advisory • Fairness Opinion and Valuation Report Elaboration R$161 bn+ in M&A transactions Fund Raising • Issuing of New Shares (Capita
Slide 24: Acquisition of Verde Asset Management
24 Acquisition of Verde Asset Management
Slide 25: Strategic acquisition to scale performance, distribution and profitability
25 Strategic acquisition to scale performance, distribution and profitability Transaction adds immediate scale to our multi - strategy funds and Pension Plan strategies within Global IP&S, by bringing R$16 bn in AuM with attractive ROAs to our AUM mix, reinforcing earnings quality and deepening the
Slide 26: Opportunity to leverage growth across LatAm distribution
26 Significant opportunity to leverage growth by combining Vinci Compass’ distribution network across LatAm countries ex - Brazil to distribute Global Multi - strategy funds Unlock Distribution Across LatAm 03 04 Opportunity to develop new products combining origination and presence in the alternati
Slide 27: Management alignment, retention and transaction structure
27 Verde executives and senior management will continue in their current roles, preserving independent investment and risk - management governance over managed funds. Luis Stuhlberger will join Vinci Compass as a partner , alongside main executives from Verde. Shares received as part of the Transact
Slide 28: Verde Asset Management at a Glance
28 Verde's team has been working together for more than 25 years , tracing its origins to 1997, with the launch of the Verde fund, one of the largest and oldest multi - strategy funds in Brazil Verde has been known as a pioneer in the launch of several investment strategies in Brazil Received the “B
Slide 29: Financial Highlights
VINCI COMPASS Financial Highlights
Slide 30: Fourth Quarter & Full Year 2025 Highlights
30 0.17 Quarterly Dividend US$ 14 bn Capital Formation & Appreciation 4Q’25 R$ Fourth Quarter & Full Year 2025 Highlights Vinci Compass completed the acquisition of 50.1% stake in Verde Asset Management , contributing with approximately R$16 billion in AuM R$14 billion of capital formation and appre
Slide 31: Fee Related Earnings summary table
31 ∆ YoY(%) FY'25 FY'24 ∆ YoY(%) 4Q'25 3Q'25 4Q'24 (R$ thousands, unless mentioned) 67% 812,367 487,532 29% 219,730 201,539 170,193 Net revenue from management fees 35% 91,901 68,134 (62)% 15,444 25,384 40,328 Net revenue from advisory fees 473% 45,429 7,925 49% 11,819 11,404 7,925 Other revenues 69
Slide 32: Capital Formation & Appreciation 4Q'25 and AuM
32 57% 19% 25% (1)% Capital Formation & Appreciation 4Q'25 Global IP&S Credit Real Assets Equities Private Equity 255 241 271 29 33 36 17 16 15 14 15 15 12 12 15 327 316 354 4Q'24 3Q'25 4Q'25 Global IP&S Credit Private Equity Equities Real Assets Total Assets Under Management and Advisory AuM 4Q’25
Slide 33: Additional Capital Detail
33 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 f
Slide 34: Fee Related Revenues
34 Fee Related Revenues Management fees were R$219.7 million in the 4Q’25, up 29% year - over - year. The increase was driven by the Compass, Lacan and Verde transactions on the inorganic side and organic growth, especially in the Credit segment Fee Related Revenues 4Q’25 vs. 4Q’24 (R$mm) Fee Relate
Slide 35: Financial Metrics 4Q'25 overview
35 4 6 39 4 45 4Q'24 4Q'25 16 5 4Q'24 4Q'25 79 80 4Q'24 4Q'25 Financial Metrics 4Q’25 overview Fee Related Earnings (FRE) of R$80.4 million and R$1.23/share • FRE growth partially offset by catch - up fees from Private Equity segment in the 4Q’24. Excluding this effect, FRE grew by 26% driven primar
Slide 36: Financial Metrics Full Year 2025 overview
36 25 28 (10) 37 15 65 FY'24 FY'25 22 13 FY'24 FY'25 248 288 FY'24 FY'25 Financial Metrics Full Year 2025 overview Fee Related Earnings (FRE) of R$288.4 million and R$4.52/share • FRE in the FY’25 benefited from a full year of Compass and Lacan contributions, supported by strong fundraising througho
Slide 37: Adjusted Distributable Earnings
37 239 292 FY'24 FY'25 74 81 4Q'24 4Q'25 Adjusted Distributable Earnings (Adj. DE) Adj. DE for the 4Q’25 grew 10% YoY, supported by higher Management Fees and Other Revenues, partially offset by lower Performance and Advisory fees in the quarter. Higher realized financial income and realized IRE, to
Slide 38: Balance Sheet Highlights & IRE Commitments
38 Balance Sheet Highlights & IRE Commitments 4Q'25 3Q'25 (IN R$ MILLIONS, UNLESS MENTIONED) 280.1 215.9 Cash and cash equivalents¹ 1,177.7 1,106.3 Net Investments 333.5 379.9 Liquid funds² 844.1 726.4 IRE Commitments³ (607.1) (535.3) Debt obligations 4 850.6 787.0 Net Cash and Investments 13.00 12.
Slide 39: IRE Proprietary Fund Commitments
39 726.4 86.8 (0.5) (5.9) 37.4 844.1 3Q'25 Capital Called Principal Returned Gross Capital Gain Returned Appreciation 4Q'25 See notes and definitions at end of document IRE Proprietary Fund Commitments Fair Value of Investments (R$ mm) IRE Commitments Overview Per share R$12.90 R$11.44 Total Capital
Slide 40: Appendix – I Segment Summaries
40 Appendix – I Segment Summaries
Slide 41: Financials by Segment
41 25% 24% 22% 19% 6% 3% 22% 22% 22% 23% 7% 3% Private Equity Global IP&S Credit Real Assets Equities Corporate Advisory Financials by Segment Fee Related Earnings (FRE) FY’25 by Segment Segment Distributable Earnings (DE) FY’25 by Segment Fee Related Earnings (FRE) were R$288.4 million in the FY’25
Slide 42: Global Investment Products & Solutions
42 See notes and definitions at end of document TPD Liquid 47% TPD Alternative 28% Multi - strategy 12% Global Solutions 7% Advisory & Execution 3% Pension Plans 1% Fund Services 1% Global IP&S AuM Breakdown by Strategy Global Investment Products & Solutions (Global IP&S) R$271 bn AuM Fee Related Ea
Slide 43: Credit
43 Local Currency High Grade & High Yield 39% Hard Currency High Grade & High Yield 25% Real Estate & Infrastructure Credit 10% Opportunistic Capital Solutions 10% Structured Credit & Confirming 8% Diversified Private Credit 5% Agribusiness 3% Credit AuM Breakdown by Strategy Credit R$36 bn AuM Fee
Slide 44: Private Equity
44 VCP III 54% VCP IV 20% VCP II 15% VIR IV 7% Other 4% Private Equity AuM Breakdown by Flagship Private Equity R$15 bn AuM Fee Related Earnings (FRE) of R$16.8 million in the quarter. Excluding the non - recurring catch - up fees recognized in VCP IV in the 4Q’24, FRE would have grown 2% year - ove
Slide 45: Equities
45 Brazil 69% Chile 22% Argentina 3% Global 3% Mexico 2% LatAm 1% Equities AuM Breakdown by Strategy Equities R$15 bn AuM Fee Related Earnings of R$4.6 million in the 4Q’25, up 19% YoY, supported by an increase of 19% in management fees following the business combination with Compass Realized perfor
Slide 46: Real Assets
46 Infrastructure 44% Real Estate 43% Forestry 13% Real Assets AuM Breakdown by Strategy Real Assets Total AuM of R$15 billion, up 32% year - over - year R$15 bn AuM Fee Related Earnings of R$55.5 million in the FY’25, up 7% year - over - year, driven by higher Fee Related Revenues, including the ca
Slide 47: Corporate Advisory
47 Corporate Advisory Fee Related Earnings (FRE) and Segment Distributable Earnings totaled R$8.5 million in the FY’25 ∆ YoY (%) FY'25 FY'24 ∆ YoY (%) 4Q'25 3Q'25 4Q'24 (R$ THOUSANDS, UNLESS MENTIONED) N/A – – N/A – – – Net revenue from management fees (51)% 20,846 42,896 (65)% 6,837 5,332 19,390 Ne
Slide 48: Appendix – II Financial Statements
48 Appendix – II Financial Statements
Slide 49: Financials - Income Statement
49 Financials - Income Statement ∆ YoY (%) FY'25 FY'24 ∆ YoY (%) 4Q'25 3Q'25 4Q'24 (R$ thousands, unless mentioned) REVENUES 67% 812,367 487,532 29% 219,730 201,539 170,193 Net revenue from management fees (25)% 27,706 37,188 (51)% 13,301 2,986 27,412 Net revenue from performance fees (27)% 36,418 5
Slide 50: Financials - Non-GAAP Reconciliation
50 Financials - Non - GAAP Reconciliation FY'25 FY'24 4Q'25 3Q'25 4Q'24 (R$ thousands, unless mentioned) 301,364 270,237 85,316 78,760 95,510 OPERATING PROFIT (36,418) (50,126) (13,301) (2,986) (36,867) ( - ) Net revenue from realized performance fees 8,711 12,937 – – 9,454 ( - ) Net revenue from un
Slide 51: Balance Sheet
51 Balance Sheet 12/31/2025 9/30/2025 Assets Current assets 280,091 215,934 Cash and cash equivalents 121,498 103,176 Cash and bank deposits 153,729 96,994 Financial instruments at fair value through profit or loss 4,864 15,764 Financial instruments at amortized cost 1,534,471 1,449,485 Financial in
Slide 52: Supplemental Details
VINCI COMPASS Supplemental Details
Slide 53: Unlocking Immediate Growth and Profitability with Verde Asset Management
53 11 % accretion in FRE per share for the combined company Ann. 1H’25 PF² Unit 320 304 16 R$ bn AuM 1,014 929 85 R$ mm Net Fee Related Revenues¹ 305 262 44 R$ mm FRE¹ 30% 28% 51% % FRE Margin¹ 4.60 4.14 - (R$/share) FRE per Share¹ 298 276 22 R$ mm Adj. Distributable Earnings¹ 4.48 4.36 - (R$/share)
Slide 54: AuM Rollforward
54 See notes and definitions at end of document AuM¹ Rollforward Total Real Assets Equities Private Equity Credit Global IP&S In R$ millions 316,259 12,071 14,542 15,548 32,882 241,217 Beginning balance 2,528 2,742 – (57) (157) – (+/ - ) Capital Subscription / (capital return) 3,106 2,932 – – 174 –
Slide 55: Fee-Earning AuM Rollforward
55 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 311,499 11,976 14,494 12,607 32,445 239,978 Beginning balance (146) 68 – (57) (157) – (+/ - ) Capital Subscription / (capital return) 433 259 – –
Slide 56: Investment records – Credit and Equities Funds
56 Investment records – Credit and Equities Funds Hurdle Rate Market Comparison 24 M 12 M YTD 4Q’25 NAV¹ (R$ millions) Segment Fund or Strategy IPCA + Yield IMA - B IPCA + Yield IMA - B 20.6% 35.9% 35.9% 4.5% 280.2 Equities Vinci Total Return² IBOV IBOV 14.9% 34.0% 34.0% 5.1% 896.3 Equities Mosaico
Slide 57: Investment records – Global IP&S and Real Assets Funds
57 Investment records – Global IP&S and Real Assets Funds See notes and definitions at end of document 24 M 12 M YTD 4Q’25 Benchmark 26.7% 14.3% 14.3% 3.6% CDI 2 18.5% 11.7% 11.7% 3.1% IMA - B 3 9.3% 4.3% 4.3% 0.6% IPCA 4 14.0% 21.1% 21.1% 5.2% IFIX 5 Hurdle Rate Market Comparison 24 M 12 M YTD 4Q’2
Slide 58: Investment records – Closed End funds
58 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 59: Shareholder Dividends & Share Summary
59 See notes and definitions at end of document Shareholder Dividends & Share Summary 4Q'25 3Q'25 2Q'25 1Q'25 4Q'24 3Q'24 2Q'24 1Q'24 ($ in thousands) 81,288 73,092 75,759 62,306 73,946 57,104 58,401 49,605 Adjusted Distributable Earnings (R$) 15,605 13,645 13,964 11,027 12,804 9,872 10,331 9,801 Ad
Slide 60: Notes to pages
60 Notes to page 13 (1) As of December 2025 ; Fund size for VCP IV does not consider potential co - investments . Notes to page 30 (1) FRE per share is calculated considering the number of outstanding shares at the end of the current quarter . (2) Adjusted Distributable Earnings is calculated as Dis
Slide 61: Notes to pages
61 Notes to page 38 (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 - party and which are subject
Slide 62: Notes to pages
62 Notes to page 50 (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 services rendered in connec
Slide 63: Notes to pages
63 Notes to page 57 (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 indexed to IPCA . IMAB 5
Slide 64: Definitions: Fee related earnings
64 • “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 65: Definitions: AUM
65 • “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 66: Definitions: Capital subscription, MOIC, IRR
66 • “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 67: Vinci Compass
VINCI COMPASS
Vinci Compass Investments — FY2025 Earnings Presentation on 6ix