Patria Investments Limited · NASDAQ:PAX
Patria Investments — Investor Presentation (June 2026)
61 slides from Patria Investments's investor presentation, June 2026
Slide 1: Shareholder Presentation
June 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 Overview
Patria Overview PATRIA
Slide 4: Patria at-a-Glance
PAX Shareholder Presentation Patria at - a - Glance 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 Pro
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 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 1 Alternatives • Global LPs are targeting fewer and mo
Slide 7: 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% At I
Slide 8: 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 9: Our 2027 FEAUM Target
PAX Shareholder Presentation Our 2027 FEAUM Target |Continuing to Enhance our All - Weather Platform FEAUM By Asset Class FEAUM By Product Structure FEAUM By Currency EUR GBP BRL ~5% 11% 13% 28% 9% 1Q26 33% ~10% ~25% 1Q26 Pro - forma 1Q26 1Q26 $47 bn 18% $47 bn $47 bn Pro - forma Pro - forma ~10% CL
Slide 10: Platform Overview
Platform Overview PATRIA
Slide 11: 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 12: Patria Infrastructure Platform Overview
PAX Shareholder Presentation Patria Infrastructure Platform Overview Strong • Pooled net IRR of 10.1% over the latest three vintages outperforming Performance benchmark by [700] bps $8.8 Billion Competitive Edge • Strong investment capacity, with ~$25 bn in CapEx², and on time/on budget track record
Slide 13: Patria Real Estate Platform Overview
PAX Shareholder Presentation Patria Real Estate Platform Overview • Brazil: ~ 500 bps of outperformance since inception for the largest REIT 1 • Colombia: ~1,000 bps of outperformance since inception for the largest Strong fund (Diversified) Performance • Chile: a top performer among commercial inco
Slide 14: 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 15: Patria Private Equity Platform Overview
PAX Shareholder Presentation Patria Private Equity Platform Overview • Private Equity: 20 - Year Pooled Net IRR in USD of 11% vs 6% benchmark Strong • Growth Equity: Net IRR in USD of 13% vs 6% benchmark Performance • Venture Capital: Net IRR in USD of 17% vs 11% benchmark • Sector - focused strateg
Slide 16: Patria Public Equity Platform Overview
PAX Shareholder Presentation Patria Public Equity Platform Overview Strong • Strong outperformance raging from ~300 to ~1500 bps since inception Performance across main strategies • Long term customer relationships with 80% of AUM from clients who $2.9 Billion Competitive Edge have been with Patria
Slide 17: Investment Performance
Investment Performance PATRIA
Slide 18: Investment Performance – Drawdown Funds (1/2)
PAX Shareholder Presentation Investment Performance – Drawdown Funds (1/2) Committed Deployed Total Unrealized Realized (in Thousands, Except Where Noted) Capital + Reserved Invested Investments Investments Total Value Net Returns Total Value Value Value Value Gross MOIC Net IRR Net IRR Benckmark² (
Slide 19: Investment Performance – Drawdown Funds (2/2)
PAX Shareholder Presentation Investment Performance – Drawdown Funds ( 2 /2) Committed Deployed Total Unrealized Realized (in Thousands, Except Where Noted) Capital + Reserved Invested Investments Investments Total Value Net Returns Total Value Value Value Value Gross MOIC Net IRR Net IRR Benckmark3
Slide 20: Investment Performance – Permanent Capital, Interval & Open Funds (1/2)
PAX Shareholder Presentation Investment Performance – Permanent Capital, Interval & Open Funds (1/2) Functional AUM mn Compounded Annualized Net Returns in local currency Excess Return Currency (USD) YTD 1yr 3yr 5yr Since Incep. Since Incept.1 Real Estate Patria Log - HGLG (2011) 1% 11% 8% 7% 14% BR
Slide 21: Investment Performance – Permanent Capital, Interval & Open Funds (2/2)
PAX Shareholder Presentation Investment Performance – Permanent Capital, Interval & Open Funds (2/2) Functional AUM mn Compounded Annualized Net Returns in local currency Excess Return Currency (USD) YTD 1yr 3yr 5yr Since Incep. Since Incept. Credit Latam Latam High Yield (2000) 2% 8% 13% 9% 11% USD
Slide 22: Distribution Capabilities
Distribution Capabilities 4
Slide 23: Our Global Distribution Capabilities
PAX Shareholder Presentation Our Global Distribution Capabilities 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 New York, Chicago & Beijin
Slide 24: Our Demonstrated Fundraising Power
PAX Shareholder Presentation Our Demonstrated Fundraising Power With Expanding Number of Investment Strategies, Greater Distribution Resources, & Strong Investment Performance Record $7.7bn raised in 2025… Comes Greater Fundraising Capacity 28% or $1.7 bn over $6 bn target set at Dec 2024 Investor D
Slide 25: Our Diversified & Sophisticated Global LP Base
PAX Shareholder Presentation Our Diversified & Sophisticated Global LP Base Source of AUM by Region (%) Investor Base Highlights Latam ex. Brazil 8% World’s largest 31% 8 sovereign 8 US largest pension funds 10 Brazil’s and Chile’s largest Europe & Middle East 16% 1Q26 10 wealth funds 10 10 pension
Slide 26: Our Assets Under Management
PAX Shareholder Presentation Our Assets Under Management Total Assets Under Management – Significant Capital Available to Deploy and Pent - up Earnings Power 9.1 1.6 CAGR: $ 61.9 bn 10.8 US$ 3.3 US$ US$ +3 2 % 2.9 49.5 bn 4.6 + 0.1 9.8 bn + ~2.7 bn 16.8 ✓ 1/3 invested in 9.5 0.4 4.2 12.6 0.2 Brazil
Slide 27: Our Fee Earning Assets Under Management
PAX Shareholder Presentation Our Fee Earning Assets Under Management Sticky Long - Duration Assets with Low Redemption Risk EUR BRL Drawdown Soft currency GBP ~5% 13% CAGR: Permanent capital Hard currency ~10% ~25% 33% +41% $ 47.5 bn SMAs 18% 1Q26 1Q26 Interval Funds $47 bn $47 bn Pro - Forma ~10% C
Slide 28: Financial Overview
Financial Overview PATRIA
Slide 29: A Summary of Key Terminology to Help You Understand Our Business
PAX Shareholder Presentation First… A Summary of Key Terminology to Help You Understand Our Business Key Performance Metrics Financial Metrics Total Assets Under Total fair value of investments plus “dry powder” Management Contractual recurring fees based on Fee Earning AUM… Management (AUM) (contra
Slide 30: We've generated very strong growth since our IPO
PAX Shareholder Presentation We’ve generated very strong growth since our IPO FEAUM Mgt. Fees FRE/ share 40%+ ~25% ~25% CAGR CAGR CAGR Note: CAGR 2020-1Q26 30
Slide 31: Our Fee Earning AUM Growth Has Been Strong as We've Diversified
PAX Shareholder Presentation Our Fee Earnings AUM Growth Has Been Strong as We’ve Diversified Our Business WP Partners CAGR Apr, 2026 Pro - forma Fee Earning AUM ($bn) Solis 2 , 41% RBR Gestão Jan & Feb, 2026 $47 bn Credit Suisse Genial & & Nexus Vectis REITs Jul, 2024 Jul, 2025 28% Abrdn Solutions
Slide 32: Diversification Enhances our Management Fee Growth and Resilience
PAX Shareholder Presentation Diversification Enhances our Management Fee Growth and Resilience WP Partners Apr, 2026 Management fee (US$ mn) Solis 2 , RBR Gestão CAGR Jan & Feb, 2026 Vectis & 25% Credit Suisse Genial & Nexus Mgmt. fee REITs Jul, 2024 mix (%) Jul, 2025 IGAH Abrdn Solutions 5% Resilie
Slide 33: We expect our strong growth to continue through 2027 and beyond
PAX Shareholder Presentation 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 of guidance 33
Slide 34: FEAUM - Building Blocks to Our Targets
PAX Shareholder Presentation 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 1Q26, FEAUM pro - forma of $47.4bn and LTM net inflows of $1.8bn, reflectin
Slide 35: FRE per Share Growth: A Key Measure of our Success
PAX Shareholder Presentation FRE per Share Growth… A Key Measure of our Success in Building Value CAGR Fee Related Earning ($bn) 2024-27 ~17% $260 - 290mn Fee Related Earnings 290 CAGR target 2022 -24 • Target 58 - 60% annual margins $225 - 245mn 2025 - 2027 ~14% target $1.60 to 240 • 2026 target in
Slide 36: Currently Contracted and Already Incurred Liabilities and Share Repurchase Expenses
PAX Shareholder Presentation Currently Contracted and Already Incurred Liabilities and Share Repurchase Expenses ('26 - '28) Excludes Cash Generation from Distributable Earnings and Payment of Dividends from 2026 - 2028 When including contributions from Distributable Earnings ('26-'28), we expect to
Slide 37: Appendix
Appendix PATRIA
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 Raphael Denadai Daniel Sorrentino Nikitas Psyllakis Ana Santos Guilherme Poças Partn
Slide 39: Our Platform Today - Key Business Characteristics
PAX Shareholder Presentation Our Platform Today - Key Business Characteristics Diversified • 35+ investment strategies across 6 key asset classes with 100+ products tailored to meet both institutional and individual Product Suite investor needs • 250+ investment professionals around the globe Global
Slide 40: 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 41: 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 42: Selected Pages
May 7, 2026 Selected PATRIA INVESTMENTS (NASDAQ: PAX) Pages 1Q2 6 Earnings Presentation
Slide 43: Patria's First Quarter 2026 Summary Financial Measures
PAX 1Q26 Earnings Presentation Patria’s First Quarter 2026 Summary • Management fees of $95.2 million in 1Q26 , up 21% compared to 1Q25 Financial • Fee Related Earnings (“FRE”) of $50.5 up 18% year over year million in 1Q26 , up 19% versus 1Q25 . On a per share basis, FRE in 1Q26 reached $0.32, Meas
Slide 44: Patria's First Quarter 2026 Earnings
PAX 1Q26 Earnings Presentation Patria’s First Quarter 2026 Earnings Distributable Earnings (“DE”) of $42.4 million in 1Q26 %Δ %Δ (US$ in millions) 1Q25 4Q25 1Q26 (1Q25 vs. 1Q26) (4Q25 vs. 1Q26) Management Fees 78.7 92.0 95.2 21% 3% (+) Incentive Fees 0.3 11.3 — (+) Other Fee Revenues 2.0 2.9 3.3 (–)
Slide 45: Fee Related Earnings (FRE)
PAX 1Q26 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, positive investment returns, and the closing of the Solis and RBR acquisitions in the qua
Slide 46: Net Accrued Performance Fees for Drawdown Funds
PAX 1Q26 Earnings Presentation Net Accrued Performance Fees for Drawdown Funds • Net Accrued Performance Fees of $281 million or $1.77 per share on March 31, 2026 • Net Accrued Performance Fees increased in the quarter mainly driven by the share price of listed companies in PE Fund VI and app reciat
Slide 47: Fundraising
PAX 1Q26 Earnings Presentation Fundraising Highlights for the quarter • Credit included $ 322 million in various High Yield strategies and over $ 260 million raised through Brazilian CLO's • Both Private Equity and Infrastructure benefited from additional co - investment commitments • GPMS benefited
Slide 48: Total Assets Under Management
PAX 1Q26 Earnings Presentation Total Assets Under Management • LTM growth in AUM was driven by organic capital inflows of $6.6 billion, a positive valuation +29% US$ 49.5 bn + US$ 9.8 bn impact of $2.9 billion as well as a positive impact from USD $ 59.3 bn depreciation vs other currencies, and $4.9
Slide 49: Fee Earning Assets Under Management
PAX 1Q26 Earnings Presentation Fee Earning Assets Under Management • Fee Earning AUM (FEAUM) of $45.8 billion in 1Q26 were up 31% versus +31% the prior year driven by organic $ 45.8 bn capital inflows of $5.6 billion, a 1Q26 Mgmt. positive valuation impact of $2.7 billion, $4.9 billion of acquisitio
Slide 50: Key Fee Characteristics By Investment Vertical
PAX 1Q26 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 $ 5.4 bn 100% Drawdown Funds Cost n.a. Long -
Slide 51: Total AUM Roll Forward
PAX 1Q26 Earnings Presentation Total AUM Roll Forward Private Equity Infrastructure Credit Public Equities Real Estate GPMS Total AUM 4Q25 10,482 8,033 8,777 2,795 8,366 14,156 52,609 Acquisitions — — 3,068 — 1,216 — 4,284 Inflows 275 547 926 91 37 267 2,143 Realizations & Dividends (178) (36) (141)
Slide 52: Total FEAUM Roll Forward
PAX 1Q26 Earnings Presentation Total FEAUM Roll Forward Private Equity Infrastructure Credit Public Equities Real Estate GPMS Total FEAUM 4Q25 5,553 4,271 8,586 2,698 7,848 11,854 40,810 Acquisitions — — 3,068 — 1,253 — 4,321 Inflows 28 82 761 88 88 247 1,294 Realizations & Dividends (194) (226) (92
Slide 53: Share Summary
PAX 1Q26 Earnings Presentation Share Summary (US$ in millions) 1Q25(1) 2Q25(2) 3Q25(3) 4Q25(4) 1Q26(5) Class A Common Shares 65,129,962 66,521,566 65,021,566 65,023,122 66,108,288 Class B Common Shares 92,945,430 92,945,430 92,945,430 92,945,430 92,945,430 Total Shares Outstanding 158,075,392 159,46
Slide 54: Reconciliations & Disclosures
PAX 1Q26 Earnings Presentation Reconciliations & Disclosures 54
Slide 55: Patria's Earnings – 5 Quarter View
PAX 1Q26 Earnings Presentation Patria’s Earnings – 5 Quarter View QTD FY (US$ in millions) 1Q25 2Q25 3Q25 4Q25 1Q26 FY 2023 FY 2024 FY 2025 Management Fees 78.8 81.0 87.0 92.0 95.2 245.6 292.4 338.7 (+) Incentive Fees 0.3 2.3 0.2 11.3 — 4.1 13.8 14.0 (+) Other Fee Revenues 2.0 2.3 2.5 2.9 3.3 2.7 10
Slide 56: Reconciliation of IFRS to Non-GAAP Measures
PAX 1Q26 Earnings Presentation Reconciliation of IFRS to Non-GAAP Measures QTD FY (US$ in millions) 1Q25 2Q25 3Q25 4Q25 1Q26 FY 2023 FY 2024 FY 2025 Management Fees 78.8 81.0 87.0 92.0 95.2 245.6 292.4 338.7 (+) Incentive Fees 0.3 2.3 0.2 11.3 — 4.1 13.8 14.0 (+) Other Fee Revenues 2.0 2.3 2.5 2.9 3
Slide 57: IFRS Balance Sheet
PAX 1Q26 Earnings Presentation IFRS Balance Sheet (US$ in millions) December 31, 2025 March 31, 2026 December 31, 2025 March 31, 2026 Assets Liabilities and Equity Cash and cash equivalents 53.6 50.9 Client funds payable (2) 25.9 25.4 Short term investments (1) 35.1 36.0 Consideration payable from a
Slide 58: Patria's First Quarter IFRS Results
PAX 1Q26 Earnings Presentation Patria’s First Quarter IFRS Results IFRS Net Income attributable to Patria was $2.3 million for 1Q26 (US$ in millions) 1Q25 4Q25 1Q26 Revenue from management fees 78.1 90.8 96.1 Revenue from incentive fees 0.3 11.3 — Revenue from performance fees (1) 0.8 30.4 — Revenue
Slide 59: Notes
PAX 1Q26 Earnings Presentation Notes Notes to Page 58 1. Performance fees are determined in accordance with the funds offering documents Notes to Page 46 1. Others include PE Growth and VC funds, Alturas II, Moneda Private Credit and Patria’s First Quarter and/or agreements with Limited Partners, ba
Slide 60: Notes
PAX 1Q26 Earnings Presentation Notes Notes to Page 56 1. Deferred Taxes are temporary taxable differences mostly from non - Notes to Page 57 Reconciliation of deductible employee profit sharing expenses, performance fees, IFRS Balance 1. Short term Investments are liquid investment funds of private
Slide 61: Definitions
PAX 1Q26 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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