Vinci Compass Investments Ltd. · NASDAQ:VINP
Vinci Compass Investments — Q2 2026 Earnings Presentation
61 slides from Vinci Compass Investments's earnings presentation, Aug 20, 2026
Slide 1: Investor Presentation, August 2026
1 August 2026 Investor Presentation
Slide 2: Vinci Compass is a 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 June 2026; S ources : Argentina (ANSES, SSN), Brasil (ANBIMA), Chile (SP, CMF, “ Radiografía y perspectivas de los family offices para 2024, Ameris -
Slide 4: Pan-Regional presence with a diversified exposure to product offering, funding and currency
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 June 2026. ²Fee Related Revenues
Slide 5: Deep Access to Latin American & Global LPs, HNWI & Intermediaries
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 to our clients
6 Notes: As of June 2026. Local teams providing local, regional and global solutions to our clients Operational & Client Service Backbone High involvement from our partners Client Relations Group 85 relationship managers across 8 countries 8 Argentina 22 Brazil 21 Chile 3 Colombia 12 Mexico 4 Peru 1
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 Performance Eligible AuM as of 2Q’26 R$ 45 billion 24% 22% 20% 19% 15% Private Equity Credit Equities Global IP&S Real Assets PRE: What’s in the Pipeline Performance - eligible base and accrued carry today Portfolio seasoning: core assets maturing to realization phase Embedded carry increasing ac
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$1.5 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$600 million in IRE commitments , already generating FRE uplift a
Slide 14: IRE: Embedded Earnings Potential
14 Notes: Vinci Compass’ estimates consider the lower range of the target net IRR from our proprietary capital commitments; ¹Con sid ers the share base as of March 2026. IRE: Embedded Earnings Potential R$ 1.5 billion 18 - 20% Gross Blended Target IRR Total commitments Our balance sheet holds signif
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 Notes: As of June 30, 2026. 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$1.1 b illion Total Dividends distributed
Slide 17: Business Units Deep Dive
VINCI \ COMPASS Business Units Deep Dive ant
Slide 18: Global Investment Products and Solutions (Global IP&S)
18 62% 22% 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 41% 21% 11% 18% 6% 3% 0% AuM Breakdown by Geography (Asset Allocation) Brazil LatAm Mexico Argentina Peru Chile Colombia Credit Diversified credit platform with local and hard currency strategies 65+ Portfolio Managers and Analysts R $ 43 billion in AuM Notes: As of June 2026 Local currency Priva
Slide 20: Private Equity
20 65% 23% 12% AUM Breakdown by Client Profile Institutional HNWI Intermediaries R $ 14 billion in AuM¹ Private Equity 2.0x Gross MOIC² 61.3% Gross IRR² R$14.2 bn AuM &UHDWHGE\&KDQXWLV,QGXVWULHV IURPWKH1RXQ3URMHFW &UHDWHGE\'LQRVRIW/DEV IURPWKH1RXQ3URMHFW VIR VCP Impact guidelines Investm
Slide 21: Equities
21 83% 10% 8% AUM Breakdown by Client Profile Institutional Intermediaries HNWI Equities Brazil R$11.1 bn • Long Only • Dividends • Small Caps • Long Biased • Others Chile R$2.8 bn • Long Only • Small Caps Strategies Overview Mexico R$0.5 bn • Long Only LatAm R$0.4 bn • Long Only Multi - Country Equ
Slide 22: Real Assets
22 50% 37% 6% 7% 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 June 2026. 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$161 bn+ in M&A transactions Fund Raising • Issuing of New Shares (Capitaliza
Slide 24: Financial Highlights
VINCI COMPASS Financial Highlights
Slide 25: Second Quarter 2026 Highlights
25 0.17 Quarterly Dividend US$ 53 bn Capital Formation & Appreciation 2Q’26 LTM R$ Second Quarter 2026 Highlights R$53 billion of capital formation and appreciation in the 2Q’26 LTM and R$13 billion in the 2 Q’26 , with highlights to Global IP&S, Credit and Real Assets segments See notes and definit
Slide 26: Vinci Compass announces the acquisition of Navi's Real Estate platform
26 Vinci Compass announces the acquisition of Navi’s Real Estate platform expanding its Multi - strategy and Residential presence Notes: As of June 30, 2026; Numbers may not add up due to rounding; ¹Pro forma combined AuM as of June 30, 2026. Navi’s Real Estate Platform Strategic Rationale Multi - s
Slide 27: Fee Related Earnings income statement
27 ∆ YoY(%) 2Q'26 YTD 2Q'25 YTD ∆ YoY(%) 2Q'26 1Q'26 2Q'25 (R$ thousands, unless mentioned) 27% 497,049 391,098 29% 252,191 244,858 195,569 Net revenue from management fees (51)% 25,114 51,073 (65)% 9,047 16,067 26,220 Net revenue from advisory fees 0% 22,230 22,206 2% 11,190 11,040 10,944 Other rev
Slide 28: Total Assets Under Management and Advisory
28 78% 18% 8% (1)% (2)% Capital Formation & Appreciation 2Q’26 LTM Global IP&S Credit Real Assets Equities Private Equity 230 264 274 30 37 43 16 16 15 12 15 15 16 15 14 304 347 361 2Q'25 1Q'26 2Q'26 Global IP&S Credit Equities Real Assets Private Equity Total Assets Under Management and Advisory Au
Slide 29: Fee Related Revenues
29 Fee Related Revenues Management fees were R$252.2 million in the 2Q’26, up 29% year - over - year. The increase was driven by inorganic growth from the Verde and BACS transactions and organic growth across Credit and Global IP&S Fee Related Revenues 2Q’26 vs. 2Q’25 ( R$mm ) Fee Related Revenues 2
Slide 30: Financial Metrics 2Q'26 overview
30 14 9 (3) (8) 11 1 2Q'25 2Q'26 65 89 2Q'25 2Q'26 5 4 2Q'25 2Q'26 Financial Metrics 2Q’26 overview Fee Related Earnings (FRE) of R$88.7 million and R$1.35/share • FRE growth was driven by higher management fees, reflecting the contribution of Verde and BACS, as well as organic growth across Credit
Slide 31: Financial Metrics 2Q'26 YTD overview
31 18 15 (3) (10) 15 5 2Q'25 YTD 2Q'26 YTD 6 6 2Q'25 YTD 2Q'26 YTD 131 185 2Q'25 YTD 2Q'26 YTD Financial Metrics 2Q’26 YTD overview Fee Related Earnings (FRE) of R$185.0 million and R$2.82/ share • The contribution of Verde for the full period and BACS in June 2026, alongside organic fundraising thr
Slide 32: Adjusted Distributable Earnings (Adj. DE)
32 138 126 2Q'25 YTD 2Q'26 YTD 76 63 2Q'25 2Q'26 Adjusted Distributable Earnings (Adj. DE) See notes and definitions at end of document Adj. DE 2Q’26 vs. 2Q’25 ( R$mm ) 21% 27% 1 .20 0.96 Adj. DE 2Q’26 YTD vs. 2Q’25 YTD ( R$mm ) 21% 26% 2.18 1.92 Adj. DE per share % Adj. DE margin Adj. DE per share
Slide 33: Balance Sheet Highlights & IRE Commitments
33 21% 19% 17% 20% 15% 5% 3% Fair Value of Investments - IRE Commitment Balance Sheet Highlights & IRE Commitments 2Q'26 1Q'26 (IN R$ MILLIONS, UNLESS MENTIONED) 225.0 208.5 Cash and cash equivalents¹ 1,061.1 1,110.6 Net Investments 171.4 242.3 Liquid funds² 890.4 868.4 IRE Commitments³ (561.7) (565
Slide 34: IRE Proprietary Fund Commitments
34 868.4 55.8 (23.5) (9.8) (0.4) 890.4 1Q'26 Capital Called Principal Returned Gross Capital Gain Returned Appreciation 2Q'26 See notes and definitions at end of document IRE Proprietary Fund Commitments Fair Value of Investments (R$ mm) IRE Commitments Overview Per share R$13.56 R$13.27 Total Capit
Slide 35: Appendix – I Segment Summaries
35 Appendix – I Segment Summaries
Slide 36: Financials by Segment
36 41% 23% 17% 16% 4% (1)% 38% 23% 16% 19% 5% (1)% Global IP&S Credit Private Equity Real Assets Equities Corporate Advisory Financials by Segment Fee Related Earnings (FRE) 2Q’26 YTD by Segment Segment Distributable Earnings (DE) 2Q’26 YTD by Segment Fee Related Earnings (FRE) were R$185.0 million
Slide 37: Global Investment Products & Solutions
37 TPD Liquid 48% TPD Alternative 27% Global Solutions 8% Separate Mandates 7% Multi - strategy 5% Advisory & Execution 3% Other 2% Global IP& S AUM Breakdown by Strategy See notes and definitions at end of document Global Investment Products & Solutions (Global IP&S) R$274 bn AuM Management fees of
Slide 38: Credit
38 Local Currency High Grade & High Yield 43% Hard Currency High Grade & High Yield 23% Real Estate & Infrastructure Credit 11% Structured Credit & Confirming 9% Opportunistic Capital Solutions 7% Diversified Private Credit 4% Agribusiness 3% Credit AuM Breakdown by Strategy Credit R$43 bn AuM Fee R
Slide 39: Private Equity
39 VCP III 54% VCP IV 22% VCP II 14% VIR IV 7% Other 3% Private Equity AuM Breakdown by Flagship Private Equity R$14 bn AuM Fee Related Earnings (FRE) of R$14.3 million in the 2Q’26 and R$31.2 million in the 2Q’26 YTD. The decrease in both periods reflects the combined impact of FX variation and low
Slide 40: Equities
40 Total AuM of R$15.5 billion, flat year - over - year Brazil 72% Chile 18% Mexico 3% Argentina 3% LatAm 2% Global 2% Equities AuM Breakdown by Strategy Equities R$15 bn AuM Fee Related Revenues of R$21.1 million in the 2Q’26, up 13% YoY. The growth was driven by the contribution of Verde and portf
Slide 41: Real Assets
41 Infrastructure 44% Real Estate 42% Forestry 13% Real Assets AuM Breakdown by Strategy Real Assets Total AuM of R$15.1 billion, up 24% year - over - year R$15 bn AuM Fee Related Earnings (FRE) reached R$29.2 million in the 2Q’26 YTD, up 7% year - over - year. Excluding the catch - up fees from the
Slide 42: Corporate Advisory
42 Corporate Advisory Fee Related Earnings (FRE) and Segment Distributable Earnings totaled negative R$1.1 million in the 2Q’26 ∆ YoY (%) 2Q'26 YTD 2Q'25 YTD ∆ YoY (%) 2Q'26 1Q'26 2Q'25 (R$ THOUSANDS, UNLESS MENTIONED) N/A – – N/A – – – Net revenue from management fees (64)% 3,082 8,677 (82)% 1,443
Slide 43: Appendix – II Financial Statements
43 Appendix – II Financial Statements
Slide 44: Financials - Income Statement
44 Financials - Income Statement ∆ YoY (%) 2Q'26 YTD 2Q'25 YTD ∆ YoY (%) 2Q'26 1Q'26 2Q'25 (R$ thousands, unless mentioned) REVENUES 27% 497,049 391,098 29% 252,191 244,858 195,569 Net revenue from management fees (10)% 10,235 11,419 (12)% 7,345 2,890 8,342 Net revenue from performance fees (49)% 10
Slide 45: Financials - Non-GAAP Reconciliation
45 Financials - Non - GAAP Reconciliation 2Q'26 YTD 2Q'25 YTD 2Q'26 1Q'26 2Q'25 (R$ thousands, unless mentioned) 190,721 137,288 92,794 97,927 69,884 OPERATING PROFIT (10,235) (20,131) (7,345) (2,890) (17,054) ( - ) Net revenue from realized performance fees – 8,711 – – 8,711 ( - ) Net revenue from
Slide 46: Balance Sheet
46 Balance Sheet 6/30/2026 03/31/2026 Assets Current assets 224,968 208,545 Cash and cash equivalents 92,426 106,053 Cash and bank deposits 110,309 84,671 Financial instruments at fair value through profit or loss 22,233 17,821 Financial instruments at amortized cost 852,972 755,707 Financial instru
Slide 47: Supplemental Details
VINCI COMPASS Supplemental Details
Slide 48: AuM Rollforward
48 See notes and definitions at end of document AuM¹ Rollforward Total Real Assets Equities Private Equity Credit Global IP&S In R$ millions 346,803 15,427 16,086 14,975 36,813 263,503 Beginning balance 468 (109) – (93) 429 241 (+/ - ) Capital Subscription / (Capital Return) 811 28 – – 542 241 (+) C
Slide 49: Fee-Earning AuM Rollforward
49 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 339,435 12,703 16,036 12,287 36,232 262,178 Beginning balance 468 (109) – (93) 429 241 (+/ - ) Capital Subscription / (Capital Return) 811 28 – –
Slide 50: Investment records – Credit and Equities Funds
50 Investment records – Credit and Equities Funds Hurdle Rate Market Comparison 24 M 12 M YTD 2Q’26 NAV¹ (R$ millions) Segment Fund or Strategy IPCA + Yield IMA - B IPCA + Yield IMA - B 29.5% 12.3% 1.2% (6.5)% 228.2 Equities Vinci Total Return² IBOV IBOV 32.8% 20.5% 7.2% (4.8)% 871.3 Equities Mosaic
Slide 51: Investment records – Global IP&S and Real Assets Funds
51 Investment records – Global IP&S and Real Assets Funds See notes and definitions at end of document 24 M 12 M YTD 2Q’26 Benchmark 28.7% 14.8% 6.8% 3.3% CDI 2 22.2% 12.1% 6.5% 2.5% IMA - B 3 10.2% 4.6% 3.4% 1.4% IPCA 4 14.4% 10.0% 1.5% (1.0)% IFIX 5 Hurdle Rate Market Comparison 24 M 12 M YTD 2Q’2
Slide 52: Investment records – Closed End funds
52 See notes and definitions at end of document Investment records – Closed End funds Pro Forma Historical Portfolio Performance¹ Gross IRR Gross IRR Gross MOIC Gross MOIC Total Value Unrealized Realized or Partially Realized Invested Capital Committed Capital Vintage year Segment Fund (USD) (BRL) (
Slide 53: Shareholder Dividends & Share Summary
53 See notes and definitions at end of document Shareholder Dividends & Share Summary 2Q’26 1Q’26 4Q'25 3Q'25 2Q'25 1Q'25 4Q'24 3Q'24 ($ in thousands) 63,317 62,237 81,288 73,092 75,759 62,306 73,946 57,104 Adjusted Distributable Earnings (R$) 12,424 12,702 15,605 13,645 13,964 11,027 12,804 9,872 A
Slide 54: Notes to pages
54 Notes to page 13 (1) As of June 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 27 (1) FRE per share is calculated considering
Slide 55: Notes to pages
55 Notes to page 33 (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 56: Notes to pages
56 Notes to page 45 (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 57: Notes to pages
57 Notes to page 51 (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 58: Notes and Definitions
58 • “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 59: Notes and Definitions
59 • “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 60: Notes and Definitions
60 • “Capital Subscription / (capital return)” represents the net capital commitments and capital returns from our 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 segments . • “Appreciat
Slide 61: Vinci Compass
VINCI COMPASS
Vinci Compass Investments — Q2 2026 Earnings Presentation on 6ix