Patria Investments Limited · NASDAQ:PAX
Patria Investments — Investor Presentation (August 2026)
56 slides from Patria Investments's investor presentation, August 2026
Slide 1: Shareholder Presentation
August 2026 PATRIA INVESTMENTS (NASDAQ: PAX) Shareholder Presentation
Slide 2: Disclaimer
PAX Shareholder Presentation Disclaimer This presentation may contain forward-looking statements within the Further information on these and other factors that could IFRS Balance sheet and results for the current reporting meaning of Section 27A of the Securities Act affect our financial results is
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 $48.9bn of Fee-Earning AUM Diversified Expanding Broadening Creating Product Suite Geographical Distribution Shareholder Presence Capabilities Value Evolved from Product Provider to
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 Nex
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 Alternatives 1 • Global LPs are targeting fewer and more
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 2025 Target 2027 Target (YE 2020) Investor Day Capital $32.6 bn inflows through 4Q25 $20 bn +$35 bn Formation¹ since 2022 Investor Day (4Q22 through 2025) (4Q24 t
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 9% 6% 11% 9% 24% 27% 2Q26 9% 2Q26 2Q26 32% 2Q26 21% $48.9bn $48.9bn $48.9bn 8% CLP 6% FEAUM FEAUM FEAUM 27% 6% 15% 47% COP
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 years+ and Strong flagship funds ranked in the top percentile against eVestment EM peer group¹ Performance • Private Credit: 14+ years track record with positive return
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 benchmark¹ Performance by 750+ bps $8.7 Competitive Edge • Strong investment capacity, with ~$25 bn in CapEx², and on time/on budget track record Billion
Slide 13: Patria Real Estate Platform Overview
PAX Shareholder Presentation Patria Real Estate Platform Overview • Brazil: ~460 bps of outperformance since inception for the largest REIT1 • Colombia: ~1,000 bps of outperformance since inception for the largest fund Strong (Diversified) Performance • Chile: a top performer among commercial income
Slide 14: Patria GPMS Platform Overview
PAX Shareholder Presentation Patria GPMS Platform Overview Strong • 15%, 17% and 17% pooled IRR for Primaries, Secondaries and Co-Investments2 Performance1 respectively • Integrated platform of primaries, secondaries and co-investments, invested with Competitive $17.0 380+ GPs across 750+ funds, pro
Slide 15: Patria Private Equity Platform Overview
PAX Shareholder Presentation Patria Private Equity Platform Overview • Private Equity: EBITDA for portfolio companies for latest two flagship funds growing Strong at 10.5% on average over the past two years Performance • Growth Equity: Net IRR in USD of 15% vs 8% benchmark • Venture Capital: Net IRR
Slide 16: Patria Public Equity Platform Overview
PAX Shareholder Presentation Patria Public Equity Platform Overview Strong • Strong outperformance ranging from ~300 to ~1300 bps since inception across Performance main strategies¹ $2.8 • Long term customer relationships with 80% of AUM from clients who have been Competitive with Patria 12+ years E
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 Benchmark² (
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 Benchmark³ (
Slide 20: Investment Performance – Permanent Capital, Interval & Open Funds (1/3)
PAX Shareholder Presentation Investment Performance – Permanent Capital, Interval & Open Funds (1/3) 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) —% 4% 5% 8% 14% BRL
Slide 21: Investment Performance – Permanent Capital, Interval & Open Funds (2/3)
PAX Shareholder Presentation Investment Performance – Permanent Capital, Interval & Open Funds (2/3) Functional AUM mn Compounded Annualized Net Returns in local currency Excess Return Currency (USD) YTD 1yr 3yr 5yr Since Incep. Since Incept. Public Equities Latam LatAm Small Caps (2008) 2% 11% 3% —
Slide 22: Investment Performance – Permanent Capital, Interval & Open Funds (3/3)
PAX Shareholder Presentation Investment Performance – Permanent Capital, Interval & Open Funds (3/3) Functional AUM mn Compounded Annualized Net Returns in local currency Excess Return Currency (USD) YTD 1yr 3yr 5yr Since Incep. Since Incept.² Credit Latam Latam High Yield (2000) 6% 12% 14% 9% 11% U
Slide 23: Distribution Capabilities
Distribution Capabilities 4
Slide 24: 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 & San Beij
Slide 25: Our Demonstrated Fundraising Power
PAX Shareholder Presentation Our Demonstrated Fundraising Power With Expanding Number of Investment Strategies, Greater Distribution Resources, & Strong Investment Performance Comes Record $7.7bn raised in 2025… Greater Fundraising Capacity 28% or $1.7 bn over $6 bn target set 7,666 at Dec 2024 Inve
Slide 26: 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 12% World’s largest 28% 8 sovereign wealth 8 US largest pension funds 10 Brazil’s and Chile’s largest Europe & Middle East 2Q26 10 funds 10 10 pension fun
Slide 27: 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 7.2 1.0 1.6 CAGR: $ 62.1bn 13.3 US$ 4.9 US$ +30% 2.8 51.1 bn + 3.7 11.0 bn 3.8 17.0 9.7 13.2 0.10.5 0.4 2.8 Fair Value Uncalled Capital of Inves
Slide 28: 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 ~6% 9% CAGR: ~9% ~24% $ 48.9bn Permanent capital 32% Hard currency +40% SMAs Interval Funds 21% 2Q26 $48.9bn 2Q26 $48.9bn ~8% CLP 13.3 FEAUM FE
Slide 29: Financial Overview
Financial Overview PATRIA
Slide 30: First… A Summary of Key Terminology to Help You Understand Our Business
PAX Shareholder Presentation First… A Summary of Key Terminology to Help You Understand Our Business Key Performance Metrics Financial Metrics Total Assets Under Total fair value of investments plus “dry powder” Management Contractual recurring fees based on Fee Earning AUM… Management (AUM) (contra
Slide 31: We’ve generated very strong growth since our IPO
PAX Shareholder Presentation We’ve generated very strong growth since our IPO FEAUM Mgt. Fees FRE/share 40%+ ~25% ~26% CAGR CAGR CAGR Note: CAGR 2020-2Q26 31
Slide 32: Our Fee Earnings AUM Growth Has Been Strong as We’ve Diversified Our Business
PAX Shareholder Presentation Our Fee Earnings AUM Growth Has Been Strong as We’ve Diversified Our Business WP Partners CAGR Apr, 2026 Fee Earning AUM ($bn) Solis2, 40% RBR Gestão Jan & Feb, 2026 $48.9bn Credit Suisse Genial & Vectis & Nexus REITs Jul, 2024 Jul, 2025 27% Abrdn Solutions Apr, 2024 6%
Slide 33: Diversification Enhances our Management Fee Growth and Resilience
PAX Shareholder Presentation Diversification Enhances our Management Fee Growth and Resilience WP Partners Apr, 2026 Management fee (US$ mn) Solis2, RBR Gestão CAGR Jan & Feb, 2026 Vectis & 25% Credit Suisse Genial REITs & Nexus Jul, 2025 Mgmt. fee mix Jul, 2024 (%) 5% Abrdn Solutions IGAH Dec, 2022
Slide 34: 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 34
Slide 35: 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 2Q26, FEAUM of $48.9bn and LTM net inflows of $3.1bn, reflecting a ~4% annual
Slide 36: FRE per Share Growth… A Key Measure of our Success in Building Value
PAX Shareholder Presentation FRE per Share Growth… A Key Measure of our Success in Building Value CAGR Fee Related Earnings ($mn) 2024-27 ~17% $260-290mn 290 CAGR target 2022-24 Fee Related Earnings $225-245mn 240 ~14% target $1.60 to • Target 58-60% annual margin for 2027 $203mn 1.80 • 2026 target
Slide 37: Currently Contracted and Already Incurred Liabilities and Share Repurchase Expenses ('26-'28)
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) and available credit facilities, we expect to
Slide 38: Selected Pages
July 31, 2026 Selected PATRIA INVESTMENTS (NASDAQ: PAX) Pages 2Q26 Earnings Presentation
Slide 39: Patria’s Second Quarter 2026 Summary Financial Measures
PAX 2Q26 Earnings Presentation Patria’s Second Quarter 2026 Summary • Management fees of $103.7 million in 2Q26, up 28% compared to 2Q25 Financial • Fee Related Earnings (“FRE”) of $57.1 million in 2Q26, up 24% versus 2Q25. On a per share basis, FRE in 2Q26 reached $0.36, up 24% year over year Measu
Slide 40: Patria’s Second Quarter 2026 Earnings
PAX 2Q26 Earnings Presentation Patria’s Second Quarter 2026 Earnings Distributable Earnings (“DE”) of $50.7 million in 2Q26 %Δ %Δ (US$ in millions) 2Q25 1Q26 2Q26 (2Q25 vs. 2Q26) (1Q26 vs. 2Q26) Management Fees 81.0 95.2 103.7 28% 9% (+) Incentive Fees 2.3 — 2.5 (+) Other Fee Revenues 2.3 3.3 7.0 (–
Slide 41: Fee Related Earnings (“FRE”)
PAX 2Q26 Earnings Presentation Fee Related Earnings (“FRE”) Highlights for the quarter • Year-over-year increase in Management Fees reflects higher FEAUM driven mainly by organic net inflows, positive investment returns, FX, and the closing of the Solis, RBR, and WP Global Partners acquisitions, par
Slide 42: Net Accrued Performance Fees for Drawdown Funds
PAX 2Q26 Earnings Presentation Net Accrued Performance Fees for Drawdown Funds • Net Accrued Performance Fees of $238 million or $1.49 per share on June 30, 2026 • Net Accrued Performance Fees decreased in the quarter mainly driven by revaluation of portfolio companies in PE Fund VI • Other Net Accr
Slide 43: Fundraising
PAX 2Q26 Earnings Presentation Fundraising Highlights for the quarter • Multi Asset raised $970 million from upsizing of existing Separately Managed Account (SMA) from key Sovereign Wealth Fund • Credit raised a total of $657 million, including $239 million from Solis, our recently acquired CLO busi
Slide 44: Total Assets Under Management
PAX 2Q26 Earnings Presentation Total Assets Under Management • LTM growth in AUM was driven by US$ US$ +28% organic capital inflows of $7.7 billion, a positive valuation impact of $1.1 51.1 bn + 11.0 bn billion as well as a positive impact from USD depreciation vs other 62.1bn $ currencies, and $7.6
Slide 45: Fee Earning Assets Under Management
PAX 2Q26 Earnings Presentation Fee Earning Assets Under Management • Fee-Earning AUM (FEAUM) of $48.9 billion +32% in 2Q26 were up 32% versus the prior year 48.9bn $ driven by organic capital inflows of $5.3 billion, a positive valuation impact of $2.7 2Q26 Mgmt. Fee billion, $6.7 billion of acquisi
Slide 46: Key Fee Characteristics By Investment Vertical
PAX 2Q26 Earnings Presentation Key Fee Characteristics By Investment Vertical Frequency of Currency Exposure LTM Effective Asset Class FEAUM by Structure Fee Basis Duration NAV Calculation Hard / Soft (%) Mgmt. Fee Rate 95% Drawdown Funds Deployed Capital at Cost n.a. Long-dated & Illiquid 89% | 11%
Slide 47: Total AUM Roll Forward
PAX 2Q26 Earnings Presentation Total AUM Roll Forward (in US$ Million) Private Equity Infrastructure Credit Public Equities Real Estate GPMS Multi Asset Total AUM 1Q26 10,720 8,782 12,837 2,948 9,885 14,107 — 59,279 Acquisitions — — — — — 2,740 — 2,740 Inflows 9 12 657 38 247 413 970 2,347 Realizati
Slide 48: Total FEAUM Roll Forward
PAX 2Q26 Earnings Presentation Total FEAUM Roll Forward (in US$ Million) Private Equity Infrastructure Credit Public Equities Real Estate GPMS Total FEAUM 1Q26 5,423 4,176 12,430 2,842 9,411 11,476 45,758 Acquisitions — — — — — 1,729 1,729 Inflows 196 287 575 38 148 266 1,511 Realizations & Dividend
Slide 49: Share Summary
PAX 2Q26 Earnings Presentation Share Summary 2Q25(1) 3Q25(2) 4Q25(3) 1Q26(4) 2Q26(5) Class A Common Shares 66,521,566 65,021,566 65,023,122 66,108,288 66,584,651 Class B Common Shares 92,945,430 92,945,430 92,945,430 92,945,430 92,945,430 Total Shares Outstanding 159,466,996 157,966,996 157,968,552
Slide 50: Reconciliations & Disclosures
PAX 2Q26 Earnings Presentation Reconciliations & Disclosures 50
Slide 51: Patria’s Earnings – 5 Quarter View
PAX 2Q26 Earnings Presentation Patria’s Earnings – 5 Quarter View QTD FY (US$ in millions) 2Q25 3Q25 4Q25 1Q26 2Q26 FY 2023 FY 2024 FY 2025 Management Fees 81.0 87.0 92.0 95.2 103.7 245.6 292.4 338.7 (+) Incentive Fees 2.3 0.2 11.3 — 2.5 4.1 13.8 14.0 (+) Other Fee Revenues 2.3 2.5 2.9 3.3 7.0 2.7 1
Slide 52: Reconciliation of IFRS to Non-GAAP Measures
PAX 2Q26 Earnings Presentation Reconciliation of IFRS to Non-GAAP Measures QTD FY (US$ in millions) 2Q25 3Q25 4Q25 1Q26 2Q26 FY 2023 FY 2024 FY 2025 Management Fees 81.0 87.0 92.0 95.2 103.7 245.6 292.4 338.7 (+) Incentive Fees 2.3 0.2 11.3 — 2.5 4.1 13.8 14.0 (+) Other Fee Revenues 2.3 2.5 2.9 3.3
Slide 53: IFRS Balance Sheet
PAX 2Q26 Earnings Presentation IFRS Balance Sheet (US$ in millions) December 31, 2025 June 30, 2026 December 31, 2025 June 30, 2026 Assets Liabilities and Equity Cash and cash equivalents 53.6 58.9 Client funds payable (2) 25.9 24.9 Short term investments (1) 35.1 54.6 Consideration payable from acq
Slide 54: Notes
PAX 2Q26 Earnings Presentation Notes Notes to Page 4 (1) Performance fees are determined in accordance with the funds offering documents and/or agreements Notes to Page 10 (1) Others include PE Growth and VC funds, Alturas II and Moneda Private Credit. Patria’s Second Quarter with Limited Partners,
Slide 55: Notes
PAX 2Q26 Earnings Presentation Notes Notes to Page 26 (1) Deferred Taxes are temporary taxable differences mostly from non-deductible Notes to Page 27 Reconciliation of IFRS employee profit sharing expenses, performance fees, quarterly revaluation of IFRS Balance (1) Short term Investments are liqui
Slide 56: Definitions
PAX 2Q26 Earnings Presentation Definitions Distributable Earnings (DE) is used to assess our performance and capabilities to distribute dividends Net Accrued Performance represent an accrued balance of performance fees, which if each eligible investment vehicle to shareholders. DE is calculated as F
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