Vinci Compass Investments Ltd. · NASDAQ:VINP
Vinci Compass Investments — Q4 2025 Earnings Presentation
41 slides from Vinci Compass Investments's earnings presentation, Mar 4, 2026
Slide 1: Fourth Quarter and Full Year 2025 Earnings Presentation
Fourth Quarter and Full Year 2025 Earnings Presentation March 04, 2026 1
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements that can be identified by the use of words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” among others. By their nature, forward-looking statements are necessarily subject to
Slide 3: Fourth Quarter & Full Year 2025 Highlights
Fourth Quarter & Full Year 2025 Vinci Compass completed the Highlights acquisition of 50.1% stake in Verde Asset Management, contributing with approximately R$16 billion in AuM R$14 billion of capital formation and R$ R$ appreciation in the 4Q’25 and R$42 288mm +16% 45mn billion in the FY’25, with h
Slide 4: Financial Highlights
Financial Highlights VINCI COMPAS
Slide 5: Fourth Quarter and Full Year 2025 Segment Earnings
Fourth Quarter and Full Year 2025 Segment Earnings (R$ thousands, unless mentioned) 4Q'24 3Q'25 4Q'25 ∆ YoY(%) FY'24 FY'25 ∆ YoY(%) Net revenue from management fees 170,193 201,539 219,730 29% 487,532 812,367 67% Net revenue from advisory fees 40,328 25,384 15,444 (62)% 68,134 91,901 35% Other reven
Slide 6: Total Assets Under Management and Advisory
Total Assets Under Management and Advisory • Total assets under management and advisory (AuM¹) of R$354.1 AuM 4Q’25 vs 3Q’25 vs. 4Q’24 (R$bn) billion, up 8% year-over-year and 12% quarter-over-quarter 354 • AuM growth in the quarter was pushed mainly by the acquisition of 327 Verde, capital formatio
Slide 7: Additional Capital Detail
Additional Capital Detail • Total performance fee eligible AUM (PEAUM) of R$45.8 billion • Gross accrued performance fees of R$254.7 million in in the 4Q’25 the 4Q’25 • Our PEAUM is distributed across three different types of • The VCP strategy in Private Equity accounted for R$197.1 indexes: Prefer
Slide 8: Fee Related Revenues
Fee Related Revenues Advisory fees totaled R$15.4 million, down 62% year- Management fees were R$219.7 million in the Fee Related Revenues grew 69% YoY to R$949.7 over-year. Upfront fees charged by Third Party 4Q’25, up 29% year-over-year. The increase was million in the FY’25, supported by a full y
Slide 9: Financial Metrics
Financial Metrics 4Q’25 overview Fee Related Earnings (FRE) Performance Related Earnings (PRE) Investment Related Earnings (IRE) of R$80.4 million and R$1.23/share of R$4.9 million and R$0.07/share of R$45.1 million and R$0.69/share • FRE growth partially offset by catch-up fees from Private • Perfo
Slide 10: Financial Metrics
Financial Metrics Full Year 2025 overview Fee Related Earnings (FRE) Performance Related Earnings (PRE) Investment Related Earnings (IRE) of R$288.4 million and R$4.52/share of R$13.0 million and R$0.20/share of R$65.2 million and R$1.00/share • FRE in the FY’25 benefited from a full year of Compass
Slide 11: Adjusted Distributable Earnings (Adj. DE)
Adjusted Distributable Earnings (Adj. DE) Adj. DE for the 4Q’25 grew 10% YoY, supported by higher Management Fees and Other Revenues, partially offset by lower Performance and Adj. DE in the FY’25 reflects the combined effect of acquisitions, Advisory fees in the quarter. Higher realized financial i
Slide 12: Balance Sheet Highlights & IRE Commitments
Balance Sheet Highlights & IRE Commitments (IN R$ MILLIONS, UNLESS MENTIONED) 3Q'25 4Q'25 Cash and cash equivalents¹ 215.9 280.1 Net Cash and Investments of R$850.6 million in the 4Q’25, Net Investments 1,106.3 1,177.7 including cash and cash equivalents, investments in liquid Liquid funds² 379.9 33
Slide 13: IRE Proprietary Fund Commitments
IRE Proprietary Fund Commitments As of 4Q’25, Vinci Compass had R$1,430.0 million in capital commitments signed to Total capital called of R$868.1 million, representing Fair Value of Investments account for R$844.1 proprietary funds mostly across Private Equity, 60.7% of the total capital committed
Slide 14: Use of Capital Since IPO
Use of Capital Since IPO Total Gross Blended IRE Commitment R$1.4 billion Target IRR 18-20% Fundraising IRE Expected Realized IRE R$100 million+ Leverage 13.0x Commitments Annual Run Rate between 2028-2031 Contribution Cash used R$413.2 million Total Dividends R$1.0 distributed since IPO billion New
Slide 15: Segment Highlights
Segment Highlights VINCI COMPASS
Slide 16: Financials by Segment
Financials by Segment Fee Related Earnings (FRE) were R$288.4 million in the FY’25, with Segment Distributable Earnings (DE) were R$335.3 million in the FY’25, 25% of FRE coming from Private Equity, Global IP&S accounting for with 23% coming from Real Assets, followed by Private Equity, Global 24%,
Slide 17: Global Investment Products & Solutions (Global IP&S)
Global Investment Products & Solutions (Global IP&S) Fee Related Earnings (FRE) of R$69.1 million in the FY’25, Global IP&S AuM was R$271.5 billion in the 4Q’25, with Advisory fees of R$63.7 million in the FY’25, an increase up 139% YoY, driven mostly by the growth in management R$14.5 billion from
Slide 18: Credit
Credit Fee related earnings (FRE) in the 4Q’25 posted a 202% Our one-stop-shop credit platform is accelerating both Total AuM of R$36 increase year-over-year, driven by Compass business local-to-local and cross-border, delivering R$3.2 billion combination, strong fundraising, capital deployment and
Slide 19: Private Equity
Private Equity Fee Related Earnings (FRE) of R$16.8 million in the quarter. VCP team continues sourcing new investment Unrealized GP investment income of R$18.5 million, Excluding the non-recurring catch-up fees recognized in opportunities for Fund IV and pursuing exits across mostly from the IRE co
Slide 20: Equities
Equities Realized performance fees grew year-over-year to R$1.7 Fee Related Earnings of R$4.6 million in the 4Q’25, up 19% Realized GP investment income of R$1.2 million in the million in the 4Q’25, driven by the positive performance YoY, supported by an increase of 19% in management fees 4Q’25, fol
Slide 21: Real Assets
Real Assets In the 4Q’25, Real Assets posted R$3.6 billion in capital Fee Related Earnings of R$55.5 million in the FY’25, up 7% formation and appreciation, including R$2.8 billion of Total AuM of R$15 year-over-year, driven by higher Fee Related Revenues, including the catch-up fees from VICC’s fin
Slide 22: Corporate Advisory
Corporate Advisory In an environment of high-interest rates and electoral uncertainties, M&A Fee Related Earnings (FRE) and Segment Distributable Earnings totaled and debt structuring activity has been more subdued. Against this R$8.5 million in the FY’25 backdrop, Corporate Advisory team is working
Slide 23: Supplement Details
Supplement Details VINCI COMPASS
Slide 24: AuM Rollforward
AuM¹ Rollforward For the Three Months Ended December 31, 2025 In R$ millions Global IP&S Credit Private Equity Equities Real Assets Total Beginning balance 241,217 32,882 15,548 14,542 12,071 316,259 (+/-) Capital Subscription / (capital return) – (157) (57) – 2,742 2,528 (+) Capital Subscription –
Slide 25: Fee-Earning AuM Rollforward
Fee-Earning AuM¹ Rollforward For the Three Months Ended December 31, 2025 In R$ millions Global IP&S Credit Private Equity Equities Real Assets Total Beginning balance 239,978 32,445 12,607 14,494 11,976 311,499 (+/-) Capital Subscription / (capital return) – (157) (57) – 68 (146) (+) Capital Subscr
Slide 26: Investment records – Credit and Equities Funds
Investment records – Credit and Equities Funds Fund or Strategy Segment NAV¹ (R$ millions) 4Q’25 YTD 12 M 24 M Market Comparison Hurdle Rate Vinci Total Return² Equities 280.2 4.5% 35.9% 35.9% 20.6% IPCA + Yield IMA-B IPCA + Yield IMA-B Mosaico Strategy³ Equities 896.3 5.1% 34.0% 34.0% 14.9% IBOV IB
Slide 27: Investment records – Global IP&S and Real Assets Funds
Investment records – Global IP&S and Real Assets Funds Fund or Strategy Segment NAV¹ (R$ millions) 4Q’25 YTD 12 M 24 M Market Comparison Hurdle Rate Vinci Multiestratégia FIM Global IP&S 43.5 3.3% 12.7% 12.7% 22.4% CDI CDI Atlas Strategy Global IP&S 154.0 2.9% 10.4% 10.4% 20.3% CDI CDI Vinci Valorem
Slide 28: Investment records – Closed End funds
Investment records – Closed End funds Pro Forma Historical Portfolio Performance - Excluding PIPE Investments¹ Committed Realized or Fund Segment Vintage year Invested Capital Unrealized Total Value Gross MOIC Gross MOIC Gross IRR Gross IRR Capital Partially Realized (R$mm) (R$mm) (R$mm) (R$mm) (R$m
Slide 29: Shareholder Dividends & Share Summary
Shareholder Dividends & Share Summary Vinci Compass generated R$1.24 or US$0.24 of Adjusted Distributable Earnings per common share for the 4Q’25. The company declared a quarterly dividend of US$0.17² per common share to record holders as of March 19, 2026; payable on April 2, 2026 ($ in thousands)
Slide 30: Reconciliations and Disclosures
Reconciliations and Disclosures 30
Slide 31: Financials - Income Statement
Financials - Income Statement (R$ thousands, unless mentioned) 4Q'24 3Q'25 4Q'25 ∆ YoY (%) FY'24 FY'25 ∆ YoY (%) REVENUES Net revenue from management fees 170,193 201,539 219,730 29% 487,532 812,367 67% Net revenue from performance fees 27,412 2,986 13,301 (51)% 37,188 27,706 (25)% Realized performa
Slide 32: Financials - Non-GAAP Reconciliation
Financials - Non-GAAP Reconciliation (R$ thousands, unless mentioned) 4Q'24 3Q'25 4Q'25 FY'24 FY'25 OPERATING PROFIT 95,510 78,760 85,316 270,237 301,364 (-) Net revenue from realized performance fees (36,867) (2,986) (13,301) (50,126) (36,418) (-) Net revenue from unrealized performance fees 9,454
Slide 33: Balance Sheet
Balance Sheet Assets 9/30/2025 12/31/2025 Liabilities and equity 9/30/2025 12/31/2025 Current assets Current liabilities Trade payables 9,081 13,369 Cash and cash equivalents 215,934 280,091 Financial instruments at fair value through profit or loss 11,217 – Cash and bank deposits 103,176 121,498 De
Slide 34: Notes and Definitions
Notes and Definitions Notes to page 3 1) FRE per share is calculated considering the number of outstanding shares at the end of the current quarter. 2) Adjusted DE per share is calculated considering the number of outstanding shares at the end of the current quarter. Notes to page 5 1) FRE per share
Slide 35: Notes and Definitions (cont’d)
Notes and Definitions (cont’d) Notes to page 12 (cont’d) 2) Liquid funds’ value are calculated as investment at fair value as of December 31, 2025, in liquid funds from Vinci Compass’ Equities, Global IP&S, Credit and Real Estate. It also comprises the cash and certificate of deposits and federal bo
Slide 36: Notes and Definitions (cont’d)
Notes and Definitions (cont’d) Notes to page 26 (cont’d) 6) Brazil stock market most relevant index. 7) S&P/BMV IPC seeks to measure the performance of the largest and most liquid stocks listed on the Mexican Stock Market. 8) S&P MERVAL Index, Argentina’s flagship index, seeks to measure the perform
Slide 37: Notes and Definitions (cont’d)
Notes and Definitions (cont’d) Notes to page 29 1) US$ Distributable Earnings was calculated considering the exchange rate from USD to BRL of 5.2091, as of March 04, 2026, when dividends were approved by our Board of Directors. 2) Per Share calculations are based on end of period Participating Commo
Slide 38: Notes and Definitions (cont’d)
Notes and Definitions (cont’d) • “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 calcul
Slide 39: Notes and Definitions (cont’d)
Notes and Definitions (cont’d) • “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
Slide 40: Notes and Definitions (cont’d)
Notes and Definitions (cont’d) • “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, Gl
Slide 41: Office locations
Buenos Aires Bogota Lima Mexico City Miami Montevideo New York Recife Ribeirão Preto Rio de Janeiro São Paulo Santiago 52 55 5010 2150 601 748 6090 51 1 611 5350 52 55 5010 2150 786 755 4860 59 8 2626 2650 1-212-355 7630 55 81 3204 6811 55 16 2101 4641 55 21 2159 6000 55 11 3572 3700 56 2 2364 4660
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