Vinci Compass Investments Ltd. · NASDAQ:VINP
Vinci Compass Investments — Q3 2025 Earnings Presentation
40 slides from Vinci Compass Investments's earnings presentation, Nov 13, 2025
Slide 1: Third Quarter 2025 Earnings Presentation
Third Quarter 2025 Earnings Presentation November 13, 2025 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: Third Quarter 2025 Highlights
Third Quarter 2025 Highlights Vinci Compass announced the acquisition of 50.1% stake in Verde Asset Management, building the region’s leader in global and local asset allocation R$ 77mm +43% FRE 3Q’25 YoY 32.3% R$19 billion in capital subscriptions, R$1.22 FRE Margin net inflows and appreciation in
Slide 4: Financial Highlights
Financial Highlights VINCI COMPAS
Slide 5: Third Quarter 2025 Segment Earnings
Third Quarter 2025 Segment Earnings (R$ thousands, unless mentioned) 3Q'24 2Q'25 3Q'25 ∆ YoY(%) 3Q'24 YTD 3Q'25 YTD ∆ YoY(%) Net revenue from management fees 106,750 195,569 201,539 89% 317,339 592,637 87% Net revenue from advisory fees 5,966 26,220 25,384 325% 27,806 76,457 175% Other revenues – 10
Slide 6: Total Assets Under Management and Advisory
Total Assets Under Management and Advisory • Total assets under management and advisory (AuM¹) of R$316.3 AuM 3Q’25 vs 2Q’25 vs. 3Q’24 (R$bn) billion, up 349% year-over-year, mostly driven by the combination with Compass, and the acquisition of Lacan • Capital formation in the 3Q’25 totaled R$8.4 bi
Slide 7: Additional Capital Detail
Additional Capital Detail • Total performance fee eligible AUM (PEAUM) of R$46.4 billion • Gross accrued performance fees of R$359.5 million in in the 3Q’25 the 3Q’25 • Our PEAUM is distributed across three different types of • The VCP strategy in Private Equity accounted for R$317.1 indexes: Prefer
Slide 8: Fee Related Revenues
Fee Related Revenues Record fee related revenues of R$238.3 million Advisory fees of R$25.4 million in the quarter, in the quarter, up 111% year-over-year, pushed composed of upfront fees charged for third- Other revenues totaled R$11.4 million in the by inorganic and organic growth in party distrib
Slide 9: Financial Metrics
Financial Metrics 3Q’25 overview Fee Related Earnings (FRE) Performance Related Earnings (PRE) Investment Related Earnings (IRE) of R$77.1 million and R$1.22/share of R$1.7 million and R$0.03/share of R$5.0 million and R$0.08/share • 3Q’25 delivered record fee related revenues • Quarterly dividends
Slide 10: Financial Metrics
Financial Metrics 3Q’25 YTD overview Fee Related Earnings (FRE) Performance Related Earnings (PRE) Investment Related Earnings (IRE) of R$208.0 million and R$3.29/share of R$8.1 million and R$0.13/share of R$20.1 million and R$0.32/share • Growth driven by realized performance fees in the • Revenue
Slide 11: Adjusted Distributable Earnings (Adj. DE)
Adjusted Distributable Earnings (Adj. DE) Adj. DE in the 3Q’25 YTD reflects the combined effect of inorganic Growth in Adj. DE both on a nominal and per share basis, driven growth, organic fundraising, realized performance fees and by increases in FRE, PRE and IRE realized GP investment income withi
Slide 12: Balance Sheet Highlights & IRE Commitments
Balance Sheet Highlights & IRE Commitments (IN R$ MILLIONS, UNLESS MENTIONED) 2Q'25 3Q'25 Cash and cash equivalents¹ 189.2 215.9 Net Cash and Investments of R$787.0 million in the 3Q’25, Net Investments 1,131.1 1,106.3 including cash and cash equivalents, investments in liquid Liquid funds² 407.7 37
Slide 13: IRE Proprietary Fund Commitments
IRE Proprietary Fund Commitments As of 3Q’25, Vinci Compass had R$1,424.8 million in capital commitments signed to Total capital called of R$781.2 million, representing Fair Value of Investments account for R$726.4 proprietary funds mostly across Private Equity, 54.8% of the total capital committed
Slide 14: Segment Highlights
Segment Highlights VINCI COMPASS
Slide 15: Financials by Segment
Financials by Segment Fee Related Earnings (FRE) were R$208.0 million in the 3Q’25 YTD, Segment Distributable Earnings (DE) were R$243.9 million in the 3Q’25 with 27% of FRE coming from Private Equity, Global IP&S accounting YTD, with 26% coming from Real Assets, followed by Private Equity with for
Slide 16: Global Investment Products & Solutions (Global IP&S)
Global Investment Products & Solutions (Global IP&S) Global IP&S AuM was R$241.2 billion in the 3Q’25, with Fee Related Earnings (FRE) of R$15.6 million in the R$7.6 billion in net inflows and R$8.8 billion of quarter, up 208% YoY, driven mostly by the growth in Advisory fees of R$17.9 million in th
Slide 17: Credit
Credit Fee related earnings (FRE) in the 3Q’25 posted a 205% Our one-stop-shop credit platform is accelerating both increase year-over-year, driven by higher management fees local-to-local and cross-border, delivering R$3.1 billion Total AuM of R$33 from both inorganic and organic growth. Fundraisin
Slide 18: Private Equity
Private Equity Fee Related Earnings (FRE) of R$19.0 million in the quarter, VCP team continues sourcing new investment opportunities Total AuM of R$16 flat year-over-year. Excluding the non-recurring catch-up for Fund IV and pursuing exits across Funds II and III, as VIR fees recognized in VCP IV in
Slide 19: Equities
Equities Fee Related Revenues grew 19% year-over-year, however, FRE margin improved 7.8 p.p. on a quarter-over-quarter Total AuM of R$15 due to higher segment expenses following the combination with Compass, Fee Related Earnings (FRE) basis, underscoring the strong commitment to efficiency billion,
Slide 20: Real Assets
Real Assets Non-recurring revenue items in the 2Q’25 and 3Q’25 kept the Fee Related Revenues grew 21% year-over-year, driven by FRE margin at the same level across both quarters. In the Total AuM of R$12 organic and inorganic moves. Active fundraising pipeline 2Q’25, it was driven by catch-up fees f
Slide 21: Corporate Advisory
Corporate Advisory Fee Related Earnings (FRE) and Segment Distributable Earnings totaled Fee Related Earnings (FRE) and Segment Distributable Earnings totaled R$4.5 million in the 3Q’25 YTD. Deal activity has been quieter than R$1.8 million in the 3Q’25, representing a 34% growth year-over-year expe
Slide 22: Supplement Details
Supplement Details VINCI COMPASS
Slide 23: AuM Rollforward
AuM¹ Rollforward For the Three Months Ended September 30, 2025 In R$ millions Global IP&S Credit Private Equity Equities Real Assets Total Beginning balance 230,155 30,459 15,769 15,552 12,123 304,057 (+/-) Capital Subscription / (capital return) – 191 (27) – (399) (235) (+) Capital Subscription – 3
Slide 24: Fee-Earning AuM Rollforward
Fee-Earning AuM¹ Rollforward For the Three Months Ended September 30, 2025 In R$ millions Global IP&S Credit Private Equity Equities Real Assets Total Beginning balance 228,773 29,908 12,710 15,502 12,026 298,920 (+/-) Capital Subscription / (capital return) – 181 (27) – (399) (244) (+) Capital Subs
Slide 25: Investment records – Credit and Equities Funds
Investment records – Credit and Equities Funds Fund or Strategy Segment NAV¹ (R$ millions) 3Q’25 YTD 12 M 24 M Market Comparison Hurdle Rate Vinci Total Return² Equities 268.9 6.1% 30.0% 16.9% 28.5% IPCA + Yield IMA-B IPCA + Yield IMA-B Mosaico Strategy³ Equities 906.5 6.8% 27.4% 11.8% 22.7% IBOV IB
Slide 26: 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) 3Q’25 YTD 12 M 24 M Market Comparison Hurdle Rate Vinci Multiestratégia FIM Global IP&S 73.1 3.2% 9.1% 11.7% 21.8% CDI CDI Atlas Strategy Global IP&S 212.5 2.7% 4.4% 12.1% 18.0% CDI CDI Vinci Valorem F
Slide 27: 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 28: Shareholder Dividends & Share Summary
Shareholder Dividends & Share Summary Vinci Compass generated R$1.16 or US$0.22 of Adjusted Distributable Earnings per common share for the 3Q’25. The company declared a quarterly dividend of US$0.15² per common share to record holders as of November 24, 2025; payable on December 9, 2025 ($ in thous
Slide 29: Reconciliations and Disclosures
Reconciliations and Disclosures 29
Slide 30: Financials - Income Statement
Financials - Income Statement (R$ thousands, unless mentioned) 3Q'24 2Q'25 3Q'25 ∆ YoY (%) 3Q'24 YTD 3Q'25 YTD ∆ YoY (%) REVENUES Net revenue from management fees 106,750 195,569 201,539 89% 317,339 592,637 87% Net revenue from performance fees 1,890 8,342 2,986 58% 9,776 14,405 47% Realized perform
Slide 31: Financials - Non-GAAP Reconciliation
Financials - Non-GAAP Reconciliation (R$ thousands, unless mentioned) 3Q'24 2Q'25 3Q'25 3Q'24 YTD 3Q'25 YTD OPERATING PROFIT 54,803 69,884 78,760 174,727 216,048 (-) Net revenue from realized performance fees (1,890) (17,054) (2,986) (13,259) (23,117) (-) Net revenue from unrealized performance fees
Slide 32: Balance Sheet
Balance Sheet Assets 6/30/2025 9/30/2025 Liabilities and equity 6/30/2025 9/30/2025 Current assets Current liabilities Cash and cash equivalents 189,190 215,934 Trade payables 9,366 9,081 Financial instruments at fair value through profit or loss 16,106 11,217 Cash and bank deposits 100,449 103,176
Slide 33: 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 34: 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 November 13, 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 35: Notes and Definitions (cont’d)
Notes and Definitions (cont’d) Notes to page 25 (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 36: Notes and Definitions (cont’d)
Notes and Definitions (cont’d) Notes to page 28 1) US$ Distributable Earnings was calculated considering the exchange rate from USD to BRL of 5.3567, as of November 07, 2025, when dividends were approved by our Board of Directors. 2) Per Share calculations are based on end of period Participating Co
Slide 37: 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 38: 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 39: 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 40: 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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