Vinci Compass Investments Ltd. · NASDAQ:VINP
Vinci Compass Investments — Q1 2026 Earnings Presentation
67 slides from Vinci Compass Investments's earnings presentation, May 11, 2026
Slide 1: Investor Presentation
Investor Presentation March 2026 1
Slide 2: Vinci Compass is a leading full-service alternative asset manager in Latin America
Vinci Compass is a leading full-service alternative asset manager in Latin America Providing access to Credit solutions developed to meet needs proprietary investment Global Investment of both mature and growing businesses, Credit solutions and world- class managers Products & Solutions through Priv
Slide 3: The premier partner for alternative investments and global solutions in Latin America
The premier partner for alternative investments and global solutions in Latin America The premier partnerin Our footprint for alternative Latin America,investments and global with significant solutions opportunities inalternative for Latin America investments across the region The premier partner fo
Slide 4: Pan-Regional presence with a diversified exposure to product offering, funding and currency
Pan-Regional presence with a diversified exposure to product offering, funding and currency Client Profile Country Breakdown Country Breakdown Segments Breakdown Breakdown (Funding) (Asset Allocation) 3% 1% 4%4% 2% 4% 1% 3% 2%1% 5% 17% 8% 3% 10% 38% 12% 25% AuM¹ (%) 19% 62% 12% 66% 77% 23% Instituti
Slide 5: Deep Access to Latin American & Global LPs
Deep Access to Latin American & Global LPs Scaled distribution HNWI & Intermediaries capabilities 300+ relationships with family Country Breakdown AuM Local, on-the-ground coverage offices and UHNWI by funding across 8 markets + Global Over 520 intermediaries 3% Direct access to pensions, distributi
Slide 6: Local teams providing local, regional and global solutions to our clients
Local teams providing local, regional and global solutions to our clients Number of professionals Client Relations Group 83 relationship managers across 9 countries Argentina 5 Seasoned and High involvement Operational & Client Brazil 25 tenured team from our partners Service Backbone Chile 20 Colom
Slide 7: Business model built for resilience and long-term shareholder value creation
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 Fee Related Performance Investment Related Earnings Related Earnings Earnings Earnings coming from Earnings coming
Slide 8: FRE: High-Quality Earnings Stream
FRE: High-Quality Earnings Stream Diversified, recurring, and resilient through cycles FRE by segment FY’25 Key Takeaways: FRE More balanced than AuM lower concentration risk oi 6% 3% Balanced Contracted 25% across & recurring 19% strategies fees drive Resilient through cycles: different drivers pro
Slide 9: PRE: Two Value Drivers
PRE: Two Value Drivers Liquids delivered in a tough cycle, privates next PRE since IPO distribution Private vs. Liquid PEAUM as of 4Q’25 as of 4Q’25 Resilient through the cycle: liquid strategies sustained PRE Private PRE Liquid PRE in a high-rate Private Liquid backdrop 17% Private vehicles early i
Slide 10: PRE: What's in the Pipeline
PRE: What’s in the Pipeline Performance-eligible base and accrued carry today Performance Eligible AuM Gross Accrued Performance Fees as of 4Q’25 as of 4Q’25 1% 4% 15% 26% 17% Portfolio seasoning: core assets maturing to realization phase 18% R$46 R$255 billion million Embedded carry 22% increasing
Slide 11: IRE: A Perpetual Compounding Engine
IRE: A Perpetual Compounding Engine IRE is a compounding engine, as each realization creates the capital for the next vintage, perpetuating growth Anchor GP (Re)Commitments fundraising Each realization funds the next commitment, leveraging fundraising and FRE, and creating powerful compounding Harve
Slide 12: Scale of IRE Commitments
Scale of IRE Commitments We have committed R$1.4 billion of proprietary capital into our private market funds, diversified across all our segments IRE Commitments Highlights Our commitments today are significant Capital Target Gross Strategy Product Committed and well diversified, setting up a meani
Slide 13: Our Flagship Commitments: Driving Future IRE
Our Flagship Commitments: Driving Future IRE These three flagship funds represent the bulk of Vinci Compass’ proprietary investments, diversifying exposure across strategies and anchoring future IRE VCP IV VICC SPS IV Fund R$3.1 billion R$1.8 billion R$1.3 billion Size¹ (currently being fundraised)
Slide 14: IRE: Embedded Earnings Potential
IRE: Embedded Earnings Potential Expected Realized IRE Annual Run Total Rate Contribution Timing commitments R$100 million+ We expect to reach R$1.4 billion normalized IRE figures or between 2028-2031 ~R$1.60 per share¹ 18-20% Gross Blended Target IRR Our balance sheet holds significant capital gain
Slide 15: 2025 - 2028 Targets at a Glance
2025 - 2028 Targets at a Glance Full Year 2025 Full Year 2028 Target ~19% CAGR R$950 mm Fee Related Revenues ~R$1.6 bn ~25% CAGR R$288 mm Fee Related Earnings (FRE) ~R$600 mm ~8 p.p. FRE margin 30% 38% Fundraising Target from 2H’25 through 2028 R$100 billion 15
Slide 16: 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 17: Business Units Deep Dive
VINCI COMPASS Business Units Deep Dive
Slide 18: Global Investment Products and Solutions (Global IP&S)
Global Investment Products and Solutions (Global IP&S) R$271 billion in AUM1 Providing access to a network of world-class GPs and top-tier asset managers, we deliver bespoke global and local investment solutions, granting unparalleled access to opportunities worldwide. Fee Related Revenues² Breakdow
Slide 19: Credit
Credit R$36 billion in AUM Hard currency Local currency Liquid Credit Private Credit Structured High Grade & High Grade & Opportunistic Infrastructure Diversified High Grade & Real Estate Credit & Agribusiness High Yield High Yield Capital Solutions Credit Private Credit High Yield Credit Confirming
Slide 20: Private Equity
Private Equity R$15 billion in AUM¹ Turnaround VCP Strategy VIR Strategy Growth Buyout Minority Growth VCP VIR Equity Check R$300-500 mm R$50-150 mm Turnaround Minority Growth Generates impact at the Sustainability guidelines core of the business and Impact as risk mitigators drivers supports SME co
Slide 21: Equities
Equities R$15 billion in AUM Leverage the region’s advantages without the idiosyncratic By capitalizing on country-specific expertise and targeting assets often overlooked by regional investors, we unlock risks of each country opportunities in niche markets with fewer participants Multi-Country Equi
Slide 22: Real Assets
Real Assets R$15 billion in AUM Forestry ~80% Infrastructure Real Estate R$6.8 bn R$6.7 bn R$2.0 bn • Focus on the key infrastructure themes in • Investments in major real estate sectors • Strategy includes Greenfield and of our AUM Brazil: Energy, Brownfield projects with Transportation and Water •
Slide 23: Corporate Advisory
Corporate Advisory Senior team with multisectoral experience Corporate Advisory’s Pillars Sectors M&A Fund Raising Capital Markets Union of values and vision Consumer & Retail No conflicts of interest Oil & Distribution • Total or Partial • Issuing of New Shares • Initial Public Offering Purchases a
Slide 24: Acquisition of Verde Asset Management
Acquisition of Verde Asset Management 24
Slide 25: Building the Region's Leader in Global & Local Asset Allocation
Building the Region’s Leader in Global & Local Asset Allocation Strategic acquisition to scale performance, distribution and profitability Outstanding Reputation & Recognized Brand 01 Verde is one of the most recognized brands in the asset management space in Brazil. We are partnering with one of th
Slide 26: Building the Region's Leader in Global & Local Asset Allocation
Building the Region’s Leader in Global & Local Asset Allocation Strategic acquisition to scale performance, distribution and profitability Combining forces to create new 03 strategies Opportunity to develop new products combining origination and presence in the alternatives markets from Vinci Compas
Slide 27: Building the Region's Leader in Global & Local Asset Allocation
Building the Region’s Leader in Global & Local Asset Allocation Strategic acquisition to scale performance, distribution and profitability Transaction Structure 05 Transaction was structured in two phases, with Vinci Compass acquiring 100% of Verde in five years, and follows a "Price-to- Fee Related
Slide 28: Verde Asset Management at a Glance
Verde Asset Management at a Glance Leading Multi-strategy platform in Brazil with a widely recognized brand and outstanding track record R$ 16bn in assets under management 1% Verde's team has been working together for 2% 2% more than 25 years, tracing its origins to 1997, 6% with the launch of the V
Slide 29: Financial Highlights
: VINCI \ COMPASS Financial Highlights
Slide 30: 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$42 288mm +16% 45mn billion in the FY’25, with h
Slide 31: Fourth Quarter and Full Year 2025 Segment Earnings
Fourth Quarter and Full Year 2025 Segment Earnings (R$ 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 32: 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 33: 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 34: 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 35: 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 36: 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$1.00/share • FRE in the FY’25 benefited from a full year of Compass
Slide 37: Adjusted Distributable Earnings (Adj. DE)
Adjusted Distributable Earnings (Adj. DE) Adj. DE for the 4Q’25 grew 10% YoY, supported by higher Management Fees and Other Revenues, partially offset by lower Performance and Adj. DE in the FY’25 reflects the combined effect of acquisitions, Advisory fees in the quarter. Higher realized financial i
Slide 38: Balance Sheet Highlights & IRE Commitments
Balance Sheet Highlights & IRE Commitments (IN R$ 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 39: 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 40: Appendix – I Segment Summaries
Appendix – I Segment Summaries 40
Slide 41: 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 42: 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 43: 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 44: 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 45: 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 46: 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 47: 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$8.5 million in the FY’25 backdrop, Corporate Advisory team is working
Slide 48: Appendix – II Financial Statements
Appendix – II Financial Statements 48
Slide 49: Financials - Income Statement
Financials - Income Statement (R$ 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 50: 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 51: 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 52: Supplemental Details
VINCI COMPASS Supplemental Details
Slide 53: Unlocking Immediate Growth and Profitability with Verde Asset Management
Unlocking Immediate Growth and Profitability with Verde Asset Management Unit PF² Ann. 1H’25 AuM R$ bn 16 304 320 Immediate Net Fee Related R$ mm 85 929 1,014 Revenues¹ +2 p.p. on FRE Margin FRE¹ R$ mm 44 262 305 FRE Margin¹ % 51% 28% 30% 11% accretion in FRE per share FRE per Share¹ (R$/share) - 4.
Slide 54: AuM Rollforward
AuM¹ Rollforward For the Three Months Ended December 31, 2025 In R$ 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 55: 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 56: 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 57: 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 58: 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 59: 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 60: Notes and Definitions
Notes and Definitions Notes to page 13 (1) As of December 2025; Fund size for VCP IV does not consider potential co-investments. Notes to page 30 (1) FRE per share is calculated considering the number of outstanding shares at the end of the current quarter. (2) Adjusted Distributable Earnings is cal
Slide 61: Notes and Definitions (cont'd)
Notes and Definitions (cont’d) Notes to page 38 (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-par
Slide 62: Notes and Definitions (cont'd)
Notes and Definitions (cont’d) Notes to page 50 (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 serv
Slide 63: Notes and Definitions (cont'd)
Notes and Definitions (cont’d) Notes to page 57 (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
Slide 64: 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 65: 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 66: 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 67: Vinci Compass
VINCI COMPASS
Vinci Compass Investments — Q1 2026 Earnings Presentation on 6ix