Vinci Compass Investments Ltd. · NASDAQ:VINP
Vinci Compass Investments — Q1 2026 Earnings Presentation
40 slides from Vinci Compass Investments's earnings presentation, May 12, 2026
Slide 1: First Quarter 2026 Earnings Presentation
1 May 11, 2026 First Quarter 2026 Earnings Presentation
Slide 2: Disclaimer
2 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 sub
Slide 3: First Quarter 2026 Highlights
3 0.17 Quarterly Dividend US$ 52 bn Capital Formation & Appreciation 1Q’26 LTM R$ First Quarter 2026 Highlights R$52 billion of capital formation and appreciation in the 1Q’26 LTM and R$7 billion in the 1Q’26 , with highlights to Global IP&S, Credit and Real Assets segments Approximately R$100 milli
Slide 4: Financial Highlights
4 Financial Highlights
Slide 5: Fee related earnings and results table
5 ∆ YoY(%) 1Q'26 LTM 1Q'25 LTM ∆ YoY(%) 1Q'26 4Q'25 1Q'25 (R$ thousands, unless mentioned) 47% 861,696 586,606 25% 244,858 219,730 195,529 Net revenue from management fees 1% 83,115 82,628 (35)% 16,067 15,444 24,853 Net revenue from advisory fees 136% 45,207 19,187 (2)% 11,040 11,819 11,262 Other re
Slide 6: Capital Formation & Appreciation and AuM
6 72% 19% 9% 2% (2)% Capital Formation & Appreciation 1Q’26 LTM Global IP&S Credit Real Assets Equities Private Equity 232 271 263 29 36 37 15 15 16 16 15 15 12 15 15 305 354 347 1Q'25 4Q'25 1Q'26 Global IP&S Credit Equities Private Equity Real Assets Total Assets Under Management and Advisory AuM 1
Slide 7: Additional Capital Detail and performance fees
7 Vinci Compass recognizes the performance revenue according to IFRS 15. Unrealized performance fees are recognized only when i s h ighly probable that the revenue will not be reversed in the Income Statement. The fund FIP Infra Transmissão in Infrastructure had R$1.7 million as of the end of the fi
Slide 8: Fee Related Revenues
8 Fee Related Revenues Management fees were R$244.9 million in the 1Q’26, up 25% year - over - year. The increase was driven by the Verde transaction and organic growth across Credit and Global IP&S Fee Related Revenues 1Q’26 vs. 1Q’25 ( R$mm ) Fee Related Revenues 1Q’26 LTM vs. 1Q’25 LTM ( R$mm ) A
Slide 9: Financial Metrics 1Q'26 overview
9 4 6 (0) (3) 4 3 1Q'25 1Q'26 2 2 1Q'25 1Q'26 66 96 1Q'25 1Q'26 Financial Metrics 1Q’26 overview Fee Related Earnings (FRE) of R$96.3 million and R$1.47/share • FRE growth reflects strong fundraising over the last twelve months, including Verde’s first full - quarter contribution, with higher manage
Slide 10: Financial Metrics 1Q'26 LTM overview
10 25 30 (20) 35 6 65 1Q'25 LTM 1Q'26 LTM 22 13 1Q'25 LTM 1Q'26 LTM 260 319 1Q'25 LTM 1Q'26 LTM Financial Metrics 1Q’26 LTM overview Fee Related Earnings (FRE) of R$319.0 million and R$4.95/ share • Stronger fundraising and management fees throughout 1Q’26 LTM led to higher FRE in the period, with C
Slide 11: Adjusted Distributable Earnings
11 62 62 1Q'25 1Q'26 252 292 1Q'25 LTM 1Q'26 LTM Adjusted Distributable Earnings (Adj. DE) See notes and definitions at end of document Adj. DE 1Q’26 vs. 1Q’25 ( R$mm ) 21% 25% 0.98 0.95 Adj. DE 1Q’26 LTM vs. 1Q’25 LTM ( R$mm ) 26% 31% 4.31 4.55 Adj. DE per share % Adj. DE margin Adj. DE per share %
Slide 12: Balance Sheet Highlights & IRE Commitments
12 22% 21% 18% 18% 12% 5% 3% Fair Value of Investments - IRE Commitment Balance Sheet Highlights & IRE Commitments 1Q'26 4Q'25 (IN R$ MILLIONS, UNLESS MENTIONED) 208.5 280.1 Cash and cash equivalents¹ 1,110.6 1,177.7 Net Investments 242.3 333.6 Liquid funds² 868.4 844.1 IRE Commitments³ (565.2) (607
Slide 13: IRE Commitments Overview
13 844.1 44.1 (26.3) (8.6) 15.1 868.4 4Q'25 Capital Called Principal Returned Gross Capital Gain Returned Appreciation 1Q'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$13.17 R$12.90 Total Capita
Slide 14: Segment Highlights
Segment Highlights VINCI COMPASS
Slide 15: Financials by Segment
15 28% 23% 22% 18% 6% 3% 26% 23% 20% 23% 7% 2% Global IP&S Credit Private Equity Real Assets Equities Corporate Advisory Financials by Segment Fee Related Earnings (FRE) 1Q’26 LTM by Segment Segment Distributable Earnings (DE) 1Q’26 LTM by Segment Fee Related Earnings (FRE) were R$319.0 million in t
Slide 16: Global Investment Products & Solutions
16 See notes and definitions at end of document Global Investment Products & Solutions (Global IP&S) R$263 bn AuM Fee Related Earnings (FRE) of R$42.4 million in the 1Q’26, up 102% YoY, driven mostly by the growth in management fees following the acquisition of Verde Advisory fees of R$14.0 million
Slide 17: Credit
17 Local Currency High Grade & High Yield 38% Hard Currency High Grade & High Yield 24% Real Estate & Infrastructure Credit 11% Structured Credit & Confirming 11% Opportunistic Capital Solutions 9% Diversified Private Credit 5% Agribusiness 2% Credit AuM Breakdown by Strategy Credit R$37 bn AuM Fee
Slide 18: Private Equity
18 Total AuM of R$15.0 billion, down 3% quarter - over - quarter VCP III 54% VCP IV 21% VCP II 14% VIR IV 7% Other 4% Private Equity AuM Breakdown by Flagship Private Equity R$15 bn AuM Fee Related Earnings (FRE) of R$17.0 million in the 1Q’26 and R$70.3 million in the 1Q’26 LTM. The decrease in bot
Slide 19: Equities
19 Total AuM of R$16.1 billion, up 9% year - over - year Brazil 74% Chile 17% Mexico 3% Argentina 2% Global 2% LatAm 2% Equities AuM Breakdown by Strategy Equities R$16 bn AuM Fee Related Revenues of R$21.4 million in the 1Q’26, up 14% YoY, driven by the consolidation of Verde and portfolio apprecia
Slide 20: Real Assets
20 Infrastructure 44% Real Estate 43% Forestry 13% Real Assets AuM Breakdown by Strategy Real Assets Total AuM of R$15.4 billion, up 29% year - over - year R$15 bn AuM Fee Related Earnings (FRE) reached 14.6 million reais in the 1Q’26, up 26% year - over - year, driven by higher management fees from
Slide 21: Corporate Advisory
21 Corporate Advisory Fee Related Earnings (FRE) and Segment Distributable Earnings totaled R$8.9 million in the 1Q26 LTM ∆ YoY (%) 1Q'26 LTM 1Q'25 LTM ∆ YoY (%) 1Q'26 4Q'25 1Q'25 (R$ THOUSANDS, UNLESS MENTIONED) N/A – – N/A – – – Net revenue from management fees (34)% 22,028 33,556 259% 1,639 6,837
Slide 22: Supplement Details
22 Supplement Details
Slide 23: AuM Rollforward
23 See notes and definitions at end of document AuM¹ Rollforward Total Real Assets Equities Private Equity Credit Global IP&S In R$ millions 354,108 15,476 15,286 15,390 36,464 271,492 Beginning balance (153) (54) – (31) (62) (6) (+/ - ) Capital Subscription / (capital return) 258 147 – – 112 – (+)
Slide 24: Fee-Earning AuM Rollforward
24 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 346,490 12,684 15,240 12,541 35,870 270,156 Beginning balance (153) (54) – (31) (62) (6) (+/ - ) Capital Subscription / (capital return) 258 147
Slide 25: Investment records – Credit and Equities Funds
25 Investment records – Credit and Equities Funds Hurdle Rate Market Comparison 24 M 12 M YTD 1Q’26 NAV¹ (R$ millions) Segment Fund or Strategy IPCA + Yield IMA - B IPCA + Yield IMA - B 34.6% 40.3% 8.2% 8.2% 287.5 Equities Vinci Total Return² IBOV IBOV 31.7% 40.6% 12.7% 12.7% 965.1 Equities Mosaico
Slide 26: Investment records – Global IP&S and Real Assets Funds
26 Investment records – Global IP&S and Real Assets Funds See notes and definitions at end of document 24 M 12 M YTD 1Q’26 Benchmark 27.7% 14.8% 3.4% 3.4% CDI 2 20.6% 12.5% 3.9% 3.9% IMA - B 3 9.8% 4.1% 1.9% 1.9% IPCA 4 13.6% 16.8% 2.5% 2.5% IFIX 5 Hurdle Rate Market Comparison 24 M 12 M YTD 1Q’26 N
Slide 27: Investment records – Closed End funds
27 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 28: Shareholder Dividends & Share Summary
28 See notes and definitions at end of document Shareholder Dividends & Share Summary 1Q’26 4Q'25 3Q'25 2Q'25 1Q'25 4Q'24 3Q'24 2Q'24 ($ in thousands) 62,237 81,288 73,092 75,759 62,306 73,946 57,104 58,401 Adjusted Distributable Earnings (R$) 12,702 15,605 13,645 13,964 11,027 12,804 9,872 10,331 A
Slide 29: Reconciliations and Disclosures
29 Reconciliations and Disclosures
Slide 30: Financials - Income Statement
30 Financials - Income Statement ∆ YoY (%) 1Q'26 LTM 1Q'25 LTM ∆ YoY (%) 1Q'26 4Q'25 1Q'25 (R$ thousands, unless mentioned) REVENUES 47% 861,696 586,606 25% 244,858 219,730 195,529 Net revenue from management fees (28)% 27,519 37,992 (6)% 2,890 13,301 3,077 Net revenue from performance fees (29)% 36
Slide 31: Financials - Non-GAAP Reconciliation
31 Financials - Non - GAAP Reconciliation 1Q'26 LTM 1Q'25 LTM 1Q'26 4Q'25 1Q'25 (R$ thousands, unless mentioned) 331,887 282,731 97,927 85,316 67,404 OPERATING PROFIT (36,231) (50,930) (2,890) (13,301) (3,077) ( - ) Net revenue from realized performance fees 8,711 12,937 – – – ( - ) Net revenue from
Slide 32: Balance Sheet
32 Balance Sheet 03/31/2026 12/31/2025 Assets Current assets 208,545 280,091 Cash and cash equivalents 106,053 121,498 Cash and bank deposits 84,671 153,729 Financial instruments at fair value through profit or loss 17,821 4,864 Financial instruments at amortized cost 755,707 1,534,471 Financial ins
Slide 33: Notes to page
33 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 is calculated cons
Slide 34: Notes to page (cont'd)
34 Notes to page 12 (cont’d) 2) Liquid funds’ value are calculated as investment at fair value as of March 31 , 2026 , 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 bonds . For 1 Q’ 24 onwards we
Slide 35: Notes to page (cont'd)
35 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 performance of the largest, most
Slide 36: Notes to page
36 Notes to page 28 1) US $ Distributable Earnings was calculated considering the exchange rate from USD to BRL of 4 . 8999 , as of May 8 , 2026 , when dividends were approved by our Board of Directors . 2) Per Share calculations are based on end of period Participating Common Shares . 3) Actual div
Slide 37: Definitions: Fee related earnings
37 • “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 38: Definitions: AuM
38 • “ 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 entitl
Slide 39: Definitions: capital subscription, MOIC, IRR
39 • “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, Global IP&S and Credit segmen
Slide 40: Office locations
40 Bogota 601 748 6090 Carrera 11 # 79 – 52 Of 801, Edificio 80 - ONCE Barrio El Nogal COLOMBIA Mexico City 52 55 5010 2150 Paseo de los Tamarindos N Σ 90, Torre 1, Piso 21, 05120 MEXICO Lima 51 1 611 5350 Av. Jorge Basadre Nro. 347 Piso 09, Of 902 San Isidro PERU Miami 786 755 4860 1441 Brickell Av
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