February 2026
ShareholderPATRIA INVESTMENTS (NASDAQ: PAX)
Presentation
PAX Shareholder Presentation
Patria Today
Diversified Product Suite
Expanding
Geographical Presence
Broad Distribution
Capabilities
Creating Shareholder Value
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•
•
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
2Local Capital to Local Alternatives
•
•
•
Structural competitive advantage
Unique Investment Capabilities coupled with Best-in-Class Service
Global Capital to Regional/Local Alternatives
1
•
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•
3Local Capital to Global Alternatives
•
•
Global Private Market Solutions platform provides access to fast growing developed market solutions vertical while serving as gateway to global alternative investing for local LatAm investors
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
1988
2006
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•
2021
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2023
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•
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2025
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For more than 37 years, Patria has been •
•
delivering attractive private market returns in • • •
Latin America. •
• •
2024 acquisition of Private Equity Solutions • •
platform significantly enhanced Patria's global
investment capabilities. •
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
At IPO
@IPO
$7.7bn
FEAUM
@IPO
$7.7bn
FEAUM
71%
29%
13%
@IPO
$7.7
44%
bn
FEAUM
43%
Today
Pro-forma
4Q25
$47bn
Pro-forma
FEAUM
BRL
GBP
4Q25
$47bn
Pro-forma
FEAUM
CLP
COP
USD
4Q25
$47bn
Pro-forma
FEAUM
EUR
Over 50% of our FEAUM earn fees based on NAV and/or market returns providing the potential for long-term compounding of capital and related fees
~90% of FEAUM have no or limited redemption windows including 20%+ in permanent capital vehicles
~60% of FEAUM denominated in hard currencies with a target FRE margin of 58%-60%. FRE has limited sensitive to changes in soft currency FX movements.
PAX Shareholder Presentation
Our Growth | Established Track Record of Delivering on Targets and on Path to Mid-teens FRE Growth
@IPO (YE 2020)
2022
Investor Day
2025 Target 2027 Target
Capital
Formation¹
Organic
Inorganic
Fee Earning AUM
Fee Related Earnings
Fee Related Earnings per share
Performance Related Earnings
Patria 2027 Target | Continuing to Enhance our All-Weather Platform
FEAUM By Asset Class
FEAUM By Product Structure
FEAUM By Currency
GBP
BRL
$47bn
4Q25
FEAUM
Pro-forma
CLP
COP
$47bn
4Q25
FEAUM
Pro-forma
4Q25
Pro-forma
EUR
BRL
EoP 27
$70bn
FEAUM
CL
COP
EoP 27
$70bn
FEAUM
$47bn
4Q25
FEAUM
Pro-forma
EoP 27
$70bn
FEAUM
YE27
USD
USD, P
GBP, EURO
Diverse platform with ~50 different Investment Strategies by 2027
+90% as sticky and long-duration
2/3+ still denominated in hard currencies
Patria's AUM 4Q25 | Total Assets Under Management - Significant Capital Available to Deploy and Pent-up Earnings Power
CAGR:
+33%
$14.4bn
$60.1bn
US$
43.3
bn
+
US$
9.3
bn
+
US$
~7.5
bn
Fair Value of Investments
Uncalled Capital
Recent Acquisitions
Pending FEAUM
Performance Fee Eligible AUM
US$
2.9
bn
Pending FEAUM
represents AUM available for future deployment that would generate management fees if deployed
US$
16.2
bn
1/3 invested in
Brazil
1/3 invested in Latam excl. Brazil
1/3 invested in developed markets across Europe and the U.S
IPO 4Q25
Pro-forma
Investment Performance | Delivering Strong Investment Performance Across Asset Classes
Asset Class Investment Performance Highlights1Significant market opportunities with differentiated strategies
•
•
Infrastructure 10.1% | 16.6% •
In USD | In BRL
•
•
Credit 370bps •
In USD | In BRL
•
•
Real Estate 500+bps •
17 - 18%
Global Private Markets •
Solutions •
•
Private Equity 11.0% | 14.4% •
In USD | In BRL
…Drives our Capacity to Generate Earnings Growth…
Fee Related Earning per
share
$1.60-1.80
$1.42-1.54
$1.28
$0.88
$0.99
$1.12
$0.62
Creating Long-Term Value for Our Shareholders
FEAUM Growth…
…and Capital Allocation Supports Shareholder Returns and Future Growth Initiatives
Fee Earning AUM
Dividends •
•
in $bn
$47
$32.9
$23.9
$17.9
$19.2
$7.7
Share •
Repurchase
•
Strategic M&A
and Other •
Growth Initiatives
Balance Sheet •
Light ->
Additional
Growth •
capacity
At Early Stages of Leveraging Expanded Global & Local Distribution Capabilities; Another Long-Term Growth Catalyst
11 Commercial Offices Around the Globe
Strong client relationship Seasoned team managing client relations, on average for more than
15years
Global Commercial Structure
120+people
% of AUM Sourced from
(vs.~5 at IPO)
We expect to expand our Local-Hub Business Model from the current 3 regional hubs to 7 over the next 3 to 5
years
2022
Latam ex. Brazil | 31% | ||
2023 | Europe & Middle East | 27% | |
Brazil | 18% | ||
2024 | North America | 16% | |
APAC | 9% |
Number of Local Retail
Investors
1.0+million
4
4
8
Relationship
Highlights
(vs.~25 k pre-IPO)
PAX Shareholder Presentation
Financial Overview
PAX Shareholder Presentation
First… A Summary of Key Terminology to Help You Understand Our Business
Key Performance Metrics Financial Metrics
We've generated very strong growth since our IPO
FEAUM
40%+CAGR
Mgt. Fees
~25%CAGR
FRE/share
~25%CAGR
Note: CAGR 2020-2025 FY
Our Fee Earnings AUM Growth Has Been Strong as We've
Diversified Our Business
Pro-forma Fee Earning AUM ($bn)
Genial &
Solis2, RBR Gestão & WP Partners Jan, 2026
CAGR
44%
Ç47bn
Acquisitions
Moneda
Dec, 2021
KMP
Mar, 2022
IGAH
Dec, 2022
VBI1
Jun, 2022
Credit Suisse
& Nexus
Jul, 2024
Abrdn Solutions
Apr, 2024
Bancolombia
Nov, 2023
Vectis REITs
Jul, 2025
Ç7.7 bn
(1) 50% Acquisition of VBI in June 2022 and remaining 50% in July 2024; (2) Initially acquired 51% of Solis. Remaining 49% expected to be acquired after 3 years through a put/call mechanism.
Diversification Enhances our Management Fee Growth and
Resilience
Management fee (US$ mn)
Solis2, RBR Gestão & WP Partners Jan, 2026
CAGR
25%
Acquisitions
VBI1
Jun, 2022
KMP
Mar, 2022
Moneda
Dec, 2021
IGAH
Dec, 2022
Credit Suisse
& Nexus
Jul, 2024
Abrdn Solutions
Apr, 2024
Bancolombia
Nov, 2023
Vectis & Genial REITs Jul, 2025
Resilient
Diversified
(1) 50% Acquisition of VBI in June 2022 and remaining 50% in July 2024; (2) Initially acquired 51% of Solis. Remaining 49% expected to be acquired after 3 years through a put/call mechanism.
We expect our strong
growth to continue through 2027 and beyondFEAUM
~30%CAGR
2024-2027
Mgt. Fees
~20%CAGR
2024-2027
FRE/share
~15%CAGR
2024-2027
Note: Based on midpoint guidance
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 4Q25, FEAUM of Ç40.8bn and YTD net inflows of 2.4bn, reflecting an ~7% annualized organic growth rate
~2x
in3yrs.
~Ç70bn
~Ç33bn
2024 FEAUM (+) Inflows (-) Distributions & Redemptions (+) Valuation Impact 2027 FEAUM
FRE per Share Growth… A Key Measure of our Success in
Building Value
Fee Related Earning ($bn)
CAGR
2022-24
~14%
CAGR
2024-27
~17%
$203mn
$260-290mn
target
$225-245mn
target
Management fees
Fee Related Earnings
$130mn
$0.88
FRE/share
$170mn
$1.28
FRE/share •
•
•
FRE
Margin
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