Patria Investments : February 2026 Shareholder Presentation (70ab50)

About this update from Patria Investments Limited

February 2026 Shareholder PATRIA INVESTMENTS (NASDAQ: PAX) Presentation PAX Shareholder Presentation Patria Today Diversified Product Suite Expanding Geographical Presence Broad Distribution Capabilities Creating Shareholder Value • • • 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 2 Local Capital to Local Alternatives • • • Structural competitive advantage Unique Investment Capabilities coupled with Best-in-Class Service Global Capital to Regional/Local Alternatives 1 • • • 3 Local 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 • • 2021 • 2023 • • • 2025 • • • • 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 $7.7 bn FEAUM @IPO $7.7 bn FEAUM 71% 29% 13% @IPO $7.7 44% bn FEAUM 43% Today Pro-forma 4Q25 $47 bn Pro-forma FEAUM BRL GBP 4Q25 $47 bn Pro-forma FEAUM CLP COP USD 4Q25 $47 bn 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 $47 bn 4Q25 FEAUM Pro-forma CLP COP $47 bn 4Q25 FEAUM Pro-forma 4Q25 Pro-forma EUR BRL EoP 27 $70 bn FEAUM CL COP EoP 27 $70 bn FEAUM $47 bn 4Q25 FEAUM Pro-forma EoP 27 $70 bn 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% $ 14.4 bn $ 60.1 bn 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 Highlights 1 Significant market opportunities with differentiated strategies • • Infrastructure 10.1% | 16.6% • In USD | In BRL • • Credit 370 bps • 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 $7.7 Share • Repurchase • Strategic M&A and Other • Growth Initiatives Balance Sheet • Light -> Additional Growth • capacity At Early Stages of Leveraging Expanded Global & Local Distribution Capabilities; Another Long-Term Growth Catalyst 11 Commercial Offices Around the Globe Strong client relationship Seasoned team managing client relations, on average for more than 15 years Global Commercial Structure 120+ people % of AUM Sourced from (vs.~5 at IPO) We expect to expand our Local-Hub Business Model from the current 3 regional hubs to 7 over the next 3 to 5 years 2022 Latam ex. Brazil 31% 2023 Europe & Middle East 27% Brazil 18% 2024 North America 16% APAC 9% Number of Local Retail Investors 1.0+ million 4 4 8 Relationship Highlights (vs.~25 k pre-IPO) PAX Shareholder Presentation Financial Overview PAX Shareholder Presentation First… A Summary of Key Terminology to Help You Understand Our Business Key Performance Metrics Financial Metrics We've generated very strong growth since our IPO FEAUM 40%+ CAGR Mgt. Fees ~25% CAGR FRE/share ~25% CAGR Note: CAGR 2020-2025 FY Our Fee Earnings AUM Growth Has Been Strong as We've Diversified Our Business Pro-forma Fee Earning AUM ($bn) Genial & Solis 2 , RBR Gestão & WP Partners Jan, 2026 CAGR 44% Ç47 bn Acquisitions Moneda Dec, 2021 KMP Mar, 2022 IGAH Dec, 2022 VBI 1 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) Solis 2 , RBR Gestão & WP Partners Jan, 2026 CAGR 25% Acquisitions VBI 1 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 beyond FEAUM ~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. ~Ç70 bn ~Ç33 bn 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 Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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