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PATRIA INVESTMENTS (NASDAIg: PAX)
November 2025
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PAX Shareholder Presen†o†ion
Our History | The Road †o Building a Diversified, Fas† Growing, and Resilien† Business †o Become †he Dominan† AI†erna†ive Manager in La†in America
Launch of Private Equity Strategy
Partnership with Blackstone1
Acquisition of Igah (closed in Dec-22)
{§}
•
Venture Capital
Acquisition of Nexus (closed in Jul-24)
Acquisition of VBI2 • Real Estate (Colombia)
Real Estate (Permanent Capital)
o )99& o 20)0 2022 2024
PAT2 IA
1988 2006 2021 2023
2025
{$ Foundation and {$ Launch of
partnership Infrastructure Strategy with Salomon Brothers
O IPO at Nasdaq O
0 Acquisition of Moneda (closed in Dec-21)
Venture with Bancolombia (closed Nov-23)
Real Estate (Permanent Capital)
Colombia
O Acquisition of Genial & Vectis' Brazilian REITs
(closed in July-25)
REIT (Permanent
For more †han 37 years, Pa†ria has been
delivering «††rac†ive private marke† re†urns
Credit
Public Equities
0 • Chile
Acquisition of Private Equity Solutions *
"0
platform from abrdn (closed Apr-24)
Primaries
Capital)
Announced acquisition of
in La†in America.
2024 acquisition of Private Equi†y Solutions platform significantly enhanced Pa†ria's global inves†men† capabilities.
Acquisition of Kamaroopin2
Growth Equity
Secondaries
Co-investments
Permanent Capital
0
Acquisition of Credit Suisse's Brazilian
REIT business3 (closed in Jul-24)
REIT (Permanent Capital)
0 Solis Investimentos (announced in Nov-25 and expected to close in 1Q26)
Private Credit (CLOs)
(1) Blackstone fully exited its ownership position in PAX in 2022; (2) Initially acquired 40% of Kamaroopin in Feb-22. The remaining 60% was acquired in Apr-23 (3) Initially acquired 50% of VBI. The remaining 50% was acquired in Aug-24; (3) As of Jul-24,
Patria concluded the transfer of underlying funds. 5
PAX Shareholder Presen†o†ion
PAT2IA
Our
FRE
G o h | Es†oblished Trock Record of Delivering on Torge†s ond on Po†h †o Mid-†eens
Capital
Forma†ion1
organic
@IPO 2022
(YE 2020) Investor Day
2025 Targe†
$30.9 bn inflows through "°"" $20 bn*«"
3Q25 since 2022 Investor Day (4Q22 through 2025)
$16.1 bn raised organically /i13 bn '*"
through 3Q25 since 2022 lnv. Day (Fundraising)
Growth Target is
+30%
2027 Targe†
+$35 bn
(4Q24 through 2027)
$21 bn
(-65 OzS)
$14.7 bn acquired '*^* $7 b n '° H'gher than cumulative growth
$14 bn
Inorganic
through 3Q25 since 2022 Inv. Day (Inorganic)
from '22-'24
(-35 OxS)
Fee Earning
AUM
Fee Related
Earnings
Fee Related Earnings per share
Performance Related Earnings
$8bn -}• $19bn
2022 Actual
$57mn -}• $130 mn'*"
(57% margin)
$0.88
$0.62 -*' 2022 Actual
>f' $58 mn
$39 bn
(3Q25)
$121 mn i "
Includes $15 mn in 4Q253
'* $35 bn'"
xx' $200-225 mn
(58-60 OxSmargin)
'*" $1.25-1.42
$180 mn
(4Q22 through 2025)
CAGR
('25-27)
+4OO«é
CAGR2 ('25-27)
+14O«â
CAGR2 ('25-27)
+13O«â
-$57 mn
(4Q24 through 4Q25)
$70 bn
$260 - 290 mn
(58-60 OxSmargin)
$1.60 - 1.80
$120 - 140 mn
(4Q24 through 2027)
(1) Capital Formation including FY22; (2) CAGR calculated on a three-year basis (mid-point of the range) (3) Includes already announced 4Q25 PRE expectation 7
PAX Shareholder Presen†o†ion (**7*ttT2 I /*tt
Inves†men† Performonce | Delivering S†rong Inves†men† Performonce Across Asse† Closses
Asse† Class
Inves†men† Performance Highlights*
Significan† marke† oppor†uni†ies wi†h differen†ia†ed
s†rci†egies
Private Equi†y
30-year strategy
Infras†ruc†ure
20-year strategy
Credi†
24-year strategy
Real Es†a†e
18-year strategy
Global Private Markets Solutions
20+ year strategy
12.60é | 15.3%
10.40é | 17.0%
In USD | In BRL
u70bps
500 bps
2O-year pooled Net IRR for flagship buyout funds2
Pooled Net IRR for latest
two fully-invested vintage flagship development funds2
Outperformance vs benchmark since inception for LatAm High Yield Credit strategy
Outperformance vs benchmark
since inception for largest REIT types4
Pooled lRRs5 for Primaries, Secondaries & Co-investments strategies
Strong sector expertise (healthcare, logistics, food & beverage, agribusiness and B2B services)
Consolidation strategy not dependent on leverage, focused on building platforms in key sectors
Develop, de-risk and sell strategy
Strong development capacity, with over $20 bn in CapEx, and on time/on budget track record3
One of the largest & most experienced LatAm corporate credit teams
$1+ Tn global private credit market... still nascent in LatAm
AUM base is mostly permanent capital
Tax advantages of REITs in Brazil enhances attractiveness to investors
Consolidation opportunity in large fragmented market
Fast growing secondaries and co-investment strategies
Conduit for local capital to access global alternatives
Focuses on middle market managers in Europe and North America
(1) Performance highlights do not represent the comprehensive return profile of each strategy/asset class, and in some cases may highlight the largest or longest tenured fund or vehicle; (2) Returns as of 3Q25; (3) Capex developed/contracted; (4) Logistics, Office,
Credit, Street Retail, FoF and Diversified REITs with AUM in excess of US$75mn; (5) Returns represent the pooled internal rate of return net of management fees, carried interest and expenses charged by the general partners of the underlying investments but before
the reduction of platform's management fees and carried interest, fund expenses and gains/losses on distributed securities. Primaries IRR is 17%, Secondaries IRR is 18%, and Co-investments IRR is 18%, as of 30 June 2025. 10
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