Patria Investments : November 2025 Shareholder Presentation (963996)

About this update from Patria Investments Limited

r esen PATRIA INVESTMENTS (NASDAIg: PAX) November 2025 • • • • • • • • • • • 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 Blackstone 1 Acquisition of Igah (closed in Dec-22) {§} • Venture Capital Acquisition of Nexus (closed in Jul-24) Acquisition of VBI 2 • 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 Kamaroopin 2 Growth Equity Secondaries Co-investments Permanent Capital 0 Acquisition of Credit Suisse's Brazilian REIT business 3 (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†ion 1 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 O zS) $14.7 bn acquired '*^* $7 b n '° H ' g her than cumulative growth $14 bn Inorganic through 3Q25 since 2022 Inv. Day (Inorganic) from '22-'24 (-35 O xS) 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 4Q25 3 '* $35 bn'" xx' $200-225 mn (58-60 O xSmargin) '*" $1.25-1.42 $180 mn (4Q22 through 2025) CAGR ('25-27) +4O O «é CAGR 2 ('25-27) +14 O «â CAGR 2 ('25-27) +13 O «â -$57 mn (4Q24 through 4Q25) $70 bn $260 - 290 mn (58-60 O xSmargin) $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 12.6 0 é | 15.3% 10.4 0 é | 17.0% In USD | In BRL u70bps 500 bps 2O-year pooled Net IRR for flagship buyout funds 2 Pooled Net IRR for latest two fully-invested vintage flagship development funds 2 Outperformance vs benchmark since inception for LatAm High Yield Credit strategy Outperformance vs benchmark since inception for largest REIT types 4 Pooled lRRs 5 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 record 3 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 Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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