Patria Investments (NasdaqGS:PAX) Q4 2025 Earnings call February 03, 2026 09:00 AM ET Speaker8Thank you for standing by. Welcome to the Patria Fourth Quarter and Full Year 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdr ...

4Q25 Earnings Presentation PATRIA INVESTMENTS (NASDAQ: PAX) February 3, 2026 Disclaimer PAX 4Q25 Earnings Presentation This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You can identify these forward-looking statements by the use of words such as "outlook," "indicator," "believes, "expects," "potential," "continues," "may," "will," "could," "should," "seeks, ...

Core Insights - Patria Investments Limited reported strong financial results for Q4 2025 and the full year, highlighting significant growth in fundraising and fee-related earnings [2][4] Financial Performance - Organic fundraising reached $1.7 billion in Q4 2025 and a record $7.7 billion for the full year 2025 [2] - Fee Related Earnings (FRE) for Q4 2025 were $64.3 million, a 17% increase from $54.8 million in Q4 2024, with an FRE margin of 63.6% [4] - For the full year 2025, FRE was $202.5 million, up 19% from $170.1 million in 2024, with an FRE margin of 58.9% [4] - Net income attributable to Patria was $34.5 million for Q4 2025 and $85.6 million for the full year [4] - Distributable Earnings were $78.5 million for Q4 2025, or $0.50 per share, and $200.9 million for the full year, or $1.27 per share [4] Acquisitions and Growth Strategy - Patria announced three acquisitions since the end of Q3 2025, enhancing its capabilities in key asset classes [3] - Acquired a 51% stake in Solis, adding $3.5 billion of FEAUM, focusing on the Private Credit market in Brazil [3] - Acquired Brazilian REIT manager RBR, adding $1.3 billion of permanent capital, making Patria the largest independent manager of listed REITs in Brazil [3] - Announced a pending acquisition of WP Global Partners, a U.S.-based Lower-Middle-Market Private Equity Solutions Manager, with $1.8 billion of FEAUM [3] Dividends - Patria declared a quarterly dividend of $0.15 per share, payable on March 12, 2026, to record holders as of February 20, 2026 [5] Company Overview - Patria is a global alternative asset management firm focused on mid-market segments, with approximately $53 billion in assets under management [7] - The firm specializes in resilient sectors across Latin America, Europe, and the U.S., with a strong presence in various asset classes including Infrastructure, Credit, Real Estate, Private Equity, Solutions (GPMS), and Public Equities [8][9]

Core Viewpoint - Patria Investments Limited has rescheduled its financial results release for Q4 and full year 2025 to February 3, 2026, from the previously announced date of February 10, 2026, and will conduct a conference call at 9:00 a.m. ET [1] Group 1 - Patria is a global alternative asset management firm focused on the mid-market segment, with a strong presence in Latin America and Europe [3] - The firm manages over $51 billion in assets and has 37 years of experience in delivering attractive returns through long-term investments [3] - Patria specializes in sectors such as Agribusiness, Power & Energy, Healthcare, Logistics & Transportation, Food & Beverage, and Digital & Tech Services [4] Group 2 - The company offers various asset classes including Infrastructure, Credit, Real Estate, Private Equity, Solutions (GPMS), and Public Equities [4] - Investment regions for Patria include Latin America, Europe, and the U.S. [4] - Interested parties can sign up for updates and press releases via email through Patria's website [2]

Core Insights - Patria Investments Limited has announced an agreement to acquire WP Global Partners, enhancing its presence and investment capacity in the U.S. lower-middle-market private equity sector [2][3] - The acquisition is expected to increase Patria's Fee Earning Assets under Management (FEAUM) to over $13.3 billion, with nearly 40% of investments in U.S. assets [1][5] Company Overview - Patria has 37 years of experience and manages over $51 billion in assets across five core asset classes, evolving from a product provider to a solutions provider [4][7] - The firm operates more than 35 investment strategies across over 100 products, focusing on infrastructure, credit, and real estate funds [4] Acquisition Details - WP Global Partners, founded in 2005, has deployed over $6 billion across various sectors and has a team of 30 employees, including over ten experienced investment professionals [3] - The transaction involves an all-cash base price equivalent to 1.7% of FEAUM, with an additional cash earn-out based on performance parameters to be paid in 2029 [5] - The addition of WP's approximately $1.8 billion of FEAUM will significantly enhance Patria's global diversification strategy [5]

Core Viewpoint - Patria Investments Limited is acquiring WP Global Partners to enhance its presence and capabilities in the U.S. middle-market private equity sector, responding to growing global investor demand for such investments [2][4]. Group 1: Acquisition Details - The acquisition will increase Patria's Global Private Markets Solutions Fee Earning Assets under Management (FEAUM) to over $13.3 billion, with nearly 40% of investments in U.S. assets as of Q3 2025 [1][4]. - WP Global Partners, founded in 2005, has deployed over $6 billion across various sectors and has a team of 30 employees, including over ten experienced investment professionals [3][4]. - The transaction involves an all-cash base price equivalent to 1.7% of FEAUM, with an additional cash earn-out based on performance parameters to be paid in 2029 [5]. Group 2: Strategic Impact - The acquisition strengthens Patria's local presence and investment capacity in North America, complementing its existing Private Equity Solutions business and advancing its global diversification strategy [2][4]. - The addition of WP's approximately $1.8 billion of Fee-Earning AUM will enhance Patria's product offerings across private equity primaries, secondaries, and co-investments in the U.S. lower middle market [5][4]. - Patria has over 37 years of experience and manages more than $51 billion across five core asset classes, evolving from a product provider to a solutions provider with over 35 investment strategies [4][7].

Core Viewpoint - Patria Investments (PAX) has experienced significant selling pressure, resulting in a 7.7% decline over the past four weeks, but analysts anticipate improved earnings in the near future [1] Group 1: Technical Analysis - The Relative Strength Index (RSI) is utilized to determine if PAX is oversold, with a current reading of 26.11 indicating potential exhaustion of selling pressure [2][5] - Stocks oscillate between overbought and oversold conditions, and the RSI helps identify potential price reversals, suggesting that PAX may present entry opportunities for investors [3] Group 2: Fundamental Indicators - Analysts have raised earnings estimates for PAX by 2.7% over the last 30 days, indicating a consensus expectation for improved performance [7] - PAX holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks, which signals a strong potential for a turnaround [8]

Core Viewpoint - Growth investors are focused on stocks with above-average financial growth, but identifying such stocks can be challenging due to associated risks and volatility [1] Group 1: Company Overview - Patria Investments (PAX) is recommended as a growth stock by the Zacks Growth Style Score system, which evaluates a company's real growth prospects beyond traditional metrics [2] - The company has a favorable Growth Score and a top Zacks Rank, indicating strong potential for performance [2][11] Group 2: Earnings Growth - Historical EPS growth for Patria Investments is 8.8%, but projected EPS growth for this year is expected to be 25.1%, significantly higher than the industry average of 12% [5] Group 3: Cash Flow Growth - Year-over-year cash flow growth for Patria Investments is currently at 5.6%, surpassing the industry average of 5% [6] - The company's annualized cash flow growth rate over the past 3-5 years is 26.8%, compared to the industry average of 6.6% [7] Group 4: Earnings Estimate Revisions - Current-year earnings estimates for Patria Investments have been revised upward, with the Zacks Consensus Estimate increasing by 2.7% over the past month [9]

Core Viewpoint - Investors are evaluating the value opportunities between Patria Investments (PAX) and BlackRock (BLK) in the Financial - Investment Management sector [1] Group 1: Zacks Rank and Earnings Estimates - PAX has a Zacks Rank of 1 (Strong Buy), while BLK has a Zacks Rank of 3 (Hold), indicating a stronger earnings outlook for PAX [3] - The Zacks Rank emphasizes companies with positive earnings estimate revisions, suggesting PAX is likely to see an improvement in its earnings outlook [3] Group 2: Valuation Metrics - PAX has a forward P/E ratio of 11.00, significantly lower than BLK's forward P/E of 20.65, indicating PAX may be undervalued [5] - PAX's PEG ratio is 0.71, compared to BLK's PEG ratio of 1.44, suggesting PAX has a better valuation relative to its expected earnings growth [5] - PAX's P/B ratio is 1.87, while BLK's P/B ratio is 3.09, further supporting the argument that PAX is more attractively valued [6] Group 3: Value Grades - PAX has earned a Value grade of A, whereas BLK has a Value grade of D, indicating that PAX is viewed more favorably by value investors [6] - The combination of Zacks Rank and Style Scores suggests that PAX is the better investment option compared to BLK at this time [6]

Core Viewpoint - Patria Investments Limited will release its financial results for Q4 and full year 2025 on February 10, 2026, and will host a conference call at 9:00 a.m. ET [1] Company Overview - Patria is a global alternative asset management firm focused on the mid-market segment, with a strong presence in Latin America and Europe [3] - The firm has 37 years of experience and manages over $51 billion in assets, aiming to deliver attractive returns through long-term investments while promoting sustainable development [3] Investment Focus - Patria specializes in various asset classes including Infrastructure, Credit, Real Estate, Private Equity, Solutions (GPMS), and Public Equities [4] - Key sectors of investment include Agribusiness, Power & Energy, Healthcare, Logistics & Transportation, Food & Beverage, and Digital & Tech Services [4] - The investment regions targeted by Patria are Latin America, Europe, and the U.S. [4]