Core Viewpoint - Patria Investments Limited (PAX) is identified as a strong value stock, currently holding a Zacks Rank of 2 (Buy) and a Value grade of A, indicating it is likely undervalued in the market [4][9]. Valuation Metrics - PAX has a Forward P/E ratio of 10.5, significantly lower than the industry average of 17.75, with historical values ranging from 7.42 to 11.39 over the past year [4]. - The PEG ratio for PAX is 0.71, compared to the industry average of 1.25, with a historical range of 0.55 to 1.66 [5]. - PAX's P/B ratio stands at 1.75, which is favorable compared to the industry average of 3.82, with a historical range of 1.20 to 1.79 [6]. - The P/S ratio for PAX is 2.18, lower than the industry average of 3.14, indicating a solid revenue performance [7]. - PAX has a P/CF ratio of 20.79, which is also lower than the industry average of 38.91, with historical values between 14.19 and 21.24 [8]. Investment Outlook - The combination of these valuation metrics suggests that Patria Investments Limited is currently undervalued, making it an attractive option for value investors [9].

Group 1 - Patria will release its financial results for Q2 2025 on August 1, 2025, and will host a conference call at 9:00 a.m. ET [1] - The company distributes its earnings releases via its website and email lists, allowing interested parties to sign up for updates [2] - Patria is a global alternative asset management firm with a focus on the mid-market segment, managing over $45 billion in assets [2] Group 2 - The firm specializes in resilient sectors such as agribusiness, power & energy, healthcare, logistics & transportation, food & beverage, and digital & tech services [3] - Investment regions include Latin America, Europe, and the U.S. [3] - Patria has 36 years of experience and aims to deliver attractive returns while promoting inclusive and sustainable development [2]

Group 1 - The core investment opportunity identified for early 2025 is Patria Investments (PAX), which is an alternative asset manager experiencing rapid growth [1] - The company is currently offered at a favorable valuation despite its growth trajectory [1] Group 2 - A promotional offer is available for new subscribers, providing a discount of $100 off the first year, emphasizing the urgency of the offer [2] - The company invests significant resources, including thousands of hours and over $100,000 annually, into researching profitable investment opportunities [2]

Group 1 - The article highlights that Patria Investments (NASDAQ: PAX) has become a significant investment holding for the author, indicating strong confidence in the company's future performance [1] Group 2 - The company has released its latest top investment picks for July 2025, suggesting a proactive approach to identifying profitable opportunities [2] - A substantial investment of over $100,000 annually is dedicated to researching high-yield strategies, reflecting a commitment to delivering value to investors [2] - The approach has garnered over 180 five-star reviews from members, indicating a positive reception and effectiveness of the investment strategies [3]

Summary of Patria's Infrastructure Business Conference Call Company Overview - **Company**: Patria - **Focus**: Infrastructure business, specifically in Latin America - **Key Personnel**: Robert Lee (Head of Shareholder Relations), Matt Cook (Investor at Potento Partners), Roberto Siddharra (Partner and Chief of Portfolio Management for Infrastructure) Key Points and Arguments Infrastructure Platform - Patria's infrastructure platform started in 2006 and is currently raising Development Fund V with over **$2.1 billion** in fee-paying commitments [5] - The platform has **$6.7 billion** in Assets Under Management (AUM), with **$3.7 billion** in fee-earning AUM and **$1.6 billion** in pending fee-earning AUM [5] - Infrastructure generated approximately **17%** of management fee revenues in Q1, with expectations for Infrastructure Fund III to be a major source of performance fee generation [5] Growth Potential - Infrastructure fee-paying AUM is expected to grow from **10%** to **12%-16%** of total fee-earning AUM, indicating a potential growth rate of over **30%** per annum [6] - Significant deployment opportunities exist, with an actionable pipeline of over **$400 billion** in the region over the next five years [7] Competitive Advantage - Patria has over **80 professionals** in its infrastructure business, including engineers and operations professionals, providing a competitive edge in generating consistent excess returns [6] - The firm has a specialized investment team organized into verticals, allowing for in-depth market knowledge and relationships [28] Market Opportunities - Recent privatizations in Brazil, such as SABESP (valued at over **$8 billion**) and Electrobras (valued at over **$12 billion**), present significant opportunities for Patria [16] - The firm is well-positioned to capitalize on upcoming auctions in various sectors, including **30,000 kilometers** of transmission lines and **5,000 kilometers** of toll roads, with expected CapEx exceeding **$20 billion** [93][95] Data Center Platform - Patria has launched a new data center platform called Omnia, starting with over **100 megawatts** in IT capacity and an initial commitment of around **$1 billion** [21][22] - The demand for data centers is expected to grow significantly, driven by advancements in AI and the availability of renewable energy in Brazil [24] Value Creation Strategy - Patria employs a hands-on approach to managing portfolio companies, focusing on operational efficiency and cost reduction [40][43] - The firm has successfully implemented strategic procurement initiatives, saving millions across its portfolio [45] - Examples of successful value creation include reducing operational expenses in toll roads by **15%-20%** and improving asphalt procurement strategies [43][66] Investor Relations and Fundraising - Strong relationships with Limited Partners (LPs) have led to co-investments and direct involvement in auctions, enhancing fundraising capabilities [75][76] - The firm has a track record of successful fundraising, with significant capital raised from sovereign wealth funds [6] Conclusion - Patria's infrastructure business is positioned for substantial growth, driven by a robust pipeline of opportunities, a competitive team, and a strategic focus on value creation. The firm aims to leverage its expertise to capture a significant share of the privatization and infrastructure development market in Latin America.

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Financial Performance - Patria reported GAAP Net Income of US$215 million for 3Q21 and US$1080 million year-to-date[8] - Fee Related Earnings (FRE) reached $218 million in 3Q21, a 25% increase compared to 3Q20 when adjusted for comparable compensation structure[11, 17] - Distributable Earnings (DE) amounted to $225 million in 3Q21 and $1137 million year-to-date[12, 15] - The company declared a quarterly dividend of $0140 per common share, payable on December 16, 2021[6, 12] Assets Under Management - Total Assets Under Management (AUM) stood at $151 billion as of September 30, 2021, reflecting an 18% increase year-over-year[6, 12, 24] - Fee-Earning AUM (FEAUM) totaled $92 billion as of September 30, 2021, up 22% year-over-year[12, 32] - Performance Revenue Eligible AUM (PREAUM) represented 84% of Total AUM, amounting to $127 billion[12, 24] Fundraising and Deployment - Total Fundraising reached $274 million over the Last Twelve Months (LTM)[12] - Total Deployment amounted to $18 billion year-to-date and $32 billion over the LTM[12] - Total Realizations reached $192 million over the LTM[12] Accrued Performance Fees - Net Accrued Performance Fees were $314 million as of September 30, 2021[12, 20]

São Paulo Bogotá Montevideo Santiago Patria's New Growth Equity Strategy DECEMBER 2021 Kamaroopin Transaction Overview Disclaimer This presentation is for informational purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase any securities of Patria Investments Limited. The information contained herein does not purport to be all-inclusive. The data contained herein is derived from various internal and external sources. Any estimates or proje ...

Economic Overview - As of 2023, Latin America and the Caribbean had a combined estimated total GDP of US$7.1 trillion, with an average GDP per capita of US$10,797 and average real growth of nearly 2.8% per annum over the past 50 years [600]. - Chile's GDP was estimated at US$301 billion in 2023, with exports of goods and services accounting for approximately one-third of its economy [602]. - Inflation in Chile reached 12.8% in 2022, but decreased to 3.9% by the end of 2023 [602]. Currency Exchange Rates - The real/U.S. dollar exchange rate was R$4.841 per US$1.00 on December 31, 2023, reflecting a 7.2% appreciation of the real against the U.S. dollar during 2023 [601]. - In 2024, the real depreciated 21.8% to R$6.192 per US$1.00 on December 31, 2024 [601]. Revenue and Income - Net revenue from services for 2024 was $374.2 million, an increase of $46.6 million or 14.2% from $327.6 million in 2023 [629]. - Net revenues from services in 2023 amounted to US$327.6 million, an increase of US$68.7 million, or 26.5%, from US$258.9 million in 2022 [645]. - Revenue from management fees increased by $41 million in 2024, contributing to the overall growth in net revenue from services [629]. - Performance fees decreased by $12 million in 2024, reflecting the variable nature of these fees and their dependency on investment fund performance [629]. - Net income for the year decreased to $75.7 million in 2024, down $45.1 million or 37.3% from $120.8 million in 2023 [638]. - Net income for the year was US$120.8 million, an increase of US$15.6 million, or 28.4%, from US$94.1 million in 2022 [654]. Expenses - Personnel expenses rose to $111.7 million in 2024, up $32.9 million or 41.8% from $78.8 million in 2023, primarily due to additional personnel from acquired businesses [630]. - Personnel expenses in 2023 were US$78.8 million, an increase of US$9.0 million, or 12.9%, from US$69.8 million in 2022 [646]. - Other expenses increased to $45.8 million in 2024, up $27.1 million from $18.7 million in 2023, driven by adjustments related to acquisitions and integration costs [633]. - Net financial expenses increased significantly to $20.6 million in 2024, up $18.9 million from $1.7 million in 2023, mainly due to higher interest expenses and unrealized losses [635]. - Income tax expense for 2024 was $10.3 million, an increase of $13.1 million from a positive balance of $2.8 million in 2023, attributed to tax rate differences in foreign subsidiaries [637]. - Amortization of intangible assets increased by $8.3 million or 37.4% from $22.4 million in 2023 to $30.7 million in 2024, due to higher values of identifiable intangible assets from acquisitions [632]. - Carried interest allocation decreased to $20.9 million in 2024, down $4.4 million or 17.4% from $25.3 million in 2023, due to lower recognized performance fee revenue [630]. Cash Flow and Financing - Cash flows provided by operating activities decreased by US$10.8 million, from US$156.7 million in 2023 to US$145.9 million in 2024 [659]. - Cash flows used in investing activities decreased by US$36.9 million, from US$62.2 million in 2023 to US$25.3 million in 2024 [661]. - As of December 31, 2024, the company had US$92.4 million in cash, cash equivalents, and short-term investments [656]. - Net cash flows from financing activities improved by US$77.9 million, decreasing from US$229.6 million used in 2023 to US$151.7 million used in 2024 [663]. - Dividends paid to shareholders were US$132.4 million in 2024, compared to US$145.1 million in 2023 and US$103.3 million in 2022 [663]. - Capital expenditures increased significantly to US$131.4 million in 2024 from US$45.2 million in 2023 and US$54.5 million in 2022 [667]. - As of December 31, 2024, the company had US$228 million in outstanding indebtedness on credit facilities, with no financial indebtedness in 2023 and 2022 [665]. - The company plans to fund future capital expenditures through operating cash flow, existing cash, and credit facilities [668]. - Financing activities included US$86.2 million for settlement of financing arrangements related to acquired businesses and US$141.3 million in SPAC shareholder redemptions [663]. Strategic Focus - The company is focused on mergers and acquisitions as part of its inorganic growth strategy, impacting future capital requirements [668]. - The company made US$14.7 million in financing arrangement settlements for acquired businesses in 2023 [664]. - The company regularly reevaluates its accounting estimates, which could lead to material differences in reported financial results [669]. Accounting and Reporting - The company follows a five-step guidance to recognize revenue in accordance with IFRS 15, which includes identifying contracts and performance obligations [609]. - Financial income is mainly composed of interest on highly liquid investments and realized and unrealized gains on long-term investments [621]. - Cybersecurity-related costs represented 21% and 24% of administrative expenses for the years ended December 31, 2024 and 2023, respectively [606]. - Deferred consideration related to the acquisition of Moneda included US$58.7 million expected to be paid to former shareholders, with US$28.7 million outstanding as of December 31, 2024 [616].