Core Insights - Patria Investments (PAX) is a rapidly growing asset manager focused on the Latin American market [1] Company Overview - Patria Investments has been covered by analysts for some time, with a positive outlook since an introductory article in early 2024 that assigned a Buy rating [1] Analyst Background - The author of the analysis has an honours degree in economics and politics, specializing in economic development, and possesses 36 years of executive management experience [1]

Core Viewpoint - Investors are comparing Patria Investments (PAX) and KKR & Co. Inc. (KKR) to determine which stock offers better value for investment at the current time [1] Group 1: Zacks Rank and Earnings Outlook - Patria Investments has a Zacks Rank of 2 (Buy), indicating a positive earnings outlook, while KKR has a Zacks Rank of 3 (Hold) [3] - The Zacks Rank system emphasizes companies with positive earnings estimate revisions, suggesting that PAX is likely experiencing a more favorable earnings outlook than KKR [3] Group 2: Valuation Metrics - PAX has a forward P/E ratio of 12.00, significantly lower than KKR's forward P/E of 23.03, indicating that PAX may be undervalued [5] - The PEG ratio for PAX is 0.81, while KKR's PEG ratio is 1.17, suggesting that PAX offers better value relative to its expected earnings growth [5] - PAX's P/B ratio is 1.5 compared to KKR's P/B of 1.58, further supporting the argument that PAX is a more attractive investment option based on valuation metrics [6] Group 3: Overall Value Assessment - Based on various valuation metrics, PAX holds a Value grade of A, while KKR has a Value grade of D, indicating that PAX is currently the superior value option [6]

Financial Data and Key Metrics Changes - Patria's assets under management (AUM) exceeded $50 billion, representing a growth of over 3.5 times since its IPO in 2021 [6][7] - Organic fundraising surpassed $1.5 billion in Q3 2025, with year-to-date totals reaching $6 billion, indicating strong momentum [8][11] - Fee earning AUM grew to approximately $38.8 billion, up 4% sequentially and 14% year-over-year [19][20] - Fee related earnings (FRE) for Q3 2025 were reported at $49.5 million, reflecting a 22% increase year-over-year and a 7% increase sequentially [22][23] - Distributable earnings reached $46.9 million, up 34% year-over-year and 22% sequentially [26] Business Line Data and Key Metrics Changes - The infrastructure and credit businesses led the organic fundraising efforts, contributing significantly to the overall growth [8][12] - The infrastructure Fund V raised $2.9 billion, marking a 40% increase compared to the previous vintage, making it the largest dedicated infrastructure fund focused on Latin America [12][13] - The credit business surpassed its total 2024 fundraising by nearly 15%, reaching $1.6 billion in 2025 [12] Market Data and Key Metrics Changes - The depreciation of the U.S. dollar against other currencies is seen as a catalyst for international portfolio diversification, prompting investors to seek exposure in regions with stronger fundamentals [10][11] - There is increased global interest in infrastructure investments in Latin America, benefiting Patria as a leading infrastructure investor in the region [11][12] Company Strategy and Development Direction - The company aims to raise $21 billion from 2025 to 2027, with specific targets of $6 billion in 2025, $7 billion in 2026, and $8 billion in 2027 [16] - Patria plans to focus on organic growth in 2025, with a potential restart of acquisition efforts in 2026 and 2027, particularly in real estate and credit sectors [35][36] - The company is looking to expand its GPMS (Global Private Market Solutions) business, particularly in the U.S. and Mexico, to enhance its global presence [36][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in exceeding the high end of the 2025 fundraising target of $6.6 billion, supported by strong fundraising momentum [16][18] - The company expects to generate approximately $15 million in performance-related earnings in Q4 2025, with potential for more monetization events [10][24] - The overall macroeconomic environment, characterized by persistent inflation and high interest rates, is seen as favorable for fundraising efforts [12][13] Other Important Information - The effective tax rate for Q3 2025 was reported at 3.3%, with expectations to hover around 10% annually in the coming years [26] - The Board approved an annual dividend of $0.60 per share for 2025, with a declared dividend of $0.15 per share for Q3 [27] Q&A Session Summary Question: Update on capital deployment pacing with $3.2 billion in pending fee earning AUM - Management indicated that the pending AUM will likely be deployed over the next 12 to 18 months, primarily in infrastructure investments [30][33] Question: Update on inorganic growth and asset classes of interest - Management stated that no acquisitions are planned for 2025, with a focus on organic growth, and potential acquisitions in real estate and credit sectors in 2026 and 2027 [34][35] Question: FRE guidance for the year and potential upside in Q4 - Management expects around $10 million to $12 million from incentive fees in Q4, which will be a significant contributor to surpassing the $200 million FRE target [44][46] Question: Update on GPMS product cross-sell evolution - Management highlighted successful phases in gaining client confidence and attracting new investments, with plans to launch new products in the GPMS structure [66][75]

Financial Data and Key Metrics Changes - As of the end of Q3 2025, the company's assets under management (AUM) exceeded $50 billion, representing a growth of over 3.5 times since the IPO in 2021 [4] - Year-to-date organic fundraising reached $6 billion, with a strong Q3 contribution of $1.5 billion, positioning the company to exceed its full-year target of $6.6 billion [5][11] - Fee-earning AUM grew to $38.8 billion, reflecting a 4% sequential increase and a 14% year-over-year growth [8][19] - Fee-related earnings (FRE) for Q3 2025 were reported at $49.5 million, up 22% year-over-year and 7% sequentially, with a per-share increase of 8% sequentially and 19% year-over-year [8][23] - Distributable earnings reached $46.9 million, or $0.30 per share, marking a 31% year-over-year increase [9][28] Business Line Data and Key Metrics Changes - The infrastructure and credit businesses led the organic fundraising efforts, contributing significantly to the overall growth [5][12] - The infrastructure fund 5 raised $2.9 billion, making it the largest dedicated infrastructure fund in Latin America, with a 40% increase compared to the previous vintage [12] - The credit business surpassed total 2024 fundraising by nearly 15%, raising $1.6 billion year-to-date [13] Market Data and Key Metrics Changes - The company noted a trend of global investors seeking exposure to non-U.S. markets due to the depreciation of the U.S. dollar, which is expected to support fundraising efforts [11] - The company is experiencing increased interest in infrastructure investments in Latin America, benefiting from its position as a leading infrastructure investor in the region [12] Company Strategy and Development Direction - The company aims to diversify and grow its business both organically and inorganically, with a focus on expanding its investment strategies and geographic footprint [17][36] - The company plans to resume acquisition efforts in late 2025 or 2026 after a pause to integrate previous acquisitions and demonstrate organic growth [34][35] - The company is particularly interested in credit and real estate asset classes for future acquisitions, with a focus on expanding its U.S. presence [36][37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in exceeding the high end of the 2025 fundraising target and anticipates a strong performance in Q4, driven by incentive fees and increased management fees from fundraising [39][41] - The company expects to generate approximately $15 million in performance-related earnings in Q4 2025, with potential for more realizations from its infrastructure fund [10][49] - The management highlighted a favorable regulatory environment in Brazil for data centers, which could lead to significant investment opportunities [42][45] Other Important Information - The company has a share repurchase program authorized for up to 3 million shares, with a total return swap in place for 1.5 million shares [9][28] - The effective tax rate for Q3 was 3.3%, with expectations for it to hover around 10% annually in the coming years [27] Q&A Session Summary Question: How is the company thinking about the pacing of capital deployment with $3.2 billion in pending fee-earning AUM? - Management indicated that most of the pending fee-earning AUM will be deployed over the next 12 to 18 months, primarily in infrastructure investments [31][32] Question: What is the company's strategy for inorganic growth moving forward? - Management stated that they plan to restart acquisition efforts in late 2025 or 2026, focusing on credit and real estate asset classes, with a particular interest in expanding in the U.S. [34][36] Question: Can you provide an update on the FRE guidance for this year? - Management expects to surpass the $200 million FRE target, primarily driven by anticipated incentive fees and increased management fees from fundraising [39][41] Question: What is the mechanism behind the total return swap mentioned in the call? - Management explained that the total return swap involves purchasing shares on behalf of the company, which will be settled by mid-2026 [28]

Financial Performance - Patria reported IFRS Net Income attributable to shareholders of $225 million for 3Q25[23] - Distributable Earnings (DE) reached $469 million in 3Q25, a 34% increase compared to 3Q24 and a 21% increase compared to 2Q25[38] - DE per share was $030 in 3Q25, up 31% year-over-year and 22% sequentially[38] - Fee Related Earnings (FRE) totaled $495 million in 3Q25, a 22% increase compared to 3Q24[37] - Management fees amounted to $870 million in 3Q25, a 12% increase compared to 3Q24[37] Assets Under Management (AUM) - Total Assets Under Management (AUM) reached $512 billion as of quarter-end, a 15% increase from 3Q24[37] - Fee Earning AUM (FEAUM) was $388 billion, up 14% from 3Q24[37] - Net Accrued Performance Fees stood at $402 million as of September 30, 2025, or $254 per share[37] Corporate Actions and Fundraising - Patria declared a quarterly dividend of $015 per common share[37] - Total fundraising reached $15 billion in 3Q25[37] - Total deployment in drawdown funds was $751 million in 3Q25[37]

Exhibit 99.2 November 4, 2025 PATRIA INVESTMENTS (NASDAQ: PAX) 3Q25 Earnings Presentation PAX 3Q25 Earnings Presentation Disclaimer PATRIA 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," "approximately," "predicts," "intends," "plans, ...

Core Insights - Patria Investments reported quarterly earnings of $0.3 per share, exceeding the Zacks Consensus Estimate of $0.26 per share, and showing an increase from $0.23 per share a year ago, resulting in an earnings surprise of +15.38% [1] - The company achieved revenues of $84.6 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.81% and up from $75.9 million year-over-year [2] - Patria Investments shares have increased by approximately 25.4% since the beginning of the year, outperforming the S&P 500's gain of 16.5% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.48 on revenues of $101.46 million, and for the current fiscal year, it is $1.22 on revenues of $342.25 million [7] - The estimate revisions trend for Patria Investments was favorable ahead of the earnings release, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Financial - Investment Management industry, to which Patria Investments belongs, is currently in the top 30% of over 250 Zacks industries, suggesting a positive outlook for stocks within this sector [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Core Insights - Patria achieved a significant milestone with Assets under Management (AUM) surpassing US$50 billion, which is over 3.5 times higher than the AUM at the time of its IPO in 2021 [2] - The company raised over US$1.5 billion in the third quarter and US$6 billion year-to-date, indicating strong growth momentum and a trajectory to exceed its full-year fundraising target of US$6.6 billion [2] - Distributable Earnings for Q3 2025 were reported at US$46.9 million, or US$0.30 per share, reflecting a 31% increase year-over-year [3] Financial Performance - Patria reported a net income of US$22.5 million attributable to the company in Q3 2025 [3] - Fee Related Earnings (FRE) reached US$49.5 million in Q3 2025, a 22% increase from US$40.6 million in Q3 2024, with an FRE margin of 58.5% [3] - The company declared a quarterly dividend of US$0.15 per share, payable on December 12, 2025, to shareholders of record as of November 14, 2025 [4] Company Overview - Patria is a global alternative asset management firm focused on mid-market segments, with a strong presence in Latin America and Europe [6] - The firm specializes in various asset classes including Infrastructure, Credit, Real Estate, Private Equity, and Public Equities, targeting sectors such as Agribusiness, Power & Energy, and Healthcare [7] - With 37 years of experience and over US$51 billion in AUM, Patria aims to deliver attractive returns while promoting sustainable development in its operational regions [6]

Core Insights - The company has released its latest top investment picks for November 2025, emphasizing the timing for potential investors to join and access these opportunities [1] - The company invests significant resources, over $100,000 annually, into researching profitable investment opportunities to provide high-yield strategies at a lower cost [1] - The approach has garnered over 190 five-star reviews from satisfied members, indicating a positive reception and effectiveness of the investment strategies [2]

Core Insights - The company has released its latest top investment picks for November 2025, emphasizing the timeliness of joining to access these opportunities [1] - The company invests significant resources, over $100,000 annually, into researching profitable investment opportunities to provide high-yield strategies [1] Member Satisfaction - The company's approach has garnered over 190 five-star reviews from satisfied members, indicating a positive reception and effectiveness of their strategies [2] - Members are encouraged to join now to start maximizing their returns, highlighting the potential benefits of membership [2]