Core Points - Vinci Compass Investments Ltd. will host its second Investor Day in New York City on October 07, 2025, at 1:00 PM ET, where senior management will present the company's strategic vision and outlook [1] - Presentation materials will be available on the company's website prior to the event [2] - Registration for on-site attendance is required, and a live webcast will be accessible for those unable to attend in person [3] Company Overview - Vinci Compass is a leading provider of alternative investments and global solutions in Latin America, with nearly three decades of experience and operations in eleven offices across Latin America and the US [4] - The company manages R$304 billion in assets under management and advisory as of June 2025, with expertise in various sectors including Private Equity, Credit, Real Estate, Infrastructure, Forestry, Equities, and Corporate Advisory [4]

Financial Data and Key Metrics Changes - Vinci Partners reported fee-related earnings of BRL65.2 million or BRL1.03 per share and adjusted distributable earnings of BRL75.8 million or BRL1.20 per share for Q2 2025, with a quarterly dividend of $0.15 per common share [4][10][40] - Total fee-related revenues increased by 85% year over year, reflecting strong strategic growth and positive inflows [36] - Adjusted distributable earnings totaled BRL75.8 million or $1.20 per share, representing a 30% increase year over year on a nominal basis [40] Business Line Data and Key Metrics Changes - The credit segment saw over BRL2 billion in new capital formation and AUM appreciation, indicating strong growth [17] - The private equity segment achieved over 20% year-over-year revenue growth and over 30% year-over-year EBITDA growth in 2025 [29] - The real asset segment completed significant transactions, including the full divestment of assets, contributing to deleveraging [11][30] Market Data and Key Metrics Changes - The local equity market in Brazil remains under-allocated, with equities representing just 8% of domestic portfolios, suggesting potential for reallocation as interest rates decline [14] - Latin America is experiencing a favorable macro landscape, with improving inflation expectations and easing policy, which is beneficial for alternative investments [16] - The Brazilian real appreciated by 5% against the U.S. dollar during the quarter, creating a currency headwind for AUM figures [35] Company Strategy and Development Direction - The company is focusing on sectors such as financial services, technology, and healthcare, while also monitoring opportunities in distressed companies and multinational carve-outs [13] - Vinci Partners aims to expand investments in renewable energy and is actively discussing utility-scale solar initiatives [19] - The firm is integrating teams and operations to maximize collaboration and enhance service delivery [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the fundraising environment, expecting continued strong inflows in the second half of the year [50][54] - The company anticipates a gradual reduction in financial income as capital is deployed from liquid funds to closed-end funds, with a significant impact expected starting in 2026 [46][70] - Management highlighted the potential for attractive entry points in the market due to suppressed valuations, particularly in Brazil [13] Other Important Information - Vinci Partners successfully closed its Infrastructure Climate Change Fund, raising close to BRL1 billion, primarily from international institutions [18] - The company inaugurated a new office in Sao Paulo, enhancing operational capabilities and collaboration [19][32] - An Investor Day is scheduled for October 7 at NASDAQ headquarters, providing an opportunity for deeper engagement with investors [20] Q&A Session Summary Question: Fundraising outlook for the second half - Management indicated that they expect to achieve double-digit growth in AUM on an FX-adjusted basis, with strong inflows continuing into the second half [50][54] Question: FRE margin expansion - Management expects FRE margins to migrate to the low 30s percent range by the second or third quarter of next year, driven by ongoing cost control initiatives and operational efficiencies [60][62] Question: PRE realizations timeline - Management anticipates that net income impacts from fund appreciation will begin in 2026, with distributable earnings expected to follow as funds start returning capital [70][72] Question: Impact of FX on management fees - Management confirmed that the flat management fees were primarily due to FX impacts, estimating that revenues would have grown by low to mid-single digits without the FX effect [78][80] Question: Credit portfolio and regional opportunities - Management highlighted growth in credit across Latin America, with significant fundraising opportunities in Brazil, Colombia, Peru, Mexico, and Chile [88][90]

Financial Performance - Adjusted Distributable Earnings (DE) reached R$7576 million, a 30% increase year-over-year [14, 98] - Adjusted DE per share was R$120, up 9% year-over-year [10, 14, 97] - Fee Related Revenues totaled R$2327 million, an 85% increase year-over-year [14, 28, 31] - Fee Related Earnings (FRE) were R$652 million, a 5% increase year-over-year [14, 36] Assets Under Management (AUM) - Total AUM reached R$3041 billion, up 339% year-over-year [19] - New capital formation in 2Q'25 totaled R$36 billion [19] - Portfolio appreciation of R$81 billion occurred during the quarter [19] Segment Performance - Global IP&S AUM ended the quarter at R$230 billion [61, 62] - Credit AUM totaled R$30 billion, up 258% year-over-year [65, 67] - Private Equity AUM reached R$16 billion, up 2% year-over-year [71, 73] - Real Assets AUM totaled R$12 billion, up 14% year-over-year [80, 82]

Financial Performance - For the six-month period ended June 30, 2025, net revenue from services rendered increased to R$475,796 thousand, up 98% from R$240,315 thousand in the same period of 2024[6] - Operating profit for the same period was R$118,076 thousand, representing a 24% increase compared to R$95,109 thousand in 2024[6] - Profit for the period reached R$122,701 thousand, a 65% increase from R$74,055 thousand in the prior year[7] - Basic earnings per share rose to R$1.96, up from R$1.40 in the same period last year, reflecting a 40% increase[6] - Profit before taxation for the six-month period ended June 30, 2025, was R$ 146,073, an increase of 52% compared to R$ 96,118 in the same period of 2024[11] - The company reported finance income of R$88,959 thousand for the six-month period, an increase of 62% from R$54,842 thousand in 2024[6] - Investment income for the six months ended June 30, 2025, was R$ 51,297, an increase from R$ 41,542 in 2024, driven by mutual funds and fixed income investments[161] - Finance profit for the six months ended June 30, 2025, was R$ 34,194, compared to R$ 1,009 in 2024, indicating a substantial improvement in financial performance[161] Assets and Liabilities - Total assets decreased to R$3,421,930 thousand as of June 30, 2025, down from R$3,585,051 thousand at the end of 2024[2] - Total liabilities decreased to R$1,538,981 thousand, down from R$1,643,008 thousand at the end of 2024, indicating a reduction of approximately 6.3%[4] - Total equity as of June 30, 2025, was R$1,882,949 thousand, a decrease from R$1,942,043 thousand at the end of 2024[4] - The net debt as of June 30, 2025, was R$ 330,406, a decrease from R$ 367,937 at the end of 2024[49] - Current financial liabilities as of June 30, 2025, amounted to R$ 218,933, a decrease from R$ 310,788 as of December 31, 2024[87] - Total financial liabilities amount to R$1,549,623, with R$232,084 due within one year and R$1,088,549 due over three years[53] Cash Flow and Investments - Net cash inflow from operating activities decreased to R$ 84,707, down 34% from R$ 128,773 in the prior year[11] - Cash generated from operations was R$ 113,939, a decline of 28% compared to R$ 158,627 in the previous year[11] - Net cash outflow from investing activities was R$ 103,729, contrasting with an outflow of R$ 28,438 in the same period last year[11] - Total cash and cash equivalents at the end of the period were R$ 189,190, down 68% from R$ 592,308 at the end of June 2024[11] - Vinci Compass's investments in mutual funds totaled R$ 337,457, a decrease from R$ 460,892 as of December 31, 2024[75] - The fair value of mutual funds held by Vinci was R$ 1,459,499 as of June 30, 2025, reflecting a slight increase from R$ 1,529,443 as of December 31, 2024[90] Dividends and Shareholder Returns - The company allocated dividends totaling R$108,649 thousand during the six-month period ended June 30, 2025[9] - Dividends declared but not yet paid as of June 30, 2025, were R$ 2,696, compared to R$ 3,791 in 2024[12] - The total amount of dividends declared in 2025 was R$ 108,649, with R$ 55,012 paid on March 27, 2025, and R$ 53,637 paid on June 10, 2025[144] - During the first half of 2025, the company repurchased 856,910 shares for R$ 49,946, and as of June 2025, holds 5,452,313 Class A common shares in treasury[150] Expenses and Cost Management - Total general and administrative expenses for the six months ended June 30, 2025, reached R$ 357,720, compared to R$ 145,206 in 2024, reflecting a significant increase[19] - For the six months ended June 30, 2025, personnel and profit-sharing expenses increased to R$ 69,904, up from R$ 45,640 in the same period of 2024, primarily due to business combinations concluded in Q3 2024[155] - Third-party expenses for the six months ended June 30, 2025, were R$ 93,458, compared to R$ 30,967 in 2024, indicating increased reliance on external services[19] Taxation and Regulatory Matters - The effective tax rate for the six months ended June 30, 2025, was 16%, down from 23% in 2024, reflecting changes in tax benefits and adjustments[170] - Current income tax expense for the six months ended June 30, 2025, was R$ 21,395, compared to R$ 27,059 in 2024, showing a reduction in tax burden[165] - The company recognized a tax credit from tax losses and negative basis amounting to R$ 15,557 as of June 30, 2025, up from R$ 13,102 on December 31, 2024[164] Business Combinations and Acquisitions - The company completed a business combination with Compass on October 29, 2024, creating a full-service Latin American alternative asset manager with over US$ 50 billion in assets under management[16] - The total purchase consideration for business combinations amounted to 1,104,909, with cash paid of 276,372 and contingent consideration of 126,381[101] - Goodwill recognized from acquisitions totaled 315,831, with 213,327 from Compass, 27,186 from MAV, and 75,318 from Lacan[101] Market and Investment Strategies - Vinci Compass's investment strategies include a focus on ESG impacts, particularly in the Private Equity and Forestry segments, aligning with global sustainability trends[183][188] - The Real Assets segment focuses on income-generating assets, with strategies in real estate, infrastructure, and forestry, emphasizing sustainable investment practices[186][188] - The Corporate Advisory services are primarily aimed at Brazilian middle-market companies, focusing on IPO advisory and M&A transactions[189] Risk Management - The Group's liquidity risk management included holding bank deposits and marketable securities totaling R$ 189,190 at the end of the reporting period[47] - The group’s exposure to credit risk is reflected in the carrying amount of financial assets, which totaled R$2,013,908 as of June 30, 2025[63] - The group reported a loss allowance for accounts receivable of R$632 as of June 30, 2025, unchanged from December 31, 2024[67]

Core Viewpoint - Vinci Compass Investments Ltd. reported strong financial results for the second quarter of 2025, highlighting solid fundraising momentum and strategic initiatives across its platform [2]. Financial Performance - Fee Related Earnings (FRE) for the second quarter of 2025 were R$65.2 million, equating to R$1.03 per common share [4]. - Adjusted Distributable Earnings for the same period were R$75.8 million, or R$1.20 per common share [4]. Dividends - The company declared a quarterly dividend of US$0.15 per share, payable on September 9, 2025, to record holders as of August 25, 2025 [3]. Company Overview - Vinci Compass is a leading provider of alternative investments and global solutions in Latin America, with nearly three decades of experience and operations in eleven offices across Latin America and the US [6]. - As of June 2025, the company managed R$304 billion in assets under management and advisory [6].

Core Viewpoint - Vinci Compass Investments Ltd. is set to release its financial results for Q2 2025 on August 12, 2025, and will host a conference call to discuss these results [1]. Company Overview - Vinci Compass is a leading provider of alternative investments and global solutions in Latin America, with nearly three decades of experience [3]. - The company operates from eleven offices across Latin America and the US, specializing in various sectors including Private Equity, Credit, Real Estate, Infrastructure, Forestry, Equities, Global Investment Products & Solutions, and Corporate Advisory [3]. - As of March 2025, Vinci Compass managed R$305 billion in assets under management and advisory [3]. Conference Call Details - The conference call will take place via Zoom at 5:00 pm ET on August 12, 2025, following the release of the financial results [1]. - Access to the conference call can be found in the Events section of the company's website, with a replay available for those unable to attend live [2].

[Company Overview](index=2&type=section&id=Company%20Overview) This section introduces the company's scale, regional presence, and client relations structure [Introduction to Vinci Compass](index=2&type=section&id=Vinci%20Compass%20is%20a%20leading%20full-service%20alternative%20asset%20manager%20in%20Latin%20America) Vinci Compass is a premier alternative asset manager in Latin America with R$305 billion in AUM and over 25 years of experience - Vinci Compass is a leading alternative asset manager in Latin America with **R$305 billion in AUM**[3](index=3&type=chunk)[4](index=4&type=chunk) - The company operates in 7 Latin American countries plus the USA and UK, employing over 630 professionals and has over 25 years of experience[6](index=6&type=chunk) - Core business areas include Global Investment Products & Solutions, Credit, Private Equity, Real Assets, Equities, and Corporate Advisory, supported by centralized functions like Research, ESG, and Risk management[4](index=4&type=chunk) [Pan-Regional Presence and Diversification](index=4&type=section&id=Pan-Regional%20presence%20with%20a%20diversified%20exposure%20to%20product%20offering%2C%20funding%20and%20currency) The company has a diversified pan-regional presence, with Brazil being the largest contributor to AUM and revenue | Breakdown | Top 3 Segments/Regions | Percentage | | :--- | :--- | :--- | | **AUM by Country** | Brazil | 62% | | | Mexico | 24% | | | Chile | 8% | | **Fee Related Revenues by Country** | Brazil | 43% | | | Mexico | 23% | | | Chile | 13% | | **AUM by Segment** | Global IP&S | 76% | | | Credit | 10% | | | Private Equity | 5% | | **Fee Related Revenues by Segment** | Global IP&S | 49% | | | Credit | 25% | | | Real Assets | 8% | [Client Relations Group](index=5&type=section&id=CLIENT%20RELATIONS%20GROUP) A robust client relations group of 77 professionals across 9 countries drives distribution of alternative products - The client relations team consists of **77 professionals across 9 countries**, demonstrating a unique institutional reach and expertise in alternative products[9](index=9&type=chunk) [Business Segments](index=6&type=section&id=Business%20Segments) This section details the company's core business segments, including their AUM and strategic focus [Global Investment Products and Solutions (Global IP&S)](index=6&type=section&id=Global%20Investment%20Products%20and%20Solutions%20(Global%20IP%26S)) The Global IP&S segment, the largest by assets with R$232 billion in AUM, focuses on institutional clients and third-party distribution | Metric | Value | | :--- | :--- | | AUM | R$232 billion | | AUM from Institutional Clients | 71% | | Fee Related Revenues from TPD Alternative | 32% | [Credit](index=7&type=section&id=Credit) The Credit segment manages R$29 billion in AUM across a diversified platform of local and hard currency strategies | Metric | Value | | :--- | :--- | | AUM | R$29 billion | | Liquid Credit AUM | R$12.5 billion | | Private Credit AUM | R$13.9 billion | | Team Size | +50 Portfolio Managers and Analysts | [Private Equity](index=8&type=section&id=Private%20Equity) The Private Equity segment manages R$16 billion in AUM, focusing on Growth Buyout and Impact strategies with strong historical returns | Strategy | Focus | Gross MOIC | Gross IRR | | :--- | :--- | :--- | :--- | | VCP | Growth Buyout | 2.4x | 64.6% | | VIR | Impact, Minority Growth | 1.7x | 22.1% | - Total Private Equity AUM is **R$16 billion** as of March 2025[16](index=16&type=chunk)[17](index=17&type=chunk) [Equities](index=9&type=section&id=Equities) The Equities segment manages R$15 billion in AUM, with a focus on Latin American and country-specific strategies | Geography | AUM (R$ bn) | | :--- | :--- | | Brazil | 10.0 | | Chile | 2.6 | | Mexico | 1.1 | | Argentina | 0.6 | | LatAm (Regional) | 0.5 | | **Total** | **14.8** | [Real Assets](index=10&type=section&id=Real%20Assets) The Real Assets segment holds R$12 billion in AUM invested in income-generating tangible assets with long-term lock-ups | Sector | AUM (R$ bn) | | :--- | :--- | | Real Estate | 6.4 | | Infrastructure | 3.8 | | Forestry | 1.7 | - The segment manages 130,000 hectares of net planted area in Brazil and is raising capital for VICC, an Article 9 compliant fund[20](index=20&type=chunk) [Corporate Advisory](index=11&type=section&id=Corporate%20Advisory) The Corporate Advisory division provides strategic advisory services for middle-market M&A and capital markets transactions | Service | Transaction Volume (R$) | | :--- | :--- | | M&A Transactions | +R$161 bn | | Fund Raising Transactions | +R$60 bn | | Capital Markets Transactions | +R$40 bn | [Financial Highlights](index=12&type=section&id=Financial%20Highlights) This section presents key financial results, fundraising activities, and performance metrics for the first quarter of 2025 [First Quarter 2025 Highlights](index=13&type=section&id=First%20Quarter%202025%20Highlights) Q1 2025 featured strong YoY growth in earnings, R$1.1 billion in new capital, and a quarterly dividend of US$0.15 per share | Metric | Q1 2025 Value | YoY Change | | :--- | :--- | :--- | | Fee Related Earnings (FRE) | R$ 66 mm | +22% | | Adjusted Distributable Earnings (Adj. DE) | R$ 62 mm | +26% | | Capital Subscriptions | R$ 1.1 bn | - | | Quarterly Dividend | US$ 0.15 | - | - Key fundraising successes in the quarter include the second closing of PEPCO II (private credit in Peru) and the first close of SPS IV, which matched the total commitments of its predecessor vintage[25](index=25&type=chunk) [Strategic Fundraising](index=14&type=section&id=Strategic%20Fundraising) The company has a robust 2025 fundraising pipeline focused on cross-border and local-to-local initiatives - **Cross-Border Initiatives:** - **VICC (Infrastructure):** Reached 70% of fundraising target with strong traction from international investors - **SPS IV (Credit):** Achieved a strong first closing, matching the size of its previous vintage - **VIR V (Impact):** Planned for launch in 2025 to expand the impact investing strategy - **Equities:** Plan to launch a UCITS platform in 2025 for LatAm, Brazil, and Mexico equity strategies[27](index=27&type=chunk) - **Local-to-Local Initiatives:** - **Credit:** Progressing with products in Brazil (MAV III, VCE), Peru & Chile (existing strategies), Colombia (launching COPCO I), and Mexico (new structured private credit fund) - **Global IP&S:** Expecting healthy inflows from third-party distribution (TPD) and launching a new fund of funds (VSP II) in 2025 - **Real Estate:** Preparing to raise capital for new industrial warehouse and residential products in Brazil[29](index=29&type=chunk) [First Quarter 2025 Earnings](index=16&type=section&id=First%20Quarter%202025%20Segment%20Earnings) Q1 2025 Fee Related Earnings grew 22% YoY to R$65.7 million, while Adjusted Distributable Earnings grew 26% to R$62.3 million | Metric (R$ thousands) | 1Q'25 | YoY Change | | :--- | :--- | :--- | | Total Fee Related Revenues | 231,644 | +117% | | **FEE RELATED EARNINGS (FRE)** | **65,677** | **+22%** | | **ADJUSTED DISTRIBUTABLE EARNINGS** | **62,306** | **+26%** | | Adjusted DE per share (R$/share) | 0.98 | +6% | [Total Assets Under Management (AUM) Analysis](index=17&type=section&id=Total%20Assets%20Under%20Management%20and%20Advisory) Total AUM reached R$304.6 billion, a 342% YoY increase, though it declined 7% QoQ due to FX variation - Total AUM reached **R$304.6 billion**, up 342% YoY[35](index=35&type=chunk) - AUM decreased 7% QoQ, primarily due to negative FX variation (**R$18.9 billion**)[35](index=35&type=chunk) - Capital subscriptions in Q1'25 totaled **R$1.1 billion**, and R$3.8 billion over the last twelve months, with the Credit segment being the primary contributor[32](index=32&type=chunk)[35](index=35&type=chunk) [Performance Eligible AUM & Accrued Fees](index=18&type=section&id=Additional%20Capital%20Detail) The company has R$46.4 billion in performance fee eligible AUM, generating R$275.0 million in gross accrued performance fees | Metric | Value | | :--- | :--- | | Performance Fee Eligible AUM (PEAUM) | R$46.4 billion | | Gross Accrued Performance Fees | R$275.0 million | - The Private Equity segment accounts for **80% of the gross accrued performance fees**, primarily from the VCP strategy[37](index=37&type=chunk)[38](index=38&type=chunk) [Fee Related Revenues (FRR)](index=19&type=section&id=Fee%20Related%20Revenues) Q1 2025 Fee Related Revenues grew 117% YoY to R$231.6 million, driven by strong management and advisory fees | Revenue Stream (R$mm) | 1Q'25 | 1Q'24 | YoY Change | | :--- | :--- | :--- | :--- | | Management fees | 195.5 | 96.5 | +103% | | Advisory fees | 24.9 | 10.4 | +140% | | **Total Fee Related Revenues** | **231.6** | **106.8** | **+117%** | [Financial Metrics Overview](index=20&type=section&id=Financial%20Metrics) Key financial metrics show significant LTM growth, with a 22% increase in FRE and a 7% increase in Adjusted DE | Metric (R$mm) | 1Q'25 | 1Q'25 YoY Change | 1Q'25 LTM | LTM YoY Change | | :--- | :--- | :--- | :--- | :--- | | Fee Related Earnings (FRE) | 66 | +22% | 260 | +22% | | Performance Related Earnings (PRE) | 2 | +37% | 22 | +109% | | Adjusted Distributable Earnings (DE) | 62 | +26% | 252 | +7% | [Realized GP Investment and Financial Income](index=22&type=section&id=Realized%20GP%20Investment%20and%20Financial%20Income) Q1 2025 realized GP and financial income rose 12% YoY, but LTM income declined 19% due to cash deployment for acquisitions | Income (R$mm) | 1Q'25 | YoY Change | 1Q'25 LTM | LTM YoY Change | | :--- | :--- | :--- | :--- | :--- | | Realized GP Investment Income | 4.3 | -3% | 25.3 | +43% | | Realized Financial Income | 14.4 | +17% | 51.3 | -33% | | **Total** | **18.7** | **+12%** | **76.6** | **-19%** | [Balance Sheet & GP Commitments](index=23&type=section&id=Balance%20Sheet%20Highlights%20%26%20GP%20Commitments) The company holds R$811.4 million in Net Cash and Investments and has R$1.4 billion in GP capital commitments | Balance Sheet & Commitments (R$ millions) | Value (1Q'25) | | :--- | :--- | | Net Cash and Investments | 811.4 | | Total GP Capital Committed | 1,415.0 | | Total GP Capital Called | 725.5 | | Fair Value of GP Investments | 697.4 | [Appendix I: Segment Summaries](index=25&type=section&id=Appendix%20%E2%80%93%20I%20Segment%20Summaries) This appendix provides a detailed financial breakdown for each of the company's business segments [Segment Earnings Breakdown](index=26&type=section&id=Financials%20by%20Segment) Private Equity was the largest LTM contributor to earnings, followed by Real Assets and Global IP&S, showing diversification | 1Q'25 LTM Contribution | Fee Related Earnings (FRE) | Segment Distributable Earnings (DE) | | :--- | :--- | :--- | | Private Equity | 37% | 30% | | Real Assets | 20% | 26% | | Global IP&S | 17% | 17% | | Credit | 11% | 13% | | Equities | 9% | 8% | | Corporate Advisory | 6% | 5% | [Global IP&S Segment Details](index=27&type=section&id=Global%20Investment%20Products%20%26%20Solutions%20(Global%20IP%26S)%20Segment) The Global IP&S segment's FRE grew 238% YoY to R$21.0 million in Q1 2025, driven by the Compass TPD business integration | Metric (R$ thousands) | 1Q'25 | YoY Change | | :--- | :--- | :--- | | Total Fee Related Revenues | 99,257 | +397% | | FEE RELATED EARNINGS (FRE) | 21,035 | +238% | | AUM (R$ billions) | 232 | +799% | [Credit Segment Details](index=28&type=section&id=Credit%20Segment) The Credit segment's FRE grew 67% YoY in Q1 2025, with AUM reaching R$29 billion due to organic and inorganic growth | Metric (R$ thousands) | 1Q'25 | YoY Change | | :--- | :--- | :--- | | Total Fee Related Revenues | 52,818 | +292% | | FEE RELATED EARNINGS (FRE) | 10,202 | +67% | | AUM (R$ billions) | 29 | +287% | [Private Equity Segment Details](index=29&type=section&id=Private%20Equity%20Segment) The Private Equity segment's FRE grew 23% YoY to R$19.4 million in Q1 2025, driven by successful fundraising | Metric (R$ thousands) | 1Q'25 | YoY Change | | :--- | :--- | :--- | | Total Fee Related Revenues | 31,294 | +19% | | FEE RELATED EARNINGS (FRE) | 19,433 | +23% | | AUM (R$ billions) | 16 | +14% | [Equities Segment Details](index=30&type=section&id=Equities%20Segment) The Equities segment's AUM grew 49% YoY to R$15 billion, though FRE declined due to higher post-combination expenses | Metric (R$ thousands) | 1Q'25 | YoY Change | | :--- | :--- | :--- | | Total Fee Related Revenues | 18,794 | +35% | | FEE RELATED EARNINGS (FRE) | 5,177 | -22% | | AUM (R$ billions) | 15 | +49% | [Real Assets Segment Details](index=31&type=section&id=Real%20Assets%20Segment) The Real Assets segment's AUM grew 9% YoY to R$12 billion, but FRE declined 8% due to increased expenses | Metric (R$ thousands) | 1Q'25 | YoY Change | | :--- | :--- | :--- | | Total Fee Related Revenues | 29,024 | +24% | | FEE RELATED EARNINGS (FRE) | 11,722 | -8% | | AUM (R$ billions) | 12 | +9% | [Corporate Advisory Segment Details](index=32&type=section&id=Corporate%20Advisory%20Segment) The Corporate Advisory segment had a seasonally quiet Q1 but generated R$15.8 million in FRE over the last twelve months | Metric (R$ thousands) | 1Q'25 | 1Q'25 LTM | | :--- | :--- | :--- | | Net revenue from advisory fees | 457 | 33,556 | | FEE RELATED EARNINGS (FRE) | (1,240) | 15,770 | [Appendix II: Financial Statements & Supplemental Details](index=33&type=section&id=Appendix%20%E2%80%93%20II%20Financial%20Statements%20%26%20Supplemental%20Details) This appendix contains the consolidated financial statements, non-GAAP reconciliations, and other supplemental data [Income Statement](index=34&type=section&id=Financials%20-%20Income%20Statement) The Q1 2025 consolidated income statement shows a net income of R$55.9 million, a 22% increase year-over-year | (R$ thousands) | 1Q'25 | YoY Change | | :--- | :--- | :--- | | Total net revenues from services rendered | 234,721 | +115% | | Operating profit | 67,404 | +23% | | **NET INCOME** | **55,928** | **+22%** | | **ADJUSTED NET INCOME** | **48,015** | **-6%** | [Non-GAAP Reconciliation](index=35&type=section&id=Financials%20-%20Non-GAAP%20Reconciliation) This section reconciles GAAP metrics to non-GAAP indicators like FRE, PRE, and Adjusted Distributable Earnings - This table reconciles GAAP Net Income of R$55.9M to **Adjusted Distributable Earnings of R$62.3M** for Q1 2025 by adjusting for unrealized items, non-cash expenses like depreciation and equity-based compensation, and non-operational expenses[91](index=91&type=chunk) [Balance Sheet](index=36&type=section&id=Balance%20Sheet) As of March 31, 2025, the company reported total assets of R$3.43 billion and total equity of R$1.89 billion | (R$ thousands) | 03/31/2025 | | :--- | :--- | | **Total Assets** | **3,426,917** | | Cash and cash equivalents | 163,782 | | Intangible assets | 1,054,859 | | **Total Liabilities** | **1,537,307** | | **Total Equity** | **1,889,610** | [AUM & Fee-Earning AUM Rollforward](index=38&type=section&id=AUM%C2%B9%20Rollforward) Total AUM decreased from R$327.0 billion to R$304.6 billion in Q1 2025, mainly due to negative FX variation | AUM Rollforward Q1 2025 (R$ millions) | Amount | | :--- | :--- | | Beginning balance (Q4'24) | 326,961 | | Net Capital Subscription / (Return) | 761 | | Net Inflow / (Outflow) | (7,567) | | FX Variation | (28,947) | | Appreciation / (Depreciation) | 3,344 | | **Ending balance (Q1'25)** | **304,552** | [Investment Records](index=40&type=section&id=Investment%20records) This section details historical performance data and returns for the company's various liquid and closed-end funds - Provides performance data (YTD, 12M, 24M returns) for key open-end funds across Equities, Credit, and Global IP&S against their respective benchmarks[100](index=100&type=chunk)[101](index=101&type=chunk) - Details the historical performance of closed-end funds, showing strong long-term value creation, such as the VCP Private Equity strategy's aggregate **Gross MOIC of 2.4x** and the SPS Credit strategy's **Gross MOIC of 2.7x**[102](index=102&type=chunk) [Shareholder Dividends & Share Summary](index=43&type=section&id=Shareholder%20Dividends%20%26%20Share%20Summary) The company declared a US$0.15 dividend per share for Q1 2025 and continued its share repurchase program | Metric | Q1 2025 | | :--- | :--- | | Adjusted DE per Common Share | US$0.17 | | Actual Dividend per Common Share | US$0.15 | | Shares Repurchased | 683,148 | | Total Common Shares Outstanding | 63,363,207 | - The remaining authorization for the share repurchase plan was **US$1.6 million** as of March 31, 2025[104](index=104&type=chunk)

Financial Performance - Vinci Partners Investments (VINP) reported quarterly earnings of $0.17 per share, matching the Zacks Consensus Estimate, but down from $0.19 per share a year ago [1] - The company posted revenues of $40.03 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 4.19%, compared to $22.04 million in the same quarter last year [2] - Over the last four quarters, Vinci Partners has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [2] Market Performance - Vinci Partners shares have increased by approximately 0.2% since the beginning of the year, while the S&P 500 has declined by 3.8% [3] - The company's current Zacks Rank is 3 (Hold), indicating that shares are expected to perform in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.20 on revenues of $44.61 million, and for the current fiscal year, it is $0.79 on revenues of $175.86 million [7] - The trend of estimate revisions for Vinci Partners is mixed, which could change following the recent earnings report [6] Industry Context - The Financial - Miscellaneous Services industry, to which Vinci Partners belongs, is currently in the top 39% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8]

Financial Data and Key Metrics Changes - Venture Compass generated fee-related earnings of R65.7 million or R1.04 per share and adjusted distributable earnings of R62.3 million or $0.98 per share for Q1 2025, with adjusted distributable earnings up 26% year over year [4][45] - Fee-related revenues totaled R112.5 million, representing a 117% increase year over year and 6% growth quarter over quarter [38] - FRE margin ended the quarter at 28.4%, with expectations for a margin in the low 30s for 2025 [42][84] Business Line Data and Key Metrics Changes - The credit segment was a highlight, with successful fundraising including over R600 million raised for PEPCO II and close to R200 million for MAF III [7][21] - The agribusiness credit strategy is expected to benefit from favorable trends in global trade flows and tariffs [21] - The equities segment is seeing compelling opportunities, with Latin American equities trading at attractive valuations [16] Market Data and Key Metrics Changes - The Brazilian real appreciated approximately 7% against the U.S. dollar, negatively impacting reported AUM, which decreased 7% quarter over quarter [36][37] - Foreign investors returned as net buyers of BRL3.8 billion in Q1 2025, compared to a net sell-off of BRL6 billion in Q4 2024, indicating a potential reversal in market sentiment [25] Company Strategy and Development Direction - The company is focused on integrating its platforms to create operational synergies and accelerate value creation [5][6] - There is a strong emphasis on credit strategies, with plans to scale initiatives across various geographies [7][9] - The company aims to leverage technology, particularly AI, to enhance operational efficiency and decision-making [33][34] Management's Comments on Operating Environment and Future Outlook - Management views the current macroeconomic environment as an opportunity rather than a challenge, particularly in the credit segment [9][10] - The geopolitical backdrop is seen as favorable for attracting capital to Latin America, with increasing interest from global investors [12][82] - The company remains optimistic about its growth prospects, supported by a strong pipeline of products across all segments [18][84] Other Important Information - The company hosted annual global investment conferences across multiple Latin American countries, drawing over 1,300 LPs [13] - The successful launch of large-scale events under the Vinci Compass brand is expected to deepen the company's presence in the region [13] Q&A Session Summary Question: What is the expected growth range for fee-related costs over the next four years? - Management expects fee-related costs to remain disciplined, with inflation being the primary factor affecting costs, and anticipates mid double-digit revenue growth to leverage costs effectively [49][50] Question: What was the impact of the Brazilian real appreciation on FRE? - The impact was not significant, with a positive effect of approximately $2 million on distributable earnings, and a minimal effect on FRE due to the currency's influence on AUM [51] Question: What are the drivers behind the decline in the IP and S segment? - The decline was attributed to net outflows in liquid TPD, primarily due to market volatility, rather than specific asset concentration [58][66] Question: Is there a trend of capital return in TPD alternatives? - Management clarified that capital returns do not impact future revenue significantly, as they charge placement fees on fundraises, and noted a positive trend in April with net inflows in TPD liquids [69][70] Question: What is the outlook for interest in Latin America from global investors? - There is a growing real interest from global investors in Latin America, particularly in equities, infrastructure, and credit, with ongoing discussions for commitments [81][82] Question: What is the expected FRE margin for the rest of the year? - Management maintains a target of low 30s for the FRE margin, with expectations for recovery in corporate advisory revenues and a stronger second half of the year [84][86]

Financial Data and Key Metrics Changes - Venture Compass generated fee related earnings of R65.7 million or R1.04 per share and adjusted distributable earnings of R62.3 million or $0.98 per share for Q1 2025, representing a 22% year-over-year increase in FRE and a 266% increase in adjusted distributable earnings [3][4][8] - The company declared a quarterly dividend of $0.15 per common share, payable on June 10 to shareholders of record as of May 27 [4] - Fee related revenues totaled R million, reflecting a 117% increase year-over-year and a 6% growth quarter-over-quarter [38] Business Line Data and Key Metrics Changes - The credit segment was a highlight, with successful fundraising across various funds, including PEPCO II raising over million dollars and SPS four raising approximately BRL200 million [7][21] - The agribusiness credit fund, Mavi three, also marked its first closing this quarter, indicating strong activity across credit strategies [7] - The equities segment is seeing compelling opportunities, with Latin American equities trading at attractive valuations compared to peers [15][16] Market Data and Key Metrics Changes - The Brazilian Central Bank signaled nearing the end of its interest rate hikes, which may lead to a more supportive credit market environment [11] - Foreign investors returned as net buyers of BRL3.8 billion in Q1 2025, compared to a net sell-off of BRL6 billion in Q4 2024, indicating a shift in market sentiment [25] - The geopolitical backdrop is expected to attract capital inflows into Latin America, seen as a stable region with strong diplomatic ties [12] Company Strategy and Development Direction - The company is focused on integrating its platforms to foster collaboration and drive sustainable growth across various time horizons [5][6] - There is a strong emphasis on credit strategies, with expectations for growth in this segment to continue in 2025 [8][9] - The company plans to leverage technology, particularly AI, to enhance operational efficiency and decision-making [33][34] Management's Comments on Operating Environment and Future Outlook - Management views the current macroeconomic environment as an opportunity rather than a challenge, particularly in the credit segment [9][10] - The company is optimistic about capturing value for investors amid global trade dynamics and evolving geopolitical conditions [11][12] - There is confidence in the strength of the platform and a strong pipeline of products expected to drive growth in 2025 [18] Other Important Information - The company hosted annual global investment conferences across multiple Latin American countries, reinforcing its position as a trusted partner for capital allocators [13] - The Climate Infrastructure Fund, VICC, is set for its final closing in Q2 2025, focusing on high-impact projects aligned with sustainable infrastructure [17][27] Q&A Session Summary Question: Expectations for FRE margin growth and impact of BRL appreciation - Management expects FRE costs to remain disciplined, with potential for mid-double digit revenue growth, which would allow for substantial cost leverage [47][48] - The impact of BRL appreciation on distributable earnings was minimal, with a positive impact of $2 million noted [50][51] Question: Drivers behind IP and S segment performance - The decline in the IP and S segment was attributed to currency fluctuations and net outflows, particularly in liquid TPV [57][66] - Accrued performance markdowns were mainly due to currency impacts, with expectations for recovery in the second quarter [60][63] Question: Interest in Latin America and potential benefits - There is increasing real interest from global investors in Latin America, particularly in equities, infrastructure, and credit [78][79] - The company is seeing commitments from Asian investors and discussions for sustainable infrastructure investments [79] Question: FRE margin outlook for the year - Management maintains a target for FRE margins in the low 30s, with expectations for recovery in corporate advisory revenues [80][82]