Financial Data and Key Metrics Changes - For Q4 2025, Vinci Compass generated Fee Related Earnings (FRE) of BRL 80.4 million or BRL 1.23 per share, with a FRE margin of 32.6% [3] - Full year FRE reached BRL 188.4 million or BRL 4.52 per share, with a FRE margin of 30.4% [3] - Adjusted Distributable Earnings for Q4 were BRL 81.3 million or BRL 1.24 per share, representing a 10% growth on a nominal basis [34] - Full year Adjusted Distributable Earnings totaled BRL 292 million or BRL 4.58 per share, reflecting 22% nominal growth [34] Business Line Data and Key Metrics Changes - The Global IP&S segment delivered BRL 4.6 billion in net inflows during Q4, contributing significantly to AUM growth [20] - The Credit vertical achieved approximately BRL 3 billion in capital formation appreciation in Q4, totaling roughly BRL 10 billion for the full year, with AUM reaching BRL 36 billion, up 25% year-over-year [22] - Advisory fees for Q4 totaled BRL 15 million, showing a decrease year-over-year due to quieter deal activity [29] Market Data and Key Metrics Changes - Total AUM at the end of 2025 was BRL 354 billion, reflecting a 13% year-over-year growth [9] - The company experienced BRL 14 billion in capital formation during Q4, contributing to a total of BRL 42 billion for the full year [9][19] - The infrastructure credit segment continues to show strong long-term momentum, reinforced by winning a new BNDES tender process [9] Company Strategy and Development Direction - Vinci Compass aims to capture growth in alternatives in Latin America, leveraging synergies from its merger with Compass and the acquisition of Verde [6] - The company is focused on expanding its solutions set and deepening synergies between its teams, particularly in the infrastructure and credit sectors [8] - The strategic rationale behind recent acquisitions is to enhance asset allocation capabilities and drive shareholder value through accretive transactions [18] Management's Comments on Operating Environment and Future Outlook - Management anticipates a monetary easing cycle in Brazil, which could lower debt service costs and support asset re-rating [13] - The company remains cautious about potential volatility due to upcoming electoral cycles in Brazil, Colombia, and Peru, but believes it is well-positioned to navigate these challenges [13][14] - There is optimism regarding fundraising momentum, particularly in the Credit segment, with expectations of continued growth in 2026 [15] Other Important Information - The company declared a quarterly dividend of $0.17 per common share, payable on April 2nd to shareholders of record as of March 19th [3] - A reporting change was introduced where all comprehensive income now flows to distributable earnings, providing a more comprehensive view of results [32] Q&A Session Summary Question: Impact of elections on fundraising - Management noted that while elections are a variable, the main impact on fundraising will come from cyclicality related to interest rates, which could create opportunities for growth in cyclical asset classes [38][40] Question: Advisory fees expectations - Advisory fees are expected to be slightly lower in 2026 compared to 2025, with the first half of the year anticipated to be slower due to lower deal activity [42][44] Question: M&A synergies and future inflows - Management confirmed that there are still synergies to be captured from previous M&A activities, with some commercial efforts expected to yield results in 2026 [50][52] Question: Investment-related earnings expectations - The expectation for 2026 is for unrealized investment-related earnings to contribute more significantly to net profits, with potential impacts on distributable earnings as funds start returning capital [56][57] Question: Sentiment on private credit fundraising - Management expressed optimism regarding the credit vertical, noting that their diversified strategies and institutional client base mitigate risks associated with global private credit trends [60][62]

Core Insights - The company has established a strong position in the Latin American alternative asset market, similar to trends seen in the U.S. and Europe, with a focus on brand recognition and platform attractiveness [1] - Distributable earnings for the quarter reached R$57 million, reflecting a 12% year-over-year increase on a per share basis, indicating robust growth [1][36] - The company anticipates a strong finish to the year with several fund closings and continued fundraising success despite varying interest rate environments [2] Fundraising and AUM Growth - The company reported R$70 billion in assets under management (AUM), an 8% year-over-year growth, driven by capital raising efforts in private market funds [3] - Fee-related earnings for the quarter were R$53.8 million, or R$1.02 per share, with adjusted distributable earnings at R$57.1 million, or R$1.08 per share [4][36] - The integration with Compass has created a leading pan-regional alternative asset manager, enhancing the company's product offerings and distribution capabilities [5][6] Strategic Developments - The acquisition of Lacan, a timberland investment management organization, is expected to enhance the company's forestry strategy and contribute positively to AUM and segment results [9][10][12] - The company has successfully secured commitments from international investors, including a significant milestone with a Mexican LP for VCP IV, showcasing the effectiveness of the integrated platform [8][24] - The company is launching new investment strategies in collaboration with top asset managers, including a new retirement strategy with BlackRock, further expanding its offerings [18][19] Market Conditions and Performance - The Brazilian economy is showing strong growth post-pandemic, while the stock market remains stable, presenting an attractive entry point for medium-to-long term investors [14][15] - The company is experiencing outflows in its IP&S segment, primarily due to high interest rates, but expects to see a moderation in negative impacts moving forward [16][62] - The company anticipates continued growth in fee-related earnings driven by new commitments in private markets and a strong advisory service pipeline [31][36]