Patria Investments Limited Q3 FY2025 earnings call

• Assets under management exceeded $50 billion as of Q3 2025, over 3.5x higher than at IPO in 2021.
• Organic fundraising in Q3 2025 was $1.5 billion, with YTD organic fundraising at $6 billion, on track to exceed the full-year target of $6.6 billion.
• Fee-earning assets under management grew to $38.8 billion in Q3 2025, up 4% sequentially and 14% year-over-year.
• Fee-related earnings in Q3 2025 were $49.5 million, up 22% year-over-year and 7% sequentially.
• Redemptions have trended lower, with YTD redemptions 30% less than the previous year.
• Infrastructure Fund V closed at $2.9 billion, the largest dedicated infrastructure vintage-focused fund on Latin America.
• GPMS has successfully integrated and raised $1.7 billion year-to-date.

Infrastructure: Organic fundraising in Q3 2025 was led by infrastructure and credit, with the final close of Infrastructure Fund V at $2.9 billion, almost 40% higher than the previous vintage, making it the largest dedicated infrastructure vintage-focused fund on Latin America. Year-to-date, infrastructure fundraising in the first 3 quarters of 2025 was 4x more than in 2024. Credit: The credit business surpassed 2024 fundraising by almost 15% as of Q3 2025, reaching $1.6 billion raised in 2025. GPMS: GPMS has raised $1.7 billion year-to-date, highlighting the success of its integration onto Patria's platform.

• Full-year fee-related earnings expected to be slightly above the lower end of the $200 million to $225 million target range for 2025.
• 2026 fee-related earnings target range is $225 million to $245 million or $1.42 to $1.54 per share, with midpoint reflecting ~15% year-over-year growth in fee-related earnings per share.
• 2027 fee-related earnings target range is $260 million to $290 million or $1.60 to $1.80 per share.
• Fundraising target of $21 billion from 2025 through 2027: $6 billion in 2025, $7 billion in 2026, and $8 billion in 2027. Confident in exceeding 2025's $6.6 billion target and on track for 2026 and 2027 targets.
• Expect to generate approximately $15 million in performance-related earnings from Infrastructure Fund III in Q4 2025, with Infrastructure Fund III expected to be the main source of performance-related earnings through 2026.

Risks include those discussed in the Risk Factors section of the latest Form 20-F annual report, such as uncertainties related to forward-looking statements, market volatility, and economic conditions that could impact fundraising, investment performance, and financial results.

Q: How is the pacing of capital deployment, especially with the $3.2 billion in pending fee-earning AUM?

A: Most of the $3.2 billion in pending fee-earning AUM is expected to be deployed over the next 12 to 18 months, mostly in infrastructure. A significant portion will come from investing in Infrastructure Fund V, co-investment vehicles, and GPMS strategies like the secondary strategy.

Q: Update on inorganic growth at this moment?

A: Patria paused M&A in 2025 to focus on integrating acquisitions and organic growth. Planning to restart inorganic expansion in 2026-2027, focusing on credit, real estate, infrastructure, and GPMS in the U.S. Credit and real estate are in more advanced negotiation phases, with infrastructure and GPMS also relevant. Geography-wise, looking to expand GPMS in the U.S.

Q: FRE guidance for 2025?

A: Full-year fee-related earnings are expected to be slightly above the lower end of the $200 million to $225 million range. Mainly driven by incentive fees in Q4 2025, with fundraising-driven management fees also contributing.

Q: Update on cross-sell of GPMS products to Patria LP?

A: Phase 2 of cross-selling GPMS products is successful, with clients re-upping and investing more. Phase 3 involves launching new products like a blind fund structure and co-investment fund early next year. Latin American investors are increasingly investing in GPMS products, and there are plans for more products and strategies in the pipeline.

Q: Total return swap mechanism and rationale for the $0.65 per share dividend for 2026?

A: The total return swap was used for share buyback to ensure confidentiality and manage conflicts of interest, with financial advantages like netting dividends from interest expenses. The $0.65 per share dividend for 2026 is to mimic short-term U.S. treasury yields plus growth, providing support and potential growth for the stock price while transferring part of growth to shareholders