Patria Investments Limited · NASDAQ:PAX
Patria Investments — Q3 2026 Earnings Presentation
31 slides from Patria Investments's earnings presentation, Nov 3, 2026
Slide 1: 3Q26 Earnings Presentation
November 3, 2026 PATRIA INVESTMENTS (NASDAQ: PAX) 3Q26 Earnings Presentation
Slide 2: Forward-looking statements
2 This presentation may contain forward-looking statements within the 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,” “indica
Slide 3: Patria Reports Third Quarter 2026 Results
3 Patria Reports Third Quarter 2026 Results November 3, 2026 – Patria Investments Limited (NASDAQ: PAX) today reported its unaudited results for the third quarter ended September 30, 2026 Patria will host its third quarter 2026 investor conference call via public webcast on November 3, 2026, at 9:00
Slide 4: Patria's Third Quarter IFRS Results
4 Throughout this presentation all current period amounts are preliminary and unaudited. Totals may not add due to rounding. See notes and definitions at end of document. Patria’s Third Quarter IFRS Results IFRS Net Income attributable to Patria was $7.2 million for 3Q26 PAX 3Q26 Earnings Presentati
Slide 5: Patria's Third Quarter 2026 Summary
5 Patria’s Third Quarter 2026 Summary PAX 3Q26 Earnings Presentation
Slide 6: Third quarter 2026 key business metrics and financial measures
6 • Declared quarterly dividend of $0.1625 per common share payable on December 11, 2026 • Concluded a Total Return Swap ("TRS") for an additional 1.3 million shares Key Business Metrics Financial Measures • Management fees of $101.7 million in 3Q26, up 17% compared to 3Q25 • Fee Related Earnings (“
Slide 7: Non-GAAP Income Statement
7 Throughout this presentation all current period amounts are preliminary and unaudited. Totals may not add due to rounding. See notes and definitions at end of document for Patria’s non-GAAP Income Statement. Results for the partnership with Bancolombia and acquisition of Solis are reflected on a p
Slide 8: Management fees, expenses and FRE commentary
8 • Year-over-year increase in Management Fees reflects higher FEAUM driven mainly by organic net inflows, positive investment returns, FX, and the closing of the Solis, RBR, and WP Global Partners acquisitions, partially offset by a lower management fee rate due to mix. Sequentially, Management Fee
Slide 9: Net Accrued Performance Fees for Drawdown Funds
9 Net Accrued Performance Fees for Drawdown Funds US$ 260 mn 202 PE VI 21 IS V IS III Others1 EoP FX US$/BRL $5. 18 EoP FX US$/BRL $5.32 Net Accrued Performance Fees (US$ in millions) Note: Growth Funds are the Patria managed funds focused on Growth Capital investments. See notes and definitions at
Slide 10: Fundraising
10 (US$ in millions) Private Equity Infrastructure Credit Public Equities Real Estate GPMS Multi Asset Total 3Q25 96 612 396 78 109 240 — 1,531 4Q25 16 415 274 144 523 324 — 1,695 1Q26 275 547 926 91 37 267 — 2,143 2Q26 9 12 657 38 247 413 970 2,347 3Q26 95 24 1,129 90 193 845 — 2,376 YTD 379 583 2,
Slide 11: Total Assets Under Management
11 Total Assets Under Management Note: See notes and definitions at end of document. Totals may not add due to rounding. Fair Value of Investments US$ 11.3 bn Uncalled Capital + US$ 51.1 bn+22% $51.2bn $62.4bn GPMSPublic EquitiesReal EstateCreditInfrastructurePrivate Equity • LTM growth in AUM was d
Slide 12: Fee Earning Assets Under Management
12See notes and definitions at end of document. Totals may not add due to rounding. $38.8bn $48.1bn Fee Earning Assets Under Management US$ 101.7 mn 3Q26 Mgmt. Fee Revenue Breakdown Per Strategy +24% GPMSPublic EquitiesReal EstateCreditInfrastructurePrivate Equity PAX 3Q26 Earnings Presentation • Fe
Slide 13: FEAUM by structure, fee basis and duration
13 Note: Currency Exposure Hard / Soft (%) reflects the percentage of FEAUM exposed to each classification of currency. Soft currency exposures include vehicles which are either denominated in a soft (i.e. local) currency or have management fee exposure through the underlying investments where fees
Slide 14: Total AUM Roll Forward
14See notes and definitions at end of document. Totals may not add due to rounding. Total AUM Roll Forward PAX 3Q26 Earnings Presentation (in US$ Million) Private Equity Infrastructure Credit Public Equities Real Estate GPMS Multi Asset Total AUM 2Q26 8,779 8,694 13,632 2,845 10,203 17,022 970 62,14
Slide 15: Total FEAUM Roll Forward
15See notes and definitions at end of document. Totals may not add due to rounding. Total FEAUM Roll Forward PAX 3Q26 Earnings Presentation (in US$ Million) Private Equity Infrastructure Credit Public Equities Real Estate GPMS Total FEAUM 2Q26 5,610 4,484 13,128 2,737 9,733 13,252 48,944 Acquisition
Slide 16: Investment Performance – Drawdown Funds (1/2)
16 Investment Performance – Drawdown Funds (1/2) Note: Private Equity and PIPE net returns presented as ’n/m’ for the funds whose first deployment of capital date is less than 36 months prior to the period indicated. For High Growth funds, net returns presented only for mature vintages. (1) As of en
Slide 17: Investment Performance – Drawdown Funds (2/2)
17 Investment Performance – Drawdown Funds (2/2) Note: Infrastructure Net returns presented as ’n/m’ for the funds for which the first deployment of capital date is less than 36 months prior to the period indicated. (1) As of end of 3Q26, IS V committed capital include all specific co- investment an
Slide 18: Investment Performance – Permanent Capital, Interval & Open Funds (1/3)
18 Investment Performance – Permanent Capital, Interval & Open Funds (1/3) PAX 3Q26 Earnings Presentation Note: Includes composite investment performance, and where relevant, a weighted composite of underlying benchmarks. (1) Solis funds subject to performance fee & larger than USD 100M in AUM; (2)
Slide 19: Investment Performance – Permanent Capital, Interval & Open Funds (2/3)
19 Investment Performance – Permanent Capital, Interval & Open Funds (2/3) Note: Patria will report investment performance of primary strategies for REITS. Market-based returns including dividend reinvestment. (1) IFIX launched on December 30th, 2010. For funds started prior to the index, the excess
Slide 20: Investment Performance – Permanent Capital, Interval & Open Funds (3/3)
20 Investment Performance – Permanent Capital, Interval & Open Funds (3/3) PAX 3Q26 Earnings Presentation Note: Includes composite investment performance, and where relevant, a weighted composite of underlying benchmarks. (1) Infrastructure Core returns are calculated based on NAV. Functional AUM mn
Slide 21: Share Summary
21 (1) Reduced by 1,500,000 shares related to total return swap. (2) 1,556 shares issued related to personnel compensation in 4Q25. (3) Shares issued during the quarter: 1,743,830 related to personnel compensation and 1,074,339 related to M&A consideration. Reductions during the quarter: 840,129 sha
Slide 22: Reconciliations & Disclosures
22 Reconciliations & Disclosures PAX 3Q26 Earnings Presentation
Slide 23: Contracted and Incurred Liabilities and Share Repurchase Expenses
23 Currently Contracted and Already Incurred Liabilities and Share Repurchase Expenses ('26-'28) Notes: (1) Contracted payments on previously completed acquisitions; (2) Includes potential earn-outs and other deferral consideration payments from acquisitions subject to change according to the terms
Slide 24: Drawdown Funds – Fee Mechanics
24 • Investment Period: fees are charged on commitments or a combination of invested capital on unrealized investment and binding commitments to invest. • Post-investment Period: fee base shrinks due to (i) funds charging on commitments step down to charging on invested capital, and/or (ii) investme
Slide 25: Patria's Earnings – 5 Quarter View
25Throughout this presentation all current period amounts are preliminary and unaudited. Totals may not add due to rounding. See notes and definitions at end of document. Patria’s Earnings – 5 Quarter View (US$ in millions) 3Q25 4Q25 1Q26 2Q26 3Q26 FY 2023 FY 2024 FY 2025 Management Fees 87.0 92.0 9
Slide 26: Reconciliation of IFRS to Non-GAAP Measures
26 Reconciliation of IFRS to Non-GAAP Measures (US$ in millions) 3Q25 4Q25 1Q26 2Q26 3Q26 FY 2023 FY 2024 FY 2025 Management Fees 87.0 92.0 95.2 103.7 101.7 245.6 292.4 338.7 (+) Incentive Fees 0.2 11.3 — 2.5 0.2 4.1 13.8 14.0 (+) Other Fee Revenues 2.5 2.9 3.3 7.0 4.4 2.7 10.4 9.6 (–) Taxes on Reve
Slide 27: IFRS Balance Sheet
27 IFRS Balance Sheet (US$ in millions) December 31, 2025 September 30, 2026 December 31, 2025 September 30, 2026 Assets Liabilities and Equity Cash and cash equivalents 53.6 55.8 Client funds payable (2) 25.9 26.6 Short term investments (1) 35.1 58.9 Consideration payable from acquisition (9) 118.5
Slide 28: Notes to IFRS Results
28 Notes PAX 3Q26 Earnings Presentation Notes to Page 4 Patria’s Third Quarter 2026 IFRS Results (1) Performance fees are determined in accordance with the funds offering documents and/or agreements with Limited Partners, based on the expected value for which a high probability exists that a signifi
Slide 29: Notes to Reconciliation of IFRS to Non-GAAP Measures
29 Notes PAX 3Q26 Earnings Presentation Notes to Page 26 Reconciliation of IFRS to Non-GAAP Measures (1) Deferred Taxes are temporary taxable differences mostly from non-deductible employee profit sharing expenses, performance fees, quarterly revaluation of derivatives, intangible assets and conside
Slide 30: Definitions
30 Definitions PAX 3Q26 Earnings Presentation Distributable Earnings (DE) is used to assess our performance and capabilities to distribute dividends to shareholders. DE is calculated as FRE deducted by current income tax expense, plus net realized performance fees, net financial income/(expenses). D
Slide 31: Patria
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