EX-99.1 2 dp228845_ex9901.htm EXHIBIT 99.1

Exhibit 99.1

 

1 May 2025 Investor Presentation

 

 

2 Vinci Compass is a leading full - service alternative asset manager in Latin America R$305 bn AUM¹ Credit Private Equity Equities Global Investment Products & Solutions Real Assets Strategies focused on growth equity transactions in Brazil, working towards transformational growth in collaboration with management teams and founders Credit solutions developed to meet needs of both mature and growing businesses, through Private and Public Credit, opportunistic credit and agribusiness Long - term positions based on fundamental analysis of LatAm publicly - traded companies Investments focused on tangible, income - generating assets through real estate, infrastructure and forestry strategies High value - added financial and strategic advisory services, focusing primarily on middle market and M&A transactions Providing access to proprietary investment solutions and world - class managers RESEARCH RISK LEGAL & COMPLIANCE INVESTOR RELATIONS OPERATIONS ESG CLIENT RELATIONS See notes and definitions at end of document Corporate Advisory

 

 

3 As of March 2025 The premier partner for alternative investments and global solutions in Latin America Vinci Compass’ offices +630 Employees LPs Global to Local Local to Global Local to Local Global to Regional Years Providing Investment Solutions in LatAm 7 Countries in LatAm plus USA and UK Offering local tailored products through our local regulated entities Delivering local alternative solutions to our global clients Providing access to a network of world - class GPs and top - tier asset managers Providing regional liquid and alternative mandates to global investors +25 +2,800

 

 

4 Pan - Regional presence with a diversified exposure to product offering, funding and currency Segments Breakdown AUM¹ (%) Fee Related Revenues² (%) Country Breakdown (Funding) Client Profile Breakdown Country Breakdown (Asset Allocation) See notes and definitions at end of document 62% 20% 16% 2% Institutional HNWI Intermediaries Public Market Vehicles 76% 10% 5% 5% 4% 38% 21% 12% 12% 9% 3% 4% 1% Chile Brazil Global Mexico Colombia Uruguay Peru Argentina 65% 24% 4% 3% 2% 1% 1% Global Brazil Chile LatAm Mexico Argentina Peru Uruguay 43% 23% 13% 13% 8% Global IP&S Credit Private Equity Real Assets Equities Corporate Advisory 49% 23% 24% 4% 45% 30% 7% 6% 5% 4% 2% 1% 43% 25% 8% 8% 8% 3% 3% 2%

 

 

5 Local teams providing local, regional and global solutions to our clients Unique institutional reach : Proven ability to distribute proprietary products Expert distribution team: Deep expertise in alternative products and global investments . Active involvement from our local partners in client relations 7 ARGENTINA / URUGUAY 25 BRAZIL 18 CHILE 9 MEXICO 7 PERU / COLOMBIA 18 UNITED STATES 1 UNITED KINGDOM NUMBER OF PROFESSIONALS CLIENT RELATIONS GROUP 77 relationship managers across 9 countries

 

 

6 71% 15% 8% 5% 1% Fee Related Revenues Breakdown by Country (Asset Allocation) Global Brazil Mexico Chile Uruguay Global Investment Products and Solutions (Global IP&S) Providing access to a network of world - class GPs and top - tier asset managers, we deliver bespoke global and local investment solutions, granting unparalleled access to opportunities worldwide. R$232 bn AUM R $ 232 billion in AUM 1 Notes: ¹Assets under management and advisory as of March 2025; ²TPD stands for Third Party Distribution. 32% 24% 18% 7% 7% 5% 4% 3% Fee Related Revenues Breakdown by Product Type TPD² Alternative TPD Liquid Global Solutions Separate Mandate Fund Services Commingled Fund Brokerage Pension Plans Vinci Retirement Services 63% 22% 16% AUM Breakdown by Client Profile Institutional HNWI Intermediaries

 

 

7 44% 24% 12% 8% 8% 4% AUM Breakdown by Geography (Asset Allocation) Brazil LatAm Argentina Mexico Peru Chile Credit Diversified credit platform with local and hard currency strategies +50 Portfolio Managers and Analysts R $ 29 billion in AUM As of March 2025 Local currency Private Credit High Grade & High Yield R$5.6 bn Structured Credit & Confirming R$2.6 bn Infrastructure Credit R$2.4 bn Opportunistic Capital Solutions R$3.4 bn Diversified Private Credit R$1.6 bn Agribusiness R$0.9 bn Hard currency Liquid Credit High Grade & High Yield R$6.9 bn Real Estate Credit R$0.8 bn High Grade & High Yield R$5.2 bn 51% 32% 14% 3% AUM Breakdown by Client Profile Institutional Intermediaries HNWI Public Market Vehicles

 

 

8 R $ 16 billion in AUM¹ Private Equity 2.4x Gross MOIC² 64.6% Gross IRR² R$16.5 bn AUM &UHDWHGE\&KDQXWLV,QGXVWULHV IURPWKH1RXQ3URMHFW &UHDWHGE\'LQRVRIW/DEV IURPWKH1RXQ3URMHFW VIR VCP Impact guidelines Sector Company Size Governance Sustainability guidelines as risk mitigators drivers of long - term value creation Agnostic R$ 1 – 2 billion EV Control and co - control Business Services Specialized Retail Healthcare R$ 100 – 500 million EV Minority with co - control Generates impact at the core of the business and supports SME companies with limited access to capital and know - how 20+ 1.7x Gross MOIC² 22.1% Gross IRR² year track record Buyout Growth Turnaround Minority Growth VCP Strategy Notes: ¹As of March 2025; ²Gross IRR and Gross MOIC in Brazilian Reais, as of December 31, 2025. 66% 24% 10% AUM Breakdown by Client Profile Institutional HNWI Intermediaries Turnaround VIR Strategy Minority Growth

 

 

9 80% 12% 8% AUM Breakdown by Client Profile Institutional HNWI Intermediaries Equities Brazil R$10.0 bn • Long Only • Dividends • Small Caps • Long Biased • Others Chile R$2.6 bn • Long Only • Small Caps Strategies Overview Mexico R$1.1 bn • Long Only LatAm R$0.5 bn • Long Only LatAm Equity Argentina R$0.6 bn • Long Only • Small Caps Country - Specific Equity Leverage the region’s advantages without the idiosyncratic risks of each country By capitalizing on country - specific expertise and targeting assets often overlooked by regional investors, we unlock opportuniti es in niche markets with fewer participants 80%+ of our combined investor base consists of Institutional Investors +30 Portfolio Managers and Analysts R $ 15 billion in AUM As of March 2025 R$14.8 bn AUM

 

 

10 Real Assets • Investments in major real estate sectors • Seven Listed REITs in the Brazilian Stock Market • Opportunistic Developmen t Strategy with closed - end funds in Brazil, Uruguay and Peru • Focus on the key infrastructure themes in Brazil: Power, Water & Sanitation and Transport & Logistics • Six structured funds and one perpetual listed vehicle • VICC, our Article 9 compliant fund, is currently fundraising • Strategy includes Greenfield and Brownfield projects with Eucalyptus, Pine and Native Forests in Brazil • Three vintages raised since 2009, with the fourth currently being raised and in process of becoming Article 9 • Carbon credits offer a significant return potential on top of traditional forestry revenues 130,000 ha Net Planted Area in Brazil +566,000 investors 38 Companies/Assets R$12.0 bn AUM of our AUM is in vehicles with 10+ years lock - ups ~ 65 % Forestry R$1.7 bn Real Estate R$6.4 bn Infrastructure R$3.8 bn R $ 12 billion in AUM As of March 2025 45% 43% 8% 4% AUM Breakdown by Client Profile Public Market Vehicles Institutional HNWI Intermediaries

 

 

11 As of March 2025 Corporate Advisory M&A • Total or Partial Purchases and Sales of Companies • Joint Ventures and Company Mergers • Board of Directors’ Advisory • Fairness Opinion and Valuation Report Elaboration +R$161 bn in M&A transactions Fund Raising • Issuing of New Shares (Capitalizations) • Issuing of Debt Titles (Convertible or Not) • Issuing of Titles with Incentivized Coverage • Special Situations Transactions +R$60 bn in FR transactions Capital Markets • Initial Public Offering (IPO) Advisory • Follow - On Advisory • Issuing of Distributable Titles Advisory +R$40 bn in CM transactions 85 % of clients re - engage Corporate Advisory’s Pillars Union of values and vision No conflicts of interest Long - term vision Vision of Growth Execution of excellence Trustworthy relationship Sectors Consumer & Retail Oil & Distribution Health Real Estate Financial Services Logistics & Transportation Technology Energy & Mining Others Senior team with multisectoral experience

 

 

12 Financial Highlights

 

 

13 66 mm FRE 1Q’25 62 mm Adj. DE¹ 1Q’25 0.15 Quarterly Dividend US$ 1.1 bn Capital Subs. 1Q’25 R$ + 26 % YoY + 22 % YoY 0.98 Adj. DE per share² 1Q’25 R$ First Quarter 2025 Highlights R$ R$ Vinc i Compass secured R$1.1 billion in new commitments during the quarter and R$3.8 billion over the last twelve months Second closing of PEPCO II , our private credit fund in Peru, exceeding R$600 million in new commitments from Peruvian institutional investors SPS IV , our first in - house SPS vintage reached R$1.1 billion in total commitments in its first close , matching total commitments of its previous vintage, SPS III See notes and definitions at end of document

 

 

14 We will continue to have contributions from our ongoing fundraisings with additional commitments coming from new and existing strategies. Strategic Fundraising - Cross - Border Initiatives 2025 VICC reached 70 % of its fundraising target and are experiencing strong traction with international investors, providing visibility for the next commitments . We anticipate the fund reaching the fundraising target in the first half of 2025 with final commitments . SPS Vintage IV achieved a strong first closing in the first quarter 2025 , driven by re - ups from previous vintages and commitments from local HNWIs, matching the total capital commitments of its previous vintage . We anticipate additional commitments in upcoming closings from new investor channels . The fourth vintage within our Forestry strategy has a final closing expected by the end of the year . The fund has been particularly well - received by European LPs, reflecting strong international interest in sustainable forestry and ecological restoration as an investment opportunity . We are fundraising for open - ended funds under our Latin American Corporate Debt flagship , providing diversified exposure to high - quality credit assets across the region . In parallel, we are exploring new frontiers in private credit, including semi - liquid strategies and expanding into additional private credit opportunities throughout Latin America , further enhancing our ability to deliver attractive risk - adjusted returns . We plan to launch VIR V in 2025 , building on the success of VIR IV to further expand our impact investing strategy . This new vintage will unlock fresh opportunities for innovation, growth, and sustainable value creation in Latin America’s dynamic market, reinforcing our commitment to delivering both strong financial returns and positive social impact . We intend to develop and launch in 2025 our UCITS platform for listed equities, including LatAm Equity, Brazil Equity and Mexico Equity, offering daily liquidity in a long - only format . VICC SPS IV Equities Lacan IV VIR V Credit

 

 

15 We see significant opportunities for expansion and market share growth, and we are actively scaling multiple initiatives acro ss diverse strategies and geographies, ensuring robust capital deployment opportunities. Strategic Fundraising – Local - to - Local Initiatives 2025 Brazil : progressing with MAV III and open - ended credit products, including VCE , a flagship fund in our Brazilian private credit portfolio . Peru & Chile : raising capital for existing strategies, such as closed - end senior secured lending and public and private credit funds . Colombia : structuring COPCO I, our inaugural closed - end senior secured lending fund in the country . Mexico : establishing a structured private credit fund with a local anchor LP , marking our entry into the confirming and factoring sector and officially launching our local credit vertical . We expect our third - party distribution strategy to support healthy inflows in 2025 . Our plans include onsite meetings, event sponsorships, and roadshows across Latin America and the U . S . We continue to see interest across a range of asset classes and aim to deepen partnerships with top - tier GPs and asset managers . Our diverse offering — traditional assets, alternative drawdown funds, and semi - liquid alternatives — positions us as a one - stop shop for capital providers in Latin America . We are preparing to raise capital for two new products in the industrial warehouse and residential sectors in Brazil . We are also looking into opportunistic investment opportunities in the real estate sector in general through club deals . We are preparing to launch VSP II, a fund of funds targeting primary and secondary opportunities and co - investments in Brazil, alongside the VSP Semi - Liquid Fund, our inaugural semi - liquid alternatives fund focusing on developed markets . Fundraising for both is expected for 2025 , enhancing our Global IP&S platform and leveraging cross - selling with our proprietary funds . Credit Global IP&S - TPD Global IP&S - VSP Real Estate

 

 

16 ∆ YoY(%) 1Q'25 LTM 1Q'24 LTM ∆ YoY(%) 1Q'25 4Q'24 1Q'24 (R$ thousands, unless mentioned) 49% 586,606 393,945 103% 195,529 170,193 96,455 Net revenue from management fees 81% 82,628 45,690 140% 24,853 40,328 10,359 Net revenue from advisory fees N/A 19,187 – N/A 11,262 7,925 – Other revenues 57% 688,421 439,635 117% 231,644 218,446 106,814 Total Fee Related Revenues 70% (50,815) (29,859) 174% (20,125) (14,895) (7,337) Segment personnel expenses 106% (42,804) (20,788) 181% (15,431) (14,728) (5,495) Other G&A expenses 1,574% (36,401) (2,174) 4,095% (21,015) (14,393) (501) Placement fee amortization and rebates 116% (192,225) (89,106) 268% (77,652) (64,006) (21,087) Corporate center expenses 25% (105,749) (84,686) 69% (31,744) (31,397) (18,748) Bonus compensation related to management and advisory 89% (427,993) (226,611) 212% (165,967) (139,418) (53,168) Total Fee Related Expenses 22% 260,428 213,024 22% 65,677 79,028 53,646 FEE RELATED EARNINGS (FRE) 37.8% 48.5% 28.4% 36.2% 50.2% FRE Margin (%) 12% 4.45 3.96 3% 1.04 1.23 1.01 FRE per share¹ (R$/share) 76% 37,992 21,564 35% 3,077 27,412 2,273 Net revenue from performance fees 44% (15,690) (10,916) 34% (1,350) (10,930) (1,009) Performance based compensation 109% 22,303 10,648 37% 1,727 16,482 1,264 PERFORMANCE RELATED EARNINGS (PRE) 58.7% 49.4% 56.1% 60.1% 55.6% PRE Margin (%) 1,142% 12,937 1,042 N/A – 9,454 – ( - ) Unrealized performance fees 214% (1,159) (369) N/A – 74 – (+) Unrealized performance compensation 43% 25,314 17,735 (3)% 4,285 4,111 4,406 (+) Realized GP investment income 32% 319,824 242,080 21% 71,689 109,150 59,316 SEGMENT DISTRIBUTABLE EARNINGS 41.8% 50.4% 30.0% 42.1% 52.3% Segment DE Margin (%) 37% 10,142 7,423 78% 3,361 2,636 1,891 (+) Depreciation and amortization (33)% 51,330 76,618 17% 14,423 10,308 12,362 (+) Realized financial income 5% (9,837) (9,394) 70% (3,758) (2,072) (2,216) ( - ) Leasing expenses 184% (68,577) (24,155) 52% (14,004) (30,198) (9,236) ( - ) Other items² 1,604% (55,484) (3,257) (81)% (255) (39,827) (1,333) ( - ) Non - operational expenses³ (12)% (49,759) (56,819) (25)% (9,378) (14,610) (12,487) ( - ) Income taxes (excluding related to unrealized fees and income) (15)% 197,638 232,496 29% 62,078 35,386 48,297 DISTRIBUTABLE EARNINGS (DE) 24.2% 41.8% 24.5% 13.1% 38.4% DE Margin (%) (21)% 3.42 4.32 8% 0.98 0.55 0.91 DE per share (R$/share)⁴ 1,741% 54,119 2,939 (83)% 228 38,560 1,308 (+) Non - operational expenses (including Income Tax effect) 7% 251,757 235,435 26% 62,306 73,946 49,605 ADJUSTED DISTRIBUTABLE EARNINGS 5 30.9% 42.3% 24.6% 27.4% 39.4% Adjusted DE Margin (%) (1)% 4.31 4.38 6% 0.98 1.15 0.93 Adjusted DE per share 6 (R$/share) See notes and definitions at end of document First Quarter 2025 Segment Earnings

 

 

17 26 255 232 8 29 29 14 17 16 10 14 15 11 12 12 69 327 305 1Q'24 4Q'24 1Q'25 Global IP&S Credit Private Equity Equities Real Assets Total Assets Under Management and Advisory AUM 1Q’25 vs 4Q’24 vs. 1Q’24 ( R$bn ) • Total assets under management and advisory (AUM¹) of R$304.6 billion, up 342% year - over - year, mostly driven by the combination with Compass, as well as acquisitions of Lacan and MAV. • Total capital subscriptions in the 1Q’25 totaled R$1.1 billion, coming primarily from the Credit segment with PEPCO II and SPS IV. • AuM decreased 7% QoQ, primarily due to a R$18.9 billion negative impact from FX variation, coming mostly from U.S. Dollar Global IP&S Funds, combined with capital returns from TPD Alternative and outflows from TPD Liquid. 72% 25% 3% Capital Subscriptions 1Q’25 LTM Credit Private Equity Real Assets R$3.8 billion +342% (7)% See notes and definitions at end of document

 

 

18 Vinci Compass recognizes the performance revenue according to IFRS 15. Unrealized performance fees are recognized only when i s h ighly probable that the revenue will not be reversed in the Income Statement. The fund FIP Infra Transmissão in Infrastructure had R$11.0 million as of the end of the first quarter of 2025 booked as unrealized performance fees in the co mpany’s balance sheet. Accrued performance fees shown for Private Equity funds of R$219.8 million, Credit funds of R$33.6 million and Real Assets funds of R$10.7 million, as of the end of the first quarter of 2025, have not been booked as unrealized performance fees in the company  s balance sheet. Additional Capital Detail 80% 12% 8% • Total performance fee eligible AUM (PEAUM) of R$46.4 billion in the 1Q’25. • Our PEAUM is distributed across three different types of indexes: Preferred Return with Catch - Up¹, Preferred Return² and Hurdle³. • Gross accrued performance fees of R$275.0 million in the 1Q’25. • The VCP strategy 4 in Private Equity accounted for R$219.8 million in accrued performance fees, or 80% of total accrued performance fees. Performance Eligible AUM R$275 mm 27% 22% 20% 13% 18% Private Equity Global IP&S Credit Real Assets Equities Gross Accrued Performance Fees R$46 bn

 

 

19 Fee Related Revenues Fee related revenues totaled R$231.6 million in the quarter, up 117% year - over - year, pushed by growth in both management fees and advisory fees. Fee Related Revenues 1Q’25 vs. 1Q’24 ( R$mm ) Fee Related Revenues 1Q’25 LTM vs. 1Q’24 LTM ( R$mm ) Management fees totaled R$195.5 million in the quarter, up 103% year - over - year, following the combination with Compass, with organic fundraising in the Private Equity and Real Assets segments. Advisory fees of R$24.9 million in the quarter, coming mostly from upfront fees charged for third - party distribution alternative commitments in Global IP&S. Other revenues totaled R$11.3 million in the 1Q’25, comprised of brokerage and fund services fees. +117% +57% 96 196 10 25 11 107 232 1Q'24 1Q'25 Management fees Advisory fees Other revenues 394 587 46 83 19 440 688 1Q'24 LTM 1Q'25 LTM Management fees Advisory fees Other revenues

 

 

20 50 62 1Q'24 1Q'25 Financial Metrics 1Q’25 overview Fee Related Earnings of R$65.7 million and R$1.04/share • Our first full quarter operating as Vinci Compass, leading to stronger management and advisory fees. Performance Related Earnings of R$1.7 million and R$0.03/share • Realized performance in Global IP&S and Equities segments . Adjusted Distributable Earnings of R$62.3 million and R$0.98/ share • Growth in Adjusted DE both on nominal and per share basis, underscoring the accretive nature of our acquisitions and business combination, alongside continued organic growth. 54 66 1Q'24 1Q'25 Fee Related Earnings (FRE) ( R$mm ) +22% % FRE margin 28 % 50 % FRE per share 1.01 1.04 1 2 1Q'24 1Q'25 +37% Performance Related Earnings (PRE) ( R$mm ) 56% 56 % PRE per share 0.02 0.03 % PRE margin Adjusted Distributable Earnings (DE) ( R$mm ) +26% 25% 39% Adj. DE per share 0.93 0.98 % Adj. DE margin

 

 

21 235 252 1Q'24 LTM 1Q'25 LTM Financial Metrics 1Q’25 LTM overview Adjusted Distributable Earnings (DE) ( R$mm ) 31 % 42% 4.38 4.31 7% Fee Related Earnings of R$260.4 million and R$4.45/ share • Stronger management and advisory fees over the past twelve months, driven by a combination of organic fundraising and inorganic transactions with Compass, MAV, and Lacan. Performance Related Earnings of R$22.3 million and R$0.36/ share • Growth driven by strong realized performance fees in the 4Q’24 across Global IP&S, Credit and Real Assets segments. Adjusted Distributable Earnings of R$251.8 million and R$4.31/ share • Adj. DE in the 1Q’25 LTM reflects the combined effect of lower financial income, due to the deployment of cash balances, and FX variations on Vinci’s net debt in US dollars. 213 260 1Q'24 LTM 1Q'25 LTM +22% % FRE margin FRE per share Fee Related Earnings (FRE) ( R$mm ) 38% 48% 3.96 4.45 11 22 1Q'24 LTM 1Q'25 LTM Performance Related Earnings (PRE) ( R$mm ) 59% 49 % 0.20 0.36 +109% PRE per share % PRE margin Adj. DE per share % Adj. DE margin

 

 

22 Realized GP Investment and Financial Income Realized GP Investment¹ and Financial Income² of R$18.7 million in the 1Q’25, up 12% year - over - year. Realized GP Investment and Financial income 1Q’25 vs. 1Q’24 ( R$mm ) Realized GP Investment and Financial income 1Q’25 LTM vs. 1Q’24 LTM ( R$mm ) (19)% +12% Total GP Investment¹ and Financial Income² accounted for R$76.6 million over the 1Q’25 LTM, down 19% when compared to the 1Q’24 LTM. This decrease follows a reduced liquid portion of the portfolio, with the increase in capital calls across closed - end funds and payments related to acquisitions. See notes and definitions at end of document 12 14 4 4 17 19 1Q'24 1Q'25 Realized Financial Income Realized GP Investment Income 77 51 18 25 94 77 1Q'24 LTM 1Q'25 LTM Realized Financial Income Realized GP Investment Income

 

 

23 27% 21% 16% 13% 12% 5% 3% 3% Fair Value of Investments - GP Commitment Balance Sheet Highlights & GP Commitments 1Q'25 4Q'24 (IN R$ MILLIONS, UNLESS MENTIONED) 163.8 223.3 Cash and cash equivalents¹ 1,200.4 1,297.0 Net Investments 502.9 626.2 Liquid funds² 697.4 670.8 GP Fund Investments³ (552.7) (643.7) Debt obligations 4 811.4 876.7 Net Cash and Investments 12.81 13.69 Net Cash and Net Investments per share⁵ (R$/share) Net Cash and Investments of R$ 811.4 million in the 1Q’25, including cash and cash equivalents, investments in liquid funds, GP stakes and debt obligations R$ 697.4 mm 27% 19% 17% 16% 14% 4% 2% 1% Private Equity Credit Infrastructure REITs Real Estate Global IP&S Public Equities Forestry Total Capital Commited R$1.4 billion

 

 

24 670.8 36.5 0.0 (5.8) (4.0) 697.4 4Q'24 Capital Called Principal Returned Gross Capital Gain Returned Depreciation 1Q'25 See notes and definitions at end of document Our GP Commitments are a long - term strong value creator Fair Value of Investments (R$ mm) GP Commitments Overview Per share R$11.01 R$10.47 Total Capital Committed R$1,415.0 million Total Capital Called R$725.5 million Fair Value of Investments R$697.4 million Accum . Capital Returned R$143.9 million As of 1Q’25, Vinci Compass had R$1,415.0 million in capital commitments signed to proprietary funds mostly across Private Equity, Infrastructure, Credit and Real Estate. Total capital called of R$725.5 million, representing 51.3% of the total capital committed to proprietary funds as of March 31, 2025. Fair Value of Investments account for R$697.4 million.

 

 

25 Appendix – I Segment Summaries

 

 

26 30% 26% 17% 13% 8% 5% Private Equity Real Assets Global IP&S Credit Equities Corporate Advisory 37% 20% 17% 11% 9% 6% Financials by Segment Fee Related Earnings (FRE) 1Q ’25 LTM by Segment Segment Distributable Earnings (DE) 1Q’25 LTM by Segment Fee Related Earnings (FRE) were R$260.4 million in the 1Q’25 LTM, with 37% of FRE coming from Private Equity, Real Assets accounting for 20%, with 17% coming from Global IP&S, followed by Credit with 11%, Equities accounting for 9% and Corporate Advisory for 6%. Segment Distributable Earnings (DE) were R$319.8 million in the 1Q’25 LTM, with 30% coming from Private Equity, followed by Real Assets with 26%, Global IP&S with 17%, Credit with 13%, Equities accounting for 8% and Corporate Advisory for 5%. R$320 mm R$260 mm

 

 

27 See notes and definitions at end of document TPD Liquid 46% TPD Alternative 33% Global Solutions 8% Separate Mandate 8% Custody & Execution 3% Commingled Fund 1% Other² 1% Global IP&S AUM Breakdown by Strategy Global Investment Products & Solutions (Global IP&S) R$232 bn AUM FRE of R$21.0 million in the quarter, up 238% YoY, driven mostly by the growth in management fees following the incorporation of the TPD¹ business from Compass. Advisory fees of R$22.5 million in the 1Q’25, coming from upfront fees charged in the TPD Alternative business. 1Q'25 LTM ∆ YoY (%) 1Q'25 4Q'24 1Q'24 (R$ THOUSANDS, UNLESS MENTIONED) 147,598 229% 65,625 43,857 19,972 Net revenue from management fees 41,584 281,734% 22,547 17,988 8 Net revenue from advisory fees 18,830 N/A 11,085 7,745 – Other revenues 208,014 397% 99,257 69,590 19,980 Total Fee Related Revenues (14,908) 188% (6,299) (4,036) (2,188) Segment personnel expenses (19,283) 168% (7,043) (6,330) (2,627) Other G&A expenses (16,072) N/A (9,438) (6,633) – Placement fee amortization and rebates (83,909) 905% (42,022) (32,747) (4,181) Corporate center expenses (30,061) 182% (13,419) (5,729) (4,754) Bonus compensation related to management and advisory (164,234) 469% (78,221) (55,474) (13,750) Total Fee Related Expenses 43,779 238% 21,035 14,116 6,230 FEE RELATED EARNINGS (FRE) 21.0% 21.2% 20.3% 31.2% FRE Margin (%) 16,292 14,284% 1,295 14,636 9 Net revenue from performance fees 16,292 14,284% 1,295 14,636 9 Realized performance fees – N/A – – – Unrealized performance fees (5,397) 13,959% (562) (4,619) (4) Performance based compensation 10,897 14,545% 732 10,017 5 PERFORMANCE RELATED EARNINGS (PRE) 66.9% 56.6% 68.4% 55.6% PRE Margin (%) – N/A – – – ( - ) Unrealized performance fees – N/A – – – (+) Unrealized performance compensation 731 410% 296 9 58 (+) Realized GP investment income 55,408 251% 22,063 24,142 6,293 SEGMENT DISTRIBUTABLE EARNINGS 24.6% 21.9% 28.7% 31.4% Segment DE Margin (%) 230,551 799% 230,551 254,004 25,654 FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$millions ) 0.18% 0.13% 0.20% 0.35% AVERAGE FEE RATE (%)³ 180,855 605% 180,855 193,984 25,654 FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$millions) EX - UPFRONTS 4 0.20% 0.17% 0.20% 0.35% AVERAGE FEE RATE (%) EX - UPFRONTS AUM ended 1Q’25 at R$232 billion. The quarter was impacted by FX variation on U.S. Dollar Global IP&S funds (mainly TPD Liquid and Alternative) and outflows in the TPD strategy, including capital returns from Alternative GPs and withdrawals from TPD Liquid.

 

 

28 Local Currency High Grade & High Yield 37% Hard Currency High Grade & High Yield 23% Opportunistic Capital Solutions 12% Real Estate & Infrastructure Credit 11% Confirming & Structured Credit 9% Diversified Private Credit 5% Agribusiness 3% Credit AUM Breakdown by Strategy Credit R$29 bn AUM Fee related earnings (FRE) in the 1Q’25 posted a 67% increase year - over - year, driven by growth in management fees both inorganic - with contribution from Compass and MAV - and organically - from a combination of fundraising, deployment and portfolio appreciation across Opportunistic Capital Solutions (SPS) and High - Grade Credit strategies. Our one - stop - shop credit platform continues to gain momentum, with new commitments across private credit strategies on both local - to - local and cross - border fronts, fully aligned with our robust fundraising pipeline for the year. 1Q'25 LTM ∆ YoY (%) 1Q'25 4Q'24 1Q'24 (R$ THOUSANDS, UNLESS MENTIONED) 123,124 301% 52,818 38,923 13,183 Net revenue from management fees 25 (100)% – 25 280 Net revenue from advisory fees – N/A – – – Other revenues 123,149 292% 52,818 38,947 13,462 Total Fee Related Revenues (14,981) 403% (6,851) (4,970) (1,363) Segment personnel expenses (6,900) 235% (2,561) (2,790) (764) Other G&A expenses (13,682) N/A (8,065) (5,616) – Placement fee amortization and rebates (37,719) 528% (17,123) (13,147) (2,728) Corporate center expenses (19,951) 221% (8,017) (5,285) (2,496) Bonus compensation related to management and advisory (93,232) 480% (42,617) (31,808) (7,352) Total Fee Related Expenses 29,917 67% 10,202 7,139 6,111 FEE RELATED EARNINGS (FRE) 24.3% 19.3% 18.3% 45.4% FRE Margin (%) 8,412 122% 16 4,980 7 Net revenue from performance fees 8,412 122% 16 4,980 7 Realized performance fees – N/A – – – Unrealized performance fees (3,363) (48)% (2) (1,848) (4) Performance based compensation 5,050 236% 13 3,132 4 PERFORMANCE RELATED EARNINGS (PRE) 60.0% 86.6% 62.9% 57.1% PRE Margin (%) – N/A – – – ( - ) Unrealized performance fees – N/A – – – (+) Unrealized performance compensation 7,011 (10)% 1,477 1,548 1,642 (+) Realized GP investment income 41,979 51% 11,692 11,819 7,757 SEGMENT DISTRIBUTABLE EARNINGS 30.3% 21.5% 26.0% 51.3% Segment DE Margin (%) 28,764 279% 28,764 28,540 7,592 FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$millions ) 0.81% 0.76% 0.80% 0.75% AVERAGE FEE RATE (%) Total AUM of R$29 billion, up 287% year - over - year.

 

 

29 VCP III 53% VCP IV 17% VCP III 19% VIR IV 6% Other 5% Private Equity AUM Breakdown by Flagship Private Equity R$16 bn AUM Total AUM of R$16 billion, up 14% year - over - year. Fee Related Earnings (FRE) totaled R$ 19.4 million in the quarter, representing a 23% year - over - year growth. This result was driven by strong fundraising in VCP IV over the past couple of years, with its final closing successfully completed in the fourth quarter of 2024. Our VCP team is sourcing opportunities to deploy capital from VCP IV, and exit opportunities across funds II and III, while our VIR team is focused on structuring our next impact investing fund, VIR V. 1Q'25 LTM ∆ YoY (%) 1Q'25 4Q'24 1Q'24 (R$ THOUSANDS, UNLESS MENTIONED) 151,657 19% 31,294 45,711 26,284 Net revenue from management fees – N/A – – – Net revenue from advisory fees – N/A – – – Other revenues 151,657 19% 31,294 45,711 26,284 Total Fee Related Revenues (4,595) 10% (1,168) (1,194) (1,066) Segment personnel expenses (3,487) 50% (798) (873) (533) Other G&A expenses (1,928) 19% (367) (952) (309) Placement fee amortization and rebates (26,213) 11% (6,032) (6,645) (5,450) Corporate center expenses (18,401) 13% (3,497) (6,884) (3,106) Bonus compensation related to management and advisory (54,625) 13% (11,861) (16,547) (10,464) Total Fee Related Expenses 97,034 23% 19,433 29,164 15,820 FEE RELATED EARNINGS (FRE) 64.0% 62.1% 63.8% 60.2% FRE Margin (%) – N/A – – – Net revenue from performance fees – N/A – – – Realized performance fees – N/A – – – Unrealized performance fees – N/A – – – Performance based compensation – N.A – – – PERFORMANCE RELATED EARNINGS (PRE) N.A/ N/A N/A N/A PRE Margin (%) – N/A – – – ( - ) Unrealized performance fees – N/A – – – (+) Unrealized performance compensation 31 N/A – – – (+) Realized GP investment income 97,065 23% 19,433 29,164 15,820 SEGMENT DISTRIBUTABLE EARNINGS 64.0% 62.1% 63.8% 60.2% Segment DE Margin (%) 13,287 18% 13,287 13,471 11,240 FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$millions ) 1.26% 1.00% 1.47% 0.99% AVERAGE FEE RATE (%)

 

 

30 Brazil 68% Chile 17% Mexico 7% Argentina 4% LatAm 4% Equities AUM Breakdown by Strategy Equities Total AUM of R$15 billion, up 49% year - over - year. R$15 bn AUM Fee Related Revenues grew 35% year - over - year; however, due to higher expenses following the combination with Compass, Fee Related Earnings declined in the period. We recognized performance fees in our Brazilian funds, while other strategies — despite solid performance — have yet to exceed their hurdle rates, which has become more challenging in the current environment. 1Q'25 LTM ∆ YoY (%) 1Q'25 4Q'24 1Q'24 (R$ THOUSANDS, UNLESS MENTIONED) 63,098 35% 18,794 16,150 13,964 Net revenue from management fees 948 N/A – 948 – Net revenue from advisory fees – N/A – – – Other revenues 64,047 35% 18,794 17,098 13,964 Total Fee Related Revenues (5,517) 155% (2,269) (1,671) (889) Segment personnel expenses (4,976) 517% (2,121) (1,892) (344) Other G&A expenses (2,549) N/A (1,551) (998) – Placement fee amortization and rebates (17,943) 97% (5,701) (5,600) (2,890) Corporate center expenses (9,990) 28% (2,562) (3,040) (2,004) Bonus compensation related to management and advisory (40,977) 132% (14,203) (13,201) (6,126) Total Fee Related Expenses 23,070 (41)% 4,591 3,898 7,838 FEE RELATED EARNINGS (FRE) 36.0% 24.4% 22.8% 56.1% FRE Margin (%) 5,177 (22)% 1,767 1 2,257 Net revenue from performance fees 5,177 (22)% 1,767 1 2,257 Realized performance fees – N/A – – – Unrealized performance fees (2,328) (22)% (786) 0 (1,001) Performance based compensation 2,848 (22)% 982 1 1,255 PERFORMANCE RELATED EARNINGS (PRE) 55.0% 55.6% 174.5% 55.6% PRE Margin (%) – N/A – – – ( - ) Unrealized performance fees – N/A – – – (+) Unrealized performance compensation 25,917 (39)% 5,573 3,898 9,093 SEGMENT DISTRIBUTABLE EARNINGS 37.4% 27.1% 22.8% 56.1% Segment DE Margin (%) 14,739 49% 14,739 13,815 9,859 FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$millions ) 0.58% 0.55% 0.61% 0.60% AVERAGE FEE RATE (%)

 

 

31 Real Assets Total AUM of R$12 billion, up 9% year - over - year. R$12 bn AUM Fee Related Revenues grew 24% year - over - year, highlighting strong business momentum, though fee - related earnings declined in the period due to higher expenses following the combination with Compass. Looking ahead, our Real Assets segment has a solid fundraising pipeline, including the final closing of VICC in Infrastructure, Lacan IV in Forestry, and opportunistic funds across Real Estate. 1Q'25 LTM ∆ YoY (%) 1Q'25 4Q'24 1Q'24 (R$ THOUSANDS, UNLESS MENTIONED) 101,129 17% 26,997 25,552 23,052 Net revenue from management fees 6,515 575% 1,850 1,976 274 Net revenue from advisory fees 357 N/A 177 180 – Other revenues 107,999 24% 29,024 27,709 23,327 Total Fee Related Revenues (8,446) 134% (2,986) (2,421) (1,278) Segment personnel expenses (7,553) 162% (2,774) (2,732) (1,057) Other G&A expenses (2,170) 730% (1,594) (192) (192) Placement fee amortization and rebates (22,250) 24% (5,931) (5,049) (4,783) Corporate center expenses (16,721) 24% (4,083) (4,460) (3,294) Bonus compensation related to management and advisory (57,141) 64% (17,368) (14,855) (10,605) Total Fee Related Expenses 50,858 (8)% 11,656 12,854 12,721 FEE RELATED EARNINGS (FRE) 47.1% 40.2% 46.4% 54.5% FRE Margin (%) 8,111 N/A – 7,794 – Net revenue from performance fees 21,048 N/A – 17,248 – Realized performance fees (12,936) N/A – (9,453) – Unrealized performance fees (4,602) N/A – (4,463) – Performance based compensation 3,509 N.A – 3,331 – PERFORMANCE RELATED EARNINGS (PRE) 43.3% N/A 42.7% N/A PRE Margin (%) 12,937 N/A – 9,454 – ( - ) Unrealized performance fees (1,159) N/A – 74 – (+) Unrealized performance compensation 17,541 (7)% 2,512 2,554 2,706 (+) Realized GP investment income 83,684 (8)% 14,168 28,268 15,427 SEGMENT DISTRIBUTABLE EARNINGS 57.1% 44.9% 59.5% 59.3% Segment DE Margin (%) 11,839 8% 11,839 11,567 10,931 FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$millions ) 0.97% 0.98% 1.01% 0.88% AVERAGE FEE RATE (%) Real Estate 54% Infrastructure 32% Forestry 14% Real Assets AUM Breakdown by Strategy

 

 

32 Corporate Advisory Historically, the first quarter tends to be a quieter period for the industry, and this year it was further impacted by macroeconomic uncertainties. However, we expect deal activity to pick up over the upcoming quarters. FRE totaled R$15.8 million in the 1Q’25 LTM and negative R$1.2 million in the 1Q’25. 1Q'25 LTM ∆ YoY (%) 1Q'25 4Q'24 1Q'24 (R$ THOUSANDS, UNLESS MENTIONED) – N/A – – – Net revenue from management fees 33,556 (95)% 457 19,390 9,797 Net revenue from advisory fees – N/A – – – Other revenues 33,556 (95)% 457 19,390 9,797 Total Fee Related Revenues (2,367) (0)% (553) (604) (553) Segment personnel expenses (605) (21)% (134) (111) (170) Other G&A expenses – N/A – – – Placement fee amortization and rebates (4,190) (20)% (844) (818) (1,054) Corporate center expenses (10,624) (95)% (167) (5,999) (3,093) Bonus compensation related to management and advisory (17,786) (65)% (1,697) (7,532) (4,870) Total Fee Related Expenses 15,770 N/A (1,240) 11,858 4,926 FEE RELATED EARNINGS (FRE) 47.0% (271.5)% 61.2% 50.3% FRE Margin (%) 15,770 N/A (1,240) 11,858 4,926 SEGMENT DISTRIBUTABLE EARNINGS 47.0% (271.5)% 61.2% 50.3% Segment DE Margin (%)

 

 

33 Appendix – II Financial Statements

 

 

34 Financials - Income Statement ∆ YoY (%) 1Q'25 LTM 1Q'24 LTM ∆ YoY (%) 1Q'25 4Q'24 1Q'24 (R$ thousands, unless mentioned) REVENUES 49% 586,606 393,945 103% 195,529 170,193 96,455 Net revenue from management fees 76% 37,992 21,564 35% 3,077 27,412 2,273 Net revenue from performance fees 125% 50,930 22,606 35% 3,077 36,867 2,273 Realized performance fees 1,142% (12,937) (1,042) N/A – (9,454) – Unrealized performance fees 81% 82,628 45,690 140% 24,853 40,328 10,359 Net revenue from advisory N/A 19,187 – N/A 11,262 7,925 – Other revenues 58% 726,413 461,199 115% 234,721 245,858 109,087 Total net revenues from services rendered OPERATING EXPENSES 25% (105,749) (84,686) 69% (31,744) (31,397) (18,748) Bonus related to management and advisory 44% (15,690) (10,916) 34% (1,350) (10,930) (1,009) Performance based compensation 49% (16,848) (11,285) 34% (1,350) (10,855) (1,009) Realized 214% 1,159 369 N/A – (74) – Unrealized 27% (121,439) (95,602) 68% (33,094) (42,327) (19,757) Total compensation and benefits 70% (50,814) (29,859) 174% (20,125) (14,895) (7,337) Segment personnel expenses 106% (42,804) (20,788) 181% (15,431) (14,728) (5,495) Other general and administrative expenses 1,574% (36,401) (2,174) 4,095% (21,015) (14,393) (501) Placement fee amortization and rebates 116% (192,225) (89,106) 268% (77,652) (64,006) (21,087) Corporate center expenses 87% (443,682) (237,527) 209% (167,317) (150,348) (54,177) Total expenses 26% 282,731 223,672 23% 67,404 95,510 54,910 Operating profit OTHER GP AND FINANCIAL INCOME AND EXPENSES (91)% 5,550 59,727 (70)% 4,006 3,903 13,509 GP Investment income 43% 25,314 17,735 (3)% 4,285 4,111 4,406 Realized gain from GP investment income N/A (19,764) 41,992 N/A (279) (208) 9,103 Unrealized gain from GP investment income (33)% 51,330 76,618 17% 14,423 10,308 12,362 Financial income (33)% 51,330 76,618 17% 14,423 10,308 12,362 Realized gain from financial income N/A – – N/A – – – Unrealized gain from financial income 5% (9,837) (9,394) 70% (3,758) (2,072) (2,216) Leasing expenses 46% (70,847) (48,468) (70)% (4,458) (46,636) (14,992) Other items¹ N/A (3,701) – N/A (2,201) (1,500) – Equity gain (loss) 12% (21,334) (19,008) (19)% (5,003) (6,524) (6,148) Equity - based compensation N/A (5,262) – N/A (2,870) (2,392) – Management contract amortization² 1,604% (55,484) (3,257) (81)% (255) (39,827) (1,333) Non - operational expenses³ N/A (109,585) 56,218 N/A (116) (84,740) 1,182 Total Other Items (38)% 173,146 279,890 20% 67,288 10,770 56,092 Profit before income taxes (1)% (46,953) (47,429) 9% (11,360) (10,221) (10,384) ( - ) Income taxes⁴ (46)% 126,193 232,461 22% 55,928 549 45,708 NET INCOME 1,741% 54,119 2,939 (83)% 228 38,560 1,308 (+) Non - operational expenses (including Income Tax effect) (84)% 2,772 16,949 N/A (8,141) 12,487 3,799 ( - ) Contingent consideration adjustment related to acquisitions⁵ (27)% 183,084 252,349 (6)% 48,015 51,596 50,815 ADJUSTED NET INCOME See notes and definitions at end of document

 

 

35 Financials - Non - GAAP Reconciliation 1Q'25 LTM 1Q'24 LTM 1Q'25 4Q'24 1Q'24 (R$ thousands, unless mentioned) 282,731 223,672 67,404 95,510 54,910 OPERATING PROFIT (50,930) (22,606) (3,077) (36,867) (2,273) ( - ) Net revenue from realized performance fees 12,937 1,042 – 9,454 – ( - ) Net revenue from unrealized performance fees 15,690 10,916 1,350 10,930 1,009 (+) Compensation allocated in relation to performance fees 260,428 213,024 65,677 79,028 53,646 FEE RELATED EARNINGS (FRE) 282,731 223,672 67,404 95,510 54,910 OPERATING PROFIT (586,606) (393,945) (195,529) (170,193) (96,455) ( - ) Net revenue from management fees (82,628) (45,690) (24,853) (40,328) (10,359) ( - ) Net revenue from advisory (19,187) – (11,262) (7,925) – ( - ) Other revenues 105,749 84,686 31,744 31,397 18,748 (+) Bonus related to management and advisory 50,814 29,859 20,125 14,895 7,337 (+) Personnel expenses 42,804 20,788 15,431 14,728 5,495 (+) Other general and administrative expenses 36,401 2,174 21,015 14,393 501 (+) Placement fee amortization and rebates 192,225 89,106 77,652 64,006 21,087 (+) Corporate center expenses 22,303 10,648 1,727 16,482 1,264 PERFORMANCE RELATED EARNINGS (PRE) 282,731 223,672 67,404 95,510 54,910 OPERATING PROFIT 12,937 1,042 – 9,454 – ( - ) Net revenue from unrealized performance fees (1,159) (369) – 74 – (+) Compensation allocated in relation to unrealized performance fees 25,314 17,735 4,285 4,111 4,406 (+) Realized gain from GP investment income 319,824 242,080 71,689 109,150 59,316 SEGMENT DISTRIBUTABLE EARNINGS 126,193 232,461 55,928 549 45,708 NET INCOME 12,937 1,042 – 9,454 – ( - ) Net revenue from unrealized performance fees (377) (120) – 24 – (+) Income tax from unrealized performance fees (1,159) (369) – 74 – (+) Compensation allocated in relation to unrealized performance fees 19,764 (41,992) 279 208 (9,103) ( - ) Unrealized gain from GP investment income 14 458 694 127 283 (+) Income tax on unrealized gain from GP investment income 0 (0) – – – ( - ) Unrealized gain from financial income – – – – – (+) Income tax on unrealized gain from financial income 4,613 25,679 (9,546) 16,544 5,756 ( - ) Contingent consideration (earn - out) gain (loss)¹ (1,841) (8,730) 1,405 (4,057) (1,957) (+) Income tax on contingent consideration 15,404 7,423 6,231 5,028 1,891 (+) Depreciation and amortization 18,991 17,642 5,003 6,418 6,148 (+) Equity - based compensation (602) (998) (117) (483) (429) ( - ) Income Taxes on Equity - based compensation 3,701 – 2,201 1,500 – (+) Equity gain (loss) 54,119 2,939 228 38,560 1,308 (+) Non - operational expenses including income tax related to realized expense² 251,757 235,435 62,306 73,946 49,605 ADJUSTED DISTRIBUTABLE EARNINGS 726,413 461,199 234,721 245,858 109,087 TOTAL NET REVENUE FROM SERVICES RENDERED (50,930) (22,606) (3,077) (36,867) (2,273) ( - ) Net revenue from realized performance fees 12,937 1,042 – 9,454 – ( - ) Net revenue from unrealized performance fees 688,421 439,635 231,644 218,446 106,814 NET REVENUE FROM MANAGEMENT FEES AND ADVISORY See notes and definitions at end of document

 

 

36 Balance Sheet 03/31/2025 12/31/2024 Assets Current assets 163,782 223,302 Cash and cash equivalents 126,844 99,156 Cash and bank deposits 36,938 120,492 Financial instruments at fair value through profit or loss - 3,654 Financial instruments at amortized cost 1,488,809 1,531,036 Financial instruments at fair value through profit or loss 162,569 227,951 Trade receivables 1,770 1,758 Sub - leases receivable 11,200 22,137 Taxes recoverable 66,398 55,273 Other assets 1,894,528 2,061,457 Total current assets Non - current assets 127,710 140,824 Financial instruments at fair value through profit or loss 6,334 6,991 Financial instruments at amortized cost 15,603 15,901 Trade receivables 3,910 4,081 Sub - leases receivable 3,969 704 Taxes recoverable 29,889 31,346 Deferred taxes 40,287 49,468 Other receivables 227,702 249,315 53,781 55,081 Investments accounted for using the equity method 60,279 59,132 Property and equipment 135,768 102,117 Right of use - Leases 1,054,859 1,057,949 Intangible assets 1,532,389 1,523,594 Total non - current assets 3,426,917 3,585,051 Total Assets 03/31/2025 12/31/2024 Liabilities and equity Current liabilities 12,290 11,527 Trade payables 11,786 – Financial instruments at fair value through profit or loss 15,514 – Deferred Revenue 35,031 33,303 Leases 36,792 38,667 Accounts payable 62,645 182,071 Labor and social security obligations 27,632 45,220 Loans and Financing 26,264 40,855 Taxes and contributions payable 227,954 351,643 Total current liabilities Non - current liabilities 116,025 86,152 Leases 8,658 8,992 Labor and social security obligations 763,298 816,322 Loans and Financing 5,237 5,086 Deferred taxes 416,135 374,813 Retirement plans liabilities 1,309,353 1,291,365 1,537,307 1,643,008 Total liabilities Equity 18 18 Share capital 2,097,712 2,097,712 Additional paid - in capital (300,082) (259,773) Treasury shares 87,214 30,682 Retained Earnings 5,717 73,769 Other reserves 1,890,579 1,942,408 (969) (365) Non - controlling interests in the equity of subsidiaries 1,889,610 1,942,043 Total equity 3,426,917 3,585,051 Total liabilities and equity

 

 

37 Supplemental Details

 

 

38 See notes and definitions at end of document AUM¹ Rollforward Total Real Assets Equities Private Equity Credit Global IP&S In R$ millions 326,961 11,702 13,883 16,760 29,213 255,403 Beginning balance 761 (142) – 14 889 – (+/ - ) Capital Subscription / (capital return) 1,060 3 – 14 1,042 – (+) Capital Subscription (299) (145) – – (153) – ( - ) Capital Return – – – – – – (+) Acquisitions (7,567) (1) (25) – (240) (7,301) (+/ - ) Net Inflow / Outflow (18,947) (82) (317) (223) (1,397) (16,928) (+/ - ) FX Variation 3,344 487 1,253 (70) 925 750 (+/ - ) Appreciation / (depreciation) 304,552 11,965 14,793 16,481 29,389 231,924 Ending balance For the Three Months Ended March 31, 2025 Total Real Assets Equities Private Equity Credit Global IP&S In R$ millions 68,831 11,008 9,910 14,417 7,592 25,903 Beginning balance 2,388 (494) – 793 2,096 (8) (+/ - ) Capital Subscription / (capital return) 3,756 112 – 949 2,695 – (+) Capital Subscription (1,369) (605) – (157) (599) (8) ( - ) Capital Return 241,687 2,006 4,355 – 19,320 216,007 (+) Acquisitions (11,873) 67 271 – (691) (11,520) (+/ - ) Net Inflow / Outflow (772) 119 (27) 319 (116) (1,067) (+/ - ) FX Variation 4,292 (741) 285 953 1,187 2,608 (+/ - ) Appreciation / (depreciation) 304,552 11,965 14,793 16,481 29,389 231,924 Ending balance For the Twelve Months Ended March 31, 2025

 

 

39 See notes and definitions at end of document Fee - Earning AUM¹ Rollforward Total Real Assets Equities Private Equity Credit Global IP&S In R$ millions 321,397 11,567 13,815 13,471 28,540 254,004 Beginning balance 761 (142) – 14 888 – (+/ - ) Capital Subscription / (capital return) 1,059 3 – 14 1,042 – (+) Capital Subscription (299) (145) – – (153) – ( - ) Capital Return – – – – – – (+) Acquisitions (7,501) (1) (8) – (193) (7,299) (+/ - ) Net Inflow / Outflow (18,870) (82) (314) (223) (1,364) (16,887) (+/ - ) FX Variation 3,394 497 1,246 25 893 732 (+/ - ) Appreciation / (depreciation) 299,180 11,839 14,739 13,287 28,764 230,551 Ending balance For the Three Months Ended March 31, 2025 Total Real Assets Equities Private Equity Credit Global IP&S In R$ millions 65,277 10,931 9,859 11,240 7,592 25,654 Beginning balance 2,243 (480) – 800 1,931 (8) (+/ - ) Capital Subscription / (capital return) 3,588 112 – 949 2,527 – (+) Capital Subscription (1,345) (591) – (149) (596) (8) ( - ) Capital Return 240,657 2,006 4,316 – 18,859 215,477 (+) Acquisitions (11,805) 67 289 – (630) (11,530) (+/ - ) Net Inflow / Outflow (766) 119 (27) 319 (113) (1,063) (+/ - ) FX Variation 3,573 (803) 301 928 1,126 2,021 (+/ - ) Appreciation / (depreciation) 299,180 11,839 14,739 13,287 28,764 230,551 Ending balance For the Twelve Months Ended March 31, 2025

 

 

40 Investment records – Credit and Equities Funds Hurdle Rate Market Comparison 24 M 12 M YTD 1Q’25 NAV¹ (R$ millions) Segment Fund or Strategy IPCA + Yield IMA - B IPCA + Yield IMA - B 20.9% (4.3)% 4.8% 4.8% 207.0 Equities Vinci Total Return² IBOV IBOV 22.4% (6.3)% 7.4% 7.4% 805.0 Equities Mosaico Strategy³ IBOV IBOV 24.7% (0.1)% 7.7% 7.7% 319.6 Equities Vinci Gas Dividendos FIA N/A S&P/BMV IPC 12.9% 2.8% 7.1% 7.1% 149.6 Equities Compass CRECE+ N/A S&P MERVAL 831.5% 98.7% (6.7)% (6.7)% 536.7 Equities Compass Crecimiento N/A N/A 42.6% 19.1% 20.8% 20.8% 1,408.3 Equities Compass Small Cap Chile IPCA + 6% IPCA 18.0% 4.8% 3.5% 3.5% 713.8 Credit Vinci Crédito Imobiliário II IPCA + 6% IPCA 19.4% 4.2% 3.3% 3.3% 523.4 Credit Vinci Energia Sustentável IPCA + 5% CDI 26.4% 9.6% 3.8% 3.8% 320.3 Credit Vinci Crédito Multiestratégia N/A CEMBI Broad Div 19.7% 8.5% 2.9% 2.9% 4,028.2 Credit Compass Latam Corporate Debt Fund N/A CEMBI Broad Div HY 25.3% 10.8% 2.5% 2.5% 1,682.6 Credit Compass Latam High Yield USD N/A PIP Cetes 28D 25.0% 11.4% 2.5% 2.5% 1,612.0 Credit Compass I+LIQG N/A CDI 27.9% 12.0% 3.3% 3.3% 635.0 Credit Compass Credit Selection CDI CDI 30.5% 12.9% 3.6% 3.6% 1,735.4 Credit Compass Yield 30 N/A N/A 16.7% 11.5% 2.6% 2.6% 435.2 Credit Compass Deuda Plus N/A CEMBI Broad Div 8.5% 4.5% 1.7% 1.7% 788.7 Credit Compass Renta Fija - B See notes and definitions at end of document 24 M 12 M YTD 1Q’25 Benchmark 23.7% 12.4% 3.8% 3.8% IPCA 4 + Yield IMA - B 5 27.9% 1.7% 8.3% 8.3% IBOV 6 1.9% (5.5)% 6.2% 6.2% S&P/BMV IPC 7 208.0% 92.0% (7.7)% (7.7)% S&P MERVAL 8 25.0% 11.3% 3.0% 3.0% CDI 9 9.6% 5.5% 2.0% 2.0% IPCA 10.1% 8.6% 2.7% 2.7% CEMBI Broad Div 10 12.5% 9.9% 2.5% 2.5% CEMBI Broad Div HY 11 11.4% 11.0% 2.4% 2.4% PIP Cetes 28D 12

 

 

41 Investment records – Global IP&S and Real Assets Funds See notes and definitions at end of document Hurdle Rate Market Comparison 24 M 12 M YTD 1Q’25 NAV¹ (R$ millions) Segment Fund or Strategy CDI CDI 21.6% 9.4% 2.8% 2.8% 111.0 Global IP&S Vinci Multiestratégia FIM CDI CDI 19.6% 9.6% 1.6% 1.6% 217.9 Global IP&S Atlas Strategy IMA - B IMA - B 17.7% 8.0% 2.0% 2.0% 896.8 Global IP&S Vinci Valorem FIM N/A IPCA 17.5% 7.5% 1.6% 1.6% 1,005.9 Global IP&S Equilibrio Strategy IMA - B IMA - B 16.0% 8.3% 1.7% 1.7% 90.7 Global IP&S Vinci Retorno Real FIM IPCA + 6% IFIX 23.8% (7.2)% 9.3% 9.3% 2,982.3 Real Assets (listed REIT) VISC11 IPCA + 6% IFIX 11.4% (1.5)% 14.5% 14.5% 1,248.5 Real Assets (listed REIT) VILG11 IPCA + 6% IFIX (18.0)% (23.7)% 9.8% 9.8% 435.7 Real Assets (listed REIT) VINO11 IPCA + 6% IFIX 11.8% (20.4)% (6.8)% (6.8)% 143.9 Real Assets (listed REIT) VIUR11 IPCA + X% IFIX 14.3% (3.7)% 10.1% 10.1% 126.6 Real Assets (listed REIT) VCRI11 CDI + 1% IFIX 2.5% 2.1% 1.2% 1.2% 380.0 Real Assets (REIT) VICA11 IFIX IFIX - (1.2)% (1.2)% (2.4)% 53.7 Real Assets (REIT) VINCI FOF IMOBILIARIO FIM CP N/A N/A (33.0)% (43.9)% 27.9% 27.9% 320.4 Real Assets (listed REIT) VIGT11 24 M 12 M YTD 1Q’25 Benchmark 25.0% 11.3% 3.0% 3.0% CDI 2 17.6% 7.3% 3.1% 3.1% IMA - B 3 9.6% 5.5% 2.0% 2.0% IPCA 4 20.0% (2.8)% 6.3% 6.3% IFIX 5

 

 

42 See notes and definitions at end of document Investment records – Closed End funds Pro Forma Historical Portfolio Performance - Excluding PIPE Investments¹ Gross IRR Gross IRR Gross MOIC Gross MOIC Total Value Unrealized Realized or Partially Realized Invested Capital Committed Capital Vintage year Segment Fund (USD) (BRL) (USD) (BRL) (R$mm) (R$mm) (R$mm) (R$mm) ( R$mm ) 77.2% 71.5% 4.0x 4.3x 5,210 79 5,131 1,206 1,415 2004 Private Equity Fund 1 0.4% 9.9% 1.0x 2.1x 4,335 2,505 1,830 2,063 2,200 2011 Private Equity VCP II 18.4% 27.7% 1.7x 2.1x 5,468 5,193 275 2,465 4,000 2018 Private Equity VCP III NM NM 1.2x 1.2x 1,023 1,023 - 789 3,089 2022 Private Equity VCP IV 70.2% 64.6% 2.1x 2.4x 16,035 8,800 7,235 6,523 10,704 Private Equity VCP Strategy² 30.5% 22.0% 2.6x 2.1x 26 – 26 13 36 2003 Private Equity NE Empreendedor³ 13.5% 22.4% 1.7x 2.4x 320 222 98 135 240 2017 Private Equity Nordeste III 16.5% 22.7% 1.3x 1.5x 718 553 166 495 1,000 2020 Private Equity VIR IV 25.6% 22.1% 1.3x 1.7x 1,064 775 290 642 1,276 Private Equity VIR Strategy⁴ 18.2% 25.1% 1.8x 2.3x 346 51 295 192 128 2018 Credit SPS I 22.8% 23.7% 2.1x 2.2x 1,624 591 1,033 1,021 671 2020 Credit SPS II 24.7% 31.1% 2.4x 2.6x 1,641 1,391 250 1,168 1,071 2021 Credit SPS III NM NM NM NM 40 40 – 40 1,071 2025 Credit SPS IV 20.5% 24.8% 2.4x 2.7x 3,652 2,073 1,578 2,421 2,941 Credit SPS Strategy⁵ 18.2% 18.6% 1.3x 1.4x 234 99 136 165 165 2022 Credit MAV I 6.1% 18.1% 1.2x 1.1x 234 207 27 205 205 2023 Credit MAV II NM NM NM NM 33 33 0 33 212 2025 Credit MAV III 10.6% 16.8% 1.2x 1.3x 501 338 163 403 582 Credit MAV Strategy⁶ 2.6% 11.5% 1.2x 2.3x 579 324 255 253 253 2012 Real Assets Lacan Florestal I 6.4% 13.0% 1.5x 2.0x 720 595 125 356 356 2016 Real Assets Lacan Florestal II 8.0% 13.9% 1.2x 1.4x 531 531 – 390 498 2020 Real Assets Lacan Florestal III 20.8% 29.7% 1.1x 1.2x 107 107 – 89 170 2023 Real Assets Lacan Florestal IV 4.7% 12.5% 1.3x 1.8x 1,936 1,556 380 1,088 1,277 Real Assets Lacan Strategy⁷ 40.8% 56.3% 2.6x 3.7x 379 90 289 104 211 2017 Real Assets FIP Transmissão ⁸ 11.7% 21.0% 1.2x 1.5x 512 512 — 350 386 2021 Real Assets VIAS⁹ NM NM 0.9x 1.0x 137 137 — 136.7 1,557 2022 Real Assets VICC¹⁰ 4.5% 10.5% 1.1x 1.2x 389 372 16 330 422 2021 Real Assets VFDL¹¹ NM NM 1.2x 1.2x 1,211 1,193 18 1,117 1,798 2022 Credit Vinci Credit Infra¹²

 

 

43 See notes and definitions at end of document Shareholder Dividends & Share Summary 1Q'25 4Q'24 3Q'24 2Q'24 1Q'24 4Q'23 3Q'23 2Q'23 ($ in thousands) 62,306 73,946 57,104 58,401 49,605 63,641 51,820 70,369 Adjusted Distributable Earnings (R$) 11,027 12,804 9,872 10,331 9,801 12,829 10,647 14,290 Adjusted Distributable Earnings (US$)¹ 0.17 0.20 0.19 0.19 0.18 0.24 0.20 0.26 Adjusted DE per Common Share (US$)² 0.15 0.15 0.16 0.17 0.17 0.20 0.17 0.20 Actual Dividend per Common Share⁴ 1Q'25 4Q'24 3Q'24 2Q'24 1Q'24 4Q'23 3Q'23 2Q'23 VINP Shares Shares Repurchased 683,148 607,643 374,834 220,135 533,981 93,249 705,518 558,349 # of Shares 10.07 10.28 10.38 10.82 10.64 10.50 10.14 8.76 Average Cost (US$/share) 6,879,698 6,246,577 3,890,849 2,382,251 5,681,558 979,137 7,150,845 4,889,370 Capital Deployed (US$) 14,466,239 14,466,239 14,466,239 14,466,239 14,466,239 14,466,239 14,466,239 14,466,239 Class B 48,896,968 49,580,116 38,404,375 38,779,209 38,778,597 39,312,578 39,405,827 39,730,720 Class A⁵ 63,363,207 64,046,355 52,870,614 53,245,448 53,244,836 53,778,817 53,872,066 54,196,959 Common Shares Vinci Compass generated R$0.98 or US$0.17¹ of Adjusted Distributable Earnings per common share for the 1Q’25. The company declared a quarterly dividend of US$0.15² per common share to record holders as of May 27, 2025; payable on June 10, 2025. As of March 31, 2025, the remaining authorization for the share repurchase plan³ was US$1.6 million.

 

 

44 Notes to page 2 (1) AUM considers assets under management and advisory as of March 2025 . AUM is calculated as consolidated with double counting, due to funds from one segment investing in other segments and it’s eliminated on consolidation and excluding double counting from co - managed funds between our segments . Notes to page 4 (1) Considers assets under management and advisory as of March 2025 . (2) Fee Related Revenues as of 1 Q’ 25 excluding net advisory revenues from Corporate Advisory, except for Segments Breakdown, which includes all net advisory revenues . Notes to page 13 (1) Adjusted Distributable Earnings is calculated as Distributable Earnings excluding non - operational expenses . (2) Adjusted DE per share is calculated considering the number of outstanding shares at the end of the current quarter . Last twelve months values are calculated as the sum of the last four quarters . Notes to page 16 (1) FRE per share is calculated considering the number of outstanding shares at the end of the current quarter . Last twelve months values are calculated as the sum of the last four quarters . (2) Other items comprise the income/(loss) generated by financial income/(expenses) related to acquisitions, Ares Convertible Preferred Shares and other financial expenses . (3) Non - operational expenses are comprised of expenses related to professional services rendered in connection with acquisitions . (4) DE per share is calculated considering the number of outstanding shares at the end of the current quarter . Last twelve months values are calculated as the sum of the last four quarters . (5) Adjusted Distributable Earnings is calculated as Distributable Earnings excluding non - operational expenses . (6) Adjusted DE per share is calculated considering the number of outstanding shares at the end of the current quarter . Last twelve months values are calculated as the sum of the last four quarters . Notes to page 17 1) AUM is calculated as consolidated with double counting, due to funds from one segment investing in other segments and it’s eliminated on consolidation and excluding double counting from co - managed funds between our segments . Considers assets under management and advisory . Notes to page 18 (1) The preferred return w/ catch - up rule applies to funds for which the vehicle must pay back its limited partners 100 % of the invested capital corrected by the preferred return rate so it can charge performance fees . Once the preferred return rate is achieved, due to the catch - up clause, performance fees are charged over the absolute return of the fund instead of the excess return over the preferred rate . (2) Hurdle Rate is the minimum return the fund must achieve before it can charge performance fees . In most cases, funds with hurdle rate also are under a high - water mark clause . Notes and Definitions

 

 

45 Notes to page 18 (cont’d) ( 3 ) Funds with preferred return must return 100 % of invested capital corrected by the preferred return rate to its limited partners in order to charge performance fees . ( 4 ) Accrued performance fees for the VCP offshore are as of 4 Q’ 24 . This occurs due to the 60 days timeline of the quarterly markup to be disclosed by the fund’s administrator . Notes to page 22 (1) GP investment income comes from proprietary investments made by Vinci Compass in its own Private Markets’ funds and other closed - end funds across Equities and Global IP&S segments with long - term lockups . (2) Financial income is income generated through investments made with our cash and cash equivalents in cash and bank deposits, certificate of deposits and proprietary investments in Vinci Compass’ Liquid Funds, including funds from Equities, Global IP&S, Real Assets and Credit . Notes to page 24 (1) Cash and cash equivalents include cash on hand, bank deposits held with financial institutions, other short - term, highly liquid investments with original maturities of three months or less, that are readily convertible to known amounts of third - party and which are subject to an insignificant risk of changes in value . (2) Liquid funds’ value are calculated as investment at fair value as of December 31 , 2024 , in liquid funds from Vinci Compass’ Equities, Global IP&S, Credit and Real Estate . It also comprises the cash and certificate of deposits and federal bonds from Vinci Monalisa FIM . For 1 Q’ 24 onwards we are not considering the funds that refer to financial products as part of the Company’s retirement plans services . For more detail, see 4 Q’ 24 Financial Statements filed within the SEC on February 26 , 2025 . (3) GP Fund Investments include Vinci Compass’ GP investments in private market funds and other closed - end funds across Equities and Global IP&S segments with long - term lockups and Public REITs, calculated at fair value as of December 31 , 2024 . For more detail, please see slide 35 and the Financial Statements filed within the SEC on February 26 , 2025 . (4) Debt obligations include commercial notes, consideration payable and convertible preferred shares . For more detail, see 4 Q’ 24 Financial Statements filed within the SEC on February 26 , 2025 . (5) Net Cash and Investments per share were calculated considering the number of outstanding shares at the end of each quarter . Notes to page 27 (1) Third - Party Distribution, or TPD, stands for the funds managed by third - party asset managers, distributed by Vinci Compass’ platform . (2) Other includes Pension Plans, Fund Services and Vinci Retirement Services . (3) The average fee rate for the 4 Q' 24 was restated to reflect the new methodology adopted from the 1 Q' 25 onwards . Under this approach, the average fee rate is calculated by dividing the total annualized Gross Fee Related Revenues of the current quarter by the average AUM between the current and previous quarter . (4) Upfront fees are one - time fees charged for TPD Alternative commitments . Fee - Earning Assets Under Management Ex - Upfront regards the FEAUM only from the funds which collect recurring management fees . Notes and Definitions (cont’d)

 

 

46 Notes to page 34 (1) Other items comprise the income/(loss) generated by contingent consideration adjustment and financial income/(expenses) related to SPS acquisition and Ares Convertible Preferred Shares . (2) Management contract amortization refers to the purchase price allocated to Fund’s Management Contracts and Customer relationships, as a result of the Business Combinations . These amounts are amortized based on the duration of the related funds . When a fund has an undefined useful life, the amount allocated to these intangible assets are subject to impairment test on annually basis, or whenever any specific economic or operational condition indicates its cost must be reviewed (3) Non - operational expenses are comprised of expenses related to professional services rendered in connection with acquisitions . (4) Income taxes are comprised of taxes calculated over our corporate income tax and social contribution taxes . We are taxed on an actual taxable profit regime, while part of our subsidiaries are taxed based on deemed profit . (5) Contingent consideration adjustment (after - tax) related to acquisitions and combination with Compass reflects the change in the earn out’s fair value to be paid in the future . On March 31 , 2025 , Vinci Compass revaluated the fair value of the obligation based on the economic conditions at the date, resulting in an increase of the contingent consideration fair value . The variation was recognized as a loss in the financial result . Notes to page 35 (1) Contingent consideration adjustment (after - tax) related to acquisitions and combination with Compass reflects the change in the earn out’s fair value to be paid in the future . On March 31 , 2025 , Vinci Compass revaluated the fair value of the obligation based on the economic conditions at the date, resulting in an increase of the contingent consideration fair value . The variation was recognized as a loss in the financial result . (2) Non - operational expenses are comprised of expenses related to professional services rendered in connection with acquisitions . Notes to page 38 1) AUM is calculated as consolidated with double counting, due to funds from one segment investing in other segments and it’s eliminated on consolidation and excluding double counting from co - managed funds between our segments . Considers assets under management and advisory . Notes to page 39 1) FEAUM is measured as assets under management and advisory excluding funds that do not charge management or performance fees at any time, according to such funds’ policies . FEAUM is calculated as consolidated with double counting, due to funds from one segment investing in other segments and it’s eliminated on consolidation and excluding double counting from co - managed funds between our segments . Notes to page 40 (1) NAV is the net asset value of each fund . For listed vehicles, the NAV represents the Market valuation of the fund . (2) Total Return Strategy includes the funds Total Return FIC FIM and Total Return Institucional FIA . (3) Mosaico Strategy includes the funds Mosaico, Mosaico Institucional and Mosaico Advisory FIA . (4) IPCA is a broad consumer price index measured by the IBGE . Notes and Definitions (cont’d)

 

 

47 Notes to page 40 (cont’d) ( 5 ) IMAB is composed by government bonds indexed to IPCA . IMAB 5 also includes government bonds indexed to IPCA with up to 5 Years in duration . ( 6 ) Brazil stock market most relevant index . ( 7 ) S&P/BMV IPC seeks to measure the performance of the largest and most liquid stocks listed on the Mexican Stock Market . ( 8 ) S&P MERVAL Index, Argentina’s flagship index, seeks to measure the performance of the largest, most liquid stocks trading on the Argentinian Stock Market . ( 9 ) CDI is an average of interbank overnight rates in Brazil (daily average for the period) . ( 10 ) CEMBI Broad Div tracks the performance of US dollar - denominated bonds issued by emerging market corporate entities . ( 11 ) The J . P . Morgan CEMBI Broad Diversified HY index tracks liquid, US Dollar emerging market fixed and floating - rate debt instruments issued by corporate, sovereign, and quasi - sovereign entities . ( 12 ) PiP Cetes 28 d is an index that invests in Cetes 28 - day securities . Cetes are Treasury Certificates issued by the Mexican government . Notes to page 41 (1) NAV is the net asset value of each fund . For listed vehicles, the NAV represents the Market valuation of the fund . (2) CDI is an average of interbank overnight rates in Brazil (daily average for the period) . (3) IMAB is composed by government bonds indexed to IPCA . IMAB 5 also includes government bonds indexed to IPCA with up to 5 Years in duration . (4) IPCA is a broad consumer price index measured by the IBGE . (5) IFIX is an index composed by listed REITs in the Brazilian stock Market . Notes to page 42 (1) Track record information is presented throughout this presentation on a pro forma basis and in local currency, excluding PIPE investments, a strategy that will be discontinued in VCP III . (2) Total commitments for VCP III include R $ 1 . 3 billion in co - investments . Track record presented for the VCP strategy as of 4 Q’ 24 , due to fund’s administrator timeline to disclose the quarterly markup of the fund . (3) Performance information for Nordeste Empreendedor (“NE I”) comprises only the four (out of seven) investments invested, managed and divested by a team led by Jose Pano (collectively, the ‘”Participating Investments”) while they were employed by NE I’s manager (the “NE I Manager”), an entity not affiliated with the manager or Vinci Compass . Information herein pertaining to any investments made by NE I manager has not been prepared by NE I manager and NE I manager assumes no responsibility for the accuracy or completeness of any such information . (4) Track record for VIR strategy is presented as of 4 Q’ 24 , due to fund’s administrator timeline to disclose the quarterly markup of the fund . (5) Track record for Vinci SPS strategy is presented as of 1 Q’ 25 . (6) Track record for MAV strategy is presented as of 1 Q’ 25 . (7) Track record for Lacan strategy is presented as of 1 Q’ 25 . (8) Track record for FIP Infra is presented as of 4 Q’ 24 . (9) Track record for VIAS is presented as of 4 Q’ 24 . (10) Total commitments for VICC are presented as of 1 Q’ 25 . Notes and Definitions (cont’d)

 

 

48 Notes to page 42 (cont’d) ( 11 ) Track record for VFDL is presented as of 1 Q’ 25 . ( 12 ) Track record for Vinci Credit Infra is presented as of 1 Q’ 25 . Notes to page 43 (1) US $ Distributable Earnings was calculated considering the exchange rate from USD to BRL of 5 . 6505 , as of May 09 , 2025 , when dividends were approved by our Board of Directors . (2) Per Share calculations are based on end of period Participating Common Shares . (3) Considers the FX exchange rate as of June 28 , 2024 for conversion of the second quarter 2024 Remaining Share Repurchase Plan, which was approved in BRL . The most recent plan was approved in USD (US $ 15 million) . (4) Actual dividends per common share are calculated considering the share count as of the applicable record date . (5) As of March 31 , 2025 , Public Float was comprised of 11 , 150 , 770 Class A common shares . Notes and Definitions (cont’d)

 

 

49 • “Fee related earnings”, or “FRE”, is a metric to monitor the baseline performance of, and trends in, our business, in a manner that does not include performance fees, investment income and expenses that do not arise from our normal course of operations . FRE is calculated as operating profit, less (a) net revenue from realized performance fees, less (b) net revenue from unrealized performance fees, plus (c) share - based payments plus (d) compensation allocated in relation to performance fees plus (e) expenses relating to professional services rendered in connection with acquisitions, our business combination with Compass and our international corporate organization (which expenses were added to the calculation of FRE beginning in the year ended December 31 , 2022 to ensure the metric’s usefulness as a tool to assess our ability to generate profits from revenues and expenses arising out of our normal course of operations) plus (f) the amortization of fund management contracts related to business combinations (which expenses were added to the calculation of FRE beginning in the year ended December 31 , 2024 in order to exclude depreciation expenses that are tied to specific acquisition transactions rather than our ongoing operations ; these amounts became meaningful only upon completion of the business combination with Compass and consequently we do not present such amounts for periods prior to 2024 ) . • “FRE Margin” is calculated as FRE divided by the sum of net revenue from management fees, net revenue from advisory services and net revenue from other revenues . • “Distributable Earnings”, or “DE”, is used as a reference by our board of directors to assess our performance and capabilities to distribute dividends to our shareholders . Distributable Earnings is calculated as profit for the year, less (a) net revenue from unrealized performance fees, plus (b) income taxes from unrealized performance fees, plus (c) compensation allocated in relation to unrealized performance fees, less (d) equity gain or loss on investments accounted for using the equity method, less (e) unrealized gain from investment income, plus (f) income taxes on unrealized gain from investment income, plus (g) share - based payments, less (h) income taxes on share - based payments, plus (i) depreciation and amortization, except for amortization of placement agent expenses and amortization related to retirement services investments, less (j) contingent consideration (earn - out) gain (loss) (after tax) . • “DE Margin” is calculated as Distributable Earnings divided by sum of net revenue from management fees, net revenue from performance fees, net revenue from advisory services, net revenue from other revenues and realized gain from investment income . • “Performance Related Earnings”, or “PRE”, is a performance measure that we use to assess our ability to generate profits from revenue that relies on outcomes from funds above their respective hurdle rates . We calculate PRE as operating profit less (a) net revenue from management fees, less (b) net revenue from advisory services, less (c) net revenue from other revenues plus (d) personnel and profit - sharing expenses, plus (e) other general and administrative expenses, less (f) compensation in relation to performance fees . • “PRE Margin” is calculated as PRE divided by net revenue from performance fees . • “Adjusted Distributable Earnings”, or “Adjusted DE”, is used as a reference point by our board of directors for determining the amount of earnings available to distribute to shareholders as dividends . Adjusted Distributable Earnings is calculated as Distributable Earnings, plus expenses relating to professional services rendered in connection with acquisitions, our business combination with Compass and our international corporate organization (including income tax related to realized expense) . • “Segment Distributable Earnings” is Vinci Compass’ segment profitability measure used to make operating decisions and assess performance across the company’s five segments (Private Equity, Global Investment Products and Solutions, Credit, Equities, Real Assets and Corporate Advisory) . Segment Distributable Earnings is calculated as operating profit less (a) net revenue from unrealized performance fees, plus (b) compensation allocated in relation to unrealized performance fees, plus (c) realized gain from GP investment income . Notes and Definitions (cont’d)

 

 

50 • “AUM” refers to assets under management and advisory . Our AUM equals the sum of : ( 1 ) the fair market value of all funds and accounts under management and advisory by Vinci Compass, across Global IP&S, Credit, Private Equity, Equities, and Real Assets ; ( 2 ) the capital that we are entitled to call from investors in funds pursuant to the terms of their capital commitments to those funds ; and ( 3 ) the fair market value of co - investments arranged by us that were made, or could be made, by limited partners of our corporate private equity funds and portfolio companies of such funds . As a significant portion of our AUM is denominated in currencies other than Brazilian Reais, fluctuations in foreign exchange rates may cause our reported AUM to vary over time, independently of underlying asset or commitment changes . AUM includes double counting related to funds from one segment that invest in funds from another segment . Those cases occur mainly due to (a) fund, of funds of investment products and solutions segment, and (b) investment funds in general that invest part of their cash in credit segment and hedge fund segment funds in order to maintain liquidity and provide for returns on cash . Such amounts are eliminated on consolidation . The bylaws of the relevant funds prohibit double - charging fees on AUM across segments . Therefore, while our AUM by segment may double - count funds from one segment that invest in funds from another segment, the revenues for any given segment do not include revenue in respect of assets managed by another segment, which means there are no intercompany eliminations on revenues in our results of operations . • Net Cash and Investments include cash and cash equivalents and the fair value of investments in liquid funds and GP Fund Investments . Cash and cash equivalents include cash, certificate of deposits, which are issued by Banco Bradesco (credit rating AAA evaluated by Fitch Ratings) with interest rates from 99 . 5 % to 101 % of CDI . • “Total Fee Related Revenues” is a measure that we use to assess our ability to generate profits from our business without measuring for the outcomes from funds above their respective benchmarks . We calculate Total Fee Related Revenues as net revenue from services rendered less (a) net revenue from realized performance fees and less (b) net revenue from unrealized performance fees . • “Total compensation and benefits” is the result of the profit sharing paid to our employees as (a) bonus compensation related to management and advisory and (b) performance - based compensation . • “Segment personnel expenses” are composed of the salary - part compensation paid to employees and partners of our funds’ management teams . • “Corporate center expenses” are composed by the salary - compensation paid to employees and other general and administrative expenses related to our support teams, such as research, risk, legal & compliance, investor relations, operations and ESG . • “Other general and administrative expenses” is made up of third - party expenses, depreciation and amortization, travel and representation, marketing expenses, administrative fees, non - operating taxes, third - party consultants’ fees, such as legal and accounting, and office consumables . • “Placement fee amortization and rebates” reflects fees paid to distributors that, due to accounting procedures, are not deducted from net management fees, unlike certain other distributor fees that directly impact that line . • “GP investment income” is income from proprietary investments made by us in our own Private Markets’ funds, used as GP Commitments . • “Financial income” is income generated through the investments made with our cash and cash equivalents in cash and bank deposits, certificate of deposits and proprietary investments in our liquid funds from our Equities and Global IP&S segments . • “Leasing expenses” include costs from the company’s sub - leasing activities . • “Income taxes” is comprised of taxes on our corporate income tax and social contribution taxes . We are taxed on an actual taxable profit regime, while our subsidiaries are taxed based on deemed profit . Notes and Definitions (cont’d)

 

 

51 • “Capital Subscription / (capital return)” represents the net capital commitments and capital returns from our Private Markets’ closed end and listed funds . • “Net Inflows / (outflows)” represent the net inflows and outflows from our liquid funds from our Equities, Global IP&S and Credit segments . • “Appreciation / (depreciation)” represents the net capital appreciation/depreciation from our funds, which refers to the increase or decrease of the funds’ investment’s value . • “MOIC” means multiple on invested capital, a ratio intended to represent how much value an investment has returned, and is calculated as realized value plus unrealized value, divided by the total amount invested, gross of expenses and fees . • “IRR” means the internal rate of return, which is a discount rate that makes the net present value of all cash flows equal to zero in a discounted cash flow analysis . Notes and Definitions (cont’d)

 

 

52 Leveraging Vinci Compass’ unique ecosystem to provide better sourcing and execution within our strategies Vinci Compass’ ecosystem sets us apart from competition One - stop shop Networking With +40 partners and several senior employees ranging from different fields, Vinci’s 20+ years history operating on the ground broadens its relationships Shared Services Leverage on Vinci’s strong research, macro, operations, legal, compliance and other resources that come from the sheer scale of the platform Brand Recognition The proven track record of Vinci’s ecosystem and unique institutionalization enhance fundraising for new vintages Asset Origination Leverage from a robust platform with over 24 strategies to maximize inflow of investment opportunities Knowledge Sharing Between Strategies Maximize knowledge and multidisciplinary sector and product expertise of different management teams for unique view on targeted assets/industries Cultural Fit Strong cultural alignment and independent investment teams model ensure seamless execution and continuation of the strategiesLN0

 

 

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