Patria Investments (PAX) investor relations material

Business overview and strategy

• Operates as a leading alternative investment manager with $47bn pro-forma fee-earning AUM, offering 35+ investment strategies across infrastructure, credit, real estate, private equity, and global private market solutions.

• Evolved from a product provider to a solutions provider, serving over 500 institutional and 1 million individual investors globally, with a strong presence in Latin America, Europe, and the US.

• Pursues growth through both organic fundraising and strategic acquisitions, targeting $70bn FEAUM by 2027 and a $21bn fundraising goal for 2025-2027.

• Maintains a diversified product suite with multiple structures, including permanent capital vehicles, drawdown funds, SMAs, and interval funds.

• Focuses on long-duration, hard-currency assets to enhance fee revenue predictability and limit FX sensitivity.

Financial performance and key metrics

• Management fees reached $95.2mn in 1Q26, up 21% YoY; Fee Related Earnings (FRE) were $50.5mn, up 19% YoY, with a margin of 54.6%.

• Distributable Earnings (DE) per share rose 14% YoY to $0.27 in 1Q26; total AUM grew 29% YoY to $59.3bn, and FEAUM increased 31% to $45.8bn.

• Record fundraising of $2.1bn in 1Q26 and $6.6bn over the last twelve months; pending FEAUM stands at $3.3bn.

• Net Accrued Performance Fees reached $281mn ($1.77/share) as of March 31, 2026.

• FRE per share targeted to grow at a 15% CAGR through 2027, with a margin goal of 58-60%.

Growth, acquisitions, and capital allocation

• Growth driven by both organic fundraising and acquisitions, with $14.8bn acquired and $17.8bn raised organically since 2022.

• Recent acquisitions include Solis, RBR Gestão, and WP Global Partners, adding significant FEAUM and expanding capabilities in private credit and global PE solutions.

• Issued $350mn in long-term debt to support growth and maintain a net debt/FRE ratio below 1x.

• Shareholder returns supported by fixed dividends ($0.65/share in 2026), share repurchases, and strategic M&A.