Patria Investments (PAX) Q3 2025 earnings summary

Executive summary

• Assets under management (AUM) surpassed $51.2 billion, more than 3.5x the level at IPO in 2021, reflecting strong organic and inorganic growth and client trust.

• Organic fundraising reached over $1.5 billion in Q3 and $6 billion year-to-date, on track to exceed the $6.6 billion full-year target.

• Distributable Earnings for Q3 were $46.9 million ($0.30/share), up 22% sequentially and 31% year-over-year.

Financial highlights

• Fee-earning AUM grew to $38.8 billion, up 14% year-over-year, with FRE of $49.5 million and a margin of 58.5%.

• IFRS Net Income attributable was $22.5 million for Q3.

• Management fees were $87.0 million, up 12% year-over-year.

• Total revenue in Q3 reached $84.6 million, up 11% year-over-year.

• Net debt at quarter-end was $108 million.

Outlook and guidance

• Confident in exceeding the $6.6 billion fundraising target for 2025; targeting $21 billion in fundraising from 2025-2027.

• 2025 FRE expected to be slightly above the lower end of the $200-$225 million range; 2026 FRE guidance set at $225-$245 million, and 2027 at $260-$290 million.

• Performance-related earnings (PRE) target of $120-$140 million from Q4 2024 to end of 2027, with $42 million already realized.

• Annual dividend of $0.60/share for 2025 and $0.65/share for 2026 approved.