Patria Investments (PAX) Q3 2026 earnings summary

Executive summary

• Total AUM reached $62.4bn, up 22% YoY, and Fee-Earning AUM was $48.1bn, up 24% YoY.

• Q3 fundraising totaled $2.4bn and YTD fundraising reached $6.9bn, effectively meeting the $7bn full-year target one quarter early.

• Q3 FRE was $52.8m and Distributable Earnings (DE) were $46.9m; IFRS net income attributable to shareholders was $7.2m.

Financial highlights

• Q3 total fee revenue was $98.3m, up 16% YoY; management fees were $101.7m, up 17% YoY.

• Q3 FRE was $52.8m, up 7% YoY, with a 53.7% margin; YTD FRE was $160.4m, up 16%, or $1.01 per share.

• Q3 DE was $46.9m, or $0.30 per share; YTD DE was $139.9m, up 14%, or $0.88 per share versus $0.77.

• IFRS revenue from services was $104.2m versus $86.5m in Q3 2025; net income attributable to shareholders was $7.2m versus $22.5m.

Outlook and guidance

• FY2026 FRE guidance narrowed to $225m-$235m, or $1.42-$1.48 per share; expected per-share growth is 11%-16% YoY.

• 2027 FRE guidance was reaffirmed at $260m-$290m, or $1.60-$1.80 per share; pending Fee-Earning AUM was $4.8bn.

• Q4 revenue is expected to rise sequentially on structuring and seasonal incentive fees; 2027 FRE margin guidance is 58%-60%.

• 2027 fundraising guidance is $8bn; DE per share is expected to grow 10%-15% in both 2026 and 2027.

• Lower acquisition-related costs are expected to support 2027 EPS growth above FRE and DE per-share growth.