EX-99.2 3 dp220487_ex9902.htm EXHIBIT 99.2

Exhibit 99.2

 

 

Third Quarter 2024 Earnings Presentation November 07, 2024

 

 

Disclaimer This presentation contains forward - looking statements that can be identified by the use of words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” among others . By their nature, forward - looking statements are necessarily subject to a high degree of uncertainty and involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside of our control . Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward - looking statements and there can be no assurance that such forward - looking statements will prove to be correct . Accordingly, you should not place undue reliance on forward - looking statements . The forward - looking statements included herein speak only as at the date of this presentation and we do not undertake any obligation to update these forward - looking statements . Past performance does not guarantee or predict future performance . Moreover, neither we nor our affiliates, officers, employees and agents undertake any obligation to review, update or confirm expectations or estimates or to release any revisions to any forward - looking statements to reflect events that occur or circumstances that arise in relation to the content of the presentation . Further information on these and other factors that could affect our financial results is included in filings we have made and will make with the U . S . Securities and Exchange Commission (the “SEC”) from time to time, including in the section titled “Risk Factors” in our latest fillings with the SEC . These documents are available on the SEC Filings section of the investor relations section of our website at : https : //ir . vincipartners . com/financials/sec - filings . We have prepared this presentation solely for informational purposes . The information in this presentation does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for, underwrite or otherwise acquire, any of our securities or securities of our subsidiaries or affiliates, not should it or any part of it form the basis of, or be relied on, in connection with any contract to purchase or subscribe for any of our securities or securities of any of our subsidiaries or affiliates, nor shall it or any part of it form the basis of, or be relied on, in connection with any contract or commitment whatsoever . This presentation also includes certain non - GAAP financial information . We believe that such information is meaningful and useful in understanding the activities and business metrics of our operations . We also believe that these non - GAAP financial measures reflect an additional way of viewing aspects of our business that, when viewed with our International Financial Reporting Standards (“IFRS”) results, as issued by the International Accounting Standards Board, provide a more complete understanding of factors and trends affecting our business . Further, investors regularly rely on non - GAAP financial measures to assess operating performance and such measures may highlight trends in our business that may not otherwise be apparent when relying on financial measures calculated in accordance with IFRS . We also believe that certain non - GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of public companies in our industry, many of which present these measures when reporting their results . The non - GAAP financial information is presented for informational purposes and to enhance understanding of the IFRS financial statements . The non - GAAP measures should be considered in addition to results prepared in accordance with IFRS, but not as a substitute for, or superior to, IFRS results . As other companies may determine or calculate this non - GAAP financial information differently, the usefulness of these measures for comparative purposes is limited . A reconciliation of such non - GAAP financial measures to the nearest GAAP measure is included in this presentation . 2

 

 

3 Presenters Alessandro Horta Chief Executive Officer Sergio Passos Chief Operating Officer & Chief Financial Officer Bruno Zaremba Private Equity Chairman & Head of Investor Relations

 

 

Opening Remarks

 

 

5 Vinci Partners Third Quarter 2024 Highlights See notes and definitions at end of document Vinci Partners ended the third quarter with R$70 bn in AUM², an 8% growth year - over - year, led by R$4.3 billion in capital subscriptions over the last twelve months mostly across Private Markets funds. We have been active on M&A and continue to raise capital for Private Market strategies: + 8 % YoY Adjusted Distributable Earnings (DE) totaled R$57 million in the quarter , or R$1.08 per share¹, up 12% year - over - year on a per share basis. Fee Related Earnings (FRE) of R$54 million in the quarter , or R$1.02 per share¹, up 7% year - over - year on a per share basis. R$ 70 bn AUM 3Q’24 US$ 0.16 Quarterly Dividend R$ 54 mm (R$1.02/share) FRE 3Q’24 + 7 % YoY Private Markets Vinci announced in October that is has completed the previously announced business combination with Compass, creating the Gateway to Alternative Investments in Latin America with US$52 billion in combined AUM 3 . Vinci and Compass will host a conference call on November 25th to further discuss the transaction. Closing of Combination Compass Vinci announced on November 4 th the launch of a new Forestry strategy with the acquisition of Lacan, a leading Timberland asset manager, with R$1.5 billion in AUM . Launch of a new Forestry strategy with R$1.5 billion in AUM Lacan R$ 57 mm (R$1.08/share) Adj. DE 3Q’24 + 12 % YoY Vinci secured R$549 million in additional commitments for Private Equity, Infrastructure and Private Credit during the quarter, including the first offshore commitment for Vinci Credit Infra. Additional Commitments Private Markets

 

 

6 Unlocking Growth: We are focused on complementing organic growth through strategic partnerships and acquisitions Combination with Compass Consolidating Vinci’s position as the gateway to alternative investments in Latin America. A natural step to expand Vinci’s geographic footprint into a Pan - regional platform. 2024 + US$ 40 bn AUM¹ 2021 2023 + R$550 mm AUM + R$2 bn AUM Strategic Partnership with Ares Forming a strategic partnership to accelerate growth of Vinci’s platform across Latin America. + US$100 mm Investment 2025 - 2026 What will drive future growth? Vinci continues to explore inorganic growth opportunities, both in Brazil and in Latam , to complete its product offering and geographic positioning. 2024 Acquisition of MAV Capital Transaction reinforces Vinci's position in the Agribusiness sector, an underserved segment by the Investment Industry in Brazil. Vinci Partners’ IPO 2024 Acquisition of Lacan T ransaction establishes Vinci's presence in Brazil's forestry sector, a key strategy in LatAm with substantial growth potential over the coming years. + R$1.5 bn AUM 2022 Acquisition of SPS Capital A new chapter in our product offering capabilities with the expansion into Opportunistic Capital Solutions, a sizable addressable market in Brazil.

 

 

Financial Highlights

 

 

8 Third Quarter 2024 Segment Earnings (Unaudited) See notes and definitions at end of document ∆ YoY(%) 3Q'24 YTD 3Q'23 YTD ∆ YoY(%) 3Q'24 2Q'24 3Q'23 (R$ thousands, unless mentioned) 8% 317,339 293,391 2% 106,750 114,134 104,745 Net revenue from management fees 34% 27,806 20,801 161% 5,966 11,481 2,283 Net revenue from advisory fees 10% 345,145 314,192 5% 112,716 125,615 107,028 Total Fee Related Revenues 4% (23,132) (22,224) 10% (8,239) (7,556) (7,483) Segment personnel expenses 42% (19,635) (13,850) 23% (6,614) (7,025) (5,356) Other G&A expenses 4% (71,654) (69,126) 3% (24,817) (25,750) (24,110) Corporate center expenses 6% (61,356) (57,857) 3% (19,228) (23,380) (18,746) Bonus compensation related to management and advisory 8% (175,776) (163,056) 6% (58,897) (63,711) (55,695) Total Fee Related Expenses 12% 169,369 151,136 5% 53,819 61,904 51,333 FEE RELATED EARNINGS (FRE) 49.1% 48.1% 47.7% 49.3% 48.0% FRE Margin (%) 14% 3.19 2.79 7% 1.02 1.16 0.95 FRE per share¹ (R$/share) (34)% 9,776 14,786 (8)% 1,890 5,613 2,058 Net revenue from performance fees (37)% (4,419) (7,026) (2)% (907) (2,503) (925) Performance based compensation (31)% 5,358 7,760 (13)% 984 3,110 1,133 PERFORMANCE RELATED EARNINGS (PRE) 54.8% 52.5% 52.1% 55.4% 55.1% PRE Margin (%) N/A 3,483 – N/A – 3,483 – ( - ) Unrealized performance fees N/A (1,233) – N/A – (1,233) – (+) Unrealized performance compensation 44% 21,324 14,759 (3)% 4,539 12,379 4,699 (+) Realized GP investment income 14% 198,301 173,655 4% 59,342 79,643 57,165 SEGMENT DISTRIBUTABLE EARNINGS 52.2% 50.5% 49.8% 54.1% 50.2% Segment DE Margin (%) 11% 6,036 5,452 38% 2,272 1,873 1,646 (+) Depreciation and amortization (37)% 38,961 62,299 26% 15,178 11,421 12,027 (+) Realized financial income (17)% (6,223) (7,542) (19)% (1,931) (2,076) (2,394) ( - ) Leasing expenses 172% (33,611) (12,373) 134% (6,858) (17,517) (2,933) ( - ) Other items² N/A (16,735) – N/A (3,728) (11,674) – ( - ) Non - operational expenses³ (3)% (38,258) (39,296) (20)% (10,899) (14,872) (13,691) ( - ) Income taxes (excluding related to unrealized fees and income) (19)% 148,471 182,195 3% 53,377 46,797 51,820 DISTRIBUTABLE EARNINGS (DE) 35.5% 44.9% 39.7% 29.5% 41.2% DE Margin (%) (17)% 2.80 3.36 5% 1.01 0.88 0.96 DE per share (R$/share)⁴ N/A 16,639 – N/A 3,727 11,604 – (+) Non - operational expenses (including Income Tax effect) (9)% 165,110 182,195 10% 57,104 58,401 51,820 ADJUSTED DISTRIBUTABLE EARNINGS 39.4% 44.9% 42.5% 36.8% 41.2% Adjusted DE Margin (%) (7)% 3.11 3.36 12% 1.08 1.10 0.96 Adjusted DE per share (R$/share)

 

 

9 ▪ Fee - related revenues of R$ 112 .7 million in the third quarter, up 5 % year - over - year, driven by stronger management and advisory fees. x Fee - related revenues of R$ 345 . 1 million in the 3Q’24 YTD , up 10% year - over - year. Management fees were R$ 317 .3 million in the 3Q’24 YTD , up 8 % year - over - year , and advisory fees were R$27.8 million, up 34% year - over - year. ▪ FRE was R$ 53 .8 million (R$1.02/share) in the 3 Q'24, up 5 % year - over - year on an absolute basis and 7% year - over - year on an FRE per share basis. ▪ Adjusted Distributable Earnings (“Adjusted DE”) of R$ 57 .1 million (R$1.08/share) in the quarter, up 10% year - over - year on an absolute basis and 12% year - over - year on an Adjusted DE per share basis , driven mostly by FRE growth. Capital Metrics ▪ Total assets under management (“AUM”) of R$ 70 .4 billion, up 8% year - over - year. x Fee - Earning AUM (“FEAUM”) of R$66.7 billion, up 8% year - over - year. ▪ Capital Subscriptions of R$549.0 million in the quarter and R$4.3 billion in the 3 Q'24 LTM . ▪ Capital Return of R$346.9 million in the quarter and R$1.5 billion in the 3 Q'24 LTM . ▪ Appreciation of R$1 .4 billion in the quarter and R$5.5 billion in the 3 Q'24 LTM . ▪ Performance fee - eligible AUM (“PEAUM”) of R$39.6 billion at the end of the quarter. ▪ Net cash and investments of R$1.1 billion (R$20.85/share) at the end of the quarter. Third Quarter 2024 Highlights Financial Measures Capital Returned to Shareholders ▪ Quarterly dividend of US$0.16 per common share payable on December 5, 2024. ▪ Repurchase of 374.8 thousand common shares in the quarter and 4.7 million common shares in total since the first share repurc has e plan announcement.

 

 

10 AUM 3Q’24 vs 3Q’23 ( R$bn ) Long - Term AUM¹ 3Q’24 vs 3Q’23 ( R$bn ) Fee - Earning AUM 3Q’24 vs 3Q’23 ( R$bn ) We continue to expand AUM across the platform, with highlight to long - term products ▪ Total assets under management (AUM) of R$70.4 billion, up 8% year - over - year, driven by a combination of R$4.3 billion of new cap ital subscriptions mostly in Private Markets funds over the last twelve months, AUM appreciation across strategies and the acquisition of MAV Capital. This growth was partially offset b y o utflows from our IP&S segment, coming mainly from open - ended products in the Pension Plan strategy. ▪ Total Fee - Earning AUM (FEAUM) of R$66.7 billion, up 8% year - over - year. ▪ Total Long - Term AUM of R$40.2 billion in the 3Q’24, up 17% year - over - year. Long - term AUM currently represents 57% of Vinci’s tot al AUM and has been growing at a faster pace, driven by fundraisings across private market funds that carry longer lockups. See notes and definitions at end of document 27 32 26 24 9 11 62 67 3Q'23 3Q'24 Private Markets IP&S Public Equities 30 35 26 24 9 11 70 65 3Q'23 3Q'24 Private Markets IP&S Public Equities + 8% + 8% + 17% 23 28 3 4 8 8 34 40 3Q'23 3Q'24 5-10 Years 10+ Years Perpetual or quasi-perpetual

 

 

11 37% 23% 20% 11% 9% Local Institutional³ Institutional Offshore⁴ HNWI⁵ Allocators & Distributors⁶ Public market vehicles⁷ 61% 17% 13% 9% 50% 34% 16% AUM 3Q’24 Our AUM base favors alpha - driven strategies, while our revenue profile is management fee - centric Our platform is highly diversified across different strategies and clients 61% of net revenues come from private market strategies ² 57 % of AUM is in long term products¹ AUM diversified across five different distribution channels AUM 3Q’24 Net Revenues 3Q'24 LTM See notes and definitions at end of document

 

 

12 88% 7% 4% 1% Private Equity Vinci SPS Infrastructure Real Estate Vinci holds a strong long - term upside from realization of performance fees in private market funds Gross Accrued Performance Fees – Private Market Funds ▪ Accrued performance fees receivable of R$379.6 million in the 3Q’24, up 9% quarter - over - quarter. ▪ The VCP strategy¹ in Private Equity accounted for R$326.2 million in accrued performance fees, or 86% of total accrued perfor man ce fees. ▪ Vinci Partners had, as of 3Q’24, R$9 billion in performance eligible AUM coming from Private Markets’ funds still within inve stm ent period. ▪ Accrued performance fees from the FIP Infra Transmissão fund in the Infrastructure strategy are the only fees booked as unrealized in the company's balance sheet as of the third qua rt er of 2024, following IFRS 15 rules. The outstanding accrued performance fees balance reflects the funds' most recent mark and are not bo oke d in the company's balance sheet yet. R$380 mm Accrued Performance Fees (R$ mm) Accrued Performance Fees by Strategy (%) Vinci Partners recognizes the performance revenue according to IFRS 15 . Unrealized performance fees are recognized only when is highly probable that the revenue will not be reversed in the Income Statement . The fund FIP Infra Transmissão in Infrastructure had R $ 10 . 7 million as of the end of the third quarter of 2024 booked as unrealized performance fees in the company ´ s balance sheet . Accrued performance fees shown for Private Equity funds of R $ 333 . 3 million and for the Infrastructure fund VIAS, of R $ 3 . 5 million, as of the end of the third quarter of 2024 have not been booked as unrealized performance fees in the company ´ s balance sheet . See notes and definitions at end of document

 

 

13 Our GP Commitments are a long - term strong value creator ▪ As of 3Q’24, Vinci Partners had R$1,149.2 million in capital commitments signed to proprietary funds mostly across Private Eq uit y, Infrastructure, Credit and Real Estate. ▪ Realized investment gains are recognized quarterly as GP Investment Income in our Segment Earnings and we believe will be a r ele vant contributor to our Distributable Earnings as the funds enter their divestment periods. ▪ Vinci Partners had R$4.5 million in Realized GP Investment Income in the quarter, or R$0.09 per share, coming mostly from div ide nd distributions across our GP Commitments in REITs. Fair Value of Investment (R$ mm) GP Commitments Overview See notes and definitions at end of document Per share R$10.52 R$10.56 Total Capital Committed R$1,149.2 million Total Capital Called R$592.0 million Fair Value of Investments R$556.1 million Accum . Capital Returned R$120.2 million

 

 

14 Fee Related Revenues ▪ Fee related revenues totaled R$112.7 million in the quarter, up 5% year - over - year. This increase was driven by a pickup in deal activity, leading to higher advisory fees and organic growth across Private Market strategies, which boosted management fees. ▪ Fee related revenues totaled R$345.1 million in the 3Q’24 YTD, up 10% when compared to the 3Q’23 YTD, driven by strong fundra isi ng across Private Markets' products. ▪ Management fees totaled R$317.3 million over the 3Q’24 YTD, an increase of 8% when compared to the 3Q’23 YTD. In the quarter, ma nagement fees accounted for R$106.8 million, an increase of 2% year - over - year. Disregarding catch up fees from both quarters, management fees increased by 9% year - over - year. Fee Related Revenues 3Q’24 vs. 3Q’23 ( R$mm ) Fee Related Revenues 3Q’24 YTD vs. 3 Q’23 YTD ( R$mm ) 105 107 2 6 107 113 3Q'23 3Q'24 Management fees Advisory fees 293 317 21 28 314 345 3Q'23 YTD 3Q'24 YTD Management fees Advisory fees + 10% + 5%

 

 

15 Operating Expenses ▪ Total operating expenses of R$180.2 million during the 3Q’24 YTD, an increase of 6% when compared to the 3Q’23 YTD. Disregard ing Vinci Retirement Services, total operating expenses summed R$169.9 million, up 4% when compared to the 3Q’23 YTD, following our commitment to cost efficiency with contained expe nse growth. ▪ Total operating expenses of R$59.8 million in the quarter, up 6% year - over - year. Total Expenses 3Q’24 YTD vs. 3Q’23 YTD ( R$mm ) Total Expenses 3 Q’24 vs. 3Q’23 ( R$mm ) 20 20 24 25 7 8 5 7 57 60 3Q'23 3Q'24 Bonus compensation Corporate center Segment Personnel expenses Other G&A 65 66 69 72 22 23 14 20 170 180 3Q'23 YTD 3Q'24 YTD Bonus compensation Corporate center Segment Personnel expenses Other G&A + 6% + 6%

 

 

16 51 54 3Q'23 3Q'24 151 169 3Q'23 YTD 3Q'24 YTD Fee Related Earnings (FRE) ▪ FRE of R$169.4 million (R$3.19/share) in the 3Q’24 YTD, up 12% year - over - year on an absolute basis and 14% year - over - year on an FRE per share¹ basis. This growth was driven by stronger management and advisory fees. ▪ Fee Related Earnings (FRE) of R$53.8 million (R$1.02/share) in the quarter, up 5% year - over - year, primarily driven by a higher c ontribution from advisory fees in the quarter. ▪ FRE Margin was 49% for the 3Q’24 YTD, an increase of 1.0 percentage point when compared to the 3Q’23 YTD. Disregarding the VR S s egment, FRE Margin was 51% for the 3Q’24 YTD. See notes and definitions at end of document FRE per share ¹ R$1.02 R$0.95 R$3.19 R$2.79 49% 48% Fee Related Earnings 3Q’24 vs. 3Q’23 ( R$mm ) Fee Related Earnings 3Q’24 YTD vs. 3Q’23 YTD ( R$mm ) % FRE margin + 5% 48 % 48% + 12% + 7% Per share + 14% Per share

 

 

17 1.1 1.0 3Q'23 3Q'24 7.8 5.4 3Q'23 YTD 3Q'24 YTD Performance Related Earnings (PRE) ▪ Most of our open - end funds charge performance fees semiannually, recognizing revenues in June and December, thus first and third quarters usually are expected to show lower levels of performance from domestic open - ended funds. ▪ Performance related earnings (PRE) of R$1.0 million in the quarter, down 13% year - over - year, as the local market presents signif icant challenges for the performance of liquid funds. ▪ PRE¹ was R$5.4 million (R$0.10/share) over the 3Q’24 YTD, down 31% when compared to the 3Q’23 YTD. Performance Related Earnings 3Q’24 vs. 3Q’23 ( R$mm ) Performance Related Earnings 3Q’24 YTD vs. 3Q’23 YTD ( R$mm ) % PRE margin 55 % 52 % R$0.02 R$0.02 R$0.14 R$0.10 See notes and definitions at end of document 52% 55% (31)% (13)% (12)% Per share (30)% Per share PRE per share¹

 

 

18 Realized GP Investment and Financial income ▪ Realized Financial income¹ of R$15.2 million in the 3Q'24, reflecting a 26% increase compared to the previous year, driven by hi gher realized gains in our liquid fund’s portfolio this quarter. ▪ Realized GP Investment² income of R$4.5 million in the quarter, coming from dividend distributions of the company’s proprieta ry stake in listed REITs. ▪ Realized GP Investment² and Financial income¹ accounted for R$60.3 million over the 3Q’24 YTD, down 22% when compared to the 3Q’ 23 YTD. This decrease is attributed to a combination of smaller liquid portion of the portfolio due to capital calls from closed - end funds and more favorable market cond itions in the 3Q’23 YTD. See notes and definitions at end of document Realized GP Investment¹ and Financial income² 3Q'24 vs. 3Q'23 ( R$mm ) Realized GP Investment¹ and Financial income² 3Q’24 YTD vs. 3Q’23 YTD ( R$mm ) 62 39 15 21 77 60 3Q'23 YTD 3Q'24 YTD Realized Financial Income Realized GP Investment Income 12 15 5 5 17 20 3Q'23 3Q'24 Realized Financial Income Realized GP Investment Income (22)% + 18%

 

 

19 182 165 3Q'23 YTD 3Q'24 YTD 52 57 3Q'23 3Q'24 Adjusted Distributable Earnings (DE) ▪ Adjusted Distributable Earnings (DE)¹ of R$57.1 million (R$1.08/share) in the quarter, up 10% year - over - year on an absolute basi s and 12% year - over - year on an Adjusted DE per share² basis, driven mostly by FRE growth. ▪ Adjusted DE was R$165.1 million (R$3.11/share) in the 3Q’24 YTD, down 9% when compared to the 3Q’23 YTD. The decline in YoY D ist ributable Earnings is attributed to a combination of (i) a decrease in financial income following a strong 3Q’23 YTD for the liquid portfolio, with more favorable market conditio ns compared to those experienced this year, and (ii) the impact of FX rate depreciation on Vinci’s net debt position in US dollars, which affected the 'Other Items' line. Adjusted Distributable Earnings (DE) 3Q’24 vs. 3Q’23 ( R$mm ) Adjusted Distributable Earnings (DE) 3Q’24 YTD vs. 3Q’23 YTD ( R$mm ) + 10% % Adjusted DE margin R$0.96 R$1.08 (9)% 39% 45% R$3.36 R$3.11 See notes and definitions at end of document 43% 41% + 12% Per share (7)% Per share Adjusted DE per share²

 

 

20 3Q'24 2Q'24 Share Repurchase Activity (in US$ million, unless mentioned) 374,834 220,135 Total Shares Repurchased (number of shares) 3.9 2.4 Total Capital Used for Share Repurchases 14.7 3.4 Remaining Share Repurchase Plan Authorization 6 10.4 10.8 Average Price Paid Per Share (US$) 3Q'24 2Q'24 (in R$ millions, unless mentioned) 534.4 592.3 Cash and cash equivalents¹ 1,132.1 1,152.7 Net Investments 576.0 590.5 Liquid funds² 556.1 562.1 GP Fund Investments³ (563.9) (634.8) Debt obligations 4 1,102.6 1,110.1 Net Cash and Investments 20.85 20.85 Net Cash and Net Investments per share⁵ (R$/share) Balance Sheet Highlights ▪ As of September 30, 2024, Vinci Partners had R$1.1 billion (R$20.85/share) in total net cash and investments, that comprise c ash , cash equivalents and investments (liquid funds and GP fund investments at fair value) net of debt obligations. ▪ The fifth buyback program, approved in September, is limited to US$15 million and replaces the buyback program approved in Fe bru ary 2024. ▪ Since the announcement of the first share repurchase plan, Vinci Partners has repurchased a total of 4,685,954 common shares. See notes and definitions at end of document 20.85 20.85 2Q'24 3Q'24 Net Cash and Investments per share (R$/share)

 

 

Segment Highlights

 

 

22 68% 13% 14% 6% R$179 mm 71% 14% 15% 8% Private Markets IP&S Public Equities Corporate Advisory Financials by segment ▪ Fee Related Earnings (FRE), disregarding Vinci Retirement Services segment, were R$179.1 million in the 3Q’24 YTD, with 68% o f F RE coming from Private Markets, followed by IP&S with 14%, Public Equities accounting for 13% and Corporate Advisory for 6%. ▪ Segment Distributable Earnings (DE), disregarding Vinci Retirement Services segment, were R$208.0 million in the 3Q’24 YTD, w ith 71% coming from Private Markets’ strategies, followed by IP&S and Public Equities each accounting for 12% and Corporate Advisory for 5%. R$208 mm Fee Related Earnings (FRE) 3Q’24 YTD by Segment Segment Distributable Earnings (DE) 3Q’24 YTD by Segment 71% 12% 12% 5%

 

 

23 Private Equity 45% Real Estate 18% Credit 19% Infrastructure 11% Vinci SPS 7% Private Markets' AUM Private Markets R$35 bn AUM ▪ FRE was R$121.7 million in the 3Q’24 YTD, a 23% increase comparing to the 3Q’23 YTD. This growth was fueled by an increase in ma nagement fees revenue and catch - up fees from strong Private Markets fundraising over the year. ▪ Fee related earnings (FRE) of R$39.6 million in the quarter, up 7% year - over - year. Alongside the favorable fundraising environme nt, the acquisition of MAV Capital contributed to revenue growth in the third quarter 2024. ▪ Segment Distributable Earnings of R$147.3 million in the 3Q’24 YTD, up 28% year - over - year. Segment DE was R$44.2 million in the quarter, an increase of 5% compared to the 3Q’23. ▪ Total AUM of R$35.2 billion in the quarter, a 16% year - over - year increase driven by strong fundraising over the last twelve mont hs across all Private Markets strategies, particularly with VCP IV in Private Equity, VICC in Infrastructure, Vinci Credit Infra in Credit and VISC in Real Estate. ∆ YoY (%) 3Q'24 YTD 3Q'23 YTD ∆ YoY (%) 3Q'24 2Q'24 3Q'23 (R$ thousands, unless mentioned) 18% 217,131 184,596 7% 73,375 81,238 68,323 Net revenue from management fees 294% 3,242 824 79% 491 2,197 275 Net revenue from advisory fees 19% 220,374 185,420 8% 73,867 83,434 68,597 Total Fee Related Revenues 11% (12,140) (10,913) 22% (4,508) (3,925) (3,685) Segment personnel expenses 36% (9,261) (6,813) 7% (3,021) (3,384) (2,835) Other G&A expenses 10% (45,172) (41,090) 7% (15,943) (16,292) (14,867) Corporate center expenses 15% (32,138) (28,038) 7% (10,787) (12,373) (10,109) Bonus compensation related to management and advisory 14% (98,711) (86,853) 9% (34,259) (35,974) (31,496) Total Fee Related Expenses 23% 121,664 98,567 7% 39,608 47,461 37,102 FEE RELATED EARNINGS (FRE) 55.2% 53.2% 53.6% 56.9% 54.1% FRE Margin (%) 25% 3,740 2,999 (97)% 12 3,720 464 Net revenue from performance fees 141% 7,225 2,999 (97)% 12 7,205 464 Realized performance fees N/A (3,483) – N/A – (3,483) – Unrealized performance fees 25% (1,654) (1,326) (98)% (5) (1,646) (205) Performance based compensation 25% 2,086 1,673 (97)% 7 2,074 259 PERFORMANCE RELATED EARNINGS (PRE) 55.8% 55.8% 58.3% 55.8% 55.8% PRE Margin (%) N/A 3,483 – N/A – 3,483 – ( - ) Unrealized performance fees N/A (1,233) – N/A – (1,233) – (+) Unrealized performance compensation 44% 21,324 14,759 (3)% 4,539 12,379 4,699 (+) Realized GP investment income 28% 147,325 114,999 5% 44,155 64,164 42,059 SEGMENT DISTRIBUTABLE EARNINGS 59.2% 56.6% 56.3% 62.3% 57.0% Segment DE Margin (%) 16% 35,209 30,347 16% 35,209 34,692 30,347 ASSETS UNDER MANAGEMENT (AUM R$millions) 18% 31,851 27,060 18% 31,851 31,321 27,060 FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$millions) 0.90% 0.98% 0.90% 1.02% 0.98% AVERAGE MANAGEMENT FEE RATE (%)

 

 

24 See notes and definitions at end of document Separate Mandates 76% Pension Plans 8% International 7% Commingled Funds 9% IP&S' AUM Investment Products & Solutions ▪ Fee related earnings (FRE) of R$8.4 million in the quarter, down 2% year - over - year. FRE was R$24.9 million in the 3Q’24 YTD, a 4 % decrease comparing to the 3Q’23 YTD Pro Forma¹, due to outflows especially within our pension funds strategy, which carries higher fees. ▪ Segment Distributable Earnings of R$8.5 million in the quarter, down 3% year - over - year. Segment DE was R$25.1 million in the 3Q’ 24 YTD, a decrease of 9% when compared to the 3Q’23 YTD Pro Forma¹, that posted higher contributions from FRE. ▪ Total AUM of R$24.0 billion, down 7% year - over - year. R$24 bn AUM ∆ YoY (%) 3Q'24 YTD 3Q'23 YTD PF¹ ∆ YoY (%) 3Q'24 2Q'24 3Q'23 PF¹ (R$ thousands, unless mentioned) (10)% 57,527 64,105 (10)% 18,754 18,959 20,803 Net revenue from management fees 4,499% 1,058 23 6,468% 525 524 8 Net revenue from advisory fees (9)% 58,585 64,129 (7)% 19,280 19,484 20,811 Total Fee Related Revenues (16)% (4,770) (5,648) (11)% (1,616) (1,527) (1,819) Segment personnel expenses (4)% (3,298) (3,440) 10% (1,208) (1,082) (1,095) Other G&A expenses (9)% (13,008) (14,288) (6)% (4,249) (4,659) (4,527) Corporate center expenses (14)% (12,561) (14,663) (20)% (3,758) (4,851) (4,718) Bonus compensation related to management and advisory (12)% (33,637) (38,037) (11)% (10,831) (12,118) (12,158) Total Fee Related Expenses (4)% 24,948 26,091 (2)% 8,448 7,365 8,653 FEE RELATED EARNINGS (FRE) 42.6% 40.7% 43.8% 37.8% 41.6% FRE Margin (%) (86)% 371 2,699 (18)% 148 214 180 Net revenue from performance fees (86)% 371 2,699 (18)% 148 214 180 Realized performance fees N/A – – N/A – – – Unrealized performance fees (83)% (220) (1,266) 20% (108) (107) (90) Performance based compensation (89)% 151.2 1,434 (56)% 39.9 107 90 PERFORMANCE RELATED EARNINGS (PRE) 40.8% 53.1% 27.0% 49.9% 50.0% PRE Margin (%) N/A – – N/A – – – ( - ) Unrealized performance fees N/A – – N/A – – – (+) Unrealized performance compensation (9)% 25,099 27,526 (3)% 8,488 7,472 8,743 SEGMENT DISTRIBUTABLE EARNINGS 42.6% 41.2% 43.7% 37.9% 41.7% Segment DE Margin (%) (7)% 24,010 25,943 (7)% 24,010 24,815 25,943 ASSETS UNDER MANAGEMENT (AUM R$millions) (8)% 23,723 25,693 (8)% 23,723 24,604 25,693 FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$millions) 0.34% 0.35% 0.34% 0.33% 0.35% AVERAGE MANAGEMENT FEE RATE (%)

 

 

25 Mosaico Strategy 68% Dividends Strategy 27% Total Return 5% Others 1% Public Equities' AUM Public Equities ▪ FRE was R$22.4 million in the 3Q’24 YTD, a decrease of 8% compared to the 3Q’23 YTD Pro Forma¹. Fee related earnings (FRE) of R$ 7.8 million in the quarter, down 9% year - over - year. ▪ Performance Related Earnings of R$0.9 million in the quarter, up 19% year - over - year, driven by a recovery in Brazil’s stock mark et environment over the past year. ▪ Segment Distributable Earnings of R$8.7 million in the quarter, down 7% year - over - year. Segment Distributable Earnings was R$25. 5 million in the 3Q’24 YTD, a decrease of 12% when compared to the 3Q’23 YTD Pro Forma¹. ▪ Total AUM of R$10.9 billion in the quarter, up 22% year - over - year, driven by appreciation and positive net inflows. See notes and definitions at end of document R$11 bn AUM ∆ YoY (%) 3Q'24 YTD 3Q'23 YTD PF¹ ∆ YoY (%) 3Q'24 2Q'24 3Q'23 PF¹ (R$ thousands, unless mentioned) (6)% 42,118 44,643 (8)% 14,392 13,762 15,582 Net revenue from management fees N/A – – N/A – – – Net revenue from advisory fees (6)% 42,118 44,643 (8)% 14,392 13,762 15,582 Total Fee Related Revenues (10)% (2,468) (2,743) (18)% (744) (834) (906) Segment personnel expenses 24% (1,308) (1,051) 27% (488) (475) (383) Other G&A expenses (4)% (9,532) (9,945) (4)% (3,260) (3,382) (3,391) Corporate center expenses (2)% (6,393) (6,535) (10)% (2,122) (2,267) (2,357) Bonus compensation related to management and advisory (3)% (19,700) (20,274) (6)% (6,615) (6,958) (7,037) Total Fee Related Expenses (8)% 22,418 24,370 (9)% 7,777 6,804 8,546 FEE RELATED EARNINGS (FRE) 53.2% 54.6% 54.0% 49.4% 54.8% FRE Margin (%) (38)% 5,665 9,088 22% 1,730 1,679 1,415 Net revenue from performance fees (38)% 5,665 9,088 22% 1,730 1,679 1,415 Realized performance fees N/A – – N/A – – – Unrealized performance fees (43)% (2,544) (4,435) 26% (794) (749) (630) Performance based compensation (33)% 3,120 4,653 19% 936 929 785 PERFORMANCE RELATED EARNINGS (PRE) 55.1% 51.2% 54.1% 55.3% 55.5% PRE Margin (%) N/A – – N/A – – – ( - ) Unrealized performance fees N/A – – N/A – – – (+) Unrealized performance compensation (12)% 25,538 29,021 (7)% 8,713 7,733 9,330 SEGMENT DISTRIBUTABLE EARNINGS 53.4% 54.0% 54.0% 50.1% 54.9% Segment DE Margin (%) 22% 10,856 8,904 22% 10,856 9,463 8,904 ASSETS UNDER MANAGEMENT (AUM R$millions) 22% 10,823 8,854 22% 10,823 9,426 8,854 FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$millions) 0.60% 0.74% 0.60% 0.61% 0.74% AVERAGE MANAGEMENT FEE RATE (%)

 

 

26 ∆ YoY (%) 3Q'24 YTD 3Q'23 YTD ∆ YoY (%) 3Q'24 2Q'24 3Q'23 (R$ thousands, unless mentioned) N/A – – N/A – – – Net revenue from management fees 18% 23,506 19,954 147% 4,949 8,760 2,000 Net revenue from advisory fees 18% 23,506 19,954 147% 4,949 8,760 2,000 Total Fee Related Revenues 19% (1,763) (1,487) 22% (601) (609) (491) Segment personnel expenses (3)% (530) (544) (67)% (75) (285) (229) Other G&A expenses 4% (3,582) (3,456) 3% (1,241) (1,287) (1,206) Corporate center expenses 18% (7,551) (6,381) 171% (1,690) (2,768) (623) Bonus compensation related to management and advisory 13% (13,427) (11,868) 42% (3,607) (4,949) (2,548) Total Fee Related Expenses 25% 10,078 8,086 N/A 1,342 3,810 (548) FEE RELATED EARNINGS (FRE) 42.9% 40.5% 27.1% 43.5% - 27.4% FRE Margin (%) 25% 10,078 8,086 N/A 1,342 3,810 (548) SEGMENT DISTRIBUTABLE EARNINGS 42.9% 40.5% 27.1% 43.5% - 27.4% Segment DE Margin (%) Corporate Advisory ▪ Net revenue from advisory fees of R$4.9 million in the quarter, an increase of 147% compared to 3Q’23, due to a pickup in dea l a ctivity in the third quarter 2024. ▪ FRE was R$1.3 million in the 3Q’24 and R$10.1 million in the 3Q’24 YTD, posting a 25% increase comparing to the 3Q’23 YTD.

 

 

27 ∆ YoY (%) 3Q'24 YTD 3Q'23 YTD ∆ YoY (%) 3Q'24 2Q'24 3Q'23 (R$ thousands, unless mentioned) 1,095% 561 47 498% 228 175 38 Net revenue from management fees N/A – – N/A – – – Net revenue from advisory fees 1,095% 561 47 498% 228 175 38 Total Fee Related Revenues 39% (1,991) (1,433) 32% (769) (661) (582) Segment personnel expenses 162% (5,238) (2,003) 123% (1,821) (1,799) (815) Other G&A expenses 3% (358) (348) 3% (124) (129) (121) Corporate center expenses 21% (2,714) (2,239) (7)% (870) (1,122) (939) Bonus compensation related to management and advisory 71% (10,302) (6,023) 46% (3,584) (3,712) (2,456) Total Fee Related Expenses 63% (9,739) (5,976) 39% (3,356) (3,537) (2,418) FEE RELATED EARNINGS (FRE) N/A N/A N/A N/A N/A FRE Margin (%) N/A 0 – N/A 0 – – Net revenue from performance fees N/A 0 – N/A 0 – – Realized performance fees N/A – – N/A – – – Unrealized performance fees N/A – – N/A – – – Performance based compensation N/A – – N/A – – – PERFORMANCE RELATED EARNINGS (PRE) N/A N/A N/A N/A N/A PRE Margin (%) N/A – – N/A – – – ( - ) Unrealized performance fees N/A – – N/A – – – (+) Unrealized performance compensation 63% (9,739) (5,976) 39% (3,356) (3,537) (2,418) SEGMENT DISTRIBUTABLE EARNINGS N/A N/A N/A N/A N/A Segment DE Margin (%) 768% 320 37 768% 320 241 37 ASSETS UNDER MANAGEMENT (AUM R$millions) 0.35% 0.60% 0.35% 0.39% 0.60% AVERAGE MANAGEMENT FEE RATE (%) ▪ VRS reached R$320 million in AUM by the end of the third quarter. We are experiencing a pickup in flows for VRS since the lau nch of the platform called Mio Vinci Partners. ▪ Fee Related Earnings (FRE) of negative R$3.4 million in the quarter and FRE was negative R$9.7 million in the 3Q’24 YTD. ▪ Mio launched multiple new investment strategies in collaboration with leading Brazilian asset managers, including three Pensi on Plan funds created in partnership with Vinci's IP&S and Private Credit strategies. ▪ Mio was selected by BlackRock as its partner for the launch of its first retirement strategy in Brazil, an equity index fund des igned for retirement released in September. Retirement Services

 

 

Supplement Details

 

 

29 AUM and Fee - Earning AUM Rollforward Assets Under Management (AUM) – R$ millions Fee - Earning Assets Under Management (FEAUM) – R$ millions For the Three Months Ended September 30, 2024 For the Three Months Ended September 30, 2024 For the Twelve Months Ended September 30, 2024 For the Twelve Months Ended September 30, 2024 Total Vinci SPS Retirement Credit Real Estate Infrastructure IP&S Public Private Services Equities Equity 69,212 2,239 241 6,260 6,726 3,943 24,815 9,463 15,524 Beginning balance 202 (32) – 259 (128) 88 (4) – 19 (+/ - ) Capital Subscription / (capital return) 549 1 – 390 – 102 – – 56 (+) Capital Subscription (347) (33) – (131) (128) (14) (4) – (38) ( - ) Capital Return – – – – – – – – – (+) Acquisitions (401) – 73 117 (2) – (1,209) 620 – (+/ - ) Net Inflow / (outflow) 1,382 77 5 146 (244) (45) 408 774 261 (+/ - ) Appreciation / (depreciation) 70,395 2,285 320 6,782 6,351 3,987 24,010 10,856 15,803 Ending Balance Total Vinci SPS Retirement Credit Real Estate Infrastructure IP&S Public Private Services Equities Equity 65,231 2,091 37 5,335 6,220 2,731 25,943 8,904 13,971 Beginning balance 2,794 (112) – 294 409 1,165 540 – 498 (+/ - ) Capital Subscription / (capital return) 4,334 177 – 588 946 1,267 548 – 808 (+) Capital Subscription (1,540) (289) – (294) (537) (103) (8) – (310) ( - ) Capital Return 540 – – 540 – – – – – (+) Acquisitions (3,636) – 272 221 133 – (4,769) 507 – (+/ - ) Net Inflow / (outflow) 5,465 306 11 393 (411) 91 2,296 1,445 1,334 (+/ - ) Appreciation / (depreciation) 70,395 2,285 320 6,782 6,351 3,987 24,010 10,856 15,803 Ending Balance Total Vinci SPS Retirement Credit Real Estate Infrastructure IP&S Public Private Services Equities Equity 65,592 2,072 241 6,240 6,726 3,899 24,604 9,426 12,385 Beginning balance 202 (32) – 259 (128) 88 (4) – 19 (+/ - ) Capital Subscription / (capital return) 549 1 – 390 – 102 – – 56 (+) Capital Subscription (347) (33) – (131) (128) (14) (4) – (38) ( - ) Capital Return – – – – – – – – – (+) Acquisitions (451) – 73 117 (2) – (1,259) 620 – (+/ - ) Net Inflow / (outflow) 1,374 68 5 143 (244) (44) 383 777 286 (+/ - ) Appreciation / (depreciation) 66,717 2,108 320 6,759 6,351 3,943 23,723 10,823 12,690 Ending Balance Total Vinci SPS Retirement Credit Real Estate Infrastructure IP&S Public Private Services Equities Equity 61,644 2,091 37 5,335 6,220 2,682 25,693 8,854 10,733 Beginning balance 2,668 (280) – 294 409 1,179 540 – 526 (+/ - ) Capital Subscription / (capital return) 4,116 9 – 588 946 1,267 548 – 758 (+) Capital Subscription (1,448) (289) – (294) (537) (88) (8) – (232) ( - ) Capital Return 519 – – 519 – – – – – (+) Acquisitions (3,641) – 272 221 133 – (4,774) 507 – (+/ - ) Net Inflow / (outflow) 5,527 296 11 390 (411) 82 2,265 1,462 1,432 (+/ - ) Appreciation / (depreciation) 66,717 2,108 320 6,759 6,351 3,943 23,723 10,823 12,690 Ending Balance

 

 

30 Investment records – IP&S, Public Equities, Private Credit and Listed Funds See notes and definitions at end of document Index Rate Market Comparison 24 M 12 M YTD 3Q'24 NAV¹ (R$ millions) Segment Fund CDI 7 CDI 7 22.5% 9.1% 6.1% 2.4% 180.6 IP&S Vinci Multiestratégia FIM CDI 7 CDI 7 12.5% 8.1% 4.6% 3.1% 228.1 IP&S Atlas Strategy² IPCA 5 + Yield IMA - B¹⁰ IPCA⁹ + Yield IMA - B¹⁰ 18.4% 9.6% (1.6)% 4.6% 269.1 Public Equities Vinci Total Return³ IBOV 8 IBOV 8 13.9% 9.8% (2.2)% 5.4% 935.9 Public Equities Mosaico Strategy⁴ IBOV 8 IBOV 8 17.0% 11.9% (1.9)% 6.2% 378.5 Public Equities Vinci Gas Dividendos FIA IMA - B 5¹² IMA - B 5¹² 19.3% 7.8% 5.1% 1.7% 1,098.8 IP&S Vinci Valorem FIM⁵ - IPCA⁹ 18.3% 7.2% 4.7% 1.4% 1,494.2 IP&S Equilibrio Strategy⁶ IMA - B¹⁰ IMA - B¹⁰ 18.4% 8.1% 4.6% 0.5% 173.6 IP&S Vinci Retorno Real FIM IPCA⁹+ 6% IPCA⁹ 20.9% 7.9% 3.3% 2.7% 762.5 Credit Vinci Crédito Imobiliário II CDI 7 CDI 7 28.1% 13.5% 9.6% 3.1% 73.7 Credit Vinci Crédito Estruturado Multiestrategia Plus FIC FIM IPCA⁹+ 6% IPCA⁹ 19.2% 8.6% 4.6% 2.4% 559.3 Credit Vinci Energia Sustentável IPCA⁹ + 5% CDI 7 22.1% 12.3% 8.2% 3.7% 344.0 Credit Vinci Crédito Multiestratégia IPCA⁹ + 6% IFIX¹¹ 18.4% 1.5% (11.4)% (4.5)% 3,133.7 Real Estate (listed REIT) VISC11 IPCA⁹ + 6% IFIX¹¹ (9.9)% (14.4)% (9.5)% 3.5% 1,267.4 Real Estate (listed REIT) VILG11 IPCA⁹ + 6% IFIX¹¹ (39.0)% (33.9)% (28.3)% (25.3)% 418.3 Real Estate (listed REIT) VINO11 IFIX¹¹ IFIX¹¹ 23.8% 1.9% (6.7)% (2.6)% 61.6 Real Estate (listed REIT) VIFI11 IPCA⁹ + 6% IFIX¹¹ (1.4)% (11.2)% (19.4)% (0.6)% 172.5 Real Estate (listed REIT) VIUR11 IPCA⁹ + X% IFIX¹¹ - 12.5% (0.9)% (2.3)% 145.0 Real Estate (listed REIT) VCRI11 CDI 7 + 1% IFIX¹¹ - 0.6% 0.7% 0.4% 377.5 Real Estate (REIT) VICA11 IFIX¹¹ IFIX¹¹ 17.2% 4.1% 1.2% 0.0% 56.4 Real Estate (REIT) VINCI FOF IMOBILIARIO FIM CP - - (39.0)% (33.9)% (28.3)% (25.3)% 513.6 Infrastructure (listed) VIGT11 24 M 12 M YTD 3Q'24 Benchmark 19.8% 13.1% (1.8)% 6.4% IBOV 5 26.0% 11.1% 8.0% 2.6% CDI 4 21.1% 8.4% 5.3% 1.9% IMA - B 5 7 22.9% 10.7% 8.2% 2.3% IPCA 6 + Yield IMA - B 7 9.8% 4.4% 3.3% 0.8% IPCA 6 10.5% 2.7% (0.2)% (1.2)% IFIX 8

 

 

31 Gross IRR Gross IRR Gross MOIC Gross MOIC Total Value Unrealized Realized or Invested Capital Committed Capital Vintage year Segment Fund Partially Realized (USD) (BRL) (USD) (BRL) ( R$mm ) ( R$mm ) ( R$mm ) ( R$mm ) ( R$mm ) 77.2% 71.5% 4.0x 4.3x 5,209 99 5,110 1,206 1,415 2004 Private Equity Fund 1 1.1% 9.9% 1.1x 2.0x 4,200 2,328 1,872 2,063 2,200 2011 Private Equity VCP II 28.3% 33.0% 2.1x 2.1x 5,029 4,975 54 2,342 4,000 2018 Private Equity VCP III – – 1.5x 1.5x 549 549 – 335 2,691 2022 Private Equity VCP IV 70.2% 64.6% 2.2x 2.5x 14,986 7,951 7,036 5,946 10,306 Private Equity VCP Strategy² 30.5% 22.0% 2.6x 2.1x 26 – 26 13 36 2003 Private Equity NE Empreendedor³ 11.1% 18.7% 1.5x 1.9x 257 163 95 135 240 2017 Private Equity Nordeste III 25.4% 27.2% 1.4x 1.4x 695 556 160 495 1,000 2020 Private Equity VIR IV 27.0% 22.4% 1.5x 1.6x 978 718 281 642 1,276 Private Equity VIR Strategy⁴ 19.1% 25.9% 1.9x 2.4x 349 82 267 191 128 2018 Special Situations SPS I 24.0% 24.2% 2.3x 2.4x 1,584 658 926 1,021 671 2020 Special Situations SPS II 23.2% 29.0% 2.8x 2.9x 1,353 1,223 130 1,002 1,071 2021 Special Situations SPS III 22.8% 25.7% 2.5x 2.7x 3,286 1,963 1,323 2,214 1,870 Special Situations SPS Strategy⁵ 41.7% 57.0% 2.7x 3.6x 376 87 289 104 211 2017 Infrastructure FIP Transmissão ⁶ 15.3% 20.7% 1.3x 1.3x 409 409 – 350 386 2021 Infrastructure VIAS⁷ – – – – – – – – 1,566 2022 Infrastructure VICC⁸ 6.7% 11.3% 1.1x 1.2x 341 325 16 291 422 2021 Real Estate VFDL⁹ NM NM 1.2x 1.2x 681 681 – 1,140 1,798 2022 Credit Vinci Credit Infra¹⁰ Pro Forma Historical Portfolio Performance - Excluding PIPE Investments¹ Investment records – Closed End Private Markets funds See notes and definitions at end of document

 

 

32 Shareholder Dividends 3Q'24 2Q'24 1Q'24 4Q'23 3Q'23 2Q'23 1Q'23 4Q'22 ($ in thousands) 57,104 58,401 49,605 63,641 51,820 70,369 60,006 55,792 Adjusted Distributable Earnings (R$) 9,872 10,331 9,801 12,829 10,647 14,290 11,994 10,618 Adjusted Distributable Earnings (US$)¹ 0.19 0.19 0.18 0.24 0.20 0.26 0.22 0.19 Adjusted DE per Common Share (US$)² 0.16 0.17 0.17 0.20 0.17 0.20 0.16 0.17 Actual Dividend per Common Share³ November 20, 2024 August 21, 2024 May 23, 2024 February 22, 2024 November 22, 2023 August 24, 2023 May 25, 2023 March 01, 2023 Record Date December 05, 2024 September 05, 2024 June 07, 2024 March 07, 2024 December 07, 2023 September 08, 2023 June 09, 2023 March 15, 2023 Payable Date ▪ Vinci Partners generated R$1.08 or US$0.19¹ of Adjusted Distributable Earnings per common share for the third quarter of 2024 . ▪ The company declared a quarterly dividend of US$0.16² per common share to record holders as of November 20, 2024; payable on Dec ember 05 , 2024. See notes and definitions at end of document

 

 

33 Share Summary ▪ Common Shares Outstanding as of quarter end of 52,870,614 shares. x Repurchased 374,834 common shares in the quarter, with an average share price of US$10.4. x Repurchased 4,685,954 common shares since the announcement of the first share repurchase plan, with an average share price of US $10.7. x As of September 30, 2024, the remaining authorization for the share repurchase plan was US$14.7 million. 3Q'24 2Q'24 1Q'24 4Q'23 3Q'23 2Q'23 1Q'23 4Q'22 3Q'22 VINP Shares 14,466,239 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 38,404,375 38,779,209 38,778,597 39,312,578 39,405,827 39,730,720 40,247,461 40,614,497 40,892,619 Class A¹ 52,870,614 53,245,448 53,244,836 53,778,817 53,872,066 54,196,959 54,713,700 55,080,736 55,358,858 Common Shares See notes and definitions at end of document

 

 

34 GP Commitment in Vinci Partners funds ▪ As of September 30, 2024, the company had R$1,149.2 million in capital commitments signed to proprietary funds. ▪ Total GP Investments marked at fair value of R$556.1 million as of September 30, 2024. See notes and definitions at end of document Fair value of investments Accumulated Capital Returned/Dividends Paid Capital Returned/Dividends Paid (3Q'24) Total Capital Called 3Q'24 Capital Called Total Capital Committed 3Q'24 Commitments Segment (R$ millions, unless mentioned) 3.4 1.6 – 3.2 – 5.0 – Private Equity Nordeste III 4.3 – – 2.8 – 3.1 – Private Equity VCP III 6.3 1.8 0.1 6.5 – 11.1 – Private Equity VIR IV 41.3 – – 33.2 – 350.0 – Private Equity VCP IV 7.4 23.9 – 8.9 – 29.5 – Infrastructure FIP Infra Transmissão ( co - investment )¹ 2.1 7.3 – 3.4 – 10.5 – Infrastructure FIP Infra Transmissão¹ 50.7 – – 37.5 – 50.0 – Infrastructure VIAS – – – – – 15.0 – Infrastructure Vinci Transporte e Logística II 19.0 – – 11.3 – 11.4 – Infrastructure Vinci Transporte e Logística I 0.2 – – 3.1 0.8 100.0 – Infrastructure VICC 66.3 – – 59.1 3.5 70.0 – Real Estate VFDL 43.1 19.4 1.4 67.3 – 67.3 – Real Estate VIUR 23.1 9.3 0.7 50.0 – 50.0 – Real Estate VINO 20.0 22.5 – 36.9 – 36.9 – Real Estate Vinci FOF Imobiliário 68.8 26.4 2.3 80.0 – 80.0 – Real Estate/Credit VCRI 23.0 6.1 0.7 23.0 – 23.0 – Real Estate/Credit VICA 62.2 – – 56.9 – 100.0 – Credit Vinci Crédito Infra Institucional 26.7 1.9 0.5 22.5 4.8 50.0 – IP&S VSP FIM 21.6 0.00 – 25.0 – 25.0 – Public Equities VINCI PIPE 50.5 – – 46.4 – 46.4 – Real Estate Vinci US Real Estate 16.0 – – 15.0 – 15.0 – Infrastructure FDIRS 556.1 120.2 5.7 592.0 9.1 1,149.2 – Total

 

 

35 58% 22% 20% Private Markets Public Equities IP&S Significant exposure to performance fee - eligible AUM ▪ Total Performance fee eligible AUM (PEAUM) of R$39.6 billion. ▪ Hurdle rate funds charge performance based on the fund’s return over its benchmark, generally with a high - watermark clause, except for the SWF mandate in Public Equities. ▪ Within our Private Market strategies, R$9 billion in AUM comes from “preferred return” funds with carried interest, that are still in investment period. See notes and definitions at end of document PERFORMANCE FEE ELIGIBLE AUM (PEAUM) Status Index Rate Index type AUM R$mm Strategy/Fund Currently generating performance IPCA 5 + 8% Preferred Return w/ Catch - Up² 1,362 VCP III - Onshore Currently generating performance USD + 8% Preferred Return w/ Catch - Up² 4,359 VCP III - Offshore Within investment period IPCA 5 + 8% Preferred Return w/ Catch - Up² 2,639 Other PE Onshore Vehicles Within investment period USD + 8% Preferred Return w/ Catch - Up² 439 Other PE Offshore Vehicles Currently generating performance IPCA 5 + 8.5% Preferred Return w/ Catch - Up² 254 Nordeste III Within investment period IPCA 5 + 5% Preferred Return w/ Catch - Up² 175 Teman Pier Within investment period IPCA 5 + 6% Preferred Return 4 478 VIAS Within investment period IPCA 5 + 6% Preferred Return 4 151 Transportation and Logistics strategy Currently generating performance IPCA 5 + 8% Preferred Return 4 43 FIP Infra Transmissão Within investment period IPCA 5 Preferred Return 4 1,315 VICC Within investment period Hurdle³ 1,049 FDIRS Currently generating performance IPCA 5 + 6% Hurdle³ 1,862 Listed REITs Within investment period IPCA 5 + 6% Preferred Return 4 457 VFDL Currently generating performance IFIX 9 Hurdle³ 475 FOF Strategy Within investment period IPCA 5 + 6% Preferred Return 4 763 VCI II Within investment period IPCA 5 + 6% Preferred Return 4 559 VES Within investment period IPCA 5 + 5% Preferred Return 4 367 VCM FIM Currently generating performance CDI 10 Hurdle³ 66 Energia FIM Within investment period IPCA 5 + 5% Hurdle³ 103 VCS Currently generating performance CDI 10 Hurdle³ 358 VCE Within investment period CDI 10 Preferred Return 4 1,350 SPS III Within investment period IPCA 5 + 6% Preferred Return 4 85 VORE FII Currently generating performance 1,396 Others Not expected to pay performance 2,994 Others 23,098 Total Private Markets Currently generating performance IMAB 5 6 Hurdle³ 1,099 Vinci Valorem Currently generating performance IBOV 7 + alpha Hurdle³ 788 Separate Mandates Currently generating performance 947 International¹ Currently generating performance IBOV 7 + alpha Hurdle³ 493 Commingled Funds Currently generating performance IPCA 5 + 8% Preferred Return w/ Catch - Up² 219 VSP Currently generating performance CDI 10 Hurdle³ 228 Atlas Strategy Currently generating performance CDI 10 Hurdle³ 181 Vinci Multiestratégia Currently generating performance 3,887 Others 7,841 Total IP&S Currently generating performance FTSE 8 Hurdle³ 6,469 SWF Currently generating performance IBOV 7 Hurdle³ 944 Mosaico Strategy Currently generating performance IBOV 7 Hurdle³ 379 Vinci Gas Dividendos Currently generating performance IPCA 5 + Yield IMAB 11 Hurdle³ 301 Vinci Total Return Currently generating performance 607 Others 8,700 Total Public Equities 39,640 PEAUM TOTAL PEAUM R$40 bn

 

 

Reconciliations and Disclosures

 

 

37 Financials - Income Statement See notes and definitions at end of document ∆ YoY (%) 3Q'24 YTD 3Q'23 YTD ∆ YoY (%) 3Q'24 2Q'24 3Q'23 (R$ thousands, unless mentioned) REVENUES 8% 317,339 293,391 2% 106,750 114,134 104,745 Net revenue from management fees (34)% 9,776 14,786 (8)% 1,890 5,613 2,058 Net revenue from performance fees (10)% 13,259 14,786 (8)% 1,890 9,096 2,058 Realized performance fees N/A (3,483) – N/A – (3,483) – Unrealized performance fees 34% 27,806 20,801 161% 5,966 11,481 2,283 Net revenue from advisory 8% 354,921 328,978 5% 114,606 131,228 109,086 Total net revenues from services rendered EXPENSES 6% (61,356) (57,857) 3% (19,228) (23,380) (18,746) Bonus related to management and advisory (37)% (4,419) (7,026) (2)% (907) (2,503) (925) Performance based compensation (20)% (5,652) (7,026) (2)% (907) (3,736) (925) Realized N/A 1,233 – N/A – 1,233 – Unrealized 1% (65,775) (64,883) 2% (20,135) (25,883) (19,671) Total compensation and benefits 4% (23,131) (22,224) 10% (8,238) (7,556) (7,483) Segment personnel expenses 42% (19,635) (13,850) 23% (6,614) (7,025) (5,356) Other general and administrative expenses 4% (71,654) (69,126) 3% (24,817) (25,750) (24,110) Corporate center expenses 6% (180,194) (170,082) 6% (59,803) (66,214) (56,620) Total expenses 10% 174,727 158,896 4% 54,803 65,014 52,466 Operating profit OTHER ITEMS 0% 11,150 11,104 97% (6,609) 4,250 (3,347) GP Investment income 44% 21,324 14,759 (3)% 4,539 12,379 4,699 Realized gain from GP investment income 178% (10,174) (3,655) 39% (11,149) (8,128) (8,046) Unrealized gain from GP investment income (37)% 38,961 62,299 26% 15,178 11,421 12,027 Financial income (37)% 38,961 62,299 26% 15,178 11,421 12,027 Realized gain from financial income N/A – (0) N/A – – (0) Unrealized gain from financial income (17)% (6,223) (7,542) (19)% (1,931) (2,076) (2,394) Leasing expenses 52% (34,745) (22,864) N/A 1,496 (21,249) (11,442) Other items¹ 49% (15,955) (10,718) (19)% (4,147) (5,660) (5,118) Share Based Plan N/A (16,735) – N/A (3,728) (11,674) – Non - operational expenses² N/A (23,547) 32,279 N/A 259 (24,988) (10,274) Total Other Items (21)% 151,180 191,175 31% 55,062 40,026 42,192 Profit before income taxes 2% (35,756) (35,100) 32% (13,693) (11,679) (10,375) ( - ) Income taxes ³ (26)% 115,424 156,075 30% 41,369 28,347 31,817 NET INCOME N/A 16,639 – N/A 3,727 11,604 – (+) Non - operational expenses (including Income Tax effect) (71)% 2,225 7,785 N/A (5,444) 3,870 5,655 ( - ) Contingent consideration adjustment related to acquisitions 4 (18)% 134,288 163,860 6% 39,652 43,821 37,472 ADJUSTE NET INCOME

 

 

38 3Q'24 YTD 3Q'23 YTD 3Q'24 2Q'24 3Q'23 (R$ thousands, unless mentioned) 174,727 158,896 54,803 65,014 52,466 OPERATING PROFIT (13,259) (14,786) (1,890) (9,096) (2,058) ( - ) Net revenue from realized performance fees 3,483 – – 3,483 – ( - ) Net revenue from unrealized performance fees 4,419 7,026 907 2,503 925 (+) Compensation allocated in relation to performance fees 169,369 151,136 53,819 61,904 51,333 FEE RELATED EARNINGS (FRE) 174,727 158,896 54,803 65,014 52,466 OPERATING PROFIT (317,339) (293,391) (106,750) (114,134) (104,745) ( - ) Net revenue from management fees (27,806) (20,801) (5,966) (11,481) (2,283) ( - ) Net revenue from advisory 61,356 57,857 19,228 23,380 18,746 (+) Bonus related to management and advisory 23,131 22,224 8,238 7,556 7,483 (+) Personnel expenses 19,635 13,850 6,614 7,025 5,356 (+) Other general and administrative expenses 71,654 69,126 24,817 25,750 24,110 (+) Corporate center expenses 5,358 7,760 984 3,110 1,133 PERFORMANCE RELATED EARNINGS (PRE) 174,727 158,896 54,803 65,014 52,466 OPERATING PROFIT 3,483 – – 3,483 – ( - ) Net revenue from unrealized performance fees (1,233) – – (1,233) – (+) Compensation allocated in relation to unrealized performance fees 21,324 14,759 4,539 12,379 4,699 (+) Realized gain from GP investment income 198,301 173,655 59,342 79,643 57,165 SEGMENT DISTRIBUTABLE EARNINGS 115,424 156,075 41,369 28,347 31,817 NET INCOME 3,483 – – 3,483 – ( - ) Net revenue from unrealized performance fees (401) – – (401) – (+) Income tax from unrealized performance fees (1,233) – – (1,233) – (+) Compensation allocated in relation to unrealized performance fees 10,174 3,655 11,149 8,128 8,046 ( - ) Unrealized gain from GP investment income (524) 56 180 (987) 46 (+) Income tax on unrealized gain from GP investment income 0 0 – 0 0 ( - ) Unrealized gain from financial income – – – – – ( - ) Income tax on unrealized gain from financial income 2,225 7,785 (5,444) 3,870 5,655 ( - ) Contingent consideration (earn - out) gain (loss), after - tax¹ 6,036 5,452 2,272 1,873 1,646 (+) Depreciation and amortization 13,718 9,413 4,041 3,529 5,058 (+) Share Based Plan (431) (241) (190) 188 (448) ( - ) Income Taxes on Share Based Plan 16,639 – 3,727 11,604 – (+) Non - operational expenses including income tax related to realized expense² 165,111 182,195 57,104 58,401 51,820 ADJUSTED DISTRIBUTABLE EARNINGS 354,921 328,978 114,606 131,228 109,086 TOTAL NET REVENUE FROM SERVICES RENDERED (13,259) (14,786) (1,890) (9,096) (2,058) ( - ) Net revenue from realized performance fees 3,483 – – 3,483 – ( - ) Net revenue from unrealized performance fees 345,146 314,192 112,716 125,615 107,028 NET REVENUE FROM MANAGEMENT FEES AND ADVISORY Financials - Non - GAAP Reconciliation See notes and definitions at end of document

 

 

39 3Q'24 YTD 3Q'23 YTD 3Q'24 3Q'23 (R$ thousands, unless mentioned) 151,180 191,175 55,062 42,192 Profit (loss) before income taxes 34% 34% 34% 34% Combined statutory income taxes rate - % (51,401) (65,000) (18,721) (14,346) Income tax benefit (Expense) at statutory rates Reconciliation adjustments: (144) (606) (45) (542) Expenses not deductible 107 173 (39) 131 Tax benefits (1,144) (329) (459) (76) Share based payments (3,321) - (1,115) - Tax loss 19,984 30,570 6,583 4,498 Effect of presumed profit of subsidiaries¹ and offshore subsidiaries 163 92 103 (40) Other additions (exclusions), net (35,756) (35,100) (13,693) (10,375) Income taxes expenses (40,212) (41,492) (13,153) (14,370) Current 4,456 6,392 (540) 3,995 Deferred 24% 18% 25% 25% Effective tax rate Effective tax rate reconciliation See notes and definitions at end of document

 

 

40 17.7 18.7 0.9 8.0 3.5 2.9 4.9 19.1 19.2 0.9 8.3 3.8 3.1 5.4 General and Administrative Expenses 3Q’24 ( R$mm ) 3 Q’23 ( R$mm ) Lease and condominium Other Personnel Bonus related to Mgmt. and Adv. fees Performance based compensation Third party expenses D&A R$59.8 mm Personnel Bonus related to Mgmt. and Adv. fees Performance based compensation Third party expenses D&A Lease and condominium Other R$56.6 mm + 5.6%

 

 

41 09/30/2024 06/28/2024 Assets Current assets 534,406 592,308 Cash and cash equivalents 24,336 45,831 Cash and bank deposits 112,011 120,084 Financial instruments at fair value through profit or loss 398,059 426,393 Financial instruments at amortized cost 1,367,066 1,307,884 Financial instruments at fair value through profit or loss 73,036 71,496 Trade receivables 2,808 3,368 Sub - leases receivable 5,207 3,775 Taxes recoverable 26,813 24,249 Other assets 2,009,336 2,003,080 Total current assets Non - current assets 74,216 74,679 Financial instruments at fair value through profit or loss 13,853 14,108 Trade receivables - 456 Sub - leases receivable 826 1,930 Taxes recoverable 18,535 18,732 Deferred taxes 27,608 27,353 Other receivables 135,038 137,258 10,944 11,638 Property and equipment 51,178 53,515 Right of use - Leases 251,170 249,850 Intangible assets 448,330 452,261 Total non - current assets 2,457,666 2,455,341 Total Assets 09/30/2024 06/28/2024 Liabilities and equity Current liabilities 1,265 1,495 Trade payables 13,444 – Deferred Revenue 23,010 24,919 Leases 7,818 6,276 Accounts payable 75,124 55,721 Labor and social security obligations 14,852 76,346 Loans and Financing 22,995 22,780 Taxes and contributions payable 158,508 187,537 Total current liabilities Non - current liabilities 35,778 38,738 Leases 6,646 6,457 Labor and social security obligations 634,809 652,493 Loans and Financing 4,269 3,926 Deferred taxes 309,171 229,896 Retirement plans liabilities 990,673 931,510 1,149,181 1,119,047 Total liabilities Equity 15 15 Share capital 1,405,559 1,405,559 Additional paid - in capital (223,418) (201,748) Treasury shares 78,066 87,185 Retained Earnings 47,958 44,440 Other reserves 1,308,180 1,335,451 305 843 Non - controlling interests in the equity of subsidiaries 1,308,485 1,336,294 Total equity 2,457,666 2,455,341 Total liabilities and equity Balance Sheet

 

 

42 Notes and Definitions ▪ Notes to page 5 (1) Per share is calculated considering the number of outstanding shares at the end of the current quarter. Year to date valu es are calculated as the sum of the last three quarters. (2) 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. (3) Considers assets under management and advisory as of June 2024. ▪ Notes to page 6 (1) Considers assets under management and advisory as of June 2024. ▪ Notes to page 8 (1) FRE per share is calculated considering the number of outstanding shares at the end of the current quarter. Year to date val ues are calculated as the sum of the last three quarters. (2) Other items comprise the income/(loss) generated by financial income/(expenses) related to SPS acquisition, Ares Converti ble 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. Year to date v alu es are calculated as the sum of the last three quarters. ▪ Notes to page 10 (1) Long - term AUM includes funds with lockups for at least five years to quasi - perpetual capital commitments. ▪ Notes to page 11 (1) Long term products include funds with former lockups superior to five years. (2) Private markets strategies include Private Equity, Real Estate, Private Credit, Infrastructure and Vinci SPS. (3) Local Institutional covers Brazilian pension funds (public and private), insurance companies, large and mid - size corporation s and the government. (4) Institutional Offshore covers offshore pension funds, endowments, sovereign funds, fund of funds, asset managers, family off ices, and others. (5) HNWI is comprised of clients which we consider to have potential to invest at least R$30 million. (6) Allocators & Distributors include banks (private, mass affluent and retail sectors), multi - family offices, or MFOs, and dist ribution platforms. (7) Public Market Vehicles of our listed funds. ▪ Notes to page 12 (1) Accrued performance fees for the VCP offshore are as of 2Q’24. This occurs due to the 60 days timeline of the quarterly m ark up to be disclosed by the fund’s administrator.

 

 

43 Notes and Definitions (cont’d.) ▪ Notes to page 16 (1) FRE per share is calculated considering the number of outstanding shares at the end of the current quarter. Year to date val ues are calculated as the sum of the last three quarters. ▪ Notes to page 17 (1) PRE per share is calculated considering the number of outstanding shares at the end of the current quarter. Year to date val ues are calculated as the sum of the last three quarters. ▪ Notes to page 18 (1) Financial income is income generated through investments made with our cash and cash equivalents in cash and bank deposit s, certificate of deposits and proprietary investments in Vinci Partners’ Liquid Funds, including funds from Public Equities, IP&S, Real Estate and Private Credit. (2) GP investment income comes from proprietary investments made by Vinci Partners in its own Private Markets’ funds and othe r c losed - end funds across Public Equities and IP&S segments with long - term lockups. ▪ Notes to page 19 (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. Year to date values are calculated as the sum of the last three quarters. ▪ Notes to page 20 (1) Cash and cash equivalents include cash on hand, bank deposits held with financial institutions, other short - term, highly liq uid investments with original maturities of three months or less, that are readily convertible to known amounts of cash 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 June 28, 2024, in liquid funds from Vinci Partners’ Pub lic Equities, IP&S, Private Credit and Real Estate. It also comprises the cash and certificate of deposits and federal bonds from Vinci Monalisa FIM. For 1Q’24 onwards we are not considering the fund s t hat refer to financial products as part of the Company’s retirement plans services. For more detail, see 3Q’24 Financial Statements filed within the SEC on November 07, 2024. (3) GP Fund Investments include Vinci Partners’ GP investments in private market funds and other closed - end funds across Public Equities and IP&S segments with long - term lockups and Public REITs, calculated at fair value as of September 30, 2024. For more detail, please see slide 35 and the Financial Statements f ile d within the SEC on November 07, 2024. (4) Debt obligations include commercial notes, consideration payable and convertible preferred shares. For more detail, see 3 Q’2 4 Financial Statements filed within the SEC on November 07, 2024. (5) Net Cash and Investments per share were calculated considering the number of outstanding shares at the end of each quarte r. (6) Considers the FX exchange rate as of June 28, 2024 for conversion of the second quarter 2024 Remaining Share Repurchase P lan , which was approved in BRL. ▪ Notes to page 24 (1) In the First Quarter of 2024, Vinci Partners executed a strategic realignment across our segments, reassigning R$2.3 bill ion in AUM from our Hedge Funds business to IP&S, while allocating the remainder R$534 million in AUM to our Public Equities division. Pro Forma numbers for past quarters and year to date reflect the retroactive adjustment for this managerial reassignment.

 

 

44 Notes and Definitions (cont’d.) ▪ Notes to page 25 (1) In the First Quarter of 2024, Vinci Partners executed a strategic realignment across our segments, reassigning R$2.3 bill ion in AUM from our Hedge Funds business to IP&S, while allocating the remainder R$534 million in AUM to our Public Equities division. Pro Forma numbers for past quarters and year to date reflect the retroactive adjustment for this managerial reassignment. ▪ Notes to page 30 (1) NAV is the net asset value of each fund. For listed vehicles, the NAV represents the Market valuation of the fund. (2) Atlas strategy includes the funds Atlas FIC FIM, Atlas Institucional FIC FIM and Vinci Potenza. (3) Total Return Strategy includes the funds Total Return FIC FIM and Total Return Institucional FIA. (4) Mosaico Strategy includes the funds Mosaico, Mosaico Institucional and Mosaico Advisory FIA. (5) Valorem Strategy includes the funds Valorem FIM and Valorem Advisory. (6) Equilíbrio Strategy incudes the IP&S Family of pension plans. (7) CDI is an average of interbank overnight rates in Brazil (daily average for the period). (8) Brazil stock market most relevant index. (9) IPCA is a broad consumer price index measured by the IBGE. (10) IMAB is composed by government bonds indexed to IPCA. IMAB 5 also includes government bonds indexed to IPCA with up to 5 Ye ars in duration. (11) IFIX is an index composed by listed REITs in the Brazilian stock Market. (12) If IMAB 5 Average is: i. less or equal to 2%, X=3% per year; ii. between 2% - 4%, X= Average IMAB 5+1% per year; iii. Between 4% - 5%, X=5% per year; IV. greater or equal to 5%, X= IMAB 5 Average ▪ Notes to page 31 (1) Track record information is presented throughout this presentation on a pro forma basis and in local currency, excluding PIP E 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 2Q’ 24, due to fund’s administrator timeline to disclose the quarterly markup of the fund, with the exception of total commitments for VCP IV, which are presented as of 3Q’24. (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 (collec ti vely, 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 Partners. 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 acc ura cy or completeness of any such information. (4) Track record for VIR strategy is presented as of 2Q’24, due to fund’s administrator timeline to disclose the quarterly ma rku p of the fund. (5) Track record for Vinci SPS strategy is presented as of 3Q’24.

 

 

45 Notes and Definitions (cont’d.) (6) Track record for FIP Infra is presented as of 2Q’24. (7) Track record for VIAS is presented as of 12’24. (8) Total commitments for VICC are presented as of 3Q’24. (9) Track record for VFDL is presented as of 3Q’24. (10) Track record for Vinci Credit Infra is presented as of 3Q’24. ▪ Notes to page 32 (1) US$ Distributable Earnings was calculated considering the exchange rate from USD to BRL of 5.7846, as of November 05, 202 4, when dividends were approved by our Board of Directors. (2) Per Share calculations are based on end of period Participating Common Shares. (3) Actual dividends per common share are calculated considering the share count as of the applicable record date. ▪ Notes to page 33 (1) As of September 30, 2024, Public Float was comprised of 12,158,029 Class A common shares. ▪ Notes to page 34 (1) The remaining capital committed in FIP Infra Transmissão and FIP Infra Transmissão co - investment will not be called by the fund, which is already in divestment period. ▪ Notes to page 35 (1) International mandates have several different benchmarks across its vehicles. (2) 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. (3) Hurdle Rate is the minimum return the fund must achieve before it can charge performance fees. In most cases, funds with hur dle rate also are under a high - water mark clause . (4) Funds with preferred return must return 100% of invested capital corrected by the preferred return rate to its limited pa rtn ers in order to charge performance fees. (5) IPCA is a broad consumer price index measured by the IBGE. (6) IMAB 5 is composed by government bonds indexed to IPCA with up to 5 years in duration. (7) IBOV is the Brazilian stock market's most relevant index; (8) FTSE is London's stock market most relevant index; (9) IFIX is an index composed by listed REITs in the Brazilian stock exchange.

 

 

46 Notes and Definitions (cont’d.) (10) The CDI rate is a result of the average interbank overnight rates in Brazil (daily average for the period). (11) IMAB is composed by government bonds indexed to IPCA (inflation rate) plus a fixed interest rate. ▪ Notes to page 37 (1) Other items comprise the income/(loss) generated by contingent consideration adjustment and financial income/(expenses) r ela ted to SPS acquisition and Ares Convertible Preferred Shares. (2) Non - operational expenses are comprised of expenses related to professional services rendered in connection with acquisitions . ( 3) Income taxes are comprised of taxes calculated over our corporate income tax and social contribution taxes. We are taxed o n a n actual taxable profit regime, while part of our subsidiaries are taxed based on deemed profit. (4) Contingent consideration adjustment (after - tax) related to Vinci SPS’ acquisition, reflects the change in the earn out’s fai r value to be paid in 2027. On September 30, 2024, Vinci revaluated the fair value of the obligation based on the economic conditions at the date, resulting in a decrease of the contingent consider ati on fair value. The variation was recognized as a gain in the financial result. ▪ Notes to page 38 (1) Contingent consideration adjustment (after - tax) related to Vinci SPS’ acquisition, reflects the change in the earn out’s fai r value to be paid in 2027. On September 30, 2024, Vinci revaluated the fair value of the obligation based on the economic conditions at the date, resulting in a decrease of the contingent consider ati on fair value. The variation was recognized as a gain in the financial result. (2) Non - operational expenses are comprised of expenses related to professional services rendered in connection with acquisitions . ▪ Notes to page 39 (1) Brazilian tax law establishes that companies that generate gross revenues of up to R$ 78,000.00 in the prior fiscal year may calculate income taxes as a percentage of gross revenue, using the presumed profit income tax regime. The Entity's subsidiaries adopted this tax regime and the effect of the presumed profit of su bsidiaries represents the difference between the taxation based on this method and the amount that would be due based on the statutory rate applied to the taxable profit of the subsidiaries.

 

 

47 Notes and Definitions (cont’d.) ▪ “Fee related earnings”, or “FRE”, is a metric to monitor the baseline performance of, and trends in, our business, in a manne r t hat 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 fro m 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) non - o perational expenses, which are comprised of expenses relating to professional services rendered in connection with acquisitions and our international corporate organization. ▪ “FRE Margin” is calculated as FRE divided by the sum of net revenue from fund management and net revenue from advisory servic es. ▪ “Distributable Earnings”, or “DE”, is used as a reference point by our board of directors to assess our performance and capab ili ties 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 f rom unrealized performance fees, plus (c) compensation allocated in relation to unrealized performance fees, less (d) unrealized gain from investment income, plus (e) income taxes on unrealized ga in from investment income, plus (f) share - based payments, plus (g) income taxes on share - based payments, plus (h) depreciation and amortization, except for depreciation and amortization relat ing to each segment’s investments, less (i) contingent consideration (earn - out) gain (loss) (after tax). ▪ “DE Margin” is calculated as Distributable Earnings divided by sum of net revenue from fund management, net revenue from perf orm ance fees, net revenue from advisory services 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 re venue that relies on outcome from funds above their respective benchmarks. We calculate PRE as operating profit less (a) net revenue from fund management, less (b) net revenue from advisor y s ervices, plus (c) personnel and profit - sharing expenses, plus (d) other general and administrative expenses, less (e) compensation in relation to performance fees. ▪ “Segment Distributable Earnings” is Vinci Partners’ segment profitability measure used to make operating decisions and assess pe rformance across the company’s five segments (Private Markets, Public Equities, Investment Products and Solutions, Retirement Services and Corporate Advisory). Segment Distributab le 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) realiz ed gain from GP investment income. ▪ “AUM” refers to assets under management. Our AUM equals the sum of: (1) the fair market value of all funds and management acc oun ts managed by Vinci Partners, across Private Equity, Real Estate, Infrastructure, Vinci SPS, Credit, IP&S, Public Equities and Retirement Services; (2) the capital that we are en tit led 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 ma de by limited partners of our corporate private equity funds and portfolio companies of such funds. AUM includes double counting related to funds from one segment that invest in funds fr om 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 cre dit 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 pro hib it 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 operation s. ▪ Net Cash and Investments include cash and cash equivalents and the fair value of investments in liquid funds and GP Fund Inve stm ents. 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 10 1% of CDI.

 

 

48 ▪ “Net revenue from Fund Management and Advisory” is a measure that we use to assess our ability to generate profits from our f und management and advisory business without measuring for the outcomes from funds above their respective benchmarks. We calculate Net Revenue from Fund Management and Advisory 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’ managemen t teams. ▪ “Corporate center expenses” are composed by the salary - compensation paid to employees and other general and administrative expen ses 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 repres entation, marketing expenses, administrative fees, non - operating taxes, third - party consultants’ fees, such as legal and accounting, and office consumables. ▪ “GP investment income” is income from proprietary investments made by us in our own Private Markets’ funds, used as GP Commit men ts. ▪ “Financial income” is income generated through the investments made with our cash and cash equivalents in cash and bank depos its , certificate of deposits and proprietary investments in our liquid funds from our Public Equities and 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 tax abl e profit regime, while our subsidiaries are taxed based on deemed profit. ▪ “Capital Subscription / (capital return)” represents the net capital commitments and capital returns from our Private Markets ’ c losed end and listed funds. ▪ “Net Inflows / (outflows)” represent the net inflows and outflows from our liquid funds from our Public Equities, IP&S and Pr iva te Credit segments. ▪ “Appreciation / (depreciation)” represents the net capital appreciation/depreciation from our funds, which refers to the incr eas e 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 ca lcu lated 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 ze ro in a discounted cash flow analysis.

 

 

49 Funds/strategies’ descriptions ▪ Vinci Multiestratégia : The fund seeks to achieve long - term returns by investing in fixed income assets, through strategies that imply interest rates and currency risks. ▪ Vinci Atlas: The fund seeks to achieve long - term returns by investing across all strategies within fixed income, equities, curre ncy, derivatives, commodities and other investment funds with no obligation of any class concentration. ▪ Vinci Mosaico FIA: Public Equities’ long only flagship strategy. The strategy seeks to achieve long - term returns above Brazilian equities market (Ibovespa) based on a fundamental analysis. ▪ Vinci Gas Dividendos : Public Equities’ dividends flagship strategy. The strategy seeks to achieve long - term returns by investing in companies with a consistent history of paying dividends in the Brazilian stock market. ▪ Vinci Total Return: The fund seeks to achieve medium and long - term returns by investing most of its capital in the Brazilian sto ck market, through bottom up and top - down strategies. ▪ Vinci Valorem: IP&S flagship commingled fund with exposure to fixed income assets, foreign exchange currency and derivatives. ▪ Equilibrio Strategy: IP&S family of pension plan funds. The strategy seeks to achieve long - term returns by investing across all strategies within fixed income, equities, currency, derivatives, commodities and other investment funds, respecting limitations in regulation. ▪ Vinci Selection Equities: The fund seeks to beat the Brazilian stock market index by investing in other funds that invest in Bra zilian public equities. ▪ Vinci Crédito Imobiliário I: The fund seeks to achieve long - term returns by investing in real estate mortgage - backed credit secu rity bonds. ▪ Vinci Crédito Estruturado Multiestratégia PLUS FIC FIM: The fund seeks to achieve consistent returns by investing in private structured credit bonds. ▪ VISC11: Shopping malls listed REIT, focused on acquiring income - generating shopping malls in Brazil. ▪ VILG11: Industrial listed REIT focused on acquiring mature income - generating industrial properties in Brazil. ▪ VINO11: Listed REIT focused on acquiring mature income - generating boutique office real estate assets in Brazil. ▪ VIFI11: Listed REIT that invests in other listed REITs and real estate mortgage - backed credit security bonds. ▪ VIUR11: perpetual capital listed REIT, focused on income generation to its quota holders through the acquisition of urban com mer cial properties in Brazil, such as street retail, grocery, healthcare, and educational focused real estate properties. ▪ VCRI11: Listed REIT that aims to invest in MBS, while also being able to invest in listed REITs with similar investment strat egi es. ▪ VICA11: VICA is a perpetual capital fund that shall invest in a diversified credit portfolio within the Agri sector in Brazil . ▪ Vinci FOF Imobiliário: Fund of Funds that invests in other listed REITs, combining income with capital gain.

 

 

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