EX-99.3 4 dp242671_ex9903.htm EXHIBIT 99.3

 

Exhibit 99.3

  

1 March 04, 2025 Fourth Quarter and Full Year 2025 Earnings Presentation

 

 

2 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 . vincicompass . 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 .

 

 

3 0.17 Quarterly Dividend US$ 14 bn Capital Formation & Appreciation 4Q’25 R$ Fourth Quarter & Full Year 2025 Highlights Vinci Compass completed the acquisition of 50.1% stake in Verde Asset Management , contributing with approximately R$16 billion in AuM R$14 billion of capital formation and appreciation in the 4Q’25 and R$42 billion in the FY’25 , with highlights to Global IP&S, Credit and Real Assets segments New R$2.8 billion SMA in Real Assets, to invest in Infrastructure assets in Latin America See notes and definitions at end of document 288 mm FRE FY’25 + 16 % YoY R$ R$ 4.52 per share¹ 292 mm Adj. DE FY’25 + 22 % YoY R$ R$ 4.58 per share² Investment Related Earnings (IRE) of R$45.1 million , following portfolios markups in Private Equity and appreciation in listed REITs 45 mn Investment Related Earnings 4Q’25 R$

 

 

4 Financial Highlights

 

 

5 ∆ YoY(%) FY'25 FY'24 ∆ YoY(%) 4Q'25 3Q'25 4Q'24 (R$ thousands, unless mentioned) 67% 812,367 487,532 29% 219,730 201,539 170,193 Net revenue from management fees 35% 91,901 68,134 (62)% 15,444 25,384 40,328 Net revenue from advisory fees 473% 45,429 7,925 49% 11,819 11,404 7,925 Other revenues 69% 949,697 563,591 13% 246,993 238,327 218,446 Total Fee Related Revenues 113% (80,923) (38,027) 48% (21,981) (18,135) (14,895) Segment personnel expenses 92% (63,239) (32,868) 10% (16,200) (14,185) (14,728) Other G&A expenses 396% (78,795) (15,887) 43% (20,527) (19,461) (14,393) Placement Fee Amortization and Rebates 125% (305,015) (135,660) 18% (75,796) (73,083) (64,006) Corporate center expenses 44% (133,342) (92,753) 2% (32,064) (36,407) (31,397) Bonus compensation related to management and advisory 110% (661,316) (315,194) 19% (166,569) (161,271) (139,418) Total Fee Related Expenses 16% 288,381 248,397 2% 80,424 77,056 79,028 FEE RELATED EARNINGS (FRE) 30.4% 44.1% 32.6% 32.3% 36.2% FRE Margin (%) 2% 4.52 4.42 (0)% 1.23 1.22 1.23 FRE per share¹ (R$/share) (25)% 27,706 37,188 (51)% 13,301 2,986 27,412 Net revenue from performance fees (4)% (14,724) (15,349) (23)% (8,409) (1,282) (10,930) Performance based compensation (41)% 12,983 21,840 (70)% 4,892 1,704 16,482 PERFORMANCE RELATED EARNINGS (PRE) 46.9% 58.7% 36.8% 57.1% 60.1% PRE Margin (%) 11% 28,305 25,435 48% 6,082 4,362 4,111 (+) Realized GP investment income N/A 36,937 (10,382) N/A 39,042 686 (208) (+) Unrealized GP investment income 333% 65,242 15,053 1,056% 45,124 5,048 3,903 INVESTMENT RELATED EARNINGS (IRE) (33)% 8,711 12,937 N/A – – 9,454 ( - ) Unrealized performance fees 166% (3,083) (1,159) N/A – – 74 (+) Unrealized performance compensation N/A (36,937) 10,382 N/A (39,042) (686) 208 ( - ) Unrealized GP investment income 9% 335,297 307,451 (16)% 91,398 83,122 109,150 SEGMENT DISTRIBUTABLE EARNINGS 33.1% 48.1% 34.3% 33.8% 42.1% Segment DE Margin (%) 44% 12,517 8,672 (1)% 2,616 3,761 2,636 (+) Depreciation and amortization 28% 63,129 49,269 17% 12,024 14,878 10,308 (+) Realized financial income 85% (15,369) (8,295) 118% (4,516) (3,373) (2,072) ( - ) Leasing expenses (26)% (46,942) (63,809) (93)% (2,196) (9,984) (30,198) ( - ) Other items² (90)% (5,883) (56,562) (88)% (4,877) (133) (39,827) ( - ) Non - operational expenses³ (0)% (52,820) (52,868) 2% (14,894) (15,312) (14,610) ( - ) Income taxes (excluding related to unrealized fees and income) N/A (2,720) – N/A (2,720) – – ( - ) Minority Interest ⁴ 56% 287,209 183,857 117% 76,835 72,959 35,386 DISTRIBUTABLE EARNINGS (DE) 26.7% 26.7% 27.6% 28.0% 13.1% DE Margin (%) 34% 4.50 3.35 113% 1.17 1.15 0.55 DE per share (R$/share)⁵ (91)% 5,236 55,199 (88)% 4,453 133 38,560 (+) Non - operational expenses (including Income Tax effect) 22% 292,445 239,056 10% 81,288 73,092 73,946 ADJUSTED DISTRIBUTABLE EARNINGS⁶ 27.1% 34.7% 29.2% 28.1% 27.4% Adjusted DE Margin (%) 7% 4.58 4.26 8% 1.24 1.16 1.15 Adjusted DE per share 7 (R$/share) See notes and definitions at end of document Fourth Quarter and Full Year 2025 Segment Earnings

 

 

6 57% 19% 25% (1)% Capital Formation & Appreciation 4Q'25 Global IP&S Credit Real Assets Equities Private Equity 255 241 271 29 33 36 17 16 15 14 15 15 12 12 15 327 316 354 4Q'24 3Q'25 4Q'25 Global IP&S Credit Private Equity Equities Real Assets Total Assets Under Management and Advisory AuM 4Q’25 vs 3Q’25 vs. 4Q’24 ( R$bn ) • Total assets under management and advisory (AuM¹) of R$354.1 billion, up 8% year - over - year and 12% quarter - over - quarter • AuM growth in the quarter was pushed mainly by the acquisition of Verde, capital formation across Global IP&S, Real Assets and Credit, and overall portfolio appreciation • Vinci Compass signed an SMA of R$2.8 billion in capital commitments in our Infrastructure strategy, which will start contributing to FEAUM as capital is deployed R$14.1 billion See notes and definitions at end of document

 

 

7 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$1.7 million as of the end of the fourth quarter of 2025 booked as unre ali zed performance fees in the company’s balance sheet. Accrued performance fees shown for Private Equity funds of R$201.9 million, Credit funds of R$42.3 million, Real Assets funds of R$7.7 million, and Gl oba l IP&S of R$0.9 million, as of the end of the fourth quarter of 2025, have not been booked as unrealized performance fees in the company’s balance sheet. Additional Capital Detail 79% 17% 4% 1% • Total performance fee eligible AUM (PEAUM) of R$45.8 billion in the 4Q’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$254.7 million in the 4Q’25 • The VCP strategy in Private Equity accounted for R$197.1 million in accrued performance fees, or 77% of total accrued performance fees Performance Eligible AUM R$255 mm 26% 22% 19% 18% 15% Private Equity Credit Equities Global IP&S Real Assets Gross Accrued Performance Fees R$46 bn

 

 

8 Fee Related Revenues Management fees were R$219.7 million in the 4Q’25, up 29% year - over - year. The increase was driven by the Compass, Lacan and Verde transactions on the inorganic side and organic growth, especially in the Credit segment Fee Related Revenues 4Q’25 vs. 4Q’24 ( R$mm ) Fee Related Revenues 4Q’25 YTD vs. 4Q’24 YTD ( R$mm ) Advisory fees totaled R$15.4 million, down 62% year - over - year. Upfront fees charged by Third Party Distribution Alternative business vary based on the timing of commitments, with most commitments signed earlier in 2025. In addition, revenues from the Corporate Advisory segment declined due to slower deal activity Fee Related Revenues grew 69% YoY to R$949.7 million in the FY’25, supported by a full year of Compass and Lacan, continued fundraising momentum across different countries and Verde acquisition in the 4Q’25 +13% +69% 170 220 40 15 8 12 218 247 4Q'24 4Q'25 Management fees Advisory fees Other revenues 488 812 68 92 8 45 564 950 FY'24 FY'25 Management fees Advisory fees Other revenues

 

 

9 4 6 39 4 45 4Q'24 4Q'25 16 5 4Q'24 4Q'25 79 80 4Q'24 4Q'25 Financial Metrics 4Q’25 overview Fee Related Earnings (FRE) of R$80.4 million and R$1.23/share • FRE growth partially offset by catch - up fees from Private Equity segment in the 4Q’24. Excluding this effect, FRE grew by 26% driven primarily by fundraising across Credit and Global IP&S and acquisitions made in the period Performance Related Earnings (PRE) of R$4.9 million and R$0.07/share • Performance fees normalized after a strong 4Q’24, which included one - off contributions from opportunistic funds in Argentina and Peru. In the 4Q’25, revenues came from Global IP&S, Credit, and Equities Investment Related Earnings (IRE) of R$45.1 million and R$0.69/ share Fee Related Earnings (FRE) (R$mm) +2% 33% 36 % 1.23 1.23 (70)% Performance Related Earnings (PRE) ( R$mm ) 37% 60% • Positive yearly portfolio markups in our Private Equity IRE commitments combined with appreciation in our Listed REITs accounted for the increase in unrealized IRE Investment Related Earnings (IRE) (R$mm) Realized GP Investment Income¹ Unrealized GP Investment Income % FRE margin FRE per share % PRE margin +1,056%

 

 

10 25 28 (10) 37 15 65 FY'24 FY'25 22 13 FY'24 FY'25 248 288 FY'24 FY'25 Financial Metrics Full Year 2025 overview Fee Related Earnings (FRE) of R$288.4 million and R$4.52/ share • FRE in the FY’25 benefited from a full year of Compass and Lacan contributions, supported by strong fundraising throughout the year, as well as Verde acquisition in the 4Q’25 Performance Related Earnings (PRE) of R$13.0 million and R$0.20/ share • FY’24 PRE was driven by FIP Infra Transmissão in the 2Q’24, in addition to the one - off strong contributions in the 4Q’24, while FY’25 PRE was concentrated in Global IP&S, Credit and Equities Investment Related Earnings (IRE) of R$65.2 million and R$1.00/ share • FY’25 includes the realization of FIP Infra Transmissão during the 2Q’25 and mark - ups in closed - end funds drove the rise in unrealized GP investment income +16% % FRE margin FRE per share Fee Related Earnings (FRE) ( R$mm ) 30% 44 % 4.42 4.52 Performance Related Earnings (PRE) (R$mm) 47% 59% (41)% % PRE margin Investment Related Earnings (IRE) (R$mm) +333% Realized GP Investment Income Unrealized GP Investment Income

 

 

11 239 292 FY'24 FY'25 74 81 4Q'24 4Q'25 Adjusted Distributable Earnings (Adj. DE) Adj. DE for the 4Q’25 grew 10% YoY, supported by higher Management Fees and Other Revenues, partially offset by lower Performance and Advisory fees in the quarter. Higher realized financial income and realized IRE, together with cost synergies throughout 2025, also supported the quarter’s Adjusted Distributable Earnings Adj. DE in the FY’25 reflects the combined effect of acquisitions, capital formation and realized GP investment income within IRE See notes and definitions at end of document Adj. DE 4Q’25 vs. 4Q’24 ( R$mm ) 29% 27% 1.15 1.24 Adj. DE FY’25 vs. FY’24 ( R$mm ) 27% 35% 4.26 4.58 +22% +10% Adj. DE per share % Adj. DE margin Adj. DE per share % Adj. DE margin

 

 

12 Balance Sheet Highlights & IRE Commitments 4Q'25 3Q'25 (IN R$ MILLIONS, UNLESS MENTIONED) 280.1 215.9 Cash and cash equivalents¹ 1,177.7 1,106.3 Net Investments 333.5 379.9 Liquid funds² 844.1 726.4 IRE Commitments³ (607.1) (535.3) Debt obligations 4 850.6 787.0 Net Cash and Investments 13.00 12.44 Net Cash and Net Investments per share⁵ (R$/share) Net Cash and Investments of R$850.6 million in the 4Q’25, including cash and cash equivalents, investments in liquid funds, IRE Commitments and debt obligations R$ 844.1 mm 26% 21% 16% 16% 14% 4% 2% 1% Private Equity Credit Infrastructure REITs Real Estate Global IP&S Public Equities Forestry Total Capital Committed R$1.4 billion 23% 21% 18% 17% 13% 5% 3% Fair Value of Investments - IRE Commitments

 

 

13 726.4 86.8 (0.5) (5.9) 37.4 844.1 3Q'25 Capital Called Principal Returned Gross Capital Gain Returned Appreciation 4Q'25 See notes and definitions at end of document IRE Proprietary Fund Commitments Fair Value of Investments (R$ mm) IRE Commitments Overview Per share R$12.90 R$11.44 Total Capital Committed R$1,430.0 million Total Capital Called R$868.1 million Fair Value of Investments R$844.1 million Accum . Capital Returned R$175.0 million As of 4Q’25, Vinci Compass had R$1,430.0 million in capital commitments signed to proprietary funds mostly across Private Equity, Infrastructure, Credit and Real Estate Total capital called of R$868.1 million, representing 60.7% of the total capital committed to proprietary funds as of December 31, 2025 Fair Value of Investments account for R$844.1 million

 

 

14 18 - 20% R$100 million + between 2028 - 2031 IRE Commitments Capital Returned to Shareholders M&As Gross Blended Target IRR Expected Realized IRE Annual Run Rate Contribution R$413.2 m illion Cash used R$949.2 m illion Total Dividends distributed since IPO R$345.7 million 14.9 million 8.6x Buybacks Use of Capital Since IPO R$1.4 billion 13.0x Total IRE Commitment New shares issued Average Post Tax Price/FRE Fundraising Leverage

 

 

15 Segment Highlights

 

 

16 25% 24% 22% 19% 6% 3% 22% 22% 22% 23% 7% 3% Private Equity Global IP&S Credit Real Assets Equities Corporate Advisory Financials by Segment Fee Related Earnings (FRE) FY’25 by Segment Segment Distributable Earnings (DE) FY’25 by Segment Fee Related Earnings (FRE) were R$288.4 million in the FY’25, with 25% of FRE coming from Private Equity, Global IP&S accounting for 24%, Credit with 22%, followed by Real Assets with 19%, Equities accounting for 6% and Corporate Advisory for 3% Segment Distributable Earnings (DE) were R$335.3 million in the FY’25, with 23% coming from Real Assets, followed by Private Equity, Global IP&S and Credit with 22%, Equities accounting for 7% and Corporate Advisory for 3% R$335 mm R$288 mm

 

 

17 See notes and definitions at end of document TPD Liquid 47% TPD Alternative 28% Multi - strategy 12% Global Solutions 7% Advisory & Execution 3% Pension Plans 1% Fund Services 1% Global IP&S AuM Breakdown by Strategy Global Investment Products & Solutions (Global IP&S) R$271 bn AuM Fee Related Earnings (FRE) of R$69.1 million in the FY’25, up 139% YoY, driven mostly by the growth in management fees following the combination with Compass and the acquisition of Verde Advisory fees of R$63.7 million in the FY’25, an increase of 235% year - over - year, from upfront fees¹ charged in TPD² Alternative strategy Global IP&S AuM was R$271.5 billion in the 4Q’25, with R$14.5 billion from the acquisition of Verde, R$4.6 billion in net inflows and R$11.3 billion across appreciation and FX variation ∆ YoY (%) FY'25 FY'24 ∆ YoY (%) 4Q'25 3Q'25 4Q'24 (R$ THOUSANDS, UNLESS MENTIONED) 162% 267,214 101,945 78% 77,943 63,956 43,857 Net revenue from management fees 235% 63,714 19,045 (68)% 5,755 17,886 17,988 Net revenue from advisory fees 479% 44,869 7,745 53% 11,819 11,216 7,745 Other revenues 192% 375,797 128,737 37% 95,516 93,058 69,590 Total Fee Related Revenues 130% (24,871) (10,798) 85% (7,467) (5,265) (4,036) Segment personnel expenses 118% (32,423) (14,867) 46% (9,238) (7,759) (6,330) Other G&A expenses 499% (39,755) (6,633) 61% (10,669) (9,964) (6,633) Placement Fee Amortization and Rebates 245% (158,817) (46,068) 17% (38,451) (38,349) (32,747) Corporate center expenses 138% (50,821) (21,397) 69% (9,703) (16,101) (5,729) Bonus compensation related to management and advisory 207% (306,687) (99,762) 36% (75,528) (77,438) (55,474) Total Fee Related Expenses 139% 69,110 28,974 42% 19,988 15,620 14,116 FEE RELATED EARNINGS (FRE) 18.4% 22.5% 20.9% 16.8% 20.3% FRE Margin (%) (41)% 8,897 15,006 (53)% 6,856 211 14,636 Net revenue from performance fees (41)% 8,897 15,006 (53)% 6,856 211 14,636 Realized performance fees N/A – – N/A – – – Unrealized performance fees 10% (5,342) (4,838) (4)% (4,454) (60) (4,619) Performance based compensation (65)% 3,555 10,169 (76)% 2,402 151 10,017 PERFORMANCE RELATED EARNINGS (PRE) 40.0% 67.8% 35.0% 71.6% 68.4% PRE Margin (%) 96% 964 493 2,860% 272 – 9 (+) Realized GP investment income (92)% 462 5,499 (72)% 586 565 2,057 (+) Unrealized GP investment income (76)% 1,426 5,993 (58)% 858 565 2,067 INVESTMENT RELATED EARNINGS (IRE) (92)% (462) (5,499) (72)% (586) (565) (2,057) ( - ) Unrealized GP investment income N/A – – N/A – – – ( - ) Unrealized performance fees N/A – – N/A – – – (+) Unrealized performance compensation 86% 73,630 39,637 (6)% 22,662 15,771 24,142 SEGMENT DISTRIBUTABLE EARNINGS 19.1% 27.5% 22.1% 16.9% 28.7% Segment DE Margin (%) 6% 270,156 254,004 6% 270,156 239,978 254,004 FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$millions ) 0.13% 0.25% 0.15% 0.13% 0.20% AVERAGE FEE RATE (%) 14% 220,403 193,984 14% 220,403 191,957 193,984 FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$millions) EX - UPFRONTS 4 0.17% 0.25% 0.18% 0.16% 0.20% AVERAGE FEE RATE (%) EX - UPFRONTS

 

 

18 Local Currency High Grade & High Yield 39% Hard Currency High Grade & High Yield 25% Real Estate & Infrastructure Credit 10% Opportunistic Capital Solutions 10% Structured Credit & Confirming 8% Diversified Private Credit 5% Agribusiness 3% Credit AuM Breakdown by Strategy Credit R$36 bn AuM Fee related earnings (FRE) in the 4Q’25 posted a 202% increase year - over - year, driven by Compass business combination, strong fundraising, capital deployment and portfolio appreciation across different strategies and countries Our one - stop - shop credit platform is accelerating both local - to - local and cross - border, delivering R$3.2 billion in organic and inorganic capital formation and appreciation during the 4Q’25 ∆ YoY (%) FY'25 FY'24 ∆ YoY (%) 4Q'25 3Q'25 4Q'24 (R$ THOUSANDS, UNLESS MENTIONED) 177% 231,647 83,489 64% 63,846 60,464 38,923 Net revenue from management fees 682% 2,384 305 9,556% 2,384 – 25 Net revenue from advisory fees N/A – – N/A – – – Other revenues 179% 234,031 83,792 70% 66,230 60,464 38,947 Total Fee Related Revenues 189% (27,477) (9,494) 51% (7,503) (6,195) (4,970) Segment personnel expenses 130% (11,753) (5,103) 9% (3,034) (2,968) (2,790) Other G&A expenses 457% (31,310) (5,616) 42% (7,977) (7,744) (5,616) Placement Fee Amortization and Rebates 196% (69,011) (23,324) 41% (18,481) (16,200) (13,147) Corporate center expenses 113% (30,682) (14,430) 45% (7,671) (6,798) (5,285) Bonus compensation related to management and advisory 194% (170,234) (57,967) 40% (44,666) (39,905) (31,808) Total Fee Related Expenses 147% 63,797 25,826 202% 21,565 20,559 7,139 FEE RELATED EARNINGS (FRE) 27.3% 30.8% 32.6% 34.0% 18.3% FRE Margin (%) 14% 9,594 8,403 (5)% 4,710 362 4,980 Net revenue from performance fees 14% 9,594 8,403 (5)% 4,710 362 4,980 Realized performance fees N/A – – N/A – – – Unrealized performance fees 41% (4,760) (3,365) 43% (2,647) (152) (1,848) Performance based compensation (4)% 4,833 5,040 (34)% 2,063 210 3,132 PERFORMANCE RELATED EARNINGS (PRE) 50.4% 60.0% 43.8% 57.9% 62.9% PRE Margin (%) (8)% 6,612 7,177 8% 1,672 1,647 1,548 (+) Realized GP investment income N/A 11,927 (7,851) N/A 2,549 642 (8,970) (+) Unrealized GP investment income N/A 18,538 (674) N/A 4,221 2,289 (7,422) INVESTMENT RELATED EARNINGS (IRE) N/A (11,927) 7,851 N/A (2,549) (642) 8,970 ( - ) Unrealized GP investment income N/A – – – – – – ( - ) Unrealized performance fees N/A – – – – – – (+) Unrealized performance compensation 98% 75,242 38,044 114% 25,300 22,416 11,819 SEGMENT DISTRIBUTABLE EARNINGS 30.1% 38.3% 34.8% 35.9% 26.0% Segment DE Margin (%) 26% 35,870 28,540 26% 35,870 32,445 28,540 FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$millions ) 0.77% 0.83% 0.76% 0.80% 0.80% AVERAGE FEE RATE (%) Total AuM of R$36 billion, up 25% year - over - year

 

 

19 VCP III 54% VCP IV 20% VCP II 15% VIR IV 7% Other 4% Private Equity AuM Breakdown by Flagship Private Equity R$15 bn AuM Fee Related Earnings (FRE) of R$16.8 million in the quarter. Excluding the non - recurring catch - up fees recognized in VCP IV in the 4Q’24, FRE would have grown 2% year - over - year VCP team continues sourcing new investment opportunities for Fund IV and pursuing exits across Funds II and III, as VIR team concentrates on structuring the next impact investing vintage, VIR V ∆ YoY (%) FY'25 FY'24 ∆ YoY (%) 4Q'25 3Q'25 4Q'24 (R$ THOUSANDS, UNLESS MENTIONED) (16)% 123,486 146,647 (34)% 30,395 31,087 45,711 Net revenue from management fees N/A – – N/A – – – Net revenue from advisory fees N/A – – N/A – – – Other revenues (16)% 123,486 146,647 (34)% 30,395 31,087 45,711 Total Fee Related Revenues 8% (4,868) (4,493) 4% (1,246) (1,276) (1,194) Segment personnel expenses 9% (3,511) (3,222) (29)% (617) (703) (873) Other G&A expenses (23)% (1,447) (1,870) (62)% (358) (359) (952) Placement fee amortization and rebates (4)% (24,695) (25,632) (8)% (6,122) (6,023) (6,645) Corporate center expenses (10)% (16,174) (18,010) (23)% (5,298) (3,743) (6,884) Bonus compensation related to management and advisory (5)% (50,694) (53,227) (18)% (13,640) (12,104) (16,547) Total Fee Related Expenses (22)% 72,792 93,421 (43)% 16,754 18,983 29,164 FEE RELATED EARNINGS (FRE) 58.9% 63.7% 55.1% 61.1% 63.8% FRE Margin (%) N/A – – N/A – – – Net revenue from performance fees N/A – – N/A – – – 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 (%) 6,030% 1,900 31 N/A 147 61 – (+) Realized GP investment income (43)% 5,008 8,734 2,229% 18,493 (1,943) 794 (+) Unrealized GP investment income (21)% 6,908 8,765 2,247% 18,641 (1,882) 794 INVESTMENT RELATED EARNINGS (IRE) (43)% (5,008) (8,734) 2,229% (18,493) 1,943 (794) ( - ) Unrealized GP investment income N/A – – N/A – – – ( - ) Unrealized performance fees N/A – – N/A – – – (+) Unrealized performance compensation (20)% 74,693 93,452 (42)% 16,902 19,044 29,164 SEGMENT DISTRIBUTABLE EARNINGS 59.6% 63.7% 55.3% 61.1% 63.8% Segment DE Margin (%) (7)% 12,541 13,471 (7)% 12,541 12,607 13,471 FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$millions ) 1.02% 1.27% 1.03% 1.05% 1.47% AVERAGE FEE RATE (%) Unrealized GP investment income of R$18.5 million, mostly from the IRE commitment in VCP IV. Portfolio companies from Fund IV have already started to appreciate, posting positive year - end markups

 

 

20 Brazil 69% Chile 22% Argentina 3% Global 3% Mexico 2% LatAm 1% Equities AuM Breakdown by Strategy Equities R$15 bn AuM Fee Related Earnings of R$4.6 million in the 4Q’25, up 19% YoY, supported by an increase of 19% in management fees following the business combination with Compass Realized performance fees grew year - over - year to R$1.7 million in the 4Q’25, driven by the positive performance of stock markets. A highlight was our funds in Chile, with two funds achieving top - quartile rankings ∆ YoY (%) FY'25 FY'24 ∆ YoY (%) 4Q'25 3Q'25 4Q'24 (R$ THOUSANDS, UNLESS MENTIONED) 27% 73,830 58,268 19% 19,252 17,098 16,150 Net revenue from management fees (100)% – 948 (100)% – – 948 Net revenue from advisory fees N/A – – N.A – – – Other revenues 25% 73,830 59,216 13% 19,252 17,098 17,098 Total Fee Related Revenues 120% (9,100) (4,138) 32% (2,200) (1,662) (1,671) Segment personnel expenses 111% (6,744) (3,199) (6)% (1,776) (1,349) (1,892) Other G&A expenses 445% (5,445) (998) 31% (1,305) (1,187) (998) Placement fee amortization and rebates 45% (21,972) (15,132) (4)% (5,350) (4,931) (5,600) Corporate center expenses 26% (11,917) (9,433) 31% (3,983) (2,771) (3,040) Bonus compensation related to management and advisory 68% (55,178) (32,900) 11% (14,614) (11,900) (13,201) Total Fee Related Expenses (29)% 18,652 26,317 19% 4,638 5,197 3,898 FEE RELATED EARNINGS (FRE) 25.3% 44.4% 24.1% 30.4% 22.8% FRE Margin (%) 62% 9,175 5,667 328,097% 1,697 2,412 1 Net revenue from performance fees 62% 9,175 5,667 328,097% 1,697 2,412 1 Realized performance fees N/A – – N/A – – – Unrealized performance fees 80% (4,566) (2,544) N/A (1,285) (1,069) 0 Performance based compensation 48% 4,609 3,121 45521% 412 1,343 1 PERFORMANCE RELATED EARNINGS (PRE) 50.2% 55.1% 24.3% 55.7% 174.5% PRE Margin (%) N/A 1,180 – N/A 1,180 – – (+) Realized GP investment income N/A 4,847 (4,684) (88)% (229) 1,285 (1,925) (+) Unrealized GP investment income N/A 6,026 (4,684) N/A 951 1,285 (1,925) INVESTMENT RELATED EARNINGS (IRE) N/A (4,847) 4,684 (88)% 229 (1,285) 1,925 ( - ) Unrealized GP investment income N/A – – N/A – – – ( - ) Unrealized performance fees N/A – – N/A – – – (+) Unrealized performance compensation (17)% 24,441 29,437 60% 6,229 6,540 3,898 SEGMENT DISTRIBUTABLE EARNINGS 29.0% 45.4% 29.7% 33.5% 22.8% Segment DE Margin (%) 10% 15,240 13,815 10% 15,240 14,494 13,815 FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$millions ) 0.52% 0.60% 0.54% 0.48% 0.61% AVERAGE FEE RATE (%) Realized GP investment income of R$1.2 million in the 4Q’25, following the realization of a proprietary investment in one of Vinci Compass’ Brazilian funds

 

 

21 Infrastructure 44% Real Estate 43% Forestry 13% Real Assets AuM Breakdown by Strategy Real Assets Total AuM of R$15 billion, up 32% year - over - year R$15 bn AuM Fee Related Earnings of R$55.5 million in the FY’25, up 7% year - over - year, driven by higher Fee Related Revenues, including the catch - up fees from VICC’s final closing in the 2Q’25 and acquisition of Lacan in the 4Q’24. In the 4Q’25, Real Assets posted R$3.6 billion in capital formation and appreciation, including R$2.8 billion of committed capital from an institutional investor via an Infrastructure SMA. As capital is deployed, the SMA will be activated as Fee - Earning AuM See notes and definitions at end of document ∆ YoY (%) FY'25 FY'24 ∆ YoY (%) 4Q'25 3Q'25 4Q'24 (R$ THOUSANDS, UNLESS MENTIONED) 20% 116,189 97,183 11% 28,294 28,934 25,552 Net revenue from management fees 0% 4,957 4,939 (76)% 468 2,167 1,976 Net revenue from advisory fees 212% 561 180 (100)% – 188 180 Other revenues 19% 121,707 102,302 4% 28,762 31,288 27,709 Total Fee Related Revenues 75% (11,818) (6,738) 17% (2,834) (2,944) (2,421) Segment personnel expenses 40% (8,151) (5,836) (49)% (1,389) (1,312) (2,732) Other G&A expenses 9% (838) (768) 14% (218) (207) (192) Placement Fee Amortization and Rebates 27% (26,700) (21,102) 30% (6,540) (6,518) (5,049) Corporate center expenses 17% (18,694) (15,932) (2)% (4,367) (5,415) (4,460) Bonus compensation related to management and advisory 31% (66,201) (50,378) 3% (15,348) (16,396) (14,855) Total Fee Related Expenses 7% 55,505 51,923 4% 13,414 14,892 12,854 FEE RELATED EARNINGS (FRE) 45.6% 50.8% 46.6% 47.6% 46.4% FRE Margin (%) (99)% 41 8,111 (100)% 39 1 7,794 Net revenue from performance fees (58)% 8,752 21,048 (100)% 39 1 17,248 Realized performance fees (33)% (8,711) (12,936) N/A – – (9,453) Unrealized performance fees (99)% (55) (4,602) (100)% (22) (1) (4,463) Performance based compensation N/A (14) 3,509 (100)% 16 1 3,331 PERFORMANCE RELATED EARNINGS (PRE) (33.5)% 43.3% 42.5% 55.8% 42.7% PRE Margin (%) (0)% 17,649 17,734 10% 2,811 2,654 2,554 (+) Realized GP investment income N/A 14,693 (12,080) 125% 17,642 137 7,835 (+) Unrealized GP investment income 472% 32,342 5,654 97% 20,453 2,791 10,390 INVESTMENT RELATED EARNINGS (IRE) N/A (14,693) 12,080 125% (17,642) (137) (7,835) ( - ) Unrealized GP investment income (33)% 8,711 12,937 (100)% – – 9,454 ( - ) Unrealized performance fees 166% (3,083) (1,159) (100)% – – 74 (+) Unrealized performance compensation (7)% 78,769 84,943 (43)% 16,241 17,547 28,268 SEGMENT DISTRIBUTABLE EARNINGS 53.2% 60.2% 51.4% 51.7% 59.5% Segment DE Margin (%) 10% 12,684 11,567 10% 12,684 11,976 11,567 FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$millions ) 1.02% 0.95% 0.99% 1.01% 1.01% AVERAGE FEE RATE (%)

 

 

22 Corporate Advisory Fee Related Earnings (FRE) and Segment Distributable Earnings totaled R$8.5 million in the FY’25 ∆ YoY (%) FY'25 FY'24 ∆ YoY (%) 4Q'25 3Q'25 4Q'24 (R$ THOUSANDS, UNLESS MENTIONED) N/A – – N/A – – – Net revenue from management fees (51)% 20,846 42,896 (65)% 6,837 5,332 19,390 Net revenue from advisory fees N/A – – N/A – – – Other revenues (51)% 20,846 42,896 (65)% 6,837 5,332 19,390 Total Fee Related Revenues 18% (2,789) (2,367) 21% (731) (793) (604) Segment personnel expenses 3% (659) (641) 33% (147) (94) (111) Other G&A expenses N/A – – N/A – – – Placement Fee Amortization and Rebates (13)% (3,820) (4,401) 4% (853) (1,063) (818) Corporate center expenses (63)% (5,054) (13,550) (83)% (1,042) (1,578) (5,999) Bonus compensation related to management and advisory (41)% (12,321) (20,959) (63)% (2,773) (3,528) (7,532) Total Fee Related Expenses (61)% 8,525 21,937 (66)% 4,064 1,804 11,858 FEE RELATED EARNINGS (FRE) 40.9% 51.1% 59.4% 33.8% 61.2% FRE Margin (%) (61)% 8,525 21,937 (66)% 4,064 1,804 11,858 SEGMENT DISTRIBUTABLE EARNINGS 40.9% 51.1% 59.4% 33.8% 61.2% Segment DE Margin (%) In an environment of high - interest rates and electoral uncertainties, M&A and debt structuring activity has been more subdued. Against this backdrop, Corporate Advisory team is working on an extensive pipeline of opportunities

 

 

23 Supplement Details

 

 

24 See notes and definitions at end of document AuM¹ Rollforward Total Real Assets Equities Private Equity Credit Global IP&S In R$ millions 316,259 12,071 14,542 15,548 32,882 241,217 Beginning balance 2,528 2,742 – (57) (157) – (+/ - ) Capital Subscription / (capital return) 3,106 2,932 – – 174 – (+) Capital Subscription (578) (190) – (57) (331) – ( - ) Capital Return 15,594 – 621 – 516 14,458 (+) Acquisitions 5,309 (4) (1,295) – 2,049 4,559 (+/ - ) Net Inflow / Outflow 8,688 41 118 75 748 7,706 (+/ - ) FX Variation 5,731 626 1,301 (175) 428 3,552 (+/ - ) Appreciation / (depreciation) 354,108 15,476 15,286 15,390 36,464 271,492 Ending balance For the Three Months Ended December 31, 2025 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 3,036 2,224 – (231) 1,044 (2) (+/ - ) Capital Subscription / (capital return) 5,003 3,221 – 16 1,766 0 (+) Capital Subscription (1,968) (997) – (247) (722) (2) ( - ) Capital Return 15,594 – 621 – 516 14,458 (+) Acquisitions 8,911 (25) (3,496) – 5,338 7,094 (+/ - ) Net Inflow / Outflow (28,047) (132) (554) (335) (2,106) (24,920) (+/ - ) FX Variation 27,653 1,706 4,833 (805) 2,460 19,459 (+/ - ) Appreciation / (depreciation) 354,108 15,476 15,286 15,390 36,464 271,492 Ending balance For the Twelve Months Ended December 31, 2025

 

 

25 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 311,499 11,976 14,494 12,607 32,445 239,978 Beginning balance (146) 68 – (57) (157) – (+/ - ) Capital Subscription / (capital return) 433 259 – – 174 – (+) Capital Subscription (578) (190) – (57) (331) – ( - ) Capital Return 15,594 – 621 – 516 14,458 (+) Acquisitions 4,989 (4) (1,293) – 1,778 4,508 (+/ - ) Net Inflow / Outflow 8,654 41 118 75 735 7,686 (+/ - ) FX Variation 5,900 603 1,300 (84) 553 3,526 (+/ - ) Appreciation / (depreciation) 346,490 12,684 15,240 12,541 35,870 270,156 Ending balance For the Three Months Ended December 31, 2025 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 400 (420) – (212) 1,034 (2) (+/ - ) Capital Subscription / (capital return) 2,318 548 – 14 1,756 – (+) Capital Subscription (1,918) (968) – (227) (722) (2) ( - ) Capital Return 15,594 – 621 – 516 14,458 (+) Acquisitions 8,669 (25) (3,458) – 5,114 7,038 (+/ - ) Net Inflow / Outflow (27,934) (132) (550) (335) (2,056) (24,861) (+/ - ) FX Variation 28,365 1,694 4,812 (384) 2,723 19,519 (+/ - ) Appreciation / (depreciation) 346,490 12,684 15,240 12,541 35,870 270,156 Ending balance For the Twelve Months Ended December 31, 2025

 

 

26 Investment records – Credit and Equities Funds Hurdle Rate Market Comparison 24 M 12 M YTD 4Q’25 NAV¹ (R$ millions) Segment Fund or Strategy IPCA + Yield IMA - B IPCA + Yield IMA - B 20.6% 35.9% 35.9% 4.5% 280.2 Equities Vinci Total Return² IBOV IBOV 14.9% 34.0% 34.0% 5.1% 896.3 Equities Mosaico Strategy³ IBOV IBOV 19.6% 33.9% 33.9% 8.0% 335.9 Equities Vinci Gas Dividendos FIA N/A S&P/BMV IPC 31.7% 35.8% 35.8% 4.1% 179.9 Equities Compass CRECE+ N/A S&P MERVAL 215.7% 18.2% 18.2% 69.2% 398.8 Equities Compass Crecimiento N/A N/A 83.6% 67.7% 67.7% 15.6% 1,944.3 Equities Compass Small Cap Chile IPCA + 6% IPCA 15.5% 12.8% 12.8% 3.3% 678.0 Credit Vinci Crédito Imobiliário II IPCA + 6% IPCA 17.8% 13.9% 13.9% 3.0% 491.9 Credit Vinci Energia Sustentável IPCA + 5% CDI 24.2% 14.5% 14.5% 3.9% 295.6 Credit Vinci Crédito Multiestratégia N/A CEMBI Broad Div 18.2% 9.6% 9.6% 1.2% 5,585.3 Credit Compass Latam Corporate Debt Fund N/A CEMBI Broad Div HY 19.3% 7.2% 7.2% 1.5% 2,020.3 Credit Compass Latam High Yield USD N/A PIP Cetes 28D 21.6% 9.1% 9.1% 1.9% 2,996.4 Credit Compass I+LIQG N/A CDI 28.9% 15.3% 15.3% 3.5% 996.9 Credit Compass Credit Selection CDI CDI 29.5% 14.8% 14.8% 3.7% 1,905.5 Credit Compass Yield 30 N/A N/A 19.5% 8.2% 8.2% 1.2% 310.3 Credit Compass Deuda Plus N/A CEMBI Broad Div 9.1% 5.3% 5.3% 0.7% 764.7 Credit Compass Renta Fija - B See notes and definitions at end of document 24 M 12 M YTD 4Q’25 Benchmark 25.5% 12.5% 12.5% 2.7% IPCA 4 + Yield IMA - B 5 20.1% 34.0% 34.0% 10.2% IBOV 6 20.1% 35.1% 35.1% 3.5% S&P/BMV IPC 7 226.6% 20.4% 20.4% 72.1% S&P MERVAL 8 26.7% 14.3% 14.3% 3.6% CDI 9 9.3% 4.3% 4.3% 0.6% IPCA 18.4% 9.0% 9.0% 1.3% CEMBI Broad Div 10 21.1% 8.5% 8.5% 1.6% CEMBI Broad Div HY 11 21.3% 8.9% 8.9% 2.1% PIP Cetes 28D 12

 

 

27 Investment records – Global IP&S and Real Assets Funds See notes and definitions at end of document 24 M 12 M YTD 4Q’25 Benchmark 26.7% 14.3% 14.3% 3.6% CDI 2 18.5% 11.7% 11.7% 3.1% IMA - B 3 9.3% 4.3% 4.3% 0.6% IPCA 4 14.0% 21.1% 21.1% 5.2% IFIX 5 Hurdle Rate Market Comparison 24 M 12 M YTD 4Q’25 NAV¹ (R$ millions) Segment Fund or Strategy CDI CDI 22.4% 12.7% 12.7% 3.3% 43.5 Global IP&S Vinci Multiestratégia FIM CDI CDI 20.3% 10.4% 10.4% 2.9% 154.0 Global IP&S Atlas Strategy IMA - B IMA - B 19.7% 11.3% 11.3% 3.2% 736.7 Global IP&S Vinci Valorem FIM N/A IPCA 16.2% 8.8% 8.8% 2.8% 649.7 Global IP&S Equilibrio Strategy IMA - B IMA - B 15.8% 8.2% 8.2% 3.2% 88.7 Global IP&S Vinci Retorno Real FIM IPCA + 6% IFIX (11.8)% 23.4% 23.4% 0.8% 3,143.5 Real Assets (listed REIT) VISC11 IPCA + 6% IFIX 20.4% 47.3% 47.3% 14.9% 1,492.2 Real Assets (listed REIT) VILG11 IPCA + 6% IFIX (15.6)% 16.8% 16.8% 3.0% 418.2 Real Assets (listed REIT) VINO11 IPCA + 6% IFIX 0.7% 20.1% 20.1% 12.7% 166.5 Real Assets (listed REIT) VIUR11 IPCA + X% IFIX (12.3)% 26.8% 26.8% 4.9% 128.3 Real Assets (listed REIT) VCRI11 CDI + 1% IFIX 5.0% 3.8% 3.8% 0.5% 393.7 Real Assets (REIT) VICA11 IFIX IFIX - 17.8% 17.8% 5.3% 45.3 Real Assets (REIT) VINCI FOF IMOBILIARIO FIM CP N/A N/A (41.7)% 54.4% 54.4% 20.3% 390.4 Real Assets (listed REIT) VIGT11

 

 

28 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 5,234 103 5,131 1,206 1,415 2004 Private Equity Fund 1 (0.2%) 8.2% 1.0x 1.9x 3,863 1,971 1,892 2,087 2,200 2011 Private Equity VCP II 24.0% 22.3% 2.1x 2.2x 5,547 5,245 302 2,563 4,000 2018 Private Equity VCP III 53.6% 54.6% 1.1x 1.1x 1,380 1,380 – 1,193 3,879 2022 Private Equity VCP IV 67.3% 64.5% 1.8x 2.2x 16,023 8,699 7,324 7,049 11,494 Private Equity VCP Strategy² 30.5% 22.0% 2.6x 2.1x 26 – 26 13 36 2003 Private Equity NE Empreendedor³ 13.6% 20.3% 1.8x 2.3x 313 81 232 135 240 2017 Private Equity Nordeste III 22.9% 21.2% 1.5x 1.3x 1,023 848 175 734 1,000 2020 Private Equity VIR IV 26.5% 21.3% 1.6x 1.6x 1,362 930 433 881 1,276 Private Equity VIR Strategy⁴ 19.1% 25.6% 2.1x 2.6x 377 22 355 205 128 2018 Credit SPS I 22.2% 22.4% 2.3x 2.3x 1,715 568 1,146 1,063 671 2020 Credit SPS II 22.0% 24.4% 2.7x 2.7x 2,377 1,506 872 1,708 1,071 2021 Credit SPS III 24.9% 23.5% 1.2x 1.2x 246 240 6 235 1,329 2025 Credit SPS IV 21.6% 23.6% 2.5x 2.6x 4,715 2,336 2,379 3,212 3,199 Credit SPS Strategy⁵ 20.0% 19.1% 1.5x 1.5x 245 75 169 165 165 2022 Credit MAV I 13.0% 19.2% 1.4x 1.3x 260 205 55 205 205 2023 Credit MAV II NM NM NM NM 156 146 10 96 220 2025 Credit MAV III 16.2% 19.1% 1.4x 1.4x 661 426 235 467 590 Credit MAV Strategy⁶ 2.7% 11.0% 1.2x 2.3x 577 322 255 253 253 2012 Real Assets Lacan Florestal I 6.2% 11.6% 1.5x 2.0x 714 589 125 356 356 2016 Real Assets Lacan Florestal II 7.2% 10.2% 1.2x 1.3x 551 551 – 415 502 2020 Real Assets Lacan Florestal III 11.4% 11.3% 1.1x 1.1x 232 232 – 216 221 2023 Real Assets Lacan Florestal IV 6.2% 12.6% 1.3x 1.7x 2,075 1,695 380 1,240 1,331 Real Assets Lacan Strategy⁷ 40.4% 55.6% 2.7x 3.6x 376 9 367 104 211 2017 Real Assets FIP Transmissão⁸ 13.3% 15.8% 1.4x 1.5x 512 512 – 350 386 2021 Real Assets VIAS⁹ NM NM 1.2x 1.1x 167 167 – 151 1,784 2022 Real Assets VICC¹⁰ 7.6% 10.2% 1.2x 1.2x 417 401 16 341 422 2021 Real Assets VFDL¹¹ NM NM 1.2x 1.2x 581 497 85 1,352 1,848 2022 Credit Vinci Credit Infra¹²

 

 

29 See notes and definitions at end of document Shareholder Dividends & Share Summary 4Q'25 3Q'25 2Q'25 1Q'25 4Q'24 3Q'24 2Q'24 1Q'24 ($ in thousands) 81,288 73,092 75,759 62,306 73,946 57,104 58,401 49,605 Adjusted Distributable Earnings (R$) XXX 13,645 13,964 11,027 12,804 9,872 10,331 9,801 Adjusted Distributable Earnings (US$)¹ X.XX 0.22 0.22 0.17 0.20 0.19 0.19 0.18 Adjusted DE per Common Share (US$)² 0.17 0.15 0.15 0.15 0.15 0.16 0.17 0.17 Actual Dividend per Common Share³ 4Q'25 3Q'25 2Q'25 1Q'25 4Q'24 3Q'24 2Q'24 1Q'24 VINP Shares Shares Repurchased - - 173,762 683,148 607,643 374,834 220,135 533,981 # of Shares - - 9.47 10.07 10.28 10.38 10.82 10.64 Average Cost (US$/share) - - 1,645,210 6,879,698 6,246,577 3,890,849 2,382,251 5,681,558 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 50,955,859 48,778,420 48,778,420 48,896,968 49,580,116 38,404,375 38,779,209 38,778,597 Class A⁴ 65,422,098 63,244,659 63,244,659 63,363,207 64,046,355 52,870,614 53,245,448 53,244,836 Common Shares Vinci Compass generated R$1.24 or US$x.xx of Adjusted Distributable Earnings per common share for the 4Q’25. The company declared a quarterly dividend of US$0.17² per co mmon share to record holders as of March 19, 2026; payable on April 2, 2026 Waiting for dividends confirmation and FX from board date

 

 

30 Reconciliations and Disclosures

 

 

31 Financials - Income Statement ∆ YoY (%) FY'25 FY'24 ∆ YoY (%) 4Q'25 3Q'25 4Q'24 (R$ thousands, unless mentioned) REVENUES 67% 812,367 487,532 29% 219,730 201,539 170,193 Net revenue from management fees (25)% 27,706 37,188 (51)% 13,301 2,986 27,412 Net revenue from performance fees (27)% 36,418 50,126 (64)% 13,301 2,986 36,867 Realized performance fees (33)% (8,711) (12,937) N/A – – (9,454) Unrealized performance fees 35% 91,901 68,134 (62)% 15,444 25,384 40,328 Net revenue from advisory 473% 45,429 7,925 49% 11,819 11,404 7,925 Other revenues 63% 977,403 600,779 6% 260,294 241,313 245,858 Total net revenues from services rendered OPERATING EXPENSES 44% (133,342) (92,753) 2% (32,064) (36,407) (31,397) Bonus related to management and advisory (4)% (14,724) (15,349) (23)% (8,409) (1,282) (10,930) Performance based compensation 8% (17,807) (16,507) (23)% (8,409) (1,282) (10,855) Realized 166% 3,083 1,159 N/A – – (74) Unrealized 37% (148,067) (108,102) (4)% (40,474) (37,689) (42,327) Total compensation and benefits 113% (80,923) (38,026) 48% (21,981) (18,135) (14,895) Segment personnel expenses 92% (63,239) (32,868) 10% (16,200) (14,185) (14,728) Other general and administrative expenses 396% (78,795) (15,887) 43% (20,527) (19,461) (14,393) Placement fee amortization and rebates 125% (305,015) (135,660) 18% (75,796) (73,083) (64,006) Corporate center expenses 105% (676,039) (330,542) 16% (174,978) (162,553) (150,348) Total expenses 12% 301,364 270,237 (11)% 85,316 78,760 95,510 Operating profit OTHER GP AND FINANCIAL INCOME AND EXPENSES 333% 65,242 15,053 1,056% 45,124 5,048 3,903 Investment Related Earnings (IRE) 11% 28,305 25,435 48% 6,082 4,362 4,111 Realized gain from GP investment income N/A 36,937 (10,382) N/A 39,042 686 (208) Unrealized gain from GP investment income 28% 63,129 49,269 17% 12,024 14,878 10,308 Financial income 28% 63,129 49,269 17% 12,024 14,878 10,308 Realized gain from financial income N/A – – N/A – – – Unrealized gain from financial income 85% (15,369) (8,295) 118% (4,516) (3,373) (2,072) Leasing expenses 25% (101,870) (81,381) 42% (66,408) (25,839) (46,636) Other items¹ (29)% (1,067) (1,500) N/A 1,521 3,609 (1,500) Equity gain (loss) 33% (29,912) (22,479) 50% (9,814) (8,101) (6,524) Equity - based compensation 469% (13,599) (2,392) 49% (3,566) (3,692) (2,392) Management contract amortization² (90)% (5,883) (56,562) (88)% (4,877) (133) (39,827) Non - operational expenses³ (64)% (39,329) (108,287) (64)% (30,512) (17,603) (84,740) Total Other Items 62% 262,034 161,950 409% 54,804 61,157 10,770 Profit before income taxes (7)% (42,740) (45,977) (34)% (6,770) (12,598) (10,221) ( - ) Income taxes⁴ 89% 219,294 115,973 8,649% 48,034 48,559 549 NET INCOME (91)% 5,236 55,199 (88)% 4,453 133 38,560 (+) Non - operational expenses (including Income Tax effect) 72% 25,364 14,712 169% 33,603 10,753 12,487 ( - ) Contingent consideration adjustment related to acquisitions⁵ N/A 20,449 – N/A 20,449 – – (+) OCI adjustment⁶ 45% 270,344 185,884 106% 106,539 59,445 51,596 ADJUSTED NET INCOME 44% 270,550 188,113 100% 104,627 60,132 52,266 Atributable to the shareholders of the parent company (91)% (206) (2,229) N/A 1,912 (687) (670) Attributable to non - controlling interests See notes and definitions at end of document

 

 

32 Financials - Non - GAAP Reconciliation FY'25 FY'24 4Q'25 3Q'25 4Q'24 (R$ thousands, unless mentioned) 301,364 270,237 85,316 78,760 95,510 OPERATING PROFIT (36,418) (50,126) (13,301) (2,986) (36,867) ( - ) Net revenue from realized performance fees 8,711 12,937 – – 9,454 ( - ) Net revenue from unrealized performance fees 14,724 15,349 8,409 1,282 10,930 (+) Compensation allocated in relation to performance fees 288,381 248,397 80,424 77,056 79,028 FEE RELATED EARNINGS (FRE) 301,364 270,237 85,316 78,760 95,510 OPERATING PROFIT (812,367) (487,532) (219,730) (201,539) (170,193) ( - ) Net revenue from management fees (91,901) (68,134) (15,444) (25,384) (40,328) ( - ) Net revenue from advisory (45,429) (7,925) (11,819) (11,404) (7,925) ( - ) Other revenues 133,342 92,753 32,064 36,407 31,397 (+) Bonus related to management and advisory 80,923 38,026 21,981 18,135 14,895 (+) Personnel expenses 63,239 32,868 16,200 14,185 14,728 (+) Other general and administrative expenses 78,795 15,887 20,527 19,461 14,393 (+) Placement fee amortization and rebates 305,015 135,660 75,796 73,083 64,006 (+) Corporate center expenses 12,983 21,840 4,892 1,704 16,482 PERFORMANCE RELATED EARNINGS (PRE) 301,364 270,237 85,316 78,760 95,510 OPERATING PROFIT 8,711 12,937 – – 9,454 ( - ) Net revenue from unrealized performance fees (3,083) (1,159) – – 74 (+) Compensation allocated in relation to unrealized performance fees 28,305 25,435 6,082 4,362 4,111 (+) Realized gain from GP investment income 335,297 307,451 91,398 83,122 109,150 SEGMENT DISTRIBUTABLE EARNINGS 219,294 115,973 48,034 48,559 549 NET INCOME 8,711 12,937 – – 9,454 ( - ) Net revenue from unrealized performance fees (1,004) (377) – – 24 (+) Income tax from unrealized performance fees (3,083) (1,159) – – 74 (+) Compensation allocated in relation to unrealized performance fees (36,937) 10,382 (39,042) (686) 208 ( - ) Unrealized gain from GP investment income (1,514) (397) 271 193 127 (+) Income tax on unrealized gain from GP investment income – 0 – – – ( - ) Unrealized gain from financial income – – – – – (+) Income tax on unrealized gain from financial income 32,258 19,915 41,338 13,398 16,544 ( - ) Contingent consideration (earn - out) gain (loss)¹ (6,894) (5,203) (7,735) (2,645) (4,057) (+) Income tax on contingent consideration 26,116 11,064 6,182 7,453 5,028 (+) Depreciation and amortization 27,251 20,136 9,814 8,101 6,418 (+) Equity - based compensation (668) (914) (660) (262) (483) ( - ) Income Taxes on Equity - based compensation 1,067 1,500 (1,521) (3,609) 1,500 (+) Equity gain (loss) 4,882 – 2,425 2,457 – (+) Dividends received 5,236 55,199 4,453 133 38,560 (+) Non - operational expenses including income tax related to realized expense² 20,449 – 20,449 – – (+) OCI Adjustment³ (2,720) – (2,720) – – ( - ) Minority Interest 292,445 239,056 81,288 73,092 73,946 ADJUSTED DISTRIBUTABLE EARNINGS 977,403 600,779 260,294 241,313 245,858 TOTAL NET REVENUE FROM SERVICES RENDERED (36,418) (50,126) (13,301) (2,986) (36,867) ( - ) Net revenue from realized performance fees 8,711 12,937 – – 9,454 ( - ) Net revenue from unrealized performance fees 949,697 563,592 246,993 238,327 218,446 NET REVENUE FROM MANAGEMENT FEES AND ADVISORY See notes and definitions at end of document

 

 

33 Balance Sheet 12/31/2025 9/30/2025 Assets Current assets 280,091 215,934 Cash and cash equivalents 121,498 103,176 Cash and bank deposits 153,729 96,994 Financial instruments at fair value through profit or loss 4,864 15,764 Financial instruments at amortized cost 1,534,471 1,449,485 Financial instruments at fair value through profit or loss 214,706 197,409 Trade receivables - - Sub - leases receivable 20,010 14,062 Taxes recoverable 70,168 53,575 Other assets 2,119,446 1,930,465 Total current assets Non - current assets 151,615 134,809 Financial instruments at fair value through profit or loss 6,141 5,866 Financial instruments at amortized cost 17,518 14,923 Trade receivables - 3,500 Sub - leases receivable 1,225 3,478 Taxes recoverable 47,393 33,104 Deferred taxes 38,315 44,261 Other receivables 262,207 239,941 65,796 59,636 Investments accounted for using the equity method 43,999 - Judicial deposits 74,095 67,368 Property and equipment 141,226 127,911 Right of use - Leases 1,326,216 1,050,534 Intangible assets 1,913,539 1,545,390 Total non - current assets 4,032,985 3,475,855 Total Assets 12/31/2025 9/30/2025 Liabilities and equity Current liabilities 13,369 9,081 Trade payables 0 11,217 Financial instruments at fair value through profit or loss – 15,002 Deferred Revenue 33,307 28,882 Leases 38,101 38,024 Accounts payable 199,422 128,508 Labor and social security obligations 93,862 32,384 Loans and Financing 35,047 26,054 Taxes and contributions payable 413,108 289,152 Total current liabilities Non - current liabilities 6 – Accounts payable 126,877 114,521 Leases 9,221 6,693 Labor and social security obligations 872,770 705,900 Loans and Financing 4,641 3,300 Deferred taxes 44,446 – Provision for contingencies 508,416 478,007 Retirement plans liabilities 1,566,377 1,308,421 1,979,485 1,597,573 Total liabilities Equity 19 18 Share capital 2,236,406 2,094,601 Additional paid - in capital (306,608) (306,608) Treasury shares 91,974 98,952 Retained Earnings (43,013) (6,198) Other reserves 1,978,778 1,880,765 74,722 (2,483) Non - controlling interests in the equity of subsidiaries 2,053,500 1,878,282 Total equity 4,032,985 3,475,855 Total liabilities and equity

 

 

34 Notes to page 3 1) FRE per share is calculated considering the number of outstanding shares at the end of the current quarter. 2) Adjusted DE per share is calculated considering the number of outstanding shares at the end of the current quarter. Notes to page 5 1) FRE 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 . 2) Other items comprise the income/(loss) generated by financial income/(expenses) related to SPS acquisition, 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) Minority interest comprises the portion of Verde Asset Management’s earnings attributable to the remaining 49 . 9 % non - controlling interest, following Vinci Compass’ acquisition of a controlling 50 . 1 % stake . As a result, Verde’s results are fully consolidated in Fee Related Earnings (FRE), and the non - controlling interest is deducted prior to arriving at Distributable Earnings (DE) and Adjusted Distributable Earnings (Adjusted DE) . 5) 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 . 6) Adjusted Distributable Earnings is calculated as Distributable Earnings excluding non - operational expenses . 7) 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 6 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 7 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) 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 . 3) 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 to page 9 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 . Notes to page 12 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 . Notes and Definitions

 

 

35 Notes to page 12 (cont’d) 2) Liquid funds’ value are calculated as investment at fair value as of December 31 , 2025 , 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 . 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’ 25 Financial Statements filed within the SEC on March 04 , 2026 . 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 , 2025 . For more detail, please see the Financial Statements filed within the SEC on March 04 , 2026 . 4) Debt obligations include commercial notes, consideration payable and convertible preferred shares . In addition to these debts, Vinci Compass also has obligations regarding earn - out structures and redemption liability from M&A transactions . For more detail, see 4 Q’ 25 Financial Statements filed within the SEC on March 04 , 2026 . 5) Net Cash and Investments per share were calculated considering the number of outstanding shares at the end of each quarter . Notes to page 16 1) 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 . 2) Third - Party Distribution, or TPD, stands for the funds managed by third - party asset managers, distributed by Vinci Compass’ platform . 3) Other includes Pension Plans and Vinci Retirement Services . Notes to page 23 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 24 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 25 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 . 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 . Notes and Definitions (cont’d)

 

 

36 Notes to page 25 (cont’d) 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 26 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 27 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 3 Q’ 25 , 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 3 Q’ 25 , 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 4 Q’ 25 . 6) Track record for MAV strategy is presented as of 4 Q’ 25 . 7) Track record for Lacan strategy is presented as of 4 Q’ 25 . 8) Track record for FIP Infra is presented as of 3 Q’ 25 . 9) Track record for VIAS is presented as of 3 Q’ 25 . 10) Total commitments for VICC are presented as of 3 Q’ 25 . 11) Track record for VFDL is presented as of 4 Q’ 25 . 12) Track record for Vinci Credit Infra is presented as of 4 Q’ 25 . 13) Committed capital for VCP III and VCP IV also consider amounts of co - investments . Returns, however, consider only the amounts invested to the main funds . Notes and Definitions (cont’d)

 

 

37 Notes to page 28 1) US $ Distributable Earnings was calculated considering the exchange rate from USD to BRL of 5 . 3567 , as of March 04 , 2025 , 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 . 4) As of December 31 , 2025 , Public Float was comprised of 14 , 178 , 234 Class A common shares . Notes to page 30 1) Other items comprise the income/(loss) generated by contingent consideration adjustment and financial income/(expenses) related to acquisitions 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) reflects the change in earn out’s fair value to be paid in stock, due to variation in the stock price in the period . 6) OCI comprises foreign exchange variations from the consolidation of subsidiaries whose functional currencies are not Brazilian reais, which are recognized directly in shareholders’ equity (other comprehensive income) and do not affect profit or loss . Notes to page 31 1) Contingent consideration adjustment (after - tax) reflects the change in earn out’s fair value to be paid in stock, due to variation in the stock price in the period . 2) Non - operational expenses are comprised of expenses related to professional services rendered in connection with acquisitions . 3) OCI comprises foreign exchange variations from the consolidation of subsidiaries whose functional currencies are not Brazilian reais, which are recognized directly in shareholders’ equity (other comprehensive income) and do not affect profit or loss . Notes and Definitions (cont’d)

 

 

38 • “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)

 

 

39 • “ 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)

 

 

40 • “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)

 

 

41 Bogota 601 748 6090 Carrera 11 # 79 – 52 Of 801, Edificio 80 - ONCE Barrio El Nogal COLOMBIA Mexico City 52 55 5010 2150 Paseo de los Tamarindos N Σ 90, Torre 1, Piso 21, 05120 MEXICO Lima 51 1 611 5350 Av. Jorge Basadre Nro. 347 Piso 09, Of 902 San Isidro PERU Miami 786 755 4860 1441 Brickell Ave Suite 1430, FL 33131 UNITED STATES Recife 55 81 3204 6811 Av. República do Líbano, 251 Sala 301 - Torre A Pina - 51110 - 160 BRAZIL Montevideo 59 8 2626 2650 WTC Free Zone 2 Dr. Luis Bonavita 1294, Of 2033. CP 11300 59 8 2628 7042 WTC Torre 4, Dr. Luis Bonavita 1266, Of 601. CP 11300 URUGUAY New York 1 - 212 - 355 7630 590 Madison Avenue 33rd Floor , NY 10022 UNITED STATES Rio de Janeiro 55 21 2159 6000 Av. Bartolomeu Mitre, 336 Leblon - 22431 - 002 BRAZIL São Paulo 55 11 3572 3700 Av. Brigadeiro Faria Lima, 2.277 14 o andar Jardim Paulistano 01452 - 000 BRAZIL Santiago 56 2 2364 4660 Av. Rosario Norte 555, Piso 14, Las Condes CHILE Buenos Aires 52 55 5010 2150 54 11 4878 8000 Carlos Pellegrini 1023, Piso 14 (C1009ABU) ARGENTINA Ribeirão Preto 55 16 2101 4641 Av. Presidente Vargas, 2.121 – Sala 106 Jardim América 14020 - 260 BRAZIL