EX-99.2 3 dp246544-ex9902.htm EXHIBIT 99.2

 

EXHIBIT 99.2

 



 

 

 

Vinci Compass Reports First Quarter 2026 Results

 

 

Alessandro Horta, Chief Executive Officer, stated, “Vinci Compass entered 2026 from a position of strength, delivering the highest quarterly FRE in our history, with R$96 million in Fee Related Earnings and an FRE margin above 35%. The quarter reflected the full contribution of Verde, continued fundraising momentum across Global IP&S and Credit, and disciplined cost execution across the platform. With the announced combination with BACS in Argentina and the ongoing integration with Verde, we continue to expand our regional footprint, scale high-growth strategies, and compound long-term value for clients and shareholders.”

 

 

Fee Related Earnings (FRE)

 

 

 

AUM & Dividends

 

 

 

 

 

 

 

 

1Q’26 Earnings Release

May 11th, 2026

 

 

About Vinci Compass

 

Vinci Compass stands as the premier partner for alternative investments and global solutions in Latin America. With nearly three decades of experience and local operations from eleven offices in Latin America and the US, our expertise spans: Private Equity, Credit, Real Estate, Infrastructure, Forestry, Equities, Global Investment Products & Solutions, and Corporate Advisory. Each segment is managed by specialized teams dedicated to investment and advisory excellence. As of March 2026, Vinci Compass had R$347 billion in assets under management and advisory.

 

Webcast and Earnings Conference Call

 

Vinci Compass will host a conference call at 5:00pm ET on Monday, May 11, 2026, to announce its first quarter 2026 results.

 

To access the webcast please visit the Events & Presentations' section of the Company's website at:

 

https://ir.vincicompass.com/news-and-events/events.

 

For those unable to listen to the live broadcast, there will be a webcast replay on the same section of the website.

 

Investor Contact

 

ShareholderRelations@vincicompass.com

 

NY: +1 (646) 559-8040

 

RJ: +55 (21) 2159-6240

 

USA Media Contact

 

Joele Frank, Wilkinson Brimmer Katcher

 

Kate Thompson

 

+1 (212) 355-4449

 

Brazil Media Contact

 

Danthi Comunicações

 

Carla Azevedo (carla@danthicomunicacoes.com.br)

 

+55 (21) 3114-0779

 

Earnings Release   |   Vinci Compass3

 

 

1Q’26 Earnings Release

May 11th, 2026

 

 

Segment Earnings

 

(R$ thousands, unless mentioned) 1Q'25 4Q'25 1Q'26 YoY(%) 1Q'25 LTM 1Q'26 LTM YoY(%)
Net revenue from management fees 195,529 219,730 244,858 25% 586,606 861,696 47%
Net revenue from advisory fees 24,853 15,444 16,067 (35)% 82,628 83,115 1%
Other revenues 11,262 11,819 11,040 (2)% 19,187 45,207 136%
Total Fee Related Revenuesi 231,644 246,993 271,965 17% 688,421 990,018 44%
Segment personnel expenses (20,125) (21,981) (24,731) 23% (50,815) (85,529) 68%
Other G&A expenses (15,431) (16,200) (19,298) 25% (42,804) (67,106) 57%
Placement fee amortization and rebates (21,015) (20,527) (20,823) (1)% (36,401) (78,603) 116%
Corporate center expenses (77,652) (75,796) (70,234) (10)% (192,225) (297,597) 55%
Bonus compensation related to management and advisory (31,744) (32,064) (40,572) 28% (105,749) (142,170) 34%
Total Fee Related Expenses (165,967) (166,569) (175,657) 6% (427,993) (671,006) 57%
FEE RELATED EARNINGS (FRE)ii 65,677 80,424 96,308 47% 260,428 319,012 22%
FRE Marginiii (%) 28.4% 32.6% 35.4%   37.8% 32.2%  
FRE per shareiv (R$/share) 1.04 1.23 1.47 42% 4.45 4.95 11%
Net revenue from performance fees 3,077 13,301 2,890 (6)% 37,992 27,519 (28)%
Performance based compensation (1,350) (8,409) (1,271) (6)% (15,690) (14,645) (7)%
PERFORMANCE RELATED EARNINGS (PRE)v 1,727 4,892 1,619 (6)% 22,303 12,875 (42)%
PRE Marginvi (%) 56.1% 36.8% 56.0%   58.7% 46.8%  
(+) Realized GP investment income 4,285 6,082 6,093 42% 25,314 30,113 19%
(+) Unrealized GP investment income (279) 39,042 (2,595) 830% (19,764) 34,621 N/A
INVESTMENT RELATED EARNINGS (IRE) 4,006 45,124 3,498 (13)% 5,550 64,734 1,066%
(-) Unrealized performance fees N/A 12,937 8,711 (33)%
(+) Unrealized performance compensation N/A (1,159) (3,083) 166%
(-) Unrealized GP investment income 279 (39,042) 2,595 830% 19,764 (34,621) N/A
SEGMENT DISTRIBUTABLE EARNINGSvii 71,689 91,398 104,020 45% 319,824 367,628 15%
Segment DE Margin (%) 30.0% 34.3% 37.0%   41.8% 34.8%  
(+) Depreciation and amortization 3,361 2,616 2,765 (18)% 10,142 11,921 18%
(+) Realized financial income 14,423 12,024 9,390 (35)% 51,330 58,096 13%
(-) Leasing expenses (3,758) (4,516) (3,891) 4% (9,837) (15,502) 58%
(-) Other itemsviii (14,004) (2,196) (21,034) 50% (68,577) (53,972) (21)%
(-) Non-operational expensesix (255) (4,877) (314) 23% (55,484) (5,942) (89)%
(-) Income taxes (excluding related to unrealized fees and income) (9,378) (14,894) (21,693) 131% (49,759) (65,135) 31%
(-) Minority Interestx (2,720) (7,298) N/A (10,018) N/A
DISTRIBUTABLE EARNINGS (DE)xi 62,078 76,835 61,945 (0)% 197,638 287,076 45%
DE Marginxii (%) 24.5% 27.6% 21.3%   24.2% 25.8%  
DE per share (R$/share) 0.98 1.17 0.95 (3)% 3.42 4.47 31%
(+) Nonrecurring expenses (including Income Tax effect) 228 4,453 292 28% 54,119 5,300 (90)%
ADJUSTED DISTRIBUTABLE EARNINGSxiii 62,306 81,288 62,237 (0)% 251,757 292,376 16%
Adjusted DE Marginxiv (%) 24.6% 29.2% 21.4%   30.9% 26.2%  
Adjusted DE per sharexv (R$/share) 0.98 1.24 0.95 (3)% 4.31 4.55 5%

 

 

Total Fee Related Revenues of R$272.0 million for the quarter ended March 31, 2026, compared to R$231.6 million for the quarter ended March 31, 2025, an increase of 17% year-over year. This increase was pushed by growth in management fees, driven mostly by the Verde transaction and organic fundraising across the Credit and Global IP&S segments, partially offset by lower advisory fees. In the quarter, management fees accounted for R$244.9 million, an increase of 25% year-over-year. Advisory fees totaled R$16.1 million, down 35% year-over-year. Other revenues, which comprise of advisory & execution fees and fund services fees, totaled R$11.0 million in the quarter. Fee Related Revenues were R$990.0 million for the last twelve months ended March 31, 2026, up 44% when compared to the last twelve months ended March 31, 2025, driven by the Compass, Lacan and Verde transactions and continued fundraising momentum across different countries and strategies.

 

Earnings Release   |   Vinci Compass4

 

 

1Q’26 Earnings Release

May 11th, 2026

 

 

Fee Related Earnings (“FRE”) of R$96.3 million (R$1.47/share) for the quarter ended March 31, 2026, up 47% year-over-year. FRE of R$319.0 million (R$4.95/share) for the last twelve months ended March 31, 2026, up 22% when compared to the last twelve months ended March 31, 2025.

 

Performance Related Earnings (“PRE”) of R$1.6 million for the quarter ended March 31, 2026, down 6% year-over-year. Performance fees for the 1Q’26 were recognized mainly across Equities and Global IP&S segments. PRE was R$12.9 million for the last twelve months ended March 31, 2026, down 42% when compared to the last twelve months ended March 31, 2025.

 

Investment Related Earnings (“IRE”) of R$3.5 million for the quarter ended March 31, 2026, down 13% year-over-year. Unrealized IRE was negatively impacted by the decrease in listed REITs’ mark-to-market. IRE was R$64.7 million for the last twelve months ended March 31, 2026, up 1,066% when compared to the last twelve months ended March 31, 2025.

 

Adjusted Distributable Earnings (“DE”) of R$62.2 million (R$0.95/share) for the quarter ended March 31, 2026, flat year-over-year on an absolute basis and down 3% year-over-year on a per share basis. Adj. DE remained stable YoY, with higher Management Fees and continued cost synergies offsetting lower Advisory Fees, whie realized financial income decreased as the cash position was reduced, impacted by capital calls from IRE proprietary fund commitments that remain in the investment phase, as well as bonus payments made during the quarter. Adjusted DE was R$292.4 million (R$4.55/share) for the last twelve months ended March 31, 2026, up 16% when compared to the last twelve months ended March 31, 2025, on an absolute basis, and up 5% on a per share basis.

 

Earnings Release   |   Vinci Compass5

 

 

1Q’26 Earnings Release

May 11th, 2026

 

 

Segment Highlights

 

Global IP&S

 

(R$ thousands, unless mentioned) 1Q'25 4Q'25 1Q'26 YoY (%) 1Q'25 LTM 1Q'26 LTM YoY (%)
Net revenue from management fees 65,625 77,943 103,833 58% 147,598 305,422 107%
Net revenue from advisory fees 22,547 5,755 13,968 (38)% 41,584 55,135 33%
Other revenues 11,085 11,819 11,040 (0)% 18,830 44,824 138%
Total Fee Related Revenues 99,257 95,516 128,841 30% 208,014 405,381 95%
Segment personnel expenses (6,299) (7,467) (9,977) 58% (14,908) (28,549) 91%
Other G&A expenses (7,043) (9,238) (11,682) 66% (19,283) (37,062) 92%
Placement fee amortization and rebates (9,438) (10,669) (10,201) 8% (16,072) (40,518) 152%
Corporate center expenses (42,022) (38,451) (35,246) (16)% (83,909) (152,041) 81%
Bonus compensation related to management and advisory (13,419) (9,703) (19,326) 44% (30,061) (56,728) 89%
Total Fee Related Expenses (78,221) (75,528) (86,432) 10% (164,234) (314,898) 92%
FEE RELATED EARNINGS (FRE) 21,035 19,988 42,409 102% 43,779 90,483 107%
FRE Margin (%) 21.2% 20.9% 32.9%   21.0% 22.3%  
Net revenue from performance fees 1,295 6,856 712 (45)% 16,292 8,315 (49)%
Realized performance fees 1,295 6,856 712 (45)% 16,292 8,315 (49)%
Unrealized performance fees N/A N/A
Performance based compensation (562) (4,454) (313) (44)% (5,397) (5,093) (6)%
PERFORMANCE RELATED EARNINGS (PRE) 732 2,402 399 (46)% 10,897 3,222 (70)%
PRE Margin (%) 56.6% 35.0% 56.0%   66.9% 38.8%  
(+) Realized GP investment income 296 272 360 22% 731 1,029 41%
(+) Unrealized GP investment income (566) 586 714 N/A 3,428 1,742 (49)%
INVESTMENT RELATED EARNINGS (IRE) (270) 858 1,074 N/A 4,159 2,771 (33)%
(-) Unrealized GP investment income 566 (586) (714) N/A (3,428) (1,742) (49)%
(-) Unrealized performance fees N/A N/A
(+) Unrealized performance compensation N/A N/A
SEGMENT DISTRIBUTABLE EARNINGS 22,063 22,662 43,168 96% 55,408 94,734 71%
Segment DE Margin (%) 21.9% 22.1% 33.2%   24.6% 22.8%  
               
FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$millions) 230,551 270,156 262,178 14% 230,551 262,178 14%
AVERAGE FEE RATE (%) 0.13% 0.15% 0.18%   0.18% 0.15%  
FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$millions) EX-UPFRONTS4 180,855 220,403 213,452 18% 180,855 213,452 18%
AVERAGE FEE RATE (%) EX-UPFRONTS 0.17% 0.18% 0.22%   0.20% 0.18%  

 

 

Fee Related Earnings (FRE) of R$42.4 million for the quarter ended March 31, 2026, up 102% year-over-year. This growth was driven by management and advisory fees from third-party distribution (TPD) across liquid and alternative strategies coming from the combination with Compass and the acquisition of Verde Asset Management. FRE was R$90.5 million for the last twelve months ended March 31, 2026, up 107% when compared to the last twelve months ended March 31, 2025.

 

Performance Related Earnings (PRE) of R$0.4 million for the first quarter 2026, down 46% year-over-year. Most of the funds in the segment typically charge performance fees in the second and fourth quarters of the year; consequently, PRE in the first quarter is historically lower. PRE was R$3.2 million for the last twelve months ended March 31, 2026, down 70% when compared to the last twelve months ended March 31, 2025.

 

Earnings Release   |   Vinci Compass6

 

 

1Q’26 Earnings Release

May 11th, 2026

 

 

Segment Distributable Earnings of R$43.2 million for the quarter ended March 31, 2026, up 96% year-over-year, driven by higher Fee Related Earnings in the quarter. Segment DE was R$94.7 million for the last twelve months ended March 31, 2026, up 71% when compared to the last twelve months ended March 31, 2025.

 

AUM reached R$265.5 billion, representing a 14% year-over-year increase. This growth was driven by both inorganic expansion from the Verde acquisition, appreciation within the portfolio, and net inflows, offset by FX variation for the last twelve months.

 

Earnings Release   |   Vinci Compass7

 

 

1Q’26 Earnings Release

May 11th, 2026

 

 

Credit

 

(R$ thousands, unless mentioned) 1Q'25 4Q'25 1Q'26 YoY (%) 1Q'25 LTM 1Q'26 LTM YoY (%)
Net revenue from management fees 52,818 63,846 62,572 18% 123,124 241,400 96%
Net revenue from advisory fees 2,384 N/A 25 2,384 9,556%
Other revenues N/A N/A
Total Fee Related Revenues 52,818 66,230 62,572 18% 123,149 243,784 98%
Segment personnel expenses (6,851) (7,503) (6,772) (1)% (14,981) (27,398) 83%
Other G&A expenses (2,561) (3,034) (3,513) 37% (6,900) (12,705) 84%
Placement fee amortization and rebates (8,065) (7,977) (8,576) 6% (13,682) (31,821) 133%
Corporate center expenses (17,123) (18,481) (16,306) (5)% (37,719) (68,194) 81%
Bonus compensation related to management and advisory (8,017) (7,671) (8,643) 8% (19,951) (31,309) 57%
Total Fee Related Expenses (42,617) (44,666) (43,810) 3% (93,232) (171,427) 84%
FEE RELATED EARNINGS (FRE) 10,202 21,565 18,762 84% 29,917 72,357 142%
FRE Margin (%) 19.3% 32.6% 30.0%   24.3% 29.7%  
Net revenue from performance fees 16 4,710 161 937% 8,412 9,739 16%
Realized performance fees 16 4,710 161 937% 8,412 9,739 16%
Unrealized performance fees N/A N/A
Performance based compensation (2) (2,647) (62) 2,889% (3,363) (4,820) 43%
PERFORMANCE RELATED EARNINGS (PRE) 13 2,063 99 636% 5,050 4,919 (3)%
PRE Margin (%) 86.6% 43.8% 61.5%   60.0% 50.5%  
(+) Realized GP investment income 1,477 1,672 1,650 12% 7,011 6,785 (3)%
(+) Unrealized GP investment income 4,033 2,549 (824) N/A (5,392) 7,070 N/A
INVESTMENT RELATED EARNINGS (IRE) 5,510 4,221 826 (85)% 1,619 13,855 756%
(-) Unrealized GP investment income (4,033) (2,549) 824 N/A 5,392 (7,070) N/A
(-) Unrealized performance fees N/A
(+) Unrealized performance compensation N/A
SEGMENT DISTRIBUTABLE EARNINGS 11,692 25,300 20,511 75% 41,979 84,062 100%
Segment DE Margin (%) 21.5% 34.8% 31.9%   30.3% 32.3%  
               
FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM) 28,764 35,870 36,232 26% 28,764 36,232 26%
AVERAGE MANAGEMENT FEE RATE (%) 0.76% 0.76% 0.71%   0.81% 0.75%  

 

 

Fee Related Earnings (FRE) of R$18.8 million for the quarter ended March 31, 2026, up 84% year-over-year, driven by continued growth in management fees supported by strong fundraising, capital deployment and portfolio appreciation across different strategies and countries. FRE was R$72.4 million for the last twelve months ended March 31, 2026, up 142% when compared to the last twelve months ended March 31, 2025.

 

Segment Distributable Earnings of R$20.5 million for the quarter ended March 31, 2026, up 75% year-over-year, driven by higher Fee Related Earnings in the quarter. Segment DE was R$84.1 million for the last twelve months ended March 31, 2026, up 100% when compared to the last twelve months ended March 31, 2025.

 

Investment Related Earnings (IRE) of R$0.8 million for the quarter ended March 31, 2026, driven by quarterly dividends of listed Credit REITs for the realized portion, while closed-end funds mark-ups and listed Credit REITs mark-to-market movements drove the unrealized.

 

AUM of R$36.8 billion in the quarter, up 25% year-over-year. Our one-stop-shop credit platform is accelerating both local-to-local and cross-border, delivering continued capital formation and appreciation during the 1Q’26 across private credit and liquid strategies, backed by diversified funding geographies.

 

Earnings Release   |   Vinci Compass8

 

 

1Q’26 Earnings Release

May 11th, 2026

 

 

Private Equity

 

(R$ thousands, unless mentioned) 1Q'25 4Q'25 1Q'26 YoY (%) 1Q'25 LTM 1Q'26 LTM YoY (%)
Net revenue from management fees 31,294 30,395 28,017 (10)% 151,657 120,209 (21)%
Net revenue from advisory fees N.A N/A
Other revenues N.A N/A
Total Fee Related Revenues 31,294 30,395 28,017 (10)% 151,657 120,209 (21)%
Segment personnel expenses (1,168) (1,246) (1,291) 11% (4,595) (4,991) 9%
Other G&A expenses (798) (617) (303) (62)% (3,487) (3,016) (14)%
Placement fee amortization and rebates (367) (358) (356) (3)% (1,928) (1,436) (25)%
Corporate center expenses (6,032) (6,122) (5,690) (6)% (26,213) (24,353) (7)%
Bonus compensation related to management and advisory (3,497) (5,298) (3,402) (3)% (18,401) (16,079) (13)%
Total Fee Related Expenses (11,861) (13,640) (11,041) (7)% (54,625) (49,874) (9)%
FEE RELATED EARNINGS (FRE) 19,433 16,754 16,976 (13)% 97,034 70,335 (28)%
FRE Margin (%) 62.1% 55.1% 60.6 64.0% 58.5%  
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
PRE Margin (%) N/A N/A N/A   N/A N/A  
(+) Realized GP investment income 147 N/A 31 1,900 6,030%
(+) Unrealized GP investment income (6,226) 18,493 (405) (93)% 1,984 10,829 446%
INVESTMENT RELATED EARNINGS (IRE) (6,226) 18,641 (405) (93)% 2,015 12,729 532%
(-) Unrealized GP investment income 6,226 (18,493) 405 (93)% (1,984) (10,829) 446%
(-) Unrealized performance fees N/A N/A
(+) Unrealized performance compensation N/A N/A
SEGMENT DISTRIBUTABLE EARNINGS 19,433 16,902 16,976 (13)% 97,065 72,236 (26)%
Segment DE Margin (%) 62.1% 55.3% 60.6%   64.0% 59.2%  
               
FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM) 13,287 12,541 12,287 (8)% 13,287 12,287 (8)%
AVERAGE MANAGEMENT FEE RATE (%) 1.00% 1.03% 0.96%   1.26% 1.01%  

 

 

Fee Related Earnings (FRE) of R$17.0 million for the quarter ended March 31, 2026, down 13% year-over-year. This decrease was driven by lower management fees in the quarter, reflecting the combined impact of FX variation and the decrease in management fees from certain funds entering divestment period. FRE was R$70.3 million for the last twelve months ended March 31, 2026, down 28% when compared to the last twelve months ended March 31, 2025.

 

Investment Related Earnings (IRE) of negative R$0.4 million for the quarter ended March 31, 2026, compared to negative R$6.2 million for the quarter ended March 31, 2025. IRE was R$12.7 million for the last twelve months ended March 31, 2026, up 532% when compared to the last twelve months ended March 31, 2025.

 

Segment Distributable Earnings of R$17.0 million for the quarter ended March 31, 2026, down 13% year-over-year, in line with the trend in Fee Related Earnings. Segment DE was R$72.2 million for the last twelve months ended March 31, 2026, down 26% when compared to the last twelve months ended March 31, 2025.

 

AUM of R$15.0 billion at the end of the first quarter, down 9% 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.

 

Earnings Release   |   Vinci Compass9

 

 

1Q’26 Earnings Release

May 11th, 2026

 

 

Equities

 

(R$ thousands, unless mentioned) 1Q'25 4Q'25 1Q'26 YoY (%) 1Q'25 LTM 1Q'26 LTM YoY (%)
Net revenue from management fees 18,794 19,252 21,356 14% 63,098 76,392 21%
Net revenue from advisory fees N/A 948 (100)%
Other revenues N/A N/A
Total Fee Related Revenues 18,794 19,252 21,356 14% 64,047 76,392 19%
Segment personnel expenses (2,269) (2,200) (3,006) 33% (5,517) (9,837) 78%
Other G&A expenses (2,121) (1,776) (2,012) (5)% (4,976) (6,635) 33%
Placement fee amortization and rebates (1,551) (1,305) (1,463) (6)% (2,549) (5,357) 110%
Corporate center expenses (5,701) (5,350) (6,325) 11% (17,943) (22,596) 26%
Bonus compensation related to management and advisory (2,562) (3,983) (4,208) 64% (9,990) (13,564) 36%
Total Fee Related Expenses (14,203) (14,614) (17,014) 20% (40,977) (57,988) 42%
FEE RELATED EARNINGS (FRE) 4,591 4,638 4,342 (5)% 23,070 18,403 (20)%
FRE Margin (%) 24.4% 24.1% 20.3%   36.0% 24.1%  
Net revenue from performance fees 1,767 1,697 2,017 14% 5,177 9,425 82%
Realized performance fees 1,767 1,697 2,017 14% 5,177 9,425 82%
Unrealized performance fees N/A N/A
Performance based compensation (786) (1,285) (896) 14% (2,328) (4,677) 101%
PERFORMANCE RELATED EARNINGS (PRE) 982 412 1,121 14% 2,848 4,748 67%
PRE Margin (%) 55.6% 24.3% 55.6%   55.0% 50.4%  
(+) Realized GP investment income 1,180 N/A 1,180 N/A
(+) Unrealized GP investment income 1,793 (229) (100)% (2,051) 3,053 N/A
INVESTMENT RELATED EARNINGS (IRE) 1,793 951 (100)% (2,051) 4,233 N/A
(-) Unrealized GP investment income (1,793) 229 (100)% 2,051 (3,053) N/A
(-) Unrealized performance fees N/A N/A
(+) Unrealized performance compensation N/A N/A
SEGMENT DISTRIBUTABLE EARNINGS 5,573 6,229 5,463 (2)% 25,917 24,331 (6)%
Segment DE Margin (%) 27.1% 29.7% 23.4%   37.4% 28.0%  
               
FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM) 14,739 15,240 16,036 9% 14,739 16,036 9%
AVERAGE MANAGEMENT FEE RATE (%) 0.55% 0.54% 0.57%   0.58% 0.52%  

 

 

Fee Related Revenues of R$21.4 million for the quarter ended March 31, 2026, up 14% year-over-year. This increase was driven primarily by the consolidation of Verde and portfolio appreciation over the last twelve months.

 

Fee Related Earnings (FRE) of R$4.3 million for the quarter ended March 31, 2026, down 5% year-over-year. FRE was R$18.4 million for the last twelve months ended March 31, 2026, down 20% when compared to the last twelve months ended March 31, 2025.

 

Performance Related Earnings (PRE) of R$1.1 million for the quarter ended March 31, 2026, up 14% year-over-year, driven by the positive performance of stock markets.

 

Segment Distributable Earnings of R$5.5 million for the quarter ended March 31, 2026, down 2% year-over-year, reflecting lower FRE partially offset by performance fees in the period. Segment DE was R$24.3 million for the last twelve months ended March 31, 2026.

 

AUM of R$16.1 billion at the end of the first quarter 2026, up 5% year-over-year, supported by over R$1.0 billion of capital formation and appreciation in the quarter, with positive inflows coming from LatAm and Brazil UCITS strategies, highlighting continued investor interest in the platform.

 

Earnings Release   |   Vinci Compass10

 

 

1Q’26 Earnings Release

May 11th, 2026

 

 

Real Assets

 

(R$ thousands, unless mentioned) 1Q'25 4Q'25 1Q'26 YoY (%) 1Q'25 LTM 1Q'26 LTM YoY (%)
Net revenue from management fees 26,997 28,294 29,080 8% 101,129 118,272 17%
Net revenue from advisory fees 1,850 468 460 (75)% 6,515 3,567 (45)%
Other revenues 177 N/A 357 384 8%
Total Fee Related Revenues 29,024 28,762 29,540 2% 107,999 122,223 13%
Segment personnel expenses (2,986) (2,834) (2,939) (2)% (8,446) (11,771) 39%
Other G&A expenses (2,774) (1,389) (1,664) (40)% (7,553) (7,041) (7)%
Placement fee amortization and rebates (1,594) (218) (227) (86)% (2,170) 529 N/A
Corporate center expenses (5,931) (6,540) (5,539) (7)% (22,250) (26,308) 18%
Bonus compensation related to management and advisory (4,083) (4,367) (4,533) 11% (16,721) (19,144) 14%
Total Fee Related Expenses (17,368) (15,348) (14,901) (14)% (57,141) (63,735) 12%
FEE RELATED EARNINGS (FRE) 11,656 13,414 14,639 26% 50,858 58,488 15%
FRE Margin (%) 40.2% 46.6% 49.6%   47.1% 47.9%  
Net revenue from performance fees 39 N/A 8,111 41 (99)%
Realized performance fees 39 N/A 21,048 8,752 (58)%
Unrealized performance fees N/A (12,936) (8,711) (33)%
Performance based compensation (22) N/A (4,602) (55) (99)%
PERFORMANCE RELATED EARNINGS (PRE) 16 N.A 3,509 (14) N/A
PRE Margin (%) N/A 42.5% N/A   43.3% (33.5)%  
(+) Realized GP investment income 2,512 2,811 4,083 63% 17,541 19,220 10%
(+) Unrealized GP investment income 686 17,642 (2,080) N/A (17,733) 11,926 N/A
INVESTMENT RELATED EARNINGS (IRE) 3,199 20,453 2,003 (37)% (193) 31,146 N/A
(-) Unrealized GP investment income (686) (17,642) 2,080 N/A 17,733 (11,926) N/A
(-) Unrealized performance fees N/A 12,937 8,711 (33)%
(+) Unrealized performance compensation N/A (1,159) (3,083) 166%
SEGMENT DISTRIBUTABLE EARNINGS 14,168 16,241 18,722 32% 83,684 83,323 (0)%
Segment DE Margin (%) 44.9% 51.4% 55.7%   57.1% 55.5%  
               
FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM) 11,839 12,684 12,703 7% 11,839 12,703 7%
AVERAGE MANAGEMENT FEE RATE (%) 0.98% 0.99% 0.97%   0.97% 1.01%  

 

 

Fee Related Earnings (FRE) of R$14.6 million for the quarter ended March 31, 2026, up 26% year-over-year. FRE was R$58.5 million for the last twelve months ended March 31, 2026, up 15% year-over-year, driven by higher Fee Related Revenues and continued fundraising momentum across the segment.

 

Investment Related Earnings (IRE) of R$2.0 million for the quarter ended March 31, 2026, mostly driven by quarterly dividends from listed REITs.

 

Segment Distributable Earnings of R$18.7 million for the quarter ended March 31, 2026, up 32% year-over-year. Segment DE was R$83.3 million for the last twelve months ended March 31, 2026.

 

AUM of R$15.4 billion at the end of the first quarter 2026, a 29% increase year-over-year.

 

Earnings Release   |   Vinci Compass11

 

 

1Q’26 Earnings Release

May 11th, 2026

 

 

Corporate Advisory

 

(R$ thousands, unless mentioned) 1Q'25 4Q'25 1Q'26 YoY (%) 1Q'25 LTM 1Q'26 LTM YoY (%)
Net revenue from management fees N/A N/A
Net revenue from advisory fees 457 6,837 1,639 259% 33,556 22,028 (34)%
Other revenues N/A N/A
Total Fee Related Revenues 457 6,837 1,639 259% 33,556 22,028 (34)%
Segment personnel expenses (553) (731) (746) 35% (2,367) (2,982) 26%
Other G&A expenses (134) (147) (124) (7)% (605) (648) 7%
Placement fee amortization and rebates N/A N/A
Corporate center expenses (844) (853) (1,128) 34% (4,190) (4,104) (2)%
Bonus compensation related to management and advisory (167) (1,042) (460) 176% (10,624) (5,348) (50)%
Total Fee Related Expenses (1,697) (2,773) (2,459) 45% (17,786) (13,083) (26)%
FEE RELATED EARNINGS (FRE) (1,240) 4,064 (820) (34)% 15,770 8,945 (43)%
FRE Margin (%) (271.5)% 59.4% (50.0)%   47.0% 40.6%  
SEGMENT DISTRIBUTABLE EARNINGS (1,240) 4,064 (820) (34)% 15,770 8,945 (43)%
Segment DE Margin (%) (271.5)% 59.4% (50.0)%   47.0% 40.6%  

 

Fee Related Earnings (FRE) of negative R$0.8 million for the quarter ended March 31, 2026, against negative R$1.2 million for the quarter ended March 31, 2025. 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. FRE was R$8.9 million for the last twelve months ended March 31, 2026, down 43% year-over-year.

 

Segment Distributable Earnings of R$4.1 million for the quarter ended December 31, 2025, down 66% year-over-year.

 

Earnings Release   |   Vinci Compass12

 

 

1Q’26 Earnings Release

May 11th, 2026

 

 

Income Statement

 

(R$ thousands, unless mentioned) 1Q'25 4Q'25 1Q'26 YoY (%) 1Q'25 LTM 1Q'26 LTM YoY (%)
REVENUES              
Net revenue from management fees 195,529 219,730 244,858 25% 586,606 861,696 47%
Net revenue from performance fees 3,077 13,301 2,890 (6)% 37,992 27,519 (28)%
Realized performance fees 3,077 13,301 2,890 (6)% 50,930 36,231 (29)%
Unrealized performance fees N/A (12,937) (8,711) (33)%
Net revenue from advisory 24,853 15,444 16,067 (35)% 82,628 83,115 1%
Other revenues 11,262 11,819 11,040 (2)% 19,187 45,207 136%
Total net revenues from services rendered 234,721 260,294 274,855 17% 726,413 1,017,537 40%
OPERATING EXPENSES              
Bonus related to management and advisory (31,744) (32,064) (40,572) 28% (105,749) (142,170) 34%
Performance based compensation (1,350) (8,409) (1,271) (6)% (15,690) (14,645) (7)%
Realized (1,350) (8,409) (1,271) (6)% (16,848) (17,728) 5%
Unrealized N/A 1,159 3,083 166%
Total compensation and benefits (33,094) (40,474) (41,843) 26% (121,439) (156,816) 29%
Segment personnel expenses (20,125) (21,981) (24,731) 23% (50,814) (85,529) 68%
Other general and administrative expenses (15,431) (16,200) (19,298) 25% (42,804) (67,106) 57%
Placement fee amortization and rebates (21,015) (20,527) (20,823) (1)% (36,401) (78,603) 116%
Corporate center expenses (77,652) (75,796) (70,234) (10)% (192,225) (297,597) 55%
Total expenses (167,317) (174,978) (176,928) 6% (443,682) (685,650) 55%
Operating profit 67,404 85,316 97,927 45% 282,731 331,887 17%
OTHER GP AND FINANCIAL INCOME AND EXPENSES              
Investment Related Earnings (IRE) 4,006 45,124 3,498 (13)% 5,550 64,734 1,066%
Realized gain from GP investment income 4,285 6,082 6,093 42% 25,314 30,113 19%
Unrealized gain from GP investment income (279) 39,042 (2,595) 830% (19,764) 34,621 N/A
Financial income 14,423 12,024 9,390 (35)% 51,330 58,096 13%
Realized gain from financial income 14,423 12,024 9,390 (35)% 51,330 58,096 13%
Unrealized gain from financial income N/A N/A
Leasing expenses (3,758) (4,516) (3,891) 4% (9,837) (15,502) 58%
Other items (4,458) (66,408) 42,389 N/A (70,847) (55,023) (22)%
Equity gain (loss) (2,201) 1,521 885 N/A (3,701) 2,019 N/A
Equity-based compensation (5,003) (9,814) (5,753) 15% (21,334) (30,662) 44%
Management contract amortization (2,870) (3,566) (5,596) 95% (5,262) (16,325) 210%
Non-operational expenses (255) (4,877) (314) 23% (55,484) (5,942) (89)%
Total Other items (116) (30,512) 40,608 N/A (109,585) 1,395 N/A
Profit before income taxes 67,288 54,804 138,535 106% 173,146 333,281 92%
(-) Income taxes (11,360) (6,770) (29,197) 157% (46,953) (60,577) 29%
NET INCOME 55,928 48,034 109,338 95% 126,193 272,704 116%
(+) Non-operational expenses (including Income Tax effect) 228 4,453 292 28% 54,119 5,300 (90)%
(-) Contingent consideration adjustment related to acquisitions (8,141) 33,603 (35,545) 337% 2,772 (2,040) N/A
(+) OCI adjustment 20,449 (23,007) N/A (2,558) N/A
ADJUSTED NET INCOME 48,015 106,539 51,078 6% 183,084 273,407 49%
Atributable to the shareholders of the parent company 48,619 104,627 44,759 (8)% 185,468 266,690 44%
Attributable to non-controlling interests (604) 1,912 6,319 N/A (2,384) 6,717 N/A

 

 

Total net revenues from services rendered R$274.9 million for the quarter ended March 31, 2026, up 17% year-over-year. This growth was driven by stronger management fees in the period, coming from the acquisition of Verde, combined with organic fundraising mainly across Global IP&S and Credit segments throughout the last twelve months, partially offset by lower advisory fees. Net revenues for the last twelve months ended March 31, 2026, were R$1,017.5 million, up 40% when compared to the last twelve months ended March 31, 2025.

 

Earnings Release   |   Vinci Compass13

 

 

1Q’26 Earnings Release

May 11th, 2026

 

 

·Management fee revenues of R$244.9 million for the quarter ended March 31, 2026, up 25% year-over-year. Management fees for the last twelve months ended March 31, 2026, were R$861.7 million, up 47% when compared to the last twelve months ended March 31, 2025.

 

·Performance fee revenues of R$2.9 million for the quarter ended March 31, 2026, down 6% year-over-year. Performance fee revenues for the last twelve months ended March 31, 2026, were R$27.5 million, down 28% when compared to the last twelve months ended March 31, 2025.

 

·Advisory fee revenues of R$16.1 million for the quarter ended March 31, 2026, compared to R$24.9 million for the quarter ended March 31, 2025, a 35% decrease year-over-year. Advisory revenues for the last twelve months ended March 31, 2026, were R$83.1 million, up 1% when compared to the last twelve months ended March 31, 2025.

 

·Other revenues of R$11.0 million for the quarter ended March 31, 2026, down 2% year-over-year. Other revenues for the last twelve months ended March 31, 2026, were R$45.2 million, up 136% when compared to the last twelve months ended March 31, 2025.

 

Total expenses for the quarter ended March 31, 2026, of R$176.9 million, compared to R$167.3 million for the quarter ended March 31, 2025, an increase of 6% year-over-year. Total expenses for the last twelve months ended March 31, 2026, were R$685.7 million, up 55% when compared to the last twelve months ended March 31, 2025. This increase is primarily attributed to the combination with Compass and the acquisition of Verde, with the additional management team brought with the transactions. Additionally, after the combination with Compass, our expenses were impacted by a new line of costs for amortization of placement fees and rebates, which were not meaningful before the transaction and started to have a bigger contribution to our expenses, as it reflects fees paid to distributors that, due to accounting procedures, are not deducted directly from management fees.

 

·Bonus related to management and advisory fees of R$40.6 million for the quarter ended March 31, 2026, compared to R$31.7 million for the quarter ended March 31, 2025, a 28% increase year-over-year. Bonus related to management and advisory fees for the last twelve months ended March 31, 2026, was R$142.2 million, up 34% year-over-year.

 

·Performance based compensation of R$1.3 million for the quarter ended March 31, 2026, compared to R$1.4 million for the quarter ended March 31, 2025, a 6% decrease year-over-year. Performance based compensation for the last twelve months ended March 31, 2026, was R$14.6 million, down 7%.

 

·Segment personnel expenses of R$24.7 million for the quarter ended March 31, 2026, compared to R$20.1 million for the quarter ended March 31, 2025, an increase of 23% year-over-year. Segment personnel expenses for the last twelve months ended March 31, 2026, were R$85.5 million, up 68%.

 

Earnings Release   |   Vinci Compass14

 

 

1Q’26 Earnings Release

May 11th, 2026

 

 

·Corporate center expenses of R$70.2 million for the quarter ended March 31, 2026, compared to R$77.7 million for the quarter ended March 31, 2025, a 10% decrease year-over-year. Corporate center expenses for the last twelve months ended March 31, 2026, were R$297.6 million, up 55%.

 

·Other general and administrative expenses of R$19.3 million for the quarter ended March 31, 2026, compared to R$15.4 million for the quarter ended March 31, 2025, an increase of 25% year-over-year. Other G&A expenses for the last twelve months ended March 31, 2026, were R$67.1 million, up 57%.

 

·Placement fee amortization and rebates of R$20.8 million for the quarter ended March 31, 2026, down 1% year-over-year. Placement fee amortization and rebates for the last twelve months ended March 31, 2026 totaled R$78.6 million, up 116% year-over-year.

 

Operating profit of R$97.9 million for the quarter ended March 31, 2026, compared to R$67.4 million for the quarter ended March 31, 2025, an increase of 45% year-over-year. Operating profit for the last twelve months ended March 31, 2026 was R$331.9 million, up 17% compared to the last twelve months ended March 31, 2025.

 

Investment Related Earnings (IRE), a result of the company’s GP investments in its proprietary private market funds, was R$3.5 million for the quarter ended March 31, 2026, down 13% year-over-year. IRE for the last twelve months ended March 31, 2026 totaled R$64.7 million, up 1,066% year-over-year.

 

Financial income of R$9.4 million for the quarter ended March 31, 2026, down 35% year-over-year. Financial income for the last twelve months ended March 31, 2026 was R$58.1 million, up 13% year-over-year.

 

Leasing expenses of R$3.9 million for the quarter ended March 31, 2026, compared to R$3.8 million for the quarter ended March 31, 2025, an increase of 4% year-over-year. Leasing expenses for the last twelve months ended March 31, 2026 were R$15.5 million, up 58% year-over-year.

 

Other items of positive R$42.4 million for the quarter ended March 31, 2026, compared to negative R$4.5 million for the quarter ended March 31, 2025. This line comprises the income/(loss) generated by contingent consideration adjustment, financial income/(expenses) related to SPS and Compass acquisitions, Ares Convertible Preferred Shares, and other financial expenses.

 

Equity-based compensation of R$5.8 million for the quarter ended March 31, 2026, compared to R$5.0 million for the quarter ended March 31, 2025, an increase of 15% year-over-year. Equity-based compensation for the last twelve months ended March 31, 2026 was R$30.7 million, up 44% year-over-year.

 

Profit before income taxes of R$138.5 million for the quarter ended March 31, 2026, compared to R$67.3 million in the same period of 2025, an increase of 106% year-over-year. Profit before income taxes for the last twelve months ended March 31, 2026 was R$333.3 million, up 92% year-over-year.

 

Income taxes of R$29.2 million for the quarter ended March 31, 2026, which represented an effective tax rate of approximately 21%, compared to R$11.4 million for the quarter ended March 31, 2025. Income taxes for the last twelve months ended March 31, 2026 were R$60.6 million, up 29% year-over-year.

 

Earnings Release   |   Vinci Compass15

 

 

1Q’26 Earnings Release

May 11th, 2026

 

 

Non-operational expenses of R$0.3 million for the quarter ended March 31, 2026. Non-operational expenses are comprised of expenses related to professional services rendered in connection with acquisitions.

 

Contingent consideration adjustment related to acquisitions, after tax, of negative R$35.5 million for the quarter ended March 31, 2026, compared to negative R$8.1 million for the quarter ended March 31, 2025. Contingent consideration adjustment related to Vinci SPS and Compass’ acquisitions reflects the change in earn out’s fair value to be paid in stock, due to variation in the stock price in the period.

 

OCI adjustment of negative R$23.0 million for the quarter ended March 31, 2026. Starting in the fourth quarter of 2025, Other Comprehensive Income, or OCI, now flows through our distributable earnings, adjusted distributable earnings and adjusted net income. Up to the third quarter of 2025, OCI did not impact these adjusted metrics. 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.

 

Adjusted net income of R$51.1 million for the quarter ended March 31, 2026, compared to R$48.0 million for the quarter ended March 31, 2025, an increase of 6% year-over-year. Adjusted net income for the last twelve months ended March 31, 2026 was R$273.4 million, up 49% year-over-year.

 

Earnings Release   |   Vinci Compass16

 

 

1Q’26 Earnings Release

May 11th, 2026

 

 

Supplemental Details

 

Assets Under Management (AUM) Rollforward

 

 

For the Three Months Ended March 31, 2026

 


In R$ millions
Global IP&S Credit Private Equity Equities Real Assets Total
Beginning balance 271,492 36,464 15,390 15,286 15,476 354,108
(+/-) Capital Subscription / (capital return) (6) (62) (31) (54) (153)
(+) Capital Subscription 112 147 258
(-) Capital Return (6) (174) (31) (201) (411)
(+) Acquisitions
(+/-) Net Inflow / (outflow) 3,377 907 118 (3) 4,400
(+/-) FX Variation (12,334) (1,250) (111) (230) (204) (14,130)
(+/-) Appreciation / (depreciation) 974 753 (273) 912 213 2,578
Ending balance 263,503 36,813 14,975 16,086 15,427 346,803

 

 

For the Twelve Months Ended March 31, 2026

 


In R$ millions
Global IP&S Credit Private Equity Equities Real Assets Total
Beginning balance 231,924 29,389 16,481 14,793 11,965 304,552
(+/-) Capital Subscription / (capital return) (8) 93 (276) 2,312 2,121
(+) Capital Subscription 0 836 1 3,364 4,202
(-) Capital Return (8) (742) (277) (1,053) (2,080)
(+) Acquisitions 14,458 516 621 15,594
(+/-) Net Inflow / (outflow) 17,772 6,485 (3,353) (26) 20,878
(+/-) FX Variation (20,327) (1,959) (223) (468) (255) (23,231)
(+/-) Appreciation / (depreciation) 19,683 2,288 (1,008) 4,493 1,431 26,887
Ending balance 263,503 36,813 14,975 16,086 15,427 346,803

 

Earnings Release   |   Vinci Compass17

 

 

1Q’26 Earnings Release

May 11th, 2026

 

 

Fee-Earning Assets Under Management (FEAUM) Rollforward

 

 

For the Three Months Ended March 31, 2026

 


In R$ millions
Global IP&S Credit Private Equity Equities Real Assets Total
Beginning balance 270,156 35,870 12,541 15,240 12,684 346,490
(+/-) Capital Subscription / (capital return) (6) (62) (31) (54) (153)
(+) Capital Subscription 112 147 258
(-) Capital Return (6) (174) (31) (201) (411)
(+) Acquisitions
(+/-) Net Inflow / (outflow) 3,360 892 119 (3) 4,369
(+/-) FX Variation (12,301) (1,226) (111) (230) (63) (13,931)
(+/-) Appreciation / (depreciation) 969 758 (112) 907 138 2,659
Ending balance 262,178 36,232 12,287 16,036 12,703 339,435

                                                                                 

         

For the Twelve months Ended March 31, 2026

 


In R$ millions
Global IP&S Credit Private Equity Equities Real Assets Total
Beginning balance 230,551 28,764 13,287 14,739 11,839 299,180
(+/-) Capital Subscription / (capital return) (8) 84 (257) (332) (514)
(+) Capital Subscription 826 691 1,517
(-) Capital Return (8) (742) (257) (1,023) (2,031)
(+) Acquisitions 14,458 516 621 15,594
(+/-) Net Inflow / (outflow) 17,697 6,199 (3,331) (26) 20,539
(+/-) FX Variation (20,275) (1,918) (223) (466) (113) (22,995)
(+/-) Appreciation / (depreciation) 19,756 2,587 (520) 4,473 1,335 27,630
Ending balance 262,178 36,232 12,287 16,036 12,703 339,435

 

Earnings Release   |   Vinci Compass18

 

 

1Q’26 Earnings Release

May 11th, 2026

 

 

Investment Records – IP&S, Public Equities, Private Credit and Listed Funds

 

Fund Segment NAVxvi (R$ millions) 1Q'26 YTD 12 M 24 M Market Comparison Index Rate
Vinci Total Return Equities 287.5 8.2% 8.2% 40.3% 34.6% IPCA + Yield IMA-B IPCA + Yield IMA-B
Mosaico Strategy Equities 965.1 12.7% 12.7% 40.6% 31.7% IBOV IBOV
Vinci Gas Dividendos FIA Equities 376.8 14.7% 14.7% 42.6% 42.5% IBOV IBOV
Compass CRECE+ Equities 222.8 8.7% 8.7% 37.0% 39.5% S&P/BMV IPC N/A
Compass Crecimiento Equities 365.3 (1.2)% (1.2)% 25.1% 148.7% S&P MERVAL N/A
Compass Small Cap Chile Equities 1,858.6 0.0% 0.0% 38.8% 65.3% N/A N/A
Vinci Crédito Imobiliário II Credit 669.1 3.5% 3.5% 12.8% 18.2% IPCA IPCA + 6%
Vinci Energia Sustentável Credit 473.8 3.6% 3.6% 14.2% 19.0% IPCA IPCA + 6%
Vinci Crédito Multiestratégia Credit 295.0 3.2% 3.2% 13.9% 24.8% CDI IPCA + 5%
Compass Latam Corporate Debt Fund Credit 5,431.5 (0.1)% (0.1)% 6.5% 15.5% CEMBI Broad Div N/A
Compass Latam High Yield USD Credit 1,894.5 0.8% 0.8% 5.4% 16.9% CEMBI Broad Div HY N/A
Compass I+LIQG Credit 2,679.0 1.8% 1.8% 8.4% 20.6% PIP Cetes 28D N/A
Compass Credit Selection Credit 1,399.1 3.3% 3.3% 15.3% 29.1% CDI N/A
Compass Yield 30 Credit 1,987.6 3.5% 3.5% 14.7% 29.4% CDI CDI
Compass Deuda Plus Credit 305.5 2.1% 2.1% 7.7% 20.0% N/A N/A
Compass Renta Fija-B Credit 745.3 (0.2)% (0.2)% 3.3% 7.9% CEMBI Broad Div N/A
Vinci Multiestratégia FIM Global IP&S 38.6 3.0% 3.0% 12.9% 23.5% CDI CDI
Atlas Strategy Global IP&S 135.1 2.4% 2.4% 11.2% 21.9% CDI CDI
Vinci Valorem FIM Global IP&S 680.2 3.8% 3.8% 13.2% 22.3% IMA-B IMA-B
Equilibrio Strategy Global IP&S 552.4 3.1% 3.1% 10.5% 17.8% IPCA   N/A
Vinci Retorno Real FIM Global IP&S 90.5 5.7% 5.7% 12.5% 21.8% IMA-B IMA-B
VISC11

Real Assets

(listed REIT)

3,153.9 2.6% 2.6% 15.9% 7.5% IFIX IPCA + 6%
VILG11

Real Assets

(listed REIT)

1,483.2 1.7% 1.7% 30.8% 28.1% IFIX IPCA + 6%
VINO11

Real Assets

(listed REIT)

416.6 1.1% 1.1% 7.7% (17.9)% IFIX IPCA + 6%
VIUR11

Real Assets

(listed REIT)

149.8 (10.0)% (10.0)% 4.2% (27.2)% IFIX IPCA + 6%
VCRI11

Real Assets

(listed REIT)

130.8 4.4% 4.4% 20.3% 15.9% IFIX IPCA + X%
VICA11 Real Assets (REIT) 393.8 0.0% 0.0% 2.6% 4.8% IFIX CDI + 1%
VINCI FOF IMOBILIARIO FIM CP Real Assets (REIT) 43.7 3.3% 3.3% 16.6% 17.3% IFIX IFIX
VIGT11

Real Assets

(listed REIT)

420.7 7.8% 7.8% 31.3% (31.3)% N/A N/A

 

 

Benchmark     1Q'26 YTD 12 M 24 M
CDIxvii     3.4% 3.4% 14.8% 27.7%
IMA-B 5xviii     3.9% 3.9% 12.5% 20.6%
IPCAxix     1.9% 1.9% 4.1% 9.8%
IFIXxx     2.5% 2.5% 16.8% 13.6%
IPCA + Yield IMA-B     3.5% 3.5% 12.2% 26.1%
IBOVxxi     16.3% 16.3% 43.9% 46.3%
S&P/BMV IPCxxii     6.9% 6.9% 35.9% 28.3%
S&P MERVALxxiii     (1.8)% (1.8)% 28.2% 146.4%
CEMBI Broad Divxxiv     0.1% 0.1% 6.2% 15.3%
CEMBI Broad Div HYxxv     1.2% 1.2% 7.1% 17.8%
PIP Cetes 28Dxxvi     1.7% 1.7% 8.2% 20.1%

 

Earnings Release   |   Vinci Compass19

 

 

1Q’26 Earnings Release

May 11th, 2026

 

 

Investment Records – Closed End Private Markets fundsxxvii

 

Fund

Segment 

 

Vintage year  

Committed Capital 

(R$mm)

Invested Capital

(R$mm)

Realized or Partially

Realized

(R$mm)

Unrealized

(R$mm)

Total

Value

  (R$mm)

Gross MOICxxxviii

(BRL)

Gross

MOIC

  (USD)

Gross

IRRxxix

 (BRL)

Gross IRR

 (USD)

Fund 1 Private Equity 2004 1,415 1,206 5,131 54 5,185 4.3x 4.0x 71.5% 77.2%
VCP II Private Equity 2011 2,200 2,087 2,006 1,811 3,817 1.8x 1.0x 8.0% (0.3%)
VCP III Private Equity 2018 4,000 2,548 313 5,249 5,562 2.1x 1.9x 21.5% 17.5%
VCP IV Private Equity 2022 3,879 1,165 1,541 1,541 1.3x 1.3x 59.9% 55.5%
VCP Strategyxxx Private Equity   11,494 7,006 7,450 8,654 16,103 2.3x 2.1x 64.5% 70.2%
NE Empreendedorxxx Private Equity 2003 36 13 26 26 2.1x 2.6x 22.0% 30.5%
Nordeste III Private Equity 2017 240 134 240 81 321 2.4x 1.8x 20.6% 13.7%
VIR IV Private Equity 2020 1,000 734 188 865 1,053 1.3x 1.5x 20.7% 20.9%
VIR Strategyxxxii Private Equity   1,276 881 453 947 1,400 1.7x 1.6x 21.1% 26.0%
SPS I Credit 2018 128 205 361 22 383 2.7x 2.2x 25.6% 19.2%
SPS II Credit 2020 671 1,082 1,186 568 1,754 2.3x 2.3x 22.1% 22.6%
SPS III Credit 2021 1,071 1,733 951 1,506 2,457 2.5x 2.6x 23.6% 23.6%
SPS IV Credit 2025 1,329 348 6 240 246 1.1x 1.1x 24.3% 38.6%
SPS Strategyxxxiii Credit   3,199 3,369 2,503 2,336 4,839 2.5x 2.4x 23.2% 22.6%
MAV I Credit 2022 165 165 178 69 247 1.5x 1.5x 19.3% 21.7%
MAV II Credit 2023 205 205 64 205 269 1.3x 1.4x 19.3% 16.2%
MAV III Credit 2025 220 167 17 168 185 N.M. N.M. N.M. N.M.
MAV Strategyxxxiv Credit   590 537 258 442 700 1.4x 1.5x 19.3% 18.6%
Lacan Florestal I Real Assets 2012 253 253 255 316 571 2.3x 1.3x 10.7% 2.9%
Lacan Florestal II Real Assets 2016 356 356 125 568 693 1.9x 1.5x 10.8% 6.3%
Lacan Florestal III Real Assets 2020 501 435 618 618 1.4x 1.4x 12.1% 11.1%
Lacan Florestal IV Real Assets 2023 260 216 271 271 1.3x 1.3x 26.4% 32.6%
Lacan Strategyxxxv Real Assets   1,370 1,260 380 1,774 2,154 1.7x 1.4x 12.7% 6.2%
FIP Transmissãoxxxvi Real Assets 2017 211 104 367 9 375 3.6x 2.7x 55.5% 40.4%
VIASxxxvii Real Assets 2021 386 350 528 528 1.5x 1.4x 15.7% 13.1%
VICCxxxviii Real Assets 2022 1,784 151 169 169 1.1x 1.1x NM NM
VFDLxxxix Real Assets 2021 422 346 34 427 460 1.3x 1.3x 11.7% 11.3%
Vinci Credit Infraxl Credit 2022 1,848 1,451 91 1,642 1,733 1.2x 1.3x NM NM

 

Earnings Release   |   Vinci Compass20

 

 

1Q’26 Earnings Release

May 11th, 2026

 

 

Shareholder Dividends & Share Summary

 

($ in thousands) 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q’26
Adjusted Distributable Earnings (R$) 58,401 57,104 73,946 62,306 75,759 73,092 81,288 62,237
Adjusted Distributable Earnings (US$)xli 10,331 9,872 12,804 11,027 13,964 13,645 15,605 12,702
Adjusted DE per Common Share (US$)xlii 0.19 0.19 0.20 0.17 0.22 0.22 0.24 0.19
Actual Dividend per Common Sharexliii 0.17 0.16 0.15 0.15 0.15 0.15 0.17 0.17
                 
VINP Shares 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q’26
Shares Repurchased                
       # of Shares 220,135 374,834 607,643 683,148 173,762 - - -
       Average Cost (US$/share) 10.82 10.38 10.28 10.07 9.47 - - -
Capital Deployed (US$) 2,382,251 3,890,849 6,246,577 6,879,698 1,645,210 - - -
Class B 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 Axliv 38,779,209 38,404,375 49,580,116 48,896,968 48,778,420 48,778,420 50,955,859 50,955,859
Common Shares 53,245,448 52,870,614 64,046,355 63,363,207 63,244,659 63,244,659 65,422,098 65,422,098

 

Vinci Compass generated R$0.95 or US$0.19 of Adjusted Distributable Earnings per common share for the first quarter of 2026. The company declared a quarterly dividend of US$0.17 per common share to record holders as of May 25, 2026; payable on June 8, 2026.

 

Common Shares Outstanding as of quarter end of 65,422,098 shares.

 

There were no common shares repurchased in the quarter and as of March 31, 2026, there was no remaining authorization for the share repurchase plan.

 

Earnings Release   |   Vinci Compass21

 

 

1Q’26 Earnings Release

May 11th, 2026

 

 

Reconciliation and Disclosures

 

Non-GAAP Reconciliation

 

(R$ thousands, unless mentioned) 1Q'25 4Q'25 1Q'26 1Q'25 LTM 1Q'26 LTM
           
OPERATING PROFIT 67,404 85,316 97,927 282,731 331,887
(-) Net revenue from realized performance fees (3,077) (13,301) (2,890) (50,930) (36,231)
(-) Net revenue from unrealized performance fees 12,937 8,711
(+) Compensation allocated in relation to performance fees 1,350 8,409 1,271 15,690 14,645
FEE RELATED EARNINGS (FRE) 65,677 80,424 96,308 260,428 319,012
           
OPERATING PROFIT 67,404 85,316 97,927 282,731 331,887
(-) Net revenue from management fees (195,529) (219,730) (244,858) (586,606) (861,696)
(-) Net revenue from advisory (24,853) (15,444) (16,067) (82,628) (83,115)
(-) Other revenues (11,262) (11,819) (11,040) (19,187) (45,207)
(+) Bonus related to management and advisory 31,744 32,064 40,572 105,749 142,170
(+) Personnel expenses 20,125 21,981 24,731 50,814 85,529
(+) Other general and administrative expenses 15,431 16,200 19,298 42,804 67,106
(+) Placement fee amortization and rebates 21,015 20,527 20,823 36,401 78,603
(+) Corporate center expenses 77,652 75,796 70,234 192,225 297,597
PERFORMANCE RELATED EARNINGS (PRE) 1,727 4,892 1,619 22,303 12,875
           
OPERATING PROFIT 67,404 85,316 97,927 282,731 331,887
(-) Net revenue from unrealized performance fees 12,937 8,711
(+) Compensation allocated in relation to unrealized performance fees (1,159) (3,083)
(+) Realized gain from GP investment income 4,285 6,082 6,093 25,314 30,113
SEGMENT DISTRIBUTABLE EARNINGS 71,689 91,398 104,020 319,824 367,628
           
NET INCOME 55,928 48,034 109,338 126,193 272,704
(-) Net revenue from unrealized performance fees 12,937 8,711
(+) Income tax from unrealized performance fees (377) (1,004)
(+) Compensation allocated in relation to unrealized performance fees (1,159) (3,083)
(-) Unrealized gain from GP investment income 279 (39,042) 2,595 19,764 (34,621)
(+) Income tax on unrealized gain from GP investment income 694 271 (90) 14 (2,298)
(-) Unrealized gain from financial income 0
(+) Income tax on unrealized gain from financial income
(-) Contingent consideration (earn-out) gain (loss)xlv (9,546) 41,338 (42,895) 4,613 (1,091)
(+) Income tax on contingent consideration 1,405 (7,735) 7,350 (1,841) (949)
(+) Depreciation and amortization 6,231 6,182 8,361 15,404 28,246
(+) Equity-based compensation 5,003 9,814 5,753 18,991 28,001
(-) Income Taxes on Equity-based compensation (117) (660) 244 (602) (307)
(+) Equity gain (loss) 2,201 (1,521) (885) 3,701 (2,019)
(+) Dividends received 2,425 2,479 7,361
(+) Non-operational expenses including income tax related to realized expensexlvi 228 4,453 292 54,119 5,300
(+) OCI Adjustmentxlvii 20,449 (23,007) (2,558)
(-) Minority Interest (2,720) (7,298) (10,018)
ADJUSTED DISTRIBUTABLE EARNINGS 62,306 81,288 62,237 251,757 292,376
           
TOTAL NET REVENUE FROM SERVICES RENDERED 234,721 260,294 274,855 726,413 1,017,537
(-) Net revenue from realized performance fees (3,077) (13,301) (2,890) (50,930) (36,231)
(-) Net revenue from unrealized performance fees 12,937 8,711
NET REVENUE FROM MANAGEMENT FEES AND ADVISORY 231,644 246,993 271,966 688,421 990,019

 

Earnings Release   |   Vinci Compass22

 

 

1Q’26 Earnings Release

May 11th, 2026

 

 

Balance Sheet Results

 

Assets 12/31/2025 03/31/2026
Current assets    
Cash and cash equivalents 280,091 208,545
    Cash and bank deposits 121,498 106,053
    Financial instruments at fair value through profit or loss 153,729 84,671
    Financial instruments at amortized cost 4,864 17,821
Financial instruments at fair value through profit or loss 1,534,471 755,707
Trade receivables 214,706 190,973
Sub-leases receivable - -
Taxes recoverable 20,010 20,011
Other assets 70,168 76,954
Total current assets 2,119,446 1,252,190
     
Non-current assets    
Financial instruments at fair value through profit or loss 151,615 883,744
Financial instruments at amortized cost 6,141 5,741
Trade receivables 17,518 27,384
Taxes recoverable 1,225 3,003
Deferred taxes 47,393 39,873
Other receivables 38,315 37,687
  262,207 997,432
     
Investments accounted for using the equity method 65,796 69,903
  43,999 49,655
Property and equipment 74,095 71,456
Right of use - Leases 141,226 134,225
Intangible assets 1,326,216 1,318,733
Total non-current assets 1,913,539 2,641,404
     
Total Assets 4,032,985 3,893,594

 

Earnings Release   |   Vinci Compass23

 

 

1Q’26 Earnings Release

May 11th, 2026

 

 

Liabilities and equity 12/31/2025 03/31/2026
Current liabilities    
Trade payables 13,369  13,692 
Financial instruments at fair value through profit or loss 29,508 
Deferred Revenue 39,843
Leases 33,307 57,115
Accounts payable 38,101 41,543
Labor and social security obligations 199,422 40,858
Loans and Financing 93,862 14,295
Taxes and contributions payable 35,047 9,706
Total current liabilities 413,108 246,560
     
Non-current liabilities    
Accounts payable 6
Leases 126,877 124,430
Labor and social security obligations 9,221 7,635
Loans and Financing 872,770 845,529
Deferred taxes 4,641 3,900
Provision for contingencies 44,446 50,136
Retirement plans liabilities 508,416 528,814
  1,566,377 1,560,444
     
Total liabilities 1,979,485 1,807,004
     
Equity    
Share capital 19 19
Additional paid-in capital 2,236,406 2,236,406
Treasury shares (306,608) (306,608)
Retained Earnings 91,974 138,344
Other reserves (43,013) (59,633)
  1,978,778 2,008,528
     
Non-controlling interests in the equity of subsidiaries 74,722 78,062
     
Total equity 2,053,500 2,086,590
     
Total liabilities and equity 4,032,985 3,893,594

 

Earnings Release   |   Vinci Compass24

 

 

1Q’26 Earnings Release

May 11th, 2026

 

 

Forward-Looking Statements

 

This earnings release 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. The forward-looking statements included herein speak only as at the date of this press release 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 this press release. 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 from time to time.

 

 

 

 

i “Fee Related Revenues” is a measure that we use to assess our ability to generate profits from our fund 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.

 

ii “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) non-operational expenses, which are comprised of expenses relating to professional services rendered in connection with acquisitions and our international corporate organization.

 

iii “FRE Margin” is calculated as FRE divided by the sum of net revenue from fund management and net revenue from advisory services.

 

iv “FRE per share” is calculated considering the number of outstanding shares at the end of the current quarter. Full-year values are calculated as the sum of the last four quarters.

 

v “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 benchmarks. We calculate PRE as operating profit less (a) net revenue from fund management, less (b) net revenue from advisory services, plus (c)

 

Earnings Release   |   Vinci Compass25

 

 

1Q’26 Earnings Release

May 11th, 2026

 

 

personnel and profit-sharing expenses, plus (d) other general and administrative expenses, less (e) compensation in relation to performance fees.

 

vi “PRE Margin” is calculated as PRE divided by net revenue from performance fees.

 

vii “Segment Distributable Earnings” is Vinci Partners’ segment profitability measure used to make operating decisions and assess performance across the company’s five segments (Private Markets, Public Equities, Investment Products and Solutions, Retirement Services 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.

 

viii “Other items” comprise the income/(loss) generated by financial income/(expenses) related to acquisitions, Ares Convertible Preferred Shares and other financial expenses.

 

ix “Non-operational expenses” are composed by expenses related to professional services to matters related to acquisitions.

 

x 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).

 

xi “Distributable Earnings”, or “DE”, is used as a reference point 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) unrealized gain from investment income, plus (e) income taxes on unrealized gain 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 relating to each segment’s investments, less (i) contingent consideration (earn-out) gain (loss) (after tax).

 

xii “DE Margin” is calculated as Distributable Earnings divided by sum of net revenue from fund management, net revenue from performance fees, net revenue from advisory services, net revenue from other revenues and realized gain from investment income.

 

xiii “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).

 

xiv “Adjusted DE Margin” is calculated as Adjusted Distributable Earnings divided by the sum of net revenue from fund management, net revenue from performance fees, net revenue from advisory services, net revenue from other revenues and realized gain from investment income.

 

xv “Adjusted DE per share” is calculated considering the number of outstanding shares at the end of the current quarter. Full-year values are calculated as the sum of the last four quarters.

 

xvi NAV is the net asset value of each fund. For listed vehicles, the NAV represents the Market valuation of the fund ex-dividends.

 

Earnings Release   |   Vinci Compass26

 

 

1Q’26 Earnings Release

May 11th, 2026

 

 

xvii CDI is an average of interbank overnight rates in Brazil (daily average for the period).

 

xviii 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.

 

xix IPCA is a broad consumer price index measured by the IBGE.

 

xx IFIX is an index composed by listed REITs in the Brazilian stock Market.

 

xxi Brazil stock market most relevant index.

 

xxii S&P/BMV IPC seeks to measure the performance of the largest and most liquid stocks listed on the Mexican Stock Market.

 

xxiii 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.

 

xxiv CEMBI Broad Div tracks the performance of US dollar-denominated bonds issued by emerging market corporate entities.

 

xxv 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.

 

xxvi PiP Cetes 28d is an index that invests in Cetes 28-day securities. Cetes are Treasury Certificates issued by the Mexican government.

 

xxvii Track record information is presented throughout this release on a pro forma basis and in local currency,

 

excluding PIPE investments, a strategy that will be discontinued in VCP III.

 

xxviii “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.

 

xxix “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.

 

xxx Committed capital for VCP III and VCP IV consider amounts of co-investments. Returns, however, consider only the amounts invested to the main funds. Track record presented for the VCP strategy as of 3Q’25, due to fund’s administrator timeline to disclose the quarterly markup of the fund.

 

xxxi 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 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 accuracy or completeness of any such information.

 

Earnings Release   |   Vinci Compass27

 

 

1Q’26 Earnings Release

May 11th, 2026

 

 

xxxii Track record for VIR strategy is presented as of 4Q’25, due to fund’s administrator timeline to disclose the quarterly markup of the fund.

 

xxxiii Track record for Vinci SPS strategy is presented as of 1Q’26.

 

xxxiv Track record for MAV strategy is presented as of 1Q’26.

 

xxxv Track record for Lacan strategy is presented as of 1Q’26.

 

xxxvi Track record for FIP Infra is presented as of 4Q’25.

 

xxxvii Track record for VIAS is presented as of 4Q’25.

 

xxxviii Total commitments for VICC are presented as of 4Q’25.

 

xxxix Track record for VFDL is presented as of 1Q’26.

 

xl Track record for Vinci Credit Infra is presented as of 1Q’26.

 

xli US$ Distributable Earnings was calculated considering the exchange rate from USD to BRL of 4.8999, as of May 08, 2026, when dividends were approved by our Board of Directors.

 

xlii Per Share calculations are based on end of period Participating Common Shares.

 

xliii Actual dividends per common share are calculated considering the share count as of the applicable record date.

 

xliv As of March 31, 2026, Public Float was comprised of 14,800,773 Class A common shares.

 

xlv 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.

 

xlvi Non-operational expenses are comprised of expenses related to professional services rendered in connection with acquisitions.

 

xlvii 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.

 

Earnings Release   |   Vinci Compass28