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3Q’25 Earnings Release

 

ir.vincicompass.com

 

November 13th, 2025  

 

 

 

 

 

 

Vinci Compass Reports Third Quarter 2025 Results

Vinci Compass Reports Third Quarter 2025 Results Alessandro Horta, Chief Executive Officer, stated, “In the third quarter 2025, Vinci Compass achieved 32% in FRE margin, the highest level year-to-date, advanced fundraising across Global IP&S and Credit, and further strengthened our leadership in Latin America by announcing the acquisition of Verde Asset Management, the region’s leader in global and local asset allocation. As we continue to accelerate regional expansion, scale strategies, and drive profitability, we believe our platform is exceptionally well-positioned to compound value for clients and shareholders.” Fee Related Earnings & Appreciation + Capital Formation

Fee Related Earnings & Appreciation + Capital Formation

R$77mm+43% YoY FRE 3Q'25

R$1.22 +20% FRE per share 3Q'25 YoY

32.3% FRE margin 3Q'25

R$19bn Capital Formation & Appreciation 3Q'25

Distributable Earnings & Dividends

R$73mm 28% YoY Adj. Distributable Earnings 3Q’25

R$1.16 Adj. Distributable Earnings (per Share) 3Q’25

US$0.15 Quarterly Dividend

 

 

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 September 2025, Vinci Compass had R$316 billion in assets under management and advisory.

 

Webcast and Earnings Conference Call

 

Vinci Compass will host a conference call at 5:00pm ET on Thursday, November 13, 2025, to announce its third quarter 2025 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

 

 

Segment Earnings

 

(R$ thousands, unless mentioned) 3Q'24 2Q'25 3Q'25 ∆ YoY(%) 3Q'24 YTD 3Q'25 YTD ∆ YoY(%)
Net revenue from management fees 106,750 195,569 201,539 89% 317,339 592,637 87%
Net revenue from advisory fees 5,966 26,220 25,384 325% 27,806 76,457 175%
Other revenues – 10,944 11,404 N/A – 33,610 N/A
Total Fee Related Revenuesi 112,716 232,733 238,327 111% 345,145 702,704 104%
Segment personnel expenses (8,239) (20,682) (18,135) 120% (23,132) (58,942) 155%
Other G&A expenses (6,110) (17,423) (14,185) 132% (18,140) (47,039) 159%
Placement fee amortization and rebates (503) (17,792) (19,461) 3,769% (1,494) (58,268) 3,800%
Corporate center expenses (24,817) (78,484) (73,083) 194% (71,654) (229,219) 220%
Bonus compensation related to management and advisory (19,228) (33,127) (36,407) 89% (61,356) (101,278) 65%
Total Fee Related Expenses (58,897) (167,509) (161,271) 174% (175,776) (494,747) 181%
FEE RELATED EARNINGS (FRE)ii 53,819 65,224 77,056 43% 169,369 207,957 23%
FRE Marginiii (%) 47.7% 28.0% 32.3%   49.1% 29.6%  
FRE per shareiv (R$/share) 1.02 1.03 1.22 20% 3.19 3.29 3%
Net revenue from performance fees 1,890 8,342 2,986 58% 9,776 14,405 47%
Performance based compensation (907) (3,683) (1,282) 41% (4,419) (6,315) 43%
PERFORMANCE RELATED EARNINGS (PRE)v 984 4,660 1,704 73% 5,358 8,091 51%
PRE Marginvi (%) 52.1% 55.9% 57.1%   54.8% 56.2%  
(+) Realized GP investment income 4,539 13,576 4,362 (4)% 21,324 22,223 4%
(+) Unrealized GP investment income (11,149) (2,512) 686 N/A (10,174) (2,105) (79)%
INVESTMENT RELATED EARNINGS (IRE) (6,610) 11,064 5,048 N/A 11,150 20,118 80%
(-) Unrealized performance fees – 8,711 – N/A 3,483 8,711 150%
(+) Unrealized performance compensation – (3,083) – N/A (1,233) (3,083) 150%
(-) Unrealized GP investment income 11,149 2,512 (686) N/A 10,174 2,105 (79)%
SEGMENT DISTRIBUTABLE EARNINGSvii 59,342 89,088 83,122 40% 198,301 243,899 23%
Segment DE Margin (%) 49.8% 33.8% 33.8%   52.2% 32.6%  
(+) Depreciation and amortization 2,272 2,779 3,761 66% 6,036 9,901 64%
(+) Realized financial income 15,178 21,804 14,878 (2)% 38,961 51,105 31%
(-) Leasing expenses (1,931) (3,722) (3,373) 75% (6,223) (10,853) 74%
(-) Other itemsviii (6,858) (20,758) (9,984) 46% (33,611) (44,746) 33%
(-) Non-operational expensesix (3,728) (618) (133) (96)% (16,735) (1,006) (94)%
(-) Income taxes (excluding related to unrealized fees and income) (10,899) (13,236) (15,312) 40% (38,258) (37,926) (1)%
DISTRIBUTABLE EARNINGS (DE)x 53,377 75,337 72,959 37% 148,471 210,374 42%
DE Marginxi (%) 39.7% 26.4% 28.0%   35.5% 26.3%  
DE per share (R$/share) 1.01 1.19 1.15 14% 2.80 3.32 19%
(+) Nonrecurring expenses (including Income Tax effect) 3,727 422 133 (96)% 16,639 783 (95)%
ADJUSTED DISTRIBUTABLE EARNINGSxii 57,104 75,759 73,092 28% 165,110 211,157 28%
Adjusted DE Marginxiii (%) 42.5% 26.6% 28.1%   39.4% 26.4%  
Adjusted DE per sharexiv (R$/share) 1.08 1.20 1.16 7% 3.11 3.34 7%

 

Total Fee Related Revenues of R$238.3 million for the quarter ended September 30, 2025, compared to R$112.7 million for the quarter ended September 29, 2024, an increase of 111% year-over year. This increase was pushed by growth in management fees and higher advisory fees, driven mostly by the contribution from the Compass combination, combined with organic fundraising from the Private Equity, Real Assets and Credit segments. In the quarter, management fees accounted for R$201.5 million, an increase of 89% year-over-year. Advisory fees totaled R$25.4 million, up 325% year-over-year. Other revenues, which comprise of advisory & execution fees and fund services fees, totaled R$11.4 million in the quarter. Fee Related Revenues were R$702.7 million for the year-to-date period ended September 30, 2025, up 104% when compared to the year-to-date period ended September 29, 2024, driven by strong fundraising across Private Equity, Credit and Real Assets products additional to the fees coming from transactions with Compass, MAV and Lacan.

 

Earnings Release   |   Vinci Compass4

 

 

Fee Related Earnings (“FRE”) of R$77.1 million (R$1.22/share) for the quarter ended September 30, 2025, up 43% year-over-year on an absolute basis and 20% year-over-year on a per share basis. This quarter delivered record fee related revenues and the highest FRE margin since the business combination with Compass, as efficiencies from the merger start to benefit results. FRE of R$208.0 million (R$3.29/share) for the year-to-date period ended September 30, 2025, up 23% when compared to the year-to-date period ended September 29, 2024.

 

Performance Related Earnings (“PRE”) of R$1.7 million for the quarter ended September 30, 2025, up 73% year-over-year. This growth was driven by net performance fees recognized mainly across Credit and Equities segments. PRE was R$8.1 million for the year-to-date period ended September 30, 2025, an increase of 51% when compared to the year-to-date period ended September 29, 2024.

 

Investment Related Earnings (“IRE”) of R$5.0 million for the quarter ended September 30, 2025, compared to negative R$6.6 million for the quarter ended September 30, 2024. IRE was R$20.1 million for the year-to-date period ended September 30, 2025, up 80% when compared to the year-to-date period ended September 30, 2024. This increase was driven by the recognition of realized GP investment income from FIP Transmissão Fund in 2Q’25.

 

Segment Distributable Earnings of R$83.1 million for the quarter ended September 30, 2025, up 40% year-over-year. Segment Distributable Earnings were R$243.9 million for the year-to-date period ended September 30, 2025, up 23% year-over-year.

 

Adjusted Distributable Earnings (“DE”) of R$73.1 million (R$1.16/share) for the quarter ended September 30, 2025, up 28% year-over-year on an absolute basis and 7% year-over-year on a per share basis. The increase reflects the combined effect of inorganic growth and organic fundraising. Adjusted DE was R$211.2 million (R$3.34/share) for the year-to-date period ended September 30, 2025, up 28% when compared to the year-to-date period ended September 29, 2024, on an absolute basis, and up 7% on a per share basis.

 

Earnings Release   |   Vinci Compass5

 

 

Segment Highlights

 

Global IP&S

 

(R$ thousands, unless mentioned) 3Q'24 2Q'25 3Q'25 ∆ YoY (%) 3Q'24 YTD 3Q'25 YTD ∆ YoY (%)
Net revenue from management fees 18,982 59,691 63,956 237% 58,088 189,272 226%
Net revenue from advisory fees 525 17,527 17,886 3,307% 1,057 57,960 5,383%
Other revenues – 10,748 11,216 N/A – 33,049 N/A
Total Fee Related Revenues 19,508 87,966 93,058 377% 59,147 280,281 374%
Segment personnel expenses (2,386) (5,841) (5,265) 121% (6,762) (17,404) 157%
Other G&A expenses (3,029) (8,383) (7,759) 156% (8,537) (23,185) 172%
Placement fee amortization and rebates – (9,683) (9,964) N/A – (29,086) N/A
Corporate center expenses (4,363) (39,995) (38,349) 779% (13,321) (120,366) 804%
Bonus compensation related to management and advisory (4,659) (11,598) (16,101) 246% (15,668) (41,118) 162%
Total Fee Related Expenses (14,437) (75,501) (77,438) 436% (44,288) (231,159) 422%
FEE RELATED EARNINGS (FRE) 5,071 12,466 15,620 208% 14,858 49,121 231%
FRE Margin (%) 26.0% 14.2% 16.8%   25.1% 17.5%  
Net revenue from performance fees 147 536 211 44% 370 2,041 452%
Realized performance fees 147 536 211 44% 370 2,041 452%
Unrealized performance fees – – – N/A – – N/A
Performance based compensation (108) (265) (60) (44)% (219) (887) 305%
PERFORMANCE RELATED EARNINGS (PRE) 40 270 151 278% 152 1,154 659%
PRE Margin (%) 27.2% 50.5% 71.6%   41.1% 56.5%  
(+) Realized GP investment income 257 397 – (100)% 484 692 43%
(+) Unrealized GP investment income 1,026 (123) 565 (45)% 3,442 (124) N/A
INVESTMENT RELATED EARNINGS (IRE) 1,283 274 565 (56)% 3,926 568 (86)%
(-) Unrealized GP investment income (1,026) 123 (565) (45)% (3,442) 124 N/A
(-) Unrealized performance fees – – – N/A – – N/A
(+) Unrealized performance compensation – – – N/A – – N/A
SEGMENT DISTRIBUTABLE EARNINGS 5,368 13,133 15,771 194% 15,495 50,968 229%
Segment DE Margin (%) 27.0% 14.8% 16.9%   25.8% 18.0%  
               
FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$millions) 24,043 228,773 239,978 898% 24,845 228,773 821%
AVERAGE FEE RATE (%) 0.34% 0.13% 0.13%   0.34% 0.13%  
FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$millions) EX-UPFRONTS4 24,043 182,317 191,957 698% 24,845 182,317 634%
AVERAGE FEE RATE (%) EX-UPFRONTS 0.34% 0.16% 0.16%   0.34% 0.16%  

 

Fee Related Earnings (FRE) of R$15.6 million for the quarter ended September 30, 2025, up 208% 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. Global IP&S advisory fees consist of upfront fees charged for TPD alternative commitments. FRE was R$49.1 million for the year-to-date period ended September 30, 2025, up 231% when compared to the 3Q’24 year-to-date period ended September 29, 2024.

 

Performance Related Earnings (PRE) of R$0.2 million for the third quarter 2025, up 278% year-over-year.

 

Segment Distributable Earnings of R$15.8 million for the quarter ended September 30, 2025, up 194% year-over-year, driven by higher Fee Related Earnings in the quarter. Segment DE was R$51.0 million for the year-to-date period ended September 30, 2025, up 229%.

 

AUMxv reached R$241.2 billion, representing an 891% year-over-year increase. This growth was driven by both inorganic expansion and appreciation within the portfolio.

 

Earnings Release   |   Vinci Compass6

 

 

Credit

 

(R$ thousands, unless mentioned) 3Q'24 2Q'25 3Q'25 ∆ YoY (%) 3Q'24 YTD 3Q'25 YTD ∆ YoY (%)
Net revenue from management fees 16,900 54,518 60,464 258% 44,566 167,800 277%
Net revenue from advisory fees – – – N/A 280 – (100)%
Other revenues – – – N/A – – N/A
Total Fee Related Revenues 16,900 54,518 60,464 258% 44,845 167,800 274%
Segment personnel expenses (1,851) (6,928) (6,195) 235% (4,524) (19,974) 342%
Other G&A expenses (861) (3,191) (2,968) 245% (2,313) (8,719) 277%
Placement fee amortization and rebates – (7,525) (7,744) N/A – (23,334) N/A
Corporate center expenses (3,840) (17,207) (16,200) 322% (10,177) (50,531) 397%
Bonus compensation related to management and advisory (3,600) (8,196) (6,798) 89% (9,145) (23,011) 152%
Total Fee Related Expenses (10,152) (43,047) (39,905) 293% (26,159) (125,568) 380%
FEE RELATED EARNINGS (FRE) 6,748 11,471 20,559 205% 18,687 42,232 126%
FRE Margin (%) 39.9% 21.0% 34.0%   41.7% 25.2%  
Net revenue from performance fees 11 4,507 362 3,189% 3,423 4,884 43%
Realized performance fees 11 4,507 362 3,189% 3,423 4,884 43%
Unrealized performance fees – – – N/A – – N/A
Performance based compensation (5) (1,959) (152) 2,945% (1,517) (2,114) 39%
PERFORMANCE RELATED EARNINGS (PRE) 6 2,548 210 3,392% 1,908 2,771 45%
PRE Margin (%) 54.5% 56.5% 57.9%   55.7% 56.7%  
(+) Realized GP investment income 1,647 1,816 1,647 0% 5,629 4,940 (12)%
(+) Unrealized GP investment income (2,627) 4,703 642 N/A 1,118 9,378 738%
INVESTMENT RELATED EARNINGS (IRE) (980) 6,519 2,289 N/A 6,747 14,318 112%
(-) Unrealized GP investment income 2,627 (4,703) (642) N/A (1,118) (9,378) 738%
(-) Unrealized performance fees – – – N/A – – N/A
(+) Unrealized performance compensation – – – N/A – – N/A
SEGMENT DISTRIBUTABLE EARNINGS 8,402 15,835 22,416 167% 26,225 49,943 90%
Segment DE Margin (%) 45.3% 26.0% 35.9%   48.7% 28.1%  
               
FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM) 8,866 29,908 32,445 266% 8,866 32,445 266%
AVERAGE MANAGEMENT FEE RATE (%) 0.84% 0.76% 0.80%   0.78% 0.77%  

 

Fee Related Earnings (FRE) of R$20.6 million for the quarter ended September 30, 2025, up 205% year-over-year, driven by higher management fees from both inorganic and organic growth. Fundraising, capital deployment and portfolio appreciation across different strategies and countries show sustained traction. FRE was R$42.2 million for the year-to-date period ended September 30, 2025, up 126% when compared to the year-to-date period ended September 30, 2024.

 

Segment Distributable Earnings of R$22.4 million for the quarter ended September 30, 2025, up 167% year-over-year, driven by higher Fee Related Earnings in the quarter. Segment DE was R$49.9 million for the year-to-date period ended September 30, 2025.

 

Investment Related Earnings (IRE) of R$2.3 million for the quarter ended September 30, 2025, driven by quarterly dividends of listed REITs for the realized portion and closed-end funds mark-ups drove the unrealized.

 

AUM of R$32.9 billion in the quarter, up 263% year-over-year. Our one-stop-shop credit platform is accelerating both local-to-local and cross-border, delivering R$3.1 billion in capital formation and appreciation during the 3Q’25 across private credit and liquid strategies, backed by diversified funding geographies.

 

Earnings Release   |   Vinci Compass7

 

 

Private Equity

 

(R$ thousands, unless mentioned) 3Q'24 2Q'25 3Q'25 ∆ YoY (%) 3Q'24 YTD 3Q'25 YTD ∆ YoY (%)
Net revenue from management fees 31,172 30,710 31,087 (0)% 100,936 93,092 (8)%
Net revenue from advisory fees – – – N/A – – N/A
Other revenues – – – N/A – – N/A
Total Fee Related Revenues 31,172 30,710 31,087 (0)% 100,936 93,092 (8)%
Segment personnel expenses (1,153) (1,178) (1,276) 11% (3,299) (3,622) 10%
Other G&A expenses (633) (1,393) (703) 11% (2,349) (2,894) 23%
Placement fee amortization and rebates (311) (363) (359) 15% (918) (1,089) 19%
Corporate center expenses (6,653) (6,518) (6,023) (9)% (18,987) (18,573) (2)%
Bonus compensation related to management and advisory (3,449) (3,636) (3,743) 9% (11,126) (10,877) (2)%
Total Fee Related Expenses (12,199) (13,088) (12,104) (1)% (36,680) (37,054) 1%
FEE RELATED EARNINGS (FRE) 18,973 17,622 18,983 0% 64,257 56,038 (13)%
FRE Margin (%) 60.9% 57.4% 61.1%   63.7% 60.2%  
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 31 1,692 61 97% 31 1,753 5,554%
(+) Unrealized GP investment income (317) (5,316) (1,943) 512% 7,940 (13,485) N/A
INVESTMENT RELATED EARNINGS (IRE) (286) (3,624) (1,882) 557% 7,971 (11,732) N/A
(-) Unrealized GP investment income 317 5,316 1,943 512% (7,940) 13,485 N/A
(-) Unrealized performance fees – – – N/A – – N/A
(+) Unrealized performance compensation – – – N/A – – N/A
SEGMENT DISTRIBUTABLE EARNINGS 19,004 19,314 19,044 0% 64,288 57,791 (10)%
Segment DE Margin (%) 60.9% 59.6% 61.1%   63.7% 60.9%  
               
FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM) 12,690 12,710 12,607 (1)% 12,690 12,607 (1)%
AVERAGE MANAGEMENT FEE RATE (%) 1.07% 1.01% 1.05%   1.21% 1.02%  

 

Fee Related Earnings (FRE) of R$19.0 million for the quarter ended September 30, 2025, flat year-over-year. This is due solely to the catch-up fees recognized in the 3Q’24 from the strong fundraising of the VCP IV strategy in that quarter, which ended in the 4Q’24, thus not occurring again in 2025. Excluding this effect and considering only recurring management fees, FRE would be up 6% year-over-year.

 

Segment Distributable Earnings of R$19.0 million for the quarter ended September 30, 2025, flat year-over-year, in line with the trend in Fee Related Earnings. Segment DE was R$57.8 million for the year-to-date period ended September 30, 2025.

 

AUM of R$15.5 billion at the end of the third quarter, down 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.

 

Earnings Release   |   Vinci Compass8

 

 

Equities

 

(R$ thousands, unless mentioned) 3Q'24 2Q'25 3Q'25 ∆ YoY (%) 3Q'24 YTD 3Q'25 YTD ∆ YoY (%)
Net revenue from management fees 14,392 18,686 17,098 19% 42,118 54,578 30%
Net revenue from advisory fees – – – N/A – – N/A
Other revenues – – – N/A – – N/A
Total Fee Related Revenues 14,392 18,686 17,098 19% 42,118 54,578 30%
Segment personnel expenses (744) (2,969) (1,662) 123% (2,467) (6,900) 180%
Other G&A expenses (488) (1,497) (1,349) 177% (1,307) (4,968) 280%
Placement fee amortization and rebates – (1,402) (1,187) N/A – (4,140) N/A
Corporate center expenses (3,260) (5,991) (4,931) 51% (9,532) (16,622) 74%
Bonus compensation related to management and advisory (2,122) (2,601) (2,771) 31% (6,393) (7,934) 24%
Total Fee Related Expenses (6,615) (14,460) (11,900) 80% (19,699) (40,564) 106%
FEE RELATED EARNINGS (FRE) 7,777 4,226 5,197 (33)% 22,419 14,014 (37)%
FRE Margin (%) 54.0% 22.6% 30.4%   53.2% 25.7%  
Net revenue from performance fees 1,730 3,299 2,412 39% 5,666 7,478 32%
Realized performance fees 1,730 3,299 2,412 39% 5,666 7,478 32%
Unrealized performance fees – – – N/A – – N/A
Performance based compensation (794) (1,426) (1,069) 35% (2,544) (3,281) 29%
PERFORMANCE RELATED EARNINGS (PRE) 936 1,873 1,343 43% 3,120 4,197 35%
PRE Margin (%) 54.1% 56.8% 55.7%   55.1% 56.1%  
(+) Realized GP investment income – – – N/A – – N/A
(+) Unrealized GP investment income 426 1,997 1,285 201% (2,759) 5,075 N/A
INVESTMENT RELATED EARNINGS (IRE) 426 1,997 1,285 201% (2,759) 5,075 N/A
(-) Unrealized GP investment income (426) (1,997) (1,285) 201% 2,759 (5,075) N/A
(-) Unrealized performance fees – – – N/A – – N/A
(+) Unrealized performance compensation – – – N/A – – N/A
SEGMENT DISTRIBUTABLE EARNINGS 8,713 6,099 6,540 (25)% 25,539 18,212 (29)%
Segment DE Margin (%) 54.0% 27.7% 33.5%   53.4% 29.3%  
               
FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM) 10,823 15,502 14,494 34% 10,823 14,494 34%
AVERAGE MANAGEMENT FEE RATE (%) 0.61% 0.51% 0.48%   0.61% 0.51%  

 

Fee Related Revenues of R$17.1 million for the quarter ended September 30, 2025, up 19% year-over-year. This increase was driven primarily by the consolidation of Compass’ regional Equities platform, which contributed to growth in management fees.

 

Fee Related Earnings (FRE) of R$5.2 million for the quarter ended September 30, 2025, down 33% year-over-year due to higher expenses following the combination with Compass. FRE was R$14.0 million for the year-to-date period ended September 30, 2025, down 37% when compared to the same period in 2024.

 

Performance Related Earnings (PRE) of R$1.3 million for the quarter ended September 30, 2025, up 43% year-over-year, driven by higher realized performance fees in the period.

 

Segment Distributable Earnings of R$6.5 million for the quarter ended September 30, 2025, down 25% year-over-year, reflecting lower FRE despite the increase in performance fees. Segment DE was R$18.2 million for the year-to-date period ended September 30, 2025.

 

AUM of R$14.5 billion at the end of the third quarter, up 34% year-over-year, following the combination with Compass and appreciation in the portfolio.

 

Earnings Release   |   Vinci Compass9

 

 

Real Assets

 

(R$ thousands, unless mentioned) 3Q'24 2Q'25 3Q'25 ∆ YoY (%) 3Q'24 YTD 3Q'25 YTD ∆ YoY (%)
Net revenue from management fees 25,304 31,963 28,934 14% 71,631 87,895 23%
Net revenue from advisory fees 492 473 2,167 340% 2,963 4,489 51%
Other revenues – 197 188 N/A – 561 N/A
Total Fee Related Revenues 25,795 32,633 31,288 21% 74,593 92,945 25%
Segment personnel expenses (1,504) (3,054) (2,944) 96% (4,317) (8,985) 108%
Other G&A expenses (1,024) (2,676) (1,312) 28% (3,104) (6,762) 118%
Placement fee amortization and rebates (192) 1,181 (207) 8% (576) (620) 8%
Corporate center expenses (5,460) (7,712) (6,518) 19% (16,053) (20,160) 26%
Bonus compensation related to management and advisory (3,708) (4,829) (5,415) 46% (11,472) (14,328) 25%
Total Fee Related Expenses (11,887) (17,089) (16,396) 38% (35,523) (50,854) 43%
FEE RELATED EARNINGS (FRE) 13,908 15,543 14,892 7% 39,069 42,091 8%
FRE Margin (%) 53.9% 47.6% 47.6%   52.4% 45.3%  
Net revenue from performance fees 2 1 1 (38)% 317 2 (99)%
Realized performance fees 2 8,713 1 (38)% 3,800 8,714 129%
Unrealized performance fees – (8,711) – N/A (3,483) (8,711) 150%
Performance based compensation – (32) (1) N/A (139) (33) (77)%
PERFORMANCE RELATED EARNINGS (PRE) 2 (31) 1 (65)% 178 (30) N/A
PRE Margin (%) 100.0% N/A 55.8%   56.2% N/A  
(+) Realized GP investment income 2,604 9,672 2,654 2% 15,180 14,838 (2)%
(+) Unrealized GP investment income (9,657) (3,773) 137 N/A (19,916) (2,949) (85)%
INVESTMENT RELATED EARNINGS (IRE) (7,053) 5,899 2,791 N/A (4,736) 11,889 N/A
(-) Unrealized GP investment income 9,657 3,773 (137) N/A 19,916 2,949 (85)%
(-) Unrealized performance fees – 8,711 – N/A 3,483 8,711 150%
(+) Unrealized performance compensation – (3,083) – N/A (1,233) (3,083) 150%
SEGMENT DISTRIBUTABLE EARNINGS 16,513 30,813 17,547 6% 56,675 62,528 10%
Segment DE Margin (%) 58.1% 60.4% 51.7%   60.6% 53.7%  
               
FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM) 10,294 12,026 11,976 16% 10,294 11,976 16%
AVERAGE MANAGEMENT FEE RATE (%) 1.03% 1.13% 1.01%   0.94% 1.04%  

 

Fee Related Revenues of R$31.3 million for the quarter ended September 30, 2025, up 21% year-over-year. The increase was supported by strong business momentum driven by success fees in our Real Estate advisory business and inorganic growth. Fee Related Revenues were R$92.9 million for the year-to-date period ended September 30, 2025, up 25%.

 

Fee Related Earnings (FRE) of R$14.9 million for the quarter ended September 30, 2025, up 7% year-over-year. FRE was R$42.1 million for the year-to-date period ended September 30, 2025, up 8% year-over-year.

 

Investment Related Earnings (IRE) of R$2.8 million for the quarter ended September 30, 2025, driven mostly by quarterly dividends of listed REITs for the realized portion, while closed-end funds mark-ups drove the unrealized.

 

Segment Distributable Earnings of R$17.5 million for the quarter ended September 30, 2025, up 6% year-over-year. Segment DE was R$62.5 million for the year-to-date period ended September 30, 2025, up 10% year-over-year.

 

AUM of R$12.1 billion at the end of the third quarter, a 17% increase year-over-year. This segment encompasses Infrastructure, Real Estate, and Forestry strategies.

 

Earnings Release   |   Vinci Compass10

 

 

Corporate Advisory

 

(R$ thousands, unless mentioned) 3Q'24 2Q'25 3Q'25 ∆ YoY (%) 3Q'24 YTD 3Q'25 YTD ∆ YoY (%)
Net revenue from management fees – – – N/A – – N/A
Net revenue from advisory fees 4,949 8,220 5,332 8% 23,506 14,009 (40)%
Other revenues – – – N/A – – N/A
Total Fee Related Revenues 4,949 8,220 5,332 8% 23,506 14,009 (40)%
Segment personnel expenses (601) (712) (793) 32% (1,763) (2,057) 17%
Other G&A expenses (75) (284) (94) 24% (530) (511) (4)%
Placement fee amortization and rebates – – – N/A – – N/A
Corporate center expenses (1,241) (1,061) (1,063) (14)% (3,583) (2,967) (17)%
Bonus compensation related to management and advisory (1,690) (2,267) (1,578) (7)% (7,551) (4,012) (47)%
Total Fee Related Expenses (3,607) (4,323) (3,528) (2)% (13,427) (9,548) (29)%
FEE RELATED EARNINGS (FRE) 1,342 3,897 1,804 34% 10,079 4,461 (56)%
FRE Margin (%) 27.1% 47.4% 33.8%   42.9% 31.8%  
SEGMENT DISTRIBUTABLE EARNINGS 1,342 3,897 1,804 34% 10,079 4,461 (56)%
Segment DE Margin (%) 27.1% 47.4% 33.8%   42.9% 31.8%  

 

Fee Related Earnings (FRE) of R$1.8 million for the quarter ended September 30, 2025, up 34% year-over-year. Deal activity has been quieter than expected amidst the persistent high-interest rate environment. FRE was R$4.5 million for the year-to-date period ended September 30, 2025.

 

Segment Distributable Earnings of R$1.8 million for the quarter ended September 30, 2025, up 34% year-over-year.

 

Earnings Release   |   Vinci Compass11

 

 

Income Statement

 

(R$ thousands, unless mentioned) 3Q'24 2Q'25 3Q'25 ∆ YoY (%) 3Q'24 YTD 3Q'25 YTD ∆ YoY (%)
REVENUES              
Net revenue from management fees 106,750 195,569 201,539 89% 317,339 592,637 87%
Net revenue from performance fees 1,890 8,342 2,986 58% 9,776 14,405 47%
Realized performance fees 1,890 17,054 2,986 58% 13,259 23,117 74%
Unrealized performance fees – (8,711) – N/A (3,483) (8,711) 150%
Net revenue from advisory 5,966 26,220 25,384 325% 27,806 76,457 175%
Other revenues – 10,944 11,404 N/A – 33,610 N/A
Total net revenues from services rendered 114,606 241,075 241,313 111% 354,921 717,109 102%
OPERATING EXPENSES              
Bonus related to management and advisory (19,228) (33,127) (36,407) 89% (61,356) (101,278) 65%
Performance based compensation (907) (3,683) (1,282) 41% (4,419) (6,315) 43%
Realized (907) (6,766) (1,282) 41% (5,652) (9,398) 66%
Unrealized – 3,083 – N/A 1,233 3,083 150%
Total compensation and benefits (20,135) (36,810) (37,689) 87% (65,775) (107,593) 64%
Segment personnel expenses (8,238) (20,682) (18,135) 120% (23,131) (58,942) 155%
Other general and administrative expenses (6,110) (17,423) (14,185) 132% (18,140) (47,039) 159%
Placement fee amortization and rebates (503) (17,792) (19,461) 3,769% (1,494) (58,268) 3,800%
Corporate center expenses (24,817) (78,484) (73,083) 194% (71,654) (229,219) 220%
Total expenses (59,803) (171,191) (162,553) 172% (180,194) (501,061) 178%
Operating profit 54,803 69,884 78,760 44% 174,727 216,048 24%
OTHER GP AND FINANCIAM INCOME AND EXPENSES              
Investment Related Earnings (IRE) (6,609) 11,064 5,048 N/A 11,150 20,118 80%
Realized gain from GP investment income 4,539 13,576 4,362 (4)% 21,324 22,223 4%
Unrealized gain from GP investment income (11,149) (2,512) 686 N/A (10,174) (2,105) (79)%
Financial income 15,178 21,804 14,878 (2)% 38,961 51,105 31%
Realized gain from financial income 15,178 21,804 14,878 (2)% 38,961 51,105 31%
Unrealized gain from financial income – – – N/A – – N/A
Leasing expenses (1,931) (3,722) (3,373) 75% (6,223) (10,853) 74%
Other items 1,496 (5,165) (25,839) N/A (34,745) (35,462) 2%
Equity gain (loss) – (3,996) 3,609 N/A – (2,588) N/A
Share based plan (4,147) (6,994) (8,101) 95% (15,955) (20,098) 26%
Management contract amortization – (3,471) (3,692) N/A – (10,033) N/A
Extraordinary expenses (3,728) (618) (133) (96)% (16,735) (1,006) (94)%
Total Other items 259 8,902 (17,603) N/A (23,547) (8,817) (63)%
Profit before income taxes 55,062 78,785 61,157 11% 151,180 207,230 37%
(-) Income taxes (13,693) (12,012) (12,598) (8)% (35,756) (35,970) 1%
NET INCOME 41,369 66,773 48,559 17% 115,424 171,260 48%
(+) Nonrecurring expenses (including Income Tax effect) 3,727 422 133 (96)% 16,639 783 (95)%
(-) Earn-out Adjust (5,444) (10,851) 10,753 N/A 2,225 (8,239) N/A
ADJUSTED NET INCOME 39,652 56,345 59,445 50% 134,288 163,805 22%

 

Total net revenues from services rendered R$241.3 million for the quarter ended September 30, 2025, up 111% year-over-year. This growth was driven by stronger management and advisory fees in the period, primarily from the combination with Compass, additional to the acquisition of Lacan, combined with organic fundraising for SPS IV. Net revenues for the year-to-date period ended September 30, 2025, were R$717.1 million, up 102% when compared to the same period in 2024.

 

·Management fee revenues of R$201.5 million for the quarter ended September 30, 2025, up 89% year-over-year. Management fees for the year-to-date period ended September 30, 2025, were R$592.6 million, up 87% when compared to the same period in 2024.

 

Earnings Release   |   Vinci Compass12

 

 

·Performance fee revenues R$3.0 million for the quarter ended September 30, 2025, up 58% year-over-year. Performance fee revenues for the year-to-date period ended September 30, 2025, were R$14.4 million, up 47% when compared to the same period in 2024.

 

·Advisory fee revenues of R$25.4 million for the quarter ended September 30, 2025, compared to R$6.0 million for the quarter ended September 30, 2024, an increase of 325% year-over-year, driven by the contribution from the Compass combination in the Global IP&S segment. Advisory revenues for the year-to-date period ended September 30, 2025, were R$76.5 million, up 175% when compared to the same period in 2024.

 

Total expenses for the quarter ended September 30, 2025, of R$162.6 million, compared to R$59.8 million for the quarter ended September 30, 2024, an increase of 172% year-over-year. Total expenses for the year-to-date period ended September 30, 2025, were R$501.1 million, up 178% when compared to the same period in 2024. This increase is primarily attributed to the combination with Compass, with the additional management team brought with the transaction. 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$36.4 million for the quarter ended September 30, 2025, compared to R$19.3 million for the quarter ended September 30, 2024, an 89% increase year-over-year. Bonus related to management and advisory fees for the year-to-date period ended September 30, 2025, was R$101.3 million, up 65%.

 

·Performance based compensation of R$1.3 million for the quarter ended September 30, 2025, compared to R$0.9 million for the quarter ended September 30, 2024, an increase of 41% year-over-year. Performance based compensation for the year-to-date period ended September 30, 2025, was R$6.3 million, up 43%.

 

·Segment personnel expensesxvi of R$18.1 million for the quarter ended September 30, 2025, compared to R$8.2 million for the quarter ended September 30, 2024, an increase of 120% year-over-year. Segment personnel expenses for the year-to-date period ended September 30, 2025, were R$58.9 million, up 155%.

 

·Corporate center expensesxvii of R$73.1 million for the quarter ended September 30, 2025, compared to R$24.8 million for the quarter ended September 30, 2024, an increase of 194% year-over-year. Corporate center expenses for the year-to-date period ended September 30, 2025, were R$229.2 million, up 220%.

 

Earnings Release   |   Vinci Compass13

 

 

·Other general and administrative expensesxviii of R$14.2 million for the quarter ended September 30, 2025, compared to R$6.1 million for the quarter ended September 30, 2024, an increase of 132% year-over-year. Other G&A expenses for the year-to-date period ended September 30, 2025, were R$47.0 million, up 159%.

 

·Placement fee amortization and rebatesxix of R$19.5 million for the quarter ended September 30, 2025, up 3,769% year-over-year. This line was introduced following the combination with Compass and was not meaningful before the transaction, and it started to have a bigger contribution to our expenses, particularly in the Credit and IP&S segments, as it reflects fees paid to distributors that, due to accounting procedures, are not deducted directly from management fees. Placement fee amortization and rebates for the year-to-date period ended September 30, 2025, totaled R$58.3 million.

 

Operating profit of R$78.8 million for the quarter ended September 30, 2025, compared to R$54.8 million for the quarter ended September 30, 2024, an increase of 44% year-over-year. Operating profit for the year-to-date period ended September 30, 2025, was R$216.0 million, up 24% compared to the same period in 2024.

 

Investment Related Earnings (IRE)xx,  a result of the company’s GP investments in its proprietary private market funds, was R$5.0 million for the quarter ended September 30, 2025, compared to negative R$6.6 million for the quarter ended September 30, 2024. IRE for the year-to-date period ended September 30, 2025, totaled R$20.1 million, up 80% year-over-year.

 

Financial incomexxi of R$14.9 million for the quarter ended September 30, 2025, down 2% year-over-year. Financial income for the year-to-date period ended September 30, 2025, was R$51.1 million, up 31% year-over-year.

 

Leasing expensesxxii of R$3.4 million for the quarter ended September 30, 2025, compared to R$1.9 million for the quarter ended September 30, 2024, an increase of 75% year-over-year. Leasing expenses for the year-to-date period ended September 30, 2025, were R$10.9 million, up 74% year-over-year.

 

Other items of negative R$25.8 million for the quarter ended September 30, 2025, compared to R$1.5 million for the quarter ended September 30, 2024. 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.

 

Share-based compensationxxiii of R$8.1 million for the quarter ended September 30, 2025, compared to R$4.1 million for the quarter ended September 30, 2024, an increase of 95% year-over-year. Share-based compensation for the year-to-date period ended September 30, 2025, was R$20.1 million, up 26% year-over-year.

 

Earnings Release   |   Vinci Compass14

 

 

Profit before income taxes of R$61.2 million for the quarter ended September 30, 2025, compared to R$55.1 million in the same period of 2024, an increase of 11% year-over-year. Profit before income taxes for the year-to-date period ended September 30, 2025, was R$207.2 million, up 37% year-over-year.

 

Income taxesxxiv of R$12.6 million for the quarter ended September 30, 2025, which represented an effective tax rate of approximately 21%, compared to R$13.7 million for the quarter ended September 30, 2024. Income taxes for the year-to-date period ended September 30, 2025, were R$36.0 million, up 1% year-over-year.  

 

Non-operational expenses of R$0.1 million for the quarter ended June 30, 2025. 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 positive R$10.8 million for the quarter ended September 30, 2025. Contingent consideration adjustment related to Vinci SPS and Compass’ acquisitions reflects the change in earn out’s fair value to be paid. On September 30, 2025, Vinci Compass re-evaluated the fair value of those obligations based on the economic conditions at the date, resulting in a decrease of the contingent consideration fair value. The variation was recognized as a gain in the financial result.

 

Adjusted net income of R$59.4 million for the quarter ended September 30, 2025, compared to R$41.4 million for the quarter ended September 30, 2024, an increase of 50% year-over-year. Adjusted net income for the year-to-date period ended September 30, 2025, was R$163.8 million, up 22% year-over-year.

 

 

Earnings Release   |   Vinci Compass15

 

 

Supplemental Details

 

Assets Under Management (AUM) Rollforward

  

  For the Three Months Ended September 30, 2025  
             

In R$ millions		 Global IP&S Credit Private Equity Equities Real Assets Total
Beginning balance 230,155 30,459 15,769 15,552 12,123 304,057
(+/-) Capital Subscription / (capital return) – 191 (27) – (399) (235)
(+) Capital Subscription – 344 1 – 49 394
(-) Capital Return – (153) (29) – (447) (629)
(+) Acquisitions – – – – – –
(+/-) Net Inflow / (outflow) 7,560 2,087 – (1,671) (3) 7,973
(+/-) FX Variation (5,278) (511) (55) (120) (31) (5,995)
(+/-) Appreciation / (depreciation) 8,781 657 (139) 780 380 10,458
Ending balance 241,217 32,882 15,548 14,542 12,071 316,259

 

 

  For the Twelve Months Ended September 30, 2025  
             

In R$ millions		 Global IP&S Credit Private Equity Equities Real Assets Total
Beginning balance 24,330 9,067 15,803 10,856 10,338 70,395
(+/-) Capital Subscription / (capital return) (6) 2,021 182 – (636) 1,562
(+) Capital Subscription 0 2,548 408 – 296 3,253
(-) Capital Return (6) (527) (226) – (932) (1,690)
(+) Acquisitions 216,007 18,780 – 4,355 2,006 241,147
(+/-) Net Inflow / (outflow) 524 2,547 – (2,481) (35) 555
(+/-) FX Variation (16,855) (1,506) (66) (360) (38) (18,826)
(+/-) Appreciation / (depreciation) 17,216 1,972 (371) 2,172 436 21,425
Ending balance 241,217 32,882 15,548 14,542 12,071 316,259

 

Earnings Release   |   Vinci Compass16

 

 

Fee-Earning Assets Under Management (FEAUM) Rollforward

 

  For the Three Months Ended September 30, 2025  
             

In R$ millions		 Global IP&S Credit Private Equity Equities Real Assets Total
Beginning balance 228,773 29,908 12,710 15,502 12,026 298,920
(+/-) Capital Subscription / (capital return) – 181 (27) – (399) (244)
(+) Capital Subscription – 335 – – 49 384
(-) Capital Return – (153) (27) – (447) (628)
(+) Acquisitions – – – – – –
(+/-) Net Inflow / (outflow) 7,588 2,081 – (1,662) (3) 8,004
(+/-) FX Variation (5,265) (502) (55) (119) (31) (5,971)
(+/-) Appreciation / (depreciation) 8,882 776 (21) 773 381 10,790
Ending balance 239,978 32,445 12,607 14,494 11,976 311,499

 

 

  For the Twelve Months Ended September 30, 2025  
             

In R$ millions		 Global IP&S Credit Private Equity Equities Real Assets Total
Beginning balance 24,043 8,866 12,690 10,823 10,294 66,717
(+/-) Capital Subscription / (capital return) (6) 2,014 201 – (606) 1,603
(+) Capital Subscription – 2,538 407 – 296 3,241
(-) Capital Return (6) (525) (206) – (902) (1,639)
(+) Acquisitions 215,477 18,340 – 4,316 2,006 240,138
(+/-) Net Inflow / (outflow) 521 2,608 – (2,443) (35) 651
(+/-) FX Variation (16,814) (1,476) (66) (359) (38) (18,753)
(+/-) Appreciation / (depreciation) 16,757 2,092 (218) 2,156 355 21,143
Ending balance 239,978 32,445 12,607 14,494 11,976 311,499
Earnings Release   |   Vinci Compass17

 

 

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

 

Fund Segment NAVxxv
(R$ millions)		 3Q'25 YTD 12 M 24 M Market
Comparison		 Index Rate
Vinci Total Return Equities 268.9 6.1% 30.0% 16.9% 28.5% IPCA + Yield IMA-B IPCA + Yield IMA-B
Mosaico Strategy Equities 906.5 6.8% 27.4% 11.8% 22.7% IBOV IBOV
Vinci Gas Dividendos FIA Equities 324.8 5.6% 24.0% 12.9% 26.4% IBOV IBOV
Compass CRECE+ Equities 157.2 8.9% 30.4% 27.8% 39.6% S&P/BMV IPC N/A
Compass Crecimiento Equities 219.8 (9.9)% (30.2)% 5.1% 206.4% S&P MERVAL N/A
Compass Small Cap Chile Equities 1,491.2 11.3% 45.0% 45.9% 60.4% N/A N/A
Vinci Crédito Imobiliário II Credit 700.6 0.8% 9.3% 8.2% 16.8% IPCA IPCA + 6%
Vinci Energia Sustentável Credit 519.5 3.0% 10.6% 9.3% 18.7% IPCA IPCA + 6%
Vinci Crédito Multiestratégia Credit 313.3 1.8% 10.3% 10.6% 24.2% CDI IPCA + 5%
Compass Latam Corporate Debt Fund Credit 5,223.0 3.3% 8.4% 7.3% 24.2% CEMBI Broad Div N/A
Compass Latam High Yield USD Credit 1,748.2 1.6% 5.6% 6.4% 24.7% CEMBI Broad Div HY N/A
Compass I+LIQG Credit 2,007.0 2.1% 7.0% 9.9% 22.8% PIP Cetes 28D N/A
Compass Credit Selection Credit 1,005.3 4.0% 11.4% 13.9% 28.9% CDI N/A
Compass Yield 30 Credit 2,129.5 3.2% 10.7% 13.2% 29.6% CDI CDI
Compass Deuda Plus Credit 308.5 2.6% 6.9% 6.7% 23.6% N/A N/A
Compass Renta Fija-B Credit 756.1 1.4% 4.5% 4.9% 10.2% CEMBI Broad Div N/A
Vinci Multiestratégia FIM Global IP&S 73.1 3.2% 9.1% 11.7% 21.8% CDI CDI
Atlas Strategy Global IP&S 212.5 2.7% 4.4% 12.1% 18.0% CDI CDI
Vinci Valorem FIM Global IP&S 763.8 3.2% 7.8% 10.4% 19.0% IMA-B IMA-B
Equilibrio Strategy Global IP&S 731.9 2.7% 5.7% 8.2% 15.1% IPCA   N/A
Vinci Retorno Real FIM Global IP&S 86.4 3.3% 4.8% 7.2% 15.9% IMA-B IMA-B
VISC11 Real Assets (listed REIT) 3,188.7 9.3% 22.4% 11.8% 13.5% IFIX IPCA + 6%
VILG11 Real Assets (listed REIT) 1,329.5 6.0% 28.2% 15.7% (1.0)% IFIX IPCA + 6%
VINO11 Real Assets (listed REIT) 421.6 3.9% 13.4% 14.4% (24.4)% IFIX IPCA + 6%
VIUR11 Real Assets (listed REIT) 153.1 2.6% 6.5% 2.4% (9.0)% IFIX IPCA + 6%
VCRI11 Real Assets (listed REIT) 128.7 0.7% 21.0% 3.1% 16.0% IFIX IPCA + X%
VICA11 Real Assets (REIT) 391.8 1.0% 3.3% 3.8% 4.4% IFIX CDI + 1%
VINCI FOF IMOBILIARIO FIM CP Real Assets (REIT) 46.9 2.5% 11.8% 8.9% - IFIX IFIX
VIGT11 Real Assets (listed REIT) 324.4 4.3% 32.5% (32.9)% (42.0)% N/A N/A

 

Benchmark     3Q'25 YTD 12 M 24 M
CDI[xxvi]     3.7% 10.4% 13.3% 25.8%
IMA-B 5xxvii     2.1% 8.3% 9.2% 18.4%
IPCAxxviii     0.6% 3.6% 5.2% 9.8%
IFIXxxix     3.0% 15.2% 8.6% 11.5%
IPCA + Yield IMA-B     2.5% 9.6% 13.0% 25.1%
IBOVxxx     5.3% 21.6% 10.9% 25.5%
S&P/BMV IPCxxxi     10.1% 30.6% 24.5% 32.7%
S&P MERVALxxxii     (11.1)% (30.0)% 4.5% 214.3%
CEMBI Broad Divxxxiii     3.1% 7.6% 6.4% 24.4%
CEMBI Broad Div HYxxxiv     2.7% 6.8% 6.7% 26.9%
PIP Cetes 28Dxxxv     1.9% 6.6% 9.3% 22.1%

 

Earnings Release   |   Vinci Compass18

 

 

Investment Records – Closed End Private Markets fundsxxxvi

 

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 MOICxxxvii 

(BRL)

Gross  MOIC

  (USD

Gross

 IRRxxxviii

 (BRL)

Gross IRR

 (USD)

 

Fund 1 Private Equity 2004 1,415 1,206 5,131 103 5,234 4.3x 4.0x 71.5% 77.2%
VCP II Private Equity 2011 2,200 2,683 1,893 2,007 3,900 1.5x 0.7x 4.8% (3.5)%
VCP III Private Equity 2018 4,000 2,548 301 5,249 5,549 2.2x 2.1x 24.0% 24.0%
VCP IV Private Equity 2022 3,879 1,118 – 1,352 1,352 1.2x 1.2x NM NM
VCP Strategyxxxix Private Equity   11,494 7,555 7,325 8,711 16,035 2.1x 1.8x 61.4% 67.3%
NE Empreendedorxl Private Equity 2003 36 13 26 – 26 2.1x 2.6x 22.0% 30.5%
Nordeste III Private Equity 2017 240 135 227 81 309 2.3x 1.8x 20.3% 13.3%
VIR IV Private Equity 2020 1,000 735 170 787 957 1.3x 1.4x 19.7% 20.3%
VIR Strategyxli Private Equity   1,276 882 423 869 1,292 1.5x 1.5x 20.7% 26.0%
SPS I Credit 2018 128 206 298 52 350 2.3x 1.8x 24.8% 18.4%
SPS II Credit 2020 671 1,062 1,095 555 1,650 2.2x 2.2x 22.4% 22.7%
SPS III Credit 2021 1,071 1,635 457 1,407 1,864 2.3x 2.4x 24.0% 23.1%
SPS IV Credit 2025 1,299 85 6 80 86 NM NM NM NM
SPS Strategyxlii Credit   3,169 2,987 1,856 2,095 3,951 2.3x 2.3x 23.3% 22.1%
MAV I Credit 2022 165 165 156 87 243 1.5x 1.4x 18.9% 21.0%
MAV II Credit 2023 205 205 40 206 246 1.2x 1.3x 19.0% 14.0%
MAV III Credit 2025 220 96 5 63 68 NM NM NM NM
MAV Strategyxliii Credit   590 467 201 356 557 1.3x 1.4x 19.0% 17.1%
Lacan Florestal I Real Assets 2012 253 253 255 323 578 2.3x 1.3x 11.2% 2.9%
Lacan Florestal II Real Assets 2016 356 356 125 591 716 2.0x 1.5x 12.1% 6.9%
Lacan Florestal III Real Assets 2020 501 390 – 528 528 1.4x 1.3x 11.2% 9.3%
Lacan Florestal IV Real Assets 2023 172 109 – 126 126 1.2x 1.2x 14.9% 18.4%
Lacan Strategyxliv Real Assets   1,282 1,108 380 1,567 1,948 1.8x 1.4x 11.6% 5.3%
FIP Transmissãoxlv Real Assets 2017 211 104 367 – 367 3.5x 2.6x 55.3% 40.1%
VIASxlvi Real Assets 2021 386 350 – 516 516 1.5x 1.4x 17.6% 14.8%
VICCxlvii Real Assets 2022 1,784 151 – 155 155 1.0x 1.0x NM NM
VFDLxlviii Real Assets 2021 422 334 16 376 392 1.2x 1.2x 8.9% 7.5%
Vinci Credit Infraxlix Credit 2022 1,848 1,256 59 1,409 1,468 1.2x 1.2x NM NM

 

Earnings Release   |   Vinci Compass19

 

 

Shareholder Dividends & Share Summary

 

($ in thousands) 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25
Adjusted Distributable Earnings (R$) 63,641 49,605 58,401 57,104 73,946 62,306 75,760 73,092
Adjusted Distributable Earnings (US$)l 12,829 9,801 10,331 9,872 12,804 11,027 13,964 13,645
Adjusted DE per Common Share (US$)li 0.24 0.18 0.19 0.19 0.20 0.17 0.22 0.22
Actual Dividend per Common Sharelii 0.20 0.17 0.17 0.16 0.15 0.15 0.15 0.15
                 
VINP Shares 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25
Shares Repurchased                
       # of Shares 93,249 533,981 220,135 374,834 607,643 683,148 173,762 –
       Average Cost (US$/share) 10.50 10.64 10.82 10.38 10.28 10.07 9.47 –
Capital Deployed (US$) 979,137 5,681,558 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 Aliii 39,312,578 38,778,597 38,779,209 38,404,375 49,580,116 48,896,968 48,778,420 48,778,420
Common Shares 53,778,817 53,244,836 53,245,448 52,870,614 64,046,355 63,363,207 63,244,659 63,244,659

 

Vinci Compass generated R$1.16 or US$0.22 of Adjusted Distributable Earnings per common share for the third quarter of 2025. The company declared a quarterly dividend of US$0.15 per common share to record holders as of November 24, 2025; payable on December 09, 2025.

 

Common Shares Outstanding as of quarter end of 63,244,659 shares.

 

There were no common shares repurchased in the quarter and as of September 30, 2025, there was no remaining authorization for the share repurchase plan.

 

Earnings Release   |   Vinci Compass20

 

 

Reconciliation and Disclosures

 

Non-GAAP Reconciliation

 

(R$ thousands, unless mentioned) 3Q'24 2Q'25 3Q'25 3Q'24 YTD 3Q'25 YTD
           
OPERATING PROFIT 54,803 69,884 78,760 174,727 216,048
(-) Net revenue from realized performance fees (1,890) (17,054) (2,986) (13,259) (23,117)
(-) Net revenue from unrealized performance fees – 8,711 – 3,483 8,711
(+) Compensation allocated in relation to performance fees 907 3,683 1,282 4,419 6,315
FEE RELATED EARNINGS (FRE) 53,819 65,224 77,056 169,369 207,957
           
OPERATING PROFIT 54,803 69,884 78,760 174,727 216,048
(-) Net revenue from management fees (106,750) (195,569) (201,539) (317,339) (592,637)
(-) Net revenue from advisory (5,966) (26,220) (25,384) (27,806) (76,457)
(-) Other revenues – (10,944) (11,404) – (33,610)
(+) Bonus related to management and advisory 19,228 33,127 36,407 61,356 101,278
(+) Personnel expenses 8,238 20,682 18,135 23,131 58,942
(+) Other general and administrative expenses 6,110 17,423 14,185 18,140 47,039
(+) Placement fee amortization and rebates 503 17,792 19,461 1,494 58,268
(+) Corporate center expenses 24,817 78,484 73,083 71,654 229,219
PERFORMANCE RELATED EARNINGS (PRE) 984 4,660 1,704 5,358 8,091
           
OPERATING PROFIT 54,803 69,884 78,760 174,727 216,048
(-) Net revenue from unrealized performance fees – 8,711 – 3,483 8,711
(+) Compensation allocated in relation to unrealized performance fees – (3,083) – (1,233) (3,083)
(+) Realized gain from GP investment income 4,539 13,576 4,362 21,324 22,223
SEGMENT DISTRIBUTABLE EARNINGS 59,342 89,088 83,122 198,301 243,899
           
NET INCOME 41,369 66,773 48,559 115,424 171,260
(-) Net revenue from unrealized performance fees – 8,711 – 3,483 8,711
(+) Income tax from unrealized performance fees – (1,004) – (401) (1,004)
(+) Compensation allocated in relation to unrealized performance fees – (3,083) – (1,233) (3,083)
(-) Unrealized gain from GP investment income 11,149 2,512 (686) 10,174 2,105
(+) Income tax on unrealized gain from GP investment income 180 (2,672) 193 (524) (1,785)
(-) Unrealized gain from financial income – – – 0 –
(+) Income tax on unrealized gain from financial income – – – – –
(-) Contingent consideration (earn-out) gain (loss)liv (8,248) (12,932) 13,398 3,371 (9,080)
(+) Income tax on contingent consideration 2,804 2,081 (2,645) (1,146) 841
(+) Depreciation and amortization 2,272 6,250 7,453 6,036 19,934
(+) Equity-based compensation 4,041 4,333 8,101 13,718 17,437
(-) Income Taxes on Equity-based compensation (190) 371 (262) (431) (8)
(+) Equity gain (loss) – 3,996 (3,609) – 2,588
(+) Dividends received – – 2,457 – 2,457
(+) Non-operational expenses including income tax related to realized expenselv 3,727 422 133 16,639 783
ADJUSTED DISTRIBUTABLE EARNINGS 57,104 75,759 73,092 165,110 211,157
           
TOTAL NET REVENUE FROM SERVICES RENDERED 114,606 241,075 241,313 354,921 717,109
(-) Net revenue from realized performance fees (1,890) (17,054) (2,986) (13,259) (23,117)
(-) Net revenue from unrealized performance fees – 8,711 – 3,483 8,711
NET REVENUE FROM MANAGEMENT FEES AND ADVISORY 112,716 232,733 238,327 345,146 702,704

 

Earnings Release   |   Vinci Compass21

 

 

Balance Sheet Results

 

Assets 6/30/2025 9/30/2025
Current assets    
Cash and cash equivalents 189,190 215,934
    Cash and bank deposits 100,449 103,176
    Financial instruments at fair value through profit or loss 58,148 96,994
    Financial instruments at amortized cost 30,593 15,764
Financial instruments at fair value through profit or loss 1,449,809 1,449,485
Trade receivables 189,754 197,409
Sub-leases receivable 645                    -  
Taxes recoverable 11,614 14,062
Other assets 57,596 53,575
Total current assets 1,898,608 1,930,465
     
Non-current assets    
Financial instruments at fair value through profit or loss 135,644 134,809
Financial instruments at amortized cost 6,036 5,866
Trade receivables 6,024 14,923
Sub-leases receivable 3,749 3,500
Taxes recoverable 3,887 3,478
Deferred taxes 29,254 33,104
Other receivables 39,323 44,261
  223,917 239,941
     
Investments accounted for using the equity method 55,455 59,636
Property and equipment 65,274 67,368
Right of use - Leases 126,571 127,911
Intangible assets 1,052,105 1,050,534
Total non-current assets 1,523,322 1,545,390
     
Total Assets 3,421,930 3,475,855

 

Earnings Release   |   Vinci Compass22

 

 

Liabilities and equity 6/30/2025 9/30/2025
Current liabilities    
Trade payables 9,366 9,081
Financial instruments at fair value through profit or loss 16,106 11,217
Deferred Revenue – 15,002
Leases 31,804 28,882
Accounts payable 35,231 38,024
Labor and social security obligations 100,640 128,508
Loans and Financing 25,786 32,384
Taxes and contributions payable 23,255 26,054
Total current liabilities 242,188 289,152
     
Non-current liabilities    
Leases 110,631 114,521
Labor and social security obligations 6,319 6,693
Loans and Financing 722,617 705,900
Deferred taxes 2,839 3,300
Retirement plans liabilities 454,387 478,007
  1,296,793 1,308,421
     
Total liabilities 1,538,981 1,597,573
     
Equity    
Share capital 18 18
Additional paid-in capital 2,094,601 2,094,601
Treasury shares (306,608) (306,608)
Retained Earnings 101,177 98,952
Other reserves (4,443) (6,198)
  1,884,745 1,880,765
     
Non-controlling interests in the equity of subsidiaries (1,796) (2,483)
     
Total equity 1,882,949 1,878,282
     
Total liabilities and equity 3,421,930 3,475,855

 

Earnings Release   |   Vinci Compass23

 

 

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

 

Earnings Release   |   Vinci Compass24

 

 

 

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 “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).

 

xi “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.

 

xii “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).

 

xiii “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.

 

xiv “Adjusted DE per share” is calculated considering the number of outstanding shares at the end of the current quarter. Last twelve months values are calculated as the sum of the last four quarters.

 

xv “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.

 

Earnings Release   |   Vinci Compass25

 

 

 

xvi “Segment personnel expenses” are composed of the salary-part compensation paid to employees and partners of our funds’ management teams.

 

xvii “Corporate center expenses” are composed by the salary-compensation paid to employees and partners of our support teams and other expenses, such as research, risk, legal & compliance, investor relations, operations and ESG.

 

xviii “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.

 

xix “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.

 

xx “Investment Related Earnings” or “IRE” is income from proprietary investments made by us in our own Private Markets’ funds, used as GP Commitments.

 

xxi “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 public equities and hedge funds’ segments.

 

xxii “Leasing expenses” include costs from the company’s sub-leasing activities.

 

xxiii “Share Based Plan” is the composition of two benefit programs: SOP (Stock Option Plan) and RSU (Restricted Stock Units). In Stock Option Plan the company concedes to an employee the option to buy stock in the company with stated fixed price. The Restricted Stock Units concedes company shares to an employee through a vesting plan in which RSUs are assigned a fair market value.

 

xxiv 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 part of our subsidiaries is taxed based on deemed profit.

 

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

 

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

 

Earnings Release   |   Vinci Compass26

 

 

 

xxvii 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.

 

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

 

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

 

xxx Brazil stock market most relevant index.

 

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

 

xxxii 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.

 

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

 

xxxiv 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.

 

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

 

xxxvi 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.

 

xxxvii “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.

 

xxxviii “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.

 

xxxix Total commitments for VCP III include R$1.3 billion in co-investments. Track record presented for the VCP strategy as of 2Q’25, due to fund’s administrator timeline to disclose the quarterly markup of the fund.

 

xl 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.

 

xli Track record for VIR strategy is presented as of 2Q’25, due to fund’s administrator timeline to disclose the quarterly markup of the fund.

 

xlii Track record for Vinci SPS strategy is presented as of 3Q’25.

 

Earnings Release   |   Vinci Compass27

 

 

 

xliii Track record for MAV strategy is presented as of 3Q’25.

 

xliv Track record for Lacan strategy is presented as of 3Q’25.

 

xlv Track record for FIP Infra is presented as of 2Q’25.

 

xlvi Track record for VIAS is presented as of 2Q’25.

 

xlvii Total commitments for VICC are presented as of 2Q’25.

 

xlviii Track record for VFDL is presented as of 3Q’25.

 

xlix Track record for Vinci Credit Infra is presented as of 3Q’25.

 

l US$ Distributable Earnings was calculated considering the exchange rate from USD to BRL of 5.3567, as of November 07, 2025, when dividends were approved by our Board of Directors.

 

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

 

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

 

liii As of September 30, 2025, Public Float was comprised of 13,767,359 Class A common shares.

 

liv Contingent consideration adjustment (after-tax) related to acquisitions and combination with Compass reflects the change in the earn out’s fair value to be paid in the future. On September 30, 2025, Vinci Compass revaluated the fair value of the obligation based on the economic conditions at the date, resulting in a decrease of the contingent consideration fair value. The variation was recognized as a gain in the financial result.

 

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

 

Earnings Release   |   Vinci Compass28

 

 

 

VinciCompass;