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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
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1Q’26 Earnings Release May 11th, 2026
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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$347 billion in assets under management and advisory.
Webcast and Earnings Conference Call
Vinci Compass will host a conference call at 5:00pm ET on Monday, May 11, 2026, to announce its first quarter 2026 results.
To access the webcast please visit the Events & Presentations' section of the Company's website at:
https://ir.vincicompass.com/news-and-events/events.
For those unable to listen to the live broadcast, there will be a webcast replay on the same section of the website.
Investor Contact
ShareholderRelations@vincicompass.com
NY: +1 (646) 559-8040
RJ: +55 (21) 2159-6240
USA Media Contact
Joele Frank, Wilkinson Brimmer Katcher
Kate Thompson
+1 (212) 355-4449
Brazil Media Contact
Danthi Comunicações
Carla Azevedo (carla@danthicomunicacoes.com.br)
+55 (21) 3114-0779
| Earnings Release | Vinci Compass | 3 |
1Q’26 Earnings Release May 11th, 2026
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Segment Earnings
| (R$ 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 Compass | 4 |
1Q’26 Earnings Release May 11th, 2026
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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$4.55/share) for the last twelve months ended March 31, 2026, up 16% when compared to the last twelve months ended March 31, 2025, on an absolute basis, and up 5% on a per share basis.
| Earnings Release | Vinci Compass | 5 |
1Q’26 Earnings Release May 11th, 2026
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Segment Highlights
Global IP&S
| (R$ 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 Compass | 6 |
1Q’26 Earnings Release May 11th, 2026
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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$265.5 billion, representing a 14% year-over-year increase. This growth was driven by both inorganic expansion from the Verde acquisition, appreciation within the portfolio, and net inflows, offset by FX variation for the last twelve months.
| Earnings Release | Vinci Compass | 7 |
1Q’26 Earnings Release May 11th, 2026
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Credit
| (R$ 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$36.8 billion in the quarter, up 25% year-over-year. Our one-stop-shop credit platform is accelerating both local-to-local and cross-border, delivering continued capital formation and appreciation during the 1Q’26 across private credit and liquid strategies, backed by diversified funding geographies.
| Earnings Release | Vinci Compass | 8 |
1Q’26 Earnings Release May 11th, 2026
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Private Equity
| (R$ 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$15.0 billion at the end of the first quarter, down 9% year-over-year. VCP team continues sourcing new investment opportunities for Fund IV and pursuing exits across Funds II and III, as VIR team concentrates on structuring the next impact investing vintage, VIR V.
| Earnings Release | Vinci Compass | 9 |
1Q’26 Earnings Release May 11th, 2026
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Equities
| (R$ 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$1.0 billion of capital formation and appreciation in the quarter, with positive inflows coming from LatAm and Brazil UCITS strategies, highlighting continued investor interest in the platform.
| Earnings Release | Vinci Compass | 10 |
1Q’26 Earnings Release May 11th, 2026
| |
Real Assets
| (R$ 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$15.4 billion at the end of the first quarter 2026, a 29% increase year-over-year.
| Earnings Release | Vinci Compass | 11 |
1Q’26 Earnings Release May 11th, 2026
| |
Corporate Advisory
| (R$ 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$4.1 million for the quarter ended December 31, 2025, down 66% year-over-year.
| Earnings Release | Vinci Compass | 12 |
1Q’26 Earnings Release May 11th, 2026
| |
Income Statement
| (R$ 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 Compass | 13 |
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 Compass | 14 |
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 Compass | 15 |
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$273.4 million, up 49% year-over-year.
| Earnings Release | Vinci Compass | 16 |
1Q’26 Earnings Release May 11th, 2026
| |
Supplemental Details
Assets Under Management (AUM) Rollforward
For the Three Months Ended March 31, 2026
In R$ 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 Compass | 17 |
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 Compass | 18 |
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 Compass | 19 |
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 Compass | 20 |
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$0.17 per common share to record holders as of May 25, 2026; payable on June 8, 2026.
Common Shares Outstanding as of quarter end of 65,422,098 shares.
There were no common shares repurchased in the quarter and as of March 31, 2026, there was no remaining authorization for the share repurchase plan.
| Earnings Release | Vinci Compass | 21 |
1Q’26 Earnings Release May 11th, 2026
| |
Reconciliation and Disclosures
Non-GAAP Reconciliation
| (R$ 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 Compass | 22 |
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 Compass | 23 |
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 Compass | 24 |
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 Compass | 25 |
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.
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1Q’26 Earnings Release May 11th, 2026
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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.
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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.
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