Patria Investments Limited

Good day and thank you for standing by. Welcome to the PATRIA first quarter 2026 earnings. At this time, all our participants are in the listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press TAR11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, Good morning everyone. Welcome to Patra's first quarter 2026 earnings call.

Speaking today are our Chief Executive Officer, Alex Saig, and our Chief Financial Officer, Rafael Denadai, who join us for his first earnings call in this role. This morning, we wish the press release and earnings presentation available on our Investor Relations website and on Form 6-K filed with the SEC. A replay will be available on our IR website. As a reminder, today's call contains forward-looking statements which are subject to risks and uncertainties. Do not guarantee future performance and undue reliance should not be placed on them. Please refer to this forward-looking statement, disclaimer, and risk factors in our most recent Form 20-F. PASA reports under IFRS and will reference certain non-IFRS measures. Reconciliations are in the earnings presentation. With that, I'll hand it to Alex.

Thank you, Andre. Good morning, everyone. We started 2026 with solid operating performance. As we continue to make progress expanding the breadth and reach of our platform, our results this quarter reflect three consistent drivers. Continued organic fundraising momentum, growth in fee-earning AUM, and differentiated investment performance across our investment strategies. Before I turn to the quarter, I want to formally welcome Rafael Denardai, for his first earnings call as our CFO. Rafael has been a partner of this firm since 2024 and has been closely involved in our financial operations. He knows our business well and I am confident he will bring a fresh perspective to the role. Now turning to the quarter. Fundraising total $2.1 billion, keeping us firmly on track to achieve Our full year guidance of $7 billion. We see upside potential as we work to beat our 2025 record fundraising of $7.7 billion, given the strength of investor demand we are seeing across the platform. Peer Earning AUM reached $45.8 billion, up approximately 12% from fourth quarter 2025, and 31% year-over-year, reflecting year-over-year organic growth and the closing of Solace, our Brazilian CLO platform, and three Brazilian REITs acquisitions, including RBR, Vectis and Genial, which together added approximately $4.9 billion of free-earning AUM. Proforma for WP Global Partners, our co-investment platform in the U.S., which closed on April 1st, fee earning AUM stands at approximately $47.5 billion. The growth in fee earnings AUM drove fee-related earnings of approximately $51 million for the quarter, up 19% year-over-year, and we remain on a solid path to achieve our full year F.R.E. guidance of 225 to 245 million dollars. To put this progress into context, analyzing our first quarter F.R.E. and adding the 10 to 15 million dollars of seasonal incentive fees that typically crystallize in the fourth quarter gets us to roughly $215 to $220 million, even before considering the additional revenue growth and margin expansion versus first quarter 2026 that we expect to see over the balance of the year. Finally, the suitable earnings per share of $0.27 rose 14% year over year. Rafael will take you through the financials in detail. I also want to highlight that subsequent to the quarter, PATRIA reached an important milestone as we completed our first issuance of $350 million of fixed-rate long-term debt. The notes were placed with a diversified group of institutional investors, primarily in the United States. and the offering was approximately 3 times oversubscribed. This transaction extends our maturity profile, reduces our reliance on short-term credit facilities and provides additional balance sheet flexibility. The notes include a mix of 5, 7 and 10-year maturities with fixed coupons ranging from 6 to 6.6% resulting in an average duration of 8.5 years and an average cost of 6.4% per year. Proceeds are being used to retire our existing revolving credit facilities with a balance sheet available to fund future growth initiatives. Performer for the offering, our net debt to FRE ratio stands at approximately 0.8 times consistent with our long-term target of one times or less. Rafael will provide more detail on our capital management outlook in his remarks. Of course, the bedrock of our ability to grow the business is investment performance, and we continue to generate attractive returns across our platform. As shown in our earnings presentation, The vast majority of our funds have historically outperformed their relevant benchmark, with over 80% of our current free-earning AOM, excluding SMAs and third-party managed funds, invested in funds that have exceeded their benchmarks since inception. This reflects the consistency of our investment process across cycles and Strategies, and remains the foundation of our LP relationships and our capacity to raise capital. I invite you to take a look at the return pages of our earnings presentation. For example, our largest strategy, Credit Latam High Yield, with over $5 billion in fee earning AUM, shown on the Investment Performance section of our earnings presentation, has generated 11% annualized net returns in U.S. dollars since inception 26 years ago, outperforming its benchmark by over 360 basis points and, as you can also see in the page, is outperforming its benchmark for all periods analyzed year-to-date 1, 3, and 5 years. Investment performance, of course, directly translates into revenue growth as over 70% of our fee-earning AUM, namely in credit, real estate, GPMS, and public equities, grows as our funds deliver positive performance according to their underlying market value. As a reminder, Our drawdown vehicles charge fees on a cost basis, so marks in underlying portfolios do not affect management fees. Moving on, we are very pleased with our fundraising in the quarter, which reflected our continued momentum across multiple verticals. Our credit vertical continues to stand out as we raised over $925 million across various strategies, that keep attracting strong demand from local investors and, depending on the strategy, global investors as well. Of note, Solace contributed with over $265 million in the quarter, quickly highlighting how this business is additive to our overall platform. The integration of Solace is progressing well and is expanding our capabilities in private structured credit Thank you very much. Thank you. and expect this to be a meaningful contributor to fundraising throughout the year. Infrastructure continues to attract sustained demand from global institutional investors and raised over $545 million in the quarter, particularly notable as we are not currently raising a flagship fund. As we are seeing growing interest in large scale, Many of these mandates are targeted to specific initiatives, such as the data center project we announced in partnership with ByteDance that is now advancing through its construction phase, and we are in active conversations on additional transactions of comparable scale. This represents the kind of fee-generating structured mandate we expect to see with greater regularity as our product offering continues to develop. In addition, we continue to expand the breadth of our infrastructure platform into new strategies such as Infrastructure Core. In private equity, we raised $275 million through a co-investment opportunity, and continue to develop a pipeline of additional co-investment and SMA transactions. We are also seeing growing traction in our local buyout Colombian Fund and our high-growth Reforest Fund. Our ability to raise capital for co-investments reflects continued LP confidence in our origination capabilities, even considering the DPI challenge Thank you very much. The new interest rate environment has not yet materialized. To address the challenges of that part of our business, we have recently appointed the leader of our value creation team to focus primarily on divestments, while the existing leader of our private active vertical will focus on investing our buyout fund number seven, and various SMAs and co-investment opportunities. Meanwhile, Buyout Fund No. 6 and Buyout Fund No. 7 portfolio companies are performing well, having generated an average EBITDA growth of approximately 17% last year. Performance has also been strong for our growth equity and venture capital strategies. With flagship funds generating a net IIR in US dollars of 13% and 17% respectively. Now, with respect to GPMS, first quarter fundraising totaled around $265 million, and we anticipate that 2026 should be a good year for several reasons. First, we note that this quarter's fundraising includes a $139 million first close for our inaugural co-mingled co-investment vehicle, the Patria Co-Investment Partnership Fund. This highlights our ability to develop new products on top of acquired platforms. Second, we expect to complete the fundraise for our Secondary Opportunity Fund 5, or SOF 5, in the coming months. We can share that SOF 5 has already received commitments in excess of its initial target of $500 million, and that we believe the fund could reach close to $600 million by its final close, which would make it approximately 50% This highlights our ability to enhance the commercial performance of existing products within acquired platforms. And finally, we are particularly pleased to see that our European program is seeing increased interest from a broad range of institutional investors including local institutional clients in Latin America as well as North American and Asian investors who are already part of PATRIA's global client base. This is an important development I want to highlight. The incremental demand from existing investors who have partnered with us in Latin America and are now expanding their engagement with us into new strategies and most notably into new regions. Furthermore, The WP Global Partners acquisition, which closed on April 1st, further strengthens our position in the U.S. lower middle market, adding a local institutional presence and origination network in a segment where track record and relationships are the primary competitive differentiators. Real estate fundraising outlook remains strong. Take two of our largest Brazilian REITs in logistics and urban retail, for example. They have over $160 million of capital already contracted, which should flow into free-earning AUM in the coming quarters. Highlighting what we believe to be one of our structural competitive advantages, the scale of our listed vehicles allows us to execute on our asset exchange model. As a way to monetize their portfolios. This asset exchange program is generating an attractive fundraising pipeline that we believe is not only less dependent on the interest rate environment than traditional fundraising, but also potentially less costly to originate as well. The RDR acquisition further enhanced our scale and structural advantage as we expect real estate, which is currently over 90% in permanent capital vehicles, to be a strong contributor to fundraising over the balance of the year. Reflecting on the growth and fundraising that we are experiencing across our platform, Diversify.firm's investment and distribution capabilities both organically and inorganically. We believe we now have at least 10 investment strategies with flagship funds with the potential to raise more than a billion dollars each per fund, up from just two flagship funds at the time of our IPO. All of our fundraising initiatives reinforce and support the high quality of our asset base as over 85% of our fee-earning AUM is in vehicles with no or limited redemptions, and our permanent capital base now stands at approximately $10.7 billion, or roughly 23% of total fee-earning AUM. In addition, pending fee earning AUM, capital committed that would earn fees as deployed, increased about 17% to approximately $3.3 billion in the quarter, providing additional visibility into future management fee revenues. At our December 2024 Investor Day, we set a three-year Cumulative Performance Related Earnings, or PRE, Target of $120 to $140 million for the period from Q4 2024 through year-end 2027, having generated approximately $62 million through the first quarter of 2026. Infrastructure Fund 3 continues to support this progress, with about $19 million of net accrued carry well-positioned for monetization this year. As we approach the mid-term of our guidance period and gain greater visibility into Private Active Fund 6, which has $237 million of net accrued carry, we now expect PRE realization to take longer, making contributions more likely beyond 2027, rather than within our original timeframe. Importantly, this is a timing issue, not a value one. and Private Active Buyouts Fund 6 is well positioned to be a significant PRE contributor in 2028 and beyond. Meanwhile, we are encouraged by the expansion of our PRE sources across growth, venture, real estate and credit, which together has about $13 million of growing net accrued carry, some of which could generate PRE in 2027. Taking it all together, we believe cumulative PRE for the fourth quarter 2024 through the fourth quarter 2027 period can reach $80 to $100 million with upside potential if markets improve and divestment activity accelerates. Now, let me share a brief perspective on the operating macro environment. Having invested across Latin America through multiple cycles for nearly 40 years, we bring long-term standing perspective, deep local knowledge and resilience that few can match. We continue to believe the region's exposure to commodities, its evolving renewable energy mix and its significant infrastructure needs make it an area of sustained structural interest for global capital, Well beyond short-term market dynamics. Given the recent geopolitical developments you are well aware of, we are seeing growing engagement from global investors with institutional allocators across Asia and Europe increasingly turning their attention to Latin America and engaging with us across a broader and more diversified set of strategies This reflects not just interest in the region, but confidence in our integrated platform, scale and execution capabilities. We are continuing to invest in our ability to meet this demand and we believe we are uniquely positioned to capture these opportunities. In summary, we are executing consistently across the business. Fundraising is on track. Our asset base is predominantly long duration and non-reducible. Our investment performance is solid. And we remain confident in our ability to achieve our full-year objectives. With that, I will hand the call to Rafael. Thank you.