Vinci Compass Investments Ltd.

Good afternoon and welcome to Vinci Compass 3rd Quarter 2025 Results Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session and instructions will follow at that time. As a reminder, this call will be recorded. I would now like to turn the conference over to Ana Castro, Investor Relations Manager. Please, go ahead, Ana.

Thank you and good evening, everyone. Joining us today are Alessandro Orta, Chief Executive Officer, Bruno Zaremba, President of Finance and Operations, and Sergio Passos, Chief Financial Officer. Earlier today, we issued a press release, slide presentation, and our financial statements for the quarter, which are available on our website at ir.vinciocompass.com. I'd like to remind you that today's call may include forelooking statements, which are uncertain outside of the firm's control. It may differ from actual results materially. We do not undertake any duty to update these statements. For discussion of some of the risks that could affect results, please see the risk factor section over 20F. We will also refer to certain non-GAAP measures and you'll find reconciliations in the release. Also note that nothing on this call constitutes an offer to sell or solicitation of an offer to purchase an interest in any venture compass fund. On results for the third quarter, Vinci Compass generated fee-related earnings of R$ 77.1 million, or R$ 1.22 per share, FRE margin of 32.3%, and adjusted distributable earnings of R$ 73.1 million, or R$ 1.16 per share. We declare a quarterly dividend of R$ 0.15 on the dollar per common share, payable on December 9th to shareholders of record as of November 24th. With that, I'll turn the call over to Alessandro.

Thank you, Ana. Good evening and thank you all for joining our call. We appreciate you joining us. We hit important milestones for Vinci Compass this quarter. Before we start discussing our quarterly results, I would like to take a moment to highlight some important recent milestones. In October, we hosted our second investor day in New York. It was a great opportunity to catch up with analysts and investors, reinforce Vinci Compass long-term vision, showcase the strength of our integrated platform and provide greater transparency into each of our business segments. During the event, we shared how we are positioning the firm to capture growth across our core strategies, driven by disciplined capital allocation, innovation in product development, and continued focus on delivering value to our clients and shareholders. The strong engagement and positive feedback from participants reaffirmed investors' confidence in our differentiated model and growth prospects in Latin America. We also discussed the acquisition of Vergi, a transaction that represents a significant milestone in our strategic expansion. This transaction further strengthens Vinci Compass position as a leading alternative investment platform in Latin America by combining forces with the region's leader in global and local asset allocation with an exceptional investment track record. The transaction was very well received by the local community as well as global clients in our shareholder base. We had the opportunity to discuss the Investor Day and the Verge transaction in person with analysts and investors in the following days that week in New York and the feedback was very constructive. We feel our constituents recognize the strategic and cultural alignment between the two firms and the long-term value creation potential for this combination, leaving us very excited and confident about the future. We remain on track to close the transaction by the end of November. Although we had an exciting start of fourth quarter with the investor day in the Verge transaction, the work hasn't stopped since. We are already executing on the priorities we outlined, such as accelerating regional expansion, capturing the secular growth opportunity in private credit, and expanding FRE margins through revenue stream leverage and operating cost discipline. In SPS 4, we secured not only our first offshore commitment, but also the first Brazilian pension plan commitment in the history of our opportunistic capital solution funds, a clear evidence of our outstanding ability to penetrate long-standing relationships to distribute proprietary funds across different channels. Bruno will unpack the fundraising pipeline in a moment, but we are very encouraged by the depth of interest we are encountering. particularly from foreign investors tracking our upcoming second closing. Shifting to our third quarter results, we crossed the 30% FRE margin threshold in the third quarter, delivering a 32% FRE margin, the highest level year to date. This reflects both the potential for margin expansion from platform growth we have been discussing with you and our discipline cost execution. This quarter, we began to see the impact from cost reduction initiatives carried out this year throughout the firm, combined with the operational leverage resulting from the strong fundraising in our funds over the past few quarters. We have been extremely focused on driving efficiencies since closing the combination with Compass and we are very satisfied with the results which are now starting to flow through the income statement this quarter. This progress is the result of the thorough work of all management teams and the executive committee as we approach the final stages of integrating both companies. And we have discussed, we see substantial opportunity to expand our margins and efficiencies represent only a portion of that. The most meaningful driver is platform growth, whether organically or through acquisitions. We are on the path to achieve our 38% FRA margin target by 2028. as discussed at the Investor Day, supported by additional cost reduction initiatives in the pipeline, substantial fundraising across all segments and the expected closing of Verge in 2025. Shifting to the macro environment, broad-based asset appreciation and an easing rate bias across emerging economies continue to create a constructive environment for our platform. Brazil should benefit even more than its peers, supported by the potential of a future political shift that could reinforce fiscal responsibility and by a likely selic cutting cycle beginning in the coming months. With lower rates and better anchored inflation expectations, we see further room for a re-rating of local assets, which has already begun. Across the region, Mexico and Chile are meaningfully ahead in their easy cycles. Mexico has cut from 11.25% to 7.50% over roughly 18 months, with further reductions expected. And Chile is already below 5%, with its cycle well advanced. This creates differentiated asset allocation, deployment and capital gains opportunities across Latin America. Reinforcing this environment, several countries are moving or are expected to move toward more market friendly policies, including potentially Chile and Brazil, as well as Colombia and Argentina, which is already undergoing Millet's pro-market shift. In Argentina specifically, authorities are taking meaningful steps to reverse years of persistent fiscal deficits. These dynamics are also reviving the case for international portfolio diversification. We believe the trend of global investors seeking exposure beyond the US has further to run, supporting our fundraising, offering attractive risk-adjusted opportunities and potential currency diversification. Turning to credit, this segment is building momentum, as expected, with Latin American investors and increasingly global allocators. Our Latin corporate debt strategy raised over R$ 1 billion in the quarter, with 30% coming from investors outside the region, underscoring both strong international appetite and the reach of our distribution across Europe and the US. Our forestry vertical is also drawing strong international interest, especially from European development finance institutions. We aim to converse this attention into capital subscription for our Lacan IV fund in the fourth quarter of 2025 and into 2026. Our positioning as a leading provider of nature-based solutions in Latin America and the ability to scale through planted forest while capturing higher quality carbon credits and biodiversity co-benefits, position us to pursue a significant addressable market across DFIs, global corporations, institutional investors and family offices. Recent international announcements support of brazil's forest programs underscore rising global capital flows into conservation and nature-based solutions moving on to global ipns our third-party distribution business continues to deliver strong results with tpd alternative and liquid funds as key growth drivers within that Semi-liquid funds are standing out by pairing sophisticated products with retail-friendly features. We are seeing very strong receptivity in retail channels and expected continued traction as we broaden distribution. Private debt and middle market strategies continue to attract sophisticated investors and we plan to expand our middle market funds offerings. Altogether, we delivered R$19 billion in capital formation and appreciation in the quarter, bringing AUM to R$316 billion. In US dollars, AUM reached just a tad below $60 billion, at a record R$59.4 billion. To wrap up, our opportunity set has never been stronger. Structured tailwinds in alternatives and emerging markets are accelerating, and Vinci Compass is the reference partner in our region. More investors across channels are adopting private market solutions than ever, and we expect this trend to continue in the medium term. We are investing behind this demand with scalable products, disciplined risk management, and a growing distribution footprint. Looking ahead, our platform is built for this environment and positioned to capture the generational shifts underway in the global economy and markets, compounding value for our clients and shareholders. Thank you again for joining us. With that, I'll turn it over to Bruno.