Vinci Compass Investments Ltd.

Good afternoon and welcome to Vinci Compass fourth quarter and full year 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 Horta, Chief Executive Officer, Bruno Zaremba, President of Finance and Operations, and Sérgio Passos, Chief Financial Officer. Earlier today, we issued a press release, slide presentation, and our financial statements for the quarter and for the full year 2025, which are available on our website at ir.intocompass.com. I'd like to remind you that today's call may include forelooking statements, which are uncertain and outside of the form's control, and 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 of R20F. 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 Vinci Compass fund. On results for the fourth quarter 2025, Vinci Compass generated fee-related earnings of R$ 80.4 million, or R$ 1.23 per share. FRA margin of 32.6% and adjusted distributable earnings of R$ 81.3 million, or R$ 1.24 per share. For full-year numbers, Venture Compass posted fee-related earnings of R$ 288.4 million, or R$ 4.52 per share. FRA margin of 30.4% and adjusted distributable earnings of R$ 292.4 million, or R$ 4.58 per share. We declare a quarterly dividend of $0.17 per common share, payable on April 2nd to shareholders of record as of March 19th. With that, I'll turn the call over to Alessandro.

Thank you, Ana. Good evening, and thank you all for joining our call. We are delighted to be with you today as we present our results for the fourth quarter and full year 2025. As you all know, 2025 marked a pivotal chapter in our history. It was our first full year operating as a pan-regional platform following our business combination with Compass. I am deeply proud of all the teams across our countries in Latin America who have worked tremendously to extract the most value from our merger. In 2025, we were able to, right from the start, position our company as a Latin America platform, working together across all teams to drive synergies across products and commercial teams. In 2025, we also hosted our first Investor Day as Vinci Compass, with the heads of all our main strategies present. We presented our vision for the next cycle and how and why we are well positioned to capture the growth in alternatives in Latin America. On the same day as our investor day, we also announced the acquisition of Verge, which closed in December and added approximately R$ 16 billion in AUM. As we did with Compass, we were able to start working on revenue synergies with the Verge team from the start. We are pleased to share that we have launched the first product born out of the collaboration between the two companies. The Vinte Verde F.I. Infra, or Vive F.I. Infra, combines Vinte Compas' credit expertise with Verde's well-established multi-strategy track record as co-manager. The feedback from the local community has been great, and we are already seeing strong demand and growing interest from investors, especially in the intermediaries channel at this point. We view this launch as a clear demonstration of the strategic rationale behind the combination, expanding our solutions set by joining forces, leveraging Verde's team's outstanding track record in multi-strategy funds and strong brand strength across intermediary channels, and deepening synergies between the two firms. The collaboration between the teams has just started and we are very excited about what's ahead. Having Luiz Stuberge and the Verde team as partners is one of the proudest achievements of 2025 and will be an extremely fruitful partnership for the company in 2026 and coming years. Shifting to a brief overview of our fourth quarter fundraising, we ended the year with 354 billion reais in total AUM, reflecting not only the impact of inorganic growth, but also strong capital formation and portfolio appreciation across our strategies. Only during this quarter, we had R$ 14 billion in capital formation and appreciation, favorably impacting our AUM. For the full year, this adds up to R$ 42 billion, representing a 13% year-over-year growth. Our fundraising momentum remained robust across the global IPNS and credit segments. Infrastructure credit, specifically, continues to demonstrate strong long-term momentum across multiple vehicles and client segments. The tax-exempt nature of several of these assets create compelling investment opportunities, and we believe IntiCompass has established itself as a reference manager in this space. The positioning was further reinforced in January 2026, when we won a new BNDES tender process. We are very proud of this achievement, which marks the third time Brazil's Development Bank has appointed Vinci Compass to manage a long-term private credit fund focused on sustainable finance and incorporating strict ESG guidelines. Another particularly strong highlight was in real assets, where we signed a 2.8 billion reais SMA with an Asian LP within our infrastructure strategy. We have been investing a lot of time in Asia, and this SMA represents a significant milestone for our platform and reflects the growing interest we have been highlighting throughout the year from global investors seeking alternative investment exposure in Latin America. In our view, this can be the first of several mandates that we arrange for global institutional investors to allocate capital to the region, and it reinforces our view that the macro backdrop continues to support increased international allocations to the left-hand opportunities. Turning to private equity, the first couple of months of 2026 have been exciting for the segment. Our team has announced two transactions that increased the liquidity profile of both VCP2 and VCP3. In January, VCP3 IPO'd Agibank on the New York Stock Exchange. This marks an important step in the fund's history, crystallizing a 3.8 times gross MOC in Brazilian reais and a 35% IRR for VCP3 at the IPO price. This is the first step to generating liquidity in this investment, which has been one of the best performing assets in Fundtree. In February, the team signed a definitive agreement for the reverse IPO of CBO, a VCP2 portfolio company, into OceanPact, a Novo Mercado listed company. Upon closing, the combined company will become the second largest offshore service vessel operator in Brazil, and the fifth largest globally by fleet size, forming an scaled and diversified offshore and environmental services platform with long-term contracted backlog. This quarter, Through the combination of markups in VCP4 and appreciation in our listed REITs position, we notice a very positive impact on our unrealized RRE. As we underlined during our investor day, we expect this phase of the RRE cycle, characterized by portfolio appreciation, to continue supporting unrealized gains from our proprietary commitments in closed-end funds. Towards the end of the cycle, we expect to realize the value of these investments, which will then reflect in our realized IRE and distributable earnings. These accomplishments, across the three vintages, underscore the team's outstanding ability not only to source compelling opportunities, but also to actively create value within portfolio companies and execute successful divestments, reinforcing our disciplined and hands-on approach to value creation. On the deployment side, the current market environment continues to create attractive entry opportunities, positioning VCP4 adventurously as private markets present compelling entry multiples relative to historical levels. Looking ahead, the expected start of a monetary using cycle would gradually reduce debt service costs for leveraged companies and lower discount rates in Brazil. The conditions for this move appear increasingly well established and expectations of monetary easing have already supported a re-rating of domestic assets. That said, we do anticipate periods of volatility, particularly considering upcoming electoral cycles in Brazil, Colombia and Peru. In addition, we remain attentive to the broader global macroeconomic environment and its potential impact on alternative managers' portfolios. However, our business was built to navigate and capitalize on volatility and market dislocation. We have a natural hedge across geographies and strategies, with the opportunity and flexibility to allocate capital locally, regionally and globally. This structural resilience is directly linked to the stage we have reached as a firm, clearly differentiating us from the other local and regional players. As we enter the new year, we do so with a clear set of opportunities in front of us and an extensive fundraising pipeline that Bruno will address shortly. We firmly believe that the strength, scalability, and diversification of Finch Compass position us to continue displaying healthy growth in 2026, deepening our leadership across Latin America, and continue delivering long-term value for our shareholders. Thank you again for joining our call. With that, I'll turn it over to Bruno.