Vinci Compass Investments Ltd.

Good afternoon and welcome to Vinci Compass first quarter 2026 earnings 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 will 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 first quarter of 2026. which are available on our website at ir.vincicompass.com. I'd like to remind you that today's call may include forelooking statements, which are uncertain and outside of the firm'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 factors section of R20S. We will also refer to certain non-gap measures and new fine 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 first quarter of 2026, Vinci Compass generated fee-related earnings of R$ 96.3 million, or R$ 1.47 per share, FRE margin of 35.4%, and adjusted distributable earnings of R$ 62.2 million, or R$ 0.95 on the real per share. we declare a quarterly dividend of 17 cents on the dollar per common share, payable on June 8th to shareholders of record as of May 25th. With that, I'll turn the call over to Alessandro.

Thank you, Ana, and good evening, everyone. Thank you for joining us today. Before I turn to our quarterly performance, I would like to highlight some meaningful developments that occurred recently. after the end of the quarter. As you know, we are diligently executing on the strategic priorities we outlined during our investor day, including expanding our footprint in key Latin American markets and strengthening local distribution capabilities. The start of 2026 already reflects steady and consistent progress across each of these dimensions. We announced in April a strategic combination with BACS Asset Management to build a skilled asset management platform in Argentina by combining our existing asset management practice with BACS' extensive corporate and retail distribution network. Argentina is undergoing a rapid transformation of its financial system, marked by growing demand for mutual funds, money market products, dollar-based strategies, and alternative investments. We see the country as one of the most attractive growth opportunities for asset management in the region, supported by structural shifts in savings behavior and an increasing need for scale and efficiency. This transaction positions us for accelerated growth in a rapidly consolidating local asset management market. A further strategic achievement has been the integration with Verge, which is progressing extremely well with a strong cultural fit and an impressive degree of complementarity that have already proven to be invaluable. we are seeing tangible benefits from the strong collaboration between the teams. The first product we launched together, ZV-FE Infra, is gaining traction with increasing client engagement and encouraging feedback from the local investment community. While the collaboration between the teams has only just begun, the power of expanding our solutions set by joining forces has already proven to be even greater than we initially anticipated. Moreover, I would like to highlight a recent development within our infrastructure strategy, which we discussed in greater detail in our 2025 Form 20S and is expected to have an impact on our results in 2026. As we disclosed in the past, our infrastructure team had reached an agreement in 2025 to acquire an interest in the holding company owned by Shang-Yi that held a stake alongside Infraero in the concessionaire of the Rio de Janeiro International Airport, Galeão. Following the outcome of the concession auction in March of this year, in which Aena was declared the winning bidder, the holding company that a fund managed by 20 companies had an interest became entitled to receive an identification-related amount. Vigicompass is then expected to receive a portion of this identification, which we estimate to be of approximately R$ 100 million, already net of taxes and associated expenses. This outcome reflects the team's activities undertaken prior to the auction, including the infrastructure team's involvement in the negotiation and structure the new regulatory model, alongside general expenses incurred. We expect this amount to positively impact our distributable earnings during the third or fourth quarter of 2026. In the private equity segment, we are also pleased to share exciting news. Last week, we announced the conclusion of the exit of portfolio company Mundo do Cabeleireiro from the Nordeste Third Fund within the VRR strategy. Since the fund's investment in 2018, Mundo do Caberereiro has stressed its market presence, becoming a leading player in cosmetics retail in the North and Northeast regions and expanding significantly into São Paulo. This represents the fifth exit among six investments from Nordeste Trace, highlighting the private equity team's proven ability to drive value creation within portfolio companies and execute successful divestments generating strong DPIs. This accomplishment is instrumental in supporting the success of VR5, which was recently launched and is currently in its fundraising phase, with the first closing expected in the next few quarters. Shifting to the macro environment, overall sentiment towards Latin America remains very constructive. As investors seek to diversify away from U.S. centric exposures, Latin America, as a geopolitically neutral and increasingly stable region, is well positioned to attract meaningful inflows. The region benefits from strong diplomatic ties across the West and East with no significant regional conflicts, which further enhances its appeal as a strategic allocation. Although local elections and oil price fluctuations remain sources of uncertainty, with still limited clarity of how fiscal policies and political leadership may evolve in Brazil, Colombia and Peru, recent market dynamics have been encouraging. The resiliency of the Brasilia Real, for example, has highlighted growing interest from international investors particularly during the IMF meetings, positioning Brazil as one of the countries better insulated from oil price shocks and supported by an energy surplus. Leveraging this momentum, we held our annual global investment conferences and seminars across Chile, Brazil, Argentina and Uruguay with more than 1,500 clients and investors, including pension funds, insurance companies, intermediaries, single family offices, and high net worth individuals. The scale and reputation of our platform were further reinforced by the quality of the agenda, with over 20 speakers, including a former president of Colombia, a global geopolitical strategist, and leading regional macroeconomic consultants. Translating these trends to our AOM during the first quarter, despite global macroeconomic uncertainty around private credit and a historically quieter quarter for the industry, we experienced strong capital formation across most segments, particularly in our TPD business and credit strategies, with contributions across different countries and products. including private credit in Peru and Brazil, public credit in Argentina, and our Leton, corporate hard currency strategy. We continue to see strong engagement in our proprietary private credit funds from sophisticated investors, and this strategy remains a core pillar of our growth agenda with new fund launches in Chile and Colombia. complementing existing funds currently in fundraising in Brazil and Peru. Turning to a brief snapshot of our financial performance, the quarter benefited from the full consolidation of Verge, which contributed to stronger management fees, while we continue to fundraise and exercise cost discipline across the platform. As a result, we delivered the highest quarterly FRE in our history, totaling R$96 million, with an FRE margin of over 35%. The combination of selective inorganic expansion, organic growth, and operating leverage remains central to our ability to compound fee-related earnings over the short, medium, and long term. Our FIE remains the core of our business and is the representation of our growth over the years and the operating leverage we have as we continue to raise capital across all our segments. We truly believe this quarter underlies the power of our platform, especially when looking into FIE numbers. In comparison, distributable earnings for us still represent some volatility from quarter to quarter, as we have impacts from performance and IRE mainly, besides the recurring FRI base. It's important to highlight and remember that we have R$ 868 million in assets allocated to proprietary long-term funds. which, with the exception of a smaller allocation to REITs, are not contributing to cash earnings at this moment. If this amount was yielding close to CDI, we would have additional R$ 21 million in our distributable earnings on a quarterly basis. Although our FIA has shown continued growth and reflects The value we have been creating in our business over the years, our balance sheet value is still not fully reflected in our results, and by consequence, constitutes somewhat of a hidden asset in our business. We expect the balance sheet to start realizing substantial value on distributable earnings in coming years, as capital starts to be distributed from IRA commitment funds. In the last 12 months, for instance, our total RE was 65 million reais, with 35 million reais of this total only impacting accounting net earnings. As capital starts flowing back, these unrealized gains will impact distributive earnings in a meaningful way. To conclude, we believe each compass enters the remainder of 2026 from a position of strength. We are executing against the priorities outlined at our investor day by strengthening our regional presence, scaling high growth strategies and maintaining disciplined capital allocation. At the same time, our broadening footprint, deep local origination capabilities, and rigorous underwriting standards provide a strong foundation to navigate a backdrop of heightening external volatility. With a diversified platform, expanding distribution capabilities, and structural tailwinds, supporting alternatives in Latin America, we see a compelling opportunity set ahead. More importantly, we believe we have the platform, talent and execution capabilities required to capture it. Thank you again for joining us today. With that, I'll turn the call over to Bruno.