Vinci Compass Investments Ltd.

Good afternoon and welcome to Vinci Compass Second 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 the time. As a reminder, this call will be recorded. I would now like to turn the conference over to Anna Castro, Investor Relations Manager. Please go ahead, Anna.

Thank you and good evening everyone. Joining us today are Alessandro Horta, 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 second quarter to 2026, which are available on our website at ir.vintercompass.com. I'd like to remind you that today's call may include far-looking 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 our 20F. We will also refer to certain non-GAAP ledgers 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 vintage Compass fund. On results for the second quarter of 2026, Venture Compass generated fee-related earnings of R$ 88.7 million or R$ 1.35 per share, with an FRE margin of 32.5% and adjusted distributable earnings of R$ 63.3 million or R$ 0.96 per share. We declare a quarterly dividend of 17 cents on the dollar per common share, payable on September 9th to shareholders of record as of August 25th. With that, I'll turn the call over to Alessandro.

Thank you Anna and good evening everyone. Thank you for joining us today. The second quarter marked another important step in Vinci Compass' journey as the leading full-service alternative asset manager in Latin America. Over the past few years, we have consistently executed on a strategy built around three pillars. Expanding our investment capabilities, increasing the scale of our platform, and building a more diversified and resilient business. This quarter reflects tangible progress across each of these fronts, and I am particularly pleased to announce today the signing of an agreement to acquire Navi's real estate funds. Navis Real Estate Platform spans six funds across multi-strategy and residential strategies, with four vehicles listed on the Brazilian Stock Exchange and or the CCHIP. After closing, which we expect to happen during the fourth quarter, The transaction will add approximately R$ 800 million in assets under management, concentrated primarily in perpetual and long-term lock-up vehicles. Strategically, the fit couldn't be better. The transaction deepens our presence in the multi-strategy real estate segment by adding scale to one of our smaller strategies across the REIT business spanning across real estate and credit. This is significantly important in the REIT market, as larger funds tend to benefit when it comes to follow-on offerings, as markets are supportive when compared to smaller funds. The transaction also broadens the range of solutions we can offer our clients and strengthens our ability to compete in a market where scale, distribution and specialized investment expertise carry increasing weight. Together with our existing funds, this brings our Proforma Real Estate AOM for the second quarter of 2026 to approximately R$ 7 billion, of which R$ 750 million now within Multistrategy, giving us a stronger foundation from which to grow the business over time. It also reinforces Vinci Compass' role as a consolidator of high-quality investment franchises across Latin America, and it reflects the discipline we bring to every opportunity we pursue, seeking those that are strategically compelling, financially attractive and highly complementary to what we already do. Moreover, this transaction speaks to a defining characteristic of our model. Over the years, we have invested in building a scalable organization underpinned by deep investment expertise and a robust corporate infrastructure. That foundation allows us to absorb a meaningful volume of additional assets while leveraging the resources we already have in place. Another important milestone was the successful closing of our combination with Bax Asset Management in early June, adding R$ 4 billion in AUM across credit and equities. By combining our asset management capabilities with BAC's extensive corporate and retail distribution network, we took an important step towards building a scaled and increasingly relevant asset management platform in Argentina, one that is well positioned to benefit from the ongoing transformation of the country's financial system and the growing demand for more sophisticated investment solutions. We remain constructive on the long-term outlook for Argentina, supported by the evolving savings dynamics in the region, rising financial penetration and a growing need for scale and efficiency. Against this backdrop, the combination enhances our ability to capture attractive growth opportunities across mutual funds, money market products, dollar-based strategies and alternative investments, while strengthening our position in a market that is still in the early stages of consolidation. Since announcing the transaction, we have been very pleased with the reception from clients and partners and we are already seeing early signs of that enthusiasm beginning to translate into inflows, which we expect to build over the second half of the year. Taking together, Baxia Navi captures something we have consistently emphasized to investors, the strategic benefits of our platform compound as we grow, becoming more powerful with scale. Alongside these developments, our existing businesses continued to perform well, reinforcing the strength of the platform we have built over many years. In the quarter, we had R$ 13 billion in capital formation and appreciation, with close to R$ 1 billion in new commitments across our newest vintages currently in the fundraising phase. SPS4, MAV4, LACAN4 and VSP2. Looking at the fundraising pipeline going forward, we are very excited about a strong and well-diversified set of flagship strategies in the market during the second half of 2026, such as COPCO, VRI5, Credit Infra and further commitments in VSP2, SPS4 and LACAN4 spanning our credit, real assets, private equity and global IP&S segments. The breadth and quality of this pipeline reinforce our confidence in the growth ahead and Bruno will walk you through it in more detail shortly. Supporting this extensive product suite, the macroenvironment across Latin America remains constructive in general, though still marked by volatility. Political uncertainty has started to ease in some markets, with recent market-friendly election outcomes in Peru and Colombia. Mexico, in particular, remains an important growth lever for Vinci Compass. During the quarter, we saw a strong momentum in our short-duration strategies, with over R$ 440 million in inflows into our Mexican credit funds. It also remains one of the most compelling structural opportunities in the region. Following the pension reform, mandatory contribution rates are set to rise towards 15% by 2030 and we expect the afforded system In addition, the structural nearshoring trend reflected in recent record foreign direct investment reinforces our long-term conviction in the market. In Brazil, the current interest rate environment continues to create attractive conditions for disciplined capital deployment in private markets, as elevated rates support more compelling entry valuations and allow us to negotiate downside protection structures, including hybrid debt and equity solutions that enhance risk-adjusted return potential. At the same time, still elevated real interest rates, a more cautious monetarizing cycle and election-related fiscal uncertainty continue to impact risk appetite, broader M&A activity and liquidity events, which may affect the timing of certain realizations and deals. In private equity, we had some important liquidity initiatives in early 2026 through the listing of AGI, a reverse IPO of CBO and the sale of Mundo do Cabelereiro. We continue to maintain a meaningful pipeline of potential divestment opportunities for the second half of the year. In corporate advisory, a constructive environment could gradually translate into higher deal activity. Against this backdrop, the team is working on an extensive pipeline of opportunities for the second half of 2026, which we expect to materialize as market conditions improve. At this point, we expect that the second half of the year will be better than the first half, revenue-wise, with some mandates expected to close in the next six months. Moreover, external fundamentals remain supportive, with strong trade flows, resilient commodity exports and stable currency backdrop. Which the Brazilian real and regional currencies continue to benefit from these stagnant fundamentals, we could reopen room for an improvement in domestic assets. A relevant factor during the quarter was the strong supply of IPOs and follow-on offerings tied to artificial intelligence and the broader technology sector in the US. Enthusiasm around AI remains one of the main drivers of the US market, but the sheer size of these transactions requires meaningful capital absorption. As a result, some investors have reduced positions in other markets to participate in these deals, putting pressure on assets outside the technology sector. Encouragingly, this dynamic appears less intense going forward. The most recent AI and technology-related offerings do not seem to carry the same extraordinary volumes observed earlier, suggesting that the technical pressure from capital rotating out of other markets may begin to ease. In this context, our equity segment could be a beneficiary of this rotation. Turning to a brief snapshot of our financial performance, this quarter we posted higher management fees with an initial one-month contribution for BACs as well as organic growth across credit and global AP&S. Fee-related earnings reached R$ 89 million in the second quarter up 36% year-over-year, with an FRI margin of 33%, up 450 basis points year-over-year. In the second quarter 26, year to date, FRI margin reached 34% up 580 basis points year over year. This profitability expansion reflects the operating leverage of our platform, as revenue growth from both recent acquisitions and organic fundraising continues to outpace the growth in our cost base. We remain firmly on track toward the 38% FRA margin targeted by 2028 that we laid out at our investor day. As we have been highlighting over the past communications, distributable earnings naturally carries more volatility, and this is particularly true at this stage of our cycle, as we accelerate capital calls into our proprietary funds, which will impact our short-term financial income. During the quarter, we called approximately R$ 56 million, bringing total capital called from our IRE commitments to over R$ 960 million, or roughly 65% of our R$ 1.5 billion in total commitments. As this capital is deployed, it temporarily reduces the short-term financial income we earn on our cash, which weighs on distributable earnings in the near term. This, however, is a natural and intended feature of our model. Capital invested today into our own funds is designed to generate management fees, carry and capital gains as these funds mature and begin returning capital. In that sense, once again I would like to highlight the long-term value embedded in our balance sheet. We currently hold approximately R$ 890 million in long-term proprietary funds on our balance sheet. which is not fully reflected in our distributable earnings and by consequence at this stage constitutes a hidden asset in our business. We expect this value to translate into meaningful distributable earnings in the coming years as capital begins to flow back to us. That same focus on building durable, long-term value is evident across our funds. In infrastructure, the ICC closed the acquisition of a stake in Faro Energy, one of Brazil's leading distributable generation solar platforms. The transaction gives the Fund exposure to a scaled and highly contracted portfolio with operations across multiple Brazilian states, while also providing a meaningful pipeline for future expansion. Importantly, the investment aligns well with the ICC's strategy of building exposure to essential infrastructure assets supported by long term contracted cash flows and secular trends linked to the energy transition. We believe this will further reinforce our team's ability to deploy capital in sectors where operational expertise and active asset management can create substantial long-term value. Another important development within our infrastructure platform relates to the International Airport of Rio de Janeiro, Galeão. As previously disclosed, Vinci Compass expects to receive between R$ 90 and R$ 100 million net of taxes and associated expenses from the identification associated with the airport's concession process. This amount should be recognized during the second half of 2026 and will impact our distributable earnings. Beyond its financial contribution, this outcome reflects the value generated by our infrastructure team prior the auction, including involvement in the negotiation and structuring the new regulatory model. To conclude, what we find most compelling is the alignment The demand for alternatives across Latin America is accelerating. The region stands out as a stable and diversified destination for global capital. And we have spent years building the platform, the talent and the execution capabilities required to capture it. Each transaction we complete adds scale, deepens our capabilities, broadens the solution we can offer our clients, and reinforces our ability to compound value. Vinci Compass enters the second half of 2026 from a clear position of strength. We are executing with discipline against the priorities we let out on our investor day, strengthening our regional presence, scaling our highest growth strategies, and allocating capital with rigor. Above all, our focus remains on creating long-term value for our clients, shareholders and partners. I have never been more confident in our ability to deliver it. Thank you all for joining us today. I will turn the call over to Bruno.