Q1 2026 Vinci Compass Investments Ltd. Earnings Call

May 11, 2026

Operator 2: Good afternoon, welcome to Vinci Compass Q1 2026 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session. 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.

Operator: Good afternoon and welcome to Vinci Compass Q1 2026 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. 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.

Speaker #1: 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.

Speaker #1: I will now like to turn the conference over to Anna Castro, Investor Relations Manager. Please go ahead, Anna.

Speaker #2: 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.

Ana Castro: Thank you, 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 Q1 2026, which are available on our website at ir.vincicompass.com. I'd like to remind you that today's call may include forward-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 measures, you'll find reconciliations in the release.

Anna Castro: Thank you, 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 Q1 2026, which are available on our website at ir.vincicompass.com.

Speaker #2: Earlier today, we issued a press release slide presentation and our financial statements for the first quarter 2026, which are available on our website at ir.vincicompass.com.

Speaker #2: I'd like to remind you that today's call may include forward-looking statements, which are uncertain and outside of the firm's control, and may differ from actual results materially.

Anna Castro: I'd like to remind you that today's call may include forward-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 measures, you'll find reconciliations in the release.

Speaker #2: 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.

Speaker #2: We will also refer to certain non-GAAP 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.

Ana Castro: 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. For results for Q1 2026, Vinci Compass generated fee-related earnings of BRL 96.3 million or BRL 1.47 per share, FRE margin of 35.4%, and adjusted distributable earnings of BRL 62.2 million or BRL 0.95 per share. We declare a quarterly dividend of $0.17 per common share, payable on 8 June to shareholders of record as of 25 May. With that, I'll turn the call over to Alessandro.

Anna Castro: 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. For results for Q1 2026, Vinci Compass generated fee-related earnings of BRL 96.3 million or BRL 1.47 per share, FRE margin of 35.4%, and adjusted distributable earnings of BRL 62.2 million or BRL 0.95 per share. We declare a quarterly dividend of $0.17 per common share, payable on 8 June to shareholders of record as of 25 May. With that, I'll turn the call over to Alessandro.

Speaker #2: On results for the first quarter 2026, Vinci Compass generated fee-related earnings of $96.3 million, or $1.47 per share. FRE margin was 35.4%, and adjusted distributable earnings were $62.2 million, or $0.95 per share.

Speaker #2: We declare a quarterly dividend of $0.17 7 on the dollar per common share, payable on June 8th to shareholders of record as of May 25th.

Speaker #2: With that, I'll turn the call over to Alessandro.

Speaker #3: Thank you, Anna, 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 after the end of the quarter.

Alessandro Horta: Thank you, Ana. 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 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 the 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, market by growing demand for mutual funds, money market products, dollar-based strategies, and alternative investments.

Speaker #3: 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.

Speaker #3: The start of 2026 already reflects the 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.

Alessandro Horta: 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, market by growing demand for mutual funds, money market products, dollar-based strategies, and alternative investments.

Speaker #3: 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.

Alessandro Horta: 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 Verde, 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, VV 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.

This transaction positions us for accelerated growth in a rapidly consolidating local asset management market.

Alessandro Horta: We are seeing tangible benefits from the strong collaboration between the teams. The first product we launched together, VV 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.

A further strategic achievement has been the integration with the AG, which is progressing extremely well, with a strong cultural fit and an impressive degree of complementarity that have already proven to be available.

We are seeing tangible benefits from the strong collaboration between the teams.

Alessandro Horta: 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 Changi 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 Vinci Compass had an interest became entitled to receive an indemnification-related amount.

The first product, we launched it together. Vivi 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 into 2026.

Alessandro Horta: 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 Vinci Compass had an interest became entitled to receive an indemnification-related amount. Vinci Compass is expected to receive a portion of this indemnification, which we estimate to be of approximately BRL 100 million, already net of taxes and associated expenses.

As we disclose it in the past, our infrastructure team had reached it and agreement in 2025 to acquire an interest in the holding company owned by shanghi that held a state. Alongside Israel in the consistent are of their huge January, International Airport, gallon,

Alessandro Horta: Vinci Compass is expected to receive a portion of this indemnification, which we estimate to be of approximately BRL 100 million, already net of taxes and associated expenses. This outcome reflects the team's activities undertaking 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 Q3 or Q4 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 III Fund within the VIR strategy. Since the fund's investment in 2018, Mundo do Cabeleireiro has stressed its market presence, becoming a leading player in cosmetics retail in the north and northeast regions and expanding significantly into São Paulo.

following the outcome of the concession action in March of this year in which I am was declared the winning beer, the holding company that a fund managed by Vinci Compass, had an interest became entitled to receive an identification related amount

Which Compass is then expected to receive a portion of this in Dennis cation, which we estimate to be of approximately 100 million years.

Alessandro Horta: This outcome reflects the team's activities undertaking 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 Q3 or Q4 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 III Fund within the VIR strategy.

Already, net of taxes and Associated expenses.

we expect this amount to positively impact our distributable earnings, during the third or fourth quarter of 2026,

Alessandro Horta: Since the fund's investment in 2018, Mundo do Cabeleireiro 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 III, highlighting the private equity team's proven ability to drive value creation within portfolio companies and execute successful divestments generating strong DPIs.

In the private Equity segment, we are also pleased to share exciting news. Last week, we are now at the conclusion of the exit of portfolio company. Third fund within the VR strategy.

Alessandro Horta: This represents the fifth exit among six investments from Nordeste III, 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 VIR V, 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 US-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.

since the funds investment in 2018 has stressed, its Market presence, becoming a leading player in cosmetics, retail in the north and Northeast regions and expanding significantly into s Paul

Alessandro Horta: This accomplishment is instrumental in supporting the success of VIR V, 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 US-centric exposures, Latin America, as a geopolitically neutral and increasingly stable region, is well-positioned to attract meaningful inflows.

This represents the fifth exit among 6 investments from the audacity Trace highlighting. The private Equity teams proving ability to drive value creation, within portfolio companies, and execute successful, divestments generating a strong DPI.

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.

Excuse me to the macro environment overall sentiment towards Latin America remain very constructive.

Alessandro Horta: 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 on how fiscal policies and political leadership may evolve in Brazil, Colombia, and Peru, recent market dynamics have been encouraging.

As investors seek to diversify away from us Centric, exposures Latin America as a geopolitically neutral and increasingly stable region is well positioned to attract meaningful inflows.

Alessandro Horta: Although local elections and oil price fluctuations remain sources of uncertainty, with still limited clarity on how fiscal policies and political leadership may evolve in Brazil, Colombia, and Peru, recent market dynamics have been encouraging. The resiliency of the Brazilian 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 office, 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 and for a former president of Colombia, a global geopolitical strategist, and leading regional macroeconomic consultants.

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.

Alessandro Horta: The resiliency of the Brazilian 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 office, and high-net-worth individuals.

although local elections and oil price fluctuations remain sources of uncertainty, which is still limited Clarity of how fiscal policies, and political leadership, May evolve in Brazil, Colombia in Peru, recent market dynamics, having been encouraging,

The resiliency of the Brazilian health. For example has highlighted growing interest from International investors, particularly during the IMF meetings positioning in Brazil as 1 of the countries. Better insulated from oil price shocks and supported by at energy Surplus.

Alessandro Horta: The scale and reputation of our platform were further reinforced by the quality of the agenda, with over 20 speakers, including and for a former president of Colombia, a global geopolitical strategist, and leading regional macroeconomic consultants.

Leveraging, these momentum we held our annual Global investment conferences and seminars across Chile, Brazil, Argentina and Uruguay with more than 1500 clients and investors including Pension funds insurance companies intermediaries single family office and high. Net worth individuals.

Alessandro Horta: Translating these trends to our AUM during Q1, 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 LatAm corporate hard currency strategy. We continue to see strong engagement in our proprietary private credit funds from sophisticated investors, and the 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 Verde, which contributed to stronger management fees while we continue to fundraise and exercise cost discipline across the platform.

They scale and reputation of our platform were further reinforced by the quality of the agenda, with over 20 speakers, including and for a former president of Colombia a global geopolitical strategies and leading Regional microeconomic Consultants.

Translating these Trends to our A1 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 TPZ business and credit strategies, with contributions across different countries and products, including private credit in Peru and Brazil, and public credit in Argentina in our LATAM corporates, hard currency strategy.

Alessandro Horta: We continue to see strong engagement in our proprietary private credit funds from sophisticated investors, and the 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 Verde, which contributed to stronger management fees while we continue to fundraise and exercise cost discipline across the platform.

We continue to see a strong engagement in our proprietary, private credit funds from sophisticated investors and the 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.

Alessandro Horta: As a result, we delivered the highest quarterly FRE in our history, totaling BRL 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 FRE 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 underlines the power of our platform, especially when looking into FRE numbers. In comparison, distributable earnings for us still represents some volatility from quarter to quarter as we have impacts from performance and IRE mainly besides the recurring FRE base.

Price cost discipline across the platform.

As a result, we delivered the highest quality effort in our history. Totally 96 million eyes with an F margin of over 35%

The combination of selective, inorganic extension organic growth. And operating, leverage remains Central to our ability to compound fear related earnings over the short medium and long term.

Alessandro Horta: We truly believe this quarter underlines the power of our platform, especially when looking into FRE numbers. In comparison, distributable earnings for us still represents some volatility from quarter to quarter as we have impacts from performance and IRE mainly besides the recurring FRE base. It's important to highlight and remember that we have BRL 168 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.

RF 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 underlines the power of our platform, especially when looking into F numbers.

Alessandro Horta: It's important to highlight and remember that we have BRL 168 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 BRL 21 million in our distributable earnings on a quarterly basis. Although our FRE has shown continued growth and reflect 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, constitute 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 IRE commitment funds.

In comparison to our earnings for us is still represents some volatility from quarter to quarter. As we have impacts from performance. And I mainly besides the recurring ephra base,

Alessandro Horta: If this amount was yielding close to CDI, we would have additional BRL 21 million in our distributable earnings on a quarterly basis. Although our FRE has shown continued growth and reflect 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, constitute 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 IRE commitment funds.

It's important to highlight and remember that we have 80068 million in assets, allocated to proprietor long-term funds, which with the exception of a smaller allocate to reads are not contributing to cash earnings at this moment.

If this amount was yielding close to CDI, we would have additional to any 1 million in our distributed worlds on a quarterly basis.

Although our effort has shown continued growth and reflect 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, constitute somewhat of a hidden asset in our business.

Alessandro Horta: In the last 12 months, for instance, our total IRE was BRL 65 million, with BRL 35 million of this total only impacting accounting net earnings. As capital starts flowing back, these unrealized gains will impact distributable earnings in a meaningful way. To conclude, we believe Vinci 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.

We expect the balance sheet to start realizing substantial value on distributed worries in coming years, as capital starts to be distributed from IRA commitment funds.

In the last 12 months, for instance, our total was 65 milligrams. With 35 million eyes of this total only impacting accounting, net earnings.

A capital starts flowing back these unrealized gains. We impact distributed earnings in a meaningful way.

To conclude We Believe each Compass enters the remainder of 2026 from a position of strength.

Alessandro Horta: 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.

We are executing against the priorities outlined at our investor Day. By strengthening our regional presence is scaling high growth strategies and maintaining discipline 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.

Alessandro Horta: Thank you again for joining us today. With that, I'll turn the call over to Bruno.

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.

Bruno Zaremba: Thank you, Alessandro, and good evening, everyone. Against a global backdrop marked by intense headlines and market volatility surrounding the AI revolution, I would like to briefly address how artificial intelligence is reshaping Vinci Compass operations and why we believe this will be a durable source of competitive advantage for the firm. We are leveraging AI decisively from an operational and user perspective. Over the past 12 months, AI adoption across Vinci Compass has accelerated materially on two fronts, individual productivity and collective intelligence. At individual level, more than 70% of our employees now use AI on a daily or weekly basis, and teams have created over 170 custom AI agents tailored to their own workflows. This underscores that AI is no longer experimental. It is embedded in how the firm operates.

Thank you, Alexandra, and good evening, everyone.

I guess a global backdrop marked by intense headlines and Market volatility surrounding the AI Revolution.

I would like to briefly address how artificial intelligence is reshaping Venture Compass operations.

And why we believe this will be a durable source of competitive Advantage for the firm.

We're leveraging AI decisively from an operational, end-user perspective.

Bruno Zaremba: At individual level, more than 70% of our employees now use AI on a daily or weekly basis, and teams have created over 170 custom AI agents tailored to their own workflows. This underscores that AI is no longer experimental. It is embedded in how the firm operates. We have deployed 7 enterprise-grade AI platforms, providing our employees with a secure and curated toolkit that ethically supports financial analysis, modeling, and process automation, while at the same time taking care of governance and data security.

Over the past 12 months AI adoption across. Vinci Compass has accelerated materially on 2 front individual productivity and collective intelligence.

Tailored to their own workflows.

Bruno Zaremba: We have deployed 7 enterprise-grade AI platforms, providing our employees with a secure and curated toolkit that ethically supports financial analysis, modeling, and process automation, while at the same time taking care of governance and data security. At the firm-wide level, we believe the greatest long-term impact will come from building proprietary institutional intelligence. We have developed a unified data platform named Data Lab, which centralizes KPIs, dashboards, and analytics across all of our business units, as well as across many of our portfolio companies. This enables us to systematically transform institutional knowledge into a proprietary asset. We're seeing substantial gains in internal development capabilities with AI-first programming within the data science and IT development teams. We have started to roll out systems that have been 100% AI coded, and the productivity gains on this development process has been very significant.

This underscores that AI is no longer experimental. It is embedded in how the firm operates.

We have deployed 7 Enterprise grade. AI platforms, providing our employees with a secure and curated tool kit, that actively supports financial analysis modeling and process automation. While at the same time, taking care of governance and data security.

Bruno Zaremba: At the firm-wide level, we believe the greatest long-term impact will come from building proprietary institutional intelligence. We have developed a unified data platform named Data Lab, which centralizes KPIs, dashboards, and analytics across all of our business units, as well as across many of our portfolio companies. This enables us to systematically transform institutional knowledge into a proprietary asset. We're seeing substantial gains in internal development capabilities with AI-first programming within the data science and IT development teams.

At the first level we believe the greatest long-term impact will come from building. Proprietary institutional, intelligence,

We have developed a unified data platform named Data Lab, which centralizes KPIs, dashboards, and analytics across all of our business units, as well as across many of our portfolio companies.

This enables us to systematically transform institutional knowledge, into a proprietary asset.

Bruno Zaremba: We have started to roll out systems that have been 100% AI coded, and the productivity gains on this development process has been very significant. In some cases, projects that would have taken several months are now being developed and put into work in weeks, if not days. As we continue to scale these programming initiatives, we should be able to more quickly address business bottlenecks and improve efficiency and productivity.

we're seeing substantial gains in internal development capabilities with AI first programming within the data science and it development teams,

Bruno Zaremba: In some cases, projects that would have taken several months are now being developed and put into work in weeks, if not days. As we continue to scale these programming initiatives, we should be able to more quickly address business bottlenecks and improve efficiency and productivity. Another significant effort to increase the AI-first mentality across the platform has been the launch of the AI Ambassadors program, embedding AI expertise directly within business teams. This decentralized model is capital efficient, execution-oriented, and keeps innovation close to the decision-making. This program not only reinforces the cultural message internally but also fosters accelerated adoption and solution building while centralizing firm-wide library of agents which can be used by other groups across the firm. We are also scaling up the collaboration with companies in our funds with increased integration and sharing of best practices that can be implemented across the portfolio.

We have started to roll out systems that have been 100% AI-coded, and the productivity gains on this development process have been very significant.

In some cases projects that would have taken several months are now being developed and put into work in weeks if not days.

As we continue to scale these programming initiatives, we should be able to more quickly address business bottlenecks and improve efficiency and productivity.

Bruno Zaremba: Another significant effort to increase the AI-first mentality across the platform has been the launch of the AI Ambassadors program, embedding AI expertise directly within business teams. This decentralized model is capital efficient, execution-oriented, and keeps innovation close to the decision-making. This program not only reinforces the cultural message internally but also fosters accelerated adoption and solution building while centralizing firm-wide library of agents which can be used by other groups across the firm.

Another significant effort to increase the first mentality across the platform has been the launch of the AI Ambassadors program, embedding AI expertise directly within business teams.

This decentralized model is capital efficient, execution oriented, and keeps innovation close to the decision making.

This program, not only reinforces, the cultural message internally, but also Fosters accelerated. Adoption, and solution, building while centralizing firm. Widest, library of Agents, which can be used by other groups across the firm.

Bruno Zaremba: We are also scaling up the collaboration with companies in our funds with increased integration and sharing of best practices that can be implemented across the portfolio. Finally, our strategic partnership with Ares also allows us to have access to what is happening in the US alts industry regarding not only in-house implementation but also interesting investment themes that can be found across Latam, such as digital infrastructure and power generation to investment teams at the core of the AI investment cycle.

We are also scaling up the collaboration with companies in our funds.

Bruno Zaremba: Finally, our strategic partnership with Ares also allows us to have access to what is happening in the US alts industry regarding not only in-house implementation but also interesting investment themes that can be found across Latam, such as digital infrastructure and power generation to investment teams at the core of the AI investment cycle. Our people are more innovative than ever, and we believe Vinci Compass is exceptionally well-positioned for an increasingly AI-driven future. Turning now to AUM and fundraising efforts, we ended the Q1 with BRL 347 billion in assets under management. Excluding FX impacts, this represents 22% growth over the last 12 months and 2% growth quarter over quarter. In US dollars, our AUM reached $66 billion in the quarter, representing a 25% growth year over year and 3% quarter over quarter.

With increased integration and sharing of best practices that can be implemented across the portfolio.

And finally, our strategic partnership with Aries also allows us to have access to what is happening in the U.S. alts industry, regarding not only in-house implementation but also interesting investment teams that can be found across LATAM.

Such as digital infrastructure and power generation to investment teams at the core of the AI investment cycle.

Bruno Zaremba: Our people are more innovative than ever, and we believe Vinci Compass is exceptionally well-positioned for an increasingly AI-driven future. Turning now to AUM and fundraising efforts, we ended the Q1 with BRL 347 billion in assets under management. Excluding FX impacts, this represents 22% growth over the last 12 months and 2% growth quarter-over-quarter. In US dollars, our AUM reached $66 billion in the quarter, representing a 25% growth year-over-year and 3% quarter-over-quarter.

Our people are more innovative than ever. And we believe Compass is exceptionally well positioned for an increasingly AI-driven future.

Turning out to AUM and fundraising efforts. We ended the first quarter with 347 billion in assets under management.

Excluding FX impacts, this represents 22% growth over the last 12 months and 2% growth quarter over quarter.

Bruno Zaremba: Over the last 12 months, Vinci Compass generated BRL 52 billion of capital formation and appreciation, including BRL 7 billion in the Q1. This expansion reflects consistent capital formation across Global IP&S credit and real assets, as well as portfolio appreciation and the acquisition of Verde. Starting with Global IP&S, the business continued to demonstrate the strength of our distribution platform and regional footprint. We remain the largest third-party distributor of offshore mutual funds to Chilean pension funds. Despite global market headwinds, we generated inflows in TPD Liquid and TPD Alternative, primarily into Asian funds, reflecting investors' ongoing diversifications away from US-centric allocations. These inflows were partially offset by capital returns from TPD Alternatives and the VSP strategy. Within multi-strategy, we saw early signs of stabilization following several quarters of outflows, with initial inflows from selected clients pointed to improved momentum.

In US Dollars, our aom reached 66 billion dollars in the quarter representing a 25% growth year-over-year and 3% quarter of a quarter.

This expansion, reflects consistent Capital formation, across Global ipns. Credit and real assets as well as portfolio appreciation and the acquisition of V.

Starting with global pns.

The business continued to demonstrate the strength of our distribution platform and regional footprints.

Bruno Zaremba: Despite global market headwinds, we generated inflows in TPD Liquid and TPD Alternative, primarily into Asian funds, reflecting investors' ongoing diversifications away from US-centric allocations. These inflows were partially offset by capital returns from TPD Alternatives and the VSP strategy. Within multi-strategy, we saw early signs of stabilization following several quarters of outflows, with initial inflows from selected clients pointed to improved momentum.

We remained the largest third-party distributor of offshore mutual funds to Chilean Pension funds.

Despite Global Market headwinds, we generated inflows into PD, liquid and Ted the alternative primarily into Asian funds reflecting investors ongoing diversification away from us Centric. Allocations

Bruno Zaremba: While March was challenging for the industry, the Verde flagship fund continued to deliver strong performance, ranking among the top fund across several windows. Client engagement has increased meaningfully, particularly from multifamily offices and retail platforms, which we expect to translate into positive flows over coming quarters. We believe there is opportunity to raise international capital into our multi-strategy funds. Today, the amount of international capital in this strategy is immaterial, and we have been hosting LP discussions that have strong promise. In equities, we are seeing encouraging traction in our UCITS platform. Both UCITS Brazil and UCITS Latam, launched late last year, received initial inflows from intermediaries across Latam countries, reflecting the impact of sustained distribution efforts. Turning to one of the platform's most dynamic areas, credit AUM reached BRL 37 billion, supported by BRL 2 billion in capital formation and appreciation during the quarter.

Within Multi Strategy, we saw early signs of stabilization following several quarters of outflows, with initial inflows from selected clients pointing to improved momentum.

Well, March was challenging for the industry. The Vega Flagship fund continued to deliver strong performance, ranking among the top funds across several windows.

Client engagement has increased meaningfully, particularly from multi family offices and Retail platforms.

Which we expect to translate into positive flows. Overcoming quarters.

Bruno Zaremba: Today, the amount of international capital in this strategy is immaterial, and we have been hosting LP discussions that have strong promise. In equities, we are seeing encouraging traction in our UCITS platform. Both UCITS Brazil and UCITS Latam, launched late last year, received initial inflows from intermediaries across Latam countries, reflecting the impact of sustained distribution efforts. Turning to one of the platform's most dynamic areas, credit AUM reached BRL 37 billion, supported by BRL 2 billion in capital formation and appreciation during the quarter.

In addition, we believe there is opportunity to raise international capital into our multi-strategy funds.

Today, the amount of international capital in this strategy is immaterial and we have been hosting LP discussions. That have strong promise.

Inequities, we are seeing encouraging traction in our usage platform.

Both youth sits Brazil and US sits Latam launched late last year, received an issue in flows from intermediate areas across Latam countries, reflecting the impact of sustained distribution efforts.

321 of the platforms. Most dynamic areas.

Bruno Zaremba: We continue to advance both our local-to-local and cross-border strategies. The co-managed credit fund with Verde has attracted increasing demand, while Brazilian infrastructure credit continues to draw strong investor interest. In SPS IV, investor interest remains strong. While commitments this quarter were modest, we expect increased momentum closer to the fund's final closing in the H2 of the year. Shifting to real assets, we made solid progress across forestry and real estate. Within Lacan IV, we structured commitments from European institutional investors, including DFIs, with additional investors currently in due diligence, a clear signal of growing global confidence. This is the first forestry fund raised by Vinci Compass' distribution teams, and the feedback has been overwhelmingly positive. In real estate, we completed the first close of the OL, our logistic opportunity fund, with additional closings expected by the end of the year.

Credit aim, reach $37 billion, eyes supported by $2 billion, eyes in capital formation and appreciation during the quarter.

We continue to advance both our local-to-local and cross-border strategies.

The co manage credit fund with the edge is attracted. Increasing demand while Brazilian infrastructure, credit continues to draw strong in investor interest.

In SPS4, investor interests remain strong.

While commitments this quarter were modest, we expect increased momentum closer to the fund's final closing in the second half of the year.

Bruno Zaremba: Within Lacan IV, we structured commitments from European institutional investors, including DFIs, with additional investors currently in due diligence, a clear signal of growing global confidence. This is the first forestry fund raised by Vinci Compass' distribution teams, and the feedback has been overwhelmingly positive. In real estate, we completed the first close of the OL, our logistic opportunity fund, with additional closings expected by the end of the year.

Shifting to real assets, we made Solid progress across across forestry and real estate.

Within a lack of four, we structure commitments from European institutional investors, including DFIs.

With additional investors currently in due diligence, it's a clear signal of growing global confidence.

This is the first forestry fund raised by Vinci Compass distribution teams, and the feedback has been overwhelmingly positive.

Bruno Zaremba: We also remain attentive to potential market reopening following Selic cuts, which could create supportive backdrop for REIT fundraising. The achievements of the past 12 months provide a strong foundation for the remainder of 2026. Looking ahead, in credit, as Alessandro mentioned, we're particularly excited about the strategic combination with BACS, expected to close in the Q2. By bringing together strong money markets and transactional capabilities with value-added and longer-term duration investment strategies, the combined platform will offer a highly complementary product suite and is expected to approximately double Vinci Compass asset management business in Argentina, reaching close to $1.6 billion in combined assets under management.

In real estate, we completed the first close of Youall, our logistic opportunity funds, with additional closings expected by the end of the year.

We also remain attentive to potential market reopening following cuts.

Which could create support—this backdrop for Reed fundraising.

Bruno Zaremba: Looking ahead, in credit, as Alessandro mentioned, we're particularly excited about the strategic combination with BACS, expected to close in the Q2. By bringing together strong money markets and transactional capabilities with value-added and longer-term duration investment strategies, the combined platform will offer a highly complementary product suite and is expected to approximately double Vinci Compass asset management business in Argentina, reaching close to $1.6 billion in combined assets under management.

The achievements of the past 12 months provide a strong foundation for the remainder of 2026.

Looking ahead in credit, as Alexander mentioned, we are particularly excited about the strategic combination with Box, expected to close in the second quarter.

By bringing together strong money markets and transactional capabilities with value-added and longer-term, duration investment strategies.

The combined platform, we offer a highly complementary product suite, and is expected to approximately double V2 Compass Asset Management business in Argentina, reaching close to 1.6 billion dollars in Combined assets, under management.

Bruno Zaremba: Through this transaction, Vinci Compass will gain access to BACS and Banco Hipotecario's extensive corporate and retail distribution network, significantly strengthening our local distribution capability in Argentina while driving operational efficiencies and broadening the range of solutions available to clients. Beyond Argentina, we continue to advance a robust fundraising agenda across the region. Copco, Tuban 2, and MAV IV are currently on roadshow and has been receiving constructive feedback from local investors. We're also launching MAV Farm Tech Fiagro, a strategy designed to invest up to 100% of its net equity in senior shares of Fiagros that anticipate receivables from rural producers originated through pre-authorized dealership channels. Our liquid credit offer in Chile also remains comprehensive, with funds such as FM Liquidez, FM Protección, FM Deuda Chilena, and FM Deuda Plus FI currently in fundraising, spanning different liquidity and duration profiles.

Through this transaction. V Compass will gain access to backs and bunker carriers extensive corporate and Retail distribution Network.

Significantly strengthening our local distribution capabilities in Argentina.

Bruno Zaremba: Beyond Argentina, we continue to advance a robust fundraising agenda across the region. Copco, Tuban 2, and MAV IV are currently on roadshow and has been receiving constructive feedback from local investors. We're also launching MAV Farm Tech Fiagro, a strategy designed to invest up to 100% of its net equity in senior shares of Fiagros that anticipate receivables from rural producers originated through pre-authorized dealership channels.

while driving operational efficiencies and broadening the range of solutions available to clients,

Beyond Argentina, we continue to advance our robust fundraising agenda across the region.

Kopco Chief Coup and Marv For are currently on road show and have been receiving constructive feedback from local investors.

Bruno Zaremba: Our liquid credit offer in Chile also remains comprehensive, with funds such as FM Liquidez, FM Protección, FM Deuda Chilena, and FM Deuda Plus FI currently in fundraising, spanning different liquidity and duration profiles. These strategies provide clients with diversified exposure across local and foreign debt instruments, sovereign and corporate bonds, and private debt, allowing us to address a wide range of risk-return objectives.

We are also allowing M. Pharm Tech Fiago, a strategy designed to invest up to 100% of its net equity in senior shares of Fiago that anticipate receivables from royal producers, originally needed through pre-authorized dealership channels.

Our liquid credit offering in Chile also remains comprehensive, with funds such as FM Liquids, FM Process, FM Delta, and FM Delta Plus Phi currently in fundraising.

Bruno Zaremba: These strategies provide clients with diversified exposure across local and foreign debt instruments, sovereign and corporate bonds, and private debt, allowing us to address a wide range of risk-return objectives. Rounding out the fundraising pipeline within Global IP&S, our third-party distribution platform remains well-positioned, supported by the depth of our client coverage, the quality of the managers we represent, and the increasing sophistication of Latin American investors. We are also broadening our product suite through the launch of dedicated strategies such as the VC Crypto Fund, focused on digital assets and cryptocurrencies, further expanding the range of investment solutions available to our clients. Overall, we entered 2026 from a position of strength with clear visibility, a robust fundraising pipeline, and multiple growth levers already underway.

Duration profiles.

These strategies provide clients with diversified exposure across local and foreign debt instruments.

Bruno Zaremba: Rounding out the fundraising pipeline within Global IP&S, our third-party distribution platform remains well-positioned, supported by the depth of our client coverage, the quality of the managers we represent, and the increasing sophistication of Latin American investors. We are also broadening our product suite through the launch of dedicated strategies such as the VC Crypto Fund, focused on digital assets and cryptocurrencies, further expanding the range of investment solutions available to our clients.

Sovereign and corporate bonds and private debts, allowing us to address. A wide range of risk, return objectives,

Routing out the fundraising pipeline within Global IP and senior third-party distribution. The platform remains well positioned, supported by the depth of our client coverage, the quality of the managers we represent, and the increasing sophistication of Latin American investors.

Bruno Zaremba: Overall, we entered 2026 from a position of strength with clear visibility, a robust fundraising pipeline, and multiple growth levers already underway. The combination of an expanded distribution footprint, a comprehensive product platform, and continued operation discipline gives us confidence in our ability to sustain our growth trajectory and continue compounding value over time. With that, I will hand it over to Sergio to discuss the financial results.

We are also broadening our product suite through the launch of dedicated strategies such as the VC, crypto funds, with a focus on digital assets and cryptocurrencies further expanding the range of investment solutions available to our clients.

Overall, we entered 2026 from a position of strength.

Bruno Zaremba: The combination of an expanded distribution footprint, a comprehensive product platform, and continued operation discipline gives us confidence in our ability to sustain our growth trajectory and continue compounding value over time. With that, I will hand it over to Sergio to discuss the financial results.

With clear visibility, a robust, fundraising Pipeline and multiple growth levels already underway. The combination of an expanded distribution footprint, a comprehensive product platform and continued operation discipline gives us confidence in our ability, to sustain our growth trajectory and continue compounding value over time.

With that, I'll hand it over to Sasha to discuss the financial results.

Sergio Passos: Thank you, Bruno. Good evening to everyone. The Q1 2026 was another solid period for Vinci Compass. Let me start by walking through our revenues. Management fees totaled BRL 245 million in Q1 2026, up 25% year over year, mostly driven by the full quarter contribution from Verde, combined with continued organic growth across credit and Global IP&S, reflecting our strong fundraising success over the last 12 months. Advisory fees were BRL 16 million, a decrease of 35% compared to Q1 2025. As anticipated, the environment for deal activity remains slow. With the high interest rates and elections uncertainty in Brazil contributing to softer results from our corporate advisory segment. In addition, as highlighted in prior calls, upfront fees in our third-party distribution alternative business can vary significantly depending on the timing of commitments.

Thank you, Bruno, and good evening to everyone.

The first quarter of 2026 was another solid period for Vinci Compass.

Let me start by walking you through our revenues.

Management fees totaled 245 million reais in the first quarter of 2026, up.

25% year-over-year.

By the full quarter contribution from V, combined with continued organic growth across Credit and Global Penance.

Reflecting our strong fundraiser success over the last 12 months.

Our advisory fees were $16 million, a decrease of 35% compared to the first quarter of 2025.

Sergio Passos: With the high interest rates and elections uncertainty in Brazil contributing to softer results from our corporate advisory segment. In addition, as highlighted in prior calls, upfront fees in our third-party distribution alternative business can vary significantly depending on the timing of commitments. Altogether, fee-related revenues reached BRL 272 million in Q1 2026, up 17% year-over-year, and BRL 990 million over the last 12 months, up 44% year-over-year.

As anticipated, the environment for a new activity remains low.

With the high interest rates and the election uncertainty in Brazil contributing to softer results from our corporate advisory segment.

In addition, as highlighted in prior calls, upfront fees in our third-party distribution alternative business can vary significantly depending on the timing of commitments.

Sergio Passos: Altogether, fee-related revenues reached BRL 272 million in Q1 2026, up 17% year-over-year, and BRL 990 million over the last 12 months, up 44% year-over-year. Turning to fee-related earnings, we delivered a record BRL 96 million this quarter or BRL 1.47 per share, up 47% year-over-year on a nominal basis and 42% per share. Our FRE margin expanded to 35.4% in the quarter. This improvement was driven by Verde's full quarter contribution, operating leverage on revenue growth, and ongoing cost efficiency we began last year. It's also worth noting that Q1 tends to benefit from lower seasonal costs, such as auditor fees. We expect some fluctuation in margin in future quarters as these seasonal costs materialize.

Altogether, fee-related revenues reached $272 million, a high in the first quarter of 2026, up 17% year-over-year, and $999.0 million highs over the last 12 months, up 44% year-over-year.

Sergio Passos: Turning to fee-related earnings, we delivered a record BRL 96 million this quarter or BRL 1.47 per share, up 47% year-over-year on a nominal basis and 42% per share. Our FRE margin expanded to 35.4% in the quarter. This improvement was driven by Verde's full quarter contribution, operating leverage on revenue growth, and ongoing cost efficiency we began last year. It's also worth noting that Q1 tends to benefit from lower seasonal costs, such as auditor fees. We expect some fluctuation in margin in future quarters as these seasonal costs materialize.

turning to fee related earnings

We delivered a record 96 million reais for the quarter.

1 hour and $0.47 per share.

Up. 47% year-over-year on a nominal basis and 42% per share.

Our F margin expanded to 35.4% in the quarter.

This improvement was driven by various full quarter contributions, operating leverage on revenue growth, and ongoing cost efficiencies we began last year.

It's also worth noting.

That's that First Quality tends to benefit from lower seasonal costs, such as outdoor fees.

Sergio Passos: Moving to performance-related earnings or PRE, we recognized BRL 2 million in Q1 2026, primarily in equities and Global IP&S. This result is in line with seasonality as our liquid funds generally only recognize performance in Q2 and Q4, and most of our closed-end funds have not yet entered their realization cycle. Over the last 12 months, PRE totaled BRL 13 million, down 50% year-over-year, given that the prior period included 55 Infra Transmissão and one-off strong contributions from opportunistic funds in Argentina and Peru in 2024. In contrast, PRE this period was more normalized and concentrated in Global IP&S, credit, and equities. Investment-related earnings or IRE were BRL 4 million in Q1 2026, with BRL 6 million realized and an unrealized loss of BRL 3 million, reflecting mark-to-market impacts on unlisted REITs that offset gains in other funds.

We expect some fluctuation in margin in future quarters as this season of cost materializes.

Moving to performance-related earnings, or pre-recorded, 2 million reais. The first quarter, '26, primarily in equities and global opinions.

This result is in line with seasonality, as our liquid funds generally only recognize performance in the second and fourth quarters.

And most of our clothes and funds have not yet entered their realization cycle.

Sergio Passos: Over the last 12 months, PRE totaled BRL 13 million, down 50% year-over-year, given that the prior period included 55 Infra Transmissão and one-off strong contributions from opportunistic funds in Argentina and Peru in 2024. In contrast, PRE this period was more normalized and concentrated in Global IP&S, credit, and equities. Investment-related earnings or IRE were BRL 4 million in Q1 2026, with BRL 6 million realized and an unrealized loss of BRL 3 million, reflecting mark-to-market impacts on unlisted REITs that offset gains in other funds.

Over the last 12 months, per total, 13 million AUM is down 50% year-over-year, given that the prior period included 50, info transmission, and one-off. Strong contributions from opportunistic funds in Argentina and Peru in 2024.

in contrast, PR

Dispute was more normalized and concentrated in Global PNS Credit and equities.

investment related earnings or I

work 4 million in the first quarter 2026.

With $6 million AI realized and an unrealized loss of 3 million hairs.

Sergio Passos: Over the last 12 months, IRE totaled BRL 65 million, a significant increase year-over-year, reinforcing our long-term thesis and the growth potential from IRE commitments as a value compounded driver for Vinci Compass. Before moving to distributable earnings, I would like to remind you that as we deploy cash into IRE commitments, there is a medium-term negative impact on distributable earnings since it no longer generates short-term financial income after capital calls. At Investor Day, we presented in greater detail a schedule for capital calls over the coming years, with BRL 300 to 400 million expected to be called by year-end 2026, and the remaining commitments by 2029. Far, we have called about BRL 140 million of this guided range. Additionally, bonus compensation is paid annually in January, further reducing our cash position in the quarter.

Reflecting back to market impacts on a listed REITs that offset gains in other funds.

Over the last 12 months, I totaled 65 million AUM, a significant increase year-over-year, reinforcing our long-term thesis and the growth potential from IRA commitments as a value-compounding driver for V Compass.

Before moving to distributable warnings, I would like to remind you that

As we deploy cash into our commitments, there is a medium-term negative impact on distributed warnings.

Sergio Passos: At Investor Day, we presented in greater detail a schedule for capital calls over the coming years, with BRL 300 to 400 million expected to be called by year-end 2026, and the remaining commitments by 2029. Far, we have called about BRL 140 million of this guided range. Additionally, bonus compensation is paid annually in January, further reducing our cash position in the quarter.

Since it’s no longer generating short-term financial income after capital calls.

At investor day, we presented in greater detail.

A schedule for capital calls over the coming years, with $300 to $400 million highs expected to be called by year-end 2026, and remaining commitments by 2029 so far. We have called about $150 million so far of this guided range.

Additionally.

Sergio Passos: As a result, realized gains from financial income declined 35% year-over-year and are expected to keep trending lower as we approach the BRL 300 to 400 million range and funds mature to the realization cycle. Bringing everything together, Vinci Compass generated BRL 62 million or BRL 0.95 per share in adjusted distributable earnings for the quarter, remaining stable year-over-year despite higher FRE due to the decrease in realized financial income and lower PRE and IRE, as previously discussed. For the last 12 months, adjusted distributable earnings totaled BRL 292 million or BRL 4.55 per share, up 16% on a nominal basis and 5% per share year-over-year. This quarter's result underscores Vinci Compass' disciplined approach to growth and capital allocation, leaving us well-positioned for continual progress throughout 2026.

Bonus compensation is paid annually in January, further reducing our cash position in the quarter.

As a result, realize the gains from Financial income declined, 35% year-over-year.

And are expected to keep trending lower, as we approach the $300 to $400 million range and funds mature to the realization cycle.

Sergio Passos: For the last 12 months, adjusted distributable earnings totaled BRL 292 million or BRL 4.55 per share, up 16% on a nominal basis and 5% per share year-over-year. This quarter's result underscores Vinci Compass' disciplined approach to growth and capital allocation, leaving us well-positioned for continual progress throughout 2026. As we look ahead, the fundamentals of our business remain robust. Healthy fundraising, operational leverage, successful integration of acquisitions, and disciplined capital management, all supporting our sustainable growth trajectory.

Bringing everything together, Venture compass and generated 62 million high or 95 cents on the real per share in adjusted. Distributable earnings for the quarter remain stable year over year despite the higher FR due to the decrease in realized Financial income and lower PR and Ira as previously discussed.

For the last 12 months, adjusted distributable earnings totaled $292 million, or 55.5 cents per share, up 16% on a nominal basis and 5% per share year over year.

Sergio Passos: As we look ahead, the fundamentals of our business remain robust. Healthy fundraising, operational leverage, successful integration of acquisitions, and disciplined capital management, all supporting our sustainable growth trajectory. With that, I would like to open the call for questions. Once again, thank you for joining us this evening. Operator, please proceed.

This quarter is a result of the score of vintage composite discipline, approach to growth, and capital allocation, leaving us well positioned for continued progress throughout 2026.

As we look ahead, the fundamentals of our business remain robust.

Sergio Passos: With that, I would like to open the call for questions. Once again, thank you for joining us this evening. Operator, please proceed.

with that. I would like to open the call for questions. Once again, thank you for joining us this evening. Operator. Please proceed.

Operator 2: We are going to start the questions and answers section for investors and analysts. If you wish to ask a question, please press the button Raise Hand. Wait while we poll for questions. Our first question comes from Ricardo Buckio from BTG Pactual. You may speak.

Operator: We are going to start the questions and answers section for investors and analysts. If you wish to ask a question, please press the button Raise Hand. Wait while we poll for questions. Our first question comes from Ricardo Buckio from BTG Pactual. You may speak.

We are going to start the questions in the next section for investors and analysts.

If you wish to ask a question, please press the button or raise your hand.

Wait, while we pull for questions.

Our first question comes from Hikaru Bug, Pigou from BTG Pack. Twelve, you may speak.

Ricardo Buckio: Hi, everyone, and thank you for the opportunity of making questions. I wanted to ask about two topics here. Can you please provide more details on how the BACS deal should help, should impact your DPIs per share right away? How can we expect the contribution to evolve over the following years? Any comment you can give us in terms of low-hanging fruits here and the main challenges for the acquisition will also be very helpful.

Ricardo Buchpiguel: Hi, everyone, and thank you for the opportunity of making questions. I wanted to ask about two topics here. Can you please provide more details on how the BACS deal should help, should impact your DPIs per share right away? How can we expect the contribution to evolve over the following years? Any comment you can give us in terms of low-hanging fruits here and the main challenges for the acquisition will also be very helpful.

Ricardo Buckio: Another thing I wanted to ask is that, we saw good improvement in equities net inflows this quarter and it will also be interesting if you could go over whether this could mark like equity inflows returning to positive territory, or there was anything more specific on this quarter and we should still expect more softer prints the rest of the year. Thank you.

Ricardo Buchpiguel: Another thing I wanted to ask is that, we saw good improvement in equities net inflows this quarter and it will also be interesting if you could go over whether this could mark like equity inflows returning to positive territory, or there was anything more specific on this quarter and we should still expect more softer prints the rest of the year. Thank you.

Hi everyone and thank you for the opportunity of making questions. I wanted to ask about 2 topics here. Um can you please provide more details on how the Box deal should help? Uh should impact your deeper share right away and how can we expect the contribution to evolve over the following years? And any comment you can can give us in terms of low hanging fruits here. And the main challenges for the acquisition, will also be very helpful. And another thing I want to ask is that, uh, we saw a good Improvement in equities that inflows, this quarter and, and

Will also be interesting if you could, uh, go over whether this could mark, like, uh, uh, equity info is returning to positive territory, or if there was anything more specific on this quarter. And, and should we still expect more, more, uh, softer prints in the, the rest of the year? Thank you.

Bruno Zaremba: Okay, Ricardo. This is Bruno speaking. Thank you for being with us today. BACS, the math is the following. We expect the transaction to be probably high single digit accretive on a local basis. To Vinci as a whole, the impact will be very small. I wouldn't expect any substantial change because it's a high single digit impact on in the Argentina numbers. When you translate that into the whole Vinci numbers, the impact shouldn't be very high. What we are very excited about is going forward, right? We are partnering with a group in Argentina that is a very relevant group.

Okay, this is, uh, this is Bruno speaking. Thank you for being with us today. So, box. Uh, the math is the following: uh, we expect

Uh, the transaction to be, uh, probably high single-digit accretive on a local basis.

Uh, to reach as a whole, the impact will be very small. So I wouldn't, I wouldn't expect, uh, any substantial change because it's a high single-digit impact on, uh, on, uh, in the Argentina numbers.

Bruno Zaremba: BACS Asset Management is owned by, at the ultimate level by Banco Hipotecario, which is a very well-known retail banking institution in Argentina. We believe that there is very strong complementarity on the platforms regarding products and regarding distribution channels. The idea is that combining our two platforms and the complementarity that we see, it is very likely that we will be able to achieve stronger growth rates looking forward. The team locally is very excited about this. I would say more on a positioning for medium long term than any very relevant impact on a company-wide basis in the short term. In regards to your second point, the inflows in equities, this is a preparation that we started to do late last year.

Uh, when you translate that into the whole, uh, Venture numbers, uh, the impact shouldn't be, uh, shouldn't be very high. What we are very, uh, very excited about is going forward, right? We are, uh, partnering with a group, uh, in Argentina. That is a very relevant group.

So, Box is owned by—at the ultimate level—by, uh, which is, uh, uh, a very well-known, uh, retail, uh, banking institution in Argentina.

Bruno Zaremba: I would say more on a positioning for medium long term than any very relevant impact on a company-wide basis in the short term. In regards to your second point, the inflows in equities, this is a preparation that we started to do late last year. We launched two products in the UCITS as a UCITS platform products, one in Brazil and one for our Latin American strategy. One for the Brazilian strategy and one for the Latin American strategy.

Uh, and we believe that there is very strong complementarity on the platforms regarding products, uh, and regarding distribution channels. So the idea is that combining our two platforms and the complementarity that we see, uh, it is very likely that we will be able to achieve, uh, stronger growth rates. Uh, looking forward, the team, uh, locally is very excited about this, uh, so I would say more on a positioning, uh, for medium to long term than any, like, very relevant impact on a company-wide basis in the short term.

Bruno Zaremba: We launched two products in the UCITS as a UCITS platform products, one in Brazil and one for our Latin American strategy. One for the Brazilian strategy and one for the Latin American strategy. Both of these products are starting to see inflows. This is something that we had mapped in the past with some of our LPs, that there was interest to deploy capital in these strategies. The track record of both strategies has been very strong. In Brazil, we continue to do very well, and the LATAM fund is actually doing very well. We had a very good year last year in the Chilean part of the portfolio.

Uh, in regards to your second point, the inflows inequities—uh, this is a preparation that we started to do late last year.

uh,

Bruno Zaremba: Both of these products are starting to see inflows. This is something that we had mapped in the past with some of our LPs, that there was interest to deploy capital in these strategies. The track record of both strategies has been very strong. In Brazil, we continue to do very well, and the LATAM fund is actually doing very well. We had a very good year last year in the Chilean part of the portfolio. Those 2 funds are starting to see inflows, hopefully, as we discussed in the investor day, this will be the biggest growth driver for the equities platform going forward.

So, uh, we launched two products, uh, in, um, in the usage, uh, as a usage platform—products—uh, one in Brazil and one for our Latin American strategy, one for the Brazilian strategy, one for the Latin American strategy, and both of these products are starting to see inflows. Uh, so this is something that we had mapped in the past with some of our LPs, uh, that they were interested. Uh, there was interest, uh, to the play capital in these strategies. The track record of both strategies has been very strong. Uh, so in Brazil we continue to do very well, and the Latin fund is actually, actually doing very well.

Bruno Zaremba: Those 2 funds are starting to see inflows, hopefully, as we discussed in the investor day, this will be the biggest growth driver for the equities platform going forward. We feel that the our market share, the theoretical market share that we should have in these 2 funds, these 2 strategies, point to very substantial fundraising potential. It's clearly the biggest bets that we have in growing the equities platform for the next few quarters.

Bruno Zaremba: We feel that the our market share, the theoretical market share that we should have in these 2 funds, these 2 strategies, point to very substantial fundraising potential. It's clearly the biggest bets that we have in growing the equities platform for the next few quarters.

Um, we had a very good, uh, year last year in the Chilean part of the portfolio. Uh, so those two funds are starting to see inflows, and hopefully this is, as we discussed in the Investor Day, this will be the biggest growth driver for the equity platform going forward. We, we, we feel that the

Uh, our market share, um, uh, the theoretical market share that we should have in these two, um, uh, funds, these two, uh, strategies, uh, point to very substantial fundraising potential. Um, so it's, it's clearly the, the biggest, uh, uh, bets that we have in growing the equity.

This platform, uh, for the next, uh, few quarters.

Alessandro Horta: Ricardo, that's Alessandro speaking here. Just complementing what Bruno said. As he said, we have a very strong performance in all the majority of our equity strategies. Till now, what we have been seeing in terms of flows, as you know very well, have been foreigners through the ETFs. We start to see a lot of interest in more active managed equities mandates in our funds. We are expecting, as the markets improve, to see more flows for this product moving forward. The local part of this flows didn't start yet, so this is more like international allocation for the funds.

Alessandro Horta: As soon as we see the market converging for more location in equities locally that are Let's say this allocation today is in the low point historically, we could see even more stronger flows moving forward.

And uh we got that speaking here uh just complimenting. Uh what Bruno said, as he said, we have a very strong performance in uh all the majority of our equities strategies. And until now what have been seen in terms of uh flows as you know very well uh has been uh, foreigners through DTS uh but uh we start to see a lot of interesting, more active managed uh, acquits mandates and our funds. So we are expecting as the markets improved uh to see more flows for this product moving forward and uh the local part of this uh uh flows uh didn't start yet. So this is more like International allocation for the funds but as soon as we see uh the market converging for more location in are it's locally that are, uh, let's say,

The location today is in the low, uh, point historically. Uh, we could see even more stronger flows, moving forward.

Ricardo Buckio: That's very clear. Thank you very much.

Ricardo Buchpiguel: That's very clear. Thank you very much.

That's very clear. Thank you very much.

Operator 2: Our next question comes from William Barrujad from Itaú BBA. You may speak.

Operator: Our next question comes from William Barrujad from Itaú BBA. You may speak.

Our next question comes from William Bahjat, from IT BBA.

You may speak.

Alessandro Horta: You hear me? Testing microphone.

William Barranjard: You hear me? Testing microphone.

Can you hear me?

Fasting microphone.

Bruno Zaremba: Yes, William, go ahead. We can hear you.

William Barrujad: Okay. Thank you. I have two questions here, guys. Thank you for the presentation. I would like to go again back to Argentina, trying to understand, you know, future products. What do you expect to develop there if it's international money going into the region, maybe for infra, credit, or if it's the opposite flow of local money going outside to the other regions of Latam. Also now focusing on the corporate advisory, right? You commented that given the elections and the still high Selic rate, things are not doing that well there. It means that you don't expect anything to accelerate there or maybe at some point in the year things should improve. I wanted to get your overall picture for this segment.

William Barranjard: Okay. Thank you. I have two questions here, guys. Thank you for the presentation. I would like to go again back to Argentina, trying to understand, you know, future products. What do you expect to develop there if it's international money going into the region, maybe for infra, credit, or if it's the opposite flow of local money going outside to the other regions of Latam. Also now focusing on the corporate advisory, right? You commented that given the elections and the still high Selic rate, things are not doing that well there.

Yes, William, go ahead. We can hear you. Okay, thank you. Um, I have two questions here, guys. Um, and thank you for the presentation. I—I would

To Argentina, trying to understand, you know, future products. What do you expect to develop there if it's international money going into the region? Maybe for infra, um, credit, and, um, or if it's the opposite flow of local money going outside to the other regions of—of what time.

And also now focusing on the corporate advisory, right? Um,

You commented that, given the elections and the high steel rates, things are not doing that well. There are so

William Barranjard: It means that you don't expect anything to accelerate there or maybe at some point in the year things should improve. I wanted to get your overall picture for this segment.

Uh, it means that you don't expect anything to accelerate there, or maybe at some point in the year things should improve. I wanted to get your overall picture for this segment.

Alessandro Horta: Thank you, William. I'll get the first portion of your question. It's Alessandro here. Talking about Argentina, I think the main, I would say, target in the short term for our transaction with BACS will be to capture more flows locally. Okay? Because as you know very well, the market in Argentina is still very focused on more liquid solutions. Together with BACS, that not just brings some intelligence on the asset management side, but also a very strong distribution channel that is very complementary with us. We are more on the institutional side and they are more on the corporate and retail side.

Thank you, William. Uh, I got the first portion of your your question. Uh, it's Alexander here talking about and I think the main I would say, Target in the short term for our transaction, uh, with back, uh, will be, uh, to capture, uh, more flows locally. Okay? Because as you know very well the market in Argentina is still very focused on more liquid solutions and uh together with box that not just bring some uh, uh Intelligence on the asset management side. But also a very strong distribution Channel

Alessandro Horta: Moving forward, one of the main reasons of this partnership is really attracting money for investing in more alternative type of investments being private credit, equity, real estate, and also infrastructure. In this specific, I would say universe of alternatives, we believe that we'll see both money coming from local investor, but also we'll be able to attract international investors for these opportunities, especially in the more long-term horizon type of investments like infrastructure or private equity and so on.

That was very complimentary of us. We are more on the institutional side, and they are more on the corporate, irritative side. But, uh, moving forward, uh, one of the main reasons of this partnership is really attracting money for investing in more alternative types of investments, being, uh, private credit, equity, real estate, and also infrastructure. And, uh, in this specific, uh, um, uh, I would say universe of alternatives, we believe that we will see both money coming from local investors, but also we'll be able to attract international investors for these opportunities, especially in the more long-term horizon type of investments, like infrastructure or private equity, and so—

Bruno Zaremba: William, as for corporate advisory, at the time being, we continue to see a slow pipeline development in Q2. As we go through Q2 here, numbers continue to be slow. I think there are a few things that we're working on for the rest of the year. There is optimism with the pipeline that we have, which is relevant, that we could have more material revenue contributions still in 2026 at some point in H2. The second point is that we are working to develop this vertical also outside of Brazil. We are looking at opportunities to deploy this expertise that we have in other markets.

Uh, William, as for a corporate advisory.

Um,

At the time, being, we continue to see, uh, slow, uh,

Slow pipeline development, uh, uh, in the second quarter. So as we go through the second quarter here, uh, numbers continue to be, uh, slow. Uh, I think there are a few, a few things that we are working on, uh, for the rest of the year.

Um, there is, uh, optimism, uh, with the pipeline that we have, uh, which is relevant that we could, uh, have more material revenue contribution still in 2026 at some point in the second half.

Um, and the second point is that we are working to develop this, uh, vertical also outside of Brazil.

Bruno Zaremba: I would say mainly at this point in time, in the south part of Latin America. We have this been discussing with some of our offices, how to potentially start this project in other countries. Those will be the priorities for corporate advisory at this point. Continue to work on the pipeline to potentially have a better H2 of the year, as the pipeline still looks strong on a total size. Also start looking at opportunities to create opportunities to internationalize the corporate advisory segment to other Latin American markets.

William Barrujad: Yeah. Perfect. Thank you, Alessandro and Bruno.

William Barranjard: Yeah. Perfect. Thank you, Alessandro and Bruno.

So we are looking at opportunities to deploy. Uh, this expertise that we have uh in other markets. So I would say mainly at this point in time in the South South part of Latin America. Uh so we have this been discussing with some of our offices uh how to potentially start this uh this project in in other countries. So that that would be the the priorities for those will be the priorities for corporate adviser at this point. So continue to work on the pipeline to potentially have a better second half of the year, uh, as a pipeline, uh, still still looks strong on a, on a total size, um, and also starts looking at opportunities to create, um, uh, need to, uh, uh, an opportunity, uh, create opportunities to internationalize, the corporate advisory segments, uh, to other Latin American markets.

Yeah, perfect. Thank you, Alexander and Bruno.

Operator 2: Our next question comes from Lindsey Schemmer from Goldman Sachs. You may proceed.

Operator: Our next question comes from Lindsey Schemmer from Goldman Sachs. You may proceed.

Our next question comes from Lindsay Shimmer from Goldman Sachs.

You may proceed.

Lindsey Schemmer: Hi, good evening, and thank you for taking my question. Maybe taking a step back and thinking more broadly, as we get closer to elections in Brazil, could you just kind of talk about potential outcomes and what they would mean? My second question is, you know, we've been talking a lot about Argentina, but what other regions are you excited about? What other products are you excited about? What other regions and products do you think are maybe more topics for M&A and you still need to build out your capabilities in? Thank you.

Lindsey Shema: Hi, good evening, and thank you for taking my question. Maybe taking a step back and thinking more broadly, as we get closer to elections in Brazil, could you just kind of talk about potential outcomes and what they would mean? My second question is, you know, we've been talking a lot about Argentina, but what other regions are you excited about? What other products are you excited about? What other regions and products do you think are maybe more topics for M&A and you still need to build out your capabilities in? Thank you.

Hi, good evening, and thank you for taking my question. Maybe taking a step back and thinking more broadly. As we get closer to elections in Brazil, could you just kind of talk about potential outcomes and what they would mean? And then my second question is, you know, we've been talking a lot about Argentina, but what other regions are you excited about? What other products are you excited about? And then what other regions and products do you think are maybe more topics for M&A and you still need to build out your capabilities in?

thank you.

Alessandro Horta: Lindsey, that's Alessandro. I could start with the first question regarding the elections in Brazil. I think personally that today is very difficult to have a view about the outcome of the election for sure. It's clear that. But we are not really very worried about the outcome of the election. I think if we have a more pro-market, I would say, outcome, probably the market could be a little bit more positive. But in any way, we have or the incumbent or someone with a speech more pro-market so far. We are really not expecting a big movement either, one direction or another, especially if we have the re-election of the incumbent.

Question regarding elections, in Brazil.

Alessandro Horta: We are really not expecting a big movement either, one direction or another, especially if we have the re-election of the incumbent. We believe that these elections could be an opportunity for the country. Still, difficult to say that the reaction of the market depending on the outcome of since the probability today is very due to the polls, it's very uncertain. Okay. I would say that we do not worried about the outcome of the elections. On your second question, and I would like Bruno to jump in also.

Alessandro Horta: We believe that these elections could be an opportunity for the country. Still, difficult to say that the reaction of the market depending on the outcome of since the probability today is very due to the polls, it's very uncertain. Okay. I would say that we do not worried about the outcome of the elections. On your second question, and I would like Bruno to jump in also. I think, after Argentina, we saw an opportunity to really have a complementary, let's say a addition to our presence there without having to invest money to get this probability.

Uh, I think, uh, personally that, uh, today it is very difficult to have a view about the outcome of the election, for sure. It's clear that. Uh, but we, we are not really very worried about the outcome of the election. I think if we have a more pro-market, uh, I would say, uh, outcome, probably the market could be a little bit more positive. Uh, but in any way, uh, we have either the incumbent or someone with a speech more from, from market so far. So, we are really not expecting a big movement either, uh, one, uh, direction or another, especially if we, we have the re-election of the incumbent, uh, in no way. We believe that this, this, these elections could be an opportunity, uh, for the, the, for the country. Uh, but still, uh,

Difficult to say, uh, that, uh, the, the reaction of the market, depending on the outcome of—since the probability today is very, due to the polls. It's very, uh, uncertain. Okay? So I would say that we do not, uh, we, we do not worry about the—that's the final message—with the outcome of the elections.

Alessandro Horta: I think, after Argentina, we saw an opportunity to really have a complementary, let's say a addition to our presence there without having to invest money to get this probability. Sorry, this probability of really growing our business there. We have been able to make a deal that's very, very accretive, without running so much risk.

Uh, on the, on your second question, and I would like Bruno to jump in. Uh, also, I think, uh, after Argentina, we saw an opportunity to really have a complementary, uh, uh,

Alessandro Horta: Sorry, this probability of really growing our business there. We have been able to make a deal that's very, very accretive, without running so much risk. Regarding the rest of Latin America, we continue to believe that private credit is one of the main asset classes to grow both from a global to local dimension, but also local to local, still in the early days in countries like Colombia, in countries like Mexico, where we are really advancing in this specific vertical. Also, we are seeing a lot of opportunities in the infrastructure space. One thing that we are looking more and more is the infrastructure opportunity in Latin America as a whole.

Alessandro Horta: Regarding the rest of Latin America, we continue to believe that private credit is one of the main asset classes to grow both from a global to local dimension, but also local to local, still in the early days in countries like Colombia, in countries like Mexico, where we are really advancing in this specific vertical. Also, we are seeing a lot of opportunities in the infrastructure space. One thing that we are looking more and more is the infrastructure opportunity in Latin America as a whole.

Let's say addition to our presence there without, uh, having to invest, uh, have to invest, um, money to get this this probability. I'm sorry, this probability of of, really growing our business there. Uh, so we have been able to, to, to make a deal. That's very, very accretive uh, without, uh, running so much risk regarding the rest of Latin America, we continue to believe uh that private credit. It is 1 of the main um asset classes to grow both from a global to local uh Dimension. But also local to local is still in the early days in countries like Colombia and countries like Mexico, where we are uh uh really advancing um in this specific vertical. But also we are we are seeing a lot of opportunity.

Is in the infrastructure space.

Alessandro Horta: Of course, Brazil will continue to be the main market, but we are seeing a lot of opportunity in other countries, too.

So, one thing that we are looking at more and more is the infrastructure opportunity in Latin America as a whole. Of course, Brazil will continue to be the main market, but we are seeing a lot of opportunity in other countries, too.

Bruno Zaremba: I think just to complement Alessandro on the second point, in the infra side, I think he touched that in his answer. I think we are starting to prepare to roll out local to local products in infra and real estate, which I think is a couple of interesting developments, starting with those two verticals in Chile initially. The other point, just to wrap up the conversation, is the feedback that we have been getting from our global LPs. Interest for Latam has continued to improve. We mentioned in the prepared remarks the demand for Latam funds has been very, very strong from European LPs, I would say mainly.

Yeah, I think just to complement a lesson on the second point, um,

Uh, in the infra side, I think you touched that, uh, in his answer. I think we are starting to, uh, to prepare to roll out, uh, local-to-local products in infra and real estate.

uh, which I think is a

A couple of interesting developments, uh, starting with those two verticals in Chile, initially,

uh,

And the other point, just to wrap up the conversation, is the feedback that we have been getting from our global LPs.

So, uh, interest—interest for LATAM has, uh, has continued to improve.

Uh, we mentioned in the prepared remarks, the demand for LAC Conference has been very, very strong.

Bruno Zaremba: We are seeing interest from US LPs into Latam Infra. We're seeing interest all around for SPS, which is still fundraising. Also the VIR V pre-close is looking very, very good. I think most of the LPs are very satisfied with the performance of the fourth fund, and a lot of the international ones have indicated to us that they continue to be interested in being engaged in the strategy. I think the overall sentiment towards Latin America continues to improve, and that creates an urgency on our side to build these Latin American products. Like Alessandro said, I think Infra is a product that we see that there's really a lot of interest.

Uh, from uh, European LPS. Uh, I would say mainly, uh, but uh, we are seeing interest from, uh, Us LPS into into latam infra. Uh, we're seeing, uh, interests, uh, all around, uh, for SPS, which is still fundraising. Uh, also the V5, uh, pre-close is looking very, very good.

Bruno Zaremba: Like Alessandro said, I think Infra is a product that we see that there's really a lot of interest. I would say that that's true also for other of our verticals. I think overall, those would be the two adds that I would make to Alessandro's comments.

Bruno Zaremba: I would say that that's true also for other of our verticals. I think overall, those would be the two adds that I would make to Alessandro's comments.

2 127 this comments.

Operator 2: Going ahead, our last question comes from Guilherme Grespan from JP Morgan. Please, you may proceed.

Operator: Going ahead, our last question comes from Guilherme Grespan from JP Morgan. Please, you may proceed.

Going ahead.

Our last question comes from.

JP Morgan, please. You may proceed.

Guilherme Grespan: Hi, good evening, Alessandro, Bruno. Thank you for the call. My question is actually more straightforward just on taxes. I thought I realized taxes was a little bit higher than usual. To be honest, the implied effective tax rate in my math is something close to 26. You used to run more or less around mid-teens. Just want to understand what is the moving part of your taxes and what we should expect going forward. Thank you.

Hi, good evening. Alexandro Bruno, thank you for the call.

Uh, my question is actually more straightforward, just on Texas. Uh, I thought—I realized Texas was a little bit higher than usual, uh, to be honest. Uh, the implied effective tax rate, in my math, is something close to 26.

You used to run a more or less around meetings. Just want to understand what is the moving part of your taxes and what we should expect going forward. Thank you.

Bruno Zaremba: Okay, Guilherme. Thanks for the question. There are a couple of effects this quarter. One is the gain that we had on the movement of the contingency payments, the earn-out payments. This quarter, we had a BRL 43 million accounting gain because of the drop of the stock price and the corresponding gain in the reduction of the liability of this account. So this created an excess income provision this quarter, which was the opposite of what we saw in Q4, right? Q4, we saw the opposite impact. We had a loss, and this reduced the tax bracket in Q4. The other impact is the Verde consolidation.

Okay, good, have you. Thanks for the question. Uh, there are a couple of effects this quarter. Uh, one is the gain that we had, uh, on the

Movement of the contingency payments. Uh, they are not payments.

Uh, this quarter, we had a $43 million accounting gain, uh, because of the drop of the stock price and the, the corresponding, uh, gain in the reduction of the liability of this account.

Uh, so this created an excess, uh,

Uh, income provision this quarter, uh, which was the opposite of what we saw in the fourth quarter, right? The fourth quarter, we saw the opposite impact.

Bruno Zaremba: Verde in Q4, we had 1 month, and now in Q1 we had the full quarter. Verde is a real tax regime company. The expected run rate of income tax for us, if you normalize for the earn-out effect, you are right, we used to be around 17% to 18%. This number now is going to go in the low 20s. Probably 21% to 22% is going to be the expected number on a go-forward basis, mainly because of the consolidation of Verde in the results.

Uh, we had a loss, and this reduced, uh, the tax bracket in the, in the fourth quarter. And the other impact is the vehicle consolidation. Uh, so V, in the fourth quarter, we had one month.

Uh, in the first quarter, we had the full quarter, which is uh a real tax uh, regime company. Uh, so the the expected run rate of uh of uh, income tax for us. If you normalize for the runout effect, you're right, we used to be around 17, 18 percent this number allow. Now it's going to go in the low 20s so probably 22 21. 222 is going to be the expected. Uh, number on the go for go for our basis, mainly, because of the consolidation of the age in the results.

Guilherme Grespan: That's clear, Bruno. Thank you so much.

Bruno Zaremba: Thank you.

That's clear, but no, thank you so much. Thank you.

Operator 2: The question and answer section is now concluded. I would like to turn the floor back to Mr. Alessandro Horta for the closing remarks. Please, Mr. Horta, you can proceed.

Operator: The question-and-answer section is now concluded. I would like to turn the floor back to Mr. Alessandro Horta for the closing remarks. Please, Mr. Horta, you can proceed.

The question and intersection is not concluded. I would like to turn the floor back to Mr. Alice Single Aura for the closing remarks.

Please, Mr. Orta, you can proceed.

Alessandro Horta: I would like to thank you all for your continued support one more time. As we highlighted during this call, we are pretty much optimistic with our platform. We set up a lot of different avenues for growth. Of course, we are seeing the market change. It's likely in the interest for the region, and that's probably moving forward to help us in terms of fundraising and, of course, in a very condition of deploying capital. There is a, how to say, a systematic scarcity of capital in the region. We are able to really moving forward to deploy this capital in a very efficient way. Thank you all, and a good evening to everybody.

So, I would like to thank you all, uh, for your continued support one more time.

Uh, as we highlighted, uh, uh, during this call, we are pretty much optimistic with our platform.

We set up a lot of different avenues, uh, for growth.

Of course, uh, we are seeing the market change. It is likely in the interest for the region and that's probably moving forward to help us in terms of fundraising. And of course, in a very condition of deploying Capital. There is a I would say a systematic cost of capital in the region. Uh so we are a we are able to really moving forward to deploy the capital in a very efficient way.

So, um, thank you all, and a good evening, uh, to everybody.

Operator 2: This does conclude today's presentation. We thank you all for participating and wish you have a very good evening.

Operator: This does conclude today's presentation. We thank you all for participating and wish you have a very good evening.

This does conclude today's presentation. We thank you all for participating and wish you a very good evening.