6-K
Vinci Compass Investments Ltd. (VINP)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGNPRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2026
Commission FileNumber: 001-39938
Vinci Compass Investments Ltd.
(Exact name of registrant as specified in itscharter)
Av. Bartolomeu Mitre, 336Leblon – Rio de JaneiroBrazil 22431-002+55 (21) 2159-6240
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
| Form 20-F | X | Form 40-F |
|---|
TABLE OF CONTENTS
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Vinci Compass Investments Ltd. | ||
|---|---|---|
| By: | /s/ Sergio Passos Ribeiro | |
| Name: | Sergio Passos Ribeiro | |
| Title: | Chief Financial Officer |
Date: May 11, 2026
EXHIBIT 99.1
VINCI COMPASS REPORTS FIRST QUARTER 2026 EARNINGS RESULTS
Rio de Janeiro, May 11, 2026 - Vinci Compass Investments Ltd. (NASDAQ: VINP) ("Vinci Compass,” “the Company,” "we," "us," or "our"), the controlling company of a leading alternative investments and global solutions provider in Latin America, reported today its first quarter 2026 earnings results.
Vinci Compass has issued a complete earnings release and a detailed presentation in the 'Quarterly Earnings' section of the company's website at: https://ir.vincicompass.com/financials/quarterly-results/
Alessandro Horta, Chief Executive Officer, stated: “Vinci Compass entered 2026 from a position of strength, delivering the highest quarterly FRE in our history, with R$96 million in Fee Related Earnings and an FRE margin above 35%. The quarter reflected the full contribution of Verde, continued fundraising momentum across Global IP&S and Credit, and disciplined cost execution across the platform. With the announced combination with BACS in Argentina and the ongoing integration with Verde, we continue to expand our regional footprint, scale high-growth strategies, and compound long-term value for clients and shareholders.”
Dividends
Vinci Compass has declared a quarterly dividend of US$0.17 per share to record holders of common stock as of May 25, 2026. This dividend will be paid on June 8, 2026.
Financial Highlights
Vinci Compass posted Fee Related Earnings of R$96.3 million in the 1Q’26, or R$1.47 per common share, and FRE Margin of 35.4%. Adjusted Distributable Earnings of R$62.2 million in the 1Q’26, or R$0.95 per common share.
Earnings Conference Call
To access the conference call please visit the Events section of the Company's website at: https://ir.vincicompass.com/news-and-events/events. For those unable to listen to the live broadcast, a replay will be available in the same section of the website.
About Vinci Compass
Vinci Compass stands as the premier partner for alternative investments and global solutions in Latin America. With nearly three decades of experience and local operations from eleven offices in Latin America and the US, our expertise spans: Private Equity, Credit, Real Estate, Infrastructure, Forestry, Equities, Global Investment Products & Solutions, and Corporate Advisory. Each segment is managed by specialized teams dedicated to investment and advisory excellence. As of March 2026, Vinci Compass had R$347 billion in assets under management and advisory.
Forward-Looking Statements
This press release contains forward-looking statements that can be identified by the use of words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” among others. By their nature, forward-looking statements are necessarily subject to a high degree of uncertainty and involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside of our control. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements and there can be no assurance that such forward-looking statements will prove to be correct. The forward-looking statements included herein speak only as at the date of this press
release and we do not undertake any obligation to update these forward-looking statements. Past performance does not guarantee or predict future performance. Moreover, neither we nor our affiliates, officers, employees and agents undertake any obligation to review, update or confirm expectations or estimates or to release any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this press release. Further information on these and other factors that could affect our financial results is included in filings we have made and will make with the U.S. Securities and Exchange Commission from time to time.
USA Media Contact
Kate Thompson / Tim Ragones
Joele Frank, Wilkinson Brimmer Katcher
+1 (212) 355-4449
Latin America Media Contact
Danthi Comunicações
Carla Azevedo (carla@danthicomunicacoes.com.br)
+55 (21) 3114-0779
Investor Contact
ShareholderRelations@vincicompass.com
NY: +1 (646) 559-8040
RJ: +55 (21) 2159-6240
EXHIBIT 99.2
<br><br> <br>Vinci Compass Reports First Quarter2026 Results<br><br><br><br><br><br><br><br><br><br>Alessandro<br>Horta, Chief Executive Officer, stated, “Vinci Compass entered 2026 from a position of strength, delivering the highest quarterly<br>FRE in our history, with R$96 million in Fee Related Earnings and an FRE margin above 35%. The quarter reflected the full contribution<br>of Verde, continued fundraising momentum across Global IP&S and Credit, and disciplined cost execution across the platform. With<br>the announced combination with BACS in Argentina and the ongoing integration with Verde, we continue to expand our regional footprint,<br>scale high-growth strategies, and compound long-term value for clients and shareholders.”<br><br><br><br><br><br><br><br><br><br><br><br><br>Fee Related Earnings (FRE)<br><br><br><br><br><br><br> <br><br><br><br><br><br><br><br><br><br>AUM & Dividends<br><br><br><br><br><br> |
|---|
| 1Q’26 Earnings Release<br><br>May 11^th^, 2026 |
| --- |
About Vinci Compass
Vinci Compass stands as the premier partner for alternative investments and global solutions in Latin America. With nearly three decades of experience and local operations from eleven offices in Latin America and the US, our expertise spans: Private Equity, Credit, Real Estate, Infrastructure, Forestry, Equities, Global Investment Products & Solutions, and Corporate Advisory. Each segment is managed by specialized teams dedicated to investment and advisory excellence. As of March 2026, Vinci Compass had R$347 billion in assets under management and advisory.
Webcast and Earnings Conference Call
Vinci Compass will host a conference call at 5:00pm ET on Monday, May 11, 2026, to announce its first quarter 2026 results.
To access the webcast please visit the Events & Presentations' section of the Company's website at:
https://ir.vincicompass.com/news-and-events/events.
For those unable to listen to the live broadcast, there will be a webcast replay on the same section of the website.
Investor Contact
ShareholderRelations@vincicompass.com
NY: +1 (646) 559-8040
RJ: +55 (21) 2159-6240
USA Media Contact
Joele Frank, Wilkinson Brimmer Katcher
Kate Thompson
+1 (212) 355-4449
Brazil Media Contact
Danthi Comunicações
Carla Azevedo (carla@danthicomunicacoes.com.br)
+55 (21) 3114-0779
| Earnings Release | Vinci Compass | 3 |
|---|---|---|
| 1Q’26 Earnings Release<br><br>May 11^th^, 2026 | ||
| --- |
Segment Earnings
| (R$ thousands, unless mentioned) | 1Q'25 | 4Q'25 | 1Q'26 | ∆ YoY(%) | 1Q'25 LTM | 1Q'26 LTM | ∆ YoY(%) | ||
|---|---|---|---|---|---|---|---|---|---|
| Net revenue from management fees | 195,529 | 219,730 | 244,858 | 25% | 586,606 | 861,696 | 47% | ||
| Net revenue from advisory fees | 24,853 | 15,444 | 16,067 | (35)% | 82,628 | 83,115 | 1% | ||
| Other revenues | 11,262 | 11,819 | 11,040 | (2)% | 19,187 | 45,207 | 136% | ||
| Total Fee Related Revenues^i^ | 231,644 | 246,993 | 271,965 | 17% | 688,421 | 990,018 | 44% | ||
| Segment personnel expenses | (20,125) | (21,981) | (24,731) | 23% | (50,815) | (85,529) | 68% | ||
| Other G&A expenses | (15,431) | (16,200) | (19,298) | 25% | (42,804) | (67,106) | 57% | ||
| Placement fee amortization and rebates | (21,015) | (20,527) | (20,823) | (1)% | (36,401) | (78,603) | 116% | ||
| Corporate center expenses | (77,652) | (75,796) | (70,234) | (10)% | (192,225) | (297,597) | 55% | ||
| Bonus compensation related to management and advisory | (31,744) | (32,064) | (40,572) | 28% | (105,749) | (142,170) | 34% | ||
| Total Fee Related Expenses | (165,967) | (166,569) | (175,657) | 6% | (427,993) | (671,006) | 57% | ||
| FEE RELATED EARNINGS (FRE)^ii^ | 65,677 | 80,424 | 96,308 | 47% | 260,428 | 319,012 | 22% | ||
| FRE Margin*^iii^** (%)* | 28.4% | 32.6% | 35.4% | 37.8% | 32.2% | ||||
| FRE per share*^iv^(R$/share)* | 1.04 | 1.23 | 1.47 | 42% | 4.45 | 4.95 | 11% | ||
| Net revenue from performance fees | 3,077 | 13,301 | 2,890 | (6)% | 37,992 | 27,519 | (28)% | ||
| Performance based compensation | (1,350) | (8,409) | (1,271) | (6)% | (15,690) | (14,645) | (7)% | ||
| PERFORMANCE RELATED EARNINGS (PRE)^v^ | 1,727 | 4,892 | 1,619 | (6)% | 22,303 | 12,875 | (42)% | ||
| PRE Margin*^vi^(%)* | 56.1% | 36.8% | 56.0% | 58.7% | 46.8% | ||||
| (+) Realized GP investment income | 4,285 | 6,082 | 6,093 | 42% | 25,314 | 30,113 | 19% | ||
| (+) Unrealized GP investment income | (279) | 39,042 | (2,595) | 830% | (19,764) | 34,621 | N/A | ||
| INVESTMENT RELATED EARNINGS (IRE) | 4,006 | 45,124 | 3,498 | (13)% | 5,550 | 64,734 | 1,066% | ||
| (-) Unrealized performance fees | – | – | – | N/A | 12,937 | 8,711 | (33)% | ||
| (+) Unrealized performance compensation | – | – | – | N/A | (1,159) | (3,083) | 166% | ||
| (-) Unrealized GP investment income | 279 | (39,042) | 2,595 | 830% | 19,764 | (34,621) | N/A | ||
| SEGMENT DISTRIBUTABLE EARNINGS^vii^ | 71,689 | 91,398 | 104,020 | 45% | 319,824 | 367,628 | 15% | ||
| Segment DE Margin (%) | 30.0% | 34.3% | 37.0% | 41.8% | 34.8% | ||||
| (+) Depreciation and amortization | 3,361 | 2,616 | 2,765 | (18)% | 10,142 | 11,921 | 18% | ||
| (+) Realized financial income | 14,423 | 12,024 | 9,390 | (35)% | 51,330 | 58,096 | 13% | ||
| (-) Leasing expenses | (3,758) | (4,516) | (3,891) | 4% | (9,837) | (15,502) | 58% | ||
| (-) Other items^viii^ | (14,004) | (2,196) | (21,034) | 50% | (68,577) | (53,972) | (21)% | ||
| (-) Non-operational expenses^ix^ | (255) | (4,877) | (314) | 23% | (55,484) | (5,942) | (89)% | ||
| (-) Income taxes (excluding related to unrealized fees and income) | (9,378) | (14,894) | (21,693) | 131% | (49,759) | (65,135) | 31% | ||
| (-) Minority Interest^x^ | – | (2,720) | (7,298) | N/A | – | (10,018) | N/A | ||
| DISTRIBUTABLE EARNINGS (DE)^xi^ | 62,078 | 76,835 | 61,945 | (0)% | 197,638 | 287,076 | 45% | ||
| DE Margin*^xii^** (%)* | 24.5% | 27.6% | 21.3% | 24.2% | 25.8% | ||||
| DE per share (R$/share) | 0.98 | 1.17 | 0.95 | (3)% | 3.42 | 4.47 | 31% | ||
| (+) Nonrecurring expenses (including Income Tax effect) | 228 | 4,453 | 292 | 28% | 54,119 | 5,300 | (90)% | ||
| ADJUSTED DISTRIBUTABLE EARNINGS^xiii^ | 62,306 | 81,288 | 62,237 | (0)% | 251,757 | 292,376 | 16% | ||
| Adjusted DE Margin*^xiv^** (%)* | 24.6% | 29.2% | 21.4% | 30.9% | 26.2% | ||||
| Adjusted DE per share*^xv^** (R$/share)* | 0.98 | 1.24 | 0.95 | (3)% | 4.31 | 4.55 | 5% |
TotalFee Related Revenues of R$272.0 million for the quarter ended March 31, 2026, compared to R$231.6 million for the quarter ended March 31, 2025, an increase of 17% year-over year. This increase was pushed by growth in management fees, driven mostly by the Verde transaction and organic fundraising across the Credit and Global IP&S segments, partially offset by lower advisory fees. In the quarter, management fees accounted for R$244.9 million, an increase of 25% year-over-year. Advisory fees totaled R$16.1 million, down 35% year-over-year. Other revenues, which comprise of advisory & execution fees and fund services fees, totaled R$11.0 million in the quarter. Fee Related Revenues were R$990.0 million for the last twelve months ended March 31, 2026, up 44% when compared to the last twelve months ended March 31, 2025, driven by the Compass, Lacan and Verde transactions and continued fundraising momentum across different countries and strategies.
| Earnings Release | Vinci Compass | 4 |
|---|---|---|
| 1Q’26 Earnings Release<br><br>May 11^th^, 2026 | ||
| --- |
FeeRelated Earnings (“FRE”) of R$96.3 million (R$1.47/share) for the quarter ended March 31, 2026, up 47% year-over-year. FRE of R$319.0 million (R$4.95/share) for the last twelve months ended March 31, 2026, up 22% when compared to the last twelve months ended March 31, 2025.
PerformanceRelated Earnings (“PRE”) of R$1.6 million for the quarter ended March 31, 2026, down 6% year-over-year. Performance fees for the 1Q’26 were recognized mainly across Equities and Global IP&S segments. PRE was R$12.9 million for the last twelve months ended March 31, 2026, down 42% when compared to the last twelve months ended March 31, 2025.
InvestmentRelated Earnings (“IRE”) of R$3.5 million for the quarter ended March 31, 2026, down 13% year-over-year. Unrealized IRE was negatively impacted by the decrease in listed REITs’ mark-to-market. IRE was R$64.7 million for the last twelve months ended March 31, 2026, up 1,066% when compared to the last twelve months ended March 31, 2025.
AdjustedDistributable Earnings (“DE”) of R$62.2 million (R$0.95/share) for the quarter ended March 31, 2026, flat year-over-year on an absolute basis and down 3% year-over-year on a per share basis. Adj. DE remained stable YoY, with higher Management Fees and continued cost synergies offsetting lower Advisory Fees, whie realized financial income decreased as the cash position was reduced, impacted by capital calls from IRE proprietary fund commitments that remain in the investment phase, as well as bonus payments made during the quarter. Adjusted DE was R$292.4 million (R$4.55/share) for the last twelve months ended March 31, 2026, up 16% when compared to the last twelve months ended March 31, 2025, on an absolute basis, and up 5% on a per share basis.
| Earnings Release | Vinci Compass | 5 |
|---|---|---|
| 1Q’26 Earnings Release<br><br>May 11^th^, 2026 | ||
| --- |
Segment Highlights
Global IP&S
| (R$ thousands, unless mentioned) | 1Q'25 | 4Q'25 | 1Q'26 | ∆ YoY (%) | 1Q'25 LTM | 1Q'26 LTM | ∆ YoY (%) |
|---|---|---|---|---|---|---|---|
| Net revenue from management fees | 65,625 | 77,943 | 103,833 | 58% | 147,598 | 305,422 | 107% |
| Net revenue from advisory fees | 22,547 | 5,755 | 13,968 | (38)% | 41,584 | 55,135 | 33% |
| Other revenues | 11,085 | 11,819 | 11,040 | (0)% | 18,830 | 44,824 | 138% |
| Total Fee Related Revenues | 99,257 | 95,516 | 128,841 | 30% | 208,014 | 405,381 | 95% |
| Segment personnel expenses | (6,299) | (7,467) | (9,977) | 58% | (14,908) | (28,549) | 91% |
| Other G&A expenses | (7,043) | (9,238) | (11,682) | 66% | (19,283) | (37,062) | 92% |
| Placement fee amortization and rebates | (9,438) | (10,669) | (10,201) | 8% | (16,072) | (40,518) | 152% |
| Corporate center expenses | (42,022) | (38,451) | (35,246) | (16)% | (83,909) | (152,041) | 81% |
| Bonus compensation related to management and advisory | (13,419) | (9,703) | (19,326) | 44% | (30,061) | (56,728) | 89% |
| Total Fee Related Expenses | (78,221) | (75,528) | (86,432) | 10% | (164,234) | (314,898) | 92% |
| FEE RELATED EARNINGS (FRE) | 21,035 | 19,988 | 42,409 | 102% | 43,779 | 90,483 | 107% |
| FRE Margin (%) | 21.2% | 20.9% | 32.9% | 21.0% | 22.3% | ||
| Net revenue from performance fees | 1,295 | 6,856 | 712 | (45)% | 16,292 | 8,315 | (49)% |
| Realized performance fees | 1,295 | 6,856 | 712 | (45)% | 16,292 | 8,315 | (49)% |
| Unrealized performance fees | – | – | – | N/A | – | – | N/A |
| Performance based compensation | (562) | (4,454) | (313) | (44)% | (5,397) | (5,093) | (6)% |
| PERFORMANCE RELATED EARNINGS (PRE) | 732 | 2,402 | 399 | (46)% | 10,897 | 3,222 | (70)% |
| PRE Margin (%) | 56.6% | 35.0% | 56.0% | 66.9% | 38.8% | ||
| (+) Realized GP investment income | 296 | 272 | 360 | 22% | 731 | 1,029 | 41% |
| (+) Unrealized GP investment income | (566) | 586 | 714 | N/A | 3,428 | 1,742 | (49)% |
| INVESTMENT RELATED EARNINGS (IRE) | (270) | 858 | 1,074 | N/A | 4,159 | 2,771 | (33)% |
| (-) Unrealized GP investment income | 566 | (586) | (714) | N/A | (3,428) | (1,742) | (49)% |
| (-) Unrealized performance fees | – | – | – | N/A | – | – | N/A |
| (+) Unrealized performance compensation | – | – | – | N/A | – | – | N/A |
| SEGMENT DISTRIBUTABLE EARNINGS | 22,063 | 22,662 | 43,168 | 96% | 55,408 | 94,734 | 71% |
| Segment DE Margin (%) | 21.9% | 22.1% | 33.2% | 24.6% | 22.8% | ||
| FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$millions) | 230,551 | 270,156 | 262,178 | 14% | 230,551 | 262,178 | 14% |
| AVERAGE FEE RATE (%) | 0.13% | 0.15% | 0.18% | 0.18% | 0.15% | ||
| FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$millions) EX-UPFRONTS^4^ | 180,855 | 220,403 | 213,452 | 18% | 180,855 | 213,452 | 18% |
| AVERAGE FEE RATE (%) EX-UPFRONTS | 0.17% | 0.18% | 0.22% | 0.20% | 0.18% |
FeeRelated Earnings (FRE) of R$42.4 million for the quarter ended March 31, 2026, up 102% year-over-year. This growth was driven by management and advisory fees from third-party distribution (TPD) across liquid and alternative strategies coming from the combination with Compass and the acquisition of Verde Asset Management. FRE was R$90.5 million for the last twelve months ended March 31, 2026, up 107% when compared to the last twelve months ended March 31, 2025.
PerformanceRelated Earnings (PRE) of R$0.4 million for the first quarter 2026, down 46% year-over-year. Most of the funds in the segment typically charge performance fees in the second and fourth quarters of the year; consequently, PRE in the first quarter is historically lower. PRE was R$3.2 million for the last twelve months ended March 31, 2026, down 70% when compared to the last twelve months ended March 31, 2025.
| Earnings Release | Vinci Compass | 6 |
|---|---|---|
| 1Q’26 Earnings Release<br><br>May 11^th^, 2026 | ||
| --- |
SegmentDistributable Earnings of R$43.2 million for the quarter ended March 31, 2026, up 96% year-over-year, driven by higher Fee Related Earnings in the quarter. Segment DE was R$94.7 million for the last twelve months ended March 31, 2026, up 71% when compared to the last twelve months ended March 31, 2025.
AUM reached R$265.5 billion, representing a 14% year-over-year increase. This growth was driven by both inorganic expansion from the Verde acquisition, appreciation within the portfolio, and net inflows, offset by FX variation for the last twelve months.
| Earnings Release | Vinci Compass | 7 |
|---|---|---|
| 1Q’26 Earnings Release<br><br>May 11^th^, 2026 | ||
| --- |
Credit
| (R$ thousands, unless mentioned) | 1Q'25 | 4Q'25 | 1Q'26 | ∆ YoY (%) | 1Q'25 LTM | 1Q'26 LTM | ∆ YoY (%) |
|---|---|---|---|---|---|---|---|
| Net revenue from management fees | 52,818 | 63,846 | 62,572 | 18% | 123,124 | 241,400 | 96% |
| Net revenue from advisory fees | – | 2,384 | – | N/A | 25 | 2,384 | 9,556% |
| Other revenues | – | – | – | N/A | – | – | N/A |
| Total Fee Related Revenues | 52,818 | 66,230 | 62,572 | 18% | 123,149 | 243,784 | 98% |
| Segment personnel expenses | (6,851) | (7,503) | (6,772) | (1)% | (14,981) | (27,398) | 83% |
| Other G&A expenses | (2,561) | (3,034) | (3,513) | 37% | (6,900) | (12,705) | 84% |
| Placement fee amortization and rebates | (8,065) | (7,977) | (8,576) | 6% | (13,682) | (31,821) | 133% |
| Corporate center expenses | (17,123) | (18,481) | (16,306) | (5)% | (37,719) | (68,194) | 81% |
| Bonus compensation related to management and advisory | (8,017) | (7,671) | (8,643) | 8% | (19,951) | (31,309) | 57% |
| Total Fee Related Expenses | (42,617) | (44,666) | (43,810) | 3% | (93,232) | (171,427) | 84% |
| FEE RELATED EARNINGS (FRE) | 10,202 | 21,565 | 18,762 | 84% | 29,917 | 72,357 | 142% |
| FRE Margin (%) | 19.3% | 32.6% | 30.0% | 24.3% | 29.7% | ||
| Net revenue from performance fees | 16 | 4,710 | 161 | 937% | 8,412 | 9,739 | 16% |
| Realized performance fees | 16 | 4,710 | 161 | 937% | 8,412 | 9,739 | 16% |
| Unrealized performance fees | – | – | – | N/A | – | – | N/A |
| Performance based compensation | (2) | (2,647) | (62) | 2,889% | (3,363) | (4,820) | 43% |
| PERFORMANCE RELATED EARNINGS (PRE) | 13 | 2,063 | 99 | 636% | 5,050 | 4,919 | (3)% |
| PRE Margin (%) | 86.6% | 43.8% | 61.5% | 60.0% | 50.5% | ||
| (+) Realized GP investment income | 1,477 | 1,672 | 1,650 | 12% | 7,011 | 6,785 | (3)% |
| (+) Unrealized GP investment income | 4,033 | 2,549 | (824) | N/A | (5,392) | 7,070 | N/A |
| INVESTMENT RELATED EARNINGS (IRE) | 5,510 | 4,221 | 826 | (85)% | 1,619 | 13,855 | 756% |
| (-) Unrealized GP investment income | (4,033) | (2,549) | 824 | N/A | 5,392 | (7,070) | N/A |
| (-) Unrealized performance fees | – | – | – | – | – | – | N/A |
| (+) Unrealized performance compensation | – | – | – | – | – | – | N/A |
| SEGMENT DISTRIBUTABLE EARNINGS | 11,692 | 25,300 | 20,511 | 75% | 41,979 | 84,062 | 100% |
| Segment DE Margin (%) | 21.5% | 34.8% | 31.9% | 30.3% | 32.3% | ||
| FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM) | 28,764 | 35,870 | 36,232 | 26% | 28,764 | 36,232 | 26% |
| AVERAGE MANAGEMENT FEE RATE (%) | 0.76% | 0.76% | 0.71% | 0.81% | 0.75% |
FeeRelated Earnings (FRE) of R$18.8 million for the quarter ended March 31, 2026, up 84% year-over-year, driven by continued growth in management fees supported by strong fundraising, capital deployment and portfolio appreciation across different strategies and countries. FRE was R$72.4 million for the last twelve months ended March 31, 2026, up 142% when compared to the last twelve months ended March 31, 2025.
SegmentDistributable Earnings of R$20.5 million for the quarter ended March 31, 2026, up 75% year-over-year, driven by higher Fee Related Earnings in the quarter. Segment DE was R$84.1 million for the last twelve months ended March 31, 2026, up 100% when compared to the last twelve months ended March 31, 2025.
InvestmentRelated Earnings (IRE) of R$0.8 million for the quarter ended March 31, 2026, driven by quarterly dividends of listed Credit REITs for the realized portion, while closed-end funds mark-ups and listed Credit REITs mark-to-market movements drove the unrealized.
AUM of R$36.8 billion in the quarter, up 25% year-over-year. Our one-stop-shop credit platform is accelerating both local-to-local and cross-border, delivering continued capital formation and appreciation during the 1Q’26 across private credit and liquid strategies, backed by diversified funding geographies.
| Earnings Release | Vinci Compass | 8 |
|---|---|---|
| 1Q’26 Earnings Release<br><br>May 11^th^, 2026 | ||
| --- |
Private Equity
| (R$ thousands, unless mentioned) | 1Q'25 | 4Q'25 | 1Q'26 | ∆ YoY (%) | 1Q'25 LTM | 1Q'26 LTM | ∆ YoY (%) |
|---|---|---|---|---|---|---|---|
| Net revenue from management fees | 31,294 | 30,395 | 28,017 | (10)% | 151,657 | 120,209 | (21)% |
| Net revenue from advisory fees | – | – | – | N.A | – | – | N/A |
| Other revenues | – | – | – | N.A | – | – | N/A |
| Total Fee Related Revenues | 31,294 | 30,395 | 28,017 | (10)% | 151,657 | 120,209 | (21)% |
| Segment personnel expenses | (1,168) | (1,246) | (1,291) | 11% | (4,595) | (4,991) | 9% |
| Other G&A expenses | (798) | (617) | (303) | (62)% | (3,487) | (3,016) | (14)% |
| Placement fee amortization and rebates | (367) | (358) | (356) | (3)% | (1,928) | (1,436) | (25)% |
| Corporate center expenses | (6,032) | (6,122) | (5,690) | (6)% | (26,213) | (24,353) | (7)% |
| Bonus compensation related to management and advisory | (3,497) | (5,298) | (3,402) | (3)% | (18,401) | (16,079) | (13)% |
| Total Fee Related Expenses | (11,861) | (13,640) | (11,041) | (7)% | (54,625) | (49,874) | (9)% |
| FEE RELATED EARNINGS (FRE) | 19,433 | 16,754 | 16,976 | (13)% | 97,034 | 70,335 | (28)% |
| FRE Margin (%) | 62.1% | 55.1% | 60.6 | 64.0% | 58.5% | ||
| Net revenue from performance fees | – | – | – | N/A | – | – | N/A |
| Realized performance fees | – | – | – | N/A | – | – | N/A |
| Unrealized performance fees | – | – | – | N/A | – | – | N/A |
| Performance based compensation | – | – | – | N/A | – | – | N/A |
| PERFORMANCE RELATED EARNINGS (PRE) | – | – | – | N/A | – | – | N/A |
| PRE Margin (%) | N/A | N/A | N/A | N/A | N/A | ||
| (+) Realized GP investment income | – | 147 | – | N/A | 31 | 1,900 | 6,030% |
| (+) Unrealized GP investment income | (6,226) | 18,493 | (405) | (93)% | 1,984 | 10,829 | 446% |
| INVESTMENT RELATED EARNINGS (IRE) | (6,226) | 18,641 | (405) | (93)% | 2,015 | 12,729 | 532% |
| (-) Unrealized GP investment income | 6,226 | (18,493) | 405 | (93)% | (1,984) | (10,829) | 446% |
| (-) Unrealized performance fees | – | – | – | N/A | – | – | N/A |
| (+) Unrealized performance compensation | – | – | – | N/A | – | – | N/A |
| SEGMENT DISTRIBUTABLE EARNINGS | 19,433 | 16,902 | 16,976 | (13)% | 97,065 | 72,236 | (26)% |
| Segment DE Margin (%) | 62.1% | 55.3% | 60.6% | 64.0% | 59.2% | ||
| FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM) | 13,287 | 12,541 | 12,287 | (8)% | 13,287 | 12,287 | (8)% |
| AVERAGE MANAGEMENT FEE RATE (%) | 1.00% | 1.03% | 0.96% | 1.26% | 1.01% |
FeeRelated Earnings (FRE) of R$17.0 million for the quarter ended March 31, 2026, down 13% year-over-year. This decrease was driven by lower management fees in the quarter, reflecting the combined impact of FX variation and the decrease in management fees from certain funds entering divestment period. FRE was R$70.3 million for the last twelve months ended March 31, 2026, down 28% when compared to the last twelve months ended March 31, 2025.
InvestmentRelated Earnings (IRE) of negative R$0.4 million for the quarter ended March 31, 2026, compared to negative R$6.2 million for the quarter ended March 31, 2025. IRE was R$12.7 million for the last twelve months ended March 31, 2026, up 532% when compared to the last twelve months ended March 31, 2025.
SegmentDistributable Earnings of R$17.0 million for the quarter ended March 31, 2026, down 13% year-over-year, in line with the trend in Fee Related Earnings. Segment DE was R$72.2 million for the last twelve months ended March 31, 2026, down 26% when compared to the last twelve months ended March 31, 2025.
AUM of R$15.0 billion at the end of the first quarter, down 9% year-over-year. VCP team continues sourcing new investment opportunities for Fund IV and pursuing exits across Funds II and III, as VIR team concentrates on structuring the next impact investing vintage, VIR V.
| Earnings Release | Vinci Compass | 9 |
|---|---|---|
| 1Q’26 Earnings Release<br><br>May 11^th^, 2026 | ||
| --- |
Equities
| (R$ thousands, unless mentioned) | 1Q'25 | 4Q'25 | 1Q'26 | ∆ YoY (%) | 1Q'25 LTM | 1Q'26 LTM | ∆ YoY (%) |
|---|---|---|---|---|---|---|---|
| Net revenue from management fees | 18,794 | 19,252 | 21,356 | 14% | 63,098 | 76,392 | 21% |
| Net revenue from advisory fees | – | – | – | N/A | 948 | – | (100)% |
| Other revenues | – | – | – | N/A | – | – | N/A |
| Total Fee Related Revenues | 18,794 | 19,252 | 21,356 | 14% | 64,047 | 76,392 | 19% |
| Segment personnel expenses | (2,269) | (2,200) | (3,006) | 33% | (5,517) | (9,837) | 78% |
| Other G&A expenses | (2,121) | (1,776) | (2,012) | (5)% | (4,976) | (6,635) | 33% |
| Placement fee amortization and rebates | (1,551) | (1,305) | (1,463) | (6)% | (2,549) | (5,357) | 110% |
| Corporate center expenses | (5,701) | (5,350) | (6,325) | 11% | (17,943) | (22,596) | 26% |
| Bonus compensation related to management and advisory | (2,562) | (3,983) | (4,208) | 64% | (9,990) | (13,564) | 36% |
| Total Fee Related Expenses | (14,203) | (14,614) | (17,014) | 20% | (40,977) | (57,988) | 42% |
| FEE RELATED EARNINGS (FRE) | 4,591 | 4,638 | 4,342 | (5)% | 23,070 | 18,403 | (20)% |
| FRE Margin (%) | 24.4% | 24.1% | 20.3% | 36.0% | 24.1% | ||
| Net revenue from performance fees | 1,767 | 1,697 | 2,017 | 14% | 5,177 | 9,425 | 82% |
| Realized performance fees | 1,767 | 1,697 | 2,017 | 14% | 5,177 | 9,425 | 82% |
| Unrealized performance fees | – | – | – | N/A | – | – | N/A |
| Performance based compensation | (786) | (1,285) | (896) | 14% | (2,328) | (4,677) | 101% |
| PERFORMANCE RELATED EARNINGS (PRE) | 982 | 412 | 1,121 | 14% | 2,848 | 4,748 | 67% |
| PRE Margin (%) | 55.6% | 24.3% | 55.6% | 55.0% | 50.4% | ||
| (+) Realized GP investment income | – | 1,180 | – | N/A | – | 1,180 | N/A |
| (+) Unrealized GP investment income | 1,793 | (229) | – | (100)% | (2,051) | 3,053 | N/A |
| INVESTMENT RELATED EARNINGS (IRE) | 1,793 | 951 | – | (100)% | (2,051) | 4,233 | N/A |
| (-) Unrealized GP investment income | (1,793) | 229 | – | (100)% | 2,051 | (3,053) | N/A |
| (-) Unrealized performance fees | – | – | – | N/A | – | – | N/A |
| (+) Unrealized performance compensation | – | – | – | N/A | – | – | N/A |
| SEGMENT DISTRIBUTABLE EARNINGS | 5,573 | 6,229 | 5,463 | (2)% | 25,917 | 24,331 | (6)% |
| Segment DE Margin (%) | 27.1% | 29.7% | 23.4% | 37.4% | 28.0% | ||
| FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM) | 14,739 | 15,240 | 16,036 | 9% | 14,739 | 16,036 | 9% |
| AVERAGE MANAGEMENT FEE RATE (%) | 0.55% | 0.54% | 0.57% | 0.58% | 0.52% |
FeeRelated Revenues of R$21.4 million for the quarter ended March 31, 2026, up 14% year-over-year. This increase was driven primarily by the consolidation of Verde and portfolio appreciation over the last twelve months.
FeeRelated Earnings (FRE) of R$4.3 million for the quarter ended March 31, 2026, down 5% year-over-year. FRE was R$18.4 million for the last twelve months ended March 31, 2026, down 20% when compared to the last twelve months ended March 31, 2025.
PerformanceRelated Earnings (PRE) of R$1.1 million for the quarter ended March 31, 2026, up 14% year-over-year, driven by the positive performance of stock markets.
SegmentDistributable Earnings of R$5.5 million for the quarter ended March 31, 2026, down 2% year-over-year, reflecting lower FRE partially offset by performance fees in the period. Segment DE was R$24.3 million for the last twelve months ended March 31, 2026.
AUM of R$16.1 billion at the end of the first quarter 2026, up 5% year-over-year, supported by over R$1.0 billion of capital formation and appreciation in the quarter, with positive inflows coming from LatAm and Brazil UCITS strategies, highlighting continued investor interest in the platform.
| Earnings Release | Vinci Compass | 10 |
|---|---|---|
| 1Q’26 Earnings Release<br><br>May 11^th^, 2026 | ||
| --- |
Real Assets
| (R$ thousands, unless mentioned) | 1Q'25 | 4Q'25 | 1Q'26 | ∆ YoY (%) | 1Q'25 LTM | 1Q'26 LTM | ∆ YoY (%) |
|---|---|---|---|---|---|---|---|
| Net revenue from management fees | 26,997 | 28,294 | 29,080 | 8% | 101,129 | 118,272 | 17% |
| Net revenue from advisory fees | 1,850 | 468 | 460 | (75)% | 6,515 | 3,567 | (45)% |
| Other revenues | 177 | – | – | N/A | 357 | 384 | 8% |
| Total Fee Related Revenues | 29,024 | 28,762 | 29,540 | 2% | 107,999 | 122,223 | 13% |
| Segment personnel expenses | (2,986) | (2,834) | (2,939) | (2)% | (8,446) | (11,771) | 39% |
| Other G&A expenses | (2,774) | (1,389) | (1,664) | (40)% | (7,553) | (7,041) | (7)% |
| Placement fee amortization and rebates | (1,594) | (218) | (227) | (86)% | (2,170) | 529 | N/A |
| Corporate center expenses | (5,931) | (6,540) | (5,539) | (7)% | (22,250) | (26,308) | 18% |
| Bonus compensation related to management and advisory | (4,083) | (4,367) | (4,533) | 11% | (16,721) | (19,144) | 14% |
| Total Fee Related Expenses | (17,368) | (15,348) | (14,901) | (14)% | (57,141) | (63,735) | 12% |
| FEE RELATED EARNINGS (FRE) | 11,656 | 13,414 | 14,639 | 26% | 50,858 | 58,488 | 15% |
| FRE Margin (%) | 40.2% | 46.6% | 49.6% | 47.1% | 47.9% | ||
| Net revenue from performance fees | – | 39 | – | N/A | 8,111 | 41 | (99)% |
| Realized performance fees | – | 39 | – | N/A | 21,048 | 8,752 | (58)% |
| Unrealized performance fees | – | – | – | N/A | (12,936) | (8,711) | (33)% |
| Performance based compensation | – | (22) | – | N/A | (4,602) | (55) | (99)% |
| PERFORMANCE RELATED EARNINGS (PRE) | – | 16 | – | N.A | 3,509 | (14) | N/A |
| PRE Margin (%) | N/A | 42.5% | N/A | 43.3% | (33.5)% | ||
| (+) Realized GP investment income | 2,512 | 2,811 | 4,083 | 63% | 17,541 | 19,220 | 10% |
| (+) Unrealized GP investment income | 686 | 17,642 | (2,080) | N/A | (17,733) | 11,926 | N/A |
| INVESTMENT RELATED EARNINGS (IRE) | 3,199 | 20,453 | 2,003 | (37)% | (193) | 31,146 | N/A |
| (-) Unrealized GP investment income | (686) | (17,642) | 2,080 | N/A | 17,733 | (11,926) | N/A |
| (-) Unrealized performance fees | – | – | – | N/A | 12,937 | 8,711 | (33)% |
| (+) Unrealized performance compensation | – | – | – | N/A | (1,159) | (3,083) | 166% |
| SEGMENT DISTRIBUTABLE EARNINGS | 14,168 | 16,241 | 18,722 | 32% | 83,684 | 83,323 | (0)% |
| Segment DE Margin (%) | 44.9% | 51.4% | 55.7% | 57.1% | 55.5% | ||
| FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM) | 11,839 | 12,684 | 12,703 | 7% | 11,839 | 12,703 | 7% |
| AVERAGE MANAGEMENT FEE RATE (%) | 0.98% | 0.99% | 0.97% | 0.97% | 1.01% |
FeeRelated Earnings (FRE) of R$14.6 million for the quarter ended March 31, 2026, up 26% year-over-year. FRE was R$58.5 million for the last twelve months ended March 31, 2026, up 15% year-over-year, driven by higher Fee Related Revenues and continued fundraising momentum across the segment.
InvestmentRelated Earnings (IRE) of R$2.0 million for the quarter ended March 31, 2026, mostly driven by quarterly dividends from listed REITs.
SegmentDistributable Earnings of R$18.7 million for the quarter ended March 31, 2026, up 32% year-over-year. Segment DE was R$83.3 million for the last twelve months ended March 31, 2026.
AUM of R$15.4 billion at the end of the first quarter 2026, a 29% increase year-over-year.
| Earnings Release | Vinci Compass | 11 |
|---|---|---|
| 1Q’26 Earnings Release<br><br>May 11^th^, 2026 | ||
| --- |
Corporate Advisory
| (R$ thousands, unless mentioned) | 1Q'25 | 4Q'25 | 1Q'26 | ∆ YoY (%) | 1Q'25 LTM | 1Q'26 LTM | ∆ YoY (%) |
|---|---|---|---|---|---|---|---|
| Net revenue from management fees | – | – | – | N/A | – | – | N/A |
| Net revenue from advisory fees | 457 | 6,837 | 1,639 | 259% | 33,556 | 22,028 | (34)% |
| Other revenues | – | – | – | N/A | – | – | N/A |
| Total Fee Related Revenues | 457 | 6,837 | 1,639 | 259% | 33,556 | 22,028 | (34)% |
| Segment personnel expenses | (553) | (731) | (746) | 35% | (2,367) | (2,982) | 26% |
| Other G&A expenses | (134) | (147) | (124) | (7)% | (605) | (648) | 7% |
| Placement fee amortization and rebates | – | – | – | N/A | – | – | N/A |
| Corporate center expenses | (844) | (853) | (1,128) | 34% | (4,190) | (4,104) | (2)% |
| Bonus compensation related to management and advisory | (167) | (1,042) | (460) | 176% | (10,624) | (5,348) | (50)% |
| Total Fee Related Expenses | (1,697) | (2,773) | (2,459) | 45% | (17,786) | (13,083) | (26)% |
| FEE RELATED EARNINGS (FRE) | (1,240) | 4,064 | (820) | (34)% | 15,770 | 8,945 | (43)% |
| FRE Margin (%) | (271.5)% | 59.4% | (50.0)% | 47.0% | 40.6% | ||
| SEGMENT DISTRIBUTABLE EARNINGS | (1,240) | 4,064 | (820) | (34)% | 15,770 | 8,945 | (43)% |
| Segment DE Margin (%) | (271.5)% | 59.4% | (50.0)% | 47.0% | 40.6% |
FeeRelated Earnings (FRE) of negative R$0.8 million for the quarter ended March 31, 2026, against negative R$1.2 million for the quarter ended March 31, 2025. In an environment of high-interest rates and electoral uncertainties, M&A and debt structuring activity has been more subdued. Against this backdrop, Corporate Advisory team is working on an extensive pipeline of opportunities. FRE was R$8.9 million for the last twelve months ended March 31, 2026, down 43% year-over-year.
SegmentDistributable Earnings of R$4.1 million for the quarter ended December 31, 2025, down 66% year-over-year.
| Earnings Release | Vinci Compass | 12 |
|---|---|---|
| 1Q’26 Earnings Release<br><br>May 11^th^, 2026 | ||
| --- |
Income Statement
| (R$ thousands, unless mentioned) | 1Q'25 | 4Q'25 | 1Q'26 | ∆ YoY (%) | 1Q'25 LTM | 1Q'26 LTM | ∆ YoY (%) |
|---|---|---|---|---|---|---|---|
| REVENUES | |||||||
| Net revenue from management fees | 195,529 | 219,730 | 244,858 | 25% | 586,606 | 861,696 | 47% |
| Net revenue from performance fees | 3,077 | 13,301 | 2,890 | (6)% | 37,992 | 27,519 | (28)% |
| Realized performance fees | 3,077 | 13,301 | 2,890 | (6)% | 50,930 | 36,231 | (29)% |
| Unrealized performance fees | – | – | – | N/A | (12,937) | (8,711) | (33)% |
| Net revenue from advisory | 24,853 | 15,444 | 16,067 | (35)% | 82,628 | 83,115 | 1% |
| Other revenues | 11,262 | 11,819 | 11,040 | (2)% | 19,187 | 45,207 | 136% |
| Total net revenues from services rendered | 234,721 | 260,294 | 274,855 | 17% | 726,413 | 1,017,537 | 40% |
| OPERATING EXPENSES | |||||||
| Bonus related to management and advisory | (31,744) | (32,064) | (40,572) | 28% | (105,749) | (142,170) | 34% |
| Performance based compensation | (1,350) | (8,409) | (1,271) | (6)% | (15,690) | (14,645) | (7)% |
| Realized | (1,350) | (8,409) | (1,271) | (6)% | (16,848) | (17,728) | 5% |
| Unrealized | – | – | – | N/A | 1,159 | 3,083 | 166% |
| Total compensation and benefits | (33,094) | (40,474) | (41,843) | 26% | (121,439) | (156,816) | 29% |
| Segment personnel expenses | (20,125) | (21,981) | (24,731) | 23% | (50,814) | (85,529) | 68% |
| Other general and administrative expenses | (15,431) | (16,200) | (19,298) | 25% | (42,804) | (67,106) | 57% |
| Placement fee amortization and rebates | (21,015) | (20,527) | (20,823) | (1)% | (36,401) | (78,603) | 116% |
| Corporate center expenses | (77,652) | (75,796) | (70,234) | (10)% | (192,225) | (297,597) | 55% |
| Total expenses | (167,317) | (174,978) | (176,928) | 6% | (443,682) | (685,650) | 55% |
| Operating profit | 67,404 | 85,316 | 97,927 | 45% | 282,731 | 331,887 | 17% |
| OTHER GP AND FINANCIAL INCOME AND EXPENSES | |||||||
| Investment Related Earnings (IRE) | 4,006 | 45,124 | 3,498 | (13)% | 5,550 | 64,734 | 1,066% |
| Realized gain from GP investment income | 4,285 | 6,082 | 6,093 | 42% | 25,314 | 30,113 | 19% |
| Unrealized gain from GP investment income | (279) | 39,042 | (2,595) | 830% | (19,764) | 34,621 | N/A |
| Financial income | 14,423 | 12,024 | 9,390 | (35)% | 51,330 | 58,096 | 13% |
| Realized gain from financial income | 14,423 | 12,024 | 9,390 | (35)% | 51,330 | 58,096 | 13% |
| Unrealized gain from financial income | – | – | – | N/A | – | – | N/A |
| Leasing expenses | (3,758) | (4,516) | (3,891) | 4% | (9,837) | (15,502) | 58% |
| Other items | (4,458) | (66,408) | 42,389 | N/A | (70,847) | (55,023) | (22)% |
| Equity gain (loss) | (2,201) | 1,521 | 885 | N/A | (3,701) | 2,019 | N/A |
| Equity-based compensation | (5,003) | (9,814) | (5,753) | 15% | (21,334) | (30,662) | 44% |
| Management contract amortization | (2,870) | (3,566) | (5,596) | 95% | (5,262) | (16,325) | 210% |
| Non-operational expenses | (255) | (4,877) | (314) | 23% | (55,484) | (5,942) | (89)% |
| Total Other items | (116) | (30,512) | 40,608 | N/A | (109,585) | 1,395 | N/A |
| Profit before income taxes | 67,288 | 54,804 | 138,535 | 106% | 173,146 | 333,281 | 92% |
| (-) Income taxes | (11,360) | (6,770) | (29,197) | 157% | (46,953) | (60,577) | 29% |
| NET INCOME | 55,928 | 48,034 | 109,338 | 95% | 126,193 | 272,704 | 116% |
| (+) Non-operational expenses (including Income Tax effect) | 228 | 4,453 | 292 | 28% | 54,119 | 5,300 | (90)% |
| (-) Contingent consideration adjustment related to acquisitions | (8,141) | 33,603 | (35,545) | 337% | 2,772 | (2,040) | N/A |
| (+) OCI adjustment | – | 20,449 | (23,007) | N/A | – | (2,558) | N/A |
| ADJUSTED NET INCOME | 48,015 | 106,539 | 51,078 | 6% | 183,084 | 273,407 | 49% |
| Atributable to the shareholders of the parent company | 48,619 | 104,627 | 44,759 | (8)% | 185,468 | 266,690 | 44% |
| Attributable to non-controlling interests | (604) | 1,912 | 6,319 | N/A | (2,384) | 6,717 | N/A |
Totalnet revenues from services rendered R$274.9 million for the quarter ended March 31, 2026, up 17% year-over-year. This growth was driven by stronger management fees in the period, coming from the acquisition of Verde, combined with organic fundraising mainly across Global IP&S and Credit segments throughout the last twelve months, partially offset by lower advisory fees. Net revenues for the last twelve months ended March 31, 2026, were R$1,017.5 million, up 40% when compared to the last twelve months ended March 31, 2025.
| Earnings Release | Vinci Compass | 13 |
|---|---|---|
| 1Q’26 Earnings Release<br><br>May 11^th^, 2026 | ||
| --- | ||
| · | Management fee revenues of R$244.9 million for the quarter ended March 31, 2026, up 25% year-over-year.<br> Management fees for the last twelve months ended March 31, 2026, were R$861.7 million, up<br> 47% when compared to the last twelve months ended March 31, 2025. | |
| --- | --- | |
| · | Performance fee revenues of R$2.9 million for the quarter ended March 31, 2026, down 6% year-over-year.<br> Performance fee revenues for the last twelve months ended March 31, 2026, were R$27.5 million,<br> down 28% when compared to the last twelve months ended March 31, 2025. | |
| --- | --- | |
| · | Advisory fee revenues of R$16.1 million for the quarter ended March 31, 2026, compared to R$24.9<br> million for the quarter ended March 31, 2025, a 35% decrease year-over-year. Advisory revenues<br> for the last twelve months ended March 31, 2026, were R$83.1 million, up 1% when compared<br> to the last twelve months ended March 31, 2025. | |
| --- | --- | |
| · | Other revenues of R$11.0 million for the quarter ended March 31, 2026, down 2% year-over-year.<br> Other revenues for the last twelve months ended March 31, 2026, were R$45.2 million, up 136%<br> when compared to the last twelve months ended March 31, 2025. | |
| --- | --- |
Totalexpenses for the quarter ended March 31, 2026, of R$176.9 million, compared to R$167.3 million for the quarter ended March 31, 2025, an increase of 6% year-over-year. Total expenses for the last twelve months ended March 31, 2026, were R$685.7 million, up 55% when compared to the last twelve months ended March 31, 2025. This increase is primarily attributed to the combination with Compass and the acquisition of Verde, with the additional management team brought with the transactions. Additionally, after the combination with Compass, our expenses were impacted by a new line of costs for amortization of placement fees and rebates, which were not meaningful before the transaction and started to have a bigger contribution to our expenses, as it reflects fees paid to distributors that, due to accounting procedures, are not deducted directly from management fees.
| · | Bonus related to management and advisory fees of R$40.6 million for the quarter ended March<br> 31, 2026, compared to R$31.7 million for the quarter ended March 31, 2025, a 28% increase<br> year-over-year. Bonus related to management and advisory fees for the last twelve months<br> ended March 31, 2026, was R$142.2 million, up 34% year-over-year. | |
|---|---|---|
| · | Performance based compensation of R$1.3 million for the quarter ended March 31, 2026, compared to<br> R$1.4 million for the quarter ended March 31, 2025, a 6% decrease year-over-year. Performance<br> based compensation for the last twelve months ended March 31, 2026, was R$14.6 million, down<br> 7%. | |
| --- | --- | |
| · | Segment personnel expenses of R$24.7 million for the quarter ended March 31, 2026, compared to<br> R$20.1 million for the quarter ended March 31, 2025, an increase of 23% year-over-year. Segment<br> personnel expenses for the last twelve months ended March 31, 2026, were R$85.5 million,<br> up 68%. | |
| --- | --- | |
| Earnings Release | Vinci Compass | 14 |
| --- | --- | |
| 1Q’26 Earnings Release<br><br>May 11^th^, 2026 | ||
| --- | ||
| · | Corporate center expenses of R$70.2 million for the quarter ended March 31, 2026, compared to R$77.7<br> million for the quarter ended March 31, 2025, a 10% decrease year-over-year. Corporate center<br> expenses for the last twelve months ended March 31, 2026, were R$297.6 million, up 55%. | |
| --- | --- | |
| · | Other general and administrative expenses of R$19.3 million for the quarter ended March 31,<br> 2026, compared to R$15.4 million for the quarter ended March 31, 2025, an increase of 25%<br> year-over-year. Other G&A expenses for the last twelve months ended March 31, 2026, were<br> R$67.1 million, up 57%. | |
| --- | --- | |
| · | Placement fee amortization and rebates of R$20.8 million for the quarter ended March 31, 2026,<br> down 1% year-over-year. Placement fee amortization and rebates for the last twelve months<br> ended March 31, 2026 totaled R$78.6 million, up 116% year-over-year. | |
| --- | --- |
Operatingprofit of R$97.9 million for the quarter ended March 31, 2026, compared to R$67.4 million for the quarter ended March 31, 2025, an increase of 45% year-over-year. Operating profit for the last twelve months ended March 31, 2026 was R$331.9 million, up 17% compared to the last twelve months ended March 31, 2025.
InvestmentRelated Earnings (IRE), a result of the company’s GP investments in its proprietary private market funds, was R$3.5 million for the quarter ended March 31, 2026, down 13% year-over-year. IRE for the last twelve months ended March 31, 2026 totaled R$64.7 million, up 1,066% year-over-year.
Financialincome of R$9.4 million for the quarter ended March 31, 2026, down 35% year-over-year. Financial income for the last twelve months ended March 31, 2026 was R$58.1 million, up 13% year-over-year.
Leasingexpenses of R$3.9 million for the quarter ended March 31, 2026, compared to R$3.8 million for the quarter ended March 31, 2025, an increase of 4% year-over-year. Leasing expenses for the last twelve months ended March 31, 2026 were R$15.5 million, up 58% year-over-year.
Otheritems of positive R$42.4 million for the quarter ended March 31, 2026, compared to negative R$4.5 million for the quarter ended March 31, 2025. This line comprises the income/(loss) generated by contingent consideration adjustment, financial income/(expenses) related to SPS and Compass acquisitions, Ares Convertible Preferred Shares, and other financial expenses.
Equity-basedcompensation of R$5.8 million for the quarter ended March 31, 2026, compared to R$5.0 million for the quarter ended March 31, 2025, an increase of 15% year-over-year. Equity-based compensation for the last twelve months ended March 31, 2026 was R$30.7 million, up 44% year-over-year.
Profitbefore income taxes of R$138.5 million for the quarter ended March 31, 2026, compared to R$67.3 million in the same period of 2025, an increase of 106% year-over-year. Profit before income taxes for the last twelve months ended March 31, 2026 was R$333.3 million, up 92% year-over-year.
Incometaxes of R$29.2 million for the quarter ended March 31, 2026, which represented an effective tax rate of approximately 21%, compared to R$11.4 million for the quarter ended March 31, 2025. Income taxes for the last twelve months ended March 31, 2026 were R$60.6 million, up 29% year-over-year.
| Earnings Release | Vinci Compass | 15 |
|---|---|---|
| 1Q’26 Earnings Release<br><br>May 11^th^, 2026 | ||
| --- |
Non-operationalexpenses of R$0.3 million for the quarter ended March 31, 2026. Non-operational expenses are comprised of expenses related to professional services rendered in connection with acquisitions.
Contingentconsideration adjustment related to acquisitions, after tax, of negative R$35.5 million for the quarter ended March 31, 2026, compared to negative R$8.1 million for the quarter ended March 31, 2025. Contingent consideration adjustment related to Vinci SPS and Compass’ acquisitions reflects the change in earn out’s fair value to be paid in stock, due to variation in the stock price in the period.
OCIadjustment of negative R$23.0 million for the quarter ended March 31, 2026. Starting in the fourth quarter of 2025, Other Comprehensive Income, or OCI, now flows through our distributable earnings, adjusted distributable earnings and adjusted net income. Up to the third quarter of 2025, OCI did not impact these adjusted metrics. OCI comprises foreign exchange variations from the consolidation of subsidiaries whose functional currencies are not Brazilian reais, which are recognized directly in shareholders’ equity (other comprehensive income) and do not affect profit or loss.
Adjustednet income of R$51.1 million for the quarter ended March 31, 2026, compared to R$48.0 million for the quarter ended March 31, 2025, an increase of 6% year-over-year. Adjusted net income for the last twelve months ended March 31, 2026 was R$273.4 million, up 49% year-over-year.
| Earnings Release | Vinci Compass | 16 |
|---|---|---|
| 1Q’26 Earnings Release<br><br>May 11^th^, 2026 | ||
| --- |
Supplemental Details
Assets Under Management (AUM) Rollforward
Forthe Three Months Ended March 31, 2026
| In R$ millions | Global IP&S | Credit | Private Equity | Equities | Real Assets | Total |
|---|---|---|---|---|---|---|
| Beginning balance | 271,492 | 36,464 | 15,390 | 15,286 | 15,476 | 354,108 |
| (+/-) Capital Subscription / (capital return) | (6) | (62) | (31) | – | (54) | (153) |
| (+) Capital Subscription | – | 112 | – | – | 147 | 258 |
| (-) Capital Return | (6) | (174) | (31) | – | (201) | (411) |
| (+) Acquisitions | – | – | – | – | – | – |
| (+/-) Net Inflow / (outflow) | 3,377 | 907 | – | 118 | (3) | 4,400 |
| (+/-) FX Variation | (12,334) | (1,250) | (111) | (230) | (204) | (14,130) |
| (+/-) Appreciation / (depreciation) | 974 | 753 | (273) | 912 | 213 | 2,578 |
| Ending balance | 263,503 | 36,813 | 14,975 | 16,086 | 15,427 | 346,803 |
Forthe Twelve Months Ended March 31, 2026
| In R$ millions | Global IP&S | Credit | Private Equity | Equities | Real Assets | Total |
|---|---|---|---|---|---|---|
| Beginning balance | 231,924 | 29,389 | 16,481 | 14,793 | 11,965 | 304,552 |
| (+/-) Capital Subscription / (capital return) | (8) | 93 | (276) | – | 2,312 | 2,121 |
| (+) Capital Subscription | 0 | 836 | 1 | – | 3,364 | 4,202 |
| (-) Capital Return | (8) | (742) | (277) | – | (1,053) | (2,080) |
| (+) Acquisitions | 14,458 | 516 | – | 621 | – | 15,594 |
| (+/-) Net Inflow / (outflow) | 17,772 | 6,485 | – | (3,353) | (26) | 20,878 |
| (+/-) FX Variation | (20,327) | (1,959) | (223) | (468) | (255) | (23,231) |
| (+/-) Appreciation / (depreciation) | 19,683 | 2,288 | (1,008) | 4,493 | 1,431 | 26,887 |
| Ending balance | 263,503 | 36,813 | 14,975 | 16,086 | 15,427 | 346,803 |
| Earnings Release | Vinci Compass | 17 | ||||
| --- | --- | |||||
| 1Q’26 Earnings Release<br><br>May 11^th^, 2026 | ||||||
| --- |
Fee-Earning Assets Under Management (FEAUM) Rollforward
Forthe Three Months Ended March 31, 2026
| In R$ millions | Global IP&S | Credit | Private Equity | Equities | Real Assets | Total |
|---|---|---|---|---|---|---|
| Beginning balance | 270,156 | 35,870 | 12,541 | 15,240 | 12,684 | 346,490 |
| (+/-) Capital Subscription / (capital return) | (6) | (62) | (31) | – | (54) | (153) |
| (+) Capital Subscription | – | 112 | – | – | 147 | 258 |
| (-) Capital Return | (6) | (174) | (31) | – | (201) | (411) |
| (+) Acquisitions | – | – | – | – | – | – |
| (+/-) Net Inflow / (outflow) | 3,360 | 892 | – | 119 | (3) | 4,369 |
| (+/-) FX Variation | (12,301) | (1,226) | (111) | (230) | (63) | (13,931) |
| (+/-) Appreciation / (depreciation) | 969 | 758 | (112) | 907 | 138 | 2,659 |
| Ending balance | 262,178 | 36,232 | 12,287 | 16,036 | 12,703 | 339,435 |
Forthe Twelve months Ended March 31, 2026
| In R$ millions | Global IP&S | Credit | Private Equity | Equities | Real Assets | Total |
|---|---|---|---|---|---|---|
| Beginning balance | 230,551 | 28,764 | 13,287 | 14,739 | 11,839 | 299,180 |
| (+/-) Capital Subscription / (capital return) | (8) | 84 | (257) | – | (332) | (514) |
| (+) Capital Subscription | – | 826 | – | – | 691 | 1,517 |
| (-) Capital Return | (8) | (742) | (257) | – | (1,023) | (2,031) |
| (+) Acquisitions | 14,458 | 516 | – | 621 | – | 15,594 |
| (+/-) Net Inflow / (outflow) | 17,697 | 6,199 | – | (3,331) | (26) | 20,539 |
| (+/-) FX Variation | (20,275) | (1,918) | (223) | (466) | (113) | (22,995) |
| (+/-) Appreciation / (depreciation) | 19,756 | 2,587 | (520) | 4,473 | 1,335 | 27,630 |
| Ending balance | 262,178 | 36,232 | 12,287 | 16,036 | 12,703 | 339,435 |
| Earnings Release | Vinci Compass | 18 | ||||
| --- | --- | |||||
| 1Q’26 Earnings Release<br><br>May 11^th^, 2026 | ||||||
| --- |
Investment Records – IP&S, Public Equities, Private Credit and Listed Funds
| Fund | Segment | NAV^xvi^(R$ millions) | 1Q'26 | YTD | 12 M | 24 M | Market Comparison | Index Rate |
|---|---|---|---|---|---|---|---|---|
| Vinci Total Return | Equities | 287.5 | 8.2% | 8.2% | 40.3% | 34.6% | IPCA + Yield IMA-B | IPCA + Yield IMA-B |
| Mosaico Strategy | Equities | 965.1 | 12.7% | 12.7% | 40.6% | 31.7% | IBOV | IBOV |
| Vinci Gas Dividendos FIA | Equities | 376.8 | 14.7% | 14.7% | 42.6% | 42.5% | IBOV | IBOV |
| Compass CRECE+ | Equities | 222.8 | 8.7% | 8.7% | 37.0% | 39.5% | S&P/BMV IPC | N/A |
| Compass Crecimiento | Equities | 365.3 | (1.2)% | (1.2)% | 25.1% | 148.7% | S&P MERVAL | N/A |
| Compass Small Cap Chile | Equities | 1,858.6 | 0.0% | 0.0% | 38.8% | 65.3% | N/A | N/A |
| Vinci Crédito Imobiliário II | Credit | 669.1 | 3.5% | 3.5% | 12.8% | 18.2% | IPCA | IPCA + 6% |
| Vinci Energia Sustentável | Credit | 473.8 | 3.6% | 3.6% | 14.2% | 19.0% | IPCA | IPCA + 6% |
| Vinci Crédito Multiestratégia | Credit | 295.0 | 3.2% | 3.2% | 13.9% | 24.8% | CDI | IPCA + 5% |
| Compass Latam Corporate Debt Fund | Credit | 5,431.5 | (0.1)% | (0.1)% | 6.5% | 15.5% | CEMBI Broad Div | N/A |
| Compass Latam High Yield USD | Credit | 1,894.5 | 0.8% | 0.8% | 5.4% | 16.9% | CEMBI Broad Div HY | N/A |
| Compass I+LIQG | Credit | 2,679.0 | 1.8% | 1.8% | 8.4% | 20.6% | PIP Cetes 28D | N/A |
| Compass Credit Selection | Credit | 1,399.1 | 3.3% | 3.3% | 15.3% | 29.1% | CDI | N/A |
| Compass Yield 30 | Credit | 1,987.6 | 3.5% | 3.5% | 14.7% | 29.4% | CDI | CDI |
| Compass Deuda Plus | Credit | 305.5 | 2.1% | 2.1% | 7.7% | 20.0% | N/A | N/A |
| Compass Renta Fija-B | Credit | 745.3 | (0.2)% | (0.2)% | 3.3% | 7.9% | CEMBI Broad Div | N/A |
| Vinci Multiestratégia FIM | Global IP&S | 38.6 | 3.0% | 3.0% | 12.9% | 23.5% | CDI | CDI |
| Atlas Strategy | Global IP&S | 135.1 | 2.4% | 2.4% | 11.2% | 21.9% | CDI | CDI |
| Vinci Valorem FIM | Global IP&S | 680.2 | 3.8% | 3.8% | 13.2% | 22.3% | IMA-B | IMA-B |
| Equilibrio Strategy | Global IP&S | 552.4 | 3.1% | 3.1% | 10.5% | 17.8% | IPCA^^ | N/A |
| Vinci Retorno Real FIM | Global IP&S | 90.5 | 5.7% | 5.7% | 12.5% | 21.8% | IMA-B | IMA-B |
| VISC11 | Real Assets<br><br> <br>(listed REIT) | 3,153.9 | 2.6% | 2.6% | 15.9% | 7.5% | IFIX | IPCA + 6% |
| VILG11 | Real Assets<br><br> <br>(listed REIT) | 1,483.2 | 1.7% | 1.7% | 30.8% | 28.1% | IFIX | IPCA + 6% |
| VINO11 | Real Assets<br><br> <br>(listed REIT) | 416.6 | 1.1% | 1.1% | 7.7% | (17.9)% | IFIX | IPCA + 6% |
| VIUR11 | Real Assets<br><br> <br>(listed REIT) | 149.8 | (10.0)% | (10.0)% | 4.2% | (27.2)% | IFIX | IPCA + 6% |
| VCRI11 | Real Assets<br><br> <br>(listed REIT) | 130.8 | 4.4% | 4.4% | 20.3% | 15.9% | IFIX | IPCA + X% |
| VICA11 | Real Assets (REIT) | 393.8 | 0.0% | 0.0% | 2.6% | 4.8% | IFIX | CDI + 1% |
| VINCI FOF IMOBILIARIO FIM CP | Real Assets (REIT) | 43.7 | 3.3% | 3.3% | 16.6% | 17.3% | IFIX | IFIX |
| VIGT11 | Real Assets<br><br> <br>(listed REIT) | 420.7 | 7.8% | 7.8% | 31.3% | (31.3)% | N/A | N/A |
| Benchmark | 1Q'26 | YTD | 12 M | 24 M | ||||
| --- | --- | --- | --- | --- | ||||
| CDI^xvii^ | 3.4% | 3.4% | 14.8% | 27.7% | ||||
| IMA-B 5^xviii^ | 3.9% | 3.9% | 12.5% | 20.6% | ||||
| IPCA^xix^ | 1.9% | 1.9% | 4.1% | 9.8% | ||||
| IFIX^xx^ | 2.5% | 2.5% | 16.8% | 13.6% | ||||
| IPCA + Yield IMA-B | 3.5% | 3.5% | 12.2% | 26.1% | ||||
| IBOV^xxi^ | 16.3% | 16.3% | 43.9% | 46.3% | ||||
| S&P/BMV IPC^xxii^ | 6.9% | 6.9% | 35.9% | 28.3% | ||||
| S&P MERVAL^xxiii^ | (1.8)% | (1.8)% | 28.2% | 146.4% | ||||
| CEMBI Broad Div^xxiv^ | 0.1% | 0.1% | 6.2% | 15.3% | ||||
| CEMBI Broad Div HY^xxv^ | 1.2% | 1.2% | 7.1% | 17.8% | ||||
| PIP Cetes 28D^xxvi^ | 1.7% | 1.7% | 8.2% | 20.1% | ||||
| Earnings Release | Vinci Compass | 19 | ||||||
| --- | --- | |||||||
| 1Q’26 Earnings Release<br><br>May 11^th^, 2026 | ||||||||
| --- |
Investment Records – Closed End Private Markets funds^xxvii^
| Fund | Segment | Vintage year | Committed Capital<br><br> <br>(R$mm) | Invested Capital<br><br> <br>(R$mm) | Realized or Partially<br><br> <br>Realized<br><br> <br>(R$mm) | Unrealized<br><br> <br>(R$mm) | Total<br><br> <br>Value<br><br> <br>(R$mm) | Gross MOIC^xxxviii^<br><br> <br>(BRL) | Gross<br><br> <br>MOIC<br><br> <br>(USD) | Gross<br><br> <br>IRR^xxix^<br><br> <br>(BRL) | Gross IRR<br><br> <br>(USD) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Fund 1 | Private Equity | 2004 | 1,415 | 1,206 | 5,131 | 54 | 5,185 | 4.3x | 4.0x | 71.5% | 77.2% |
| VCP II | Private Equity | 2011 | 2,200 | 2,087 | 2,006 | 1,811 | 3,817 | 1.8x | 1.0x | 8.0% | (0.3%) |
| VCP III | Private Equity | 2018 | 4,000 | 2,548 | 313 | 5,249 | 5,562 | 2.1x | 1.9x | 21.5% | 17.5% |
| VCP IV | Private Equity | 2022 | 3,879 | 1,165 | – | 1,541 | 1,541 | 1.3x | 1.3x | 59.9% | 55.5% |
| VCP Strategy^xxx^ | Private Equity | 11,494 | 7,006 | 7,450 | 8,654 | 16,103 | 2.3x | 2.1x | 64.5% | 70.2% | |
| NE Empreendedor^xxx^ | Private Equity | 2003 | 36 | 13 | 26 | – | 26 | 2.1x | 2.6x | 22.0% | 30.5% |
| Nordeste III | Private Equity | 2017 | 240 | 134 | 240 | 81 | 321 | 2.4x | 1.8x | 20.6% | 13.7% |
| VIR IV | Private Equity | 2020 | 1,000 | 734 | 188 | 865 | 1,053 | 1.3x | 1.5x | 20.7% | 20.9% |
| VIR Strategy^xxxii^ | Private Equity | 1,276 | 881 | 453 | 947 | 1,400 | 1.7x | 1.6x | 21.1% | 26.0% | |
| SPS I | Credit | 2018 | 128 | 205 | 361 | 22 | 383 | 2.7x | 2.2x | 25.6% | 19.2% |
| SPS II | Credit | 2020 | 671 | 1,082 | 1,186 | 568 | 1,754 | 2.3x | 2.3x | 22.1% | 22.6% |
| SPS III | Credit | 2021 | 1,071 | 1,733 | 951 | 1,506 | 2,457 | 2.5x | 2.6x | 23.6% | 23.6% |
| SPS IV | Credit | 2025 | 1,329 | 348 | 6 | 240 | 246 | 1.1x | 1.1x | 24.3% | 38.6% |
| SPS Strategy^xxxiii^ | Credit | 3,199 | 3,369 | 2,503 | 2,336 | 4,839 | 2.5x | 2.4x | 23.2% | 22.6% | |
| MAV I | Credit | 2022 | 165 | 165 | 178 | 69 | 247 | 1.5x | 1.5x | 19.3% | 21.7% |
| MAV II | Credit | 2023 | 205 | 205 | 64 | 205 | 269 | 1.3x | 1.4x | 19.3% | 16.2% |
| MAV III | Credit | 2025 | 220 | 167 | 17 | 168 | 185 | N.M. | N.M. | N.M. | N.M. |
| MAV Strategy^xxxiv^ | Credit | 590 | 537 | 258 | 442 | 700 | 1.4x | 1.5x | 19.3% | 18.6% | |
| Lacan Florestal I | Real Assets | 2012 | 253 | 253 | 255 | 316 | 571 | 2.3x | 1.3x | 10.7% | 2.9% |
| Lacan Florestal II | Real Assets | 2016 | 356 | 356 | 125 | 568 | 693 | 1.9x | 1.5x | 10.8% | 6.3% |
| Lacan Florestal III | Real Assets | 2020 | 501 | 435 | – | 618 | 618 | 1.4x | 1.4x | 12.1% | 11.1% |
| Lacan Florestal IV | Real Assets | 2023 | 260 | 216 | – | 271 | 271 | 1.3x | 1.3x | 26.4% | 32.6% |
| Lacan Strategy^xxxv^ | Real Assets | 1,370 | 1,260 | 380 | 1,774 | 2,154 | 1.7x | 1.4x | 12.7% | 6.2% | |
| FIP Transmissão^xxxvi^ | Real Assets | 2017 | 211 | 104 | 367 | 9 | 375 | 3.6x | 2.7x | 55.5% | 40.4% |
| VIAS^xxxvii^ | Real Assets | 2021 | 386 | 350 | – | 528 | 528 | 1.5x | 1.4x | 15.7% | 13.1% |
| VICC^xxxviii^ | Real Assets | 2022 | 1,784 | 151 | – | 169 | 169 | 1.1x | 1.1x | NM | NM |
| VFDL^xxxix^ | Real Assets | 2021 | 422 | 346 | 34 | 427 | 460 | 1.3x | 1.3x | 11.7% | 11.3% |
| Vinci Credit Infra^xl^ | Credit | 2022 | 1,848 | 1,451 | 91 | 1,642 | 1,733 | 1.2x | 1.3x | NM | NM |
| Earnings Release | Vinci Compass | 20 | |||||||||
| --- | --- | ||||||||||
| 1Q’26 Earnings Release<br><br>May 11^th^, 2026 | |||||||||||
| --- |
Shareholder Dividends & Share Summary
| ($ in thousands) | 2Q'24 | 3Q'24 | 4Q'24 | 1Q'25 | 2Q'25 | 3Q'25 | 4Q'25 | 1Q’26 |
|---|---|---|---|---|---|---|---|---|
| Adjusted Distributable Earnings (R$) | 58,401 | 57,104 | 73,946 | 62,306 | 75,759 | 73,092 | 81,288 | 62,237 |
| Adjusted Distributable Earnings (US$)^xli^ | 10,331 | 9,872 | 12,804 | 11,027 | 13,964 | 13,645 | 15,605 | 12,702 |
| Adjusted DE per Common Share (US$)^xlii^ | 0.19 | 0.19 | 0.20 | 0.17 | 0.22 | 0.22 | 0.24 | 0.19 |
| Actual Dividend per Common Share^xliii^ | 0.17 | 0.16 | 0.15 | 0.15 | 0.15 | 0.15 | 0.17 | 0.17 |
| VINP Shares | 2Q'24 | 3Q'24 | 4Q'24 | 1Q'25 | 2Q'25 | 3Q'25 | 4Q'25 | 1Q’26 |
| Shares Repurchased | ||||||||
| # of Shares | 220,135 | 374,834 | 607,643 | 683,148 | 173,762 | - | - | - |
| Average Cost (US$/share) | 10.82 | 10.38 | 10.28 | 10.07 | 9.47 | - | - | - |
| Capital Deployed (US$) | 2,382,251 | 3,890,849 | 6,246,577 | 6,879,698 | 1,645,210 | - | - | - |
| Class B | 14,466,239 | 14,466,239 | 14,466,239 | 14,466,239 | 14,466,239 | 14,466,239 | 14,466,239 | 14,466,239 |
| Class A^xliv^ | 38,779,209 | 38,404,375 | 49,580,116 | 48,896,968 | 48,778,420 | 48,778,420 | 50,955,859 | 50,955,859 |
| Common Shares | 53,245,448 | 52,870,614 | 64,046,355 | 63,363,207 | 63,244,659 | 63,244,659 | 65,422,098 | 65,422,098 |
Vinci Compass generated R$0.95 or US$0.19 of Adjusted Distributable Earnings per common share for the first quarter of 2026. The company declared a quarterly dividend of US$0.17 per common share to record holders as of May 25, 2026; payable on June 8, 2026.
Common Shares Outstanding as of quarter end of 65,422,098 shares.
There were no common shares repurchased in the quarter and as of March 31, 2026, there was no remaining authorization for the share repurchase plan.
| Earnings Release | Vinci Compass | 21 |
|---|---|---|
| 1Q’26 Earnings Release<br><br>May 11^th^, 2026 | ||
| --- |
Reconciliation and Disclosures
Non-GAAP Reconciliation
| (R$ thousands, unless mentioned) | 1Q'25 | 4Q'25 | 1Q'26 | 1Q'25 LTM | 1Q'26 LTM |
|---|---|---|---|---|---|
| OPERATING PROFIT | 67,404 | 85,316 | 97,927 | 282,731 | 331,887 |
| (-) Net revenue from realized performance fees | (3,077) | (13,301) | (2,890) | (50,930) | (36,231) |
| (-) Net revenue from unrealized performance fees | – | – | – | 12,937 | 8,711 |
| (+) Compensation allocated in relation to performance fees | 1,350 | 8,409 | 1,271 | 15,690 | 14,645 |
| FEE RELATED EARNINGS (FRE) | 65,677 | 80,424 | 96,308 | 260,428 | 319,012 |
| OPERATING PROFIT | 67,404 | 85,316 | 97,927 | 282,731 | 331,887 |
| (-) Net revenue from management fees | (195,529) | (219,730) | (244,858) | (586,606) | (861,696) |
| (-) Net revenue from advisory | (24,853) | (15,444) | (16,067) | (82,628) | (83,115) |
| (-) Other revenues | (11,262) | (11,819) | (11,040) | (19,187) | (45,207) |
| (+) Bonus related to management and advisory | 31,744 | 32,064 | 40,572 | 105,749 | 142,170 |
| (+) Personnel expenses | 20,125 | 21,981 | 24,731 | 50,814 | 85,529 |
| (+) Other general and administrative expenses | 15,431 | 16,200 | 19,298 | 42,804 | 67,106 |
| (+) Placement fee amortization and rebates | 21,015 | 20,527 | 20,823 | 36,401 | 78,603 |
| (+) Corporate center expenses | 77,652 | 75,796 | 70,234 | 192,225 | 297,597 |
| PERFORMANCE RELATED EARNINGS (PRE) | 1,727 | 4,892 | 1,619 | 22,303 | 12,875 |
| OPERATING PROFIT | 67,404 | 85,316 | 97,927 | 282,731 | 331,887 |
| (-) Net revenue from unrealized performance fees | – | – | – | 12,937 | 8,711 |
| (+) Compensation allocated in relation to unrealized performance fees | – | – | – | (1,159) | (3,083) |
| (+) Realized gain from GP investment income | 4,285 | 6,082 | 6,093 | 25,314 | 30,113 |
| SEGMENT DISTRIBUTABLE EARNINGS | 71,689 | 91,398 | 104,020 | 319,824 | 367,628 |
| NET INCOME | 55,928 | 48,034 | 109,338 | 126,193 | 272,704 |
| (-) Net revenue from unrealized performance fees | – | – | – | 12,937 | 8,711 |
| (+) Income tax from unrealized performance fees | – | – | – | (377) | (1,004) |
| (+) Compensation allocated in relation to unrealized performance fees | – | – | – | (1,159) | (3,083) |
| (-) Unrealized gain from GP investment income | 279 | (39,042) | 2,595 | 19,764 | (34,621) |
| (+) Income tax on unrealized gain from GP investment income | 694 | 271 | (90) | 14 | (2,298) |
| (-) Unrealized gain from financial income | – | – | – | 0 | – |
| (+) Income tax on unrealized gain from financial income | – | – | – | – | – |
| (-) Contingent consideration (earn-out) gain (loss)^xlv^ | (9,546) | 41,338 | (42,895) | 4,613 | (1,091) |
| (+) Income tax on contingent consideration | 1,405 | (7,735) | 7,350 | (1,841) | (949) |
| (+) Depreciation and amortization | 6,231 | 6,182 | 8,361 | 15,404 | 28,246 |
| (+) Equity-based compensation | 5,003 | 9,814 | 5,753 | 18,991 | 28,001 |
| (-) Income Taxes on Equity-based compensation | (117) | (660) | 244 | (602) | (307) |
| (+) Equity gain (loss) | 2,201 | (1,521) | (885) | 3,701 | (2,019) |
| (+) Dividends received | – | 2,425 | 2,479 | – | 7,361 |
| (+) Non-operational expenses including income tax related to realized expense^xlvi^ | 228 | 4,453 | 292 | 54,119 | 5,300 |
| (+) OCI Adjustment^xlvii^ | – | 20,449 | (23,007) | – | (2,558) |
| (-) Minority Interest | – | (2,720) | (7,298) | – | (10,018) |
| ADJUSTED DISTRIBUTABLE EARNINGS | 62,306 | 81,288 | 62,237 | 251,757 | 292,376 |
| TOTAL NET REVENUE FROM SERVICES RENDERED | 234,721 | 260,294 | 274,855 | 726,413 | 1,017,537 |
| (-) Net revenue from realized performance fees | (3,077) | (13,301) | (2,890) | (50,930) | (36,231) |
| (-) Net revenue from unrealized performance fees | – | – | – | 12,937 | 8,711 |
| NET REVENUE FROM MANAGEMENT FEES AND ADVISORY | 231,644 | 246,993 | 271,966 | 688,421 | 990,019 |
| Earnings Release | Vinci Compass | 22 | |||
| --- | --- | ||||
| 1Q’26 Earnings Release<br><br>May 11^th^, 2026 | |||||
| --- |
Balance Sheet Results
| Assets | 12/31/2025 | 03/31/2026 |
|---|---|---|
| Current assets | ||
| Cash and cash equivalents | 280,091 | 208,545 |
| Cash and bank deposits | 121,498 | 106,053 |
| Financial instruments at fair value through profit or loss | 153,729 | 84,671 |
| Financial instruments at amortized cost | 4,864 | 17,821 |
| Financial instruments at fair value through profit or loss | 1,534,471 | 755,707 |
| Trade receivables | 214,706 | 190,973 |
| Sub-leases receivable | - | - |
| Taxes recoverable | 20,010 | 20,011 |
| Other assets | 70,168 | 76,954 |
| Total current assets | 2,119,446 | 1,252,190 |
| Non-current assets | ||
| Financial instruments at fair value through profit or loss | 151,615 | 883,744 |
| Financial instruments at amortized cost | 6,141 | 5,741 |
| Trade receivables | 17,518 | 27,384 |
| Taxes recoverable | 1,225 | 3,003 |
| Deferred taxes | 47,393 | 39,873 |
| Other receivables | 38,315 | 37,687 |
| 262,207 | 997,432 | |
| Investments accounted for using the equity method | 65,796 | 69,903 |
| 43,999 | 49,655 | |
| Property and equipment | 74,095 | 71,456 |
| Right of use - Leases | 141,226 | 134,225 |
| Intangible assets | 1,326,216 | 1,318,733 |
| Total non-current assets | 1,913,539 | 2,641,404 |
| Total Assets | 4,032,985 | 3,893,594 |
| Earnings Release | Vinci Compass | 23 |
| --- | --- | |
| 1Q’26 Earnings Release<br><br>May 11^th^, 2026 | ||
| --- | ||
| Liabilities and equity | 12/31/2025 | 03/31/2026 |
| --- | --- | --- |
| Current liabilities | ||
| Trade payables | 13,369 | 13,692 |
| Financial instruments at fair value through profit or loss | – | 29,508 |
| Deferred Revenue | – | 39,843 |
| Leases | 33,307 | 57,115 |
| Accounts payable | 38,101 | 41,543 |
| Labor and social security obligations | 199,422 | 40,858 |
| Loans and Financing | 93,862 | 14,295 |
| Taxes and contributions payable | 35,047 | 9,706 |
| Total current liabilities | 413,108 | 246,560 |
| Non-current liabilities | ||
| Accounts payable | 6 | – |
| Leases | 126,877 | 124,430 |
| Labor and social security obligations | 9,221 | 7,635 |
| Loans and Financing | 872,770 | 845,529 |
| Deferred taxes | 4,641 | 3,900 |
| Provision for contingencies | 44,446 | 50,136 |
| Retirement plans liabilities | 508,416 | 528,814 |
| 1,566,377 | 1,560,444 | |
| Total liabilities | 1,979,485 | 1,807,004 |
| Equity | ||
| Share capital | 19 | 19 |
| Additional paid-in capital | 2,236,406 | 2,236,406 |
| Treasury shares | (306,608) | (306,608) |
| Retained Earnings | 91,974 | 138,344 |
| Other reserves | (43,013) | (59,633) |
| 1,978,778 | 2,008,528 | |
| Non-controlling interests in the equity of subsidiaries | 74,722 | 78,062 |
| Total equity | 2,053,500 | 2,086,590 |
| Total liabilities and equity | 4,032,985 | 3,893,594 |
| Earnings Release | Vinci Compass | 24 |
| --- | --- | |
| 1Q’26 Earnings Release<br><br>May 11^th^, 2026 | ||
| --- |
Forward-Looking Statements
This earnings release contains forward-looking statements that can be identified by the use of words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” among others. By their nature, forward-looking statements are necessarily subject to a high degree of uncertainty and involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside of our control. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements and there can be no assurance that such forward-looking statements will prove to be correct. The forward-looking statements included herein speak only as at the date of this press release and we do not undertake any obligation to update these forward-looking statements. Past performance does not guarantee or predict future performance. Moreover, neither we nor our affiliates, officers, employees and agents undertake any obligation to review, update or confirm expectations or estimates or to release any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this press release. Further information on these and other factors that could affect our financial results is included in filings we have made and will make with the U.S. Securities and Exchange Commission from time to time.
^^
^i^ “Fee Related Revenues” is a measure that we use to assess our ability to generate profits from our fund management and advisory business without measuring for the outcomes from funds above their respective benchmarks. We calculate Net Revenue from Fund Management and Advisory as net revenue from services rendered less (a) net revenue from realized performance fees and less (b) net revenue from unrealized performance fees.
^ii^ “Fee related earnings”, or “FRE”, is a metric to monitor the baseline performance of, and trends in, our business, in a manner that does not include performance fees, investment income and expenses that do not arise from our normal course of operations. FRE is calculated as operating profit, less (a) net revenue from realized performance fees, less (b) net revenue from unrealized performance fees, plus (c) share-based payments plus (d) compensation allocated in relation to performance fees plus (e) non-operational expenses, which are comprised of expenses relating to professional services rendered in connection with acquisitions and our international corporate organization.
^iii^ “FRE Margin” is calculated as FRE divided by the sum of net revenue from fund management and net revenue from advisory services.
^iv^“FRE per share” is calculated considering the number of outstanding shares at the end of the current quarter. Full-year values are calculated as the sum of the last four quarters.
^v^ “Performance Related Earnings”, or “PRE”, is a performance measure that we use to assess our ability to generate profits from revenue that relies on outcomes from funds above their respective benchmarks. We calculate PRE as operating profit less (a) net revenue from fund management, less (b) net revenue from advisory services, plus (c)
| Earnings Release | Vinci Compass | 25 |
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| 1Q’26 Earnings Release<br><br>May 11^th^, 2026 | ||
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personnel and profit-sharing expenses, plus (d) other general and administrative expenses, less (e) compensation in relation to performance fees.
^vi^ “PRE Margin” is calculated as PRE divided by net revenue from performance fees.
^vii^ “Segment Distributable Earnings” is Vinci Partners’ segment profitability measure used to make operating decisions and assess performance across the company’s five segments (Private Markets, Public Equities, Investment Products and Solutions, Retirement Services and Corporate Advisory). Segment Distributable Earnings is calculated as operating profit less (a) net revenue from unrealized performance fees, plus (b) compensation allocated in relation to unrealized performance fees, plus (c) realized gain from GP investment income.
^viii^ “Other items” comprise the income/(loss) generated by financial income/(expenses) related to acquisitions, Ares Convertible Preferred Shares and other financial expenses.
^ix^ “Non-operational expenses” are composed by expenses related to professional services to matters related to acquisitions.
^x^ Minority interest comprises the portion of Verde Asset Management’s earnings attributable to the remaining 49.9% non-controlling interest, following Vinci Compass’ acquisition of a controlling 50.1% stake. As a result, Verde’s results are fully consolidated in Fee Related Earnings (FRE), and the non-controlling interest is deducted prior to arriving at Distributable Earnings (DE) and Adjusted Distributable Earnings (Adjusted DE).
^xi^ “Distributable Earnings”, or “DE”, is used as a reference point by our board of directors to assess our performance and capabilities to distribute dividends to our shareholders. Distributable Earnings is calculated as profit for the year, less (a) net revenue from unrealized performance fees, plus (b) income taxes from unrealized performance fees, plus (c) compensation allocated in relation to unrealized performance fees, less (d) unrealized gain from investment income, plus (e) income taxes on unrealized gain from investment income, plus (f) share-based payments, plus (g) income taxes on share-based payments, plus (h) depreciation and amortization, except for depreciation and amortization relating to each segment’s investments, less (i) contingent consideration (earn-out) gain (loss) (after tax).
^xii^ “DE Margin” is calculated as Distributable Earnings divided by sum of net revenue from fund management, net revenue from performance fees, net revenue from advisory services, net revenue from other revenues and realized gain from investment income.
^xiii^ “Adjusted Distributable Earnings”, or “Adjusted DE”, is used as a reference point by our board of directors for determining the amount of earnings available to distribute to shareholders as dividends. Adjusted Distributable Earnings is calculated as Distributable Earnings, plus expenses relating to professional services rendered in connection with acquisitions, our business combination with Compass and our international corporate organization (including income tax related to realized expense).
^xiv^ “Adjusted DE Margin” is calculated as Adjusted Distributable Earnings divided by the sum of net revenue from fund management, net revenue from performance fees, net revenue from advisory services, net revenue from other revenues and realized gain from investment income.
^xv^ “Adjusted DE per share” is calculated considering the number of outstanding shares at the end of the current quarter. Full-year values are calculated as the sum of the last four quarters.
^xvi^NAV is the net asset value of each fund. For listed vehicles, the NAV represents the Market valuation of the fund ex-dividends.
| Earnings Release | Vinci Compass | 26 |
|---|---|---|
| 1Q’26 Earnings Release<br><br>May 11^th^, 2026 | ||
| --- |
^xvii^ CDI is an average of interbank overnight rates in Brazil (daily average for the period).
^xviii^ IMAB is composed by government bonds indexed to IPCA. IMAB 5 also includes government bonds indexed to IPCA with up to 5 Years in duration.
^xix^ IPCA is a broad consumer price index measured by the IBGE.
^xx^ IFIX is an index composed by listed REITs in the Brazilian stock Market.
^xxi^Brazil stock market most relevant index.
^xxii^ S&P/BMV IPC seeks to measure the performance of the largest and most liquid stocks listed on the Mexican Stock Market.
^xxiii^ S&P MERVAL Index, Argentina’s flagship index, seeks to measure the performance of the largest, most liquid stocks trading on the Argentinian Stock Market.
^xxiv^ CEMBI Broad Div tracks the performance of US dollar-denominated bonds issued by emerging market corporate entities.
^xxv^ The J.P. Morgan CEMBI Broad Diversified HY index tracks liquid, US Dollar emerging market fixed and floating-rate debt instruments issued by corporate, sovereign, and quasi-sovereign entities.
^xxvi^ PiP Cetes 28d is an index that invests in Cetes 28-day securities. Cetes are Treasury Certificates issued by the Mexican government.
^xxvii^ Track record information is presented throughout this release on a pro forma basis and in local currency,
excluding PIPE investments, a strategy that will be discontinued in VCP III.
^xxviii^ “MOIC” means multiple on invested capital, a ratio intended to represent how much value an investment has returned, and is calculated as realized value plus unrealized value, divided by the total amount invested, gross of expenses and fees.
^xxix^ “IRR” means the internal rate of return, which is a discount rate that makes the net present value of all cash flows equal to zero in a discounted cash flow analysis.
^xxx^Committed capital for VCP III and VCP IV consider amounts of co-investments. Returns, however, consider only the amounts invested to the main funds. Track record presented for the VCP strategy as of 3Q’25, due to fund’s administrator timeline to disclose the quarterly markup of the fund.
^xxxi^ Performance information for Nordeste Empreendedor (“NE I”) comprises only the four (out of seven) investments invested, managed and divested by a team led by Jose Pano (collectively, the ”Participating Investments”) while they were employed by NE I’s manager (the “NE I Manager”), an entity not affiliated with the manager or Vinci Partners. Information herein pertaining to any investments made by NE I manager has not been prepared by NE I manager and NE I manager assumes no responsibility for the accuracy or completeness of any such information.
| Earnings Release | Vinci Compass | 27 |
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| 1Q’26 Earnings Release<br><br>May 11^th^, 2026 | ||
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^xxxii^ Track record for VIR strategy is presented as of 4Q’25, due to fund’s administrator timeline to disclose the quarterly markup of the fund.
^xxxiii^ Track record for Vinci SPS strategy is presented as of 1Q’26.
^xxxiv^ Track record for MAV strategy is presented as of 1Q’26.
^xxxv^Track record for Lacan strategy is presented as of 1Q’26.
^xxxvi^ Track record for FIP Infra is presented as of 4Q’25.
^xxxvii^ Track record for VIAS is presented as of 4Q’25.
^xxxviii^ Total commitments for VICC are presented as of 4Q’25.
^xxxix^ Track record for VFDL is presented as of 1Q’26.
^xl^ Track record for Vinci Credit Infra is presented as of 1Q’26.
^xli^ US$ Distributable Earnings was calculated considering the exchange rate from USD to BRL of 4.8999, as of May 08, 2026, when dividends were approved by our Board of Directors.
^xlii^Per Share calculations are based on end of period Participating Common Shares.
^xliii^ Actual dividends per common share are calculated considering the share count as of the applicable record date.
^xliv^ As of March 31, 2026, Public Float was comprised of 14,800,773 Class A common shares.
^xlv^ Contingent consideration adjustment (after-tax) reflects the change in earn out’s fair value to be paid in stock, due to variation in the stock price in the period.
^xlvi^ Non-operational expenses are comprised of expenses related to professional services rendered in connection with acquisitions.
^xlvii^ OCI comprises foreign exchange variations from the consolidation of subsidiaries whose functional currencies are not Brazilian reais, which are recognized directly in shareholders’ equity (other comprehensive income) and do not affect profit or loss.
| Earnings Release | Vinci Compass | 28 |
|---|
EXHIBIT 99.3
1 May 11, 2026 First Quarter 2026 Earnings Presentation
2 Disclaimer This presentation contains forward - looking statements that can be identified by the use of words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” among others . By their nature, forward - looking statements are necessarily subject to a high degree of uncertainty and involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside of our control . Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward - looking statements and there can be no assurance that such forward - looking statements will prove to be correct . Accordingly, you should not place undue reliance on forward - looking statements . The forward - looking statements included herein speak only as at the date of this presentation and we do not undertake any obligation to update these forward - looking statements . Past performance does not guarantee or predict future performance . Moreover, neither we nor our affiliates, officers, employees and agents undertake any obligation to review, update or confirm expectations or estimates or to release any revisions to any forward - looking statements to reflect events that occur or circumstances that arise in relation to the content of the presentation . Further information on these and other factors that could affect our financial results is included in filings we have made and will make with the U . S . Securities and Exchange Commission (the “SEC”) from time to time, including in the section titled “Risk Factors” in our latest fillings with the SEC . These documents are available on the SEC Filings section of the investor relations section of our website at : https : //ir . vincicompass . com/financials/sec - filings . We have prepared this presentation solely for informational purposes . The information in this presentation does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for, underwrite or otherwise acquire, any of our securities or securities of our subsidiaries or affiliates, not should it or any part of it form the basis of, or be relied on, in connection with any contract to purchase or subscribe for any of our securities or securities of any of our subsidiaries or affiliates, nor shall it or any part of it form the basis of, or be relied on, in connection with any contract or commitment whatsoever . This presentation also includes certain non - GAAP financial information . We believe that such information is meaningful and useful in understanding the activities and business metrics of our operations . We also believe that these non - GAAP financial measures reflect an additional way of viewing aspects of our business that, when viewed with our International Financial Reporting Standards (“IFRS”) results, as issued by the International Accounting Standards Board, provide a more complete understanding of factors and trends affecting our business . Further, investors regularly rely on non - GAAP financial measures to assess operating performance and such measures may highlight trends in our business that may not otherwise be apparent when relying on financial measures calculated in accordance with IFRS . We also believe that certain non - GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of public companies in our industry, many of which present these measures when reporting their results . The non - GAAP financial information is presented for informational purposes and to enhance understanding of the IFRS financial statements . The non - GAAP measures should be considered in addition to results prepared in accordance with IFRS, but not as a substitute for, or superior to, IFRS results . As other companies may determine or calculate this non - GAAP financial information differently, the usefulness of these measures for comparative purposes is limited . A reconciliation of such non - GAAP financial measures to the nearest GAAP measure is included in this presentation .
3 0.17 Quarterly Dividend US$ 52 bn Capital Formation & Appreciation 1Q’26 LTM R$ First Quarter 2026 Highlights R$52 billion of capital formation and appreciation in the 1Q’26 LTM and R$7 billion in the 1Q’26 , with highlights to Global IP&S, Credit and Real Assets segments Approximately R$100 million in net indemnification proceeds expected to be received in 2026 , following the outcome of the Galeão airport concession auction Vinci Compass announced the strategic combination with BACS Asset Management, building a scaled a sset m anagement platform with US$1.6 billion in combined AuM in Argentina See notes and definitions at end of document 96 mm FRE 1Q’26 + 47 % YoY R$ + 42 % YoY 35.4 % FRE Margin 1Q’26 FRE per share² 1Q’26 R$ 1.47
4 Financial Highlights
5 ∆ YoY(%) 1Q'26 LTM 1Q'25 LTM ∆ YoY(%) 1Q'26 4Q'25 1Q'25 (R$ thousands, unless mentioned) 47% 861,696 586,606 25% 244,858 219,730 195,529 Net revenue from management fees 1% 83,115 82,628 (35)% 16,067 15,444 24,853 Net revenue from advisory fees 136% 45,207 19,187 (2)% 11,040 11,819 11,262 Other revenues 44% 990,018 688,421 17% 271,965 246,993 231,644 Total Fee Related Revenues 68% (85,529) (50,815) 23% (24,731) (21,981) (20,125) Segment personnel expenses 57% (67,106) (42,804) 25% (19,298) (16,200) (15,431) Other G&A expenses 116% (78,603) (36,401) (1)% (20,823) (20,527) (21,015) Placement Fee Amortization and Rebates 55% (297,597) (192,225) (10)% (70,234) (75,796) (77,652) Corporate center expenses 34% (142,170) (105,749) 28% (40,572) (32,064) (31,744) Bonus compensation related to management and advisory 57% (671,006) (427,993) 6% (175,657) (166,569) (165,967) Total Fee Related Expenses 22% 319,012 260,428 47% 96,308 80,424 65,677 FEE RELATED EARNINGS (FRE) 32.2% 37.8% 35.4% 32.6% 28.4% FRE Margin (%) 11% 4.95 4.45 42% 1.47 1.23 1.04 FRE per share¹ (R$/share) (28)% 27,519 37,992 (6)% 2,890 13,301 3,077 Net revenue from performance fees (7)% (14,645) (15,690) (6)% (1,271) (8,409) (1,350) Performance based compensation (42)% 12,875 22,303 (6)% 1,619 4,892 1,727 PERFORMANCE RELATED EARNINGS (PRE) 46.8% 58.7% 56.0% 36.8% 56.1% PRE Margin (%) 19% 30,113 25,314 42% 6,093 6,082 4,285 (+) Realized GP investment income N/A 34,621 (19,764) 830% (2,595) 39,042 (279) (+) Unrealized GP investment income 1,066% 64,734 5,550 (13)% 3,498 45,124 4,006 INVESTMENT RELATED EARNINGS (IRE) (33)% 8,711 12,937 N/A – – – ( - ) Unrealized performance fees 166% (3,083) (1,159) N/A – – – (+) Unrealized performance compensation N/A (34,621) 19,764 830% 2,595 (39,042) 279 ( - ) Unrealized GP investment income 15% 367,628 319,824 45% 104,020 91,398 71,689 SEGMENT DISTRIBUTABLE EARNINGS 34.8% 41.8% 37.0% 34.3% 30.0% Segment DE Margin (%) 18% 11,921 10,142 (18)% 2,765 2,616 3,361 (+) Depreciation and amortization 13% 58,096 51,330 (35)% 9,390 12,024 14,423 (+) Realized financial income 58% (15,502) (9,837) 4% (3,891) (4,516) (3,758) ( - ) Leasing expenses (21)% (53,972) (68,577) 50% (21,034) (2,196) (14,004) ( - ) Other items² (89)% (5,942) (55,484) 23% (314) (4,877) (255) ( - ) Non - operational expenses³ 31% (65,135) (49,759) 131% (21,693) (14,894) (9,378) ( - ) Income taxes (excluding related to unrealized fees and income) N/A (10,018) – N/A (7,298) (2,720) – ( - ) Minority Interest ⁴ 45% 287,076 197,638 (0)% 61,945 76,835 62,078 DISTRIBUTABLE EARNINGS (DE) 25.8% 24.2% 21.3% 27.6% 24.5% DE Margin (%) 31% 4.47 3.42 (3)% 0.95 1.17 0.98 DE per share (R$/share)⁵ (90)% 5,300 54,119 28% 292 4,453 228 (+) Non - operational expenses (including Income Tax effect) 16% 292,376 251,757 (0)% 62,237 81,288 62,306 ADJUSTED DISTRIBUTABLE EARNINGS⁶ 26.2% 30.9% 21.4% 29.2% 24.6% Adjusted DE Margin (%) 5% 4.55 4.31 (3)% 0.95 1.24 0.98 Adjusted DE per share 7 (R$/share) See notes and definitions at end of document First Quarter 2026 Segment Earnings
6 72% 19% 9% 2% (2)% Capital Formation & Appreciation 1Q’26 LTM Global IP&S Credit Real Assets Equities Private Equity 232 271 263 29 36 37 15 15 16 16 15 15 12 15 15 305 354 347 1Q'25 4Q'25 1Q'26 Global IP&S Credit Equities Private Equity Real Assets Total Assets Under Management and Advisory AuM 1Q’26 vs 4Q’25 vs. 1Q’25 ( R$bn ) • Total assets under management and advisory (AuM¹) of R$346.8 billion, up 14% year - over - year, driven by capital formation across Global IP&S, Credit and Real Assets, portfolio appreciation and the acquisition of Verde • Capital formation of R$4.7 billion in the 1Q’26 across Global IP&S, Credit and Equities and portfolio appreciation of R$2.6 billion • Capital formation and appreciation were offset by a R$14.1 billion negative FX impact in the quarter, mainly from U.S. dollar Global IP&S funds and capital returns from TPD Alternative, resulting in a 2% QoQ decline in AuM R$52. 0 billion See notes and definitions at end of document
7 Vinci Compass recognizes the performance revenue according to IFRS 15. Unrealized performance fees are recognized only when i s h ighly probable that the revenue will not be reversed in the Income Statement. The fund FIP Infra Transmissão in Infrastructure had R$1.7 million as of the end of the first quarter of 2026 booked as unrea liz ed performance fees in the company’s balance sheet. Accrued performance fees shown for Private Equity funds of R$82.3 million, Credit funds of R$44.1 million, Real Assets funds of R$5.7 million, and Glo bal IP&S of R$0.9 million, as of the end of the first quarter of 2026, have not been booked as unrealized performance fees in the company’s balance sheet. Additional Capital Detail 61% 33% 5% 1% • Total performance fee eligible AUM (PEAUM) of R$47.1 billion in the 1Q’26 • Our PEAUM is distributed across three different types of indexes: Preferred Return with Catch - Up¹, Preferred Return² and Hurdle³ • Gross accrued performance fees of R$134.8 million in the 1Q’26 • Gross accrued performance fees for VCP III were impacted due to a portfolio company listing on the NYSE and subsequent stock price depreciation during the 1Q’26. Going forward, VCP III will have this asset marked to market assuming public stock prices Performance Eligible AUM R$135 mm 25% 21% 21% 18% 15% Private Equity Credit Equities Global IP&S Real Assets Gross Accrued Performance Fees R$47 bn
8 Fee Related Revenues Management fees were R$244.9 million in the 1Q’26, up 25% year - over - year. The increase was driven by the Verde transaction and organic growth across Credit and Global IP&S Fee Related Revenues 1Q’26 vs. 1Q’25 ( R$mm ) Fee Related Revenues 1Q’26 LTM vs. 1Q’25 LTM ( R$mm ) Advisory fees totaled R$16.1 million in the 1Q’26, down 35% year - over - year. Upfront fees charged by Third Party Distribution Alternative business vary based on the timing of commitments. In addition, revenues from the Corporate Advisory segment declined due to quieter deal activity amid a high - interest rate environment with electoral uncertainties Fee Related Revenues of R$990.0 million in the 1Q’26 LTM, up 44% YoY. The growth was driven by a full quarter of Verde and continued fundraising momentum across different countries and strategies +17% +44% 196 245 25 16 11 11 232 272 1Q'25 1Q'26 Management fees Advisory fees Other revenues 587 862 83 83 19 45 688 990 1Q'25 LTM 1Q'26 LTM Management fees Advisory fees Other revenues
9 4 6 (0) (3) 4 3 1Q'25 1Q'26 2 2 1Q'25 1Q'26 66 96 1Q'25 1Q'26 Financial Metrics 1Q’26 overview Fee Related Earnings (FRE) of R$96.3 million and R$1.47/share • FRE growth reflects strong fundraising over the last twelve months, including Verde’s first full - quarter contribution, with higher management fees and operating leverage driving FRE margin expansion to 35% Performance Related Earnings (PRE) of R$1.6 million and R$0.02/share • Realized performance in Equities and Global IP&S segments Investment Related Earnings (IRE) of R$3.5 million and R$0.05/ share Fee Related Earnings (FRE) (R$mm) +47% 35% 28% 1.04 1.47 (6)% Performance Related Earnings (PRE) ( R$mm ) 56% 56% • Unrealized IRE negatively impacted by decrease in listed REITs mark - to - market, leading to a lower IRE YoY Investment Related Earnings (IRE) ( R$mm ) % FRE margin FRE per share % PRE margin (13)% Realized GP Investment Income Unrealized GP Investment Income
10 25 30 (20) 35 6 65 1Q'25 LTM 1Q'26 LTM 22 13 1Q'25 LTM 1Q'26 LTM 260 319 1Q'25 LTM 1Q'26 LTM Financial Metrics 1Q’26 LTM overview Fee Related Earnings (FRE) of R$319.0 million and R$4.95/ share • Stronger fundraising and management fees throughout 1Q’26 LTM led to higher FRE in the period, with Compass contributing to the full period and Verde since December 2025 Performance Related Earnings (PRE) of R$12.9 million and R$0.20/ share • 1Q’25 LTM PRE was driven by FIP Infra Transmissão in the 2Q’24, in addition to the one - off strong contributions in the 4Q’24, while 1Q’26 LTM PRE was concentrated in Global IP&S, Credit and Equities Investment Related Earnings (IRE) of R$64.7 million and R$0.99/ share • 1Q’26 LTM includes the realization of FIP Infra Transmissão during the 2Q’25 and mark - ups in closed - end funds drove the rise in unrealized GP investment income +22% % FRE margin FRE per share Fee Related Earnings (FRE) ( R$mm ) 3 2 % 38 % 4.45 4.95 Performance Related Earnings (PRE) (R$mm) 47% 59% (42)% % PRE margin Investment Related Earnings (IRE) (R$mm) +1,066% Realized GP Investment Income Unrealized GP Investment Income
11 62 62 1Q'25 1Q'26 252 292 1Q'25 LTM 1Q'26 LTM Adjusted Distributable Earnings (Adj. DE) See notes and definitions at end of document Adj. DE 1Q’26 vs. 1Q’25 ( R$mm ) 21% 25% 0.98 0.95 Adj. DE 1Q’26 LTM vs. 1Q’25 LTM ( R$mm ) 26% 31% 4.31 4.55 Adj. DE per share % Adj. DE margin Adj. DE per share % Adj. DE margin +16% (0)% Adj. DE in the 1Q’26 remained stable YoY, with higher Management Fees and continued cost synergies offsetting lower Advisory Fees Realized financial income decreased as the cash position was reduced, impacted by capital calls from IRE proprietary fund commitments that remain in the investment phase, as well as bonus payments made during the quarter Adj. DE growth in the 1Q’26 LTM reflects the combined effect of inorganic growth, capital formation and realized GP investment income within IRE
12 22% 21% 18% 18% 12% 5% 3% Fair Value of Investments - IRE Commitment Balance Sheet Highlights & IRE Commitments 1Q'26 4Q'25 (IN R$ MILLIONS, UNLESS MENTIONED) 208.5 280.1 Cash and cash equivalents¹ 1,110.6 1,177.7 Net Investments 242.3 333.6 Liquid funds² 868.4 844.1 IRE Commitments³ (565.2) (607.1) Debt obligations 4 754.0 850.6 Net Cash and Investments 11.53 13.00 Net Cash and Net Investments per share⁵ (R$/share) Net Cash and Investments of R$754.0 million in the 1Q’26, including cash and cash equivalents, investments in liquid funds, IRE Commitments and debt obligations R$ 868.4 mm 25% 23% 16% 15% 14% 4% 2% 1% Private Equity Credit Infrastructure REITs Real Estate Global IP&S Public Equities Forestry Total Capital Commited R$1.5 billion
13 844.1 44.1 (26.3) (8.6) 15.1 868.4 4Q'25 Capital Called Principal Returned Gross Capital Gain Returned Appreciation 1Q'26 See notes and definitions at end of document IRE Proprietary Fund Commitments Fair Value of Investments (R$ mm) IRE Commitments Overview Per share R$13.17 R$12.90 Total Capital Committed R$1,496.0 million Total Capital Called R$912.1 million Fair Value of Investments R$868.4 million Accum . Capital Returned R$210.0 million As of 1Q’26, Vinci Compass had R$1,496.0 million in capital commitments signed to proprietary funds mostly across Private Equity, Infrastructure, Credit and Real Estate Total capital called of R$912.1 million, representing 61.0% of the total capital committed to proprietary funds as of March 31, 2026 Fair Value of Investments account for R$868.4 million
14 Segment Highlights
15 28% 23% 22% 18% 6% 3% 26% 23% 20% 23% 7% 2% Global IP&S Credit Private Equity Real Assets Equities Corporate Advisory Financials by Segment Fee Related Earnings (FRE) 1Q’26 LTM by Segment Segment Distributable Earnings (DE) 1Q’26 LTM by Segment Fee Related Earnings (FRE) were R$319.0 million in the 1Q’26 LTM, with 28% of FRE coming from Global IP&S, Credit accounting for 23%, Private Equity with 22%, followed by Real Assets with 18%, Equities accounting for 6% and Corporate Advisory for 3% Segment Distributable Earnings (DE) were R$367.6 million in the 1Q’26 LTM, with 26% coming from Global IP&S, followed by Credit and Real Assets with 23%, Private Equity accounting for 20%, Equities for 7% and Corporate Advisory for 2% R$368 mm R$319 mm
16 See notes and definitions at end of document Global Investment Products & Solutions (Global IP&S) R$263 bn AuM Fee Related Earnings (FRE) of R$42.4 million in the 1Q’26, up 102% YoY, driven mostly by the growth in management fees following the acquisition of Verde Advisory fees of R$14.0 million in the 1Q’26, coming from upfront fees¹ charged in TPD² Alternative strategy. These fees can vary significantly across quarters depending on the timing of commitments AuM ended 1Q’26 at R$263.5 billion. The quarter was impacted by FX variation in U.S. Dollar Global IP&S funds, as well as capital returns in TPD Alternative and in the closed - end fund VSP. These effects offset the inflows in both TPD Liquid and Alternative ∆ YoY (%) 1Q'26 LTM 1Q'25 LTM ∆ YoY (%) 1Q'26 4Q'25 1Q'25 (R$ THOUSANDS, UNLESS MENTIONED) 107% 305,422 147,598 58% 103,833 77,943 65,625 Net revenue from management fees 33% 55,135 41,584 (38)% 13,968 5,755 22,547 Net revenue from advisory fees 138% 44,824 18,830 (0)% 11,040 11,819 11,085 Other revenues 95% 405,381 208,014 30% 128,841 95,516 99,257 Total Fee Related Revenues 91% (28,549) (14,908) 58% (9,977) (7,467) (6,299) Segment personnel expenses 92% (37,062) (19,283) 66% (11,682) (9,238) (7,043) Other G&A expenses 152% (40,518) (16,072) 8% (10,201) (10,669) (9,438) Placement Fee Amortization and Rebates 81% (152,041) (83,909) (16)% (35,246) (38,451) (42,022) Corporate center expenses 89% (56,728) (30,061) 44% (19,326) (9,703) (13,419) Bonus compensation related to management and advisory 92% (314,898) (164,234) 10% (86,432) (75,528) (78,221) Total Fee Related Expenses 107% 90,483 43,779 102% 42,409 19,988 21,035 FEE RELATED EARNINGS (FRE) 22.3% 21.0% 32.9% 20.9% 21.2% FRE Margin (%) (49)% 8,315 16,292 (45)% 712 6,856 1,295 Net revenue from performance fees (49)% 8,315 16,292 (45)% 712 6,856 1,295 Realized performance fees N/A – – N/A – – – Unrealized performance fees (6)% (5,093) (5,397) (44)% (313) (4,454) (562) Performance based compensation (70)% 3,222 10,897 (46)% 399 2,402 732 PERFORMANCE RELATED EARNINGS (PRE) 38.8% 66.9% 56.0% 35.0% 56.6% PRE Margin (%) 41% 1,029 731 22% 360 272 296 (+) Realized GP investment income (49)% 1,742 3,428 N/A 714 586 (566) (+) Unrealized GP investment income (33)% 2,771 4,159 N/A 1,074 858 (270) INVESTMENT RELATED EARNINGS (IRE) (49)% (1,742) (3,428) N/A (714) (586) 566 ( - ) Unrealized GP investment income N/A – – N/A – – – ( - ) Unrealized performance fees N/A – – N/A – – – (+) Unrealized performance compensation 71% 94,734 55,408 96% 43,168 22,662 22,063 SEGMENT DISTRIBUTABLE EARNINGS 22.8% 24.6% 33.2% 22.1% 21.9% Segment DE Margin (%) 14% 262,178 230,551 14% 262,178 270,156 230,551 FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$millions ) 0.15% 0.18% 0.18% 0.15% 0.13% AVERAGE FEE RATE (%) 18% 213,452 180,855 18% 213,452 220,403 180,855 FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$millions) EX - UPFRONTS 4 0.18% 0.20% 0.22% 0.18% 0.17% AVERAGE FEE RATE (%) EX - UPFRONTS TPD Liquid 46% TPD Alternative 28% Separate Mandates 8% Global Solutions 7% Multi - strategy 6% Advisory & Execution 3% Other 2% Global IP&S AUM Breakdown by Strategy
17 Local Currency High Grade & High Yield 38% Hard Currency High Grade & High Yield 24% Real Estate & Infrastructure Credit 11% Structured Credit & Confirming 11% Opportunistic Capital Solutions 9% Diversified Private Credit 5% Agribusiness 2% Credit AuM Breakdown by Strategy Credit R$37 bn AuM Fee Related Earnings (FRE) in the 1Q’26 posted an 84% increase year - over - year, driven by strong fundraising, capital deployment and portfolio appreciation across different strategies and countries, especially opportunistic capital solutions Our one - stop - shop credit platform is accelerating both local - to - local and cross - border, delivering R$1.8 billion in capital formation and appreciation during the 1Q’26 ∆ YoY (%) 1Q'26 LTM 1Q'25 LTM ∆ YoY (%) 1Q'26 4Q'25 1Q'25 (R$ THOUSANDS, UNLESS MENTIONED) 96% 241,400 123,124 18% 62,572 63,846 52,818 Net revenue from management fees 9,556% 2,384 25 N.A – 2,384 – Net revenue from advisory fees N/A – – N.A – – – Other revenues 98% 243,784 123,149 18% 62,572 66,230 52,818 Total Fee Related Revenues 83% (27,398) (14,981) (1)% (6,772) (7,503) (6,851) Segment personnel expenses 84% (12,705) (6,900) 37% (3,513) (3,034) (2,561) Other G&A expenses 133% (31,821) (13,682) 6% (8,576) (7,977) (8,065) Placement fee amortization and rebates 81% (68,194) (37,719) (5)% (16,306) (18,481) (17,123) Corporate center expenses 57% (31,309) (19,951) 8% (8,643) (7,671) (8,017) Bonus compensation related to management and advisory 84% (171,427) (93,232) 3% (43,810) (44,666) (42,617) Total Fee Related Expenses 142% 72,357 29,917 84% 18,762 21,565 10,202 FEE RELATED EARNINGS (FRE) 29.7% 24.3% 30.0% 32.6% 19.3% FRE Margin (%) 16% 9,739 8,412 937% 161 4,710 16 Net revenue from performance fees 16% 9,739 8,412 937% 161 4,710 16 Realized performance fees N/A – – N/A – – – Unrealized performance fees 43% (4,820) (3,363) 2,889% (62) (2,647) (2) Performance based compensation (3)% 4,919 5,050 636% 99 2,063 13 PERFORMANCE RELATED EARNINGS (PRE) 50.5% 60.0% 61.5% 43.8% 86.6% PRE Margin (%) (3)% 6,785 7,011 12% 1,650 1,672 1,477 (+) Realized GP investment income N/A 7,070 (5,392) N/A (824) 2,549 4,033 (+) Unrealized GP investment income 756% 13,855 1,619 (85)% 826 4,221 5,510 INVESTMENT RELATED EARNINGS (IRE) N/A (7,070) 5,392 N/A 824 (2,549) (4,033) ( - ) Unrealized GP investment income N/A – – – – – – ( - ) Unrealized performance fees N/A – – – – – – (+) Unrealized performance compensation 100% 84,062 41,979 75% 20,511 25,300 11,692 SEGMENT DISTRIBUTABLE EARNINGS 32.3% 30.3% 31.9% 34.8% 21.5% Segment DE Margin (%) 26% 36,232 28,764 26% 36,232 35,870 28,764 FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$millions ) 0.75% 0.81% 0.71% 0.76% 0.76% AVERAGE FEE RATE (%) Total AuM of R$36.8 billion, up 25% year - over - year
18 Total AuM of R$15.0 billion, down 3% quarter - over - quarter VCP III 54% VCP IV 21% VCP II 14% VIR IV 7% Other 4% Private Equity AuM Breakdown by Flagship Private Equity R$15 bn AuM Fee Related Earnings (FRE) of R$17.0 million in the 1Q’26 and R$70.3 million in the 1Q’26 LTM. The decrease in both periods reflects the combined impact of FX variation and the decrease in management fees from certain funds entering divestment period The VCP team continues to source new investment opportunities for Fund IV and pursue exits across Funds II and III, as the VIR team is concentrated on structuring the next impact investing vintage, VIR V ∆ YoY (%) 1Q'26 LTM 1Q'25 LTM ∆ YoY (%) 1Q'26 4Q'25 1Q'25 (R$ THOUSANDS, UNLESS MENTIONED) (21)% 120,209 151,657 (10)% 28,017 30,395 31,294 Net revenue from management fees N/A – – N/A – – – Net revenue from advisory fees N/A – – N/A – – – Other revenues (21)% 120,209 151,657 (10)% 28,017 30,395 31,294 Total Fee Related Revenues 9% (4,991) (4,595) 11% (1,291) (1,246) (1,168) Segment personnel expenses (14)% (3,016) (3,487) (62)% (303) (617) (798) Other G&A expenses (25)% (1,436) (1,928) (3)% (356) (358) (367) Placement fee amortization and rebates (7)% (24,353) (26,213) (6)% (5,690) (6,122) (6,032) Corporate center expenses (13)% (16,079) (18,401) (3)% (3,402) (5,298) (3,497) Bonus compensation related to management and advisory (9)% (49,874) (54,625) (7)% (11,041) (13,640) (11,861) Total Fee Related Expenses (28)% 70,335 97,034 (13)% 16,976 16,754 19,433 FEE RELATED EARNINGS (FRE) 58.5% 64.0% 60.6% 55.1% 62.1% FRE Margin (%) N/A – – N/A – – – Net revenue from performance fees N/A – – N/A – – – Realized performance fees N/A – – N/A – – – Unrealized performance fees N/A – – N/A – – – Performance based compensation N/A – – N/A – – – PERFORMANCE RELATED EARNINGS (PRE) N/A N/A N/A N/A N/A PRE Margin (%) 6,030% 1,900 31 N/A – 147 – (+) Realized GP investment income 446% 10,829 1,984 (93)% (405) 18,493 (6,226) (+) Unrealized GP investment income 532% 12,729 2,015 (93)% (405) 18,641 (6,226) INVESTMENT RELATED EARNINGS (IRE) 446% (10,829) (1,984) (93)% 405 (18,493) 6,226 ( - ) Unrealized GP investment income N/A – – N/A – – – ( - ) Unrealized performance fees N/A – – N/A – – – (+) Unrealized performance compensation (26)% 72,236 97,065 (13)% 16,976 16,902 19,433 SEGMENT DISTRIBUTABLE EARNINGS 59.2% 64.0% 60.6% 55.3% 62.1% Segment DE Margin (%) (8)% 12,287 13,287 (8)% 12,287 12,541 13,287 FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$millions ) 1.01% 1.26% 0.96% 1.03% 1.00% AVERAGE FEE RATE (%)
19 Total AuM of R$16.1 billion, up 9% year - over - year Brazil 74% Chile 17% Mexico 3% Argentina 2% Global 2% LatAm 2% Equities AuM Breakdown by Strategy Equities R$16 bn AuM Fee Related Revenues of R$21.4 million in the 1Q’26, up 14% YoY, driven by the consolidation of Verde and portfolio appreciation for the last twelve months Equities AuM growth was supported by over R$1.0 billion in capital formation and portfolio appreciation, with positive inflows into LatAm and Brazil UCITS strategies highlighting continued investor interest in the platform ∆ YoY (%) 1Q'26 LTM 1Q'25 LTM ∆ YoY (%) 1Q'26 4Q'25 1Q'25 (R$ THOUSANDS, UNLESS MENTIONED) 21% 76,392 63,098 14% 21,356 19,252 18,794 Net revenue from management fees (100)% – 948 N/A – – – Net revenue from advisory fees N/A – – N/A – – – Other revenues 19% 76,392 64,047 14% 21,356 19,252 18,794 Total Fee Related Revenues 78% (9,837) (5,517) 33% (3,006) (2,200) (2,269) Segment personnel expenses 33% (6,635) (4,976) (5)% (2,012) (1,776) (2,121) Other G&A expenses 110% (5,357) (2,549) (6)% (1,463) (1,305) (1,551) Placement fee amortization and rebates 26% (22,596) (17,943) 11% (6,325) (5,350) (5,701) Corporate center expenses 36% (13,564) (9,990) 64% (4,208) (3,983) (2,562) Bonus compensation related to management and advisory 42% (57,988) (40,977) 20% (17,014) (14,614) (14,203) Total Fee Related Expenses (20)% 18,403 23,070 (5)% 4,342 4,638 4,591 FEE RELATED EARNINGS (FRE) 24.1% 36.0% 20.3% 24.1% 24.4% FRE Margin (%) 82% 9,425 5,177 14% 2,017 1,697 1,767 Net revenue from performance fees 82% 9,425 5,177 14% 2,017 1,697 1,767 Realized performance fees N/A – – N/A – – – Unrealized performance fees 101% (4,677) (2,328) 14% (896) (1,285) (786) Performance based compensation 67% 4,748 2,848 14% 1,121 412 982 PERFORMANCE RELATED EARNINGS (PRE) 50.4% 55.0% 55.6% 24.3% 55.6% PRE Margin (%) N/A 1,180 – N/A – 1,180 – (+) Realized GP investment income N/A 3,053 (2,051) (100)% – (229) 1,793 (+) Unrealized GP investment income N/A 4,233 (2,051) (100)% – 951 1,793 INVESTMENT RELATED EARNINGS (IRE) N/A (3,053) 2,051 (100)% – 229 (1,793) ( - ) Unrealized GP investment income N/A – – N/A – – – ( - ) Unrealized performance fees N/A – – N/A – – – (+) Unrealized performance compensation (6)% 24,331 25,917 (2)% 5,463 6,229 5,573 SEGMENT DISTRIBUTABLE EARNINGS 28.0% 37.4% 23.4% 29.7% 27.1% Segment DE Margin (%) 9% 16,036 14,739 9% 16,036 15,240 14,739 FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$millions ) 0.52% 0.58% 0.57% 0.54% 0.55% AVERAGE FEE RATE (%)
20 Infrastructure 44% Real Estate 43% Forestry 13% Real Assets AuM Breakdown by Strategy Real Assets Total AuM of R$15.4 billion, up 29% year - over - year R$15 bn AuM Fee Related Earnings (FRE) reached 14.6 million reais in the 1Q’26, up 26% year - over - year, driven by higher management fees from Infrastructure and Forestry, combined with cost synergies within Real Estate segment, supporting FRE margin expansion to 49.6% Realized GP investment income of R$4.1 million, up 63% year - over - year, driven by a higher one - off dividend distribution from one of our REITs ∆ YoY (%) 1Q'26 LTM 1Q'25 LTM ∆ YoY (%) 1Q'26 4Q'25 1Q'25 (R$ THOUSANDS, UNLESS MENTIONED) 17% 118,272 101,129 8% 29,080 28,294 26,997 Net revenue from management fees (45)% 3,567 6,515 (75)% 460 468 1,850 Net revenue from advisory fees 8% 384 357 N/A – – 177 Other revenues 13% 122,223 107,999 2% 29,540 28,762 29,024 Total Fee Related Revenues 39% (11,771) (8,446) (2)% (2,939) (2,834) (2,986) Segment personnel expenses (7)% (7,041) (7,553) (40)% (1,664) (1,389) (2,774) Other G&A expenses N/A 529 (2,170) (86)% (227) (218) (1,594) Placement fee amortization and rebates 18% (26,308) (22,250) (7)% (5,539) (6,540) (5,931) Corporate center expenses 14% (19,144) (16,721) 11% (4,533) (4,367) (4,083) Bonus compensation related to management and advisory 12% (63,735) (57,141) (14)% (14,901) (15,348) (17,368) Total Fee Related Expenses 15% 58,488 50,858 26% 14,639 13,414 11,656 FEE RELATED EARNINGS (FRE) 47.9% 47.1% 49.6% 46.6% 40.2% FRE Margin (%) (99)% 41 8,111 N/A – 39 – Net revenue from performance fees (58)% 8,752 21,048 N/A – 39 – Realized performance fees (33)% (8,711) (12,936) N/A – – – Unrealized performance fees (99)% (55) (4,602) N/A – (22) – Performance based compensation N/A (14) 3,509 N.A – 16 – PERFORMANCE RELATED EARNINGS (PRE) (33.5)% 43.3% N/A 42.5% N/A PRE Margin (%) 10% 19,220 17,541 63% 4,083 2,811 2,512 (+) Realized GP investment income N/A 11,926 (17,733) N/A (2,080) 17,642 686 (+) Unrealized GP investment income N/A 31,146 (193) (37)% 2,003 20,453 3,199 INVESTMENT RELATED EARNINGS (IRE) N/A (11,926) 17,733 N/A 2,080 (17,642) (686) ( - ) Unrealized GP investment income (33)% 8,711 12,937 N/A – – – ( - ) Unrealized performance fees 166% (3,083) (1,159) N/A – – – (+) Unrealized performance compensation (0)% 83,323 83,684 32% 18,722 16,241 14,168 SEGMENT DISTRIBUTABLE EARNINGS 55.5% 57.1% 55.7% 51.4% 44.9% Segment DE Margin (%) 7% 12,703 11,839 7% 12,703 12,684 11,839 FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$millions ) 1.01% 0.97% 0.97% 0.99% 0.98% AVERAGE FEE RATE (%)
21 Corporate Advisory Fee Related Earnings (FRE) and Segment Distributable Earnings totaled R$8.9 million in the 1Q26 LTM ∆ YoY (%) 1Q'26 LTM 1Q'25 LTM ∆ YoY (%) 1Q'26 4Q'25 1Q'25 (R$ THOUSANDS, UNLESS MENTIONED) N/A – – N/A – – – Net revenue from management fees (34)% 22,028 33,556 259% 1,639 6,837 457 Net revenue from advisory fees N/A – – N/A – – – Other revenues (34)% 22,028 33,556 259% 1,639 6,837 457 Total Fee Related Revenues 26% (2,982) (2,367) 35% (746) (731) (553) Segment personnel expenses 7% (648) (605) (7)% (124) (147) (134) Other G&A expenses N/A – – N/A – – – Placement fee amortization and rebates (2)% (4,104) (4,190) 34% (1,128) (853) (844) Corporate center expenses (50)% (5,348) (10,624) 176% (460) (1,042) (167) Bonus compensation related to management and advisory (26)% (13,083) (17,786) 45% (2,459) (2,773) (1,697) Total Fee Related Expenses (43)% 8,945 15,770 (34)% (820) 4,064 (1,240) FEE RELATED EARNINGS (FRE) 40.6% 47.0% (50.0)% 59.4% (271.5)% FRE Margin (%) (43)% 8,945 15,770 (34)% (820) 4,064 (1,240) SEGMENT DISTRIBUTABLE EARNINGS 40.6% 47.0% (50.0)% 59.4% (271.5)% Segment DE Margin (%) In an environment of high - interest rates and electoral uncertainties, M&A and debt structuring activity has been more subdued. Against this backdrop, the Corporate Advisory team is working on an extensive pipeline of opportunities
22 Supplement Details
23 See notes and definitions at end of document AuM¹ Rollforward Total Real Assets Equities Private Equity Credit Global IP&S In R$ millions 354,108 15,476 15,286 15,390 36,464 271,492 Beginning balance (153) (54) – (31) (62) (6) (+/ - ) Capital Subscription / (capital return) 258 147 – – 112 – (+) Capital Subscription (411) (201) – (31) (174) (6) ( - ) Capital Return – – – – – – (+) Acquisitions 4,400 (3) 118 – 907 3,377 (+/ - ) Net Inflow / Outflow (14,130) (204) (230) (111) (1,250) (12,334) (+/ - ) FX Variation 2,578 213 912 (273) 753 974 (+/ - ) Appreciation / (depreciation) 346,803 15,427 16,086 14,975 36,813 263,503 Ending balance For the Three Months Ended March 31, 2026 Total Real Assets Equities Private Equity Credit Global IP&S In R$ millions 304,552 11,965 14,793 16,481 29,389 231,924 Beginning balance 2,121 2,312 – (276) 93 (8) (+/ - ) Capital Subscription / (capital return) 4,202 3,364 – 1 836 0 (+) Capital Subscription (2,080) (1,053) – (277) (742) (8) ( - ) Capital Return 15,594 – 621 – 516 14,458 (+) Acquisitions 20,878 (26) (3,353) – 6,485 17,772 (+/ - ) Net Inflow / Outflow (23,231) (255) (468) (223) (1,959) (20,327) (+/ - ) FX Variation 26,887 1,431 4,493 (1,008) 2,288 19,683 (+/ - ) Appreciation / (depreciation) 346,803 15,427 16,086 14,975 36,813 263,503 Ending balance For the Twelve Months Ended March 31, 2026
24 See notes and definitions at end of document Fee - Earning AuM¹ Rollforward Total Real Assets Equities Private Equity Credit Global IP&S In R$ millions 346,490 12,684 15,240 12,541 35,870 270,156 Beginning balance (153) (54) – (31) (62) (6) (+/ - ) Capital Subscription / (capital return) 258 147 – – 112 – (+) Capital Subscription (411) (201) – (31) (174) (6) ( - ) Capital Return – – – – – – (+) Acquisitions 4,369 (3) 119 – 892 3,360 (+/ - ) Net Inflow / Outflow (13,931) (63) (230) (111) (1,226) (12,301) (+/ - ) FX Variation 2,659 138 907 (112) 758 969 (+/ - ) Appreciation / (depreciation) 339,435 12,703 16,036 12,287 36,232 262,178 Ending balance For the Three Months Ended March 31, 2026 Total Real Assets Equities Private Equity Credit Global IP&S In R$ millions 299,180 11,839 14,739 13,287 28,764 230,551 Beginning balance (514) (332) – (257) 84 (8) (+/ - ) Capital Subscription / (capital return) 1,517 691 – – 826 – (+) Capital Subscription (2,031) (1,023) – (257) (742) (8) ( - ) Capital Return 15,594 – 621 – 516 14,458 (+) Acquisitions 20,539 (26) (3,331) – 6,199 17,697 (+/ - ) Net Inflow / Outflow (22,995) (113) (466) (223) (1,918) (20,275) (+/ - ) FX Variation 27,630 1,335 4,473 (520) 2,587 19,756 (+/ - ) Appreciation / (depreciation) 339,435 12,703 16,036 12,287 36,232 262,178 Ending balance For the Twelve Months Ended March 31, 2026
25 Investment records – Credit and Equities Funds Hurdle Rate Market Comparison 24 M 12 M YTD 1Q’26 NAV¹ (R$ millions) Segment Fund or Strategy IPCA + Yield IMA - B IPCA + Yield IMA - B 34.6% 40.3% 8.2% 8.2% 287.5 Equities Vinci Total Return² IBOV IBOV 31.7% 40.6% 12.7% 12.7% 965.1 Equities Mosaico Strategy³ IBOV IBOV 42.5% 42.6% 14.7% 14.7% 376.8 Equities Vinci Gas Dividendos FIA N/A S&P/BMV IPC 39.5% 37.0% 8.7% 8.7% 222.8 Equities Compass CRECE+ N/A S&P MERVAL 148.7% 25.1% (1.2)% (1.2)% 365.3 Equities Compass Crecimiento N/A N/A 65.3% 38.8% (0.0)% (0.0)% 1,858.6 Equities Compass Small Cap Chile IPCA + 6% IPCA 18.2% 12.8% 3.5% 3.5% 669.1 Credit Vinci Crédito Imobiliário II IPCA + 6% IPCA 19.0% 14.2% 3.6% 3.6% 473.8 Credit Vinci Energia Sustentável IPCA + 5% CDI 24.8% 13.9% 3.2% 3.2% 295.0 Credit Vinci Crédito Multiestratégia N/A CEMBI Broad Div 15.5% 6.5% (0.1)% (0.1)% 5,431.5 Credit Compass Latam Corporate Debt Fund N/A CEMBI Broad Div HY 16.9% 5.4% 0.8% 0.8% 1,894.5 Credit Compass Latam High Yield USD N/A PIP Cetes 28D 20.6% 8.4% 1.8% 1.8% 2,679.0 Credit Compass I+LIQG N/A CDI 29.1% 15.3% 3.3% 3.3% 1,399.1 Credit Compass Credit Selection CDI CDI 29.4% 14.7% 3.5% 3.5% 1,987.6 Credit Compass Yield 30 N/A N/A 20.0% 7.7% 2.1% 2.1% 305.5 Credit Compass Deuda Plus N/A CEMBI Broad Div 7.9% 3.3% (0.2)% (0.2)% 745.3 Credit Compass Renta Fija - B See notes and definitions at end of document 24 M 12 M YTD 1Q’26 Benchmark 26.1% 12.2% 3.5% 3.5% IPCA 4 + Yield IMA - B 5 46.3% 43.9% 16.3% 16.3% IBOV 6 28.3% 35.9% 6.9% 6.9% S&P/BMV IPC 7 146.4% 28.2% (1.8)% (1.8)% S&P MERVAL 8 27.7% 14.8% 3.4% 3.4% CDI 9 9.8% 4.1% 1.9% 1.9% IPCA 15.3% 6.2% 0.1% 0.1% CEMBI Broad Div 10 17.8% 7.1% 1.2% 1.2% CEMBI Broad Div HY 11 20.1% 8.2% 1.7% 1.7% PIP Cetes 28D 12
26 Investment records – Global IP&S and Real Assets Funds See notes and definitions at end of document 24 M 12 M YTD 1Q’26 Benchmark 27.7% 14.8% 3.4% 3.4% CDI 2 20.6% 12.5% 3.9% 3.9% IMA - B 3 9.8% 4.1% 1.9% 1.9% IPCA 4 13.6% 16.8% 2.5% 2.5% IFIX 5 Hurdle Rate Market Comparison 24 M 12 M YTD 1Q’26 NAV¹ (R$ millions) Segment Fund or Strategy CDI CDI 23.5% 12.9% 3.0% 3.0% 38.6 Global IP&S Vinci Multiestratégia FIM CDI CDI 21.9% 11.2% 2.4% 2.4% 135.1 Global IP&S Atlas Strategy IMA - B IMA - B 22.3% 13.2% 3.8% 3.8% 680.2 Global IP&S Vinci Valorem FIM N/A IPCA 17.8% 10.5% 3.1% 3.1% 552.4 Global IP&S Equilibrio Strategy IMA - B IMA - B 21.8% 12.5% 5.7% 5.7% 90.5 Global IP&S Vinci Retorno Real FIM IPCA + 6% IFIX 7.5% 15.9% 2.6% 2.6% 3,153.9 Real Assets (listed REIT) VISC11 IPCA + 6% IFIX 28.1% 30.8% 1.7% 1.7% 1,483.2 Real Assets (listed REIT) VILG11 IPCA + 6% IFIX (17.9)% 7.7% 1.1% 1.1% 416.6 Real Assets (listed REIT) VINO11 IPCA + 6% IFIX (27.2)% 4.2% (10.0)% (10.0)% 149.8 Real Assets (listed REIT) VIUR11 IPCA + X% IFIX 15.9% 20.3% 4.4% 4.4% 130.8 Real Assets (listed REIT) VCRI11 CDI + 1% IFIX 4.8% 2.6% 0.0% 0.0% 393.8 Real Assets (REIT) VICA11 IFIX IFIX 17.3% 16.6% 3.3% 3.3% 43.7 Real Assets (REIT) VINCI FOF IMOBILIARIO FIM CP N/A N/A (31.3)% 31.3% 7.8% 7.8% 420.7 Real Assets (listed REIT) VIGT11
27 See notes and definitions at end of document Investment records – Closed End funds Pro Forma Historical Portfolio Performance¹ Gross IRR Gross IRR Gross MOIC Gross MOIC Total Value Unrealized Realized or Partially Realized Invested Capital Committed Capital Vintage year Segment Fund (USD) (BRL) (USD) (BRL) (R$mm) (R$mm) (R$mm) (R$mm) (R$mm) 77.2% 71.5% 4.0x 4.3x 5,185 54 5,131 1,206 1,415 2004 Private Equity Fund 1 (0.3%) 8.0% 1.0x 1.8x 3,817 1,811 2,006 2,087 2,200 2011 Private Equity VCP II 17.5% 21.5% 1.9x 2.1x 5,562 5,249 313 2,548 4,000 2018 Private Equity VCP III 55.5% 59.9% 1.3x 1.3x 1,541 1,541 – 1,165 3,879 2022 Private Equity VCP IV 70.2% 64.5% 2.1x 2.3x 16,103 8,654 7,450 7,006 11,494 Private Equity VCP Strategy² 30.5% 22.0% 2.6x 2.1x 26 – 26 13 36 2003 Private Equity NE Empreendedor³ 13.7% 20.6% 1.8x 2.4x 321 81 240 134 240 2017 Private Equity Nordeste III 20.9% 20.7% 1.5x 1.3x 1,053 865 188 734 1,000 2020 Private Equity VIR IV 26.0% 21.1% 1.6x 1.7x 1,400 947 453 881 1,276 Private Equity VIR Strategy⁴ 19.2% 25.6% 2.2x 2.7x 383 22 361 205 128 2018 Credit SPS I 22.6% 22.1% 2.3x 2.3x 1,754 568 1,186 1,082 671 2020 Credit SPS II 23.6% 23.6% 2.6x 2.5x 2,457 1,506 951 1,733 1,071 2021 Credit SPS III 38.6% 24.3% 1.1x 1.1x 246 240 6 348 1,329 2025 Credit SPS IV 22.6% 23.2% 2.4x 2.5x 4,839 2,336 2,503 3,369 3,199 Credit SPS Strategy⁵ 21.7% 19.3% 1.5x 1.5x 247 69 178 165 165 2022 Credit MAV I 16.2% 19.3% 1.4x 1.3x 269 205 64 205 205 2023 Credit MAV II N.M. N.M. N.M. N.M. 185 168 17 167 220 2025 Credit MAV III 18.6% 19.3% 1.5x 1.4x 700 442 258 537 590 Credit MAV Strategy⁶ 2.9% 10.7% 1.3x 2.3x 571 316 255 253 253 2012 Real Assets Lacan Florestal I 6.3% 10.8% 1.5x 1.9x 693 568 125 356 356 2016 Real Assets Lacan Florestal II 11.1% 12.1% 1.4x 1.4x 618 618 – 435 501 2020 Real Assets Lacan Florestal III 32.6% 26.4% 1.3x 1.3x 271 271 – 216 260 2023 Real Assets Lacan Florestal IV 6.2% 12.7% 1.4x 1.7x 2,154 1,774 380 1,260 1,370 Real Assets Lacan Strategy⁷ 40.4% 55.5% 2.7x 3.6x 375 9 367 104 211 2017 Real Assets FIP Transmissão⁸ 13.1% 15.7% 1.4x 1.5x 528 528 – 350 386 2021 Real Assets VIAS⁹ NM NM 1.1x 1.1x 169 169 – 151 1,784 2022 Real Assets VICC¹⁰ 11.3% 11.7% 1.3x 1.3x 460 427 34 346 422 2021 Real Assets VFDL¹¹ NM NM 1.3x 1.2x 1,733 1,642 91 1,451 1,848 2022 Credit Vinci Credit Infra¹²
28 See notes and definitions at end of document Shareholder Dividends & Share Summary 1Q’26 4Q'25 3Q'25 2Q'25 1Q'25 4Q'24 3Q'24 2Q'24 ($ in thousands) 62,237 81,288 73,092 75,759 62,306 73,946 57,104 58,401 Adjusted Distributable Earnings (R$) 12,702 15,605 13,645 13,964 11,027 12,804 9,872 10,331 Adjusted Distributable Earnings (US$)¹ 0.19 0.24 0.22 0.22 0.17 0.20 0.19 0.19 Adjusted DE per Common Share (US$)² 0.17 0.17 0.15 0.15 0.15 0.15 0.16 0.17 Actual Dividend per Common Share³ 1Q’26 4Q'25 3Q'25 2Q'25 1Q'25 4Q'24 3Q'24 2Q'24 VINP Shares Shares Repurchased - - - 173,762 683,148 607,643 374,834 220,135 # of Shares - - - 9.47 10.07 10.28 10.38 10.82 Average Cost (US$/share) - - - 1,645,210 6,879,698 6,246,577 3,890,849 2,382,251 Capital Deployed (US$) 14,466,239 14,466,239 14,466,239 14,466,239 14,466,239 14,466,239 14,466,239 14,466,239 Class B 50,955,859 50,955,859 48,778,420 48,778,420 48,896,968 49,580,116 38,404,375 38,779,209 Class A⁴ 65,422,098 65,422,098 63,244,659 63,244,659 63,363,207 64,046,355 52,870,614 53,245,448 Common Shares Vinci Compass generated R$0.95 or US$0.19 of Adjusted Distributable Earnings per common share for the 1Q’26. The company decl are d a quarterly dividend of US$4.90² per common share to record holders as of May 25, 2026; payable on June 8, 2026
29 Reconciliations and Disclosures
30 Financials - Income Statement ∆ YoY (%) 1Q'26 LTM 1Q'25 LTM ∆ YoY (%) 1Q'26 4Q'25 1Q'25 (R$ thousands, unless mentioned) REVENUES 47% 861,696 586,606 25% 244,858 219,730 195,529 Net revenue from management fees (28)% 27,519 37,992 (6)% 2,890 13,301 3,077 Net revenue from performance fees (29)% 36,231 50,930 (6)% 2,890 13,301 3,077 Realized performance fees (33)% (8,711) (12,937) N/A – – – Unrealized performance fees 1% 83,115 82,628 (35)% 16,067 15,444 24,853 Net revenue from advisory 136% 45,207 19,187 (2)% 11,040 11,819 11,262 Other revenues 40% 1,017,537 726,413 17% 274,855 260,294 234,721 Total net revenues from services rendered OPERATING EXPENSES 34% (142,170) (105,749) 28% (40,572) (32,064) (31,744) Bonus related to management and advisory (7)% (14,645) (15,690) (6)% (1,271) (8,409) (1,350) Performance based compensation 5% (17,728) (16,848) (6)% (1,271) (8,409) (1,350) Realized 166% 3,083 1,159 N/A – – – Unrealized 29% (156,816) (121,439) 26% (41,843) (40,474) (33,094) Total compensation and benefits 68% (85,529) (50,814) 23% (24,731) (21,981) (20,125) Segment personnel expenses 57% (67,106) (42,804) 25% (19,298) (16,200) (15,431) Other general and administrative expenses 116% (78,603) (36,401) (1)% (20,823) (20,527) (21,015) Placement fee amortization and rebates 55% (297,597) (192,225) (10)% (70,234) (75,796) (77,652) Corporate center expenses 55% (685,650) (443,682) 6% (176,928) (174,978) (167,317) Total expenses 17% 331,887 282,731 45% 97,927 85,316 67,404 Operating profit OTHER GP AND FINANCIAL INCOME AND EXPENSES 1,066% 64,734 5,550 (13)% 3,498 45,124 4,006 Investment Related Earnings (IRE) 19% 30,113 25,314 42% 6,093 6,082 4,285 Realized gain from GP investment income N/A 34,621 (19,764) 830% (2,595) 39,042 (279) Unrealized gain from GP investment income 13% 58,096 51,330 (35)% 9,390 12,024 14,423 Financial income 13% 58,096 51,330 (35)% 9,390 12,024 14,423 Realized gain from financial income N/A – – N/A – – – Unrealized gain from financial income 58% (15,502) (9,837) 4% (3,891) (4,516) (3,758) Leasing expenses (22)% (55,023) (70,847) N/A 42,389 (66,408) (4,458) Other items¹ N/A 2,019 (3,701) N/A 885 1,521 (2,201) Equity gain (loss) 44% (30,662) (21,334) 15% (5,753) (9,814) (5,003) Equity - based compensation 210% (16,325) (5,262) 95% (5,596) (3,566) (2,870) Management contract amortization² (89)% (5,942) (55,484) 23% (314) (4,877) (255) Non - operational expenses³ N/A 1,395 (109,585) N/A 40,608 (30,512) (116) Total Other Items 92% 333,281 173,146 106% 138,535 54,804 67,288 Profit before income taxes 29% (60,577) (46,953) 157% (29,197) (6,770) (11,360) ( - ) Income taxes⁴ 116% 272,704 126,193 95% 109,338 48,034 55,928 NET INCOME (90)% 5,300 54,119 28% 292 4,453 228 (+) Non - operational expenses (including Income Tax effect) N/A (2,040) 2,772 337% (35,545) 33,603 (8,141) ( - ) Contingent consideration adjustment related to acquisitions⁵ N/A (2,558) – N/A (23,007) 20,449 – (+) OCI adjustment⁶ 49% 273,407 183,084 6% 51,078 106,539 48,015 ADJUSTED NET INCOME 44% 266,690 185,468 (8)% 44,759 104,627 48,619 Atributable to the shareholders of the parent company N/A 6,717 (2,384) N/A 6,319 1,912 (604) Attributable to non - controlling interests See notes and definitions at end of document
31 Financials - Non - GAAP Reconciliation 1Q'26 LTM 1Q'25 LTM 1Q'26 4Q'25 1Q'25 (R$ thousands, unless mentioned) 331,887 282,731 97,927 85,316 67,404 OPERATING PROFIT (36,231) (50,930) (2,890) (13,301) (3,077) ( - ) Net revenue from realized performance fees 8,711 12,937 – – – ( - ) Net revenue from unrealized performance fees 14,645 15,690 1,271 8,409 1,350 (+) Compensation allocated in relation to performance fees 319,012 260,428 96,308 80,424 65,677 FEE RELATED EARNINGS (FRE) 331,887 282,731 97,927 85,316 67,404 OPERATING PROFIT (861,696) (586,606) (244,858) (219,730) (195,529) ( - ) Net revenue from management fees (83,115) (82,628) (16,067) (15,444) (24,853) ( - ) Net revenue from advisory (45,207) (19,187) (11,040) (11,819) (11,262) ( - ) Other revenues 142,170 105,749 40,572 32,064 31,744 (+) Bonus related to management and advisory 85,529 50,814 24,731 21,981 20,125 (+) Personnel expenses 67,106 42,804 19,298 16,200 15,431 (+) Other general and administrative expenses 78,603 36,401 20,823 20,527 21,015 (+) Placement fee amortization and rebates 297,597 192,225 70,234 75,796 77,652 (+) Corporate center expenses 12,875 22,303 1,619 4,892 1,727 PERFORMANCE RELATED EARNINGS (PRE) 331,887 282,731 97,927 85,316 67,404 OPERATING PROFIT 8,711 12,937 – – – ( - ) Net revenue from unrealized performance fees (3,083) (1,159) – – – (+) Compensation allocated in relation to unrealized performance fees 30,113 25,314 6,093 6,082 4,285 (+) Realized gain from GP investment income 367,628 319,824 104,020 91,398 71,689 SEGMENT DISTRIBUTABLE EARNINGS 272,704 126,193 109,338 48,034 55,928 NET INCOME 8,711 12,937 – – – ( - ) Net revenue from unrealized performance fees (1,004) (377) – – – (+) Income tax from unrealized performance fees (3,083) (1,159) – – – (+) Compensation allocated in relation to unrealized performance fees (34,621) 19,764 2,595 (39,042) 279 ( - ) Unrealized gain from GP investment income (2,298) 14 (90) 271 694 (+) Income tax on unrealized gain from GP investment income – 0 – – – ( - ) Unrealized gain from financial income – – – – – (+) Income tax on unrealized gain from financial income (1,091) 4,613 (42,895) 41,338 (9,546) ( - ) Contingent consideration (earn - out) gain (loss)¹ (949) (1,841) 7,350 (7,735) 1,405 (+) Income tax on contingent consideration 28,246 15,404 8,361 6,182 6,231 (+) Depreciation and amortization 28,001 18,991 5,753 9,814 5,003 (+) Equity - based compensation (307) (602) 244 (660) (117) ( - ) Income Taxes on Equity - based compensation (2,019) 3,701 (885) (1,521) 2,201 (+) Equity gain (loss) 7,361 – 2,479 2,425 – (+) Dividends received 5,300 54,119 292 4,453 228 (+) Non - operational expenses including income tax related to realized expense² (2,558) – (23,007) 20,449 – (+) OCI Adjustment³ (10,018) – (7,298) (2,720) – ( - ) Minority Interest 292,376 251,757 62,237 81,288 62,306 ADJUSTED DISTRIBUTABLE EARNINGS 1,017,537 726,413 274,855 260,294 234,721 TOTAL NET REVENUE FROM SERVICES RENDERED (36,231) (50,930) (2,890) (13,301) (3,077) ( - ) Net revenue from realized performance fees 8,711 12,937 – – – ( - ) Net revenue from unrealized performance fees 990,019 688,421 271,966 246,993 231,644 NET REVENUE FROM MANAGEMENT FEES AND ADVISORY See notes and definitions at end of document
32 Balance Sheet 03/31/2026 12/31/2025 Assets Current assets 208,545 280,091 Cash and cash equivalents 106,053 121,498 Cash and bank deposits 84,671 153,729 Financial instruments at fair value through profit or loss 17,821 4,864 Financial instruments at amortized cost 755,707 1,534,471 Financial instruments at fair value through profit or loss 190,973 214,706 Trade receivables - - Sub - leases receivable 20,011 20,010 Taxes recoverable 76,954 70,168 Other assets 1,252,190 2,119,446 Total current assets Non - current assets 883,744 151,615 Financial instruments at fair value through profit or loss 5,741 6,141 Financial instruments at amortized cost 27,384 17,518 Trade receivables 3,003 1,225 Taxes recoverable 39,873 47,393 Deferred taxes 37,687 38,315 Other receivables 997,432 262,207 69,903 65,796 Investments accounted for using the equity method 49,655 43,999 Judicial deposits 71,456 74,095 Property and equipment 134,225 141,226 Right of use - Leases 1,318,733 1,326,216 Intangible assets 2,641,404 1,913,539 Total non - current assets 3,893,594 4,032,985 Total Assets 03/31/2026 12/31/2025 Liabilities and equity Current liabilities 13,692 13,369 Trade payables 29,508 – Financial instruments at fair value through profit or loss 39,843 – Deferred Revenue 57,115 33,307 Leases 41,543 38,101 Accounts payable 40,858 199,422 Labor and social security obligations 14,295 93,862 Loans and Financing 9,706 35,047 Taxes and contributions payable 246,560 413,108 Total current liabilities Non - current liabilities – 6 Accounts payable 124,430 126,877 Leases 7,635 9,221 Labor and social security obligations 845,529 872,770 Loans and Financing 3,900 4,641 Deferred taxes 50,136 44,446 Provision for contingencies 528,814 508,416 Retirement plans liabilities 1,560,444 1,566,377 1,807,004 1,979,485 Total liabilities Equity 19 19 Share capital 2,236,406 2,236,406 Additional paid - in capital (306,608) (306,608) Treasury shares 138,344 91,974 Retained Earnings (59,633) (43,013) Other reserves 2,008,528 1,978,778 78,062 74,722 Non - controlling interests in the equity of subsidiaries 2,086,590 2,053,500 Total equity 3,893,594 4,032,985 Total liabilities and equity
33 Notes to page 3 1) FRE per share is calculated considering the number of outstanding shares at the end of the current quarter. 2) Adjusted DE per share is calculated considering the number of outstanding shares at the end of the current quarter. Notes to page 5 1) FRE per share is calculated considering the number of outstanding shares at the end of the current quarter . Full - year values are calculated as the sum of the last four quarters . 2) Other items comprise the income/(loss) generated by financial income/(expenses) related to SPS acquisition, Ares Convertible Preferred Shares and other financial expenses . 3) Non - operational expenses are comprised of expenses related to professional services rendered in connection with acquisitions . 4) Minority interest comprises the portion of Verde Asset Management’s earnings attributable to the remaining 49 . 9 % non - controlling interest, following Vinci Compass’ acquisition of a controlling 50 . 1 % stake . As a result, Verde’s results are fully consolidated in Fee Related Earnings (FRE), and the non - controlling interest is deducted prior to arriving at Distributable Earnings (DE) and Adjusted Distributable Earnings (Adjusted DE) . 5) DE per share is calculated considering the number of outstanding shares at the end of the current quarter . Full - year values are calculated as the sum of the last four quarters . 6) Adjusted Distributable Earnings is calculated as Distributable Earnings excluding non - operational expenses . 7) Adjusted DE per share is calculated considering the number of outstanding shares at the end of the current quarter . Full - year values are calculated as the sum of the last four quarters . Notes to page 6 1) AuM is calculated as consolidated with double counting, due to funds from one segment investing in other segments and it’s eliminated on consolidation and excluding double counting from co - managed funds between our segments . Considers assets under management and advisory . Notes to page 7 1) The preferred return w/ catch - up rule applies to funds for which the vehicle must pay back its limited partners 100 % of the invested capital corrected by the preferred return rate so it can charge performance fees . Once the preferred return rate is achieved, due to the catch - up clause, performance fees are charged over the absolute return of the fund instead of the excess return over the preferred rate . 2) Funds with preferred return must return 100 % of invested capital corrected by the preferred return rate to its limited partners in order to charge performance fees . 3) Hurdle Rate is the minimum return the fund must achieve before it can charge performance fees . In most cases, funds with hurdle rate also are under a high - water mark clause . Notes to page 9 1) GP investment income comes from proprietary investments made by Vinci Compass in its own Private Markets’ funds and other closed - end funds across Equities and Global IP&S segments with long - term lockups . Notes to page 12 1) Cash and cash equivalents include cash on hand, bank deposits held with financial institutions, other short - term, highly liquid investments with original maturities of three months or less, that are readily convertible to known amounts of third - party and which are subject to an insignificant risk of changes in value . Notes and Definitions
34 Notes to page 12 (cont’d) 2) Liquid funds’ value are calculated as investment at fair value as of March 31 , 2026 , in liquid funds from Vinci Compass’ Equities, Global IP&S, Credit and Real Estate . It also comprises the cash and certificate of deposits and federal bonds . For 1 Q’ 24 onwards we are not considering the funds that refer to financial products as part of the Company’s retirement plans services . For more detail, see 1 Q' 26 Financial Statements filed within the SEC on May 11 , 2026 . 3) GP Fund Investments include Vinci Compass’ GP investments in private market funds and other closed - end funds across Equities and Global IP&S segments with long - term lockups and Public REITs, calculated at fair value as of March 31 , 2026 . For more detail, please see the Financial Statements filed within the SEC on May 11 , 2026 . 4) Debt obligations include commercial notes, consideration payable and convertible preferred shares . In addition to these debts, Vinci Compass also has obligations regarding earn - out structures and redemption liability from M&A transactions . For more detail, see 1 Q' 26 Financial Statements filed within the SEC on May 11 , 2026 . 5) Net Cash and Investments per share were calculated considering the number of outstanding shares at the end of each quarter . Notes to page 16 1) Upfront fees are one - time fees charged for TPD Alternative commitments . Fee - Earning Assets Under Management Ex - Upfront regards the FEAUM only from the funds which collect recurring management fees . 2) Third - Party Distribution, or TPD, stands for the funds managed by third - party asset managers, distributed by Vinci Compass’ platform . 3) Other includes Pension Plans and Vinci Retirement Services . Notes to page 23 1) AuM is calculated as consolidated with double counting, due to funds from one segment investing in other segments and it’s eliminated on consolidation and excluding double counting from co - managed funds between our segments . Considers assets under management and advisory . Notes to page 24 1) FEAUM is measured as assets under management and advisory excluding funds that do not charge management or performance fees at any time, according to such funds’ policies . FEAUM is calculated as consolidated with double counting, due to funds from one segment investing in other segments and it’s eliminated on consolidation and excluding double counting from co - managed funds between our segments . Notes to page 25 1) NAV is the net asset value of each fund . For listed vehicles, the NAV represents the Market valuation of the fund . 2) Total Return Strategy includes the funds Total Return FIC FIM and Total Return Institucional FIA . 3) Mosaico Strategy includes the funds Mosaico, Mosaico Institucional and Mosaico Advisory FIA . 4) IPCA is a broad consumer price index measured by the IBGE . 5) IMAB is composed by government bonds indexed to IPCA . IMAB 5 also includes government bonds indexed to IPCA with up to 5 Years in duration . Notes and Definitions (cont’d)
35 Notes to page 25 (cont’d) 6) Brazil stock market most relevant index . 7) S&P/BMV IPC seeks to measure the performance of the largest and most liquid stocks listed on the Mexican Stock Market . 8) S&P MERVAL Index, Argentina’s flagship index, seeks to measure the performance of the largest, most liquid stocks trading on the Argentinian Stock Market . 9) CDI is an average of interbank overnight rates in Brazil (daily average for the period) . 10) CEMBI Broad Div tracks the performance of US dollar - denominated bonds issued by emerging market corporate entities . 11) The J . P . Morgan CEMBI Broad Diversified HY index tracks liquid, US Dollar emerging market fixed and floating - rate debt instruments issued by corporate, sovereign, and quasi - sovereign entities . 12) PiP Cetes 28 d is an index that invests in Cetes 28 - day securities . Cetes are Treasury Certificates issued by the Mexican government . Notes to page 26 1) NAV is the net asset value of each fund . For listed vehicles, the NAV represents the Market valuation of the fund . 2) CDI is an average of interbank overnight rates in Brazil (daily average for the period) . 3) IMAB is composed by government bonds indexed to IPCA . IMAB 5 also includes government bonds indexed to IPCA with up to 5 Years in duration . 4) IPCA is a broad consumer price index measured by the IBGE . 5) IFIX is an index composed by listed REITs in the Brazilian stock Market . Notes to page 27 1) Track record information is presented throughout this presentation on a pro forma basis and in local currency . 2) Committed capital for VCP III and VCP IV consider amounts of co - investments . Returns, however, consider only the amounts invested to the main funds . Track record presented for the VCP strategy as of 4 Q’ 25 , due to fund’s administrator timeline to disclose the quarterly markup of the fund . 3) Performance information for Nordeste Empreendedor (“NE I”) comprises only the four (out of seven) investments invested, managed and divested by a team led by Jose Pano (collectively, the ‘”Participating Investments”) while they were employed by NE I’s manager (the “NE I Manager”), an entity not affiliated with the manager or Vinci Compass . Information herein pertaining to any investments made by NE I manager has not been prepared by NE I manager and NE I manager assumes no responsibility for the accuracy or completeness of any such information . 4) Track record for VIR strategy is presented as of 4 Q’ 25 , due to fund’s administrator timeline to disclose the quarterly markup of the fund . 5) Track record for Vinci SPS strategy is presented as of 1 Q’ 26 . 6) Track record for MAV strategy is presented as of 1 Q’ 26 . 7) Track record for Lacan strategy is presented as of 1 Q’ 26 . 8) Track record for FIP Infra is presented as of 4 Q’ 25 , due to fund’s administrator timeline to disclose the quarterly markup of the fund . 9) Track record for VIAS is presented as of 4 Q’ 25 , due to fund’s administrator timeline to disclose the quarterly markup of the fund . 10) Total commitments for VICC are presented as of 4 Q’ 25 , due to fund’s administrator timeline to disclose the quarterly markup of the fund . 11) Track record for VFDL is presented as of 1 Q’ 26 . 12) Track record for Vinci Credit Infra is presented as of 1 Q’ 26 . Notes and Definitions (cont’d)
36 Notes to page 28 1) US $ Distributable Earnings was calculated considering the exchange rate from USD to BRL of 4 . 8999 , as of May 8 , 2026 , when dividends were approved by our Board of Directors . 2) Per Share calculations are based on end of period Participating Common Shares . 3) Actual dividends per common share are calculated considering the share count as of the applicable record date . 4) As of March 31 , 2026 , Public Float was comprised of 14 , 800 , 773 Class A common shares . Notes to page 30 1) Other items comprise the income/(loss) generated by contingent consideration adjustment and financial income/(expenses) related to acquisitions and Ares Convertible Preferred Shares . 2) Management contract amortization refers to the purchase price allocated to Fund’s Management Contracts and Customer relationships, as a result of the Business Combinations . These amounts are amortized based on the duration of the related funds . When a fund has an undefined useful life, the amount allocated to these intangible assets are subject to impairment test on annually basis, or whenever any specific economic or operational condition indicates its cost must be reviewed 3) Non - operational expenses are comprised of expenses related to professional services rendered in connection with acquisitions . 4) Income taxes are comprised of taxes calculated over our corporate income tax and social contribution taxes . We are taxed on an actual taxable profit regime, while part of our subsidiaries are taxed based on deemed profit . 5) Contingent consideration adjustment (after - tax) reflects the change in earn out’s fair value to be paid in stock, due to variation in the stock price in the period . 6) OCI comprises foreign exchange variations from the consolidation of subsidiaries whose functional currencies are not Brazilian reais, which are recognized directly in shareholders’ equity (other comprehensive income) and do not affect profit or loss . Notes to page 31 1) Contingent consideration adjustment (after - tax) reflects the change in earn out’s fair value to be paid in stock, due to variation in the stock price in the period . 2) Non - operational expenses are comprised of expenses related to professional services rendered in connection with acquisitions . 3) OCI comprises foreign exchange variations from the consolidation of subsidiaries whose functional currencies are not Brazilian reais, which are recognized directly in shareholders’ equity (other comprehensive income) and do not affect profit or loss . Notes and Definitions (cont’d)
37 • “Fee related earnings”, or “FRE”, is a metric to monitor the baseline performance of, and trends in, our business, in a manner that does not include performance fees, investment income and expenses that do not arise from our normal course of operations . FRE is calculated as operating profit, less (a) net revenue from realized performance fees, less (b) net revenue from unrealized performance fees, plus (c) share - based payments plus (d) compensation allocated in relation to performance fees plus (e) expenses relating to professional services rendered in connection with acquisitions, our business combination with Compass and our international corporate organization (which expenses were added to the calculation of FRE beginning in the year ended December 31 , 2022 to ensure the metric’s usefulness as a tool to assess our ability to generate profits from revenues and expenses arising out of our normal course of operations) plus (f) the amortization of fund management contracts related to business combinations (which expenses were added to the calculation of FRE beginning in the year ended December 31 , 2024 in order to exclude depreciation expenses that are tied to specific acquisition transactions rather than our ongoing operations ; these amounts became meaningful only upon completion of the business combination with Compass and consequently we do not present such amounts for periods prior to 2024 ) . • “FRE Margin” is calculated as FRE divided by the sum of net revenue from management fees, net revenue from advisory services and net revenue from other revenues . • “Distributable Earnings”, or “DE”, is used as a reference by our board of directors to assess our performance and capabilities to distribute dividends to our shareholders . Distributable Earnings is calculated as profit for the year, less (a) net revenue from unrealized performance fees, plus (b) income taxes from unrealized performance fees, plus (c) compensation allocated in relation to unrealized performance fees, less (d) equity gain or loss on investments accounted for using the equity method, less (e) unrealized gain from investment income, plus (f) income taxes on unrealized gain from investment income, plus (g) share - based payments, less (h) income taxes on share - based payments, plus (i) depreciation and amortization, except for amortization of placement agent expenses and amortization related to retirement services investments, less (j) contingent consideration (earn - out) gain (loss) (after tax) . • “DE Margin” is calculated as Distributable Earnings divided by sum of net revenue from management fees, net revenue from performance fees, net revenue from advisory services, net revenue from other revenues and realized gain from investment income . • “Performance Related Earnings”, or “PRE”, is a performance measure that we use to assess our ability to generate profits from revenue that relies on outcomes from funds above their respective hurdle rates . We calculate PRE as operating profit less (a) net revenue from management fees, less (b) net revenue from advisory services, less (c) net revenue from other revenues plus (d) personnel and profit - sharing expenses, plus (e) other general and administrative expenses, less (f) compensation in relation to performance fees . • “PRE Margin” is calculated as PRE divided by net revenue from performance fees . • “Adjusted Distributable Earnings”, or “Adjusted DE”, is used as a reference point by our board of directors for determining the amount of earnings available to distribute to shareholders as dividends . Adjusted Distributable Earnings is calculated as Distributable Earnings, plus expenses relating to professional services rendered in connection with acquisitions, our business combination with Compass and our international corporate organization (including income tax related to realized expense) . • “Segment Distributable Earnings” is Vinci Compass’ segment profitability measure used to make operating decisions and assess performance across the company’s five segments (Private Equity, Global Investment Products and Solutions, Credit, Equities, Real Assets and Corporate Advisory) . Segment Distributable Earnings is calculated as operating profit less (a) net revenue from unrealized performance fees, plus (b) compensation allocated in relation to unrealized performance fees, plus (c) realized gain from GP investment income . Notes and Definitions (cont’d)
38 • “ AuM ” refers to assets under management and advisory . Our AuM equals the sum of : ( 1 ) the fair market value of all funds and accounts under management and advisory by Vinci Compass, across Global IP&S, Credit, Private Equity, Equities, and Real Assets ; ( 2 ) the capital that we are entitled to call from investors in funds pursuant to the terms of their capital commitments to those funds ; and ( 3 ) the fair market value of co - investments arranged by us that were made, or could be made, by limited partners of our corporate private equity funds and portfolio companies of such funds . As a significant portion of our AUM is denominated in currencies other than Brazilian Reais, fluctuations in foreign exchange rates may cause our reported AuM to vary over time, independently of underlying asset or commitment changes . AUM includes double counting related to funds from one segment that invest in funds from another segment . Those cases occur mainly due to (a) fund, of funds of investment products and solutions segment, and (b) investment funds in general that invest part of their cash in credit segment and hedge fund segment funds in order to maintain liquidity and provide for returns on cash . Such amounts are eliminated on consolidation . The bylaws of the relevant funds prohibit double - charging fees on AuM across segments . Therefore, while our AUM by segment may double - count funds from one segment that invest in funds from another segment, the revenues for any given segment do not include revenue in respect of assets managed by another segment, which means there are no intercompany eliminations on revenues in our results of operations . • Net Cash and Investments include cash and cash equivalents and the fair value of investments in liquid funds and GP Fund Investments . Cash and cash equivalents include cash, certificate of deposits, which are issued by Banco Bradesco (credit rating AAA evaluated by Fitch Ratings) with interest rates from 99 . 5 % to 101 % of CDI . • “Total Fee Related Revenues” is a measure that we use to assess our ability to generate profits from our business without measuring for the outcomes from funds above their respective benchmarks . We calculate Total Fee Related Revenues as net revenue from services rendered less (a) net revenue from realized performance fees and less (b) net revenue from unrealized performance fees . • “Total compensation and benefits” is the result of the profit sharing paid to our employees as (a) bonus compensation related to management and advisory and (b) performance - based compensation . • “Segment personnel expenses” are composed of the salary - part compensation paid to employees and partners of our funds’ management teams . • “Corporate center expenses” are composed by the salary - compensation paid to employees and other general and administrative expenses related to our support teams, such as research, risk, legal & compliance, investor relations, operations and ESG . • “Other general and administrative expenses” is made up of third - party expenses, depreciation and amortization, travel and representation, marketing expenses, administrative fees, non - operating taxes, third - party consultants’ fees, such as legal and accounting, and office consumables . • “Placement fee amortization and rebates” reflects fees paid to distributors that, due to accounting procedures, are not deducted from net management fees, unlike certain other distributor fees that directly impact that line . • “GP investment income” is income from proprietary investments made by us in our own Private Markets’ funds, used as GP Commitments . • “Financial income” is income generated through the investments made with our cash and cash equivalents in cash and bank deposits, certificate of deposits and proprietary investments in our liquid funds from our Equities and Global IP&S segments . • “Leasing expenses” include costs from the company’s sub - leasing activities . • “Income taxes” is comprised of taxes on our corporate income tax and social contribution taxes . We are taxed on an actual taxable profit regime, while our subsidiaries are taxed based on deemed profit . Notes and Definitions (cont’d)
39 • “Capital Subscription / (capital return)” represents the net capital commitments and capital returns from our Private Markets’ closed end and listed funds . • “Net Inflows / (outflows)” represent the net inflows and outflows from our liquid funds from our Equities, Global IP&S and Credit segments . • “Appreciation / (depreciation)” represents the net capital appreciation/depreciation from our funds, which refers to the increase or decrease of the funds’ investment’s value . • “MOIC” means multiple on invested capital, a ratio intended to represent how much value an investment has returned, and is calculated as realized value plus unrealized value, divided by the total amount invested, gross of expenses and fees . • “IRR” means the internal rate of return, which is a discount rate that makes the net present value of all cash flows equal to zero in a discounted cash flow analysis . Notes and Definitions (cont’d)
40 Bogota 601 748 6090 Carrera 11 # 79 – 52 Of 801, Edificio 80 - ONCE Barrio El Nogal COLOMBIA Mexico City 52 55 5010 2150 Paseo de los Tamarindos N Σ 90, Torre 1, Piso 21, 05120 MEXICO Lima 51 1 611 5350 Av. Jorge Basadre Nro. 347 Piso 09, Of 902 San Isidro PERU Miami 786 755 4860 1441 Brickell Ave Suite 1430, FL 33131 UNITED STATES Recife 55 81 3204 6811 Av. República do Líbano, 251 Sala 301 - Torre A Pina - 51110 - 160 BRAZIL Montevideo 59 8 2626 2650 WTC Free Zone 2 Dr. Luis Bonavita 1294, Of 2033. CP 11300 59 8 2628 7042 WTC Torre 4, Dr. Luis Bonavita 1266, Of 601. CP 11300 URUGUAY New York 1 - 212 - 355 7630 590 Madison Avenue 33rd Floor , NY 10022 UNITED STATES Rio de Janeiro 55 21 2159 6000 Av. Bartolomeu Mitre, 336 Leblon - 22431 - 002 BRAZIL São Paulo 55 11 3572 3700 Av. Brigadeiro Faria Lima, 2.277 14 o andar Jardim Paulistano 01452 - 000 BRAZIL Santiago 56 2 2364 4660 Av. Rosario Norte 555, Piso 14, Las Condes CHILE Buenos Aires 52 55 5010 2150 54 11 4878 8000 Carlos Pellegrini 1023, Piso 14 (C1009ABU) ARGENTINA Ribeirão Preto 55 16 2101 4641 Av. Presidente Vargas, 2.121 – Sala 106 Jardim América 14020 - 260 BRAZIL
EXHIBIT 99.4
Vinci Compass Investments Ltd.
Unaudited Interim Condensed Consolidated Financial Statements asof March 31, 2026
1
Vinci Compass Investments Ltd.
Consolidated balance sheets
All amounts in thousands of Brazilian reais unless otherwise stated
| Assets | Note | 03/31/2026 | 12/31/2025 |
|---|---|---|---|
| Current assets | |||
| Cash and cash equivalents | 5(c) | 208,545 | 280,091 |
| Cash and bank deposits | 5(c) | 106,053 | 121,498 |
| Financial instruments at fair value through profit or loss | 5(c) | 84,671 | 153,729 |
| Financial instruments at amortized cost | 5(c) | 17,821 | 4,864 |
| Financial instruments at fair value through profit or loss | 5(d) | 755,707 | 1,534,471 |
| Accounts receivable | 5(a) | 190,973 | 214,706 |
| Taxes recoverable | 20,011 | 20,010 | |
| Other assets | 7 | 76,954 | 70,168 |
| Total current assets | 1,252,190 | 2,119,446 | |
| Non-current assets | |||
| Financial instruments at fair value through profit or loss | 5(d) | 883,744 | 151,615 |
| Financial instruments at amortized cost | 6 | 5,741 | 6,141 |
| Accounts receivable | 5(a) | 27,384 | 17,518 |
| Taxes recoverable | 3,003 | 1,225 | |
| Deferred taxes | 21 | 39,873 | 47,393 |
| Other assets | 7 | 37,687 | 38,315 |
| 997,432 | 262,207 | ||
| Investments accounted for using the equity method | 8(b) | 69,903 | 65,796 |
| Judicial deposits | 24 | 49,655 | 43,999 |
| Property and equipment | 9 | 71,456 | 74,095 |
| Right of use – Leases | 11 | 134,225 | 141,226 |
| Intangible assets | 10 | 1,318,733 | 1,326,216 |
| Total non-current assets | 2,641,404 | 1,913,539 | |
| Total assets | 3,893,594 | 4,032,985 |
The accompanying notes are an integral part of these interim condensed consolidated financial statements.
F-2
Vinci Compass Investments Ltd.
Consolidated balance sheets
All amounts in thousands of Brazilian reais unless otherwise stated
| Liabilities and equity | Note | 03/31/2026 | 12/31/2025 |
|---|---|---|---|
| Current liabilities | |||
| Trade payables | 13,692 | 13,369 | |
| Leases | 11 and 5(e) | 29,508 | 33,307 |
| Accounts payable | 12 | 39,843 | 38,101 |
| Labor and social security obligations | 13 | 57,115 | 199,422 |
| Loans and obligations | 15 | 41,543 | 93,862 |
| Taxes and contributions payable | 14 | 40,858 | 35,047 |
| Deferred revenue | 26 | 14,295 | - |
| Financial instruments at fair value through profit or loss | 5 | 9,706 | - |
| Total current liabilities | 246,560 | 413,108 | |
| Non-current liabilities | |||
| Accounts payable | 12 | - | 6 |
| Leases | 11 and 5(e) | 124,430 | 126,877 |
| Labor and social security obligations | 13 | 7,635 | 9,221 |
| Loans and obligations | 15 | 845,529 | 872,770 |
| Deferred taxes | 21 | 3,900 | 4,641 |
| Provision for contingencies | 24 | 50,136 | 44,446 |
| Retirement plans liabilities | 16 | 528,814 | 508,416 |
| Total non-current liabilities | 1,560,444 | 1,566,377 | |
| Total liabilities | 1,807,004 | 1,979,485 | |
| Equity | 17 | ||
| Share capital | 19 | 19 | |
| Additional paid-in capital | 2,236,406 | 2,236,406 | |
| Treasury shares | 17(e) | (306,608) | (306,608) |
| Retained earnings | 138,344 | 91,974 | |
| Other comprehensive income and other reserves | (59,633) | (43,013) | |
| 2,008,528 | 1,978,778 | ||
| Non-controlling interests | 8(c) | 78,062 | 74,722 |
| Total equity | 2,086,590 | 2,053,500 | |
| Total liabilities and equity | 3,893,594 | 4,032,985 |
The accompanying notes are an integral part of these interim condensed consolidated financial statements.
F-3
Vinci Compass Investments Ltd.
Interim consolidated statement of income
For the three-month period ended March 31
All amounts in thousands of Brazilian reais unless otherwise stated
| Statements of Income | Note | 03/31/2026 | 03/31/2025 |
|---|---|---|---|
| Net revenue from services rendered | 18 | 274,855 | 234,721 |
| General and administrative expenses | 19 | (188,591) | (175,445) |
| Operating profit | 86,264 | 59,276 | |
| Finance income | 20 | 75,878 | 30,409 |
| Finance expenses | 20 | (24,492) | (20,196) |
| Finance profit, net | 51,386 | 10,213 | |
| Equity gain/(loss) | 885 | (2,201) | |
| Profit before income taxes | 138,535 | 67,288 | |
| Income taxes | 21 | (29,197) | (11,360) |
| Profit for the period | 109,338 | 55,928 | |
| Attributable to the shareholders of the parent company | 103,019 | 56,532 | |
| Attributable to non-controlling interests | 6,319 | (604) | |
| Basic earnings per share in Brazilian Reais | 17 (f) | 1.57 | 0.89 |
| Diluted earnings per share in Brazilian Reais | 17 (f) | 1.49 | 0.86 |
The accompanying notes are an integral part of these interim condensed consolidated financial statements.
F-4
Vinci Compass Investments Ltd.
Interim consolidated statement of comprehensive income
For the three-month period ended March 31
All amounts in thousands of Brazilian reais unless otherwise stated
| 03/31/2026 | 03/31/2025 | |
|---|---|---|
| Profit for the period | 109,338 | 55,928 |
| Other comprehensive income | ||
| Items that may be reclassified to profit or loss: | ||
| Foreign exchange variance of investees | (23,007) | (18,391) |
| Total comprehensive income for the period | 86,331 | 37,537 |
| Attributable to: | ||
| Shareholders of the parent company | 80,012 | 38,141 |
| Non-controlling interests | 6,319 | (604) |
| 86,331 | 37,537 |
The accompanying notes are an integral part of these interim condensed consolidated financial statements.
F-5
Vinci Compass Investments Ltd.
Interim consolidated statement of changes in equity
For the three months ended March 31
All amounts in thousands of Brazilian Reais, unless otherwise stated
| Share | Additional | Retained | Other | Treasury | Non-controlling | Total | ||
|---|---|---|---|---|---|---|---|---|
| capital | Paid-in capital | earnings | reserves | shares | Total | interests | equity | |
| At January 01, 2025 | 18 | 2,097,712 | 30,682 | 73,769 | (259,773) | 1,942,408 | (365) | 1,942,043 |
| Profit for the period | - | - | 56,532 | - | - | 56,532 | (604) | 55,928 |
| Other comprehensive income: | ||||||||
| Foreign exchange variation of investee located abroad | - | - | - | (18,391) | - | (18,391) | - | (18,391) |
| Share based payments | - | - | - | 5,351 | - | 5,351 | - | 5,351 |
| Treasury shares bought, net of shares sold | - | - | - | - | (40,309) | (40,309) | - | (40,309) |
| Allocation of profit: | ||||||||
| Dividends | - | - | - | (55,012) | - | (55,012) | - | (55,012) |
| At March 31, 2025 | 18 | 2,097,712 | 87,214 | 5,717 | (300,082) | 1,890,579 | (969) | 1,889,610 |
| At January 01, 2026 | 19 | 2,236,406 | 91,974 | (43,013) | (306,608) | 1,978,778 | 74,722 | 2,053,500 |
| Profit for the period | - | - | 103,019 | - | - | 103,019 | 6,319 | 109,338 |
| Other comprehensive income: | ||||||||
| Foreign exchange variation of investee located abroad | - | - | - | (23,007) | - | (23,007) | - | (23,007) |
| Revaluation of redemption liability | (1,831) | - | (1,831) | - | (1,831) | |||
| Share based payments (Note 25 (c)) | - | - | - | 8,218 | - | 8,218 | - | 8,218 |
| Allocation of profit: | ||||||||
| Dividends | - | - | (56,649) | - | - | (56,649) | (2,979) | (59,628) |
| At March 31, 2026 | 19 | 2,236,406 | 138,344 | (59,633) | (306,608) | 2,008,528 | 78,062 | 2,086,590 |
The accompanying notes are an integral part of these interim consolidated financial statements.
F-6
Vinci Compass Investments Ltd.
Interim consolidated statements of cash flows
Three-month period ended March 31
All amounts in thousands of Brazilian Reais, unless otherwise stated
| Notes | 03/31/2026 | 03/31/2025 | |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit before income taxes | 138,535 | 67,288 | |
| Adjustments to reconcile net income to cash flows from operations: | |||
| Depreciation and amortization | 19 | 17,259 | 13,838 |
| Investment income and exchange variation of financial instruments at fair value through profit or loss | 4,923 | 25,865 | |
| Net foreign exchange on liabilities at amortized cost | 15(i) | (28,358) | (44,685) |
| Interest expense on loans and obligations | 20 | 15,916 | 16,141 |
| Gains on remeasurement of contingent consideration | 20 | (42,895) | (9,546) |
| Share based payments | 19 | 5,753 | 5,003 |
| Financial result on lease agreements | 20 | 3,891 | 3,694 |
| Net profit/(loss) of investments accounted for using the equity method | 8(b) | (885) | 2,201 |
| Other adjustments | (469) | (2,942) | |
| 113,670 | 76,857 | ||
| Changes in assets and liabilities | |||
| Accounts receivables | 13,898 | 65,680 | |
| Taxes recoverable | (1,779) | 7,673 | |
| Other assets | (17,140) | 13,775 | |
| Trade payables | 8,203 | 763 | |
| Deferred revenue | 6,415 | 15,514 | |
| Accounts payable | 13,276 | (17,462) | |
| Labor and social security obligations | (140,364) | (119,410) | |
| Taxes and contributions payable | (2,779) | (12,058) | |
| Sales/(purchases) of financial instruments related to retirement plans | 3,631 | (32,933) | |
| Contribution for retirement plans | 2,915 | 30,160 | |
| Deferred taxes | 1,922 | (489) | |
| (111,802) | (48,787) | ||
| Cash generated from operations | 1,868 | 28,070 | |
| Income tax paid | (11,147) | (11,770) | |
| Net cash inflow / (outflow) from operating activities | (9,279) | 16,300 | |
| Cash flows from investing activities | |||
| Purchases of property and equipment and additions to intangible assets | (3,770) | (8,343) | |
| Purchase of financial instruments at fair value through profit or loss | (256,226) | (60,243) | |
| Sales of financial instruments at fair value through profit or loss | 315,774 | 137,547 | |
| Purchase and sales of financial instruments at amortized cost | 400 | 657 | |
| Capital increase in joint ventures investments | 8(b) | (9,637) | (3,933) |
| Net cash inflow from investing activities | 46,541 | 65,685 | |
| Cash flows from financing activities | |||
| Interest payments of loans and obligations | 15 | (15,247) | (15,993) |
| Principal payments of loans and obligations | 15 | (13,890) | (15,354) |
| Treasury shares acquisition paid, net of treasury shares sold | 17(e) | - | (40,367) |
| Lease payments, net of sublease received | (9,596) | (7,260) | |
| Dividends paid | 17(d) | (56,933) | (54,675) |
| Net cash inflow / (outflow) from financing activities | (95,666) | (133,649) | |
| Net decrease in cash and cash equivalents | (58,404) | (51,663) | |
| Cash and cash equivalents at the beginning of the period | 5(c) | 280,091 | 223,302 |
| Foreign exchange variation of cash and cash equivalents in subsidiary | (13,142) | (7,856) | |
| Cash and cash equivalents at the end of the period | 5(c) | 208,545 | 163,782 |
Non-cash financing activities Dividends declared and not yet paid until March 31, 2026 and 2025 were R$ 89 and R$ 2,696 (Note 12), respectively.
Consideration payable, contingent consideration (earn-out) and redemption liability as of March 31, 2026 and December 31, 2025 were 308,304 and 355,388 (Note 15), respectively. Vinci expects to pay the contingent consideration through its equity instruments. However, in accordance with IAS 32, the earn-out obligation was classified as a financial liability.
The accompanying notes are an integral part of these interim condensed consolidated financial statements.
F-7
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
| 1 | Operations |
|---|
Vinci Compass Investments Ltd. is an exempted company incorporated in the Cayman Islands (referred to herein as "Entity", "Group" or "Vinci Compass"). The Group started its activities in September 2009. Its objective is to hold investments in the capital of other companies as partner (shareholder). The investees are specialized in rendering alternative investment management, asset allocation, corporate advisory services, distribution services and retirement services.
The registered office of the Entity is at Harneys Fiduciary (Cayman) Limited, 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands.
On October 06, 2025, Vinci Compass announced an agreement for a business combination with Verde, one of Brazil's leading multi-strategy asset managers with a widely recognized brand. On December 01, 2025, the transaction was completed. Please see note 8(a) in further detail regarding the transaction.
Tax Reform on Consumption
In Brazil, Constitutional Amendment No. 132/2023 introduced a broad consumption tax reform, establishing a dual VAT model composed of the federal Contribution on Goods and Services (CBS) and the subnational Tax on Goods and Services (IBS), as well as a federal Selective Tax (IS). The main rules governing IBS, CBS and IS were enacted through Complementary Law No. 214/2025, while Complementary Law No. 227/2026 established the IBS Management Committee and related administrative rules.
The transition period is expected to run from 2026 to 2032, during which the current and new tax systems will coexist. Management is monitoring the implementation of the Reform and, based on the information available as of March 31, 2026, does not expect a significant impact on these interim condensed consolidated financial statements.
Galeão Transaction
In August 2025, an investment fund managed by Vinci Compass through its infrastructure strategy and within the Real Assets segment entered into an agreement to acquire an interest in Rio de Janeiro Aeroporto S.A. ("RJA”), an existing holding company wholly owned by Changi Airports Ltd ("Changi”). RJA holds an interest in the concessionaire of Aeroporto Internacional Tom Jobim, or Galeão ("GIG Airport” or "Galeão”), alongside Infraero. The completion of this part of the transaction was contingent upon the satisfaction of specific conditions, which were met in September 2025.
The transaction was structured to position the fund, together with Changi Airports through RJA, as an incumbent participant in the assisted sale process (the "Auction”) for the new Galeão concession, which occurred on March 30, 2026.
RJA lost the bid and on March 30, 2026, Aena Desarrollo Internacional ("Aena”) was declared the winning bidder in the Auction for the airport. As a result, RJA became entitled to receive an indemnification in connection with the transfer of its interest in the concession to the winning bidder, subject to certain conditions. The results of the Auction are expected to be ratified between mid-May and June 2026, at which time the amount of indemnification payable to RJA is expected to be determined.
Vinci Compass is expected to receive a portion of the indemnification in connection with activities undertaken prior to the Auction, including the involvement of Vinci Compass’s infrastructure team, in its capacity as fund manager, in the negotiation and the review of contract renegotiations to be implemented under the new rules of the concession, as well as general expenses incurred during the pre-auction period. As the receipt of the indemnification is subject to precedent conditions and, consequently, to the achievement of certain performance obligations, no amounts related to the indemnification agreement had been recorded at Vinci Compass as of March 31, 2026.
Based on current Vinci Compass’ estimates, the amount expected to be received by Vinci Compass under the indemnification
F-8
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
arrangement would be approximately R$100 million, net of taxes and general expenses. Such amount is currently expected to be received in the late third quarter or early fourth quarter of 2026.
| 2 | Summary of significant accounting policies |
|---|---|
| 2.1 | Basis of preparation and presentation |
| --- | --- |
The unaudited interim condensed consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”).
The unaudited interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group’s annual consolidated financial statements as of December 31, 2025.
The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period.
The unaudited interim condensed consolidated financial statements are presented in Brazilian reais (“R$”), and all amounts disclosed in the financial statements and notes have been rounded off to the nearest thousand currency units unless otherwise stated.
The issuance of these financial statements was authorized by the Entity's management on May 11, 2026.
| (a) | Interim consolidated financial statements |
|---|
Vinci operates as an asset management firm. The Group focuses on private equity, real assets, credit, equities, corporate advisory and investment products and solutions, which comprise the main activity of the Group.
The Group controls an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity.
Also, the Entity holds interest in subsidiaries whose main purpose and activities are providing services that relate to the Entity’s activities. Therefore, the Entity consolidates these subsidiaries.
Ownership interest in subsidiaries on March 31, 2026 and December 31, 2025 are as follows:
| Interest - % | ||
|---|---|---|
| 03/31/2026 | 12/31/2025 | |
| Subsidiaries | ||
| Vinci Partners Investimentos Ltda. | 100 | 100 |
| Vinci Assessoria Financeira Ltda. (1) | 100 | 100 |
| Vinci Equities Gestora de Recursos Ltda. (1) | 100 | 100 |
| Vinci Gestora de Recursos Ltda. (1) | 100 | 100 |
| Vinci Capital Gestora de Recursos Ltda. (1) | 100 | 100 |
| Vinci Soluções de Investimentos Ltda. | 100 | 100 |
| Vinci Real Estate Gestora de Recursos Ltda. (1) | 100 | 100 |
| Vinci Capital Partners GP Limited. | 100 | 100 |
| Vinci Partners USA LLC | 100 | 100 |
| Vinci GGN Gestão de Recursos Ltda. (1) | 100 | 100 |
| Vinci Infraestrutura Gestora de Recursos Ltda. | 100 | 100 |
F-9
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
| Vinci Capital Partners Fund III GP Limited | 100 | 100 |
|---|---|---|
| GGN GP LLC | 100 | 100 |
| Vinci APM Ltda. (1) | 100 | 100 |
| Vinci Monalisa FIM Crédito Privado IE (2) | 100 | 100 |
| Vinci Asset Allocation Ltda. | 75 | 75 |
| VICC Infra GP LLC | 100 | 100 |
| Vinci Capital Partners IV GP LLC | 100 | 100 |
| Vinci Holding Securitária Ltda. | 90 | 90 |
| Vinci Vida e Previdência S.A. (3) | 90 | 90 |
| Vinci SPS Capital Gestão de Recursos Ltda. (4) | 100 | 100 |
| VICC Infra GP (Lux), S.A.R.L. | 100 | 100 |
| VINCI US RE Corporation (5) | 98 | 98 |
| MAV Capital Gestora de Recursos SS Ltda. (6) | 100 | 100 |
| ICML Gestão de Negócios e Participações SS Ltda. (6) | 100 | 100 |
| Lacan Administração de Bens e Participações Ltda. (7) | 100 | 100 |
| Lacan Investimentos e Participações Ltda. (7) | 100 | 100 |
| SPS IV GP LLC | 100 | 100 |
| MNC Holdings Limited (8) | 100 | 100 |
| Investis Asset Management S.A. (8) | 100 | 100 |
| Compass Group S.A. (8) | 100 | 100 |
| Vinci CG Gestora de Recursos Ltda (8) | 100 | 100 |
| Compass Investments Brazil LLC (8) | 100 | 100 |
| Vinci Compass Chile SpA (8) | 100 | 100 |
| Vinci Compass Inversiones SpA (8) | 100 | 100 |
| Compass Group Chile S.A. Administradora General De Fondos (8) | 100 | 100 |
| VC Servicios Financieros SpA (8) | 100 | 100 |
| Compass Group S.A. Asesores de Inversion (8) | 100 | 100 |
| VC Asesorias e Inversiones SpA (8) | 100 | 100 |
| VC Distribución Institucional SpA (8) | 100 | 100 |
| Compass Group Chile Spa (8) | 100 | 100 |
| Compass Group SA Comisionista de Bolsa (8) | 100 | 100 |
| VC Asesores De Inversión Colombia S.A.S (8) | 100 | 100 |
| Compass Investmenst De Mexico S. A. de C. V. Sociedad Operadora de Fondos de Inversion (8) | 100 | 100 |
| Compass Investmenst Corporativo S.A. de C.V. (8) | 100 | 100 |
| CDI Sociedad Administradora de Proyectos S.A. De C.V (8) | 100 | 100 |
| MB Property Management Mexico S de RL De C.V. (8) | 100 | 100 |
| Compass Group Holding S.A.P.I de C.V. (8) | 100 | 100 |
| Compass Servicios Operativos S de RL de C.V. (8) | 100 | 100 |
| Compass Desarrollo Inmobiliario S.A. de C.V. (8) | 100 | 100 |
| Compass Latin America Investments LLC (Delaware) (8) | 100 | 100 |
| Compass Capital Consultants S.A.C. (8) | 100 | 100 |
| Compass Peru S.A. (8) | 100 | 100 |
| Compass Group S.A.F. S.A. (8) | 100 | 100 |
| Compass Group Global Advisors S.A. (8) | 100 | 100 |
| Compass Group Uruguay Investment Advisors S.A. (8) | 100 | 100 |
| Bunara S.A. (8) | 100 | 100 |
| Cipresi S.A. (8) | 100 | 100 |
| CG Global Services S.A. (8) | 100 | 100 |
| Compass Group LLC Establecimiento Permanente en Chile (8) | 100 | 100 |
| Compass Group LLC (8) | 100 | 100 |
| CG Compass (USA) LLC (8) | 100 | 100 |
| Compass Group Holdings Inc (8) | 100 | 100 |
| Compass Group Investments Solutions LLC (8) | 100 | 100 |
| Compass Group Asset Management Holdings S.L.U. (8) | 100 | 100 |
| Compass Group GP S.à r.l. (Compass GP Luxemburgo) (8) | 100 | 100 |
| Inversiones La Esmeralda SpA (8) | 100 | 100 |
| Compass GSO COF IV Solutions GP Ltd (8) | 100 | 100 |
F-10
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
| Compass BXLS V Solutions GP (8) | 100 | 100 |
|---|---|---|
| Compass SP Solutions GP (8) | 100 | 100 |
| Compass LCP X Solutions GP (8) | 100 | 100 |
| Compass Secondaries Solutions (8) | 100 | 100 |
| Compass Capital (Cayman) (8) | 100 | 100 |
| Compass BCP Asia II Solutions (8) | 100 | 100 |
| Verde Empreendimentos e Participações S.A. (9) | 50 | 50 |
| Verde Asset Agro e Imobiliário Ltda. (9) | 35 | 35 |
| Verde Asset Management S.A. (9) | 50 | 50 |
| Verde Serviços Internacionais S.A. (9) | 50 | 50 |
| VC Holding LATAM S.A.S. | 100 | 100 |
| MNVC UK Ltd. | 100 | 100 |
| AGILIZANDO TUS FINANZAS, S.A.P.I. de C.V., SOFOM, E.N.R. | 100 | 100 |
| Vinci Lacan IV GP, LLC | 100 | 100 |
| VISA GP, LLC | 100 | 100 |
| VIR V GP, LLC | 100 | 100 |
| (1) | Minority interest represents less than<br> 0.001%. | |
| --- | --- | |
| (2) | Under the terms of IFRS<br> 10, the Entity classifies Vinci Monalisa FIM Crédito Privado IE as an investment entity.<br> Accordingly, the Entity does not consolidate its investment and measures at fair value through<br> profit or loss in accordance with IFRS 9. | |
| --- | --- | |
| (3) | Vinci Compass has an<br> indirect interest at Vinci Vida e Previdência of 85% through its subsidiary Vinci Holding<br> Securitária Ltda., which holds 100% of ownership interest at Vinci Vida e Previdência. | |
| --- | --- | |
| (4) | On 16 August 2022, Vinci Soluções<br> de Investimentos Ltda. acquired 90% of the issued share capital of SPS Capital Gestão<br> de Recursos Ltda. The acquisition gives to Vinci Soluções de Investimentos<br> the right of 100% on the economic interest of SPS Gestão de Recursos Ltda. | |
| --- | --- | |
| (5) | Under the terms of IFRS 10, the Entity<br> classifies Vinci US RE Corporation as an investment entity. Accordingly, the Entity does<br> not consolidate its investment and measures at fair value through profit or loss in accordance<br> with IFRS 9. | |
| --- | --- | |
| (6) | On 29 June 2024, Vinci Gestora Recursos<br> Ltda. acquired 30% of the issued share capital of MAV Capital Gestora de Recursos Ltda. and<br> 100% of the issued share capital of ICML Gestão de Negócios e Participações<br> SS Ltda. Vinci Compass has direct and indirect interest on MAV Capital Gestora de Recursos<br> SS Ltda. Vinci Compass has indirect interest through its ownership interest on ICML Gestão<br> de Negócios e Participações SS Ltda., which holds 70% of ownership interest<br> at MAV. | |
| --- | --- | |
| (7) | Subsidiaries consolidated after Lacan business<br> combination. Please see note 8(a)(iii) for further details of the transaction. | |
| --- | --- | |
| (8) | Subsidiaries consolidated after Compass<br> business combination. Please see note 8(a)(ii) for further details of the transaction. | |
| --- | --- | |
| (9) | Subsidiaries consolidated after Verde business<br> combination. Please see note 8(a)(iv) for further details of the transaction. | |
| --- | --- |
Subsidiaries are all entities (including structured entities) over which the Group has control. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.
Inter-company transactions, balances and unrealized gains on transactions between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
Non-controlling interest in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated balance sheet respectively.
The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of adjustment to non-controlling interests and any consideration paid or received is recognized in another reserve within equity attributable to owners of Entity.
When the Group ceases to consolidate an investment or account for it under equity method because of a loss of control, joint control or significant influence, any interest retained in the entity is remeasured to its fair value, with the change in carrying amount recognized in profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously
F-11
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
recognized in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss.
| 2.2 | Segment reporting |
|---|
Under the supervision of the Board of Directors, the CEO is responsible for the decision-making process related to executive themes, resources allocation and strategic decisions of Vinci Compass.
The strategic decisions of the Group comprise six distinct business segments: (i) Private Equity, (ii) Equities, (iii) Real Assets; (iv) Credit; (v) Global IP&S; and (vi) Corporate Advisory (see Note 23). Strategies were sorted out within business segments following technical and strategic similarities among funds’ attributes, such as management and performance fee structures, liquidity constraints, targeted returns and investor profile.
| 3 | Accounting estimates and judgments |
|---|
The Entity makes estimates and assumptions concerning the future, based on historical experience and other factors, including expectations of future events. The resulting accounting estimates will, by definition, seldom equal the related actual results. The main estimations and assumptions made by the Entity are included as follows:
| • | Allowance of expected credit losses of accounts receivable. |
|---|---|
| • | Provision for profit sharing. |
| --- | --- |
| • | Consolidation of subsidiaries. |
| --- | --- |
| • | Fair value measurement of financial assets. |
| --- | --- |
| • | Fair value measurement of retirement plans liabilities. |
| --- | --- |
| • | Provision for contingent liabilities. |
| --- | --- |
| • | Impairment for goodwill and other intangible assets. |
| --- | --- |
| • | Fair value measurement of contingent consideration. |
| --- | --- |
| • | Fair value of share-based payments. |
| --- | --- |
| • | Financial evaluation of compound instruments. |
| --- | --- |
| • | Estimated useful lives for fixed and intangible assets. |
| --- | --- |
| • | Purchase price allocation on business combinations. |
| --- | --- |
| • | Estimative and assumptions related to lease contracts, including<br>variable considerations, evaluation of implicit interest rate and extensions options. |
| --- | --- |
| 4 | Financial risk management |
| --- | --- |
The main risks related to the financial instruments are credit risk, market risk, and liquidity risk, as defined below. The management of such risks involves various levels in the Entity and comprehends a number of policies and strategies. The Group's risk management focuses on the unpredictability of financial markets and seeks to mitigate potential adverse impacts on the Group's financial performance.
| 4.1 | Financial risk factors |
|---|
This note explains the Group's exposure to financial risks and how these risks could affect the Group's future financial performance. Current year profit and loss information has been included where relevant to add further context.
The Group's risk management is predominantly controlled by a risk assessment department under process and controls approved by the management. The management provides written process and controls for overall risk management, as well as policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments, and investment of excess liquidity.
F-12
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
| (a) | Credit risk |
|---|
Credit risk arises from cash and cash equivalents, contractual cash flows of debt investments carried at amortized cost, at fair value through profit or loss (FVTPL), and deposits with banks and financial institutions, as well as credit exposures to wholesale and retail customers, including outstanding receivables.
(i) Risk management
As of March 31, 2026, and December 31, 2025 the expected credit losses are considered immaterial due to the short maturities of the deposits and the credit quality of the counterparties, which have investment-grade evaluated by credit agencies. The Entity has not suffered any losses from cash and cash equivalents since inception. Vinci Compass's treasury review expected credit losses on a regular basis.
(ii) Impairment of financial assets
The Group has the following types of financial assets that are subject to the expected credit loss model:
| • | Accounts receivable. |
|---|---|
| • | Loans and receivables from employees evaluated at amortized<br>cost. |
| --- | --- |
| • | Advances to projects in progress. |
| --- | --- |
While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the expected impairment loss was immaterial.
| (b) | Market risk |
|---|
(i) Foreign exchange risk
At the reporting date, the carrying amount of the Group’s financial assets and liabilities exposed to other currencies, as listed below:
| Balance sheet | 03/31/2026 | 12/31/2025 |
|---|---|---|
| Cash and cash equivalents | 118,655 | 120,834 |
| Financial instruments at fair value through profit or loss | 200,086 | 214,142 |
| Accounts receivable | 40,190 | 40,674 |
| Taxes recoverable | 4,889 | 6,729 |
| Other receivables | 29,668 | 26,848 |
| Current assets | 393,488 | 409,227 |
| Financial instruments at fair value through profit or loss | 124,223 | 128,720 |
| Intangible assets | 18,100 | 16,915 |
| Financial instruments at amortized cost | 21,930 | 11,883 |
| Investments accounted for using the equity method | 67,737 | 61,592 |
| Deferred taxes | 11,720 | 14,988 |
| Lease, property and equipment | 57,130 | 66,802 |
| Non-current assets | 300,840 | 300,900 |
| Trade payables | 17,479 | 14,086 |
| Leases | 41,305 | 45,978 |
| Accounts payable | 1,272 | 997 |
| Loans and obligations | 37,957 | 35,459 |
| Labor and social security obligations | 22,427 | 59,167 |
| Taxes and contributions payable | 14,589 | 9,911 |
| Current liabilities | 135,029 | 165,598 |
| Other payables | - | 7 |
| Loans and obligations | 532,357 | 561,284 |
| Related parties | 21,294 | 4,894 |
| Deferred taxes | 8,723 | 9,884 |
| Non-current liabilities | 562,374 | 576,069 |
| Net Equity exposed to other currencies (comprised as below) | (3,075) | (31,540) |
| Net Equity exposed to US Dollars | (100,699) | (118,585) |
| Net Equity exposed to Euros | 2,273 | 2,194 |
| Net Equity exposed to Pounds | 1,440 | 1,995 |
| Net Equity exposed to Chilean Pesos | 53,423 | 43,522 |
| Net Equity exposed to Uruguayan Pesos | (8,199) | (7,846) |
| Net Equity exposed to Colombian Pesos | 5,341 | 5,161 |
| Net Equity exposed to Argentine Pesos | 413 | (721) |
| Net Equity exposed to Mexican Pesos | 14,213 | 15,677 |
| Net Equity exposed to Peruvian Sols | 28,720 | 27,063 |
F-13
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
The aggregate net foreign exchange gains/losses recognized in profit or loss were:
| Net foreign exchange result | 03/31/2026 | 03/31/2025 |
|---|---|---|
| Financial revenue | 17,429 | 1,140 |
| Financial expense | - | - |
| Net foreign exchange result, net | 17,429 | 1,140 |
The Group operates internationally and is exposed to foreign exchange risk.
Foreign exchange risk arises from future commercial transactions and recognized assets and liabilities denominated in a currency that is not the functional currency of the Group.
(ii) Interest rate risk
The Group's profit or loss is sensitive to higher/lower interest income from cash equivalents and fixed income funds as a result of changes in interest rates.
(iii) Price risk
The Group's exposure to investment securities price risk arises from investments held by the group and classified in the balance sheet at fair value through profit or loss (note 5).
To manage its price risk arising from investments in investment securities, the Group diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Group. Note 4(d) demonstrates the sensitivity analyses of impact for the assets held by the Group.
| (c) | Liquidity risk |
|---|
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. At the end of the reporting period the Group held bank deposits, certificates of deposits and US treasury bills of R$ 208,545 (12/31/2025 – R$ 280,091) that are expected to readily generate cash inflows for managing liquidity risk.
F-14
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
Net debt reconciliation
This section sets out an analysis of net debt and the movements in net debt for each of the years presented.
| 03/31/2026 | 12/31/2025 | |
|---|---|---|
| Cash and cash equivalents | 208,545 | 280,091 |
| Financial instruments at fair value through profit or loss (i) | 755,707 | 1,534,471 |
| Financial instruments at amortized cost | 5,741 | 6,141 |
| Judicial deposits (ii) | 49,655 | 43,999 |
| Trade payables | (13,692) | (13,369) |
| Labor and social security obligations | (64,750) | (208,643) |
| Accounts payable | (39,843) | (38,107) |
| Lease liabilities | (153,938) | (160,184) |
| Convertible preferred shares | (486,348) | (513,765) |
| Commercial notes | (78,801) | (87,326) |
| Consideration payable | (9) | (6,029) |
| Banco Security | (13,617) | (10,153) |
| Provisions for contingencies (ii) | (50,136) | (44,446) |
| Retirement plans liabilities | (528,814) | (508,416) |
| Net debt | (410,300) | 274,264 |
The contingent consideration and the redemption liability were not included in the net debt calculation. The contingent consideration and the redemption liability, subject to certain conditions, can be settled by shares held in treasury or shares issued by Vinci Compass.
| (i) | Comprised of liquid and illiquid investments. Liquid investments are current assets that are traded in<br>an active market. Illiquid investments are comprised of assets that trade infrequently. | |||||
|---|---|---|---|---|---|---|
| (ii) | Judicial deposits and provisions for contingencies were included in the net debt reconciliation, as they<br>are directly related to the same underlying legal proceedings and substantially offset each other, resulting in an immaterial net impact<br>on reported net debt. | |||||
| --- | --- | |||||
| Financial liabilities | Other assets | |||||
| --- | --- | --- | --- | --- | --- | --- |
| Payables | Loans and obligations | Retirement plans | Lease liabilities | Cash and cash equivalents | Financial instruments at fair value through profit or loss | |
| Net debt as at | ||||||
| December 31, 2024 | (241,257) | (861,542) | (374,813) | (119,455) | 223,302 | 1,531,036 |
| Cash flow and dividends provision | (18,862) | 75,779 | (76,173) | 27,578 | 47,952 | (80,753) |
| Fair value and monetary adjustments | - | (2,951) | (57,430) | 13,039 | 84,188 | |
| Addition and finance expenses accrual | - | (247,431) | - | (68,307) | - | - |
| Foreign exchange adjustments | - | 69,513 | - | - | (4,202) | - |
| December 31, 2025 | (260,119) | (966,632) | (508,416) | (160,184) | 280,091 | 1,534,471 |
| Cash flow and dividends provision | 141,834 | 29,136 | (2,919) | 9,604 | (74,149) | 80,074 |
| Fair value adjustment | - | - | (17,479) | - | 3,086 | 29,792 |
| Addition and finance expenses accrual | - | 22,066 | - | (1,945) | - | - |
| Foreign exchange adjustments | - | 28,358 | - | (1,413) | (483) | - |
| Reclassification from current to non-current assets | (888,630) | |||||
| March 31, 2026 | (118,285) | (887,072) | (528,814) | (153,938) | 208,545 | 755,707 |
F-15
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
Maturities of financial liabilities
Except for the retirement plans liabilities, the tables below analyze the Group's financial liabilities into relevant maturity groupings based on their contractual maturities for significant financial liabilities.
| Contractual maturities offinancial liabilities at March 31, 2026 | Less than 1 year | Between 1 and 3 years | Over 3 years | Total | Carrying amount |
|---|---|---|---|---|---|
| Trade payables | (13,692) | - | - | (13,692) | (13,692) |
| Labor and social security obligations | (57,115) | (7,635) | - | (64,750) | (64,750) |
| Lease liabilities | (31,229) | (56,969) | (71,825) | (160,022) | (153,938) |
| Accounts payable | (39,843) | - | - | (39,843) | (39,843) |
| Loans and financing | (131,493) | (193,574) | (992,498) | (1,317,565) | (887,072) |
| Total | (273,372) | (258,178) | (1,064,323) | (1,595,872) | (1,159,295) |
| Contractual maturities offinancial liabilities at December 31, 2025 | Less than 1 year | Between 1 and 3 years | Over 3 years | Total | Carrying amount |
| --- | --- | --- | --- | --- | --- |
| Trade payables | (13,369) | - | - | (13,369) | (13,369) |
| Labor and social security obligations | (199,422) | (9,221) | - | (208,643) | (208,643) |
| Lease liabilities | (33,307) | (68,344) | (121,243) | (222,894) | (160,184) |
| Accounts payable | (38,107) | - | - | (38,107) | (38,107) |
| Loans and financing | (93,862) | (200,618) | (1,073,934) | (1,368,414) | (966,632) |
| Total | (378,067) | (278,183) | (1,195,177) | (1,851,427) | (1,403,095) |
| (d) | Sensitivity analysis | ||||
| --- | --- |
The Group monitors and evaluates the market risk related to its financial investments portfolio periodically to assess its volatility, through changes that can significantly impact on its financial results. Considering a period of one day and the historical results over the past year, the following Value at Risk (VAR) parameters were used:
| ● | 0.60% (or R$ 9.7 million) of the financial investment portfolio for a confidence interval of 95% on March<br>31, 2026 (0.57% or R$ 9.2 million on December 31, 2025). |
|---|---|
| ● | 0.97% (or R$ 15.6 million) of the financial investment portfolio for a confidence interval of 99% on March<br>31, 2026 (0.90% or R$ 14.6 million on December 31, 2025). |
| --- | --- |
Additionally, the Group evaluated the financial investment portfolio on March 31, 2026 and December 31, 2025, through stress scenarios according to the main risk factors related to its investments, as presented in the table below:
F-16
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
| Financial Impact (**) | ||||
|---|---|---|---|---|
| Risk Factor | Variation in | Stress Scenario (*) | 03/31/2026 | 12/31/2025 |
| --- | --- | --- | --- | --- |
| Current inflation | Inflation index | -100bps | 3.9 | 3.9 |
| Exchange traded real estate funds | Share prices | -10% | (25.9) | (13.3) |
| Brazilian stock prices | Share prices | -10% | 1.5 | (2.6) |
| Fixed-rate offshore rates | US yield curve | -100bps | (0.3) | (0.1) |
| Foreign exchange rate | Foreign exchange rates | 10% (***) | 8.3 | 5.1 |
| Domestic base overnight rate | Domestic base overnight rate | -100bps | (5.4) | (5.0) |
(*) bps - basis point (1bps = 0,01%)
(**) In millions of Brazilian reais
(***) Brazilian reais devaluation against US Dollars
An equal change in the opposite direction of the stress scenario would have affected the financial investment portfolio by a similar amount, on the basis that all other variables remain constant.
F-17
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
| 5 | Financial instruments |
|---|
This note provides information about the group's financial instruments, including:
an overview of all financial instruments held by the Group
specific information about each type of financial instrument
accounting policies
information about determining the fair value of the instruments, including judgements and estimation uncertainty involved.
The Group classifies its financial assets in the following measurement categories:
| ● | those measured at fair value or through profit or loss, and |
|---|---|
| ● | those measured at amortized cost. |
| --- | --- |
The classification depends on the entity's business model for managing the financial assets and the contractual terms of the cash flows.
For assets measured at fair value, gains and losses will be recorded in profit or loss.
Recognition and derecognition
Regular way purchases and sales of financial assets are recognized on the trade date, being the date on which the group commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the group has transferred substantially all the risks and rewards of ownership.
Measurement
At initial recognition, the group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVTPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVTPL are expensed in profit or loss.
The Group holds the following financial instruments:
| Financial assets | Section | 03/31/2026 | 12/31/2025 |
|---|---|---|---|
| Accounts receivable | (a) | 218,357 | 232,224 |
| Other financial assets at amortized cost | (b) | 69,661 | 72,043 |
| Cash and cash equivalents | (c) | 208,545 | 280,091 |
| Financial assets at fair value through profit or loss (FVTPL) | (d) | 1,639,451 | 1,686,086 |
| 2,136,014 | 2,270,444 | ||
| Financial liabilities | |||
| Liabilities at amortized cost | (e) | 118,285 | 260,119 |
| Financial liabilities at fair value through profit or loss (FVTPL) | (d) | 9,706 | - |
| Lease liabilities | (e) | 153,938 | 160,184 |
| Loans and obligations | (e) | 887,072 | 966,632 |
| Retirement plans liabilities | (e) | 528,814 | 508,416 |
| 1,697,815 | 1,895,351 |
The Group's exposure to risks associated with the financial instruments is discussed in Note 4. The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets mentioned above.
F-18
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
| a) | Accounts receivable | |
|---|---|---|
| Current assets | 03/31/2026 | 12/31/2025 |
| --- | --- | --- |
| Accounts receivable from contracts with customers | 191,605 | 215,338 |
| Loss allowance | (632) | (632) |
| Non-current assets | ||
| Accounts receivable from contracts with customers | 27,384 | 17,518 |
| 218,357 | 232,224 |
Accounts receivables are recognized initially at the amount of consideration that is unconditional and are not submitted to any financial components. They are subsequently measured at amortized cost, less loss allowance.
Current accounts receivable are amounts due from customers for services performed in the ordinary course of business. They are generally due for settlement within 30 days and are therefore classified as current in their entirety. Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value.
Non-current accounts receivable comprised by long-term advisory fees related to Real Estate projects, administration fees contingent upon the realization of invested fund assets and unrealized performance fee. Unrealized performance fees are recognized when the management, with accumulated experience, estimates that it is highly probable that a significant reversal will not occur. Vinci Compass expects the unrealized performance fees will be received during 2026. However, since its realization is subject to uncertainty, the balance is presented as a non-current receivable.
Monthly, the Entity evaluates the revenues and receipts for each customer (Funds). Additionally, on a quarterly basis Vinci Compass analyzes the outstanding balances to calculate expected credit losses and the exposure to credit risk from receivables are reviewed. Accounts receivable allowance for expected credit losses are presented in general and administrative expense.
No write-downs or impairment losses were recognized during the period. The allowance for expected credit losses as of March 31, 2026 amounted to R$ 632 (R$ 632 as of December 2025).
Accounts receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, among others, the failure of a debtor to engage in a repayment plan with the group, and a failure to make contractual payments. Subsequent recoveries of amounts previously written off are credited against the same line item.
| b) | Other financial assets at amortized cost |
|---|
Financial assets at amortized cost refer to the following debt instruments:
| 03/31/2026 | 12/31/2025 | |
|---|---|---|
| Employees loans (Note 7 (iii)) | 17,655 | 17,093 |
| Receivable from employees (Note 7 (i)) | 23,592 | 28,207 |
| Advances to projects in progress (Note 7 (iv)) | 28,414 | 26,743 |
| 69,661 | 72,043 |
These amounts generally arise from transactions outside the usual operating activities of the group. Interest may be charged at commercial rates and collateral is not normally obtained.
F-19
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
All the financial assets at amortized cost are denominated in Brazilian currency units. As a result, there is no exposure to foreign currency risk. There is also no exposure to price risk as the investments will be held to maturity.
See note 6 for more details.
| c) | Cash and cash equivalents | |
|---|---|---|
| 03/31/2026 | 12/31/2025 | |
| --- | --- | --- |
| Cash and bank deposits | 106,053 | 121,498 |
| Financial instruments at fair value through profit or loss (i) | 84,671 | 153,729 |
| Financial instruments at amortized cost (ii) | 17,821 | 4,864 |
| 208,545 | 280,091 |
For the purpose of presentation in the statement of cash flows, cash and cash equivalents include cash on hand, bank deposits held at financial institutions, and highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
(i) Comprises certificates of deposits issued by Banco Bradesco (credit rating AAA evaluated by Fitch Ratings) with an interest rate of 100% of CDI (interbank deposit rate). The certificates are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
| (ii) | Comprised of US Treasury Bills. |
|---|---|
| d) | Financial assets and liabilities at fair value through profit or loss |
| --- | --- |
The group classifies the following financial assets and liabilities at fair value through profit or loss (FVTPL):
| - | Mutual funds; |
|---|---|
| - | Private markets funds; |
| --- | --- |
| - | Real Estate Investments; |
| --- | --- |
| - | Derivatives financial instruments; |
| --- | --- |
| - | Listed equity securities. |
| --- | --- |
Financial assets and liabilities measured at FVTPL include the following categories:
| 03/31/2026 | 12/31/2025 | |
|---|---|---|
| Current assets | 755,707 | 1,534,471 |
| Mutual funds (i) | 741,970 | 1,523,998 |
| Derivative financial assets (ii) | 13,617 | 10,219 |
| Listed equity securities | 110 | - |
| Real Estate Investments (iv) | - | 116 |
| Other financial assets | 10 | 138 |
| Non-current assets | 883,744 | 151,615 |
| Mutual funds (i) | 759,487 | 19,958 |
| Private markets funds (iii) | 28,708 | 29,294 |
| Real Estate Investments (iv) | 94,046 | 100,773 |
| Listed equity securities | 1,503 | 1,590 |
| Current liabilities | 9,706 | - |
| Derivative financial liabilities | 9,706 | - |
The following table demonstrates the funds invested included in each category mentioned above.
F-20
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
| (i) Mutual funds | ||
|---|---|---|
| 03/31/2026 | 12/31/2025 | |
| Current assets | 741,970 | 1,523,998 |
| Vinci Monalisa FIM Crédito Privado IE (2) | - | 888,630 |
| Vinci Monalisa Cash FIM Crédito Privado (2) | 119,549 | - |
| Vinci Multiestratégia FIM | - | 409 |
| Vinci Special Opportunities Fund Master SP | 9,191 | 15,381 |
| Compass Lapco Fondo De Inversion Serie B | 4,098 | 5,967 |
| Vinci Income Fund Ltd | 22,376 | 28,842 |
| Vinci Compass Brazil Equity Fund Class I | 11,879 | 10,736 |
| Latin America Equity Fund Class I | 11,405 | 11,081 |
| Vinci Reservas Técnicas FI RF DI | 9,876 | 16,058 |
| Retirement services investment funds (1) | 528,817 | 508,420 |
| FI Vinci Renda Fixa CP | 6,097 | 11,591 |
| Fondo Mutuo Compass Liquidez | 9,207 | 7,104 |
| Pershing Money Market | 4,082 | 5,255 |
| LV Money Market USD | - | 6,262 |
| Other mutual funds | 5,393 | 8,262 |
| Non-current assets | 759,487 | 19,958 |
| Vinci Monalisa FIM Crédito Privado IE (2) | 740,138 | - |
| Compass - Fondo de Inversión Adelanto de Efectivo | 11,441 | 12,353 |
| Other mutual funds | 7,908 | 7,605 |
(1) These funds refer to the financial products as part of the Company's retirement plans services. See Note 16 for further information.
(2) On January 9, 2026, the fund Vinci Monalisa FIM Crédito Privado IE (“Vinci Monalisa”) carried out a partial split of its net assets to Vinci Monalisa Cash FIM Crédito Privado (“Vinci Monalisa Cash”). Vinci Monalisa and Vinci Monalisa Cash are mutual funds incorporated in Brazil.
Prior to the spin-off, Vinci Monalisa Fund, which offers immediate redemption features, held a portfolio comprising both liquid and illiquid financial assets. Following the transaction, the Fund’s liquidity profile changed, and the investment in Vinci Monalisa was reclassified as a non-current asset, reflecting the revised expectation of its realization profile.
Vinci Monalisa Cash’s balances are the following:
| 03/31/2026 | 12/31/2025 | |
|---|---|---|
| Net Asset Value | 119,549 | - |
| Mutual funds | 92,951 | - |
| Treasury bonds | 29,657 | - |
| Other assets/liabilities | (3,059) | - |
After the split, Vinci Monalisa Cash’s portfolio is comprised mostly of liquid investee funds.
Mutual funds
Vinci Monalisa Cash holds investments in several mutual funds to seek profitability through investments in various classes of financial assets such as fixed income assets, Brazilian government bonds, public equities, derivatives financial instruments, investment funds and other short-term liquid securities. As of March 31, 2026, Vinci Monalisa Cash holds R$ 92,951 investments in mutual funds, which are distributed in the following classification:
| 03/31/2026 | 12/31/2025 | |
|---|---|---|
| Mutual Funds’ classification | ||
| Interest and foreign exchange (a) | 85.59% | - |
| Specific strategy (c) | 14.41% | - |
| 100.00% | - |
F-21
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
Vinci Monalisa’s balances are the following:
| 03/31/2026 | 12/31/2025 | |
|---|---|---|
| Net Asset Value | 740,138 | 888,630 |
| Real estate funds | 235,375 | 238,492 |
| Mutual funds | 78,861 | 210,390 |
| Private market funds | 424,099 | 400,479 |
| Other assets/liabilities | 1,803 | 39,269 |
After the split, Vinci Monalisa’s portfolio is comprised mostly of illiquid investee funds with different redemption criteria. Over 28% of its investments are liquid and may be redeemed and 72% are non-redeemable investments. The following tables demonstrate the funds invested by Vinci Monalisa:
Mutual funds
Vinci Monalisa holds investments in several mutual funds to seek profitability through investments in various classes of financial assets such as fixed income assets, Brazilian government bonds, public equities, derivatives financial instruments, investment funds and other short-term liquid securities. As of March 31, 2026 and December 31, 2025, Vinci Monalisa holds R$ 78,861 and R$ 210,390 investments in mutual funds, respectively, which are distributed in the following classification:
| 03/31/2026 | 12/31/2025 | |
|---|---|---|
| Mutual Funds’ classification | ||
| Interest and foreign exchange (a) | 38.10% | 73.11% |
| Foreign investments (b) | 6.78% | 2.64% |
| Specific strategy (c) | 55.11% | 24.25% |
| 100.00% | 100.00% | |
| (a) | Funds that seek long-term returns via<br> investments in fixed-income assets, admitting strategies that imply interest risk, price<br> index risk and foreign currency risk. | |
| --- | --- | |
| (b) | Funds that invest in financial assets<br> abroad in a portion greater than 40% of their net asset values. | |
| --- | --- | |
| (c) | Funds that adopt an investment strategy<br> that involves specific risks, such as commodities, futures of index, etc. | |
| --- | --- | |
| Real Estate funds | ||
| --- | --- | --- |
| 03/31/2026 | 12/31/2025 | |
| Vinci Fulwood DL FII (a) | 82,769 | 82,731 |
| Vinci Credit Securities FII (b) | 62,127 | 61,710 |
| Vinci Imóveis Urbanos FII (c) | 37,450 | 41,626 |
| Vinci Offices FII (d) | 22,987 | 23,304 |
| Other real estate funds (e) | 30,042 | 29,121 |
| 235,375 | 238,492 |
(a) The fund invests in real estate receivable certificates, bonds and other real estate assets;
(b) The fund’s investment strategy is to acquire properties in the retail, general markets, health and education sectors located in large urban centers that, in the Manager's view, generate long-term value;
(c) The fund invests in controlling corporate buildings, mostly leased, which, in the Manager's view, generate value for the properties.
(d) The fund’s strategy is to provide its shareholders with profitability resulting from the sale of properties, as well as the eventual commercial exploitation of properties. The Fund may carry out renovations or improvements to properties with the aim of enhancing the returns arising from their commercial exploitation or eventual commercialization.
(e) Comprised of funds that allocate their capital in diversified portfolios of shares of real estate funds, real estate receivable certificates, bonds, securities and other real estate assets.
F-22
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
| Private markets funds | ||
|---|---|---|
| 03/31/2026 | 12/31/2025 | |
| VCP IV Master FIP B (a) | 174,619 | 156,450 |
| Vinci Crédito Infra Institucional Fundo Incentivado – Infraestrutura (b) | 79,632 | 80,786 |
| Vinci Infra Água e Saneamento Strategy FIP – Infraestrutura (c) | 58,145 | 58,121 |
| Vinci Strategic Partners I FIP – Classe A (d) | 31,638 | 28,353 |
| Vinci Infraestrutura Transporte e Logística FIP | 17,105 | 17,171 |
| Lacan Florestal III Feeder FIP Multiestratégia (e) | 16,247 | 14,407 |
| Vinci Impacto Ret IV FIP Multiestratégia | 9,863 | 9,674 |
| Vinci Strategic Partners I FIP – Classe B (d) | 7,431 | 7,606 |
| Lacan Florestal II - FIP Multiestratégia (e) | 5,401 | 5,607 |
| Lacan Florestal IV Feeder FIP Multiestratégia - IS (e) | 5,294 | 4,515 |
| Vinci Infra Coinvestimento I FIP - Infraestrutura | 915 | 918 |
| Other funds | 17,809 | 16,871 |
| Total private markets funds | 424,099 | 400,479 |
(a) VCP IV is being established with the intention to continue the Group’s investment strategy of pursuing opportunistic private equity and equity-like investments in Brazil. Fund will maintain the Group’s opportunistic approach that provides flexibility to invest in four different sub-strategies: (i) Growth Equity, (ii) Buyout, (iii) Minority Growth and (iv) Turnaround, with a higher focus on the Growth and Buyout strategies.
(b) The Fund aims to increase the value of its shares through subscription or acquisition, on the primary or secondary market, predominantly of debentures issued by privately held companies, for the purpose of raising funds to implement projects relating to the implementation, expansion, maintenance, recovery, adaptation, or modernization of infrastructure projects.
(c) The Fund's investment policy is the acquisition of shares, subscription bonuses, debentures convertible or not into shares, or other securities, convertible or exchangeable into shares issued by companies, publicly or privately held in the water sector and basic sanitation.
(d) The purpose of the funds is to obtain capital gains through investment in assets in Brazil, such as shares in Brazilian private equity funds; and shares, subscription bonuses, simple and convertible debentures, other securities and bonds convertible or exchangeable into shares, provided that the debentures and other securities and bonds are admitted under the terms of the specific regulations applicable to RPPS and EFPC.
(e) The Funds’ objective is to manage and administer planted forests to supply eucalyptus wood, pine wood and other species for the purpose of generating energy in power plants, extracting wood from planted forests and managing administrative and sales activities.
| (ii) Derivative financial assets/liabilities | |||||
|---|---|---|---|---|---|
| March 31, 2026 | Notional Amount of Contract with Final Expiration Date in | Fair value | |||
| Derivative financial instruments | Currency | Up to 3 months | Between 3 months and 1 year | Asset | Liability |
| Purchase Forward | USD x CHL | (2,454) | (155) | (5,091) | - |
| Sales Forward | CHL x USD | 2,454 | 155 | 18,708 | - |
| Purchase Forward | USD x BRL | 25,000 | - | - | (9,706) |
| Total | 25,000 | - | 13,617 | (9,706) | |
| December 31, 2025 | Notional Amount of Contract with Final Expiration Date in | Fair value | |||
| --- | --- | --- | --- | --- | --- |
| Derivative financial instruments | Currency | Up to 3 months | Between 3 months and 1 year | Asset | Liability |
| Purchase Forward | USD x CHL | 1,841 | 4 | (3,907) | (14,059) |
| Sales Forward | CHL x USD | (1,841) | (4) | 14,059 | 3,907 |
| Purchase Forward | USD x BRL | 30,000 | - | 67 | - |
| Total | 30,000 | - | 10,219 | (10,152) |
Derivatives are only used for economic hedging purposes and not as speculative investments. They are presented as current assets or liabilities to the extent that they are expected to be settled 12 months after the end of the reporting period.
F-23
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
| (iii) Private markets | ||
|---|---|---|
| 03/31/2026 | 12/31/2025 | |
| Vinci Capital Partners III Feeder FIP Multiestratégia | 4,374 | 5,075 |
| Nordeste III FIP Multiestratégia | 1,532 | 1,703 |
| Fundo Garantidor de Infraestrutura – FGIE – Class A | 3,826 | 3,704 |
| Fundo Garantidor de Infraestrutura – FGIE – Class B | 15,385 | 14,900 |
| Compass Global Investments III | 1,691 | 1,788 |
| Compass Global Investments II | 1,310 | 1,469 |
| Compass Private Equity VII FI | 590 | 655 |
| Total Private markets funds | 28,708 | 29,294 |
| (iv) Real Estate Investments | ||
| --- | --- | --- |
| 03/31/2026 | 12/31/2025 | |
| Non-current assets | ||
| Vinci US RE Corporation (a) | 61,165 | 64,482 |
| CCLA Capital | 17,583 | 18,106 |
| Compass Desarrollo Inmobiliario | 8,711 | 9,002 |
| CCLA Desarrollo y Renta IMU | 2,777 | 4,622 |
| Compass Desarrollo y Rentas | 2,505 | 3,114 |
| Other Real Estate investments | 1,305 | 1,447 |
| Total Real Estate Investments | 94,046 | 100,773 |
| (a) | Vinci Compass invests in several properties through its subsidiary, Vinci US RE Corporation. The investments<br>are intended to develop real estate properties for capital appreciation through income or sale of the respective properties. | |
| --- | --- |
During the period, the following gains were recognized in profit or loss:
| 03/31/2026 | 03/31/2025 | |
|---|---|---|
| Fair value gains on investments at FVTPL recognized in finance income | 12,888 | 18,429 |
| e) | Financial liabilities | |
| --- | --- | |
| 03/31/2026 | 12/31/2025 | |
| --- | --- | --- |
| Current | 191,407 | 378,061 |
| Trade payables | 13,692 | 13,369 |
| Financial instruments at fair value through profit or loss | 9,706 | - |
| Labor and social security obligations (Note 13) | 57,115 | 199,422 |
| Loans and obligations (Note 15) | 41,543 | 93,862 |
| Lease liabilities | 29,508 | 33,307 |
| Accounts payable (Note 12) | 39,843 | 38,101 |
| Non-current | 1,506,408 | 1,517,290 |
| Accounts payable (Note 12) | - | 6 |
| Lease liabilities | 124,430 | 126,877 |
| Labor and social security obligations (Note 13) | 7,635 | 9,221 |
| Loans and obligations (Note 15) | 845,529 | 872,770 |
| Retirement plans liabilities (Note 16) | 528,814 | 508,416 |
| 1,697,815 | 1,895,351 |
F-24
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
Fair value hierarchy
This section explains the judgments and estimates made in determining the fair values of the financial instruments that are recognized and measured at fair value through profit or loss in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the group has classified its financial instruments into the three levels prescribed under the accounting standards. An explanation of each level follows underneath the table.
| On March 31, 2026 | ||||
|---|---|---|---|---|
| Recurring fair value measurements | Level 1 | Level 2 | Level 3 | Total |
| Financial Assets | ||||
| Listed equity securities | 1,613 | - | - | 1,613 |
| Other financial assets | - | 10 | - | 10 |
| Certificate of deposits | - | 84,671 | - | 84,671 |
| Mutual funds | - | 1,501,457 | - | 1,501,457 |
| Derivative financial assets | - | 13,617 | - | 13,617 |
| Private equity funds | - | - | 28,708 | 28,708 |
| Real Estate Investments | - | - | 94,046 | 94,046 |
| Total Financial Assets | 1,613 | 1,599,755 | 122,754 | 1,724,122 |
| Financial Liabilities | ||||
| Derivative financial liabilities | - | 9,706 | - | 9,706 |
| Total Financial Liabilities | - | 9,706 | - | 9,706 |
| On December 31, 2025 | ||||
| --- | --- | --- | --- | --- |
| Recurring fair value measurements | Level 1 | Level 2 | Level 3 | Total |
| Financial Assets | ||||
| Listed equity securities | 1,706 | - | - | 1,706 |
| Other financial assets | 138 | 138 | ||
| Certificate of deposits | - | 153,729 | - | 153,729 |
| Mutual funds | - | 1,543,956 | - | 1,543,956 |
| Derivative financial assets | - | 10,219 | - | 10,219 |
| Private equity funds | - | - | 29,294 | 29,294 |
| Real Estate Investments | - | - | 100,773 | 100,773 |
| Total Financial Assets | 1,706 | 1,708,042 | 130,067 | 1,839,815 |
Level 1: The fair value of financial instruments traded in active markets (such as publicly traded real estate funds) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the group is the current bid price. These instruments are included in level 1.
Level 2: The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.
Vinci Monalisa is a financial instrument classified as level 2. Its portfolio is comprised of items that could be classified as level 1, level 2 and level 3, in the amount of R$ 130,545, R$ 78,860 and R$ 531,376, respectively (2025: R$ R$ 178,238, R$ 209,998 and R$ 507,196, respectively).
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities.
F-25
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
Valuation techniques used to determine fair values
Specific valuation techniques used to value financial instruments include:
the use of quoted market prices
for level 3 financial instruments – discounted cash flow analysis.
All non-listed assets fair value estimates are included in level 2, except for private equity funds and real estate investments, where the fair values have been determined based on fair value appraisals for fund's investments, performed by the fund's management or a third party hired by the Fund’s Administrator. The most part of the level 3 financial instruments evaluation uses discount cash flows techniques to evaluate the fair value of the Fund's investments. The appraisals performed by a third party are reviewed by Vinci Compass or its subsidiaries (fund's management).
Fair value measurements using significant unobservable inputs (level3)
The following table presents the changes in level 3 items for the period/year ended March 31, 2026 and December 31, 2025:
| Fair Value | ||
|---|---|---|
| Closing balance January 1, 2025 | 132,453 | |
| Capital deployment | 3,082 | |
| Sales and distributions | (3,833) | |
| Gain recognized in finance income | (1,635) | |
| Closing balance December 31, 2025 | 130,067 | |
| Capital deployment | 2,250 | |
| Sales and distributions | (92) | |
| Loss recognized in finance income | (9,471) | |
| Closing balance March 31, 2026 | 122,754 | |
| 6 | Financial instruments at amortized cost | |
| --- | --- | |
| 03/31/2026 | 12/31/2025 | |
| --- | --- | --- |
| Certificate of deposit | 2,870 | 3,054 |
| Guarantee deposits | 2,871 | 3,087 |
| 5,741 | 6,141 |
F-26
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
| 7 | Other assets | |
|---|---|---|
| 03/31/2026 | 12/31/2025 | |
| --- | --- | --- |
| Receivables from employees (i) | 23,592 | 28,207 |
| Related parties’ receivables (ii) | 12,652 | 14,864 |
| Employees loans (iii) | 17,655 | 17,093 |
| Advances to projects in progress (iv) | 28,414 | 26,743 |
| Receivable from customers - SOFOM | 6,618 | - |
| Restricted deposit (v) | 5,037 | 6,152 |
| Finix Transaction Receivable (vi) | 5,089 | 5,365 |
| Prepaid expenses | 6,855 | 5,887 |
| Guarantee deposits | 1,339 | 1,346 |
| Sundry advances | 1,624 | 314 |
| Others | 5,766 | 2,512 |
| Total | 114,641 | 108,483 |
| Current | 76,954 | 70,168 |
| Non-current | 37,687 | 38,315 |
| Total | 114,641 | 108,483 |
| (i) | See Note 22<br> (d) for more details. | |
| --- | --- | |
| (ii) | Refers to an<br> intercompany transaction. See Note 22 (b) for more details. | |
| --- | --- | |
| (iii) | Refers to<br> amounts receivable from employees. | |
| --- | --- | |
| (iv) | Refers to costs<br> incurred by projects related to funds administered by Vinci Compass, that are initially paid<br> by the Group and subsequently reimbursed. The growth is mainly related to new financial products<br> launched by the Group in the 2^nd^ semester of 2025, which increased the costs incurred<br> by Vinci Compass with the initial costs of the Funds. | |
| --- | --- | |
| (v) | Refers to a<br> restricted deposit maintained by CG Compass (USA) LLC to meet legal and contractual obligations. | |
| --- | --- | |
| (vi) | The amount<br> is related to the sale of Fingroup shares, which occurred on October 14, 2024. Before the<br> business combination, Compass held 50% ownership interest in Fingroup, sold before the closing<br> date of the business combination. The outstanding receivable comprises the last installment<br> of the transaction, to be paid on April 30, 2026. | |
| --- | --- |
F-27
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
| 8 | Investments |
|---|---|
| (a) | Business Combination |
| --- | --- |
Details of the estimated purchase consideration, the net assets acquired, goodwill and other intangible assets are as follows:
| Compass | MAV | Lacan | Verde | |
|---|---|---|---|---|
| Cash paid | 201,372 | 5,000 | 70,000 | 32,413 |
| Shares issued (Class A Shares) | 692,156 | - | - | 141,806 |
| Consideration payable | - | 10,000 | - | - |
| Contingent consideration | 74,903 | 18,010 | 33,468 | 42,980 |
| Total purchase consideration | 968,431 | 33,010 | 103,468 | 217,199 |
| Non-controlling interest | - | - | - | 73,372 |
| Purchase consideration and non-controlling interest | 968,431 | 33,010 | 103,468 | 290,571 |
The assets and liabilities recognized as a result of the acquisition are as follows:
| Compass | MAV | Lacan | Verde | |
|---|---|---|---|---|
| Cash and cash equivalents | 51,032 | 285 | 1,987 | 43,780 |
| Other assets and liabilities | 301,948 | (221) | (1,497) | (29,756) |
| Management contracts and customers relationship | 324,361 | 5,760 | 26,539 | 104,523 |
| Brands | 77,763 | - | - | 25,712 |
| 755,104 | 5,824 | 27,029 | 144,259 | |
| Goodwill (a) | 213,327 | 27,186 | 76,439 | 146,312 |
| Net assets acquired | 968,431 | 33,010 | 103,468 | 290,571 |
| (a) | The goodwill includes all business combinations made by the entity, not just those described. | |||
| --- | --- |
Verde business combinations are still under their measurement period. During this period, additional assets or liabilities can be recognized if new information is obtained about facts and circumstances that existed as of the acquisition date. The measurement period ends as soon as Vinci Compass receives the information it was seeking about facts and circumstances that existed as of the acquisition date or learns that more information is not obtainable. However, the measurement period shall not exceed one year from the acquisition date.
All the information and disclosures required in the annual financial statements and should be read in conjunction with the Group’s annual consolidated financial statements as of December 31, 2025.
F-28
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
| (b) | Investments accounted for using the equity method |
|---|
As of March 31, 2026, the details of investments in associates and joint ventures is as follows:
| Affiliate | Country | Ownership | Nature of relationship | Equity | Share of profit (loss) (***) |
|---|---|---|---|---|---|
| CCLA Holdings Development and Property<br><br> <br>Management SL (“CCLA Holdings”) (*) | Spain | 50% | Joint venture | 57,142 | (1,442) |
| CCLA SMA I Operator, Ltd (*) | Cayman | 50% | Joint venture | 2,169 | 2,213 |
| Mexican associates’ entities (**) | Mexico | (**) | Associate | 9,735 | 114 |
| Real Estate Manual Montt Rentas SpA | Chile | 7,5% | Associate | 857 | - |
| 69,903 | 885 |
(*) Joint Venture relationships with CIM Group. There is no control over these investments.
(**) Investments in Mexican associates comprise regulatory investment required to Compass Investment de Mexico S.A. de C.V. Mexican associates do not have control over these investments. The ownership of these associates may vary from 0.04% to 1.89%.
(***) Comprise group’s share of the post-acquisition profits or losses of the investees.
As of 31 March 2026, movements in investment in joint ventures and associates are as follows:
| CCLA Holdings | Mexican associates | CCLA Operator | Real Estate Manual Montt Rentas SpA | Total | |
|---|---|---|---|---|---|
| Closing balance of investment on December 31, 2024 | 46,448 | 8,633 | - | - | 55,081 |
| Capital increase | 16,901 | - | - | 843 | 17,744 |
| Dividends Distributed | - | - | (3,415) | - | (3,415) |
| Equity gain (loss) | (9,610) | 988 | 7,564 | - | (1,067) |
| Foreign exchange variation | (791) | 619 | (2,444) | 60 | (2,547) |
| Closing balance of investment on December 31, 2025 | 52,948 | 10,240 | 1,705 | 903 | 65,796 |
| Capital increase | 9,637 | - | - | - | 9,637 |
| Dividends Distributed | - | - | (2,479) | - | (2,479) |
| Equity gain (loss) | (1,442) | 114 | 2,213 | - | 885 |
| Foreign exchange variation | (4,001) | (619) | 730 | (46) | (3,936) |
| Closing balance of investment on March 31, 2026 | 57,142 | 9,735 | 2,169 | 857 | 69,903 |
F-29
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
Summarized financial information for material associates and joint ventures:
The tables below provide summarized financial information for those joint ventures and associates that are material to
the Group. The information disclosed reflects the amounts presented in the financial statements of the relevant associates and joint ventures and not Vinci Compass share of those amounts. They have been amended to reflect adjustments made by the entity when using the equity method, including fair value adjustments and modifications for differences in accounting policy.
| CCLA Holdings | ||
|---|---|---|
| March 31, 2026 | December 31, 2025 | |
| Current assets | 53,430 | 63,297 |
| Non-current assets | 84,920 | 84,715 |
| Current liabilities | (20,392) | (23,319) |
| Non-current liabilities | (3,674) | (18,796) |
| Net assets | 114,284 | 105,896 |
| Ownership interest | 50% | 50% |
| Investments by equity method | 57,142 | 52,948 |
F-30
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
| (c) | Non-controlling interests (NCI) |
|---|
Set out below is summarized financial information for each subsidiary that has non-controlling interests. The amounts disclosed for each subsidiary are before inter-company eliminations.
| Vinci Asset Allocation | Vinci Holding Securitária | Verde Empreendimentos e Participações S.A. | Total | |||||
|---|---|---|---|---|---|---|---|---|
| 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | 03/31/2026 | 12/31/2025 | |
| Summarized Balance Sheet | ||||||||
| Current assets | 127 | 368 | 539,298 | 524,846 | 55,616 | 69,854 | 595,041 | 595,068 |
| Current liabilities | (89) | (652) | (931) | (2,843) | (44,426) | (68,618) | (45,446) | (72,113) |
| Current net assets | 38 | (284) | 538,367 | 522,003 | 11,190 | 1,236 | 549,595 | 522,956 |
| Non-current assets | 541 | 571 | 29,339 | 28,862 | 195,353 | 193,213 | 225,233 | 222,646 |
| Non-current liabilities | (3,654) | (3,350) | (581,775) | (559,624) | (49,861) | (44,171) | (635,290) | (607,145) |
| Non-current net assets | (3,113) | (2,779) | (552,436) | (530,762) | 145,492 | 149,042 | (410,057) | (384,499) |
| Net assets | (3,075) | (3,063) | (14,069) | (8,759) | 156,682 | 150,278 | 139,538 | 138,456 |
| Accumulated NCI | (769) | (766) | (1,411) | (879) | 80,242 | 76,367 | 78,062 | 74,722 |
| Summarized statement | Vinci Asset Allocation | Vinci Holding Securitária | Verde Empreendimentos e Participações S.A. | Total | ||||
| of comprehensive income | 03/31/2026 | 03/31/2025 | 03/31/2026 | 03/31/2025 | 03/31/2026 | 03/31/2025 | 03/31/2026 | 03/31/2025 |
| Revenue | 183 | 159 | 159 | 115 | 43,851 | - | 44,193 | 274 |
| Profit for the period | (13) | (32) | (5,310) | (3,976) | 14,472 | - | 9,149 | (4,008) |
| Total comprehensive income | (13) | (32) | (5,310) | (3,976) | 14,472 | - | 9,149 | (4,008) |
| Profit/(loss) allocated to NCI | (3) | (8) | (533) | (596) | 6,855 | - | 6,319 | (604) |
F-31
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
| 9 | Property and equipment | ||||||
|---|---|---|---|---|---|---|---|
| 03/31/2026 | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| **** | Buildings | Furniture and fittings stuffs | Improvements in properties of third parties | Computers and peripherals - improvements | Equipment and tools | Work of arts and others | Total |
| Cost | |||||||
| At January 1, 2026 | 27,889 | 9,274 | 72,292 | 7,795 | 8,341 | 4,651 | 130,242 |
| Acquisitions, net of disposals | - | 117 | 119 | 424 | 122 | - | 782 |
| Foreign Exchange variations of property and equipment abroad | - | - | (3,708) | - | (1,109) | (321) | (5,138) |
| At March 31, 2026 | 27,889 | 9,390 | 68,703 | 8,219 | 7,354 | 4,330 | 125,886 |
| Accumulated depreciation | |||||||
| At January 1, 2026 | (651) | (4,482) | (41,079) | (2,707) | (7,038) | (191) | (56,147) |
| Depreciation | (139) | (220) | (1,011) | (520) | (161) | (126) | (2,177) |
| Foreign Exchange variations of property and equipment abroad | - | - | 2,853 | 120 | 921 | - | 3,894 |
| At March 31, 2026 | (790) | (4,701) | (39,237) | (3,107) | (6,278) | (317) | (54,430) |
| Net book value | |||||||
| At January 1, 2026 | 27,238 | 4,792 | 31,213 | 5,088 | 1,303 | 4,460 | 74,095 |
| At March 31, 2026 | 27,099 | 4,689 | 29,466 | 5,112 | 1,076 | 4,013 | 71,456 |
| Annual depreciation rate - % | 5 | From 5 to 10 | From 10 to 20 | 20 | From 5 to 10 | - | - |
F-32
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
| 12/31/2025 | |||||||
|---|---|---|---|---|---|---|---|
| **** | Buildings | Furniture and fittings stuffs | Improvements in properties of third parties | Computers and peripherals - improvements | Equipment and tools | Work of arts and others | Total |
| Cost | |||||||
| At January 1, 2025 | 27,889 | 10,534 | 70,951 | 6,243 | 8,790 | 676 | 125,083 |
| Assets recognized as a result of business combination | - | 557 | 988 | - | 124 | 139 | 1,808 |
| Acquisitions, net of disposals | - | 577 | 16,799 | 2,201 | 839 | 3,610 | 24,026 |
| - Write-off of fully depreciated items | (2,394) | (13,817) | (648) | (614) | (261) | (17,734) | |
| Foreign Exchange variations of property and equipment abroad | - | - | (2,630) | - | (798) | 487 | (2,941) |
| At December 31, 2025 | 27,889 | 9,274 | 72,292 | 7,795 | 8,341 | 4,651 | 130,242 |
| Accumulated depreciation | |||||||
| At January 1, 2025 | (93) | (5,500) | (50,810) | (1,799) | (7,738) | (11) | (65,951) |
| Depreciation | (558) | (1,244) | (5,300) | (1,874) | (381) | (180) | (9,539) |
| Write-off of fully depreciated items | 2,263 | 12,936 | 176 | 614 | - | 15,989 | |
| Foreign Exchange variations of property and equipment abroad | 2,095 | 790 | 469 | 3,841 | |||
| At December 31, 2025 | (651) | (4,482) | (41,079) | (2,707) | (7,038) | (191) | (56,147) |
| Net book value | |||||||
| At January 1, 2025 | 27,796 | 5,035 | 20,141 | 4,444 | 1,052 | 664 | 59,132 |
| At December 31, 2025 | 27,238 | 4,792 | 31,213 | 5,088 | 1,303 | 4,460 | 74,095 |
| Annual depreciation rate - % | 5 | From 5 to 10 | From 10 to 20 | 20 | From 5 to10 | - | - |
F-33
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
| 10 | Intangible assets |
|---|
Intangible assets include expenditures with the development of the software, placement agent and the management contracts, customers relationship, brands, and the goodwill generated by the acquisitions of SPS, MAV, Compass, Lacan and Verde.
The software development comprises mainly the following assets:
| - | Systems and applications which are being developed to support retirement services applications; |
|---|---|
| - | Products for Risk System and Portfolio Allocation, whose purpose is to evaluate the risk of the funds<br>and to allocate the clients' portfolio. |
| --- | --- |
The Entity assesses at each reporting date whether there is an indication that an intangible asset may be impaired. If any indication exists, the Entity estimates the asset's recoverable amount. There were no indications of impairment of intangible assets for the three-month period ended March 31, 2026 and the year ended December 31, 2025.
| 03/31/2026 | ||||||
|---|---|---|---|---|---|---|
| Brands and licenses | Software development | Placement Agent | Goodwill | Management Contracts and Customer relationships | Total | |
| Cost | ||||||
| At January 1, 2026 | 103,534 | 62,535 | 24,829 | 699,624 | 488,429 | 1,378,951 |
| Additions | - | 2,990 | - | - | - | 2,990 |
| Foreign exchange variation of intangible assets abroad | - | (1,936) | (752) | (304) | (248) | (3,240) |
| At March 31, 2026 | 103,534 | 63,589 | 24,077 | 699,320 | 488,181 | 1,378,701 |
| Accumulated amortization | ||||||
| At January 1, 2026 | - | (22,580) | (7,323) | - | (22,831) | (52,735) |
| Amortization | - | (2,431) | (618) | - | (5,610) | (8,659) |
| Foreign exchange variation of intangible assets abroad | - | 1,216 | 210 | - | - | 1,426 |
| At March 31, 2026 | - | (23,795) | (7,731) | - | (28,441) | (59,968) |
| At January 1, 2026 | 103,534 | 39,955 | 17,506 | 699,624 | 465,598 | 1,326,216 |
| At March 31, 2026 | 103,534 | 39,793 | 16,346 | 699,320 | 459,740 | 1,318,733 |
| Amortization rate (per year) - % | 20% | - |
F-34
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
| 12/31/2025 | ||||||
|---|---|---|---|---|---|---|
| Brands and licenses | Software development | Placement Agent | Goodwill | Management Contracts and Customer relationships | Total | |
| Cost | ||||||
| At January 1, 2025 | 77,822 | 46,973 | 24,540 | 555,175 | 383,082 | 1,087,592 |
| Assets recognized as a result of business combination | 25,712 | 435 | - | 146,312 | 104,523 | 276,982 |
| Additions | - | 17,968 | 822 | - | - | 18,790 |
| Reclassification | - | - | - | (1,394) | 1,394 | - |
| Write-off of assets, including fully depreciated items | - | (1,105) | - | - | - | (1,105) |
| Foreign exchange variation of intangible assets abroad | - | (1,737) | (533) | (469) | (569) | (3,308) |
| At December 31, 2025 | 103,534 | 62,535 | 24,829 | 699,624 | 488,429 | 1,378,951 |
| Accumulated amortization | ||||||
| At January 1, 2025 | - | (15,567) | (4,951) | - | (9,125) | (29,643) |
| Amortization | (8,444) | (2,506) | - | (13,906) | (24,838) | |
| Write-off of assets, including fully depreciated items | - | (3) | - | - | - | (3) |
| Foreign exchange variation of intangible assets abroad | - | 1,433 | 135 | - | 200 | 1,768 |
| At December 31, 2025 | - | (22,580) | (7,323) | - | (22,831) | (52,735) |
| At January 1, 2025 | 77,822 | 31,407 | 19,588 | 555,175 | 373,956 | 1,057,949 |
| At December 31, 2025 | 103,534 | 39,955 | 17,506 | 699,624 | 465,598 | 1,326,216 |
| Amortization rate (per year) - % | 20% | - |
F-35
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
The unaudited interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group’s annual consolidated financial statements as of December 31, 2025.
No impairment losses were recognized on March 31, 2026 and December 31, 2025.
| 11 | Leases |
|---|
This note provides information for leases where the Group is a lessee.
| (i) | Amount recognized in the balance sheet |
|---|
The balance sheet shows the following amounts relating to leases:
| 03/31/2026 | 12/31/2025 | |
|---|---|---|
| Right of use assets | ||
| Brazil | 93,545 | 95,441 |
| USA | 22,751 | 25,102 |
| Other offices | 17,929 | 20,684 |
| Total | 134,225 | 141,226 |
| Lease liabilities | ||
| Brazil | (103,910) | (104,324) |
| USA | (30,027) | (32,833) |
| Other offices | (20,001) | (23,027) |
| Total | (153,938) | (160,184) |
| 03/31/2026 | 12/31/2025 | |
| Current | (29,508) | (33,307) |
| Non-current | (124,430) | (126,877) |
| Total | (153,938) | (160,184) |
Addition to the right-of-use assets resulted from new contracts and contracts modifications were R$ 1,945 until March 31, 2026 (additions of R$ 48,781 during 2025 financial year).
| (ii) | Amount recorded in the statement of profit or loss |
|---|
The statement of profit or loss shows the following amounts relating to leases:
F-36
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
| 03/31/2026 | 03/31/2025 | |
|---|---|---|
| Right of use assets depreciation | (6,332) | (5,662) |
| Financial expense | (3,891) | (3,758) |
| (10,223) | (9,420) |
The total cash outflow for leases until March 31, 2026 was R$ 9,596 (R$ 9,591 until March 31, 2025).
The Group’s leasing activities and how these are accounted for are disclosed in the Group’s annual consolidated financial statements as of December 31, 2025.
| 12 | Accounts payable | |
|---|---|---|
| 03/31/2026 | 12/31/2025 | |
| --- | --- | --- |
| Accrued liabilities (i) | 16,264 | 17,558 |
| Temporary deposit from clients (ii) | 14,907 | 12,232 |
| Related Parties (iii) | 1,895 | 1,456 |
| Lease payable – prior month expense | 1,507 | 1,482 |
| Dividends payable | 89 | 2,560 |
| Other payables | 5,181 | 2,813 |
| Current | 39,843 | 38,101 |
| Other payables | - | 6 |
| Non-current | - | 6 |
| (i) | Fees, commissions, and other payables. | |
| --- | --- | |
| (ii) | Comprises temporary payments made by clients to invest in Mexican Investment Fund through the investment<br>manager. | |
| --- | --- | |
| (iii) | Refers to a related party transaction. See Note 22 (e) for more details. | |
| --- | --- | |
| (iv) | Please see note 24 for further details. | |
| --- | --- | |
| 13 | Labor and social security obligations | |
| --- | --- | |
| 03/31/2026 | 12/31/2025 | |
| --- | --- | --- |
| Profit sharing | 36,050 | 170,480 |
| Labor provisions | 28,700 | 38,163 |
| 64,750 | 208,643 | |
| Current | 57,115 | 199,422 |
| Non-current | 7,635 | 9,221 |
F-37
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
Except for the profit sharing related to the unrealized performance fees, the accrual for profit sharing payable on December 31, 2025, was paid until the first week of February 2026. Profit sharing is calculated based on the performance review of each employee plus the area performance, in accordance with an Entity policy. Vinci Compass Management estimated the profit sharing as of March 31, 2026, based on the net revenue recognized up to March 31, 2026.
Since the second quarter of 2022 labor provisions have been impacted by provisions and social charges related to Restricted Share Units Plan (RSUs). The non-current amount comprises the provisions and social charges for the RSUs, of which the vesting dates are over 1 year. Please see note 25 for more details.
| 14 | Taxes and contributions payable | |
|---|---|---|
| 03/31/2026 | 12/31/2025 | |
| --- | --- | --- |
| Income tax | 28,267 | 22,400 |
| Social contribution | 7,088 | 5,868 |
| Social Contribution on revenues (COFINS) | 2,305 | 2,748 |
| Service tax (ISS) on billing | 503 | 1,313 |
| Social Integration Program (PIS) | 757 | 599 |
| Withholding Income Tax (IRRF)<br><br> deducted from third parties | 650 | 137 |
| Others | 1,288 | 1,982 |
| 40,858 | 35,047 | |
| 15 | Loans and obligations | |
| --- | --- | |
| 03/31/2026 | 12/31/2025 | |
| --- | --- | --- |
| Convertible Preferred Shares (i) | 486,348 | 513,765 |
| Commercial Notes (ii) | 78,801 | 87,326 |
| Consideration payable (iii) | 9 | 6,029 |
| Contingent consideration (iv) | 243,008 | 285,903 |
| Redemption liability (v) | 65,287 | 63,456 |
| Banco Security | 13,618 | 10,153 |
| 887,072 | 966,632 | |
| Current | 41,543 | 93,862 |
| Non-current | 845,529 | 872,770 |
The unaudited interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group’s annual consolidated financial statements as of December 31, 2025.
F-38
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
| (i) | Convertible Preferred Shares |
|---|
The following table presents the changes in the Convertible Preferred Shares in the period ended March 31, 2026 and December 31, 2025:
| Closing balance December 31, 2024 | 577,982 |
|---|---|
| Net foreign exchange loss/(gain) | (69,513) |
| Interest expense | 50,830 |
| Interest paid | (45,534) |
| Closing balance December 31, 2025 | 513,765 |
| Net foreign exchange loss/(gain) | (28,358) |
| Interest expense | 12,024 |
| Interest paid | (11,083) |
| Closing balance March 31, 2026 | 486,348 |
| Current | 10,455 |
| Non-current | 475,893 |
On January 1, 2026, the Entity paid the total amount of R$ 11,083 related to the dividends of the series A convertible preferred shares.
| (ii) | Commercial notes |
|---|
The following table presents the changes in the Commercial Notes up the period ended March 31, 2026 and December 31, 2025:
| Closing balance December 31, 2024 | 55,150 |
|---|---|
| Obligation acquired | 49,207 |
| Interest expense | 7,842 |
| Interest paid | (7,095) |
| Principal paid | (17,778) |
| Closing balance December 31, 2025 | 87,326 |
| Interest expense | 3,377 |
| Interest paid | (3,013) |
| Principal paid | (8,889) |
| Closing balance March 31, 2026 | 78,801 |
| Current | 12,560 |
| Non-current | 66,241 |
F-39
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
| (iii) | Consideration payable | |
|---|---|---|
| SPS | MAV | |
| --- | --- | --- |
| Closing balance December 31, 2024 | 9 | 10,533 |
| Obligations acquired | - | 859 |
| Interest expense | - | (372) |
| Principal paid | - | (5,000) |
| Closing balance December 31, 2025 | 9 | 6,020 |
| Interest expense | - | 131 |
| Interest paid | - | (1,151) |
| Principal paid | - | (5,000) |
| Closing balance March 31, 2026 | 9 | - |
| Current | - | - |
| Non-current | 9 | - |
Consideration payable is a financial liability evaluated at amortized cost. Interest expense is calculated using the effective interest method and is recognized in profit or loss as part of financial expense.
| (iv) | Contingent consideration |
|---|
On March 31, 2026, Vinci Compass reevaluated the fair value of the obligation based on the economic conditions at that date, resulting in a decrease of the contingent consideration fair value. The variation was recognized as a gain in the financial result in the amount of R$ 42,895 for the period ended March 31, 2026 (expense of R$ 4,132 for the year ended March 31, 2025).
On March 31, 2026, the fair value of the obligation based on the economic conditions at that date is R$ 243,008 (R$ 285,903 on December 31, 2025).
| (v) | Redemption Liability (Verde business combination) |
|---|
The present value of the redemption liability evaluated at the transaction date was R$ 65,287 (R$ 63,456 as of December 31, 2025).
| 16 | Retirement plans liabilities |
|---|
During the year of 2023, the subsidiary Vinci Vida e Previdência S.A. started its retirement services operations. As of March 2026 and December 2025, active plans are principally accumulation of financial resources through products PGBL (Free Benefit Generator Plan) and VGBL (Free Benefit Generator Life) structured in the form of variable contribution, for the purpose of granting participants with returns based on the accumulated capital in the form of monthly withdraws for a certain term or temporary monthly withdraws.
In this respect, such financial products represent investment contracts that have the legal form of retirement plans, but which do not transfer insurance risk to the Group. Therefore, contributions received from participants are accounted for as liabilities and the balance consists of the balance of the participant in the linked Specially Constituted Investment Fund (“FIE”) at the reporting date (Note 5). On March 31, 2026 the Retirement plan liabilities are R$ 528,814 (R$ 508,416 as of December 31, 2025).
F-40
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
| 17 | Equity |
|---|---|
| (a) | Capital |
| --- | --- |
The capital comprises 56,408,172 Class A shares and 14,466,239 Class B shares with a par value of US$ 0.00005 each.
The Class A common shares have been approved for listing on the Nasdaq Global Select Market, or Nasdaq, under the symbol "VINP." Vinci Compass has two classes of common shares: Class A common shares and our Class B common shares.
Class B common shares carry rights that are identical to the Class A common shares, except that (1) holders of Class B common shares are entitled to 10 votes per share, whereas holders of our Class A common shares are entitled to one vote per share; (2) holders of Class B common shares have certain conversion rights; (3) holders of Class B common shares are entitled to preemptive rights in the event that additional Class A common shares are issued in order to maintain their proportional ownership interest; and (4) Class B common shares shall not be listed on any stock exchange and will not be publicly traded.
| (b) | Retained earnings |
|---|
Retained earnings comprise the net profit generated by the Entity which were not distributed to their shareholders or approved to be distributed by the Entity management.
| (c) | Other reserves |
|---|
Other reserves comprise the following operations:
| (i) | Exchange variation on investees |
|---|
Comprises the exchange variation in investments made on investees which have a functional currency other than Brazilian Reais, the Entity functional currency. When a foreign operation is sold, the associated exchange differences are reclassified as a profit or loss, as part of the gain or loss on sale.
| (ii) | Share-based payments |
|---|
Benefits to its employees through a share-based incentive.
| (d) | Dividends |
|---|
On March 4, 2026, Vinci Compass declared a quarterly dividend distribution of US$ 0.17 per common share to shareholders as of March 19, 2026, totalizing US$ 10,875 (R$ 56,649), paid on April 2, 2026.
Once dividends are declared and approved by the board of directors, they will be paid on a proportional basis to the owners of the common shares.
| (e) | Treasury shares |
|---|
When shares recognized as equity are repurchased, the amount of the consideration paid, which includes directly attributable costs, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares and are presented in the treasury share reserve. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity and the resulting surplus or deficit on the transaction is presented within the additional paid-in capital.
F-41
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
On February 7, 2024, the Entity announced a new share buyback plan and a share repurchase plan to buy back up to R$60.0 million of the Entity's outstanding Class A common shares which shall be executed through open market transactions or privately negotiated purchases. The plan is approved to replace the share buyback and repurchase plans approved on February 14, 2023, which expired on the date that the R$60.0 million buyback limit set thereunder was reached.
On September 26, 2024, the Entity announced a new share buyback and share repurchase plans to buy back up to US$15.0 million of the Entity’s outstanding Class A common shares which shall be executed through open market transactions or privately negotiated purchases. The plans are approved to replace the share buyback plan announced on February 7, 2024, which expired on the date that the R$60.0 million buyback limit set thereunder was reached.
In March 2026 the Company holds 5,452,313 Class A common shares in treasury.
| (f) | Basic and diluted earnings per share | |
|---|---|---|
| a) Basic earning per share | 03/31/2026 | 03/31/2025 |
| --- | --- | --- |
| From continuing operations attributable to the ordinary equity holders of the Entity | 1.57 | 0.89 |
| Total basic earning per share attributable to the ordinary equity holders of the Entity | 1.57 | 0.89 |
| b) Diluted earning per share | 03/31/2026 | 03/31/2025 |
| From continuing operations attributable to the ordinary equity holders of the Entity | 1.49 | 0.86 |
| Total basic earning per share attributable to the ordinary equity holders of the Entity | 1.49 | 0.86 |
| c) Reconciliations of earnings used in calculating earnings per share | ||
| Basic earnings per share: | 03/31/2026 | 03/31/2025 |
| Profit attributable to the ordinary equity holders of the Entity used in calculating basic earnings per share: | ||
| From continuing operations | 103,019 | 56,532 |
| 103,019 | 56,532 | |
| Diluted earnings per share | 03/31/2026 | 03/31/2025 |
| Profit from continuing operations attributable to the ordinary equity holders of the Entity | ||
| Used in calculating basic earnings per share | 103,019 | 56,532 |
| Used in calculating diluted earnings per share | 103,019 | 56,532 |
| d) Weighted average number of shares used as the denominator | 03/31/2026 | 03/31/2025 |
| Weighted average number of ordinary shares used as the denominator in calculating basic earnings per share: | 65,422,098 | 63,712,362 |
| Adjustments for calculation of diluted earnings per share: | 3,709,074 | 1,733,042 |
| Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted earnings per share | 69,131,172 | 65,445,404 |
F-42
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
| 18 | Revenue from services rendered | |
|---|---|---|
| 03/31/2026 | 03/31/2025 | |
| --- | --- | --- |
| Net revenue from services rendered | 274,855 | 234,721 |
| Net revenue from fund management | 244,858 | 195,529 |
| Net revenue from performance fees | 2,890 | 3,077 |
| Net revenue from advisory services | 16,067 | 24,853 |
| Net revenue from other revenues (a) | 11,040 | 11,262 |
| (a) | Comprised of Advisory & Execution, and fund services fees. | |
| --- | --- | |
| 19 | General and administrative expenses | |
| --- | --- | |
| 03/31/2026 | 03/31/2025 | |
| --- | --- | --- |
| Personnel (a) | (63,465) | (62,467) |
| Share-based plans (b) | (5,753) | (5,003) |
| Profit sharing (a) | (41,843) | (33,094) |
| (111,061) | (100,564) | |
| Third party expense (c) | (44,182) | (46,058) |
| Right of use depreciation (d) | (6,332) | (5,662) |
| Depreciation and amortization (e) | (10,927) | (8,176) |
| Travel and representations | (2,707) | (3,246) |
| Condominium expenses | (2,944) | (2,532) |
| Other operating expenses (f) | (10,438) | (9,207) |
| (188,591) | (175,445) | |
| (a) | Personnel and profit-sharing | |
| --- | --- |
According to the profit-sharing program and based on Law 10,101 of December 19, 2000 and on objectives established at the beginning of each year, management estimated the payment of profit sharing in the amount of R$ 41,843 for the three-month period ended March 31, 2026 (R$ 33,094 on March 31, 2025).
| (b) | Share-based payments |
|---|
See Note 25 for more details.
(c) Third party expense
Third party expenses are composed of accounting, audit, advisory, due diligence services, information technology, marketing, and other contracted services.
(d) Right of use depreciation
See Note 11 for more details.
(e) Depreciation and amortization
F-43
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
The amount is mainly comprised of property and equipment depreciation and intangible amortization. See Notes 9 and 10 for more details.
(f) Other operating expenses
The amount is mainly comprised of office expenses, including energy, cleaning, maintenance and conservation, among other several expenses.
F-44
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
| 20 | Finance profit/(loss) | |
|---|---|---|
| 03/31/2026 | 03/31/2025 | |
| --- | --- | --- |
| Investment income (i) | 12,888 | 18,429 |
| Financial revenue through amortized cost | 252 | 205 |
| Foreign currency variation income | 17,429 | 1,140 |
| Financial revenue on sublease agreements | - | 64 |
| Contingent consideration variation (iv) | 44,116 | 9,546 |
| Other finance income | 1,193 | 1,025 |
| Finance income | 75,878 | 30,409 |
| Financial expense on lease agreements | (3,891) | (3,758) |
| Interest expense on loans and financing (ii) | (15,916) | (16,141) |
| Bank fees | (102) | (191) |
| Fines on taxes | (1) | - |
| Contingent consideration variation (iv) | (1,221) | - |
| Other finance expenses(iv) | (3,361) | (106) |
| Finance costs | (24,492) | (20,196) |
| Finance profit/(loss), net | 51,386 | 10,213 |
| (i) | Investment income and losses comprise the fair value changes on the financial instruments at fair value through profit or loss, The<br>breakdown of investment income is presented below. | |
| --- | --- | |
| 03/31/2026 | 03/31/2025 | |
| --- | --- | --- |
| Mutual funds and fixed income investments (a) | 12,266 | 16,360 |
| Private equity funds | 622 | 2,069 |
| 12,888 | 18,429 | |
| (a) | Vinci Monalisa and Vinci Monalisa Cash correspond to the most part of the Group’s investment income, | |
| --- | --- | |
| (ii) | Interest expense on loans and financing comprise the financial result on<br>the Commercial notes, the consideration payable related to the business combinations and interest expense on the convertible preferred<br>shares. Please see note 15 for more detail. | |
| --- | --- | |
| (iii) | Variation on contingent consideration comprises the financial result of the fair value evaluation. Please see note 15 (iv) for more<br>detail. | |
| --- | --- | |
| (iv) | Includes the disbursements related to the non-deliverable forwards. | |
| --- | --- |
F-45
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
| 21 | Income tax and social contribution |
|---|
As an exempted company incorporated in the Cayman Islands, Vinci Compass Investments Ltd is subject to Cayman Islands laws, which currently levy no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax or estate duty or withholding tax applicable to us.
Vinci Compass Investments Ltd subsidiaries based in Brazil, except for Vinci Partners Investimentos Ltda, Vinci Capital Gestora Ltda, Vinci Soluções de Investimentos Ltda, Vinci Vida e Previdência S.A. and CG Investimentos Brazil Ltda, are taxed based on the deemed profit.
Vinci Compass has tax losses and negative basis resulting from previous years and deferred income tax and social contribution credits are recognized since there is expectation of future tax results for these companies. The tax credit arising from the tax loss and negative basis under the taxable profit regime on March 31, 2026 is R$ 19,785 (R$ 19,777 on December 31, 2025).
The income tax and social contribution charge on the results for the period/year can be summarized as follows:
| 03/31/2026 | 03/31/2025 | |
|---|---|---|
| Current income tax | (17,213) | (6,264) |
| Current social contribution | (5,205) | (2,212) |
| (22,418) | (8,476) | |
| Deferred income tax | (5,494) | (2,120) |
| Deferred social contribution | (1,285) | (764) |
| (6,779) | (2,884) | |
| Total income tax and social contribution | (29,197) | (11,360) |
Deferred tax balances
| 03/31/2026 | 12/31/2025 | |
|---|---|---|
| Deferred tax assets | ||
| Tax losses | 19,785 | 19,777 |
| Contingent consideration | 5,487 | 12,836 |
| Amortization on management Contracts | 4,495 | 3,455 |
| RSU | 3,527 | 3,771 |
| Interest expense on obligation for acquisition | 3,190 | 3,190 |
| Leases | 106 | - |
| Others | 3,283 | 4,364 |
| Total deferred tax assets | 39,873 | 47,393 |
F-46
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
| Deferred tax liabilities | ||||||
|---|---|---|---|---|---|---|
| Financial revenue | (1,827) | (2,565) | ||||
| Estimated revenue | (804) | (804) | ||||
| Leases | (842) | (845) | ||||
| Total Income Tax | (3,473) | (4,214) | ||||
| Estimated revenue | (427) | (427) | ||||
| Total (Taxes and contribution) | (427) | (427) | ||||
| Total deferred tax liabilities | (3,900) | (4,641) | ||||
| Movements | Tax losses | Interest expense on obligation for acquisition | Management<br><br> <br>Contract | RSU | Other (*) | Total |
| --- | --- | --- | --- | --- | --- | --- |
| Deferred tax assets | ||||||
| As at December 31, 2024 | 13,102 | 3,190 | 2,419 | 3,103 | 9,532 | 31,346 |
| to profit and loss | 6,675 | - | 1,036 | 668 | 7,668 | 16,046 |
| As at December 31, 2025 | 19,777 | 3,190 | 3,455 | 3,771 | 17,199 | 47,392 |
| to profit and loss | 8 | - | 1,040 | (244) | (8,323) | (7,519) |
| As at March 31, 2026 | 19,785 | 3,190 | 4,495 | 3,527 | 8,876 | 39,873 |
(*) Comprises deferred taxes related to interest expense on obligation for ownership acquisition, amortization on management contracts and contingent consideration.
| Movements | Financial Revenue | Estimated Revenue | Leases | Total |
|---|---|---|---|---|
| Deferred tax liabilities | ||||
| As at December 31, 2024 | (2,287) | (1,815) | (984) | (5,086) |
| to profit and loss | (279) | 585 | 139 | 444 |
| As at December 31, 2025 | (2,566) | (1,230) | (845) | (4,642) |
| to profit and loss | 739 | - | 3 | 742 |
| As at March 31, 2026 | (1,827) | (1,230) | (842) | (3,900) |
F-47
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
| (a) | Tax effective rate | ||
|---|---|---|---|
| 03/31/2026 | 03/31/2025 | ||
| --- | --- | --- | --- |
| Profit (loss) before income taxes | 138,535 | 67,288 | |
| Combined statutory income taxes rate - % | 34% | 34% | |
| Income tax benefit (expense) at statutory rates | (47,102) | (22,878) | |
| Reconciliation adjustments: | |||
| Expenses not deductible | 536 | (31) | |
| Tax benefits | - | 29 | |
| Share based payments | 890 | (445) | |
| Unrecognized tax loss credits | (3,184) | (1,534) | |
| Effect of presumed profit of subsidiaries (i) and offshore subsidiaries | 20,234 | 13,459 | |
| Other additions (exclusions), net | (571) | 24 | |
| Income taxes expenses | (29,197) | (11,360) | |
| Current | (22,418) | (8,476) | |
| Deferred | (6,779) | (2,884) | |
| Effective rate | 21% | 17% | |
| (i) | Brazilian tax law establishes that companies that generate gross revenues of up to R$ 78,000 in the<br>prior fiscal year may calculate income taxes as a percentage of gross revenue, using the presumed profit income tax regime. The Entity's<br>subsidiaries adopted this tax regime and the effect of the presumed profit of subsidiaries represents the difference between the taxation<br>based on this method and the amount that would be due based on the statutory rate applied to the taxable profit of the subsidiaries. | ||
| --- | --- |
F-48
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
| 22 | Related parties |
|---|---|
| (a) | Key management remuneration |
| --- | --- |
The total remuneration (salaries and benefits) of key management personnel, including the Executive Committee, amounted to R$ 2,478 for the three-month period ended March 31, 2026 (March 31, 2025 – R$ 1,905).
According to Vinci Compass internal policy, the key management is entitled to receive profit-sharing compensation for the current year. As stated in Note 13, Vinci Compass accrued a provision for profit sharing for the Group as of March 31, 2026.
| (b) | Receivables from related parties |
|---|
The Entity’s receivables from related parties as of March 31, 2026, and December 31, 2025, as shown in the table below:
| 03/31/2026 | 12/31/2025 | |
|---|---|---|
| Compass Group Cayman Ltd. (“CGC”) (*) | 12,652 | 14,864 |
| 12,652 | 14,864 |
(*) Refers to a credit line financing from Vinci Compass to CGC in the amount of US$ 3,500 to fund redemptions, repurchases and other acquisitions of equity interests in CGC. Until March 31, 2026 US$ 1,076 was paid, with remaining outstanding US$ 2,424.
| (c) | Employees loans |
|---|
As presented in Note 7(iii), Vinci Compass may advance payments to its employees.
| (d) | Receivables from employees |
|---|
During 2024 and 2023, Vinci Compass sold part of its treasury shares to employees. The amount will be received from January 31, 2025, in annual installments until January 31, 2029, and a monetary variation will be charged by inflation index.
| (e) | Payable to related parties |
|---|
The Entity has accounts payable to related parties as of March 31, 2026, in the amount of R$ 1,895 (December 2025 – R$ 1,456). The payable is due to CCLA Holding Chile SpA, for sub-consulting services provided to Compass Administradora de Fondos.
F-49
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
| 23 | Segment reporting |
|---|
The Entity's reportable segments are those business units which provide different services and are separately managed since each business demands different market strategies.
The main information used by management for assessment of the performance of each segment is the profit by segment for the analysis of the return of these investments.
The information on assets and liabilities by segment is not disclosed in these financial statements because it is not used by management when managing segments. Management does not make an analysis by geographical areas for the management of the Entity's business.
Segments are independently managed, with professionals specifically skilled allocated in each segment.
Global Investment Products and Solutions (GlobalIP&S)
The Global IP&S segment provides access to a network of world-class GPs and top-tier asset managers as well as proprietary investment solutions, on a discretionary and non-discretionary basis. The strategy is designed to deliver investment and advisory solutions, with a focus on alpha generation, tailored to clients' objectives. Within the Global IP&S segment, we provide multi-asset allocation strategies, as well as portfolio and management services, structured around medium to long-term risk allocation. The segment operates as a comprehensive strategy that includes Third-Party Distribution (Liquid and Alternative), Separate Mandates, Commingled Funds, Brokerage, Pension Plans, Global Solutions and Vinci Retirement Services.
Credit
The segment operates across three business lines: Public and Private Credit, Opportunistic Capital Solutions, and Agribusiness Credit, with both local and hard currency strategies. The Credit segment is designed to address the diverse financing needs of both mature and growing businesses through a broad range of sub-strategies, including local currency high grade and high yield, structured credit and confirming, real estate and infrastructure credit, agribusiness, hard currency high-grade and high-yield strategies, and opportunistic capital solutions.
Private Equity
The Private Equity segment has a sector-agnostic approach focused on growth equity investments in Brazil. The main strategic focus is value creation by promoting revenue, productivity and profitability growth through significant operating and management changes in portfolio companies. The Private Equity segment invests through two sub-strategies: Vinci Capital Partners, which focuses on control and co-control investments, and Vinci Impact and Return, that focuses on minority investments in small-to-medium enterprises with a dual mandate of generating ESG impact as well as market returns.
Equities
The Equities segment operates through two distinct strategies, delivering robust and diversified investment solutions across Latin America or specific country markets. These strategies are designed to capitalize on regional opportunities and specialized market dynamics, offering clients tailored approaches to achieve their investment goals. The segment includes a range of sub-strategies to address different investor profiles and market conditions, including Long Only, Dividends, Small Caps, Long Biased, and other specialized approaches.
F-50
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
Real Assets
The Real Assets segment comprises investments focused on tangible, income-generating assets through real estate, infrastructure and forestry strategies, as described below:
| (i) | Real Estate |
|---|
The Real Estate segment is focused on income-generating mature real estate assets across Brazil through REITs listed on the B3, including shopping centers, industrial properties, commercial offices, urban properties and funds of funds, and seek to achieve differentiated returns through an active management of a diversified and quality portfolio. The strategy covers also additional development strategies in Brazil, Uruguay and Peru, following up to five key steps: origination of opportunities, analysis, execution, monitoring and asset sale.
| (ii) | Infrastructure |
|---|
The infrastructure strategy has exposure to real assets across the infra sector in Brazil, through equity and debt instruments. The management team invests through the following sub-sectors: power, oil & gas, transportation & logistic and water & sewage. The strategy invests across two sub-strategies: sector-focused funds and structured credit. The fund’s investments are periodically monitored, including the evolution of ESG metrics, financial and operational metrics.
| (iii) | Forestry |
|---|
The Forestry strategy focuses on investments in eucalyptus, pine, and native forests in Brazil, aiming to generate attractive returns through sustainable timber harvesting. The strategy includes both greenfield and brownfield projects, leveraging active management practices to enhance productivity and long-term asset value. Investments are structured across multiple vintages, with the fourth fund currently in fundraising and progressing toward Article 9 classification. The strategy applies an ESG framework to guide portfolio monitoring, set clear objectives, and assess social impacts, prioritizing projects that deliver both environmental and social benefits. The local presence of Lacan and its long-term relationships with key industry players provide privileged access to the best opportunities.
Corporate advisory
The corporate advisory services objective is including high value-added to financial and strategic advisory services to entrepreneurs, corporate senior management teams and boards of directors, focusing primarily on IPO advisory and M&A transactions for Brazilian middle-market companies. The corporate advisory services team serves as trusted advisors to clients targeting local and/or product expertise in the Brazilian marketplace.
F-51
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
| Three-month period ended 03/31/2026 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Private Equity | Real Assets | Credit | Global IP&S | Equities | Corporate Advisory | Corporate Center | Total | |
| Fund Advisory fee | - | 520 | - | 14,094 | - | 1,794 | - | 16,408 |
| Fund Management fee | 29,818 | 30,590 | 64,876 | 109,056 | 22,392 | - | - | 256,732 |
| Other revenues | - | - | - | 11,041 | - | - | - | 11,041 |
| Fund Performance fee | - | - | 169 | 728 | 2,057 | - | - | 2,954 |
| Taxes and contributions | (1,801) | (1,570) | (2,312) | (5,366) | (1,076) | (155) | - | (12,280) |
| Net revenue from services rendered | 28,017 | 29,540 | 62,733 | 129,553 | 23,373 | 1,639 | - | 274,855 |
| (-) General and administrative expenses | (3,331) | (7,690) | (23,806) | (40,842) | (9,935) | (1,061) | (96,173) | (182,838) |
| Share-based payments | - | - | - | - | - | - | (5,753) | (5,753) |
| Operating profit | 24,686 | 21,850 | 38,927 | 88,711 | 13,438 | 578 | (101,926) | 86,264 |
| Finance income | 75,878 | |||||||
| Finance cost | (24,492) | |||||||
| Finance result, net | 51,386 | |||||||
| Equity gain/(loss) | 885 | |||||||
| Profit before income taxes | 138,535 | |||||||
| Income taxes | (29,197) | |||||||
| Profit for the period | 109,338 |
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Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
| Three-month period ended 03/31/2025 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Private Equity | Real Assets | Credit | Global IP&S | Equities | Corporate Advisory | Corporate Center | Total | |
| Fund Advisory fee | - | 2,036 | - | 22,631 | - | 500 | - | 25,167 |
| Fund Management fee | 33,249 | 28,320 | 54,885 | 67,144 | 19,648 | - | - | 203,246 |
| Other revenues | - | 176 | - | 11,086 | - | - | - | 11,262 |
| Fund Performance fee | - | - | 16 | 1,435 | 1,802 | - | - | 3,253 |
| Taxes and contributions | (1,955) | (1,509) | (2,068) | (1,744) | (888) | (43) | - | (8,207) |
| Net revenue from services rendered | 31,294 | 29,023 | 52,833 | 100,552 | 20,562 | 457 | - | 234,721 |
| (-) General and administrative expenses | (3,825) | (10,198) | (22,358) | (27,753) | (7,919) | (687) | (97,702) | (170,442) |
| Share-based payments | - | - | - | - | - | - | (5,003) | (5,003) |
| Operating profit | 27,469 | 18,825 | 30,475 | 72,799 | 12,643 | (230) | (102,705) | 59,276 |
| Finance income | 30,409 | |||||||
| Finance cost | (20,196) | |||||||
| Finance result, net | 10,213 | |||||||
| Equity gain/(loss) | (2,201) | |||||||
| Profit before income taxes | 67,288 | |||||||
| Income taxes | (11,360) | |||||||
| Profit for the period | 55,928 |
F-53
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
| 24 | Legal Claims |
|---|
Find below the judicial deposits and the provision for contingencies as of March 31, 2026 and December 31, 2025.
| Judicial deposits | 03/31/2026 | 12/31/2025 |
|---|---|---|
| Tax | 49,655 | 43,999 |
| Total | 49,655 | 43,999 |
| Provision for contingencies | 03/31/2026 | 12/31/2025 |
| --- | --- | --- |
| Tax | (49,861) | (44,171) |
| Labor | (275) | (275) |
| Total | (50,136) | (44,446) |
TaxClaim
As a result of the business combination with Verde, Vinci Compass recognized, at the acquisition date, judicial deposits and a provision for contingencies related to the respective legal proceedings in the amounts of R$ 43,737 and R$ 43,980, respectively, in accordance with IFRS 3.
Pursuant to the share purchase agreement, any amounts ultimately realized or paid in connection with the settlement of the contingency, including the related judicial deposit, will be for the benefit of the former shareholders. Accordingly, this arrangement has been accounted for as a separate transaction from the business combination and, to the extent applicable, gives rise to a corresponding indemnification right. As a result, any gain or loss arising from the resolution of such contingency will not have an impact on Vinci Compass’ consolidated profit or loss.
INSS – Third-Party Contributions
On October 18, 2019, the Verde’s subsidiaries filed Writ of Mandamus No. 5019677-75.2019.4.03.6100 (the “Writ of Mandamus”), assigned to the 22nd Federal Civil Court of São Paulo, seeking relief from the payment of third-party social security contributions calculated on payroll, as well as reimbursement of amounts paid over the previous five years.
As a result of the Writ of Mandamus, the Company recognized a provision for contingencies corresponding to the judicial deposits that have been and will be made.
As of March 31, 2026, the contingent liability amounts to R$ 49,861 (December 31, 2025: R$ 44,171), with judicial deposits made on the same date totaling R$ 49,655 (December 31, 2025: R$ 43,999).
LaborClaim
In 2025, a labor lawsuit filed against Vinci Capital Gestora de Recursos Ltda has been assessed by management and its legal advisors as a probable loss, in the amount of R$ 275. Accordingly, a provision has been recognized in the financial statements to cover the estimated amount of the liability.
Find below the disputes classified as possible risk of loss broken down into labor and tax:
| 03/31/2026 | 12/31/2025 | |
|---|---|---|
| Tax | 21,007 | 20,515 |
| Labor | 270 | 157 |
| Total | 21,277 | 20,672 |
TaxClaims
On March 21, 2018, the Brazilian federal revenue opened a tax assessment against Vinci Equities for the collection of open debts of IRPJ, CSLL, PIS and COFINS in the amount of R$ 21,007 (December 31, 2025: R$ 20,515) for the calendar year of 2013.
F-54
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
| 25 | Share-based payments |
|---|
The Entity provides benefits to its employees through a share-based incentive.
| (a) | Share-based compensation plans approved in 2026 |
|---|
In January 2026, the Board of Directors approved a new Stock Option Plan and a Restricted Share Unit Award Plan.
The Stock Option Plan aims to grant up to 1,500,000 options, each entitling the beneficiary to purchase one Class A common share. Such options have a weighted average exercise price per share in the amount of US$13.13; provided that, unless otherwise provided for in an option agreement, this exercise price will be reduced by the amount per share distributed to our shareholders from the date of the grant of the option, whether as dividends, interest on capital, redemption, capital reduction or others. Options will become eligible to be exercised in January 2029.
The Restricted Share Award Plan aims to grant up to 205,000 shares, each entitling the beneficiary to acquire one Class A common share.
| (b) | Outstanding shares granted |
|---|
The following table refers to the outstanding shares granted plan as of March 31, 2026, and December 31, 2025.
| Share-based Compensation Plan | |||||||
|---|---|---|---|---|---|---|---|
| RSU 2022 | SOP 2023 | SOP 2024 | SOP 2025 | SOP 2026 | RSU 2026 | TOTAL | |
| Outstanding on 12/31/2024 | 616,158 | 1,099,472 | 1,260,892 | - | - | - | 2,976,522 |
| Granted | - | - | 110,382 | 2,394,873 | - | - | 2,505,255 |
| Forfeited | (30,649) | (10,619) | - | - | - | - | (41,268) |
| Vested | (76,185) | - | (46,176) | - | - | - | (122,361) |
| Outstanding on 12/31/2025 | 509,324 | 1,088,853 | 1,325,098 | 2,394,873 | - | - | 5,318,148 |
| Granted | - | - | - | - | 1,420,800 | 202,752 | 1,623,552 |
| Forfeited | - | - | - | - | - | - | - |
| Vested | - | - | - | - | - | - | - |
| Outstanding on 03/31/2026 | 509,324 | 1,088,853 | 1,325,098 | 2,394,873 | 1,420,800 | 202,752 | 6,941,700 |
| (c) | Total Compensation Expense | ||||||
| --- | --- |
The following table refers to the share-based compensation expense for the period ended on March 31, 2026 and March 31, 2025.
| Share-based Compensation Plan – March 2026 | |||||||
|---|---|---|---|---|---|---|---|
| RSU 2022 | SOP 2023 | SOP 2024 | SOP 2025 | SOP 2026 | RSU 2026 | TOTAL | |
| Share-based compensation | 992 | 942 | 1,721 | 2,386 | 1,338 | 839 | 8,218 |
| Social charges | (2,465) | - | - | - | - | - | (2,465) |
| Total expense | (1,473) | 942 | 1,721 | 2,386 | 1,338 | 839 | 5,753 |
| Share-based Compensation Plan – March 2025 | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| RSU 2022 | SOP 2023 | SOP 2024 | SOP 2025 | SOP 2026 | RSU 2026 | TOTAL | |
| Share-based compensation | 1,309 | 951 | 1,699 | 1,392 | - | - | 5,351 |
| Social charges | (348) | - | - | - | - | - | (348) |
| Total expense | 961 | 951 | 1,699 | 1,392 | - | - | 5,003 |
F-55
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
| 26 | Deferred Revenue |
|---|
In accordance with the Partnership Agreement of some funds managed by Vinci Compass, management fees are payable in advance semiannually on January 1 and July 1. The revenue fees are recognized monthly on a linear basis during the semester. The deferred revenue balance as of March 31, 2026 is R$14,295 (on December 31, 2025: zero).
F-56
Vinci Compass Investments Ltd.
Notes to the interim consolidated financial statements
All amounts in thousands of Brazilian Reais, unless otherwise stated
| 27 | Subsequent Events |
|---|
Businesscombination with BACS Asset Management
On April 22, 2026 Vinci Compass Investments Ltd announced the signing of an agreement to combine its Argentine asset management operations with BACS Administradora de Activos S.A.S.G.F.C.I. ("BACS Asset Management"), a leading local mutual fund manager and capital markets platform in Argentina.
Established in 2012, BACS Asset Management is a leading Argentine manager with a strong focus on corporate and retail clients, managing a diversified product suite under the "Toronto Trust" brand name across money market and non-money market funds. BACS Asset Management benefits from close integration with BACS Banco de Crédito y Securitización S.A. ("BACS") and Banco Hipotecario S.A. ("Banco Hipotecario"), one of Argentina's best-capitalized banks.
The transaction brings together Investis Asset Management S.A.S.G.F.C.I. ("Investis"), Vinci Compass' Argentine asset management business, with BACS Asset Management, which at the end of March 2026 had approximately US$800 million in assets under management ("AuM"), creating a scaled platform with approximately US$1.6 billion in AuM, diversified across money market and non-money market strategies, and a strong presence across corporate, retail and institutional clients.
The Transaction has been implemented solely through a corporate reorganization at Vinci Compass' Argentine entity level, without any cash component, pursuant to which Vinci Compass will retain the management of the combined asset management platform, while BACS Asset Management shareholders will maintain a meaningful minority ownership interest. The Transaction includes an incentive-based earnout mechanism linked to the growth of assets and revenues generated through BACS and Banco Hipotecario's distribution channels, aligning long-term interests and supporting organic growth.
The Transaction is expected to close in the second quarter of 2026, subject to the satisfaction of regulatory requirements and customary closing conditions.
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