Vinci Partners Investments : VINP 1Q24 Earnings Presentation

First Quarter 2024 Earnings Presentation

May 09, 2024

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.vincipartners.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.

2

Presenters

Alessandro Horta	Bruno Zaremba	Sergio Passos
Chief Executive Officer	Private Equity Chairman &	Chief Operating Officer
	Head of Investor Relations	& Chief Financial Officer

3

Opening Remarks

Vinci Partners First Quarter 2024 Highlights

Vinci Partners ended the first quarter with R$69 bn in AUM¹, a 11% growth year-over-year, led by R$4.3 billion in capital subscriptions over the last twelve months across Private Markets funds.

R$ 69 bn	+ 11%	R$ 4.3 bn
YoY	Capital Subscriptions
AUM 1Q'24
1Q'24 LTM

Fee Related Earnings (FRE) totaled R$54 million in the quarter, or R$1.01 per share², up 12% year-over-year on a per share basis. Vinci announced a quarterly distribution of US$0.17 per common share.

R$ 54 mm	+ 12%	US$ 0.17
(R$1.01/share)	YoY	Quarterly Dividend
FRE 1Q'24

See notes and definitions at end of document

Vinci Partners announced in March the business combination with Compass, creating the gateway to alternative asset management in Latin America.

Combined AUM³ of +US$50 bn and strong diversification effect through complementary products6 and solutions with broader geographic coverage and funding

Transaction to expand Vinci's geographic6 footprint into a true Pan- regional platform

Enhance the distribution of Vinci's6 products in Latin America through Compass' unmatched platform

Mindset and cultural alignment6between partners and senior management catalyzing superior execution

Immediately accretive to FRE/Share6

5

Vinci Partners to expand agribusiness footprint with the acquisition of MAV Capital

Vinci MAVbrandCapitalrecognition

Transaction Rationale

• • MAV Capital is an alternative asset manager focused on agribusiness with approximately R$550 million in assets under management in sector-specificprivate credit funds
• MAV is led by a best-in-class and highly seasoned management team with more than 20 years of experience

~550 mm	5
Investment
AUM
Products
+35	5-10 years	3▪
In-house Structure

Operations	AUM Lock-up

▪ The transaction aims to consolidate Vinci's position
1	across the agribusiness segment in Brazil, a
	substantially underserved segment by the investment
	industry

2▪ Brazil exhibits numerous competitive advantages and is currently recognized as a key global player, while locally agribusiness and related activities are a meaningful contributor to the country's GDP

The acquisition is aligned with Vinci's long-term growth plan, enabling Vinci to further expand its product offering by enhancing its credit segment and creating a dedicated vertical to provide solutions to the agribusiness sector

See notes and definitions at end of document

6

Unlocking Growth: We are focused on delivering growth through strategic partnerships and acquisitions

2021

Vinci Partners' IPO

• R$2 bn
  AUM

2022

Acquisition of SPS Capital

A new chapter in our product offering capabilities with the expansion into Opportunistic Capital Solutions, a sizable addressable market in Brazil.

+ US$ 37 bn	+ US$100 mm
AUM¹	Investment
2024	2023

Combination with Compass

Consolidating Vinci's position as the gateway to alternative investments in Latin America. A natural step to expand Vinci's geographic footprint into a Pan-regional platform.

• R$550 mm
  AUM

2024

Acquisition of MAV Capital

The transaction reinforces Vinci's position across the Agribusiness sector, an underserved segment by the Investment Industry in Brazil.

Strategic Partnership with Ares

Forming a strategic partnership to accelerate growth of Vinci's platform in

Latin America.

2024-2025

What will drive future growth? Vinci continues to explore inorganic growth opportunities, both in Brazil and in Latam, in order to complete its product offering and geographic positioning. 7

Financial Highlights

First Quarter 2024 Segment Earnings (Unaudited)

(R$ thousands, unless mentioned)	1Q'23	4Q'23	1Q'24	∆ YoY(%)	1Q'23 LTM	1Q'24 LTM	∆ YoY(%)
Net revenue from management fees	95,877	99,976	96,455	1%	380,149	393,945	4%
Net revenue from advisory fees	4,468	18,998	10,359	132%	22,788	45,690	101%
Total Fee Related Revenues	100,345	118,974	106,814	6%	402,937	439,635	9%
Segment personnel expenses	(7,164)	(7,462)	(7,337)	2%	(26,069)	(29,859)	15%
Other G&A expenses	(3,458)	(6,573)	(5,996)	73%	(17,338)	(22,961)	32%
Corporate center expenses	(22,606)	(21,499)	(21,087)	(7)%	(88,615)	(89,105)	1%
Bonus compensation related to management and advisory	(18,062)	(26,143)	(18,748)	4%	(74,108)	(84,686)	14%
Total Fee Related Expenses	(51,290)	(61,677)	(53,168)	4%	(206,130)	(226,611)	10%
FEE RELATED EARNINGS (FRE)	49,055	57,297	53,646	9%	196,807	213,024	8%
FRE Margin (%)	48.9%	48.2%	50.2%		48.8%	48.5%
FRE per share¹ (R$/share)	0.90	1.07	1.01	12%	3.57	3.96	11%
Net revenue from performance fees	1,963	6,468	2,273	16%	13,391	21,564	61%
Performance based compensation	(733)	(3,614)	(1,009)	38%	(6,255)	(10,916)	75%
PERFORMANCE RELATED EARNINGS (PRE)	1,230	2,854	1,264	3%	7,136	10,648	49%
PRE Margin (%)	62.7%	44.1%	55.6%		53.3%	49.4%
(-) Unrealized performance fees	-	1,042	-	N/A	4,254	1,042	(76)%
(+) Unrealized performance compensation	-	(369)	-	N/A	(1,503)	(369)	(75)%
(+) Realized GP investment income	5,881	4,451	4,406	(25)%	24,007	17,735	(26)%
SEGMENT DISTRIBUTABLE EARNINGS	56,166	65,275	59,316	6%	230,701	242,080	5%
Segment DE Margin (%)	51.9%	49.9%	52.3%		51.9%	50.4%
(+) Depreciation and amortization	1,778	1,858	1,891	6%	5,780	7,423	28%
(+) Realized financial income	20,089	22,046	12,362	(38)%	82,051	76,618	(7)%
(-) Leasing expenses	(2,631)	(2,267)	(2,216)	(16)%	(9,518)	(9,394)	(1)%
(-) Other items²	(3,900)	(6,446)	(9,236)	137%	(8,482)	(24,155)	185%
(-)Non-operational expenses³	-	(1,924)	(1,333)	N/A	(1,485)	(3,257)	N/A
(-) Income taxes (excluding related to unrealized fees and income)	(11,496)	(16,532)	(12,487)	9%	(49,972)	(56,819)	14%
DISTRIBUTABLE EARNINGS (DE)	60,006	62,010	48,297	(20)%	249,075	232,496	(7)%
DE Margin (%)	46.8%	40.5%	38.4%		47.3%	41.8%
DE per share (R$/share)⁴	1.10	1.15	0.91	(17)%	4.52	4.32	(4)%
(+) Non-operational expenses (including Income Tax effect)	-	1,631	1,308	N/A	988	2,939	197%
ADJUSTED DISTRIBUTABLE EARNINGS	60,006	63,641	49,605	(17)%	250,063	235,435	(6)%
Adjusted DE Margin (%)	46.8%	41.6%	39.4%		47.5%	42.3%
Adjusted DE per share (R$/share)	1.10	1.18	0.93	(15)%	4.53	4.38	(3)%
See notes and definitions at end of document							9

First Quarter 2024 Highlights

Financial

Measures

Capital

Metrics

Capital Returned to

Shareholders

• Fee-relatedrevenues of R$106.8 million in the first quarter, up 6% year-over-year, driven by stronger advisory fees in the quarter.
• • Fee-relatedrevenues of R$439.6 million in the 1Q'24 LTM, up 9% year-over-year. Management fees were R$393.9 million in the 1Q'24 LTM, up 4% year-over-year, with Private Markets segment substantially increasing its relevance in the revenues' mix.
• FRE was R$53.6 million (R$1.01/share) in the 1Q'24, up 9% year-over-year on an absolute basis and 12% year-over-year on an FRE per share basis.
• Adjusted Distributable Earnings ("Adjusted DE") of R$49.6 million (R$0.93/share) in the quarter, down 17% year-over-year on an absolute basis and 15% year-over-year on an Adjusted DE per share basis.
• Total assets under management ("AUM") of R$68.8 billion, up 11% year-over-year.
• • Fee-EarningAUM ("FEAUM") of R$65.3 billion, up 12% year-over-year.
• Capital Subscriptions of R$0.7 billion in the quarter and R$4.3 billion in the 1Q'24 LTM.
• Capital Return of R$324 million in the quarter and R$1.5 billion in the 1Q'24 LTM.
• Appreciation of R$797 million in the quarter and R$7.2 billion in the 1Q'24 LTM.
• Performance fee-eligible AUM ("PEAUM") of R$39.3 billion at the end of the quarter.
• Net cash and investments of R$1.1 billion (R$20.74/share) at the end of the quarter.
• Quarterly dividend of US$0.17 per common share payable on June 07, 2024.

10