Vinci Partners Investments : VINP 1Q24 Financial Statements

Vinci Partners Investments Ltd.

Interim Financial Statements as of March 31, 2024

1

Vinci Partners Investments Ltd.

Consolidated balance sheets

All amounts in thousands of reais unless otherwise stated

Assets	Note	03/31/2024	12/31/2023
Current assets
Cash and cash equivalents	5(c)	531,988	660,305
Cash and bank deposits	5(c)	45,738	15,896
Financial instruments at fair value through profit or loss	5(c)	85,649	173,300
Financial instruments at amortized cost	5(c)	400,601	471,109
Financial instruments at fair value through profit or loss	5(d)	1,221,642	1,168,355
Accounts receivable	5(a)	89,701	101,523
Sub-leases receivable	10	3,601	4,071
Taxes recoverable		1,630	2,219
Other assets	6	25,169	19,109
Total current assets		1,873,731	1,955,582
Non-current assets
Financial instruments at fair value through profit or loss	5(c)	57,965	7,146
Accounts receivable	5(a)	16,412	16,638
Sub-leases receivable	10	1,079	1,467
Taxes recoverable		1,139	325
Deferred taxes	20	16,395	13,487
Other assets	6	19,556	19,427
		112,546	58,490
Property and equipment	8	11,924	12,591
Right of use - Leases	10	55,917	58,308
Intangible assets	9	215,527	214,748
Total non-current assets		395,914	344,137
Total assets		2,269,645	2,299,719

The accompanying notes are an integral part of these interim consolidated financial statements.

F-2

Vinci Partners Investments Ltd.

Consolidated balance sheet

All amounts in thousands of reais unless otherwise stated

Liabilities and equity	Note	03/31/2024	12/31/2023
Current liabilities
Trade payables		348	1,869
Deferred revenue	25	10,419	-
Leases	10 and 5(e)	25,104	24,381
Accounts payable	11	6,052	6,020
Labor and social security obligations	12	27,325	101,506
Loans and obligations	14	78,138	76,722
Taxes and contributions payable	13	18,618	24,853
Total current liabilities		166,004	235,351
Non-current liabilities
Leases	10 and 5(e)	43,188	48,431
Labor and social security obligations	12	6,784	5,357
Loans and obligations	14	554,452	540,369
Deferred taxes	20	4,303	3,883
Retirement plans liabilities	15	144,782	85,554
Total non-current liabilities		753,509	683,594
Total liabilities		919,513	918,946
Equity	16
Share capital		15	15
Additional paid-in capital		1,408,438	1,408,438
Treasury shares	16(f)	(201,165)	(172,863)
Retained earnings		104,244	111,444
Other reserves		37,185	31,876
		1,348,717	1,378,910
Non-controlling interests in the equity of subsidiaries	7(b)	1,415	1,864
Total equity		1,350,132	1,380,774
Total liabilities and equity		2,269,645	2,299,719

The accompanying notes are an integral part of these interim consolidated financial statements.

F-3

Vinci Partners Investments Ltd.

Interim consolidated statement of income

For the three-month period ended March 31

All amounts in thousands of reais unless otherwise stated

Statements of Income	Note	03/31/2024	03/31/2023
Net revenue from services rendered	17	109,087	102,308
General and administrative expenses	18	(61,658)	(54,130)
Operating profit		47,429	48,178
Finance income	19	32,611	4,253
Finance expenses	19	(23,948)	(6,844)
Finance profit, net		8,663	(2,591)
Profit before income taxes		56,092	45,587
Income taxes	20	(10,384)	(12,881)
Profit for the year		45,708	32,706
Attributable to the shareholders of the parent company		46,157	32,737
Attributable to non-controlling interests		(449)	(31)
Basic earnings per share in Brazilian Reais	16 (g)	0.84	0.58
Diluted earnings per share in Brazilian Reais	16 (g)	0.80	0.57

The accompanying notes are an integral part of these interim consolidated financial statements.

F-4

Vinci Partners Investments Ltd.

Interim consolidated statement of comprehensive income

For the three-month period ended March 31

All amounts in thousands of reais unless otherwise stated

	03/31/2024	03/31/2023
Profit for the year	45,708	32,706
Other comprehensive income
Items that may be reclassified to profit or loss:
Foreign exchange variance of investees
Vinci Capital Partners GP Limited	4	(3)
Vinci USA LLC	947	(869)
Vinci Capital Partners F III GP Limited	22	(22)
GGN GP LLC	2	(3)
VICC Infra GP LLC	11	(4)
Vinci Capital Partners IV GP LLC	58	(48)
VICC Infra GP (Lux), S.A.R.L.	(14)	-
Total comprehensive income for the year	46,738	31,757
Attributable to:
Shareholders of the parent company	47,187	31,788
Non-controlling interests	(449)	(31)
	46,738	31,757

The accompanying notes are an integral part of these interim consolidated financial statements.

F-5

Vinci Partners 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, 2023	15	1,382,038	81,310	24,149	(114,978)	1,372,534	3,013	1,375,547
Profit for the year	-	-	32,737	-	-	32,737	(31)	32,706
Other comprehensive income:
Foreign exchange variation of investee	-	-	-	(949)	-	(949)	-	(949)
located abroad
Share based payments	-	-	-	1,986	-	1,986	-	1,986
Treasury quotas bought	-	-	-	-	(17,988)	(17,988)	-	(17,988)
Allocation of profit:
Dividends	-	-	(49,015)	-	-	(49,015)	-	(49,015)
At March 31, 2023	15	1,382,038	65,032	25,186	(132,966)	1,339,305	2,982	1,342,287
At January 01, 2024	15	1,408,438	111,444	31,876	(172,863)	1,378,910	1,864	1,380,774
Profit for the year	-	-	46,157	-	-	46,157	(449)	45,708
Other comprehensive income:
Foreign exchange variation of investee	-	-	-	1,030	-	1,030	-	1,030
located abroad
Share based payments	-	-	-	4,279	-	4,279	-	4,279
Treasury shares bought, net of shares sold	-	-	-	-	(28,302)	(28,302)	-	(28,302)
Allocation of profit:
Dividends	-	-	(53,357)	-	-	(53,357)	-	(53,357)
At March 31, 2024	15	1,408,438	104,244	37,185	(201,165)	1,348,717	1,415	1,350,132

The accompanying notes are an integral part of these interim consolidated financial statements.

F-6

Vinci Partners 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	03/31/2024	03/31/2023
Cash flows from operating activities
Profit before taxation		56,092	45,587
Adjustments to reconcile net income to cash flows from operations:
Depreciation and amortization	18	5,464	4,555
Investment income of financial instruments at fair value through profit or loss		34,844	3,173
Net foreign exchange on liabilities at amortized cost	14(i)	15,576	-
Interest expense on loans and obligations	19	15,010	3,934
Loss/(gain) on remeasurement of contingent consideration	19	5,756	(4,051)
Share based payments	18	6,148	2,107
Financial result on lease agreements	19	2,037	2,555
		140,927	57,860
Changes in assets and liabilities
Accounts receivables		12,048	(2,494)
Taxes recoverable		(225)	(568)
Other assets		(6,188)	(3,552)
Trade payables		(1,521)	(726)
Deferred revenue		10,419	17,219
Accounts payable		32	(85)
Labor and social security obligations		(74,623)	(62,473)
Taxes and contributions payable		(4,847)	(419)
Contribution for retirements plans		58,000	-
		(6,905)	(53,098)
Cash generated from operations		134,022	4,762
Income tax paid		(15,417)	(18,219)
Net cash inflow from operating activities		118,605	(13,457)
Cash flows from investing activities
Purchases of property and equipment and additions to intangible assets		(3,302)	(4,196)
Purchase of financial instruments at fair value through profit or loss		(383,265)	(13,338)
Sales of financial instruments at fair value through profit or loss		245,543	76,375
Net cash (outflow) from investing activities		(141,024)	58,841
Cash flows from financing activities
Interest payments of loans and obligations	14(ii)	(11,955)	(5,943)
Principal payments of loans and obligations	14(ii)	(8,889)	-
Treasury shares acquisition paid, net of treasury shares sold	16(f)	(28,302)	(18,431)
Lease payments, net of sublease received		(5,652)	(5,864)
Dividends paid	16(e)	(53,228)	(48,474)
Net cash (outflow) from financing activities		(108,026)	(78,712)
Net increase in cash and cash equivalents		(130,445)	(33,328)
Cash and cash equivalents at the beginning of the year	5(c)	660,305	136,581
Foreign exchange variation of cash and cash equivalents in subsidiary		2,128	(2,051)
Cash and cash equivalents at the end of the year	5(c)	531,988	101,202

Non-cash financing activities

Dividends declared and not yet paid until March 31, 2024 and 2023 were R$ 3,791 (Note 11), respectively.

Consideration payable and contingent consideration (earn-out) as of March 31, 2024 and 2023 were 119,552 and 82,123 (Note 14), respectively. Vinci expects to pay the contingent consideration through its equity instruments. However, accordingly to IAS 32, the earn-out obligation was classified as a financial liability.

The accompanying notes are an integral part of these interim consolidated financial statements.

F-7

Vinci Partners Investments Ltd.

Notes to the interim consolidated financial statements

All amounts in thousands of Brazilian Reais, unless otherwise stated

• Operations
  Vinci Partners Investments Ltd. is an exempted company incorporated in the Cayman Islands (referred to herein as "Entity", "Group" or "Vinci"). 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 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.

• 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, 2023.

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 9, 2024.

1. Interim consolidated financial statements
   Vinci operates as an asset management firm. The Group focuses on private markets, public equities, corporate advisory, investment products and solutions, and retirement services, 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, 2024 and December 31, 2023 are as follows:

F-8

Vinci Partners Investments Ltd.

Notes to the interim consolidated financial statements

All amounts in thousands of Brazilian reais, unless otherwise stated

	Interest - %
	03/31/2024	12/31/2023
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
Vinci Capital Partners GP III 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.	85	85
Vinci Vida e Previdência S.A. (3)	85	85
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	-

1. Minority interest represents less than 0.001%.
2. Under the terms of IFRS 10, the Entity does not consolidate its investment in Vinci Monalisa FIM Crédito Privado IE and measures at fair value through profit or loss in accordance with IFRS 9.
3. Vinci has an indirect interest at Vinci Vida e Previdência of 85% through its subsidiary Vinci Holding Securitária Ltda., which holds 100% of ownership interest at Vinci Vida e Previdência. Vinci Vida e Previdência commenced its operations in April 2023.
4. On 16 August 2022, Vinci Soluções de Investimentos Ltda. acquired 90% of the issued share capital of SPS Capital Gestão de Recursos Ltda. The acquisition gives to Vinci Soluções de Investimentos the right of 100% on the economic interest of SPS Gestão de Recursos Ltda.
5. Under the terms of IFRS 10, the Entity does not consolidate its investment in Vinci US RE Corporation and measures at fair value through profit or loss in accordance with IFRS 9.

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 interests 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

F-9

Vinci Partners Investments Ltd.

Notes to the interim consolidated financial statements

All amounts in thousands of Brazilian reais, unless otherwise stated

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 the 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 retained interest 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 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

In 2021, the members of the Board of Directors of Vinci Partners Investments Ltd were appointed. 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.

The strategic decisions of the Group comprise five distinct business segments: (i) Private market strategies, (ii) Public equities, (iii) Investment products and solutions; (iv) Corporate advisory and (v) Vinci retirement services (Note 20).

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.

• 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 is included as follow:
• • Allowance of expected credit losses of accounts receivable.
  • Provision for profit sharing.
  • Consolidation of subsidiaries.
  • Fair value measurement of financial assets.
  • 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.

• 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.

F-10