[Management View]
Vinci Partners reported significant growth in fee-related earnings (FRE) and adjusted distributable earnings, driven by strong capital formation, effective integration of new business units, and robust fund performance. Key metrics include BRL65.2 million in FRE and BRL75.8 million in adjusted distributable earnings. Strategic priorities focused on expanding credit business across Latin America and finalizing the Infrastructure Climate Change Fund (ICC).

[Outlook]
Management provided performance guidance indicating continued growth in AUM and fee-related earnings, with expectations of low-30% FRE margins by Q2 or Q3 2026. Future plans include expanding investments in renewable energy projects and launching new funds targeting high-net-worth clients in Latin America.

[Financial Performance]
Fee-related revenues totaled BRL85 million, up 85% year over year. Performance-related earnings (PRE) rose 50% year over year. Adjusted distributable earnings increased by 30% year over year in nominal terms.

[Q&A Highlights]
Question 1: What level of net inflow can we expect in the second half, and how much AUM is still to be deployed from VCP4 and VICC?
Answer: Management expects continued strong net inflows in the second half, with several funds open and strategies in credit and TPD alternatives showing good flow. Approximately $200-$300 million of additional commitments are expected to flow from liquid funds into closed-end funds over the next year.

Question 2: How should we forecast GP income and financial results given the J curve effect of investments?
Answer: Financial income is expected to gradually reduce as liquid portfolio investments transition to closed-end funds. Significant returns from closed-end funds are anticipated starting in 2027, with more meaningful impacts on net income beginning in 2026.

Question 3: When should we see FRE margin expand to the low-30% run rate?
Answer: Management expects FRE margin to expand to the low-30% range by the second or third quarter of 2026, driven by cost control initiatives and integration efficiencies.

Question 4: Is the flattish management fee related to FX changes, and what would FRE growth be without this effect?
Answer: The flat management fee is primarily due to FX variation. Without the FX impact, revenues would have grown in the low to mid-single digits quarter-over-quarter, with FRE growing an estimated additional 5%-6%.

Question 5: Can you elaborate on the credit portfolio's regional spread and new business opportunities?
Answer: The credit portfolio is growing across Latin America, with significant interest in private credit in Colombia, Peru, Chile, and Mexico. Argentina's asset management business is also expected to see more inflows with improving macroeconomic conditions.

[Sentiment Analysis]
Analysts expressed positive sentiment regarding Vinci Partners' strong financial performance and strategic initiatives. Management maintained a confident and optimistic tone, emphasizing growth opportunities and integration benefits.

[Quarterly Comparison]
| Metric | Q2 2025 | Q2 2024 | YoY Change |
|-------------------------------|---------------|---------------|--------------|
| Fee-Related Earnings (FRE) | BRL65.2M | BRL52.2M | +25% |
| Adjusted Distributable Earnings| BRL75.8M | BRL58.3M | +30% |
| Fee-Related Revenues | BRL85M | BRL46M | +85% |
| Performance-Related Earnings (PRE)| BRL50M | BRL33.3M | +50% |
| Assets Under Management (AUM) | BRL304B | BRL280B | +8.6% |

[Risks and Concerns]
FX variation impacted management fees and AUM growth. Non-recurring expenses, including retention plan provisions, are expected to conclude in Q4 2025. The integration of acquired units and operational enhancements may pose short-term challenges.

[Final Takeaway]
Vinci Partners demonstrated robust growth in fee-related earnings and adjusted distributable earnings, driven by strategic fundraising and effective integration of new business units. The company is well-positioned for continued growth, with strong performance guidance and future plans focused on expanding investments in renewable energy projects and launching new funds targeting high-net-worth clients in Latin America. Despite FX headwinds, Vinci Partners remains confident in its ability to deliver long-term value to shareholders through disciplined growth and prudent capital allocation.