Exhibit 99.3

 

 

 

 

 

 

 

 

 

Vinci Compass Reports Fourth Quarter & Full Year 2024 Results

 

Alessandro Horta, Chief Executive Officer, stated, “The year of 2024 was a transformational one for our firm, marking the beginning of a new chapter with the successful completion of our combination with Compass, alongside two other strategic acquisitions, MAV and Lacan. These milestones have significantly expanded our platform, positioning Vinci Compass as the premier alternative investment and global solutions provider in Latin America. We have been, consistently since our IPO, thriving from the gradual shift to alternatives within the local institutional community in Brazil, and we still have plenty room to grow. As we enter the new year, we are stepping into an environment full of opportunities to further expand our presence across Latin America and strengthen our fundraising efforts, both cross-border and on a local-to-local basis. Our extensive footprint allows us to effectively drive cross-selling opportunities across the region while leveraging the unique advantages of global markets. This geographic diversity enables us to offer tailored solutions to our clients, addressing their investment needs on a local, regional, and global scale.”

 

 

FEE RELATED EARNINGS & AUM

 

R$79mm

 

FRE + 38% YoY

  R$327bn

 

AuM + 377% YoY

 

 

 

 

DISTRIBUTABLE EARNINGS & DIVIDENDS

 

R$74mm+ 16%

 

Adj. Distributable     YoY 

Earnings

 

 

 

R$ 1.15

 

Adj. Distributable Earnings 

                           (per Share)

 

US$ 0.15

 

Quarterly Dividend

 

 

 

 

 

 

 

 

 

 

  4Q’24 and Full Year 2024 Earnings Release

  February 26th, 2025

 

      

 

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 September 2024, Vinci Compass had R$296 billion in assets under management and advisory on a Proforma basis.

 

Webcast and Earnings Conference Call

 

Vinci Compass will host a conference call at 5:00pm ET on Wednesday, February 26, 2025, to announce its fourth quarter and full year 2024 results.

 

To access the webcast please visit the Events & Presentations' section of the Company's website at:

 

https://ir.vincipartners.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 Compass3

 

 

  4Q’24 and Full Year 2024 Earnings Release

  February 26th, 2025

 

      

 

Segment Earnings

 

(R$ thousands, unless mentioned) 4Q'23 3Q'24 4Q'24 ∆ YoY(%) FY'23 FY'24 ∆ YoY(%)
Net revenue from management fees 99,976 106,750 170,193 70% 393,367 487,532 24%
Net revenue from advisory fees 18,998 5,966 40,328 112% 39,799 68,134 71%
Other revenues - - 7,925 N/A - 7,925 N/A
Total Fee Related Revenuesi 118,974 112,716 218,446 84% 433,166 563,591 30%
Segment personnel expenses (7,462) (8,239) (14,895) 100% (29,686) (38,027) 28%
Other G&A expenses (6,573) (6,614) (29,120) 343% (20,423) (48,756) 139%
Corporate center expenses (21,499) (24,817) (64,006) 198% (90,625) (135,660) 50%
Bonus compensation related to management and advisory (26,143) (19,228) (31,397) 20% (84,000) (92,753) 10%
Total Fee Related Expenses (61,677) (58,897) (139,418) 126% (224,733) (315,194) 40%
FEE RELATED EARNINGS (FRE)ii 57,297 53,819 79,028 38% 208,433 248,397 19%
FRE Marginiii (%) 48.2% 47.7% 36.2%   48.1% 44.1%  
FRE per shareiv (R$/share) 1.07 1.02 1.23 16% 3.86 4.42 15%
Net revenue from performance fees 6,468 1,890 27,412 324% 21,254 37,188 75%
Performance based compensation (3,614) (907) (10,930) 202% (10,640) (15,349) 44%
PERFORMANCE RELATED EARNINGS (PRE)v 2,854 984 16,482 478% 10,614 21,840 106%
PRE Marginvi (%) 44.1% 52.1% 60.1%   49.9% 58.7%  
(-) Unrealized performance fees 1,042 – 9,454 807% 1,042 12,937 1,142%
(+) Unrealized performance compensation (369) – 74 N/A (369) (1,159) 214%
(+) Realized GP investment income 4,451 4,539 4,111 (8)% 19,210 25,435 32%
SEGMENT DISTRIBUTABLE EARNINGSvii 65,275 59,342 109,150 67% 238,930 307,451 29%
Segment DE Margin (%) 49.9% 49.8% 42.1%   50.3% 48.7%  
(+) Depreciation and amortization 1,858 2,272 2,636 42% 7,310 8,672 19%
(+) Realized financial income 22,046 15,178 10,308 (53)% 84,345 49,269 (42)%
(-) Leasing expenses (2,267) (1,931) (2,072) (9)% (9,809) (8,295) (15)%
(-) Other itemsviii (6,446) (6,858) (30,198) 368% (18,819) (63,809) 239%
(-)Non-operational expensesix (1,924) (3,728) (39,827) 1,970% (1,924) (56,562) 2,840%
(-) Income taxes (excluding related to unrealized fees and income) (16,532) (10,899) (14,610) (12)% (55,828) (52,868) (5)%
DISTRIBUTABLE EARNINGS (DE)x 62,010 53,377 35,386 (43)% 244,205 183,857 (25)%
DE Marginxi (%) 40.5% 39.7% 13.1%   43.7% 27.0%  
DE per share (R$/share) 1.15 1.01 0.55 (52)% 4.51 3.35 (26)%
(+) Nonrecurring expenses (including Income Tax effect) 1,631 3,727 38,560 2,264% 1,631 55,199 3,284%
ADJUSTED DISTRIBUTABLE EARNINGSxii 63,641 57,104 73,946 16% 245,836 239,056 (3)%
Adjusted DE Marginxiii (%) 41.6% 42.5% 27.4%   44.0% 35.1%  
Adjusted DE per sharexiv (R$/share) 1.18 1.08 1.15 (2)% 4.54 4.26 (6)%

 

Total Fee Related Revenues of R$218.5 million for the quarter ended December 31, 2024, compared to R$119.0 million for the quarter ended December 29, 2023, an increase of 84% year-over year. This increase was pushed by growth in management fees and higher advisory fees, driven mostly by the contribution from the Compass and Lacan transactions closed in the quarter, combined with organic fundraising from the Private Equity (VCP IV) and Infra (VICC) strategies, including catch-up fees. In the quarter, management fees accounted for R$170.2 million, an increase of 70% year-over-year. Advisory fees include fees coming from the Corporate Advisory segment and one-time upfront fees charged for third-party distribution alternative commitments in Global IP&S. Other revenues comprise of brokerage fees in USA and Chile and fund services fees in Mexico. Fee related revenues were R$563.6 million for the full year 2024, up 30% when compared to the full year 2023, driven by strong fundraising across Private Equity, Credit and Real Assets products and inorganic growth of the platform.

 

Earnings Release   |   Vinci Compass4

 

 

  4Q’24 and Full Year 2024 Earnings Release

  February 26th, 2025

 

      

 

Fee Related Earnings (“FRE”) of R$79.0 million (R$1.23/share) for the quarter ended December 31, 2024, up 38% year-over-year on an absolute basis and 16% year-over-year on a per share basis when compared to the quarter ended December 29, 2023, driven by stronger management and advisory fees from the combination with Compass, acquisition of MAV and Lacan, and organic fundraising across Private Equity and Infrastructure funds. FRE of R$248.4 million (R$4.42/share) for the full year 2024, up 19% when compared to the full year 2023 on an absolute basis and 15% on a per share basis.

 

Performance Related Earnings (“PRE”) of R$16.5 million for the quarter ended December 31, 2024, up 478% year-over-year. This growth was driven by realized performance in Global IP&S, Credit and Real Assets segments, with highlights to the funds Vinci Argentina and Fondo Inmobiliario from Peru. PRE was R$21.8 million for the full year 2024, an increase of 106% when compared to the full year 2023.

 

Segment Distributable Earnings of R$109.2 million for the quarter ended December 31, 2024, compared to R$65.3 million for the quarter ended December 29, 2023, up 67% year-over-year. Segment Distributable Earnings were R$307.5 million for the full year 2024, up 29% year-over-year, when compared to the full year 2023.

 

Adjusted Distributable Earnings (“DE”) of R$74.0 million (R$1.15/share) for the quarter ended December 31, 2024, compared to R$63.6 million (R$1.18 /share) for the quarter ended December 29, 2023, up 16% year-over-year on an absolute basis and down 2% year-over-year on an Adjusted DE per share basis. The increase in the absolute basis was driven mostly by FRE growth. Adjusted DE was impacted by negative R$16 million in the 4Q'24 following the FX Rate depreciation on Vinci’s net debt position in US Dollars. Without this effect, Adjusted DE would have been R$90.0 million or R$1.40 per share. Adjusted DE was R$239.1 million (R$4.26/share) for the full year 2024, down 3% when compared to the full year 2023, on an absolute basis and down 6% on an Adjusted DE per share basis. Adjusted DE decreased 3% in the full year due to the decline in financial income from our cash position, which decreased throughout the year, as the company deployed part of its cash into payments for the acquisitions of Lacan, MAV and the combination with Compass, additional to the deployment into GP investments and the impact coming from FX variation on Vinci’s net debt position in US Dollars.

 

Earnings Release   |   Vinci Compass5

 

 

  4Q’24 and Full Year 2024 Earnings Release

  February 26th, 2025

 

      

 

Segment Highlights

 

Global IP&S

 

(R$ thousands, unless mentioned) 4Q'23 3Q'24 4Q'24 ∆ YoY (%) FY’24
Net revenue from management fees 19,468 18,982 43,857 125% 101,945
Net revenue from advisory fees 8 525 17,988 224,753% 19,045
Other revenues – – 7,745 N.A 7,745
Total Fee Related Revenues 19,476 19,508 69,590 257% 128,737
Segment personnel expenses (2,397) (2,386) (4,036) 68% (10,798)
Other G&A expenses (3,157) (3,029) (6,330) 100% (14,867)
Placement Fee Amortization and Rebates – – (6,633) N/A (6,633)
Corporate center expenses (4,311) (4,363) (32,747) 660% (46,068)
Bonus compensation related to management and advisory (5,445) (4,659) (5,729) 5% (21,397)
Total Fee Related Expenses (15,310) (14,437) (55,474) 262% (99,762)
FEE RELATED EARNINGS (FRE) 4,166 5,071 14,116 239% 28,974
FRE Margin (%) 21.4% 26.0% 20.3%   22.5%
Net revenue from performance fees 1,994 147 14,636 634% 15,006
Realized performance fees 1,994 147 14,636 634% 15,006
Unrealized performance fees – – – N/A –
Performance based compensation (994) (108) (4,619) 365% (4,838)
PERFORMANCE RELATED EARNINGS (PRE) 1,000 40 10,017 902% 10,169
PRE Margin (%) 50.2% 27.2% 68.4%   67.8%
(-) Unrealized performance fees – – – N/A –
(+) Unrealized performance compensation – – – N/A –
(+) Realized GP investment income 160 257 9 (94)% 493
SEGMENT DISTRIBUTABLE EARNINGS 5,326 5,368 24,142 353% 39,637
Segment DE Margin (%) 24.8% 27.3% 28.7%   29.0%
           
FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM) 25,255 24,043 254,840 909% 254,840
AVERAGE MANAGEMENT FEE RATE (%) 0.34% 0.34% 0.29%   0.33%
FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM) EX-UPFRONTS 25,255 24,043 170,976 577% 170,976
AVERAGE MANAGEMENT FEE RATE (%) EX-UPFRONTS 0.34% 0.34% 0.33%   0.35%

 

Fee Related Earnings (FRE) of R$14.1 million for the quarter ended December 31, 2024, up 239% 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. Global IP&S advisory fees consist of one-time upfront fees charged for TPD alternative commitments. FRE was R$29.0 million for the full year 2024.

 

Performance Related Earnings (PRE) of R$10.0 million for the fourth quarter 2024, up 902% year-over-year. These performance fees were driven by Third-Party Distribution Liquid, Global Solutions, and Commingled Fund strategies, with a notable highlight to the Vinci Argentina fund.

 

Segment Distributable Earnings of R$24.1 million for the quarter ended December 31, 2024, up 353% when compared to the quarter ended December 29, 2023, driven by higher Fee Related Earnings in the quarter. Segment DE was R$39.6 million for the full year 2024.

 

AUMxv reached R$ 255.4 billion, representing a 901% year-over-year increase. This growth was driven by both inorganic expansion and appreciation within the portfolio, along with positive FX variations.

 

Earnings Release   |   Vinci Compass6

 

 

  4Q’24 and Full Year 2024 Earnings Release

  February 26th, 2025

 

      

 

Credit

 

(R$ thousands, unless mentioned) 4Q'23 3Q'24 4Q'24 ∆ YoY (%) FY'24
Net revenue from management fees 13,032 16,900 38,923 199% 83,489
Net revenue from advisory fees – – 25 N.A 305
Other revenues – – – N.A –
Total Fee Related Revenues 13,032 16,900 38,947 199% 83,792
Segment personnel expenses (1,285) (1,851) (4,970) 287% (9,494)
Other G&A expenses (405) (861) (2,790) 589% (5,103)
Placement Fee Amortization and Rebates – – (5,616) N/A (5,616)
Corporate center expenses (2,874) (3,840) (13,147) 357% (23,324)
Bonus compensation related to management and advisory (2,968) (3,600) (5,285) 78% (14,430)
Total Fee Related Expenses (7,532) (10,152) (31,808) 322% (57,967)
FEE RELATED EARNINGS (FRE) 5,500 6,748 7,139 30% 25,826
FRE Margin (%) 42.2% 39.9% 18.3%   30.8%
Net revenue from performance fees 2,721 11 4,980 83% 8,403
Realized performance fees 2,721 11 4,980 83% 8,403
Unrealized performance fees – – – N/A –
Performance based compensation (1,204) (5) (1,848) 53% (3,365)
PERFORMANCE RELATED EARNINGS (PRE) 1,517 6 3,132 106% 5,040
PRE Margin (%) 55.8% 54.5% 62.9%   60.0%
(-) Unrealized performance fees – – – N/A –
(+) Unrealized performance compensation – – – N/A –
(+) Realized GP investment income 1,528 1,647 1,548 1% 7,177
SEGMENT DISTRIBUTABLE EARNINGS 8,546 8,402 11,819 38% 38,044
Segment DE Margin (%) 49.5% 45.3% 26.0%   38.3%
           
FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM) 7,371 8,866 28,759 290% 28,759
AVERAGE MANAGEMENT FEE RATE (%) 0.75% 0.84% 0.80%   0.87%

 

Fee Related Earnings (FRE) of R$7.1 million for the quarter ended December 31, 2024, up 30% year-over-year, fueled by organic and inorganic growth in management and advisory fees. Organically, the platform benefited from higher management fees in SPS III and Credit Infra, driven by strong deployment activity. FRE was R$25.8 million for the full year 2024.

 

Performance Related Earnings (PRE) was R$3.1 million for the quarter ended December 31, 2024, an increase of 106% when compared to the quarter ended December 29, 2023, driven by strong returns from Brazilian Private Credit funds – VHG, benefitted from the platform’s Confirming and Structured Credit strategy & Compass Yield 30, on the Local Currency High-Grade Credit strategy.

 

Segment Distributable Earnings of R$11.8 million for the quarter ended December 31, 2024, up 38% when compared to the quarter ended December 29, 2023, driven by higher Fee Related Earnings and performance recognition in the quarter. Segment DE was R$38.0 million for the full year 2024.

 

AUM of R$29.2 billion in the quarter, up 296% year-over-year. In the FY’24 we had a strong organic fundraising activity, securing R$1.7 billion in new commitments with the first closing of SPS IV – from the Opportunistic Capital Solutions strategy – and the continued success of fundraising for Vinci Credit Infra that enabled the fund to reach R$ 1.8 billion in capital commitments.

 

Earnings Release   |   Vinci Compass7

 

 

  4Q’24 and Full Year 2024 Earnings Release

  February 26th, 2025

 

      

 

Private Equity

 

(R$ thousands, unless mentioned) 4Q'23 3Q'24 4Q'24 ∆ YoY (%) FY’24
Net revenue from management fees 32,386 31,172 45,711 41% 146,647
Net revenue from advisory fees – – – N.A –
Other revenues – – – N.A –
Total Fee Related Revenues 32,386 31,172 45,711 41% 146,647
Segment personnel expenses (1,017) (1,153) (1,194) 17% (4,493)
Other G&A expenses (654) (633) (873) 33% (3,222)
Placement Fee Amortization and Rebates (295) (311) (952) 223% (1,870)
Corporate center expenses (6,056) (6,653) (6,645) 10% (25,632)
Bonus compensation related to management and advisory (5,448) (3,449) (6,884) 26% (18,010)
Total Fee Related Expenses (13,469) (12,199) (16,547) 23% (53,227)
FEE RELATED EARNINGS (FRE) 18,917 18,973 29,164 54% 93,421
FRE Margin (%) 58.4% 60.9% 63.8%   63.7%
Net revenue from performance fees – – – N/A –
Realized performance fees – – – N/A –
Unrealized performance fees – – – N/A –
Performance based compensation – – – N/A –
PERFORMANCE RELATED EARNINGS (PRE) – – – N.A –
PRE Margin (%) N.A N.A N.A   N.A
(-) Unrealized performance fees – – – N/A –
(+) Unrealized performance compensation – – – N/A –
(+) Realized GP investment income – 31 – N/A 31
SEGMENT DISTRIBUTABLE EARNINGS 18,917 19,004 29,164 54% 93,452
Segment DE Margin (%) 58.4% 60.9% 63.8%   63.7%
           
FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM) 11,392 12,690 13,471 18% 13,471
AVERAGE MANAGEMENT FEE RATE (%) 1.25% 1.07% 1.47%   1.27%

 

Fee Related Earnings (FRE) of R$29.2 million for the quarter ended December 31, 2024, up 54% year-over-year. This result was driven by strong fundraising in VCP IV over the year, combined with catch-up fees from the final closing that occurred this quarter. FRE was R$93.5 million for the full year 2024. The final closing of the fourth vintage of VCP flagship happened during the 4Q’24, with the fund reaching the milestone of becoming the largest Private Equity fund in Vinci Compass’ history, totaling R$ 3.1 billion in commitments. It also became the vintage with the largest share of Brazilian institutional investors.

 

Segment Distributable Earnings of R$29.2 million for the quarter ended December 31, 2024, up 54% when compared to the quarter ended December 29, 2023, driven by higher Fee Related Earnings in the quarter. Segment DE was R$93.5.3 million for the full year 2024.

 

AUM of R$16.8 billion at the end of the third quarter, a 15% increase year-over-year, propelled by robust fundraising over the last twelve months mainly by the fourth Private Equity Vintage, VCP IV – amidst a challenging global macroeconomic scenario for the strategy.

 

Earnings Release   |   Vinci Compass8

 

 

  4Q’24 and Full Year 2024 Earnings Release

  February 26th, 2025

 

      

 

Equities

 

(R$ thousands, unless mentioned) 4Q'23 3Q'24 4Q'24 ∆ YoY (%) FY’24
Net revenue from management fees 14,145 14,392 16,150 14% 58,268
Net revenue from advisory fees – – 948 N.A 948
Other revenues – – – N.A –
Total Fee Related Revenues 14,145 14,392 17,098 21% 59,216
Segment personnel expenses (875) (744) (1,671) 91% (4,138)
Other G&A expenses (315) (488) (1,892) 501% (3,199)
Placement Fee Amortization and Rebates – – (998) N/A (998)
Corporate center expenses (2,878) (3,260) (5,600) 95% (15,132)
Bonus compensation related to management and advisory (1,798) (2,122) (3,040) 69% (9,433)
Total Fee Related Expenses (5,866) (6,615) (13,201) 125% (32,900)
FEE RELATED EARNINGS (FRE) 8,279 7,777 3,898 (53)% 26,317
FRE Margin (%) 58.5% 54.0% 22.8%   44.4%
Net revenue from performance fees 2,491 1,730 1 (100)% 5,667
Realized performance fees 2,491 1,730 1 (100)% 5,667
Unrealized performance fees – – – N/A –
Performance based compensation (1,651) (794) 0 N/A (2,544)
PERFORMANCE RELATED EARNINGS (PRE) 840 936 1 (100)% 3,121
PRE Margin (%) 33.7% 54.1% 174.5%   55.1%
(-) Unrealized performance fees – – – N/A –
(+) Unrealized performance compensation – – – N/A –
SEGMENT DISTRIBUTABLE EARNINGS 9,119 8,713 3,898 (57)% 29,437
Segment DE Margin (%) 54.8% 54.0% 22.8%   N.A
           
FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM) 10,005 10,823 13,843 38% 13,843
AVERAGE MANAGEMENT FEE RATE (%) 0.65% 0.61% 0.61%   0.63%

 

Fee Related Earnings (FRE) of R$3.9 million for the quarter ended December 31, 2024, down 53% year-over-year. While we saw an increase in Fee Related Revenues from inorganic growth, the equities segment experienced a decline in AUM in Brazil this quarter due to volatility in the Brazilian stock market, resulting in lower management fees. Additionally, total Fee Related Expenses rose following the integration of the Compass regional Equities business. FRE was R$26.3 million for the full year 2024.

 

Segment Distributable Earnings of R$3.9 million for the quarter ended December 31, 2024, down 57% when compared to the quarter ended December 29, 2023, driven by decrease in Fee Related Earnings absence of performance fees in the quarter. Segment DE was R$29.4 million for the full year 2024.

 

AUM of R$13.9 billion at the end of the third quarter, a 38% increase year-over-year, propelled by the inorganic growth of the platform.

 

Earnings Release   |   Vinci Compass9

 

 

  4Q’24 and Full Year 2024 Earnings Release

  February 26th, 2025

 

      

 

Real Assets

 

(R$ thousands, unless mentioned) 4Q'23 3Q'24 4Q'24 ∆ YoY (%) FY’24
Net revenue from management fees 20,946 25,304 25,552 22% 97,183
Net revenue from advisory fees 1,648 492 1,976 20% 4,939
Other revenues – – 180 N.A 180
Total Fee Related Revenues 22,593 25,795 27,709 23% 102,302
Segment personnel expenses (1,314) (1,504) (2,421) 84% (6,738)
Other G&A expenses (1,027) (1,024) (2,732) 166% (5,836)
Placement Fee Amortization and Rebates – (192) (192) N/A (768)
Corporate center expenses (4,304) (5,460) (5,049) 17% (21,102)
Bonus compensation related to management and advisory (4,884) (3,708) (4,460) (9)% (15,932)
Total Fee Related Expenses (11,529) (11,887) (14,855) 29% (50,378)
FEE RELATED EARNINGS (FRE) 11,064 13,908 12,854 16% 51,923
FRE Margin (%) 49.0% 53.9% 46.4%   50.8%
Net revenue from performance fees (738) 2 7,794 N/A 8,111
Realized performance fees 304 2 17,248 5,574% 21,048
Unrealized performance fees (1,042) – (9,453) 807% (12,936)
Performance based compensation 234 – (4,463) N/A (4,602)
PERFORMANCE RELATED EARNINGS (PRE) (504) 2 3,331 N/A 3,509
PRE Margin (%) 68.3% 100.0% 42.7%   43.3%
(-) Unrealized performance fees 1,042 – 9,454 807% 12,937
(+) Unrealized performance compensation (369) – 74 N/A (1,159)
(+) Realized GP investment income 2,763 2,604 2,554 (8)% 17,734
SEGMENT DISTRIBUTABLE EARNINGS 13,996 16,513 28,268 102% 84,943
Segment DE Margin (%) 54.5% 58.1% 59.5%   60.2%
           
FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM) 11,230 10,294 11,702 4% 11,702
AVERAGE MANAGEMENT FEE RATE (%) 0.88% 1.03% 1.01%   0.96%

 

Fee Related Earnings (FRE) of R$12.9 million for the quarter ended December 31, 2024, up 16% year-over-year. Organic growth was driven by the launch of FDIRS and additional commitments for VICC in Infrastructure, approaching the final closing of the fund. In terms of inorganic growth, FRE was positively impacted by Lacan and Real Estate funds from Compass in Uruguay and Peru. FRE was R$51.9 million for the full year 2024.

 

Performance Related Earnings (PRE) was R$3.3 million for the quarter ended December 31, 2024. Performance fee recognition came from a Real Estate strategy in Peru, reflecting the robust performance of our real estate investments in the region.

 

Segment Distributable Earnings of R$28.3 million for the quarter ended December 31, 2024, up 102% when compared to the quarter ended December 29, 2023, driven by higher Fee Related Earnings and Unrealized Performance Fees in the quarter. Segment DE was R$84.9 million for the full year 2024.

 

AUM of R$11.7 billion at the end of the third quarter, a 6% increase year-over-year. This segment encompasses Infrastructure, Real Estate, and Forestry strategies.

 

Earnings Release   |   Vinci Compass10

 

 

  4Q’24 and Full Year 2024 Earnings Release

  February 26th, 2025

 

      

 

Corporate Advisory

 

(R$ thousands, unless mentioned) 4Q'23 3Q'24 4Q'24 ∆ YoY (%) FY'24
Net revenue from management fees – – – N.A –
Net revenue from advisory fees 17,343 4,949 19,390 12% 42,896
Other revenues – – – N.A –
Total Fee Related Revenues 17,343 4,949 19,390 12% 42,896
Segment personnel expenses (574) (601) (604) 5% (2,367)
Other G&A expenses (723) (75) (111) (85)% (641)
Corporate center expenses (1,075) (1,241) (818) (24)% (4,401)
Bonus compensation related to management and advisory (5,598) (1,690) (5,999) 7% (13,550)
Total Fee Related Expenses (7,970) (3,607) (7,532) (5)% (20,959)
FEE RELATED EARNINGS (FRE) 9,373 1,342 11,858 27% 21,937
FRE Margin (%) 54.0% 27.1% 61.2%   51.1%
SEGMENT DISTRIBUTABLE EARNINGS 9,373 1,342 11,858 27% 21,937
Segment DE Margin (%) 54.0% 27.1% 61.2%   51.1%

 

Fee Related Earnings (FRE) of R$11.9 million for the quarter ended December 31, 2024, an increase of 27% year-over-year when compared to the fourth quarter 2023. Despite the challenging IPO environment, deal activity was strong in the quarter - exceeding our annual target of advisory fees. FRE was R$21.9 million for the full year 2024.

 

Segment Distributable Earnings for the full year 2024 were R$21.9 million.

 

Earnings Release   |   Vinci Compass11

 

 

  4Q’24 and Full Year 2024 Earnings Release

  February 26th, 2025

 

      

 

Income Statement

 

(R$ thousands, unless mentioned) 4Q'23 3Q'24 4Q'24 ∆ YoY (%) FY'23 FY'24 ∆ YoY (%)
REVENUES              
Net revenue from management fees 99,976 106,750 170,193 70% 393,367 487,532 24%
Net revenue from performance fees 6,468 1,890 27,412 324% 21,254 37,188 75%
Realized performance fees 7,510 1,890 36,867 391% 22,296 50,126 125%
Unrealized performance fees (1,042) – (9,454) 807% (1,042) (12,937) 1,142%
Net revenue from advisory 18,998 5,966 40,328 112% 39,799 68,134 71%
Other revenues – – 7,925 N/A – 7,925 N/A
Total net revenues from services rendered 125,442 114,606 245,858 96% 454,420 600,779 32%
EXPENSES              
Bonus related to management and advisory¹ (26,143) (19,228) (31,397) 20% (84,000) (92,753) 10%
Performance based compensation² (3,614) (907) (10,930) 202% (10,640) (15,349) 44%
Realized (3,983) (907) (10,855) 173% (11,009) (16,507) 50%
Unrealized 369 – (74) N/A 369 1,159 214%
Total compensation and benefits (29,757) (20,135) (42,327) 42% (94,640) (108,102) 14%
Segment personnel expenses (7,462) (8,238) (14,895) 100% (29,686) (38,026) 28%
Other general and administrative expenses (6,279) (6,110) (14,728) 135% (20,129) (32,868) 63%
Placement Fee Amortization and Rebates (295) (503) (14,393) 4,779% (1,706) (15,887) 831%
Corporate center expenses (21,499) (24,817) (64,006) 198% (90,625) (135,660) 50%
Total expenses (65,291) (59,803) (150,348) 130% (235,373) (330,542) 40%
Operating profit 60,151 54,803 95,510 59% 219,047 270,237 23%
OTHER ITEMS              
GP Investment income 14,914 (6,609) 3,903 (74)% 26,018 15,053 (42)%
Realized gain from GP investment income 4,451 4,539 4,111 (8)% 19,210 25,435 32%
Unrealized gain from  GP investment income 10,463 (11,149) (208) N/A 6,808 (10,382) N/A
Financial income 22,046 15,178 10,308 (53)% 84,345 49,269 (42)%
Realized gain from financial income 22,046 15,178 10,308 (53)% 84,345 49,269 (42)%
Unrealized gain from financial income – – – N/A – – N/A
Leasing expenses (2,267) (1,931) (2,072) (9)% (9,809) (8,295) (15)%
Other items (10,461) 1,496 (46,636) 346% (33,325) (81,381) 144%
Equity gain (loss) – – (1,500) N/A – (1,500) N/A
Share Based Plan (4,249) (4,147) (6,524) 54% (14,967) (22,479) 50%
Management contract amortization – – (2,392) N/A – (2,392) N/A
Extraordinary expenses (1,924) (3,728) (39,827) 1,970% (1,924) (56,562) 2,840%
Total Other Items 18,059 259 (84,740) N/A 50,338 (108,287) N/A
Profit before income taxes³ 78,210 55,062 10,770 (86)% 269,385 161,950 (40)%
(-) Income taxes4 (14,826) (13,693) (10,221) (31)% (49,926) (45,977) (8)%
NET INCOME 63,384 41,369 549 (99)% 219,459 115,973 (47)%
(+) Nonrecurring expenses (including Income Tax effect) 1,631 3,727 38,560 2,264% 1,631 55,199 3,284%
(-) Earn-out Adjust 2,691 (5,444) 12,487 364% 10,476 14,712 40%
ADJUSTE NET INCOME 67,706 39,652 51,596 (24)% 231,566 185,884 (20)%

 

Total net revenues from services rendered of R$245.9 million for the quarter ended December 31, 2024, up 96% year-over-year. This growth was driven by stronger management and advisory fees in the period, primarily from the combination with Compass, fundraising for VCP IV, VICC and the acquisitions of Lacan and MAV. Net revenues for the full year 2024, were R$600.8 million, representing an 32% increase when compared to the full year 2023.

 

·Management fee revenues of R$170.2 million for the quarter ended December 31, 2024, up 70% year-over-year. Disregarding catch up fees from both quarters, management fees increased by 65% year-over-year. Management fees of R$487.5 million for the full year 2024, up 24% when compared to the full year 2023.

 

Earnings Release   |   Vinci Compass12

 

 

  4Q’24 and Full Year 2024 Earnings Release

  February 26th, 2025

 

      

 

·Performance fee revenues of R$27.4 million for the quarter ended December 31, 2024, up 324% year-over-year. Performance fee revenues of R$37.2 million for the full year 2024, an increase of 75% when compared to the full year 2023.

 

·Advisory fee revenues of R$40.3 million for the quarter ended December 31, 2024, compared to R$19.0 million for the quarter ended December 29, 2023, an increase of 112% year-over-year, driven by the contribution from the Compass combination in the Global IP&S segment and growth in revenues in the Corporate Advisory segment. Advisory revenues for the full year 2024, were R$68.1 million, up 71% when compared to the full year 2023.

 

Total expenses for the quarter ended December 31, 2024, of R$150.4 million, compared to R$65.3 million for the quarter ended December 29, 2023, an increase of 130% year-over-year. Total expenses for the full year 2024, were R$330.5 million, up 40% when compared to the full year 2023. This increase is primarily attributed to the combination with Compass and the acquisitions of MAV and Lacan, with the additional management teams brought with the transactions. Additionally, in the 4Q’24 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$31.4 million for the quarter ended December 31, 2024, compared to R$26.1 million for the quarter ended December 29, 2023, a 20% increase year-over-year. Bonus related to management and advisory was R$92.8 million for the full year 2024, up 10% year-over-year, when compared to the full year 2023.

 

·Performance based compensation of R$10.9 million for the quarter ended December 31, 2024, compared to R$3.6 million for the quarter ended December 29, 2023, an increase of 202% year-over-year. Performance based compensation for the full year 2024, was R$15.4 million, an increase of 44% when compared to the full year 2023.

 

·Segment personnel expensesxvi of R$14.9 million for the quarter ended December 31, 2024, compared to R$7.5 million for the quarter ended December 29, 2023, an increase of 100% year-over-year. Segment personnel expenses for the full year 2024, was R$38.0 million, up 28% when compared to the full year 2023.

 

·Corporate center expensesxvii of R$64.0 million for the quarter ended December 31, 2024, compared to R$21.5 million for the quarter ended December 29, 2023, an increase of 198% year-over-year. Corporate center expenses for the full year 2024, were R$135.7 million, up 50% year-over-year, when compared to the full year 2023.

  

Earnings Release   |   Vinci Compass13

 

 

  4Q’24 and Full Year 2024 Earnings Release

  February 26th, 2025

 

      

 

·Other general and administrative expensesxviii of R$14.7 million for the quarter ended December 31, 2024, compared to R$6.1 million for the quarter ended December 29, 2023, an increase of 135% year-over-year. Other G&A expenses for the full year 2024, were R$32.9 million, up 63% when compared to the full year 2023.

 

·Placement Fee Amortization and Rebatesxix of R$14.4 million for the quarter ended December 31, 2024, up 4,779% year-over-year. This new line was introduced following the combination with Compass, where these expenses are more significant, particularly in the Credit and IP&S segments. Prior to the merger, the exposure to placement fee amortization was minimal, primarily within the Private Equity segment.

 

Operating Profit of R$95.5 million for the quarter ended December 31, 2024, compared to R$60.2 million for the quarter ended December 29, 2023, an increase of 59% year-over-year. Operating profit for the full year 2024, was R$270.2 million, up 23% when compared to the full year 2023.

 

GP Investment incomexx,  a result of the company’s GP investments in its proprietary private market funds, was R$3.9 million for the quarter ended December 31, 2024, compared to R$14.9 million for the quarter ended December 29, 2023. The decline was largely driven by the decrease in Unrealized gain from GP investment income. GP Investment income for the full year 2024, was R$15.1 million compared to R$26.0 million for the full year 2023, despite having larger Realized gains by the end of 2024 in comparison to full year 2023.

 

Financial Incomexxi of R$10.3 million for the quarter ended December 31, 2024, compared to R$22.1 million for the quarter ended December 29, 2023, down 53% year-over-year. This decrease follows a reduced liquid portion of the portfolio, with the increase in capital calls across closed-end funds and payments related to acquisitions. Financial income for the full year 2024, was R$49.3 million.

 

Leasing Expensesxxii of R$2.1 million for the quarter ended December 31, 2024, compared to R$2.3 million for the quarter ended December 29, 2023, down 9% year-over-year.

 

Other Items of negative R$46.6 million for the quarter ended December 31, 2024. Other items comprise the income/(loss) generated by contingent consideration adjustment, financial income/(expenses) related to SPS acquisition, Ares Convertible Preferred Shares and other financial expenses. The decrease in this quarter was mainly driven by high FX variation, impacting Vinci’s net debt in US dollars.

 

Equity-based compensationxxiii of R$6.5 million for the quarter ended December 31, 2024. For the full year 2024, equity-based compensation accounted for R$22.5 million.

 

Profit before income taxes of R$10.8 million for the quarter ended December 31, 2024, reflecting a 86% decrease year-over-year. For the full year 2024, profit before income taxes was R$162.0 million.

 

Earnings Release   |   Vinci Compass14

 

 

  4Q’24 and Full Year 2024 Earnings Release

  February 26th, 2025

 

      

 

Income Taxesxxiv of R$46.0 million for the full year 2024, which represented an effective tax rate of 28%, compared to R$49.9 million for the full year 2023, which represented an effective tax rate of 19%, marking an increase of 9 percentage points year-over-year in the effective tax rate. This increase was mainly driven by non-recurring expenses and the other items line in the 4Q’24, decreasing profit before income taxes.

 

Non-operational expenses of R$38.6 million for the quarter ended December 31, 2024. Non-operational expenses are comprised of expenses related to professional services rendered in connection with acquisitions.

 

Contingent consideration adjustment related to acquisitions, after tax, of R$12.5 million for the quarter ended December 31, 2024. Contingent consideration adjustment related to Vinci SPS’ acquisition reflects the change in earn out’s fair value to be paid in 2027. On December 31, 2024, Vinci revaluated the fair value of the obligation based on the economic conditions at the date, resulting in an of the contingent consideration fair value. The variation was recognized as a loss in the financial result.

 

Adjusted Net Income of R$51.6 million for the quarter ended December 31, 2024, compared to R$67.7 million for the quarter ended December 29, 2023. Adjusted Net Income was R$185.9 million for the full year 2024.

 

Earnings Release   |   Vinci Compass15

 

 

  4Q’24 and Full Year 2024 Earnings Release

  February 26th, 2025

 

      

 

Supplemental Details

 

Assets Under Management (AUM) Rollforward – R$ millions

 

                                                                              For the Three Months Ended December 31, 2024                                                                  

 


In R$ millions		 Global IP&S Credit Private Equity Equities Real Assets Total
Beginning balance 24,330 9,067 15,803 10,856 10,338 70,395
(+/-) Capital Subscription / (capital return) – 820 356 – (118) 1,058
(+) Capital Subscription – 956 393 – 6 1,356
(-) Capital Return – (136) (36) – (125) (297.4)
(+) Acquisitions 216,007 18,780 – 4,355 2,006 241,147
(+/-) Net Inflow / (outflow) (2,011) (742) – (280) (14) (3,047)
(+/-) FX Variation 15,772 1,347 343 312 135 17,909
(+/-) Appreciation / (depreciation) 1,305 (60) 258 (1,361) (644) (501)
Ending balance 255,403 29,213 16,760 13,883 11,702 326,961

 

                                                                                            For the Twelve Months Ended December 31, 2024                                                                  

 


In R$ millions		 Global IP&S Credit Private Equity Equities Real Assets Total
Beginning balance 25,514 7,371 14,593 10,055 10,992 68,525
(+/-) Capital Subscription / (capital return) 540 1,117 778 – (442) 1,993
(+) Capital Subscription 548 1,721 935 – 179 3,383
(-) Capital Return (8) (604) (157) – (621) (1,390)
(+) Acquisitions 216,007 19,320 – 4,355 2,006 241,687
(+/-) Net Inflow / (outflow) (5,276) (457) – 263 114 (5,355)
(+/-) FX Variation 15,990 1,347 615 312 228 18,493
(+/-) Appreciation / (depreciation) 2,628 516 774 (1,103) (1,196) 1,618
Ending balance 255,403 29,213 16,760 13,883 11,702 326,961

 

Earnings Release   |   Vinci Compass16

 

 

  4Q’24 and Full Year 2024 Earnings Release

  February 26th, 2025

 

      

 

Fee-Earning Assets Under Management (FEAUM) Rollforward – R$ millions

                                                                                     

For the Three Months Ended December 31, 2024

 


In R$ millions		 Global IP&S Credit Private Equity Equities Real Assets Total
Beginning balance 24,043 8,866 12,690 10,823 10,294 66,717
(+/-) Capital Subscription / (capital return) (4) 823 356 – (118) 1,057
(+) Capital Subscription – 956 393 – 6 1,356
(-) Capital Return (4) (134) (36) – (125) (299)
(+) Acquisitions 215,477 18,340 – 4,316 2,006 240,138
(+/-) Net Inflow / (outflow) (2,009) (727) – (278) (14) (3,028)
(+/-) FX Variation 15,733 1,315 343 310 135 17,836
(+/-) Appreciation / (depreciation) 764 (77) 82 (1,356) (736) (1,322)
Ending balance 254,004 28,540 13,471 13,815 11,567 321,397

                                                                                    

 

   For the Twelve months Ended December 31, 2024

 


In R$ millions		 Global IP&S Credit Private Equity Equities Real Assets Total
Beginning balance 25,266 7,371 11,392 10,005 10,943 64,977
(+/-) Capital Subscription / (capital return) 536 951 786 – (428) 1,845
(+) Capital Subscription 548 1,553 935 – 179 3,215
(-) Capital Return (12) (602) (149) – (607) (1,370)
(+) Acquisitions 215,477 18,859 – 4,316 2,006 240,657
(+/-) Net Inflow / (outflow) (5,285) (442) – 265 114 (5,348)
(+/-) FX Variation 15,951 1,315 615 310 228 18,420
(+/-) Appreciation / (depreciation) 2,059 486 678 (1,081) (1,297) 845
Ending balance 254,004 28,540 13,471 13,815 11,567 321,397

 

Earnings Release   |   Vinci Compass17

 

 

  4Q’24 and Full Year 2024 Earnings Release

  February 26th, 2025

 

      

 

Investment Records – IP&S, Public Equities, Private Credit and Listed Funds

 

Fund Segment NAVxxv (R$ millions) 4Q'24 YTD 12 M 24 M Market Comparison Index Rate
Vinci Multiestratégia FIM Global IP&S 143.0 2.4% 8.6% 8.6% 22.3% CDI CDI
Atlas Strategyxxvi Global IP&S 229.4 4.2% 8.9% 8.9% 19.1% CDI CDI
Vinci Valorem FIM Global IP&S 926.7 2.4% 7.6% 7.6% 20.3% IMA-B 5 IMA-B 5
Equilibrio Strategyxxvii Global IP&S 1,229.0 2.7% 7.5% 7.5% 19.8% IPCA   -
Vinci Retorno Real FIM Global IP&S 175.0 2.3% 7.0% 7.0% 19.9% IMA-B IMA-B
VISC11 Real Assets (listed REIT) 2,798.1 (8.6)% (21.6)% (21.6)% 11.3% IFIX IPCA + 6%
VILG11 Real Assets (listed REIT) 1,118.8 (9.7)% (18.3)% (18.3)% (11.9)% IFIX IPCA + 6%
VINO11 Real Assets (listed REIT) 404.9 0.8% (27.7)% (27.7)% (36.8)% IFIX IPCA + 6%
VIFI11 Real Assets (listed REIT) 54.4 (8.9)% (17.5)% (17.5)% 20.8% IFIX IFIX
VIUR11 Real Assets (listed REIT) 160.3 (3.8)% (26.1)% (26.1)% (5.1)% IFIX IPCA + 6%
VCRI11 Real Assets (listed REIT) 117.9 (14.8)% (19.4)% (19.4)% (1.2)% IFIX IPCA + X%
VICA11 Real Assets (REIT) 380.0 0.5% 1.2% 1.2% 1.0% IFIX CDI + 1%
VINCI FOF IMOBILIARIO FIM CP Real Assets (REIT) 53.7 (2.4)% (1.2)% (1.2)% - IFIX IFIX
VIGT11 Real Assets (listed REIT) 252.9 (49.4)% (58.6)% (62.5)% (47.8)% - -
Vinci Total Returnxxviii Equities 228.6 (10.1)% (11.5)% (11.5)% 12.2% IPCA + Yield IMA-B IPCA + Yield IMA-B
Mosaico Strategyxxix Equities 797.3 (12.2)% (14.2)% (14.2)% 6.5% IBOV IBOV
Vinci Gas Dividendos FIA Equities 338.4 (8.9)% (10.7)% (10.7)% 7.9% IBOV IBOV
CRECE+ Equities 158.4 (2.0)% (2.5)% (2.5)% 9.2% S&P/BMV IPC -
Compass Crecimiento Equities 628.5 50.6% 166.3% 166.3% 245.3% S&P MERVAL -
Compass Small Cap Chile Equities 1,082.2 0.6% 9.5% 9.5% 12.6% Peers Average -
Vinci Crédito Imobiliário II Credit 721.5 (0.9)% 2.4% 2.4% 18.8% IPCA   IPCA+ 6%
Vinci Energia Sustentável Credit 538.1 (1.1)% 3.5% 3.5% 17.9% IPCA   IPCA + 6%
Vinci Crédito Multiestratégia Credit 321.6 0.3% 8.5% 8.5% 20.3% CDI IPCA + 5%
Compass Latam Corporate Debt Fund Credit 3,795.5 (1.0)% 7.9% 7.8% 7.6% CEMBI Broad Div -
Compass Latam High Yield USD Credit 1,848.6 0.8% 11.3% 11.3% 10.1% CEMBI Broad Div HY -
Compass I+LIQG Credit 1,970.3 2.7% 11.8% 11.8% 11.8% PIPG Cetes 28D -
Compass Credit Selection Credit 764.0 2.3% 12.0% 11.9% 12.4% CDI -
Compass Yield 30 Credit 1,868.8 2.3% 12.9% 12.8% 13.9% CDI CDI
Compass Deuda Plus Credit 417.2 (0.2)% 10.5% 10.5% 7.2% - -
Compass Renta Fija-B Credit 850.5 0.4% 3.7% 3.6% 3.6% CEMBI Broad Div -

 

Benchmark     4Q'24 YTD 12 M 24 M
CDIxxx     2.7% 10.9% 10.9% 25.3%
IMA-B 5xxxi     0.8% 6.2% 6.2% 19.0%
IPCAxxxii     1.5% 4.8% 4.8% 9.7%
IFIXxxxiii     (5.7)% (5.9)% (5.9)% 8.7%
IPCA + Yield IMA-B     3.1% 11.6% 11.6% 23.5%
IBOVxxxiv     (8.7)% (10.4)% (10.4)% 9.6%
S&P/BMV IPCxxxv     (4.7)% (11.0)% (10.9)% 0.9%
S&P MERVALxxxvi     49.3% 172.5% 170.3% 252.9%
CEMBI Broad Divxxxvii     (1.1)% 8.7% 8.7% 9.0%
CEMBI Broad Div HYxxxviii     (0.1)% 11.6% 11.6% 11.3%
PIPG Cetes 28Dxxxix     2.5% 11.4% 11.4% 11.6%

 

Earnings Release   |   Vinci Compass18

 

 

  4Q’24 and Full Year 2024 Earnings Release

  February 26th, 2025

 

      

 

Investment Records – Closed End Private Markets fundsxl

 

Fund

Segment

Vintage 

year

Committed Capital

(R$mm)

 

Invested Capital

(R$mm)

 

Realized or Partially

Realized

(R$mm)

Unrealized 

(R$mm)

Total

Value

  (R$mm)

Gross MOICxli

(BRL)

Gross

MOIC

  (USD)

Gross

IRRxlii

 (BRL)

Gross IRR

 (USD)

Fund 1 Private Equity 2004 1,415 1,206 5,131 79 5,210 4.3x 4.0x 71.5% 77.2%
VCP II Private Equity 2011 2,200 2,658 1,844 2,402 4,246 1.6x 0.8x 6.0% -2.5%
VCP III Private Equity 2018 4,000 2,347 65 5,347 5,412 2.2x 2.1x 30.8% 24.0%
VCP IV Private Equity 2022 3,089 335 – 549 549 1.5x 1.5x – –
VCP Strategyxliii Private Equity   10,704 6,546 7,040 8,377 15,416 2.3x 1.7x 61.4% 67.3%
NE Empreendedorxliv Private Equity 2003 36 13 26 – 26 2.1x 2.6x 22.0% 30.5%
Nordeste III Private Equity 2017 240 135 95 163 258 1.9x 1.5x 19.4% 11.0%
VIR IV Private Equity 2020 1,000 495 165 553 698 1.5x 1.4x 24.4% 24.8%
VIR Strategyxlv Private Equity   1,276 642 286 716 982 1.6x 1.5x 21.5% 26.8%
SPS I Credit 2018 128 191 293 54 347 2.5x 2.0x 25.4% 18.3%
SPS II Credit 2020 671 1,021 972 623 1,595 2.4x 2.3x 23.5% 22.3%
SPS III Credit 2021 1,071 1,108 134 1,374 1,509 2.9x 2.5x 27.0% 18.4%
SPS Strategyxlvi Credit   1,870 2,320 1,399 2,052 3,451 2.7x 2.4x 24.8% 20.5%
MAV I Credit 2022 165 165 112 – 112 0,7x 0,7x 20,6% 17,7%
MAV II Credit 2023 205 205 19 – 19 0,1x 0,1x 17,1% 15,9%
MAV Strategyxlvii Credit   370 370 131 – 131 0.4x 0.3x 19,9% 17,4%
Lacan Florestal I Real Assets 2012 253 253 255 334 589 2.3x 1.2x 11.9% 2.3%
Lacan Florestal II Real Assets 2016 356 356 125 579 704 2.0x 1.3x 13.1% 5.2%
Lacan Florestal III Real Assets 2020 498 390 – 516 516 1.3x 1.1x 14.1% 3.7%
Lacan Florestal IV Real Assets 2023 168 74 – 72 72 1.0x 0.9x -4.6% -25.5%
Lacan Strategyxlviii Real Assets   1,275 1,073 380 1,501 1,881 1.8x 1.2x 12.5% 3.4%
FIP Transmissãoxlix Real Assets 2017 211 104 289 87 376 3.6x 2.7x 56.6% 41.4%
VIASi Real Assets 2021 386 350 – 470 470 1.3x 1.3x 18.1% 13.6%
VICCli Real Assets 2022 1,557 – – – – – – 0.0% 0.0%
VFDLlii Real Assets 2021 422 321 16 364 380 1.2x 1.0x 11.8% 0.1%
Vinci Credit Infraliii Credit 2022 1,798 1,152 – 681 681 1.20x 1.20x NM NM

 

Earnings Release   |   Vinci Compass19

 

 

  4Q’24 and Full Year 2024 Earnings Release

  February 26th, 2025

 

      

 

Shareholder Dividends & Share Summary

 

($ in thousands) 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24
Adjusted Distributable Earnings (R$) 60,006 70,369 51,820 63,641 49,605 58,401 57,104 73,946
Adjusted Distributable Earnings (US$)lvi 11,994 14,290 10,647 12,829 9,801 10,331 9,872

12,804

Adjusted DE per Common Share (US$)lv 0.22 0.26 0.2 0.24 0.18 0.19 0.19 0.20
Actual Dividend per Common Sharelvi 0.16 0.2 0.17 0.2 0.17 0.17 0.16 0.15
                 
VINP Shares

1Q'23

2Q'23

3Q'23

4Q'23

1Q'24

2Q'24

3Q'24

4Q'24

Shares Repurchased                
       # of Shares 367,036 558,349 705,518 93,249 533,981 220,135 374,834 607,643
       Average Cost (US$/share)

 9.43 8.76 10.14 10.50 10.64 10.82 10.40 10.28
Capital Utilized (US$)

         3,461,391 4,889,370 7,150,845    979,137 5,681,558 2,382,251 3,898,817        6,246,577
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 Alvii 40,247,461 39,730,720 39,405,827 39,312,578 38,778,597 38,779,209 38,404,375 49,580,116
Common Shares 54,713,700 54,196,959 53,872,066 53,778,817 53,244,836 53,245,448 52,870,614 64,046,355

 

Vinci Compass generated R$1.15 or US$0.20 of Adjusted Distributable Earnings per common share for the fourth quarter of 2024. The company declared a quarterly dividend of US$0.15 per common share to record holders as of March 13, 2025; payable on March 27, 2025.

 

Common Shares Outstanding as of quarter end of 64,046,355 shares.

 

·Repurchased 607,643 common shares in the quarter, with an average share price of US$10.28.

 

·Repurchased 5,293,597 common shares since the announcement of the first share repurchase plan, with an average share price of US$10.63.

 

·The fifth buyback program, approved in September, is limited to US$15 million and replaces the buyback program approved in February 2024. As of December 31, 2024, the remaining authorization for the share repurchase plan was US$8.5 million.

 

Earnings Release   |   Vinci Compass20

 

 

  4Q’24 and Full Year 2024 Earnings Release

  February 26th, 2025

 

      

 

Reconciliation and Disclosures

 

Non-GAAP Reconciliation

 

(R$ thousands, unless mentioned) 4Q'23 3Q'24 4Q'24 FY'23 FY'24
           
OPERATING PROFIT 60,151 54,803 95,510 219,047 270,237
(-) Net revenue from realized performance fees (7,510) (1,890) (36,867) (22,296) (50,126)
(-) Net revenue from unrealized performance fees 1,042 – 9,454 1,042 12,937
(+) Compensation allocated in relation to performance fees 3,614 907 10,930 10,640 15,349
FEE RELATED EARNINGS (FRE) 57,297 53,819 79,028 208,433 248,397
           
OPERATING PROFIT 60,151 54,803 95,510 219,047 270,237
(-) Net revenue from management fees (99,976) (106,750) (170,193) (393,367) (487,532)
(-) Net revenue from advisory (18,998) (5,966) (40,328) (39,799) (68,134)
(-) Other revenues – – (7,925) – (7,925)
(+) Bonus related to management and advisory 26,143 19,228 31,397 84,000 92,753
(+) Personnel expenses 7,462 8,238 14,895 29,686 38,026
(+) Other general and administrative expenses 6,279 6,110 14,728 20,129 32,868
(+) Placement Fee Amortization and Rebates 295 503 14,393 1,706 15,887
(+) Corporate center expenses 21,499 24,817 64,006 90,625 135,660
PERFORMANCE RELATED EARNINGS (PRE) 2,854 984 16,482 10,614 21,840
           
OPERATING PROFIT 60,151 54,803 95,510 219,047 270,237
(-) Net revenue from unrealized performance fees 1,042 – 9,454 1,042 12,937
(+) Compensation allocated in relation to unrealized performance fees (369) – 74 (369) (1,159)
(+) Realized gain from GP investment income 4,451 4,539 4,111 19,210 25,435
SEGMENT DISTRIBUTABLE EARNINGS 65,275 59,342 109,150 238,930 307,451
           
NET INCOME 63,384 41,369 549 219,459 115,973
(-) Net revenue from unrealized performance fees 1,042 – 9,454 1,042 12,937
(+) Income tax from unrealized performance fees (120) – 24 (120) (377)
(+) Compensation allocated in relation to unrealized performance fees (369) – 74 (369) (1,159)
(-) Unrealized gain from GP investment income (10,463) 11,149 208 (6,808) 10,382
(+) Income tax on unrealized gain from GP investment income 119 180 127 175 (397)
(-) Unrealized gain from financial income (0) – – (0) 0
(+) Income tax on unrealized gain from financial income – – – – –
(-) Contingent consideration (earn-out) gain (loss)¹ 4,076 (8,248) 16,544 15,872 19,915
(+) Income tax on contingent consideration (1,385) 2,804 (4,057) (5,396) (5,203)
(+) Depreciation and amortization 1,858 2,272 5,028 7,310 11,064
(+) Equity-based compensation 4,188 4,041 6,418 13,601 20,136
(-) Income Taxes on Equity-based compensation (320) (190) (483) (561) (914)
(+) Equity gain (loss) – – 1,500 – 1,500
(+) Non-operational expenses including income tax related to realized expense² 1,631 3,727 38,560 1,631 55,199
ADJUSTED DISTRIBUTABLE EARNINGS 63,641 57,104 73,946 245,836 239,056
           
TOTAL NET REVENUE FROM SERVICES RENDERED 125,442 114,606 245,858 454,420 600,779
(-) Net revenue from realized performance fees (7,510) (1,890) (36,867) (22,296) (50,126)
(-) Net revenue from unrealized performance fees 1,042 – 9,454 1,042 12,937
NET REVENUE FROM MANAGEMENT FEES AND ADVISORY 118,974 112,716 218,446 433,166 563,592

 

Earnings Release   |   Vinci Compass21

 

 

  4Q’24 and Full Year 2024 Earnings Release

  February 26th, 2025

 

      

 

Balance Sheet Results

 

Assets 09/30/2024 12/31/2024
Current assets    
Cash and cash equivalents 534,406 223,302
    Cash and bank deposits 24,336 99,156
    Financial instruments at fair value through profit or loss 112,011 120,492
    Financial instruments at amortized cost 398,059 3,654
Financial instruments at fair value through profit or loss 1,367,066 1,531,036
Trade receivables 73,036 227,951
Sub-leases receivable 2,808 1,758
Taxes recoverable 5,207 22,137
Other assets 26,813 76,946
Total current assets 2,009,336 2,083,130
     
Non-current assets    
Financial instruments at fair value through profit or loss 74,216 140,824
Financial instruments at amortized cost - 6,991
Trade receivables 13,853 15,901
Sub-leases receivable                    -    4,081
Taxes recoverable 826 704
Deferred taxes 18,535 31,346
Other receivables 27,608 27,795
  135,038 227,642
     
Investments accounted for using the equity method - 55,081
Property and equipment 10,944 59,132
Right of use - Leases 51,178 102,117
Intangible assets 251,170 1,057,949
Total non-current assets 448,330 1,501,921
     
Total Assets 2,457,666 3,585,051

 

Earnings Release   |   Vinci Compass22

 

 

  4Q’24 and Full Year 2024 Earnings Release

  February 26th, 2025

 

      

 

Liabilities and equity 09/30/2024 12/31/2024
Current liabilities    
Trade payables 1,265 11,527
Deferred Revenue 13,444 –
Leases 23,010 33,303
Accounts payable 7,818 38,667
Labor and social security obligations 75,124 182,071
Loans and Financing 14,852 45,220
Taxes and contributions payable 22,995 40,855
Total current liabilities 158,508 351,643
     
Non-current liabilities    
Leases 35,778 86,152
Labor and social security obligations 6,646 8,992
Loans and Financing 634,809 816,322
Deferred taxes 4,269 5,086
Retirement plans liabilities 309,171 374,813
  990,673 1,291,365
     
Total liabilities 1,149,181 1,643,008
     
Equity    
Share capital 15 18
Additional paid-in capital 1,405,559 2,097,712
Treasury shares (223,418) (259,773)
Retained Earnings 78,066 30,682
Other reserves 47,958 73,769
  1,308,180 1,942,408
     
Non-controlling interests in the equity of subsidiaries 305 (365)
     
Total equity 1,308,485 1,942,043
     
Total liabilities and equity 2,457,666 3,585,051

 

Earnings Release   |   Vinci Compass23

 

 

  4Q’24 and Full Year 2024 Earnings Release

  February 26th, 2025

 

      

 

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. Year to date values are calculated as the sum of the last three 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) 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.

 

Earnings Release   |   Vinci Compass24

 

 

  4Q’24 and Full Year 2024 Earnings Release

  February 26th, 2025

 

      

 

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 SPS acquisition, 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 “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).

 

xi “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 and realized gain from investment income.

 

xii “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, less non-operational expenses, which are comprised of expenses relating to professional services rendered in connection with acquisitions and our international corporate organization.

 

xiii “Adjusted DE Margin” is calculated as Adjusted Distributable Earnings divided by the sum of net revenue from fund management, net revenue from performance fees, and net revenue from advisory services and realized gain from investment income.

 

xiv “Adjusted DE per share” is calculated considering the number of outstanding shares at the end of the current quarter. Year to date values are calculated as the sum of the last three quarters.

 

xv “AUM” refers to assets under management. Our AUM equals the sum of: (1) the fair market value of all funds and management accounts managed by Vinci Partners, across Private Equity, Real Estate, Infrastructure, Vinci SPS, Credit, IP&S, Public Equities and Retirement Services; (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. 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.

 

xvi “Segment personnel expenses” are composed of the salary-part compensation paid to employees and partners of our funds’ management teams.

 

xvii “Corporate center expenses” are composed by the salary-compensation paid to employees and partners of our support teams and other expenses, such as research, risk, legal & compliance, investor relations, operations and ESG.

 

xviii “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.

 

Earnings Release   |   Vinci Compass25

 

 

  4Q’24 and Full Year 2024 Earnings Release

  February 26th, 2025

 

      

 

xix “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.

 

xx “GP investment income” is income from proprietary investments made by us in our own Private Markets’ funds, used as GP Commitments.

 

xxi “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 public equities and hedge funds’ segments.

 

xxii “Leasing expenses” include costs from the company’s sub-leasing activities.

 

xxiii “Share Based Plan” is the composition of two benefit programs: SOP (Stock Option Plan) and RSU (Restricted Stock Units). In Stock Option Plan the company concedes to an employee the option to buy stock in the company with stated fixed price. The Restricted Stock Units concedes company shares to an employee through a vesting plan in which RSUs are assigned a fair market value.

 

xxiv 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 part of our subsidiaries is taxed based on deemed profit.

 

xxv NAV is the net asset value of each fund. For listed vehicles, the NAV represents the Market valuation of the fund ex-dividends.

 

xxvi Atlas strategy includes the funds Atlas FIC FIM, Atlas Institucional FIC FIM and Vinci Potenza.

 

xxvii Equilibrio Strategy comprises IP&S Family of pension plans.

 

xxviii Total Return Strategy includes the funds Total Return FIC FIM and Total Return Institucional FIA.

 

xxix Mosaico Strategy includes the funds Mosaico, Mosaico Institucional and Mosaico Advisory FIA.

 

xxx CDI is an average of interbank overnight rates in Brazil (daily average for the period).

 

xxxi 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.

 

xxxii IPCA is a broad consumer price index measured by the IBGE.

 

xxxiii IFIX is an index composed by listed REITs in the Brazilian stock Market.

 

xxxiv Brazil stock market most relevant index.

 

xxxv S&P/BMV IPC seeks to measure the performance of the largest and most liquid stocks listed on the Mexican Stock Market.

 

xxxvi 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.

 

xxxvii CEMBI Broad Div tracks the performance of US dollar-denominated bonds issued by emerging market corporate entities.

 

Earnings Release   |   Vinci Compass26

 

 

  4Q’24 and Full Year 2024 Earnings Release

  February 26th, 2025

 

      

 

xxxviii 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.

 

xxxix PiP Cetes 28d is an index that invests in Cetes 28-day securities. Cetes are Treasury Certificates issued by the Mexican government.

 

xl 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.

 

xli “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.

 

xlii “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.

 

xliii Total commitments for VCP III include R$1.3 billion in co-investments. Track record presented for the VCP strategy as of 3Q’24, due to fund’s administrator timeline to disclose the quarterly markup of the fund, which are presented as of 4Q’24.

 

xliv 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.

 

xlv Track record for VIR strategy is presented as of 3Q’24, due to fund’s administrator timeline to disclose the quarterly markup of the fund.

 

xlvi Track record for Vinci SPS strategy is presented as of 4Q’24.

 

xlvii Track record for MAV strategy is presented as of 4Q’24.

 

xlviii Track record for Lacan strategy is presented as of 4Q’24.

 

xlix Track record for FIP Infra is presented as of 3Q’24.

 

l Track record for VIAS is presented as of 3Q’24.

 

li Total commitments for VICC are presented as of 4Q’24.

 

lii Track record for VFDL is presented as of 4Q’24.

 

liii Track record for Vinci Credit Infra is presented as of 4Q’24.

 

liv US$ Distributable Earnings was calculated considering the exchange rate from USD to BRL of 5.7751 as of February 26th, 2025, when dividends were approved by our Board of Directors.

 

lv Per Share calculations are based on end of period Participating Common Shares.

 

lvi Actual dividends per common share are calculated considering the share count as of the applicable record date.

 

lvii As of December 31, 2024, Public Float was comprised of 11,795,538 Class A common shares.

 

Earnings Release   |   Vinci Compass27

 

 

  4Q’24 and Full Year 2024 Earnings Release

  February 26th, 2025