Patria Investments Limited (PAX) SEC Filings & Earnings Calls

Significant increase in intangible assets from $824M to $1.06B, likely from acquisitions

“Intangible assets increased from $824,151,000 to $1,063,283,000”

Finance expenses increased substantially, impacting net income

“Finance expense $40.8M in H1 2026 vs $31.0M in H1 2025, +31.5%”

Board transition may cause short-term governance uncertainty, but interim appointee is a former CFO with deep company knowledge.

“Resignation of board member and appointment of interim replacement; no other changes disclosed.”

Limited disclosure; IFRS results are preliminary and unaudited; M&A activity may cause adjustments.

“Due to the closing of certain M&A activity, certain elements of our 2Q26 IFRS balance sheet and IFRS financial results are dependent on the conclusion of financial instruments adjustments” · word for word

Sharp decline in net income due to higher finance expenses and personnel costs

“Finance expense 21,730 vs 17,601; Personnel expenses 46,901 vs 29,068”

Geopolitical Risk - Middle East Conflict Impact on Energy Trading

“We are also susceptible to adverse developments arising from these geopolitical events due to our energy trading business.” · word for word

Capital Markets Volatility Impact on Fundraising and Exits

“Volatility in capital markets, tightening credit conditions, and intense industry competition could impair our ability to raise and deploy capital, exit investments, and maintain fee levels” · word for word

Tariff Policy Macroeconomic Risk

“Trade policy actions could adversely affect macroeconomic conditions in the regions in which we operate and in which our Portfolio Companies conduct business.” · word for word

Key Person Dependency

“Our success depends on retaining skilled senior executives and key personnel, as their expertise, reputation, and business relationships are crucial for investment performance, asset management, and growth.” · word for word

Emerging Market Political and Economic Instability

“Governments have a high degree of influence in Brazil, Chile, Colombia and the other markets in which we operate. The effects of this influence and political and economic conditions could harm us and the trading price of our Class A common shares.” · word for word

Integration risk and execution of earn-out structure; all-cash base price at 1.7% of FEAUM with earn-out in 2029.

“Transaction involves all-cash base price equivalent to 1.7% of FEAUM and all cash earn out subject to specific performance parameters to be paid in 2029.”

CFO transition risk; Ana Russo stepping down effective April 2026

“Ms. Ana Russo, who has been serving as Chief Financial Officer since October 2022, has informed Patria a few months ago about her intention to step down from her current position, effective April 2026” · word for word

Integration risk of acquired REIT management business.

“Transaction subject to conditions precedent; integration of 12 funds.”

Integration risk and execution in Brazilian CLO market

“Acquisition of 51% stake; integration of Solis' team and operations; reliance on continued CLO market growth in Brazil.”

Preliminary and unaudited results subject to adjustment

“current period amounts are preliminary and unaudited” · word for word

M&A activity may cause adjustments to balance sheet

“Due to the closing of certain M&A activity, certain elements of our 3Q25 IFRS balance sheet and IFRS financial results are dependent on the conclusion of financial instruments adjustments” · word for word