Vinci Compass Investments Earnings Call Transcripts
Fiscal Year 2026
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The AGM confirmed quorum and proceeded with the approval of financial statements for 2025 and the appointment of a new director, Mr. Eugenio Garza y Garza, both by majority vote. No shareholder questions were raised, and final results will be published.
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Record Q1 2026 FRE and management fees driven by Verde integration and organic growth. Strategic moves in Argentina and digital assets, plus expected BRL 100 million indemnification, position the firm for continued expansion. Effective tax rate to normalize at 21–22%.
Fiscal Year 2025
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Achieved 13% AUM growth to BRL 354 billion in 2025, driven by strong fundraising, M&A, and product launches. FRE margin improved to 32.6% in Q4, with continued momentum expected in 2026, especially in Credit and infrastructure.
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Q3 2025 saw record AUM of BRL 316 billion, a 32.3% FRE margin, and 28% YoY growth in adjusted distributable earnings. Strategic milestones included the Verde acquisition and first Brazilian pension plan commitment, with strong fundraising and product innovation driving future growth.
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A diversified LATAM alternatives platform targets doubling fee-related revenues and significant margin expansion by 2028, driven by private credit, real estate, and private equity growth, as well as the Verde acquisition. Strategic integration, disciplined capital allocation, and macro tailwinds support scalable, resilient earnings across cycles.
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Q2 2025 saw strong financial results, robust fundraising, and strategic exits, with AUM at BRL 304 billion and adjusted distributable earnings up 30% year-over-year. Credit and alternative strategies drove growth, while FX headwinds impacted revenues. FRE margin expansion and further PRE gains are expected from 2026.
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First quarter post-merger saw strong fundraising, 22% FRE growth, and robust segment performance, especially in credit and global IP&S. Despite FX-driven AUM decline, margins are expected to improve as synergies are realized and new products launch.
Fiscal Year 2024
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2024 saw record AUM, robust fundraising, and strong earnings growth, driven by the Compass merger and strategic acquisitions. Despite FX headwinds, margins and distributable earnings remained resilient, with a positive outlook for 2025 as integration synergies and new products fuel expansion.
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Vinci and Compass have merged to form Vinci Compass, creating a leading alternative asset manager in Latin America with BRL 296 billion in AUM. The combination is immediately accretive, with strong growth in fee-related earnings and a clear strategy to expand alternatives, enhance margins, and pursue M&A across the region.
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Fee-related and distributable earnings grew double digits year-over-year, with AUM up 8% to $70B. The Compass merger and Lacan acquisition expand the platform and product suite, while private markets and public equities show strong fundraising momentum.
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Fee-related earnings rose 24% year-over-year per share, driven by robust private market fundraising and retroactive fees, while adjusted distributable earnings declined due to lower financial income and FX impacts. Integration with Compass and MAV Capital acquisition are progressing, with new product launches and international expansion expected to drive future growth.