Patria Investments (PAX) Q1 2026 earnings summary

Executive summary

• Achieved a strong start to 2026 with $2.1 billion raised in Q1, Fee-Earning AUM reaching nearly $46 billion (up 31% year-over-year), and robust investment performance across strategies.

• Fee Related Earnings grew 19% year-over-year to $50.5 million, with a margin of 54.6%.

• Distributable Earnings per share increased 14% year-over-year to $0.27.

• Total AUM reached $59.3 billion, up 29% from Q1 2025.

• Strengthened balance sheet with inaugural $350 million fixed-rate long-term debt issuance, extending maturity profile and reducing reliance on short-term credit.

Financial highlights

• Total fee revenues for Q1 2026 were $92.6 million, up 20% year-over-year and 3% sequentially (excluding seasonal incentive fees).

• Management fees increased 21% year-over-year to $95.2 million.

• Fee-Related Earnings (FRE) for the quarter were $50.5 million, up 19% year-over-year, with a margin of 54.6%.

• Distributable Earnings for the quarter were $42.4 million or $0.27 per share, up 14% year-over-year.

• IFRS Net Income attributable to shareholders was $2.3 million for Q1 2026.

Outlook and guidance

• Reaffirmed full-year 2026 FRE guidance of $225 million-$245 million, or $1.42-$1.54 per share, representing 15%-16% growth over 2025.

• 2027 FRE target maintained at $260 million-$290 million.

• Cumulative performance-related earnings (PRE) for Q4 2024–Q4 2027 expected at $80 million-$100 million, with upside if market conditions improve.

• Pending Fee-Earning AUM of $3.3 billion expected to be deployed within the year, supporting future management fee growth.

• Management remains confident in achieving full-year objectives, citing strong fundraising, diversified asset base, and increased investor engagement.