Vinci Compass Investments (VINP) Q1 2026 earnings summary

Executive summary

• Achieved record Fee Related Earnings (FRE) of R$96.3 million (R$1.47/share) in Q1 2026, with a margin of 35.4%.

• Management fees rose 25% year-over-year to R$245 million, driven by Verde integration and organic growth in credit and Global IP&S.

• Total assets under management and advisory (AuM) rose 14% YoY to R$347 billion, despite FX impacts.

• Strategic combination with BACS Asset Management in Argentina announced, creating a platform with US$1.6 billion AuM.

• Integration with Verde progressing well, with new product launches and strong client engagement.

Financial highlights

• Fee-related revenues reached R$272 million in Q1 2026, up 17% year-over-year; last 12 months totaled R$990 million, up 44%.

• Record FRE of R$96.3 million, up 47% year-over-year; FRE margin expanded to 35.4%.

• Adjusted distributable earnings stable at R$62.2 million for the quarter (R$0.95/share); last 12 months totaled R$292 million, up 16%.

• Net cash and investments stood at R$754 million at quarter-end.

• Performance-related earnings (PRE) were R$2 million in Q1, with 12-month PRE at R$13 million, down 50% year-over-year.

Outlook and guidance

• Expect R$100 million indemnification from Rio de Janeiro/Galeão airport concession to positively impact distributable earnings in 2026.

• BACS transaction expected to double Argentina AUM to US$1.6 billion and drive medium- to long-term growth.

• Ongoing fundraising across multiple strategies and regions, with strong pipeline and product launches in credit, real assets, and digital assets.

• Focus on scaling high-growth strategies and compounding long-term value for clients and shareholders.

• Anticipate margin fluctuations in future quarters due to seasonal costs.