Vinci Compass Investments (VINP) Q2 2025 earnings summary

Executive summary

• Achieved record AUM of R$304.1 billion in Q2 2025, up 339% year-over-year, driven by the Compass combination, Lacan acquisition, and robust fundraising across multiple verticals.

• Adjusted Distributable Earnings reached R$75.8 million (R$1.20/share), up 30% year-over-year, with strong capital formation and appreciation across strategies.

• Declared a quarterly dividend of US$0.15 per share, payable September 9, 2025.

• Completed key strategic exits, including full divestment of FIP Infra Transmissão and Camarada Camarão, reinforcing realization track record.

• Integration of São Paulo office and operational improvements support collaboration and efficiency.

Financial highlights

• Fee Related Earnings reached R$65.2 million (R$1.03/share) in Q2 2025; Fee Related Revenues totaled R$233 million, up 85% year-over-year.

• Adjusted Distributable Earnings for Q2 2025 were R$75.8 million, up 30% year-over-year.

• Realized GP Investment and Financial Income grew 49% year-over-year to R$35.4 million.

• Net income for Q2 2025 was R$66.8 million, up 19% from Q2 2024.

• AUM ended Q2 at R$304 billion (US$56 billion), up from US$53 billion in Q1.

Outlook and guidance

• Management anticipates continued improvement in deal activity for Corporate Advisory and constructive fundraising in H2 2025.

• Targeting double-digit AUM growth on an FX-adjusted basis for the year, despite a slow Q1.

• FRE margin expected to migrate to low 30% range by Q2/Q3 2026, driven by cost initiatives and integration benefits.

• PRE and distributable earnings from closed-end funds expected to become more meaningful from 2026, with full PRE impact likely in 2028.

• Management believes the company is well-positioned to navigate the current dynamic environment for investors.