Vinci Compass Investments (VINP) Q4 2025 earnings summary

Executive summary

• Achieved 13% year-over-year AUM growth to R$354 billion in 2025, driven by capital formation, appreciation, and the Verde acquisition, marking the first full year as a pan-regional platform.

• Launched new products leveraging synergies from recent M&A, notably the Vinci Verde FE Infra fund and a R$2.8 billion SMA in Real Assets.

• Hosted first Investor Day as a pan-regional platform, outlining growth vision and strategy.

• Continued robust fundraising, especially in Credit and Global IP&S segments, with strong contributions from Real Assets.

• Significant milestones in private equity, including Agibank IPO and CBO reverse IPO.

Financial highlights

• Q4 2025 Fee Related Earnings (FRE) of R$80.4 million (R$1.23/share), margin 32.6%–36.2%; full-year FRE of up to R$288.4 million, margin 30.4%–35.5%.

• Adjusted Distributable Earnings for Q4 at R$81.3 million (R$1.24/share); full year at R$292.4 million (R$4.58/share), up 22% year-over-year.

• Management fees in Q4 reached R$220 million, up 29% year-over-year; FY'25 management fees were R$812.4 million, up 67%.

• Declared quarterly dividend of US$0.17 per share, payable April 2nd.

• Net revenues from services rendered for FY'25 were R$977.4 million, up 63% year-over-year.

Outlook and guidance

• Expecting continued double-digit AUM growth in 2026, with a strong fundraising pipeline, especially in Credit and Global IP&S.

• FRE growth anticipated, supported by Verde's full-year contribution and ongoing cost efficiencies.

• Advisory revenues projected to be slightly lower in 2026 due to timing of upfront fees and softer corporate advisory activity.

• Anticipate higher unrealized investment-related earnings (IRE) as funds exit the J-curve, with realized IRE contributing more in late 2026 or 2027.