Vinci Compass Investments (VINP) Q2 2026 earnings summary

Executive summary

• Assets under management (AUM) reached R$361.2 billion, up 19% year-over-year, driven by capital formation, appreciation, and acquisitions including BACS and Navi Real Estate, expanding presence in Argentina and the multi-strategy real estate segment.

• Fee Related Earnings (FRE) for 2Q'26 were R$89 million, up 36% year-over-year, with a FRE margin of 33%.

• Demonstrated robust fundraising momentum with R$53 billion in capital formation and appreciation over the last twelve months, and close to R$1 billion in new commitments across flagship funds.

• Maintained focus on scaling the platform, diversifying product suite, and leveraging operating efficiency for long-term value creation.

• Quarterly dividend declared at US$0.17 per share, payable September 9, 2026.

Financial highlights

• Management fees totaled R$252.2 million in 2Q'26, up 29% year-over-year, driven by acquisitions and organic growth.

• Fee Related Revenues for 2Q'26 YTD were R$544.4 million, up 17% year-over-year.

• Adjusted Distributable Earnings per share for 2Q'26 were R$0.96; total Adjusted Distributable Earnings were R$63.3 million, down 16% year-over-year.

• Operating profit was R$92.8 million, up 33% year-over-year; adjusted net income was R$47.7 million, down 15% year-over-year.

• Net Cash and Investments stood at R$725.1 million at quarter-end.

Outlook and guidance

• FRE margin expected to remain in the mid-30%s, with potential for further improvement as BACS and Navi contributions scale.

• Anticipates stronger second half of 2026, with increased deal activity and capital returns from maturing funds.

• Fundraising pipeline remains robust across credit, real assets, private equity, and global solutions, with several flagship strategies expected to close in H2 2026.

• Proprietary funds remain in the investment phase, expected to continue drawing capital according to capital call schedules.

• Corporate Advisory expects an extensive pipeline of opportunities for the second half of 2026 despite subdued activity in 2Q'26.