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- **$50 billion AUM milestone**: Symbolizes 3.5x growth since IPO, driven by organic and inorganic expansion.
- **$6 billion YTD fundraising**: Exceeds 2024 pace, with 6% annualized organic growth.
- **FRE guidance**: 2025 target $200-225 million, 2026 $225-245 million (15% YoY growth).
- **Performance fees**: $15 million Q4 2025, total $120-140 million through 2027.
- **Strategic initiatives**: $14 billion 3-year M&A target, U.S. market expansion, and data center infrastructure investments.

**【CEO Summary Section】**
- **$50 billion AUM milestone**: Achieved as of Q3 2025, up 3.5x since IPO in 2021.
- **Organic fundraising momentum**: $1.5 billion raised in Q3, $6 billion YTD, surpassing 2024's $4.6 billion.
- **Net organic growth**: $1.4 billion YTD net inflows, 6% annualized organic growth rate.
- **Fee-related earnings (FRE)**: $49.5 million in Q3 (22% YoY growth), guided to exceed $200 million for 2025.
- **Performance fees**: $15 million expected in Q4 from Infrastructure Fund III, total year-to-date $16 million.
- **Strategic focus**: Expanding in credit, real estate, and U.S. markets; $14 billion 3-year fundraising target (2025-2027).

**【CFO Financial Commentary】**
- **Revenue**: $84.6 million (11% YoY growth), driven by fee-earning AUM growth to $38.8 billion.
- **FRE margin**: 58.5% in Q3 (up 170bps QoQ), guided to 58-60% for 2025.
- **Operating expenses**: $34.4 million (flat YoY), reflecting cost control.
- **Debt**: $108 million (0.6x net debt/FRE ratio), well below 1x target.
- **Dividend**: $0.65 per share for 2026, up 8% from 2025's $0.60.

**【Q&A Highlights】**
- **Capital deployment**: $3.2 billion pending fee-earning AUM to be deployed over 12-18 months, primarily in infrastructure.
- **Inorganic growth**: Focus on credit, real estate, and U.S. expansion; $14 billion 3-year M&A target.
- **FRE guidance**: Full year 2025 FRE to exceed $200 million, 2026 target $225-245 million.
- **Performance fees**: Infrastructure Fund III expected to generate $120-140 million through 2027.
- **Share buyback**: 1.5 million shares purchased via total return swap, guided to offset dilution.
- **GPMS cross-sell**: 8% YoY AUM growth, with new co-investment fund launching in 2026.

Patria Investments Limited(PAX)-20251104-2025 Q3 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

PAX

PAX fundamentals

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