We are exposed to market risks in the ordinary course of our business, including the effects of interest rate changes, foreign currency fluctuations and share prices. Information relating to quantitative and qualitative disclosures about these market risks is described below. For more information, see note 31(d) to our audited consolidated financial statements included elsewhere in this annual report. Credit Risk Credit risk is the possibility of incurring a financial loss if a client or a counterpart in a financial instrument fails to perform its contractual obligations. We have low exposure to credit risk because our customer base is formed by investors in each investment fund. These investors are required to comply with the capital calls to repay related investment fund expenses. If capital calls are not complied with, the participation of that investor is diluted among the remaining investors of the investment fund. In addition, management fees could be settled by the sale of the underlying investments kept by the investment funds. The cash and short-term investments are maintained in large banks with high credit ratings. As of December 31, 2025 and 2024, accounts receivable includes management fees from certain investment funds where collection has been postponed in 2024 considering their cash needs and classified as overdue. These overdue balances are related to the estimated asset realization dates within the investment funds and we understand they have no impact on the credit risk profile considering the nature of our operations as an investment manager and our customer base. Patria Investments Limited 141 Table of Contents Liquidity Risk Liquidity risk is the possibility of unbalances between tradable assets and liabilities, payables and receivables mismatches, which might affect our payment ability, taking into consideration the different currencies and settlement terms of our assets and liabilities. In addition, we perform the financial management of our cash and cash equivalents, keeping them available for paying our obligations and reducing our exposure to liquidity risk. In addition, we have the option for certain financial instruments to be settled either in cash or through our own equity instruments, such as Class A common shares. Market Risk Market risk is defined as the possible negative impact on income caused by changes in market prices, such as interest rate, foreign exchange rate, commodity (energy) and share prices. Our policy aims to mitigate our exposure to market risks; therefore, as of the years ended December 31, 2025 and 2024, to manage price risk arising from investment funds, we diversify our portfolio in accordance with the limits we set according to each strategy. We acquired derivatives in the 2023 financial year such as public warrants and call and put option arrangements from our merger and acquisition activity. For public warrants as it relates to our SPAC, we do not expect a material exposure to market risk nor do we expect it to have a material impact on our cash flow and financial position. We believe that call and put option arrangements included in the purchase agreements of businesses we acquired help us mitigate exposure to market risk as we carry out our expansion and growth strategy. Security price risk Long-term investments made by the Company represent investments in investment fund products where fair value is derived from the reported Net Asset Values (“NAV”) for each investment fund, which in turn are based upon the value of the underlying assets held within each of the investment fund products and the anticipated redemption horizon of the investment fund product. Investment fund products expose us to market risk and therefore this process is subject to limits consistent with our risk appetite. To manage our price risk arising from investments in securities, we diversify our portfolio. Diversification of our portfolio is done in accordance with the limits set by the Company. Foreign Exchange Risk Foreign exchange risk results from a possible change in foreign exchange rates that would affect the finance results (income and/or costs and expenses) and the balance of contracts (receivable and/or payable) indexed to a foreign currency. We measure our foreign exchange exposure by subtracting our non-U.S. dollar-denominated liabilities from our non-U.S. dollar-denominated assets, thus obtaining our net foreign exchange exposure and the amount actually affected by exchange fluctuations. Commodity Price Risk The Company trades energy contracts in Brazil and maintains a portfolio of forward energy contracts involving both the purchase and sale of energy. As a result, the Company is exposed to commodity price risk arising from unexpected fluctuations in energy prices, including those driven by extraordinary events. However, the Company retains flexibility to actively manage these contracts in accordance with its internal policies and risk limits, allowing it to benefit from market price movements. Interest Rate Risk The Company has loans with leading financial institutions as part of its capital structure. These loans bear interest at a variable rate based on SOFR plus a fixed margin. Accordingly, the Company is exposed to interest rate risk arising from potential unexpected fluctuations in the SOFR rate. Sensitivity Analysis The sensitivity analysis was based on the material assets and liabilities exposed to interest rate and currencies fluctuation against U.S. dollars, as demonstrated in note 31d(iii) to our audited consolidated financial statements. Patria Investments Limited 142 Table of Contents