The following discussion contains forward-looking statements that involve risks and uncertainties. Our actual results and the timing of events may differ materially from those expressed or implied in such forward-looking statements as a result of various factors, including those set forth in “Cautionary Statement Regarding Forward-Looking Statements” and “Item 3. Key Information—D. Risk Factors.” A. Operating Results The following discussion of our financial condition and results of operations should be read in conjunction with our audited consolidated statement of income as of December 31, 2025 and 2024 and for each of the years in the three-year period ended December 31, 2025 and the notes thereto, included elsewhere in this annual report, as well as the information presented under “Presentation of Financial and Other Information.” Overview For the Years Ended December 31, 2025 2024 2023 Change 2025/2024 Change 2024/2023 (in US$ millions) Net income for the year 90.5 75.7 120.8 14.9 (45.1) Owners of the Company 85.7 71.9 118.4 13.8 (46.5) Non-controlling interests 4.9 3.8 2.4 1.1 1.4 Fee Related Earnings (FRE) 202.5 170.1 147.7 32.4 22.4 Distributable Earnings (DE) 200.9 189.2 186.3 11.7 2.9 Note: FRE and DE figures reflect only the results attributable for controlling owners to disclose our exposure from our ownership stake on each line item. For their definition and reconciliation from Net Income see "Item 5.A Operating Results - Non-GAAP Financial Measures and Reconciliations". We are a global alternative investment firm focused on the middle market segment, specializing in resilient sectors across select regions. We are a leading asset manager in Latin America and have a strong presence in Europe, with combined assets under management (“AUM”), of US$52.6 billion and US$41.9 billion as of December 31, 2025 and 2024, respectively. Fee-earnings AUM ("FEAUM"), which are the AUM on which we earn management fees, totaled US$40.8 billion and US$32.9 billion as of December 31, 2025 and 2024, respectively. We seek to be the gateway for alternative investing in Latin America and the partner of choice for both global as well as local Latin American institutional and individual investors. We aim to serve our investors' needs by providing a diverse range of investment solutions that generate attractive risk-adjusted returns in order to help investors meet their specific portfolio objectives. To serve our clients' needs, we offer a comprehensive and expanding array of investments strategies across major asset classes - private equity, infrastructure, credit, real estate, and public equities. We offer these strategies through a variety of product structures designed to meet our clients' investment goals and liquidity needs. Product structures, generally fall into the categories of closed-end funds, permanent capital listed vehicles and interval funds, open end funds, and separately managed accounts ("SMAs"), among others. Patria Investments Limited 83 Table of Contents As an asset manager, investment performance is the core of our business and a fundamental driver of our growth, and we believe we have built a solid track record across our strategies. The 20-year pooled Net IRR for our closed-end private equity buyout funds, for example, was 11.0% as of December 31, 2025 in U.S. dollars and 14.4% in local currencies. For infrastructure, the pooled Net IRR in U.S. dollars for our latest three vintage closed-end development funds was 10.2% as of December 31, 2025, and on a local currency basis was 16.0%. With respect to credit, our Latin America High Yield Credit, our largest strategy, has outperformed its benchmark by 366 basis points ("bps") as of December 31, 2025 since inception in February 4, 2000. The strategy has also beaten its benchmark CEMBI Broad Div Latam HY (J.P. Morgan’s high‑yield Latin American corporate bond index) over the trailing 1, 3 and 5-year periods through December 31, 2025. With respect to real estate, of our largest REITs with assets in excess US$75 million, which totals AUM of US$5.7 billion, 8 out of 11 have beaten the related benchmark since inception. Finally, in our GPMS business our investments in primaries, secondaries, and co-investments have generated gross IRRs of 17%, 18% and 17%, respectively, since inception and as of September 30, 2025, the latest date for which information is available. For further information on our funds performance, see “—Our Business.” We believe we have also generated attractive financial performance for our shareholders. Since our IPO, we have grown our Fee-Earning Assets Under Management from US$7.7 billion as of December 31, 2020 to US$40.8 billion as of December 31, 2025. Our Fee Related Earnings grew from US$56.8 million in 2020 to US$202.50 million in 2025, our Net Income grew from US$61.8 million in 2020 to US$90.5 million in 2025 and our Distributable Earnings per Share rose to US$1.27 in 2025 from US$1.02 in 2021, our first year as a public company. In 2024, as reported before, we implemented several important changes to our capital management policy to enhance our capital flexibility in order to fund our growth, including acquisitions, and long-term shareholder returns. Starting with our dividend in the second quarter of 2024, we transitioned from a variable quarterly dividend policy of approximately 85% of Distributable Earnings to a fixed quarterly dividend of US$0.15 per share, subject to annual review. In the fourth quarter of 2025 we announced an increase of our fixed quarterly dividend to US$0.16 per share for financial year 2026. In addition, in the fourth quarter of 2025 we announced that our Board had approved an additional share buyback program of three million shares, on top of the previously approved program of 3 million shares. The Group entered into a total return swap ("TRS") with a financial institution in September 2025 referencing 1.5 million shares. As the TRS remained outstanding and was not settled as of year‑end, the Company did not obtain title to the underlying shares and therefore no share repurchase was recorded. Our intention continues to be to use repurchases to mitigate the impact of compensation-based share issuance overtime, and we expect to keep our share count between 158 and 160 million shares for the coming year. As of December 31, 2025, we had 548 professionals, of which 44 were partners, 20 of whom have worked together for more than 15 years. We operate in 15 offices around the globe, including investment offices in, Montevideo (Uruguay), São Paulo (Brazil), Bogotá and Medellín (Colombia), Lima (Peru), Santiago (Chile) and Edinburgh (Scotland) as well as client-coverage offices in New York and Sausalito (United States), London (England), Dubai (UAE), Mexico City (Mexico) Hong Kong (China) and Buenos Aires (Argentina), in addition to our corporate business and management office in George Town (Cayman Islands). Key Business Metrics The following table sets forth our key business metrics as of and for the periods indicated. These supplemental business metrics are presented to assist investors to better understand our business and how it operates. This annual report uses the terms AUM, FEAUM, and net accrued performance fee, for which the definitions are presented below. We strongly advise that these measures may differ from the calculations of other companies, and as a result, may not be comparable to similar ones. Patria Investments Limited 84 Table of Contents The following table presents certain key operating performance metrics for the years ended December 31, 2025, 2024 and 2023: For the Years Ended December 31, 2025 2024 2023 2025/2024 Change 2024/2023 Change (in US$ millions) Assets Under Management 52,609 41,899 31,843 10,710 10,056 Private Equity 10,482 9,812 12,064 670 (2,252) Infrastructure 8,033 5,537 5,387 2,496 150 Credit 8,777 6,697 5,610 2,080 1,087 Public Equities 2,795 1,877 2,908 918 (1,031) Real Estate 8,366 5,791 3,432 2,575 2,359 GPMS (1) 14,156 12,184 — 1,972 12,184 Advisory & Distribution (1) — — 2,442 — (2,442) Fee Earning AUM 40,810 32,901 23,900 7,909 9,001 Private Equity 5,553 5,404 6,658 149 (1,254) Infrastructure 4,271 3,419 3,272 852 147 Credit 8,586 6,522 5,381 2,064 1,141 Public Equities 2,698 1,803 2,910 895 (1,107) Real Estate 7,848 5,513 3,476 2,335 2,037 GPMS (1) 11,854 10,239 — 1,615 10,239 Advisory & Distribution (1) — — 2,204 — (2,204) Net Accrued Performance Fee (2) 249 319 535 (70) (216) (1)Starting with our first-quarter 2024 results, we established a new vertical—Global Private Market Solutions (GPMS). As a result, we reclassified certain assets from Advisory & Distribution into GPMS, Credit, Public Equities and Real Estate. These reclassifications are reflected in the tables detailing changes in AUM and FEAUM (2)Beginning with our results for the first quarter of 2023, we are reporting Net Accrued Performance Fee balances net of related compensation and revenue taxes only. To be consistent with current reporting methodology, disclosures in prior periods were also adjusted accordingly for comparative purposes. Assets Under Management Our AUM provides our operational size and market share perspective. AUM is the total capital funds managed by us plus the investments directly made by others in the invested companies (co-investments). The following table reflects the changes in our AUM for the years ended December 31, 2025 and 2024: Private Equity Infrastructure Credit Public Equities Real Estate GPMS Advisory & Distribution Total (in US$ millions) AUM as of December 31, 2024 9,812 5,537 6,697 1,877 5,791 12,184 — 41,899 Reclassification — — — — — — — — Acquisitions — — 7 — 613 — — 621 Inflows 365 2,253 1,848 316 905 1,978 — 7,666 Realizations & Dividends (600) (647) (468) (5) (359) (1,252) — (3,330) Redemptions (56) — (352) (437) (21) (320) — (1,186) Valuation Impact 57 188 833 805 744 619 — 3,246 Foreign Exchange (FX) 914 336 218 239 658 765 — 3,131 Funds capital variation (11) 365 (6) — 34 181 — 564 AUM as of December 31, 2025 10,482 8,033 8,777 2,795 8,366 14,156 — 52,609 Patria Investments Limited 85 Table of Contents The increase in AUM was mainly due new capital raised across all verticals, positive performance of our funds, appreciation of the U.S. Dollar against the local currencies and acquisitions in Real Estate. These increases were partially offset by realizations in our Portfolio Companies and GPMS mandates, dividends distributed from our REITs, credit and public equities funds and redemptions across all verticals except Infrastructure. For more information about the acquisitions, see "Item 4. Information on the Company—A. History and Development of the Company." The following table reflects the changes in our AUM for the years ended December 31, 2024 and 2023: Private Equity Infrastructure Credit Public Equities Real Estate GPMS Advisory & Distribution Total (in US$ millions) AUM as of December 31, 2023 12,064 5,387 5,610 2,908 3,432 — 2,442 31,843 Reclassification — 207 (178) 85 294 2,034 (2,442) — Acquisitions — — — — 2,834 9,482 — 12,316 Inflows 186 454 1,380 233 588 2,314 — 5,154 Realizations & Dividends (351) (127) (267) (41) (392) (1,426) — (2,605) Redemptions (141) — (388) (799) (65) (402) — (1,795) Valuation Impact 41 242 698 (368) (277) 376 — 712 Foreign Exchange (FX) (1,992) (685) (155) (140) (670) (182) — (3,823) Funds capital variation 6 60 (3) — 47 (13) — 96 AUM as of December 31, 2024 9,812 5,537 6,697 1,877 5,791 12,184 — 41,899 Our AUM was US$41,899 million as of December 31, 2024, an increase of US$10,056 million, compared to US$31,843 million as of December 31, 2023. The increase in AUM was mainly due to acquisitions (mostly driven by the acquisition of the private equity solutions business from Abrdn), new capital raised across all verticals and positive performance of our funds. These increases were partially offset by depreciation of the U.S. Dollar against the local currencies, realizations in our Portfolio Companies and GPMS mandates, dividends distributed from our REITs, credit and public equities funds and redemptions across all verticals except Infrastructure. For more information about the acquisitions, see "Item 4. Information on the Company—A. History and Development of the Company." Fee Earning AUM Our FEAUM assesses our capability of generating recurring operating revenues. FEAUM is the total capital managed by us on which derive management fees. The following table reflects the changes in our FEAUM for the years ended December 31, 2025 and 2024: PrivateEquity Infrastructure Credit PublicEquities Real Estate GPMS Advisory &Distribution Total (in US$ millions) FEAUM as of December 31, 2024 5,404 3,419 6,522 1,803 5,513 10,239 — 32,901 Reclassification — — — — — — — — Acquisitions — — 10 — 592 — — 602 Inflows 112 1,030 1,806 275 679 1,746 — 5,647 Realizations & Dividends (22) (295) (442) (5) (347) (1,169) — (2,280) Redemptions — — (350) (437) — (210) — (998) Valuation Impact (2) 37 844 831 677 591 — 2,979 Foreign Exchange (FX) and Other 61 136 196 230 735 657 — 2,015 Change in fee basis — (55) — — (1) — — (56) FEAUM as of December 31, 2025 5,553 4,271 8,586 2,698 7,848 11,854 — 40,810 Patria Investments Limited 86 Table of Contents Our FEAUM was US$40,810 million as of December 31, 2025, an increase of US$7,909 million, compared to US$32,901 million as of December 31, 2024. This increase was driven by new capital raised across all verticals, positive performance of our funds, appreciation of the U.S. Dollar against the local currencies and acquisitions in Real Estate. These increases were partially offset by realizations in our Portfolio Companies and GPMS mandates, dividends distributed from our REITs, credit and public equities funds and redemptions in credit, public equities, real estate and GPMS. For more information about the acquisitions, see "Item 4. Information on the Company—A. History and Development of the Company" The following table reflects the changes in our FEAUM for the years ended December 31, 2024 and 2023: PrivateEquity Infrastructure Credit PublicEquities Real Estate GPMS Advisory &Distribution Total (in US$ millions) FEAUM as of December 31, 2023 6,658 3,272 5,381 2,910 3,476 — 2,204 23,900 Reclassification — — 29 85 294 1,796 (2,204) — Acquisitions — — — — 2,704 8,103 — 10,807 Inflows 62 364 1,293 184 523 1,823 — 4,249 Realizations & Dividends (126) (33) (152) (41) (283) (1,550) — (2,186) Redemptions — — (387) (791) (48) (113) — (1,338) Valuation Impact — 44 573 (404) (73) 541 — 681 Foreign Exchange (FX) and Other (132) (230) (213) (141) (915) (314) — (1,944) Change in fee basis (1,058) 2 — — (166) (46) — (1,268) FEAUM as of December 31, 2024 5,404 3,419 6,522 1,803 5,513 10,239 — 32,901 Our FEAUM was US$32,901 million as of December 31, 2024, an increase of US$9,001 million, compared to US$23,900 million as of December 31, 2023. This increase was driven by acquisitions (mostly driven by the acquisition of private equity solutions business from Abrdn), new capital raised across all verticals and positive performance of our funds. These increases were partially offset by depreciation of the U.S. Dollar against the local currencies, realizations in our Portfolio Companies and GPMS mandates, dividends distributed from our REITs, credit and public equities funds and redemptions in credit, public equities, real estate and GPMS. For more information about the acquisitions, see "Item 4. Information on the Company—A. History and Development of the Company" Net Accrued Performance Fee Our net accrued performance fee measures the amount we would receive as realized performance fees, net of related compensation and revenue taxes, if all eligible funds were fully divested at their marks/valuations at the same reporting date. Patria Investments Limited 87 Table of Contents The following table reflects the changes in our net accrued performance fee for the years ended December 31, 2025 and 2024: (in US$millions) Net accrued performance fee as of December 31, 2024 318.8 Private Equity Fund III — Private Equity Fund IV — Private Equity Fund V (124.1) Private Equity Fund VI 73.8 Infrastructure II (0.1) Infrastructure III (28.0) Infrastructure IV (1.7) Infrastructure V 8.3 Private Credit 0.6 Alturas II 0.7 Payara I 1.1 Payara II (1.0) Growth II 0.2 Payara IV 0.3 Igah Blend 0.4 Net accrued performance fee as of December 31, 2025 249.3 (1) Beginning with our results for the first quarter of 2023, we are reporting Net Accrued Performance Fee balances net of related compensation and revenue taxes only. Our net accrued performance fee was US$249 million on December 31, 2025, a decrease of US$69 million, compared to US$319 million on December 31, 2024. The decrease was primarily due to the US dollar appreciation against other currencies, stock price of the listed companies in the portfolio and the realization of US$20 million in our Infrastructure III fund and the Credit SMA Alturas I. The following table reflects the changes in our net accrued performance fee for the years ended December 31, 2024 and 2023: (in US$millions) Net accrued performance fee as of December 31, 2023 534.9 Private Equity Fund III — Private Equity Fund IV — Private Equity Fund V (109.7) Private Equity Fund VI (32.3) Infrastructure II (0.8) Infrastructure III (57.6) Infrastructure IV (13.1) Agribusiness I — Alturas II 1.0 Payara I (2.9) Payara II (0.7) Net accrued performance fee as of December 31, 2024 318.8 Our net accrued performance fee was US$319 million on December 31, 2024, a decrease of US$216 million, compared to US$535 million on December 31, 2023. The decrease was primarily due to the US dollar depreciation against other currencies, stock price of the listed companies in the portfolio and the realization of US$39 million in our Infrastructure III fund. Patria Investments Limited 88 Table of Contents Non-GAAP Financial Measures and Reconciliations This annual report presents our Fee Related Earnings and Distributable Earnings, and their respective reconciliations, which are Non-GAAP financial measures. A Non-GAAP financial measure is generally defined as a numerical measure of historical or future financial performance, financial position, or cash flow that purports to measure financial performance but excludes or includes amounts that would not be so adjusted in the most comparable IFRS – Accounting Standards measure. For further information on why our management chooses to use these Non-GAAP financial measures, and on the limits of using these Non-GAAP financial measures, please see “Presentation of Financial and Other Information—Special Note Regarding Non-GAAP Financial Measures.” For the Years Ended December 31, 2025 2024 2023 Change 2025/2024 Change 2024/2023 (in US$ millions) Net income for the year 90.5 75.7 120.8 14.9 (45.1) Owners of the Company 85.7 71.9 118.4 13.8 (46.5) Non-controlling interests 4.9 3.8 2.4 1.1 1.4 Fee Related Earnings (FRE) 202.5 170.1 147.7 32.4 22.4 Distributable Earnings (DE) 200.9 189.2 186.3 11.7 2.9 Note: FRE and DE figures reflect only the results attributable for controlling owners to disclose our exposure from our ownership stake on each line item. Patria Investments Limited 89 Table of Contents Fee Related Earnings (FRE) and Distributable Earnings (DE) For the Years Ended December 31 2025 2024 2023 Change 2025/2024 Change 2024/2023 (in US$ millions) Net income for the year 90.5 75.7 120.8 14.8 (45.1) (-) Deferred income tax (1) (14.9) (6.4) (13.3) (8.5) 6.9 (-) Amortization of intangibles assets (2) 35.2 25.1 19.6 10.1 5.5 (-) Rewards and bonuses - shared based (3) 20.7 12.9 11.7 7.8 1.2 (-) Restructuring costs-personnel (4) 20.2 3.8 2.6 16.4 1.2 (-) Share Based Incentive Plan (5) 17.3 7.5 1.5 9.8 6.0 (-) Deferred consideration expense (6) 4.0 11.2 23.0 (7.2) (11.8) (-) Other Income / (Expenses) (7) 19.5 52.7 18.4 (33.2) 34.3 (-) Professional services - SPAC (8) 4.2 1.1 1.1 3.1 — (-) Net financial income/(expense) (9) 9.1 9.5 3.4 (0.4) 6.1 (-) Non-controlling interests (4.9) (3.8) (2.4) (1.1) (1.4) Distributable Earnings 200.9 189.2 186.3 11.6 2.9 Current income tax expense (10) 13.9 12.4 10.5 1.5 1.9 Revenue from performance fees (31.0) (62.3) (73.3) 31.3 11.0 Carried interest allocation 10.6 20.9 25.3 (10.3) (4.4) Energy Trading (11) (7.1) (1.0) — (6.1) (1.0) Net financial income/(expense) (12) 13.9 11.5 (1.7) 2.4 13.2 Other income/(expenses) (0.1) (0.1) 1.1 — (1.2) Non-controlling interests/Associates 1.3 (0.4) (0.4) 1.7 — Fee Related Earnings (FRE) 202.5 170.1 147.7 32.4 22.4 Note: For our non-GAAP financial measures, we reflect the results attributable for controlling owners to include our exposure from our ownership stake on each line item. (1)Represents Deferred Income tax as per Note 28 of our audited consolidated financial statements included elsewhere in this annual report excluding Tria Deferred Income tax, included in the Energy Trading line. (2)Amortization related to acquisitions refers to amortization of intangible assets such as brands, contractual rights, non-compete and non-contractual customer relationship; the amount related to software and placement agent fees amortizations is considered as part of the FRE. For further details, please refer to note 24 of our audited consolidated statement of income included elsewhere in this annual report. (3)Related to rewards and bonuses paid in shares. (4)For details, please refer to note 23 of our audited consolidated statement of income included elsewhere in this annual report. (5)Shared based incentive plan consists of long term employee benefits, including Officers’ Fund tracking shares, IPO’s share-based incentive plan, and legacy strategic bonus from acquired business. Please refer to note 29 (d) of our audited consolidated statement of income included elsewhere in this annual report. (6)For details, please refer to our audited consolidated statement of income included elsewhere in this annual report. (7) For details, please refer to note 26 of our audited consolidated statement of income included elsewhere in this annual report excluding Energy Trading results and some other operating expenses. (8)SPAC Expenses - mainly professional services related to the SPAC - for details, please refer to note 25 of our audited consolidated statement of income included elsewhere in this annual report. (9) For details, please refer to note 27 of our audited consolidated statement of income included elsewhere in this annual report, excluding consideration payable foreign exchange losses/gains, unrealized losses/gains except for Tria Energy Trading related expenses . (10)For further details, please refer to note 28 of our audited consolidated statement of income included elsewhere in this annual report. (11)Refers to the expenses of Energy Trading business, ie personnel expense and general and administrative expense. (12)Mainly interest on loans and interest on lease partially offset by income from investments and assets (further details on note 27 of our audited consolidated statement of income included elsewhere in this annual report) - sum of comments 9 and 12 are explained in note 27 of our audited consolidated statement of income included elsewhere in this annual report. Patria Investments Limited 90 Table of Contents Significant Factors Affecting Our Results of Operations We believe that our results of operations and financial performance will be driven by the following trends and factors: Business Conditions Our operating revenues consist mainly of management, performance and incentive fees. Our ability to grow our revenues depends in part on our ability to attract new capital and investors, our successful deployment of capital and our ability to realize investments at a profit. The attractiveness of private markets. With private markets being an important piece of our product offering, our results of operations are affected by the growth of this industry. Alternative investments are expected to continue to grow vigorously and sustainably in the long-term. According to Preqin’s special report published in 2024, ‘The Future of Alternatives in 2028’, assets under management in alternative asset classes (including private markets and hedge funds) are expected to grow at a CAGR of more than 8% to reach more than US$24 trillion by the end of 2028, up from US$16 trillion in 2023. According to Preqin's report, there is a growing trend of global investors establishing and raising target allocations to alternatives. These actions have been driven by several factors, including: (1) consistent outperformance in alternatives compared to public markets in both short and long-term investment periods; (2) alternatives play a key role on portfolio diversification benefits with low correlation to traditional assets; and (3) lower volatility in alternatives when compared to public markets, particularly during market downturns. We believe the penetration of Latin America private investments as a share of total global private markets can increase from the historically low levels. Preqin data as of April 15, 2024 shows that Latin America accounted for less than 1% of total global private markets AUM, while Latin America GDP in 2023 represented 6% of global GDP. We believe that the volume of capital flowing to private markets in Latin America can increase substantially, driven by positive economic and currency cycles and the low correlations between Latin America and the global economy. For additional information regarding our industry, see “Item 4. Information on the Company—B. Business Overview.” Our ability to attract new capital and investors. Our ability to attract new capital and investors in our funds is driven by our ability to generate attractive risk-adjusted investment returns that meet our investors evolving needs. Since 1994, we have expanded from our initial closed-end private equity strategies, to other asset classes including infrastructure, credit, real estate, middle market PE solutions and public equities. We also offer a wider variety of strategies within each asset class through an expanding range of fund and product structures including listed permanent capital vehicles, separately managed accounts, interval funds, and closed-end funds. Since our IPO this expansion in our capabilities was fueled by, and made possible by, our acquisition strategy. Additionally, we have built a comprehensive distribution structure that helps us attract and service leading global institutional investors, in addition to expanding our reach with local institutions, retail and high net worth investors. However, capital raising continues to be very competitive. If we are unable to sustain attractive investment returns and successfully raise new capital overtime, our AUM, our FEAUM and associated fees in future periods may be lower than in prior years. See “Item 3. Key Information—D. Risk Factors—Certain Factors Relating to Our Business and Industry—Our asset management business depends in large part on our ability to generate attractive investment returns and raise capital from third-party investors. A failure to generate attractive investment returns and to raise capital from third-party investors on attractive fee terms or at all, would impact our ability to collect management fees or deploy such capital into investments and potentially collect performance allocations, which would materially reduce our revenue and cash flow and adversely affect our financial condition.” Patria Investments Limited 91 Table of Contents Our ability to successfully deploy capital. Our ability to maintain and grow our revenue base is dependent upon our ability to successfully deploy and invest the capital available to us, generate attractive investment returns, and in certain product structures, most notably closed-end funds, profitably monetize investments through capital markets transactions and strategic sales. As of December 31, 2025, we have overseen the deployment of more than US$39 billion through capital raised by our closed-end products and believe that there are significant market opportunities for us to deploy capital in our investment strategies within our target markets. Nevertheless, greater competition, high valuations, increased overall cost of credit and other general market conditions may impact our ability to identify and execute attractive investments. Additionally, because we seek to make investments that have an ability to achieve our targeted returns while taking on a reasonable level of risk, we may experience periods of reduced investment activity. We have a long-term investment horizon and the capital deployed in any one quarter may vary significantly from the capital deployed in any other quarter or the quarterly average of capital deployed in any given year. Reduced levels of transaction activity also tend to result in reduced potential future investment gains and performance fees, lower transaction fees and lower fees from our product lines, which may earn fees based on deployed capital. Our ability to realize investments. Challenging market, political and economic conditions, particularly in emerging markets, may adversely affect our ability to exit and realize value from our investments and result in lower-than-expected returns and performance fees. Although the equity markets are not the only means by which we exit investments, the strength and liquidity of the relevant Latin American or global equity markets generally, and the initial public offering market specifically, affect the valuation of, and our ability to successfully exit, our equity positions in our private equity Portfolio Companies in a timely manner. However, when financing is not available or becomes too costly, it may be more difficult to find a buyer that can successfully raise sufficient capital to purchase our investments. In addition, our ability to realize investments also affects our ability to attract new capital and investors, who may focus on our divestment track record in evaluating the attractiveness of our investment products. Other business conditions that can impact our operating results include (1) the increase of regulatory requirements which could restrict our operations and/or subject us to increased compliance or administrative costs, (2) unpredictable macroeconomic conditions, including political scenarios and interest rates, and (3) our ability to sustain our competitive advantages. Foreign Exchange Rates Foreign exchange rates may impact our results, considering that part of our net revenue and expenses are in currencies other than U.S. dollars. In 2025, 46% of our net revenue and 36% of our expenses were denominated in U.S. dollars. In 2024 and 2023, 56% and 68% of our net revenue and 28% and 32% of our expenses were denominated in U.S. dollars, respectively. Based on our current asset class mix, a 10% variance in soft currencies against the dollar impacts FRE by only about 2%, as our expense base provides a substantial hedge against currency movements that may impact our FEAUM. See note 31 to our audited consolidated statement of income included elsewhere in this annual report. In addition, foreign exchange rates may have a substantial impact on the valuations of our investments which are denominated in currencies other than the U.S. dollar. Our gradual and disciplined portfolio construction, one of the foundations of our investment approach, aims to mitigate currency impacts to investment performance, as the gradual capital deployment helps to average out foreign exchange fluctuations over the long-term. Currency volatility can also affect our businesses and investments that deal in cross-border trade. The appreciation or depreciation of the U.S. dollar is expected to contribute to a decrease or increase, respectively, in the U.S. dollar value of our non-U.S. investments to the extent unhedged. Having investments in multiple currencies across Latin America can be a mitigation factor itself. Moreover, when selecting investments for our funds that are denominated in U.S. dollars, an appreciating U.S. dollar may create opportunities to invest at more attractive U.S. dollar prices in certain countries outside the United States, while a depreciating U.S. dollar would be expected to have the opposite effect. For our investments denominated in currencies other than the U.S. dollar, the depreciation in such currencies will generally contribute to the decrease in the valuation of such investments, to the extent unhedged, and adversely affect the U.S. dollar equivalent revenues of Portfolio Companies with substantial revenues denominated in such currencies, while the appreciation in such currencies would be expected to have the opposite effect. Any negative impact on the valuation of our investments on a U.S. dollar basis would negatively affect our ability to receive performance and incentive fees. For additional information regarding our foreign exchange rate risk, see “—Quantitative and Qualitative Disclosure About Market Risk—Foreign Exchange Risk.” Patria Investments Limited 92 Table of Contents Inflation Rates We do not believe that inflation had a major impact on our results of operations for any periods presented herein, however our personnel and administrative expenses should be expected to reflect the general trends of inflation over time. Latin American Macroeconomic Environment Our investment approach has developed since 1994 with a view towards producing consistent risk-adjusted returns across vintages and cycles, notwithstanding volatility from time to time in Latin American political and macroeconomic contexts. As of 2023, Latin America and the Caribbean had a combined estimated total GDP of US$7.1 trillion, approximately 657 million inhabitants, with an average GDP per capita of US$10,797 and average real growth of nearly 2.8% per annum over the past 50 years, according to the World Bank. Important industries have consolidated their presence in the region and acquired scale, the most notable being community and financial services, retail, manufacturing, transportation and communication, construction, agribusiness and mining. We believe that the region has a large and vibrant consumer market. In most countries an increasingly large proportion of the population is experiencing material gains in purchasing power and is being provided with augmented credit facilities, a trend that can be observed even with short-term episodes of economic downturn. Consumer patterns are therefore shifting towards more sophisticated products and services, a phenomenon that calls for enhanced business infrastructure, upgraded human capital and improved real estate facilities, among other requirements, to meet these demands. Brazil is the largest economy in Latin America, as measured by GDP, and we therefore have historically carried out the majority of our investments in Brazil. As a result, our revenues and profitability are affected by political and economic developments in Brazil and the effect that these factors have on the availability of credit, disposable income, employment rates and average wages in the country. Our operations in Brazil, and the financial services industry in general, are particularly sensitive to changes in Brazilian economic conditions. The real/U.S. dollar exchange rate reported by the Central Bank was R$4.84 per US$1.00 on December 31, 2023, which reflected a 7.2% appreciation of the real against the U.S. dollar during 2023. In 2024, the real depreciated 27.9% to R$6.192 per US$1.00 on December 31, 2024. The real/U.S. dollar exchange rate reported by the Central Bank was R$5.50 per US$1.00 on December 31, 2025, which reflected a 11.1% appreciation of the real against the U.S. dollar during 2025 due to fluctuating macroeconomic conditions. The currency volatility experienced over the years was primarily driven by short-term capital flows resulted from higher global risk aversion, volatility in global capital markets, and persistent domestic political instability. As of April 27, 2026, the real/U.S. dollar exchange rate reported by the Central Bank was R$4.97 per US$1.00, an appreciation of 9.67% of the real since December 31, 2025. There can be no assurance that the real will not appreciate or depreciate against the U.S. dollar or other currencies in the future. Patria Investments Limited 93 Table of Contents Chile has an estimated GDP of US$301 billion and 19 million inhabitants as of 2023, and exports of goods and services account for approximately one-third of Chile’s economy. Commodities comprise approximately three-quarters of total merchandise exports; copper alone provides nearly a fifth of government revenues. Structural reforms, pursued consistently since the 1980s, have contributed to steady growth, cutting poverty rates by more than half, and helped cement the country’s commitment to democratic and representative government. The country is an OECD member with a consolidated market-oriented economy characterized by a high level of foreign trade together with a long-standing reputation for strong financial institutions and sound government policies. Not surprisingly, Chile has the highest sovereign credit rating in Latin America. Its main industries are mining (copper, coal, and nitrate), food processing, chemicals, wood, and agribusiness (fishing, viticulture, and fruit). In 2020, the Chilean economy suffered due to the COVID-19 pandemic with extensive lockdowns in place, which led to an economic contraction of 6.1% in 2020. During 2021, the Chilean economy started to recover as the extensive lockdowns where lifted and consumption was strongly boosted by the pension fund withdrawals and other support measures given by the government. In 2021, GDP grew 11.7%, but the measures implemented by the government to increase liquidity for households during the COVID-19 pandemic led to an increase in inflation, with inflation reaching 7.2% in 2021 and 12.8% in 2022, based on the Chilean consumer price index. As a result, the Chilean Central Bank increased the MPR multiple times, from a historically low level of 0.5% in 2020 to a historically high level of 11.25% in October 2022. In 2023, inflation began to subside and decreased to 3.9% by the end of the year, based on the Chilean consumer price index. In 2024, the Central Bank was still able to further ease monetary policy to 5% even though inflation has trended slightly higher to 4.5%. See "Item 3. Key Information—D. Risk Factors Certain Factors Relating to Latin America and the Countries in Which We Operate—Political, legal, regulatory and economic uncertainty arising from social unrest and the resulting social reforms could adversely impact our business." As for the business cycle, the Latin American region experienced a substantial slowdown after the end of the commodity super-cycle and poorer economic policies in large economies, notably Brazil. However, a combination of new governments pursuing better policies, further stabilizing reforms and improving terms of trade, has produced a gradual turnaround. Gradual economic expansion has been taking place since 2017, and we believe that it will gather momentum over the next years, even with the recent market declines and increased volatility caused by elevated global risk-aversion. As a consequence of steady progress in the economic and political agenda in key Latin American countries, such as Brazil, we believe that there is room for additional economic growth over the next decades in the region, together with improvements in socioeconomic inclusion and the stability of institutions in the region. We would also note that our funds’ invested companies’ activities in Argentina, which include certain assets owned by ATIS, a wireless telecom infrastructure provider. These investments are not material to the operations or results of our funds’ invested companies or us, and we have not experienced any material losses, defaults or collection issues associated with these investments. Recent Accounting Pronouncements The standards and amendments that came into effect for fiscal years beginning on or after January 1, 2025, did not have a material impact on the Company's statement of income. The Company did not early adopt any other standard, interpretation or amendment that has been issued but is not yet in effect. For information about recent accounting pronouncements that were adopted in 2025, see note 4 to our consolidated statement of income included elsewhere in this annual report. Cybersecurity, Fraud and Regulatory Compliance Costs Fundamentally, our society is more technologically reliant than ever before and sensitive information more likely to be accessed and stored in cloud storage services. Governments around the world have brought more attention to cybercrime and have increased the reputational damage of data breaches by forcing all organizations to communicate data breaches, to appoint a data protection officer, to require user consent to process information and anonymizing data for privacy. Regulations and laws in Europe (GDPR) and Brazil (LGPD) are examples of a global trend towards increasing emphasis on data security and public disclosure of data breaches. Driven by global connectivity and usage of cloud services to store sensitive information, which includes the Company and its clients’ confidential information, our cybersecurity protection measures have increased, impacting our operating costs and IT investments strategy. Our information technology related costs represented approximately 20% of our administrative expenses for the years ended December 31, 2025 and 2024. Patria Investments Limited 94 Table of Contents Net Revenue From Services Our net revenue from services relating to our private equity, infrastructure, credit, public equities, real estate and GPMS product lines consists of (1) management fees, (2) performance fees, (3) incentive fees, (4) advisory and other ancillary fees. We follow a five-step model to recognize revenue in accordance with IFRS 15 – Revenue from Contracts with Customers: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. Management fees primarily relate to management of an investment fund in our portfolio, and are calculated as a fixed percentage over the committed capital and/or the deployed capital for each one of the investment funds following the relevant Limited Partnership Agreement (“LPA”), or Private Placement Memorandum (“PPM”). We recognize management fees when the services are provided, throughout the period that we provide services to the investment fund. As the manager of the investment funds, we may, in our sole discretion, decrease the percentage or amount of fees being paid by the investment funds directly or indirectly to us or fully waive the payment of fees paid by the investment funds for a determined period or until the maturity of the investment funds. As a result, revenue is not recognized in such cases. Any rebates related to repayments of management fees are presented net within gross management fees in our income statement. Incentive fees are realized performance-based fees which are measured and received on a recurring basis, and not dependent on realization events from the underlying investments. Performance fees and other performance-based fees are generally generated only after limited partners ("LPs") have received a full return of their contributed capital to the fund, together with the applicable preferred return for the entire fund. This structure prioritize LP returns and reduces the risk of future claw backs. Because the performance of our investment fund is susceptible to market volatility and to other factors out of our control, performance-based fees meet the definition of variable consideration under IFRS 15. According to the referred standard, we recognize these fees only when the associated performance obligations are satisfied, the related uncertainties are substantially resolved and the likelihood of a claw-back or reversal is improbable and the likely amount of the transaction prices can be estimated without significant chance of reversal, indicating high probability of economic benefits and cash inflow to us, whereby the performance fee has then realized and can be reliably estimated. Once crystallized, performance fees typically cannot be clawed back. There are no other performance obligations or services provided which suggest these have been earned either before or after the realization date. Advisory and other ancillary fees primarily relate to services provided to the investment funds’ invested companies; the first relates to support on acquisitions and the latter refers to value-creation ongoing consulting services. Advisory and other ancillary service fees are recognized as the services are provided and/or when certain transactions are completed, as applicable. Our operational expenses are composed of personnel expenses, carried interest allocation, amortization of intangible assets, deferred consideration on acquisitions, general and administrative expenses, other income/(expenses) and our share of equity-accounted earnings from associate investments. Personnel expenses and carried interest allocation Personnel expenses consist of (1) fixed compensation costs composed of salaries and wages, (2) variable compensation costs composed of partners’ compensation, rewards and bonuses and employee profit sharing, (3) social security contribution and payroll taxes and (4) other short and long-term benefits. Personnel expenses also include restructuring costs related to personnel, share‑based incentive plan expenses and amounts related to the officers’ fund, consistent with our audited statement of income. Carried interest allocation refers to our employees' right to up to 35% of the performance fees recognized from investment funds. See “Item 4. Information on the Company—B. Business Overview—People & Career” and “Item 6. Directors, Senior Management and Employees—B. Compensation—Compensation of Directors and Officers.” Patria Investments Limited 95 Table of Contents Deferred consideration Deferred consideration primarily refers to the amount accrued during retention period on our acquisition of Moneda and CSHG, recognized as a compensation expense as the employees render services. Deferred consideration also includes retention bonuses and other deferred consideration arrangements related to the acquisition of GPMS (Abrdn carve‑out). Our acquisition of Moneda included US$58.7 million expected to be paid to former shareholders of Moneda in exchange for future services as employees. US$28.7 million outstanding on December 31, 2024, was settled on January 31, 2025 with the issuance of 2,423,546 Class A common shares of the Company. No amount is outstanding on December 31, 2025. The acquisition of CSHG included US$12.5 million (approximately R$77 million) of which US$2.1 million remains payable and will be settled over a two‑year period. Deferred consideration also includes amounts related to commission agreements with key management and employees transferred from Abrdn to GPMS. These amounts continue to be recognized over the respective service periods. Amortization of intangible assets Amortization of intangible assets relates to placement agent fees, software, contractual rights, brands and non‑contractual customer relationships, all of which have finite useful lives and are amortized on a straight‑line basis over their estimated useful lives. Placement agent fees relate to capital‑raising activities and are amortized over the terms of the respective investment funds. Contractual rights are recognized through asset acquisition and business combination transactions. The recognition is at fair value and subsequently amortized on a straight-line basis over the estimated life of the contractual right. Contractual rights include asset acquisitions of Bari, More, BlueMacaw, Vectis, AgroFibra and Genial and business combinations with Patria Asset Management, GPMS, CSHG and Nexus. Brands and non-contractual customer relationships acquired through business combination are recognized at fair value at the acquisition date. The cost of the intangible asset is then amortized over its estimated useful life using the straight-line method. A brand represents an acquired company’s reputation, investment approach, track record, ability to innovate and overall value proposition. Brands of acquired companies can provide us with a competitive advantage in new markets or regions where we are expanding market share and to generate new revenue streams. Goodwill is not amortized and is tested for impairment annually, or more frequently if indicators of impairment arise. General and administrative expenses General and administrative expenses mainly consist of professional services, including SPAC‑related services, IT and telecom services, depreciation of right-of-use assets and property and equipment, travel expenses, marketing and events expenses, occupancy expenses, insurance, expenses on utilities, materials and supplies, rebate fees (comprising a percentage of the management fee paid to the placement agent during the life of the fund), taxes and contributions and certain other administrative expenses. Other income/(expenses) Other income/(expenses) mainly consist of unrealized and realized fair value adjustments on energy trading contracts, gains or losses related to associate derecognition, and certain other non‑operating items. Other expenses include integration and transaction costs related to merger and acquisition activity, share issuance expenses associated with the SPAC, the Group’s share of equity‑accounted profit or loss in associates, and other non‑recurring items, consistent with our audited consolidated statement of income. Share of equity accounted earnings Share of equity-accounted earnings consist of the portion of earnings of an associated company where we hold a significant influence but not a controlling stake. The investment is accounted for using the equity method and is initially recognized at cost and subsequently adjusted for our share of the associate’s profit or loss and other comprehensive income. The share of earnings is based on our ownership percentage of the associated company and may include the amortization of identifiable intangible assets (brands and non-contractual customer relationships) that were acquired as part of the investment in the associated company. Our share of results is recognized for the same financial reporting period as the associate. Patria Investments Limited 96 Table of Contents Net Financial Income/(Expense) Financial income is mainly composed of interest on highly liquid investments, realized and unrealized gains on short and long-term investments, gains from derivative financial instruments (including fair value adjustments on acquisition‑related receivables and unrealized gains on total return swaps), and asset-linked receivables and foreign exchange gains in monetary items. Financial expenses include losses on short and long-term investments, losses from derivative financial instruments, interest expenses (including interest on asset‑backed payables), foreign exchange losses in monetary items, banking costs on financial transactions, and fair value adjustments on acquisition‑related obligations such as contingent consideration and other consideration‑payable adjustments, recognized on an accrual basis. Income taxes expense As an entity originally headquartered in Bermuda, then moving our headquarters to the Cayman Islands as of October 12, 2020, we are not subject to a special tax regime that exempts us from any income taxes. However, our subsidiaries outside the Cayman Islands may be subject to income tax and/or social contribution in the countries in which they are organized. Our income tax expense includes current and deferred taxes. Current tax reflects the expected tax payable based on applicable tax laws in each jurisdiction, while deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities and their respective tax bases, including amounts arising from business combinations. Deferred tax assets are recognized only when it is probable that future taxable income will be available to utilize them. All jurisdictions in which we operate apply transfer pricing rules requiring intragroup transactions to follow the arm’s‑length principle, including Brazil’s adoption of comprehensive arm’s‑length rules effective January 2024. We assessed uncertainties related to income tax treatments and did not identify any significant impact on taxable profit or loss. See note 4(p) to our audited consolidated statement of income included elsewhere in this annual report. Net Income for the Year Net income for the year consists of the sum of revenue from services and net financial income minus operating income and expenses and income tax. Patria Investments Limited 97 Table of Contents Results of Operations Year Ended December 31, 2025, Compared to the Year Ended December 31, 2024 The following table sets forth our income statement data for the year ended December 31, 2025 and 2024: For the Years Ended December 31, 2025 2024 Variation(%) (in US$ millions, except for percentages) Net revenue from services 381.7 374.2 2.0 % Personnel expenses (154.4) (111.7) 38.3 % Carried interest allocation (10.6) (20.9) (49.1) % Deferred consideration expense (4.0) (11.2) (64.4) % Amortization of intangible assets (39.7) (30.7) 29.2 % General and administrative expenses (50.9) (46.7) 9.1 % Other income 12.0 9.7 23.8 % Other expenses (19.4) (56.0) (65.4) % Finance income 17.4 17.9 (2.5) % Finance expense (39.7) (38.5) 3.2 % Net income before income tax 92.3 86.0 7.3 % Income tax expense (1.7) (10.3) (83.3) % Net income for the year 90.5 75.7 19.6 % Owners of the Company 85.7 71.9 19.2 % Non-controlling interests 4.9 3.8 28.4 % Patria Investments Limited 98 Table of Contents Net Revenue From Services For the Years Ended December 31, 2025 2024 Variation(%) (in US$ millions, except forpercentages) Revenue from management fees 326.9 287.2 13.8 % Private Equity 96.9 101.8 (4.8) % Infrastructure 55.0 51.3 7.2 % Credit (1) 58.9 46.0 28.2 % Real Estate (2) 48.1 37.7 27.8 % Public Equities (1) 12.1 13.7 (11.9) % Global Private Market Solutions (1) 55.9 36.8 52.0 % Revenue from incentive fees 14.0 13.8 1.2 % Credit 7.5 11.0 (31.8) % Real Estate 5.5 2.8 96.6 % Public Equities 1.0 — n.m Revenue from performance fees (3) 31.0 62.3 (50.2) % Credit 0.8 — n.m Infrastructure 30.2 59.7 (49.4) % Real Estate — 2.6 n.m Fund fees 371.8 363.3 2.4 % Revenue from advisory and other ancillary fees 9.9 10.9 (9.3) % Net Revenues from services 381.7 374.2 2.0 % Brazil (4) 70.1 63.5 10.3 % Cayman Islands (5) 168.4 202.7 (16.9) % Chile (6) 40.0 51.1 (21.7) % Colombia (7) 19.4 14.7 32.1 % Uruguay (8) 3.4 2.9 18.3 % United Kingdom (9) 77.1 36.0 114.3 % United States of America (10) 3.3 3.3 (0.9) % n.m. = not meaningful (1)Prior category "Advisory & Distribution" was reclassified between GPMS, Real Estate, Public Equities, and Credit in 2023. (2)Includes 50% attributable to non-controlling interest shareholders of VBI Real Estate up to July 31, 2024 and thereafter 0% after we acquired the remaining 50% share in VBI from non-controlling interest. Furthermore, 49.26% is attributable to Patria Asset Management SA. For more information on VBI Real Estate. For more information on Patria Asset Management, see “—Business Arrangement with Bancolombia." (3)Performance fees and incentive fees are primarily generated when the return of the investment funds exceeds the performance hurdle set out in the related charters. Since the investment funds’ performance are susceptible to market volatility and to factors out of our control, the related fees fall under the variable consideration defined in IFRS 15. According to the referred standard, we recognize these fees when the related uncertainties are resolved, the likelihood of a claw-back or reversal is improbable and the likely amount of the transaction prices can be estimated without significant chance of reversal, indicating high probability of economic benefits and cash inflow to us. (4)Our Brazil revenue consists primarily of management, incentive and performance fees received by our Brazilian entities relating to the services provided to our funds. (5)Our Cayman Islands revenue consists of management and performance fees received by our Cayman Islands entities for the services provided to our funds. (6)Our Chile revenue consists of management, incentive, financial advisory and other fees. (7)Our Colombia revenue consists of management fees from Patria Asset Management S.A. and Nexus. (8)Our Uruguay revenue consists of management fees from management services rendered to Igah. (9)Our United Kingdom revenue consists of management fees from Moneda and GPMS funds managed in the United Kingdom. (10)Our United States revenue consists of management and incentive fees. Patria Investments Limited 99 Table of Contents Net revenue from services totaled US$381.7 million in 2025, representing an increase of US$7.5 million, or 2.0%, compared to US$374.2 million in 2024, primarily driven by an increase of US$39.7 million in net revenue from management fees, reflecting the full-year impact from companies acquired in the prior year as well as incremental inflows into FEAUM from fundraising activities, and the deployment of dry powder (i.e. uncalled or undeployed committed capital available for future investments). Net revenue from performance fees decreased by US$31.3 million in 2025 compared to 2024, reflecting the variable nature of such fees and their dependence on the performance and maturity stages of our investment funds and underlying investments. The Performance fees recognized in 2025 were primarily linked to Patria Infrastructure Fund III. In addition, revenue from incentive fees and from advisory and other ancillary fees combined totaled US$23.9 million in 2025, compared to US$24.7 million in 2024, representing a decrease of US$0.8 million mainly due to lower level of advisory activity. Personnel expenses and carried interest allocation Personnel expenses in 2025 amounted to US$154.4 million, an increase of US$42.7 million, or 38.3%, from US$111.7 million in 2024, mainly attributable to additional personnel expenses from acquired businesses. Carried interest allocation decreased by US$10.3 million, or 49.1% from US$20.9 million in 2024 to US$10.6 million in 2025, due to a decrease in net revenue from performance fees. Deferred consideration expense Deferred consideration relates to certain business combinations and decreased by US$7.2 million in 2025. The decline is mainly attributable to completion and final settlement of Moneda deferred consideration in Q1'2025. Amortization of intangible assets Amortization of intangible assets in 2025 amounted US$39.7 million, increased by US$9.0 million, or 29.2%, from US$30.7 million in 2024, mainly due to an increase in intangible assets (brands, non-contractual customer relationships and contractual rights) acquired as part of asset acquisitions. Net other income/(expenses) Other expenses, net of other income in 2025 amounted US$7.4 million, decreased by US$38.9 million from US$46.3 million in 2024, mainly attributable to: (i) lower transaction and integration cost related to business combination (from US$14.8 million in 2024 to US$7.7 million in 2025) and (ii) decrease in other expenses by US$5.1 million. Net finance income/(expense) Net financial income/(expense) in 2025 were an expense of US$22.3 million, an increase of US$1.7 million from a financial expense of US$20.6 million in 2024, driven by several factors, including higher interest on loans and FX losses. Net income before income tax As a result of the foregoing, net income before income tax in 2025 was US$92.3 million, an increase of US$6.3 million, or 7.3%, from US$86.0 million in 2024. Income Tax Income tax expense in 2025 was US$1.7 million, a decrease of US$8.6 million from US$10.3 million expense in 2024. This decrease was primarily attributable to the impact of deferred tax liabilities related to prior years business acquisitions recognized in 2025. The differences in deferred taxes arises due to tax rates of foreign subsidiaries. Net income for the year As a result of the foregoing, our net income in 2025 was US$90.5 million, an increase of US$14.9 million, or 19.6%, from US$75.7 million in 2024. Patria Investments Limited 100 Table of Contents Year Ended December 31, 2024, Compared to the Year Ended December 31, 2023 The following table sets forth our income statement data for the year ended December 31, 2024 and 2023: For the Years Ended December 31, 2024 2023 Variation(%) (in US$ millions, except forpercentages) Net revenue from services 374.2 327.6 14.2 % Personnel expenses (111.7) (78.8) 41.8 % Carried interest allocation (20.9) (25.3) (17.2) % Deferred consideration expense (11.2) (23.0) (51.0) % Amortization of intangible assets (30.7) (22.4) 37.4 % General and administrative expenses (46.7) (39.2) 19.2 % Other income 9.7 12.8 (24.7) % Other expenses (56.0) (32.3) 73.6 % Finance income 17.9 9.0 98.6 % Finance expense (38.5) (10.7) 261.0 % Net income before income tax 86.0 118.0 (27.1) % Income tax expense (10.3) 2.8 (466.0) % Net income for the year 75.7 120.8 (37.4) % Owners of the Company 71.9 118.4 (39.3) % Non-controlling interests 3.8 2.4 57.8 % Patria Investments Limited 101 Table of Contents Net Revenue From Services For the Years Ended December 31, 2024 2023 Variation(%) (in US$ millions, except forpercentages) Revenue from management fees 303.2 252.9 19.9 % Private Equity 103.2 112.0 (7.9) % Infrastructure 54.0 50.2 7.6 % Credit (1) 48.8 39.6 23.2 % Real Estate (2) 39.8 20.7 92.3 % Public Equities (1) 18.9 20.1 (6.0) % Global Private Market Solutions (1) 38.5 10.3 273.8 % Revenue from incentive fees 13.8 4.1 236.6 % Credit 11.0 3.3 233.3 % Real Estate 2.8 — n.m Public Equities — 0.8 (100.0) % Revenue from performance fees (3) 62.7 74.7 (16.1) % Private Equity — 15.4 n.m Infrastructure 59.8 58.1 2.9 % Real Estate 2.9 1.2 n.m Fund fees 379.7 331.7 14.5 % Revenue from advisory and other ancillary fees 10.9 2.7 303.7 % Rebate fees (4) (9.3) — n.m. Taxes on revenue—performance fees (0.4) (1.4) (71.4) % Taxes on revenue—management fees and other (6.7) (5.4) 24.1 % Net Revenues from services 374.2 327.6 14.2 % Brazil (5) 63.5 50.2 26.5 % Cayman Islands (6) 202.7 215.3 (5.9) % Chile (7) 51.1 53.0 (3.6) % Colombia (8) 14.7 2.0 n.m Uruguay (9) 2.9 2.2 n.m United Kingdom (10) 36.0 0.7 n.m United States of America (11) 3.3 4.2 (21.4) % n.m. = not meaningful (1)Prior category "Advisory & Distribution" was reclassified between GPMS, Real Estate, Public Equities, and Credit in 2023. (2)Includes 50% attributable to non-controlling interest shareholders of VBI Real Estate up to July 31, 2024 and thereafter 0% after we acquired the remaining 50% share in VBI from non controlling interest. Furthermore, 49.26% is attributable to Patria Asset Management SA. For more information on Patria Asset Management, see “—Business Arrangement with Bancolombia." (3)Performance fees and incentive fees are primarily generated when the return of the investment funds exceeds the performance hurdle set out in the related charters. Since the investment funds’ performance are susceptible to market volatility and to factors out of our control, the related fees fall under the variable consideration defined in IFRS 15. According to the referred standard, we recognize these fees when the related uncertainties are resolved, the likelihood of a claw-back or reversal is improbable and the likely amount of the transaction prices can be estimated without significant chance of reversal, indicating high probability of economic benefits and cash inflow to us. (4)In prior financial periods, rebate fees were presented as general and administrative expenses. (5)Our Brazil revenue consists primarily of management and performance fees received by our Brazilian entities relating to the services provided to our funds and management and performance fees from VBI Real Estate. The growth in revenue in Brazil was further supported by the acquisition of CSHG funds. (6)Our Cayman Islands revenue consists of management and performance fees received by our Cayman Islands entities for the services provided to our funds. (7)Our Chile revenue consists of management, incentive, financial advisory and other fees from Moneda's funds managed in Chile. (8)Our Colombia revenue consists of management fees from Patria Asset Management S.A. and Nexus. (9)Our Uruguay revenue consists of management fees from management services rendered to Igah. (10)Our United Kingdom revenue consists of management fees from Moneda and GPMS funds managed in the United Kingdom. (11)Our United States revenue consists of management and incentive fees from funds managed by Moneda USA Inc. Patria Investments Limited 102 Table of Contents Net revenue from services in 2024 amounted to US$374.2 million, an increase of US$46.6 million, or 14.2%, from US$327.6 million in 2023, primarily attributable to an increase of US$41 million in net revenue from management fees as a result of additional management fees from acquired companies during 2024. Net revenue from performance fees decreased by US$12.0 million due to the variable nature of performance fees and dependency on the various stages of the life cycle of our investment funds and their respective investments, year-on-year comparison is not meaningful. The 2024 recognized performance fees are linked to Patria Infrastructure Fund III. In addition, revenue from incentive fees and from advisory and other ancillary fees increased by US$17.9 million from US$6.8 million in 2023 to US$24.7 million in 2024. Main drivers for the incentives fees are (i) Credit funds performance responsible for US$7.7 million and (ii) Real Estate funds responsible for US$2.8 million; in both cases, as funds performance were above benchmark, incentive fees were triggered. Regarding, advisory and other ancillary fees the main drivers are higher fundraising for third party managers which amounts to US$4.4 million. Personnel expenses and carried interest allocation Personnel expenses in 2024 amounted to US$111.7 million, an increase of US$32.9 million, or 41.8%, from US$78.8 million in 2023, mainly attributable to additional personnel expenses from acquired businesses. Carried interest allocation decreased by US$4.3 million, or 17.2% from US$25.3 million in 2023 to US$20.9 million in 2024, due to a decrease in recognized performance fee revenue. Deferred consideration expense Deferred consideration expenses related to the business combinations with Moneda and CSHG, decreased by US$11.7 million in 2024. The decline in the expense is attributable to 50% of the Moneda deferred consideration matured during 2023 with the remaining 50% during December 2024. For Moneda, no further expense is expected in 2025. CSHG deferred consideration will be accrued for over the next five years. Amortization of intangible assets Amortization of intangible assets increased by US$8.4 million, or 37.4%, from US$22.4 million in 2023 to US$30.7 million in 2024, mainly due to an increase in the value of identifiable intangible assets (brands, non-contractual customer relationships and contractual rights) acquired as part of acquisition transactions. Net other income/(expenses) Other expenses, net of other income increased by US$26.9 million, from US$19.4 million in 2023 to US$46.3 million in 2024, mainly attributable to: (i) an increase of US$25.3 million related to consideration payable adjustment (mainly VBI and GPMS) partially offset by reduction in gross obligation of US$11.7 million; (ii) an increase of US$12.7 million in other expenses as result of integrating acquired business, and (iii) increase in other expenses of US$5.0 million mainly related to a payment for the ISS settlement with the Municipality of São Paulo to the value of US$4.2 million. These expenses were partially offset by Energy Trading TRIA contracts of US$6.6 million. Net finance income/(expense) Net financial expenses in 2024 were an expense of US$20.6 million, an increase of US$19.0 million from US$1.7 million in 2023 primarily attributable to higher interest expenses and commissions, brokerage and financial expenses mainly due to bank loans (US$11.7 million) combined with higher unrealized loss on long term investments and gains on asset-linked receivables of US$4.6 million. Net income before income tax As a result of the foregoing, net income before income tax in 2024 was US$86.0 million, a decrease of US$32.0 million, or (27.1)%, from US$118.0 million in 2023. Income Tax Income tax expense in 2024 was US$10.3 million, an increase of US$13.1 million from a positive balance of US$2.8 million in 2023. This increase was primarily attributable to the impact of different tax rates of foreign subsidiaries mainly due to the jurisdictions of the new acquisitions (mainly Colombia and Brazil). Patria Investments Limited 103 Table of Contents Net income for the year As a result of the foregoing, net income of our group in 2024 was US$75.7 million, a decrease of US$45.1 million, or 37.4%, from US$120.8 million in 2023. B. Liquidity and Capital Resources General Our business model derives revenue primarily from third-party assets under management. We are not a capital or balance sheet intensive business. We manage operating expenses with the objective that total management and advisory fees exceed total operating expenses in each reporting period. As of December 31, 2025, we had three credit facilities with aggregate committed capacity of US$226 million. One of these facility is a term loan which was disbursed and used to support the acquisition from Abrdn. The other two are revolving facilities used for working capital needs, which have been partially disbursed at year end.We use a combination of our own realizations, cash flows from operations, and available liquidity to fund commitments to our own funds and to pay dividends to shareholders. See “—Capital Expenditures.” For additional information on our initial public offering, see “Item 4. Information on the Company—A. History and Development of the Company—Our History.” Sources and Uses of Liquidity As of December 31, 2025, 2024 and 2023, we had US$88.7 million, US$92.4 million and US$220.6 million in cash, cash equivalents and short-term investments, respectively. Our balances include US$54.1 million and US$187.4 million as of December 31, 2024 and 2023 respectively, related to short-term investments held in a trust account that is restricted to be used for purposes of completing a business combination or redeeming of public shares of the SPAC in our cash, cash equivalents and short-term investments. During the year ended December 31, 2025, SPAC shareholders redeemed US$56.2 million from the trust account. We believe that our current available cash, cash equivalents, financial investments and cash flows from our operating activities will be sufficient to meet our anticipated working capital requirements and capital expenditures in the ordinary course of business for the next 12 months. These liquidity needs primarily relate to (i) funding operating costs, including employee compensation and bonuses, (ii) payment of dividends to our shareholder, (iii) funding the cash for consideration payable of our acquisitions and (iv) repurchases of shares. As of December 31, 2025, our current liabilities exceeded our current assets by US$9.7 million. This position primarily reflects deferred consideration and payables arising from business combinations completed as of December 31, 2025 and are contractually due over an extended period from 2026 to 2029 and do not represent a near-term liquidity pressure. To support our inorganic growth strategy and maintain financial flexibility, we continue to actively manage our capital structure. As needed, we have the ability to meet future cash requirements through a balanced combination of available cash and financial investments, operating cash flows, equity instruments and, where appropriate, existing or additional credit facilities. We believe this disciplined and diversified approach to cash management positions us well to execute our strategic priorities while maintaining a prudent liquidity profile. The following table shows the generation and use of cash for the year ended December 31, 2025, 2024 and 2023: For the Years Ended December 31 2025 2024 2023 (in US$ millions) Net cash generated by operating activities 282.6 145.9 156.7 Net cash generated by investing activities 2.3 25.3 62.2 Net cash used in financing activities (268.2) (151.7) (229.6) Patria Investments Limited 104 Table of Contents Operating Activities Our net cash generated by operating activities was US$282.6 million as of December 31, 2025, an increase of US$136.7 million, compared to US$145.9 million as of December 31, 2024. The increase is mainly attributable to higher net income from operations activities excluding non-cash items of US$55.1 million. Additionally, we entered into an agreement with a financial institution to sell accounts receivables from Private Equity Fund IV with a cash impact of US$66.2 million (asset-backed payable - refer to note 8(b) of our audited consolidated financial statements included elsewhere in this annual report). Our net cash generated by operating activities decreased by US$10.8 million, from US$156.7 million for the year ended December 31, 2023 to US$145.9 million for the year ended December 31, 2024, which is mainly attributable to an increased in account receivables US$77.6 million related to performance fee inflows incurred in December 31, 2024. This amount was partially offset by the following items: (i) consideration payable adjustments (US$33.9 million) mainly related to VBI, (ii) shared based incentive plan (US$17.6 million), and (iii) other assets and liabilities (US$32.1 million) mainly related to TRIA energy trading contracts to be settled and to business combination with GPMS and Nexus (US$5.6 million). Investing Activities Our net cash generated by investing activities was US$2.3 million for the year ended December 31, 2025 and US$25.3 million in the year ended December 31, 2024, a decreased of US$23.0 million, due to redemptions from the SPAC's trust account which totaled US$56.2 million in 2025 against US$141.3 million in 2024, with an offset of US$111.1 million related to acquisition of subsidiaries (net of cash acquired) Regarding previous year, our net cash generated by investing activities decreased by US$36.9 million, from US$62.2 million generated in the year ended December 31, 2023 to US$25.3 million cash generated by investing activities for the year ended December 31, 2024, primarily due to redemptions from the SPAC's trust account which resulted in a variation of US$76.1 million offset by acquisition of subsidiaries (net of cash acquired) which resulted in a variation of US$105.5 million. Financing Activities Our net cash used in financing activities increased US$116.5 million, from US$151.7 million for the year ended December 31, 2024 to US$268.2 million for the year ended December 31, 2025. The increase primarily consisted of net proceeds/repayment of loans to fund M&A activities in the amount of US$282.6 million partially reduced by the SPAC redemptions of US$83.6 million, dividends to our shareholders of US$46.1 million and payment of consideration of US$37.5 million. In 2024, our net cash used in financing activities decreased US$78.0 million, from US$229.6 million for the year ended December 31, 2023 to US$151.7 million for the year ended December 31, 2024. The decrease primarily consisted of net proceeds/repayment of loans related to M&A activities that resulted in a variation of US$217.1 million in part reduced by the SPAC redemptions of US$74.2 million and payment of consideration of US$71.5 million. Indebtedness As of December 31, 2025, we had US$174.9 million owing on credit facilities with major financial institutions. For 2024 US$228.0 million and 2023, we had no outstanding financial indebtedness. Off-balance Sheet Arrangements As of December 31, 2025, 2024 and 2023, we did not have any off-balance sheet arrangements. Patria Investments Limited 105 Table of Contents Capital Expenditures In the years ended December 31, 2025, 2024 and 2023, we made capital expenditures of US$32.8 million, US$131.3 million and US$28.3 million, respectively. These capital expenditures mainly include expenditures related to (1) acquisitions of property, equipment, and software and computer programs, (2) acquisition of subsidiaries, net of cash in the entity acquired, which includes engaging in mergers and acquisitions pursuant to our inorganic growth strategy including payments to extend the life of our SPAC to consummate its initial business combination, (3) payments to placement agents related to future expenses regarding our portfolio distribution services to clients, and (4) acquisition of contractual rights and other intangible assets. We expect to continue investing to support the growth of our business and operations. We expect to meet our capital expenditure needs for the foreseeable future from our operating cash flow, our existing cash and cash equivalents, and credit facilities. Our future capital requirements will depend on several factors, including mergers and acquisitions, payments to placement agents and capex investments to support the execution of our strategy and business plan. C. Research and Development, Patents and Licenses, etc. See “Item 4. Information on the Company—D. Property and Equipment—Intellectual Property.” D. Trend Information For a discussion of trend information, see “Item 4. Information on the Company—B. Business Overview—Key Market Trends.” E. Critical Accounting Estimates Our consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS Accounting Standards") issued by the International Accounting Standards Board (“IASB”). In preparing our audited consolidated financial statements, we make assumptions, judgments and estimates that can have a significant impact on amounts reported in our consolidated financial statements. We base our assumptions, judgments and estimates on historical experience and various other factors that we believe to be reasonable under the circumstances. Actual results could differ materially from these estimates under different assumptions or conditions. We regularly reevaluate our assumptions, judgments and estimates, presenting the significant accounting policies in Notes 2 and 4 of our audited consolidated financial statements included elsewhere in this annual report.