# EDGAR Filing Document

**Accession Number:** 0001826286
**File Stem:** 0001193125-26-164057
**Filing Date:** 2026-4
**Character Count:** 1431073
**Document Hash:** 9b77e5d02ecc82e6ad73303f7d9fa7e9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-164057.hdr.sgml**: 20260420

**ACCESSION NUMBER**: 0001193125-26-164057

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 182

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260420

**DATE AS OF CHANGE**: 20260420

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Vinci Compass Investments Ltd.
- **CENTRAL INDEX KEY:** 0001826286
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39938
- **FILM NUMBER:** 26875314

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** AV. BARTOLOMEU MITRE, 336
- **CITY:** LEBLON-RIO DE JANEIRO
- **PROVINCE COUNTRY:** D5
- **BUSINESS PHONE:** 55-21-2159-6600

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** AV. BARTOLOMEU MITRE, 336
- **CITY:** LEBLON-RIO DE JANEIRO
- **PROVINCE COUNTRY:** D5

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Vinci Partners Investments Ltd.
- **DATE OF NAME CHANGE:** 20200928

?xml version='1.0' encoding='ASCII'? 20-F

##### [**Table of Contents**](#toc)

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 20-F

#### (Mark One)
☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

#### OR
☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

#### For the fiscal year ended December 31, 2025

#### OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

#### For the transition period from to .

#### OR
☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

#### Date of event requiring this shell company report

#### Commission file number: 001-39938

## Vinci Compass Investments Ltd.

#### (Exact name of Registrant as specified in its charter)

#### Not applicable

#### (Translation of Registrant's name into English)

#### Cayman Islands

#### (Jurisdiction of incorporation or organization)

#### Av. Bartolomeu Mitre , 336

#### Leblon – Rio de Janeiro

#### Brazil 22431-002

#### +55 (21) 2159-6240

#### (Address of principal executive offices)

#### Sergio Passos Ribeiro, Chief Financial Officer

#### Av. Bartolomeu Mitre , 336

#### Leblon – Rio de Janeiro

#### Brazil 22431-002

#### + 55 (21) 2159-6240

#### (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

#### Copies to:

#### Manuel Garciadiaz

#### Davis Polk & Wardwell LLP

#### 450 Lexington Avenue

#### New York, NY 10017

#### Phone: (212) 450-4000

#### Fax: (212) 450-6858

#### Securities registered or to be registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading<br> Symbol(s) | Name of each exchange<br> on which registered |
| Class A common shares, par value US$0.00005 per share | VINP | Nasdaq Global Select Market |

---

Securities registered or to be registered pursuant to Section 12(g) of the Act:

#### None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report.

The number of outstanding shares as of the date of this annual report was 50,955,859 Class A common shares and 14,466,239 Class B common shares.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☐ No ☒

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Yes ☐ No ☒

Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of "accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange Act. (Check one):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Large Accelerated Filer | ☐ | Accelerated Filer | ☒ | Non-accelerated Filer | ☐ |
|  |  |  |  | Emerging growth company | ☒ |

---

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report: ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this annual report:

☐ U.S. GAAP

☒ International Financial Reporting Standards as issued by the International Accounting Standards Board

☐ Other 

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

☐ Item 17 ☐ Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

------

##### [**Table of Contents**](#toc)

#### VINCI COMPASS INVESTMENTS LTD.

#### **TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  | Page | Page |
|  [Presentation of Financial and Other Information](#rom79123_1) |  | 3 |
|  [Cautionary Statement Regarding Forward-Looking Statements](#rom79123_2) |  | 7 |
| [PART I](#rom79123_3) | [PART I](#rom79123_3) | [PART I](#rom79123_3) |
|  [ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS](#rom79123_4) |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[A. Directors and Senior Management](#rom79123_5) |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[B. Advisers](#rom79123_6) |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[C. Auditors](#rom79123_7) |  | 9 |
|  [ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE](#rom79123_8) |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[A. Offer Statistics](#rom79123_9) |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[B. Method and Expected Timetable](#rom79123_10) |  | 9 |
|  [ITEM 3. KEY INFORMATION](#rom79123_11) |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[A. \[Reserved\]](#rom79123_12) |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[B. Capitalization and Indebtedness](#rom79123_13) |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[C. Reasons for the Offer and Use of Proceeds](#rom79123_14) |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[D. Risk Factors](#rom79123_15) |  | 9 |
|  [ITEM 4. INFORMATION ON THE COMPANY](#rom79123_16) |  | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[A. History and Development of the Company](#rom79123_17) |  | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[B. Business Overview](#rom79123_18) |  | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[C. Organizational Structure](#rom79123_19) |  | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[D. Property, Plant and Equipment](#rom79123_20) |  | 140 |
|  [ITEM 4A. UNRESOLVED STAFF COMMENTS](#rom79123_21) |  | 141 |
|  [ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS](#rom79123_22) |  | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[A. Operating Results](#rom79123_23) |  | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[B. Liquidity and Capital Resources](#rom79123_24) |  | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[C. Research and Development, Patents and Licenses, Etc.](#rom79123_25) |  | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[D. Trend Information](#rom79123_26) |  | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[E. Critical Accounting Estimates](#rom79123_27) |  | 171 |
|  [ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES](#rom79123_28) |  | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[A. Directors and Senior Management](#rom79123_29) |  | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[B. Compensation](#rom79123_30) |  | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[C. Board Practices](#rom79123_31) |  | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[D. Employees](#rom79123_32) |  | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[E. Share Ownership](#rom79123_33) |  | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[F. Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation](#rom79123_34) |  | 178 |
|  [ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS](#rom79123_35) |  | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[A. Major Shareholders](#rom79123_36) |  | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[B. Related Party Transactions](#rom79123_37) |  | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[C. Interests of Experts and Counsel](#rom79123_38) |  | 184 |
|  [ITEM 8. FINANCIAL INFORMATION](#rom79123_39) |  | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[A. Consolidated Statements and Other Financial Information](#rom79123_40) |  | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[B. Significant Changes](#rom79123_41) |  | 187 |
|  [ITEM 9. THE OFFER AND LISTING](#rom79123_42) |  | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[A. Offer and Listing Details](#rom79123_43) |  | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[B. Plan of Distribution](#rom79123_44) |  | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[C. Markets](#rom79123_45) |  | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[D. Selling Shareholders](#rom79123_46) |  | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[E. Dilution](#rom79123_47) |  | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[F. Expenses of the Issue](#rom79123_48) |  | 187 |

---

i

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
|  [ITEM 10. ADDITIONAL INFORMATION](#rom79123_49) | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[A. Share Capital](#rom79123_50) | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[B. Memorandum and Articles of Association](#rom79123_51) | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[C. Material Contracts](#rom79123_52) | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[D. Exchange Controls](#rom79123_53) | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[E. Taxation](#rom79123_54) | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[F. Dividends and Paying Agents](#rom79123_55) | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[G. Statement by Experts](#rom79123_56) | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[H. Documents on Display](#rom79123_57) | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[I. Subsidiary Information](#rom79123_58) | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[J. Annual Report to Security Holders](#rom79123_59) | 208 |
|  [ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#rom79123_60) | 208 |
|  [ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES](#rom79123_61) | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[A. Debt Securities](#rom79123_62) | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[B. Warrants and Rights](#rom79123_63) | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[C. Other Securities](#rom79123_64) | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[D. American Depositary Shares](#rom79123_65) | 209 |
| [PART II](#rom79123_66) | [PART II](#rom79123_66) |
|  [ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES](#rom79123_67) | 210 |
|  [ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS](#rom79123_68) | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[A. Material modifications to instruments](#rom79123_69) | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[B. Material modifications to rights](#rom79123_70) | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[C. Withdrawal or substitution of assets](#rom79123_71) | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[D. Change in trustees or paying agents](#rom79123_72) | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[E. Use of proceeds](#rom79123_73) | 210 |
|  [ITEM 15. CONTROLS AND PROCEDURES](#rom79123_74) | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[A. Disclosure controls and procedures](#rom79123_75) | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[B. Management's annual report on internal control over financial reporting](#rom79123_76) | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[C. Attestation report of the registered public accounting firm](#rom79123_77) | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[D. Changes in internal control over financial reporting](#rom79123_78) | 211 |
|  [ITEM 16. RESERVED](#rom79123_79) | 212 |
|  [ITEM 16A. Audit committee financial expert](#rom79123_80) | 212 |
|  [ITEM 16B. Code of ethics](#rom79123_81) | 212 |
|  [ITEM 16C. Principal accountant fees and services](#rom79123_82) | 212 |
|  [ITEM 16D. Exemptions from the listing standards for audit committees](#rom79123_83) | 213 |
|  [ITEM 16E. Purchases of equity securities by the issuer and affiliated purchasers](#rom79123_84) | 213 |
|  [ITEM 16F. Change in registrant's certifying accountant](#rom79123_85) | 214 |
|  [ITEM 16G. Corporate governance](#rom79123_86) | 214 |
|  [ITEM 16H. Mine safety disclosure](#rom79123_87) | 215 |
|  [ITEM 16I. Disclosure regarding foreign jurisdictions that prevent inspections](#rom79123_88) | 215 |
|  [ITEM 16J. Insider trading policies](#rom79123_89) | 215 |
|  [ITEM 16K. Cybersecurity](#rom79123_90) | 215 |
| [PART III](#rom79123_91) | [PART III](#rom79123_91) |
|  [ITEM 17. FINANCIAL STATEMENTS](#rom79123_92) | 219 |
|  [ITEM 18. FINANCIAL STATEMENTS](#rom79123_93) | 219 |
|  [ITEM 19. EXHIBITS](#rom79123_94) | 219 |
|  [INDEX TO CONSOLIDATED FINANCIAL STATEMENTS](#rom79123_95) | F-1 |

---

ii

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##### [**Table of Contents**](#toc)

#### PRESENTATION OF FINANCIAL AND OTHER INFORMATION
All references to "U.S. dollars," "dollars" or "$" are to the U.S. dollar. All references to "real," "reais," "Brazilian *real*," "Brazilian *reais*," or "R$" are to the Brazilian *real*, the official currency of Brazil. All references to "IFRS" are to International Financial Reporting Standards, as issued by the International Accounting Standards Board, or the IASB.

#### Financial Statements
We present in this annual report the audited consolidated financial statements of Vinci Compass Investments Ltd., which we refer to in this annual report as "Vinci Compass," for the years ended December 31, 2025, 2024 and 2023. The audited consolidated financial statements of Vinci Compass were prepared in accordance with IFRS Accounting Standards, as issued by the IASB.

Vinci Compass maintains its books and records in Brazilian *reais*, the presentation currency for its financial statements and also the functional currency of our operations in Brazil. Unless otherwise noted, the financial information presented herein as of December 31, 2025 and 2024, and for the years ended December 31, 2025, 2024 and 2023, is stated in Brazilian *reais*, our reporting currency. The consolidated financial information of Vinci Compass contained in this annual report is derived from Vinci Compass' audited consolidated financial statements as of December 31, 2025 and 2024, and for the years ended December 31, 2025, 2024 and 2023, together with the notes thereto. All references herein to "our financial statements," "our audited consolidated financial information," and "our audited consolidated financial statements" are to the audited consolidated financial statements of Vinci Compass included elsewhere in this annual report. All references herein to "we," "us," "our," or the "Company" are to Vinci Compass.

This financial information should be read in conjunction with "Item 5. Operating and Financial Review and Prospects" and our audited consolidated financial statements, including the notes thereto, included elsewhere in this annual report.

Our fiscal year ends on December 31. References in this annual report to a fiscal year, such as "fiscal year 2025," relate to our fiscal year ended December 31 of that calendar year.

#### Financial Information in U.S. Dollars
Solely for the convenience of the reader, we have translated some of the *real* amounts included in this annual report from *reais* into U.S. dollars. You should not construe these translations as representations by us that the amounts actually represent these U.S. dollar amounts or could be converted into U.S. dollars at the rates indicated. Unless otherwise indicated, we have translated *real* amounts into U.S. dollars using a rate of R$5.5024 to US$1.00, the commercial selling rate for U.S. dollars as of December 31, 2025, as reported by the Brazilian Central Bank (*Banco Central do Brasil*), or the Brazilian Central Bank.

#### Special Note Regarding Non-GAAP Financial Measures
This annual report presents our FRE, FRE Margin, PRE, PRE Margin, IRE, Distributable Earnings, and Distributable Earnings Margin, which are non-GAAP financial measures, and their reconciliations to the nearest measure as defined by IFRS Accounting Standards, for the convenience of investors.

We present Fee Related Earnings, or FRE, because we believe this metric is useful to monitor the baseline performance of, and trends in, our business, in a manner that does not include performance fees, investment income and expenses that do not arise from our normal course of operations. FRE is calculated as operating profit, *less* (a) net revenue from realized performance fees, *less* (b) net revenue from unrealized performance fees, *plus* (c) share-based payments *plus* (d) compensation allocated in relation to performance fees *plus* (e) expenses relating to professional services rendered in connection with acquisitions, our business combination with Compass and our international corporate organization *plus* (f) the amortization of fund management contracts related to business combinations (which expenses were added to the calculation of FRE beginning in the year ended December 31, 2024 in order to exclude depreciation expenses that are tied to specific acquisition transactions rather than our ongoing operations; these amounts became meaningful only upon completion of the business combination with Compass and consequently we do not present such amounts for periods prior to 2024). FRE Margin is calculated as FRE divided by the sum of net revenue from management fees, net revenue from advisory services and net revenue from other revenues.

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##### [**Table of Contents**](#toc)
We present Performance Related Earnings, or PRE, because we believe this measure can provide useful information as a performance measure that we use to assess our ability to generate profits from revenue that relies on outcomes from funds above their respective hurdle rates. We calculate PRE as operating profit *less* (a) net revenue from management fees, *less* (b) net revenue from advisory services, *less* (c) net revenue from other revenues *plus* (d) personnel and profit-sharing expenses, *plus* (e) other general and administrative expenses, *less* (f) compensation in relation to performance fees. PRE Margin is calculated as PRE divided by net revenue from performance fees.

We present Investment Related Earnings, or IRE, because this measure reflects the economics associated with realized and unrealized capital gains from our proprietary capital invested alongside clients, through GP commitments in our managed funds, which we believe can create meaningful value over the long term, although the timing and magnitude of such value realization may vary materially depending on investment performance, market conditions and realization cycles. We calculate IRE as finance profit/(loss), net *less* (a) financial revenue through amortized cost, *less* (b) foreign currency variation income, *less* (c) financial revenue on sublease agreements, *less* (d) contingent consideration variation, *less* (e) other finance income, *less* (f) financial expense on lease agreements, *less* (g) interest expense on loans and financing, *less* (h) bank fees, *less* (i) interest and arrears, *less* (j) fines on taxes, *less* (k) foreign currency variation expense, *less* (l) interest on taxes, *less* (m) other financial expenses and *less* (m) financial income.

We present Distributable Earnings as a metric used by our board of directors to assess our performance and capabilities to distribute dividends to our shareholders. Distributable Earnings is calculated as profit for the year, *less* (a) net revenue from unrealized performance fees, *plus* (b) income taxes from unrealized performance fees, *plus* (c) compensation allocated in relation to unrealized performance fees, *plus* (d) equity gain or loss on investments accounted for using the equity method, *less* (e) unrealized gain (loss) from investment income, *plus* (f) income taxes on unrealized gain (loss) from investment income, *plus* (g) share-based payments, *less* (h) income taxes on share-based payments, *plus* (i) depreciation and amortization, except for amortization of placement agent expenses and amortization related to retirement services investments, *less* (j) contingent consideration variation, *plus* (k) income tax on contingent consideration variation, *plus* (l) dividends received, *plus* (m) other comprehensive income adjustment, or OCI adjustment*, less* (n) minority interests. In 2025, certain changes were made to the presentation of the Distributable Earnings metric to provide additional information reflecting developments in the Company's business. The presentation of the earn-out was adjusted for transparency purposes: previously, the earn-out was presented net of taxes in item (j), whereas beginning in 2025 the related income tax effects are presented separately in item (k). In addition, items (l) dividends, (m) OCI adjustment and (n) minority interests were introduced to reflect dividend distributions to minority shareholders of companies that were not wholly acquired by the Company. The OCI adjustment reflects the fourth quarter only and was included so that the whole Company's position in assets and liabilities in foreign currencies is presented in a manner consistent with its economic exposure and internal management approach.

Distributable Earnings Margin is calculated as Distributable Earnings divided by sum of net revenue from management fees, net revenue from performance fees, net revenue from advisory services, net revenue from other revenues and realized gain from investment income.

FRE, FRE Margin, PRE, PRE Margin, IRE, Distributable Earnings and Distributable Earnings Margin as described in this annual report are non-GAAP measures that are not a substitute for the IFRS Accounting Standards measures of earnings. Additionally, our calculation of these measures may be different from the calculation used by other companies, including our competitors in the financial services industry, and therefore, our measures may not be comparable to those of other companies.

In addition, this annual report presents our Adjusted Distributable Earnings, Adjusted Distributable Earnings Margin, Adjusted Profit for the year, and Adjusted Profit Margin for the year, which are non-GAAP financial measures, and their reconciliations to the nearest measure as defined by IFRS Accounting Standards, for the convenience of investors. Our Distributable Earnings, Distributable Earnings Margin, profit for the year and profit margin differ from our Adjusted Distributable Earnings, Adjusted Distributable Earnings Margin, Adjusted Profit and Adjusted Profit Margin, respectively, as a result of the adjustments described in this annual report.

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##### [**Table of Contents**](#toc)
We present Adjusted Distributable Earnings as a reference point by our board of directors for determining the amount of earnings available to distribute to shareholders as dividends. Adjusted Distributable Earnings is calculated as Distributable Earnings, *plus* expenses relating to professional services rendered in connection with acquisitions, our business combination with Compass and our international corporate organization, *less* income tax related to those realized expenses. Adjusted Distributable Earnings Margin is calculated as Adjusted Distributable Earnings divided by the sum of net revenue from management fees, net revenue from performance fees, net revenue from advisory services, net revenue from other revenues, and realized gain from investment income.

We present Adjusted Profit for the year because management evaluates this measure and we believe it can provide useful information to investors and analysts regarding the net results of our business. We calculate Adjusted Profit for the year as profit for the year *plus* (a) expenses relating to professional services rendered in connection with acquisitions, our business combination with Compass and our international corporate organization, *less* (b) income tax related to those realized expenses, *less* (c) contingent consideration variation, *plus* (d) income tax related to contingent consideration variation, *plus* (e) OCI adjustment. Adjusted Profit Margin for the year is calculated as Adjusted Profit for the year divided by the sum of net revenue from management fees, net revenue from performance fees, net revenue from advisory services and net revenue from other revenues.

Adjusted Distributable Earnings, Adjusted Distributable Earnings Margin, Adjusted Profit, and Adjusted Profit Margin for the year as described in this annual report are non-GAAP measures that are not a substitute for the IFRS Accounting Standards measures of earnings. Additionally, our calculation of these measures may be different from the calculation used by other companies, including our competitors in the financial services industry, and therefore, our measures may not be comparable to those of other companies. See "Item 5. Operating and Financial Review and Prospects—A. Operating Results—Non-GAAP Financial Measures and Reconciliations" for the reconciliation of our non-GAAP financial measures.

#### Market Share and Other Information
This annual report contains data related to economic conditions in the market in which we operate. The information contained in this annual report concerning economic conditions is based on publicly available information from third-party sources that we believe to be reasonable. Market data and certain industry forecast data used in this annual report were obtained from internal reports and studies, where appropriate, as well as estimates, market research, publicly available information (including information available from the United States Securities and Exchange Commission website) and industry publications. We obtained the information included in this annual report relating to the industry in which we operate, as well as the estimates concerning market shares, through internal research, public information and publications on the industry prepared by official public sources, such as the Brazilian Central Bank or the World Bank, as well as private sources, such as the Brazilian Financial and Capital Markets Association (*Associação Brasileira das Entidades dos Mercados Financeiro e de Capitais*), or ANBIMA, B3 S.A. – Brasil, Bolsa Balcão, or the B3, Bloomberg, the National Economic and Social Development Bank (*Banco Nacional de Desenvolvimento Econômico e Social*), or BNDES, CVM, Inter.B Consultoria Internacional de Negócios, McKinsey & Company, Oliver Wyman, and Reuters, among others.

Industry publications generally state that the information they include has been obtained from sources believed to be reliable, but that the accuracy and completeness of such information is not guaranteed. Although we have no reason to believe any of this information or these reports are inaccurate in any material respect and believe and act as if they are reliable, neither we nor our agents have independently verified it. Governmental publications and other market sources, including those referred to above, generally state that their information was obtained from recognized and reliable sources, but the accuracy and completeness of that information is not guaranteed. In addition, the data that we compile internally, and our estimates have not been verified by an independent source. Except as disclosed in this annual report, none of the publications, reports or other published industry sources referred to in this annual report were commissioned by us or prepared at our request. Except as disclosed in this annual report, we have not sought or obtained the consent of any of these sources to include such market data in this annual report.

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#### Rounding
We have made rounding adjustments to some of the figures included in this annual report. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them.

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#### CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This annual report contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this annual report can be identified by the use of forward-looking words such as "anticipate," "believe," "could," "expect," "should," "plan," "intend," "estimate" and "potential," among others.

Forward-looking statements appear in a number of places in this annual report and include, but are not limited to, statements regarding our intent, belief or current expectations. Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, those identified under the section entitled "Item 3. Key Information—D. Risk Factors" in this annual report. These risks and uncertainties include factors relating to:

• general economic, financial, political, demographic and business conditions in Latin America and any other countries in which we invest or from which we attract investors from and their impact on our business;

• fluctuations in interest, inflation and exchange rates in the Latin American countries in which we operate;

• competition in the investment advisory and financial services industry;

• our ability to implement our business strategy;

• the investment performance of investment funds managed by our asset managers or by third parties;

• the availability of government authorizations on terms and conditions and within periods acceptable to us;

• our ability to continue attracting and retaining new appropriately skilled employees;

• our capitalization and ability to fund new investments or integrate new acquisitions;

• our ability to adapt to the rapid pace of technological changes in the financial services industry;

• the interests of our controlling shareholder, Gilberto Sayão da Silva, who owns 100% of our outstanding Class B common shares, which represents approximately 71.3% of the voting power of our issued share capital;

• changes in government regulations applicable to the financial services, insurance industries and pension funds in Latin America and elsewhere;

• our ability to compete and conduct our business in the future;

• the success of operating initiatives, including advertising and promotional efforts and new product, service and concept development by us and our competitors;

• changes in investors' demands regarding investment products, customer experience related to investments and technological advances, and our ability to innovate to respond to such changes;

• changes in labor, distribution and other operating costs;

• our compliance with, and changes to, government laws, regulations and tax matters that currently apply to us;

• changes in the global trade and tariff environment, including new trade restrictions, tariff escalations, and policy shifts affecting cross-border commerce and supply chains, such as recent U.S. tariff increases on imports from Latin America and certain other regions;

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• the actual and potential effects of health crises and their potential to have an ongoing adverse impact on global, regional and national economies;

• other factors that may affect our financial condition, liquidity, and results of operations; and

• other risk factors discussed under "Item 3. Key Information—D. Risk Factors."

Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events.

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#### PART I

#### ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
**A.** **Directors and Senior Management** 

Not applicable.

**B.** **Advisers** 

Not applicable.

**C.** **Auditors** 

Not applicable.

#### ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE
**A.** **Offer Statistics** 

Not applicable.

**B.** **Method and Expected Timetable** 

Not applicable.

#### ITEM 3. KEY INFORMATION
**A.** **[Reserved]** 

**B.** **Capitalization and Indebtedness** 

Not applicable.

**C.** **Reasons for the Offer and Use of Proceeds** 

Not applicable.

**D.** **Risk Factors** 

This section is intended to be a summary of more detailed discussions contained elsewhere in this annual report. You should carefully read and consider the following risks, along with the other information included in this annual report. The risks described below are not the only ones we face. Additional risks that we do not presently consider material, or of which we are not currently aware, may also affect us. Our business, results of operations or financial condition could be impacted if any of these risks materialize and, as a result, the market price of our common shares could be affected. The risks described below are organized by risk category and these categories are not presented in order of importance. However, within each category, the risk factors are presented in descending order of importance, as determined by us as of the date of this annual report. We may change our vision about their relative importance at any time, especially if new internal or external events arise.

#### Certain Risks Relating to Our Business and Industry
***Difficult market and economic conditions can adversely affect our business in many ways, including by reducing the value or performance of the investments that we manage or by reducing the ability of our funds to raise or deploy capital, each of which could negatively impact our net income and cash flow and adversely affect our financial prospects and condition.***

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Our business and the businesses of the companies in which our funds invest are materially affected by financial markets and economic conditions or events throughout the world, such as interest rates, availability of credit, inflation rates, economic and political uncertainty, such as those deriving from the governments of the countries in which we operate, changes in laws (including laws relating to taxation), trade barriers and trade tension (including between the United States and China), commodity prices, currency exchange rates and controls and national political circumstances (including the effects of general elections expected to be held across several Latin American countries in 2026) and international geopolitical conflict (including the ongoing wars between Ukraine and Russia and Israel and Hamas, geopolitical strife arising out of actual or planned U.S. intervention in Venezuela and Greenland, the ongoing conflict between the United States, Israel and Iran, or other terrorist acts or security operations). Future market conditions may be less favorable compared to current and historical market conditions. Adverse conditions in financial markets and the economy can adversely impact our results of operations and financial condition by decreasing our AUM (both directly through a decline in market value or through clients withdrawing investments) and thereby decrease our management, advisory and performance fees and other revenues, as well as by decreasing the investment income we earn from our proprietary investments.

Fluctuations in financial markets and economic conditions are outside our control and may affect the level and volatility of securities prices and liquidity and as a result, the value of our investments and our financial results. In addition, we may not be able to or may choose not to manage our exposure to these conditions and/or events. If not otherwise offset, declines in the equity, commodity and debt in the markets would likely cause us to write down our investments and the investments of our funds. Our profitability may also be materially and adversely affected by our fixed costs and the possibility that we would be unable to scale back other costs within a time frame sufficient to match any decreases in net income relating to a downturn in market and economic conditions.

Unfavorable market and economic conditions may reduce opportunities for our funds to make, exit and realize value from their investments. Challenging market and economic conditions, including those caused by changes in tax laws and other regulatory restrictions, may make it difficult for us to find suitable investments for our funds or secure financing for investments on attractive terms. Such conditions may also result in reduced opportunities for our funds to exit and realize value from their existing investments and lower-than-expected returns on existing investments. Throughout our history, we have exited our portfolio companies through a combination of routes, including selling to strategic buyers, carrying out sponsor to sponsor transactions and through public market exits, including through initial public offerings, or IPOs, and reverse mergers into listed companies. In challenging equity markets, our funds may experience greater difficulty in realizing value from investments. In addition, when financing is not available or becomes too costly, it is difficult for potential buyers to raise sufficient capital to purchase our funds' investments. Consequently, we may earn lower-than-expected returns on investments, which could cause us to realize diminished or no performance fees, which are typically determined by reference to performance in excess of one or more specified hurdle rates.

We generally raise capital for a successor fund following the substantial and successful deployment of capital from the existing fund. In the event of poor performance by existing funds, our ability to raise new funds is impaired. Our fundraising may also be negatively impacted by any change in or rebalancing of fund investors' asset allocation policies. During periods of unfavorable fundraising conditions, fund investors may negotiate for lower fees, different fee sharing arrangements for transaction or other fees, and other concessions. The outcome of such negotiations could result in our agreement to terms that are materially less favorable to us than for prior funds we have managed. Our current funds, including all our recent private equity funds, have performance hurdles, which require us to generate a specified return on investment prior to our right to receive performance fees. This requirement will likely be in all our future funds, and the hurdle rate could increase for our future funds. In addition, successor funds raised by us when such unfavorable circumstances exist would also likely result in smaller funds than our comparable predecessor funds. Fund investors may also seek to redeploy capital away from certain of our credit or other non-private equity investment vehicles, which permit redemptions on relatively short notice, in order to meet liquidity needs or invest in other asset classes or with other managers. Any of these developments could materially and adversely affect our future revenues, net income, cash flow, financial condition or ability to retain our employees.

In addition, our ability to raise capital could be adversely affected by general conditions in the global economy and in the global financial markets, including as a result of past turmoil caused in the banking sector by macroeconomic conditions. During periods of difficult market or economic conditions or slowdowns (which may occur across one or more industries, sectors or geographies), companies or assets in which we have invested may experience decreased revenues, financial losses, credit rating downgrades, difficulty in obtaining access to

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financing and increased funding costs. These companies may also have difficulty in expanding their businesses and operations or be unable to meet their debt service obligations or pay other expenses as they become due, including amounts payable to us. Negative financial results in our funds' portfolio companies may result in lower investment returns for our investment funds, which could materially and adversely affect our operating results and cash flow. To the extent the operating performance of such portfolio companies (as well as valuation multiples) deteriorate or do not improve, our funds may sell those assets at values that are less than we projected or even at a loss, thereby significantly affecting those funds' performance and consequently our operating results and cash flow and resulting in lower or no performance fees being paid to us. Adverse conditions may also increase the risk of default with respect to private equity, credit and other investments that we manage or the abandonment or foreclosure of our real asset investments. Even if economic and market conditions do improve broadly, adverse conditions in particular sectors may also cause our performance to suffer. In addition, low interest rates related to monetary stimulus, economic stagnation or deflation may negatively impact expected returns on all types of investments as the demand for relatively higher return assets increases and the supply decreases. As a result, adverse conditions in financial markets as described above, as well as lower level of transaction activities involving our funds' investments, which can be unpredictable and outside our control, may negatively impact both the frequency and size of fees generated by our business.

#### Our performance is subject to the risks of the strategies, assets, industries and businesses in which our investment funds invest.
Our performance is directly tied to the payment of fund management and performance fees by our investment funds, which, in turn, are subject to a number of risks inherent to their operations and to the risks of the assets, industries, geographies and businesses in which the portfolio companies and other investments of such funds operate or are exposed across our platform (including our private markets, real assets, credit and public markets strategies and our investment products and solutions and other businesses).

Our performance is also affected by fees for advisory services, which are subject to transaction closings and realization of investments (including IPOs) advised by Vinci Compass, and may include upfront fees related to third-party fund distribution and similar initiatives. Some of these strategies are particularly noteworthy for the inherent risks therewith associated, such as real assets investments, including infrastructure and real estate. These risks include but are not limited to, those associated with the burdens of ownership of real property, general and local economic conditions, changes in supply of and demand for competing properties in an area (as a result, for instance, of overbuilding), operating income, the financial resources of tenants, changes in building, environmental, zoning and other laws, casualty or condemnation losses, energy and supply shortages, various uninsured or uninsurable risks, natural disasters, changes in government regulations (such as rent control or operational licenses), changes in real property tax rates, changes in income tax rates, changes in interest rates, the reduced availability of mortgage funds which may render the sale or refinancing of properties difficult or impracticable, increased mortgage defaults, increases in borrowing rates, changes to the taxation of business entities and the deductibility of corporate interest expense or other applicable tax exemptions or benefits, negative developments in the economy that depress travel activity, environmental liabilities, contingent liabilities on disposition of assets, acts of god, terrorist attacks, war and other factors that are beyond our control.

In addition, the acquisition of direct or indirect interests in undeveloped land or underdeveloped real property, which may often be non-income producing, is subject to the risks normally associated with such assets and development activities, including risks relating to the availability and timely receipt of zoning and other regulatory or environmental approvals and licenses, the cost and timely completion of construction (including risks beyond the control of our fund, such as weather or labor conditions or material shortages) and the availability of both construction and permanent financing on favorable terms. Additionally, the investment in energy, manufacturing, transportation, water and sanitation, and other infrastructure capital-intensive projects, as well as the development and operation of assets associated with real estate and certain other assets, may expose our investment funds, and, consequently, us, to increased environmental liabilities that are inherent in the ownership of such assets, which under applicable laws may be imposed regardless of fault.

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***Changes in the debt financing markets may negatively impact the ability of our investment funds' portfolio companies and their balance-sheet-driven strategies to obtain attractive financing for their investments or to refinance existing debt and may increase the cost of such financing or refinancing if it is obtained, which could lead to lower-yielding investments and potentially decrease our net income.***

In the event that our portfolio companies regularly utilize the corporate debt markets in order to obtain financing for their operations, to the extent that credit markets render such financing difficult to obtain or more expensive, this may negatively impact the operating performance of those portfolio companies and, therefore, the investment returns on our funds. In addition, to the extent that conditions in the credit markets impair the ability of our portfolio companies to refinance or extend maturities on their outstanding debt, either on favorable terms or at all, the operating performance of those portfolio companies may be negatively impacted, which could impair the value of our investment in those portfolio companies and lead to a decrease in the investment income earned by us. In some cases, the inability of our portfolio companies to refinance or extend maturities may result in the inability of those companies to repay debt at maturity or pay interests when due, and may cause the companies to sell assets, undergo a recapitalization or seek bankruptcy protection, any of which would also likely impair the value of our investment and lead to a decrease in investment income earned by us.

***Our failure to comply with investment guidelines set by our clients could result in damage awards against us or a reduction in AUM, either of which would cause our earnings to decline and adversely affect our business and financial condition.***

When clients retain us to manage assets on their behalf, they specify certain guidelines regarding investment allocation and strategy that we are required to observe in the management of their portfolios. Our failure to comply with these guidelines and other limitations could result in clients terminating their investment management agreement with us and forcing an early redemption of their investments in our funds, as these investment agreements generally are terminable without cause on 30 days' notice, and/or permit our clients to force an early redemption of their investment without prior notice or on relatively short notice. Clients could also sue us for breach of contract and seek to recover damages from us. In addition, such guidelines may restrict our ability to pursue certain allocations and strategies on behalf of our clients that we believe are economically desirable, which could similarly result in losses to a client, early redemption of a client's quota, or termination of the asset management agreement and a corresponding reduction in AUM. Even if we comply with all applicable investment guidelines, a client may be dissatisfied with its investment performance or our services or fees, and may terminate their asset management agreements, redeem their quotas or be unwilling to commit new capital to our specialized funds or separate management accounts. Any of these events could cause our earnings to decline and materially and adversely affect our business, financial condition and results of operations.

***Fluctuations in interest rates, exchange rates and certain benchmark indices could impact our funding costs and the value of our funds, and fluctuations in these rates and benchmarks could adversely affect our funding costs and the returns on certain of our funds, which could have a material adverse effect on our funds' liquidity, results of operations and financial condition.***

Certain of our funding costs and the returns on certain of our investment funds in the countries in which we operate are tied to specific interest rate indices, inflation rates, and other market indices, such as local rates and relevant benchmarks. In addition, carrying costs and the returns on certain of our investment funds are tied to or denominated in local currencies, exposing us to risks associated with fluctuations in exchange rates against the *real*. We have no control over fluctuations in interest rates, market indices or exchange rates and we may not be able to adequately manage our exposure to these benchmarks, which could lead to increased funding costs, carrying costs or decreased returns for our funds, which would have a material adverse effect on our business, financial condition and results of operations. See "—Certain Risks Relating to Latin America—Inflation and certain measures to curb inflation have historically harmed the emerging economies and capital markets, and high levels of inflation in the future would harm our business and the price of our Class A common shares" and "—We are exposed to fluctuations in foreign currency exchange rates and may enter into derivatives transactions to manage our exposure to exchange rate risk."

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***We have significant liquidity requirements, and adverse market and economic conditions may adversely affect our sources of liquidity, which could adversely affect our financial condition and results of operations.***

We expect that our primary liquidity needs will consist of cash required to:

• continue to grow our business lines, including seeding new strategies, funding our capital commitments made to existing and future funds (which, as of December 31, 2025, amounted to R$1.4 billion), and otherwise supporting investment vehicles that we sponsor;

• service any contingent liabilities that may give rise to future cash payments; and

• fund cash operating expenses and contingencies, including for litigation matters.

These liquidity requirements are significant and, in some cases, may require cash outlays over time or involve capital that will remain invested for extended periods of time. In the event that our liquidity requirements were to exceed available liquid assets for the reasons specified above or for any other reasons, there can be no assurance that we will be able to generate sufficient cash flows from realizations of investments to fund them, which could force us to sell assets or seek to raise debt or equity capital on unfavorable terms. For further discussion of our liquidity needs, see "Item 5. Operating and Financial Review and Prospects—Liquidity and Capital Resources."

***Our earnings and cash flow are highly variable due to the nature of our business and we do not intend to provide earnings guidance, each of which may cause the value of interests in our business to be volatile.***

Our earnings are highly variable from quarter to quarter due to the volatility of investment returns of most of our funds, other investment vehicles and our balance sheet assets and the transaction and other fees earned from our businesses. We recognize earnings on investments in our funds based on our allocable share of realized and unrealized gains (or losses) reported by such funds and for certain of our recent funds, when a performance hurdle is achieved. During times of market volatility, the fair value of our funds and our balance sheet assets are more variable, and as publicly traded equity securities and investment fund interests currently represent a proportion of the assets of many of our funds and balance sheet assets, volatility in the equity markets may have a significant impact on our reported results. A decline in realized or unrealized gains, a failure to achieve a performance hurdle or an increase in realized or unrealized losses, would adversely affect our profit for the year.

Net revenue from management fees, net revenue from performance fees and net revenue from advisory services, which we recognize when contractually earned, can vary due to fluctuations in AUM, the number of investment transactions made by our funds, the number of portfolio companies we manage, the fee provisions contained in our funds and other investment products and transactions by our advisory services, as well as revenue from distribution services (which impact both management and advisory fees, particularly upfront fees) and other income streams such as advisory and execution and funds services. In any particular quarter, fee income may vary significantly due to the variances in size and frequency of management and performance fees, or fees received for our advisory services. We may create new funds or investment products or vary the terms of our funds or investment products (for example, our funds may include performance hurdles), which may alter the composition or mix of our income from time to time.

We may also experience fluctuations in our results from quarter to quarter, including our net revenue from services rendered and profit for the year, due to a number of other factors, including changes in the values of our funds' investments, changes in the amount of distributions or interest earned in respect of investments, changes in the number of completed transactions (such as merger and acquisition, or M&A, transactions and/or IPOs) for our financial advisory clients, changes in our operating expenses, the degree to which we encounter competition and general market and economic conditions. Such fluctuations may lead to variability in the value of interests in our business and cause our results for a particular period not to be indicative of our performance in future periods. It may be difficult for us to achieve steady growth in net income and cash flow on a quarterly basis, which could in turn lead to large adverse movements in the value of interests in our business.

We are entitled to receive performance fees when the return on AUM, over a given period established in each fund's private memorandum, exceeds certain hurdle rates or other contractual performance thresholds. The timing and receipt of performance fees from our investment funds are unpredictable and will contribute to the volatility of our cash flows. Performance fee payments from investments depend on our funds' performance and opportunities for realizing gains, which may be limited. It takes a substantial period of time to identify attractive investment opportunities, to raise all the funds needed to make an investment and then to realize the cash value (or other proceeds) of an investment through a sale, public offering or other exit. To the extent an investment is not

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profitable, no performance fees will be received from our funds with respect to that investment and, to the extent such investment remains unprofitable, we will only be entitled to a management fee on that investment. Furthermore, certain vehicles and separately managed accounts may not provide for the payment of any performance fees at all. Even if an investment proves to be profitable, it may be several years before any profits can be realized in cash. Performance allocations and incentive fees could be significantly reduced as a result of our inability to maximize the value of investments by an investment fund during the liquidation process or in the event of the triggering of a "clawback" obligation. We cannot predict when, or if, any realization of investments will occur. In addition, if finance providers, such as commercial and investment banks, make it difficult for potential purchasers to secure financing to purchase companies in our investment funds' portfolio, it may decrease potential realization events and the potential to earn performance fees. A downturn in the equity markets would also make it more difficult to exit investments by our selling equity securities or investment fund interests. If we were to have a realization event in a particular quarter, the event may have a significant impact on our cash flows during the quarter that may not be replicated in subsequent quarters. A decline in realized or unrealized gains, or an increase in realized or unrealized losses, would adversely affect our investment income, which could further increase the volatility of our quarterly results.

The timing and receipt of performance fees also vary with the life cycle of certain of our funds. Our performance-paying funds that have completed their investment periods and are able to realize mature investments, sometimes referred to as being in a "harvesting period," are more likely to make larger distributions than our performance-paying funds that are in their fundraising or investment periods that precede the harvesting period. During times when a significant portion of our AUM is attributable to performance-paying funds that are not in their harvesting periods, we may receive substantially lower performance fee distributions.

***Our investment management activities may involve investments in relatively high-risk, illiquid assets, and we and our clients may lose some or all of the amounts invested in these activities or fail to realize any profits from these activities for a considerable period of time.***

The investments made by our funds may include high-risk, illiquid assets. We have made and expect to continue to make investments alongside our investors, as the general partner, in our existing funds and certain customized separate accounts and in any new private markets funds we may establish in the future. The private markets funds in which we invest capital generally invest in securities that are not publicly traded. Even if such securities are publicly traded, many of these funds may be prohibited by contract or applicable securities laws from selling such securities for a period of time. Such funds will generally not be able to sell these securities publicly unless their sale is registered under applicable securities laws, or unless an exemption from such registration requirements is available. Accordingly, the private markets funds in which we invest our clients' capital may not be able to sell securities when they desire and therefore may not be able to realize the full value of such securities. The ability of private markets funds to dispose of investments is dependent in part on the public equity and debt markets, to the extent that the ability to dispose of an investment may depend upon the ability to complete an IPO of the portfolio company in which such investment is held or the ability of a prospective buyer of the portfolio company to raise debt financing to fund its purchase. Furthermore, large holdings of publicly traded equity securities can often be disposed of only over a substantial period of time, exposing the investment returns to risks of downward movement in market prices during the disposition period. Contributing capital to these funds is risky, and we may lose some or the entire amount of our specialized funds and our clients' investments.

The portfolio companies in which private markets funds have invested or may invest will sometimes involve a high degree of business and financial risk. These companies may be in an early stage of development, may not have a proven operating history, may be operating at a loss or have significant variations in operating results, may be engaged in a rapidly changing business with products subject to a substantial risk of obsolescence, may be subject to extensive regulatory oversight, may require substantial additional capital to support their operations, to finance expansion or to maintain their competitive position, may have a high level of leverage, or may otherwise have a weak financial condition.

In addition, these portfolio companies may face intense competition, including competition from companies with greater financial resources, more extensive development, manufacturing, marketing, and other capabilities, and a larger number of qualified managerial and technical personnel. Our portfolio companies may be subject to additional risks, including changes in currency exchange rates, exchange control regulations, risks associated with

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different types (and lower quality) of available information, expropriation or confiscatory taxation and adverse political developments, which risks may be exacerbated for any portfolio companies that may be organized in jurisdictions outside of Brazil. In addition, during periods of difficult market conditions or slowdowns in a particular investment category, industry or region, portfolio companies may experience decreased revenues, financial losses, difficulty in obtaining access to financing and increased costs. During these periods, these companies may also have difficulty in expanding their businesses and operations and may be unable to pay their expenses as they become due. A general market downturn or a specific market dislocation may result in lower investment returns for the private markets funds or portfolio companies in which our specialized funds and customized separate accounts invest, which consequently would materially and adversely affect investment returns for our specialized funds and customized separate accounts. Furthermore, if the portfolio companies default on their indebtedness, or otherwise seek or are forced to restructure their obligations or declare bankruptcy, we could lose some or all of our investment and also suffer reputational harm.

#### We may pursue investment opportunities that involve business, regulatory, legal or other complexities.
We may pursue investment opportunities that have unusually complex business, regulatory and/or legal aspects to them. This complexity presents risks, as such transactions can be more difficult, expensive and time-consuming to finance and execute, it can be more difficult to manage or realize value from the assets acquired in such transactions and such transactions sometimes involve a higher level of regulatory scrutiny or a greater risk of contingent liabilities. Any of these risks could materially and adversely affect our business, financial condition and results of operations.

#### Our funds may face risks relating to undiversified investments.
While we have a policy of maintaining diversification in accordance with fund objectives and, where applicable, mandatory fund allocation rules, there can be no assurance as to the degree of diversification, if any, that will be achieved in any fund investments. Difficult market conditions or slowdowns affecting a particular asset class, geographic region or other category of investment could have a significant adverse impact on a given fund if its investments are concentrated in that area, which would result in lower investment returns. Accordingly, a lack of diversification on the part of a fund could adversely affect its investment performance and, as a result, our business, financial condition and results of operations.

#### Investments by our funds may in many cases rank junior to investments made by other investors.
In many cases, the companies in which our funds invest have indebtedness or equity securities, or may be permitted to incur indebtedness or to issue equity securities, that rank senior to our clients' investments in our specialized funds, customized separate accounts or advisory accounts. By their terms, these instruments may provide that their holders are entitled to receive payments of dividends, interest or principal on or before the dates on which payments are to be made in respect of our clients' investments. Also, in the event of bankruptcy or liquidation of a company in which one or more of our funds hold an investment, holders of securities ranking senior to our clients' investments would typically be entitled to receive payment in full before distributions could be made in respect of our clients' investments. After repaying senior security holders, the company may not have any remaining assets to use for repaying amounts owed in respect of our clients' investments. To the extent that any assets remain, holders of claims that rank equally with our clients' investments would be entitled to share on an equal and ratable basis in distributions that are made out of those assets. Also, during periods of financial distress or following an insolvency, our ability to influence a company's affairs and to take actions to protect investments by our funds may be substantially less than that of those holding senior interests, which could adversely affect our business, financial condition and results of operations.

#### Our funds may be forced to dispose of investments at a disadvantageous time.
Our funds may make investments of which they do not advantageously dispose of prior to the date the applicable fund is dissolved, either by expiration of such fund's term or otherwise. Although we generally expect that our funds will dispose of investments prior to dissolution or that investments will be suitable for in-kind distribution at dissolution, we may not be able to do so. We have only a limited ability to extend the term of the fund with the consent of fund investors or the advisory board of the fund, as applicable, and therefore, we may be required to sell, distribute or otherwise dispose of investments at a disadvantageous time prior to dissolution. This would result in a lower than expected return on the investments and, perhaps, on the fund itself.

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#### A decline in the pace or size of investment by our funds would reduce the revenues we receive from fees.
The performance fees (including realized and unrealized performance fees) and management fees that we earn are driven in part by the pace at which our funds make investments and the size of those investments. Any decline in that pace or the size of investments would reduce our revenue from transaction and management fees. Likewise, during an attractive selling environment, our funds may capitalize on increased opportunities to exit investments. Any increase in the pace at which our funds exit investments, if not offset by new commitments and investments, would reduce future management fees. Additionally, in certain of our funds that derive management fees only on the basis of invested capital, the pace at which we make investments, the length of time we hold such investment and the timing of disposition will directly impact our revenues. Many factors could cause such a decline in the pace of investment or the transaction and management fees we receive, including:

• the inability of our investment professionals to identify attractive investment opportunities;

• competition for such opportunities among other potential acquirers;

• unfavorable market and economic conditions;

• decreased availability of capital on attractive terms;

• our failure to consummate identified investment opportunities because of business, regulatory or legal complexities and adverse developments in the Latin American or global economy or financial markets;

• default by the investors of our investment funds on their contractual obligation to pay-in capital calls as requested by us or the third-party managers with whom we invest, impairing the ability to deploy capital at the intended rate;

• terms we may agree with or provide to our fund investors or investors in separately managed accounts with respect to fees such as increasing the percentage of transaction or other fees we may share with our fund investors; and

• new regulations, guidance or other actions provided or taken by regulatory authorities.

***Given our focus on achieving investment performance that exceeds the performance of our main competitors, and on maintaining and strengthening investor relations, we may reduce our AUM, restrain its growth, reduce our fees or otherwise alter the terms under which we do business when we deem it in the best interests of our investors—even in circumstances where such actions might be contrary to the near-term interests of holders of our Class A common shares.***

From time to time if we decide it is in the best interests of all stakeholders, we may take actions that could reduce the profits we could otherwise realize in the short term. While we believe that our commitment to treating our investors fairly is in the long-term interest of us and our shareholders, we may take actions that could adversely impact our short-term profitability, and there is no guarantee that such actions will benefit us in the long term. The means by which we seek to achieve investment performance that exceeds the performance of our main competitors in each of our strategies could include limiting the AUM in our strategies to an amount that we believe can be invested appropriately in accordance with our investment philosophy and current or anticipated economic and market conditions. Additionally, we may voluntarily reduce management fee rates and terms for certain of our funds or strategies when we deem it appropriate, even when doing so may reduce our short-term revenue. For instance, in order to enhance our relationship with certain fund investors, we have reduced management fees or ceased charging management fees on certain funds in specific instances. In certain investment funds, we have agreed to charge management fees based on invested capital or net asset value as opposed to charging management fees based on committed capital.

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***We have increasingly undertaken business initiatives to increase the number and type of investment products we offer to retail investors, which could expose us to new and greater levels of risk.***

Although retail investors have been part of our historic distribution efforts, we have increasingly undertaken business initiatives to increase the number and type of investment products we offer to high-net-worth individuals, family offices and other mass affluent investors. In some cases, we seek to distribute our funds to such retail investors indirectly through feeder funds sponsored by brokerage firms, private banks or third-party feeder providers, and in other cases directly to the qualified clients of private banks, independent investment advisors and brokers. In other cases, we create investment funds specifically designed for direct investment by retail investors. Our initiatives to access retail investors entail the investment of resources and our objectives may not be fully realized.

Accessing retail investors and selling retail directed products exposes us to new and greater levels of risk, including heightened litigation and regulatory enforcement risks. To the extent we distribute retail products through new channels, including through unaffiliated firms such as digital distribution platforms, we may not be able to effectively monitor or control the manner of their distribution, which could result in litigation against us, including with respect to, among other things, claims that products distributed through such channels are distributed to customers for whom they are unsuitable or distributed in any other inappropriate manner. Although we seek to ensure through due diligence and onboarding procedures that the channels through which retail investors access our investment products conduct themselves responsibly, to the extent that our investment products are being distributed through third parties, we are exposed to reputation damage and possible legal liability to the extent such third parties improperly sell our products to investors. Similarly, the hiring of employees to oversee independent advisors and brokers presents risks if they fail to follow training, review and supervisory procedures. In addition, the distribution of retail products through new channels whether directly or through market intermediaries could expose us to additional regulatory risk in the form of allegations of improper conduct and/or actions by regulators against us with respect to, among other things, product suitability, conflicts of interest and the adequacy of disclosure to customers to whom our products are distributed through those channels.

***Our inability to raise additional or successor funds (or raise successor funds of a size comparable to our predecessor funds) could have a material adverse impact on our business.***

Our current private equity funds and certain other funds and investment vehicles have a finite life and a finite amount of commitments from fund investors. Once a fund nears the end of its investment period, our success depends on our ability to raise additional or successor funds in order to keep making investments and, over the long term, earning management fees (although our funds and investment vehicles continue to earn management fees after the expiration of their investment periods, they are generally at a reduced rate). Even if we are successful in raising successor funds, to the extent we are unable to raise successor funds of a size comparable to our predecessor funds or the extent that we are delayed in raising such successor funds, our revenues may decrease as the investment periods of our predecessor funds expire and associated fees decrease. The performance of our funds also impacts our ability to raise capital, and deterioration in the performance of our funds would result in challenges with regard to future fundraising. The evolving preferences of our fund investors may necessitate that alternatives to the traditional investment fund structure, such as separately managed accounts, smaller funds and co-investment vehicles, become a larger part of our business going forward. This could increase our cost of raising capital at the scale we have historically achieved. Furthermore, in order to raise capital for new strategies and products without drawing capital away from our existing products, we will need to seek new sources of capital such as individual investors.

Our ability to raise new funds could also be hampered if the general appeal of private equity and alternative investments were to decline. An investment in a limited partner interest in a private equity fund is less liquid than an exchange-traded instrument and the returns on such investment may be more volatile than returns on an investment in securities for which there is a more active and transparent market. Private equity and alternative investments could fall into disfavor as a result of concerns about liquidity and short-term performance. Institutional investors in private equity funds that have suffered from decreasing returns, liquidity pressure, increased volatility or difficulty maintaining target asset allocations may materially decrease or temporarily suspend making new investments in private equity funds. Such concerns could be exhibited, in particular, by public pension funds, which have historically been among the largest investors in alternative assets. Many public pension funds are

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significantly underfunded and their funding problems have been, and may in the future be, exacerbated by economic downturns. Concerns with liquidity could cause such public pension funds to reevaluate the appropriateness of alternative investments, and other institutional investors may reduce their overall portfolio allocations to alternative investments. This could result in a smaller overall pool of available capital in our industry. There is no assurance that the amounts of commitments investors are making to alternative investment funds will continue at recent levels or that our ability to raise capital from investors will not be hampered.

In addition, the asset allocation rules or regulations or investment policies to which such third-party investors are subject could inhibit or restrict the ability of third-party investors to make investments in our investment funds. Coupled with a lack of distributions from their existing investment portfolios, many of these investors may have been left with disproportionately outsized remaining commitments to, and invested capital in, a number of investment funds, which may significantly limit their ability to make new commitments to third-party managed investment funds such as those advised by us.

Fund investors may also seek to redeploy capital away from certain of our credit or other non-private equity investment vehicles, which permit redemptions on relatively short notice in order for investors to meet liquidity needs or invest in other asset classes. We believe that our ability to avoid excessive redemption levels primarily depends on our funds' continued satisfactory performance, although redemptions may also be driven by other factors important to our fund investors, including their need for liquidity and compliance with investment mandates, even if our performance is superior. Investors' liquidity needs tend to be more pronounced during periods of market volatility. Any such redemptions would decrease our AUM and revenues.

The number of funds raising capital varies from year to year, and in years where relatively few funds are raising capital, the growth of our AUM and associated fees may be significantly lower. There is no assurance that the raising of funds for new strategies or successor funds will experience success similar to our existing or predecessor funds in the future.

***If we cannot make the necessary investments to keep pace with rapid developments and change in our industry, the use of our services could decline, reducing our revenues.***

The financial services market in which we compete is subject to rapid and significant changes. This market is characterized by rapid technological change, new product and service introductions, evolving industry standards, changing client needs and the entrance of non-traditional competitors. In order to remain competitive and maintain and enhance customer experience and the quality of our services, we must continuously invest in projects to develop new products and features. These projects carry risks, such as cost overruns, delays in delivery, performance problems and lack of client adoption. There can be no assurance that we will have the funds available to maintain the levels of investment required to support our projects, and any delay in the delivery of new services or the failure to differentiate our services or to accurately predict and address market demand could render our services less desirable, or even obsolete, to our clients.

In addition, the services we deliver are designed to process highly complex transactions and provide reports and other information concerning those transactions, all at high volumes and processing speeds. Any failure to deliver an effective and secure service, or any performance issue that arises with a new service, could result in significant processing or reporting errors or other losses. As a result of these factors, our development efforts could result in increased costs and/or we could experience a loss in business that could reduce our earnings or could cause a loss of revenue if promised new services are not timely delivered to our clients or do not perform as anticipated. We also rely in part, and may in the future rely in part, on third parties for the development of, and access to, new technologies. Our future success will depend in part on our ability to develop or adapt to technological changes and evolving industry standards. We cannot predict the effects of technological changes on our business. If we are unable to develop, adapt to or take advantage of technological changes or evolving industry standards on a timely and cost-effective basis, our business, financial condition and results of operations could be materially adversely affected.

Furthermore, our competitors may have the ability to devote more financial and operational resources than we can to the development of new technologies and services that provide improved functionality and features to such competitors' existing service offerings. If successful, their development efforts could render our services less desirable to clients, resulting in the loss of clients or a reduction in the performance and management fees and financial services advisory fees we could generate from our service offerings, which could adversely affect our business, financial condition and results of operations.

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#### Technological innovation, including artificial intelligence, may expose us to competitive, operational, reputational, and regulatory risks.
Rapid technological change, including the increasing adoption of artificial intelligence, or AI, and other emerging technologies, presents both opportunities and risks to our business. We may be required to make significant investments to update our internal systems, develop new capabilities, integrate third-party solutions, and adapt existing processes and controls. Our ability to implement these technologies effectively may be constrained by execution challenges, resource limitations, reliance on third-party vendors, cybersecurity and data governance requirements, and the need to attract and retain personnel with specialized expertise. If we fail to identify, implement, or keep pace with technological developments in a timely and cost-effective manner, we could be placed at a competitive disadvantage, experience operational disruptions or inefficiencies, incur increased costs, or fail to meet client expectations.

In addition, AI systems and other automated tools may produce outputs that appear credible but are incorrect, incomplete, or biased, and such limitations may be difficult to detect. These risks are not limited to investment-related decisions and could affect, among other things, internal reporting and controls, valuation and performance analytics, risk management processes, client-facing materials and communications, and information that may be provided to regulators or internal governance committees. Errors, omissions, or inappropriate reliance on such outputs—whether generated internally or by third-party tools—could result in flawed decisions, misstatements, regulatory scrutiny or inquiries, litigation or other liability, reputational harm, which could have a material adverse effect on our business, financial condition and results of operations.

#### The success of our business depends on the identification and availability of suitable investment opportunities for our clients.
Our success largely depends on the identification and availability of suitable investment opportunities for our clients. The availability of investment opportunities will be subject to market conditions and other factors outside of our control and the control of the fund managers with which we invest. Past returns of our funds have benefited from investment opportunities and general market conditions that may not continue or reoccur, including favorable borrowing conditions in the debt markets, and there can be no assurance that our funds, or the underlying funds in which we invest, will be able to avail themselves of comparable opportunities and conditions. There can also be no assurance that the private markets funds we manage will be able to identify sufficient attractive investment opportunities to meet their investment objectives. Further, the due diligence investigations we conduct before investments are made by our funds may not uncover all facts relevant to the suitability of such opportunities. See "—Our due diligence processes for investments may not reveal all relevant facts and potential liabilities, which could result in a material adverse effect on our business and financial condition."

#### Substantial and increasingly intense competition within our industry may harm our business.
The financial services market is highly competitive. Our growth will depend on a combination of the continued expansion of the financial services we offer and our ability to increase our market share. Our primary competitors include other alternative investment advisors as well as traditional financial services providers such as affiliates of financial institutions and well-established financial services companies in Latin America. In addition, although we do not compete directly for international capital with U.S. and European alternative asset managers in fundraising, our ability to raise international institutional capital for certain Private Markets strategies could be adversely affected by globally challenging market conditions. We also face competition from non-traditional financial services providers that have significant financial resources and develop different kinds of services.

Many of our competitors may have substantially greater financial, technological, operational and marketing resources than we do. Accordingly, these competitors may be able to offer more attractive fees to our current and prospective clients, especially our competitors that are affiliated with financial institutions. If competition causes us to reduce the performance and management fees and financial services advisory fees we charge for our services, we will need to aggressively control our costs in order to maintain our profit margins and our revenues may be

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adversely affected. Moreover, we may not be successful in reducing or controlling costs and our margins may be adversely affected. In particular, we may need to reduce the performance and management fees and financial services advisory fees we charge in order to maintain market share, as clients may demand more customized and favorable pricing from us. We may also decide to terminate client relationships which may no longer be profitable to us due to such pricing pressure. Competition could also result in a loss of existing clients, and greater difficulty in attracting new clients. One or more of these factors could have a material adverse effect on our business, financial condition and results of operations. For further information regarding our competition, see "Item 4. Information on the Company—B. Business Overview—Competition."

***Client attrition could cause our revenues to decline and the degradation of the quality of the products and services we offer, including support services, could adversely impact our ability to attract and retain clients and partners.***

We experience client attrition resulting from several factors, including, among others, closures of businesses of our clients, transfers of investments to our competitors and lack of client satisfaction with investment returns and overall customer relationship and investor experience. We cannot predict the level of attrition in the future and our revenues could decline as a result of higher-than-expected attrition, which could have a material adverse effect on our business, financial condition and results of operations. Furthermore, should we not be successful in selling additional solutions or investment opportunities to our clients, we may fail to achieve our desired rate of growth.

Moreover, our clients expect a consistent level of quality on our investment platform. If the reliability, performance or functionality of our products and services is compromised or the quality of those products or services is otherwise degraded, we could lose existing clients and find it harder to attract new clients and partners, which could adversely affect our business, financial condition and results of operations.

***Poor performance by our funds may adversely affect our brand and reputation, the performance fees and investment income received by us, and our growth and ability to raise capital for future funds.***

In the event that our funds were to perform unsatisfactorily, in particular if this were the case for a larger fund, this may lead to difficulties for Vinci Compass in attracting fund investors and raising capital for new funds in the future. Poor performance by our funds could also result in a reduction in the performance fees expected to be received by us and the amount of performance fees ultimately received by us or could even result in us receiving no performance fees at all. Fund investors in future Vinci Compass funds may negotiate a lower management fee or a lower allocation of performance fees and investment income to us and the economic terms of our future funds may be less favorable to us than those of existing Vinci Compass funds.

The performance of our funds is always measured against the performance of competitors' funds and public markets performance, and there is subsequently a risk that, even if our funds perform in line with expectations, where our competitors' funds or public markets perform better by comparison, this may have an adverse effect on Vinci Compass' ability to retain or attract fund investors and further adversely affect our ability to negotiate management fee rates or other economic terms of our future funds.

The performance of our funds could be adversely affected by a number of factors, for instance if competition for investment opportunities, on which a particular Vinci Compass fund is focused, increases. Competition for investment opportunities is based primarily on the ability to source such investment opportunities, the pricing, terms and structure of a proposed investment and the certainty of execution. Competition for investment opportunities is also influenced by our funds' historical returns. For example, a Vinci Compass fund may be chosen as the preferred acquirer because of our history even where competitors are on equal or better footing in terms of pricing at the time of investment; conversely, a Vinci Compass fund may lose out on a potential investment if Vinci Compass was damaged by poor performance, even where a Vinci Compass fund offered better pricing terms than its competitors. Our funds may have been created under different organizational structures with the result that applicable laws and investment limitations might differ from current or future funds. Further, there is a risk that current and future Vinci Compass funds will not benefit from investment opportunities and general market conditions from historical periods. In addition, Vinci Compass funds could also generate lower returns on investments or experience increased risks of investment losses in situations where Vinci Compass offers more aggressive terms for certain investment opportunities when participating in competitive sales processes.

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#### We are subject to risks relating to the dilution of our corporate culture and heritage.
We have a strong corporate culture and continuously work to uphold this corporate culture within our organization. Our growth across new product offerings, investment opportunities, asset classes and markets may lead to organizational and cultural challenges. Without the existence of thoughtful strategies aimed at maintaining corporate culture despite rapid growth, there is a risk that our corporate culture will be diluted, and our values will change over time. Our focus on our personnel has been crucial in further retaining employees and maintaining good organizational health.

Dilution of our corporate culture and of our heritage may lead to key employees leaving us, a change in our leadership style or additional strain on our ability to successfully integrate new employees, new systems or other resources. For example, as a result of our business combination with Compass, our employees and Compass' employees may experience uncertainty about their future roles with the combined business and about the culture and heritage that such business may carry, which may impair our ability to retain or motivative these employees. If we do not uphold our corporate culture, this may also adversely affect our ability to retain and recruit investment advisory professionals and other key personnel. Our personnel are our most important asset, and a dilution of our corporate culture could have a material adverse effect on our continued development, which could adversely affect our business, financial condition and results of operations.

#### Changed trends in the Latin American and in the global savings markets or in the private markets industry may adversely affect us.
We are affected by trends in the market for the management of savings assets, which has grown significantly in recent years, driven by investment returns and, increasingly, by net inflows. However, there can be no assurance that these trends will continue. Different countries in Latin America follow different economic cycles that impact AUM in distinct ways, and adverse macroeconomic conditions in any of these countries could reduce investor appetite and negatively affect our ability to grow AUM or raise capital.

In the year ended December 31, 2025, we posted a positive performance despite persistently high interest rates. In Brazil, for example, prevailing nominal rates imply real interest rates of approximately 10% (based on the one-year nominal rate deflated by market expectations for inflation over the next 12 months). In 2025, the neutral real interest rate in Brazil is estimated at approximately 5.0%, indicating that the current monetary stance remains restrictive—supporting the disinflation process, but also weighing on economic activity and investor risk appetite. According to market expectations compiled by the Brazilian Central Bank's Focus survey, inflation is expected to decelerate meaningfully in 2026, converging rapidly toward the midpoint of the official inflation target of 3.0%. Consistent with this improving inflation outlook, the Focus survey also anticipates that the Brazilian Central Bank may begin easing monetary policy in the first quarter of 2026, with the SELIC rate declining from current levels of approximately 15% to around 12% by the end of 2026. Further interest rate cuts are expected in subsequent years as inflation expectations become more firmly anchored. This prospective shift toward a less restrictive monetary environment could serve as a tailwind for asset prices, investor risk appetite, and capital allocation decisions, potentially supporting AUM growth and improving the demand for a broader range of investment products. Nevertheless, during the transition period, elevated real interest rates and macroeconomic uncertainty may still affect investment behavior, alter the mix of assets under management, and influence our ability to generate returns consistent with historical levels. Additionally, fluctuations in inflation and interest rates may continue to impact the real value of certain investments. For more information on the effects of macroeconomic conditions on our results of operations, see "Item 5. Operating and Financial Review and Prospects—Significant Factors Affecting Our Results of Operations—Macroeconomic Environment."

If positive trends in the asset management industry do not continue or if the industry experiences negative trends, our ability to raise capital for new funds could be materially affected. A decrease in public share prices, for example, may reduce the value of our funds' investments and negatively impact returns to fund investors. In addition, an overall downturn in the public markets could cause fund investors to become over-allocated to private markets, which may reduce their capacity or willingness to allocate additional capital to private market strategies, including those we offer.

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This dynamic may also increase competition from new entrants and established players, making it more difficult for us to source suitable investment opportunities for our funds. For example, within the private equity sector, competitors include Advent International Ltd., Patria Investments Ltd., Kinea Investimentos Ltda. and Kinea Private Equity Investimentos S.A. Within the infrastructure sector, competitors include Patria and Perfin Administração de Recursos Ltda. Within the real estate sector, competitors include Patria, Kinea, XP Inc. and Banco BTG Pactual S.A. Within the forestry sector, competitors include BTG Pactual's Timberland Investment Group, TTG Brasil and, for asset sourcing purposes, large industrial forestry companies such as Suzano S.A. and Klabin S.A. Within the Brazilian credit sector, our main competitors are large Brazilian banks, including Itau Unibanco S.A., Banco Bradesco S.A., Banco do Brasil and Banco Santander (Brasil) S.A., and investment platforms tied to other financial institutions, including Kinea, XP Inc. and Banco BTG Pactual S.A. Within the Latin American credit sector, competitors include Moneda Asset Management, Credicorp Capital and BTG Pactual. Within the Brazilian equities sector, competitors include SPX Capital, Kapitalo Investimentos Ltda., Constellation Asset Management and Opportunity Asset Management. Within the Latin American equities sector, competitors include Moneda Asset Management, Credicorp Capital and BTG Pactual Asset Management. Within the Global IP&S discretionary business, competitors include BTG Pactual, Itaú Private Bank, Banco Safra and Credicorp Capital. Within the Global IP&S nondiscretionary business, relating to third-party distribution activities, competitors include BTG Pactual, XP Inc., Credicorp Capital and LarrainVial. Our Financial Advisory Services compete against those of local and international boutique mergers and acquisitions advisory firms.

Investor sentiment could also turn against private markets investing for a variety of reasons. For example, the returns generated by private markets may decline, or other asset classes or investment opportunities may be perceived to offer superior returns. In addition, certain institutional fund investors are increasingly demonstrating a preference to "in-source" their own investment advisory professionals. These institutional investors may reduce or eliminate allocations to our funds and, in some cases, become direct competitors of Vinci Compass, which could adversely affect our earning potential. If fund investor requirements and preferences change, this could reduce interest in specific asset classes or in our funds more broadly. Such changes may impede our ability to raise capital for new funds and could adversely affect our business, financial condition and results of operations.

#### We may face damage to our professional reputation and legal liability if our services are not regarded as satisfactory or for other reasons.
As an asset management firm, we depend to a large extent on our relationships with our clients and our reputation for integrity and high-caliber professional services to attract and retain clients. As a result, if a client is not satisfied with our services, such dissatisfaction may be more damaging to our business than to other types of businesses.

In recent years, the volume of claims and amount of damages claimed in litigation and regulatory proceedings against financial advisors has been increasing. Our asset management and advisory activities may subject us to the risk of significant legal liabilities to our clients and third parties, including our clients' stockholders or beneficiaries, under securities or other laws and regulations for materially false or misleading statements made in connection with securities and other transactions. In our investment management business, we make investment decisions on behalf of our clients that could result in substantial losses. Any such losses also may subject us to the risk of legal and regulatory liabilities or actions alleging negligent misconduct, breach of fiduciary duty or breach of contract. Moreover, litigation risk may also arise from a perception from investors that any investment opportunity identified by us that is appropriate for two or more investment funds in a manner that excludes one or more funds or results in a disproportionate allocation based on factors or criteria that we determine is inconsistent with the fiduciary obligations of our subsidiaries under applicable law, governing fund agreements or Vinci Compass' own policies. These risks often may be difficult to assess or quantify and their existence and magnitude often remain unknown for substantial periods of time. We may incur significant legal expenses in defending litigation. In addition, negative publicity and press speculation about us, our investment activities or the private markets in general, whether or not based in truth, or litigation or regulatory action against us or any third-party managers with whom we invest directly or indirectly involving us may tarnish our reputation and harm our ability to attract and retain clients. Substantial legal or regulatory liability could materially and adversely affect our business, financial condition or results of operations or cause significant reputational harm to us, which could seriously harm our business.

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#### Climate change and climate-related regulation could adversely affect our business.
We and our portfolio companies face risks associated with climate change, including risks related to the impact of climate change and environmental, social and governance matters, or ESG matters, including climate change and ESG legislation and regulation (both domestically and internationally), risks related to climate-related business trends, and risks stemming from the physical impacts of climate change. New climate change-related regulations or interpretations of existing laws may result in enhanced disclosure obligations, which could negatively affect us or our portfolio companies and materially increase our regulatory burden. Increased regulations generally increase our costs, and we could continue to experience higher costs if new laws require us to spend more time, hire additional personnel or buy new technology to comply effectively. At the portfolio company level, there are still individual portfolio companies in these and other sectors that could face transition risk if carbon-related regulations or taxes are implemented. Further, advances in climate science may change society's understanding of sources and magnitudes of negative effects on climate, which could negatively impact portfolio company financial performance and regulatory jeopardy.

In addition, we face business trend-related climate risks including the increased attention to climate-related legislation and regulation by our fund investors. Certain fund investors have considered ESG factors, including climate risks, in determining whether to invest in our funds. See "—We are subject to increasing scrutiny from certain investors with respect to the ESG impact of investments made by our funds, which may constrain capital deployment opportunities for our funds and adversely impact our ability to raise capital from such investors." For our portfolio companies, business trends related to climate change may require capital expenditures, product or service redesigns, and changes to operations and supply chains to meet changing customer expectations. While this can create opportunities, not addressing these changed expectations could create business risks for portfolio companies, which could negatively impact the returns in our funds.

Further, significant physical effects of climate change, including extreme weather events such as hurricanes, floods or droughts, can also have an adverse impact on certain of our portfolio companies and investments, especially our real asset investments and portfolio companies that rely on physical factories, plants or stores located in the affected areas. As the effects of climate change increase, we expect the frequency and impact of weather and climate-related events and conditions to increase as well. For example, unseasonal or violent weather events can have a material impact on businesses or properties that focus on tourism or recreational travel. While the geographic distribution of our portfolio inherently limits our physical climate risk, some physical risk is inherent in the companies in our portfolio given the unknown potential for extreme weather that could occur related to climate change.

Moreover, Regulation 2019/2088 on the European Union (EU) Sustainable Finance Disclosure Regulation came into force on March 10, 2021 and was further supplemented by Level 2 Regulatory Technical Standards that came into force on January 1, 2023 (together, the "SFDR"). The SFDR imposes disclosure requirements on "financial market participants," which include alternative investment fund managers, or "AIFMs," authorized under the Alternative Investment Fund Managers Directive, in respect of "financial products," which include alternative investment funds, or "AIFs." In particular, the disclosures obligations under the SFDR consist of entity-level (e.g., AIFM) disclosures and product-level disclosures (e.g., AIF or portfolio). Such disclosure must be made variously in pre-contractual information to investors, in periodic investor reports and publicly on firms' websites. Furthermore, the SFDR imposes additional disclosure obligations for: (i) Article 8 products (products that promote environmental or social characteristics, colloquially known as "light green funds"); and (ii) Article 9 products (products that have sustainable investment as their objective, colloquially known as "dark green funds"). Our Vinci Impact Climate Change fund, or VICC, is an EU AIF and Lacan Florestal IV, or Lacan IV is a non-EU AIF, and, as a result, pursuant to the SFDR, we are required to, among other things, prepare entity-level disclosures, and product-level disclosures and periodic reports in respect of their AIFs. Accordingly, the provisions of the SFDR may affect the fundraising process with European limited partners, and may impose additional operating costs on us, which may be borne by the AIFs. Furthermore, the European Commission is currently undertaking a review of the SFDR framework, which may result in future changes to the classification and disclosure regime. Any such changes may result in additional compliance obligations, increased reporting burdens and/or the need to revise existing disclosures, policies and procedures. In particular, future regulatory developments could affect the qualification, classification or continued designation of our funds and/or their investments under the SFDR framework.

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As of the date of this annual report, VICC's AIF is a sustainable fund and is in compliance with Article 9 fund under the SFDR. Moreover, we believe that Lacan IV's AIF will promote environmental and/or social characteristics and, therefore, we intend to comply with the disclosure requirements that are applicable to Article 9 funds under the SFDR. Nonetheless, we may be subject to regulatory action or financial penalties if our funds fail to comply with applicable requirements under the SFDR, such as the suspension of our funds' activities or the invalidation of its SFDR classification, which would cause our funds to no longer be able to present itself as a sustainable investment. Our failure to adequately or accurately disclose information in relation to the environmental or social characteristics, or any sustainable investment objective, of its AIFs could expose us to litigation or other legal or regulatory actions.

***We are subject to increasing scrutiny from certain investors with respect to the ESG impact of investments made by our funds, which may constrain capital deployment opportunities for our funds and adversely impact our ability to raise capital from such investors.***

In recent years, certain investors, especially pension funds, have placed increasing importance on the negative impacts of investments made by the private equity and other funds to which they commit capital, including with respect to ESG matters. Certain investors have also demonstrated increased activism with respect to existing investments, including by urging asset managers to take certain actions that could adversely impact the value of an investment, or refrain from taking certain actions that could improve the value of an investment. At times, investors have conditioned future capital commitments on the taking or refraining from taking of such actions. Increased focus and activism related to ESG and similar matters may constrain our capital deployment opportunities, and the demands of certain investors may further limit the types of investments that are available to our funds. In addition, investors may decide to withdraw previously committed capital from our funds (where such withdrawal is permitted) or to not commit capital to future fundraises as a result of their assessment of our approach to and consideration of the social cost of investments made by our funds. To the extent our access to capital from investors, including pension funds, is impaired, we may not be able to maintain or increase the size of our funds or raise enough capital for new funds, which may adversely impact our revenues.

***Unauthorized disclosure, destruction or modification of data, through cybersecurity breaches, computer viruses or otherwise, or disruption of our services could expose us to liability and protracted and costly litigation and damage our reputation.***

Our business involves the collection, storage, processing and transmission of customers' personal data, including names, addresses, identification numbers, bank account numbers and trading and investment portfolio data. An increasing number of organizations, including large clients and businesses, other large technology companies, financial institutions and government institutions, have disclosed breaches of their information technology systems, some of which have involved sophisticated and highly targeted attacks, including on portions of their websites, networks or infrastructure, or those of third parties who provide services to them. We could also be subject to breaches of security by hackers. Threats may derive from human error, fraud or malice on the part of employees or third-party service providers, or may result from accidental technological failure. Concerns about security are increased when we transmit information. Electronic transmissions can be subject to attack, interception or loss. Also, computer viruses and malware can be distributed and spread rapidly over the internet and could infiltrate our systems or those of our associated participants, which can impact the confidentiality, integrity and availability of information, and the integrity and availability of our products, services and systems, among other effects. Denial of service or other attacks could be launched against us for a variety of purposes, including interfering with our services or creating a diversion for other malicious activities. These types of actions and attacks could disrupt our delivery of products and services or make them unavailable, which could damage our reputation, force us to incur significant expenses in remediating the resulting impacts, expose us to uninsured liability, subject us to lawsuits, fines or sanctions, distract our management or increase our costs of doing business.

In the scope of our activities, we share information with third parties, commercial partners, third-party service providers and other agents, who collect, process, store and transmit sensitive data, and we may be held responsible for any failure or cybersecurity breaches attributed to these third parties insofar as they relate to the information we share with them. The loss, destruction or unauthorized modification of data by us or such third parties or through systems we provide could result in significant fines, sanctions and proceedings or actions against us by governmental bodies or third parties, which could have a material adverse effect on our business, financial condition and results of operations. Any such proceeding or action, and any related indemnification obligation, could damage our reputation, force us to incur significant expenses in defense of these proceedings, distract our management, increase our costs of doing business or result in the imposition of financial liability.

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Our encryption of data and other protective measures may not prevent unauthorized access to or use of sensitive data. A breach of our system or of the system of one of our commercial partners or third-party service providers may subject us to material losses or liability, including fines. A misuse of such data or a cybersecurity breach could harm our reputation and deter clients from using our products and services, thus reducing our revenues. In addition, any such misuse or breach could cause us to incur costs to correct the breaches or failures, expose us to uninsured liability, increase our risk of regulatory scrutiny, subject us to lawsuits, and result in the imposition of material penalties and fines under state and federal laws or regulations.

We cannot guarantee that there are written agreements in place with every third party or that such written agreements will prevent the unauthorized use, modification, destruction or disclosure of data or enable us to obtain reimbursement from such third parties in the event we should suffer incidents resulting in unauthorized use, modification, destruction or disclosure of data. Any unauthorized use, modification, destruction or disclosure of data could result in protracted and costly litigation, which could have a material adverse effect on our business, financial condition and results of operations.

Cybersecurity incidents are increasing in frequency and evolving in nature and include, but are not limited to, installation of malicious software, unauthorized access to data and other electronic security breaches that could lead to disruptions in systems, unauthorized release of confidential or otherwise protected information and the corruption of data. Given the unpredictability of the timing, nature and scope of information technology disruptions, there can be no assurance that the procedures and controls we employ will be sufficient to prevent security breaches from occurring and we could be subject to the manipulation or improper use of our systems and networks or financial losses from remedial actions, any of which could have a material adverse effect on our business, financial condition and results of operations.

***We are subject to risks related to noncompliance with data protection laws in the countries in which we operate, which provide for application of sanctions, including financial penalties, in case of noncompliance.***

We operate in multiple jurisdictions, each with distinct and evolving data protection and privacy regulations. These laws vary in scope and enforcement mechanisms, and noncompliance—whether due to differing legal interpretations, operational missteps or regulatory changes—could materially impact our operations, expose us to sanctions or fines, and adversely affect our reputation and the value of our Class A common shares. While certain jurisdictions, such as Brazil, have established comprehensive data protection regimes that are already enforceable, other countries where we operate are in earlier stages of regulatory implementation or reform. The following discusses key frameworks relevant to our business.

In 2018, the President of Brazil approved Brazilian Law No. 13,709/2018, named the General Personal Data Protection Law (*Lei Geral de Proteção de Dados*), or the LGPD, which came into force on September 18, 2020, a comprehensive data protection law establishing the general principles and obligations that apply across multiple economic sectors and contractual relationships. The LGPD establishes detailed rules for the collection, use, processing and storage of personal data in all economic sectors, regardless of whether data is collected in a digital or physical environment.

Moreover, we may be liable for property, moral, individual or collective damages caused by us, including by third-party providers that process personal data for us, and jointly liable for property, moral, individual or collective damages caused by our subsidiaries, due to noncompliance with the obligations established by the applicable general data protection laws, and certain other sector-specific laws and regulations on data protection in force. If we are unable to use sufficient measures to protect the personal data we manage and store or to maintain compliance with applicable general data protection laws, we may incur material costs which could have an adverse effect in our reputation and results of operations. Moreover, we may be held liable for material, punitive, individual or collective damages to the data subjects due to its processing and treatment and could be held individually or severally responsible for material, punitive, individual or collective damages caused by us, our subsidiaries, service providers that process personal data on our behalf or our affiliates due to noncompliance with the obligations set forth by applicable general data protection laws, which may adversely affect our reputation and results and, consequently, the value of our Class A common shares.

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In the event of failure or insufficiency in the adoption of measures to protect the personal data that is processed or to maintain compliance with the applicable general data protection law, we may incur relevant costs, such as the payment of fines and indemnities, implementation of adjustment measures, and loss of business, as well as such failure or insufficiency having an adverse effect on our reputation and results of operations. As a result, we may be held liable regardless of LGPD or other applicable general data protection sanctions since consumer protection authorities and the Public Prosecutor's Office have already been active in pursuing data privacy violations even before the LGPD became effective. Accordingly, failures in the protection of the personal data processed by us, or any failure to implement adequate data protection measures in response to applicable legislation, may subject us to high fines, the disclosure of the incident to the market, the payment of indemnities, the elimination of personal data from the database in question and the suspension of access to our databases, prohibition of our activities related to the processing of infringed data in addition to civil sanctions, which may adversely affect our reputation and results.

In addition, the application of administrative sanctions under other laws that deal with privacy and data protection issues may still apply, such as the Consumer Protection Code and the Brazilian Civil Rights Framework for the Internet. These administrative sanctions may be imposed by other public authorities, such as the Public Prosecutors' Offices, the National Consumer Secretariat and consumer protection agencies. We may also be subject to liability in the civil sphere for violation of these laws. Sanctions imposed against us by these authorities may also adversely affect our reputation and results and, consequently, the value of our Class A common shares.

Similarly, data protection and privacy regulations vary across the Latin American countries where we operate, with each jurisdiction imposing different requirements regarding the collection, processing, storage, and transfer of personal data. Some countries have comprehensive data protection laws aligned with international standards, including Argentina's Personal Data Protection Law (Law 25.326), Colombia's Data Protection Law (Statutory Law 1581 of 2012), Mexico's Federal Law on the Protection of Personal Data Held by Private Parties, Peru's Personal Data Protection Law (Law No. 29733 and Supreme Decree No. 016-2024-JUS), and Uruguay's Data Protection Law (Law No. 18,331), which follows international standards and establishes strict guidelines for data processing, security measures, and cross-border data transfers.

Chile has recently enacted Law No. 21.719, which amends Law No. 19.628 on the Protection of Private Life, establishing a new framework for the protection and processing of personal data in the country. This law was published in the Official Gazette on December 13, 2024, and is expected to come into force 24 months after its publication, on December 1, 2026. Among its key provisions, the law creates the Chilean Personal Data Protection Agency, responsible for monitoring compliance and imposing sanctions for violations. The law introduces new principles for data processing, including lawfulness, purpose limitation, proportionality, data quality, accountability, transparency, and confidentiality. It also reinforces data subjects' rights, such as access, rectification, deletion, objection, portability, and restriction. Furthermore, the law regulates international data transfers, allowing such transfers only to organizations that provide an adequate level of protection or are covered by standard contractual clauses.

In the United States, there is no single comprehensive federal data protection law. Instead, data privacy is regulated through a combination of sector-specific federal laws. Additionally, several U.S. states have enacted their own data privacy laws, creating a complex regulatory landscape for companies operating across jurisdictions. The SEC and the Financial Industry Regulatory Authority, Inc., or FINRA, also enforce cybersecurity and data protection standards for our subsidiary operating as a broker-dealer, requiring firms to implement written policies and procedures to safeguard client information. The SEC's Regulation S-P also mandates that financial institutions, including our subsidiaries that are registered investment advisers and our broker-dealer, provide privacy notices to customers and adopt measures to prevent unauthorized access to personal data.

Additionally, some of our operations and activities, either because of their location or nature, are subject to the General Data Protection Regulation (GDPR), a comprehensive data privacy law enacted by the EU and the European Economic Area (EEA), which governs the collection, processing, and protection of personal data of individuals within these regions.

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***Our business depends on our well-regarded, reliable brand, and any failure to maintain, protect, and enhance our brand and related brands, including through effective marketing and communications strategies, would harm our business.***

We have developed a well-regarded and reliable brand, "Vinci Compass," that has contributed significantly to the success of our business. Maintaining, protecting, and enhancing our brands is critical to expanding our client base, and our relationships with other third-party partners, as well as increasing engagement with our products and services. This will depend largely on our ability to remain widely known, maintain trust, and continue to provide high-quality and secure products and services. Any negative publicity about our industry or our company, the quality, reliability and performance of our products and services, our risk management processes, changes to our products and services, our ability to effectively manage and resolve client complaints, our privacy and security practices, litigation, regulatory activity, and the experience of clients with our products or services could adversely affect our reputation and the confidence in and use of our products and services. Harm to our brands can arise from many sources, including failure by us or our partners to satisfy expectations of service and quality, inadequate protection of personal information, compliance failures and claims, litigation and other claims, third-party trademark infringement claims, administrative proceedings at the applicable national trademark offices, employee misconduct, and misconduct by our partners, service providers, or other counterparties. If we do not successfully maintain well-regarded and widely known brands, our business could be materially and adversely affected.

We may in the future be the target of incomplete, inaccurate, and misleading or false statements about our company, our business, and our products and services that could damage our brands and materially deter people from adopting our services. Negative publicity about our company or our management, including about our product quality, reliability and performance, changes to our products and services, privacy and security practices, litigation, regulatory enforcement, and other actions, as well as the actions of our clients and other users of our services, even if inaccurate, could cause a loss of confidence in us. Our ability to respond to negative statements about us may be limited by legal prohibitions on permissible public communications by us during our initial public offering process or during future periods.

In addition, we believe that promoting our brands in a cost-effective manner is critical to achieving widespread acceptance of our products and services and to expanding our base of clients. Our brand promotion activities may not generate customer awareness or increase revenue, and even if they do, any increase in revenue may not offset the expenses we incur in building our brands. If we fail to successfully promote and maintain our brands or if we incur excessive expenses in this effort, our business could be materially and adversely affected.

The introduction and promotion of new services, as well as the promotion of existing services, may be partly dependent on our visibility on third-party advertising platforms, such as LinkedIn and Google. Changes in the way these platforms operate or changes in their advertising prices or other terms could make the maintenance and promotion of our products and services and our brands more expensive or more difficult. If we are unable to market and promote our brands on third-party platforms effectively, our ability to acquire new clients would be materially harmed, which could adversely affect our business, financial condition and results of operations.

***Large investments made by certain of our funds may involve certain complexities and risks that may not be encountered in the context of small- and medium-sized investments and concentrated positions in any of our funds may expose us to losses.***

Where our funds make large investments, these may involve certain complexities and risks that may not be encountered in small- and medium-sized investments. For example, larger transactions may be more difficult to finance or may entail greater challenges in implementing changes in the relevant portfolio company's management, culture, finances or operations, and may face greater scrutiny by regulators, interest groups and other third parties. Further, in larger transactions, the amount of equity capital required to complete an investment has increased significantly. This has resulted in some larger private equity deals being structured as consortium transactions. Consortium transactions generally entail a reduced level of control over the investment because governance rights must be shared with the other consortium investors. Accordingly, in such deals, our funds may not be able to separately control decisions relating to a consortium investment and the timing and nature of any exit. In addition, large investments could result in concentrated positions in certain of our funds, or certain of our funds may have concentrated positions in the securities of certain issuers or of issuers of a particular industry, country or region,

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which could expose us to losses in respect of such issuer, industry, country or region. Any of these factors could increase the risk that our funds' larger investments could be less successful than investments over which the relevant Vinci Compass fund has full control or has a more diversified position. The consequences of an unsuccessful larger investment by a Vinci Compass fund could be more severe given the size of the investment and any such adverse consequences could, in turn, have a material adverse impact on our brand and reputation as well as adversely affect the performance fees and investment income received by us from the relevant fund, which could adversely affect our business, financial condition and results of operations.

#### We rely on a number of external service providers for certain key market information and data, technology, processing and supporting functions.
We rely on a number of external service providers for certain key market information and data, technology, processing and supporting functions, such as Microsoft, Bloomberg, Cirion Technologies, Dell and Fortinet, among others. The functions provided by these service providers include portfolio management and asset allocation services, compliance management, communication systems, registration systems, data control systems, information security systems, and others which are of critical importance for us in order to provide our services to our clients in a satisfactory manner. These service providers may face technical, operational and security risks of their own, including risks similar to those that we face as described herein. Any significant failures by them, including improper use or disclosure of our confidential customer, employee or company information, could interrupt our business, cause us to incur losses and harm our reputation. Particularly, we rely on certain systems and institutions to allow our portfolio managers to access real-time market information data, such as Bloomberg, Reuters, Broadcast, Quantum and Economática, which are essential for our managers to make their investment decisions and take certain actions (such as making trades). Any failure of such information providers to update or deliver such data in a timely manner could lead to potential losses of our funds, which may in turn affect our business operations and reputation and may cause us to incur losses.

We cannot assure you that the external service providers will be able to continue to provide these services to meet our current needs in an efficient and cost-effective manner, or that they will be able to adequately expand their services to meet our needs in the future. Some external service providers may have assets and infrastructure that are important to the services they provide us that are located in or outside the countries in which we operate, and their ability to provide these services is subject to risks from unfavorable political, economic, legal or other developments, such as social or political instability, changes in governmental policies or changes in the applicable laws and regulations of the jurisdictions in which their assets and operations are located.

An interruption in or the cessation of service by any external service provider as a result of system failures, capacity constraints, financial constraints or problems, unanticipated trading market closures or for any other reason and our inability to make alternative arrangements in a smooth and timely manner, if at all, could have a material adverse effect on our business, financial condition and results of operations.

Further, disputes might arise in relation to the agreements that we enter into with our service providers or the performance of the service providers thereunder. To the extent that any service provider disagrees with us on the quality of the products or services to be provided under the terms and conditions of the payment under or other provisions of any such agreement, we may face claims, disputes, litigations or other proceedings initiated by such service provider against us. We may incur substantial expenses and require significant attention of management in defending against these claims, regardless of their merit. We could also face damage to our reputation as a result of such claims, and our business, financial condition, results of operations and prospects could be materially and adversely affected.

***We may not be able to ensure the accuracy of information relating to third-party funds, and we have no control over the performance of these third-party funds.***

We invest our clients' funds in certain third-party funds. We also have a third-party distribution strategy within our Global Investment Products & Solutions segment, or the Global IP&S segment, which provides access to alternative and liquid products managed by third-party asset managers and GPs. While the information related to these third-party funds has been generally reliable, there can be no assurance that the reliability can be maintained in the future. If these third-party funds or their service providers or agents provide incomplete, misleading, inaccurate or fraudulent information in relation to their funds, we may lose the trust of existing and prospective investors.

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Furthermore, as clients invest in these third-party funds through funds managed by us or via our third-party distribution strategy, they may have the impression that we are at least partially responsible for the quality and performance of these funds. Although we have established standards to screen fund providers before we invest in these funds, we have limited control over the performance of these third-party funds. In the event that an investor is dissatisfied with a third-party fund invested in by us, we do not have any means to directly make improvements in response to client complaints. If investors become dissatisfied with these third-party funds, our business, reputation, financial performance and prospects could be adversely affected.

***We rely upon our systems and upon third-party data center service providers to host certain aspects of our platform and content, and any systems failure due to factors beyond our control or any disruption to, or interference with, our use of third-party data center services could interrupt our service, increase our costs and impair our ability to deliver our platform, resulting in customer dissatisfaction, damaging our reputation and harming our business.***

We rely on third-party data center hosting facilities to support business-critical applications. In Brazil, our primary data center is located in Rio de Janeiro, complemented by a secondary disaster recovery data center in Cotia, São Paulo. In addition, we utilize Microsoft Azure and AWS cloud services to host server infrastructure and internet-facing applications (see "Item 16K. Cybersecurity—Data Centers and Cloud Services Software"). Our operations are partially dependent on the ability of these service providers to safeguard their facilities against risks such as natural disasters, power or telecommunications outages, criminal activity, and other disruptive events. Any failure to adequately mitigate these risks, including natural disasters, acts of terrorism, vandalism, sabotage, unplanned facility closures, or other unforeseen incidents, could result in prolonged service interruptions. Such disruptions could materially and adversely impact the availability of our platform and, consequently, our business operations.

In addition, we depend on the efficient and uninterrupted operation of numerous systems, including our computer systems, software, data centers and telecommunications networks, as well as the systems of third parties. Our systems and operations or those of our third-party providers could be exposed to damage or interruption from, among other things, fire, natural disaster, power loss, telecommunications failure, unauthorized entry and computer viruses. Defects in our systems or those of third parties, errors or delays in the processing of transactions, telecommunications failures or other difficulties could result in:

• loss of revenues;

• loss of clients;

• loss of client data;

• loss of licenses, registrations or authorizations required by applicable authorities in the jurisdictions in which we operate;

• fines imposed by applicable regulatory authorities and other issues relating to noncompliance with applicable asset management services or data protection requirements;

• harm to our business or reputation resulting from negative publicity;

• exposure to fraud losses or other liabilities;

• additional operating and development costs; and/or

• diversion of technical and other resources.

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For example, Chile's frequent and powerful earthquakes have historically caused widespread damage to infrastructure, including roads, railways, and essential supply chains, disrupting economic activity. Major earthquakes, such as the 8.8 magnitude event in 2010 and the 8.4 magnitude earthquake in 2015, have severely impacted key industries and the availability of goods and services. The most recent major earthquake, a 7.0 magnitude event in 2020, continued this pattern of destruction, affecting critical infrastructure. Future seismic activity in Chile could significantly disrupt business operations, hinder access to essential resources, and create long-term economic instability.

***Valuation methodologies for certain assets in Vinci Compass funds involve subjective judgments and assumptions and the fair value of assets established pursuant to such methodologies could, therefore, be incorrect, which could have an adverse effect on fund performance, accrued performance fees and investment income.***

Valuation methodologies for investments held by our funds can involve subjective judgments, and the fair value of assets established pursuant to such methodologies may therefore be incorrect, which could have an adverse effect on fund performance and accrued performance fees.

There are often no readily ascertainable market prices for a portion of the investments of funds that we manage. For example, the portfolio of certain of our Private Markets strategy funds may include investments in unlisted companies. Valuations of the investments held by our funds are generally prepared in line with applicable and recognized valuation processes and procedures (including, in respect of private equity investments in accordance with the international private equity and venture capital valuation guidelines) prepared by either our management team or third-party specialist firms. There is a risk that investments held by our funds will not be realized for amounts equal to, or greater than, the amounts at which they are valued, or that the past valuations based on such performance information will not accurately reflect the realization value of such investments. An investment's actual realization value will depend on, among other factors, future operating results of the relevant investment, the value of the assets and market conditions at the time of disposal, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions on which previous valuations were determined.

Valuations of unrealized investments held by our funds can affect the amount of performance fees generated by our funds in circumstances where unrealized investments are written off or written down in value. To the extent that a valuation is incorrect, this may result in a recognition of revenue from performance fees, a subsequent reduction of which could ultimately reduce our profitability. Valuation of unrealized investments held by our funds could also affect management fees in the case of a bankruptcy of a portfolio company of a Vinci Compass fund, whereby the investment is considered realized and the invested capital is deducted from the base on which management fee is calculated, which could have an effect on the income from management fees received by Vinci Compass from existing funds.

Changes in values attributed to investments from time to time may result in volatility in the results of operations that our funds and we report from period to period. Also, a situation where asset values turn out to be materially different to those values previously realized could cause fund investors to lose confidence in us, which could in turn result in difficulty in raising capital for additional funds, and as a consequence, could adversely affect our business, financial condition and results of operations.

***The historical performance of our investments should not be considered as indicative of the future results of our investments or our operations or any returns expected on an investment in our Class A common shares.***

Past performance of our funds is not necessarily indicative of future results or of the performance of our Class A common shares. An investment in our Class A common shares is not an investment in any of our funds. In addition, the historical and potential future returns of funds that we manage are not directly linked to returns on our Class A common shares. Therefore, you should not conclude that continued positive performance of funds will necessarily result in positive returns on an investment in our Class A common shares. However, poor performance of our specialized funds could cause a decline in our revenue and could therefore have a negative effect on our performance and on returns on an investment in our Class A common shares.

The historical performance of our funds should not be considered indicative of the future performance of these funds or of any future funds we may raise, in part because:

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• market conditions and investment opportunities during previous periods may have been significantly more favorable for generating positive performance than those we may currently be experiencing or that we may experience in the future;

• the performance of our funds is generally calculated on the basis of net asset value of the funds' investments, including unrealized gains, which may never be realized;

• our historical returns derive largely from the performance of our earlier funds, whereas future fund returns will depend increasingly on the performance of our newer funds or funds not yet formed;

• our newly established funds may generate lower returns during the period that they initially deploy their capital;

• competition continues to increase for investment opportunities, which may reduce our returns in the future;

• the performance of particular funds also will be affected by risks of the industries and businesses in which they invest; and

• we may create new funds that reflect a different asset mix and new investment strategies, as well as a varied geographic and industry exposure, compared to our historical funds, and any such new funds could have different returns from our previous funds.

#### If we lose key personnel, our business, financial condition and results of operations may be adversely affected.
We are dependent upon the ability and experience of a number of key personnel, including our partners and other members of senior management, who have substantial experience with our operations, the financial services industry and the markets in which we offer our products and services. Many of our key personnel have worked for us for a significant amount of time or were recruited by us specifically due to their industry experience. It is possible that the loss of the services of one or a combination of our senior executives or key managers, including our chief executive officer, could have a material adverse effect on our business, financial condition and results of operations.

***The ability to attract, recruit, develop and retain qualified employees and continue to strengthen our business is critical to our success and growth. If we are not able to do so, our business and prospects may be materially and adversely affected.***

Our business functions at the intersection of rapidly changing technological, social, economic and regulatory developments that require a wide-ranging set of expertise and intellectual capital. In order for us to successfully compete and grow, we must attract, recruit, develop and retain the necessary personnel who can provide the needed expertise across the entire spectrum of our intellectual capital needs. While we have a number of our key personnel who have substantial experience with our operations, we must also develop our personnel to provide succession plans capable of maintaining continuity in the midst of the inevitable unpredictability of human capital. However, the market for qualified personnel is competitive, and we may not succeed in recruiting additional personnel or may fail to effectively replace current personnel who depart with qualified or effective successors. We must continue to hire additional personnel to execute our strategic plans. Our effort to retain and develop personnel may also result in significant additional expenses, which could adversely affect our profitability. We cannot assure you that our qualified employees will continue to be employed by us or that we will be able to attract and retain qualified personnel in the future. Failure to retain or attract key personnel could have a material adverse effect on our business, financial condition and results of operations.

In addition, in order to manage our growth effectively, we must continue to strengthen our existing infrastructure, develop and improve our internal controls, create and improve our reporting systems, and timely address issues as they arise. These efforts may require substantial financial expenditures, commitments of resources, developments of our processes, and other investments and innovations. Furthermore, we encourage employees to quickly develop and launch new features for our products and services. As we grow, we may not be able to execute our strategies as quickly as smaller, more efficient organizations. If we do not successfully manage our growth, our business will suffer.

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#### Implementing our growth strategy, including new investment products and business initiatives, may be unsuccessful.
We may be subject to a number of risks and uncertainties associated with our growth strategy, including the risk that new business initiatives will not contribute towards achieving our objectives or that we will not execute such new initiatives successfully. New initiatives may also be difficult to launch, for instance where we do not have a proven track record within the area of the new initiative, or may not reach the set goals and expectations following launch. Any new products we offer may have different economic structures than our traditional investment funds and may require a different marketing approach. Given our diverse offering of products and services, these initiatives could create conflicts of interests with existing products, increase our costs and expose us to new market risks and legal and regulatory requirements and could expose us to greater reputation and litigation risk. Implementing our growth strategy may also entail significant difficulties and costs, including the logistical and overhead costs of opening and expanding offices, the cost of recruiting, training and retaining a higher number of investment advisory professionals and higher costs arising from exposure to additional jurisdictions (including the laws, rules and regulations thereof) and activities. New initiatives and expanding our business, including to open new offices or develop new product offerings, could also divert significant time and attention of our senior management in the development of such new initiatives to the detriment of our existing business. Furthermore, we may be directly exposed to new business risks or be subjected to enhanced exposure to existing risks if business initiatives are financed with our own capital.

We may be exposed to asset-specific risks, including those relating to the holding of publicly traded securities, such as fluctuating stock prices and additional media scrutiny, which by extension may have an adverse effect on our brand and reputation. In addition, when our funds acquire minority stakes in public companies, or our portfolio companies are listed, these public companies may make decisions with which the relevant Vinci Compass fund disagrees, and the majority stakeholders or the management of the company may take risks or otherwise act in a manner that does not serve our funds' interests.

Any failure of our new initiatives to meet or exceed expectations could lead to us not reaching profitability within the initiative, not growing in accordance with our growth strategy and not being able to enjoy the benefits that this is expected to lead to, as well preventing us from reaching our growth targets. In order for us to successfully compete and grow, we must attract, recruit, develop and retain the necessary personnel who can provide the needed expertise across the entire spectrum of our intellectual capital needs.

#### Any acquisitions, partnerships or joint ventures that we make or enter into could disrupt our business and harm our financial condition.
We evaluate, and expect in the future to evaluate, potential strategic acquisitions of, and partnerships or joint ventures with, complementary businesses, services or technologies. We may not be successful in identifying acquisition, partnership and joint venture targets. In addition, we may not be able to successfully finance or integrate any businesses, services or technologies that we acquire or with which we form a partnership or joint venture. For example, we may lose clients as a result of any acquisition, partnership or joint venture. In addition, we may be unable to realize the expected benefits, synergies or developments that we may initially anticipate. Furthermore, the integration of any acquisition, partnership or joint venture may divert management's time and resources from our core business and disrupt our operations.

In particular, our ability to realize the expected benefits of our business combination with these transactions, including revenue growth and product diversification, depends on our ability to execute and sustain the integration of the combined businesses over time. The combined organization may not achieve the cost savings, revenue synergies, cross-selling opportunities, or product expansion we expected, and integration efforts may be more costly, time-consuming, or disruptive than anticipated. In addition, we may become subject to known and unknown liabilities associated with these transactions, including liabilities that may only become apparent after the business combination. If we are unable to realize the expected benefits of the transaction, or if integration challenges or liabilities adversely affect our operations, the combined businesses may not perform as expected and the value of our Class A common shares may be adversely affected.

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Moreover, certain acquisitions, partnerships and joint ventures we make may prevent us from competing for certain clients or in certain lines of business and may lead to a loss of clients. In addition, we may spend time and money on projects that do not increase our revenue or profitability. To the extent we finance any acquisition or investment in cash, it would reduce our cash reserves, and to the extent the purchase price is paid with our common shares, the ownership interests of our existing shareholders could be diluted. To the extent we finance any acquisition or investment with the proceeds from the incurrence of debt, this would increase our level of indebtedness and could negatively affect our liquidity, credit rating and restrict our operations. Our competitors may be willing to pay more than us for acquisitions or investments, which may cause us to lose certain opportunities that we would otherwise desire to complete. Moreover, we may face contingent liabilities in connection with our acquisitions and joint ventures, including, among others, (1) judicial and/or administrative proceedings or contingencies relating to the company, assets or businesses acquired, including civil, regulatory, tax, labor, social security, environmental and intellectual property proceedings or contingencies; and (2) financial, reputational and technical issues, including with respect to accounting practices, financial statement disclosures and internal controls, as well as other regulatory or compliance matters, all of which we may not have identified as part of our due diligence process and that may not be sufficiently indemnifiable under the relevant acquisition or joint venture agreement. We cannot assure you that any acquisition, partnership, investment or joint venture we make will not have a material adverse effect on our business, financial condition and results of operations.

***We are subject to various risks associated with the securities industry, any of which could have a materially adverse effect on our business, cash flows and results of operations.***

We are subject to uncertainties that are common across the securities industry. These uncertainties include:

• the volatility of domestic and international financial, bond and stock markets, and the markets for funds and other asset classes, in particular in the context of the ongoing war between Russia and Ukraine, the conflicts in the Middle East, persistent inflation, elevated interest rates, the imposition of tariffs and political turbulence, and new economic directives arising from Latin American governments;

• extensive governmental regulation;

• litigation;

• intense competition;

• poor performance of investments made by us or by third party investment managers with whom we invest;

• substantial fluctuations in the volume and price level of securities; and

• dependence on the solvency of various third parties.

As a result, our revenues and earnings may vary significantly from quarter to quarter and from year to year. Sudden sharp declines in market values of securities and the failure of issuers and counterparties to perform their obligations can result in illiquid markets which, in turn, may result in our having difficulty selling securities. In the event of a market downturn, or in the event of increased market volatility, our business could be adversely affected in many ways, potentially for a prolonged period of time.

#### Our holding company structure makes us dependent on the operations of our subsidiaries.
We are a Cayman Islands exempted company with limited liability. As a holding company, our corporate purpose is to invest, as a partner, quotaholder or shareholder, in other companies, consortia or joint ventures in Latin America, where most of our operations are located, and outside Latin America. Accordingly, our material assets are our direct and indirect equity interests in our subsidiaries, and we are therefore dependent upon the results of operations and, in turn, the payments, dividends and distributions from our subsidiaries for funds to pay our holding company's operating and other expenses and to pay future cash dividends or distributions, if any, to holders of our Class A common shares, and we may have tax costs in connection with any dividend or distribution. In addition, the payments, dividends and distributions from our subsidiaries to us for funds to pay future cash dividends or distributions, if any, to holders of our Class A common shares, could be restricted under financing

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arrangements that we or our subsidiaries may enter into in the future and we and such subsidiaries may be required to obtain the approval of lenders to make such payments to us in the event they are in default of their repayment obligations. Furthermore, exchange rate fluctuation will affect the U.S. dollar value of any distributions our subsidiaries make with respect to our equity interests in those subsidiaries. See "—Certain Risks Relating to Latin America—Exchange rate instability may have adverse effects on the economies of the countries in which we operate, us and the price of our Class A common shares," "—Certain Risks Relating to Latin America—Economic uncertainty and political instability in Latin America may harm us and the price of our Class A common shares" and "Item 8.—A. Consolidated Statements and Other Financial Information—Dividends and Dividend Policy."

***We are exposed to credit risks, including at our portfolio companies and in our funds, and we could incur losses that would have a material adverse effect on our financial condition and results of operations.***

We may be subject to the risk that the creditworthiness of our counterparties will deteriorate and that they will no longer be able to fulfill their financial obligations to us. Our credit risks relate primarily to receivables and contract assets, cash held in bank accounts, any derivative instruments outstanding with a positive fair value, and any financial guarantees. In addition, we are exposed to credit risks in connection with the investments made by our funds and other vehicles, including the risk that portfolio companies, issuers or other investees experience liquidity constraints, increased leverage, covenant breaches, restructurings or insolvency proceedings (including, in certain jurisdictions, judicial reorganization or similar proceedings), which could result in declines in valuations, impairment charges, reduced realizations, or losses on investments. Such events could also adversely affect the timing and amount of performance fees and other income we may earn and could negatively impact fundraising and investor demand for our products.

The performance of our funds may also be affected by credit risks at the fund level, including the risk that fund investors do not satisfy their contractual obligation to fund capital calls when requested by the general partner or fund manager. Any such defaults could result in shortfalls in capital, require the fund to seek alternative financing or sell assets at unfavorable prices, delay or prevent the consummation of investments, and otherwise adversely affect fund performance and our ability to receive management fees, performance fees and other income. If measures taken by us or by the relevant fund to manage credit risks are not sufficient, or if one or more counterparties, portfolio companies or fund investors experience financial difficulties, we could be subject to losses, which could have a material adverse effect on our financial condition and results of operations.

#### Risk management activities may adversely affect the return on our funds' investments.
When managing our exposure to market risks, we may (on our own behalf or on behalf of our funds) from time to time decide to use forward contracts, options, swaps, caps, collars and floors or pursue other strategies or use other forms of derivative instruments to limit our exposure to changes in the relative values of investments that may result from market developments, including changes in prevailing interest rates, currency exchange rates (as described below in "—We are exposed to fluctuations in foreign currency exchange rates and may enter into derivatives transactions to manage our exposure to exchange rate risk") and commodity prices. The success of any hedging or other derivative transactions generally will depend on our ability to correctly predict market changes, the degree of correlation between price movements of a derivative instrument, the position being hedged, the creditworthiness of the counterparty and other factors. As a result, while we may enter into a transaction in order to reduce our exposure to market risks, the transaction may result in poorer overall investment performance than if it had not been executed. Such transactions may also limit the opportunity for gain if the value of a hedged position increases.

While such hedging arrangements may reduce certain risks, such arrangements themselves may entail certain other risks. These arrangements may require the posting of cash collateral at a time when we and/or a fund has insufficient cash or illiquid assets such that the posting of the cash is either impossible or requires the sale of assets at prices that do not reflect their underlying value. Moreover, these hedging arrangements may generate significant transaction costs, including potential tax costs, which reduce the returns generated by us and/or a fund and adversely affect our financial results. Finally, regulatory agencies may in the future require certain foreign exchange products to be subject to mandatory clearing, which could increase the cost of entering into currency hedges.

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***Our risk management policies and procedures may not be fully effective in mitigating our risk exposure in all market environments or against all types of risks, which could expose us to losses and liability and otherwise harm our business.***

We operate in a dynamic industry, and we have experienced significant change in recent years, and the emergence of new risks within the industries in which we operate or may operate in the future. Accordingly, our risk management policies and procedures may not be fully effective in identifying, monitoring and managing our risks. Some of our risk evaluation methods depend upon information provided by others and public information regarding markets, clients or other matters that are otherwise inaccessible by us. In some cases, however, that information may not be accurate, complete or up to date. If our policies and procedures are not fully effective or we are not always successful in capturing all risks to which we and our funds are or may be exposed, we and our funds may suffer harm to our reputation or be subject to litigation or regulatory actions that could have a material adverse effect on our business, financial condition and results of operations.

When our products and services are used in connection with illegitimate transactions we may be exposed to governmental and regulatory sanctions, including outside of Latin America (for example, U.S. anti-money laundering and economic sanctions violations). Our risk management policies, procedures, techniques, and processes may not be sufficient to identify all of the risks to which we and our funds are exposed, to enable us to mitigate the risks we have identified, or to identify additional risks to which we and our funds may become subject in the future. Furthermore, if our risk management policies and processes contain errors or are otherwise ineffective, we and our funds may suffer large financial losses, may be subject to civil and criminal liability, and our business may be materially and adversely affected.

#### We are exposed to fluctuations in foreign currency exchange rates and may enter into derivatives transactions to manage our exposure to exchange rate risk.
We hold several funds in non-Brazilian *real* currencies, and will continue to do so in the future, and our offshore operating subsidiaries generate revenue in non-Brazilian *real* currencies. Accordingly, our financial results are affected by the translation of these non-*real* currencies into *reais*. In addition, to the extent that we need to convert future financing proceeds into Brazilian *reais* for our operations, any appreciation of the Brazilian *real* against the relevant foreign currencies would materially reduce the Brazilian *real* amounts we would receive from the conversion, and any depreciation of the Brazilian *real* against the relevant foreign currencies could increase the amounts in Brazilian *reais* that we are require to convert into the relevant foreign currencies in order to service such relevant foreign currency financings. No assurance can be given that fluctuations in foreign exchange rates will not have a significant impact on our business, financial condition, results of operations and prospects. We may also have foreign exchange risk on any of our other assets and liabilities denominated in currencies, or with pricing linked to currencies, other than our functional currency, including certain contract assets. Fluctuations in the Brazilian *real* versus any of these foreign currencies may have a material adverse effect on our financial position and results of operations including, for example as a result of overall market declines and increased market volatility, changes in the prices of commodities exported by Brazil and sudden changes in the global liquidity conditions caused by interest rate hikes in the main global financial centers, such as the United States and the European Union.

In addition, we may in the future enter into derivatives transactions to manage our exposure to exchange rate risk. Such derivatives transactions would be designed to protect us against increases or decreases in exchange rates, but not both. If we enter into derivatives transactions to protect against, for example, decreases in the value of the Brazilian *real* and the *real* instead increases in value, we may incur financial losses. Such losses could materially and adversely affect us.

***We have identified material weaknesses in our internal control over financial reporting and, if we fail to remediate such deficiencies and to maintain effective internal controls over financial reporting, we may be unable to accurately report our results of operations, meet our reporting obligations and/or prevent fraud.***

We are subject to the Sarbanes-Oxley Act, which requires, among other things, that we establish and maintain effective internal controls over financial reporting and disclosure controls and procedures. Under current SEC rules, we are required to perform system and process evaluation and testing of our internal controls over financial reporting to allow management to assess the effectiveness of our internal controls.

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In connection with the preparation of our consolidated financial statements for the years ended December 31, 2025, 2024 and 2023, we identified a number of material weaknesses in our internal control over financial reporting as of December 31, 2025, 2024 and 2023. A material weakness is a deficiency, or combination of control deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim consolidated financial statements will not be prevented or detected on a timely basis. The material weaknesses that we identified relate to the processes necessary to comply with the reporting and compliance requirements of IFRS Accounting Standards and the SEC and managing access to our systems, data and end-user computing, or EUC, and computer operations controls, which were not designed or operating effectively. To address these material weaknesses, in 2021, we hired an external consultant with the experience we deemed necessary to assist us with designing the required processes and controls, addressing any systems and EUC deficiencies. In 2022, such consultant, along with the Company, mapped out the processes and designed a risk and control framework relating to internal controls over financial reporting, and suggested action plans for some of our internal controls to be validated by the applicable staff. The consultant's work was completed in 2023 and has enabled us to focus on control gaps and related action plans. Notwithstanding, as the risk and control framework requires continuous updating, new risks and controls or control gaps that are not mapped in the current assessment may arise.

Moreover, we identified control deficiencies as of December 31, 2025, 2024 and 2023, related to controls around the financial reporting closing process, the procedures in existence to maintain formal accounting policies, processes and controls to analyze, account for and disclose complex transactions. Such deficiencies, when considered in the aggregate, would be considered a material weakness. Beginning in the year ended December 31, 2022, we have sought to remedy these deficiencies through procedures such as updated accounting policies and procedures, and controls regarding the reviewing process and the accuracy of the information required to produce the financial statements. In 2023, formal review and documentation processes were implemented for accounting procedures and controls related to the accuracy of information required to produce the financial statements. In 2024, we also hired an external consultant to support the accounting team in preparing and developing an internal manual for significant accounting policies, and the material produced by this consultant was finalized and implemented in connection with our year-end 2025 financial reporting process. While we have made progress in addressing these matters, our remediation efforts remain ongoing.

With respect to our entity-level controls, which were previously considered inadequate due to the lack of formalized procedures and controls in several processes, we have continued to evolve and enhance our control environment. Consequently, our business was exposed to risk from potential noncompliance with internal policies, which could have resulted in reputational harm. Building on the remediation efforts initiated in prior periods, including the engagement of a consulting company, we continued to advance these efforts in 2025. While such engagement has been completed, the related efforts remain ongoing as we continue to enhance and formalize our control environment.

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When considered in the aggregate, these, material weaknesses and control deficiencies did not result in a material misstatement to our consolidated financial statements. However, additional testing may reveal other deficiencies in our internal controls that are deemed to be material weaknesses or significant deficiencies and render our internal controls over financial reporting ineffective. We incur additional accounting and auditing expenses and spend significant management time in complying with these requirements. If we are not able to comply with these requirements in a timely manner, or if we or our management identifies material weaknesses or significant deficiencies in our internal controls over financial reporting that are deemed to be material weaknesses, the market price of our Class A common shares may decline and we may be subject to investigations or sanctions by the SEC, FINRA or other regulatory authorities. Moreover, we cannot assure you that our efforts will be effective or prevent any future material weaknesses in our internal control over financial reporting. In addition, these obligations also require substantial attention from our senior management and could divert their attention away from the day-to-day management of our business. These cost increases and the diversion of management's attention could materially and adversely affect our business, financial condition and operation results.

Finally, as a result of our business combination with Compass, we face increased operational complexity that presents significant challenges to the integration and alignment of internal controls and compliance procedures. Harmonizing the companies' operating practices, reporting structures, staff development and compensation programs, internal controls, and other policies, procedures and processes—including compliance by the acquired operations with IFRS Accounting Standards and the documentation and testing of internal control procedures under Section 404 of the Sarbanes-Oxley Act—requires substantial effort and coordination. The process of integrating internal control environments across two previously separate organizations increases the risk that we may not be able to implement the necessary internal controls within the legally required timeframe. To address these challenges, we have initiated an internal project supported by a Tier-1 consulting firm to map key processes, identify relevant internal controls over financial reporting, and assess the design of such controls in the combined operating environment. However, this still may result in any continued or additional control deficiencies or material weaknesses, which could adversely affect our ability to timely and accurately report our financial results.

#### Requirements associated with being a public company in the United States require significant company resources and management attention.
We are subject to certain reporting requirements of the Securities Exchange Act of 1934, or the Exchange Act, and other SEC and Nasdaq rules and regulations. We are also subject to various other regulatory requirements, including the Sarbanes-Oxley Act. These rules and regulations increase our legal, accounting, and financial compliance costs and make some activities more time-consuming and costly. For example, these rules and regulations make it more difficult and more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced policy limits and coverage or incur substantial costs to maintain the same or similar coverage. New rules and regulations relating to information disclosure, financial reporting and controls and corporate governance, which could be adopted by the SEC, the Nasdaq or other regulatory bodies or exchange entities from time to time, could result in a significant increase in legal, accounting, and other compliance costs and make certain corporate activities more time-consuming and costly, which could materially affect our business, financial condition and results of operations. These rules and regulations may also make it more difficult for us to attract and retain qualified persons to serve on our board of directors or as executive officers.

These obligations also require substantial attention from our senior management and could divert their attention away from the day-to-day management of our business. Given that most of the individuals who constitute our management team have limited experience managing a publicly traded company and complying with the increasingly complex laws pertaining to public companies, initially, these obligations could demand even greater attention. These cost increases and the diversion of management's attention could materially and adversely affect our business, financial condition and results of operations.

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***Our business is subject to complex and evolving regulations and oversight related to our provision of financial products and services and to costs and risks associated with other increased or changing laws and regulations affecting our business, including developments in data protection and privacy laws, which could harm our business, financial condition and results of operations.***

The laws, rules, and regulations that govern our business include or may in the future include those relating to consumer financial protection, tax, anti-money laundering and terrorist financing and escheatment (rules relating to unclaimed property). These laws, rules, and regulations are enforced by multiple authorities and governing bodies in Latin America. In addition, as our business continues to develop and expand, we may become subject to additional rules and regulations, which may limit or change how we conduct our business. In addition, during periods of heightened political and economic uncertainty, the governments of the countries in which we operate could implement additional rules and regulations that could adversely impact our business. See "—Certain Risks Relating to Latin America—The governments of the Latin American countries in which we operate have exercised, and continue to exercise, significant influence over the economies of this jurisdiction, which could adversely affect us and the price of our Class A common shares."

For example, as a firm with significant asset management operations in Brazil, our business is subject to Brazilian laws and regulations relating to asset management in Brazil, comprising Federal Law No. 6,385/1976 and related rules and regulations issued by the CVM and ANBIMA, among others. In addition, since the launching of our Retirement Services strategy, or VRS, we have been subjected to the rules and regulations of the Brazilian Superintendency for Private Insurance (*Superintendência de Seguros Privados*), or the SUSEP. If we are unable to comply with these private insurance regulations in a timely manner, we may be subject to fines or other penalties. In addition, by engaging in the insurance business, we are subject to a number of regulatory risks, such as (1) changes in solvency and minimum capital regulation, which could result in the need for increased capital to cover new solvency requirements and/or in the divestment of certain classes of assets; (2) changes in product regulation, which could materially alter the way in which our products are created, sold or operated in general; (3) intervention and/or liquidation proceedings by SUSEP in the event of solvency-sensitive scenarios, which could lead to material deviations or interruptions to our ordinary course of business and/or regulatory sanctions upon the Company and its management; and (4) incurrence of fines and other penalties (such as temporary suspension of activities or license cancellation) imposed by SUSEP for perceived breaches of applicable regulation, among others. We are also subject to anti-money laundering and terrorist financing laws and regulations in multiple jurisdictions that prohibit, among other things, involvement in transferring the proceeds of criminal or terrorist activities. We could be subject to liability and forced to change our business practices if we were found to be subject to, or in violation of, any laws or regulations impacting our ability to maintain a bank account in the countries where we operate, including the United States, or if existing or new legislation or regulations applicable to banks in the countries where we maintain a bank account, including the United States, were to result in banks in those countries being unwilling or unable to establish and maintain bank accounts for us. Further, if any person in the Cayman Islands knows or suspects or has reasonable grounds for knowing or suspecting that another person is engaged in criminal conduct or money laundering or is involved with terrorism or terrorist financing and property and the information for that knowledge or suspicion came to their attention in the course of business in the regulated sector, or other trade, profession, business or employment, the person will be required to report such knowledge or suspicion to (i) the Financial Reporting Authority ("FRA") of the Cayman Islands, pursuant to the Proceeds of Crime Act (Revised) of the Cayman Islands if the disclosure relates to criminal conduct or money laundering, or (ii) a police officer of the rank of constable or higher, or the FRA, pursuant to the Terrorism Act (Revised) of the Cayman Islands, if the disclosure relates to involvement with terrorism or terrorist financing and property. Such a report shall not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any enactment or otherwise. Moreover, certain of our subsidiaries are subject to regulation in the United States. If we or any of our subsidiaries obtain additional licenses or registrations in the United States, we could be subject to compliance with additional applicable laws and regulations, including anti-money laundering and terrorist financing laws and regulations, which could adversely affect our business, financial condition, or results of operations. Although we have a compliance program focused on applicable laws, rules, and regulations and are continually investing in this program, we may nonetheless be subject to fines or other penalties in one or more jurisdictions levied by federal, state or local regulators, as well as those levied by foreign regulators. In addition to fines, penalties for failing to comply with applicable rules and regulations could include significant criminal and civil lawsuits, forfeiture of significant assets, or other enforcement actions, including loss of required licenses or approvals in a given jurisdiction. We could also be required to make changes to our business practices or compliance programs as a result of regulatory scrutiny. In addition, any perceived or actual failure to comply with applicable laws, rules, and regulations could have a significant impact on our reputation as a trusted brand and could cause us to lose existing clients, prevent us from obtaining new clients, require us to expend significant funds to remedy problems caused by breaches and to avert further breaches, and expose us to legal risk and potential liability, and we could be (1) required to pay substantial fines and disgorgement of our profits or (2) required to change our business practices. Any disciplinary or punitive action by our regulators or failure to obtain required operating authorizations could seriously harm our business and results of operations. In addition, the regulatory and legal environment in which we operate exposes us to other compliance and litigation risks that could materially affect

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our results of operations. These laws and regulations may change, sometimes significantly, as a result of political, economic or social events. Some of the federal, state or local laws and regulations that are applicable to and affect us include: those relating to consumer products, product liability or consumer protection; those relating to the manner in which we advertise, market or sell products; labor and employment laws, including wage and hour laws; tax laws or interpretations thereof; bank secrecy laws, data protection and privacy laws and regulations; and securities and exchange laws and regulations. For instance, data protection and privacy laws are developing to take into account the changes in cultural and consumer attitudes towards the protection of personal data. There can be no guarantee that we will have sufficient financial and personnel resources to comply with any new regulations or successfully compete in the context of a changing regulatory environment. For more information, see "Item 4. Information on the Company—B. Business Overview—Regulatory Overview." We are subject to regulatory activity and antitrust litigation under competition laws.

We are subject to scrutiny from governmental agencies under competition laws in Latin America. Other companies or governmental agencies may allege that our actions violate antitrust or competition laws, or otherwise constitute unfair competition. Contractual agreements with clients or companies, as well as our unilateral business practices, could give rise to regulatory action or antitrust investigations or litigation. Some regulators may perceive our business to have such significant market power that otherwise uncontroversial business practices could be deemed anticompetitive. Any such claims and investigations, even if they are unfounded, may be expensive to defend, involve negative publicity and substantial diversion of management time and effort, and could result in significant judgments against us.

***We are subject to anti-corruption, anti-bribery, anti-money laundering and sanctions laws and regulations and failure to comply with such laws and regulations could result in criminal liability, administrative and civil lawsuits, significant fines and penalties, forfeiture of significant assets, as well as reputational harm.***

We operate in jurisdictions that have a high risk of corruption and we are subject to anti-corruption, anti-bribery, anti-money laundering and sanctions laws and regulations, including the Brazilian Federal Law No. 12,846/2013, or the Clean Company Act, the United States Foreign Corrupt Practices Act of 1977, as amended, or the FCPA, the Bribery Act 2010 of the United Kingdom, or the Bribery Act, and all other anti-corruption, anti-bribery, and anti-money laundering laws and regulations applicable in the countries where we operate. Each of these laws and regulations imposes liability against companies who engage in bribery of government officials, either directly or through intermediaries. We have a compliance program that is designed to manage the risks of doing business in light of these new and existing legal and regulatory requirements. Violations of the anti-corruption, anti-bribery, anti-money laundering and sanctions laws and regulations could result in criminal liability, administrative and civil lawsuits, significant fines and penalties, forfeiture of significant assets, as well as reputational harm.

Regulators regularly reexamine their rules and regulatory measures, requirements and procedures, which may lead us to adjust our compliance and anti-money laundering programs, including the procedures we use to verify the identity of our clients and to monitor their transactions and transactions made by our funds. Costs associated with fines or enforcement actions, changes in compliance requirements, or limitations on our ability to grow could harm our business, and any new requirements or changes to existing requirements could impose significant costs, result in delays to planned product improvements, make it more difficult for new customers to join our network and reduce the attractiveness of our products and services. As a result, allegations of improper conduct as well as negative publicity and press speculation about us or our portfolio companies, or the private equity industry in general, whether or not valid, may harm our reputation, which may be more damaging to our business than to other types of businesses.

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***Misconduct of our employees, consultants or subcontractors could harm us by impairing our ability to attract and retain clients and subjecting us to significant legal liability and reputational harm. Fraud and other deceptive practices or other misconduct at our funds' portfolio companies could similarly subject us to liability and reputational damage and also harm performance.***

Our employees, consultants and subcontractors could engage in misconduct that adversely affects our business. We are subject to a number of obligations and standards arising from our asset management business and our authority over the assets managed by our asset management business. The violation of these obligations and standards by any of our employees, consultants and subcontractors would adversely affect our clients and us. If our employees, consultants and subcontractors were to improperly use or disclose confidential information, we could suffer serious harm to our reputation, financial position and current and future business relationships. Detecting or deterring employee misconduct is not always possible, and the extensive precautions we take to detect and prevent this activity may not be effective in all cases. If one of our employees, consultants and subcontractors were to engage in misconduct or were to be accused of such misconduct, our business and our reputation could be adversely affected.

As just mentioned above, regulatory authorities across various jurisdictions, such as across Latin America, in the United States and in the United Kingdom, among others, have increasingly focused on enhancing and enforcing anti-bribery laws. While we have developed and implemented policies and procedures designed to ensure strict compliance by us and our personnel with such laws, such policies and procedures may not be effective in all instances to prevent violations. Any determination that we have violated the Clean Company Act, the FCPA, the U.K. anti-bribery laws or other applicable anti-corruption laws could subject us to, among other things, civil and criminal penalties or material fines, profit disgorgement, injunctions on future conduct, securities litigation and a general loss of investor confidence, any one of which could adversely affect our business prospects, financial position or the market value of our Class A common shares.

In addition, we may also be adversely affected if there is misconduct by personnel of portfolio companies in which our funds invest. For example, financial fraud or other deceptive practices at our funds' portfolio companies, or failures by personnel at our funds' portfolio companies to comply with anti-bribery, trade sanctions, anti-harassment or other legal and regulatory requirements, could subject us to, among other things, civil and criminal penalties or material fines, profit disgorgement, injunctions on future conduct and securities litigation, and could also cause significant reputational and business harm to us. Such misconduct may undermine our due diligence efforts with respect to such portfolio companies and could negatively affect the valuations of the investments by our funds in such portfolio companies.

#### Changes in tax laws, tax incentives, benefits or differing interpretations of tax laws may adversely affect our results of operations.
Changes in tax laws, regulations, related interpretations and tax accounting standards in Latin America, the United Kingdom, Spain, the United States or the Cayman Islands may result in a higher tax rate on our earnings, which may significantly reduce our profits and cash flows from operations. If the taxes applicable to our business increase or any tax benefits are revoked and we cannot alter our cost structure to pass our tax increases on to clients, our financial condition, results of operations and cash flows could be adversely affected. Recently, the Brazilian Congress implemented tax reforms that impact our business as explained below:

*Reform of consumption taxes* 

Our activities in Brazil have been historically subject to a Municipal Tax on Services (*Imposto sobre Serviços*), or ISS. During the last 10 years, there was a controversy involving certain new legislation amended during this period concerning whether ISS would be due in the municipality in which the client contracting our services was located rather than in the municipality in which the service provider's facilities were located, as had always been the case for our industry (Supplementary Laws No. 157/2016, and 175/2020). However, both laws were challenged and had their application suspended by Brazilian Supreme Court, which, in June 2023, finally ruled that they were invalid because they were unconstitutional (ADI 5835). Thus, there was no change in the way we collect ISS. ISS on our services is currently taxed in Rio de Janeiro, São Paulo and Recife (the municipalities where we have offices) at rates ranging from 2% to 5%. The applicable rate can be set by each municipality at up to 5%. Any increases in such rates could cause an increase in the ISS payable by us in connection with the services we provide, if we are required to pay ISS in municipalities that charge an ISS rate higher than the 2% rate charged in Rio de Janeiro and São Paulo.

In December 2023, the Brazilian Congress enacted Constitutional Amendment 132/2023, which intended to pave the way for a significant reform of the Brazilian consumption taxes system beginning progressively in 2026 and taking full effect as of 2033. These changes include the replacement of five taxes currently levied in Brazil: (i) Social Integration Program Contribution (*Contribuição ao Programa de Integração Social*), or PIS; (ii) the Social

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Security Financing Contribution (*Contribuição para o Financiamento da Seguridade Social*), or COFINS; (iii) Tax on Manufactured Products (*Imposto sobre Produtos Industrializados*), or IPI (all three being federal taxes); (iv) Tax on Distribution of Goods and Services Tax (*Imposto sobre Circulação de Mercadorias e Serviços*), or ICMS (a state tax); and (v) ISS (a municipal tax). These taxes will be replaced by two value-added taxes: ICMS and ISS will be replaced by a Tax on Goods and Services (*Imposto Sobre Bens e Serviços*), or IBS, to be managed by states and municipalities, and the federal government will be in charge of a Contribution on Goods and Services (*Contribuição sobre Bens e Serviços*), or CBS, that will replace PIS, COFINS and IPI. In addition, a third tax, the Selective Tax (Imposto Seletivo), or the IS, was created and will be applicable to transactions involving goods and services that are detrimental to the environment and human health.

In January 2025, the Brazilian Congress passed the first legislation to regulate the IBS, CBS and IS (Supplementary Law 214). As of January 2026, financial services, including asset management activities, became subject to CBS and IBS under a specific regime. Except as otherwise provided, IBS (replacing the ISS) is expected to be collected according to rates applicable where the recipient of the services is domiciled. The year 2026 is expected to be a "test year," allowing taxpayers and the Brazilian government to adjust their systems to the new taxes, with no effective IBS or CBS being charged, i.e., no cash settlement required, provided that all ancillary obligations are duly complied with. In this regard, certain penalties for non-compliance with ancillary obligations will also be temporarily suspended. As of 2027, CBS will fully replace PIS and COFINS and IBS will start to be charged. Regarding CBS and IBS rates expected to apply to financial services in general (which are different from the rates expected to apply to regular taxpayers), (i) from 2027 to 2028, the combined rate of IBS and CBS will be of 10.85%, increasing from 2029 to 2031 by 0.15% each year and in 2032 by 0.20%, and (ii) once CBS and IBS are fully implemented in 2033, the combined rate will be of 12.50%.

The CBS and IBS rates, as well as the calculation methodology for companies in the financial sector, are yet to be definitely determined, and as such we are currently reviewing the effects of such legislation on our expected tax burden. Any increases in the rates applicable to our business could result in a high tax burden for us and, as a result, impair our profitability.

*Reform of income taxation* 

Law No. 14,754/2023 reformed the taxation in Brazil of income obtained by resident individuals arising from local investment funds and offshore investments. It implemented a semiannual automatic withholding taxation for income arising from most domestic funds, including formerly tax-deferred exclusive funds ("*come-cotas*"), with an exception made to certain funds that remain taxed only upon redemption or amortization of the investment (e.g. stock investment funds, and private equity funds when considered as investment entities). Also, Law 14,754 provided for: (i) new rules for taxation of income deriving from offshore financial assets; and (ii) automatic annual taxation at the rate of 15% on profits booked by controlled entities domiciled abroad held by Brazilian resident individuals provided that certain conditions are met, such as if they are located in low-tax jurisdictions, benefiting from privileged tax regimes or do not meet specific passive-income thresholds. Such changes may, directly or indirectly, adversely affect our business and results of operations.

In addition, in December 2025, the Brazilian Congress enacted Law 15,270/2025 introducing a new withholding tax of 10% on any distributions of dividends by Brazilian entities to individual investors resident in Brazil or to any investor resident or domiciled abroad. This new tax became effective as of January 1, 2026. Foreign shareholders may be entitled to a total or partial recovery of the amount of such tax, depending on the effective tax rate borne by their Brazilian investee. However, the procedures for requesting such recovery and the timing for Brazilian tax authorities for effecting any repayment remain unclear and pending regulation. As the corporate income tax rates applicable to Brazilian entities were not changed, the newly introduced 10% withholding tax represents an additional tax burden on foreign investors. These changes may, directly or indirectly, increase our overall cost of capital, reduce the attractiveness of our equity distributions to foreign shareholders, and adversely affect our business, financial condition and results of operations.

Brazilian tax law and regulations are complex and the manner in which they apply to us or to our funds is sometimes open to interpretation and, in some cases, they may be interpreted differently by us and the relevant tax authorities. The application of indirect taxes, such as value-added tax, services tax, business tax and gross receipt tax, to businesses such as ours is complex and continues to evolve. We are required to use significant judgment in

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order to evaluate applicable tax obligations. In many cases, the ultimate tax determination is uncertain because it is not clear how existing statutes apply to our business. One or more states or municipalities, the federal government or other countries may seek to challenge the taxation or procedures applied to our transactions, which could impose additional reporting, record-keeping or indirect tax collection obligations on businesses like ours or the charge of taxes due, plus charges and penalties. New taxes, social security and labor charges could also require us to incur substantial costs to capture data and collect and remit taxes. If such obligations were imposed, the additional costs associated with tax collection, remittance and audit requirements could have a material adverse effect on our business and financial results.

In addition, to support its fiscal policies, the Brazilian government regularly enacts reforms to tax and other assessment regimes that may affect our funds (including offshore funds) and the investors in such funds. Such reforms include changes in the rate of assessments and, occasionally, enactment of temporary taxes, the proceeds of which are earmarked for designated governmental purposes. The effects of these changes and any other changes that result from enactment of additional tax reforms have not been, and cannot be, quantified. There can be no assurance that any of such reforms will not, once implemented, increase the overall tax burden on, and have an adverse effect upon, the operations and business of our private equity funds and their portfolio companies. Furthermore, such changes have in the past produced uncertainty in the financial system and may increase the cost of borrowing. The Brazilian tax authorities' interpretations with respect to tax events and tax rates, as well as the computation of certain taxes, may change from time to time, including in ways that could materially adversely affect our funds, investors, and our financial condition and results of operations. Moreover, some tax rules in Brazil can change without notice (subject only to a general rule applicable to most increases of tax rates or the creation of new tax triggering events which rule states that such increases or events only become effective in the following calendar year and, in some cases, following a minimum transition period of 90 days). We may not always be aware of all such changes that affect our business and we may therefore fail to pay the applicable taxes or otherwise comply with tax regulations, which may result in additional tax assessments and penalties for our company.

In turn, earnings and revenues generated by our operating subsidiaries in Argentina, Chile, Colombia, Mexico, Peru, Uruguay and the United States are subject to taxation according to their applicable tax rules, including, but not limited to, income taxation, indirect taxes on services, withholding taxes on dividends and cross-border payments, which may ultimately affect the financial results of these subsidiaries. Additionally, certain subsidiaries rely on special tax regimes, incentives and the application of tax treaties, the interpretation of which can be complex and may differ between us and the relevant tax authorities. For example, we rely in part on the Uruguayan Free Trade Zone (FTZ) regime, which grants companies operating within the zones a special regulatory status—most notably, an exemption from national taxes on qualifying activities. Our continued operation within this framework depends on the maintenance and renewal of key contractual arrangements including our indirect user lease contract.

Changes in tax laws or interpretations of these special tax regimes and incentives could adversely affect our effective tax rate and cash flows. While existing tax treaties in some jurisdictions may mitigate the impact of double taxation on certain cross-border payments, their application may be affected by tax reforms, changes in tax rules, and interpretations by tax authorities, potentially affecting the results of our operations.

#### Transfer pricing may result in increased tax costs.
Some of the jurisdictions in which we operate, including Brazil and Chile, have transfer pricing regulations requiring intra-group transactions to be conducted on arm's-length terms. Due to the integrated structure of our operations, some of our subsidiaries provide and receive services among themselves, including, but not limited to, provision of investment advisory, investor relations services, business support services, and management services, which are made on a commercial basis by application of international guidelines and national regulations which are subject to these transfer pricing rules. As a consequence of globalization and growing world trade, tax authorities worldwide have increased their focus on transfer pricing with respect to cross border intra group transactions, as part of protecting their respective country's tax base. Changes in these rules, whether due to tax reforms, amendments by local governments, or differing interpretations by tax authorities, could increase compliance requirements and affect the tax treatment of such transactions, resulting in an increased tax cost, including tax surcharges and interest, impacting our financial results.

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***The costs and effects of pending and future litigation, investigations or similar matters, or adverse facts and developments related thereto, could materially affect our business, financial position and results of operations.***

We are, and may be in the future, party to legal, arbitration and administrative investigations, inspections and proceedings arising in the ordinary course of our business or from extraordinary corporate, tax or regulatory events, involving our clients, suppliers, customers, as well as competition, government agencies, tax and environmental authorities, particularly with respect to civil, tax and labor claims, including, but not limited to, aspects of our business, corporate structure, executive compensation and dividend policies in our operational subsidiaries. Indemnity rights that we seek to negotiate in certain transactions may not cover all claims that may be asserted against us, and any claims asserted against us, regardless of merit or eventual outcome, may harm our reputation. Furthermore, there is no guarantee that we will be successful in defending ourselves in pending or future litigation or similar matters under various laws. Should the ultimate judgments or settlements in any pending or future litigation or investigation significantly exceed any amounts we are able to recover under any indemnity arrangements, such judgments or settlements could have a material adverse effect on our business, financial condition and results of operations and the price of our Class A common shares. Further, even if we adequately address issues raised by an inspection conducted by an agency or successfully defend our case in an administrative proceeding or court action, we may have to set aside significant financial and management resources to settle issues raised by such proceedings or to those lawsuits or claims, which could adversely affect our business. See "Item 8. Financial Information—A. Consolidated statements and other financial information—Legal Proceedings."

#### We may not be able to successfully manage our intellectual property and may be subject to infringement claims.
We rely on a combination of contractual rights, trademarks and trade secrets to establish and protect our proprietary technology. Third parties may challenge, file actions to nullify, invalidate, circumvent, infringe or misappropriate our intellectual property, including at the administrative or judicial level, or such intellectual property may not be sufficient to permit us to take advantage of current market trends or otherwise to provide competitive advantages, which could result in costly redesign efforts, the discontinuance of certain service offerings or other competitive harm. If the ownership of any of our trademarks or domain names is legally challenged and such challenges result in adverse judicial decisions rendered against us, we may be prohibited from further using our trademarks and domain names. In addition, others, including our competitors, may independently develop similar technology, duplicate our services or design around our intellectual property, and in such cases, we could not assert our intellectual property rights against such parties. Further, our contractual arrangements may not effectively prevent disclosure of our confidential information or provide an adequate remedy in the event of unauthorized disclosure of our confidential information. We may have to litigate to enforce or determine the scope and enforceability of our intellectual property rights, trade secrets and know-how, which is expensive, could cause a diversion of resources and may not prove successful. Also, because of the rapid pace of technological change in our industry, aspects of our business and our services rely on technologies developed or licensed by third parties, and we may not be able to obtain or continue to obtain licenses and technologies from these third parties on reasonable terms or at all. The loss of intellectual property protection, the inability to obtain third-party intellectual property or delay or refusal by relevant regulatory authorities to approve pending intellectual property registration applications could harm our business and ability to compete. With respect to trademarks, we may be unable to obtain or maintain trademark registrations in all jurisdictions in which we operate, and we may lose trademark rights as a result of term expirations, owner abandonment, or forfeiture, opposition or cancellation proceedings before the competent intellectual or industrial property authorities in the jurisdictions in which we operate. In addition, if we lose rights over registered trademarks, we would not be entitled to use such trademarks on an exclusive basis and, therefore, third parties would be able to use similar or identical trademarks to identify their products or services, which could adversely affect our business.

We may also be subject to costly litigation if our services and technology infringe upon or otherwise violate a third party's proprietary rights. Third parties may already hold, or may later be granted, patents that could be infringed by our services or technology. Any of these parties could assert claims of infringement against us, including allegations related to our services, technology, or branding. Additionally, we may face claims for breaches of copyright, trademark, licensing, or other intellectual property rights, which could limit our ability to use or commercialize certain assets. In particular, we do not yet hold registered copyrights or trademark rights for

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"Vinci Compass." While we have filed applications in each country where we operate, these approvals remain pending. If we are unable to secure these registrations or if third parties successfully challenge our rights, we may face restrictions on our ability to use the "Vinci Compass" brand or be required to rebrand, which could adversely impact our business and market position.

Additionally, in recent years, individuals and groups have been purchasing intellectual property assets for the sole purpose of making infringement claims and attempting to extract settlements. Even if we became party to intellectual property related claims that we believe to be without merit, defending against such claims is time-consuming and expensive and could result in the diversion of the time and attention of our management and employees. Claims of intellectual property infringement also might require us to redesign affected services, enter into costly settlement or license agreements, pay costly damage awards, adjust our business practices or operations, change our brands, or face a temporary or permanent injunction prohibiting us from marketing or selling certain services or using certain brands. Even if we have an agreement for indemnification against such costs, the party providing such indemnification may be unwilling or unable to comply with its indemnification obligations. If we cannot or do not license the infringed technology on reasonable terms or substitute similar technology from another source, our revenues and earnings could be adversely impacted.

***We may not be able to maintain adequate insurance coverage on acceptable terms, or at all, which could have a material adverse effect on our business and financial condition.***

We have insurance coverage for, among other things, damages and crimes against property, business trips, and directors' and officers' liability for some of our subsidiaries. However, we may experience claims in excess of or not covered by our current insurance policies. For example, given the size of certain of our funds and their investments, the relevant member of Vinci Compass (such as the fund managers or advisors to such funds) could be subject to material legal or regulatory actions, including from dissatisfied fund investors, regulators or other third parties, which may not be covered by our current insurance coverage. Further, damage caused to us could, even if covered by our insurance coverage, result in increased insurance premiums. We may not be able to obtain or maintain liability insurance in the future on acceptable terms, or at all, which could in turn create a need or desire for us to build up an internal contingency reserve to cover risks, thus affecting our financial position, which would adversely affect our business and the trading price of our Class A common shares.

***Our due diligence processes for investments may not reveal all relevant facts and potential liabilities, which could result in a material adverse effect on our business and financial condition.***

We continuously evaluate and carry out due diligence on a broad range of investment opportunities, some of which lead to investment while some do not. When conducting due diligence review of an investment, reliance may be placed on available resources which often include information provided by the target of the investment and, in some cases, third-party investigations and due diligence reports. Information provided or obtained from third-party sources may be limited and could, in some cases, be inaccurate or misleading. Thus, we cannot be certain that the due diligence investigations carried out with respect to an investment opportunity will reveal or highlight all relevant facts, opportunities or risks, including any ongoing fraud, which might be necessary or helpful in evaluating such an investment opportunity. Accordingly, there is a risk that the success or future performance of an investment might fall short compared to the financial projections used when evaluating such investment, which may affect our fund's results.

For example, even though we conducted a customary due diligence investigation of Compass, we cannot be sure that our diligence surfaced all material issues that may be present inside Compass or its business, or that it would be possible to uncover all material issues through a customary amount of due diligence, or that factors outside of Compass and its business and outside of its control will not arise later. If any such material issues arise or if known risks prove to be more significant than expected, the ongoing business of the combined company and our shareholders' investment may be materially and adversely impacted.

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#### Contingent liabilities could harm fund performance.
We may acquire or cause our funds to acquire companies or effect an investment that is subject to contingent liabilities, which includes our recent acquisitions of SPS Capital Gestão de Recursos Ltda., or SPS Capital, MAV Capital, Lacan Ativos Reais, or Lacan, and Verde Asset Management, or Verde Asset, as well as our business combination with Compass. See "Item 4. Information on the Company—A. History and Development of the Company—Our History." Such contingent liabilities could be unknown to us at the time of acquisition or, if they are known to us, we may not accurately assess or protect against the risks that they present. Acquired contingent liabilities could thus result in unforeseen losses for our funds.

In addition, in connection with the disposition of an investment in a portfolio company, a fund may be required to make representations about the business and financial affairs of such portfolio company typical of those made in connection with the sale of a business. A fund may also be required to indemnify the purchasers of such investment to the extent that any such representations are inaccurate. These arrangements may result in the incurrence of contingent liabilities by a fund, even after the disposition of an investment. Accordingly, the inaccuracy of representations and warranties made by a fund could harm such fund's performance.

#### We may not be able to obtain and maintain requisite regulatory approvals and permits, including licenses for our fund operations.
We are required to maintain regulatory approvals and authorizations. There is a risk that we will not have the ability to obtain and retain requisite approvals and permits from relevant governmental authorities and other organizations, and to comply with applicable laws and regulations, or be able to do so without incurring undue costs and delays, which may result in a financial loss for us. A loss of the requisite approvals and/or permits, or the loss of relevant approvals and/or permits for us to operate or market funds within a certain area or generally, may result in the wind-down or liquidation of existing Vinci Compass funds, and could accordingly have a material adverse effect on the size of our AUM and thus also affect management fees that we receive, as well as the ability to receive performance fees and investment income.

#### We are subject to risks related to conflicts of interest.
Various conflicts of interest may arise with regard to our operations, our funds, our third-party distribution services, our shareholders and our fund investors. Failure to appropriately deal with conflicts of interest as they arise, or the appearance of conflicts of interest, could harm our brand and reputation or result in potential liability for us, and could have a material adverse effect on our operations, financial position and earnings.

Our funds invest in a broad range of asset classes, including in the equity of portfolio companies, debt securities and corporate loans. In certain cases, certain of our funds may invest in different parts of the same company's capital structure. In those cases, the interests of the different funds may not always be aligned, which could create actual or potential conflicts of interest or give the appearance of such conflicts. For example, one of our private equity funds could have an interest in pursuing an acquisition, divestiture or other transaction that, in that fund's judgment, could enhance the value of the private equity investment, even though the proposed transaction could subject a Vinci Compass credit fund's debt investment to additional or increased risks.

To the extent that any potential investment opportunities have been identified by us, including opportunities to co-invest with other investment managers; which fall within the investment mandate of several of our funds, conflicts of interest may arise in relation to the allocation of the investment opportunity and which fund will pursue the potential investment, in particular when such funds are both managed by the same independent fund manager appointed to act as alternative investment fund manager, and their fund management team. Moreover, we may be subject to conflicts of interest arising from co-investment opportunities where investment advisors to our funds or to investment vehicles with which we co-invest may have an incentive to provide potential co-investment opportunities to certain investors in lieu of others and/or in lieu of an allocation to our funds (including, for example, as part of an investor's overall strategic relationship with us) if such allocations are expected to generate relatively greater fees or performance allocations to us than would arise if such co-investment opportunities were allocated otherwise.

We have in the past invested alongside our investors, and while we have not targeted any specific investments as of the date of this annual report, we expect to make investments alongside our investors in the future. While we follow certain internal guidelines and the laws and regulations of the jurisdictions in which we operate in respect of making such investments, these investments could lead to potential conflicts of interest with our clients. When we invest alongside our investors, we make such investments under the same conditions and according to the same fee structures, paying the same management and performance fees. For open-ended funds distributed by us or by third

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parties, any investor, including us, can invest or divest at any time, though such investor (including us) must comply with the provisions of the respective funds' bylaws. In the case of our listed funds, any trade made by us can only be executed after first obtaining written pre-clearance from our compliance department. While we believe these conditions, measures, and internal protocols adequately address potential conflicts of interests that may arise from investing alongside our clients, there can be no assurance that we will adequately address all potential conflicts of interest, which could have an adverse effect on our customer relationships, thereby adversely affecting our reputation and our business.

Our funds may acquire investments from, or sell investments to, other Vinci Compass funds, and members of the board of the general partner or the fund manager of our funds may be officers or directors of entities which are not part of Vinci Compass and which provide advice or services to, or engage in other transactions with, a Vinci Compass fund or to one or more portfolio companies of a Vinci Compass fund. Such conflicts of interest may not always be properly disclosed. According to our internal policies, our officers, directors, members, managers, and employees are prohibited from holding an interest in a portfolio company of our private funds, unless otherwise authorized by the compliance department and in certain cases where required by law to maintain plurality of partners. However, if our officers, directors, members, managers, employees, or other legal entities or entities of Vinci Compass hold or acquire a direct or indirect interest in a portfolio company of a Vinci Compass fund, this may create a conflict of interest. Such conflicts may result in litigation arising from investor dissatisfaction and may cause fund investors to explore withdrawing or cancelling their commitments to a Vinci Compass fund, or not to invest in new Vinci Compass funds, which could affect the size of the AUM being managed in existing Vinci Compass funds.

#### Certain policies and procedures implemented to mitigate potential conflicts of interest and address certain regulatory requirements may reduce the synergies across our various businesses.
Because we act in portfolio management, in the distribution of both our funds and third-party funds and in advisory services, we may be subject to a number of actual and potential conflicts of interest and subject to greater regulatory oversight and more legal and contractual restrictions than that to which we would otherwise be subject if we had just one line of business. To mitigate these conflicts and address regulatory, legal and contractual requirements across our various businesses, we have implemented certain policies and procedures (for example, information walls) that may reduce the positive synergies that we cultivate across these businesses for purposes of identifying and managing attractive investments. For example, we may come into possession of material non-public information with respect to issuers in which we may be considering making an investment or issuers in which our affiliates may hold an interest. As a consequence of such policies and procedures, we may be precluded from providing such information or other ideas to our other businesses that might be of benefit to them.

#### Changes to applicable accounting standards, or changes to the interpretations thereof, could have a material adverse effect on Vinci Compass.
Vinci Compass applies IFRS Accounting Standards in the preparation of its financial statements. In preparing our financial statements, we make judgments and accounting estimates that affect the application of our accounting policies and the reported amounts of assets, liabilities, income, including the recognition of performance fees, and expenses. These judgments and estimates include, among other things, the valuation methodologies applied to certain assets held by our funds and the estimates and assumptions used in connection with purchase price allocations for business combinations, including the determination of the fair value of assets acquired and liabilities assumed, goodwill and identifiable intangible assets. Valuation methodologies for certain assets in our funds can be subject to significant subjectivity, and the fair value of assets established pursuant to such methodologies may never be realized. In addition, valuation methodologies for historical Vinci Compass funds may differ from the valuation methodologies used for current or future Vinci Compass funds. Amendments to, and changes to interpretations of, existing accounting standards could have a significant effect on Vinci Compass' financial condition and results of operations, and could also result in extensive adoption costs.

The ability to comply with applicable accounting standards depends in some instances on determinations of fact and interpretations of complex provisions for which no clear precedent or authority may be available, or for which only limited guidance may be available. If we are unable to accurately apply the relevant accounting standards, or if our judgments, estimates or assumptions, including those used in connection with business combinations, prove to be inaccurate, our financial reporting could be incorrect and may require us to restate our financial statements, which could have a material adverse effect on our reputation, business, financial condition and results of operations and adversely affect the market price of our Class A common shares.

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***Potential changes in the insurance brokerage regulatory environment could have a material adverse effect on our business, financial condition, operating results and prospects for expansion.***

The activities of our subsidiary Vinci Vida e Previdência S/A, or VVP, is subject to specific Brazilian laws and regulation enacted by the SUSEP and is licensed to operate life insurance and open-ended pension plans in Brazil. Changes in the laws and regulations applicable to the insurance and reinsurance market, and insurance brokers, could have a material adverse effect on the business of insurance companies. There is no guarantee that the Brazilian government, whether through SUSEP or any other instrumentality/government agency, will not change these laws and regulations, which may prevent or restrict the operations of VVP, adversely affecting our business, financial condition, operating results and prospects.

***Vinci Partners USA LLC, Compass Group LLC and Compass Group Investments Solutions LLC are registered as investment advisers under the Advisers Act, which imposes limits on our operations.***

While Vinci Compass is currently not registered, or required to register, as an investment adviser under the Advisers Act, our subsidiaries Vinci Partners USA LLC, Compass Group LLC and Compass Group Investments Solutions LLC are registered as investment advisers, which subjects us to extensive regulation as an investment adviser and could adversely affect our ability to manage our business.

Vinci Partners USA LLC, Compass Group LLC and Compass Group Investments Solutions LLC are subject to various requirements under the Advisers Act such as fiduciary duties to clients, anti-fraud provisions, substantive prohibitions and requirements, contractual and record-keeping requirements and administrative oversight by the SEC (primarily by inspection). In addition, Vinci Partners USA LLC, Compass Group LLC and Compass Group Investments Solutions LLC must continually address potential conflicts between our interests and those of our clients. Although we have established certain policies and procedures designed to mitigate conflicts of interest, there can be no assurance that these policies and procedures will be effective in doing so. It is possible that actual, potential or perceived conflicts of interest could give rise to investor dissatisfaction, litigation or regulatory enforcement actions. If Vinci Partners USA LLC, Compass Group LLC or Compass Group Investments Solutions LLC are deemed to be out of compliance with any such rules and regulations, we may be subject to civil liability, criminal liability and/or regulatory sanctions.

For more information, see "Item 4. Information on the Company—B. Business Overview—Regulatory Matters in the United States."

#### CG Compass (USA) LLC is registered as a broker-dealer under the Securities Exchange Act of 1934, which imposes limits on our operations.
Our subsidiary CG Compass (USA) LLC, a U.S.-based broker-dealer, is registered with the SEC under the Securities Exchange Act, and is a member of FINRA. As a FINRA member, CG Compass (USA) LLC is subject to FINRA rules, which include comprehensive regulations governing capital requirements, supervision, advertising, recordkeeping, reporting, anti-money laundering programs, and trading practices. Although we have established certain policies and procedures designed to be in compliance with all rules and regulations applicable to us, there can be no assurance that these policies and procedures will be effective in doing so. If CG Compass (USA) LLC is deemed to be out of compliance with any such rules and regulations, we may be subject to civil liability, criminal liability and/or regulatory sanctions.

***Actual or potential epidemics, pandemics, outbreaks, or other public health crises may have an adverse impact on our investment portfolio and consequently our business and financial condition.***

Our portfolio investments and our business could be materially and adversely affected by the risks (or the public perception of the risks) related to an epidemic, pandemic, outbreak, or other public health crises. Such public health crises may negatively impact the global economy, disrupt supply chains, and create significant volatility in global financial markets. For example, the COVID-19 pandemic caused the levels of equity and other financial markets to decline sharply and to become volatile, and the resulting market volatility caused a number of planned public stock offerings and merger and acquisition transactions in Latin America to be postponed or cancelled.

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Public health crises and government measures taken in response thereto may lead to significant disruptions in our funds' portfolio companies' businesses and to long-term disruptions or closures. In addition, significant market fluctuations or macroeconomic conditions driven by any such crises and related developments may result in fluctuations in the fair value component of our AUM, and could result in additional fluctuations in our AUM depending on their severity and extent. For example, one lasting macroeconomic effect of the COVID-19 pandemic was the increase in government expenditures and a sharp reduction in interest rates to minimize the negative economic impact at the time of the crisis. These stimuli led to a global surge in inflation and, as a result, a sharp rise in interest rates in the post-pandemic period. Increased real interest rates have led and may continue to lead to sudden changes in global liquidity conditions causing increased volatility in asset prices around the world and, therefore, adversely affect financial markets in the future.

The ultimate extent of any such epidemics, pandemics, outbreaks or other public health crises on our business, financial condition and results of operations would depend on future developments, which are highly uncertain and cannot be predicted with any certainty. Such developments could therefore have a material adverse effect on our business, financial condition and results of operations, and it may also have the effect of heightening many of the other risks described in this "Risk Factors" section.

***Some of our commercial notes may contain restrictive covenants, and any default or failure to comply with such covenants may have a material adverse effect on our cash flows.***

The agreements governing our commercial notes contain, and any future loans and financing that we take on may contain, standard restrictive covenants, including financial covenants. These agreements provide for the acceleration of our obligations on the commercial notes upon the occurrence of an event of default as defined under such agreement. In addition, we are required to comply with financial covenants on an annual basis and certain other non-financial restrictive covenants. Failure to comply with or fulfill any of these restrictions, covenants, financial metrics or financial tests could result in a default under these agreements, which would have a material adverse effect on our cash flow.

#### Certain Risks Relating to Latin America
***The governments of the Latin American countries in which we operate have exercised, and continue to exercise, significant influence over the economies of this jurisdiction, which could adversely affect us and the price of our Class A common shares.***

The governments of Latin American countries frequently exercise significant influence over their respective economies and occasionally implement substantial changes in policies and regulations. Government actions to control inflation and other economic factors in the region have often included, among other measures, adjustments to interest rates, fiscal policy changes, wage and price controls, foreign exchange rate interventions, restrictions on capital flows, currency devaluations, and trade barriers. We have no control over and cannot predict what measures or policies Latin American governments may adopt in the future. Our business and the market price of our Class A common shares may be negatively impacted by shifts in government policies, as well as broader economic conditions, including, but not limited to:

• economic growth or downturns in Latin American markets;

• interest rates and monetary policies;

• the effect of upcoming general elections across several Latin American countries in 2026;

• exchange rates and currency fluctuations;

• inflation;

• liquidity of domestic capital and lending markets;

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• import and export controls;

• exchange controls and restrictions on remittances abroad and payments of dividends;

• modifications to laws, regulations, and government policies based on shifting political, social, and economic priorities;

• fiscal policy, monetary policy and changes in tax laws;

• economic, political and social instability, including general strikes and mass demonstrations;

• labor and social security regulations;

• energy and water shortages and rationing, as well as infrastructure deficiencies affecting transportation and logistics;

• commodity prices;

• regional trade agreements and integration efforts;

• public health crises; and

• other political, diplomatic, social and economic developments in or affecting Latin America, including the influence of major global economies on trade, investment, and policy decisions in the region.

Uncertainty regarding whether Latin American governments will implement reforms or regulatory changes in these or other areas may contribute to economic instability, adversely affecting our operations and financial results, as well as the trading price of our Class A common shares. Recent political and economic instability in certain Latin American countries has led to increased market volatility and negative investor sentiment, which may further impact our business and share value. See "—Economic uncertainty and political instability in Latin America may harm us and the price of our Class A common shares" and "Item 5. Operating and Financial Review and Prospects—Significant Factors Affecting Our Results of Operations—Macroeconomic Environment."

#### Economic uncertainty and political instability in Latin America may harm us and the price of our Class A common shares.
The political environment of Latin American has historically influenced, and continues to influence, the performance of the country's economy. Political crises have affected and continue to affect the confidence of investors and the general public, which have historically resulted in economic deceleration and heightened volatility in the securities offered by companies with significant operations in Latin America.

In Brazil, recent economic instability has contributed to a decline in market confidence in the Brazilian economy as well as to a deteriorating political environment. In addition, various past and ongoing investigations into allegations of money laundering and corruption being conducted by the Office of the Brazilian Federal Prosecutor have negatively impacted the Brazilian economy and political environment. The potential outcome of these investigations is uncertain, but they have already had an adverse impact on the image and reputation of the implicated companies, and on the general market perception of the Brazilian economy. A failure by the Brazilian government to implement necessary reforms may result in diminished confidence in the Brazilian government's budgetary condition and fiscal stance, which could result in downgrades of Brazil's sovereign foreign credit rating by credit rating agencies, negatively impact Brazil's economy, lead to further depreciation of the real and an increase in inflation and interest rates, adversely affecting our business, financial condition and results of operations.

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Chile's political and economic landscape remains uncertain following the rejection of the proposed constitution in December 2023, which left the 1980 Constitution in force while potential amendments continue to depend on Congressional negotiations. Although the constitutional debate has subsided for now, political realignments—including the rise of independent candidates in local elections and a stronger conservative influence—have reshaped the political environment. Presidential and congressional elections have since taken place, resulting in the election of President José Antonio Kast, whose center-right, more pro-business platform signals a shift in policy orientation, even as legislative dynamics and coalition building remain complex. The recent approval of a pension reform that raises employer contributions gradually over nine years may have meaningful economic implications, and ongoing political restructuring within the federal administration continues to add uncertainty. Social tensions, legislative changes, and potential adjustments in economic and social policies may still affect investor confidence, regulatory frameworks, and the broader business environment in Chile. While the long-term consequences of these developments remain difficult to assess, any resurgence of political instability, economic weakening, or adverse regulatory shifts could negatively affect our operations, financial condition, and the market.

Argentina's economic and political environment remains highly volatile, shaped by chronic inflation, capital and currency controls, and a long history of recurrent debt crises. Following the 2023 general elections, a political transition has taken place with the inauguration of President Javier Milei, whose government has introduced an ambitious reform agenda centered on fiscal adjustment, currency liberalization, subsidy reductions, and broad deregulation. While the ruling coalition has expanded its representation in Congress as a result of recent mid-term legislative elections, it still falls short of holding a legislative majority, limiting the government's ability to advance reforms and increasing reliance on complex negotiations with opposition parties. At the same time, Argentina has reached an agreement with the International Monetary Fund regarding its macroeconomic strategy; however, compliance with several key program conditions has been uneven. In particular, targets related to the accumulation of foreign exchange reserves have not been met, raising the likelihood of a difficult renegotiation in the near term. Social tensions, labor strikes, and resistance to reforms remain material risks, as does the possibility of policy reversals amid political fragmentation. These factors could undermine market confidence, exacerbate capital outflows, increase exchange rate volatility, and adversely affect our business, financial condition, and results of operations.

Mexico's economic and political environment continues to be shaped by domestic policy choices and external developments, particularly its close trade relationship with the United States. The 2024 presidential election has taken place and resulted in a smooth transition of power from President Andrés Manuel López Obrador to President Claudia Sheinbaum, providing short-term political continuity and institutional stability. Nevertheless, elements of policy uncertainty persist. Recent and proposed institutional changes—including the election of all nine Supreme Court justices with affiliations to the Morena party—have raised concerns about judicial independence and the durability of past market-friendly microeconomic reforms, some of which are now at risk of being reversed over the medium term. Government intervention in strategic sectors, especially energy, remains a key source of uncertainty, as policies aimed at strengthening state-owned enterprises continue to weigh on private investment and regulatory predictability. In parallel, security challenges related to organized crime and violence in certain regions remain a structural risk to business operations and investor confidence. Mexico's high dependence on exports and foreign direct investment leaves the economy particularly exposed to changes in U.S. trade policy, including the imposition of tariffs, supply-chain realignments, and the forthcoming renegotiation of the free trade framework with the United States. Any combination of regulatory slippage, institutional weakening, or adverse external shocks could negatively affect economic stability, investor sentiment, our operations, our financial condition, and the market for our securities.

Peru has experienced heightened political instability in recent years, with frequent changes in government, ongoing tensions between the executive and legislative branches, and widespread public protests. The impeachment and removal of multiple presidents in rapid succession, coupled with social unrest and calls for constitutional reform, have contributed to economic uncertainty and weakened investor confidence. In addition, disruptions in key sectors such as mining—one of Peru's primary economic drivers—due to regulatory uncertainty, labor disputes, and community-led protests have impacted production and foreign investment. General elections, including presidential and congressional elections, are scheduled to be held on April 12, 2026, and may further influence the country's policy trajectory. While the government has sought to implement policies to stabilize the economy, persistent political fragmentation and the potential for policy shifts, including increased state intervention in strategic industries, continue to pose risks. Any further instability, economic downturn, or adverse regulatory changes could negatively affect our business, financial condition, and results of operations.

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Colombia's political and economic environment remains marked by uncertainty amid ongoing reforms and security challenges. Since taking office in 2022, President Gustavo Petro's administration has pursued an ambitious reform agenda aimed at overhauling the country's health, labor, and pension systems. While elements of these reforms have gained legislative traction, others have faced significant resistance in Congress and from private sector stakeholders, leading to a contentious and uncertain policymaking environment. Presidential and congressional elections scheduled for 2026 could further shape the policy outlook and impact ongoing reform efforts. In addition, recent changes in cabinet leadership and political tensions between the executive and legislative branches have contributed to institutional volatility. Security concerns persist in several regions, where the presence of armed groups, drug trafficking, and efforts to negotiate peace have had mixed results, impacting investor sentiment and economic stability. Colombia's economic performance has also been affected by inflationary pressures, tight monetary policy, and external vulnerabilities linked to commodity prices and global financial conditions. These factors, along with the risk of further political fragmentation or policy reversals, could undermine investor confidence, affect the regulatory landscape, and negatively impact our operations, financial condition, and the market for our securities.

Finally, Uruguay's heavy reliance on exports—particularly in the agricultural, forestry, and energy sectors—continues to make the country vulnerable to fluctuations in global commodity prices and shifts in demand from key trading partners such as China, Brazil, and Argentina. The 2024 general elections have taken place, resulting in a new government that may introduce changes to labor legislation, taxation, and regulatory frameworks, creating some degree of policy uncertainty during the transition period. In addition, regional instability, especially ongoing economic challenges in neighboring Argentina and Brazil, could generate disruptions in capital flows, exchange-rate volatility, and trade imbalances. These external and domestic factors may weigh on Uruguay's economic growth prospects and investor confidence over the medium term.

Any of the above factors may create additional political uncertainty, which could harm the economies of the Latin American countries in which we operate and, consequently, our business and the value of our investments, and could adversely affect our financial condition, results of operations and the price of our Class A common shares.

***Inflation and certain measures to curb inflation have historically harmed the emerging economies and capital markets, and high levels of inflation in the future would harm our business and the price of our Class A common shares.***

In the past, several Latin American countries have experienced extremely high rates of inflation. Inflation and measures taken by governments in the region to control it have often had significant negative effects on their economies. Policies implemented to curb inflationary pressures, along with uncertainty regarding potential future government interventions, have contributed to economic instability and increased volatility in Latin American capital markets. Latin American countries may continue to experience high levels of inflation in the future and inflationary pressures may lead to their governments intervening in the economy and introducing policies that could harm our business and the trading price of our Class A common shares.

In Brazil, according to the National Consumer Price Index (*Índice Nacional de Preços ao Consumidor Amplo*), or IPCA, which is published by the Brazilian Institute for Geography and Statistics (*Instituto Brasileiro de Geografia e Estatística*), or IBGE, Brazilian inflation rates were 4.3%, 4.8% and 4.6% for the years ended December 31, 2025, 2024 and 2023, respectively. In the past, the Brazilian government's interventions included the maintenance of a restrictive monetary policy with high interest rates that restricted credit availability and reduced economic growth, causing volatility in interest rates. For example, the SELIC rate increased from 9.25% as of December 31, 2021, to 13.75% as of December 31, 2022 (the highest level since the end of 2016). In 2023, the Brazilian Central Bank initiated an easing cycle as inflationary pressures subsided, reducing the SELIC rate to 11.75% as of December 31, 2023. The easing continued into the first half of 2024, with the SELIC rate reaching 10.50% in May 2024. However, inflationary pressures resurfaced in mid-2024, driven by adverse climatic conditions affecting food and energy prices, a significant devaluation of the *real* following the U.S. presidential election, and persistent fiscal challenges in Brazil. In response, the Brazilian Central Bank resumed tightening monetary policy, increasing the SELIC rate to 11.25% in September 2024 and 12.25% in December 2024. These adjustments reflect the Brazilian Central Bank's efforts to balance inflation control with economic stability amid elevated interest rates globally and domestic economic concerns. As of the date of this annual report, the SELIC rate is 14.75%. Consequently, growth volatility and the need for sudden and significant interest rate changes could negatively affect us and affect our indebtedness.

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In Chile, the rate of inflation, as measured by changes in the Chilean Consumer Price Index, was 3.9%, 4.8% and 3.5% in 2023, 2024 and 2025, respectively. Measures taken by the Chilean Central Bank to control inflation have often included maintaining a tight monetary policy with high interest rates, thereby restricting the availability of credit and retarding economic growth. Inflation, measures to combat inflation and public speculation about possible additional actions have also contributed materially to economic uncertainty in Chile and to heightened volatility in its securities markets. Periods of higher inflation may also slow the growth rate of the Chilean economy. As a result, severe increases in inflation could have an adverse impact on our business, financial condition and results of operations.

In Argentina, inflation has remained persistently high, driven by structural fiscal imbalances, a history of expansionary monetary policy, and limited access to international credit markets. According to Argentina's National Institute of Statistics and Censuses (*Instituto Nacional de Estadística y Censos*), inflation reached 211.4% in 2023, 117.8% in 2024, and 31.4% in 2025, reflecting a period of severe economic instability. In response, the Argentine government implemented drastic monetary and fiscal adjustments, including lifting currency controls, cutting subsidies, and reducing public spending. However, these measures have led to significant economic contraction, with domestic consumption and investment slowing. The devaluation of the Argentine peso in December 2023 exacerbated inflationary pressures, reducing real wages and increasing the cost of imports. Although inflation began to decline in 2024, the long-term effectiveness of the government's stabilization plan remains uncertain. Persistent inflation, public skepticism regarding economic policies, and continued external financing constraints could contribute to further economic uncertainty and financial volatility, negatively impacting our business, financial condition, and results of operations.

In Mexico, inflation has remained a key concern due to fluctuations in global energy prices, supply chain disruptions, and shifts in domestic fiscal and monetary policies. According to Mexico's National Institute of Statistics and Geography (*Instituto Nacional de Estadística y Geografía*), inflation was 5.5% in 2023, 4.7% in 2024, and 3.69% in 2025, reflecting a gradual decline as global pressures eased and domestic policies stabilized. The Bank of Mexico (*Banco de México*) pursued a tight monetary policy throughout this period, raising the benchmark interest rate to a peak of 11.25% in early 2023 before gradually reducing it as inflation expectations improved. However, inflationary risks persist due to ongoing peso volatility, fluctuations in global commodity prices, and potential fiscal stimulus measures as a new administration took office following the 2024 presidential election. Any significant resurgence in inflation could lead to renewed monetary tightening, higher borrowing costs, and reduced consumer purchasing power, which may adversely affect economic growth and our business operations.

In Peru, inflation has fluctuated in recent years due to external factors such as global commodity price volatility and domestic political instability. According to the Peruvian National Institute of Statistics and Informatics (*Instituto Nacional de Estadística e Informática*, or INEI), inflation was 3.2% in 2023, 2.0% in 2024, and 1.51% in 2025, reflecting a downward trend following aggressive interest rate hikes by the Central Reserve Bank of Peru (*Banco Central de Reserva del Perú*), or the BCRP. The central bank raised its benchmark rate from 2.5% in early 2022 to 7.75% in 2023 before beginning a gradual easing cycle in response to declining inflationary pressures. However, persistent uncertainty surrounding fiscal policies, potential changes to mining regulations, and continued social unrest have contributed to price volatility in key sectors. In addition, external shocks, including fluctuations in commodity prices and supply chain disruptions, could lead to renewed inflationary pressures. Any sustained increase in inflation or further monetary tightening could negatively affect economic activity, investment, and our financial performance.

In Colombia, inflation has been elevated in recent years due to a combination of domestic and external factors, including currency depreciation, supply chain disruptions, and rising food and energy prices. According to Colombia's National Administrative Department of Statistics (*Departamento Administrativo Nacional de Estadística*), or DANE, inflation stood at 9.3% in 2023, 5.2% in 2024, and 5.1% in 2025, reflecting a gradual deceleration following aggressive monetary tightening by the Central Bank of Colombia (*Banco de la República*). While inflation has begun to moderate, cost pressures remain, particularly in labor-intensive sectors, as wage expectations continue to rise in line with inflation and legally mandated annual adjustments. Given that labor

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represents a significant portion of our operational expenses in Colombia, continued inflation or wage indexation could adversely impact our cost structure and profitability. Additionally, monetary policy uncertainty, exchange rate volatility, and inflation-linked social demands could further affect Colombia's macroeconomic environment and negatively influence our business, financial condition, and results of operations.

In Uruguay, inflation has remained relatively moderate compared to some of its regional peers, though it continues to be influenced by external shocks, exchange rate fluctuations, and wage indexation policies. According to the National Institute of Statistics (*Instituto Nacional de Estadística*), Uruguay's annual inflation rate was 5.1% in 2023, 5.5% in 2024, and 3.65% in 2025, reflecting a gradual decline due to the Central Bank of Uruguay's (*Banco Central del Uruguay*), or the BCU's, tight monetary policy. The BCU maintained high interest rates throughout 2023 to curb inflationary pressures, particularly as the Uruguayan *peso* appreciated against regional currencies, impacting export competitiveness. However, inflationary risks remain due to Uruguay's reliance on imported goods, exposure to global commodity price fluctuations, and potential wage adjustments under collective bargaining agreements. Any resurgence of inflationary pressures or shifts in monetary policy could lead to higher interest rates, reduced consumer spending, and increased financing costs, which may negatively affect our business, financial condition, and results of operations.

Persistent inflation in several of the jurisdictions where we operate has contributed to rising operational costs, particularly with respect to labor, which represents one of our most significant cost components. As inflationary pressures increase the cost of living, *wage* demands tend to rise in both unionized and non-unionized environments, leading to higher payroll expenses. In some countries, local labor laws and collective bargaining agreements also tie wage adjustments to inflation indices, further amplifying cost pressures. These dynamics may be exacerbated by currency depreciation, especially where salaries are paid in local currency but revenues or debt obligations are denominated in foreign currency. Sustained or accelerating inflation could therefore adversely affect our cost structure, profitability, and cash flows.

***Exchange rate instability may have adverse effects on the economies of the countries in which we operate, us and the price of our Class A common shares.***

The Brazilian currency has been historically volatile and has been devalued frequently over the past three decades. Throughout this period, the Brazilian government has implemented various economic plans and used various exchange rate policies, including sudden devaluations, periodic mini-devaluations (during which the frequency of adjustments has ranged from daily to monthly), exchange controls, dual exchange rate markets and a floating exchange rate system. Although long-term depreciation of the Brazilian *real* is generally linked to the rate of inflation in Brazil, depreciation of the *real* occurring over shorter periods of time has resulted in significant variations in the exchange rate between the *real*, the U.S. dollar and other currencies. The *real*/U.S. dollar exchange rate reported by the Brazilian Central Bank was R$4.8413 per US$1.00 on December 31, 2023, which reflected a 7.4% appreciation in the *real* against the U.S. dollar during the year. The *real*/U.S. dollar exchange rate reported by the Brazilian Central Bank was R$6.1923 per US$1.00 on December 31, 2024, which reflected a 27.9% depreciation in the *real* against the U.S. dollar during the year. The *real*/U.S. dollar exchange rate reported by the Brazilian Central Bank was R$5.5024 per US$1.00 on December 31, 2025, which reflected a 13% appreciation in the *real* against the U.S. dollar. There can be no assurance that the *real* will not appreciate or depreciate against the U.S. dollar or other currencies in the future.

Similar trends of exchange rate volatility have been observed in other Latin American countries, where currency fluctuations are influenced by a combination of domestic economic policies, political developments, and global market conditions. Below is a discussion of exchange rate movements and associated risks in key jurisdictions where we operate:

• The Chilean *peso* has been subject to large devaluations and appreciations in the past and could be subject to significant fluctuations in the future. The main driver of exchange rate volatility in past years was the significant devaluations in other Latin American countries, as well as general uncertainty and trade imbalances in the global markets. The value of the Chilean *peso* against the U.S. dollar may continue to fluctuate significantly in the future. Any significant currency devaluations or foreign exchange fluctuations in the future may adversely affect the performance of the Chilean economy and have an adverse effect on our business, financial condition and results of operations.

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• In Argentina, the exchange rate has been highly volatile due to chronic inflation, capital controls, and repeated currency devaluations. The Argentine *peso* has experienced sharp depreciation in recent years, driven by external debt obligations, limited access to international capital markets, and declining foreign currency reserves. In addition to the official rate, Argentina maintains parallel exchange rates, such as the "blue dollar" rate, which often diverges significantly from the official rate, reflecting market concerns about government policies and capital restrictions. Given Argentina's history of exchange rate instability and policy-driven devaluations, there can be no assurance that further depreciation will not occur, which could negatively affect our business, financial condition, and results of operations.

• In Mexico, the exchange rate of the Mexican peso against the U.S. dollar has historically been subject to fluctuations driven by both external and domestic factors, including global financial conditions, commodity price movements, monetary policy decisions, and changes in investor sentiment. Because the United States is Mexico's principal trading partner, shifts in U.S. trade policy, trade relations, or broader economic conditions can have a significant effect on the peso. In addition, any uncertainty related to the renegotiation or revision of the free trade agreement with the United States may contribute to exchange-rate volatility. The future trajectory of the peso remains uncertain, and any significant depreciation could increase inflationary pressures, raise the cost of servicing foreign-currency debt, and adversely affect our financial performance.

• In Peru, the *sol* has generally remained more stable compared to other Latin American currencies, but it has still been subject to exchange rate fluctuations driven by external economic shocks, commodity price volatility, and domestic political uncertainty. While the BCRP has maintained a prudent monetary policy to mitigate excessive exchange rate volatility, external pressures and domestic instability could lead to further depreciation of the sol, potentially affecting inflation, financing costs, and overall economic stability. Any significant fluctuations in the sol may negatively impact our business, financial condition, and results of operations.

• In Colombia, the exchange rate of the Colombian peso against the U.S. dollar has exhibited significant volatility in recent years, influenced by both domestic and international factors. Key drivers of currency fluctuations have included global commodity price swings—particularly in oil and coal, which are major Colombian exports—shifts in U.S. interest rates, and domestic political developments, including uncertainty surrounding proposed economic reforms. In addition, as Colombia approaches the 2026 elections, political uncertainty and the potential adoption of more populist policies may contribute to increased exchange-rate volatility. While the Central Bank of Colombia has at times intervened to smooth excessive volatility, external shocks and continued uncertainty regarding fiscal, regulatory, and political conditions could put renewed pressure on the peso. Any substantial devaluation or sustained exchange-rate instability could increase inflationary pressures, raise the cost of servicing U.S. dollar-denominated obligations, and adversely affect our business, financial condition, and results of operations.

• In Uruguay, the Uruguayan peso has experienced moderate exchange-rate fluctuations in recent years, influenced by regional economic conditions, global financial market trends, and the monetary policy of the BCU. Although Uruguay's economy has generally been more stable than those of many of its regional peers, the peso remains exposed to external risks, including fluctuations in global commodity prices, changes in demand for Uruguay's exports, economic instability in neighboring Argentina and Brazil, and shifts in international interest rates. Any adverse developments in these factors could place pressure on the currency and contribute to exchange-rate volatility.

Devaluation of local currencies relative to the U.S. dollar could create inflationary pressures in Latin American countries and lead governments in the region to, among other measures, further increase interest rates. Any depreciation of local currencies may generally restrict access to international capital markets and reduce the U.S. dollar value of our results of operations. Restrictive macroeconomic policies could reduce economic stability and harm our results of operations and profitability. In addition, domestic and international reactions to restrictive economic policies could have a negative impact on economies across Latin America. These policies and any reactions to them may harm us by curtailing access to foreign financial markets and prompting further government intervention. A devaluation of local currencies relative to the U.S. dollar may also, particularly during periods of economic slowdown, decrease consumer spending, increase deflationary pressures, and reduce economic growth.

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On the other hand, an appreciation of local currencies relative to the U.S. dollar and other foreign currencies may worsen current account balances in Latin American countries. We and certain of our suppliers purchase services from countries outside the region, and thus changes in the value of the U.S. dollar compared to other currencies may affect the costs of services that we purchase. Depending on the circumstances, either devaluation or appreciation of local currencies relative to the U.S. dollar and other foreign currencies could restrict economic growth in Latin America, as well as our business, results of operations, and profitability.

#### Infrastructure and workforce deficiency in Latin America may impact economic growth and have a material adverse effect on us.
Our performance is closely tied to the overall health, stability, and growth of economies across Latin America. The Brazilian GDP growth has fluctuated over the past years, with a contraction of 4.1% in 2020 followed by expansions of 4.6% in 2021, 2.9% in 2022, 2.5% in 2023, 3.4% in 2024 and 2.3% in 2025. Argentina has faced prolonged economic volatility, with GDP growing by 5.0% in 2022 before contracting by 1.6% in 2023, contracting by 1.3% in 2024 and expanding 4.4% in 2025, following a period marked by fiscal adjustments and macroeconomic stabilization measures. Mexico's GDP contracted by 0.3% in 2025, compared to only expanding 0.9% in 2024, after expanding 2.4% in 2023 and 4.6% in 2022. The Peruvian GDP growth slowed to 2.7% in 2022 before contracting by 0.6% in 2023, due to mining sector disruptions and weak private investment, and then reverting to expanding 3.0% in 2024 and expanding approximately 2.6% in 2025. Similar trends have been observed in Chile and Uruguay, which have exhibited fluctuating GDP growth rates in recent years.

In general, GDP growth across Latin America is constrained by structural challenges, including inadequate infrastructure, persistent energy shortages, and deficiencies in transportation, logistics, and telecommunications. Many countries in the region struggle with underinvestment in critical sectors, leading to inefficiencies that hinder economic expansion. Additionally, labor market challenges, such as skills shortages, informal employment, and rigid labor regulations, can limit workforce productivity and drive volatility in employment rates. Periodic general strikes, social unrest, and political uncertainty further contribute to economic instability, impacting business confidence and investment flows. These factors, combined with fluctuating public and private sector investments, can reduce productivity, constrain income growth, and weaken purchasing power, ultimately limiting overall economic expansion and potentially having a material adverse effect on our business, financial condition, and results of operations.

***Developments and the perceptions of risks in other countries, including other emerging markets, the United States and Europe, may harm economies across Latin America and the price of our Class A common shares.***

The market for securities offered by companies with significant operations in Latin America is influenced by economic and market conditions in Latin America and, to varying degrees, market conditions in other emerging markets, as well as the United States, Europe and other countries. To the extent the conditions of the global markets or economy deteriorate, the business of companies with significant operations in Latin America may be harmed. The weakness in the global economy has been marked by, among other adverse factors, lower levels of consumer and corporate confidence, decreased business investment and consumer spending, increased unemployment, reduced income and asset values in many areas, reduction of China's growth rate, currency volatility and limited availability of credit and access to capital. Developments or economic conditions in other emerging market countries have at times significantly affected the availability of credit to companies with significant operations in Latin America and resulted in considerable outflows of funds from Latin America, decreasing the amount of foreign investments in the region.

Crises and periods of political or economic instability in emerging market countries, the United States, Europe, or other regions—including heightened international trade tensions and the adoption of protectionist policies—could reduce investor demand for securities issued by companies with significant operations in Latin America, such as our Class A common shares. Recent history illustrates how unexpected political events can generate substantial market volatility and uncertainty: for example, the United Kingdom's decision to leave the European Union highlighted how sudden shifts in policy and institutional arrangements can disrupt global financial markets, trade

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relationships, and currency dynamics. Similar unforeseen developments could arise in the future if other countries were to reconsider their relationship with the European Union or adopt policies that weaken economic integration. At the same time, there are offsetting positive developments. The European Union has recently approved a trade agreement with Mercosur—comprising Brazil, Argentina, Uruguay, and Paraguay—which, if fully implemented, is expected to strengthen trade ties, improve market access, and support long-term economic growth across these economies. However, the agreement's practical impact may take time to materialize, as it remains subject to ratification processes and potential legal or political challenges, including opposition from protectionist groups within certain European countries. As a result, while greater integration between the EU and Mercosur could be beneficial over the medium to long term, uncertainty around global politics and trade policy continues to pose risks that could adversely affect market conditions and investor sentiment. In addition, it is unclear the degree to which current political divisions in the United States will continue to influence policy action. Fighting inflation, orientation towards fiscal policy, energy and geopolitical strategies are divisive issues that may lead to sudden policy changes. We are also unable to predict the policies that will be adopted by eventual new presidential administrations and the effects of any such policies, if implemented. These political divisions and policies may materially adversely affect the United States and global economies and capital markets, including the economy and capital markets of Latin American countries, which may, in turn, materially adversely affect the trading price of our Class A common shares.

***We may be materially and adversely affected by protectionist trade policies and other measures adopted by the current U.S. administration, including the imposition of additional tariffs on Latin American products and services.***

Donald Trump was elected for a second term as President of the United States on November 5, 2024, and took office in January 2025. We have no control over and cannot predict the effect of his administration or policies. Since returning to office, President Trump's administration has reinforced protectionist economic policies, including the expansion of tariffs on a range of goods from key trading partners such as China, the European Union and Latin America, including a baseline 10% tariff on most imports and higher, "reciprocal" country- and sector-specific rates.

In relation to Brazil, for example, the U.S. government imposed a 50% tariff on certain Brazilian imports, including industrial goods, commodities and agricultural products, which took effect, subject to certain exceptions, on August 6, 2025, citing concerns over alleged restrictions on freedom of speech and the political prosecution of former President Jair Bolsonaro. President Trump has also publicly threatened further trade actions against Brazil and other BRICS countries based on their association with Russia and their efforts to reduce dependence on the U.S. dollar in international trade. For Mexico, the administration has applied 25% tariffs broadly, with 50% on steel, aluminum and copper and 25% on autos (subject to treaty compliance and negotiated carve-outs). For Peru, most exports currently face the 10% baseline, which Peru's central bank expects to have a moderate macro impact given product mix and exemptions. For Chile, exports have generally been subject to the 10% baseline, with copper initially exempt and bilateral talks ongoing to address tariff treatment. For Colombia, most imports currently face the 10% baseline, while the administration has threatened higher tariffs and other measures amid diplomatic tensions. Finally, for Argentina and Uruguay, the 10% baseline rate generally applies under the reciprocal tariff scheme. These measures have contributed to heightened geopolitical tensions, increased market volatility, and growing uncertainty regarding the future of international trade and capital flows.

Increased tariffs and the potential for further trade restrictions may lead to a slowdown in global trade and economic activity, with disproportionate effects on emerging markets like Latin America. Such developments could result in greater currency volatility, reduced foreign investment flows, higher inflation, and increased interest rates in affected jurisdictions, including Latin America, all of which can negatively impact credit availability, borrowing costs, and the demand for financial products and services. Given our operations in Latin America's financial sector, these adverse macroeconomic impacts could result in reduced credit origination, higher default rates, lower demand for our financial products and increased funding costs. Additionally, any deterioration in U.S.-Latin America trade relations or regulatory shifts impacting cross-border capital flows could restrict our access to international funding sources or affect the value of assets and liabilities denominated in foreign currencies. As a result, ongoing or future policies implemented by the current U.S. administration may have a material adverse effect on our business, financial condition and results of operations.

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***Geopolitical tensions, including the risk of military conflicts, escalation of regional disputes, terrorism, and related security developments, may increase global risk aversion and adversely affect us and the price of our Class A common shares.***

The ongoing military conflict between Russia and Ukraine has provoked strong reactions from the United States, the United Kingdom, the EU and various other countries around the world, including from the members of the North Atlantic Treaty Organization, or NATO. Following Russia's invasion of Ukraine beginning on February 24, 2022, the United States, the United Kingdom, the EU and other countries announced broad economic sanctions against Russia, including financial measures such as freezing Russia's central bank assets, limiting its ability to access its dollar reserves, the United States, the EU and the United Kingdom have also banned people and businesses from dealings with the Russian central bank, its finance ministry and its wealth funds, selected Russian banks will also be removed from Swift messaging system, which enables the smooth transfer of money across borders. Other sanctions by the United Kingdom include major Russian banks from the United Kingdom financial system, stopping them from accessing sterling and clearing payments, preventing major Russian companies and the country from raising finances or borrowing money on the United Kingdom markets, and establishing limits on deposits Russians can make at United Kingdom banks. The United States, the EU and the United Kingdom adopted personal measures, such as sanctions on individuals with close ties to Mr. Putin, and placed visa restrictions on several oligarchs, as well as their family members and close associates, and froze their assets.

While the precise effect of the ongoing armed conflict and these sanctions on the Russian and global economies remains uncertain, should tensions remain at current heightened levels or continue to increase, markets may face continued volatility as well as economic and security consequences including, but not limited to, supply shortages of different kinds, increases in prices of commodities, including piped gas, oil and agricultural goods, among others. Given that Russia and Ukraine are among the largest grain exporters in the world, impacts on financial markets, inflation, interest rates, unemployment and other matters could affect the global economy. Particularly, these effects have resulted and could continue to result in increased inflation in Latin America and in measures by the government of Latin American countries to contain inflation, such as raising the interest rates, which could materially impact the cost of debt and third-party capital for financing and investing activities across industries. Other potential consequences include, but are not limited to, growth in the number of popular uprisings in the region, increased political discontent, especially in the regions most affected by the conflict or economic sanctions, an increase in cyberterrorism activities and attacks, exodus to regions close to the areas of conflict and an increase in the number of refugees fleeing across Europe, among other unforeseen social and humanitarian effects.

In addition, on October 7, 2023, Hamas launched an attack on Israel targeting Israeli civilians. In response, Israel declared war against Hamas, attacking Hamas targets in Gaza and the region. By late 2024, the conflict has escalated significantly, with expanded military operations in Gaza, increasing casualties, regional spillover risks involving neighboring countries, and heightened global tensions. For example, since mid-November 2023, Houthi rebels in Yemen have targeted and carried out attacks on commercial shipping vessels travelling through the Red Sea which may result in further disruptions in supply chains. In 2024, in response to attacks from Lebanon and Iran, Israel attacked Lebanon targeting Hezbollah infrastructure and leaders and carried out airstrikes against Iranian military sites. Cross-border exchanges between Israel and Hezbollah have periodically intensified, with new Israeli airstrikes in southern Lebanon reported in November 2025, and the broader regional backdrop has included Iran's direct drone-and-missile attack on Israel and subsequent retaliatory actions. More recently, in late February 2026, hostilities escalated further with direct U.S. and Israeli attacks on Iran and retaliatory Iranian strikes, including actions affecting regional energy infrastructure and commercial shipping routes. Notwithstanding attempts at reaching a ceasefire in the region, these wars continue to cause humanitarian crises, and the escalation of the conflicts and any resulting conflicts in the region have led and may continue to lead to higher oil and gas prices, the imposition of sanctions, travel and import/export restrictions, increased inflationary pressures and market volatility, among other potential consequences. It is unclear whether these challenges and uncertainties will be contained or resolved, and what effects they may have on the global political and economic conditions in the long term.

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As a company that operates globally, the adverse effects—whether global or localized—of heightened geopolitical tensions could have a material adverse effect on our or our portfolio companies' business, results of operations, or financial condition. The ongoing war between Russia and Ukraine, conflicts in the Middle East, and the imposition of economic sanctions and import and/or export controls by the United States, the United Kingdom, the European Union, or other jurisdictions have already contributed to volatility in energy markets, disruptions to global supply chains, and increased uncertainty in financial markets. More broadly, geopolitical risks have moved to the forefront in recent months, with sanctions and trade restrictions increasingly used as tools of foreign policy. While Russia remains a central focus of sanctions regimes, similar measures have also been discussed or implemented in relation to other regions, including Venezuela, and more recently have been raised in connection with Greenland, underscoring the expanding scope and unpredictability of geopolitical frictions. Such developments may lead to sudden changes in regulatory environments, restrictions on capital flows, trade disruptions, or higher compliance costs. Any escalation of geopolitical conflicts, expansion of sanctions, or imposition of new trade or investment restrictions could adversely affect global economic conditions, investor sentiment, and our ability, or that of our portfolio companies, to operate efficiently across jurisdictions.

***Any credit rating downgrade of Brazil or any other Latin American country in which we operate could reduce the trading price of our Class A common shares.***

We may be harmed by investors' perceptions of risks related to the sovereign debt credit rating of Brazil and the other Latin American countries in which we operate. Sovereign credit ratings affect the cost and other terms upon which we are able to obtain funding. Rating agencies regularly evaluate such countries and their respective sovereign credit ratings, which are based on a number of factors including macroeconomic trends, fiscal and budgetary conditions, indebtedness metrics and the perspective of changes in any of these factors. The following is a summary of recent credit rating trends across our principal markets:

• Brazil's sovereign credit rating has experienced multiple downgrades since 2015, with all three major rating agencies having stripped the country of its investment-grade status. Recent actions, however, point to a more stable outlook. Standard & Poor's upgraded Brazil's rating to BB with a stable outlook in December 2023; Moody's maintains Brazil at Ba1 with a stable outlook (following a revision from positive in 2025); and Fitch affirmed Brazil's rating at BB with a stable outlook in mid-2024, after upgrading it from BB- in 2023. These actions reflect improvements in fiscal management and macroeconomic stability, although Brazil remains below investment grade and exposed to political and economic risks.

• Chile maintains investment-grade sovereign credit ratings, although political and fiscal pressures remain. As of March 2025, Standard & Poor's rates Chile at A with a stable outlook, Moody's at A2 with a stable outlook, and Fitch Ratings at A- with a stable outlook. While the agencies acknowledge Chile's track record of macroeconomic management, past political polarization and increased social demands continue to pose risks to fiscal discipline and policy continuity.

• Argentina continues to face significant sovereign credit challenges. As of March 2025, S&P rates Argentina at CCC with a stable outlook, Moody's at Caa3 with a positive outlook, and Fitch at CCC. Although recent fiscal adjustments under the new administration have led to limited improvements in outlook, the country's credit ratings remain well below investment grade. Persistent structural imbalances, external vulnerabilities, and the potential for policy reversals continue to weigh on Argentina's credit profile.

• Uruguay holds investment-grade ratings across all three agencies. As of March 2025, S&P rates Uruguay at BBB+, Moody's at Baa1, and Fitch at BBB, all with stable outlooks. These ratings reflect relative macroeconomic stability and institutional strength; however, Uruguay remains exposed to external shocks, including commodity price volatility and regional economic disruptions, which could adversely affect its fiscal position and economic performance.

• Colombia's sovereign credit ratings have weakened further, with investment-grade status now limited to one agency. As of the latest updates, Standard & Poor's downgraded Colombia to BB with a negative outlook **,** Fitch maintains the rating at BB+ with a negative outlook **,** and Moody's downgraded the country to Baa3 with a stable outlook **.** These ratings reflect rising fiscal pressures, weaker growth dynamics, and concerns about policy effectiveness and institutional credibility, which continue to pose downside risks to Colombia's credit profile.

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• Peru retains investment-grade ratings, but political instability and fiscal pressures have led to mixed rating actions. As of March 2025, Fitch rates Peru at BBB with a stable outlook, Moody's at Baa1 with a stable outlook, and S&P at BBB- with a stable outlook, following a one-notch downgrade in 2024. While the country benefits from historically prudent macroeconomic policies, ongoing political uncertainty may continue to challenge policy implementation and investor confidence.

• Mexico maintains investment-grade ratings from all three agencies, but outlooks vary. As of March 2025, S&P rates Mexico at BBB with a stable outlook, Fitch at BBB- with a stable outlook, and Moody's at Baa2 with a negative outlook. While the agencies note macroeconomic stability, concerns persist regarding fiscal pressures, governance indicators, and increased state involvement in key sectors. Any material weakening in fiscal metrics or institutional quality could lead to rating downgrades.

The sovereign credit ratings of certain Latin American countries where we operate, including Brazil, are currently rated below investment grade by the major credit rating agencies. As a result, the prices of securities offered by companies with significant operations in these jurisdictions have been negatively affected. A prolongation or worsening of low economic growth, political uncertainty, or fiscal instability in one or more of these countries could lead to further sovereign ratings downgrades. Any such downgrade could increase investors' perception of risk and, in turn, adversely affect the trading price of our Class A common shares.

#### Certain Risks Relating to Our Class A Common Shares
***Gilberto Sayão da Silva owns 100% of our outstanding Class B common shares, which represent approximately 71.3% of the voting power of our issued share capital, and controls all matters requiring shareholder approval. This concentration of ownership and voting power limits your ability to influence corporate matters.***

Gilberto Sayão da Silva controls our company and does not hold any of our Class A common shares, though he beneficially owns 22.1% of our issued and outstanding share capital through his beneficial ownership of all of our outstanding Class B common shares, and consequently, 71.3% of the combined voting power of our issued share capital. Our Class B common shares are entitled to 10 votes per share and our Class A common shares are entitled to one vote per share. Our Class B common shares are convertible into an equivalent number of Class A common shares and generally convert into Class A common shares upon transfer, subject to limited exceptions. As a result, Mr. Sayão da Silva controls the outcome of all decisions at our shareholders' meetings, and is able to elect a majority of the members of our board of directors. He is also able to direct our actions in areas such as business strategy, financing, distributions, acquisitions and dispositions of assets or businesses. For example, Mr. Sayão da Silva may cause us to make acquisitions that increase the amount of our indebtedness or outstanding Class A common shares, sell revenue-generating assets or inhibit change of control transactions that may benefit other shareholders. The decisions of Mr. Sayão da Silva on these matters may be contrary to your expectations or preferences, and they may take actions that could be contrary to your interests. He is able to prevent any other shareholders from blocking these actions. For further information regarding shareholdings in our company, see "Item 7. Major Shareholders and Related Party Transactions—A. Major Shareholders." In addition, for so long as Mr. Sayão da Silva beneficially owns more than two-thirds of our issued share capital, he will also have the ability to unilaterally amend our Articles of Association, which may be amended only by special resolution of shareholders (requiring a two-thirds majority vote of those shareholders attending and voting at a quorate meeting).

So long as Mr. Sayão da Silva beneficially owns a sufficient number of Class B common shares, even if he beneficially owns significantly less than 50% of our outstanding share capital, he will be able to effectively control our decisions. However, if our Class B common shares at any time represent less than 10% of the total aggregate number of common shares in the capital of the company outstanding, each Class B common share then outstanding will automatically convert into one Class A common share. For a description of the dual class structure, see "Item 10. Additional Information—B. Memorandum and Articles of Association—Share Capital"

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***We have granted holders of our Class B common shares preemptive rights to acquire shares that we may sell in the future, which may impair our ability to raise funds.***

Under our Articles of Association, each holder of our Class B common shares is entitled to preemptive rights to purchase additional common shares in the event that additional Class A common shares are issued, upon the same economic terms and at the same price, in order to maintain their proportional ownership interests, which represent approximately 22.1% of our issued and outstanding shares. The exercise by holders of our Class B common shares of preemptive rights may impair our ability to raise funds, or adversely affect the terms on which we are able to raise funds, as we may not be able to offer to new investors the quantity of our shares that they may desire to purchase.

***Our Articles of Association contain anti-takeover provisions that may discourage a third-party from acquiring us and adversely affect the rights of holders of our Class A common shares.***

Our Articles of Association contain certain provisions that could limit the ability of others to acquire our control, including a provision that grants authority to our board of directors to establish and issue from time to time one or more series of preferred shares without action by our shareholders and to determine, with respect to any series of preferred shares, the terms and rights of that series. These provisions could have the effect of depriving our shareholders of the opportunity to sell their shares at a premium over the prevailing market price by discouraging third parties from seeking to obtain our control in a tender offer or similar transactions.

***If securities or industry analysts do not publish research, or publish inaccurate or unfavorable research, about our business, the price of our Class A common shares and our trading volume could decline.***

The trading market for our Class A common shares depends in part on the research and reports that securities or industry analysts publish about us or our business. If one or more of the analysts who cover us downgrade our Class A common shares or publish inaccurate or unfavorable research about our business, the price of our Class A common shares would likely decline. If one or more of these analysts cease coverage of our company or fail to publish reports on us regularly, demand for our Class A common shares could decrease, which might cause the price of our Class A common shares and trading volume to decline.

***Our ability to pay dividends to our shareholders is restricted by applicable laws and regulations and by the ability of our subsidiaries to pay dividends to us.***

We cannot guarantee that we will be able to pay dividends to holders of our Class A common shares. Holders of our Class A common shares are only entitled to receive cash dividends to the extent our board of directors declares and pays out of funds of the Company that are legally available for such payments. The declaration, payment and amount of any future dividends will be made at the discretion of our board of directors and will depend upon, among other things, the results of operations, cash flows and financial condition, operating and capital requirements, and other factors as our board of directors considers relevant. In addition, our holding company structure makes us dependent on the operations of our subsidiaries. See "—Certain Risks Relating to Our Business and Industry—Our holding company structure makes us dependent on the operations of our subsidiaries." There is no assurance that future dividends will be paid, and if dividends are paid, there is no assurance with respect to the amount of any such dividend. See "Item 8. Financial Information—A. Consolidated Statements and Other Financial Information—Dividends and Dividend Policy."

***Our dual class capital structure means our shares will not be included in certain indices. We cannot predict the impact this may have on the trading price of our Class A common shares.***

In 2017, FTSE Russell, S&P Dow Jones and MSCI announced changes to their eligibility criteria for inclusion of shares of public companies on certain indices to exclude companies with multiple classes of shares of common stock from being added to such indices. FTSE Russell announced plans to require new constituents of its indices to have at least five percent of their voting rights in the hands of public stockholders, whereas S&P Dow Jones announced that companies with multiple share classes, such as ours, will not be eligible for inclusion in the S&P 500, S&P MidCap 400 and S&P SmallCap 600, which together make up the S&P Composite 1500. MSCI also opened public consultations on their treatment of no-vote and multi-class structures and temporarily barred new multi-class listings from its ACWI Investable Market Index and U.S. Investable Market 2500 Index; however,

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in October 2018, MSCI announced its decision to include equity securities "with unequal voting structures" in its indices and to launch a new index that specifically includes voting rights in its eligibility criteria. We cannot assure you that other stock indices will not take a similar approach to FTSE Russell, S&P Dow Jones and MSCI in the future. Under the announced policies, our dual class capital structure would make us ineligible for inclusion in any of these indices and, as a result, mutual funds, exchange-traded funds and other investment vehicles that attempt to passively track these indices will not invest in our stock. It continues to be somewhat unclear what effect, if any, these policies will have on the valuations of publicly traded companies excluded from the indices, but in certain situations they may depress these valuations compared to those of other similar companies that are included. Exclusion from indices could make our Class A common shares less attractive to investors and, as a result, the market price of our Class A common shares could be adversely affected.

***The dual class structure of our common stock has the effect of concentrating voting control with Gilberto Sayão da Silva as the beneficial owner of the entirety of our Class B common shares; this will limit or preclude your ability to influence corporate matters.***

Each Class A common share entitles its holder to one vote per share and each Class B common share entitles its holder to ten votes per share, so long as the total number of the issued and outstanding Class B common shares is at least 10% of the total number of shares outstanding. The beneficial owner of all of our Class B common shares is Gilberto Sayão da Silva. See "Item 7. Major Shareholders and Related Party Transactions—A. Major Shareholders." Due to the ten-to-one voting ratio between our Class B and Class A common shares, Mr. Sayão da Silva controls a majority of the combined voting power of our common shares and therefore be able to control all matters submitted to our shareholders so long as the total number of the issued and outstanding Class B common shares is at least 10% of the total number of shares outstanding and the total number of the issued.

In addition, our Articles of Association provide that at any time when there are Class A common shares in issue, additional Class B common shares may only be issued pursuant to (1) a share split, subdivision of shares or similar transaction or where a dividend or other distribution is paid by the issue of shares or rights to acquire shares or following capitalization of profits; (2) a merger, consolidation, or other business combination involving the issuance of Class B common shares as full or partial consideration; or (3) an issuance of Class A common shares, whereby a holder of the Class B common shares is entitled to purchase a number of Class B common shares that would allow such holder to maintain its proportional ownership interests in us (following an offer by us to each holder of Class B common shares to issue to such holder, upon the same economic terms and at the same price, such number of Class B common shares as would ensure such holder may maintain a proportional ownership interest in us pursuant to our Articles of Association).

In light of the above provisions relating to the issuance of additional Class B common shares, as well as the ten-to-one voting ratio of our Class B common shares and Class A common shares, the holder of our Class B common shares controls all matters requiring shareholder approval. This concentrated control limits or precludes our shareholders' ability to influence corporate matters for the foreseeable future. For a description of our dual class structure, see "Item 10. Additional Information—B. Memorandum and Articles of Association—Voting Rights."

#### Class A common shares eligible for future sale may cause the market price of our Class A common shares to drop significantly.
The market price of our Class A common shares may decline as a result of sales of a large number of our Class A common shares in the market (including Class A common shares issuable upon conversion of Class B common shares) or the perception that these sales may occur. These sales, or the possibility that these sales may occur, also might make it more difficult for us to sell equity securities in the future at a time and at a price that we deem appropriate. Our shareholders or entities controlled by them or their permitted transferees will be able to sell their shares in the public market from time to time without registering them, subject to certain limitations on the timing, amount and method of those sales imposed by regulations promulgated by the SEC. If any of our shareholders, the affiliated entities controlled by them or their respective permitted transferees were to sell a large number of their shares, including common shares issuable upon conversion of the Series A convertible preferred shares, the market price of our Class A common shares may decline significantly. In addition, the perception in the public markets that sales by them might occur may also adversely affect the market price of our Class A common shares.

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***Our Series A convertible preferred shares have rights, preferences and privileges that are not held by, and are preferential to, the rights of our common shares, which could adversely affect our liquidity and financial condition, and may result in the interests of the holders of our Series A convertible preferred shares differing from those of our common shareholders.***

Our Series A convertible preferred shares ranks senior to our common shares with respect to dividend rights and rights on the distribution of assets on any voluntary or involuntary liquidation, dissolution or winding up of our affairs. The holders of Series A convertible preferred shares have the right to receive a liquidation preference entitling them to be paid out of our assets available for distribution to stockholders before any payment may be made to holders of any other class or series of our share capital, an amount equal to the greater of (a) the sum of the original liquidation preference plus all accrued but unpaid dividends or (b) the amount that such holder would have been entitled to receive upon our liquidation, dissolution and winding up if all outstanding shares of such series of Series A convertible preferred shares had been converted into common shares immediately prior to such liquidation, dissolution or winding up. In addition, the holders of the Series A convertible preferred shares are entitled to a cumulative dividend at the rate of 8.0% per annum. The holders of the Series A convertible preferred shares are also entitled to participate in dividends declared or paid on our common shares on an as-converted basis. The holders of our Series A convertible preferred shares also have the right, subject to certain exceptions, to require us to repurchase all or any portion of the Series A convertible preferred shares upon certain change of control events at the repurchase price set forth in the applicable certificate of designations.

These dividend and share repurchase obligations could impact our liquidity and reduce the amount of cash flows available for general corporate purposes. Our obligations to the holders of the Series A convertible preferred shares could also limit our ability to obtain additional financing or increase our borrowing costs, which could have an adverse effect on our financial condition. These preferential rights could also result in divergent interests between the holders of shares of Series A convertible preferred shares and holders of our common shares.

***The issuance of Series A convertible preferred shares reduces the relative voting power of holders of our common stock, and the conversion and sale of those shares would dilute the ownership of holders of common shares and may adversely affect the market price of our common shares.***

As of December 31, 2025, 100,000 Series A convertible preferred shares were outstanding, representing approximately 10.1% of our outstanding common shares, including the Series A convertible preferred shares on an as-converted basis, based on an initial conversion rate of 73.5402 Class A common shares for each Series A convertible preferred share, which represents an initial conversion price of approximately US$13.60 per Class A common share. See "Item 7. Major Shareholders and Related Party Transactions—A. Major Shareholders." Holders of Series A convertible preferred shares are entitled to a cumulative dividend at the rate of 8.0% per annum. Because holders of our Series A convertible preferred shares are entitled to vote on certain matters described in "—Ares and any other holders of our Series A convertible preferred shares may exercise influence over us," the issuance of the Series A convertible preferred shares, and the subsequent issuance of additional Series A convertible preferred shares, effectively reduce the relative voting power of the holders of our common shares.

In addition, the conversion of the Series A convertible preferred shares into common shares would dilute the ownership interest of existing holders of our common shares. Furthermore, any sales in the public market of the common shares issuable upon conversion of the Series A convertible preferred shares would increase the number of our common shares available for public trading, and could adversely affect prevailing market prices of our common shares. Sales of a substantial number of our common shares in the public market, or the perception that such sales might occur, could have a material adverse effect on the price of our common shares.

#### Holders of our Series A convertible preferred shares may exercise influence over us.
As of December 31, 2025, outstanding Series A convertible preferred shares represented approximately 10.1% of our outstanding common shares, including the Series A convertible preferred shares on an as-converted basis, based on an initial conversion rate of 73.5402 Class A common shares for each Series A convertible preferred share, which represents an initial conversion price of approximately US$13.60 per Class A common share. See "Item 7. Major Shareholders and Related Party Transactions—A. Major Shareholders." The terms of the Series A convertible preferred shares require the approval of a majority of our Series A convertible preferred shares by a separate class vote for us to take the following decisions, among others described in the respective certificate of designations:

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• amend our organizational documents in a manner that would have an adverse effect on the Series A convertible preferred shares; or

• issue securities that are senior to, or equal in priority with, the Series A convertible preferred shares.

Circumstances may occur in which the interests of Ares Management Corporation, or Ares, and its affiliates could diverge from, or even conflict with, the interests of our other shareholders. For example, the existence of Ares as a significant shareholder may have the effect of delaying or preventing changes in control or management or limiting the ability of our other shareholders to approve transactions that they may deem to be in our best interests. Ares and its affiliates may seek to cause us to take courses of action that, in their judgment, could enhance its investment in us but which might involve risks to our other shareholders or adversely affect us or our other shareholders.

***We are a Cayman Islands exempted company with limited liability. The rights of our shareholders, including with respect to fiduciary duties and corporate opportunities, may be different from the rights of shareholders governed by the laws of U.S. jurisdictions.***

We are a Cayman Islands exempted company with limited liability. Our corporate affairs are governed by our Articles of Association and by the laws of the Cayman Islands. The rights of shareholders and the responsibilities of members of our board of directors may be different from the rights of shareholders and responsibilities of directors in companies governed by the laws of U.S. jurisdictions. In particular, as a matter of Cayman Islands law, directors of a Cayman Islands company owe fiduciary duties to the company and separately a duty of care, diligence and skill to the company. Under Cayman Islands law, directors and officers owe the following fiduciary duties: (1) duty to act in good faith in what the director or officer believes to be in the best interests of the company as a whole; (2) duty to exercise powers for the purposes for which those powers were conferred and not for a collateral purpose; (3) directors should not properly fetter the exercise of future discretion; (4) duty to exercise powers fairly as between different sections of shareholders; (5) duty to exercise independent judgment; and (6) duty not to put themselves in a position in which there is a conflict between their duty to the company and their personal interests. Our Articles of Association have varied this last obligation by providing that a director must disclose the nature and extent of his or her interest in any contract or arrangement, and following such disclosure and subject to any separate requirement under applicable law or the listing rules of the Nasdaq, and unless disqualified by the chairman of the relevant meeting, such director may vote in respect of any transaction or arrangement in which he or she is interested and may be counted in the quorum at the meeting. Conversely, under Delaware corporate law, a director has a fiduciary duty to the corporation and its stockholders (made up of two components) and the director's duties prohibits self-dealing by a director and mandates that the best interests of the company and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. See "Item 10. Additional Information—B. Memorandum and Articles of Association—Principal Differences between Cayman Islands and U.S. Corporate Law."

***We may need to raise additional capital in the future by issuing securities or may enter into corporate transactions with an effect similar to a merger, which may dilute your interest in our share capital and affect the trading price of our Class A common shares.***

We may need to raise additional funds to grow our business and implement our growth strategy through public or private issuances of common shares or securities convertible into, or exchangeable for, our common shares, which may dilute your interest in our share capital or result in a decrease in the market price of our common shares. In addition, we have and may continue to enter into mergers or other similar transactions in the future—such as our business combination with Compass—, which may have the effect of diluting your interest in our share capital or resulting in a decrease in the market price of our Class A common shares. Any fundraising through the issuance of shares or securities convertible into or exchangeable for shares, or the participation in corporate transactions with an effect similar to a merger, may dilute your interest in our capital stock or result in a decrease in the market price of our Class A common shares.

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***As a foreign private issuer and an "emerging growth company" (as defined in the JOBS Act), we have different disclosure and other requirements than U.S. domestic registrants and non-emerging growth companies.***

As a foreign private issuer and emerging growth company, we are subject to different disclosure and other requirements than domestic U.S. registrants and non-emerging growth companies. For example, as a foreign private issuer, in the United States, we are not subject to the same disclosure requirements as a domestic U.S. registrant under the Exchange Act, including the requirements to prepare and issue quarterly reports on Form 10-Q or to file current reports on Form 8-K upon the occurrence of specified significant events, the proxy rules applicable to domestic U.S. registrants under Section 14 of the Exchange Act or the insider reporting and short-swing profit rules applicable to domestic U.S. registrants under Section 16 of the Exchange Act. In addition, we rely on exemptions from certain U.S. rules which permit us to follow Cayman Islands legal requirements rather than certain of the requirements that are applicable to U.S. domestic registrants.

We follow Cayman Islands laws and regulations that are applicable to Cayman Islands companies. However, Cayman Islands laws and regulations applicable to Cayman Islands companies do not contain any provisions comparable to the U.S. proxy rules, the U.S. rules relating to the filing of reports on Form 10-Q or 8-K or the U.S. rules relating to liability for insiders who profit from trades made in a short period of time, as referred to above.

Furthermore, foreign private issuers are required to file their annual report on Form 20-F within 120 days after the end of each fiscal year, while U.S. domestic issuers that are accelerated filers are required to file their annual report on Form 10-K within 75 days after the end of each fiscal year. Foreign private issuers are also exempt from Regulation Fair Disclosure, aimed at preventing issuers from making selective disclosures of material information, although we are subject to Cayman Islands laws and regulations having, in some respects, a similar effect as Regulation Fair Disclosure. As a result of the above, even though we are required to file reports on Form 6-K disclosing the limited information which we have made or are required to make public pursuant to Cayman Islands law, or are required to distribute to shareholders generally, and that is material to us, you may not receive information of the same type or amount that is required to be disclosed to shareholders of a U.S. company.

The Jumpstart our Business Startups Act of 2012, or the JOBS Act, contains provisions that, among other things, relax certain reporting requirements for emerging growth companies. Under this act, as an emerging growth company, we will not be subject to the same disclosure and financial reporting requirements as non-emerging growth companies. For example, as an emerging growth company we are permitted to, and intend to continue to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. Also, we will not have to comply with future audit rules promulgated by the U.S. Public Company Accounting Oversight Board, or PCAOB, (unless the SEC determines otherwise) and our auditors will not need to attest to our internal controls under Section 404(b) of the Sarbanes-Oxley Act for up to five years or such earlier time that we are no longer an emerging growth company. We may follow these reporting exemptions until we are no longer an emerging growth company. As a result, our shareholders may not have access to certain information that they deem important. We will remain an emerging growth company until the earlier of (1) the last day of the fiscal year (a) following the fifth anniversary of the completion of our IPO, (b) in which we have total annual revenues of at least US$1.235 billion, or (c) in which we are deemed to be a large accelerated filer, which means the market value of our Class A common shares that is held by non-affiliates exceeds US$700.0 million as of the prior June 30th, and (2) the date on which we have issued more than US$1.0 billion in non-convertible debt during the prior three-year period. Accordingly, the information about us available to you will not be the same as, and may be more limited than, the information available to shareholders of a non-emerging growth company. We could be an "emerging growth company" for up to five years, although circumstances could cause us to lose that status earlier, including if the market value of our Class A common shares held by non-affiliates exceeds US$700.0 million as of any June 30 (the end of our second fiscal quarter) before that time, in which case we would no longer be an "emerging growth company" as of the following December 31 (our fiscal year end). We cannot predict if investors will find our Class A common shares less attractive because we may rely on these exemptions. If some investors find our Class A common shares less attractive as a result, there may be a less active trading market for our Class A common shares and the price of our Class A common shares may be more volatile.

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***We are a "controlled company" within the meaning of the rules of the Nasdaq corporate governance rules and, as a result, qualify for, and rely on, exemptions from certain corporate governance requirements. Our shareholders do not have the same protections afforded to shareholders of companies that are subject to such requirements.***

Gilberto Sayão da Silva beneficially owns 100% of our Class B common shares, representing 71.3% of the voting power of our outstanding share capital. As a result, we are a "controlled company" within the meaning of the corporate governance standards of the Nasdaq corporate governance rules. Under these rules, a company of which more than 50% of the voting power in the election of directors is held by an individual, group or another company is a "controlled company" and may elect not to comply with certain corporate governance requirements. For example, controlled companies, within one year of the date of the listing of their common shares:

• are not required to have a board that is composed of a majority of "independent directors," as defined under the rules of such exchange;

• are not required to have a compensation committee that is composed entirely of independent directors; and

• are not required to have a nominating and corporate governance committee that is composed entirely of independent directors.

As a "controlled company," we rely on such exemptions and, as a result, we do not expect a majority of the directors on our board to be independent. In addition, except with respect to our Audit Committee, we do not expect that any of the committees of the board to consist entirely of independent directors. Accordingly, our shareholders do not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of the Nasdaq.

***As a foreign private issuer, we are permitted to and we rely on exemptions from certain Nasdaq corporate governance standards applicable to U.S. issuers, including the requirement that a majority of an issuer's directors consist of independent directors. This may afford less protection to holders of our Class A common shares.***

Subject to certain requirements, as a foreign private issuer, we are permitted to follow home country practice in lieu of certain Nasdaq corporate governance rules, which include rules relating to board independence, independent director oversight of executive compensation, nomination of directors and other corporate governance matters, such as the requirement that we obtain shareholder approval prior to an issuance of securities (in certain circumstances) in connection with certain events. To the extent Cayman Islands law does not require us to adopt these corporate governance standards, we are permitted, intend to and follow home country practice in lieu of the above requirements. See "Item 10. Additional Information—B. Memorandum and Articles of Association—Principal Differences between Cayman Islands and U.S. Corporate Law—Corporate Governance."

***We may lose our status as a foreign private issuer, or the eligibility criteria for such status may change, in which case we would be required to comply with the Exchange Act's domestic reporting regime and incur significant additional costs.***

We are currently treated as a "foreign private issuer" ("FPI") under the U.S. securities laws. In order to maintain our current status as a foreign private issuer, either (a) more than 50% of our Class A common shares must be either directly or indirectly owned of record by nonresidents of the United States or (b)(i) a majority of our executive officers or directors may not be U.S. citizens or residents; (ii) more than 50% of our assets cannot be located in the United States; and (iii) our business must be administered principally outside the United States. Accordingly, changes in our shareholder base (including trading and ownership patterns), management and board composition, the location of our assets, or the manner in which we administer our business could cause us to lose FPI status. If we lose this status, we would be required to comply with the Exchange Act reporting and other requirements applicable to U.S. domestic issuers, which are more detailed and extensive than the requirements for foreign private issuers. We may also be required to make changes in our corporate governance practices in accordance with various SEC and the Nasdaq rules. The regulatory and compliance costs to us under U.S. securities laws if we are required to comply with the reporting requirements applicable to a U.S. domestic issuer may be significantly higher than the costs we will incur as a foreign private issuer.

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In addition, the SEC has recently solicited public comment on whether the definition of "foreign private issuer" should be amended, and any resulting rulemaking could narrow the class of companies eligible for FPI status or otherwise change the criteria or process for determining such status. Even if we maintain FPI status, U.S. legislative, regulatory or exchange developments may reduce or eliminate certain accommodations historically available to FPIs and increase our compliance obligations and costs. For example, directors and officers of FPIs will be subject to Section 16(a) reporting requirements beginning March 18, 2026. The resulting increase in compliance burdens and costs could be significant, could divert management's time and attention from operating our business, and could adversely affect our financial condition and results of operations.

#### Our shareholders may face difficulties in protecting their interests because we are a Cayman Islands exempted company.
Our corporate affairs are governed by our Articles of Association, by the Companies Act (Revised) of the Cayman Islands, or the Companies Act, and the common law of the Cayman Islands. The rights of shareholders to take action against our directors, actions by minority shareholders and the fiduciary responsibilities of our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as that from English common law, which has persuasive, but not binding, authority on a court in the Cayman Islands. The rights of our shareholders and the fiduciary responsibilities of our directors under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedent in some jurisdictions in the United States. In particular, the Cayman Islands has a less exhaustive body of securities laws than the United States. In addition, some U.S. states, such as Delaware, have more fulsome and judicially interpreted bodies of corporate law than the Cayman Islands.

While Cayman Islands law allows a dissenting shareholder to express the shareholder's view that a court sanctioned reorganization of a Cayman Islands company would not provide fair value for the shareholder's shares, Cayman Islands statutory law does not specifically provide for shareholder appraisal rights in connection with a court sanctioned reorganization (by way of a scheme of arrangement). This may make it more difficult for you to assess the value of any consideration you may receive in a merger or consolidation (by way of a scheme of arrangement) or to require that the acquirer gives you additional consideration if you believe the consideration offered is insufficient. However, Cayman Islands statutory law provides a mechanism for a dissenting shareholder in a merger or consolidation to apply to the Grand Court of the Cayman Islands for a determination of the fair value of the dissenter's shares if it is not possible for the company and the dissenter to agree on a fair price within the time limits prescribed.

Shareholders of Cayman Islands exempted companies (such as us) have no general rights under Cayman Islands law to inspect corporate records and accounts or to obtain copies of lists of shareholders. Our directors have discretion under our Articles of Association to determine whether or not, and under what conditions, our corporate records may be inspected by our shareholders, but are not obliged to make them available to our shareholders. This may make it more difficult for you to obtain information needed to establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.

Subject to limited exceptions, under Cayman Islands law, a minority shareholder may not bring a derivative action against the board of directors. Class actions are not recognized in the Cayman Islands, but groups of shareholders with identical interests may bring representative proceedings, which are similar.

#### United States civil liabilities and certain judgments obtained against us by our shareholders may not be enforceable.
We are a Cayman Islands exempted company and substantially all of our assets are located outside of the United States. In addition, the majority of our directors and officers are nationals and residents of countries other than the United States. A substantial portion of the assets of these persons is located outside of the United States. As a result, it may be difficult to effect service of process within the United States upon these persons. It may also be difficult to enforce in U.S. courts judgments obtained in U.S. courts based on the civil liability provisions of the U.S. federal securities laws against us and our officers and directors who are not resident in the United States and the substantial majority of whose assets are located outside of the United States.

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Further, it is unclear if original actions predicated on civil liabilities based solely upon U.S. federal securities laws are enforceable in courts outside the United States, including in the Cayman Islands. Courts of the Cayman Islands may not, in an original action in the Cayman Islands, recognize or enforce judgments of U.S. courts predicated upon the civil liability provisions of the securities laws of the United States or any state of the United States on the grounds that such provisions are penal in nature. Although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, courts of the Cayman Islands will recognize and enforce a foreign judgment of a court of competent jurisdiction if such judgment is final, for a liquidated sum, provided it is not in respect of taxes or a fine or penalty, is not inconsistent with a Cayman Islands judgment in respect of the same matters, and was not obtained in a manner which is contrary to the public policy of the Cayman Islands. In addition, a Cayman Islands court may stay proceedings if concurrent proceedings are being brought elsewhere.

#### Judgments of Brazilian courts to enforce our obligations with respect to our Class A common shares may be payable only in reais.
A significant portion of our assets and our principal offices are located in Brazil. If proceedings are brought in the courts of Brazil seeking to enforce our obligations in respect of our Class A common shares, we may not be required to discharge our obligations in a currency other than the *real*. Under Brazilian exchange control laws, an obligation in Brazil to pay amounts denominated in a currency other than the *real* may only be satisfied in Brazilian currency at the exchange rate, typically as determined by the Brazilian Central Bank, in effect on the date the judgment is obtained, and such amounts are then typically adjusted to reflect exchange rate variations and monetary restatements through the effective payment date. The then-prevailing exchange rate may not afford non-Brazilian investors with full compensation for any claim arising out of or related to our obligations under the Class A common shares.

***Our Class A common shares may not be a suitable investment for all investors, as investment in our Class A common shares presents risks and the possibility of financial losses.***

The investment in our Class A common shares is subject to risks. Investors who wish to invest in our Class A common shares are thus subject to asset losses, including loss of the entire value of their investment, as well as other risks, including those related to our Class A common shares, us, the sector in which we operate, our shareholders and the general macroeconomic environment in Latin America, among other risks.

Each potential investor in our Class A common shares must therefore determine the suitability of that investment in light of its own circumstances. In particular, each potential investor should:

• have sufficient knowledge and experience to make a meaningful evaluation of our Class A common shares, the merits and risks of investing in our Class A common shares and the information contained in this annual report;

• have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its particular financial situation, an investment in our Class A common shares and the impact our Class A common shares will have on its overall investment portfolio;

• have sufficient financial resources and liquidity to bear all of the risks of an investment in our Class A common shares;

• understand thoroughly the terms of our Class A common shares and be familiar with the behavior of any relevant indices and financial markets; and

• be able to evaluate (either alone or with the help of a financial advisor) possible scenarios for economic, interest rate and other factors that may affect its investment and its ability to bear the applicable risks.

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***There can be no assurance that we were not a passive foreign investment company, or PFIC, for our 2025 taxable year or that we will not be a PFIC for any future taxable year, which could subject U.S. investors in our Class A common shares to significant adverse U.S. federal income tax consequences.***

Under the Internal Revenue Code of 1986, as amended, or the Code, we will be a passive foreign investment company, or PFIC, for any taxable year in which, after the application of certain look-through rules with respect to subsidiaries, either (1) 75% or more of our gross income consists of "passive income;" or (2) 50% or more of the average quarterly value of our assets consists of assets that produce, or are held for the production of, "passive income." Passive income generally includes dividends, interest, certain non-active rents and royalties, and capital gains. Based on our operations, income, assets and certain estimates and projections, including as to the relative values of our assets, including goodwill, we believe that we were likely not a PFIC for our 2025 taxable year. However, this belief is based in part on our determination of the value of our equity utilizing various criteria, including discounted cash flows, market prices for certain of our assets and a control premium, which differs from the market price of our Class A common shares. Using similar criteria, we believe that we were likely not a PFIC for our 2024 and 2023 taxable years. For 2022 and prior taxable years, our expectation as to whether or not we were a PFIC was based on the market price of our Class A common shares. Whether we were a PFIC in 2025, and whether we will be a PFIC in any future year is uncertain because, among other things, (i) we hold a substantial amount of investments that generate passive income; (ii) our PFIC status for any taxable year depends on the composition of our income and assets and the value of our assets from time to time (which may be uncertain and potentially volatile); and (iii) the law applicable to determining whether our goodwill is categorized as an asset that produces active or passive income is subject to varying interpretation. To the extent that any growth in our passive income outpaces our active business, our PFIC status could change. Accordingly, there can be no assurance that we were not a PFIC in 2025 or that we will not be a PFIC for any future taxable year. In addition, there can be no assurance that the IRS will agree with our conclusion or our methodology for determining, or our determination of, the value of our goodwill.

If we are a PFIC for any taxable year during which a U.S. investor holds our Class A common shares, we generally would continue to be treated as a PFIC with respect to that U.S. investor for all succeeding years during which the U.S. investor holds our Class A common shares, even if we ceased to meet the threshold requirements for PFIC status. Such a U.S. investor may be subject to adverse U.S. federal income tax consequences, including (i) the treatment of all or a portion of any gain on disposition as ordinary income; (ii) the application of a deferred interest charge on such gain and the receipt of certain dividends; and (iii) compliance with certain reporting requirements. A "mark-to-market" election may be available that will alter the consequences of PFIC status if our Class A common shares are regularly traded on a qualified exchange. For further discussion, see "Item 10. Additional Information—E. Taxation—Material U.S. Federal Income Tax Considerations for U.S. Holders."

***If we were deemed to be an "investment company" under the Investment Company Act, applicable restrictions could make it impractical for us to continue our business as contemplated and could have a material adverse effect on our business, results of operations and financial condition.***

We intend to conduct our operations so that we will not be deemed to be an investment company under the Investment Company Act. Under Section 3(a)(1) of the Investment Company Act, an entity generally will be deemed to be an "investment company" for purposes of the Investment Company Act if: (a) it is or holds itself out as being engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting or trading securities or (b) absent an applicable exemption, it owns or proposes to acquire investment securities (other than U.S. government securities, securities issued by employees' securities companies and securities issued by qualifying majority owned subsidiaries of such entity) having a value exceeding 40% of the value of its total assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis.

We believe that we are engaged primarily in the business of providing asset management services and not in the business of investing, reinvesting or trading in securities. We also believe that the primary source of income from each of our businesses is properly characterized as income earned in exchange for the provision of services. We hold ourselves out as an asset management firm and do not propose to engage primarily in the business of investing, reinvesting or trading in securities. Accordingly, we do not believe that the Company is what is frequently referred to as an "orthodox" investment company as defined in the Investment Company Act and described in clause (a) in the preceding paragraph. Furthermore, on an unconsolidated basis, at least 60% of the value of the Company's total assets (exclusive of U.S. government securities and cash items) consists of (1) property, plant and equipment, intangible assets that are not securities, and other assets that we believe would not be considered securities for purposes of the Investment Company Act and (2) our interests in

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certain of our majority owned subsidiaries, which we believe are not investment companies for purposes of the 40% test described in clause (b) in the preceding paragraph (each, a "Qualifying Subsidiary"), because each Qualifying Subsidiary, on a consolidated basis, is primarily engaged in providing asset management services and is not an investment company by virtue of Rule 3a-1 under the Investment Company Act. Under Rule 3a-1, an entity is generally deemed to be an "investment company" if, absent an applicable exemption, more than 45% of the value of its assets (exclusive of U.S. government securities and cash items) consists of, and more than 45% of its net income after taxes (for the past four fiscal quarters combined) is derived from, securities other than U.S. government securities, securities issued by employees' securities companies, securities issued by qualifying majority owned subsidiaries of such entity and securities issued by qualifying companies that are controlled primarily by such entity. Each Qualifying Subsidiary's assets, consolidated with its wholly-owned subsidiaries (within the meaning of the Investment Company Act), consist primarily of fee receivables for the provision of services, property and equipment, right-of-use leases, deferred tax assets, and other assets that we believe would not be considered securities for purposes of the Investment Company Act. Therefore, we believe that, consolidating each Qualifying Subsidiary's wholly-owned subsidiaries (within the meaning of the Investment Company Act), no more than 45% of the value of such Qualifying Subsidiary's assets (exclusive of U.S. government securities and cash items) consists of, and no more than 45% of its net income after taxes (for the past four fiscal quarters combined) is derived from, securities other than U.S. government securities, securities issued by employees' securities companies, securities issued by qualifying majority owned subsidiaries of such Qualifying Subsidiary and securities issued by qualifying companies that are controlled primarily by such Qualifying Subsidiary. Accordingly, we believe that each Qualifying Subsidiary is not an investment company by virtue of Rule 3a-1 under the Investment Company Act, and therefore is a qualifying majority-owned subsidiary of the Company for purposes of applying the 40% test described in clause (b) in the preceding paragraph to the Company.

In addition, we believe the Company and each Qualifying Subsidiary is not an investment company under section 3(b)(1) of the Investment Company Act because it is primarily engaged in a non-investment company business.

However, our subsidiaries have a significant number of investment securities, and we expect to make investments in other investment securities from time to time. We monitor these holdings regularly to confirm our continued compliance with the assets and income test described above. The need to comply with this test may cause us to restrict our business and subsidiaries with respect to the assets in which we can invest and/or the types of securities we may issue, sell investment securities, including on unfavorable terms, acquire assets or businesses that could change the nature of our business or potentially take other actions that may be viewed as adverse to the holders of our Class A common stock, in order to conduct our business in a manner that does not subject us to the registration and other requirements of the Investment Company Act.

If anything were to happen which would cause the Company to be deemed to be an investment company under the Investment Company Act, we may lose our ability to raise money in the U.S. capital markets and from U.S. lenders, and additional restrictions under the Investment Company Act could apply to us, all of which could make it impractical for us to continue our business as currently conducted. This would materially and adversely affect the value of your Class A common shares and our ability to pay dividends in respect of our Class A common shares.

#### ITEM 4. INFORMATION ON THE COMPANY
**A.** **History and Development of the Company** 

#### Our History
Vinci Compass traces its origins to two distinguished firms with rich histories in the alternative asset space in Latin America: Vinci Partners and Compass. The team behind Vinci Partners started investing in the alternative asset space in the early 2000s, with a group of our current partners investing through our first private equity fund or Fund I. In 2004, that group began building an independent principal investment group dedicated to alternative investment strategies for Banco Pactual, one of the leading investment banks in Brazil at the time. In 2006, UBS purchased Banco Pactual and several investment professionals established an independent alternatives business unit within UBS, called UBS Pactual Gestora de Investimentos Alternativos Ltda. or ALIN. In 2009, following UBS' divestiture of Banco Pactual, Mr. Sayão together with Mr. Horta and a large majority of the other investment professionals from ALIN founded Vinci Partners.

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Meanwhile, Compass' story began in 1995 in New York with the launch of the first dedicated Latin American fund, driven by the vision of becoming the leading provider of investment solutions in the region. One year after opening the New York office, Compass cemented its presence in Latin America with the opening of an office in Chile. Over time, Compass expanded its footprint across eight countries, starting in the United States in 1995, entering Chile in the following year, Argentina in 1997, Peru, Mexico and Colombia in 2002, Uruguay in 2010, and Brazil in 2018, in addition to maintaining a presence in the United States and in the United Kingdom.

On October 29, 2024, we completed the business combination between Vinci Partners and Compass. The resulting company, Vinci Compass, is the premier partner for alternative investments and global solutions in Latin America. The creation of Vinci Compass cements the union of two complementary platforms, diversified across strategies, countries and clients. We believe that Vinci Compass, a leading full-service alternative asset manager in Latin America, serves as the gateway to alternative investments in the region offering expertise across Private Equity, Credit, Real Assets, Equities, Global IP&S and Corporate Advisory. Each segment is managed by specialized teams committed to delivering excellence in investment and advisory services.

With deep expertise in the alternative asset space and a robust distribution network spanning Latin America and key global markets, Vinci Compass is uniquely positioned to serve diverse investor needs across local, regional, and global mandates. On a first-level basis, our *local-to-local*initiatives leverage our deep expertise in Latin American specific markets to provide tailored solutions within each country to local investors. We are also able to act on a *local-to-global* basis, by providing access for local investors to world-class alternative investments through our strong relationships with top-tier global GPs. Global investors looking into deploying capital into Latin America are also our clients, and we are able to serve them on a *global-to-local*or *global-to-regional*basis, by providing investment opportunities into specific local strategies or regional mandates, bridging the gap between global investors and high-quality local assets. This multi-channel approach reinforces Vinci Compass as the premier conduit for capital across Latin America and beyond and the gateway for alternative investments in the region.

Based on the data sources cited below, we believe that:

• **Vinci Compass is a leading alternative investments and global solutions provider in Latin America—** With R$354 billion in assets under management and advisory, Vinci Compass was one of the largest independent asset managers in the region as of December 31, 2025.

• **Vinci Compass maintains a robust pipeline of young talent—** Our recruitment and selection process ensures that we attract and retain top talent. We screened over 6,000 potential candidates in 2025 to fill over 110 positions, representing approximately 60 applicants per vacancy in 2025. This competitive process ensures that Vinci Compass is attracting the next generation of leaders. In addition, Vinci Compass offers summer programs twice a year in our Brazilian offices, one being for Brazil-focused students in the beginning of the year and the other for students that study abroad in the middle of the year. Together, the two groups attracted over 1,300 applicants, with 15 students selected for each group.

• **Vinci Compass is one of the most visible investment brands in Brazil —** Vinci Compass is ranked second place in terms of media appearances based on media space (according to data prepared by Danthi Comunicações using information from Topclip). Additionally, we reached a broad audience of over 1,630,547 impressions through our LinkedIn channels, actively engaging with over 508,901 individuals in 2025.

• **Vinci Compass has been recognized through a broad range of awards and distinctions worldwide, and our funds across all business segments are consistently ranked among the top performers in the industry** –In 2025, Vinci Compass was recognized by *Diario Financiero* as the leading player in the distribution of third-party funds via feeder structures in Chile, with a 17.8% market share and more than US$2.2 billion in assets under management. Additionally, in the 2025 FGV Fund Guide, three of its strategies received 5-star ratings, while the firm also achieved second place in the Multi-Strategy Funds category and third place in the Institutional Investors category. In Brazil, Vinci Compass received a total of 40 industry recognitions,

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including awards and rankings granted by leading institutions such as Leaders League, the FGV Funds Guide, and Institutional Investor Magazine. These recognitions encompass Vinci Compass as a whole, as well as its business areas and funds. With respect to our funds, we have a well-established and widely recognized track record of delivering returns above benchmarks across all segments in which we operate. Among these recognitions, several awards stand out. Vinci Compass was recognized as a market standout by the Líderes Rio de Janeiro Award and ranked among the top three managers specializing in multimarket funds and funds designed for wholesale investors, according to the FGV Funds Guide. In addition, three of our partners were individually recognized as Best Real Estate Asset Manager, Best Equity Manager, and Best Professional in RPPS Relationship Management. Our funds and business areas were also recognized by leading market research institutions across different segments. According to Leaders League, we were classified as leading in the "Best Private Equity Funds" category within the Private Equity segment and received an excellent ranking in the "Best Real Estate Transactions – Investment" category in Real Assets. Still according to the same institution, our Corporate Advisory segment received the highest distinction in the "Best Independent Advisors for M&A: Mid-Lower Cap" category and was ranked as recommended in Debt Capital Markets in 2025. In the Credit segment, three of our funds received five stars from the FGV Funds Guide. Additionally, five funds across the Global IP&S, Credit, and Equities segments were recognized by Institutional Investor Magazine as Excellent Funds. <br>

• **Vinci Compass is known for its commitment to social impact** —We are dedicated to strengthening social initiatives and promoting responsible investment in Brazil. Since Vinci Partners' founding, we have continuously improved our sustainability approach, evolving from respecting general guidelines to infusing positive sustainable impact into some of our products. As a result, we were in 2012 one of the first investment managers in Brazil to be a signatory to the Principles for Responsible Investment, or the PRI. Furthermore, we have also endorsed the Women's Empowerment Principles, or WEPs, which are a set of principles offering guidance to businesses on how to promote gender equality and women's empowerment in the workplace, marketplace and community as part of the United Nations Sustainable Development Goals. By endorsing the WEPs, Vinci Compass signals its high-level commitment to promoting gender equality and working collaboratively in a multi-stakeholder environment to foster business practices that empower women. We are one of the few alternative asset managers in Brazil with an active Private Markets impact dedicated strategy, through our Impact and Return, or VIR, platform within our private equity strategy. For more information, see "—Sustainability Matters."

The following chart summarizes key milestones in our operational history:

![LOGO](g79123g34v07.jpg)

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The following highlights present the key strategic and inorganic initiatives since our IPO, with detailed information regarding each transaction:

#### Acquisition of SPS Capital
On August 16, 2022, we completed the acquisition of SPS Capital, a leading special situations independent asset manager with over R$2.0 billion in assets under management at the time of the acquisition and led by a highly experienced and best-in-class team with extensive experience in the sector.

The acquisition of SPS Capital resulted in a new business strategy, Opportunistic Capital Solutions, under the Credit segment, which broadens our product offering and, we believe, enhances the strength of our platform. The transaction strengthens Vinci Compass' FRE quality, stability and visibility as a result of recurring and high visibility management fee revenues with long-term lockups. We believe that the new strategy, Opportunistic Capital Solutions, operates in an underpenetrated market, creating substantial future growth opportunities to the platform. We believe the acquisition solidified Vinci Compass' position as the player of choice for alternative investments in Latin America, with a full suite of sophisticated and complementary business segments.

#### Ares Investment
On October 10, 2023, we announced that Ares Management Corporation, or Ares, agreed to form a strategic partnership to accelerate the growth of Vinci Compass' platform in Latin America and to collaborate with the distribution, product development and other business opportunities. In connection with this partnership, an affiliate of Ares would concurrently make a US$100 million investment in newly-issued Series A convertible preferred shares, subject to customary closing conditions. The transaction closed on October 26, 2023. Following closing, Ares appointed Mr. Peter Ogilvie to Vinci Compass' board of directors to share best practices, including related to M&A.

The key terms of the Series A convertible preferred shares, as set forth under the relevant certificate of designations, are: (i) 8.0% per annum cumulative dividend payable quarterly and in Brazilian *reais* (payable in U.S. dollars in Brazilian *reais* equivalent); (ii) Ares shall have the right at any time, to convert its Series A convertible preferred shares into approximately 7,354,020 Class A common shares, based on an initial conversion rate of 73.5402 Class A common shares for each Series A convertible preferred share, which represents an initial conversion price of approximately US$13.60 per Class A common share; (iii) Ares shall have the right to redeem any time after the 10th year anniversary; and (iv) we will have the right to force conversion after the second year anniversary if forced conversion trigger conditions are satisfied. For further information, see "Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Series A Convertible Preferred Shares" and notes 14(i) and 16 to our audited consolidated financial statements included elsewhere in this annual report.

As of December 31, 2025, Ares and its affiliates beneficially owned approximately 10.1% of our total issued and outstanding common shares (on an as-converted basis for the Series A convertible preferred shares). See "Item 7. Major Shareholders and Related Party Transactions—A. Major Shareholders."

#### Acquisition of MAV Capital
On June 28, 2024, we completed the acquisition of MAV Capital, an alternative asset manager focused on the agribusiness segment in Brazil, with approximately R$550 million in assets under management at the time of the acquisition, through five investment vehicles comprising more than 35 in-house structured credit operations across a number of sectors, such as Agribusiness, Real Estate and Infrastructure. Founded in 2021, MAV Capital is led by a seasoned management team with a significant track record in the field. MAV Capital's senior management team has over 20 years of experience, under the leadership of Mr. André Ito, a respected professional with a background in major banking institutions. The team manages capital pools through closed-end fund structures, featuring long-term lockups extending up to 10 years, and their flagship strategy revolves around acquiring debt securities within the agribusiness sector, with two vintages raised between 2021 and 2023.

The acquisition of MAV Capital had an initial cash component, with an additional consideration in cash through an earnout structure to be paid in 2028, subject to the achievement of certain incremental management fee revenue targets.

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#### Acquisition of Lacan
On November 4, 2024, we announced the acquisition of Lacan, an alternative asset manager with a leading franchise in the forestry segment in Brazil, with approximately R$1.5 billion in assets under management as of such date. Founded in 2000, Lacan is a leading Timberland Investment Management Organization (TIMO) in Brazil, led by an experienced senior management team with a significant track record. The Lacan team manages closed-end investment vehicles with long-term lockups of at least 10 years, with a flagship strategy that includes three vintages raised to date in addition to a fourth vintage currently amid the fundraising process. Lacan's strategy is committed to sustainability, managing 130,000 hectares of planted forests and preserved areas across four different states in Brazil. Furthermore, all of Lacan's operations are 100% Forest Stewardship Counsel-certified, with a focus on planting exclusively on cleared or degraded lands, reinforcing its dedication to responsible environmental stewardship.

The Lacan transaction included an initial cash component, with additional cash considerations through earnout structures over a period of up to four years, contingent upon fundraising and incremental management fee revenues.

#### Business Combination with Compass
On March 7, 2024, we reached an agreement for a combination with Compass, which closed on October 29, 2024. This business combination created a full-service Latin American alternative asset manager. We believe that the business combination with Compass is fully aligned with our strategic growth plan to expand our geographic footprint into a true pan-regional platform. We believe that with the combination of both platforms, we will be able to enhance the distribution reach of our investment strategies across Latin America through Compass' leading platform, and Compass will be able to provide access to world-class managers and offer global and regional solutions to our broad client base in Brazil, whilst the mindset and cultural alignment between partners from both companies will catalyze superior execution. Moreover, upon closing, the business combination was immediately accretive to our FRE per share, with short- and medium-term additional accretion from revenue and productivity enhancement synergies to be unlocked with the integration of both platforms.

Our business combination with Compass had a total upfront consideration of 11,783,384 shares of our Class A common shares and a cash consideration of US$35.2 million, in the form of certain of our Class C redeemable common shares (all of which were redeemed on October 30, 2024). As a result, upon closing, the existing Compass partners came to hold approximately 18% of our total share capital. See "Item 7. Major Shareholders and Related Party Transactions—A. Major Shareholders." In addition, under the agreement, Compass partners are entitled to an earn-out of up to an additional 7.5% stake in the combined entity, subject to the achievement of pre-determined metrics, to be paid in our Class A common shares until 2028.

The combination of Vinci and Compass brought a robust governance structure that integrated the expertise and leadership of both firms. Our unified leadership team reflected this alignment, with executives from both Vinci and Compass taking on critical roles. Gilberto Sayão and Alessandro Horta remained in their roles as Chairman and CEO of Vinci Compass, while Manuel Jose Balbontín Fernandez, partner, founder and chairman of Compass was appointed as vice-chairman of our board of directors, and Jaime de la Barra, partner, founder and vice-chairman of Compass, was appointed as a director and Head of Global IP&S of Vinci Compass. See "Item 6. Directors, Senior Management and Employees—A. Directors and Senior Management." Compass executives and senior management will continue on with Vinci Compass and remain fully committed to a long-term plan aligned with the plan that is currently in place for our executive partners.

#### Acquisition of 50.1% of Verde Asset Management
On October 6, 2025, we entered into a definitive agreement to acquire Verde Asset Management ("Verde"), one of Brazil's leading multi-strategy managers with approximately R$16 billion in assets under management. Verde's investment team, led by Luis Stuhlberger, will remain in place and continue to manage Verde's funds under an independent-investment governance framework.

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The transaction strengthens our Global Investment Products & Solutions platform as Verde's capabilities enhance Vinci Compass' Multi-strategy and Pension Plans strategies within Global IP&S, reinforcing earnings quality and deepening the share of discretionary mandates. Vinci Compass also broadens its product shelf across high-net-worth individuals and intermediaries while strengthening solutions for institutional clients, leveraging complementary strategies and track records that expand client choice and the relevance of our open-architecture solutions. The Verde team, led by Luis Stuhlberger, will remain in place under an independent-investment governance framework, while benefiting from Vinci Compass' regional distribution.

The transaction is structured in two phases. At closing, which occurred on December 1, 2025, we acquired 50.1% of Verde for a mix of newly issued Class A common shares and cash (with a follow-on installment in year two subject to revenue targets and other customary conditions), followed by an earn-out after five years under which we should acquire the remaining 49.9%. In phase one of the acquisition, the 50.1% was acquired for total consideration comprised of 3.1 million newly issued Class A common shares and R$46.8 million in cash, payable in two installments: (i) at closing, 2,177,439 new Class A common shares and R$32.4 million in cash; and (ii) after two years, an estimated 0.9 million new Class A common shares and R$14.4 million in cash, contingent on revenue targets and other customary conditions. Phase two is structured as a five-year earn-out, under which we may acquire the remaining 49.9% of Verde Asset for cash and/or newly issued Class A common shares at our discretion, with a value currently estimated at R$63.5 million.

The transaction is designed for continuity—Verde executives will remain in their current roles, with interests aligned through performance-linked revenue-sharing arrangements—and is expected to be immediately accretive to FRE per share on a double-digit basis and low-to-mid single-digit accretive to Distributable Earnings per share, subject to customary assumptions and risks. Closing of this transaction occurred on December 1, 2025, after we obtained regulatory approvals and satisfied or waived all other closing conditions.

#### Recent Developments
On March 17, 2026, we announced certain changes to our board of directors. Messrs. Lywal Salles Filho and Rogerio Ladeira Furquim Werneck stepped down as directors, effective March 16, 2026. Effective March 17, 2026, our board of directors appointed Mr. Eugenio Garza y Garza as an interim director in accordance with our articles of association, pending his formal election at the next general meeting of shareholders. For more information, see "Item 6. Directors, Senior Management and Employees—A. Directors and Senior Management."

#### Corporate Information
Our global headquarters is located at Av. Bartolomeu Mitre, 336, Leblon, Rio de Janeiro, Brazil, 22431-002. Our telephone number at this address is +55 (21) 2159-6240.

We have regional headquarters in Santiago and New York, as well as offices in Buenos Aires, Bogotá, Lima, Mexico City, Miami, Montevideo, Recife, Ribeirão Preto, and São Paulo. Investors should contact us for any inquiries through the address and telephone number of our global headquarters. Our website is <u>https://www.vincicompass.com</u>. The information contained in, or accessible through, our website is not incorporated into this annual report.

#### Implications of Being an Emerging Growth Company
As a company with less than US$1.235 billion in revenue during our last fiscal year, we qualify as an "emerging growth company" as defined in the JOBS Act. An emerging growth company may take advantage of specified reduced reporting and other burdens that are otherwise applicable generally to public companies. These provisions include:

• an exemption from the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, as amended, or the Sarbanes-Oxley Act, in the assessment of our internal control over financial reporting;

• reduced disclosure about our executive compensation arrangements in our periodic reports, proxy statements and registration statements; and

• exemptions from the requirements of holding non-binding advisory votes on executive compensation and golden parachute arrangements.

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We may take advantage of these provisions for up to five years or such earlier time that we are no longer an emerging growth company. We would cease to be an emerging growth company if we have more than US$1.235 billion in annual revenue, have more than US$700 million in market value of our Class A common shares held by non-affiliates or issue more than US$1.0 billion of non-convertible debt over a three-year period. We may choose to take advantage of some but not all of these reduced burdens. Accordingly, the information about us available to you will not be the same as, and may be more limited than, the information available to shareholders of a non-emerging growth company.

In addition, under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards until such time as those standards apply to private companies. Given that we currently report and expect to continue to report under IFRS Accounting Standards as issued by the IASB, we will not be able to avail ourselves of this extended transition period and, as a result, we will adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required by the IASB.

**B.** **Business Overview** 

#### Introduction to Vinci Compass
Vinci Compass is the premier partner for alternative investments and global solutions in Latin America, formed by the combination of Vinci Partners and Compass in 2024. Our 594 full-time employees as of December 31, 2025 draw from a wide-ranging network of personal and professional relationships with industry-leading executives, business owners, corporate managers, financial and operational advisors, consultants and attorneys to source, fund, manage, and distribute investments. Vinci Compass' business segments include Global IP&S, Credit, Private Equity, Equities, Real Assets and Corporate Advisory, each managed by dedicated investment teams with an independent investment committee and decision-making process.

Vinci Partners' origins are in the early 2000s, when a group of current partners launched their first private equity fund. In 2004, they established an independent alternatives group within Banco Pactual. Following UBS's acquisition of Banco Pactual in 2006, the team formed ALIN, an alternatives unit within UBS. In 2009, after UBS divested Banco Pactual, Mr. Sayão, Mr. Horta, and most ALIN professionals founded Vinci Partners. Prior to its business combination with Compass, Vinci Partners' AUM grew from R$1.9 billion in 2009 to R$70.4 billion as of September 30, 2024, representing a 27% compound annual growth rate, or CAGR. Since inception, we have driven strong performance and organic growth through the consistent launch of new investment vehicles, while also pursuing strategic inorganic expansion. Key transactions include partnerships with Gas Investimentos (2010), Mosaico Capital (2017), SPS Capital Gestão de Recursos Ltda., or SPS Capital (2022), MAV Capital (2024), Lacan (2024) and Verde Asset Management (2025).

Founded in 1995, Compass began with a mission of bringing innovative investment strategies to Latin American investors. Over nearly three decades, the firm has built a strong track record of sustainable growth and innovation. Prior to its business combination with Vinci Partners, Compass' AUM grew at a 31% CAGR to R$223.7 billion as of September 30, 2024. Compass has expanded its footprint across eight countries, starting in the United States in 1995, entering Chile in the following year, Argentina in 1997, Peru, Mexico and Colombia in 2002, Uruguay in 2010, and Brazil in 2018. This broad presence reflects its deep market penetration and ability to serve a diverse client base of 1,700 institutional and high-net-worth investors.

In October 2024, Vinci Partners combined with Compass to form Vinci Compass. In October 2025, we further expanded our platform through the announced acquisition of 50.1% of Verde Asset Management, which closed in December 2025, contributing to one month of our full year 2025 and fourth quarter 2025 results. Our official AUM is calculated on a consolidated basis, accounting for double counting resulting from funds from one segment investing in other segments, excluding double counting from co-managed funds between our segments and including assets under advisory.

Our business strategy comprises six segments: Global IP&S, Private Equity, Real Assets, Credit, Equities and Corporate Advisory. As of December 31, 2025, Global IP&S accounted for 77% of our AUM, followed by Credit with 10%, Private Equity with 4%, Equities with 4% and, lastly, Real Assets with 4% of AUM. AUM for any period prior to the closing of our business combination with Compass is not presented on a pro forma basis.

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The following table sets forth our AUM on a per-segment basis as of the dates indicated:

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| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** | **2023** |
|  | **(in R$ millions)** | **(in R$ millions)** | **(in R$ millions)** |
|  Global IP&S | 271492 | 255403 | 25514 |
|  Credit | 36464 | 29213 | 7371 |
|  Private Equity | 15390 | 16760 | 14593 |
|  Equities | 15286 | 13883 | 10055 |
|  Real Assets | 15476 | 11702 | 10992 |
|  **Total** | **354108** | **326961** | **68525** |

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Our revenue base is broadly diversified within our strategies. For the year ended December 31, 2025, Global IP&S accounted for 40% of our Fee Related Revenues (i.e., our net revenue from management fees, net revenue from advisory services and net revenue from other revenues), followed by Credit with 24%, Private Equity with 13%, Real Assets with 13%, Equities with 8%, and Corporate Advisory with 2%.

The following tables set forth our Fee Related Revenues on a per-segment basis for the years indicated:

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| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  | **(in R$ million)** | **(in R$ million)** | **(in R$ million)** |
|  Global IP&S | 375.8 | 128.7 | 83.7 |
|  Credit | 234.0 | 83.8 | 52.2 |
|  Private Equity | 123.5 | 146.6 | 125.5 |
|  Equities | 73.8 | 59.2 | 58.8 |
|  Real Assets | 121.7 | 102.3 | 75.7 |
|  Corporate Advisory | 20.8 | 42.9 | 37.3 |
|  **Total** | **949.7** | **563.6** | **433.2** |

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The following chart presents our AUM and Fee Related Revenues by segment, client profile, country of funding and country of asset allocation for the quarter ended December 31, 2025:

![LOGO](g79123g34v08.jpg)

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#### Competitive Strengths
We have established a premier independent franchise with market leadership across our high value-added strategies. We believe that our business model, focused on high-performance and executed by talented multi-disciplinary teams with a focus on value creation, has enabled us to build one of the most complete portfolios of alternative investment strategies and global solutions, which combined with the adoption of innovative technologies and increasing integration across our business segments, strongly position us to capitalize on the future expansion and shifts in asset allocation in the Latin American investment market.

#### We are a leading independent alternative asset manager and global solutions provider in Latin America, with an extensive product offering across several business strategies.
Since our inception, we have worked tirelessly to establish ourselves as a premier independent alternative investment platform and global solutions provider, recognized for our leading presence across the principal Latin American countries and our broad product offering across all major alternative asset classes. With R$354 billion in assets under management and advisory (as of December 31, 2025) and complementary strengths across investment strategies and distribution capabilities, Vinci Compass is reshaping the region's alternative investment landscape. With a leading pan-regional distribution network with expertise in accessing global general partners, or GPs, and best-in-class proprietary investment strategies, Vinci Compass works as a full-service one-stop-shop platform able to serve diverse investor needs across local, regional, and global mandates.

Our extensive product offering, encompassing several business strategies, provides a strong competitive advantage as limited partners, or LPs, increasingly seek to consolidate their investments with fewer GPs. By investing with and/or through Vinci Compass, these investors can find tailored-made investment solutions across all major alternative asset classes. Additionally, our role as a global solutions provider in Latin America reinforces our competitive edge. We offer solutions to our clients spanning across proprietary investment products and the best-in-class world-class third-party GPs and top-tier asset managers, all while upholding a prestigious and knowledgeable reputation.

This distinctive combination of proprietary and third-party products allows us to provide comprehensive and diversified solutions that meet the evolving needs of our clients. With deep market expertise, a broad platform, and the ability to seamlessly integrate these offerings, Vinci Compass stands as the partner of choice for investors across the region, offering bespoke portfolios for all the different client profiles.

***Our diversified revenue streams across multiple countries and currencies, including recurring management and advisory fees, underpin a resilient, asset-light business model. This structure ensures stability and minimizes dependency on local economic cycles, enabling consistent performance in varying market conditions.***

Vinci Compass' diversified revenue streams, spanning multiple countries and currencies, are a cornerstone of our resilient and asset-light business model. With recurring income derived from management and advisory fees, complemented by performance-based fees, our business demonstrates strong immunity to fluctuations in local economic cycles. This strategic diversification mitigates geographic and currency-specific risks, ensuring a stable and predictable revenue base that supports sustainable long-term growth and value creation for our stakeholders.

Our ability to generate revenues in multiple currencies underscores the strength and flexibility of our platform. In the full year 2025, 39% of our total fee related revenues (i.e., the sum of our net revenue from management fees, net revenue from advisory services and net revenue from other revenues) was recognized in U.S. dollars, 38% in Brazilian *reais*, 8% in Chilean *pesos*, 6% in Argentine *pesos*, 6% in Mexican *pesos* and 2% in Peruvian *soles*. This distribution reflects our well-established presence in both emerging and developed markets, allowing us to capture revenues in hard currencies while benefiting from local market opportunities.

This balanced revenue mix provides us with the financial flexibility to grow organically by reinvesting in our platform, adapt to changing market conditions, and pursue strategic inorganic growth initiatives. By maintaining a strong presence in different markets, Vinci Compass is uniquely positioned to deliver value to its clients and stakeholders, regardless of economic volatility or regional challenges. This approach underscores our commitment to building a robust and future-ready business that thrives across diverse market environments.

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***We have built a resilient earnings profile with meaningful long-term value creation potential, supported by three complementary earnings streams: Fee Related Earnings (FRE), Performance Related Earnings (PRE) and Investment Related Earnings (IRE).***

We view our earnings profile as supported by three complementary streams that collectively enhance the resilience and scalability of our business model across market cycles: Fee Related Earnings (FRE), Performance Related Earnings (PRE) and Investment Related Earnings (IRE).

FRE reflects earnings coming from management fees and advisory fees that support the cash-generation capacity of our diversified platform. It provides the stability and growth that keep the business moving forward and underpins the durability and predictability of our cash generation across market cycles. As our platform scales through new fund launches and fundraising and portfolio appreciation, FRE benefits and reinforces its role as the backbone of our business model. The FRE base is well diversified, with low concentration and no single vertical dominating the revenue mix.

PRE reflects earnings coming from performance fees from our managed funds that may be realized as investment results crystallize across our strategies over time. PRE has two value drivers, represented by our liquid and private markets strategies. Liquid strategies have historically been the predominant source of PRE and have sustained this earnings stream over the past years. Private vehicles are still early in their harvest phase, building a second driver of PRE. Performance-eligible AUM of R$46 billion and gross accrued performance fees of R$255 million as of December 31, 2025 underpin upside potential for PRE, although realization remains timing-dependent, with closed-end vehicles expected to contribute more meaningfully as these funds mature in future cycles.

IRE plays a strategic role in our business model as it reflects the economics associated with realized and unrealized capital gains from our proprietary capital invested alongside clients, through GP commitments in our managed funds. These investments are made under substantially similar economic terms as those of clients, strengthening alignment and reinforcing long-term investment discipline. These commitments support capital formation and demonstrate conviction in our strategies by serving as an anchor commitment during fundraising. While the timing and magnitude of value realization may vary depending on investment performance, market conditions and realization cycles, we view IRE as a source of meaningful long-term value creation driven by capital gains on GP commitments invested alongside clients.

The economics of IRE typically follow a multi-stage cycle, beginning with capital commitments to proprietary funds and the subsequent deployment of such capital into underlying investments, followed by portfolio appreciation and, ultimately, realizations and distributions. Accordingly, IRE may contribute to results through both unrealized value changes and realized outcomes, depending on the stage of underlying funds and assets, and may be influenced by factors such as asset-level performance, exit markets and the timing of monetization events. We believe this cycle supports long-term compounding, as realizations may provide capital for future commitments and investment activity, while reinforcing alignment with clients and supporting the continued growth of our platform.

The image below illustrates the three complementary earnings streams (FRE, PRE and IRE) that support our earnings profile across market cycles.

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![LOGO](g79123g00v85.jpg)

***We have an extensive and scalable distribution network spanning Latin America and global markets and our AUM funding base is mostly built upon our proprietary distribution channels, resulting in a sticky investor base.***

Vinci Compass has built a comprehensive distribution network across Latin America and key global markets, leveraging decades of trusted relationships with institutional investors, high-net-worth individuals, and intermediaries. Our client relations team, consisting of 83 relationship managers across nine countries, combines deep local expertise with a sophisticated understanding of alternative investments. This broad coverage enables us to deliver tailored investment solutions, both proprietary and third-party, effectively connecting capital across regions.

With a presence in seven Latin American countries and a global reach extending to the United States and Europe, Vinci Compass drives fundraising synergies, creating both local-to-local and cross-border distribution opportunities. Our diversified footprint strengthens our ability to scale capital-raising efforts, optimize investor access, and provide seamless connectivity between local and international markets.

Vinci Compass operates three distinct distribution channels, each supported by dedicated teams across multiple countries. Our strong, long-standing relationships with investors form the foundation of our business model, enhancing AUM resilience in challenging market conditions while serving as a key driver of growth in favorable environments.

Our proprietary relationships are a core competitive advantage and a key driver of the durability of our AUM and earnings stability by mitigating outflow risks. Our platform benefits from a broad and long-tenured investor network across Latin America, serving over 3,000 LPs as of December 31, 2025. Approximately 80% of our AUM is sourced through proprietary relationships, which we believe supports lower client churn over time and reinforces the predictability of our recurring fee streams. We believe this relationship-based model, combined with a diversified regional footprint, enhances the resilience of our funding base across market cycles and supports ongoing cross-selling across strategies and geographies.

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The following chart illustrates the diversification of our AUM funding base across countries as of December 31, 2025:

![LOGO](g79123g00v86.jpg)

In sum, our assets under management and advisory are secured by our well-established and diversified funding base, primarily driven by proprietary distribution channels.

***We have an established and recognized track record of achieving returns above benchmarks across our asset classes, putting us in a position of strength to benefit from shifts in asset allocation in Latin America.***

We believe we offer our clients best-in-class products in terms of investment performance across asset classes. We have been able to establish an impressive track record, achieving returns in the top quartile across products within both liquid and illiquid strategies.

We have developed expertise and credibility across strategies, with our products having a track record of surpassing the respective benchmarks. We believe that our past success enhances our reputation and market credibility and will be an asset in sourcing future investment opportunities.

***We are one of the pioneers in the adoption of responsible investment and Sustainability integration in our investment decision process in Brazil and of a strong focus on internal sustainable practices companywide.***

We have been a PRI signatory since 2012, through Vinci Partners, with Compass joining in 2018. We have been consistently developing our sustainability approach year after year, with important improvements on a regular basis. For instance, in 2014 we implemented our responsible investment policy in private equity; in 2017, we engaged a specialized consulting company to develop our ESG management system for private markets; and in 2019, we hired another ESG consulting company to develop our ESG model for public markets. In addition, since 2021, we have published our annual ESG Report with internal initiatives, advances, challenges, opportunities, and actions taken by our investees. In all cases, we use international and local best practices to develop our policies, approach and disclosure, such as the Performance Standards of the International Finance Corporation, or the IFC, the PRI, and standards such as the Global Reporting Initiative (GRI) and the Sustainability Accounting Standards Board (SASB), among others. We are one of the only alternative asset managers in Brazil with an active private market dedicated strategy through our VIR (Vinci Impact and Return) platform within our private equity strategy.

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Given the different characteristics and ESG risk profile, our approach is distinct for private markets and public markets. Our sustainable approach is integrated in most of our investment processes, which means that we incorporate ESG aspects in our main investment analyses for private markets and for selected mandates in public markets. In addition, we also apply other sustainable approaches in some of the funds. For instance, our private equity funds use negative filters and exclusion lists. Our credit fund Vinci Energia Sustentável, or VES, is focused on sustainable energy projects (e.g., solar, wind, etc.), and as such, uses an additional filter of sustainability. In our Real Assets strategy, VICC, our climate change fund, is registered in Luxembourg, as an Article 9 fund under the SFDR and in Brazil as a Sustainable Investment under ANBIMA rules and procedures. As well, Lacan IV is classified as a Sustainable Investment under ANBIMA rules and procedures, and is aligned, according to the Company's understanding, with Article 9 of the SFDR.

As discussed in "—Sustainability Matters," we believe that our organization and governance towards sustainability practices have been evolving every year. We have programs that cover inclusion and best environment practices. With our IPO, we enhanced our consciousness towards sustainable practices and adopted a sustainability committee—chaired by Sonia Consiglio, a member of our board of directors—which is responsible for Vinci Compass' ongoing development in this matter. In 2022, we published our first ever ESG report (relating to 2021), which is updated annually in partnership with a specialized consultancy. Each year, in addition to our updates and advancements, our sustainability Report incorporates improvements to enhance its alignment with best market practices and the needs of our clients, especially those most engaged in sustainability matters.

We believe that our robust investment approach towards sustainability practices over the years in several of our business strategies positions us as pioneers in the field in Brazil. Additionally, our focus on internal practices, guided by the sustainability committee chaired by Sonia Consiglio, provides us a significant competitive advantage on this matter.

***The acquisitions we made position us to focus on unlocking value from these investments and driving growth through the integration and expansion of new products and capabilities.***

Since our IPO, from which we raised net proceeds in the amount of US$252.2 million, we have sought to leverage our cash balance to raise new products across alternatives via seed investments. This strategy has played an important role in fundraising, and we will seek to continue to enhance growth through this avenue. In addition to boosting our future FRE, our seed investments in alternative investment funds present an important upside as these funds divest from their assets. This could play an important role to our earnings as the capital gain will impact our general partner investment income when they are realized. While the capital is not called from closed-end products, our cash balance is invested in Vinci Compass' open-ended vehicles, which are mostly exposed to fixed income bonds.

Nonetheless, we have been closely monitoring opportunistic M&A transactions to accelerate FRE growth and expand Vinci Compass' footprint to Latin America. We believe there is a significant path to growth in Latin America. Our partnership with Ares contributed to this process by contributing US$100.0 million to our business and by sharing best practices in M&A. Leveraging this resource, we successfully completed on October 29, 2024 the business combination with Compass, which established Vinci Compass as a leading player in Latin America. We are now focused on delivering accretive growth by leveraging our expanded distribution network to cross-sell proprietary products, increase allocations to higher-margin offerings, and capitalize on opportunities in underpenetrated markets.

In the year ended December 31, 2025, we announced and closed our acquisition of Verde Asset Management. These acquisitions further demonstrate our commitment to expanding our capabilities, diversifying our product offerings, and solidifying our position as a market leader in Latin America. For further details on these milestones, see "Item 4. Information on the Company—A. History and Development of the Company—Our History."

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We are leveraging our existing relationships to raise capital for our existing closed-end funds, such as SPS IV, VICC and Lacan IV, ensuring strong investor participation in these key strategies. Additionally, we believe there is significant opportunity to grow our Global IP&S segment by strategically allocating capital to proprietary products, enhancing our revenue mix and reinforcing our position as a leading provider of tailored investment solutions. Additionally, we believe we can leverage on the ever-growing trend to export capital from emerging to developed markets, in which our Third-Party Distribution business, or TPD business, within Global IP&S is able to provide local investors the best-in-class investment opportunities to global top-tier general partners across the alternative asset space.

Alternative investments continue to represent a significant growth opportunity across Latin America. According to Cerulli Associates, pension systems in the Andes and Mexico held more than US$71 billion in alternatives, including local vehicles, at the end of 2023, compared with US$46 billion in 2020. In addition, Preqin's Latin America Investor Survey 2025 indicates that confidence is building among Latin America-based investors, who are prioritizing allocations to private debt, private equity and infrastructure in the near term. As allocations to alternatives continue to expand across institutional and wealth channels in the region, we believe local LPs are likely to continue increasing their exposure to these asset classes, presenting a substantial growth opportunity.

In Brazil, the closed pension fund industry had approximately 1.28 trillion *reais* in invested assets as of October 2025, of which 12.8 billion *reais*, or 1.0%, was allocated to foreign investments, according to Abrapp. At the same time, Cerulli Associates reported in November 2025 that the pension industries in Mexico and Chile are expected to nearly double their allocations to cross-border vehicles by 2029, to US$300 billion from US$155 billion at the close of 2024, reflecting a broader regional trend toward greater global diversification and more demand for international investment solutions. Through our broker-dealer presence in the United States and expanded Third-Party Distribution services in Brazil, we aim to provide Latin American investors with direct access to global investment opportunities, aligning with the increasing trend toward global asset allocation. This combination also positions us to accelerate our growth agenda by enabling regional expansion in the alternative assets sector, both through inorganic processes, such as acquiring established asset managers with a proven track record in the region, or organically, by hiring local teams and/or expanding our existing strategies into other Latin American countries. By aligning our strategic initiatives with the growth potential of Latin America's alternatives market, we are focused on generating long-term value for our stakeholders. This transformative transaction not only enhances our capabilities but also establishes Vinci Compass as a regional leader poised for sustainable growth.

#### Segment Reporting
Following our business combination with Compass, we began to report our business segments across six different businesses, accordingly to our strategic decision-making process: (i) Global IP&S, (ii) Credit (including public & private credit, opportunistic capital solutions, and agribusiness credit), (iii) Private Equity, (iv) Equities, (v) Real Assets (including real estate, infrastructure and forestry) and (vi) Corporate Advisory.

For more information, see note 23 to our audited consolidated financial statements.

#### Global Investment Products & Solutions (IP&S)
*Overview* 

The Global IP&S segment seeks to offer tailor-made solutions to investors with a focus on exclusive mandates for institutional investors and high-net-worth individuals, or HNWIs, and Third-Party Distribution (liquid and alternative). This segment also includes Commingled Funds, Global Solutions, Advisory and Execution, Pension Plans and our Retirement Services (VRS) unit. For the year ended December 31, 2025, the management team was composed of 32 full-time employees across our Miami, Mexico City, New York, Rio de Janeiro, Santiago, and São Paulo offices.

Our Global IP&S segment offers clients access to tailored financial products through an open architecture platform, in addition to in-house asset allocation and risk management. The strategy aims to provide a sophisticated investment strategy with alpha generation according to our clients' targets. In the execution of these strategies, we take into account risk profile assessment, preparation of investment policies and product selection, among other factors. The strategy is divided into seven sub-strategies: (1) Third-Party Distribution Liquid, (2) Third-Party Distribution Alternative, (3) *Multi-strategy*, (4) Global Solutions, (5) Separate Mandates, (6) Advisory and Execution, (7) Pension Plans, and (8) Other.

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The following is a description of our sub-strategies in our Global IP&S Segment:

• *Third-Party Distribution Liquid*: We provide global investment solutions to local clients by providing access to liquid products from top-tier, world-class asset managers. This sub-strategy leverages our extensive network and expertise to connect investors with a diverse range of high-quality, actively managed liquid investment products. By collaborating with leading asset managers, we aim to deliver access to best-in-class offerings that meet the evolving needs of our global client base.

• *Third-Party Distribution Alternative*: We deliver global investment solutions to local clients by providing access to alternative products from top-tier, world-class general partners (GPs) and alternative asset managers. Focused on maximizing returns and providing investors with exposure to international alternative investments, this sub-strategy connects clients with high-quality investment opportunities, leveraging our expertise and network to ensure access to best-in-class offerings in the alternative asset space.

• *Multi-strategy*: Our multi-strategy funds serve a broad client base from retail and high-net-worth investors to institutions and invest across multiple asset classes under defined investment mandates. Following the acquisition of 50.1% of Verde Asset Management, we expanded our multi-strategy platform to incorporate Verde's flagship multi-strategy funds. Verde's platform comprises a Brazil-focused multi-strategy fund, launched in 1997, one of Brazil's longest-running multi-strategy investment funds, and a Global multi-strategy fund launched in 2005. These Verde funds invest across a broad range of asset classes, including equities, fixed income, currencies, and derivatives, and complement our existing product suite by adding significant scale and a multi-decade track record in both local and international multi-asset strategies. Other flagships in this category include Vinci Valorem, which focuses on Brazilian fixed-income instruments, foreign exchange and derivatives, and Vinci Selection Equities, a fund-of-funds strategy investing in third-party equity funds with the goal of outperforming the Ibovespa benchmark. In addition, Vinci Strategic Partners (VSP) remains our first closed-end fund-of-funds within Global IP&S, providing alternative investment allocation services primarily to institutional and high-net-worth clients.

• *Global Solutions:* We offer multi-asset allocation services with offshore or diversified international and local mandates, delivering tailored investment solutions for institutional investors and HNWIs. Designed for clients seeking risk diversification, this strategy enables investors to allocate part of their portfolios to opportunities outside their home country, ensuring a more balanced and globally diversified investment approach.

• *Separate Mandates:* We provide investment solutions to institutional investors, such as small to medium-sized foundations, pension funds and financial institutions, and HNWIs. Our asset allocation team seeks tailored and distinctive portfolio construction solutions, addressing our clients' specific portfolio objectives and restraints regarding targeted return, risk tolerance, diversification, asset class and liquidity.

• *Advisory and Execution*: This sub-strategy serves both retail and institutional clients, offering tailored solutions to meet their unique needs. For retail clients, including HNWIs, we provide comprehensive full-service support—ranging from trade execution to assisting in building investment portfolios aligned with their financial objectives. On the institutional side, we focus on execution and operational services. Our open and flexible infrastructure allows us to accommodate a wide range of retail clients, from individual investors to multi-family offices and family offices, ensuring a seamless and adaptable service experience. Custody is provided by Pershing through our clearing agreement with them. However, clients establish contracts directly with Vinci Compass, not with Pershing.

• Pension Plans: We manage PGBL and VGBL pension plan funds, distributed to retail clients, which provide tax and succession benefits, while matching different client life cycles and diversified risk profiles. It comprises both Verde and Vinci Compass pension plan funds, seeking investments in specific asset classes, such as fixed income, foreign exchange currency, public equities, and derivatives.

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• *Other*: Comprised of Vinci Retirement Services (VRS) and funds service. In our Retirement sub-strategy, we provide personalized, tech-driven pension solutions through the Mio platform, offering tailored asset allocation to meet individual needs. The strategy aims to capitalize on the decentralization trend from traditional Brazilian banks, which control a majority of the market, to independent insurers. VRS focuses on high-net-worth investors, corporate plans, and retail investors, leveraging partnerships with financial planners, brokers, and fintechs to deliver innovative solutions to a fragmented and underserved market. In fund services, we provide operational services for funds in Mexico.

<u>Global IP&S Investment Process</u> 

We have a robust investment process within our Global IP&S segment, which begins with a thorough analysis of funds and assets to identify the products that best suit our investors. Our team discusses with each client their tolerance to risk, investment horizon, cash flow expectations and preferences to better meet our clients' needs and expectations.

When we select a manager for a client's portfolio, we conduct a thorough investigation of the manager's track record, investment team, risk management and differentiators. We also have weekly macro committees with our economic department to better understand the global and local scenarios and identify potential investments and monthly calls with our risk department, in which our investment solutions teams present investment opportunities that will be analyzed by the team. In this case, the risk department has veto power over those investments.

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<u>Global IP&S AUM and Fee Related Revenues Breakdown</u> 

The following charts present our Global IP&S AUM by product type and client profile and Fee Related Revenues by product type and asset allocation country as of and for the year ended December 31, 2025:

![LOGO](g79123g34v09.jpg)

The following table sets forth our Global IP&S AUM on a per-strategy basis as of the dates indicated.

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| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** | **2023** |
|  | **(in R$ million)** | **(in R$ million)** | **(in R$ million)** |
|  Third-Party Distribution Liquid | 128860 | 121830 |  |
|  Third-Party Distribution Alternative | 76419 | 81281 |  |
|  Global Solutions | 20195 | 19985 | 1477 |
|  Separate Mandates | 19189 | 18834 | 17942 |
|  Multi-strategy | 13296 | 1985 | 2982 |
|  Advisory and Execution | 7023 | 7296 |  |
|  Pension Plans | 3736 | 1727 | 3024 |
|  Fund Services | 2220 | 2090 |  |
|  Vinci Retirement Service | 553 | 375 | 88 |
|  **Total** | **271492** | **255403** | **25514** |

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The following table sets forth our IP&S AUM by type of investor as of the dates indicated.

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| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** | **2023** |
|  | **(in R$ million)** | **(in R$ million)** | **(in R$ million)** |
|  Institutional | 170231 | 162916 | 13637 |
|  HNWI | 56783 | 53598 | 8230 |
|  Intermediaries | 44478 | 38889 | 3647 |
|  **Total** | **271492** | **255403** | **25514** |

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#### Credit
Our Credit segment comprises two business lines—Public Credit and Private Credit—supported by management teams consisting of 59 full-time employees across our offices in Argentina, Brazil, Chile, Colombia, Mexico, Peru, and the United States. Our product offering is uniquely positioned to meet the diverse financing needs of both mature and growing businesses through a broad range of strategies in both local currency and U.S. dollars, including diversified private credit or direct lending, structured credit, real estate and infrastructure credit, agribusiness financing, high-grade and high-yield strategies, and opportunistic capital solutions. Below is a summary of this segment's main strategies:

![LOGO](g79123g34v10.jpg)

Note: Financial figures in the chart above refer to AUM figures as of December 31, 2025.

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The following charts present our Credit AUM by geography (asset allocation) and client profile as of December 31, 2025:

![LOGO](g79123g34v11.jpg)

*Public Credit* 

Public Credit refers to our investment strategies focused on debt instruments issued in public markets, including sovereign and corporate bonds. These strategies are designed to offer investors a range of risk-return profiles, combining liquidity, credit quality, and yield opportunities across Latin America. Our public credit platform leverages deep local expertise, fundamental credit research, and active portfolio management to generate attractive risk-adjusted returns. The platform is structured around distinct approaches to currency exposure and credit selection, spanning across two different strategies:

• *Local Currency High-Grade & High-Yield:* Our local currency credit strategy focuses on investment-grade and high-yield debt issued in the domestic currencies of Latin American markets, including Mexico, Chile, Brazil and Argentina. The strategy includes a range of duration and risk-return profiles, encompassing sovereign and corporate bonds, as well as instruments targeting short-term liquidity and capital preservation. Vinci Compass manages a suite of fixed income strategies that invest in government and corporate bonds, with varying levels of duration and credit exposure. These funds aim to offer capital preservation, liquidity, and competitive returns through active interest rates and credit management within the local market. In Mexico and Chile, we offer solutions that span from money market and sovereign bond exposure to corporate credit-focused strategies with active duration and currency management. In Brazil, we manage open-ended credit funds focused on local corporate bonds (debentures), bank certificates, asset-backed securities and senior tranches of securitization facilities for both retail and institutional investors, including pension plans. In Argentina, local strategies are structured across different risk categories, including short-term sovereign and corporate instruments, U.S. dollar-linked assets, and tailored mandates for institutional clients. These strategies cater to investors seeking exposure to local markets, stable income, and potential alpha generation, while actively managing interest rate and currency risk.

• *Hard Currency High-Grade & High-Yield:* Our hard currency credit strategies target high-yield and investment-grade opportunities across Latin American corporate and sovereign issuers, primarily denominated in U.S. dollars. The strategies are designed for global investors seeking higher returns and diversification benefits without taking local currency exposure. We focus on credit-intensive selection through a bottom-up approach, identifying mispriced assets with the potential for income and capital appreciation. Our product offering includes regional Latin America-focused funds, rather than country-specific vehicles, allowing for flexible allocation across the most compelling opportunities in the region, which compares to the Corporate Emerging Markets Bond Index (CEMBI) LatAm. In addition to traditional public credit, some strategies may include allocations to private credit and structured debt, enhancing return potential. We also offer fixed maturity solutions that aim to replicate a bond's cash flow and yield-to-maturity structure over time while offering higher diversification, appealing to investors with predictable income objectives.

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*Private Credit* 

Our Private Credit strategy focuses on providing tailor-made solutions and structures to meet the financing needs of a wide spectrum, both in size and industry, of businesses, as well as across markets and geographies. All this with our core focus of generating value for our investors through access to unique investment opportunities and enhanced returns. The strategy invests across six core sub-strategies/asset classes, and includes country specific investments (i.e., in Brazil, Argentina, Chile, Peru and Mexico) and LatAm focused investments:

• *Local Currency High-Grade & High-Yield:* Similarly to the strategy in public credit, the private credit high-grade & high-yield strategy focuses the allocation of resources to corporate debt and structured credit transactions in the Brazilian market, including debentures, commercial papers, asset-backed securities, and securitization transactions, such as mortgage-backed securities, or MBSs, asset-backed securities, or ABSs, collateralized loan obligations, or CLOs, and collateralized debt obligations, or CDOs, across different sectors and industries. These funds focus on privately issued instruments that are not typically available in the public market, allowing for more attractive risk-adjusted returns through rigorous credit selection and in-house structuring capabilities. The overall allocation aims to provide consistent income generation, diversification, and capital preservation, with active portfolio management to navigate changing market conditions.

• *Infrastructure credit*: this sub-strategy consists of two groups of funds with similar strategies, but of different vintages, namely VES and Vinci Credit Infra. The funds essentially invest in senior secured debentures, focused on renewable energy, such as wind, solar, and hydro power generation, in line with strict sustainability guidelines. VES is a closed-end fund with a total tenure of 15 years, which was launched in 2018 after Vinci Compass successfully won a competitive bidding process conducted by BNDES, a key limited partner in the fund, together with some of the largest Brazilian pension funds. The fund invests in debentures with a minimum credit rating of single "A" (in local scale) by either Fitch, Moody's or S&P, with typical project finance collateral packages, including bank letters of credit and/or corporate guarantees until the project's completion. In 2021, VES was accredited as an "ESG Fund" in accordance with the principles of recognized entities, such as CBI and the Sustainable Finance Regulation of the European Commission. After concluding the portfolio construction process and the investment period for VES in 2021, our credit team launched a new infrastructure credit fund: Vinci Credit FI-Infra Institucional and Retail. In connection with this initiative, Vinci won two competitive bidding processes in 2021 and 2022, which were run by Banco do Nordeste do Brasil S.A. and BNDES, respectively, and, as a result, secured R$1.3 billion in capital commitments from these entities. Vinci Credit Infra has a dual-track fund-raising approach: one vehicle was structured to be listed on the B3 as a perpetual capital vehicle, and the second vehicle is a 15-year closed-end fund, with similar terms and conditions as VES, which targets Brazilian institutional investors. Both funds aim to invest in infrastructure debentures, focusing on high-grade credit assets in accordance with superior ESG guidelines, which are integrated in our investment process. As of December 31, 2025, the combined assets under management of these 2022-vintage funds totaled approximately R$2.0 billion. In January 2026, Vinci Compass was selected through a tender process conducted by BNDES to manage a 12-year closed-end credit fund focused on financing climate mitigation projects in Brazil and subject to enhanced ESG guidelines. BNDES is expected to serve as the anchor investor, with a capital commitment of R$500 million.

• *Real estate credit*: this sub-strategy focuses on direct lending and credit transactions, primarily sourced and structured by our credit team, including senior secured loans and mortgage-backed securities with real estate as collateral. Vinci FI RF Imobiliário CP, or VCI, was our first vintage fund within this asset class and was fully divested in 2024, generating a realized annual internal rate of return, or annual IRR, equal to the IPCA rate plus 6%. Our second vintage fund, Vinci Crédito Imobiliário 2, or VCI 2, completed its investment period in 2023 and is currently returning capital to investors. These funds were structured with a 10-year lock-up period and their investor bases are comprised by Brazilian institutional investors, such as pension funds and insurance companies. These funds have a multisector approach with respect to the issuers/debtors. Our team has been underwriting private debt transactions to companies and projects in many sectors such as shopping malls, commercial properties, electrical power, retail and healthcare. Vinci Credit Securities FII, or VCRI, is our first listed Brazilian REIT dedicated to local MBSs, which are also known in Brazil as CRIs, and is managed by the Vinci Compass' Real Estate team. VCRI is focused on generating income to its quotaholders, mainly through a diversified portfolio of CRIs, and can also invest in other Brazilian REITs with similar investment strategies.

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• *Structured Credit:* Refers to the underwriting of financial instruments that typically involve the pooling of various debt obligations, such as loans, bonds, or receivables, which are generally tranched into specific classes or securities with distinct risk and return profiles. These instruments, including CLOs and ABSs, are designed to enhance liquidity and risk distribution within credit markets, allowing investors to access diversified credit exposures. An example of such strategy in Peru, is the Fondo de Adelanto de Efectivo, or FAE. The fund focuses on both confirming and factoring solutions by funding supply chains. The invoices, which are executive titles in the jurisdiction, operate as the assets backing the fund. This arrangement mitigates counterparty risk by focusing on large clients, but financing mostly small and medium enterprises. The asset-backed nature of the fund, combined with our proprietary technology platform, enhances transaction security and facilitates operations.

• *Diversified Private Credit or Direct Lending:* this sub-strategy comprises a group of multi-sector credit funds, which is focused on collateralized, senior secured structures. Geographically, funds are segmented into country-specific and regional focus, with regionally focused funds denominated in U.S. dollars and country-specific in local currency. The primary focus of these funds is direct lending. This capital is focused on financing companies directly for refinancing needs or growth capital primarily. The funds have flexible investment guidelines and can also invest opportunistically in other type of transactions with focus on M&A, distress and asset-backed transactions. The strategy allocation spans Brazil, Chile, Peru and LatAm—with designated portfolio managers across each region. The table below presents the returns from our diversified private credit/direct lending flagship funds:

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Fund** |<br>**Vintage<br>year** | **Committed<br>Capital** | **Invested<br>Capital** | **Realized or<br>Partially<br>Realized** | **Unrealized** | **Total**<br>**Value** | **Gross MOIC** | **Gross MOIC** | **Gross IRR** | **Gross IRR** |
|  | | **(in millions of local currency)** | **(in millions of local currency)** | **(in millions of local currency)** | **(in millions of local currency)** | **(in millions of local currency)** | **(in local<br>currency)** | **(in US$)(1)** | **(in local<br>currency)** | **(in US$)(1)** |
|  LAPCO(1) | 2021 | 32 | 32 | 28 | 14 | 42 | 1.3x | 1.3x | 16.5% | 16.5% |
|  CHILPCO(2) | 2023 | 40629 | 35842 | 18577 | 24123 | 42700 | 1.2x | 1.2x | 20.4% | 19.7% |
|  PEPCO(3) | 2022 | 128 | 145 | 43 | 183 | 226 | 1.6x | 1.6x | 13.5% | 20.9% |
|  PEPCO II(4) | 2024 | 106 | 104 | 3 | 142 | 145 | 1.4x | 1.4x | 15.6% | 37.1% |

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(1) The local currency for LAPCO is the U.S. dollar. Conversions were made using the relevant exchange rates as of December 31, 2025.

(2) The local currency for CHILPCO is the Chilean *peso*. Conversions were made using the relevant exchange rates as of December 31, 2025.

(3) The local currency for PEPCO is the Peruvian *sol*. Conversions were made using the relevant exchange rates as of December 31, 2025.

(4) The local currency for PEPCO II is the Peruvian *sol*. Conversions were made using the relevant exchange rates as of December 31, 2025.

• *Opportunistic Capital Solutions*: In 2022, Vinci Compass concluded its first M&A transaction since the IPO with the acquisition of SPS Capital. This acquisition filled a strategic gap within our Credit segment and thereby created our Vinci SPS strategy, now known as our Opportunistic Capital Solutions strategy. Our Opportunistic Capital Solutions investment strategy has a broad investment mandate within the special situations spectrum, which improves the diversification of our portfolio among asset classes associated with different industries and value drivers. This strategy invests across five core sub-strategies:

• *Primary Market Funding:* This strategy seeks to provide new capital, under different modalities and structures. Contexts may involve companies that are either healthy and growing or in financial stress (i.e., with structurally good businesses and assets but with an imbalance in the capital structure). Downside protection is structured with the inclusion of collateral and other mechanisms.

• *Secondary Market Funding*: Acquisition of assets held by creditors looking to sell, in particular in illiquid assets with different credit profiles. Prices represent a discount to face value that, combined with recovery strategies involving guarantees (judicial and extrajudicial enforcement) and repayment capacity through operating improvement, improve our returns.

• *Legal Claims:* Acquisition of judicial assets against public and private entities.

• *Litigation Finance:* Financing of litigation where one party has a viable claim but lacks the resources to maintain a typically long and costly judicial dispute.

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• *Credit Platforms:* Scattered operations (retail) scalable through the intense use of technology in their origination and processing workflows.

Our Opportunistic Capital Solutions strategy raised R$3.2 billion in capital commitments as of the date of this annual report across fourth vintages, including its fourth vintage, SPS IV, in its fundraising phase. As of the date of this annual report, this strategy is marked at a gross IRR of 23.6% in reais and 21.6% in U.S. dollars as of December 31, 2025, and a gross MOIC of 2.6x in reais and 2.5x in U.S. dollars.

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Fund** |<br>**Vintage<br>year** | **Committed<br>Capital** | **Invested<br>Capital** | **Realized or<br>Partially<br>Realized** | **Unrealized** | **Total**<br>**Value** | **Gross MOIC** | **Gross MOIC** | **Gross IRR** | **Gross IRR** |
|  | | **(in R$ million)** | **(in R$ million)** | **(in R$ million)** | **(in R$ million)** | **(in R$ million)** | **(in R$)** | **(in US$)** | **(in R$)** | **(in US$)** |
|  SPS I | 2018 | 128 | 205 | 355 | 22 | 377 | 2.6x | 2.1x | 25.6% | 19.1% |
|  SPS II | 2020 | 671 | 1063 | 1146 | 568 | 1715 | 2.3x | 2.3x | 22.4% | 22.2% |
|  SPS III | 2021 | 1071 | 1708 | 872 | 1506 | 2377 | 2.7x | 2.7x | 24.4% | 22.0% |
|  SPS IV | 2025 | 1329 | 235 | 6 | 240 | 246 | 1.2x | 1.2x | 23.5% | 24.9% |
|  **Opportunistic Capital Solutions** |  | **3199** | **3212** | **2379** | **2336** | **4715** | **2.6x** | **2.5x** | **23.6%** | **21.6%** |

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We started the fundraising process for SPS' fourth vintage, having reached close to R$1.4 billion in commitments as of December 31, 2025, including the first offshore commitment for this strategy. We will continue the fundraising process for SPS IV throughout 2026 with the final closing expected in the second half of 2026.

• *Agribusiness Credit*: In 2024, Vinci Compass expanded its investment platform through a strategic acquisition of MAV Capital, a specialized asset manager focused on agribusiness credit. Before this acquisition, Vinci Compass had already established a presence in the agribusiness sector through its existing credit product, VICA. With the integration of MAV Capital, Vinci Compass now offers a dedicated agribusiness strategy, leveraging MAV's expertise in structured credit and its strong connections within the agribusiness value chain. This enhanced focus positions Vinci Compass as a leader in providing tailored financing solutions for one of Brazil's most vital economic sectors.

• *Value Chain Financing:* Supporting producers and cooperatives with structured credit tailored to their operational cycles.

• *Receivables and Inventory Financing:* Funding to bridge cash flow gaps for agribusinesses dealing with storage, transportation, and supply chain demands.

• *Agricultural Technology and Innovation:* Financing projects that integrate technology into farming practices, enhancing productivity and efficiency.

Our agribusiness credit platform specializes in structured credit investments across the agribusiness sector, providing tailored financing solutions for agricultural producers, suppliers, and cooperatives. Its investments are primarily focused on key agribusiness segments such as sugar and ethanol, grains and cotton, and agricultural inputs like fertilizers and pesticides. This targeted approach not only ensures alignment with the sector's needs but also supports sustainable growth within Brazil's agribusiness industry. Agribusiness Credit Investment Records:

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Fund** |<br>**Vintage<br>year** | **Committed<br>Capital** | **Invested<br>Capital** | **Realized or<br>Partially<br>Realized** | **Unrealized** | **Total<br>Value** | **Gross MOIC** | **Gross MOIC** | **Gross IRR** | **Gross IRR** |
|  | | **(in R$ million)** | **(in R$ million)** | **(in R$ million)** | **(in R$ million)** | **(in R$ million)** | **(in R$)** | **(in US$)** | **(in R$)** | **(in US$)** |
|  MAV I | 2022 | 165 | 165 | 169 | 75 | 245 | 1.5x | 1.5x | 19.1% | 20.0% |
|  MAV II | 2023 | 205 | 205 | 55 | 205 | 260 | 1.3x | 1.4x | 19.2% | 13.0% |
|  MAV III | 2025 | 220 | 96 | 10 | 146 | 156 | n.m. | n.m. | n.m. | n.m. |
|  **MAV Strategy** |  | **590** | **467** | **235** | **426** | **661** | **1.4x** | **1.4x** | **19.1%** | **16.2%** |

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n.m. = not meaningful

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In addition, before the acquisition of MAV, Vinci Compass began its agribusiness sub-strategy inside Private credit, with a listed perpetual fund created in 2022. The fund is co-managed by Vinci Compass' Credit and Real Estate team. VICA will invest in a diversified credit portfolio within the agribusiness sector in Brazil, targeting the main competitive regions and soft commodities such as soy, corn, cotton, coffee, sugar and ethanol as well as agribusiness-related industries and supply chains. VICA focuses on bilateral senior secured credit transactions, which are originated and structured in-house.

<u>Public and Private Credit Investment Process</u> 

For our Public Credit strategy, the investment process is broken down into five steps:

• *Idea generation:* The portfolio managers aim to identify the best investment opportunities in the Latin American corporate bond universe, currently consisting of 500+ bonds from more than 250 issuers. Vinci Compass uses a proprietary screening methodology that monitors these bonds classified by country, credit rating, industry and relative performance which helps to identify relative-value opportunities. Ideas are also generated based on local intelligence from the firm's on-the-ground research professionals, company visits and analysis of local fundamental and technical drivers.

• *Credit analysis and internal rating model:* The team has developed an internal rating model for issuers held in the portfolio which aims to identify improving/deteriorating credits and mismatches between our internal rating and market pricing/ratings assigned by rating agencies. The model is based on 14 factors, divided into four broader categories: 1) Character/Corporate; 2) Payment Capacity; 3) Collateral; 4) Covenants. In addition, we focus on the integration of ESG issues across our portfolios, where applicable. We deploy a proprietary ESG rating across our priority coverage universe and include actionable metrics into our bottom-up analysis to assess environmental and social risks. The internal ESG rating impacts the companies' credit rating and equity valuation processes. In accordance with this philosophy, we have implemented an approach to (i) screen and evaluate, (ii) engage with issuers, (iii) integrate actionable metrics into the investment process, and (iv) customize and monitor clients' ESG preferences.

• *Top-down dashboard:* Based on the macro views of the firm's senior strategists and other inputs, the portfolio managers build a 'dashboard' that helps determine the desired level of credit risk, duration, liquidity and currency exposure in the portfolio, with each metric graded on a five-point scale.

• *Best Ideas and Portfolio construction:* Taking the dashboard and top-down views into consideration, securities identified during the idea generation and bond selection process are ranked according to their risk-adjusted return potential. A reward-risk ratio is calculated for each security taking into account the following factors:

• Estimated total return, based on the carry of the security and the portfolio managers view of its capital appreciation potential (based on a target spread) and estimated currency move, if applicable.

• Downside risk of the bond, which is calculated based on metrics such as realized volatility, historical price action, an internal assessment of credit risk and our estimation of the bond's liquidity according to the Compass group's proprietary liquidity model. Less liquid securities are assigned a larger downside risk premium. Both target return and downside risk estimates are formed by in-depth credit analysis.

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• *Risk Management:* Risk management of the Strategy seeks to control factors such as overall credit exposure, country exposure, duration exposure, currency exposure and liquidity. The co-portfolio managers may use the derivatives market for hedging purposes only. They may use the CDS market to hedge credit risk, foreign exchange forwards and options to hedge currency risk, and interest rate swaps to hedge local interest rates, among other alternatives. Furthermore, Compass Group utilizes the following three-layered framework that combines: 1) automated pre-trade and post-trade monitoring; 2) management oversight, and 3) independent compliance monitoring.

For our Private Credit strategy, we divide the investment process in three different groups. First, infrastructure credit, real estate credit, structured credit and diversified private credit or direct lending, follow an investment process made up of four key steps:

• *Origination:* Based on a multichannel strategy, our origination relies on multiple sources:

• A primary source of deal origination is through continued business with our existing clients within the Credit Strategy. In addition, cross marketing and remarketing strategies are key sources of new transactions in different credit solutions as well as synergies with other Vinci Compass strategies;

• Employee and management relationships with the corporate and business sector allows for stronger lead generation;

• Financial intermediaries are also a key source of transaction flow;

• Syndication plays a critical role in our origination strategies, not only allowing us to manage risk by being able to enter with optimal transaction sizes but also participating in larger deals originated by other entities; and

• Sponsors also play an important role in the origination of transactions.

• *Analysis:* Our team conducts extensive multi-step due diligence including fundamentals-based, quantitative and qualitative analysis of issuers, counterparties, and shareholders. During the analysis stage, we developed our financial model with projections and meet with management to better understand the asset. The findings are presented sequentially to several committees for approval and validation to pursue the opportunity.

• *Structuring/Underwriting:* This is a critical step in the Private Credit business with highly experienced teams that focus on each sub-strategy and work closely with in-house and external counsel. We define the structure of the transaction, the pricing of the asset and the construction of the portfolio based on a risk/return analysis. With this information, our team seeks investment committee approval to acquire the asset.

• *Monitoring:* We continuously review and monitor our funds' assets based on the market and liquidity conditions. Our team is constantly looking for opportunities in the secondary market to explore market opportunities and inefficiencies.

Second, with respect to our Opportunistic Capital Solutions sub-strategy, we believe that our robust and well-developed investment process is one of the factors that sets our strategy apart, being a direct driver to value creation. The chart below depicts the six key steps in the investment review and decision-making process in Opportunistic Capital Solutions:

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![LOGO](g79123g00v99.jpg)

Lastly, the investment process for our agribusiness credit strategy follows a rigorous framework designed to balance financial returns, risk mitigation and sustainability:

• *Origination and Credit Analysis:* The team actively sources opportunities across Brazil, with an in-depth analysis of the borrower's financial health, operational history, and ability to generate cash flow under various scenarios. Potential investments undergo a thorough top-down review, supported by site visits and engagements with senior management.

• *Risk Mitigation Strategies*:

• Guarantees such as fiduciary assignments of receivables, collateralized assets, and crop liens (*cédulas de produtos rural*);

• Financial and operational covenants to ensure borrower compliance; and

• Structured credit limits based on portfolio exposure and borrower indebtedness.

• *Portfolio Management*: Once invested, assets are actively monitored through:

• Regular analysis of financial statements and solvency indicators;

• Independent verification of guarantees, including land, crops, and inventories; and

• Scenario simulations to anticipate potential risks and rebalance exposures as needed.

The Agribusiness Credit strategy ensures allocation and diversification across asset classes, counterparties, and geographies to mitigate risks:

• *Sector Allocation*: As of December 31, 2025, investments were distributed across sugar and ethanol, grains and cotton, and other agricultural segments including livestock, fertilizers, and sesame.

• *Portfolio Structure:* A mix of senior, mezzanine, and junior tranches allows for optimized risk-return profiles, with target returns of CDI + 2.5% to CDI + 6.0% annually.

• *Regional Distribution:* Investments are spread across Brazil's agricultural heartlands, reducing overexposure to regional risks such as weather or market disruptions.

• *Contractual Safeguards:* Long-term contracts with triggers for renegotiation in adverse scenarios further enhance portfolio resilience.

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#### Private Equity
Our private equity strategy has a sector-agnostic approach focused on growth equity investments in Brazil. Opportunistically, we will also analyze turnaround and greenfield investment opportunities. The main strategic focus of our private equity strategy is value creation by promoting the growth of revenue, productivity and profitability through significant operating and management changes in portfolio companies through our proprietary "Value from the Core" process. We also take into account non-measurable aspects, such as alignment of the potential investment with ESG goals. The management team is composed of 21 full-time employees based in our Rio de Janeiro and São Paulo offices.

The private equity strategy invests through two sub-strategies: Vinci Capital Partners and Vinci Impact and Return.

• *Vinci Capital Partners:* Vinci Capital Partners focuses on control and co-control investments and maintains flexibility in structuring, recognizing the importance of sourcing companies with strong break-out potential in targeted industries. The strategy spans core growth equity, buyouts and minority growth investments, while opportunistically evaluating turnaround situations, providing a broad set of investment alternatives. The third vintage, Vinci Capital Partners III, is fully allocated and has entered its divestment phase. In 2024, we completed the partial sale of Farmax, returning approximately 80% of the investment's cost, and more recently contributed to the initial public offering of AGI Inc (Agibank), which closed in February 2026, representing a landmark liquidity event for the fund. Vinci Capital Partners IV has completed its fundraising with R$3.1 billion in capital commitments, the largest vintage in the strategy to date, and as of December 31, 2025, approximately 40% of the fund had been committed, including investments in Bold, which closed in the fourth quarter of 2025, and AGV, which closed in the third quarter of 2025, as well as the initial investment in Arklok in 2023.

• *Vinci Impact and Return:* Vinci Impact and Return focuses on minority investments in small-to-medium enterprises with a dual mandate of generating ESG impact as well as market returns. In this strategy we typically make investments between R$50 million to R$150 million in companies ranging from around R$65 million to R$400 million in equity value with an average holding period of 15 to 50 months. We partner with highly experienced entrepreneurs that are aligned with our liquidity expectations and share controlling rights in all investments. In addition, Vinci Impact and Return has developed a proprietary impact methodology, and the strategy has been recognized through awards such as Private Equity ESG Fund of the Year from Environmental Finance. The fourth vintage of the VIR strategy has made investments in nine different companies across different sectors in Brazil, such as water and sanitation services, healthcare and financial services and has completed a total allocation of approximately 90% of its capital commitments. It has also successfully completed its first full divestment in less than two years after such investment.

<u>Private Equity Investment Process</u> 

Vinci Compass targets assets or companies with proven cash flow stability and inflation protected revenues with strong organic growth and/or M&A potential. We may also seek to partner with strategic players to develop operating platforms.

Vinci Compass' team brings together a wide-ranging network of personal and professional relationships across leading industry executives, business owners, corporate managers, financial and operational advisors and consultants, attorneys, and regulatory agencies. This robust network, combined with our proactive, top-down identification of target industries and companies, provides a highly differentiated deal sourcing platform for each of our private markets investment strategies. The team follows a highly disciplined and systematic investment review and decision-making process comprised of multi-staged reviews by our investment committee, which is comprised of several partners, most of whom have worked together since 2001.

The key objectives of our investment review and decision-making process are to: (i) effectively manage the pipeline of investments, (ii) identify key issues early in the investment process and before executing the transaction, (iii) efficiently allocate the deal team, (iv) determine a tailored deal execution and due diligence plan, and (v) provide a forum to solicit the input and views of the entire infrastructure team.

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For instance, the chart below depicts the key steps in the investment review and decision-making process in our private equity practice:

![LOGO](g79123g01k01.jpg)

Both of our sub-strategies have a historical long-term performance, with seven vehicles managed by their partners since the early 2000s. Our Vinci Capital Partners strategy has raised close to R$11.5 billion in capital commitments throughout to date, including our most recent fundraising for VCP IV, with a gross IRR of 64.5% in *reais* and 70.2% in U.S. dollars as of December 31,, 2025, and a gross multiple of invested capital, or MOIC, of 2.3x in *reais* and 2.1x in U.S. dollars. Track record information is presented throughout this presentation on a pro forma basis, excluding PIPE investments, a strategy that was discontinued since VCP III. Our VIR strategy has raised close to R$1.3 billion to date, with its latest vintage, VIR IV, being the largest vehicle. The strategy was marked at a 21.1% gross IRR in *reais* and 26.0% in U.S. dollars, and a gross MOIC of 1.7x in *reais* and 1.6x in U.S. dollars, as of December 31, 2025.

The following table presents our pro forma historical portfolio performance, excluding PIPE investments:

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **As of December 31, 2025(1)** | **As of December 31, 2025(1)** | **As of December 31, 2025(1)** | **As of December 31, 2025(1)** | **As of December 31, 2025(1)** | **As of December 31, 2025(1)** | **As of December 31, 2025(1)** | **As of December 31, 2025(1)** | **As of December 31, 2025(1)** |
| **Fund** | <br>**Segment** |<br>**Vintage<br>Year** | **Committed<br>Capital** | **Invested<br>Capital** | **Realized or<br>Partially<br>Realized** | **Unrealized** | **Total<br>Value** | **Gross MOIC** | **Gross MOIC** | **Gross IRR** | **Gross IRR** |
|  |  | | **(in R$ million)** | **(in R$ million)** | **(in R$ million)** | **(in R$ million)** | **(in R$ million)** | **(in R$)** | **(in US$)** | **(in R$)** | **(in US$)** |
|  Fund 1 | Private equity | 2004 | 1415 | 1206 | 5131 | 54 | 5185 | 4.3x | 4.0x | 71.5% | 77.2% |
|  VCP II | Private equity | 2011 | 2200 | 2087 | 2006 | 1811 | 3817 | 1.8x | 1.0x | 8.0% | (0.3%) |
|  VCP III | Private equity | 2018 | 4000 | 2548 | 313 | 5249 | 5562 | 2.1x | 1.9x | 21.5% | 17.5% |
|  VCP IV | Private equity | 2022 | 3879 | 1165 |  | 1541 | 1541 | 1.3x | 1.3x | 59.9% | 55.5% |
|  **VCP Strategy (2)** | **Private equity** |  | **11494** | **7006** | **7450** | **8654** | **16103** | **2.3x** | **2.1x** | **64.5%** | **70.2%** |
|  NE Empreendedor (3) | Private equity | 2003 | 36 | 13 | 26 | **—** | 26 | 2.1x | 2.6x | 22.0% | 30.5% |
|  Nordeste III | Private equity | 2017 | 240 | 134 | 240 | 81 | 321 | 2.4x | 1.8x | 20.6% | 13.7% |
|  VIR IV | Private equity | 2020 | 1000 | 734 | 188 | 865 | 1053 | 1.3x | 1.5x | 20.7% | 20.9% |
|  **VIR Strategy** | **Private equity** |  | **1276** | **881** | **453** | **947** | **1400** | **1.7x** | **1.6x** | **21.1%** | **26.0%** |

---

(1) Track record information is presented on a pro forma basis and in local currency, excluding PIPE investments, a strategy that was discontinued in VCP III.

(2) Committed capital for VCP III and VCP IV considers amounts of co-investments. Returns, however, consider only the amounts invested to the main funds.

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(3) Performance information for Nordeste Empreendedor, or NE I, comprises only the four (out of seven) investments that were carried out, managed and divested by a team led by Mr. Jose Pano while they were employed by NE I's manager, or NE I Manager, an entity not affiliated with Vinci Compass. Information herein pertaining to any investments made by NE I manager has not been prepared by NE I Manager and NE I Manager assumes no responsibility for the accuracy or completeness of any such information.

<u>New Products in Development</u> 

Vinci Impact and Return V, or VIR V, is the fifth vintage of our Impact and Return strategy and is expected to be launched in 2026. It will follow the same investment strategy as that executed for VIR IV and we believe that it will generate both a positive ESG impact and attractive returns. The Impact and Return strategy currently focus on business services, specialized retailing and healthcare. The new vintage is expected to extend sector coverage to agribusiness.

The following charts present our Private Equity AUM by client profile and flagship as of December 31, 2025:

![LOGO](g79123g34v12.jpg)

#### Equities
Vinci Compass has a long track record and deep experience investing in Equities across country-specific and regional strategies. We focus on identifying opportunities in under-researched and overlooked markets, with sub-strategies spanning Long-Only, Dividends, Small Caps, Long Biased and Other.

Equities is composed by open-end funds and separate mandates with short- to medium-term redemption periods, and management teams were composed by 19 full-time employees across our São Paulo, Santiago, Mexico City, and Buenos Aires offices.

Our Equity segment operates through two distinct strategies, delivering robust and diversified investment solutions across Latin America or specific country markets. The whole strategy accounted for R$15.3 billion in AUM as of December 31, 2025, with 69% coming from Brazil equities, 20% from Chile, 4% from LatAm, 3% from Argentina, 2% from Mexico, and 2% from Global. These strategies are designed to capitalize on regional opportunities and specialized market dynamics, offering clients tailored approaches to achieve their investment goals.

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*Country-Specific Equity* 

We have a tailored approach for specific markets such as Brazil, Chile, Mexico and Argentina. Each strategy emphasizes unique opportunities within the respective country, supported by specialized expertise. The sub-strategies within this category include:

• *Long-only*: Focused on long-term performance through a concentrated, all-cap portfolio supported by deep fundamental analysis, with no market capitalization constraints. Our flagship strategy, Vinci Mosaico, aims to deliver returns exceeding the Brazilian stock market and includes managing a sovereign wealth exclusive mandate.

• *Dividends*: The dividends sub-strategy focuses on well-managed companies with a strong presence in their segments that are generating significant cash returns through dividends. Our flagship strategy is Vinci Gas Dividendos, which seeks to achieve long-term returns by investing in *companies* with a consistent history of dividends' payment.

• *Small Caps*: Concentrated on smaller companies with high-growth potential, identifying opportunities in emerging market leaders.

• *Long Biased*: A dynamic approach combining a long-only core portfolio with selective hedging to manage risk and enhance returns.

• *Other*: A flexible mix incorporating elements from the sub-strategies above, tailored to specific client needs and market conditions.

*LatAm and Global Equities* 

This strategy targets broad regional and global opportunities, minimizing the idiosyncratic risks of individual countries. With a long-only investment approach, it targets regional and global niches, leveraging in-depth analysis to uncover unique opportunities.

<u>Equities Investment Process</u> 

Our equities investment process is robust and consists of four key steps:

• The first step consists of an in-depth fundamental analysis (bottom-up), where analysts study the company's and industry's characteristics. From there, the financial *modeling* of the company is performed to determine its intrinsic value, thus arriving at a first conclusion whether now is a good time to invest. During this step, the research team makes its first contact with the company.

• With the first step approved, we move into a stage of greater contact with the company. Corporate structure, legal aspects and other sustainability factors could also be analyzed. In addition, research analysts contact other research houses to understand the sell-side. If needed, trips and visits are scheduled for the analyst to better understand the company, as well as to evaluate if the information disclosed is in accordance with reality.

• Next, the analyst presents the investment case to the portfolio manager. If approved by the manager, a small initial position is made. As the team gets more acquainted with the company and the case, the position may increase within the portfolio.

• Finally, we engage in constant monitoring of our investments. Our research team meets with the portfolio manager daily before market opening to discuss daily news, meetings, results/changes in companies and sectors. During these calls, some adjustments to the portfolio may be discussed and implemented. At the beginning of each month, we hold a meeting to analyze the previous month's performance and revisit the *portfolio*. Changes to the composition of our portfolio may be proposed and discussed among the team.

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Our investor base is heavily weighted towards institutional clients, which represent 80% of total AUM for the segment. Each of (i) Intermediaries and (ii) HNWIs accounted for 12% and 8%, respectively, of Equities' AUM as of December 31, 2025.

![LOGO](g79123g34v13.jpg)

The following table sets forth our Equities AUM on a per-strategy basis as of the dates indicated.

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| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** |
|  | **(in R$ million)** | **(in R$ million)** |
|  Brazil | 10572 | 9521 |
|  Chile | 3009 | 1997 |
|  Mexico | 364 | 1183 |
|  Latin America | 547 | 536 |
|  Argentina | 404 | 646 |
|  Global | 389 |  |
|  **Total** | **15286** | **13883** |

---

The following table sets forth our Equities AUM by type of investor as of the dates indicated.

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| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** | **2023** |
|  | **(in R$ million)** | **(in R$ million)** | **(in R$ million)** |
|  Institutional | 12286 | 11793 | 9107 |
|  HNWI | 1157 | 1400 | 377 |
|  Intermediaries | 1844 | 690 | 571 |
|  **Total** | **15286** | **13883** | **10055** |

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#### Real Assets
The Real Assets segment, which includes real estate, infrastructure and forestry, is a key differentiator for Vinci Compass with R$15.5 billion in AUM as of December 31, 2025. This segment focuses on tangible, income-generating assets and greenfield projects. Real Estate investments include listed REITs in Brazil and opportunistic development strategies in Brazil, Uruguay and Peru. Infrastructure assets target essential sectors such as power, water and sanitation and transport and logistics, while our Timber or Forestry strategy invests in greenfield and brownfield projects with native forests in Brazil, also with significant room for regional expansion. The management team comprises 35 full-time employees across our Buenos Aires, Montevideo, Rio de Janeiro, and São Paulo offices.

![LOGO](g79123g34v14.jpg)

*Real Estate* 

Our real estate strategy invests through two sub-strategies:

• *Listed Perpetual Funds*: Our real estate strategy currently manages six listed perpetual funds, with over 560,000 retail investors. This strategy is focused on the acquisition of core, income-generating real estate assets through investments in various sub-sectors: shopping malls, industrial and logistics, office properties, urban commercial properties, financial instruments, agribusiness and real estate credit.

• *Shopping malls*: Our main investment vehicle in the shopping malls sector is Vinci Shopping Centers FII, or VISC, which is focused on income generation to its quotaholders through the direct or indirect acquisition of shopping malls in Brazil. VISC has adopted a flexible investment strategy and evaluates investment opportunities in shopping centers in all regions of Brazil with interests that can range as high as up to 100% of an ownership stake, as well as minority interests.

• *Industrial and logistics:* Vinci Logística FII, or VILG *,* is focused on income generation to its quotaholders through the acquisition of industrial properties in Brazil *.* VILG's investment strategy seeks direct and indirect exposure to e-commerce to benefit from strong tailwinds and to meet the demand for distribution centers in strategic locations. VILG focuses on strategic locations close to large consumer or industrial centers and resilient to economic cycles, engaging in strategic partnerships with developers or other strategic players to acquire controlling or minority interests in logistics condominiums (also known as business parks).

• *Offices:* Vinci Offices FII, or VINO, is focused on income generation to its quotaholders through the acquisition of office properties in Brazil. VINO focuses on medium-sized projects (approximately 10,000 square meters in leasable area) in large populous areas that are differentiated with respect to architecture and design. VINO seeks collaborative office space, high-quality tenants with strong credit history and ability to adapt occupied spaces, environmentally friendly design and rental income with strong potential for rental price appreciation.

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• *Urban commercial properties*: Vinci Imóveis Urbanos FII, or VIUR, focuses on income generation to its quotaholders through the acquisition of urban commercial properties in Brazil, such as street retail, grocery, healthcare, and educational focused real estate properties.

• *Agribusiness*: Vinci Crédito Agro FIAGRO Imobiliário, or VICA, is a perpetual capital fund-vehicle created in 2022. The fund is co-managed by Vinci Compass' Credit and Real Estate management teams. VICA will invest in a diversified credit portfolio within the agribusiness sector in Brazil, targeting the main competitive regions and soft commodities such as soy, corn, cotton, coffee, sugar and ethanol as well as agribusiness-related industries and supply chains. VICA focuses on bilateral senior secured credit transactions, which are originated and structured in-house.

• *Real Estate Credit*: Vinci Credit Securities FII, or VCRI, is a listed REIT dedicated to local MBSs and CRIs and is also co-managed by Vinci Compass' Real Estate and Credit management teams. VCRI is focused on generating income to its quotaholders mainly through a diversified portfolio of CRIs, and can also invest in REITs with similar investment strategies.

• *Opportunistic capital gain funds*: Our real estate team has extensive experience in structuring opportunistic funds focused on capital gains through real estate development and opportunistic investments:

• *Industrial and logistics:* Vinci Fulwood Desenvolvimento Logístico FII, or VFDL, is focused on the development of greenfield industrial properties. VFDL is advised by Fulwood, one of the largest players for the development of industrial real estate in Brazil, wherein we are the fund's development partner. In 2025, Vinci launched its second industrial and logistics opportunistic fund, Vinci Oportunidade Logistica FII, or VIOL, which focuses on the development of greenfield industrial properties and repositioning of brownfield real estate assets.

• *Residential:* In 2024, Vinci launched its first residential investment vehicle, Vinci Oportunidade Residencial FII, or VORE, which is focused on the acquisition of land and subsequent sale through land swap to residential developers receiving units of the buildings that will be developed by them. This first fund had its projects identified and located in Rio de Janeiro, Brazil. In 2025, we launched our second residential investment fund, Vinci Mozak Residencial II FII, or VIMO, with a similar investment strategy, but focusing on the southern region of Rio de Janeiro.

• *Multifamily:* In 2024 Vinci entered in the U.S. multifamily market through strategic partnership with a local developer.

Our Real Estate team also manages exclusive mandates in the fund of funds strategy that invests in listed REITs. In addition, our Real Estate team is a financial and real estate advisor for an exclusive fund that owns land assets and CEPACs (*Certificados de Potencial Adicional de Construção*, which are securities issued by municipalities that may be used to obtain additional development rights within designated urban redevelopment areas) in the port region of Rio de Janeiro (Porto Maravilha).

<u>Real Estate Investment Process</u> 

The real estate investment process is made up of five key steps:

• *Origination of Opportunities:* Our solid reputation and credibility in the market is an important ally to originate assets, and our team's relationships with other companies, financial institutions and business players provide investment opportunities. Since inception, our Real Estate strategy executed over R$9.0 billion in transaction volume, with the great majority coming from proprietary origination.

• *Analysis:* Our team conducts extensive investment analysis with the support of several areas within Vinci Compass, such as the economic and credit departments, legal, and our back office. After looking into a project's viability, the proposal is approved by the investment team and submitted to the investment committee.

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• *Execution:* Our investment team negotiates the terms of the transaction approved in the investment committee and formalizes an offer that is conditioned upon a complete due diligence of the asset. The result of the due diligence is submitted to the investment committee together with the main contractual terms.

• *Monitoring:* Our experienced team closely monitors the assets, looking for better leasing opportunities and remaining in constant contact with the property managers to ensure the quality of the services.

• *Asset Sale:* Once we identify favorable market conditions, our team is positioned to execute the sale of the asset. The process needs to be approved by our investment committee, as in the case of an asset acquisition.

*Infrastructure* 

Our infrastructure strategy has exposure to tangible assets related to economic infrastructure, through investments in equity, equity-like and/or debt instruments across several sectors, including power generation and transmission, transportation and logistics and water and sewage. Our infrastructure strategy seeks control or control-oriented positions and employs active hands-on management of assets and operations.

Our infrastructure strategy invests across three sub-strategies:

• *Sector-focused funds*: our infrastructure team manages closed-end funds as its flagship strategy, seeking exposure to real assets related to economic infrastructure through investments in (a) the privatization of state-owned companies and concessions that typically provide public services, such as water and sewage services, and (b) new infrastructure projects in renewable power generation and power transmission. The team also manages VIGT, a public market vehicle listed on the B3, which is focused on the acquisition of core infrastructure assets, such as operational and yield-generating power transmission assets and generation assets.

• *Climate Change*: The strategy aims to invest in assets that actively contribute to the climate agenda. VICC is our first vintage within the strategy. VICC invests in climate infrastructure assets that range from renewable power generation to water assets and to the efficient use of natural resources and reduced emissions from other sources (e.g., energy efficiency solutions in industries and commercial, public and residential sectors). The strategy focuses on the acquisition of control or co-control structures. In addition, to meet financial and environmental impact objectives, all investments made by VICC also seek to increase inclusion across portfolio companies, especially from a gender perspective, in their leadership and workforce, with the intention of positively impacting the communities in which these companies are actively promoting the adoption of good environmental, social and governance, or ESG, practices. VICC held its first closing in the first quarter of 2023, which was anchored by BNDES and other global institutional investors and is currently within its fundraising process.

• *Structured credit*: our team also has exposure to fixed assets through debt investments in infrastructure projects across different sectors.

<u>Infrastructure Investment Process</u> 

Our infrastructure investment process is primarily based on proprietary origination, without relying solely on financial advisors. The proprietary origination starts with a top-down and bottom-up analysis, which enables us to be productive in the process and leverage our experience and know-how. In this first step, we take a closer look as to whether the asset is aligned with our strategy. We also look for potential ESG and climate impacts, potential synergies with our portfolio and the profile of the sellers and partners of the business. After this step, we develop our financial models, projections and prepare the investment thesis for investment committee approval.

After the approval of our investment committee, the team executes a thorough investigation of the asset's governance and investment structure. In this step, the team also prepares a more detailed investment thesis and due diligence budget. With the go-ahead from the investment committee, a non-binding offer is made. Lastly, our team adjusts the financial models with the results from the due diligence and presents it to the investment committee. Once approved by the investment committee, a binding offer is presented. If accepted, our team executes the transaction. The funds' investments are periodically monitored by our investment team, with key topics including the evolution of ESG metrics, financial and operational metrics, and the evolution of previous targets. Depending on the vehicle, the climate impact is also periodically monitored.

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As of December 31, 2025, FIP Infra Transmissão was marked at 55.5% gross IRR in *reais* and 40.4% gross IRR in U.S. dollars, while being marked at a 3.6x gross MOIC in *reais* and 2.7x gross MOIC in U.S. dollars, which is evidence of the strong track record of our investment team in infrastructure assets. As of December 31, 2025, our water and sewage strategy, Vinci Infraestrutura Água e Saneamento, or VIAS, was marked at a 15.7% gross IRR in *reais* and 13.1% gross IRR in U.S. dollars, while being marked at a 1.5x gross MOIC in *reais* and 1.4x gross MOIC in U.S. dollars.

In 2022, VIAS, in a partnership with Brazilian operator Águas do Brasil, invested in the public concession of CEDAE Block III, which investment has already delivered a meaningful impact as a result of operational improvements in the losses index, water coverage, and commercial efforts. With this transaction, the fund reached 91% capital deployment considering commitments raised since its first close in 2021. Vinci Transportation and Logistics' strategy focuses on public concessions of transportation and logistics assets, such as ports and highways. In 2022, we announced our first investment, the acquisition of the project of a container terminal called Maralto, in the state of Paraná, Brazil.

Our team believes that in the future this could be an important strategy due to a significant pipeline of investment opportunities in the sector.

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Fund** | <br>**Segment** |<br>**Vintage<br>year** | **Committed<br>Capital** | **Invested<br>Capital** | **Realized or<br>Partially<br>Realized** | **Unrealized** | **Total Value** | **Gross MOIC** | **Gross MOIC** | **Gross IRR** | **Gross IRR** |
|  |  | | **(in R$ million)** | **(in R$ million)** | **(in R$ million)** | **(in R$ million)** | **(in R$ million)** | **(in R$)** | **(in US$)** | **(in R$)** | **(in US$)** |
|  FIP Transmissão | Infrastructure | 2017 | 211 | 104 | 367 | 9 | 375 | 3.6x | 2.7x | 55.5% | 40.4% |
|  VIAS | Infrastructure | 2021 | 386 | 350 |  | 528 | 528 | 1.5x | 1.4x | 15.7% | 13.1% |
|  VICC | Infrastructure | 2023 | 1784 | 151 |  | 169 | 169 | 1.1x | 1.1x | n.m. | n.m. |

---

n.m. = not meaningful

<u>Recent Developments</u> 

In August 2025, an investment fund managed by Vinci Compass through its infrastructure strategy and within the Real Assets segment entered into an agreement to acquire an interest in Rio de Janeiro Aeroporto S.A. ("RJA"), an existing holding company wholly owned by Changi Airports Ltd ("Changi"). RJA holds an interest in the concessionaire of Aeroporto Internacional Tom Jobim, or Galeão ("GIG Airport" or "Galeão"), alongside Infraero. The completion of this part of the transaction was contingent upon the satisfaction of specific conditions, which were met in September 2025.

The transaction was structured to position the fund, together with Changi Airports through RJA, as an incumbent participant in the assisted sale process (the "Auction") for the new Galeão concession, which occurred on March 30, 2026.

RJA lost the bid and on March 30, 2026, Aena Desarrollo Internacional ("Aena") was declared the winning bidder in the Auction for the airport. As a result, RJA became entitled to receive an indemnification in connection with the transfer of its interest in the concession to the winning bidder, subject to certain conditions. The results of the Auction are expected to be ratified between mid-May and June 2026, at which time the amount of indemnification payable to RJA is expected to be determined.

Vinci Compass is expected to receive a portion of the indemnification in connection with activities undertaken prior to the Auction, including the involvement of Vinci Compass's infrastructure team, in its capacity as fund manager, in the negotiation and the review of contract renegotiations to be implemented under the new rules of the concession, as well as general expenses incurred during the pre-auction period. As of December 31, 2025, no amounts related to the indemnification agreement had been recorded at Vinci Compass.

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Based on current Vinci Compass' estimates, the amount expected to be received by Vinci Compass under the indemnification arrangement would be approximately R$100 million, net of taxes and general expenses. Such amount is currently expected to be received in the late third quarter or early fourth quarter of 2026.

*Forestry* 

Lacan became part of Vinci Compass through a strategic M&A transaction, solidifying the firm's position as a leader in forestry asset management in Latin America. This acquisition integrated Lacan's expertise in sustainable forestry with Vinci Compass' broader asset management capabilities, creating a robust platform focused on high-value forestry investments. The division manages over R$1.9 billion in forestry assets spanning 150,000 hectares across Brazil, combining financial performance with environmental impact. Its investment portfolio reflects a commitment to balancing financial returns with environmental impact, catering to a diversified investor base comprising pension funds and institutional investors in Brazil and Europe.

The division's investments focus on leveraging Brazil's forestry potential through a combination of sustainable forest plantations and conservation efforts. By prioritizing eucalyptus and pine plantations, Vinci Compass Lacan addresses the growing demand for wood products driven by the R$109 billion investment in new mills across the region over the next five years, while simultaneously contributing to carbon capture and ecological restoration.

<u>Forestry Strategies</u> 

At the heart of Vinci Compass Lacan's operations are investments in eucalyptus and pine forestry assets. These species are selected for their high yields and versatility, serving industries such as pulp, biomass, and wood panels. Investments are categorized into greenfield and brownfield projects:

• *Greenfield Projects*: Developed on degraded or cleared land, these projects restore ecological balance while creating new commercial forestry assets. Greenfield initiatives are meticulously planned, involving soil preparation, seedling selection, and phased planting to optimize growth and productivity.

• *Brownfield Projects*: Focused on acquiring and enhancing existing forestry assets, brownfield investments improve operational efficiency and productivity through advanced forestry practices, ensuring quicker cash flow generation compared to greenfield projects.

Vinci Compass Lacan's portfolio is designed to maximize returns while mitigating risks through strategic diversification. Investments are spread across key regions in Brazil, such as Mato Grosso do Sul, Santa Catarina, São Paulo, and Mato Grosso. These regions are chosen for their optimal climate, soil quality, and proximity to major industrial buyers. Vinci Compass Lacan's revenue streams, in turn, are primarily comprised of the following:

• *Long-term Offtake Agreements:* Contracts with major industry players like Suzano, WestRock, and Arauco, among others, ensure stable and predictable revenue streams.

• *Spot Market Opportunities:* A portion of the timber production is allocated to the spot market, providing flexibility to capitalize on favorable market conditions.

• *Carbon Credits:* Leveraging its focus on reforestation and ecological restoration, Vinci Compass Lacan expects to generate additional revenue through the sale of carbon offsets in voluntary markets.

<u>Investment Process</u> 

The investment process is driven by a strategic approach that combines sustainability, diversification, governance and operational excellence, ensuring that all projects align with environmental and social responsibility. The division focuses primarily on forestry assets, including eucalyptus and pine plantations, which are tailored to meet the increasing demand for pulp, biomass, and wood-based products. Key components of this process include:

• *Due Diligence:* Comprehensive assessments are conducted on legal, environmental, and social aspects, ensuring projects meet international standards.

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• *Environmental and Social Management System (ESMS):* This system provides a robust framework for monitoring sustainability metrics, engaging stakeholders, and managing project risks.

• *Sustainability Practices:* All projects are established on deforested or degraded land, avoiding deforestation. Areas are managed with a commitment to achieving 100% certifications from either the Forest Stewardship Council, or the FSC, or from the Programme for the Endorsement of Forest Certification, or the PEFC, thereby ensuring that we abide to the highest environmental and social standards.

• *Technology Integration:* Advanced tools like satellite monitoring, biodiversity mapping, and carbon measurement are employed to enhance ecosystem health, mitigate risks, and optimize productivity.

• *Risk Mitigation:* 

• Buyer concentration is limited to no more than 25% of portfolio production.

• Investments are diversified across different regions to mitigate climate risks.

• Genetic diversity of tree species is maintained to protect against diseases and pests.

• *Sustainability and Governance:* The division places *sustainability* at the core of its investment process. All forestry projects are established on degraded or deforested land, avoiding any contribution to deforestation. The ESMS ensures that all investments meet rigorous sustainability standards. Key components of this framework include:

• *FSC or PEFC Certification:* 100% of managed areas are certified, guaranteeing adherence to high environmental and social standards.

• *Satellite Monitoring:* Advanced technology is used to monitor forest health, detect risks such as fires or pests, and ensure compliance with conservation goals.

• *Biodiversity Preservation and Improvement:* Roughly 25% of managed areas are allocated to conservation, with special attention given to high-value ecological areas.

• *Operational Expertise*: Vinci Compass Lacan employs a team of seasoned forestry professionals with decades of experience in planting, silviculture, and risk mitigation. This expertise ensures efficient management of forestry assets, from initial investment to harvest and eventual asset divestment.

By integrating these elements, Vinci Compass Lacan ensures that its investments not only deliver attractive financial returns but also contribute positively to environmental restoration and climate resilience.

The following table presents the investment milestones and figures for our Forestry segment:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Fund** |<br>**Vintage<br>year** | **Committed<br>Capital** | **Invested<br>Capital** | **Realized or<br>Partially<br>Realized** | **Unrealized** | **Total Value** | **Gross MOIC** | **Gross MOIC** | **Gross IRR** | **Gross IRR** |
|  | | **(in R$ million)** | **(in R$ million)** | **(in R$ million)** | **(in R$ million)** | **(in R$ million)** | **(in R$)** | **(in US$)** | **(in R$)** | **(in US$)** |
|  Lacan Florestal I | 2012 | 253 | 253 | 255 | 322 | 577 | 2.3x | 1.2x | 11.0% | 2.7% |
|  Lacan Florestal II | 2016 | 356 | 356 | 125 | 589 | 714 | 2.0x | 1.5x | 11.6% | 6.2% |
|  Lacan Florestal III | 2020 | 502 | 415 |  | 551 | 551 | 1.3x | 1.2x | 10.2% | 7.2% |
|  Lacan Florestal IV | 2023 | 221 | 216 |  | 232 | 232 | 1.1x | 1.1x | 11.3% | 11.4% |
|  **Lacan Strategy** |  | **1331** | **1240** | **380** | **1695** | **2075** | **1.7x** | **1.3x** | **12.6%** | **6.2%** |

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(1) IRR calculations presented above reflect a managerial revaluation of the fund's assets performed in February 2026, based on data as of December 31, 2025. While the official net asset value as of December 31, 2025 was not adjusted, this revaluation was considered for internal performance measurement purposes.

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<u>New Products in Development</u> 

Building on the success of its previous funds, Vinci Compass Lacan launched Fund IV, which incorporates higher ambitions for sustainability and financial returns. With a target return of IPCA + 9.5% annually, Fund IV focuses on leveraging Brazil's forestry potential while exploring additional revenue opportunities, such as carbon credit sales.

Fund IV also introduces innovative strategies like integrating ecological restoration with sustainable forestry and enhancing carbon capture projects to meet the growing demand for carbon credits. The fund's robust pipeline includes greenfield and brownfield projects across several states, with initial investments already underway in Mato Grosso do Sul.

#### Corporate Advisory
Our Corporate Advisory Services team provides financial and strategic services to business owners, senior corporate management teams and boards of directors, focusing mostly on pre-IPO and M&A advisory services for Brazilian middle-market companies. We believe our Financial Advisory Services team serves as trusted advisors to clients seeking local and/or product expertise in the Brazilian marketplace.

As an independent boutique, Vinci Compass has the flexibility to engage in transactions that often require complex solutions, long-term relationships, and alignment of interests with clients. The Corporate Advisory Services platform provides advice which focuses on value creation and long-term support. The platform focuses on two main sub-strategies:

• *Mergers and Acquisitions (M&A)*: advisory in acquisitions, sales, joint ventures and merges, private placements, fundraising, capital and corporate structure analysis and valuation reports;

• *Capital Markets*: conflict-free advisory for IPO and pre-IPO, block trades, debt restructuring, market/investor communication, debt issuances and special situation transactions.

#### CCLA
As a result of our business combination with Compass, we now participate in a 50/50 joint venture with CIM Group, a U.S.-based real estate manager with over 30 years of experience and approximately US$30 billion in assets owned and operated. The joint venture, known as CCLA, is focused on the development, ownership, and operation of high-quality multifamily and mixed-use real estate assets across Latin America. With a vertically integrated model, CCLA manages the entire lifecycle of real estate investments—from acquisition and development to leasing and property management. The platform currently oversees more than 3,200 residential units in operation and approximately 4,900 under development in key urban centers across Mexico, Chile, Colombia, and Peru. As a 50/50 joint venture, CCLA's results and AUM are not consolidated into Vinci Compass's financial statements. CCLA is classified as an investment accounted for using the equity method (see note 8(b) to our audited consolidated financial statements).

#### Sustainability Practices
Vinci Compass is committed to sustainability practices throughout the company, ranging from sustainability in our offices and inclusion policies to our investment process through our investment vehicles.

Alignment with our limited partners is our first step for a successful relationship. Our partners are clients, and our clients are partners. We have a strong culture to seed capital in our funds, where partners invest alongside investors in the same conditions and fees. This culture, when complemented by targeted long-term returns, creates a stickier investor base, with limited partners investing with us for a long horizon. Our broadly diversified platform enables us to have knowledge exchange between portfolio managers from different strategies, generating an important competitive advantage, always respecting our compliance rules and information barriers policies.

We have a long-term goal of democratizing the alternative market space by focusing on our limited partners' needs and providing tailored solutions and investment opportunities.

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#### Corporate Governance
We have sought to consistently improve our governance structure, especially after our IPO in 2021. We believe that we follow well-established and recognized practices in the Brazilian and international corporate markets by operating in a partnership model. Moreover, in keeping with our values, we encourage entrepreneurship and ownership without leaving administrative discipline aside. Even before our IPO, when Rogério Werneck was already our independent director, Vinci Compass was focused on its ethics and good corporate governance practices. In 2021, our independent director group was bolstered by the arrival of Ana Marta Veloso, Guilherme Stocco and Sonia Consiglio.

We select our independent directors based on their expertise in topics that we consider strategic for Vinci Compass, on their ability to contribute to internal discussions, on their external reputation and recognition, and on their alignment with our values and culture. To staff our committees, we chose members with the ability to significantly contribute to the relevant matters under discussion and balancing strategic vision and execution capacity, in particular among leaders of these respective areas.

Due to the additional controls that are necessary for a listed company, the responsibilities of our compliance, legal, financial, risk and investor relations departments were also expanded.

*Board of Directors* 

The role of our board of directors is to provide strategic direction and support to Vinci Compass by monitoring business opportunities, innovation, sustainability, and the development of our professionals. As of the date of this report, it is composed of 11 directors, four of which are independent, and is chaired by Gilberto Sayão. In 2021, we were granted the Women on Board (WOB) seal, an independent initiative that recognizes and promotes organizations with at least two women on their boards of directors or advisory boards. In 2023, with the closing of our strategic partnership with Ares, Peter Ogilvie joined our board of directors. In 2024, following the Compass combination, Manuel Balbontín and Jaime de la Barra also became part of our board of directors.

*Audit Committee* 

In alignment with the best market practices and meeting regulatory requirements, the Audit Committee is composed of four independent directors and chaired by Ana Marta Veloso. The Audit Committee oversees internal controls and the company's financial statements, ensuring compliance with corporate governance principles. It is also responsible for receiving and analyzing complaints submitted through the external whistleblower channel implemented in 2021, in line with the Foreign Corrupt Practices Act (FCPA), a U.S. statute on foreign corruption practices.

*Sustainability Committee* 

Established in May 2021, our sustainability committee recommends, discusses, proposes, and evaluates Vinci Compass sustainability actions. It is composed of three members and chaired by an independent director, Sonia Consiglio, since August 2021.

We believe that investments that incorporate best sustainability practices can bring superior returns to investors and to society as a whole, and we believe that we have the potential to transform the market and lead by example, based on constructive engagement with investee companies. With an initial focus on risk mitigation, our approach was expanded to consider value generation from integrating best practices to the investment processes, always considering pre-established policies, solid methodologies, and objective criteria. We therefore believe that the sustainability Committee can be a catalyst for the sustainability agenda and help it permeate all business fronts and middle areas, from the board of directors to every other level inside the Company.

Vinci Compass sustainability agenda is structured in three pillars:

• *Business:* we seek to promote responsible, sustainable and impact investments, from a holistic perspective and permitting a flexible evaluation of opportunities, with a fundamentalist sustainable integration, negative and positive screening, and metrics and ratings during the asset evaluation process, where applicable.

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• *Fostering (industry and market)*: we seek to expand formal commitments to the sustainability agenda and actively engage in sectoral associations and interest groups to spread knowledge and help strengthen the topic.

• *Culture & Practices (Walk the Talk):* we seek to implement internal actions—such as the promotion of inclusion across our teams—that propel the advancement of the culture and practice of sustainability topics at Vinci Compass itself.

In 2023, Vinci revised its definition of materiality. The central objective of this review was to strengthen the Company's strategy, ensuring that its efforts are directed towards adding value and mitigating sustainability risks associated with the business. After a long and structured process, 10 material themes were identified, according to the concept of double materiality and the perspective of its different stakeholders. Double materiality involves the combination of two distinct perspectives: the impact of the business on the environment, society and the economy, as well as the financial impact of these external factors on Vinci's business. The 10 material themes are the following: image and reputation risk; business ethics and anti-corruption practices; corporate governance; sustainable investments; technology and innovation; cybersecurity; customer privacy; fair practices and transparent information; employee engagement, diversity, equity and inclusion; and climate change.

In the fourth quarter of 2024, Vinci Compass underwent an important restructuring of its sustainability area. This reorganization included the introduction of a professional solely dedicated to sustainability. The area is tasked with the responsibility of coordinating, monitoring, and overseeing all sustainability initiatives adopted by the Company. The new structure aims to enhance the alignment and effectiveness of Vinci Compass' sustainability efforts across all levels of the organization.

*Innovation Committee* 

We believe that innovation has great transformational potential and, through process automation and optimization, can promote important gains to governance, transparency, and compliance. The Innovation Committee goal is to promote creativity and the development of the Company by evaluating what measures will be implemented to expand digital skills, what are the related risks and how can they be minimized. It discusses topics such as big data, artificial intelligence and blockchain by examining how they can be incorporated into the business. The committee is composed of five members and is chaired by independent director Guilherme Stocco.

In 2023, the Innovation Committee played an important role in supporting the development of our new pension product, with the launch of the MIO Pension app. Through this application, our customers provide information relating to their profile, and the platform suggests the best way to allocate their resources. In addition, working groups were created to optimize processes with the Monday platform, which allow teams to easily manage projects and workflows, ensuring the traceability of information and mitigating the risk of data loss and rework.

*Executive Committee* 

The executive committee is comprised of a group of senior partners that lead the main areas of the company, including our chief executive officer, the chairman and the vice-chairman of the Board. Its goal is to think of Vinci Compass as a business, learning from global references and identifying opportunities for improvement.

This committee is responsible for strategic decisions relating to the Company, such as growth strategies, mergers and acquisitions, partnerships and joint ventures, culture and talent management, governance, new initiatives, e.g., the entry into new business verticals, image and reputation, project management, such as product launches, business effectiveness, productivity, efficiency and post-merger integration.

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#### Personnel Management Programs
We have several programs focused on personnel management, and we constantly seek to improve our performance on that front. Since the integration between Vinci Partners and Compass Group in November 2024, the Company has maintained a solid gender diversity profile, with women representing over 40% of junior to mid-level positions and 25% of leadership roles. As of December 31, 2025, 36% of our workforce is comprised of women. In addition, there is no gender pay gap at Vinci Compass. Some of our personal development programs, as well as programs specifically focused on the development of women, include:

• *"Vinci Compass por Elas" Program: Launched in Brazil at the International Women's Day in 2021, our "Vinci Compass for Them" program congregates all the following gender equity initiatives in the Company. Since its inception, more than 25 women were hired under the program.* 

• *Female Talent Pool*: an affirmative action program of female-only recruitment that aims to promote gender equity through the formation of a good base of female professionals.

• *Additional benefits to parental leave*: Vinci Compass provides maternity and paternity leave in accordance with local legislation in all jurisdictions where it operates and complements these entitlements with additional support to promote a smooth return to work. Post-leave initiatives include flexible work arrangements, such as remote work options following the end of the legal leave, encouragement of vacation usage, and continued hybrid work arrangements on a limited basis thereafter. These practices reflect the firm's commitment to employee well-being and parental support.

• *Vinci Mom's Space*: in offices where available, Vinci Compass provides private rooms so that mothers can breastfeed whenever they want with breastfeeding kits and refrigeration spaces.

• *Women's Health Program*: a program that sponsors lectures on women's health with specialist doctors.

• *Leadership support*: a CEO statement declaring their support to the Women Empowerment Principles (WEP).

• *Coaching Program:* a structured development program that invites our employees to a moment of self-reflection, thereby stimulating the development of important skills for career advancement at Vinci Compass.

• *Engagement and Development:* we finance the participation of two women partners in the 100 Women in Finance association, which aims to strengthen the global financial sector by empowering women to reach their professional potential at all stages of their careers. In addition to engaging in discussions on financial markets, the partner Patricia Amorim together with other representatives from Vinci Compass actively contributed to panels focused on résumé evaluation and pitch development for women entering the job market. This movement also serves as one of our recruitment sources.

*Other Personnel Management Programs* 

• Vinci Compass Chile is a member of the Chilean Institute of Business Management (*Instituto Chileno de Administración Racional de Empresas*), or ICARE, a private non-profit organization that promotes business excellence in Chile. One of our directors previously served as a director and president of ICARE and continues to play an active role in the organization.

• We are also a sponsor of InvestChile, a private corporation that promotes the Chilean financial market as an investment destination. One of our directors plays an active role in the organization and promotion of these initiatives.

• One of our directors is a mentor at Endeavor, an organization that fosters and strengthens the entrepreneurial spirit. Endeavor selects, supports, and invests in top entrepreneurs worldwide, providing them with a platform to continue contributing to the ecosystem. Through this mentorship, we reinforce our commitment to professional development, leadership, and inclusion in the business environment.

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• *Lecture Series:* In 2025, we hosted 26 lectures for university students in Rio de Janeiro and São Paulo, covering a range of topics, including our business areas and the economic outlook. These events engaged more than 500 students and were held both on university campuses and at our offices. Throughout the year, we also offered a variety of courses led by company employees, including AI at Vinci Compass and Macroeconomic Outlook. In addition to business-focused lectures, we remain committed to fostering meaningful discussions on important social issues. As part of this effort, we organized a series of lectures on mental health and breast cancer awareness, providing valuable information, support, and resources to our community.

• We also delivered lectures for our employees, including Mental Health and Pink October.

• Vinci Compass organizes annual investment seminars in Argentina, Chile, and Uruguay, bringing together global and local strategists to share insights on financial markets, macroeconomic trends, and investment strategies, promoting financial education, transparency, and informed decision-making among clients and the broader investment community. In Chile, this initiative represents our longest-standing edition, with 29 editions held to date, reflecting our sustained commitment to financial education and market transparency in the region.

We offer educational courses for our clients on a wide range of investment topics, including alternative assets and traditional market strategies. These sessions are designed to enhance their financial understanding and empower them to make informed and strategic decisions.

#### Internal Environmental Practices
The main impact of our operations on the environment derives from the allocation of resources, which has led us to develop products related to environmental issues, such as our VES, VIAS, VICC and Lacan IV funds. Nonetheless we seek to align all our internal activities with best environmental practices, as consistency between speech and practice gives us even more power to demand the best standards from the companies in which we invest. Among the practices, we highlight the following:

• *Sustainable construction*: we received a LEED Silver certification in the headquarters building in Rio de Janeiro, which attests to the good use of water and energy resources;

• *Urban mobility*: we have had bicycle facilities at our headquarters in Rio de Janeiro since 2015 (including bicycle storage and changing rooms). Additionally, our *Vaga do Bem* initiative redirects parking fees paid by employees to use parking spaces to social initiatives, such as charitable donations;

• *Office initiatives*: we carry out the preventive maintenance and replacement of equipment to reduce inadvertent emissions from fire extinguishers and air conditioners, set up motion sensors to reduce energy consumption, implemented protocols for turning off the air conditioning in areas and times of lesser use, and promote waste recycling and other initiatives to reduce the waste generated;

• *Neutralization of Greenhouse Gas (GHG) emissions*: in 2026, Vinci Compass completed a comprehensive inventory of greenhouse gas emissions for the 2025 reporting year, covering all offices in the countries where it operates. Emissions were categorized under Scopes 1, 2 and 3, in accordance with the GHG Protocol. In 2025, Vinci Compass reported total emissions of 2,900.92 tCO2e, based on the location-based approach. Scope 1 represented 49.4% of total emissions, Scope 2 represented 5.5%, and Scope 3 represented 45.1%. Scope 1 emissions were significantly impacted by a gas leak at the Rio de Janeiro office, which resulted in a 3,597.34% increase in fugitive emissions in 2025. In line with Sustainable Development Goal (SDG) 13, all emissions reported for 2025 were fully offset through the "*Legado das Águas*" project, a 31,000-hectare area located across three municipalities in the state of São Paulo that combines forest conservation, scientific research and the development of new economic activities.; and

• *Recycling initiatives*: Since 2023, we have partnered with Circoola, a company that promotes the circular economy and responsible waste disposal, focusing on the recycling, disposal, and reuse of electronic equipment. At our Rio de Janeiro office, a collection box is made available in the building, allowing other tenants to have a fixed point for the responsible disposal of electronics. In 2025, a total of 892.3 tons of electronic waste were collected in Rio de Janeiro and São Paulo, through our partnership with Circoola.

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#### Sustainability in our Investment Process

#### Private equity
Our private equity Impact and Return strategy was developed to tend to a growing market demand for sustainable products combined with our view of the potential positive influence our capital allocation could have over entrepreneurs and their markets' environment. In our impact strategy, we target minority equity investments in companies with limited access to capital, focusing on scaling the positive results these businesses already generate to customers, society and the environment. The market for impact funds in Brazil is still in development and faces challenges. This investment thesis is better received by entrepreneurs with prior contact with the strategy. Reaching out to smaller entrepreneurs is an important goal for the long-term success of the strategy.

Our fourth vintage of our Impact strategy, VIR IV, raised R$1 billion in capital commitments through a diversified investor base, with the presence of institutional investors. VIR IV's goal is to invest capital in underdeveloped regions. We invest in companies where positive impact is an inherent outcome of the business model. Therefore, through growth, we generate a positive impact in these regions. Our investment process comprises several criteria and tools, such as positive and negative screening, an eligibility tool, the assessment of impact metrics through a proprietary index and ESG due diligence. The investment strategy is completed with a strong analysis of the business, a detailed report highlighting the impact on the business, and quarterly follow-ups. VIR IV received the award for "Impact Fund of the Year" from Environmental Finance in 2021. In 2023, VIR IV received the Private Capital Deal of the Year award from the Association for Private Capital Investment in Latin America, or LAVCA, in recognition of our investment in Pro Infusion. In 2024, VIR IV closed one new investment and signed two new investments, thereby expanding its sectors of operation to include industrial and commercial waste management, auto parts, and logistics for clinical research. VIR IV fund holds an independent verification certification from Nint, an ERM Group company. In October 2025, VIR IV concluded its investment period with nine investments across the healthcare, retail, and B2B services sectors.

Our Vinci Capital Partners strategy, or VCP strategy, has also developed a robust ESG framework. The VCP team created, with the support of a global reference ESG consultancy firm, a general ESG risk assessment framework to support ESG due diligence in new target companies. This framework contains the main environmental and social issues addressed by most sustainability initiatives, inspired by the International Finance Corporation (IFC) Performance Standards, and a preliminary assessment of the material issues per sector that Vinci Compass invests or plans to invest. During the due diligence phase, we partner with specialized firms to confirm the initial materiality map and to investigate if additional material risks are present in the target company.

The team also developed an Environmental and Social Management System, or ESMS, to integrate ESG matters in its internal procedures and when monitoring portfolio companies. This approach enables our funds to mitigate ESG-related risks to companies and seek opportunities of value creation through ESG initiatives. Since 2020, the team publishes an ESG annual report for VCP III to provide updated information on ESMS performance and ESG issues of investee companies during the previous year.

VCP IV has introduced a new development in comparison to previous vintages: all companies are now subject to monitoring by a structure within the board of directors specifically dedicated to the sustainability agenda, such as a specialized advisor or a committee. Such companies are required to appoint a C-level executive responsible for implementing ESG initiatives, which are also incorporated into the variable remuneration goals of the main executives. Furthermore, companies are required to submit an annual report detailing their initiatives and results related to the sustainable agenda.

#### Infrastructure
We developed our VICC fund, in our Climate Change sub-strategy, focusing on investments that actively contribute to the climate agenda ranging from renewable energy generation and water supply to the efficient use of natural resources and reduced emissions from other sources. Our goal is to help mitigate climate change globally. All investments made by VICC should also seek to increase inclusion across portfolio companies. Furthermore, VICC is Article 9 compliant under European SFDR. Furthermore, VICC is guided by the IFC (International Finance Corporation) Performance Standards, ensuring that environmental, social, and governance practices are consistently incorporated and thereby mitigating, preventing, and/or compensating for any resulting impacts.

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VICC has implemented a climate and ESG integration framework applied throughout the investment cycle, including (i) screening against an exclusion list and internal taxonomy, (ii) ESG risk categorization, (iii) climate impact and climate risk assessment, and (iv) pre-investment ESG and climate due diligence supported by project-specific Environmental and Social Action Plans (ESAPs) and defined key performance indicators (KPIs) for ongoing monitoring. ESG oversight is supported by a dedicated Environmental & Social (E&S) Officer within the investment team, responsible for monitoring compliance with the Fund's ESG standards and relevant international frameworks and for engaging with portfolio companies and key contractors. In 2024, VICC completed its first two investments in solar PV projects (Parvus and Romulo) and established Mira Energia as the operating platform to build, manage and operate the assets. In 2025, Mira Energia concluded construction across key plants and advanced the transition to operations, with multiple sites entering operation during the year; certain mechanically completed plants were still awaiting final connection to the distribution network by the local power distribution company (grid connection activities outside Mira's direct control). The complexity of infrastructure investments demands a robust due diligence regarding operational, financial and ESG aspects. Our funds have a strong governance policy, especially those related to government-controlled assets. The water and sewage sector is a key sector for sustainable investments in Brazil. Our VIAS fund, part of our water and sewage strategy, aims to promote sustainable development through strategic investments that prioritize the water and basic sanitation sector. It operates with international best practices and the United Nations Principles for Responsible Investment maintaining a rigorous exclusion list. Its initiatives target operational efficiency, environmental impact mitigation and enhancing the quality of life for the communities. *Rio+ Saneamento*, a portfolio company in which 97% of the VIAS' assets are allocated, has a positive impact on approximately 2.6 million people, maintaining water quality indices at 100% and sewage at 97%, according to the Brazilian Water Quality Index (*Índice de Qualidade das Águas*) and Sewage Treatment Plant Operational Quality Index (*Índice de Qualidade de Operação de Estações de Tratamento de Esgoto*), respectively. Additionally, Vias promotes environmental education and professional training initiatives, which bolsters its commitment to sustainable development.

Finally, in 2024, the Sustainable Regional Infrastructure Development Fund (*Fundo de Desenvolvimento da Infraestrutura Regional Sustentável*), or the FDIRS, was launched in partnership with the Brazilian government. This fund aims to foster sustainable development in Brazil through the structuring of new public-private partnerships and concessions. Priority sectors of operation include water supply and sanitation, urban infrastructure and transportation, education and health, irrigation, and the preservation of parks and forests. The fund's investment strategy aligns with our sustainability criteria, with a focus on projects that promote sustainable and responsible practices and prioritize the underdeveloped north, northeast and mid-west regions of Brazil. In 2025, the fund entered into its first contracts to support the public sector in structuring concession and PPP projects in Brazil. The fund began feasibility and structuring studies for an irrigation concession in northern Minas Gerais, aimed at addressing water scarcity and supporting agricultural development in the region. The fund also executed a contract to structure a new water and sanitation concession in the State of Rio Grande do Sul, with the objective of supporting the universalization of water and wastewater services across 176 municipalities. In August 2025, the Brazilian government approved an FDIRS guarantee framework for concession and PPP projects, an important milestone that may support the development of additional projects across the country.

#### Real estate
Our listed REITs faced a challenging environment over the last two years and showed resilience due to our strong competitive position in the market and the team's extensive track record. Robust governance in the funds' investment and monitoring process was a key factor to navigate a difficult market environment. In 2023, our listed REITs faced a challenging start with limited capital-raising opportunities. However, following the onset of the easing cycle, we began to see new issuances, particularly in the shopping center market, where we successfully raised R$1.2 billion in the fourth quarter of 2023. In 2024, we expanded our operations into the residential segment, raising R$71 million for our Vinci Oportunidade Residencial FII fund, which will acquire two plots of land with defined partners for the projects. Additionally, some of the Vinci Compass real estate properties have LEED certification, which reflects our commitment to green practices in our portfolio.

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#### Forestry
The expansion of our operations into the forestry sector was an important milestone for Vinci Compass in 2024. Our Forestry segment employs a customized management approach, conducting double materiality studies of the funds. Utilizing specialized tools, we assess and mitigate water risks and potential natural disasters, positioning climate management as a strategic priority. Additionally, a rigorous commitment to monitoring ESG indicators is maintained, with a dedicated team responsible for collecting and analyzing KPIs. The funds have an annual report on carbon dioxide sequestration from the atmosphere, demonstrating their contribution to reducing the carbon footprint.

We believe the Lacan IV fund voluntarily aligns its practices with Article 9 of the SFDR. As a result, this fund undergoes extensive due diligence procedures, including the analysis of potential interference with protected areas due to historical or architectural value, the identification of important areas for biodiversity conservation, and the assessment of areas exposed to extreme environmental or geological events, such as landslides and fires. We maintain a comprehensive initiative that serves as an umbrella for our social and environmental projects, based on the themes established in our ESG Framework. These themes include Climate Change, Biodiversity, Education and Employment, Ethics and Compliance, and Data Transparency. In 2024, based on the IFC Performance Standards and with the support of ERM consultancy, Lacan formalized its Environmental and Social Management System (ESMS). The Lacan IV fund is classified as a "Sustainable Investment" under the terms of ANBIMA's Rules and Procedures Anbima, and aims to invest in wood production projects through responsibly managed forests with internationally recognized forest management certification, aimed at maintaining and promoting environmental and social values, and with a financial return. The fund's second sustainable objective is to conserve and improve biodiversity through the protection and ecological restoration of terrestrial ecosystems

#### Credit
Our Credit segment also has a group of funds dedicated to finance infrastructure projects and companies, such as our VES and Vinci Credit Infra funds. These funds have a series of sustainability guidelines, such as a veto on investments in fossil fuels and compliance with social, labor and environmental rules and regulations. VES was funded by the BNDES and other relevant Brazilian institutional investors and was the first Brazilian fund to receive the ESG "European Standard" label. VES closed its investment period ahead of schedule, which reflects our team's ability to manage this kind of asset. Since 2021, VES has annually renewed its ESG Certification Nint, an ERM Group company.

In 2025, an ESG score system for credit evaluation was implemented, based on approximately 140 criteria, which are organized into three macro factors: Governance, Environment, and Social Responsibility. The evaluation encompasses a range of key subgroups, including control structure, reputation, history, alignment and independence, corporate sustainability, internal controls, quality of financial reports, climate change management, energy management, waste generation, inclusion, work quality, and adherence to international treaties. The relative weights of these criteria are adjusted through an impact matrix, according to the relevance of the risk for each sector analyzed.

In addition, by means of our Litigation Finance strategy, within our Opportunistic Capital Solutions sector, we provide access to justice by funding claimants that are entitled to redress but would not be able to bear the costs involved in bringing such claims. By making legal support accessible to victims of a variety of corporate wrongdoings, especially victims of environmental disasters, we seek to actively pressure companies to increase their standards of care in a variety of subject such as antitrust practices, environmental responsibility and corporate governance.

In the agribusiness strategy, the credit granting process is supported by robust analyses that combine qualitative and quantitative factors. In line with market best practices, the segment employs rigorous "know-your-customer" processes, including periodic visits and additional due diligence on borrowers, who are required to implement robust fiscal, accounting, and environmental controls.

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#### Equities
Our Equities segment also has an important role regarding sustainability practices. Our investment team started using the same ESG score system used for credit evaluation, which, in the case of our Equities segment, could be used for selected mandates and for the evaluation of potential impacts and could lead to divestment from assets that do not fit the targeted profile. The team also focuses on investments that could lead to significant governance impacts, and partners with other groups in voting at shareholder meetings.

#### Global IP&S
When our Global IP&S team analyzes external managers in which to invest, they may also take into consideration sustainability practices. Depending on the type and country of origin of the mandate, team members may evaluate the managers' sustainability approach using a proprietary questionnaire to understand how these managers address sustainability issues. A relevant portion of the business is funded by institutional investors, which require a complete asset monitoring process and a thorough due diligence process.

#### Fundraising
We have a well-established and far-reaching client relations team with deep knowledge of the alternative investment market. As of the date of this annual report, this team is composed of 83 relationship managers across nine countries: 25 in Brazil, 20 in Chile, 11 in Mexico, 10 in the United States, nine in Argentina/Uruguay, seven in Peru/Colombia, and one in the United Kingdom. These professionals are organized into three primary distribution channels and cover more than 3,000 LPs: (1) institutional, (2) HNWIs and (3) intermediaries. This structure enables us to offer highly tailored solutions, deepen client relationships, and foster long-term partnerships with a diverse and global investor base. Each relationship manager provides clients with personalized service and comprehensive access to our full product offering.

In addition to these three channels, we maintain a fourth distribution channel dedicated to investors in our publicly listed vehicles on the B3. Investors in these products can trade fund quotas directly through the exchange and are supported by a dedicated investor relations team specializing in listed funds.

Our distribution channels are structured as follows:

• *Institutional:* This client division covers pension funds (public and private), insurance companies, large and mid-size corporations, endowments, sovereign funds, asset managers, and others. Our personnel covering this segment are located in Brazil, Chile, Mexico, Peru, Colombia, Argentina, Uruguay, New York and the United Kingdom.

• *High-Net Worth Individuals:* This client division covers HNWIs and single-family offices, which we consider to be clients that have the potential to invest at least US$1.0 million (or approximately R$5.5 million as of December 31, 2025). Our professionals are mainly located in Miami, Chile, Mexico, Uruguay and Brazil.

• *Intermediaries:* This client division covers banks (private, mass affluent and retail sectors), multi-family offices or MFOs, wealth management firms, and multiple distribution platforms such as XP, Insigneo, and BTG Digital. This division is responsible for the distribution of all Vinci Compass products, both liquid and illiquid, including private equity. Our professionals serving this channel are located in Brazil, Chile, Mexico, Miami, Peru, Colombia, Argentina, and Uruguay.

#### People and Career
At Vinci Compass, we believe that human capital is one of our main strategic differentials. Our culture is to train professionals through initiatives to stimulate self-development through internal and external development programs. The main entry point to work at Vinci Compass is in our support areas, where our people have the opportunity to acquire knowledge about the business' operations, accumulate experience and improve their professional maturity, in addition to being inserted into the Vinci Compass culture. The other entry point opportunities that arise at Vinci Compass are primarily filled by professionals who are already part of our staff, in keeping with our culture to value our internal human capital. Positions that may not be filled through internal recruitment are filled by expert professionals with proven track records in the target position after a careful external recruitment process.

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#### Training & Development
Our training and development programs are promoted by our People & Governance team and are focused on training our team, leaders and individuals, encouraging self-development, the exchange of expertise among professionals from different areas, the dissemination of culture and integration of personnel.

• *Inside Vinci Compass ("Por dentro da Vinci") –* This program aims to further integrate our operations team with the business strategies through lectures, which are held periodically by our senior team and which present their professional trajectory, the dynamics and objectives of their strategies and their products.

• *Incentive Certifications* – The objective of this program is to encourage employees to pursue CFA and CFP certifications and consequently seek development through studies. Vinci Compass reimburses 100% of the tests' costs for employees who are approved.

• *External Courses* – These are courses held on demand that aim to develop technical and/or behavioral skills, in addition to network experience and stimulation that cannot be met internally.

• *Vinci Compass Learning* – This structured program takes place periodically throughout the year in our Brazil offices, is taught by senior people and is open to all areas of the Company. Since its creation, the goal of this program is to increase the framework and technical knowledge of all participants.

• *Coaching* – This structured development process allows the self-reflection of professionals by stimulating the development of important skills for career ascension within Vinci Compass. For the past three years, this program has been supporting us in accelerating the career of women at Vinci Compass.

#### Talent Attraction
Vinci Compass, through the partnership of our People & Governance department with our business segments, has been promoting actions with financial leagues and student entities focused on the financial market since 2017, with the objective of contributing to the training of these students and increasingly bringing the Company closer to universities. The initiatives disseminate the culture and strength of the Vinci Compass brand and are a channel of attractiveness of young talent to the company.

• *Mentoring* – Our professionals guide groups of students with an interest in getting to know and specializing in the financial industry. In 2025, we had two groups of mentors and case studies across our different business strategies.

• *Lectures and Sponsorship* – We participate in events organized by the universities where our staff share their professional trajectory and the dynamics and objectives of their areas. In 2025, we sponsored the PUC-Rio Finance Week, the Meet and Market fair at USP, and the Finance Talk at USP, and gave more than 20 lectures. In addition, we welcomed visits from international universities, such as the University of Houston and the University of Florida, whose students had the opportunity to visit our office and attend a macroeconomics lecture led by one of our partners.

• *Summer Program* – In 2025, we continued our summer program, which is focused on university students interested in the financial markets. The program has two classes: one for Brazilian students from universities in Rio de Janeiro, São Paulo and other cities, which takes place in January (the Brazilian summer), and one for students from Northern Hemisphere schools (mostly in Europe and in the United States), which takes place in July.

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#### Compensation and Retention
Vinci Compass seeks to retain talent by paying a competitive total compensation and providing a leading organizational environment, with meritocracy as a focus not only at the individual level, but also at the team level. In addition, in order to retain our leading talents, we encourage an owner's attitude from our team to sustain their motivation to seek optimal results, in addition to providing the aforementioned trainings. The main mission of the People & Governance area is to attract, retain and develop professionals capable of ensuring the sustainable growth of the Company and perpetuity of the business, always aligned with the purpose of Vinci Compass, and disseminate our organizational culture.

We are also constantly concerned with ensuring the continuity of our business and, to do so, we have important compensation tools. Every year, we determine the annual bonus to be received by our personnel through a rigorous, detailed, and meritocratic evaluation of the individual's performance during the year. This process is a fundamental instrument to identify and reward employees who stood out and are better positioned to become partners.

We also built a seniority categorization model by scale, from junior and operational teams to members of the executive committee. We divided levels beginning at the operational level as the point-of-entry into Vinci Compass (comprised of interns, analysts and associates). The second step includes vice-presidents, principals and managing directors, who are responsible for business development. Finally, the final level of the structure includes partners and members of the executive committee who lead Vinci Compass' strategy and viability. The transition process between these levels follows a growing scale of development that is assessed during the annual evaluation process.

Since its IPO, Vinci Compass has sought diverse and efficient compensation tools to encourage its most senior members to be engaged and aligned. An important incentive is the possibility of becoming a partner following years of professional excellence and seniority, which has recently been made possible through our long-term incentive plans. This is an annual process and its goal, in addition to retention, is to ensure the continuity of our business. We believe that our retention policy is also an excellent attribute to attract new professionals. Therefore, we understand that our compensation process is robust and aligned with our short-, medium-, and long-term goals.

#### Risk Management
Vinci Compass seeks to minimize the risks associated with our investment strategy by pursuing the following initiatives:

• *Financial/Business.* Vinci Compass will seek to mitigate refinancing risk by targeting companies with stable and growing cash flows. Vinci Compass will seek to mitigate business risk by targeting companies that have a clear competitive advantage and/or long-term contract or concessions, thus are less vulnerable to the business and economic cycles. We will also focus on companies we believe generally exhibit low dependence on strong economic growth. Before agreeing to any investment, our investment committee must be satisfied that it understands the key risks associated with each investment, and that it has taken, or will take, actions to mitigate those risks.

• *Fraud and Corruption.* Vinci Compass seeks to undertake a comprehensive anti-fraud and anti-corruption diligence process in connection with all private market transactions. We perform background checks and extensive legal due diligence in every potential deal that our private equity, infrastructure, and real estate funds are involved. Generally, this process is coordinated by the deal team members, with the support of our compliance team and/or external counsel (typically full-service law firms or niche-oriented firms, when required). We monitor the portfolio companies through our specific deal team members, which are required to periodically report updates on the investment (in all aspects, including operational performance, legal issues, and potential irregularities). Additionally, we usually have the right to appoint members to the board of directors and/or management of the portfolio companies—such appointments are another direct channel for this type of reporting. In case of any potential irregularity, the members of the team responsible for the portfolio company shall immediately report such event to the legal and compliance teams who will assess the information and provide guidance on how to proceed.

• *Sustainability.* Our sustainability policies are based on well-known standards and benchmarks, such as: International Finance Corporation Performance Standards; and Principles for Responsible Investment. These policies are complemented by other policies such as compliance guidelines for Anti Money Laundering, Anti-Corruption, Anti-Terrorist Finance, and our Code of Ethics. In addition, employees are trained annually, and an introductory presentation is made to all new employees.

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• *Market and Liquidity Risk.* Vinci Compass seeks to mitigate market and liquidity risk by monitoring Liquid Funds on a daily, weekly, or monthly basis accordingly to the profile of each fund. Vinci Compass has policies that drive our risk control activity, and every fund has its own risk limits that are controlled by the risk department and, when applicable, the fund committee.

• *Operational Risk:* Vinci Compass defines operational risk as the potential for losses resulting from inadequate internal processes, system failures, human error, or external events. Vinci Compass has implemented measures designed to strengthen the control and measurement of these risks with the objective of reducing exposure and preventing losses. The severity of each event is assessed based on its likelihood of occurrence and potential impact. Based on this assessment, Vinci Compass determines the appropriate course of action, which may involve immediate resolution or the development of a more detailed action plan.

#### Competition
Vinci Compass is a leading alternative asset manager in Latin America, offering a differentiated platform that combines deep regional expertise with a global investment perspective. Our business combination with the Compass group has created one of the most comprehensive alternative asset management platforms in the region, expanding its product suite, increasing scale, and enhancing distribution capabilities.

The firm maintains a strong competitive position among its peers, with superior capabilities compared to local banks and single-sector-focused asset managers. Key differentiators include exposure to long-term capital, a partnership-driven model, and a highly diversified business structure spanning presence across several countries in Latin America and the U.S., multiple asset classes and investment strategies. The combination of our expertise and track record in alternative investments with Compass' established capabilities to provide the best-in-class global investment solutions to local clients, and extensive network of institutional LPs in Latin America strengthens our competitive edge.

While we face competition in each of our segments from sector-focused asset management firms, few players in the Latin American market offer the breadth of alternative investment opportunities and tailored solutions that we provide. Additionally, our proprietary distribution capabilities remain a significant advantage over firms that rely primarily on third-party distribution agreements with banks and open platforms.

#### Global IP&S
Depending on the mandate, the competition varies significantly, as different players offer different strategies that are more or less aligned with our offering within investment products and solutions.

In terms of inflation mandates, we face competition from multi-market fund managers (hedge funds) in the Brazilian industry. We believe that our competitive advantage is our proven track record of investment performance and unique construction of investment products. For example, in the design of the Equilíbrio fund (offered for open pension plans following CMN No. Resolution 4,444), we have an offering aligned with the long-term objective of achieving returns above inflation.

In equity fund-of-funds mandates, we are one of the few investment managers in Brazil to implement the strategy using a structure that allows investors to invest in highly performing managers and have a hedge protection strategy in the same vehicle. We believe this is a significant differentiating factor for institutional investors who do not have the agility to use hedging to protect their portfolios. Our competitors in the fund-of-funds market tend to be financial institutions (which do not offer the same product).

In the exclusive asset allocation mandates for families, we generally compete with financial institutions and MFOs. As for pension funds, we compete with financial institutions, but in the current environment we have certain key advantages: recognized ability to invest in alternative classes, carrying out protection operations and greater knowledge of the pension fund industry.

In the Global Solutions strategy, we compete with regional and international financial institutions and MFOs. However, we believe that we managed to stand out because we invest in more niche managers and bring customers closer to managers while being transparent throughout the process.

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Other than managed funds, Vinci Compass also has the Third-Party Distribution business, with its largest market being Chile. The Chilean third-party fund distribution market is highly competitive. International investment firms hire local placement and marketing agents to help them offer global investment solutions locally. Vinci Compass has established itself as one of the leading firms in this business, leveraging its extensive product range, deep client relationships, and unmatched distribution capabilities. The firm's scale, expertise, and longstanding partnerships with top-tier global asset managers set it apart from other players in the market. As of December 31, 2025, Vinci Compass held 20.3% of total investments made by Chilean Pension Funds in offshore mutual funds excluding money market instruments, according to Chile's Superintendency of Pensions (*Superintendencia de Pensiones*).

Our business combination with the Compass group has further strengthened Vinci Compass' position as a third-party fund distributor in Latin America. By integrating the Compass group's well-established relationships with institutional clients, family offices, and wealth managers with Vinci Partners' extensive investment expertise, Vinci Compass now offers one of the broadest and most diverse third-party fund platforms in the region. The firm distributes a comprehensive selection of global strategies across multiple asset classes, allowing investors to access world-class managers through a single platform.

In contrast, other firms in the market operate with a narrower focus. There are players that primarily serve as intermediaries for asset managers. Others distribute specifically alternative investment funds, with more limited scale and reach, preventing them from offering the same level of access to global investment solutions. Many smaller players lack the ability to provide the broad range of products and the institutional-grade distribution network that Vinci Compass has developed.

A key differentiator for Vinci Compass is its ability to combine global reach with deep local expertise. The firm has built strong relationships with leading global asset managers, ensuring access to best-in-class investment solutions while also understanding the specific needs of Latin American investors. This combination of international investment excellence and local market knowledge gives Vinci Compass a significant advantage over its competitors, allowing it to deliver superior solutions that are tailored to the needs of institutional and high-net-worth investors in LatAm.

As international asset managers seek to expand their presence in Latin America, Vinci Compass remains a strong partner due to its solid market position, ability to navigate local investor preferences, and deep distribution network. Its scale, product diversity, and ability to provide value-added services beyond simple fund distribution—such as portfolio advisory and customized investment solutions—ensure that Vinci Compass remains a leader in Latin America's investment solutions and third-party distribution market.

#### Public and Private Credit
We believe we are one of the first independent players to offer Brazilian private credit funds focused on the long-term direct lending business. Nevertheless, we currently see some of the asset management platforms (such as Kinea, BTG Pactual, and XP) as being our biggest competitors and the big banks themselves, which either use their balance sheets or offer solutions through their debt capital markets areas for companies to access alternative financing options. As described elsewhere herein, we see a significant opportunity for banking disintermediation in Brazil and for the private credit market to develop.

Most of the allocation of Brazilian pension funds remains concentrated in federal government bonds, which imposes important challenges in overcoming its actuarial goals. We believe that Vinci Compass can offer a range of credit investment strategies, including structured credit transactions and directed lending, that captures more value and can meet this growing demand for return and portfolio diversification for our investors.

Vinci Compass also manages Private Credit funds across Chile, Argentina, Peru, and Mexico—as well as a Latin American-focused hard currency credit strategy. The competitive landscape in private credit across Latin America includes a mix of large international asset managers, regional investment firms, and local players with country-specific expertise. Global firms such as BlackRock and KKR have been expanding their presence in Latin American private credit, leveraging their scale and access to global capital markets. However, these firms often take a broader, multi-region approach, which can make them less agile in addressing the specific credit needs of Latin American borrowers compared to Vinci Compass, which has a more focused, on-the-ground presence in key markets.

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Regional competitors such as Moneda Asset Management, Credicorp Capital, and BTG Pactual also play an active role in Latin America's private credit markets. Moneda, now part of Patria Investments, has a strong presence in corporate credit and high-yield debt strategies, particularly in Chile and Argentina. While Moneda benefits from a long track record in Latin American credit markets, its focus has historically been more on liquid credit and distressed debt rather than the structured private credit solutions that Vinci Compass also offers.

Credicorp Capital, based in Peru, operates across multiple Latin American markets, providing private credit and structured finance solutions. However, its credit strategies tend to be more conservative and concentrated in Peru and Colombia, limiting its ability to compete at the same scale as Vinci Compass in markets such as Mexico and Argentina. Similarly, BTG Pactual has a robust private credit operation, particularly in Brazil, but its presence in non-Brazilian markets is not as dominant, giving Vinci Compass a competitive advantage in broader Latin American private credit investments.

In the hard currency credit segment, Vinci Compass competes with firms that focus on emerging market credit strategies. These firms specialize in high-yield and distressed debt opportunities across Latin America and other emerging markets, often targeting sovereign and corporate bonds. However, Vinci Compass differentiates itself by offering more customized and flexible credit solutions through private transactions, rather than relying solely on public market debt instruments.

Specifically with respect to our Opportunistic Capital Solutions sub-strategy, we believe that we are among the largest independent players focused on special situations in Brazil. A significant number of new players have come into the market in the past few years, which has increased competition. Nonetheless, we believe that the largest and most established players have a significant advantage competing for capital and sourcing deals, since many of the new entrants operate through club deals, focusing on smaller investment tickets and shorter-term strategies (including immediate flipping). Vinci SPS benefits from a broad and flexible mandate, encompassing five main strategies and allowing for dynamic balancing of portfolio mix according to market swings.

We believe the special situations market in Brazil is vast and may absorb the recent growth without jeopardizing long-term performances for tier one players. The asset class allows for differentiation across various aspects, such as sub-strategies, ticket, duration, liquidity, governance over assets, capital instrument, geography and primary vs. secondary markets.

As for our Agribusiness sub-strategy, Brazil's agribusiness credit asset management sector is a dynamic market, where financial institutions and asset managers provide tailored credit solutions to support the country's vast and complex agricultural industry. Vinci Compass stands out as a key player in this space, leveraging its deep market expertise, diversified investment strategies, and strong relationships with institutional and individual investors.

Large financial institutions, such as BTG Pactual and Banco Safra, operate in this market by utilizing their extensive financial infrastructure and broad service portfolios to provide agribusiness credit solutions. These banks have a long-standing presence in Brazil and leverage their access to capital markets to offer competitive financing options. However, their agribusiness credit offerings are often standardized and may not be as tailored to the specific needs of agricultural producers as those provided by more specialized asset managers.

Vinci Compass maintains a competitive edge in the agribusiness credit asset management market by combining the best aspects of institutional expertise, flexible investment structuring, and strong investor relationships. Unlike large banks that prioritize volume over customization or smaller firms that cater to only specific market segments, Vinci Compass is able to provide tailored credit solutions that address the full spectrum of agribusiness financing needs. Its deep understanding of the Brazilian agricultural market, coupled with its ability to innovate in structured credit products, positions it as a leading choice for investors and agribusinesses seeking robust and adaptable financing solutions.

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What sets Vinci Compass apart is its ability to integrate deep local market knowledge with institutional-quality credit structuring. Unlike larger global players that take a broad, macro-driven approach to Latin American credit, Vinci Compass has a hands-on presence in key markets, enabling it to identify unique opportunities and structure deals that align with investor needs. Unlike regional firms that may have strong positions in individual markets but lack cross-border expertise, Vinci Compass provides a truly integrated Latin American credit platform. Its ability to offer private credit strategy, combined with a strong local network and a track record of structuring innovative financing solutions, positions Vinci Compass as a leading private and public credit manager in Latin America.

#### Private Equity
Vinci Compass considers itself a pioneer in Brazilian private equity and we believe we are the only purely Brazilian private equity firm that has always been independent. Since 2004, our flagship Vinci Capital Partners funds have invested R$7.0 billion across 27 investments in Brazil, as of December 31, 2025. Moreover, while many other Brazil-focused funds (such as Warburg and Advent) are affiliated with larger, global managers, Vinci Compass continues to remain independent, with an internally trained team, and whose members have begun and developed their investment careers in Brazil. Given Vinci Compass' history and presence in Brazil as one of the longest-tenured local private equity firms, Vinci Compass believes it has a distinct competitive advantage against both local and global players. Moreover, for the most part, the strategies employed by these other funds generally do not compete directly with Vinci Compass' control-oriented, operationally intensive strategy.

Vinci Compass' sourcing methodology focuses on acquiring businesses or making investments outside of structured auction processes, so in many cases Vinci Compass will not encounter competition during the sourcing phase. Vinci Compass believes that its proprietary sourcing strategy allows us to negotiate more favorable investment terms and downside protections to help generate more attractive returns. Notably, as of December 31, 2025, Vinci Compass sourced 17 of the 27 previous investments on an exclusive basis.

The historical limited availability of capital in Brazil for private equity has prevented the development of a significant number of local players, and competition in the current market is derived mainly from investment managers that are able to raise money globally, either through global funds, or Brazil focused funds raised with international limited partners. This creates two positive dynamics for us, first is the limited number of managers chasing investment opportunities in the country, and that equity investment sizes vary substantially and create an additional layer of differentiation between general partners and further reducing competitive pressure.

#### Equities
In Brazil, the biggest competition is the level of interest rates: Brazilian investors continue to invest very little in variable income instruments and Brazil does not have a long-term investment culture, since interest rates have historically been, and continue to be, high, and even inefficient investing historically generated returns to investors well above inflation.

In Chile, the public equities market is relatively concentrated, with fewer listed companies, leading to lower liquidity and limited diversification opportunities. Competition primarily comes from local pension funds, which dominate the institutional investor landscape, as well as from international asset managers. Market risks include regulatory shifts affecting pension fund allocations, economic dependence on commodity exports (especially copper), and political uncertainty, which has influenced investor sentiment in recent years.

Mexico presents both opportunities and challenges due to its market size and integration with global economies, particularly the United States. Competition comes from domestic asset managers, large pension funds and global firms seeking exposure to Mexico's diversified economy.

Argentina's public equities market is highly volatile and subject to significant macroeconomic and political risks, including inflation, currency controls, and sovereign debt concerns. Competition remains limited due to economic instability, which has led to reduced foreign investor participation and a small pool of domestic institutional investors.

In Brazil, we estimate that we compete with 70 to 80 funds. In Chile, that number is around 28, while in Mexico, it stands at 29. For our LatAm strategy, we face competition from 22 funds, and in Argentina, 18. These numbers have been increasing over time as new asset managers and public equity firms continue to emerge.

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#### Real estate
Vinci Compass is a relevant listed REIT manager in Brazil based on ANBIMA data. The largest REIT manager in Brazil is BTG. BTG asset management is controlled by Banco BTG Pactual, one of the largest private banks in Brazil and benefits from the bank´s extensive retail distribution. BTG is followed by Kinea and XP, all of them relying on powerful in-house retail distribution capabilities that enhance their access to capital. Notably, for some of the other players, their total AUM figure factors in the amount they have under management as the fund administrator of passively managed REITs.

Due to the rapid growth of the REIT industry in recent years, a significant number of new players have come to the market, increasing competition. Notwithstanding, the largest and most established players have a significant competitive advantage competing for capital which was reflected in the market share of these players and the amounts raised by them in 2025. In challenging market environments, as we faced in 2024 and 2025, we believe that Vinci Compass' track record and expertise set ourselves apart from competition.

#### Infrastructure
We believe that Brazil offers a diverse and deep investment opportunity set, due to the critical need for infrastructure investments, the weak financial position of the central government and higher leverage profile of traditional players. We believe that there is a limited number of active investment managers with the dedicated capital or the experience to invest in Brazilian infrastructure. Vinci Compass believes it is highly differentiated from its competition given the team's ample transactional expertise (over 30 transactions) particularly, in complex situations, with deep relationships, a flexible investment approach, and sector-specific knowledge. We also face more limited competition from local investment managers in deals with equity tickets averaging from R$200 million to R$400 million.

#### Forestry
The forestry investment asset management market in Brazil is a niche yet increasingly attractive segment, characterized by limited competition among institutional asset managers. BTG Pactual's Timberland Investment Group (TIG) stands out as one of the few large-scale competitors with significant capital deployment and established expertise in managing timberland assets. Most other players in the space are either industrial forestry companies, such as Suzano and Klabin, that primarily focus on vertical integration rather than third-party asset management, or smaller, specialized investment firms with regional operations. This creates a relatively fragmented competitive landscape, where large alternative asset managers like Vinci Compass have an opportunity to differentiate through strategic capital allocation, sustainability-driven investment approaches, and operational efficiencies.

The competitive dynamics in this market are shaped by access to scalable forestry assets, investor appetite for sustainable alternatives, and expertise in regulatory and environmental compliance. Given the long-term nature of timberland investments, asset managers must have a strong track record in portfolio management to attract institutional investors. Additionally, the demand for carbon sequestration projects and sustainable timber production is intensifying competition not only among traditional asset managers but also with conservation funds and impact investment firms that position themselves as ESG-driven alternatives. In this environment, Vinci Compass can leverage its expertise in alternative investments to structure differentiated forestry investment vehicles that align with global sustainability trends while offering attractive risk-adjusted returns.

#### Corporate Advisory
Our Corporate Advisory business competes mainly against local and international M&A boutiques.

#### Retirement Services
Since 2022, we have been working on the development of our new retirement services business to seize the extensive opportunity that we believe we encountered in Brazil. The addressable retirement services market is sizeable, with more than R$1.8 trillion in AUM and double-digit growth in recent years, according to the Brazilian Federation of Private Pension and Life Insurance (*Federação Nacional de Previdência Privada e Vida*), or FenaPrevi, March 2026 report. While liquid markets have struggled with outflows, open-ended pension plans posted another year of inflows, according to ANBIMA.

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Looking at our competition, the majority of the retirement services industry is controlled by traditional banks, according to FenaPrevi. This bears a direct relationship with one of Vinci Compass' growth opportunities: the decentralization of capital from traditional banks. This is seen in recent pension plan portability numbers, as we are seeing a significant number of flows from traditional banks to independent insurers, according to SUSEP.

In addition, there is a lack of independent alternative players offering open-ended pension plans. Currently in Brazil, this number is a low single-digit number of relevant players, according to FenaPrevi. We believe that the market has several barriers of entries caused by expertise and structuring requirements. In particular, SUSEP has a number of requirements that only sizeable and consolidated players can address, which we believe places Vinci Compass in a unique position to capture a relevant portion of the industry. With that said, our biggest competitors are traditional banks, which hold close to 90% of the market share in the retirement services market, according to FenaPrevi. The remainder market share is primarily held by XP, Inc., BTG Pactual and Icatu Seguros.

#### Regulatory Overview
We are subject to government authorizations and extensive regulation in the jurisdictions in which we operate and conduct our activities.

#### Regulatory Matters in Brazil
*Overview* 

Our Brazilian asset management subsidiaries (known as *gestoras de recursos de terceiros*), or the Regulated Entities, carry out operations that are subject to specific Brazilian laws and regulation by the CVM. Furthermore, Vinci Gestora de Recursos Ltda. is a member of ANBIMA and all Regulated Entities are also subject to ANBIMA's codes and rules. Vinci Capital Gestora de Recursos Ltda. is associated with the Brazilian Private Equity and Venture Capital Association (*Associação Brasileira de Private Equity e Venture Capital*), or ABVCAP.

The Regulated Entities are licensed to operate in the Brazilian capital markets as asset management companies (*administrador de carteiras de valores mobiliários*) by the CVM, and subject to the rules and oversight of the CVM, pursuant to Law No. 6,385 of December 7, 1976, or Law No. 6,385/76, and CVM Resolution No. 21 of February 26, 2021, or CVM Resolution No. 21.

The Regulated Entities provide securities portfolio management services, pursuant to CVM Resolution No. 21, and are members of the ANBIMA and the ABVCAP, adhering to the applicable codes of best practices for each of the types of investment funds the portfolio of which they manage in Brazil. The Regulated Entities can perform portfolio management services to all types of investment funds in Brazil and to securities portfolios (*carteiras administradas*).

Furthermore, the Regulated Entities are authorized to act in the distribution of quotas of the investment funds that they manage, pursuant to article 33 of CVM Resolution No. 21, which allows asset management companies to perform distribution activities, however with certain restrictions in relation to an entity fully authorized as a member of the distribution system, such as not being able to distribute securities issued by third parties. To perform such distribution activities, the Regulated Entities must comply with all CVM rules applicable to the members of the distribution system regarding (1) suitability requirements in respect of client investor profiles, (2) registration of clients, payment of redemption amounts, amortizations and/or investment orders to and from the clients' accounts, (3) money laundering, concealment of assets, rights and values prevention and (4) exchange of information between the distributor and the fiduciary administrator of the relevant fund.

Our subsidiary Vinci Vida e Previdência S/A, or VVP, is subject to specific Brazilian laws and regulation enacted by the SUSEP and is licensed to operate life insurance and open-ended pension plans in Brazil. The applicable laws in Brazil include Complementary Law No. 109/2001, Decree Law No. 73/1966 and certain other rules and regulations issued by the National Private Insurance Council (*Conselho Nacional de Seguros Privados*), or CNSP, and SUSEP, among others.

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*Laws and Regulations Applicable to Asset Management and Insurance Activities in Brazil* 

Law No. 6,385/76, regulates the issuance, offering and distribution of securities (including shares of funds) in the public market, as well as the trading of securities, management and settlement and/or clearance of securities transactions in Brazil. All such activities require prior authorization from the CVM.

CVM Resolution No. 175 brought about structural changes to the Brazilian investment funds' industry. This resolution introduced various rules that align Brazilian regulations with international standards, promoting greater alignment and transparency. However, it also imposed additional duties on asset managers, such as Vinci Compass, requiring greater diligence and compliance with the newly established regulatory standards.

The capital markets regulatory framework, in Brazil, is further supplemented by regulation issued by the CMN, the CVM, the SUSEP and the Brazilian Central Bank, and self-regulation policies, such as those issued by securities exchanges and self-regulated entities, that govern their members and participants, (such as, for example, B3 S.A. – Brasil, Bolsa, Balcão, or B3, the ANBIMA and the ABVCAP).

*Brazilian Licensing Requirements* 

As to our asset management activities in Brazil, the main regulation applicable to our affiliates is CVM Resolution No. 21, which defines professional asset management activities as activities directly or indirectly related to the operation, maintenance, and management of securities portfolios, including the investment of funds in the securities market on behalf of clients.

CVM Resolution No. 21 provides for two categories of asset managers: (1) fiduciary administrators, which are not allowed to trade securities on behalf of clients and/or (2) portfolio managers, which are allowed to manage portfolios on clients' behalf, including through the trading of securities. All of our affiliates that carry out asset management activities are registered with the CVM as portfolio managers.

To be authorized by the CVM to engage in such an activity, legal entities that operate as asset managers must (1) have a registered office in Brazil; (2) have fiduciary administration or securities portfolio management, as applicable, as a corporate purpose and be duly incorporated and registered with the Legal Entities Taxpayer Registration – CNPJ; (3) have one or more officers duly certified and approved by CVM to take on liability for fiduciary administration or securities portfolio management, as applicable, pursuant to CVM Resolution No. 21; (4) appoint a compliance officer and, in the case of portfolio managers, also a risk management officer; (5) appoint a distribution officer, if the entity distributes shares of investment funds administrated or managed thereby, as applicable; (6) be controlled by reputable shareholders (direct and indirect), who have not been convicted of certain crimes detailed in article 3, VI of CVM Resolution No. 21; who is not unable or suspended from occupying a position in financial institution or other entities authorized to operate by the CVM, the Brazilian Central Bank, SUSEP or PREVIC, and have not been banned from asset management activities by judicial or administrative decisions; (7) put in place and maintain personnel and IT resources appropriate for the size and types of services to be rendered; and (8) execute and provide the applicable forms to the CVM so as to prove its capacity to carry out such activities, pursuant to CVM Resolution No. 21.

In compliance with CVM Resolution No. 21, among other measures, each of our asset management affiliates has one officer duly registered with CVM as asset managers, who are responsible for the portfolio management activities, as well as officers appointed specifically for compliance, risk management and distribution activities. Our affiliates also maintain personnel and IT resources appropriate for their size.

This same regulation requires our affiliates to conduct their activities in good faith, with transparency, diligence, and loyalty with respect to clients, and perform their duties with the aim of achieving clients' investment objectives. Our affiliates must also maintain a website, with extensive current information, including, but not limited to (1) an updated annual filing form (*formulário de referência*), (2) a code of ethics, (3) rules, procedures and a description of internal controls in order to comply with CVM Resolution No. 21, (4) a risk management policy, (5) a policy for purchase and sale of securities by managers, employees and the company, and (6) a policy for allocation and division of orders among the securities portfolios.

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Under CVM Resolution No. 21, our asset management affiliates are forbidden from (1) making public assurances of profitability levels based on the historical performance of portfolio and market indexes; (2) modifying the basic features of the services they provide without following the prior appropriate procedures under the asset management agreement and regulations; (3) making promises as to future results of the portfolio; (4) contracting or granting loans on behalf of their clients, subject to certain exceptions set out in regulation; (5) providing guarantees or becoming a joint obligor in any other form with respect to the managed assets, except in certain circumstances set forth in the regulation; (6) neglecting, under any circumstances, the rights and intentions of the client; (7) trading securities from the portfolios they manage with the purpose of obtaining brokerage revenues or rebates for themselves or third parties; or (8) subject to certain exceptions set out in the regulation, acting as a counterparty, directly or indirectly, to clients.

In addition, our subsidiary Vinci Soluções de Investimentos Ltda. performs wealth management activities. Wealth management activities, in Brazil, encompass services to investors with an individualized approach. While such services are subject to CVM regulation regarding portfolio management, ANBIMA has a set of additional rules applicable to entities that perform wealth management activities governing best practices in dealing with the owner of the managed assets and mitigation of agency risks.

The asset management industry is subject to further regulation, mainly from the CVM, but also from the CMN and other authorities. Specific regulations apply to the various types of funds we manage, according to the class of assets held, the qualification of the investment public target, and how shares are offered, among other things.

Insurance companies such as VVP are required to be licensed by SUSEP in order to operate in any given insurance field and are subject to the local legal and regulatory framework governing their operations, governance, solvency, products, accounting, actuarial standards and other technical aspects of their business.

With respect to solvency, CNSP Resolution No. 432/2021 and SUSEP Circular No. 648/2021 provide for sets forth technical provisions and standards for assets that reduce the need to cover technical provisions, risk capital, adjusted net worth, minimum required capital, smoothing plans, retention limits, accounting standards, criteria for investments, accounting standards, regularization plans, accounting auditing and independent actuarial auditing.

The minimum capital requirement is the total capital that a supervised company must maintain in order to operate and is equivalent to the greater of the base capital and risk capital (segregated in market, credit, underwriting and operational risk capital). Base capital is a fixed amount of R$1.2 million and a variable amount according to the geographical region in which the insurer operates. For insurers classified as an "S3" entity (a type of systemic risk classification) operating in all the geographic regions of Brazil, like Vinci Vida e Previdência S.A., the base capital is R$3.96 million. Risk capital is calculated using highly detailed rules.

With respect to investments, CNSP Resolution No. 432/2021 applies, as a general rule, to both "free" assets (not related to technical provisions and reserves) and assets related to technical provisions and reserves and imposes general prudential rules. CMN Resolution No. 4,993/2022 applies only to assets related to technical provisions and reserves. CMN Resolution No. 4,993/2022 establishes also some general prudential rules and, in particular, allocation limits to fixed income, variable income, real estate, and investments subject to exchange variation, among others.

With respect to governance, CNSP Resolution No. 422/2021 authorizes SUSEP to regulate, among other things, licensing, mandatory statutory or contractual bodies, the payment of capital and transfer of portfolio, and corporate control structure. In addition, SUSEP Circular No. 622/2021 regulates the prevention of money laundering, SUSEP Circular 638/2021 regulates cybersecurity and SUSEP Circular No. 666/2021 regulates sustainability requirements.

With respect to product marketing, the primary rules on personal insurance, which is VVP's line of operation, and more specifically risk and accumulation products, are CNSP Resolution No. 348/2017, SUSEP Circular No. 564/2017, SUSEP Circular No. 667/2022 and CNSP Resolution No. 439/2022. VVP's operations are concentrated in accumulation products, which in Brazil are associated with tax benefits.

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*Internal Compliance Procedures in Brazil* 

CVM Resolution No. 21 requires that asset management firms maintain internal compliance procedures.

Moreover, SUSEP rules require all supervised companies to implement and maintain an internal control system and appoint a statutory officer responsible for internal controls. Supervised companies must create a compliance unit responsible exclusively for continuously monitoring and supporting the activities aimed at ensuring compliance. In addition, companies supervised by SUSEP must implement and maintain a risk management structure and have a risk management policy. Such companies must also create a risk management unit, responsible exclusively for continuously monitoring and supporting its risk management, and a risk committee, responsible for assisting its most senior managerial body in the performance of its attributions related to risk management. Finally, insurance companies must also implement an internal audit unit, which must be exclusively responsible for carrying out audit activities. This unit must be independent and segregated from the other organizational units, including the compliance and risk management units, reporting functionally directly to the maximum management body of the supervised company or indirectly, through the audit committee. External audit is also mandatory and subject to an array of rules.

*Main Regulatory Entities in Brazil* 

The main regulatory entity with authority to regulate our operations is the CVM. In addition, our asset management affiliates are associated with and subject to the self-regulatory rules issued by the ANBIMA and the ABVCAP. In addition, our life insurance and open-ended pension plans segment is regulated by the SUSEP and the CNSP. We present below a summary of the main duties and powers of the CVM, ANBIMA and ABVCAP, and the SUSEP.

• *CVM: The CVM is a federal regulatory authority responsible for implementing the CMN's policies related to the Brazilian capital market and for regulating, developing, controlling and inspecting the securities market.* The main responsibilities of the CVM are the following:

• regulating the Brazilian capital markets, in accordance with Brazilian corporation law and securities law;

• setting rules governing the operation of the securities market, including public offerings;

• defining the types of financial institutions that may carry out activities in the securities market, as well as the kinds of transactions that they may perform and services that they may provide in such market; and

• controlling and supervising the Brazilian securities market through, among other measures:

• the approval, suspension and de-listing of publicly held companies;

• the authorization of brokerage firms to operate in the securities market and public offering of securities;

• the supervision of the activities of publicly held companies, stock exchange markets, commodities and future markets, financial investment funds and variable income funds;

• the requirement of full disclosure of relevant events that affect the market, as well as the publication of annual and quarterly reports by publicly held companies; and

• the imposition of penalties; and

• permanently supervising the activities and services of the securities market, as well as the dissemination of information related to the market and the amounts traded therein, to market participants.

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• *ANBIMA and ABVCAP*: ANBIMA and ABVCAP are private self-regulatory associations of asset managers and other entities, which, among other things, establish rules as well as codes of best practices for entities operating in the Brazilian capital market.

• *SUSEP and CNSP*: SUSEP is a federal agency in Brazil in charge of implementing and conducting policies established by CNSP and the supervision of the insurance, coinsurance, retrocession, capitalization, supplementary pension schemes and brokerage. In turn, the CNSP is made up of one representative of each one of the following bodies: the Brazilian Ministry of Social Security, the Brazilian Central Bank, the Brazilian Ministry of Finance, the Brazilian Ministry of Justice and the CVM, in addition to the superintendent of SUSEP.

The supplementary insurance and pension sectors in Brazil are subject to overlapping regulations. Decree-Law No. 73/as amended, sought to centralize the legislation and inspection activities in the sector by creating the National Private Insurance System (*Sistema Nacional de Seguros Privados*), which is comprised of: (1) the CNSP; (2) SUSEP; (3) insurance companies duly authorized to operate in the private insurance market; (4) reinsurance companies; and (5) duly qualified and/or registered insurance brokers. The CNSP is linked to the Ministry of Finance and its main roles include establishing the guidelines and rules for the private insurance policy in Brazil; regulating the incorporation, organization, operations and inspection of insurers, reinsurers, supplementary open pension funds and capitalization companies as well as establishing capital thresholds for such entities; establishing the general characteristics of insurance and reinsurance contracts; establishing general guidelines for insurance, reinsurance, supplementary open pension funds, and capitalization operations; establishing general accounting and statistical rules as well as legal, technical and investment limits for the operations of insurers, reinsurers, supplementary open pension funds and capitalization companies; and regulating insurance and reinsurance broker activities and profession.

SUSEP's main roles include processing application requests of incorporation, organization and operations, and inspecting insurers, reinsurers, supplementary open pension funds, and capitalization companies; issuing instructions and circular letters in connection with the regulation of insurance, reinsurance, supplementary open pension funds and capitalization operations, in accordance with CNSP guidelines; setting forth the conditions of insurance plans to be used by the insurer market; approving limits for the operations of supervised companies; authorizing the use and release of assets and amounts given in guaranty for technical provisions and discretionary capital; inspecting and implementing the general accounting and statistical rules set forth by CNSP; inspecting the operations of supervised companies; and conducting the liquidation of supervised companies.

*Punitive Sanctions in Brazil* 

Legal violations under Brazilian securities laws may lead to administrative, civil and criminal liability. Offenders may be prosecuted under all three legal theories separately, before different courts and regulatory authorities, and face different sanctions with respect to the same legal offense.

Law No. 13,506 and CVM Resolution No. 45, dated August 31, 2021 (which replaced CVM Rule No. 607, dated June 18, 2019), regulate administrative sanctioning proceedings as well as the various penalties, consent orders, injunctive measures, fines and administrative settlements that may be imposed by the CVM. Among other matters, Law No. 13,506:

• limits fines imposed by the CVM to the greater of the following amounts: R$50 million, twice the value of the irregular transaction, three times the amount of the improperly obtained economic gain or improperly avoided loss, or twice the damage caused by the irregular conduct. Repeat offenders may be subject to treble the amounts above;

• provides for the suspension, disqualification and prohibition from engaging in certain activities or transactions in the banking or securities market for a period of up to twenty years;

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• imposes coercive or precautionary fines of up to R$100,000 per day, subject to a maximum period of thirty days in punitive fines;

• prohibits offending institutions from participating in securities markets; and

• provides the CVM with the authority to ban the accused from contracting with official Brazilian financial institutions and participating in public bidding processes for a period of up to five years;

Penalties may be aggregated, and are calculated based on the following factors:

• gains obtained or attempted to be gained by the offender;

• economic capability to comply;

• severity of the offense;

• actual losses;

• any recurrence of the offense; and

• the offender's cooperativeness with the investigation.

Insurance companies are subject to the administrative sanctions set forth in Decree-Law 73/1966 and regulated by CNSP Resolution No. 393/2020. SUSEP Circular No. 645/2021 deals with the supplementary rules on administrative sanctioning proceedings.

CNSP Resolution No. 393/2021 establishes the following sanctions for individuals and legal entities: warnings; fines of up to R$20.0 million; the suspension of the authorization to carry our activities or a profession; the suspension to operate in classes, group of classes in insurance or reinsurance operations; the suspension to operate in types of capitalization titles; the ineligibility to hold a position or office in the public sector and in state-owned or mixed economy companies and their subsidiaries, complementary pension fund entities, capitalization companies, financial institutions, insurance and reinsurance companies; the disqualification to hold the position of manager of legal entities; the cancellation of the authorization to exercise carry out activities or operations; and the cancellation of the insurance broker registration. In practice, the most frequent sanction is a fine, the amount of which varies according to the circumstances of the offense (e.g. recurrence, seriousness, prior occurrences, attenuating factors, aggravating factors, gains obtained, among others).

In parallel, SUSEP Circular No. 643/2021 deals with consumer complaints, especially the registration of complaints on *consumidor.gov.br*, the Brazilian federal government's official website for the resolution of consumer disputes.

*Anti-Money Laundering Regulations in Brazil* 

Law No. 9,613 of March 3, 1998, as amended by Law No. 12,683 of July 9, 2012, or the AML Law, and Law No. 13,506 of November 13, 2017 (related to administrative procedures and enforcement conducted by the CVM and the Brazilian Central Bank), play a major regulatory role in the oversight of banking and financial activities in Brazil. The AML Law sets forth the rules and the penalties to be imposed upon persons engaging in activities that constitute "laundering" or the concealing of property, cash, or assets, acquired or resulting from any kind of criminal activity. Such regulation further prohibits individuals from using the financial system for the aforementioned illicit acts. The AML Law also created the Council of Control of Financial Activities (*Conselho de Controle de Atividades Financeiras*) or COAF, which operates under the Ministry of Economy. The purpose of the COAF is to investigate, examine, identify and impose administrative penalties in respect of any suspicious or unlawful activities related to money laundering in Brazil, without prejudice to the authority of other bodies and entities, as well as report suspicious criminal activities to the prosecutors and the police. Article 11 of the AML Law provides that each business must comply with the rules enacted by regulators with authority over it. In the case of asset managers, the CVM is the main regulator and CVM Resolution No. 50, dated August 31, 2021, which focus on a risk-based approach and reinforcements of internal compliance, is CVM's main regulation regarding anti-money laundering and combating the financing of terrorism, or AML/CFT for asset managers. In the case of insurance companies, SUSEP Circular No. 612/2020 is the main rule applicable to our subsidiary VVP.

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Pursuant to the AML Law, asset managers and insurance companies, among others, must comply as follows: (1) identify and maintain up-to-date records of their clients, for a period of at least five years, (2) keep up-to-date records of all transactions, for a period of at least five years, in foreign currencies, involving securities, bonds, credit, financial instruments, metals or any asset that if converted into cash exceed the amount set forth by the competent authorities, and which shall be in accordance with the instruction issued by these authorities; (3) adopt anti-money laundering, or AML, internal control policies and procedures that are compatible with the size and operations of the company; (4) monitor whether any client and/or their ultimate beneficial owners are persons under sanction by the United Nations' Security Council and hastily notified to the Ministry of Justice and Public Safety, COAF and the CVM or the SUSEP in case any attempt to transfer funds to such a person is identified; (5) register and maintain up-to-date records with the appropriate regulatory agency (i.e., COAF and/or CVM or SUSEP); (6) comply with COAF's requests and obligations; (7) pay special attention to any transaction or corporate reorganization of clients or ultimate beneficial owners of clients that, in light of the provisions set forth by competent authorities, may indicate suspicion of money laundering or financing of terrorism or where the ultimate beneficial owner cannot be ascertained; (8) report all suspicious transactions (pursuant to CVM Resolution No. 50 and SUSEP Circular No. 612) to COAF within twenty-four hours, while abstaining from notifying their customers of such report; and (9) confirm to the applicable regulatory agency (i.e., COAF and/or CVM or SUSEP) that no transactions have occurred, in the case there are no transactions.

Specifically, CVM Resolution No. 50, establishes, among other obligations, that persons who engage in the custody, issuance, distribution, settlement, trade, intermediation, consultancy or management of bonds or other securities must adopt rules, procedures, and internal controls in accordance with previously and expressly established procedures to confirm the registration information of its clients, keep such information updated and monitor the transactions carried out thereby. These rules aim at preventing the use of the account by third parties and identify the end beneficiaries of transactions. Business relations with politically exposed persons are also to be closely monitored.

Other guidelines and procedures provided for in CVM Resolution No. 50 are listed below:

• *Risk-Based Approach* **—** Through their internal rules, procedures and controls, the entities subject to CVM Resolution No. 50 should define the scope of analysis in their registration procedures and AML and combating the financing of terrorism, or AML/CFT, in accordance with a group of considerations, such as: (i) scope of activities performed by the regulated entity; (ii) scale; (iii) complexity and diversity of transactions; (iv) client base; among other aspects that can assist in measuring the level of risk inherent to the different existing business models; (v) employees and services providers: the entities shall have policies for continually knowing them (e.g., through "know-your-employee" and "know-your-customer" initiatives); and (vi) criteria for politically exposed person investors, or PEPs. It is important to note that the risk-based approach comprises of two aspects: the level of risk assigned to clients and that assigned to the entity's products and services.

• *Exchange of information between entities of the same conglomerate* **—** Entities of the same conglomerate which are regulated by CVM should establish information exchange mechanisms in their AML/CFT policy to ensure greater synergy between different areas of internal controls.

• *Detailing duties of the officer responsible for AML/CFT and possibility of appointing a single officer for the conglomerate* **—** CVM Resolution No. 50 provides for a detailed description of the duties of the statutory officer responsible for AML/CFT in relation to the establishment of policies, procedures and internal controls of regulated entities, as well as the verification of their effectiveness. In addition, it allows the appointment of a single officer responsible for all entities of the conglomerate.

• *Regulation of the obligations arising from Law No. 13,810/2019* **—** The new rule is in alignment with Law No. 13,810/2019, since it adheres to the sanctions imposed by the United Nations Security Council resolutions, as well as to the recommendations of the Financial Action Task Force, or the FATF.

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• *Definition of steps for KYC procedures* **—** Entities subject to CVM Resolution No. 50 shall adopt KYC procedures which at least include the following four steps: (i) client identification; (ii) onboarding; (iii) due diligence; and (iv) identification of beneficial owners.

• *Identification of Ultimate Beneficial Owner(s)* —CVM Resolution No. 50 provides a definition of ultimate beneficial owner as a "natural person or persons who jointly own, control or have direct or indirect significant influence on a client on behalf of whom a transaction is being conducted or benefits therefrom" and determines that regulated entities adopt procedures to identify ultimate beneficial owners. The same requirement applies to persons who exercise significant influence on the client, thus understood as the situation in which a natural person, whether the controller or not, actually influences decisions or holds more than twenty-five percent (25%) of the share capital of legal entities or the net equity of investment funds and other entities. It is important to note that the rule provides certain exceptions to the obligation on ultimate beneficial owners, such as in the case of publicly listed companies, registered investment funds (provided that they are not exclusive and managed by a CVM-authorized manager) or certain foreign investors.

• *Alternative onboarding systems and simplified onboarding process for nonresident investors—* The new rule allows the using of alternative onboarding systems, if they meet the applicable rules and regulations, ensuring the protection of client information, as well as the maintenance and traceability of this information. Furthermore, through Annex 11-B to CVM Resolution No. 50, said rule maintains the simplified onboarding tool for nonresident investors. It is worth mentioning that the simplified onboarding process does not exempt the regulated entity from conducting KYC procedures. Nevertheless, in line with the risk-based approach, the new rule indicates a greater flexibility of deadlines for updating the onboarding information on clients of regulated entities.

• *Regulated entities that have no direct relationship with investors—* CVM Resolution No. 50 expressly states that entities lacking direct contact with investors must adopt AML/CFT procedures that are compatible with the activities performed; for the purposes of the risk-based approach, the AML/CFT policy and its respective rules, procedures and internal controls of the entities that have a direct relationship with clients can be applied. Also, said entities lacking direct contact with investors should maintain a process for exchanging information with the entities that have direct contact with their clients, apart from other obligations indicated therein.

SUSEP Circular No. 612 imposes similar internal controls and monitoring requirements upon life insurance and complementary pension companies, in particular: (1) the monitoring of transactions involving politically prominent persons, terrorism and money laundering; (2) the prevention, monitoring and detection of suspicious transactions; (3) the registration of transactions with clients and beneficiaries, third parties and related parties; and (4) the validation of compliance mechanisms by internal auditing. Companies subject to this regulation are also required to appoint one of their Officers as head of compliance and register such individual in accordance with anti-money laundering laws and SUSEP Circular No. 612.

*Relationships with other Regulated Entities* 

The Regulated Entities provide a range of portfolio management services to the funds under our management, as described above. To provide such services, the Regulated Entities engage with local representatives and custodians to register and effect foreign investments in Brazil under Joint Resolution no. 13/2024, issued by the Brazilian Central Bank and the CVM. The Joint Resolution n. 13 Representatives and Custodians are entities regulated by the CVM and the Brazilian Central Bank, and are subject to their AML/CFT rules, in addition to other rules on custody and representation applicable to nonresident investments in Brazil.

In addition, given that the Regulated Entities are only licensed to perform portfolio management services, we need to engage third-party fiduciary administrator to perform fiduciary administration services to the investment funds managed by the Regulated Entities.

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#### Regulatory Matters in Argentina
*Overview* 

Our subsidiaries, Investis Asset Management S.A. Sociedad Gerente de Fondos Comunes de Inversión, or INVESTIS, and Compass Group S.A., or CGAR, are incorporated and operate in Argentina. Both are registered with the Buenos Aires City Public Registry of Commerce (*Inspección General de Justicia*), or the IGJ. CGAR is a holding company which directly controls INVESTIS, a regulated entity. INVESTIS is licensed as a mutual fund management company (*Sociedad Gerente*), or SG.

*Laws and Regulations Applicable to Mutual Fund Asset Management and Activities in Argentina* 

In Argentina, mutual fund asset management is primarily governed by Law No. 24,083 on Mutual Funds and Law No. 26,831 on Capital Markets, as well as regulations issued by the National Securities Commission (*Comisión Nacional de Valores*), or the CNV. Law No. 24,083 establishes the legal framework for the formation, operation, and supervision of mutual funds (*Fondos Comunes de Inversión*), or the FCI, while Law No. 26,831 governs Argentina's capital markets and vests the CNV with regulatory and supervisory authority over market participants, including fund management companies.

Each mutual fund operates under a contractual scheme (*Reglamento de Gestión*), which must be previously approved by CNV and which defines the rights and obligations of the SG, the Depositary (custodian) Institution (*Sociedad Depositaria*), and unit holders (*Cuotapartistas*). The Reglamento de Gestión sets forth the fund's investment policies, subscription and redemption procedures, and operational guidelines. Additionally, CNV regulations impose requirements on asset diversification, portfolio valuation, and liquidity, aiming to promote market integrity and investor protection.

*Licensing Requirements in Argentina* 

INVESTIS is licensed by CNV as a Collective Investment Fund Management Agent (*Agente de Administración de Productos de Inversión Colectiva*) under registration No. 22. Additionally, it is authorized under local regulations to engage in activities permitted for Global Investment Management Agents (*Agentes de Administración Global de Inversiones*). Under Argentine mutual fund regulations, all SGs are automatically authorized to sale the FCIs they managed, if they decide to do so. As of December 2025, INVESTIS manages, sale and distributes 29 open-end mutual funds and provides investment advisory services to a limited number of institutional clients.

*Internal Compliance Procedures in Argentina* 

Pursuant to CNV Rules (Title V), SGs must maintain a well-structured administrative framework capable of effectively delivering their services. Additionally, Law No. 24,083 imposes on SGs a fiduciary duty of care comparable to the "diligent businessman" standard (*buen hombre de negocios*), requiring them to administer each FCI in accordance with applicable laws, regulations, and the fund's management rules. In practice, these obligations require internal processes and controls to safeguard investors' interests and maintain ongoing regulatory compliance. In addition, both INVESTIS and CGAR must have an internal controlling committee (*comisión fiscalizadora*), which is responsible for monitoring compliance by the entity with their legal and regulatory obligations, overseeing financial reporting and ensuring proper corporate governance pursuant to the general corporations law.

*Main Regulatory Bodies in Argentina* 

• *CNV*: The CNV is the primary regulatory authority overseeing Argentina's capital markets. Established under Law No. 26,831 (amended by Law No. 27,740), the CNV is an autonomous agency under the Ministry of Economy and tasked with ensuring market transparency, investor protection, and systemic stability. The CNV exercises broad rulemaking, enforcement, and supervisory powers, including the licensing and registration of SGs, approval of new investment products such as FCIs, ongoing supervision of market participants' compliance, and enforcement actions to uphold regulatory integrity. While the CNV has significant interpretive and enforcement authority, its decisions remain subject to administrative and judicial review.

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• *Unidad de Información Financiera, or UIF*: The UIF is Argentina's Financial Intelligence Unit, established under Law No. 25,246 as an autonomous agency under the Ministry of Justice, responsible for analyzing, processing, and transmitting information to prevent and combat money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction (such laws, the AML/CFT/FP laws). As a registered Reporting Entity (*sujeto obligado*), INVESTIS must implement internal controls, conduct client due diligence, report suspicious activities, collaborate with authorities, and designate a compliance officer, among other obligations, to ensure compliance with UIF regulations and contribute to the integrity of the financial system.

• *Administración de Control Aduanero y Tributario, or ARCA*: ARCA is Argentina's tax and customs authority, established by Decree No. 953/2024 under the Ministry of Economy. It is responsible for tax collection, customs oversight and the enforcement of national tax laws.

• *Inspección General de Justicia, or IGJ*: As corporations (*sociedades anónimas*) domiciled in Buenos Aires, INVESTIS and CGAR are subject to the IGJ, the regulatory body overseeing corporate compliance under the General Corporations Law (Law No. 19.550 and amendments, or the LGS). The IGJ, an autonomous agency under the Ministry of Justice, ensures compliance with incorporation, governance, and reporting requirements. Under article 299 of the LGS, both entities are classified as "subject to ongoing state oversight" (*fiscalización estatal permanente*). Additionally, in compliance with IGJ Rule No. 15/2024, foreign shareholders of Argentine corporations are registered as foreign entities with the IGJ and must fulfill the reporting obligations imposed by the regulator.

• Other regulators: INVESTIS is also subject to the regulation of the Agency for Access to Public Information (*Agencia de Acceso a la Information Pública*), the federal regulatory body on personal data and privacy protection.

*Anti-Money Laundering, Counterterrorism and Weapons of Mass Destruction Proliferation Financing Regulations in Argentina* 

Being an FATF member, Argentine AML/CFT/FP laws and regulations follow international standards, the main legal framework being Law 25,246 and amendments on AML/CFT/FP, and UIF Resolution No. 78/2023 for capital markets participants. INVESTIS has implemented a comprehensive AML/CFT/FP compliance framework, which requires obligated entities to establish a Risk-Based AML/CFT/FP Management System aligned with their risk exposure, business model, and transaction profile. A key component of this system is the Self-Assessment of LA/FT/FP risks, which must evaluate, at a minimum, clients, products, distribution channels, and geographical exposure.

Additionally, UIF Resolution No. 112/2021 establishes obligations for ultimate beneficial owner (UBO) identification and verification, mandating that regulated entities collect and maintain UBO registries to ensure compliance with supervisory authorities. As regards PEPs, their treatment is extensively covered by UIF Resolution No. 35/2023.

Obligated entities must conduct regular internal audits to assess the effectiveness of their AML/CFT/FP framework and verify regulatory compliance. Additionally, an Independent External Reviewer ("Revisor Externo Independiente") must conduct an annual evaluation, with the external review formally documented and submitted to the UIF.

*Punitive Sanctions in Argentina* 

• *Capital markets*: Under Argentine securities regulations, violations may result in administrative sanctions, in addition to potential civil or criminal liability. The CNV may impose the following penalties: (i) censure; (ii) monetary fines; (iii) temporary disqualification; (iv) suspension from public offerings; and (v) license revocation. CNV sanctions are binding, though subject to judicial review.

• *AML/CFT/FP*: Under Chapter IV of Law No. 25,246, the UIF has the authority to impose administrative sanctions (subject to judicial review) following an investigation and due process, including: (i) monetary fines; (ii) temporary suspension; and (iii) deregistration of the entity. Law No. 27,739 updated the monetary penalties, expanding both the range and amounts of sanctions for non-compliance, replacing the fixed amount system with a scheme based on adjustable monetary units.

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• *Criminal offenses*: Under the Argentine Criminal Code, CGAR and SGs, as legal entities, and/or their directors, managers, and employees may be held criminally liable for certain financial offenses, mainly: (i) Article 304 establishes corporate liability for money laundering, allowing courts to impose fines, suspension of activities, loss of public benefits, or dissolution; (ii) Article 305 provides for asset forfeiture in money laundering cases, permitting the state to confiscate and repurpose illicit assets even without a criminal conviction; (iii) Article 313 extends liability for financial crimes committed on behalf of or for the benefit of a legal entity; (iv) Article 309 for market manipulation; (v) Article 310 for unauthorized financial intermediation; (vi) Article 311 for fraudulent accounting—all of which carry prison sentences, fines, and potential disqualification from financial activities; and (vii) Article 312 for corruption related to financial transactions.

#### Regulatory Matters in Chile
*Overview* 

Vinci Compass Chile S.A. Administradora General de Fondos is registered in Chile as an investment fund management company (*administradora general de fondos*), or an AGF, subject to Chilean Law No. 20,712 (the Chilean Funds Law, or the LUF), and to Law No. 18,045, the Chilean Securities Market Law, and Law No. 18,046, the Chilean Corporations Law. It is subject to the oversight and control of the Financial Market Commission (*Comisión para el Mercado Financiero*), or the CMF, as well as the Financial Analysis Unit (*Unidad de Análisis Financiero*), or the UAF. In accordance with the LUF, it is also authorized to operate as a portfolio manager and to conduct other activities expressly authorized by the CMF. Furthermore, the AGF is authorized to act in the distribution of shares of investment funds, pursuant to the LUF.

Vinci Compass Asesores de Inversión SpA is registered in Chile as a portfolio manager (administrador de cartera) and subject to the LUF and Chilean Corporations Law. It is also subject to the oversight and control of the CMF.

VC Asesorías e Inversiones SpA and VC Distribución Institucional SpA are subsidiaries in Chile engaged in investment advisory services are both registered as financial services providers before the CMF and subject to Chilean Law No. 21,521, the Chilean Fintech Law. Both entities are also subject to the oversight of the CMF.

*Relevant Laws and Regulations Applicable to Asset Management Activities and Financial Services in Chile* 

The LUF regulates the management of third-party funds and portfolios in Chile, with a special regulation for investment funds. The LUF provides for the following types of funds: (i) mutual funds; (ii) redeemable investments funds; and (iii) non-redeemable investment funds. All these types of funds are deemed as public funds. The main distinction between these three types of funds is the payment date for redemptions where such redemptions are permissible. Moreover, non-redeemable funds are required to have investors meetings (asambleas de aportantes) and an oversight committee (comité de vigilancia), and its shares must be registered in a local or foreign stock exchange. Pursuant to the LUF, the management of public funds in Chile may only be performed by AGFs, which are regulated entities registered with the CMF.

The capital markets regulatory framework in Chile is further supplemented by the Chilean Securities Market Law, the Chilean Fintech Law and regulations issued by the CMF. The Chilean Securities Market Law regulates the issuance, offering, and distribution of securities in the public market, as well as the trading of securities, management, and settlement and/or clearance of securities transactions in Chile. The Chilean Fintech Law regulates, among others, investment advisory activities.

*Licensing Requirements in Chile* 

With respect to asset management activities, the LUF requires AGFs to be incorporated as special corporations (*sociedades anónimas especiales*) and registered before the CMF. AGFs are required to have a minimum equity of 10,000 *unidades de fomento*, have the expression "*Administradora General de Fondos*" in their name and to comply with other applicable requisites established in the LUF and Chilean Corporations Law. In addition, within one year from its registration before the CMF, an AGF shall have at least one fund under administration that complies with certain conditions related to assets under management and number of investors as set forth in LUF; otherwise, the AGF shall be dissolved.

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Portfolio management companies (*administradores de carteras*) and financial services providers (*prestadores de servicios financieros*) must also be registered with the CMF and comply with other applicable requisites established in the LUF and the Chilean Fintech Law and other CMF regulations, respectively.

*Main Regulatory Authorities in Chile* 

• *CMF* **:** The CMF is the Chilean regulatory authority responsible for overseeing the financial market in Chile, including the securities market, insurance companies, and banks. The CMF's main responsibilities are: (i) overseeing the securities markets and entities, insurance companies, banks and financial entities, through the control and surveillance of compliance with legal, regulatory and administrative standards; (ii) regulating the operation of the markets and entities under their supervision, issuing its own rules or instructions; (iii) investigating and sanctioning violations to the regulatory framework in force by entities or agents participating in the markets supervised by the CMF; (iv) granting licenses to financial entities, including investment fund managers, securities brokers, and insurance companies; (v) the approval, suspension, and de-listing of publicly held companies; and (vi) permanently supervising the activities and services of the securities market, as well as the dissemination of information related to the market and the amounts traded therein, to market participants.

• *UAF*: The UAF is a specialized entity responsible for preventing and combating money laundering and terrorist financing in Chile. The main responsibilities of the UAF are the following: (i) collecting, analyzing, and disseminating financial information related to suspicious activities; (ii) establishing regulations and guidelines for financial institutions and other entities to prevent money laundering and terrorist financing; (iii) conducting inspections and audits to ensure compliance with AML and CFT regulations; (iv) coordinating with national and international agencies to combat financial crimes; and (v) imposing sanctions and penalties for noncompliance with AML and CFT regulations.

*Punitive Sanctions in Chile* 

Legal violations under Chilean securities laws may result in administrative, civil, and criminal liability. Offenders may be processed under the three legal grounds separately, before different courts and regulatory authorities, and face different penalties with respect to the same legal infraction.

Decree Law No. 3,538 (or the CMF Law), the Chilean Securities Market Law and the Chilean Corporations Law, along with the regulations issued by CMF, regulate administrative sanctioning proceedings as well as the various penalties, consent orders, injunctive measures, fines, and administrative settlements that may be imposed by the CMF.

The CMF Law and the Chilean Securities Market Law provide for various penalties for those who violate its regulations. The main penalties are: (i) fines applicable to individuals or legal entities, with amounts varying according to the seriousness of the infraction; (ii) CMF may temporarily suspend operations of entities that do not comply with legal or regulatory requirements; (iii) in case of severe violations, CMF may proceed to cancel the registration of entities under its supervision, preventing them from operating in the securities market; (iv) criminal penalties for specific offenses, such as insider trading or fraudulent market manipulation, which may include prison sentences; and (v) disqualification of offenders from holding managerial or administrative positions in entities subject to the supervision of the CMF.

#### Regulatory Matters in Colombia
Compass Group S.A. Comisionista de Bolsa, or Compass Colombia, operates in a highly regulated environment, overseen by the following entities:

• the Financial Superintendency of Colombia (*Superintendencia Financiera de Colombia*), or the SFC: an agency under the Ministry of Finance responsible for inspection, surveillance, and control of the financial, securities, and insurance sectors and which aims to preserve system stability and to protect investors;

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• the Self-Regulatory Organization of the Securities Market (*Autorregulador del Mercado de Valores*), or the AMV: a private, self-regulatory non-profit organization that issues self-regulation rules, supervises affiliates, and promotes best practices and transparency in the market;

• the Colombian Stock Exchange (*Bolsa de Valores de Colombia*), or the BVC: a provider of market infrastructure, facilitating the trading, clearing, settlement, and custody of securities; and

• the Colombian Central Bank (*Banco de la República*), or BANREP: Colombia's central bank, which is autonomous and independent, manages monetary policy, exchange rate, and credit regulation, and ensures liquidity and currency stability.

Compass Colombia is registered in the National Registry of Securities Market Agents (*Registro Nacional de Agentes del Mercado de Valores*) and is authorized under SFC Resolution No. 1611 of 2009 to operate as a brokerage firm.

*Authorized Activities in Colombia* 

Compass Colombia is licensed to operate in three main business lines: (i) asset management, which involves managing equity, credit, and alternative asset portfolios in Latin America and developing international investment strategies based on client risk profiles; (ii) wealth management, which focuses on advising private clients and family offices in Latin America, providing access to both global and local investment products; and (iii) third-party distribution, which includes advising institutional and financial investors and distributing international liquid and alternative funds.

*Applicable Regulations in Colombia* 

Compass Colombia operates under a robust legal framework designed to ensure market transparency and investor protection. The key applicable laws include: (i) Law No. 964/2005, which governs the securities market and sets rules for public investment activities; (ii) Law No. 1,328/2009, which regulates financial services and consumer protection; (iii) Law No. 45/1990, which defines principles for financial intermediation; (iv) Decree No. 2,555/2010, or the Unified Decree, which compiles financial and securities regulations; and (v) Book 9 of the Unified Decree, which defines capital and solvency requirements and authorized activities for brokers.

In addition to statutory laws, Compass Colombia adheres to a set of technical norms and regulatory policies that guide its operations. These include the External Legal Basic Circular (*Circular Externa Jurídica Básica*) and the Basic Accounting and Financial Circular (*Circular Básica Contable y Financier*a), both issued by the SFC. The company also follows self-regulatory norms established by the AMV and the BVC, as well as monetary and financial guidelines issued by the BANREP.

*Compliance in Colombia* 

Compass Colombia must have a compliance officer, as per article 21 of Law No. 964/2005. The SFC evaluates the compliance function based on independence, effectiveness, and risk alignment. The function seeks to ensure adherence to laws, ethics, transparency, codes of conduct, and client relationships across jurisdictions.

*Risk Management and AML in Colombia* 

Compass is required to implement a Risk Management System for Money Laundering and Terrorist Financing (*Sistema de Administración del Riesgo de Lavado de Activos y Financiación del Terrorismo*), or SARLAFT, in alignment with international standards established by the FATF and the Latin American Financial Action Task Force (*Grupo de Acción Financiera de Latinoamérica*). The SARLAFT framework must include policies, procedures, organizational structure, internal controls, technology, training, and disclosure mechanisms.

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*Punitive Sanctions in Colombia* 

The SFC and AMV can impose sanctions for regulatory breaches, including: (i) warnings, fines, suspensions, disqualifications, and registry cancellations. Both individuals and institutions can be sanctioned. Criminal liability applies in cases such as misuse of privileged information.

#### Regulatory Matters in Mexico
*Overview* 

Our subsidiary Compass Investments México, S.A. de C.V., Sociedad Operadora de Fondos de Inversión, or Compass Mexico, is subject to government approval to incorporate and operate as an asset manager and is subject to extensive regulation issued by the National Banking and Securities Commission (*Comisión Nacional Bancaria y de Valores*), or the CNBV.

Compass is a member of the Mexican Association of Securities Institutions (*Asociación Mexicana de Instituciones Bursátiles, A.C.*), or the AMIB, which is a self-regulatory organization whose members are asset managers and brokerage houses in Mexico.

Compass is authorized to manage investment funds, either fixed income or equity funds and offers distribution services, as well as advisory investment services, either in a discretionary or non-discretionary manner.

*Laws and Regulations Applicable to Asset Management in Mexico* 

The Mexican Investment Funds Law (*Ley de Fondos de Inversión*) regulates managing and distribution services of the funds, and also the advisory services to third parties. Complementary regulations to the Investment Funds Law to which Compass must comply are the Investment Funds Regulations (*Circular Única de Fondos de Inversión*), or the CUFI, and the Investment Services Regulations (*Disposiciones de Carácter General Aplicables a las Entidades Financieras y Demás Personas que Proporcionen Servicios de Inversión*). Compass and its managed mutual funds are also subject to the Law for the Protection and Defense of Financial Services Users (*Ley de Protección y Defensa al Usuario de Servicios Financieros*), or the CONDUSEF, which function is to comply with transparency obligations to the users of financial services. Compass is also subject to AML and CFT regulations, in accordance with article 91 of the Investments Funds Law and mutual funds AML rules.

*Licensing Requirements in Mexico* 

Asset managers in Mexico, to function as such, require a license granted by the CNBV. Additionally, mutual funds managed by Compass require a license for their incorporation and operation, which is also granted by the CNBV.

*Internal Compliance Procedures in Mexico* 

The Investment Funds Law, the CUFI, the Investment Services Regulations, and related AML/CFT regulations require funds to establish a dedicated compliance function, supported by corresponding policies and procedures. This compliance function must report on a quarterly, semiannual, and annual basis to the shareholders and board of directors on matters including, but not limited to, compliance with internal and external regulations, conflicts of interest, internal controls, investment services controls, and AML/CFT controls.

*Anti-Money Laundering Regulations in Mexico* 

Compass is subject to comply with AML/FT requirements under the AML/FT regulations which contain specific procedures and guidelines.

*Main Regulators in Mexico* 

The main regulatory authority overseeing Compass and its 16 managed mutual funds is the CNBV. Additionally, for transparency purposes, the CONDUSEF requires Compass Mexico and its managed funds to submit reporting information on a monthly and quarterly basis.

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*Punitive Sanctions in Mexico* 

Noncompliance by Compass with the Investment Funds Law or its related regulations may result in monetary fines. Compass Mexico is also subject to AML/CFT requirements under the applicable AML/CFT regulations, which establish specific procedures and guidelines.

#### Regulatory Matters in Peru
*Laws and Regulations Applicable to Asset Management in Peru* 

Our subsidiary in Peru, Vinci Compass SAF S.A., is authorized by the Securities Market Superintendency (*Superintendencia del Mercado de Valores*), or the SMV, to manage mutual funds and investment funds. Likewise, the SMV exercises supervision over Vinci Compass SAF S.A. and over the managed funds that have been placed through public offering.

*Fund Management Regulations in Peru* 

In Peru, investment funds, mutual funds, and their management companies—such as Vinci Compass SAF S.A.—are subject to several regulations, including: (i) the Law on Investment Funds and their Management Companies (Ley de Fondos de Inversión y sus Sociedades Administradoras), approved by Legislative Decree No. 862 and its amending regulations; (ii) the Regulations on Investment Funds and their Management Companies (Reglamento de Fondos de Inversión y sus Sociedades Administradoras), approved by SMV Resolution No. 029-2014-SMV-01 and its amendments; (iii) the Securities Market Law (Ley del Mercado de Valores), which regulates matters relating to mutual funds, approved by Legislative Decree No. 861 and its amendments; and (iv) the Regulations on Mutual Funds and their Management Companies (Reglamento de Fondos Mutuos de Inversión en Valores y sus Sociedades Administradoras), approved by Resolution No. 068-2010-EF/94.01.1 of the former Peruvian securities and corporate regulator (the Comisión Nacional Supervisora de Empresas y Valores) and its amendments. These rules regulate the constitution, organization, operation and supervision of the funds and their management companies. Their main purpose is to establish the regulatory framework for the management of funds.

*Licensing Requirements in Peru* 

Activities related to the management of mutual funds and investment funds require obtaining a license or authorization from the SMV. The main requirements for such authorization are: (i) a minimum capital, (ii) an adequate organizational structure, (iii) compliance with rules of conduct and ethics in the management of funds and assets, (iv) external audit and other control mechanisms to ensure transparency, (v) technological capacity.

*Internal Compliance Procedures in Peru* 

Fund management companies in Peru must comply with a set of compliance standards to ensure that their operations are transparent, ethical and comply with local and international regulations, protecting the interests of investors and avoiding financial and legal risks.

*Anti-Money Laundering Regulations in Peru* 

Management companies are subject to the supervision of the Peruvian Financial Intelligence Unit (Unidad de Inteligencia Financiera del Perú), and must maintain a System for the Prevention of Money Laundering and Financing of Terrorism (Sistema de Prevención del Lavado de Activos y del Financiamiento del Terrorismo), or the PLAFT, as well as report suspicious transactions. The SMV supervises compliance with the PLAFT system and its requirements, which primarily include: (i) the appointment of a compliance officer, (ii) a PLAFT manual, (iii) "know-your-customer" and supplier policies, (iv) periodic reports and (v) suspicious activity reporting.

*Comprehensive Risk Management in Peru* 

Management companies must have a comprehensive risk management system. The applicable regulations on risks are mainly governed by the Comprehensive Risk Management Regulations (*Reglamento de Gestión Integral de Riesgos*), approved by SMV Resolution No. 001-2023. These regulations are designed to ensure that management companies properly manage the risks associated with managed funds, in order to protect investors and ensure the stability of the financial system. The framework includes the management of operational, market, and liquidity risks.

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*Punitive Sanctions in Peru* 

In Peru, fund management companies are subject to a regulatory framework that establishes administrative sanctions in the event of the commission of infractions typified by the SMV. Infractions range from minor to very serious, and the sanctions can include written warnings, fines, disqualification or revocation of authorization.

#### Regulatory Matters in Uruguay
*Overview* 

Compass Group Global Advisors SA, or CGGA, has been authorized to operate as a portfolio manager (and previously operated as an investor advisor) since March 24, 2022, by the Superintendence of Financial Services (*Superintendencia de Servicios Financieros*), or the SFS of the Central Bank of Uruguay (*Banco Central del Uruguay*), or the CBU, under identification number 7088.

*Relevant Applicable Law to Securities Management Activities in Uruguay* 

CGGA is subject to Uruguayan Laws No. 16,696 and No. 18,627, as well as the Compilation of Rules of the Securities Market (*Recopilación de Normas del Mercado de Valores*), or the RNMV, which regulates the activity of portfolio managers. In particular, the provisions of the RNMV establish the requirements and obligations applicable to portfolio management entities.

*Licensing Requirements in Uruguay* 

Any Uruguayan company that intends to provide portfolio management services must obtain authorization from the CBU prior to the commencement of activities. Pursuant to the RNMV, the main activity that defines the portfolio manager license is managing clients' portfolios, consisting of the discretionary and individualized management of clients' securities holdings by making decisions on their behalf that best suit their objectives and needs, within the framework of the management powers provided by the clients. Additionally, portfolio managers may only carry out the following activities in the securities market: provide investment advice on securities with personalized recommendations, channel orders received from clients, refer them to other financial institutions, and prepare investment reports and financial analyses.

The authorization to act as a portfolio manager is granted based on a review of legality, opportunity, and convenience, and only legal entities may operate as such. Portfolio managers are not allowed to have custody of funds or securities, in accordance with the RNMV.

*Main obligations before the CBU* 

A portfolio manager must comply with, among others, the following obligations:

• *Issuance and transfer of shares*: portfolio managers shall require prior authorization from the SFS to issue or transfer shares or provisional certificates.

• *Outsourcing of services*: portfolio managers must request authorization from the SFS and comply with certain requirements to hire third parties to provide services in their favor that are inherent to their line of business, and that when performed internally by the portfolio manager, are subject to the regulatory control of the SFS. The outsourcing authorization may be granted expressly or tacitly. The management of clients' portfolios and the acceptance of clients may not be outsourced.

• *Guarantees and deposits*: a guarantee in favor of the CBU for an amount not less than UI 500,000 (or approximately US$82,269) must be granted by portfolio managers for any obligations that may be assumed before the CBU or with third parties. Moreover, an additional guarantee may be requested the RNMV if the assets under management exceed certain amount.

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In addition, portfolio managers shall establish a demand deposit in the CBU, denominated for an amount of not less than UI 50,000 (or approximately US$8,227).

*Obligations related to preventing the use of portfolio managers for money laundering, financing of terrorism and financing of the proliferation of weapons of mass destruction* 

CGGA is subject to the regulation for the prevention of money laundering, financing of terrorism and financing of the proliferation of weapons of mass destruction provided in Uruguayan Laws No. 19,574, 19,749, Decree No. 136/019 and the RNMV. CGGA has adopted an anti-money laundering manual that complies with the applicable regulation.

*Code of Good Practices and Ethics in Uruguay* 

Portfolio managers operating in Uruguay are subject to a code of good practices and ethics established under the regulatory framework supervised by SFS. The key requirements include the following:

• *Information to Clients*: Portfolio managers must provide clear, sufficient, reliable, and timely information to their clients regarding the features and risks of the portfolios managed on their behalf. This includes a description of associated costs and detailed information about the recommended securities. In addition, regular account reports must be provided to clients.

• *Agreements*: Portfolio managers are required to enter into written agreements with their clients, clearly outlining the responsibilities of each party. Clients must also grant powers of attorney authorizing the portfolio manager to channel orders and carry out portfolio management activities on their behalf.

• *Client Profile and Investment Strategy*: Portfolio managers must categorize each client according to their risk tolerance, level of sophistication, and investment knowledge. An appropriate investment strategy must be agreed upon with the client based on this assessment.

• *Safeguarding Information and Documentation*: Procedures must be implemented to back up data and software, ensuring that information submitted to the CBU, accounting records, and transaction histories can be reconstructed, along with any other data deemed relevant to operational traceability.

• *Business Continuity Plan*: Portfolio managers must maintain a documented business continuity plan to ensure uninterrupted operations in the event of disruptions affecting facilities, equipment, data, software, or outsourced services.

• *Information Regime*: As a general obligation, portfolio managers must notify the SFS of any modifications to previously submitted information within 10 business days of the change, unless a specific timeframe is prescribed for a given disclosure. Additionally, portfolio managers are required to regularly submit certain information to the CBU, including individual financial statements accompanied by a compilation report, annual summaries of services rendered to clients, affidavits regarding the market value of assets under management, and reports on transactions and services provided.

• *Registers*: Portfolio managers must maintain the following records, as specified by the SFS: a client register; a record of advisory and referral activities; a register of client orders received; and a register of instructions forwarded to securities brokers.

*Punitive Sanctions in Uruguay* 

Pursuant to the RNMV, the following sanctions may be imposed for regulatory breaches: monitoring, warnings, fines, or suspension or cancellation of activities related to the securities market. While the regulations provide generic sanctions for all licenses under the RNMV's scope—such as a basic fine of 5,000 UI—additional sanctions are established for specific cases, such as failure to provide adequate training for staff, delays in submitting required registration information, or delays or omissions in responses to the complaints services.

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#### Regulatory Matters in the United States
We are subject to the following laws, regulation and oversight in the United States.

*Main Regulatory Entities* 

The primary regulators overseeing our U.S. investment advisers and broker-dealer are the SEC, which regulates investment advisers and broker-dealers under federal securities laws, and FINRA, a self-regulatory organization overseeing broker-dealers and their registered representatives. Investment advisers and broker-dealers in the United States are subject to a comprehensive regulatory framework primarily overseen by the SEC and FINRA. The Advisers Act governs registered investment advisers, imposing fiduciary duties and various compliance obligations. The Exchange Act, along with FINRA rules, establishes the regulatory structure for broker-dealers, covering capital requirements, trading practices, recordkeeping, and investor protection measures.

*The Advisers Act* 

Our subsidiaries Vinci Partners USA LLC, Compass Group LLC and Compass Group Investments Solutions LLC are based in the United States and provide investment advice to the general partners and managers of Vinci Compass funds, advice to institutional investors and third-party fund managers and advice to high-net-worth individuals.

Each of Vinci Partners USA LLC, Compass Group LLC, and Compass Group Investments Solutions LLC is registered under the U.S. Investment Advisers Act of 1940, as amended, or the Advisers Act, as an investment adviser with the SEC. Investment advisers registered with the SEC are subject to the requirements and regulations of the Advisers Act. Such requirements and regulations include, among other things, fiduciary duties to advisory clients, compliance program obligations, regulatory reporting requirements, disclosure obligations, advertising rules, mandated safeguards for protecting client funds and securities, limitations on agency cross and principal transactions between an adviser and its advisory clients, restrictions on advisory contract assignments, privacy protection regulations, anti-corruption rules relating to investors associated with U.S. state or local governments, and general anti-fraud prohibitions.

Certain investment advisers affiliated with us whose principal places of business are outside of the United States qualify for an exemption from the Advisers Act's registration requirements, but they file reports with the SEC as "exempt reporting advisers" pursuant to the terms of the registration exemption on which they rely. Provisions of the Advisers Act that apply only to registered investment advisers do not apply to exempt reporting advisers. However, exempt reporting advisers are subject to some of the requirements and regulations of the Advisers Act, including, among other things, fiduciary duties to advisory clients, recordkeeping and regulatory reporting requirements, disclosure obligations, limitations on agency cross and principal transactions between an adviser and its advisory clients, anti-corruption rules relating to investors associated with U.S. state or local governments, and general anti-fraud prohibitions.

*Broker-Dealer Regulation under the Exchange Act* 

Our subsidiary CG Compass (USA) LLC, a U.S.-based broker-dealer, is registered with the Exchange Act, and is a member of FINRA. As a FINRA member, CG Compass (USA) LLC is subject to FINRA rules, which include comprehensive regulations governing capital requirements, supervision, advertising, recordkeeping, reporting, anti-money laundering programs, and trading practices.

As a registered broker-dealer, CG Compass (USA) LLC is subject to a broad range of regulations imposed by the SEC and FINRA, including the following:

• Net Capital Rule (SEC Rule 15c3-1) – Requires CG Compass (USA) LLC to maintain minimum levels of net capital based on the nature of its business;

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• Customer Protection Rule (SEC Rule 15c3-3) – Imposes requirements to safeguard customer funds and securities;

• Supervision and Compliance Obligations (FINRA Rule 3110) – Requires the implementation of a supervisory system to ensure compliance with applicable laws and regulations;

• Anti-Money Laundering (AML) Compliance – Under FINRA Rule 3310, the Bank Secrecy Act, and the USA PATRIOT Act, CG Compass (USA) LLC must establish and maintain an AML compliance program, including policies, procedures, independent testing, and designated AML officers; and

• Best Execution and Order Handling (FINRA Rule 5310) – Requires the firm to seek the most favorable terms reasonably available for customer transactions.

*Supervision and Sanctions: Investment Advisers* 

Vinci Partners USA LLC, Compass Group LLC, and Compass Group Investments Solutions LLC, as registered investment advisers, are subject to periodic examinations by the SEC, while CG Compass (USA) LLC, as a broker-dealer, is subject to periodic examinations by FINRA and the SEC. A regular or routine examination will typically involve, at a minimum, a careful review of the entity's books and records and may include interviewing employees. The staff of such entities may also conduct more frequent examinations focusing on a limited number of specific issues or conduct an examination "for cause." In addition, the SEC is authorized under the Advisers Act to require exempt reporting advisers, including those affiliated with us, to maintain records and provide reports, and to examine these advisers' records.

The SEC may bring civil actions against investment advisers, and seek damages or other relief, either in a U.S. district court or before an administrative law judge. Criminal actions under the Advisers Act are referred to the U.S. Department of Justice. The Advisers Act provides that persons who willfully violate the provisions and rules of the Advisers Act are subject to criminal penalties of up to five years in prison and/or significant monetary penalties. In general, Section 203(e)-(f) of the Advisers Act gives the SEC the authority to discipline an adviser if, among other things, the adviser or certain persons associated with the adviser engaged in certain prohibited acts, generally including securities fraud. The disciplinary actions, orders or sanctions the SEC may impose include significant monetary penalties, disgorgement of gain, cease-and-desist orders, censure, suspension, and revocation of the investment adviser's registration. The SEC can also bar an individual from being associated with a registered investment adviser for a prescribed period or take other actions designed to prevent violations.

Both the SEC and FINRA have broad enforcement powers, including: (i) monetary fines and penalties for noncompliance; (ii) disgorgement of gains; (iii) suspension, revocation of registrations, or cease-and-desist orders; (iv) barring individuals from the industry for misconduct; (v) criminal prosecution for severe violations, such as fraud or market manipulation (under SEC Rule 10b-5 and FINRA Rule 2010).

**C.** **Organizational Structure** 

We are a Cayman Islands exempted company incorporated with limited liability on September 21, 2020.

As of December 31, 2025, we had a total of 65,422,098 common shares issued and outstanding. Of these shares, 50,955,859 were Class A common shares and 14,466,239 were Class B common shares, all such Class B common shares being beneficially owned by Gilberto Sayão da Silva. In addition, we had 100,000 Series A convertible preferred shares of our authorized share capital issued and outstanding and 5,452,313 Class A common shares that were held in treasury. See "Item 7. Major Shareholders and Related Party Transactions—A. Major Shareholders."

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The following chart shows our simplified corporate structure as of December 31, 2025:

![LOGO](g79123g34v06.jpg)

(1) No "Other Shareholder" owns individually more than 15% of economic interest or 10% of voting power in Vinci Compass.

(2) For more information, see "Item 4. Information on the Company—A.History and Development of the Company—Our History—Ares Investment."

For a list of our subsidiaries, please refer to Exhibit 8.1 to this annual report.

**D.** **Property, Plant and Equipment** 

#### Intellectual Property
We rely on a combination of trademark, domain names and trade secret laws, as well as employee and third-party non-disclosure, confidentiality, and other types of contractual arrangements to establish, maintain and enforce our intellectual property rights, including with respect to our proprietary rights related to our products and services. In addition, we license technology from third parties.

As of December 31, 2025, we owned a number of trademarks and domains in Brazil and in other Latin America countries. In Brazil, title to a trademark is only acquired once a valid registration is issued by the Brazilian Patent and Trademark Office (*Instituto Nacional da Propriedade Industrial*, or the INPI). The holder of a valid trademark registration has the right to its exclusive use throughout Brazil for an initial term of 10 years, renewable for additional and successive 10-year terms. During the registration process, the applicant requesting the trademark registration has only an expectation of the exclusive right to use the trademark to identify its products or services. We own a number of trademarks including "Vinci Partners," "Vinci Partners Investments," and other valuable trademarks and designs covering various brands, products, programs and services, including "Vinci" and "Value from the Core." We also own a number of domain names registered in Brazil, "vincishopping.com.br," "vilg11.com.br," "vincienergia.com.br," "vincioffices.com.br," "vincionline.com.br," "vinciplataforma.com.br," "vino11.com.br," "visc11.com.br," "vinciplataforma.com.br," and abroad such as "vincicompass.com," "vincifundoslistados.com," "vincicreditoinfrainstitucional.com," "vinciwebservices.com," "vincipartners.com," "vifi11.com," "vilg11.com," "vincifii.com," "vincilogistica.com," "vincioffices.com," "visc11.com," "vincionline.com," and "vino11.com," which all are currently in use.

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In certain Latin American countries where our subsidiaries provide services such as investment advisory and asset management, we own a number of trademarks and domain names. These include, but are not limited to, "Investis de Compass" and "Compass Group" in Argentina, registered with the National Institute of Industrial Property (*Instituto Nacional de la Propiedad Industrial*); "The Compass Group-Chile," "Compass Partners," "Compass Group," "Compass," "Investis," "Compass Asset Management," "Compass Inversiones," and "Compass Investments" in Chile, registered with the National Institute of Industrial Property (*Instituto Nacional de Propiedad Industrial*); "Investis" in Colombia, registered with the Superintendence of Industry and Commerce (*Superintendencia de Industria y Comercio*); "Investis" and "Compass" in Mexico, registered with the Mexican Institute of Industrial Property (*Instituto Mexicano de la Propiedad Industrial*); "Compass Group" and "Pago al toque de Compass" in Peru, registered with the National Institute for the Defense of Competition and Protection of Intellectual Property *(Instituto Nacional de Defensa de la Competencia y de la Protección de la Propiedad Intelectual*); and "Investis" and "Compass" in Uruguay, registered with the National Directorate of Industrial Property (*Dirección Nacional de la Propiedad Industrial*).

Similarly, we also owned a number of domains relating to Compass' activities including "servicios-compass.cl," "compassassetmanagement.cl," "investmentcompass.cl," "investis.cl," "compassgroup.cl," "compassglobal.cl," "compass.cl," "cgcompass.cl," "gcompass.cl," "icompass.cl," "compas-chile.cl," "inversionescompass.cl," "compasschile.cl," "cgserviciosfinancieros.cl," "compasscapital.cl," "compassinversiones.cl," "compassinvestments.cl," "compassgroup.com.mx," "compassinvestments.com.mx," "compassmx.com.mx," "compass.mx," "compassgroup.mx," "compassinvestments.mx," "compassmx.mx," "compassmx.com," "compassglobal.com," "compassny.com," "seminariocompassgroup.com," "compassgroupconference.com," "cgserviciosfinancieros.com," "compassny.info.com," "elefunds.com," "seminariocompass.com," "compassinversiones.com," "fsm.cgcompass.com," "cgcompass.com," "pagoaltoque.pe."

#### Properties
Our global headquarters is in Rio de Janeiro, and we also have regional headquarters in Santiago and New York. Our headquarters are comprised of certain leased real properties of approximately 31,194 square feet in Rio de Janeiro, 21,140 square feet in Santiago and 7,613 square feet in New York. We also have offices in Buenos Aires, Bogotá, Lima, Mexico City, Miami, Montevideo, Recife, Ribeirão Preto and São Paulo, and believe our facilities are sufficient for our current needs.

#### ITEM 4A. UNRESOLVED STAFF COMMENTS
Not applicable.

#### ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
*The following discussion of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements as of and for the years ended December 31, 2025, 2024 and 2023 and the notes thereto, included elsewhere in this annual report, as well as the information presented under "Presentation of Financial and Other Information."* 

*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** 

#### Overview
Vinci Compass stands as the premier partner for alternative investments and global solutions in Latin America. With nearly three decades of experience and local operations from 12 offices in Latin America and the United States, our expertise spans across the following segments: Global Investment Products & Solutions, Credit, Private Equity, Equities, Real Assets, and Corporate Advisory. Each segment is managed by specialized teams dedicated to investment and advisory excellence. Our 594 full-time employees as of December 31, 2025 draw from a wide-ranging network of personal and professional relationships with industry-leading executives, business owners, corporate managers, financial and operational advisors, consultants and attorneys to source, fund, and manage investments. As of December 31, 2025, Vinci Compass had R$354.1 billion in assets under management and advisory.

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We have established a premier independent investment franchise with market leadership across each of our high value-added segments that we believe provides us with strong competitive advantages. We believe that our business model, focused on high-performance and executed by talented multi-disciplinary teams with a focus on value creation, has enabled us to build one of the most complete portfolios of alternative investment strategies and solutions, which combined with the adoption of innovative technologies and increasing integration across our business strategies, strongly positions us to capitalize on the future expansion and shifts in asset allocation in the Latin American investments market.

#### Segment Reporting
Our strategic decisions are made across six reporting segments: (i) Global IP&S, (ii) Credit, (iii) Private Equity, (iv) Equities, (v) Real Assets, and (vi) Corporate Advisory. For more information, see note 23 to our audited consolidated financial statements.

#### Non-GAAP Financial Measures and Reconciliations
This annual report presents our FRE, FRE Margin, PRE, PRE Margin, IRE, Distributable Earnings, Distributable Earnings Margin, Adjusted Distributable Earnings, Adjusted Distributable Earnings Margin, Adjusted Profit for the year and Adjusted Profit Margin for the year (each as explained in the footnotes to the table below), which are non-GAAP financial measures, and their reconciliations to the nearest measure as defined by IFRS Accounting Standards, for the convenience of investors. 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 GAAP 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."

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|  | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  | **2025** | **2025** | **2024** | **2023** |
|  | **(US$)(1)** | **(R$)** | **(R$)** | **(R$)** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  **Operating profit** | **45793** | **251969** | **188804** | **202156** |
|  (-) Net revenue from realized performance fees | (6618) | (36417) | (50125) | (22296) |
|  (-) Net revenue from unrealized performance fees | 1583 | 8711 | 12937 | 1042 |
|  (+) Share-based payments | 5436 | 29912 | 22479 | 14967 |
|  (+) Compensation allocated in relation to performance fees | 2676 | 14724 | 15348 | 10640 |
|  (+) Expenses relating to acquisitions and business combinations | 1069 | 5883 | 56562 | 1924 |
|  (+) Amortization of fund management contracts | 2471 | 13599 | 2392 |  |
|  **FRE(2)** | **52410** | **288381** | **248397** | **208433** |
|  **Operating profit margin(2)** | **25.8%** | **25.8%** | **31.4%** | **44.5%** |
|  **FRE Margin(2)** | **30.4%** | **30.4%** | **44.1%** | **48.1%** |
|  **Operating profit** | **45793** | **251969** | **188804** | **202156** |
|  (-) Net revenue from management fees | (147639) | (812367) | (487533) | (393367) |
|  (-) Net revenue from advisory services | (16702) | (91901) | (68134) | (39799) |
|  (-) Net revenue from other revenues | (8256) | (45429) | (7924) |  |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  | **2025** | **2025** | **2024** | **2023** |
|  | **(US$)(1)** | **(R$)** | **(R$)** | **(R$)** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  (+) Personnel and profit-sharing | 76135 | 418923 | 234066 | 180467 |
|  (+) Other general and administrative expenses | 55705 | 306511 | 177909 | 71797 |
|  (-) Compensation allocated in relation to performance fees | (2676) | (14724) | (15348) | (10640) |
|  **PRE(3)** | **2360** | **12983** | **21840** | **10614** |
|  **PRE Margin(3)** | **46.9%** | **46.9%** | **58.7%** | **49.9%** |
|  **Finance profit/(loss), net** | **2023** | **11132** | **(25354)** | **67229** |
|  (-) Financial revenue through amortized cost | (189) | (1038) | (19213) | (4571) |
|  (-) Foreign currency variation income | (1894) | (10419) |  | (742) |
|  (-) Financial revenue on sublease agreements | (22) | (121) | (538) | (700) |
|  (-) Contingent consideration variation | 5863 | 32258 | 19915 | 15872 |
|  (-) Other finance income | (987) | (5432) | (2798) | (1271) |
|  (-) Financial expense on lease agreements | 2793 | 15369 | 8295 | 9809 |
|  (-) Interest expense on loans and financing | 11043 | 60763 | 61784 | 23654 |
|  (-) Bank fees | 114 | 628 | 151 | 141 |
|  (-) Interest and arrears | 1 | 3 | 3 |  |
|  (-) Fines on taxes | 0 | 1 | 3 | 1 |
|  (-) Foreign currency variation expense |  |  | 20807 | 775 |
|  (-) Interest on taxes |  |  | 85 | 79 |
|  (-) Other financial expenses | 4585 | 25227 | 1182 | 87 |
|  (-) Financial income | (11473) | (63129) | (49269) | (84345) |
|  **IRE(4)** | **11857** | **65242** | **15053** | **26018** |
|  **Profit for the year** | **39854** | **219294** | **115973** | **219459** |
|  (-) Net revenue from unrealized performance fees | 1583 | 8711 | 12937 | 1042 |
|  (+) Income tax from unrealized performance fees | (182) | (1004) | (377) | (120) |
|  (+) Compensation allocated in relation to unrealized performance fees | (560) | (3083) | (1159) | (369) |
|  (+) Equity gain or loss | 194 | 1067 | 1500 |  |
|  (-) Unrealized gain (loss) from investment income | (6713) | (36937) | 10382 | (6808) |
|  (+) Income taxes on unrealized gain (loss) from investment income | (275) | (1514) | (397) | 175 |
|  (+) Share-based payments | 4953 | 27251 | 20136 | 13601 |
|  (-) Income taxes on share-based payments | (121) | (668) | (914) | (561) |
|  (+) Depreciation and amortization | 4746 | 26116 | 11064 | 7310 |
|  (-) Contingent consideration variation | 5863 | 32258 | 19915 | 15872 |
|  (+) Income taxes on contingent consideration variation | (1253) | (6894) | (5203) | (5396) |
|  (+) Dividends received | 887 | 4882 |  |  |
|  (+) OCI adjustment | 3716 | 20449 |  |  |
|  (-) Minority interests | (494) | (2720) |  |  |
|  **Distributable Earnings(5)** | **52197** | **287209** | **183857** | **244205** |
|  **Distributable Earnings Margin(5)** | **26.7%** | **26.7%** | **27.0%** | **43.7%** |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  | **2025** | **2025** | **2024** | **2023** |
|  | **(US$)(1)** | **(R$)** | **(R$)** | **(R$)** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  **Distributable Earnings(5)** | **52197** | **287209** | **183857** | **244205** |
|  (+) Expenses relating to acquisitions and business combinations | 1069 | 5883 | 56562 | 1924 |
|  (-) Income tax of expenses relating to acquisitions and business combination | (118) | (646) | (1363) | (293) |
|  **Adjusted Distributable Earnings(6)** | **53148** | **292445** | **239056** | **245836** |
|  **Adjusted Distributable Earnings Margin(6)** | **27.1%** | **27.1%** | **35.1%** | **44.0%** |
|  **Profit for the year** | **39854** | **219294** | **115973** | **219459** |
|  (+) Expenses relating to acquisitions and business combinations | 1069 | 5883 | 56562 | 1924 |
|  (-) Income tax of expenses relating to acquisitions and business combination | (118) | (646) | (1363) | (293) |
|  (-) Contingent consideration variation | 5863 | 32258 | 19915 | 15872 |
|  (+) Income taxes on contingent consideration variation | (1253) | (6894) | (5203) | (5396) |
|  (+) OCI adjustment | 3716 | 20449 |  |  |
|  **Adjusted Profit for the year(7)** | **49132** | **270344** | **185884** | **231566** |
|  **Profit margin for the year(7)** | **22.4%** | **22.4%** | **19.3%** | **48.3%** |
|  **Adjusted Profit Margin for the year(7)** | **27.7%** | **27.7%** | **30.9%** | **51.0%** |

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(1) For convenience purposes only, amounts in reais as of December 31, 2025 have been translated to U.S. dollars using an exchange rate of R$5.5024 to US$1.00, the commercial selling rate for U.S. dollars as of December 31, 2025, as reported by the Brazilian Central Bank. These translations should not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange rate.

(2) We calculate FRE as operating profit, *less* (a) net revenue from realized performance fees, *less* (b) net revenue from unrealized performance fees, *plus* (c) share-based payments *plus* (d) compensation allocated in relation to performance fees *plus* (e) expenses relating to professional services rendered in connection with acquisitions, our business combination with Compass and our international corporate organization *plus* (f) the amortization of fund management contracts related to business combinations (which expenses were added to the calculation of FRE beginning in the year ended December 31, 2024 in order to exclude depreciation expenses that are tied to specific acquisition transactions rather than our ongoing operations; these amounts became meaningful only upon completion of the business combination with Compass and consequently we do not present such amounts for periods prior to 2024). Operating profit margin is calculated as operating profit divided by the sum of net revenue from management fees, net revenue from performance fees, net revenue from advisory services and net revenue from other revenues. FRE Margin is calculated as FRE divided by the sum of net revenue from management fees, net revenue from advisory services and net revenue from other revenues.

(3) PRE is a performance measure that we use to assess our ability to generate profits from revenue that relies on outcomes from funds above their respective hurdle rates. We calculate PRE as operating profit, *less* (a) net revenue from management fees, *less* (b) net revenue from advisory services, *less* (c) net revenue from other revenues, *plus* (d) personnel and profit-sharing expenses, *plus* (e) other general and administrative expenses, *less* (f) compensation allocated in relation to performance fees. PRE Margin is calculated as PRE divided by net revenue from performance fees.

(4) IRE is a measure that reflects the economics associated with realized and unrealized capital gains from our proprietary capital invested alongside clients, through GP commitments in our managed funds, which we believe can create meaningful value over the long term, although the timing and magnitude of such value realization may vary materially depending on investment performance, market conditions and realization cycles. We calculate IRE as finance profit/(loss), net *less* (a) financial revenue through amortized cost, *less* (b)

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foreign currency variation income, *less* (c) financial revenue on sublease agreements, *less* (d) contingent consideration variation, *less* (e) other finance income, *less* (f) financial expense on lease agreements, *less* (g) interest expense on loans and financing, *less* (h) bank fees, *less* (i) interest and arrears, *less* (j) fines on taxes, *less* (k) foreign currency variation expense, *less* (l) interest on taxes, *less* (m) other financial expenses and *less* (m) financial income.

(5) Distributable Earnings is used as a reference point by our board of directors for determining the amount of earnings available to distribute to shareholders as dividends. Distributable Earnings is calculated as profit for the year, *less* (a) net revenue from unrealized performance fees, *plus* (b) income taxes from unrealized performance fees, *plus* (c) compensation allocated in relation to unrealized performance fees, *plus* (d) equity gain or loss on investments accounted for using the equity method *less* (e) unrealized gain (loss) from investment income, *plus* (f) income taxes on unrealized gain (loss) from investment income, *plus* (g) share-based payments, *less* (h) income taxes on share-based payments, *plus* (i) depreciation and amortization, except for amortization of placement agent expenses and amortization related to retirement services investments, *less* (j) contingent consideration variation, *plus* (k) income taxes on contingent consideration variation, *plus* (l) dividends received, *plus* (m) OCI adjustment *, less* (n) minority interests. Distributable Earnings Margin is calculated as Distributable Earnings divided by the sum of net revenue from management fees, net revenue from performance fees, net revenue from advisory services and realized gain from investment income.

(6) Adjusted Distributable Earnings is calculated as Distributable Earnings, *plus* expenses relating to professional services rendered in connection with acquisitions, our business combination with Compass and our international corporate organization, *less* income tax related to those realized expenses. Adjusted Distributable Earnings Margin is calculated as Adjusted Distributable Earnings divided by the sum of net revenue from management fees, net revenue from performance fees, net revenue from advisory services, net revenue from other revenues, and realized gain from investment income.

(7) We calculate Adjusted Profit for the year as profit for the year *plus* (a) expenses relating to professional services rendered in connection with acquisitions, our business combination with Compass and our international corporate organization, *less* (b) income tax related to those realized expenses, *less* (c) contingent consideration variation), *plus* (d) income tax related to contingent consideration variation, *plus* (e) OCI adjustment. Profit margin for the year is calculated as profit for the year divided by the sum of net revenue from management fees, net revenue from performance fees, net revenue from advisory services and net revenue from other revenues. Adjusted Profit Margin for the year is calculated as Adjusted Profit for the year divided by the sum of net revenue from management fees, net revenue from performance fees, net revenue from advisory services and net revenue from other revenues.

#### Key Business Metrics

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| | | |
|:---|:---|:---|
|  | **For the Year Ended**<br>**December 31,** | **For the Year Ended**<br>**December 31,** |
|  | **2025** | **2024** |
|  | **(in R$ thousands, except as**<br>**otherwise noted)** | **(in R$ thousands, except as**<br>**otherwise noted)** |
|  Gross revenue from services rendered | 1013703 | 635483 |
|  Net revenue from services rendered | 977403 | 600779 |
|  FRE(1) | 288381 | 248397 |
|  FRE Margin (%)(1) | 30.4% | 44.1% |
|  PRE(1) | 12983 | 21840 |
|  PRE Margin (%)(1) | 46.9% | 58.7% |
|  IRE(1) | 65242 | 15053 |
|  Distributable Earnings(1) | 287209 | 183857 |
|  Distributable Earnings Margin (%)(1) | 26.7% | 27.0% |
|  Profit for the year | 219294 | 115973 |
|  Net profit margin for the year (%) | 22.4% | 19.3% |
|  Adjusted Distributable Earnings(1) | 292445 | 239056 |
|  Adjusted Distributable Earnings Margin (%)(1) | 27.1% | 35.1% |
|  Adjusted Profit for the year(1) | 270344 | 185884 |
|  Adjusted Profit Margin for the year(1) | 27.7% | 30.9% |

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(1) FRE, FRE Margin, PRE, PRE Margin, IRE, Distributable Earnings, Distributable Earnings Margin, Adjusted Distributable Earnings, Adjusted Distributable Earnings Margin, Adjusted Profit for the year and Adjusted Profit Margin for the year are non-GAAP financial measures that we present for the convenience of investors. See "—Non-GAAP Financial Measures and Reconciliations" for a reconciliation of these measures to their nearest IFRS Accounting Standards measure and "Presentation of Financial and Other Information—Special Note Regarding Non-GAAP Financial Measures" 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.

Our net revenue from services rendered is composed of: (1) net revenue from management fees; (2) net revenue from realized performance fees; (3) net revenue from unrealized performance fees; (4) net revenue from advisory services; and (5) net revenue from other revenues. Net revenue from management fees remains the main component of our net revenues, amounting to 83.1% of total net revenue from services rendered for the year ended December 31, 2025.

Net revenue from services rendered for the year ended December 31, 2025 totaled R$977.4 million, a 63% increase from R$600.8 million for the year ended December 31, 2024. This increase was primarily driven by higher net revenue from management fees, which increased by R$324.8 million, mainly reflecting the full-year contribution from the business combination with Compass and the acquisitions of MAV, Lacan and Verde, as well as organic growth across several strategies, particularly in the Credit and Global IP&S segments. These increases were partially offset by lower management fees in the Private Equity segment due to lower catch-up fees in 2025 compared to 2024, as well as lower performance and advisory fees during the period, while other revenues increased primarily reflecting the full-year contribution of Compass' Advisory and Execution and Fund Services businesses.

Our Adjusted Distributable Earnings for the year ended December 31, 2025 was R$292.4 million, an increase of R$53.3 million, or 22%, compared to our Adjusted Distributable Earnings of R$239.1 million for the year ended December 31, 2024. Our Adjusted Distributable Earnings Margin for the year ended December 31, 2025 was 27%, a decrease of eight percentage points compared to our Adjusted Distributable Earnings Margin of 35% for the year ended December 31, 2024.

Adjusted Profit for the year ended December 31, 2025 was R$270.3 million, an increase of R$84.4 million, or 45%, compared to our Adjusted Profit of R$185.9 million for the year ended December 31, 2024.

#### Significant Factors Affecting Our Results of Operations
We believe that our results of operations and financial performance are driven by the following factors:

#### Returns on Investments
As an asset management firm, we rely on the return of our investment funds and a successful investment track record to influence investors to invest in our products, which directly impacts our fund flows and new fund raises. Moreover, our portfolio must be attractive to investors and potential investors when they are considering their range of available alternative investment opportunities.

We believe that the following factors have driven and are expected to continue to drive our future performance and ability to realize a favorable return on investments:

• Our ability to obtain superior risk-adjusted returns in the long term to meet our clients' objectives. We must provide differentiated investment strategies for our clients reflecting: (1) a long-term vision to preserve investor capital and provide optimal risk-adjusted returns; (2) an established investment decision-making framework in each of our strategies; (3) operational and cost optimization initiatives (mainly in in our private equity strategy) to help businesses execute their growth strategies; (4) efficient capital allocation; and (5) product enhancement through innovation and outside the box solutions.

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• Maintenance of an experienced and qualified management team and success in recruiting and developing qualified staff to execute on our investment strategies with effective oversight from investment committees.

• Optimization of our business platform with deep integration across functions, including front-office, sales, macroeconomic and proprietary research departments, support departments, products, partners, and specialists.

• A robust framework and capability to deliver best practices in governance and culture across all of our strategies and portfolio companies and for all our stakeholders.

• Access to a broad base of investors and limited partners, including, but not limited to, local and foreign institutional investors, government and sovereign wealth funds, high net worth individuals and retail investors, with a range of investment horizons, risk tolerances and return expectations.

• Strong relationships with contacts across industries and the financial market that provide several channels to generate investment opportunities, including through M&A transactions, IPOs, new financing, and partnerships.

With consolidated investment processes across all of our strategies, we expect to continue to deliver innovative solutions and favorable performance over time to our investors, strengthening our track record as the preferred alternative asset management partner for their capital.

#### Ability to Deploy Capital and Source Investment Opportunities
Our ability to raise capital for new funds and generate revenue through our products relies on our capacity to allocate capital and source attractive opportunities across our investment strategies, which is impacted by several factors including:

• The ability of our teams to bring together a wide-ranging network of personal and professional relationships across leading industry executives, business owners, corporate managers, financial and operational advisors and consultants and attorneys in order to facilitate these investment opportunities;

• Our ability to source top-down and bottom-up approaches for both long-term and short-term investing strategies. For example, our private equity strategy follows a proactive, top-down/bottom-up approach, in which we combine identification of target industries and sectors with identification of companies that fit our hands-on, active investment strategy. This process results in a highly differentiated deal sourcing platform. In our public equities strategy, we focus on holding positions in companies for three to five years following deep analysis and review by our various investment committees, taking into consideration our internal controls;

• For our customized mandates, our ability to create tailor-made investment management services through our investment products and solutions strategy in order to meet our clients' expectations regarding returns, investment terms, volatility and risk;

• Our ability to launch innovative investment products in Brazil, such as Listed Infrastructure Mutual Funds (*Fundos de Investimento em Participações em Infraestrutura*) and Brazilian REITs (*Fundo de Investimento Imobiliário*), which has reinforced our brand in the listed funds market;

• Our ability to maintain our broad network of collaborators to identify opportunities in different sectors and regions in Brazil as part of our long-term investment products;

• Our ability to maintain strong relationships with market makers and advisory firms that can help generate opportunities and improve our product pipeline;

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• Our capacity to maintain a presence across various regions in Latin America where other investment firms do not usually devote meaningful attention, which we believe allows us to identify previously unnoticed investment opportunities with improved risk-return profiles, including, but not limited to middle-market opportunities;

• Our ability to maintain a strong reputation among investment management firms, as a preferred partner in structuring competitive processes, arranging credit financing, contributing as shareholders in publicly listed companies and acting as experienced financial advisors;

• Our ability to cross-sell our products to our clients and use their connections to identify "off-market" opportunities (that is, investment opportunities that we identify internally and are not known by other investment firms); and

• Our ability to maintain discipline within our investment mandates, with a robust approach to valuation, transaction and operation size, and holding period, as applicable to each of our investment strategies.

Even though the above-listed factors may vary depending on strategy, our ability to deploy capital and seek investment opportunities has proven consistent. Our products have passed through international crises, national economic recessions, and political instability; even in the face of these challenges, we have been able to offer differentiated investment opportunities resulting in favorable returns for our investors. We expect to replicate this model, extending our successful track record into the future.

#### Macroeconomic Environment
Our business is impacted by overall market activity and, in particular, market flows, trading prices and trading volume. While we are exposed to certain levels of market volatility, this impact is mitigated by the composition of our investor base. As of December 31, 2025, 62% of our AUM is sourced from institutional investors, whose investment horizons are generally long-term and less reactive to short-term market fluctuations.

Most of the assets we actively manage are allocated in Brazil. As a result, our revenues and profitability are subject to political and economic developments and the effect that these factors have on the assets to which we are exposed. Factors such as the availability of credit, disposable income, employment rates and GDP growth in Brazil can directly and indirectly impact the performance of our funds and our results of operations. Our results of operations are also affected by levels of interest rates, the expansion or contraction of the capital markets, trading volumes and market inflows in Brazil, each of which impacts the number and overall volume of capital markets transactions and available overall liquidity. For more information, see "Item 3. Key Information—D. Risk Factors—Certain Risks Relating to Latin America—Economic uncertainty and political instability in Latin America may harm us and the price of our Class A common shares."

Brazil is the largest economy in Latin America as measured by gross domestic product (GDP). Over the last several years, Brazil has experienced varying levels of economic growth, inflation, interest rates and exchange-rate volatility. For the year ended December 31, 2023, Brazil's real GDP grew by 2.9%, followed by growth of 3.4% in 2024, with real GDP growth for the year ended December 31, 2025 expected to be close to 2.5%. Consumer price inflation, as measured by the IPCA index calculated by IBGE, amounted to 4.6% in 2023 and 4.8% in 2024, with inflation dropping to 4.3% in 2025. The CDI rate, which reflects the average interbank overnight rate in Brazil, declined from an annual average of 13.2% in 2023 to 10.9% in 2024 and averaged 14.3% during 2025. Brazil's exchange rate also showed significant volatility during the period. The Brazilian real depreciated against the U.S. dollar from an end-of-period rate of R$4.86 per US$1.00 in 2023 to R$6.19 per US$1.00 at the end of 2024. On the last business day of 2025, the exchange rate closed at R$5.50 per US$1.00.

The Brazilian basic interest rate, known as the SELIC Rate, declined sharply during Covid from a nominal rate of 14.25% per year to as low as 2.0% per year by March 2021. However, as global economic activity recovered and disruptions in global supply chains, together with rising commodity prices, led to a broad-based increase in inflation worldwide and in Brazil in particular, the Brazilian Central Bank began tightening monetary policy. In response, the SELIC Rate was raised repeatedly, reaching 13.75% as of December 31, 2022, in an effort to contain inflation, which, as measured by the IPCA, amounted to 4.62% for the year ended December 31, 2023. Beginning in August 2023, the Brazilian Central Bank initiated a cycle of interest rate cuts as inflationary pressures eased,

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reducing the SELIC Rate to 10.50% by May 2024. Nevertheless, renewed inflationary pressures—driven in part by fiscal concerns associated with persistent budget deficits and increased government spending—led the Central Bank to reverse course and resume monetary tightening in September 2024. As a result, the SELIC Rate increased to 12.25% by December 2024 and reached 15% by December 2025. As of the date of this annual report, the SELIC Rate remains at 15% per annum, reflecting the challenges faced by policymakers in controlling inflation amid a strong economy, historically low unemployment levels and ongoing fiscal imbalances that require tighter monetary policy to preserve macroeconomic stability.

Market expectations compiled by the Brazilian Central Bank in its Focus survey, released in early 2026, indicate that market participants expect the current restrictive monetary stance to be gradually unwound during 2026. According to the Focus survey, the SELIC Rate is expected to decline over the course of 2026, reaching levels around 12.0% by the end of the year, reflecting expectations of easing inflationary pressures and a gradual normalization of monetary policy, subject to the evolution of fiscal conditions and inflation dynamics.

Inflation directly affects our cost structure, particularly with respect to contracts with certain suppliers. Telecommunications operators typically index their prices to the IPCA, while data processing service providers adjust labor costs in line with inflation. Although rising inflation may result in higher supplier prices, we are generally able to mitigate these effects, as higher inflation is often accompanied by higher interest rates, which tend to increase our spreads on certain transactions.

Our financial performance is also sensitive to movements in interest rates, particularly the CDI Rate, as changes in short-term rates affect the net interest margins earned on financial investments in which we allocate customer funds on an overnight basis. These rate movements influence the compounding of our assets under management and may also affect the mix of financial products that our clients choose to invest in.

Other than with respect to Brazil, we list below some key events relating to the macroeconomic scenario of the main Latin American markets in which we operate.

Chile's economic outlook has continued to improve. After expanding by 2.6% in 2024, economic growth in 2025 reached around 2.2%, slightly above the estimated potential growth rate of roughly 1.9%. While the previous year's expansion was largely supported by external demand and mining activity, growth in 2025 has been increasingly driven by a gradual recovery in domestic demand and a rebound in investment after two consecutive years of contraction. Inflation has declined more decisively than previously expected, easing from elevated levels early in the year to around 3.5% by the end of 2025, moving closer to the Central Bank's target. In response, the Central Bank has continued its easing cycle, lowering the monetary policy rate to around 4.5%, with market expectations pointing to limited additional cuts ahead. The political landscape has also evolved materially. General elections have taken place, resulting in the election of José Antonio Kast as president, signaling a shift toward a more pro-business, market-oriented policy stance. At the same time, Congress remains fragmented: the Chamber of Deputies was fully renewed and is now more balanced between center-right and center-left forces, while the Senate—of which half was up for election—continues to lack a clear governing majority. As a result, although the new administration is expected to pursue more market-friendly policies, its ability to advance reforms will depend on negotiations and coalition-building within Congress, tempering both upside potential and downside risks for the economic outlook.

In Mexico, economic growth slowed to 1.2% in 2024, marking its weakest expansion since the pandemic, and conditions softened further in 2025, with growth coming in around 0.6%, reflecting weaker domestic momentum and persistent uncertainty linked to U.S. trade policy and tariff-related rhetoric. As the United States' main trading partner, Mexico remains particularly exposed to shifts in U.S. tariffs and to the ongoing renegotiation dynamics surrounding the USMCA framework. In response, President Claudia Sheinbaum and her administration have maintained a pragmatic and cooperative stance toward Washington, prioritizing macroeconomic stability and trade continuity; despite a gradual decline from earlier highs, her approval rating remains solid and elevated, still comfortably above 60%, providing short-term political support for this approach. Inflation has stabilized at moderate levels, ending 2025 at 3.7%, close to the central bank's target range. In this context, Banxico conducted an extended easing cycle throughout 2025, cutting interest rates steadily from 11.25% in 2024 to 7.0% by December 2025, as disinflation progressed and economic activity weakened. While further cuts remain possible, the pace ahead is expected to be more cautious and increasingly dependent on external conditions, particularly U.S.

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monetary policy and trade developments. Tariff measures announced in 2025 ultimately proved less damaging than initially feared: effective taxation was limited, and key pillars of the United States–Mexico–Canada Agreement remained intact, raising the possibility of a modest relative gain in economic activity compared with more adversely affected peers. On the domestic institutional front, however, uncertainty has increased. Judicial elections have taken place, including the selection of all nine Supreme Court justices, all of whom are seen as having ties to the Morena party. This outcome has intensified concerns about judicial independence and the rule of law, and it raises the risk that key microeconomic and market-oriented reforms adopted under previous administrations could be reversed over time. These developments have already drawn attention from investors and credit rating agencies, as institutional weakening could weigh on medium-term growth prospects, regulatory predictability, and investor confidence, even as near-term macroeconomic management remains relatively disciplined.

In Colombia, the macroeconomic outlook for 2025 has improved modestly, with economic growth estimated at around 2.2%, supported by resilient household consumption and a gradual normalization of private investment after a weak prior cycle. Inflation has continued to ease but remains above target, with headline CPI ending 2025 at approximately 5.0%, reflecting lingering pressures from past minimum-wage increases, indexation mechanisms, and services inflation. Disinflation has been supported by a strong performance of the Colombian peso, which appreciated over the course of 2025 amid improved terms of trade, tighter financial conditions earlier in the cycle, and sustained foreign inflows, helping to contain imported inflation in the short to medium term. Monetary policy has adjusted only cautiously. After holding the benchmark rate at 9.50% early in the year, Banco de la República delivered only a modest rate cut over the course of 2025, maintaining a restrictive stance as it prioritized inflation convergence over political pressure. Further easing is expected to remain gradual and data-dependent as inflation continues to trend toward target. On the fiscal and political front, uncertainty persists, reflecting internal policy debates and ongoing concerns about fiscal discipline and the medium-term policy framework. Looking ahead to the 2026 presidential election, the political landscape remains fluid but increasingly competitive. Early polling suggests growing momentum among center-right and centrist alternatives, while the left retains a committed base. Declining approval ratings for the current administration and concerns over economic management raise the probability of a political shift in 2026. As a result, markets are increasingly sensitive to electoral dynamics, particularly regarding fiscal policy, energy regulation, and the future direction of economic reforms.

Argentina has undergone profound changes since the election of President Javier Milei, with the new administration implementing an aggressive fiscal adjustment and a broad reform agenda. The initial phase of stabilization led to a sharp economic contraction, but activity rebounded strongly thereafter, with growth estimated at around 5% in 2025. Inflation has fallen markedly during the adjustment process, reflecting fiscal tightening, monetary restraint, and a sharp correction in relative prices. A central policy development in 2025 has been the transition toward a more flexible exchange rate regime, aimed at normalizing market functioning and restoring confidence. Despite these advances, vulnerabilities remain significant. Net foreign exchange reserves continue to be negative, which introduces substantial uncertainty for 2026 and beyond. The peso has appreciated sharply in real terms, raising questions about whether the economy can operate sustainably with an extremely strong currency without undermining competitiveness, exports, and growth. At the same time, Argentina's relationship with the IMF remains delicate. A key clause of the existing program involves the accumulation of foreign exchange reserves through market purchases, yet limited reserve buffers and political constraints complicate compliance. This raises open questions about how the IMF will handle enforcement or renegotiation of program conditions. Against this backdrop, market participants remain alert to the risk of renewed exchange rate instability, including the possibility of another sharp correction, as has occurred repeatedly in Argentina's past. While the current stabilization effort has addressed some structural imbalances, its durability will depend on continued fiscal discipline, progress on structural reforms, and the ability to restore external sustainability without triggering a new cycle of currency stress.

#### Growth of Our AUM
Our AUM equals the sum of: (1) the fair market value of all funds and accounts under management and advisory by Vinci Compass, across Global IP&S, Credit, Private Equity, Equities, and Real Assets; (2) the capital that we are entitled to call from investors in funds pursuant to the terms of their capital commitments to those funds; and (3) the fair market value of co-investments arranged by us that were made, or could be made, by limited partners of our corporate private equity funds and portfolio companies of such funds. As a significant portion of our AUM is denominated in currencies other than Brazilian Reais, fluctuations in foreign exchange rates may cause our reported AUM to vary over time, independently of underlying asset or commitment changes.

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We generate most of our revenues from management fees, performance fees, and advisory fees on funds and accounts managed and advised across our investment strategies. Historical fundraising activities have been impacted by both internal and external factors.

We are currently operating in a macro environment that, while still presenting challenges in certain markets, is creating compelling opportunities for alternative investments across Latin America. Our ability to raise capital and grow AUM has been supported by a resilient investor base and the strength of our relationships across geographies and strategies. This long-term, proprietary client base has allowed us to navigate economic volatility while maintaining steady momentum in capital formation. From December 31, 2024, to December 31, 2025, our AUM expanded from R$327.0 billion to R$354.1 billion, reflecting the scale, breadth, and diversification of our combined platform. Growth was driven by R$41.6 billion in capital subscriptions, net inflows and appreciation across Global IP&S, Credit, and Real Assets and the acquisition of Verde.

We are stepping into an environment full of opportunities to further expand our presence across Latin America and strengthen our fundraising efforts, both cross-border and on a local-to-local basis. Our fundraising momentum remained particularly strong across the Global IP&S, Credit and Real Assets segments, supported by continued inflows in our third-party distribution business, increasing demand for semi-liquid and discretionary allocation products, and sustained investor interest in Credit and Real Assets.

Closed-end funds remain a key pillar of our growth. In the first quarter of 2025, we received capital subscriptions across closed-end Credit funds, including the second closing of PEPCO II, the first closing of MAV III and the first closing of SPS IV, with SPS IV reaching total commitments of R$1.1 billion in its first close, already matching the total commitments of its previous vintage, SPS III. In the second quarter, we completed the final closing of VICC, raising R$1.8 billion in total commitments throughout the fundraising period, and continued to receive subscriptions for Lacan IV. In the third quarter, SPS IV secured its first offshore commitment and the first Brazilian pension plan commitment in the strategy's history. In the fourth quarter, we signed a R$2.8 billion SMA in our Infrastructure strategy, reinforcing the growing interest of international investors in Latin American opportunities. Looking ahead, we see ongoing momentum from additional commitments to SPS IV, Lacan IV and MAV IV. We also have a strong product launch pipeline across the entire region, such as COPCO in Colombia, CHILPCO II in Chile and LAPCO II in Peru.

We also continue to see increasing institutional demand for long-term, diversified and alternative investment solutions across Latin America from pension funds, insurance companies and other allocators. Pension reforms in Chile and Mexico, in particular, are increasing the appetite for long-term, diversified, and alternative investment solutions. We believe Vinci Compass is uniquely positioned to benefit through our diversified investment platform and role as a global solutions provider across all asset classes.

We believe our AUM growth will continue to be supported by our ability to: (1) raise capital through new and existing relationships; (2) deliver consistent fund performance across cycles; and (3) expand distribution both locally and cross-border. Our combined business benefits from scale, multi-channel distribution and a comprehensive set of capabilities that position us at the center of a consolidating industry.

With strong momentum, a diversified platform and deep regional expertise, we expect AUM growth trends to remain favorable in the short, medium and long term, as we believe that we are well positioned to capture the growing demand for alternative investments in Latin America and deliver long-term value to investors and shareholders.

#### Ability to Negotiate Management Fee Rates and Fund Terms
The level of management fees and performance fees carried by our funds directly impacts our revenues. The main factors that impact our effective management fees and performance fees are:

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• *Negotiations with investors*: As our brand and investment strategies continue to mature, and performance of our products continues to reward clients with strong risk-adjusted returns, we expect that our ability to negotiate fees and fund terms with local and offshore investors will improve.

• *The level of fees we are able to charge in comparison to industry peers*: Our local funds in Brazil generally present the same management and performance fees, terms, and conditions of similar industry peers, as applicable to each strategy.

• *The level of performance fees we are able to negotiate*: To generate performance fees, returns must surpass each fund's specified benchmark, which varies according to the respective strategy. We believe these hurdles are beneficial for both our limited partners and for Vinci Compass, as it supports strong alignment of interests.

• *Potential discounts on fees*: In certain instances, we use third-party channels to distribute our products, such as placement agents, digital platforms, multifamily offices, and fund allocators, among others. We always negotiate discounts on fees on a case-by-case basis and expect that strengthening our brand will improve our bargaining power with these intermediaries. As we expand the number of our distribution channels and competition increases among distributors, we expect to be able to negotiate further decreases in third-party fees.

Management fees and performance fees do not apply to our Financial Advisory Services business, where our business model is mainly based on the payment of success fees upon conclusion of M&A or IPO transactions for our clients.

#### Ability to Attract, Retain and Develop Talent
We believe that talented and experienced people have been and will continue to be critical for our success. Our ability to attract, retain, and develop qualified and committed employees has been supported by several factors including:

• A well-designed selection process with five phases of interviews and tests on average, in which the candidate is exposed to its potential future managers, senior employees and partners. We believe that a structured recruitment program is important to select the most talented candidates, best aligned with our corporate culture.

• A meritocratic environmental which motivates our junior associates and senior employees to develop their careers within our organization. As consequence, a significant number of our investment professionals currently serving in important decision-making roles have been internally sourced and trained.

• A fair, meritocratic, and established process for selecting new members of our partnership.

• Our target annual total compensation is above market average among leading financial institutions and asset management firms across Latin America for key employees and top performers. For entry-level employees, we believe that our value proposition is very attractive (based on the number of applications we receive for our limited number of positions available). As such, we are not competing for new employees based on salary, which keeps our overall compensation for entry-level positions at market rates.

• We carry out annual modular training through our senior specialist employees in an effort to develop our back-office collaborators and motivate them to assume front-office roles. We have named this project "Vinci University."

We have implemented certain long-term incentive plans for eligible employees, and expect that this will further enhance our ability to retain talent and promote our meritocratic culture. In each of May 2021, February 2023, January 2024, January 2025 and January 2026, we approved stock option plans for eligible employees, and, in 2022 and 2026, our board also approved a restricted shares plan for eligible employees, which enhance our ability to retain talent and promote our meritocratic culture. See "Item 6. Directors, Senior Management and Employees—B. Compensation."

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Going forward, we believe that as our brand continues to strengthen and as we continue to deliver on our track record of strong risk-adjusted returns, we will continue to attract and retain qualified talent across all of our strategies. We also expect to create new incentive policies and develop opportunities to preserve our culture and retain talent within our organization.

#### Growth through Commercial Initiatives
We have been investing in all of our commercial divisions with internal teams specifically focused in: (1) institutional investors; (2) high net-worth individuals (HNWI); and (3) intermediaries through open-end platforms of large banks, digital platforms, independent financial advisors, or IFAs, and multifamily offices. We believe that having sector- and country-specific teams for each type of investor strengthens our client relationships and enables us to deliver more tailored, effective solutions.

Our relationship managers act as long-term partners to our clients. They maintain deep relationships built over the years, possess a detailed understanding of client objectives, and provide access to our full investment platform, ensuring that each client benefits from the breadth of our capabilities.

Following our business combination with Compass, we have significantly expanded our reach among institutional investors, driven by our conviction in the significant growth potential for alternative investments through institutional clients, particularly in key Latin American markets. In Chile and Mexico, pension reform initiatives are fostering an environment that supports greater allocations to alternative assets, as local pension plans seek to diversify portfolios and enhance long-term performance. In Brazil, institutional investors, such as pension funds and insurance companies, have historically maintained low exposure to alternatives. This presents a meaningful opportunity for growth as these institutions gradually align their asset allocation strategies with global best practices. Vinci Compass is well-positioned to capitalize on this momentum, supported by our pan-regional presence and highly specialized local teams.

We are actively strengthening relationships with institutional clients through: (1) proactive relationship management, including ongoing communication, follow-ups, and regular in-person meetings such as business lunches and strategic engagement efforts; (2) targeted event participation and sponsorships, including proprietary events in Santiago, Argentina, Uruguay, Mexico, and Brazil, and thematic conferences such as pension fund congresses, our Annual Meeting in New York dedicated to ex-LatAm institutional clients, and our Annual Meeting in São Paulo focused on Brazilian Public Pension Funds (RPPS); and (3) presence at third-party events, hosted by or designed for institutional investors, to maintain visibility and relevance in the institutional ecosystem.

In parallel, we have also expanded our footprint in digital distribution. As of the date of this annual report, we are present on 29 digital platforms that distribute our products to retail investors. We view digital channels as a significant opportunity for growth, as retail investors utilize mainly digital platforms to access alternative products, such as equities, real estate, infrastructure, credit, and open-end pension products.

We have been strengthening our relationship with IFAs, including through (1) the commitment of our portfolio managers, whose products are available on platforms, to participate in visits to IFA offices; (2) ramping up our scheduled visits to the offices of some of the main IFAs; (3) investing in events aimed at this audience by, for example, holding Vinci Compass Days in São Paulo and Rio de Janeiro; and (4) strengthening our presence at IFA events.

#### Implementation of Our Marketing Strategy
Our marketing strategy reinforces recognition of and confidence associated with our brand. We will continue to build and maintain brand awareness, while generating demand for our products and services through a variety of marketing campaigns. We have improved our marketing efforts to increase fundraising throughout our commercial areas. Our main initiatives include: (1) monthly podcasts; (2) mail marketing; (3) online interviews between our portfolio managers and social media investment influencers; and (4) recurring posts about our products and investments on our social media pages.

We believe that strengthening our brand awareness by educating clients about our history and creating awareness of our strong returns can increase the success of our fundraising efforts and consequently our AUM. Given the nature of our business model, our investments in marketing and advertising campaigns do not result in returns in the same period in which they are made but rather over subsequent periods.

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In 2024, we unveiled the new Vinci Compass brand, marking a significant milestone in our journey as the premier partner for alternative investments and global solutions in Latin America. The rebranding reflects the combination of two complementary firms and reinforces our expanded regional presence, diversified product offering, and enhanced ability to serve investors across the continent. Building on the foundation of our previous brand campaign, which focused on the pillar "reputation is the best investment," our new brand strategy aims to position Vinci Compass as a trusted Latin American investment partner. We continue to execute targeted marketing initiatives across key markets to strengthen brand awareness, drive investor engagement, and support long-term fundraising efforts across both retail and institutional channels.

#### Our Ability to Compete Effectively
While we have a differentiated business model and a broad range of alternative investment products and services in Latin America, we compete with other investment managers in each specific strategy to attract new clients, increase returns on clients' investments, win mandates in corporate advisory transactions and introduce innovative financial products. Our ability to compete is influenced by key factors such as:

• the historical performance of our products and asset classes;

• our ability to improve our platform and launch new products and services;

• the ability to deliver competitive returns to investors;

• the transaction costs we incur in providing our services;

• our ability to hire and retain talent; and

• our ability to maintain the security of our platform and solutions.

See "Item 4. Information on the Company—B. Business Overview—Competition" for more detail on our competitors.

#### Foreign Exchange Rates
We manage funds that charge management and performance fees in U.S. dollars. Some of these funds are also invested in U.S. dollar assets through our investment products and solutions strategy; however, a significant portion of the capital raised by these funds is invested across Latin America—particularly in companies that generate most of their cash flows in local currencies, including the Brazilian real. This creates a structural currency mismatch, as return hurdles and fees are denominated in U.S. dollars while underlying portfolio companies often operate in non-dollar environments. This mismatch could impact our ability to generate performance fees (carry) in our U.S. dollar-based funds, especially in the event of adverse or volatile exchange rate fluctuations, which may impair fund returns when measured in U.S. dollars. Our investment teams have developed and implemented strategies to mitigate this exchange rate risk, although such measures may not fully eliminate the exposure.

As of December 31, 2025, approximately R$255.0 billion of our AUM, or 72.0%, was related to funds raised in U.S. dollars, including funds that are invested across Latin America in assets that may generate cash flows in either local currencies or U.S. dollars.

#### Taxes and Potential Changes in Tax Laws and Interpretations
We conduct our business, including transactions within the group, in accordance with our interpretation and understanding of applicable tax laws and treaties or other regulations, and the requirements of the tax authorities in applicable jurisdictions. There can be no assurance that our interpretation of applicable laws, regulations, case laws or practices have been, or will continue to be correct, or that such laws, regulations, case laws or practices will not be amended, possibly with retroactive effect. Potential amendments of applicable tax laws and treaties or other regulations, and the requirements of relevant tax authorities may impact our profits and cash flows. For more information, see "Item 3. Key Information—D. Risk Factors—Certain Risks Relating to Our Business and Industry—Changes in tax laws, tax incentives, benefits or differing interpretations of tax laws may adversely affect our results of operations."

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#### Hyperinflation
As Argentina qualifies as a hyperinflationary economy under IAS 29 – Financial Reporting in Hyperinflationary Economies, the financial statements of our Argentine subsidiaries have been adjusted to reflect changes in the general purchasing power of the Argentine peso before translation into Brazilian reais. These adjustments are based on inflation indices published by the Argentine Federation of Professional Councils of Economic Sciences (*Federación Argentina de Consejos Profesionales de Ciencias Económicas*), with the annual inflation rate reaching 31.50% in 2025 (117.76% in 2024). The remeasurement process applies to non-monetary items using the inflation accumulated since acquisition, revaluation, or incorporation, as applicable. Monetary gains or losses resulting from holding monetary assets and liabilities in a high-inflation environment are recognized in the income statement.

On December 31, 2025, inflation in Argentina amounted to 31.50%. During the same period, we recorded a monetary gain of R$1.0 million and a foreign currency translation loss of R$0.1 million, totaling R$0.9 million, which was recognized in other comprehensive income under translation differences. Assets and liabilities denominated in Argentine pesos are translated into Brazilian reais at the year-end exchange rate, or at net realizable value if lower. For more information, see note 2.3 to our audited consolidated financial statements included elsewhere in this annual report.

#### Description of Our Revenues

#### Description of Management Fees
Generally, we charge management fees as a flat percentage of the AUM of the respective fund. However, for the listed real estate funds that we manage, the percentage charged as a management fee may be reduced due to increases in the amount of AUM of the respective fund.

For certain of our funds in our Private Equity and Real Assets segments, including our flagship Vinci Capital Partners or VCP funds, and during the investment periods of such funds, management fees are charged against committed capital for both U.S. dollar-denominated and *real*-denominated funds. Once the investment period ends, the U.S. dollar-denominated funds charge management fees against invested capital, while the *real*-denominated funds charge management fees against net asset value. This distinction between U.S. dollar-denominated funds and *real*-denominated funds applies only to management fees. Performance fees are calculated on the basis as described.

For certain of our illiquid funds in our Credit segment, management fees for Brazilian real-denominated funds are initially calculated on committed capital and subsequently on net asset value as capital is deployed, without overlap between these calculation bases. During the divestment period, management fees are calculated exclusively based on net asset value.

#### Description of Performance Fees
The regulations applicable to us and the performance fees that we can charge set forth certain requirements for the performance fee structures of funds managed by us, as described below.

• Performance fees must be tied to a verifiable index as a benchmark, published by an independent source, and compatible with the investment policy of the relevant fund.

• Performance fees are generally not payable in respect of a percentage of the index inferior to 100.0%.

• Other than for private asset funds, performance fees cannot be charged for a period of less than six months, such that performance is measured every six months in accordance with the by-laws of the respective fund, and performance fees are charged based on the accrued performance in such six-month period, after which the measurement window is reset.

• The performance fees shall be calculated based on net asset value and may consider any distribution for shareholders in the calculation.

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• At the date of calculation of the performance fee, we compare the net asset value per quota against either (1) the net asset value per quota as of the date that the performance fee was last charged or (2) the net asset value as of the fund inception date, and in either case the net asset value per quota may be required to be updated by the corresponding benchmark.

• In accordance with applicable Brazilian laws and regulations, the general rule is that if the net asset value per quota at the time of the performance fee calculation is lower than the net asset value at the time when the last performance fee was charged or at the subscription date, no performance fee can be charged. However, for foreign, qualified and professional investors (as classified under CVM rules), performance fees may still be charged if the fund outcome for the relevant period was higher than the corresponding benchmark.

As a multi-asset-class asset management firm, we manage a number of funds with different performance fee structures that can be classified in three main categories: (1) liquid funds, (2) closed-ended funds focused on value generation, and (3) closed-ended funds focused on income generation.

For liquid funds such as funds from our Credit, Equities or Global IP&S segments, we charge performance fees every six months based on the performance of the fund above the relevant benchmark. For our Global IP&S and Credit funds in Brazil, performance fees are generally benchmarked to the CDI Rate, and for inflation-indexed funds, performance fees are generally indexed to the *Índice Nacional de Preços ao Consumidor Amplo*, or IPCA, plus a fixed real interest rate or a market index such as *Índice de Mercado Anbima Subíndice B*, or IMA-B. For Credit funds in Peru, their performance fees are tied to the Peru Floating Rate (*Curva de Rendimiento de CD BCRP*), or the CD90. Other funds from Peru, Chile and LatAm-focused strategy follow a fixed hurdle rate as benchmark for performance fees.

For our Equities funds in Brazil, the benchmark varies according to the strategy. For our "long only" and "long-biased" strategies, our performance fees are tied to the IBOVESPA index, for the dividend strategies, performance fees are tied to the IDIV index, and for our small cap funds we use the SMLL index (*Índice Small Cap*) published by the B3. For our Chilean funds, the performance fees are tied to the S&P IPSA index. Finally, Mexican funds have their performance fees tied to the S&P/BMV IPC index.

For the closed-ended funds focused on value generation, both Brazilian funds (those denominated in *real*) and foreign funds (those denominated in U.S. dollars) pay performance fees to Vinci Compass. The waterfall and catch-up mechanisms are similar, except that: (1) U.S. dollar-denominated funds have a preferred return of 8% and pay performance against nominal capital contributions; and (2) *real*-denominated funds have either (i) a preferred return of IPCA *plus* between 6% and 8%, and pay performance against real capital contributions (capital contributions are adjusted by IPCA) or (ii) a CDI-based hurdle. For certain illiquid funds in our Credit segment, performance fees are only charged on distributions made after full return of capital, accrued at the applicable benchmark.

For the closed-ended funds focused on income such as Real Assets funds, we charge a performance fee every six months over the excess return between the amount distributed to investors and the benchmark of the relevant fund, which can vary according to the fund strategy.

#### Description of Advisory Services Fees
In our Corporate Advisory segment, advisory fees are derived from services related to M&A transactions, capital markets advisory and other strategic transactions. Additionally, advisory fees may include upfront revenues related to the Global IP&S segment. In this segment, these revenues consist of one-time upfront fees charged on third-party alternative investment commitments. These fees are typically linked to successful fundraising efforts in drawdown or semi-liquid alternative funds. Lastly, advisory fees also include revenues from services provided under a mandate with a large financial institution in the Real Assets segment.

#### Description of Other Revenues
This revenue line includes Advisory and Execution fees generated in the United States and Chile, and fund services fees earned in Mexico. Unlike Advisory and Execution fees, which are primarily transaction-based, fund services fees are recurring in nature, though they are subject to foreign exchange fluctuations due to the local currency exposure.

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#### Description of Principal Line Items

#### Net Revenue from Services Rendered
Net revenue from services rendered is composed of: (1) net revenue from management fees; (2) net revenue from realized performance fees; (3) net revenue from unrealized performance fees; (4) net revenue from advisory services and (5) net revenue from other revenues, in each case net of taxes and contributions such as COFINS, PIS and ISS, which are specific to Brazil. See note 18 to our audited consolidated financial statements for more details.

#### Personnel and Profit-Sharing
Personnel and profit-sharing expenses are composed of the total compensation (including salary and profit sharing) paid to our employees.

#### Other General and Administrative Expenses
Other general and administrative expenses are made up of third-party expenses, depreciation and amortization, travel and representations, marketing expenses, administrative fees, non-operating taxes, third-party consultants' fees, such as legal and accounting, and office consumables. See note 19 to our audited consolidated financial statements.

#### Finance Profit
Finance profit comprises our investment income and our other finance income. Investment income is income from proprietary investments made by us in our own investment products and income generated through investments made with our cash and cash equivalents. Other finance income includes finance income through amortized cost, financial revenue from sublease agreements and foreign currency fluctuations. For more information, see note 20 to our audited consolidated financial statements.

#### Finance Costs
Finance costs include lease agreements, interest expenses on loans and financing, bank fees, investment losses, tax fines, interest on taxes and expense from foreign currency fluctuations. See note 20 to our audited consolidated financial statements.

#### Income Taxes
Income taxes are comprised of taxes on our corporate income tax and social contribution taxes. Some subsidiaries are taxed on an actual taxable profit regime, while others are taxed based on deemed profit. See note 21 to our audited consolidated financial statements.

#### Factors Affecting the Comparability of Our Results of Operations

#### Business Combination with Compass
On October 29, 2024, we completed our business combination with Compass. See "Item 4. Information on the Company—A. History and Development of the Company—Our History—Business Combination with Compass." The impact of our business combination with Compass is reflected in our financial results for the year ended December 31, 2024. Specifically, the transaction materially expanded our revenue base and asset portfolio following its closing in the fourth quarter of the fiscal year. As a result, AUM as of December 31, 2024 may not be comparable to December 31, 2023 due to the addition of AUM from Compass. Additionally, revenue for the year ended December 31, 2024, is not directly comparable to prior years because it includes revenue from Compass for the months of November and December 2024 (i.e., following the closing of the business combination). For the same reason, our results for the year ended December 31, 2024 may also not be directly comparable to the year ended December 31, 2025, which reflects a full year of Compass results, whereas 2024 reflects only two months following the closing. The significant increase in scale and operational scope during the most recent fiscal year introduces complexities when analyzing year-over-year performance. Additionally, the business combination involved the issuance of 11,783,384 Class A common shares and a cash payment of US$35.2 million, alongside contingent earn-out consideration, which will continue to influence our financial results and capital structure in future periods.

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Given these factors, investors should carefully consider the material impact of our business combination with Compass on our financial and operational metrics when evaluating our historical performance and future prospects. The expanded scale, geographic footprint, and synergies associated with this business combination are expected to enhance our competitive positioning in Latin America and globally, but the integration process and related costs may introduce variability to our short-term financial performance.

#### Acquisition of Verde Asset Management
On October 6, 2025, we entered into a definitive agreement to acquire Verde Asset, one of Brazil's leading multi-strategy managers with approximately R$16 billion in assets under management. Closing of this transaction occurred on December 1, 2025, after we obtained regulatory approvals and satisfied or waived all other closing conditions. See "Item 4. Information on the Company—A. History and Development of the Company—Our History—Acquisition of Verde Asset Management." The impact of our acquisition of Verde is reflected in our financial results for the year ended December 31, 2025. As a result, AUM as of December 31, 2025 may not be comparable to December 31, 2024 due to the addition of AUM from Verde. Additionally, revenue for the year ended December 31, 2025 is not directly comparable to prior years because it includes revenue from Verde only for the period following the closing (i.e., beginning in December 2025). The transaction's structure, including the issuance of Class A common shares, cash payments and contingent consideration (including the follow-on installment and five-year earn-out), will continue to influence our financial results and capital structure in future periods.

Given these factors, investors should carefully consider the material impact of the acquisition of Verde on our financial and operational metrics when evaluating our historical performance and future prospects. While the acquisition is expected to enhance our product capabilities and competitive positioning, integration-related costs and the limited period of contribution in the year ended December 31, 2025 may introduce variability and limit comparability of period-to-period results.

#### Results of Operations of Vinci Compass

#### Consolidated Results of Operations for the Year Ended December 31, 2025, compared to the Year Ended December 31, 2024

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| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended**<br>**December 31,** | **For the Year Ended**<br>**December 31,** | **Variation**<br>**(%)** |
|  | **2025** | **2024** | **Variation**<br>**(%)** |
|  | **(in R$ thousands, except for percentages)** | **(in R$ thousands, except for percentages)** | **(in R$ thousands, except for percentages)** |
|  Net revenue from services rendered | 977403 | 600779 | 63% |
|  General and administrative expenses | (725434) | (411975) | 76% |
|  **Operating profit** | **251969** | **188804** | **33%** |
|  Finance income | 145381 | 86871 | 67% |
|  Finance expenses | (134249) | (112225) | 20% |
|  **Finance profit (loss), net** | **11132** | **(25354)** | **n.m.** |
|  Equity gain (loss) | (1067) | (1500) | (29)% |
|  **Profit before income taxes** | **262034** | **161950** | **62%** |
|  Income taxes | (42740) | (45977) | (7)% |
|  **Profit for the year** | **219294** | **115973** | **89%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net profit margin for the year (%) | 22.4% | 19.3% | 3% |

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n.m. = not meaningful

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#### Net Revenue from Services Rendered
Net revenue from services rendered for the year ended December 31, 2025 totaled R$977.4 million, a 63% increase from R$600.8 million for the year ended December 31, 2024. This R$376.6 million increase was attributable to:

• a R$324.8 million, or 67%, increase in net revenue from management fees, due primarily to:

• an increase of R$148.2 million, or 177%, in net revenue from management fees related to our Credit segment, reflecting the full-year contribution from the MAV acquisition and the business combination with Compass, as well as organic growth resulting from strong fundraising, capital deployment and portfolio appreciation across the platform's credit strategies;

• an increase of R$165.3 million, or 162%, in net revenue from management fees related to our Global IP&S segment, primarily reflecting the full-year contribution of businesses integrated through the business combination with Compass, particularly the Global Solutions and TPD business units, as well as the initial recognition of Verde's Multi-strategy and Pension Plan strategies, following the Verde Asset acquisition;

• an increase of R$19.0 million, or 20%, in net revenue from management fees related to our Real Assets segment, driven by the full-year contribution of Lacan and the business combination with Compass, as well as commitments from VICC's final closing that generated catch-up fees during the year;

• an increase of R$15.6 million, or 27%, in net revenue from management fees related to our Equities segment, reflecting primarily the full-year impact of the business combination with Compass and the initial recognition of revenues from the Verde acquisition;

• a decrease of R$23.2 million, or 16%, in net revenue from management fees related to our Private Equity segment. This decrease was driven by catch-up fees recognized in the fourth quarter of 2024 from the fundraising of the VCP IV strategy, which concluded in 2024; as a result, these fees were not recognized again in 2025;

• an increase of R$37.5 million in other revenues, reflecting the full-year contribution of Compass' Advisory and Execution and Fund Services businesses;

• an increase of R$23.8 million, or 35%, in net revenue from advisory services, primarily reflecting advisory revenues generated by upfront fees charged for third-party distribution alternative commitments, following Compass combination and advisory services in the Credit segment, partially offset by lower revenues in the Corporate Advisory segment due to weaker deal activity; and

• a decrease of R$9.5 million, or 25%, in net revenue from performance fees, primarily reflecting lower performance fees recognized in the Real Assets and Global IP&S segments compared to 2024, partially offset by higher performance fees in the Equities and Credit segments.

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#### General and Administrative Expenses
The following table sets forth our general and administrative expenses for the years ended December 31, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended**<br>**December 31,** | **For the Year Ended**<br>**December 31,** | |
|  | **2025** | **2024** |<br>**Variation (%)** |
|  | **(in R$ thousands, except for percentages)** | **(in R$ thousands, except for percentages)** | **(in R$ thousands, except for percentages)** |
|  Personnel and profit-sharing | (389011) | (211587) | 84% |
|  Third-party expense | (187482) | (119209) | 57% |
|  Right of use depreciation | (22707) | (11132) | 104% |
|  Depreciation and amortization | (34872) | (17569) | 98% |
|  Travel and representations | (15604) | (8991) | 74% |
|  Condominium and other operating expenses | (45846) | (21008) | 118% |
|  **Personnel and other general and administrative expenses** | **(695522)** | **(389496)** | **79%** |
|  Share-based plans | (29912) | (22479) | 33% |
|  **General and administrative expenses** | **(725434)** | **(411975)** | **76%** |

---

General and administrative expenses totaled R$725.4 million for the year ended December 31, 2025, a R$313.4 million, or 76%, increase from R$412.0 million for the year ended December 31, 2024.

Personnel and other general and administrative expenses, which are exclusive of share-based plans, totaled R$695.5 million for the year ended December 31, 2025, a R$306.0 million, or 79% increase, from R$389.5 million for the year ended December 31, 2024, which was primarily due to the following components:

• personnel and profit-sharing, which totaled R$389.0 million for the year ended December 31, 2025, a R$177.4 million, or 84%, increase as compared to R$211.6 million for the year ended December 31, 2024, which was primarily due to the full-year impact in 2025 of the business combination with Compass, compared to only two months in 2024, as well as the full-year effect of the acquisitions of Lacan and MAV;

• third-party expenses amounting to R$187.5 million for the year ended December 31, 2025, a R$68.3 million, or 57%, increase as compared to R$119.2 million for the year ended December 31, 2024, which was primarily due to (i) an increase in third-party distribution fees as a result of the full-year impact of the Compass business combination, and (ii) higher auditing, legal, information technology, marketing and legal advisory expenses in connection with the M&A transactions completed in the prior year;

• condominium and other operating expenses amounting to R$45.8 million for the year ended December 31, 2025, a R$24.8 million, or 118%, increase as compared to R$21.0 million for the year ended December 31, 2024, which was primarily due to higher operating expenses associated with the full-year consolidation of Compass businesses and the expansion of the operating platform;

• depreciation and amortization expenses amounting to R$34.9 million for the year ended December 31, 2025, a R$17.3 million, or 98%, increase compared to R$17.6 million for the year ended December 31, 2024, which was primarily due to the amortization of management contracts arising from the MAV and Lacan acquisitions and our business combination with Compass, the amortization of investments in our Retirement services business, the amortization of placement agent costs related to fundraising from investors, and the depreciation and amortization of fixed and intangible assets assumed as part of the business combination and acquisitions completed in 2024; and

• right of use depreciation amounting to R$22.7 million for the year ended December 31, 2025, a R$11.6 million, or 104%, increase as compared to R$11.1 million for the year ended December 31, 2024, which was primarily due to the increase in right-of-use assets resulting from the Verde business combination, which added R$19.5 million, as well as additions to right-of-use assets resulting from contract modifications totaling R$48.8 million as of December 31, 2025 (compared to additions of R$3.9 million during the year ended December 31, 2024). In 2024, right-of-use assets also increased by R$46.8 million as a result of the Compass business combination; and

• Travel and representations amounting to R$15.6 million for the year ended December 31, 2025, a R$6.6 million, or 74%, increase as compared to R$9.0 million for the year ended December 31, 2024, which was primarily due to the full-year impact of the Compass business combination in 2025, compared to only two months of operations in 2024.

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Share-based plans totaled R$29.9 million for the year ended December 31, 2025, a R$7.4 million, or 33%, increase, from R$22.5 million for the year ended December 31, 2024. See "Item 6. Directors, Senior Management and Employees—B. Compensation—Long-Term Incentive Plans" for information on our long-term incentive plans.

#### Operating Profit
As a result of the foregoing, operating profit totaled R$252.0 million for the year ended December 31, 2025, an increase of R$63.2 million, or 33%, from R$188.8 million for the year ended December 31, 2024.

#### Finance Profit (Loss), Net
Finance profit, net amounted to R$11.1 million for the year ended December 31, 2025, an increase of R$36.5 million from a loss of R$25.4 million for the year ended December 31, 2024. This variation was driven primarily by:

• an increase of R$45.9 million, or 55%, in the investment income and financial income, mainly due to the performance of real estate, credit and equity investments held by Vinci Compass;

• a negative impact of R$13.7 million (compared to a negative impact of R$20.8 million in 2024) from our net foreign exchange result, reflecting exchange rate variations on our exposure to foreign currencies, primarily U.S. dollars, relative to our functional currency, the Brazilian real, including the related hedging costs;

• a net negative impact of R$32.3 million (compared to a negative impact of R$19.9 million in 2024) from changes in the fair value of contingent consideration related to the acquisition of SPS Capital, MAV Capital, Lacan Ativos Reais, Verde and the business combination with Compass, which are subject to the achievement of certain fundraising, incremental management fee revenue targets and other predetermined performance metrics. For more information, see note 15(iv) to our audited consolidated financial statements; and

• an increase of R$1.0 million, or 2%, in interest expense on loans and financing, primarily due to interest expenses related to our Series A convertible preferred shares.

#### Income Taxes
Income taxes expenses totaled R$42.7 million for the year ended December 31, 2025, with an effective tax rate of 16%, a decrease of R$3.3 million, or 7%, compared to R$46.0 million for the year ended December 31, 2024, with an effective tax rate of 28%. This decrease was primarily attributable to a greater share of revenues generated by entities located in jurisdictions with lower or no corporate income tax rates, mainly reflecting the diversification of our revenue base following the business combination with Compass, as well as a higher proportion of revenues generated by entities subject to the presumed profit tax regime in Brazil.

#### Profit for the Year
As a result of the foregoing, profit totaled R$219.3 million for the year ended December 31, 2025, an increase of R$103.3 million, or 89%, from R$116.0 million in the same period of the last year.

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##### [**Table of Contents**](#toc)

#### Segment Results of Operations for the Year Ended December 31, 2025, compared to the Year Ended December 31, 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
|  | **Private<br>Equity** | **Real<br>Assets** | **Credit** | **Global<br>IP&S** | **Equities** | **Corporate<br>Advisory** | **Corporate<br>Center** | **Total** |
|  | **(in R$ thousands)** | **(in R$ thousands)** | **(in R$ thousands)** | **(in R$ thousands)** | **(in R$ thousands)** | **(in R$ thousands)** | **(in R$ thousands)** | **(in R$ thousands)** |
|  **Gross revenue from services rendered** | **131278** | **127998** | **252734** | **392372** | **86501** | **22820** | **—** | **1013703** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees |  | 5483 | 2610 | 63996 |  | 22820 |  | 94909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 131278 | 121919 | 240050 | 274257 | 77093 |  |  | 844597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Performance fees |  | 43 | 10074 | 9244 | 9408 |  |  | 28769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other revenues |  | 553 |  | 44875 |  |  |  | 45428 |
|  (-) Taxes and contributions | (7792) | (6250) | (9110) | (7678) | (3496) | (1974) |  | (36300) |
|  **Net revenue from services rendered** | 123486 | 121748 | 243624 | 384694 | 83005 | 20846 |  | 977403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | 0 | 4958 | 2385 | 63712 | 0 | 20846 |  | 91901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 123486 | 116189 | 231646 | 267215 | 73831 |  |  | 812367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Performance fees |  | 42 | 9593 | 8897 | 9174 |  |  | 27706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other revenues |  | 559 |  | 44870 |  |  |  | 45429 |
|  (-) General and administrative expenses | (16910) | (33660) | (93900) | (120408) | (32375) | (7750) | (420431) | (725434) |
|  **Operating profit (loss)** | **106576** | **88088** | **149724** | **264286** | **50630** | **13096** | **(420431)** | **251969** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
|  | **Private<br>Equity** | **Real<br>Assets** | **Credit** | **Global<br>IP&S** | **Equities** | **Corporate<br>Advisory** | **Corporate<br>Center** | **Total** |
|  | **(in R$ thousands)** | **(in R$ thousands)** | **(in R$ thousands)** | **(in R$ thousands)** | **(in R$ thousands)** | **(in R$ thousands)** | **(in R$ thousands)** | **(in R$ thousands)** |
|  **Gross revenue from services rendered** | **155336** | **116515** | **97104** | **151363** | **68612** | **46553** | **—** | **635483** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees |  | 5400 | 351 | 19299 | 948 | 46553 |  | 72551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 155336 | 102493 | 87959 | 109203 | 61844 |  |  | 516834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Performance fees |  | 8443 | 8794 | 15117 | 5820 |  |  | 38174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other revenues |  | 180 |  | 7744 |  |  |  | 7924 |
|  (-) Taxes and contributions | (8688) | (6103) | (4907) | (7619) | (3730) | (3657) |  | (34704) |
|  **Net revenue from services rendered** | **146648** | **110413** | **92197** | **143744** | **64882** | **42896** | **—** | **600779** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees |  | 4939 | 305 | 19045 | 948 | 42896 |  | 68133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 146648 | 97183 | 83488 | 101947 | 58269 |  |  | 487535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Performance fees |  | 8111 | 8404 | 15008 | 5665 |  |  | 37188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other revenues |  | 180 |  | 7744 |  |  |  | 7924 |
|  (-) General and administrative expenses | (17037) | (27341) | (33581) | (50885) | (16849) | (15192) | (251091) | (411975) |
|  **Operating profit (loss)** | **129611** | **83072** | **58616** | **92859** | **48033** | **27705** | **(251091)** | **188804** |

---

#### Private Equity
*Net Revenue from Services Rendered* 

Net revenue from services rendered in our Private Equity segment for the year ended December 31, 2025 was R$123.5 million, a decrease of R$23.1 million, or 16%, from R$146.6 million for the year ended December 31, 2024. This decrease was driven by catch-up fees recognized in the fourth quarter of 2024 from the fundraising of the VCP IV strategy, which concluded in 2024; as a result, these fees were not recognized again in 2025.

*General and Administrative Expenses* 

General and administrative expenses in our Private Equity segment for the year ended December 31, 2025 were R$16.9 million, a decrease of R$0.1 million, or 1%, from R$17.0 million for the year ended December 31, 2024. This slight decrease was primarily driven by lower travel and other operating expenses during the period, partially offset by higher placement fee amortization and rebates.

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*Operating Profit* 

As a result of the foregoing, operating profit in our Private Equity segment for the year ended December 31, 2025 was R$106.6 million, a decrease of R$23.0 million, or 18%, from R$129.6 million for the year ended December 31, 2024.

#### Real Assets
*Net Revenue from Services Rendered* 

Net revenue from services rendered in our Real Assets segment for the year ended December 31, 2025 was R$121.7 million, an increase of R$11.3 million, or 10%, from R$110.4 million for the year ended December 31, 2024, which was primarily due to:

• an increase of R$19.0 million in net revenue from management fees, mainly driven by (i) the full-year impact of the Lacan acquisition and the business combination with Compass, and (ii) organic growth resulting from commitments from VICC's final closing, which generated catch-up fees during the year;

• net revenue from advisory services remaining substantially stable compared to 2024; and

• a decrease of R$8.1 million in net revenue from performance fees, primarily reflecting the impact of revenues recognized in 2024 related to operations in Real Estate in Peru and Forestry.

*General and Administrative Expenses* 

General and administrative expenses in our Real Assets segment for the year ended December 31, 2025 were R$33.7 million, an increase of R$6.4 million, or 23%, from R$27.3 million for the year ended December 31, 2024. This increase was primarily driven by an increase of R$6.0 million in expenses resulting from the full-year impact of the Lacan acquisition and the business combination with Compass in 2025, compared to only two months of results in 2024.

*Operating Profit* 

As a result of the foregoing, operating profit in our Real Asset segment for the year ended December 31, 2025 was R$88.1 million, an increase of R$5.0 million, or 6%, from R$83.1 million for the year ended December 31, 2024.

#### Credit
*Net Revenue from Services Rendered* 

Net revenue from services rendered in our Credit segment for the year ended December 31, 2025 was R$243.6 million, an increase of R$151.4 million, or 164%, from R$92.2 million for the year ended December 31, 2024, which was primarily due to:

• an increase of R$148.2 million in net revenue from management fees, driven by the business combination with Compass, as well as organic growth resulting from strong fundraising, capital deployment and portfolio appreciation across different strategies and countries;

• an increase of R$2.1 million in net advisory fees, primarily driven by MAV advisory services; and

• an increase of R$1.2 million in net revenue performance fees reflecting strong returns from Brazilian funds.

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##### [**Table of Contents**](#toc)
*General and Administrative Expenses* 

General and administrative expenses in our Credit segment for the year ended December 31, 2025 were R$93.9 million, an increase of R$60.3 million, or 179%, from R$33.6 million for the year ended December 31, 2024. This increase was primarily driven by (i) higher expenses of R$55.4 million resulting from the full year impact of the MAV acquisition and the combination with Compass, and (ii) higher profit sharing expenses in the existing credit platform reflecting the increase of revenues during the period.

*Operating Profit* 

As a result of the foregoing, operating profit in our Credit segment for the year ended December 31, 2025 was R$149.7 million, an increase of R$91.1 million, or 155%, from R$58.6 million for the year ended December 31, 2024.

#### Equities
*Net revenue from services rendered* 

Net revenue from services rendered in our Equities segment for the year ended December 31, 2025 was R$83.0 million, an increase of R$18.1 million, or 28%, from R$64.9 million for the year ended December 31, 2024, mainly due to:

• an increase of R$15.6 million in net revenue from management fees, mainly driven by the full year contribution of Compass and the initial recognition of revenues from the Verde acquisition; and

• an increase of R$3.5 million in net revenue from performance fees, reflecting strong fund performance amid volatility in the macroeconomic environment.

*General and administrative expenses* 

General and administrative expenses in our Equities segment for the year ended December 31, 2025 were R$32.4 million, an increase of R$15.6 million, or 93%, from R$16.8 million for the year ended December 31, 2024. This increase was primarily driven by higher expenses resulting from the full-year impact of our business combination with Compass and the initial reflection of the Verde Asset Management acquisition.

*Operating profit* 

As a result of the foregoing, operating profit in our Equities segment for the year ended December 31, 2025 was R$50.6 million, an increase of R$2.6 million, or 5%, from R$48.0 million for the year ended December 31, 2024.

#### Global IP&S
*Net Revenue from Services Rendered* 

Net revenue from services rendered in our Global IP&S segment for the year ended December 31, 2025 was R$384.7 million, an increase of R$241.0 million, or 168%, from R$143.7 million for the year ended December 31, 2024. This increase was driven primarily by:

• an increase of R$165.3 million, or 162%, in net revenue from management fees, driven by management and advisory fees from TPD across liquid and alternative strategies coming from the combination with Compass and the acquisition of Verde Asset Management;

• an increase of R$44.7 million in net revenue from advisory fees from third-party distribution across liquid and alternative strategies coming from the business combination with Compass;

• an increase of R$37.1 million in other revenues, reflecting the full-year contribution of Compass' Advisory and Execution and Fund Services business units; and

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• a decrease of R$6.1 million in net revenue from performance fees, primarily reflecting one-off performance fee contributions from opportunistic funds in Argentina in 2024.

*General and Administrative Expenses* 

General and administrative expenses in our Global IP&S segment for the year ended December 31, 2025 were R$120.4 million, an increase of R$69.5 million, or 137%, from R$50.9 million for the year ended December 31, 2024. This increase was primarily driven by the full-year impact of the business combination with Compass, which added new business areas to the segment, including TPD, Global Solutions, Advisory and Execution and Fund Services, as well as the initial recognition of the Multi-strategy and Pension Plan strategies resulting from the Verde Asset Management acquisition.

*Operating Profit* 

As a result of the foregoing, operating profit in our Global IP&S segment for the year ended December 31, 2025 was R$264.3 million, an increase of R$171.4 million, or 184%, from R$92.9 million for the year ended December 31, 2024.

#### Corporate Advisory
*Net Revenue from Services Rendered* 

Net revenue from services rendered in Corporate Advisory segment for the year ended December 31, 2025 was R$20.8 million, a decrease of R$22.1 million, or 51%, from R$42.9 million for the year ended December 31, 2024, primarily as a result of an environment of high interest rates and electoral uncertainties leading to more subdued M&A and debt structuring activity. Against this backdrop, our Corporate Advisory team is working on an extensive pipeline of opportunities.

*General and Administrative Expenses* 

General and administrative expenses in our Corporate Advisory segment for the year ended December 31, 2025 were R$7.8 million, a decrease of R$7.4 million, or 49% from R$15.2 million for the year ended December 31, 2024, primarily driven by lower profit-sharing expenses as a result of lower net profits before bonuses in the business segment.

*Operating Profit* 

As a result of the foregoing, operating profit in our Corporate Advisory segment for the year ended December 31, 2025 was R$13.1 million, a decrease of R$14.6 million from R$27.7 million for the year ended December 31, 2024.

#### Consolidated Results of Operations for the Year Ended December 31, 2024, compared to the Year Ended December 31, 2023
For a discussion of our results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023, please see "Item 5. Operating and Financial Review and Prospects—A. Operating Results—Results of Operations for the Year Ended December 31, 2024, compared to the Year Ended December 31, 2023" of our annual report on Form 20-F for the year ended December 31, 2024.

B. Liquidity and Capital Resources

#### Cash Flows
As of December 31, 2025, we had R$280.1 million in cash and cash equivalents. We believe that our current available cash and cash equivalents and the cash flows from our operating activities will be sufficient to meet our working capital requirements and capital expenditures in the ordinary course of business for coming 12 months.

The following table shows the generation and use of cash for the years indicated:

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| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  | **(in R$ thousands)** | **(in R$ thousands)** | **(in R$ thousands)** |
|  **Cash Flow Data** |  |  |  |
|  Net cash inflow from operating activities | 273961 | 209771 | 129246 |
|  Net cash (outflow) from investing activities | 98975 | (232135) | 222964 |
|  Net cash (outflow) from financing activities | (323735) | (429230) | 175020 |

---

Our cash and cash equivalents include cash on hand, bank deposits, interbank certificate deposits with banks and other highly liquid securities purchased under agreements to resell with original maturities of three months or less, which have an immaterial risk of change in value. For more information, see note 5(c) to our audited consolidated financial statements included elsewhere in this annual report.

*Net Cash Inflow From Operating Activities* 

Our net cash inflow from operating activities was R$274.0 million in the year ended December 31, 2025, an increase of R$64.2 million, or 30.6%, from R$209.8 million in the year ended December 31, 2024. Net cash inflow for the year ended December 31, 2025 increased primarily due to an increase in other assets and accounts receivable, which increased R$21.5 and R$17.7 million in 2025, respectively (as compared to a decrease of R$65.7 and R$18.2 million in 2024, respectively). This increase was partially offset in accounts payable and labor and social security obligations, which decreased R$22.7 and R$25.7 million, respectively (as compared to an increase of R$3.6 million and R$15.1 million in 2024, respectively.

*Net Cash (Outflow) From Investing Activities* 

Our net cash from investing activities was R$99.0 million in the year ended December 31, 2025, an increase of R$331.1 million, or -142.7%, from a net cash outflow from investing activities of R$232.1 million in the year ended December 31, 2024. This increase primarily resulted from: (i) a reduction of R$234.8 million in payments for the acquisition of subsidiaries, as in 2024 we paid R$41.5 million in connection with Verde's business combination and R$276.4 million in connection with the combination with Compass and the acquisitions of Lacan and MAV Capital; and (ii) an increase of R$141.2 million in sales of financial instruments, net of purchases.

*Net Cash (Outflow) From Financing Activities* 

Our net outflow from financing activities was R$323.7 million in the year ended December 31, 2025, an increase of R$105.5 million, or 24.6% from a net outflow from financing activities of R$429.2 million in the year ended December 31, 2024. This increase primarily resulted from: (1) an increase of R$49.2 million due to new commercial notes issued by us in the amount of R$49.2 million; and (2) an increase of R$36.8 million from principal and interest payments of loans and obligations.

For a discussion on our cash flow for the year ended December 31, 2024 compared to the year ended December 31, 2023, please see "Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Cash Flows" of our annual report on Form 20-F for the year ended December 31, 2024.

#### Indebtedness
As of December 31, 2025, we had debt liabilities amounting to R$1,126.8 million. The following is a breakdown of our material indebtedness as of the date of this annual report:

• *Lease liabilities*: lease liabilities were initially measured at the present value of the remaining lease payments, discounted using the lessee's incremental borrowing rate. As of December 31, 2025, we leased several offices with a remaining payment of R$160.2 million (discounted) under leases expiring from one to nine years.

• *Loans and obligations*: as of December 31, 2025, our loans and obligations amounted to R$966.6 million. These comprised R$513.8 million in Series A convertible preferred shares, R$285.9 million in contingent consideration, R$87.3 million in commercial notes, R$63.5 million in redemption liability, R$6.0 million in consideration payable and R$10.2 million in bank securities and other obligations. For more information, see notes 15(i), 15(ii), 15(iii), 15(iv) and 15(v) to our audited consolidated financial statements.

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The following is a breakdown of our remaining lease liabilities and loans and financing as of December 31, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Total** | **Less than one<br>year** | **1-3 years** | **3-5 years** | **More than five<br>years** |
|  Lease liabilities | 160.2 | 33.5 | 56.3 | 40.6 | 29.8 |
|  Loans and obligations | 966.6 | 89.7 | 303.4 | 573.5 |  |
|  **Total** | **1126.8** | **123.2** | **359.7** | **614.1** | **29.8** |

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*Commercial Notes* 

On August 15, 2022, our subsidiary Vinci Soluções de Investimentos Ltda. issued 80,000 commercial notes in the total principal amount of R$80.0 million (par value R$1,000 per commercial note). The notes have a five-year tenor and mature on August 15, 2027. The notes accrue interest at the CDI rate *plus* 2.15% per annum and are to be amortized on a semi-annual basis, beginning on February 15, 2023.

On December 3, 2025, Vinci Soluções de Investimentos Ltda. issued an additional 500,000 commercial notes in the total principal amount of R$50.0 million (par value R$1,000 per commercial note). The notes have a five-year tenor and mature on December 03, 2030. The notes accrue interest at the CDI rate *plus* 1.85% per annum and are to be amortized on a semi-annual basis, beginning on June 4, 2026.

As of December 31, 2025, the outstanding balance of these notes amounted to R$87.3 million.

The agreement governing our commercial notes contains standard restrictive covenants, including financial covenants. This agreement provides for the acceleration of our obligations on the commercial notes upon the occurrence of an event of default as defined under such agreement. In addition, we are required to comply with financial covenants on an annual basis, beginning on December 31, 2022, and non-financial restrictive covenants. As of December 31, 2025, we were in compliance with the covenants set forth in our notes.

#### Series A Convertible Preferred Shares
On October 26, 2023, the Company issued and sold 100,000 shares of convertible preferred shares designated as Series A convertible preferred shares, with a par value of U.S.$0.00005 per share of the Company for US$100.0 million. The Series A convertible preferred shares is a class of equity security that ranks senior to the common shares with respect to dividend rights or rights upon liquidation.

Each Series A convertible preferred share is entitled to a cash dividend of 8.0% per annum and is convertible, at the holder's discretion, into the Company's Class A common shares at an initial conversion price of US$13.60. The Company may require the conversion of any or all of the Series A convertible preferred shares at any time on or after the second-year anniversary of the original issuance date if certain conditions set forth in the certificate of designation are met (if for 20 out of 30 consecutive trading days prior, our stock price is equal to or above 150% of the conversion rate). The Company may also redeem any or all of the Series A convertible preferred shares for cash upon certain conditions set forth in the certificate of designation. On or after the ten-year anniversary of the original issuance date, the holders of the Series A convertible preferred shares shall have the right to redeem all of the outstanding Series A convertible preferred shares for cash, subject to certain conditions set forth in the certificate of designation. Upon the occurrence of a change of control, the holders will have the right to redeem their Series A convertible preferred shares for cash at a price set forth in the certificate of designation. The Series A convertible preferred shares will be entitled to the same voting rights as the common shares only when converted into common shares.

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Under the terms of IAS 32, our Series A convertible preferred shares were evaluated by our management, which classified as a compound instrument, having both a liability and an equity component from our perspective. Based on this evaluation, the component parts were accounted for and presented separately according to their substance. The split was made at issuance and not revised for subsequent changes in market interest rates, share prices, or other event that changes the likelihood that the conversion option will be exercised.

For further information on our loans and financing, see note 15 to the audited consolidated financial statements, included elsewhere in this annual report.

#### Contingent Considerations
As part of the business combinations carried out by Vinci Compass, amounts related to contingent considerations have been recognized in the entity's liabilities. The amounts are initially estimated as part of the purchase price allocation process and are subsequently revaluated until the measurement final date of the obligations. For further information on our loans and financing, see note 15 to the audited consolidated financial statements, included elsewhere in this annual report.

#### Redemption liability
As part of the business combinations with Verde, Vinci Compass has a contractual obligation to acquire the remaining interest held by non-controlling shareholders at the end of the five-year period. Therefore, such obligation is recognized as a redemption liability. For further information on our loans and financing, see note 15 to the audited consolidated financial statements included elsewhere in this annual report.

#### Capital Expenditures
In the years ended December 31, 2025, 2024 and 2023, we incurred capital expenditures of R$39.9 million, R$19.3 million and R$36.7 million, respectively. The total capital expenditures as a percentage of net revenue from services rendered was 4.1%, 3.2% and 8.1% in the years ended December 31, 2025, 2024 and 2023, respectively. These capital expenditures mainly include expenditures related to (i) investments in systems and applications which are being developed to support our Retirement Services applications and (ii) leasehold improvements in third-party properties as part of a new lease agreements assumed by us.

We expect to maintain our capital expenditures 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, with the net proceeds of our IPO and with the proceeds from the issuance of our Series A convertible preferred shares. Our future capital requirements will depend on several factors, including our growth rate, the expansion of our research and development efforts, employee headcount, marketing and sales activities, the introduction of new features to our existing products and the continued market acceptance of our products.

C. Research and Development, Patents and Licenses, Etc.

See "Item 4. Information on the Company—D. Property, plant and equipment—Intellectual Property."

D. Trend Information

#### Our Markets
Latin America has a population of 666 million and a combined GDP of US$6.4 trillion, which would make it the world's third-largest economy—ahead of Germany (US$4.6 trillion), Japan (US$4.5 trillion), and India (US$3.6 trillion)—according to the IMF and the United Nations Population Portal.

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![LOGO](g79123g01v75.jpg)

Vinci Compass is present in the key Latin American markets that account for the largest share of the region's population and GDP: Brazil, Mexico, Argentina, Chile, Colombia, Peru, and Uruguay. These countries represent approximately 90% of Latin America's total GDP. Given the high levels of inequality in the region, analyzing population and income by wealth percentiles provides valuable insight into the range of opportunities that the Latin American market presents.

![LOGO](g79123g01v76.jpg)

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Ranking by wealth, the top 10% of the richest individuals in Latin America represent a population of 67 million people with a per capita income of US$53,000 per year. This segment is comparable in size to the United Kingdom, which has a population of 68 million and a per capita income of US$46,000 per year. The next 15% wealthiest group consists of approximately 100 million individuals with a per capita income of US$12,000, similar to the combined population and income level of Portugal and Turkey, which together have 97 million people and a per capita income of US$12,000. The middle 50% comprises a large segment of 330 million people, with an average per capita income of US$6,000—roughly in line with Indonesia, which has 280 million inhabitants and a per capita income of US$5,000. Finally, the bottom 25% represents approximately 170 million people with a per capita income of US$2,000, comparable to Nigeria. In sum, Latin America is a highly relevant market, encompassing a wide range of socioeconomic realities and offering significant potential for future growth. For more information on macroeconomic developments in Brazil and other Latin American countries, please see "—A. Operating Results—Macroeconomic Environment."

Going forward, we believe the path continues to be for constructive macroeconomic environment, supported by a reduction in the rate of inflation, the normalization of interest rates in real terms and a recovery in consumer and business confidence indicators, which are important to improve the planning horizon of families and companies and increase the medium-term outlook for economic growth. Having rolled back all COVID-19-related fiscal and monetary stimuli, we believe the combination of economic growth and a stabilization of interest rates will create increasingly favorable tailwinds for the asset management industry in the coming years, notwithstanding a currently challenging macroeconomic environment as a result of concerns with respect to the fiscal situations and the effects of geopolitical challenges.

#### Key market challenges—Brazilian market ripe for disruption
The Brazilian and broader Latin American asset management industry has been highly inefficient for decades, largely due to persistently high interest rates. These rates have historically reduced incentives for product innovation among incumbents and contributed to a concentration of investments within the traditional banking sector, which still accounts for the majority of institutional and retail assets across the region. We believe these structural inefficiencies have given rise to several significant market challenges—creating opportunities for disruption: (1) a highly concentrated market; (2) bureaucratic, asset-heavy infrastructures; (3) a limited selection of financial products; (4) promotion of suboptimal or inefficient investment solutions; (5) high costs and wide spreads; and (6) generally poor customer service across many providers.

#### Key market trends
We believe our market will benefit from several trends that will help provide attractive tailwinds including: (1) increasing demand for financial products; (2) disintermediation of incumbent banks; (3) increasing demand for financial education and information; and (4) favorable and highly aligned regulatory initiatives.

#### Addressable market opportunities
We believe that we will benefit from these key market trends and the favorable macroeconomic environment in Brazil, and that these trends and market environment have positioned us to continue to penetrate, grow and expand our large addressable market opportunity in the country. Given our leadership, scale, brand, and competitive advantages, we believe we will benefit from and continue to be a catalyst for:

• *Continued Shift of AUM towards Alternative Investments* —Even with the short-term rise in interest rates, we believe the long-term fundamentals remain strong. Local investors are currently under-allocated to alternative investments in Brazil. Local investors have very little exposure to our Private Markets segment products compared to investor allocation in developed markets, such as Europe and United States. This presents a key opportunity, as we face sparse competition in this segment in Brazil with a considerable addressable market. We will continue to focus on our core capabilities and expertise across high value-added strategies to take advantage of shifts in asset allocation.

• *Continued Shift of AUM from banks to Independent Investment firms* —Our product offerings and our close relationship with our limited partners set us apart in the competition for fundraising opportunities coming from the shift of investments from traditional banks to independent investment firms.

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• *Increasing Investment Pipeline and Reinvestment Requirements* —Under a renewed growth and political outlook, we expect a significant surge in the investment pipeline to return to the market in coming years, especially in infrastructure. Currently, we expect both state-owned banks and traditional conglomerates to be more constrained to deploy capital due to balance sheet restrictions; thereby creating additional demand for capital to be covered by the broader private markets and less traditional sources of capital.

E. Critical Accounting Estimates

See notes 2 and 3 to our audited consolidated financial statements for a description of our critical estimates and accounting judgments and significant accounting policies.

#### ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
A. Directors and Senior Management

We are managed by our board of directors and by our senior management, pursuant to our Articles of Association and the Companies Act.

#### Board of Directors
As of the date of this annual report, our board of directors is composed of 11 members. Each director holds office for the term, if any, fixed by the shareholders' resolution that appointed such director, or, if no term is fixed on the appointment of the director, until the earlier of his or her removal or resignation of office as a director in accordance with the Articles of Association. Directors appointed by the board of directors hold office until the next annual general meeting. Our directors do not have a retirement age requirement under our Articles of Association.

The following table presents the names, ages and position of the current members of our board of directors.

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Gilberto Sayão da Silva | 55 | Chairman |
| Manuel Jose Balbontín Fernandez | 63 | Vice-Chairman |
| Alessandro Monteiro Morgado Horta | 55 | Director |
| Paulo Fernando Carvalho de Oliveira | 55 | Director |
| Ana Marta Horta Veloso | 57 | Director |
| Guilherme Stocco Filho | 51 | Director |
| Sonia Consiglio | 58 | Director |
| Peter Ogilvie | 43 | Director |
| Jaime de la Barra | 62 | Director |
| Eugenio Garza y Garza(1) | 54 | Director |

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(1) On March 17, 2026, we announced certain changes to our board of directors. Messrs. Lywal Salles Filho and Rogerio Ladeira Furquim Werneck stepped down as directors, effective March 16, 2026. Effective March 17, 2026, our board of directors appointed Mr. Eugenio Garza y Garza as an interim director in accordance with our articles of association, pending his formal election at the next general meeting of shareholders.

The following is a brief summary of the business experience of our directors. Unless otherwise indicated, the current business address for our directors is Av. Bartolomeu Mitre, 336, Leblon, Rio de Janeiro, Brazil, 22431-002.

Mr. Gilberto Sayão da Silva is one of our founding partners and the Chairman of our board of directors. He was previously a partner at Banco Pactual and oversaw the areas of investments, corporate finance and hedge funds. From 2006 to 2009, he was the principal executive for UBS Pactual Alternative Investment Management. From 1998 to 2009, he was part of the executive committees of Banco Pactual and UBS Pactual. He studied Electrical Engineering at the Pontifical Catholic University of Rio de Janeiro, or PUC-Rio.

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Mr. Manuel J. Balbontín serves as vice-chairman of our board of directors. A founding partner of the Compass group, established in 1995, he previously held the role of managing director and founder of the New World Investments Group at Banco Santander in New York. Earlier in his career, Mr. Balbontín was director of capital markets and co-director of sales and trading at the Citicorp emerging markets group (ICFD), working across New York, London, and Tokyo. With extensive expertise in asset management, investment banking, and private capital investments, he has focused on Latin America and other emerging markets. He has also served on numerous for-profit and nonprofit boards. Mr. Balbontín earned a Bachelor of Science in Business Administration from Pontificia Universidad Católica de Chile and an MBA from Harvard Business School.

Mr. Alessandro Monteiro Morgado Horta is one of our founding partners and serves as our CEO and a member of our board of directors. He previously served as vice-president for Banco UBS Pactual and as an executive for UBS Pactual Alternative Investment Management from 2006 to 2009. At Banco Pactual, he served as managing partner, chief operating officer and also led the Long-Term Investments division from 2001 to 2006. He was also a partner of Banco Icatu from 1998 to 2001. He holds a degree in Electrical Engineering from PUC-Rio.

Mr. Paulo Fernando Carvalho de Oliveira is one of our founding partners and serves as a member of our board of directors. He served as an executive for UBS Pactual Alternative Investment Management from 2006 to 2009. He was also a member of the executive committee of Banco Pactual, where he began his career in the Management Information division. In 1997, he joined the Foreign Exchange division, and was made a partner at the bank in 1998. He holds a degree in Mechanical Engineering from PUC-Rio.

Ms. Ana Marta Horta Veloso is a member of our board of directors. She holds a degree in Economics from UFMG (Universidade Federal de Minas Gerais) and a master's degree in Economics from UFRJ (Universidade Federal do Rio de Janeiro). She has been a board member of Pontal Energy (since September 2023), Profarma S.A. (since May 2022), Oceânica Engenharia S.A. (since September 2022), and Thopen Energy (since March 2025). She was the vice-chair of the board at Enauta Participações S.A. (from July 2023 to July 2024). She is the president of the audit committee at Oceânica Engenharia S.A. and was the president of the ESG committee of Enauta Participações S.A., where she was also a member of the compensation committee. She has extensive experience both in the financial and electricity sectors, having been the chief executive officer and investor relations officer of Light S.A. between 2015 and 2017 and again from 2019 to October 2020. She also held the position of officer of Equatorial Energia between 2008 and 2015 and represented Equatorial in the board of directors of its invested companies, such as Cemar, Celpa and Gera Maranhão. In 2018, she served as a consultant for GP Investments and for Credit Suisse Energy Infrastructure Partners. Additionally, she was a board member and a member of the Audit Committee and Compensation Committee at Enel/Eletropaulo from 2018 to 2019, a board member and a member of several committees at Light from 2006 to 2010, a board member at Light from 2015 to 2017 and at Equatorial Energia from 2006 to 2008. She also was a representative of BNDES on the boards of directors of Acesita, Klabin, Vale, Valepar, and Globo Cabo (Net/Claro). She worked at BNDES between 1992 and 2005 and at Banco Pactual between 2000 and 2001, when she was on leave from BNDES, and later in Pactual again, between 2006 and 2008.

Mr. Guilherme Stocco Filho is a member of our board of directors. He has more than 20 years of experience in building up digital businesses and leading corporate transformations. He is responsible for carrying out successful projects in digital banking (Banco Original); startup investments (Domo Invest), mobile and e-commerce (Buscapé), internet platforms (Microsoft), and advertising (Te Respondo). Currently, he is member of the boards of directors of TOTVS and Falconi Consultoria. He is also the co-founder of RedMind. He is a frequent presenter on market trends and innovation, and has spoken at more than 120 events in Brazil, Latin America, Canada, the United States, Denmark, and the United Kingdom. He holds a degree in Business Administration from Fundação Armando Alvares Penteado – FAAP (1997) and also presents lectures on innovation at INSPER MBA in São Paulo, Brazil.

Ms. Sonia Consiglio is a member of our board of directors. She is a sustainability specialist with more than 25 years of experience in the field. She has been a member of the ESG Committee of Grupo Conselheiras since December 2025; a member of the Fiscal Council of Coalizão Brasil, Clima, Floresta e Agricultura since January 2025; a member of the Advisory Council of "Elas Lideram," a United Nations Global Compact Brazil movement, since January 2024; a member of the Advisory Council of Brazil Foundation since March 2023; and a member of the Technical Committee of Ekos Brazil since March 2020. She is also a columnist for one of Brazil's leading economic newspapers, Valor Investe/Valor Econômico. She was recognized by LinkedIn as a Top Voice in Sustainability. Previously, she served as a director at the B3 between 2009 and 2019, having assumed the role of

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president of the Deliberative Council of the Corporate Sustainability Index (ISE), as vice-chair and chair of the Board for Rede Brasil for UN Global Compact between 2017 and 2019, as vice-chair of the Advisory Council for CDP Latin America between 2018 and 2024, and as president of the Advisory Council for GRI Brasil between 2020 and 2022. She also served as director of human resources and internal communications and superintendent for BankBoston and Bank of America between 1998 and 2006, as a superintendent of sustainability and institutional communications at Banco Itaú between 2007 and 2009, and as director of social responsibility at Febraban between 2006 and 2009. Ms. Consiglio is a well-acknowledged ESG and corporate communications expert in the financial services industry, having been recognized in 2016 by the United Nations Global Compact as a Sustainable Development Goals Pioneer, among only 10 people in the world and also the first Brazilian woman. Ms. Consiglio holds a degree in journalism from Faculdade de Comunicação Cásper Líbero (1987). She has published three books, two of which are about sustainability, in 2021 and 2025.

Mr. Peter Ogilvie is a member of our board of directors. He is a partner and head of the Ares corporate strategy group. Additionally, he serves as the executive vice president for Ares Acquisition Corporation II, a special purpose acquisition company sponsored by Ares. Mr. Ogilvie has led the Ares corporate strategy group's efforts on numerous landmark transactions. Prior to joining Ares in 2007, Mr. Ogilvie worked in the Leveraged Finance and Restructuring Group at Credit Suisse. Mr. Ogilvie holds a B.A. from Yale University in Economics.

Mr. Jaime de la Barra is a member of our board of directors. He is a founding partner at Compass in Chile, having joined the group in 1996. He is currently the Head of Global IP&S of Vinci Compass. Prior to founding Compass, he created and was the head of investment research for Grupo Santander in Chile and previously he was vice president, investment banking at Citicorp in Chile. Mr. de la Barra was a member of the Capital Markets Advisory Council of the Chilean Ministry of Finance between 2006 and 2021. Between 2016 and 2024, he was a board member of ICARE and chairman of its economics and finance circle. Additionally, he is a member of the advisory board of Endeavor-Chile. He was a lecturer in capital markets and financial institutions at Universidad de Los Andes and is currently a member of the executive board for Latin America of The Wharton School of the University of Pennsylvania. He is also a founding partner and former chairman of InBest, and one of the founders and former chairman of the Chilean Investment Fund Managers Association. Mr. de la Barra holds a bachelor's of science degree in business administration from Pontificia Universidad Católica de Chile and an MBA (Palmer Scholar) from the Wharton School of the University of Pennsylvania.

Mr. Eugenio Garza y Garza is a member of our board of directors. He is an experienced executive and board member with extensive leadership experience across Latin America. He is currently a senior advisor at Fomento Económico Mexicano, S.A.B. de C.V. (FEMSA) and has served as a board member of O-I Glass, Inc. (NYSE: OI) and Regional S.A.B. de C.V. since 2025, and Vinte Viviendas Integrales, S.A.B. de C.V. since August 2024. He previously served on the board of Coca-Cola FEMSA, S.A.B. de C.V. from April 2023 to April 2024, as Chief Financial Officer of FEMSA and as Chief Executive Officer of Servicios Corporativos Javer, one of Mexico's leading homebuilders. Earlier in his career, he held senior investment banking positions at Goldman Sachs, Merrill Lynch and Lazard. He holds a degree in Chemical Engineering from the Monterrey Institute of Technology and an MBA from the Stanford Graduate School of Business.

#### Executive Officers
Our executive officers are responsible for the management and representation of our company. We have a strong centralized management team led by Alessandro Monteiro Morgado Horta (our chief executive officer and a member of our board of directors), with broad experience in the financial services industry.

The following table lists the names, ages and position of our current executive officers:

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Alessandro Monteiro Morgado Horta | 55 | Chief Executive Officer |
| Bruno Augusto Sacchi Zaremba | 51 | President of Finance and Operations |
| Sergio Passos Ribeiro | 53 | Chief Financial Officer |

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The following is a brief summary of the business experience of our executive officers who are not also members of our board of directors. Unless otherwise indicated, the current business address for our executive officers is Av. Bartolomeu Mitre, 336, Leblon, Rio de Janeiro, Brazil, 22431-002.

Bruno Augusto Sacchi Zaremba is our president of finance and operations. He is a member of the Board of Directors of several Vinci Compass portfolio companies, such as Austral, CBO, Domino's Pizza, Vero Internet and Bold Hospitality. Mr. Zaremba is also a member of the Board of Directors of Instituto Órizon, a nonprofit organization founded by Vinci Partners and three other alternative asset managers that works with the concept of venture philanthropy as applied to education- and Brazil-facing non-governmental organizations. Mr. Zaremba started his career in 1996 at Banco Pactual, where he worked as a sell side equity research analyst, leading research for banks, beverages, retail, food and tobacco. After becoming partner of Banco Pactual in 2001, he was assigned to lead the bank's proprietary equity and debt investments in the U.S. Between 2006 and 2009, he worked in UBS Pactual Alternative Investments Management, with a focus in private equity. He joined Vinci Partners in 2009 as a partner, where he had been fully involved with our private equity strategy since the commencement of our operations. More recently, on top of senior roles across our Private Equity business, he has been appointed as responsible for Vinci Compass' operations, finance, technology, corporate strategy and shareholder relations groups. Mr. Zaremba holds a bachelor's degree in Economics from PUC-Rio, is a Chartered Financial Analyst, or CFA, and completed the OPM 50 program at the Harvard Business School.

Sergio Passos Ribeiro is our Chief Financial Officer. Between 2006 and 2009, he was responsible for accounting at Banco Pactual. He joined Banco Pactual in 1998 and was initially responsible for tax planning. Prior to his time at Banco Pactual, he was a financial consultant for PricewaterhouseCoopers. He holds a degree in Business Administration and Accounting from Universidade Santa Úrsula, an MBA in Finance from Ibmec RJ, and an Executive MBA from the COPPEAD Graduate School of Business of UFRJ.

#### Directors' and Officers' Insurance
We currently have no civil liability insurance coverage for acts carried out by our directors and executive officers in the course of their duties.

#### Share Ownership
The shares and any outstanding beneficially owned by our directors and officers and/or entities affiliated with these individuals are disclosed in the section entitled "Item 7. Major Shareholders and Related Party Transactions—A. Major Shareholders."

#### Our Relationship with our Directors, Executive Officer and Members of Senior Management
There are no family relationships between any of our directors, executive officers and members of our senior management.

**B.** **Compensation** 

Under Cayman Islands law, we are not required to disclose compensation paid to our senior management on an individual basis and we have not otherwise publicly disclosed this information elsewhere.

For the years ended December 31, 2025 and 2024, the aggregate compensation expense for our key management personnel (including our executive officers and directors) for services in all capacities was R$19.9 million and R$24.0 million, respectively, which includes both benefits paid in kind and compensation. See note 22(a) to our audited consolidated financial statements included elsewhere in this annual report. We have not historically provided any pension, retirement or similar benefits to our directors or executive officers as part of their compensation and consequently we have not accrued any amounts for pension, retirement and similar benefits for our directors and executive officers.

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#### Employment Agreements
None of our executive officers have entered into employment agreements with the Company. We have entered into director services agreements with our four independent directors, and such agreements do not provide for any benefits upon termination of their employment with the Company.

#### Long-Term Incentive Plans

#### Stock Option Plans
We have implemented stock option long-term incentive plans for eligible employees (each, a Stock Option Plan). The Stock Option Plans govern the issuance of equity incentive awards with respect to our Class A common shares. In the first issuance of stock options under our first Stock Option Plans, which was approved by our board of directors in May 2021, we issued stock options to certain eligible employees representing 2.775% of our common shares outstanding. Such options have an exercise price per share equal to US$18.00 (which was the price per share of our Class A common shares sold in our initial public offering), will vest ratably over a period of three years from February 1, 2021. Participants had the right to exercise their vested options for one year as of February 1, 2024, and no participants exercised their options on February 1, 2025. As a result, as of December 31, 2025, there were no outstanding stock options outstanding with respect to this plan.

In February 2023, our board of directors approved a second Stock Option Plan, which aims to grant up to 1,150,000 options, each entitling the beneficiary to purchase one Class A common share. Such options have an exercise price per share equal to US$9.96; provided that, unless otherwise provided for in an option agreement, this exercise price will be reduced by the amount per share distributed to our shareholders from the date of the grant of the option, whether as dividends, interest on capital, redemption, capital reduction or others. Options will become eligible to be exercised in May 2026. As of December 31, 2025, we had granted stock options outstanding with respect to 1,088,853 Class A common shares under this plan.

In January 2024, our board of directors approved a third Stock Option Plan (as amended in March 2024), which aims to grant up to 1,413,650 options, each entitling the beneficiary to purchase one Class A common share. Such options have an exercise price per share equal to US$11.04; provided that, unless otherwise provided for in an option agreement, this exercise price will be reduced by the amount per share distributed to our shareholders from the date of the grant of the option, whether as dividends, interest on capital, redemption, capital reduction or others. Options will become eligible to be exercised in January 2027. As of December 31, 2025, we had granted stock options outstanding with respect to 1,325,098 Class A common shares under this plan.

In January 2025, our board of directors approved a fourth Stock Option Plan, which aims to grant up to 2,569,000 options, each entitling the beneficiary to purchase one Class A common share. 1,717,994 of such options have an exercise price per share in the amount of US$9.81, while 851,006 options have an exercise price per share in the amount of US$12.50. Unless otherwise provided in an option agreement, this exercise price will be reduced by the amount per share distributed to our shareholders from the date of the grant of the option, whether as dividends, interest on capital, redemption, capital reduction or others. Options will become eligible to be exercised in January 2028. As of December 31, 2025, we had granted stock options outstanding with respect to 2,394,873 Class A common shares under this plan.

In January 2026, our board of directors approved a fifth Stock Option Plan, which aims to grant up to 1,500,000 options, each entitling the beneficiary to purchase one Class A common share. Such options have an exercise price per share equal to US$13.13; provided that, unless otherwise provided for in an option agreement, this exercise price will be reduced by the amount per share distributed to our shareholders from the date of the grant of the option, whether as dividends, interest on capital, redemption, capital reduction or others. Options will become eligible to be exercised in January 2029.

Our board of directors may adjust the number of Class A common shares available for issuance under the Stock Option Plans from time to time in its discretion. Equity incentive awards may be granted to our employees, non-employee directors, officers, as well as holders of equity compensation awards granted by a company that may be acquired by us in the future. We consider our employees are our main asset and we believe that enhancing our ability to motivate and reward eligible employees will have positive impact on our operations and leverage returns for our shareholders.

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#### Restricted Shares Plan
We have implemented a Restricted Shares Plan for eligible employees, which was approved by our board of directors on April 4, 2022. The Restricted Shares Plan governs the issuance of equity incentive awards, or RSUs, with respect to our Class A common shares. We expect that the Restricted Shares Plan will not exceed 1.65% of our common shares at any given time. We expect to issue shares to certain eligible employees at no cost. Such shares will vest ratably over a period from one to six years. As of December 31, 2025, we had granted 781,881 Class A RSUs and there were 509,324 RSUs outstanding under this plan.

In January 2026, our board of directors approved an additional Restricted Shares Plan pursuant to which certain officers or employees of the Company, and its Subsidiaries shall receive up to 205,000 equity incentive awards, or RSUs, with respect to our Class A common shares. We expect to issue shares to certain eligible employees at no cost. Such shares will vest over three years.

If a participant is dismissed by us with cause or voluntarily terminates his or her employment or service relationship with us, the participant will forfeit any right to the unvested shares. If the participant is dismissed by us without cause, the participant shall maintain the right to any outstanding RSU granted in connection with the plan. However, the participant shall only receive shares resulting from such vested RSUs in the original terms provided for in the applicable agreement. In case of the participant's death or permanent disability, the participant (or his or her heirs) will be entitled to receive all the granted shares, whether or not vested, which will be delivered within 60 days from the applicable event.

Awards of restricted shares are to be settled in shares. The RSUs may not be pledged, assigned or transferred to third parties. The Restricted Shares Plan provides that we may withhold a portion of the restricted shares units to comply with all taxes applicable to the delivery of the restricted shares units to the beneficiary.

**C.** **Board Practices** 

#### Committees of the Board of Directors
Our board of directors has three standing committees: the audit committee, the sustainability committee, and the innovation committee. As allowed by the laws of the Cayman Islands, we do not have a nomination and corporate governance committee or remuneration committee nor do we have any current intention to establish either.

At a board meeting held on February 26, 2025, our board approved changes to the composition of our committees. Going forward, all board committees will be formally composed exclusively of board members. However, the board acknowledged the valuable insights and contributions of non-board executives to committee discussions, all non-board members of committees were encouraged to continue to participate in meetings as non-voting observers. For purposes of this annual report, such persons are not considered members of any committee described herein.

#### Audit Committee
The members of our audit committee are Ana Marta Horta Veloso, Guilherme Stocco Filho, Sonia Consiglio and Eugenio Garza y Garza, who assist our board of directors in overseeing our accounting and financial reporting processes and the audits of our financial statements. In addition, the audit committee will be directly responsible for the appointment, compensation, retention, and oversight of the work of our independent registered public accounting firm. Ana Marta Horta Veloso serves as chairperson of the committee. The audit committee consists exclusively of members of our board of directors who are financially literate. Ana Marta Horta Veloso is considered an "audit committee financial expert" as defined by the SEC. Our board of directors has determined that Ana Marta Horta Veloso, Guilherme Stocco Filho, Sonia Consiglio and Eugenio Garza y Garza satisfy the "independence" requirements set forth in Rule 10A-3 under the Exchange Act.

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The audit committee is governed by a charter that complies with Nasdaq rules. The audit committee is responsible for, among other things:

• the appointment, compensation, retention and oversight of any auditor or accounting firm engaged for the purpose of preparing or issuing an audit report or performing other audit, review or attest services;

• pre-approving the audit services and non-audit services to be provided by our independent auditor before the auditor is engaged to render such services;

• reviewing and discussing with the independent auditor its responsibilities under generally accepted auditing standards, the planned scope and timing of the independent auditor's annual audit plan(s) and significant findings from the audit;

• obtaining and reviewing a report from the independent auditor describing all relationships between the independent auditor and the Company consistent with the applicable PCAOB requirements regarding the independent auditor's communications with the audit committee concerning independence;

• confirming and evaluating the rotation of the audit partners on the audit engagement team as required by law;

• reviewing with management, in separate meetings whenever the Audit Committee deems appropriate, any analyses or other written communications prepared by the Management and/or the independent auditor setting forth significant financial reporting issues and judgments made in connection with the preparation of the financial statements, including analyses of the effects of alternative IFRS Accounting Standards methods on the financial statements; and other critical accounting policies and practices of the Company;

• reviewing, in conjunction with the Chief Executive Officer and Chief Financial Officer of the Company, the Company's disclosure controls and procedures and internal control over financial reporting;

• establishing procedures for the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting controls or auditing matters, and the confidential, anonymous submission by employees of the Company of concerns regarding questionable accounting or auditing matters; and

• approving or ratifying any related person transaction (as defined in our related person transaction policy) in accordance with our related person transaction policy.

The audit committee will meet as often as it determines is appropriate to carry out its responsibilities, but in any event will meet at least four times per year.

#### Sustainability Committee
The members of the sustainability committee are Sonia Consiglio, who is the chairperson, Gilberto Sayão da Silva and Alessandro Monteiro Morgado Horta. The sustainability committee was established to advise our board of directors on sustainability-related practices based upon three main pillars:

• *Businesses*: promoting responsible investments from a business perspective to map and understand material risks as well as opportunities;

• *Promotion (industry and market)*: expand formal commitments to our sustainability agenda and actively participate in sectoral associations and interest groups to disseminate knowledge and help strengthen the theme in Brazil; and

• *Culture & Practices*: strengthen our sustainability culture across all areas of the firm, develop our private social investment policy to maximize our philanthropic efforts, and introduce and support relevant sustainable agendas (e.g., climate change; carbon footprint; inclusion).

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#### Innovation Committee
The members of the innovation committee are Guilherme Stocco Filho, who is the chairperson, Gilberto Sayão da Silva, Alessandro Monteiro Morgado Horta and Ana Marta Horta Veloso.

The innovation committee seeks to foster the creativity and development of Vinci Compass by evaluating which measures should be taken to expand our digital skills, and evaluating cyber risks and measures to minimize them. The innovation committee discusses topics such as big data, artificial intelligence and blockchain, examining how they can be incorporated into Vinci Compass' business. On a more pragmatic approach, the committee has two main agendas: (i) leveraging big data to support investment decisions and capital allocation, and (ii) use AI/machine learning to improve our distribution efficiency. We believe innovation has a great transformational potential, and, through the automation and optimization of processes, promotes important gains for governance, transparency, and compliance.

**D.** **Employees** 

As of December 31, 2025, 2024 and 2023, we had 594, 594 and 275 full-time employees, respectively. As of December 31, 2025, all our employees were based in our offices in Buenos Aires, Bogotá, Lima, Mexico City, Miami, Montevideo, New York, Recife, Ribeirão Preto, Rio de Janeiro, São Paulo and Santiago.

The table below breaks down our full-time personnel by function as of December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Function** | **Number of**<br>**Employees** | **% of<br>Total** |
|  Client relations | 112 | 19% |
|  Credit | 59 | 10% |
|  Real assets | 35 | 6% |
|  Global IP&S | 32 | 5% |
|  Private equity | 21 | 4% |
|  Equities | 19 | 3% |
|  Corporate advisory | 12 | 2% |
|  Support areas | 304 | 51% |
|  **Total** | **594** | **100%** |

---

Our employees in Brazil are affiliated with the union of capital markets employees for the geographic area in which they work.

**E.** **Share Ownership** 

The shares and any outstanding beneficially owned by our directors and officers and/or entities affiliated with these individuals are disclosed in the section entitled "Item 7. Major Shareholders and Related Party Transactions—A. Major Shareholders."

See "Item 6. Directors, Senior Management and Employees—B. Compensation—Long-Term Incentive Plans" for information on our long-term incentive plans.

**F.** **Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation.** 

Not applicable.

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#### ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
**A.** **Major Shareholders** 

The following table and accompanying footnotes present information relating to the beneficial ownership of our Class A common shares and Class B common shares and our Series A convertible preferred share as of December 31, 2025.

The number of common shares beneficially owned by each entity, person, executive officer or director is determined in accordance with the rules of the SEC, and the information is not necessarily indicative of beneficial ownership for any other purpose. Under such rules, beneficial ownership includes any shares over which the individual has sole or shared voting power or investment power as well as any shares that the individual has the right to acquire within 60 days through the exercise of any option, warrant or other right.

Except as otherwise indicated, and subject to applicable community property laws, we believe that each shareholder identified in the table below possesses sole voting and investment power over all the Class A common shares or Class B common shares shown as beneficially owned by the shareholder in the table.

Unless otherwise indicated below, the address for each beneficial owner is c/o Vinci Compass, Av. Bartolomeu Mitre, 336, Leblon, Rio de Janeiro, Brazil, 22431-002.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares Beneficially Owned** | **Shares Beneficially Owned** | **Shares Beneficially Owned** | **Shares Beneficially Owned** | **Shares Beneficially Owned** | **Shares Beneficially Owned** | **% of Total<br>Voting Power(1)** |
|  | **Common Shares** | **Common Shares** | **Common Shares** | **Common Shares** | **Preferred Shares** | **Preferred Shares** | **% of Total<br>Voting Power(1)** |
| **Shareholders** | **Class A** | **Class A** | **Class B** | **Class B** | **Series A** | **Series A** | **% of Total<br>Voting Power(1)** |
|  | **Shares** | **%** | **Shares** | **%** | **Shares** | **%** | **% of Total<br>Voting Power(1)** |
|  **5% Shareholders** |  |  |  |  |  |  |  |
|  Gilberto Sayão da Silva(2) |  |  | 14466239 | 100% |  |  | 71.3% |
|  Alessandro Monteiro Morgado Horta | 8266422 | 16.2% |  |  |  |  | 4.1% |
|  Ares Management LLC(3) | 7354020 | 14.4% |  |  | 100000 | 100% | 3.6% |
|  Costanera Management LLC(4) | 7022893 | 13.8% |  |  |  |  | 3.5% |
|  Compass Group Cayman Ltd.(5) | 4760491 | 9.3% |  |  |  |  | 2.3% |
|  SPX Gestão de Recursos Ltda.(6) | 4000725 | 7.9% |  |  |  |  | 2.0% |
|  **Executive Officers and Directors** |  |  |  |  |  |  |  |
|  Gilberto Sayão da Silva (2) |  |  | 14466239 | 100% |  |  | 71.3% |
|  Alessandro Monteiro Morgado Horta | 8266422 | 16.2% |  |  |  |  | 4.1% |
|  Paulo Fernando Carvalho de Oliveira | 1859944 | 3.7% |  |  |  |  | 1.1% |
|  Guilherme Stocco Filho |  |  |  |  |  |  |  |
|  Ana Marta Horta Veloso |  |  |  |  |  |  |  |
|  Bruno Augusto Sacchi Zaremba | 1332783 | 2.6% |  |  |  |  | 0.7% |
|  Sergio Passos Ribeiro | 849438 | 1.7% |  |  |  |  | 0.5% |
|  Sonia Consiglio |  |  |  |  |  |  |  |
|  Peter Ogilvie |  |  |  |  |  |  |  |
|  Manuel Jose Balbontín Fernandez(4) | 7022893 | 13.8% |  |  |  |  | 3.5% |
|  Jaime de la Barra(5) | 4760491 | 9.3% |  |  |  |  | 2.3% |
|  Eugenio Garza y Garza |  |  |  |  |  |  |  |
|  All directors and executive officers as a group (12 persons) | 24091971 | 47.3% |  |  |  |  | 83.5% |
|  **Other Pre-IPO Vinci Compass Brazil Shareholders(7)** | **9799640** | **19.2%** | **—** | **—** | **—** | **—** | **6.3%** |
|  **Other Public Float Shareholders** | 17064248 | 33.5% |  |  |  |  | 6.5% |
|  **Total(8)** | **50955859** | **100.0%** | **14466239** | **100.0%** | **100000** | **100.0%** | **100.0%** |

---

(1) Percentage of total voting power represents voting power with respect to all of our outstanding Class A common shares and Class B common shares, as a single class. A holder of our Class B common shares is entitled to 10 votes per share, whereas holders of our Class A common shares are entitled to one vote per share. Pursuant to the certificate of designations, a holder of our Series A convertible preferred shares is entitled to have the right to receive notice of, attend and/or vote at a general meeting, on an as-converted basis, with holders of our Class A common shares on all matters submitted to a vote of the holders of our Class A

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common shares, except where a separate class vote of common shareholders is required by the Companies Act. In addition, the terms of our Series A convertible preferred shares require the approval of a majority of our Series A convertible preferred shares voting as a separate class for us to take the following decisions, among others described in the certificate of designations: (1) amend our organizational documents in a manner that would have an adverse effect on the Series A convertible preferred shares; and (2) issue securities that are senior to, or equal in priority with, the Series A convertible preferred shares. For more information about the voting rights of our Class A common shares, Class B common shares and Series A convertible preferred shares, see "Item 10. Additional Information—B. Memorandum and Articles of Association—Voting Rights."

(2) Includes all of our Class B common shares. The holders of our Class A common shares and Class B common shares have identical rights, except that (1) a holder of Class B common shares is entitled to 10 votes per share, whereas holders of our Class A common shares are entitled to one vote per share; (2) Class B common shares have certain conversion rights; and (3) a holder of Class B common shares is entitled to maintain a proportional ownership interest by purchasing additional Class B common shares in the event that additional Class A common shares are issued. For more information see "Item 10. Additional Information—B. Memorandum and Articles of Association—Preemptive or Similar Rights."

(3) Based on a statement on Schedule 13D jointly filed on November 6, 2023 by Ares Investments Holdings LLC, Ares Holdings L.P., Ares HoldCo LLC, Ares Management Corporation, Ares Voting LLC, Ares Partners HoldCo LLC and Ares Management GP LLC, the date of the last available Schedule 13D filed by such persons with the SEC. Such persons' business address is 2000 Avenue of the Stars, 12th Floor, Los Angeles, California 90067. Our Series A convertible preferred shares will be convertible at the option of the holders of such shares at any time after the closing of the issuance into Class A common shares at an initial conversion rate of 73.5402 Class A common shares for each Series A convertible preferred share, subject to adjustment as provided in the certificate of designations of such Series A convertible preferred shares, which represents an initial conversion price of approximately US$13.60 per Class A common share. For further information, see "Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Series A Convertible Preferred Shares" and note 14(i) to our audited consolidated financial statements included elsewhere in this annual report.

(4) Based on a statement on Schedule 13D jointly filed on November 8, 2024 by Costanera Management LLC, Manuel Jose Balbontín Fernandez and Corina Beatriz Ulivi, the date of the last available Schedule 13D filed by such persons with the SEC. Such statement states that Costanera Management LLC is ultimately controlled by Manuel Jose Balbontín Fernandez and Corina Beatriz Ulivi; that by virtue of these relationships, Messrs. Manuel Jose Balbontín Fernandez and Corina Beatriz Ulivi may be deemed to beneficially own the common shares owned directly by Costanera Management LLC; that such statement shall not be deemed an admission that such persons are beneficial owners of our common shares for purposes of the Exchange Act or for any other purpose; and that each of such persons disclaims beneficial ownership of our common shares reported herein except to the extent of such person's pecuniary interest therein. Such persons' business address is 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands.

(5) Based on a statement on Schedule 13D jointly filed on November 8, 2024 by Compass Group Cayman Ltd., Matías Rodriguez and Jaime de la Barra, the date of the last available Schedule 13D filed by such persons with the SEC. Such statement states that Compass Group Cayman Ltd. is ultimately controlled by Messrs. Matías Rodriguez and Jaime de la Barra; that by virtue of these relationships, Messrs. Matías Rodriguez and Jaime de la Barra may be deemed to beneficially own the common shares owned directly by Compass Group Cayman Ltd.; that such statement shall not be deemed an admission that such persons are beneficial owners of our common shares for purposes of the Exchange Act or for any other purpose; and that each of such persons disclaims beneficial ownership of our common shares reported herein except to the extent of such person's pecuniary interest therein. Such persons' business address is 590 Madison Avenue, 33rd Floor, New York, New York, 10022.

(6) Based on a statement on Schedule 13F filed by SPX Gestão de Recursos Ltda. on February 13, 2026, the date of the last available Schedule 13F filed by such person with the SEC. Such person's business address is Rua Humaita, 275, 5th floor, Rio de Janeiro, Rio de Janeiro 22261-005, Brazil.

(7) Includes all shareholders of Vinci Compass Investimentos Ltda. prior to our IPO that are not directors or executive officers of Vinci Compass.

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(8) Does not include (i) 5,452,313 Class A common shares held in treasury, and (ii) the 7,354,020 Class A common shares beneficially owned by Ares, which would result from the conversion of its Series A convertible preferred shares as described in footnote (3) above.

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#### Existing Shareholders' Agreements

#### Liquidity Restrictions on Pre-IPO Quotaholders
The quotaholders of Vinci Compass Brazil prior to the contribution of our shares into Vinci Partners in connection with our IPO, or our Pre-IPO Quotaholders, agreed to certain liquidity restrictions in respect of the Class A common shares and Class B common shares that they received in exchange for such contribution, or the Liquidity Restrictions. These Liquidity Restrictions consist primarily of volume limitations on their ability to sell their common shares, with a restriction on any sales of common shares through the second anniversary of the date of the IPO, with a portion of our Pre-IPO Quotaholders' common shares available for sale beginning on the second anniversary of the date of the IPO, with full liquidity rights to the common shares upon the fifth anniversary of the date of the IPO, provided, however, that in no event shall aggregate sales by all Pre-IPO Quotaholders of their common shares during any six-month period exceed 5% of our outstanding share capital during such six-month period.

#### Liquidity Restrictions on Compass' Former Partners
Compass' former partners agreed to certain liquidity restrictions in respect of the Class A common shares that they received after our business combination with Compass. These Liquidity Restrictions consist primarily of volume limitations on their ability to sell their common shares, with full liquidity rights to the common shares upon January 31, 2026, provided, however, that all of Compass' former partners are subject to the same volume limitation applicable to the Pre-IPO Quotaholders. Therefore, in no event shall aggregate sales by all such holders of their common shares during any six-month period exceed 5% of our outstanding share capital during such six-month period.

#### Voting Agreement
Pursuant to the securities purchase agreement governing the Ares investment, we agreed to appoint a representative of Ares Investments Holdings LLC, or AIH, designated by AIH, to serve as a director on our board of directors, and a representative of AIH to serve as a board observer. On October 26, 2023, we and Gilberto Sayão da Silva entered into a voting agreement pursuant to which Mr. Sayão agreed to vote in favor of the nomination and appointment of the Ares board member. Ares is an express third-party beneficiary of the representations, warranties and covenants of such voting agreement and is entitled to enforce the terms thereof, including any rights or remedies hereunder, as if Ares was an original party thereto.

**B.** **Related Party Transactions** 

#### Related Person Transaction Policy
Our related person transaction policy states that any related person transaction must be approved or ratified by our audit committee, board of directors or a designated committee thereof. In determining whether to approve or ratify a transaction with a related person, our audit committee, board of directors or the designated committee will consider all relevant facts and circumstances, including, without limitation, the commercial reasonableness of the terms, of the transaction the benefit and perceived benefit, or lack thereof, to us, opportunity costs of alternate transaction, the materiality and character of the related person's direct or indirect interest and the actual or apparent conflict of interest of the related person. Our audit committee, board of directors or the designated committee will not approve or ratify a related person transaction unless it has determined that, upon consideration of all relevant information, such transaction is in, or not inconsistent with, our best interests and the best interests of our shareholders.

#### Indemnification Agreements
We have entered into indemnification agreements with our directors and executive officers. The indemnification agreements will, and our Articles of Association do, require us to indemnify our directors and executive officers to the fullest extent permitted by law.

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#### Receivables from Related Parties
We paid refundable expenses for non-operational related companies. As of December 31, 2025 and 2024, we had receivables from these companies in the amount of R$14.9 million and R$23.3 thousand, respectively.

#### Employees Loans
We advanced payments to our employees, in which the amount is rated at the CDI Rate, in the amount of R$17.1 million and R$15.1 million in the years ended December 31, 2025 and 2024, respectively.

#### Receivables from Employees
We sold part of our treasury shares to employees. The amount will be received from January 31, 2025, in annual installments until January 31, 2029 and as restated by an inflation index. These receivables amounted to R$28.2 million and R$29.2 million in the years ended December 31, 2025 and 2024, respectively.

#### Loan to Compass Group Cayman Ltd.
On October 29, 2024 (as amended on March 31, 2025), we granted a loan to Compass Group Cayman Ltd. in the principal amount of US$3.5 million. The proceeds of this loan will be used by Compass Group Cayman Ltd. to fund (i) redemptions, repurchases and other acquisitions of equity interests in Compass Group Cayman Ltd., and (ii) the refinancing of existing redemptions, repurchases and other acquisitions of equity interests in Compass Group Cayman Ltd. This loan will mature on October 29, 2034 and will bear no interest.

#### Registration Rights Agreement
On October 29, 2024, in connection with closing of our business combination with Compass, we and the Compass founders, Manuel José Balbontín and Jaime de la Barra, entered into a registration rights agreement, or the RRA. Under the RRA, the Compass founders are able to make a written demand for registration under the Securities Act of all or a portion of their registrable securities following the third anniversary of the business combination. Any such demand may be in the form of an underwritten offering, it being understood that, subject to certain exceptions, we shall not be required to conduct more than two underwritten offerings in any 12-month period. In addition, the holders of registrable securities will have "piggy-back" registration rights to include their securities in other registration statements filed by us after the closing of the business combination, provided that certain conditions are met. The foregoing description is only a summary of the RRA and is qualified in its entirety by reference to the full text of the RRA, which is filed as an exhibit hereto and is incorporated by reference herein.

**C.** **Interests of Experts and Counsel** 

Not applicable.

#### ITEM 8. FINANCIAL INFORMATION
**A.** **Consolidated Statements and Other Financial Information** 

#### Financial Statements
See "Item 18. Financial Statements," which contains our audited financial statements prepared in accordance with IFRS Accounting Standards.

#### Dividends and Dividend Policy

#### Overview
We intend to pay quarterly cash dividends on our common shares initially at an amount equal to at least 70% of our Distributable Earnings, or 100% of profit of the period, the lower of the two.

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We can repurchase shares to reach the 70% of Distributable Earnings distribution if 100% of profit of the period is not enough to support a full cash distribution.

We do not have a legal obligation to pay a quarterly dividend or dividends at any specified rate or at all. Any declaration of dividends will be at the discretion of our board of directors and will depend on our financial condition, earnings, cash needs, regulatory constraints, capital requirements (including requirements of our subsidiaries and the ability of our subsidiaries to pay dividends to us) and any other factors that our board of directors deems relevant in making such a determination. Therefore, there can be no assurance that we will pay any dividends to holders of our common shares, or as to the amount of any such dividends.

In the years ended December 31, 2025, 2024 and 2023, we paid dividends totaling R$209.8 million, R$203.2 million and R$190.1 million, respectively.

In the year ended December 31, 2025, we declared dividends per share related to earnings in the amount of US$9.5 million for the first quarter of 2025, US$9.5 million for the second quarter of 2025, and US$9.5 million for the third quarter of 2025—totaling US$28.5 million, or R$156.3 million, which amounts were entirely paid as of December 31, 2025.

In the year ended December 31, 2025, holders of the Series A convertible preferred shares received dividends in cash amounting to US$8.0 million, or R$45.5 million.

On March 4, 2026, Vinci Compass declared a quarterly dividend distribution of US$0.17 per common share to shareholders of record as of March 19, 2026 amounting to US$10.9 million, or R$56.7 million, which was paid on April 2, 2026.

#### Certain Cayman Islands and Requirements Related to Dividends
Under the Companies Act and our Articles of Association, a Cayman Islands company may pay a dividend out of its profit, its share premium account or out of any other sources or reserves (other than paid-up capital), provided that such payment does not result in the company being unable to pay its debts as they fall due in the ordinary course of business. According to our Articles of Association, dividends can be declared and paid out of funds lawfully available to us, which include the share premium account. Dividends, if any, would be paid in proportion to the number of common shares a shareholder holds. For further information, see "Item 10. Additional Information—E. Taxation—Cayman Islands Tax Considerations."

Additionally, please refer to "Item 3. Key Information—D. Risk Factors—Certain Risks Relating to Our Business and Industry—Our holding company structure makes us dependent on the operations of our subsidiaries." Our ability to pay dividends is directly related to positive and distributable net results from our subsidiaries. We depend on dividend distributions by our subsidiaries, and we may be adversely affected if the performance of our subsidiaries is not positive. If, for any legal reasons due to new laws or bilateral agreements between countries, they are unable to pay dividends to Cayman Islands companies, or if a Cayman Islands company becomes incapable of receiving them, we may not be able to make any dividend payments in the future.

#### Legal Proceedings
From time to time, we are involved in disputes that arise in the ordinary course of our business. Any claims against us, whether meritorious or not, can be time consuming, costly, require significant management time, and divert significant operational resources.

We are subject to a number of judicial and administrative proceedings in the Brazilian court systems, including civil, labor, tax, and social security claims, as well as other proceedings, which we believe are common and incidental to business operations in Brazil and Latin America in general. We recognize provisions for legal proceedings in our financial statements, in accordance with accounting rules, when we are advised by independent outside counsel that (1) it is probable that an outflow of resources will be required to settle the obligation; and (2) a reliable estimate can be made of the amount of the obligation. The assessment of the likelihood of loss made by outside counsel includes analysis of available evidence, hierarchy of laws, available case law, recent court rulings, and their relevance to the legal system. Our provisions for probable losses arising from these matters are estimated and periodically adjusted by management. In making these adjustments our management relies on the opinions of our external legal advisors.

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As of December 31, 2025, we had recorded a provision of R$44.4 million in our audited consolidated financial statements as we are aware of three legal proceedings for which we believe a loss is probable in accordance with accounting rules. However, legal proceedings are inherently unpredictable and subject to significant uncertainties. If one or more cases were to result in a judgment against us in any reporting period for amounts that exceeded our management's expectations, the impact on our results of operations or financial condition for that reporting period could be material. See "Item 3. Key Information—D. Risk Factors—Certain Risks Relating to Our Business and Industry—The costs and effects of pending and future litigation, investigations or similar matters, or adverse facts and developments related thereto, could materially affect our business, financial position and results of operations."

For further information, see note 24 to our audited consolidated financial statements.

#### Civil Matters
The civil claims to which we could be a party generally relate to consumer claims, including those related to portfolio management. We believe these proceedings are unlikely to have a material adverse impact, individually, or in the aggregate, on our results of operations or financial condition.

As of December 31, 2025, we were not aware of any legal proceedings of a civil nature for which we believe a loss is probable in accordance with applicable accounting rules.

#### Labor Matters
The labor claims to which we are a party are typically filed by former employees or third-party employees seeking our joint and/or subsidiary liability for the acts of our suppliers, portfolio companies, and service providers, and generally relate to alleged unpaid labor benefits. We believe these proceedings are unlikely to have a material adverse impact, individually or in the aggregate, on our results of operations or financial condition.

As of December 31, 2025, we were party to four (4) labor-related judicial proceedings. As such, we have recorded a provision of R$0.3 million in our audited consolidated financial statements related to a legal proceeding for labor-related matters for which we believe a loss is probable in accordance with accounting rules. Out of those four (4) proceedings, we were party to two labor-related lawsuits totaling R$0.2 million, where the likelihood of loss has been assessed by our management as possible based on the opinion of our external legal advisors and for which we have not recorded a provision.

#### Tax and Social Security Matters
As a result of the business combination with Verde, Vinci Compass recognized, at the acquisition date, judicial deposits and a provision for contingencies related to the legal proceedings in the amounts of R$43.7 million and R$44.0 million, respectively, in accordance with IFRS 3.

Pursuant to the share purchase agreement, any amounts ultimately realized or paid in connection with the settlement of the contingency, including the related judicial deposit, will be for the benefit of the former shareholders. Accordingly, this arrangement has been accounted for as a separate transaction from the business combination and, to the extent applicable, gives rise to a corresponding indemnification right. As a result, any gain or loss arising from the resolution of such contingency will not have an impact on Vinci Compass' consolidated profit or loss.

In addition, as of December 31, 2025, we were party to two administrative proceedings, which amounted to a total of R$20.5 million, where the likelihood of loss has been assessed by our management as possible based on the opinion of our external legal advisors and for which we have not recorded a provision. The main proceeding was filed in 2018 to charge debts related to IRPJ/CSLL/PIS/COFINS for the 2013 fiscal year and amounted to a R$20.5 million payment, which already corresponds to the principal amount plus the fines and interest as of December 31, 2025. We believe these proceedings are unlikely to have a material adverse impact, individually or in the aggregate, on our results of operations or financial condition.

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**B.** **Significant Changes** 

Except as disclosed elsewhere in this annual report, we have not experienced any significant change since the date of our audited consolidated financial statements included in this annual report.

#### ITEM 9. THE OFFER AND LISTING
**A.** **Offer and Listing Details** 

In January 2021, we completed our IPO. Our common shares have been listed on the Nasdaq Global Select Market since January 2021 under the symbol "VINP."

**B.** **Plan of Distribution** 

Not applicable.

**C.** **Markets** 

For a description of our publicly traded common shares, see "—A. Offering and listing details."

**D.** **Selling Shareholders** 

Not applicable.

**E.** **Dilution** 

Not applicable.

**F.** **Expenses of the Issue** 

Not applicable.

#### ITEM 10. ADDITIONAL INFORMATION
**A.** **Share Capital** 

Not applicable.

**B.** **Memorandum and Articles of Association** 

#### General
Vinci Compass Investments Ltd. was incorporated on September 21, 2020, as a Cayman Islands exempted company with limited liability duly registered with the Cayman Islands Registrar of Companies. Our corporate purposes are unrestricted and we have the authority to carry out any object not prohibited by any law as provided by Section 7(4) of the Companies Act. At a meeting held on June 30, 2025, our shareholders approved an amendment to our memorandum and articles of association whereby our corporate name was changed to Vinci Compass Investments Ltd.

Our affairs are governed principally by: (1) Articles of Association; (2) the Companies Act; and (3) the common law of the Cayman Islands. As provided in our Articles of Association, subject to Cayman Islands law, we have full capacity to carry on or undertake any business or activity, do any act or enter into any transaction, and we have, for such purposes, full rights, powers and privileges. Our registered office is c/o Harneys Fiduciary (Cayman) Limited, P.O. Box 10240, Grand Cayman, KY1-1002, Cayman Islands.

Our Articles of Association authorize the issuance of up to 500,000,000 Class A common shares, 250,000,000 Class B common shares (which may be converted into Class A common shares in the manner contemplated in our Articles of Association) and 250,000,000 shares of such class or classes (howsoever designated) and having the rights as our board of directors may determine from time to time in accordance with Article 4 of our Articles of Association. As of December 31, 2025, we had 50,955,859 Class A common shares and 14,466,239 Class B common shares of our authorized share capital issued and outstanding. In addition, we had 100,000 Series A convertible preferred shares of our authorized share capital issued and outstanding.

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Our Class A common shares are listed on the Nasdaq under the symbol "VINP."

The following is a summary of the material provisions of our authorized share capital and our Articles of Association.

#### Share Capital
The Articles of Association authorize two classes of common shares: Class A common shares, which are entitled to one vote per share and Class B common shares, which are entitled to 10 votes per share and to maintain a proportional ownership interest in the event that additional Class A common shares are issued. A holder of Class B common shares may convert Class B common shares at any time into Class A common shares on a share-for-share basis. The rights of the two classes of common shares are otherwise identical, except as described below. See "—Anti-Takeover Provisions in our Articles of Association—Two Classes of Common Shares."

At the date of this annual report, our total authorized share capital is US$50,000, divided into 1,000,000,000 shares par value US$0.00005 each, of which:

• 500,000,000 shares are designated as Class A common shares;

• 250,000,000 shares are designated as Class B common shares (which may be converted into Class A common shares in the manner contemplated in our Articles of Association);

• 249,900,000 shares are as yet undesignated and shall have the rights as our board of directors may determine from time to time in accordance with Article 4 of our Articles of Association; and

• 100,000 shares that are designed as Series A convertible preferred shares (having previously constituted shares that were undesignated by class and having been so designated by our board of directors in accordance with Article 4 of our Articles of Association).

As of December 31, 2025, we had a total issued share capital of US$3,271.10, divided into 65,422,098 common shares. Those common shares were divided into 50,955,859 Class A common shares and 14,466,239 Class B common shares. In addition, we had 100,000 Series A convertible preferred shares of our authorized share capital issued and outstanding.

#### Treasury Stock
As of December 31, 2025, Vinci Compass had 5,452,313 Class A common shares in treasury.

#### Issuance of Shares
Except as expressly provided in Vinci Compass' Articles of Association, Vinci Compass' board of directors has general and unconditional authority to allot, grant options over, offer or otherwise deal with or dispose of any unissued shares in the company's capital without the approval of our shareholders (whether forming part of the original or any increased share capital), either at a premium or at par, with or without preferred, deferred or other special rights or restrictions, whether in regard to dividend, voting, return of capital or otherwise and to such persons, on such terms and conditions, and at such times as the directors may decide, but so that no share shall be issued at a discount to par, except in accordance with the provisions of the Companies Act. In accordance with its Articles of Association, Vinci Compass shall not issue bearer shares.

Vinci Compass' Articles of Association provide that at any time that there are Class A common shares in issue, additional Class B common shares may only be issued pursuant to (1) a share split, subdivision of shares or similar transaction or where a dividend or other distribution is paid by the issue of shares or rights to acquire shares or following capitalization of profits; (2) a statutory amalgamation, merger, consolidation, arrangement or other business combination involving the issuance of Class B common shares as full or partial consideration; or (3) an

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issuance of Class A common shares, whereby a holder of the Class B common shares is entitled to purchase a number of Class B common shares that would allow such holder to maintain its proportional ownership interests in Vinci Compass (following an offer by Vinci Compass to each holder of Class B common shares to issue to such holder, upon the same economic terms and at the same price, such number of Class B common shares as would ensure such holder may maintain a proportional ownership interest in Vinci Compass pursuant to Vinci Compass' Articles of Association). In light of: (a) the above provisions; (b) the fact that future transfers by holders of Class B common shares will generally result in those shares converting to Class A common shares, subject to limited exceptions as provided in the Articles of Association; and (c) the ten-to-one voting ratio between our Class B common shares and Class A common shares, the holder of our Class B common shares will continue to maintain control of all matters requiring shareholder approval. This concentration of ownership and voting power will limit or preclude your ability to influence corporate matters for the foreseeable future. For more information see "—Preemptive or Similar Rights."

Vinci Compass' Articles of Association also provide that the issuance of non-voting common shares requires the affirmative vote of a majority of the of then-outstanding Class A common shares.

#### Fiscal Year
Vinci Compass' fiscal year begins on January 1 of each year and ends on December 31 of the same year.

#### Voting Rights
The holders of the Class A common shares and Class B common shares have identical rights, except that (1) a holder of Class B common shares is entitled to 10 votes per share, whereas holders of Class A common shares are entitled to one vote per share; (2) Class B common shares have certain conversion rights; and (3) a holder of Class B common shares is entitled to maintain a proportional ownership interest in the event that additional Class A common shares are issued. For more information see "—Preemptive or Similar Rights" and "—Conversion." The holders of Class A common shares and Class B common shares vote together as a single class on all matters (including the election of directors) submitted to a vote of shareholders, except as provided below and as otherwise required by law.

Vinci Compass' Articles of Association provide as follows regarding the respective rights of holders of Class A common shares and Class B common shares:

(1) Class consents from the holders of Class A common shares and Class B common shares, as applicable, shall be required for any variation to the rights attached to their respective class of shares; however, the Directors may treat the two classes of shares as forming one class if they consider that both such classes would be affected in the same way by the proposal;

(2) the rights conferred on holders of Class A common shares shall not be deemed to be varied by the creation or issue of further Class B common shares and vice versa; and

(3) the rights attaching to the Class A common shares and the Class B common shares shall not be deemed to be varied by the creation or issue of shares with preferred or other rights, including, without limitation, shares with enhanced or weighted voting rights.

As set forth in the Articles of Association, the holders of Class A common shares and Class B common shares, respectively, do not have the right to vote separately if the number of authorized shares of such class is increased or decreased. Rather, the number of authorized Class A common shares and Class B common shares may be increased or decreased (but not below the number of shares of such class then outstanding) by the affirmative vote of the holders of a majority of the voting power of the issued and outstanding Class A common shares and Class B common shares, voting together in a general meeting.

Holders of our Series A Preferred Shares will not have the right to receive notice of, attend and/or vote at a general meeting of the Company except those described in the Articles of Association, in the certificate of designations or as otherwise from time to time specifically required by the Companies Act. Notwithstanding the foregoing, our Series A Preferred Shares shall be entitled to have the right to receive notice of, attend and/or vote at

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a general meeting, on an as-converted basis, with holders of our Class A Common Shares on all matters submitted to a vote of the holders of Class A Common Shares, except where a separate class vote of the common shareholders is required by the Companies Act. In addition, so long as any Series A Preferred Shares are outstanding, in addition to any other vote or consent of shareholders required by law or by the Articles of Association, the affirmative vote or consent of the holders of at least a majority of the issued and outstanding Series A Preferred Shares, voting as a single class, given in person or by proxy, either in writing without a meeting or by vote at a separate general meeting of the holders of the Series A Preferred Shares called for the purpose, shall be necessary for effecting or validating certain actions set forth in the certificate of designations, whether or not such approval is required pursuant to the Companies Act, including (1) to amend our organizational documents in a manner that would have an adverse effect on the Series A convertible preferred shares; and (2) to issue securities that are senior to, or equal in priority with, the Series A convertible preferred shares

#### Preemptive or Similar Rights
The Class A common shares and Class B common shares are not entitled to preemptive rights upon transfer and are not subject to conversion (except as described below under "—Conversion"), redemption or sinking fund provisions.

The Class B common shares are entitled to maintain a proportional ownership interest in the event that additional Class A common shares are issued. As such, except for certain exceptions, if Vinci Compass issues Class A common shares, it must first make an offer to the holders of Class B common shares to issue to such holder on the same economic terms such number of Class B common shares as would ensure such holder may maintain a proportional ownership interest in Vinci Compass. This right to maintain a proportional ownership interest may be waived by holders of Class B common shares.

#### Conversion
The outstanding Class B common shares are convertible at any time as follows: (1) at the option of the holder, a Class B common share may be converted at any time into one Class A common share or (2) upon the election of the holders of a majority of the then outstanding Class B common shares, all outstanding Class B common shares may be converted into a like number of Class A common shares. In addition, each Class B common share will convert automatically into one Class A common share upon (1) any transfer, whether or not for value, except for certain transfers described in the Articles of Association, including transfers to partnerships, corporations and other entities controlled by Mr. Sayão da Silva and (2) the death or permanent disability of Mr. Sayão da Silva. Furthermore, each Class B common share will convert automatically into one Class A common share and no Class B common shares will be issued thereafter if, at any time, the total number of the issued and outstanding Class B common shares is less than 10% of the total aggregate number of common shares outstanding.

No class of Vinci Compass' common shares may be subdivided or combined unless the other class of common shares is concurrently subdivided or combined in the same proportion and in the same manner.

#### Equal Status
Except as expressly provided in Vinci Compass' Articles of Association, Class A common shares and Class B common shares have the same rights and privileges and rank equally, share ratably and are identical in all respects as to all matters. In the event of any merger, consolidation, scheme, arrangement or other business combination requiring the approval of our shareholders entitled to vote thereon (whether or not Vinci Compass is the surviving entity), the holders of Class A common shares shall have the right to receive, or the right to elect to receive, the same form of consideration as the holders of Class B common shares, and the holders of Class A common shares shall have the right to receive, or the right to elect to receive, at least the same amount of consideration on a per share basis as the holders of Class B common shares. In the event of any (1) tender or exchange offer to acquire any Class A common shares or Class B common shares by any third party pursuant to an agreement to which Vinci Compass is a party, or (2) tender or exchange offer by Vinci Compass to acquire any Class A common shares or Class B common shares, the holders of Class A common shares shall have the right to receive, or the right to elect to receive, the same form of consideration as the holders of Class B common shares, and the holders of Class A common shares shall have the right to receive, or the right to elect to receive, at least the same amount of consideration on a per share basis as the holders of Class B common shares.

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#### Record Dates
For the purpose of determining shareholders entitled to notice of, or to vote at, any general meeting of shareholders or any adjournment thereof, or shareholders entitled to receive dividend or other distribution payments, or in order to make a determination of shareholders for any other purpose, Vinci Compass' board of directors may set a record date which shall not exceed forty (40) clear days prior to the date where the determination will be made.

#### General Meetings of Shareholders
As a condition of admission to a shareholders' meeting, a shareholder must be duly registered as a shareholder of Vinci Compass at the applicable record date for that meeting and, in order to vote, all calls or installments then payable by such shareholder to Vinci Compass in respect of the shares that such shareholder holds must have been paid.

Subject to any special rights or restrictions as to voting then attached to any shares, at any general meeting every shareholder who is present in person or by proxy (or, in the case of a shareholder being a corporation, by its duly authorized representative not being himself or herself a shareholder entitled to vote) shall have one vote per Class A common share and 10 votes per Class B common share.

As a Cayman Islands exempted company, Vinci Compass is not obliged by the Companies Act to call annual general meetings; however, the Articles of Association provide that in each year the company will hold an annual general meeting of shareholders, at a time determined by the board of directors. For the annual general meeting of shareholders, the agenda will include, among other things, the presentation of the annual accounts and the report of the directors. In addition, the agenda for an annual general meeting of shareholders will only include such items as have been included therein by the board of directors.

Also, Vinci Compass may, but is not required to (unless required by the laws of the Cayman Islands), hold other extraordinary general meetings during the year. General meetings of shareholders are generally expected to take place in Rio de Janeiro, Brazil, but may be held elsewhere if the directors so decide.

The Companies Act provides shareholders a limited right to request a general meeting, and does not provide shareholders with any right to put any proposal before a general meeting in default of a company's Articles of Association. However, these rights may be provided in a company's Articles of Association. Vinci Compass' Articles of Association provide that upon the requisition of one or more shareholders representing not less than one-third of the voting rights entitled to vote at general meetings, the board will convene an extraordinary general meeting and put the resolutions so requisitioned to a vote at such meeting. The Articles of Association provide no other right to put any proposals before annual general meetings or extraordinary general meetings.

Subject to regulatory requirements, the annual general meeting and any extraordinary general meetings must be called by not less than ten (10) clear days' notice prior to the relevant shareholders meeting and convened by a notice discussed below. Alternatively, upon the prior consent of all holders entitled to receive notice, with regards to the annual general meeting, and the holders of 95% in par value of the shares entitled to attend and vote at an extraordinary general meeting, that meeting may be convened by a shorter notice and in a manner deemed appropriate by those holders.

Vinci Compass will give notice of each general meeting of shareholders by publication on its website and in any other manner that it may be required to follow in order to comply with Cayman Islands law, Nasdaq and SEC requirements. The holders of registered shares may be given notice of a shareholders' meeting by means of letters sent to the addresses of those shareholders as registered in our shareholders' register, or, subject to certain statutory requirements, by electronic means.

**Holders whose shares are registered in the name of DTC or its nominee, which we expect will be the case for all holders of Class A common shares, will not be a shareholder or member of the company and must rely on the procedures of DTC regarding notice of shareholders' meetings and the exercise of rights of a holder of the Class A common shares.** 

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A quorum for a general meeting consists of any one or more persons holding or representing by proxy not less than one-third of the aggregate voting power of all shares in issue and entitled to vote upon the business to be transacted.

A resolution put to a vote at a general meeting shall be decided on a poll. An ordinary resolution to be passed by the shareholders at a general meeting requires the affirmative vote of a simple majority of the votes cast by, or on behalf of, the shareholders entitled to vote, present in person or by proxy and voting at the meeting. A special resolution requires the affirmative vote on a poll of no less than two-thirds of the votes cast by the shareholders entitled to vote who are present in person or by proxy at a general meeting. Both ordinary resolutions and special resolutions may also be passed by a unanimous written resolution signed by all the shareholders of our Company, as permitted by the Companies Act and our Articles of Association.

Pursuant to Vinci Compass' Articles of Association, general meetings of shareholders are to be chaired by the chairman of our board of directors or in his absence the vice-chairman of the board of directors. If the chairman or vice-chairman of our board of directors is absent, the directors present at the meeting shall appoint one of them to be chairman of the general meeting. If neither the chairman nor another director is present at the general meeting within 15 minutes after the time appointed for holding the meeting, the shareholders present in person or by proxy and entitled to vote may elect any one of the shareholders to be chairman. The order of business at each meeting shall be determined by the chairman of the meeting, and he or she shall have the right and authority to prescribe such rules, regulations and procedures and to do all such acts and things as are necessary or desirable for the proper conduct of the meeting, including, without limitation, the establishment of procedures for the maintenance of order and safety, limitations on the time allotted to questions or comments on the affairs of the Company, restrictions on entry to such meeting after the time prescribed for the commencement thereof, and the opening and closing of the polls.

#### Liquidation Rights
If Vinci Compass is voluntarily wound up, the liquidator, after taking into account and giving effect to the rights of preferred and secured creditors and to any agreement between Vinci Compass and any creditors that the claims of such creditors shall be subordinated or otherwise deferred to the claims of any other creditors and to any contractual rights of set-off or netting of claims between Vinci Compass and any person or persons (including without limitation any bilateral or any multi-lateral set-off or netting arrangements between the company and any person or persons) and subject to any agreement between Vinci Compass and any person or persons to waive or limit the same, shall apply Vinci Compass' property in satisfaction of its liabilities *pari passu* and subject thereto shall distribute the property amongst the shareholders according to their rights and interests in Vinci Compass.

#### Changes to Capital
Pursuant to the Articles of Association, Vinci Compass may from time to time by ordinary resolution:

• increase its share capital by such sum, to be divided into shares of such amount, as the resolution shall prescribe;

• consolidate and divide all or any of its share capital into shares of a larger amount than its existing shares;

• convert all or any of its paid-up shares into stock and reconvert that stock into paid up shares of any denomination;

• subdivide its existing shares or any of them into shares of a smaller amount; *provided* that in the subdivision the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be the same as it was in the case of the share from which the reduced share is derived; or

• cancel any shares which, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person and diminish the amount of its share capital by the amount of the shares so cancelled.

Vinci Compass' shareholders may by special resolution, subject to confirmation by the Grand Court of the Cayman Islands on an application by the Company for an order confirming such reduction, reduce its share capital or any capital redemption reserve in any manner permitted by law.

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In addition, subject to the provisions of the Companies Act and our Articles of Association, Vinci Compass may:

• issue shares on terms that they are to be redeemed or are liable to be redeemed;

• purchase its own shares (including any redeemable shares); and

• make a payment in respect of the redemption or purchase of its own shares in any manner authorized by the Companies Act, including out of its own capital.

#### Transfer of Shares
Subject to any applicable restrictions set forth in the Articles of Association, any shareholder of Vinci Compass may transfer all or any of his or her common shares by an instrument of transfer in the usual or common form or in the form prescribed by the Nasdaq or any other form approved by the Company's board of directors.

Our Class A common shares are traded on the Nasdaq in book-entry form and may be transferred in accordance with Vinci Compass' Articles of Association and Nasdaq's rules and regulations.

However, Vinci Compass' board of directors may, in its absolute discretion, decline to register any transfer of any common share which is either not fully paid up to a person of whom it does not approve or is issued under any share incentive scheme for employees which contains a transfer restriction that is still applicable to such common share. The board of directors may also decline to register any transfer of any common share unless:

• a fee of such maximum sum as the Nasdaq may determine to be payable or such lesser sum as the board of directors may from time to time require is paid to Vinci Compass in respect thereof;

• the instrument of transfer is lodged with Vinci Compass, accompanied by the certificate (if any) for the common shares to which it relates and such other evidence as our board of directors may reasonably require to show the right of the transferor to make the transfer;

• the instrument of transfer is in respect of only one class of shares;

• the instrument of transfer is properly stamped, if required;

• the common shares transferred are free of any lien in favor of Vinci Compass; and

• in the case of a transfer to joint holders, the transfer is not to more than four joint holders.

If the directors refuse to register a transfer, they are required, within two months after the date on which the instrument of transfer was lodged, to send to the transferee notice of such refusal.

#### Share Repurchase
The Companies Act and the Articles of Association permit Vinci Compass to purchase its own shares, subject to certain restrictions. The board of directors may only exercise this power on behalf of Vinci Compass, subject to the Companies Act, the Articles of Association and to any applicable requirements imposed from time to time by the SEC, the Nasdaq, or by any recognized stock exchange on which our securities are listed.

#### Dividends and Capitalization of Profits
We intend to pay quarterly cash dividends on our common shares initially at an amount equal to at least 70% of our Distributable Earnings, or 100% of profit of the period, the lower of the two. We can repurchase shares to reach the 70% of Distributable Earnings distribution if 100% of profit of the period are not enough to support a full cash distribution. Subject to the Companies Act, our board of directors may, from time to time, declare dividends (including interim dividends) to be paid to shareholders but no dividend shall be declared in excess of the amount recommended by the board of directors. Dividends may be declared and paid out of funds lawfully available to Vinci Compass. We do not have a legal obligation to pay a quarterly dividend or dividends at any specified rate or at

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all. Any declaration of dividends will be at the discretion of our board of directors and will depend on our financial condition, earnings, cash needs, regulatory constraints, capital requirements (including requirements of our subsidiaries and the ability of our subsidiaries to pay dividends to us) and any other factors that our board of directors deems relevant in making such a determination. Therefore, there can be no assurance that we will pay any dividends to holders of our common shares, or as to the amount of any such dividends. Except as otherwise provided by the rights attached to shares and the Articles of Association of Vinci Compass, all dividends shall be paid in proportion to the number of Class A common shares or Class B common shares a shareholder holds at the date the dividend is declared (or such other date as may be set as a record date); but, (1) if any share is issued on terms providing that it shall rank for dividend as from a particular date, that share shall rank for dividend accordingly; and (2) where we have shares in issue which are not fully paid up (as to par value), we may pay dividends in proportion to the amounts paid up on each share.

The holders of Class A common shares and Class B common shares shall be entitled to share equally in any dividends that may be declared in respect of Vinci Compass' common shares from time to time. In the event that a dividend is paid in the form of Class A common shares or Class B common shares, or rights to acquire Class A common shares or Class B common shares, (1) the holders of Class A common shares shall receive Class A common shares, or rights to acquire Class A common shares, as the case may be and (2) the holders of Class B common shares shall receive Class B common shares, or rights to acquire Class B common shares, as the case may be.

#### Appointment, Disqualification and Removal of Directors
Vinci Compass is managed by its board of directors. The Articles of Association provide that, unless otherwise determined by a special resolution of shareholders, the board of directors will be composed of four to eleven directors, with the number being determined by a majority of the directors then in office. There are no provisions relating to retirement of directors upon reaching any age limit. The Articles of Association also provide that, while Vinci Compass' shares are admitted to trading on the Nasdaq, the board of directors must always comply with the residency and citizenship requirements of the U.S. securities laws applicable to foreign private issuers.

The Articles of Association provide that directors shall be elected by an ordinary resolution of our shareholders, which requires the affirmative vote of a simple majority of the votes cast on the resolution by the shareholders entitled to vote who are present, in person or by proxy, at the meeting. Each director shall be appointed and elected for such term as the resolution appointing him or her may determine or until his or her death, resignation or removal.

Any vacancies on the board of directors that arise other than upon the removal of a director by resolution passed at a general meeting can be filled by the remaining directors (notwithstanding that they may constitute less than a quorum). Any such appointment shall be as an interim director to fill such vacancy until the next annual general meeting of shareholders. Additions to the existing board (within the limits set pursuant to the Articles of Association) may be made by ordinary resolution of the shareholders.

For more information on our current directors, please refer to "Item 6. Directors, Senior Management and Employees—A. Directors and Senior Management."

#### Grounds for Removing a Director
A director may be removed with or without cause by ordinary resolution. The notice of general meeting must contain a statement of the intention to remove the director and must be served on the director not less than ten calendar days before the meeting. The director is entitled to attend the meeting and be heard on the motion for his removal.

The office of a director will be vacated automatically if he or she (1) becomes prohibited by law from being a director; (2) becomes bankrupt or makes an arrangement or composition with his creditors; (3) dies or is in the opinion of all his co-directors, incapable by reason of mental disorder of discharging his duties as director; (4) resigns his office by notice to us; or (5) has for more than six months been absent without permission of the directors from meetings of the board of directors held during that period, and the remaining directors resolve that his or her office be vacated.

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#### Proceedings of the Board of Directors
The Articles of Association provide that Vinci Compass' business is to be managed and conducted by the board of directors. The quorum necessary for the board meeting shall be a simple majority of the directors then in office (subject to there being a minimum of two directors present) and business at any meeting shall be decided by a majority of votes. In the case of an equality of votes, the chairman shall have a casting vote.

Subject to the provisions of the Articles of Association, the board of directors may regulate its proceedings as they determine is appropriate. Board meetings shall be held at least once every calendar quarter and shall take place either in São Paulo, Brazil or at such other place as the directors may determine.

Subject to the provisions of the Articles of Association, any directions given by ordinary resolution of the shareholders and the listing rules of the Nasdaq, the board of directors may from time to time at its discretion exercise all powers of Vinci Compass, including, subject to the Companies Act, the power to issue debentures, bonds and other securities of the company, whether outright or as collateral security for any debt, liability or obligation of our company or of any third party.

#### Inspection of Books and Records
Holders of Vinci Compass shares will have no general right under Cayman Islands law to inspect or obtain copies of the list of shareholders or corporate records of the Company. However, the board of directors may determine from time to time whether and to what extent Vinci Compass' accounting records and books shall be open to inspection by shareholders who are not members of the board of directors. Notwithstanding the above, the Articles of Association provide shareholders with the right to receive annual financial statements. Such right to receive annual financial statements may be satisfied by publishing the same on the company's website or filing such annual reports as we are required to file with the SEC.

#### Register of Shareholders
Our Class A common shares are held through DTC, and DTC or Cede & Co., as nominee for DTC, are recorded in the shareholders' register as the holder of our Class A common shares.

Under Cayman Islands law, Vinci Compass must keep a register of shareholders that includes:

• the names and addresses of the shareholders, a statement of the shares held by each member, and of the amount paid or agreed to be considered as paid, on the shares of each member;

• the date on which the name of any person was entered on the register as a member; and

• the date on which any person ceased to be a member.

Under Cayman Islands law, the register of shareholders of Vinci Compass is prima facie evidence of the matters set out therein (i.e., the register of shareholders will raise a presumption of fact on the matters referred to above unless rebutted) and a shareholder registered in the register of shareholders is deemed as a matter of Cayman Islands law to have *prima facie* legal title to the shares as set against his or her name in the register of shareholders.

If the name of any person is incorrectly entered in or omitted from the register of shareholders, or if there is any default or unnecessary delay in entering on the register the fact of any person having ceased to be a shareholder of Vinci Compass, the person or member aggrieved (or any shareholder of Vinci Compass, or Vinci Compass itself) may apply to the Cayman Islands Grand Court for an order that the register be rectified, and the Court may either refuse such application or it may, if satisfied of the justice of the case, make an order for the rectification of the register.

#### Exempted Company
Vinci Compass is an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except for the exemptions and privileges listed below:

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• an exempted company does not have to file an annual return of its shareholders with the Registrar of Companies;

• an exempted company's register of shareholders is not open to inspection;

• an exempted company does not have to hold an annual general meeting;

• an exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);

• an exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

• an exempted company may register as a limited duration company; and

• an exempted company may register as a segregated portfolio company.

"Limited liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).

We are subject to reporting and other informational requirements of the Exchange Act, as applicable to foreign private issuers. Except as otherwise disclosed in this annual report, we currently comply and intend to continue to comply with the Nasdaq rules in lieu of following home country practice.

#### Anti-Takeover Provisions in our Articles of Association
Some provisions of the Articles of Association may discourage, delay or prevent a change in control of Vinci Compass or management that shareholders may consider favorable. In particular, the capital structure of Vinci Compass concentrates ownership of voting rights in the hands of Mr. Sayão da Silva. These provisions, which are summarized below, are expected to discourage coercive takeover practices and inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of Vinci Compass to first negotiate with the board of directors. However, these provisions could also have the effect of discouraging others from attempting hostile takeovers and, as a consequence, they may also inhibit temporary fluctuations in the market price of the Class A common shares that often result from actual or rumored hostile takeover attempts. These provisions may also have the effect of preventing changes in the management of Vinci Compass. It is possible that these provisions could make it more difficult to accomplish transactions that shareholders may otherwise deem to be in their best interests.

#### Two Classes of Common Shares
The Class B common shares of Vinci Compass are entitled to 10 votes per share, while the Class A common shares are entitled to one vote per share. Since Gilberto Sayão da Silva owns of all of the Class B common shares, Mr. Sayão da Silva currently has the ability to elect a majority of the directors and to determine the outcome of most matters submitted for a vote of shareholders. This concentrated voting control could discourage others from initiating any potential merger, takeover, or other change of control transaction that other shareholders may view as beneficial.

So long as Mr. Sayão da Silva has the ability to determine the outcome of most matters submitted to a vote of shareholders as well as the overall management and direction of Vinci Compass, third parties may be deterred in their willingness to make an unsolicited merger, takeover, or other change of control proposal, or to engage in a proxy contest for the election of directors. As a result, the fact that Vinci Compass has two classes of common shares may have the effect of depriving you as a holder of Class A common shares of an opportunity to sell your

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Class A common shares at a premium over prevailing market prices and make it more difficult to replace the directors and management of Vinci Compass. See "Item 3. Key Information—D. Risk Factors—Certain Risks Relating to Our Class A Common Shares and the Offering—Gilberto Sayão da Silva owns 100% of our outstanding Class B common shares, which represent approximately 71.3% of the voting power of our issued share capital, and controls all matters requiring shareholder approval. This concentration of ownership and voting power limits your ability to influence corporate matters."

#### Preferred Shares
Vinci Compass' board of directors is given wide powers to issue one or more classes or series of shares with preferred rights. Such preferences may include, for example, dividend rights, conversion rights, redemption privileges, enhanced voting powers and liquidation preferences.

Despite the anti-takeover provisions described above, under Cayman Islands law, Vinci Compass' board of directors may only exercise the rights and powers granted to them under the Articles of Association, for what they believe in good faith to be in the best interests of the Company.

#### Protection of Non-Controlling Shareholders
The Grand Court of the Cayman Islands may, on the application of shareholders holding not less than one fifth of the shares of Vinci Compass in issue, appoint an inspector to examine the Company's affairs and report thereon in a manner as the Grand Court shall direct.

Subject to the provisions of the Companies Act, any shareholder may petition the Grand Court of the Cayman Islands which may make a winding up order, if the court is of the opinion that this winding up is just and equitable.

Notwithstanding the U.S. securities laws and regulations that are applicable to Vinci Compass, general corporate claims against Vinci Compass by its shareholders must, as a general rule, be based on the general laws of contract or tort applicable in the Cayman Islands or their individual rights as shareholders as established by Vinci Compass' Articles of Association.

The Cayman Islands courts ordinarily would be expected to follow English case law precedents, which permit a minority shareholder to commence a representative action against Vinci Compass, or derivative actions in Vinci Compass' name, to challenge (1) an act which is ultra vires or illegal; (2) an act which constitutes a fraud against the minority and the wrongdoers themselves control Vinci Compass; and (3) an irregularity in the passing of a resolution that requires a qualified (or special) majority.

#### Registration Rights and Restricted Shares
On October 29, 2024, in connection with closing of our business combination with Compass, we and the Compass founders, Manuel José Balbontín and Jaime de la Barra, entered into a registration rights agreement, or the RRA. See "Item 7. Major Shareholders and Related Party Transactions—B. Related Party Transactions—Registration Rights Agreement." In addition, certain other shareholders of Vinci Compass will, subject to the Liquidity Restrictions described in "Item 7. Major Shareholders and Related Party Transactions—A. Major Shareholders—Existing Shareholders' Agreements," be able to sell their shares in the public market from time to time without registering them, subject to certain limitations on the timing, amount and method of those sales imposed by regulations promulgated by the SEC.

#### Principal Differences between Cayman Islands and U.S. Corporate Law
The Companies Act was modelled originally after similar laws in England and Wales but does not follow subsequent statutory enactments in England and Wales. In addition, the Companies Act differs from laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of the significant differences between the provisions of the Companies Act applicable to Vinci Compass and the laws applicable to companies incorporated in the United States and their shareholders.

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#### Mergers and Similar Arrangements
The Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies.

For these purposes, (a) "merger" means the merging of two or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving company and (b) a "consolidation" means the combination of two or more constituent companies into a consolidated company and the vesting of the undertaking, property and liabilities of such companies in the consolidated company. In order to effect such a merger or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation, which must then be authorized by (a) a special resolution of the shareholders of each constituent company; and (b) such other authorization, if any, as may be specified in such constituent company's articles of association. The plan must be approved by the directors of each constituent company and filed with the Registrar of Companies together with a declaration that: (1) the solvency of the consolidated or surviving company; (2) the merger or consolidation is bona fide and not intended to defraud unsecured creditors of the constituent companies; (3) no petition or other similar proceeding has been filed and remains outstanding and no order or resolution to wind up the company in any jurisdiction; (4) no receiver, trustee, administrator or similar person has been appointed in any jurisdiction and is acting in respect of the constituent company, its affairs or property; (5) no scheme, order, compromise or similar arrangement has been entered into or made in any jurisdiction with creditors; (6) a list of the assets and liabilities of each constituent company; (7) the non-surviving constituent company has retired from any fiduciary office held or will do so; (8) the constituent company has complied with any requirements under the regulatory laws, where relevant; and (9) an undertaking that a copy of the certificate of merger or consolidation will be given to the members and creditors of each constituent company and published in the Cayman Islands Gazette.

Dissenting shareholders have the right to be paid the fair value of their shares (which, if not agreed between the parties, may be determined by the Cayman Islands court) if they follow the required procedures, subject to certain exceptions. Court approval is not required for a merger or consolidation which is effected in compliance with these statutory procedures.

In addition, there are statutory provisions that facilitate the reconstruction and amalgamation of companies; provided that the arrangement in question is approved by a majority in number of each class of shareholders and creditors with whom the arrangement is to be made, and who must in addition represent three-fourths in value of each such class of shareholders or creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder would have the right to express to the court the view that the transaction should not be approved, the court can be expected to approve the arrangement if it satisfies itself that:

• Vinci Compass is not proposing to act illegally or ultra vires and the statutory provisions as to majority vote have been complied with;

• the shareholders have been fairly represented at the meeting in question;

• the arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and

• the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act or that would amount to a "fraud on the minority."

When a takeover offer is made and accepted by holders of 90.0% in value of the shares affected within four months, the offeror may, within a two-month period, require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection may be made to the Grand Court of the Cayman Islands but is unlikely to succeed unless there is evidence of fraud, bad faith or collusion.

If the arrangement and reconstruction are thus approved, any dissenting shareholders would have no rights comparable to appraisal rights, which might otherwise ordinarily be available to dissenting shareholders of U.S. corporations and allow such dissenting shareholders to receive payment in cash for the judicially determined value of their shares.

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#### Shareholders' Suits
Class actions are not recognized in the Cayman Islands, but groups of shareholders with identical interests may bring representative proceedings, which are similar. However, a class action suit could nonetheless be brought in a U.S. court pursuant to an alleged violation of U.S. securities laws and regulations.

In principle, Vinci Compass itself would normally be the proper plaintiff and as a general rule, whilst a derivative action may be initiated by a minority shareholder on behalf of Vinci Compass in a Cayman Islands court, such shareholder will not be able to continue those proceedings without the permission of a Grand Court judge, who will only allow the action to continue if the shareholder can demonstrate that Vinci Compass has a good case against the Defendant, and that it is proper for the shareholder to continue the action rather than the Company's board of directors. Examples of circumstances in which derivative actions would be permitted to continue are where:

• a company is acting or proposing to act illegally or beyond the scope of its authority;

• the act complained of, although not beyond the scope of its authority, could be effected duly if authorized by more than a simple majority vote that has not been obtained; and

• those who control the company are perpetrating a "fraud on the minority."

#### Corporate Governance
Cayman Islands law restricts transactions between a company and its directors unless there are provisions in the Articles of Association which provide a mechanism to alleviate possible conflicts of interest. Additionally, Cayman Islands law imposes on directors' duties of care and skill and fiduciary duties to the companies which they serve. Under Vinci Compass' Articles of Association, a director must disclose the nature and extent of his interest in any contract or arrangement, and following such disclosure and subject to any separate requirement under applicable law or the listing rules of the Nasdaq, and unless disqualified by the chairman of the relevant meeting, the interested director may vote in respect of any transaction or arrangement in which he or she is interested. The interested director shall be counted in the quorum at such meeting and the resolution may be passed by a majority of the directors present at the meeting.

Subject to the foregoing and our Articles of Association, our directors may exercise all the powers of Vinci Compass to vote compensation to themselves or any member of their body in the absence of an independent quorum. Our Articles of Association provide that, in the event a compensation committee is established, it shall be made up of such number of independent directors as is required from time to time by the Nasdaq rules (or as otherwise may be required by law).

As a foreign private issuer, we are permitted to follow home country practice in lieu of certain Nasdaq corporate governance rules, subject to certain requirements. We currently rely, and will continue to rely, on the foreign private issuer exemption with respect to the following rules:

• Nasdaq Rule 5605(b), which requires that independent directors comprise a majority of a company's board of directors. As allowed by the laws of the Cayman Islands, independent directors do not comprise a majority of our board of directors;

• Nasdaq Rule 5605(e)(1), which requires that a company have a nominations committee comprised solely of "independent directors" as defined by Nasdaq. As allowed by the laws of the Cayman Islands, we do not have a nominations committee nor do we have any current intention to establish one;

• Nasdaq Rule 5605(d) & (e), which require that compensation for our executive officers and selection of our director nominees be determined by a majority of independent directors. As allowed by the laws of the Cayman Islands, we do not have a nomination and corporate governance committee or remuneration committee nor do we have any current intention to establish either;

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• Nasdaq Rule 5250(b)(3) and Rule 5250(d), which require certain disclosures of third-party director and nominee compensation and distribution of annual and interim reports, respectively. As allowed by the laws of the Cayman Islands, we are not required to disclose such compensation or distribute reports in the manner specified by such rule; and

• Nasdaq Rule 5635, which requires that a listed issuer obtain shareholder approval prior to an issuance of securities in connection with: (i) the acquisition of the stock or assets of another company; (ii) equity-based compensation of officers, directors, employees or consultants; (iii) a change of control; and (iv) transactions other than public offerings. Pursuant to the laws of the Cayman Islands and our Articles of Association, we are not required to obtain any such approval.

#### Borrowing Powers
Vinci Compass' directors may exercise all the powers of Vinci Compass to borrow money and to mortgage or charge its undertaking, property and assets (present and future) and uncalled capital or any part thereof and to issue debentures, debenture stock, mortgages, bonds and other such securities whether outright or as security for any debt, liability or obligation of Vinci Compass or of any third party. Such powers may be varied by a special resolution of shareholders (requiring a two-thirds majority vote of those shareholders attending and voting at a quorate meeting).

#### Indemnification of Directors and Executive Officers and Limitation of Liability
The Companies Act does not limit the extent to which a company's articles of association may provide for indemnification of directors and officers, except to the extent that it may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. Vinci Compass' Articles of Association provide that we shall indemnify and hold harmless our directors and officers against all actions, proceedings, costs, charges, expenses, losses, damages, liabilities, judgments, fines, settlements and other amounts incurred or sustained by such directors or officers, other than by reason of such person's dishonesty, willful default or fraud, in or about the conduct of our company's business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such director or officer in defending (whether successfully or otherwise) any civil, criminal or other proceedings concerning Vinci Compass or our affairs in any court whether in the Cayman Islands or elsewhere. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to Vinci Compass' directors, officers or persons controlling the Company under the foregoing provisions, we have been informed that, in the opinion of the SEC, this indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

#### Directors' Fiduciary Duties
As a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company. Accordingly, directors owe fiduciary duties to their companies to act bona fide in what they consider to be the best interests of the company, to exercise their powers for the purposes for which they are conferred and not to place themselves in a position where there is a conflict between their personal interests and their duty to the company. Accordingly, a director owes a company a duty not to make a profit based on his or her position as director (unless the company permits him or her to do so) and a duty not to put himself or herself in a position where the interests of the company conflict with his or her personal interest or his or her duty to a third party. However, this obligation may be varied by the company's articles of association, which may permit a director to vote on a matter in which he has a personal interest provided that he has disclosed that nature of his interest to the board of directors. Vinci Compass' Articles of Association provides that a director must disclose the nature and extent of his or her interest in any contract or arrangement, and following such disclosure and subject to any separate requirement under applicable law or the listing rules of the Nasdaq, and unless disqualified by the chairman of the relevant meeting, such director may vote in respect of any transaction or arrangement in which he or she is interested and may be counted in the quorum at the meeting.

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A director of a Cayman Islands company also owes to the company duties to exercise independent judgment in carrying out his functions and to exercise reasonable skill, care and diligence, which has both objective and subjective elements. Recent Cayman Islands case law confirmed that directors must exercise the care, skill and diligence that would be exercised by a reasonably diligent person having the general knowledge, skill and experience reasonably to be expected of a person acting as a director. Additionally, a director must exercise the knowledge, skill and experience which he or she actually possesses.

A general notice may be given to the board of directors to the effect that (1) the director is a member or officer of a specified company or firm and is to be regarded as interested in any contract or arrangement which may after the date of the notice be made with that company or firm; or (2) he or she is to be regarded as interested in any contract or arrangement which may after the date of the notice to the board of directors be made with a specified person who is connected with him or her, which will be deemed sufficient declaration of interest. This notice shall specify the nature of the interest in question. Following the disclosure being made pursuant to Vinci Compass' Articles of Association and subject to any separate requirement under applicable law or the listing rules of the Nasdaq, and unless disqualified by the chairman of the relevant meeting, a director may vote in respect of any transaction or arrangement in which he or she is interested and may be counted in the quorum at the meeting.

In comparison, under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself or herself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director act in a manner he or she reasonably believes to be in the best interests of the company. He or she must not use his or her corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the company. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, a director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the company.

#### Shareholder Proposals
Under the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. The Delaware General Corporation Law does not provide shareholders an express right to put any proposal before the annual meeting of shareholders, but Delaware corporations generally afford shareholders an opportunity to make proposals and nominations provided that they comply with the notice provisions in the certificate of incorporation or bylaws. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.

The Companies Act provides shareholders with only limited rights to requisition a general meeting, and does not provide shareholders with any right to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Vinci Compass' Articles of Association provide that upon the requisition of one or more shareholders representing not less than one-third of the voting rights entitled to vote at general meetings, the board will convene an extraordinary general meeting and put the resolutions so requisitioned to a vote at such meeting. The Articles of Association provide no other right to put any proposals before annual general meetings or extraordinary general meetings.

#### Cumulative Voting
Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder's voting power with respect to electing such director. As permitted under Cayman Islands law, Vinci Compass' Articles of Association do not provide for cumulative voting. As a result, the shareholders of Vinci Compass are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.

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#### Removal of Directors
The office of a director shall be vacated automatically if, among other things, he or she (1) becomes prohibited by law from being a director; (2) becomes bankrupt or makes an arrangement or composition with his creditors; (3) dies or is, in the opinion of all his co-directors, incapable by reason of mental disorder of discharging his duties as director; (4) resigns his office by notice to us; or (5) has for more than six months been absent without permission of the directors from meetings of the board of directors held during that period, and the remaining directors resolve that his/her office be vacated.

#### Transaction with Interested Shareholders
The Delaware General Corporation Law provides that unless the corporation has specifically elected not to be governed by this statute, it is prohibited from engaging in certain business combinations with an "interested shareholder" for three years following the date that this person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target's outstanding voting shares or who or which is an affiliate or associate of the corporation and owned 15% or more of the corporation's outstanding voting shares within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which the shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target's board of directors.

Cayman Islands law has no comparable statute. As a result, Vinci Compass cannot avail itself of the types of protections afforded by the Delaware business combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that the board of directors owe duties to ensure that these transactions are entered into bona fide in the best interests of the company and for a proper corporate purpose and, as noted above, a transaction may be subject to challenge if it has the effect of constituting a fraud on the minority shareholders.

#### Dissolution; Winding Up
Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. If the dissolution is initiated by the board of directors it may be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board. Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its members or, if the company resolves by ordinary resolution that it be wound up because it is unable to pay its debts as they fall due. The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so.

Under the Companies Act, Vinci Compass may be dissolved, liquidated or wound up by a special resolution of shareholders (requiring a two-thirds majority vote of those shareholders attending and voting at a quorate meeting). Vinci Partners' articles of association also give its board of directors authority to petition the Cayman Islands Court to wind up Vinci Compass.

#### Variation of Rights of Shares
Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of that class, unless the certificate of incorporation provides otherwise. Under Vinci Compass' Articles of Association, if the share capital is divided into more than one class of shares, the rights attached to any class may only be varied with the written consent of the holders of two-thirds of the shares of that class or the sanction of a special resolution passed at a separate meeting of the holders of the shares of that class.

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Also, except with respect to share capital (as described above), alterations to Vinci Compass' Articles of Association may only be made by special resolution of shareholders (requiring a two-thirds majority vote of those shareholders attending and voting at a quorate meeting).

#### Amendment of Governing Documents
Under the Delaware General Corporation Law, a corporation's certificate of incorporation may be amended only if adopted and declared advisable by the board of directors and approved by a majority of the outstanding shares entitled to vote, and the bylaws may be amended with the approval of a majority of the outstanding shares entitled to vote and may, if so provided in the certificate of incorporation, also be amended by the board of directors. Under Cayman Islands law, Vinci Compass' Articles of Association generally (and save for certain amendments to share capital described in this section) may only be amended by special resolution of shareholders (requiring a two-thirds majority vote of those shareholders attending and voting at a quorate meeting).

#### Rights of Non-Resident or Foreign Shareholders
There are no limitations imposed by Vinci Compass' Articles of Association on the rights of nonresident or foreign shareholders to hold or exercise voting rights on Vinci Compass' shares. In addition, there are no provisions in the Articles of Association governing the ownership threshold above which shareholder ownership must be disclosed.

**C.** **Material Contracts** 

See "Item 7. Major Shareholders and Related Party Transactions—B. Related Party Transactions." Except as otherwise disclosed in this annual report on Form 20-F (including the Exhibits), we are not currently, and have not been in the last two years, party to any material contract, other than contracts entered into in the ordinary course of business.

**D.** **Exchange Controls** 

The Cayman Islands currently has no exchange control restrictions.

**E.** **Taxation** 

The following summary contains a description of certain Cayman Islands and U.S. federal income tax consequences of the ownership and disposition of our Class A common shares. It does not purport to be a comprehensive description of all the tax considerations that may be relevant to a decision to hold the Class A common shares, is not applicable to all categories of investors, some of which may be subject to special rules, and does not address all of the Cayman Islands and U.S. federal income tax considerations applicable to any particular holder. The summary is based upon the tax laws of the Cayman Islands and regulations thereunder and upon the tax laws of the United States and regulations thereunder as of the date hereof, which are subject to change.

Holders of our Class A common shares should consult their own tax advisors about the particular Cayman Islands and U.S. federal, state, local and other tax consequences to them of the ownership and disposition of our Class A common shares.

#### Cayman Islands Tax Considerations
The Cayman Islands laws currently levy no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax or estate duty or withholding tax applicable to us or to any holder of Class A common shares. There are no other taxes likely to be material to us levied by the government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in or after execution brought within the jurisdiction of the Cayman Islands. No stamp duty is payable in the Cayman Islands on transfers of shares of Cayman Islands companies except those which hold interests in land in the Cayman Islands. The Cayman Islands is not party to any double tax treaties which are applicable to any payments made by or to our company. There are no exchange control regulations or currency restrictions in the Cayman Islands.

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As a Cayman Islands exempted company with limited liability, we are entitled, upon application, to receive an undertaking as to tax concessions pursuant to Section 6 of the Tax Concessions Act (Revised) of the Cayman Islands. This undertaking would provide that, for a period of 20 years from the date of issue of the undertaking, no law thereafter enacted in the Cayman Islands imposing any taxes to be levied on profits, income, gains or appreciation will apply to us or our operations.

Payments of dividends and capital in respect of our Class A common shares will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder of our Class A common shares, nor will gains derived from the disposal of our Class A common shares be subject to Cayman Islands income or corporation tax.

There is no income tax treaty or convention currently in effect between the United States and the Cayman Islands.

#### Material U.S. Federal Income Tax Considerations for U.S. Holders
The following is a description of the material U.S. federal income tax considerations to U.S. Holders (as defined below) of owning and disposing of Class A common shares, but it does not purport to be a comprehensive description of all tax considerations that may be relevant to a particular investor's decision to hold our Class A common shares. This discussion applies only to a U.S. Holder that holds our Class A common shares as capital assets for U.S. federal income tax purposes. In addition, it does not describe all of the tax considerations that may be relevant in light of a U.S. Holder's particular circumstances, including alternative minimum tax considerations, the potential application of the provisions of the Code known as the Medicare contribution tax and tax considerations applicable to U.S. Holders subject to special rules, such as:

• certain financial institutions;

• dealers or traders in securities who use a mark-to-market method of tax accounting;

• persons holding Class A common shares as part of a straddle, wash sale, hedging transaction, conversion transaction or integrated transaction or entering into a constructive sale with respect to Class A common shares;

• persons whose functional currency for U.S. federal income tax purposes is not the U.S. dollar;

• persons that are subject to the "applicable financial statement" rules under Section 451(b) of the Code;

• entities or arrangements classified as partnerships for U.S. federal income tax purposes;

• tax-exempt entities, including an "individual retirement account" or "Roth IRA";

• persons that own or are deemed to own ten percent or more of our stock (by vote or value);

• persons who acquired our Class A common shares pursuant to the exercise of an employee stock option or otherwise as compensation; or

• persons owning shares in connection with a trade or business conducted outside of the United States.

If an entity or arrangement that is classified as a partnership for U.S. federal income tax purposes holds our Class A common shares, the U.S. federal income tax treatment of a partner will generally depend on the status of the partner and the activities of the partnership. Partnerships holding Class A common shares and partners in such partnerships should consult their tax advisors as to the particular U.S. federal income tax considerations of owning and disposing of the Class A common shares. This discussion is based on the Code, administrative pronouncements, judicial decisions, and final, temporary and proposed Treasury regulations, all as of the date hereof, any of which is subject to change, possibly with retroactive effect.

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A U.S. Holder is a beneficial owner of Class A common shares that is for U.S. federal income tax purposes:

• a citizen or individual resident of the United States;

• a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States, any state therein or the District of Columbia; or

• an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source.

U.S. Holders should consult their tax advisors concerning the U.S. federal, state, local and foreign tax consequences of owning and disposing of our Class A common shares in their particular circumstances.

Except where otherwise indicated, this discussion assumes that we are not, and will not become, a PFIC, as described below.

*Taxation of Distributions* 

Any distributions paid on our Class A common shares, other than certain pro rata distributions of our Class A common shares, will be treated as dividends for U.S. federal income tax purposes to the extent paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). Because we do not maintain calculations of our earnings and profits under U.S. federal income tax principles, it is expected that distributions generally will be reported to U.S. Holders as dividends. Subject to applicable limitations, dividends paid to certain non-corporate U.S. Holders will be "qualified dividend income" and therefore may be taxable at rates applicable to long-term capital gains, provided the Class A common shares on which the dividends are paid are readily tradable on an established securities market in the United States. In order to qualify for qualified dividend income treatment, U.S. Holders must meet certain holding period requirements, and we must not be classified as a PFIC in the year in which the dividend is paid or the prior year. U.S. Holders should consult their tax advisors regarding the availability of the reduced tax rate on dividends in their particular circumstances. The Nasdaq, on which our Class A common shares are listed, is an established securities market in the United States, and we expect that our Class A common shares should qualify as readily tradable, although there can be no assurances in this regard. The amount of any dividend generally will be treated as foreign-source dividend income to U.S. Holders and will not be eligible for the dividends-received deduction generally available to U.S. corporations under the Code. Dividends will be included in a U.S. Holder's income on the date of receipt.

*Sale or Other Disposition of Class A Common Shares* 

For U.S. federal income tax purposes, gain or loss realized on the sale or other disposition of Class A common shares will be capital gain or loss, and will be long-term capital gain or loss if a U.S. Holder has held the Class A common shares for more than one year. Long-term capital gains of individuals and other non-corporate U.S. Holders are eligible for reduced rates of taxation. The amount of the gain or loss will equal the difference between a U.S. Holder's tax basis in the Class A common shares disposed of and the amount realized on the disposition. This gain or loss generally will be U.S.-source gain or loss for foreign tax credit purposes. The deductibility of capital losses is subject to various limitations.

*Passive Foreign Investment Company Rules* 

Under the Code, we will be a PFIC for any taxable year in which either (i) 75% or more of our gross income consists of "passive income," or (ii) 50% or more of the average quarterly value of our assets consists of assets that produce, or are held for the production of, "passive income." For purposes of the above calculations, we will be treated as if we hold our proportionate share of the assets, and receive directly our proportionate share of the income, of any other corporation in which we directly or indirectly own at least 25%, by value, of the shares of such corporation. Passive income generally includes dividends, interest, certain non-active rents and royalties, and capital gains. As an investment platform, we generate active income primarily from our management services. Based on our operations, income, assets and certain estimates and projections, including as to the relative values of our assets, including goodwill, we believe that we were likely not a PFIC for our 2025 taxable year. However, this belief is based in part on our determination of the value of our equity utilizing various criteria, including discounted cash flows, market prices for certain of our assets and a control premium, which differs from the market price of our

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Class A common shares. Using similar criteria, we believe that we were likely not a PFIC for our 2024 and 2023 taxable years. For 2022 and prior taxable years, our expectation as to whether or not we were a PFIC was based on the market price of our Class A common shares. Whether we were a PFIC in 2025, and whether we will be a PFIC in any future year, is uncertain because, among other things, (i) we hold a substantial amount of investments that generate passive income; (ii) our PFIC status for any taxable year depends on the composition of our income and assets and the value of our assets from time to time (which may be uncertain and potentially volatile); and (iii) the law applicable to determining whether our goodwill is categorized as an asset that produces active or passive income is subject to varying interpretation. To the extent that any growth in our passive income outpaces our active business, our PFIC status could change. Accordingly, there can be no assurance that we were not a PFIC in 2025 or that we will not be a PFIC for any future taxable year. In addition, there can be no assurance that the IRS will agree with our conclusion or our methodology for determining, or our determination of, the value of our goodwill. If we are a PFIC for any year during which a U.S. Holder holds our Class A common shares, we would generally continue to be treated as a PFIC with respect to such holder for all succeeding years during which such holder holds our Class A common shares, even if we ceased to meet the threshold requirements for PFIC status.

If we were a PFIC for any taxable year and any of our subsidiaries or other companies in which we owned or were treated as owning equity interests were also a PFIC (any such entity, a "Lower-tier PFIC"), a U.S. Holder would be deemed to own a proportionate amount (by value) of the shares of each Lower-tier PFIC and would be subject to U.S. federal income tax according to the rules described in the subsequent paragraph on (i) certain distributions to us by a Lower-tier PFIC; and (ii) our disposition of shares of Lower-tier PFICs, in each case as if such holder held such shares directly, even though such holder may not have received the proceeds of those distributions or dispositions.

If we were a PFIC for any taxable year during which a U.S. Holder held any of our Class A common shares, absent making certain elections (as described below), such holder would generally be subject to adverse tax consequences. Generally, gain recognized upon a disposition (including, under certain circumstances, a pledge) of our Class A common shares would be allocated ratably over a U.S. Holder's holding period for our Class A common shares. The amounts allocated to the taxable year of disposition and to years before we became a PFIC would be taxed as ordinary income. The amount allocated to each other taxable year would be subject to tax at the highest rate in effect for that taxable year for individuals or corporations, as applicable, and an interest charge would be imposed on the tax on such amount. Further, to the extent that any distribution received on a U.S. Holder's Class A common shares exceeds 125% of the average of the annual distributions on those shares during the preceding three years or such holder's holding period, whichever was shorter, that distribution would be subject to taxation in the same manner as gain, described immediately above.

Alternatively, if we were a PFIC and if our Class A common shares were "regularly traded" on a "qualified exchange," a U.S. Holder would be eligible to make a mark-to-market election that would result in tax treatment different from the general tax treatment for PFICs described above. The Nasdaq, on which our Class A common shares are listed, is a qualified exchange for this purpose. Once made, the election cannot be revoked without the consent of the IRS unless the shares cease to be marketable.

If a U.S. Holder makes the mark-to-market election, such holder generally will recognize as ordinary income any excess of the fair market value of such holder's Class A common shares at the end of each taxable year over their adjusted tax basis, and will recognize an ordinary loss in respect of any excess of the adjusted tax basis of our Class A common shares over their fair market value at the end of the taxable year (but only to the extent of the net amount of income previously included as a result of the mark-to-market election). If a U.S. Holder makes the election, such holder's tax basis in their Class A common shares will be adjusted to reflect these income or loss amounts. Any gain recognized on the sale or other disposition of our Class A common shares in a year when we are a PFIC will be treated as ordinary income and any loss will be treated as an ordinary loss (but only to the extent of the net amount of income previously included as a result of the mark-to-market election). This election will not apply to any of our non-U.S. subsidiaries. Accordingly, a U.S. Holder may continue to be subject to tax under the PFIC excess distribution regime with respect to any Lower-tier PFICs notwithstanding a mark-to-market election for our Class A common shares. We do not intend to prepare or provide the information necessary for a U.S. Holder to make a qualified electing fund election.

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In addition, the preferential dividend rates discussed above with respect to dividends paid to certain non-corporate U.S. Holders would not apply if we were a PFIC for the taxable year in which we paid a dividend or the prior taxable year.

If a U.S. Holder owns our Class A common shares during any year in which we are a PFIC, such holder must generally file annual reports containing such information as the U.S. Treasury may require on IRS Form 8621 (or any successor form) with respect to us, generally with such holder's federal income tax return for that year. A failure to file this form (or any successor form) as required may toll the running of the statute of limitations in respect of each taxable year for which such form is required to be filed. As a result, the taxable years with respect to which a U.S. Holder fails to file the form may remain open to assessment by the IRS indefinitely, until the form is filed.

U.S. Holders should consult their tax advisors regarding whether we are a PFIC and the potential application of the PFIC rules.

*Information Reporting and Backup Withholding* 

Payments of dividends and sales proceeds that are made within the United States or through certain U.S.-related financial intermediaries generally are subject to information reporting, and may be subject to backup withholding, unless a U.S. Holder (i) is a corporation or other exempt recipient; or (ii) in the case of backup withholding, provides a correct taxpayer identification number and certifies that such holder is not subject to backup withholding.

Backup withholding is not an additional tax. The amount of any backup withholding from a payment to a U.S. Holder will be allowed as a refund or credit against such holder's U.S. federal income tax liability and may entitle such holder to a refund, provided that the required information is timely furnished to the IRS. U.S. Holders should consult their tax advisors regarding the application of the U.S. information reporting and backup withholding rules.

*Information with Respect to Foreign Financial Assets* 

Certain U.S. Holders who are individuals (and certain entities) may be required to report information on their U.S. federal income tax returns relating to an interest in our Class A common shares, subject to certain exceptions (including an exception for Class A common shares held in accounts maintained by certain U.S. financial institutions). U.S. Holders should consult their tax advisors regarding the effect, if any, of this requirement on their ownership and disposition of the Class A common shares.

**F.** **Dividends and Paying Agents** 

Not applicable.

**G.** **Statement by Experts** 

Not applicable.

**H.** **Documents on Display** 

We are subject to the informational requirements of the Exchange Act. Accordingly, we are required to file reports and other information with the SEC, including annual reports on Form 20-F and reports on Form 6-K. You may inspect and copy reports and other information filed with the SEC at the Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. Information on the operation of the Public Reference Room may be obtained by calling the SEC at 1-800-SEC-0330. In addition, the SEC maintains an internet website that contains reports and other information about issuers, like us, that file electronically with the SEC. The address of that website is https://www.sec.gov.

**I.** **Subsidiary Information** 

Not applicable.

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**J.** **Annual Report to Security Holders** 

Not applicable.

#### ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are exposed to market risks in the ordinary course of our business, including the effects of interest rate changes. Information relating to quantitative and qualitative disclosures about these market risks is described below.

#### Market Risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three main types of risk: foreign exchange variation, interest rates and securities prices. The aim of market risk management is to control exposure to market risks, within acceptable parameters, while optimizing returns. Market risk management for operations is carried out through policies, control procedures and prior identification of risks in new products and activities, with the purpose to maintain market risk exposure at levels considered acceptable by us and to meet our business strategy.

#### Currency Risk
We are subject to foreign currency risk in connection with our international operations. Foreign exchange risk arises from future commercial transactions and recognized assets and liabilities denominated in a currency that is not our functional currency. See note 4.1(b)(i) to our audited consolidated financial statements for a summary of the foreign assets and liabilities to which we are exposed.

#### Interest Rate Risk
Our financial performance is sensitive to fluctuations in interest income derived from financial investments portfolio, which vary in response to changes in interest rates. See note 4.1(d) to our audited consolidated financial statements for a summary of our sensitivity to changes in interest rates.

#### Price Risk
Price risk is the risk that arises from investments held by the group and classified in the balance sheet at fair value through profit or loss, which may affect profit or loss. Price risk is mitigated by our management through the diversification of our portfolio and/or through the use of derivatives contracts, such as options or futures. We believe we adopt conservative price risk limits in our risk budget.

The majority of our financial investments that are exposed to significant price risk are the Brazilian real estate investments trust (REITs), private equity investments, and Brazilian stock prices. See note 4.1(d) to our audited consolidated financial statements for a sensitivity analysis of the price risk for assets held by us.

#### Liquidity Risk
Liquidity risk relates to maintaining sufficient cash and securities through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. We have a liquidity risk management policy, which aims to ensure a minimum level of liquidity considered adequate by our management. This policy establishes actions to be taken in the event of liquidity contingencies, which are designed to reframe cash within required minimum liquidity limits.

See note 4.1(c) of our audited consolidated financial statements for a summary of our net debt as of December 31, 2025, 2024 and 2023.

#### Credit Risk
Credit risk is the risk of suffering financial losses related to noncompliance by any of our clients and market counterparties with financial obligations and concessions granted in the renegotiation of financial arrangements and recovery costs, among others.

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Credit risk includes, among other risks: (1) noncompliance by counterparties with obligations related to the settlement of transactions in financial assets, including derivative financial instruments; (2) losses related to noncompliance with financial obligations by borrowers located abroad, as a result of the actions taken by the government of the country in which they reside; (3) cash disbursements to honor credit commitments or other transactions of a similar nature; and (4) losses associated with noncompliance by intermediaries or borrower with financial obligations pursuant to financing agreements.

#### ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
**A.** **Debt Securities** 

Not applicable.

**B.** **Warrants and Rights** 

Not applicable.

**C.** **Other Securities** 

Not applicable.

**D.** **American Depositary Shares** 

Not applicable.

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#### PART II

#### ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

#### Defaults
No matters to report.

#### Arrears and delinquencies
No matters to report.

#### ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
**A.** **Material modifications to instruments** 

Not applicable.

**B.** **Material modifications to rights** 

Not applicable.

**C.** **Withdrawal or substitution of assets** 

Not applicable.

**D.** **Change in trustees or paying agents** 

Not applicable.

**E.** **Use of proceeds** 

Not applicable.

#### ITEM 15. CONTROLS AND PROCEDURES
**A.** **Disclosure controls and procedures** 

We have evaluated, with the participation of our chief executive officer and chief financial officer, the effectiveness of our disclosure controls and procedures as of December 31, 2025. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives. Based upon our evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were not effective as of December 31, 2025, due to the material weaknesses discussed in "Item 3. Key Information—D. Risk factors—We have identified material weaknesses in our internal control over financial reporting and, if we fail to remediate such deficiencies (and any other ones) and to maintain effective internal controls over financial reporting, we may be unable to accurately report our results of operations, meet our reporting obligations and/or prevent fraud."

**B.** **Management's annual report on internal control over financial reporting** 

Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act). Our internal control system was designed to provide reasonable assurance as to the integrity and reliability of the published financial statements. All internal control systems, no matter how well designed, may have inherent limitations and can provide reasonable assurance that the objectives of the control system are met.

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Our internal control over financial reporting includes those policies and procedures that:

• Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets;

• Provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of management and directors; and

• Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the consolidated financial statements.

Management evaluated the effectiveness of internal control over financial reporting under the supervision of our chief executive officer and chief financial officer, or CFO, as of December 31, 2025 based on the criteria set out in the Committee of Sponsoring Organizations of the Treadway Commission framework, or the COSO framework, and concluded that, as of December 31, 2025, our internal controls were not effective due to the material weaknesses discussed above.

**C.** **Attestation report of the registered public accounting firm** 

This annual report does not include an attestation report of our registered public accounting firm because, as an "emerging growth company," as defined under the JOBS Act, we are exempt from this requirement.

**D.** **Changes in internal control over financial reporting** 

In connection with the preparation of our consolidated financial statements for the years ended December 31, 2025, 2024 and 2023, we identified a number of material weaknesses in our internal control over financial reporting as of December 31, 2025, 2024 and 2023. A material weakness is a deficiency, or combination of control deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim consolidated financial statements will not be prevented or detected on a timely basis. The material weaknesses that we identified relate to the processes necessary to comply with the reporting and compliance requirements of IFRS Accounting Standards and the SEC and managing access to our systems, data and end-user computing, or EUC, and computer operations controls, which were not designed or operating effectively. To address these material weaknesses, in 2021, we hired an external consultant with the experience we deemed necessary to assist us with designing the required processes and controls, addressing any systems and EUC deficiencies. In 2022, such consultant, along with the Company, mapped out the processes and designed a risk and control framework relating to internal controls over financial reporting, and suggested action plans for some of our internal controls to be validated by the applicable staff. The consultant's work was completed in 2023 and has enabled us to focus on control gaps and related action plans. Notwithstanding, as the risk and control framework requires continuous updating, new risks and controls or control gaps that are not mapped in the current assessment may arise.

Moreover, we identified control deficiencies as of December 31, 2025, 2024 and 2023, related to controls around the financial reporting closing process, the procedures in existence to maintain formal accounting policies, processes and controls to analyze, account for and disclose complex transactions. Such deficiencies, when considered in the aggregate, would be considered a material weakness. Beginning in the year ended December 31, 2022, we have sought to remedy these deficiencies through procedures such as updated accounting policies and procedures, and controls regarding the reviewing process and the accuracy of the information required to produce the financial statements. In 2023, formal review and documentation processes were implemented for accounting procedures and controls related to the accuracy of information required to produce the financial statements. In 2024, we also hired an external consultant to support the accounting team in preparing and developing an internal manual for significant accounting policies, and the material produced by this consultant was finalized and implemented in connection with our year-end 2025 financial reporting process. While we have made progress in addressing these matters, our remediation efforts remain ongoing.

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With respect to our entity-level controls, which were previously considered inadequate due to the lack of formalized procedures and controls in several processes, we have continued to evolve and enhance our control environment. Consequently, our business was exposed to risk from potential noncompliance with internal policies, which could have resulted in reputational harm. Building on the remediation efforts initiated in prior periods, including the engagement of a consulting company, we continued to advance these efforts in 2025. While such engagement has been completed, the related efforts remain ongoing as we continue to enhance and formalize our control environment. For more information, see "See "Item 3. Key Information—D. Risk Factors—Certain Risks Relating to Our Business and Industry—We have identified material weaknesses in our internal control over financial reporting and, if we fail to remediate such deficiencies (and any other ones) and to maintain effective internal controls over financial reporting, we may be unable to accurately report our results of operations, meet our reporting obligations and/or prevent fraud."

#### ITEM 16. RESERVED

#### ITEM 16A. Audit committee financial expert
The audit committee, which consists of Ana Marta Horta Veloso, Guilherme Stocco Filho, Sonia Consiglio and Eugenio Garza y Garza, assists our board of directors in overseeing our accounting and financial reporting processes and the audits of our financial statements.

#### ITEM 16B. Code of ethics
We have adopted a code of ethics applicable to the board of directors and all employees, which covers a broad range of matters including the handling of conflicts of interest, compliance issues and other corporate policies such as equal opportunity and non-discrimination standards. Since its effective date, we have not waived compliance with our code of ethics.

#### ITEM 16C. Principal accountant fees and services
The following table sets forth the fees billed to us by our independent registered public accounting firm during the years ended December 31, 2025 and 2024. Our independent registered public accounting firm was PricewaterhouseCoopers Auditores Independentes Ltda. for the years ended December 31, 2025 and 2024. The appointment of PricewaterhouseCoopers Auditores Independentes Ltda., as independent registered public accounting firm, was the result of a tender process completed in 2020 in connection with our initial public offering, and such ongoing appointment was approved by our audit committee for each of the three years ended December 31, 2025:

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| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** |
|  | **(in R$ thousands)** | **(in R$ thousands)** |
|  Audit fees | 2596 | 1323 |
|  Audit-related fees | 938 | 2833 |
|  Tax fees | 223 |  |
|  All other fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | **3757** | **4156** |

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#### Audit fees
Audit fees are fees billed for professional services rendered by the principal accountant for the audit of the registrant's annual combined financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. It includes the audit of our financial statements, interim reviews and other services that generally only the independent accountant reasonably can provide, such as comfort letters, statutory audits, consents and assistance with and review of documents filed with the SEC.

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#### Audit-related fees
Audit-related fees are fees billed for assurance and related services that are reasonably related to the performance of the audit or review of our financial statements and not reported under the previous category. These services would include, among others: accounting consultations and audits in connection with acquisitions, internal control reviews, attest services that are not required by statue or regulation and consultation concerning financial accounting and reporting standards.

#### Tax fees
Tax fees primarily relate to advisory services, as well as the review of tax compliance obligations for one of our entities.

#### All other fees
In 2025 there are no other fees in addition to the audit, audit-related, and tax fees discussed above.

#### Audit committee pre-approval policies and procedures
In accordance with the requirements of the U.S. Sarbanes-Oxley Act of 2002 and rules issued by the SEC, in connection with the establishment of our audit committee (which was undertaken as a result of our IPO, we introduced a procedure for the review and preapproval of any services performed by PricewaterhouseCoopers Auditores Independentes Ltda., including audit services, audit-related services, tax services and other services. The procedure requires that all proposed engagements of PricewaterhouseCoopers Auditores Independentes Ltda. for audit and permitted non-audit services are submitted to the audit committee for approval prior to the beginning of any such services.

#### ITEM 16D. Exemptions from the listing standards for audit committees
See "Item 6. Directors, Senior Management and Employees—C. Board practices—Foreign Private Issuer Status."

#### ITEM 16E. Purchases of equity securities by the issuer and affiliated purchasers
On February 10, 2023, our board of directors approved a share buyback plan and a share repurchase plan to buy back up to R$60.0 million of our outstanding Class A common shares across both plans. These plans were approved to replace the plans approved on June 15, 2022, which were set to expire on the date that the R$60.0 million buyback limit set thereunder is reached. The new buyback and repurchase plans commenced on the expiration date of the legacy plans, and did not have specified expiration dates, other than when the R$60.0 million buyback limit was reached. We financed purchases with existing cash balances derived from our Distributable Earnings, which did not have a material impact on capital levels. Under the share buyback plan, buybacks were made from time-to-time in open market and negotiated purchases in compliance with Rule 10b-18 under the Exchange Act. The specific prices, numbers of shares and timing of purchase transactions were determined by us from time to time in our sole discretion. Under the share repurchase plan, repurchases were carried out by a broker, as agent of the Company, from time-to-time in open market and negotiated purchases, and in compliance with Rule 10b5-1(c)(1)(i)(B) under the Exchange Act. In either case, buybacks were subject to market conditions, available liquidity, cash flow, applicable legal requirements and other factors.

On September 26, 2024, our board of directors approved a share buyback plan and a share repurchase plan to buy back up to US$15.0 million of our outstanding Class A common shares across both plans. These plans were approved to replace the plans approved on February 10, 2023, which are set to expire on the date that the R$60.0 million buyback limit set thereunder is reached. The new buyback and repurchase plans commenced on the expiration date of such legacy plans, and did not have specified expiration dates, other than when the US$15.0 million buyback limit is reached. We plan to finance purchases with existing cash balances derived from our Distributable Earnings, which will not have a material impact on capital levels. Under the share buyback plan, buybacks will be made from time-to-time in open market and negotiated purchases in compliance with Rule 10b-18 under the Exchange Act. The specific prices, numbers of shares and timing of purchase transactions will be

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determined by us from time to time in our sole discretion. Under the share repurchase plan, repurchases will be carried out by a broker, as agent of the Company, from time-to-time in open market and negotiated purchases, and in compliance with Rule 10b5-1(c)(1)(i)(B) under the Exchange Act. In either case, buybacks will be subject to market conditions, available liquidity, cash flow, applicable legal requirements and other factors.

Set forth below, in tabular format, is disclosure on the repurchase of our Class A common shares for the year ended December 31, 2025.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Period** | **Total Number of Shares<br>Purchased** | **Average Price Paid per<br>Share** | **Average Price Paid per<br>Share** | **Total Number of Shares<br>Purchased as Part of<br>Publicly Announced<br>Plans or Programs** | **Approximate Real Value<br>of Shares that May Yet<br>Be Purchased under the<br>Plans or Programs(1)** |
|  January 1 to January 31, 2025 | 239565 | R$ | 59.72 | 239565 | 9178024 |
|  February 1 to February 29, 2025 | 188583 | R$ | 59.81 | 188583 | 9143751 |
|  March 1 to March 31, 2025 | 255000 | R$ | 57.74 | 255000 | 9097408 |
|  April 1 to April 30, 2025 | 173762 | R$ | 56.29 | 173762 | 9065829 |
|  May 1 to May 31, 2025 |  |  |  |  | 9065829 |
|  June 1 to June 30, 2025 |  |  |  |  | 9065829 |
|  July 1 to July 31, 2025 |  |  |  |  | 9065829 |
|  August 1 to August 31, 2025 |  |  |  |  | 9065829 |
|  September 1 to September 30, 2025 |  |  |  |  | 9065829 |
|  October 1 to October 31, 2025 |  |  |  |  | 9065829 |
|  November 1 to November 30, 2025 |  |  |  |  | 9065829 |
|  December 1 to December 31, 2025 |  |  |  |  | 9065829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | **6149717** | **R$** | **58.42** | **6149717** | **9065829** |

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(1) For convenience purposes only, amounts in *reais* as of December 31, 2025 have been translated to U.S. dollars using an exchange rate of R$5.5024 to US$1.00, the commercial selling rate for U.S. dollars as of December 31, 2025, as reported by the Brazilian Central Bank. These translations should not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange rate.

#### ITEM 16F. Change in registrant's certifying accountant
Not applicable.

#### ITEM 16G. Corporate governance

#### Foreign Private Issuer Status
Nasdaq listing rules include certain accommodations in the corporate governance requirements that allow foreign private issuers, such as us, to follow "home country" corporate governance practices in lieu of the otherwise applicable corporate governance standards of the Nasdaq. The application of such exceptions requires that we disclose each Nasdaq corporate governance standard that we do not follow and describe the Cayman Islands corporate governance practices we do follow in lieu of the relevant Nasdaq corporate governance standard. We currently follow Cayman Islands corporate governance practices in lieu of the corporate governance requirements of the Nasdaq in respect of the following:

• Nasdaq Rule 5605(b), which requires that independent directors comprise a majority of a company's board of directors. As allowed by the laws of the Cayman Islands, independent directors do not comprise a majority of our board of directors;

• Nasdaq Rule 5605(e)(1), which requires that a company have a nominations committee comprised solely of "independent directors" as defined by Nasdaq. As allowed by the laws of the Cayman Islands, we do not have a nominations committee nor do we have any current intention to establish one;

• Nasdaq Rule 5605(d) & (e), which require that compensation for our executive officers and selection of our director nominees be determined by a majority of independent directors. As allowed by the laws of the Cayman Islands, we do not have a nomination and corporate governance committee or remuneration committee nor do we have any current intention to establish either;

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• Nasdaq Rule 5250(b)(3) and Rule 5250(d), which require certain disclosures of third-party director and nominee compensation and distribution of annual and interim reports, respectively. As allowed by the laws of the Cayman Islands, we are not required to disclose such compensation or distribute reports in the manner specified by such rule; and

• Nasdaq Rule 5635, which requires that a listed issuer obtain shareholder approval prior to an issuance of securities in connection with: (i) the acquisition of the stock or assets of another company; (ii) equity-based compensation of officers, directors, employees or consultants; (iii) a change of control; and (iv) transactions other than public offerings. Pursuant to the laws of the Cayman Islands and our Articles of Association, we are not required to obtain any such approval.

Cayman Islands law does not impose a requirement that the board consist of a majority of independent directors or that such independent directors meet regularly without other members present. Nor does Cayman Islands law impose specific requirements on the establishment of a compensation committee or nominating committee or nominating process.

#### ITEM 16H. Mine safety disclosure
Not applicable.

#### ITEM 16I. Disclosure regarding foreign jurisdictions that prevent inspections
Not applicable.

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#### ITEM 16J. Insider trading policies
We have adopted a statement of trading policies that governs the trading in our securities by our directors, officers and certain other covered persons. Our statement of trading policies is reasonably designed to promote compliance with applicable insider trading laws, rules and regulations, and any listing standards applicable to us. A copy of our statement of trading policies is filed as an exhibit to this annual report on Form 20-F.

#### ITEM 16K. Cybersecurity
Our cybersecurity risk management program is designed to leverage the security risks within senior management, based on industry best practices, and to provide a framework for handling cybersecurity threats and incidents, including threats and incidents associated with the use of our infrastructure, services and applications supported/developed internally and by third-party service providers.

#### Cybersecurity Framework
Our cybersecurity framework covers detection, prevention, mitigation, countermeasures, monitoring, alerting, and reporting solutions. We use several solutions that work in layers to provide the necessary security for the business and mitigate the risks. We work with a third-party security partner, or more specifically a Managed Security Services Provider, or MSSP, in several activities within the framework. This framework includes but it is not limited to:

• Security and incident response policies : every employee must agree and sign our policies, which are all available on our intranet;

• Staff information security training : annual staff information security training, which is part of our mandatory refresh program and is managed by our cybersecurity team;

• Vulnerability management : monthly "scans" are performed on our IT infrastructure, which are provided by our MSSP;

• Compliance management : the creation of security and control baseline based on the CIS benchmark for our IT infrastructure, and which is provided by our MSSP;

• Patch management : the periodic installation of security updates on our IT environment;

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#### **Table of Contents**

• Penetration tests : annual penetration tests are performed on applications and Internet perimeter, and we use third parties to perform this activity;

• Brand monitoring : this service provides security against potential frauds using the "Vinci Compass" brand and is provided by our MSSP;

• Phishing tests : annual phishing tests for all employees, the results of which are discussed in our security training materials;

• Security operations center : a full-time (24x7x365) security operations center that monitors our IT infrastructure through our MSSP;

• Technical solutions : these include perimeter defense (e.g., firewalls and web application firewalls), endpoint protection, anti-spam and anti-phishing tools, malicious e-mails detection and blocking, internet access control and filtering, and multifactor authentication for all employees;

• Weekly cybersecurity meetings : our cybersecurity team have weekly meetings to discuss any applicable risks and their respective action plans; and

• Business continuity management : a daily process used to replicate and copy relevant business applications from our main production services and send it to a disaster recovery site, which is tested on an annual basis.

#### Management Roles
Our board of directors has overall oversight responsibility for our risk management and our cybersecurity risk management program, and such oversight is supported by our cybersecurity committee. Our cybersecurity committee is composed of our IT and compliance managers, including our chief technology officer, or CTO, our chief information security officer, or CISO, our chief financial officer, our chief legal and compliance officer and our chief risk officer CRO. This committee is responsible for ensuring that management has processes in place designed to identify and evaluate cybersecurity risks to which the company is exposed and implement processes and programs to manage cybersecurity risks and mitigate cybersecurity incidents.

Management, in turn, is responsible for identifying, considering and assessing material cybersecurity risks on an ongoing basis, establishing processes to ensure that such potential cybersecurity risk exposures are monitored, putting in place appropriate mitigation measures and maintaining cybersecurity programs. Once a cybersecurity threat is identified from the given framework, it is discussed within the cybersecurity team to evaluate its respective risk. The team also engages a third-party to assist evaluating the risk from a technical perspective monthly and on demand. Threats and risks are discussed weekly by the cybersecurity team, monthly with our chief financial officer and quarterly with the cybersecurity committee's meetings, or on demand, as needed. Security incidents are reported to our cybersecurity committee, in alignment with the company's incident response policy.

Our cybersecurity programs are under the direction of our CTO, who receives reports from our cybersecurity team and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents. The CISO is responsible for establishing strategies and actions that ensure that the technologies used by Vinci and information assets are adequately protected. Our CISO is an experienced information systems security professional and information security manager with many years of experience. Management, including the CISO, regularly update our cybersecurity committee on our cybersecurity programs, material cybersecurity risks and mitigation strategies and provide cybersecurity reports quarterly that cover, among other topics, third-party assessments of the company's cybersecurity programs, developments in cybersecurity and updates to the company's cybersecurity programs and mitigation strategies.

#### Data Centers and Cloud Services Software
We have a private cloud hosted in Cirion datacenter provider in Brazil, where the primary data center is located in Rio de Janeiro, and the secondary disaster recovery data center is located in Cotia, São Paulo. Our data center provider maintains a reliable infrastructure, which includes redundant equipment and multiple vendors, such as telecommunications carriers, uninterruptible power supplies, and generators. The secondary site is designed to support our services if the primary site becomes unavailable, as servers and data are periodically replicated to the disaster recovery center.

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#### **Table of Contents**
We have some countries with business-relevant IT infrastructure in datacenters within their offices, such as Chile, Argentina, Peru and Mexico. System backups are stored in the cloud, using the Acronis backup solution on a daily basis.

We use Microsoft M365 cloud services for data storage, email and chat communications, and tools that support productivity, collaboration, and security across the organization. Microsoft M365 enables collaboration through applications such as Microsoft Teams, SharePoint, and OneDrive, which allow employees to share and co-author documents in real time, regardless of location. This supports more efficient workflows and decision-making across teams. The platform also includes security features, such as threat protection, data loss prevention, and encryption, which help safeguard sensitive company data and support compliance with applicable regulations. This is particularly relevant for businesses that manage confidential client information or operate in regulated sectors. In addition, Microsoft M365 offers scalability and flexibility due to its cloud-based infrastructure, allowing us to adjust IT resources as needed without significant upfront investment in hardware.

We also leverage Microsoft Azure and AWS to support our server infrastructure and to host client-facing systems that are accessible via the internet. These cloud services provide a redundant and resilient infrastructure designed to promote high availability and reduce the risk of service disruptions. This architecture is critical to ensuring operational continuity and delivering a reliable and consistent experience to our clients.

#### Cybersecurity Incidents and Threats
In 2025, we did not identify any cybersecurity threats that have materially affected or are reasonably likely to materially affect our business strategy, results of operations, or financial condition. However, despite our efforts, we cannot eliminate all risks from cybersecurity threats, or provide assurances that we have not experienced an undetected cybersecurity incident. For more information about these risks, please see "Risk Factors—Risks Relating to Our Business and Industry—Unauthorized disclosure, destruction or modification of data, through cybersecurity breaches, computer viruses or otherwise, or disruption of our services could expose us to liability and protracted and costly litigation and damage our reputation" in this annual report.

#### Cybersecurity Risk Management
Cybersecurity risk management is an integral component of the Company's enterprise risk management framework, aligned with the principles of ISO 31000. The Company maintains structured processes to identify, assess, manage, and monitor cybersecurity and information security risks that could materially affect its operations, financial condition, or reputation. These processes include periodic risk assessments evaluating the likelihood and potential economic, legal, reputational, regulatory, and operational impacts of cybersecurity threats.

The Company evaluates the effectiveness of its policies, technical controls, training programs, and incident response and recovery plans to determine residual risk levels against its defined risk appetite. When risks exceed acceptable thresholds, mitigation action plans are implemented and monitored until risks are reduced to acceptable levels. Oversight of cybersecurity risks is provided by the Board of Directors and management through regular reporting and review. Additionally, cybersecurity risks related to critical third-party vendors are assessed and monitored to support operational continuity and information security.

#### Cybersecurity and Artificial Intelligence
Cybersecurity is essential when implementing AI tools and solutions because these systems dramatically expand an organization's attack surface and may handle large amounts of sensitive data. AI models often access code, files, workflows, and integrated systems—meaning a single vulnerability can lead to data leaks, unauthorized actions, or persistent backdoors.

Cybersecurity & fraud amplification

AI has made cyber threats more scalable and more convincing, particularly phishing and impersonation attempts targeting employees and payment or credential workflows.

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#### **Table of Contents**
We seek to maintain robust internal cybersecurity controls designed to mitigate risks, combining technology and employee training. These controls include enterprise-grade security software, continuous monitoring, and mandatory training programs for all employees. We also maintain a dedicated committee focused on cybersecurity risk oversight, ensuring governance, escalation protocols, and continuous improvement. In addition, our specialized IT team works daily to reduce phishing exposure, investigate suspicious activity, and reinforce protective models and controls across endpoints and the corporate network. While we believe these measures are appropriate, they may not be sufficient to prevent all cybersecurity incidents.

Confidentiality, data leakage, and cross-border data handling

A key risk is inadvertent disclosure of confidential information (client data, proprietary research, or sensitive business information) when employees use new AI platforms without proper safeguards.

We run recurring internal trainings that emphasize safe usage and reinforce clear expectations for caution when interacting with AI tools. Participation is required, and the objective is practical: ensure employees understand what should never be shared and how to evaluate risk. We also require employees to notify our IT team when they intend to use a new AI platform so that we can assess the tool's security posture, data handling practices, and appropriate usage boundaries before it is adopted more broadly.

------

##### [**Table of Contents**](#toc)

#### PART III

#### ITEM 17. FINANCIAL STATEMENTS
We have responded to Item 18 in lieu of this item.

#### ITEM 18. FINANCIAL STATEMENTS
Financial Statements are filed as part of this annual report, see pages F-1 to F-79 to this annual report.

#### ITEM 19. EXHIBITS
The following documents are filed as part of this annual report:

---

| | |
|:---|:---|
| **Exhibit No.** | **Exhibit** |
| &nbsp;&nbsp;&nbsp;&nbsp;1.1 | [Amended and Restated Memorandum and Articles of Association of Vinci Compass Investments Ltd., as adopted on June 30, 2025.\*](d79123dex11.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;1.2 | [Certificate of Designations of Series A Convertible Preferred Shares, Par Value US$0.00005, of Vinci Partners Investments Ltd. dated October 26, 2023 (incorporated herein by reference to Exhibit 99.1 of our Current Report on Form 6-K (File No. 001-39938) filed with the SEC on October 26, 2023)](http://www.sec.gov/Archives/edgar/data/1826286/000095010323015409/dp201843_ex9901.htm).\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;2.1 | [Description of Securities registered under Section 12 of the Exchange Act.\*](d79123dex21.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.1 | [Vinci Partners Investments Ltd. 2021 Stock Option Plan (incorporated herein by reference to Exhibit 99.1 to our registration statement on Form S-8 (File No. 333-271473) filed with the SEC on April 27, 2023)](http://www.sec.gov/Archives/edgar/data/1826286/000095010323006406/dp192889_ex9901.htm).\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;4.2 | [Vinci Partners Investments Ltd. 2023 Stock Option Plan (incorporated herein by reference to Exhibit 99.2 to our registration statement on Form S-8 (File No. 333-271473) filed with the SEC on April 27, 2023)](http://www.sec.gov/Archives/edgar/data/1826286/000095010323006406/dp192889_ex9902.htm).\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;4.3 | [Vinci Partners Investments Ltd. 2022 Restricted Share Unit Award Plan (incorporated herein by reference to Exhibit 99 to our registration statement on Form S-8 (File No. 333-264118) filed with the SEC on April 4, 2022)](http://www.sec.gov/Archives/edgar/data/1826286/000095010322005985/dp170530_ex99.htm).\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;4.4 | [Securities Purchase Agreement dated October 10, 2023, by and among Vinci Partners Investments Ltd. and Ares Investments Holdings LLC (incorporated by reference to Exhibit 99.2 to our Current Report on Form 6-K (File No. 001-39938) filed with the SEC on October 10, 2023)](http://www.sec.gov/Archives/edgar/data/1826286/000095010323014818/dp201291_ex9902.htm).\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;4.5 | [Vinci Partners Investments Ltd. 2024 Stock Option Plan (incorporated herein by reference to Exhibit 99.1 to our registration statement on Form S-8 (File No. 333-276712) filed with the SEC on filed January 26, 2024)](http://www.sec.gov/Archives/edgar/data/1826286/000095010324001184/dp205748_ex9901.htm).\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;4.6 | [Vinci Partners Investments Ltd. 2024 Stock Option Plan, as amended (incorporated herein by reference to Exhibit 99.1 to our registration statement on Form S-8 (File No. 333-278660) filed with the SEC on April 12, 2024).\*\*](http://www.sec.gov/Archives/edgar/data/1826286/000095010324001184/dp205748_ex9901.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.7 | [Vinci Partners Investments Ltd. 2025 Stock Option Plan (incorporated herein by reference to Exhibit 99.1 to our registration statement on Form S-8 (File No. 333-284588) filed with the SEC on January 29, 2025).\*\*](http://www.sec.gov/Archives/edgar/data/1826286/000095010325001068/dp223961_ex9901.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.8 | [Registration Rights Agreement, dated October 29, 2024, by and among Vinci Partners Investments Ltd., Manuel José Balbontín and Jaime de la Barra (incorporated herein by reference to Exhibit 4.8 to our annual report on Form 20-F (File No. 001-39938) filed with the SEC on April 29, 2025).\*\*](http://www.sec.gov/Archives/edgar/data/1826286/000119312525103765/d921943dex48.htm) |

---

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##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;4.9 | [Vinci Compass Investments Ltd. 2026 Stock Option Plan (incorporated herein by reference to Exhibit 99.1 to our registration statement on Form S-8 (File No. 333-293096) filed with the SEC on January 30, 2026).\*\*](http://www.sec.gov/Archives/edgar/data/1826286/000095010326001355/dp240644_ex9901.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.10 | [Vinci Compass Investments Ltd. 2026 Restricted Share Unit Award Plan (incorporated herein by reference to Exhibit 99.2 to our registration statement on Form S-8 (File No. 333-293096) filed with the SEC on January 30, 2026).\*\*](http://www.sec.gov/Archives/edgar/data/1826286/000095010326001355/dp240644_ex9902.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;8.1 | [List of subsidiaries.\*](d79123dex81.htm) |
| 10.1 | [Form of indemnification agreement (incorporated herein by reference to Exhibit 10.1 to the Amendment No. 1 to our registration statement on Form F-1 (File No. 333-251871) filed with the SEC on January 19, 2021)](http://www.sec.gov/Archives/edgar/data/1826286/000119312521010688/d30964dex101.htm).\*\* |
| 11.1 | [Global Code of Ethics and Whistleblower Policy, as adopted in December 2025.\*](d79123dex111.htm) |
| 11.2 | [Statement of Trading Policies, as adopted on February 24, 2023 (incorporated herein by reference to Exhibit 99.1 to our annual report on Form 20-F (File No. 001-39938) filed with the SEC on April 18, 2024)](http://www.sec.gov/Archives/edgar/data/1826286/000119312523104979/d485986dex991.htm).\*\* |
| 12.1 | [Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002 of the Chief Executive Officer.\*](d79123dex121.htm) |
| 12.2 | [Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002 of the Chief Financial Officer.\*](d79123dex122.htm) |
| 13.1 | [Certification pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, of the Chief Executive Officer.\*](d79123dex131.htm) |
| 13.2 | [Certification pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, of the Chief Financial Officer.\*](d79123dex132.htm) |
| 23.1 | [Consent of PricewaterhouseCoopers Auditores Independentes Ltda.\*](d79123dex231.htm) |
| 97.1 | [Compensation Recoupment Policy, as adopted on October 25, 2023 (incorporated herein by reference to Exhibit 97.1 to our annual report on Form 20-F (File No. 001-39938) filed with the SEC on April 18, 2024)](http://www.sec.gov/Archives/edgar/data/1826286/000119312524100785/d806661dex971.htm).\*\* |
| 101 | Inline Interactive Data File – The instance document does not appear separately because its XBRL tags are embedded within the inline XBRL document. |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

\* Filed herewith.

\*\* Previously filed.

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##### [**Table of Contents**](#toc)

#### SIGNATURES
The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

April 20, 2026

---

| | |
|:---|:---|
|  Vinci Compass Investments Ltd. | Vinci Compass Investments Ltd. |
|  By: | /s/ Alessandro Monteiro Morgado Horta |
|  | Name: Alessandro Monteiro Morgado Horta |
|  | Title: Chief Executive Officer |

---

---

| | |
|:---|:---|
|  By: | /s/ Sergio Passos Ribeiro |
|  | Name: Sergio Passos Ribeiro |
|  | Title: Chief Financial Officer |

---

------

##### [**Table of Contents**](#toc)

#### INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

---

| | |
|:---|:---|
| **Audited Consolidated Financial Statements** | **Page** |
|  [Report of Independent Registered Public Accounting Firm (PCAOB 1351)](#fin79123_1) | F-2 |
|  [Consolidated Balance Sheets as of December 31, 2025 and 2024](#fin79123_2) | F-3 |
|  [Consolidated Statements of Income for the Years Ended December 31, 2025, 2024 and 2023](#fin79123_3) | F-5 |
|  [Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2025, 2024 and 2023](#fin79123_4) | F-6 |
|  [Consolidated Statements of Changes in Equity for the Years Ended December 31, 2025, 2024 and 2023](#fin79123_5) | F-7 |
|  [Consolidated Statements of Cash Flows for the Years ended December 31, 2025, 2024 and 2023](#fin79123_6) | F-8 |
|  [Notes to the Consolidated Financial Statements for the Years Ended December 31, 2025, 2024 and 2023](#fin79123_7) | F-9 |

---

------

#### **Table of Contents**

#### Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Directors of

Vinci Compass Investments Ltd.

#### Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheet of Vinci Compass Investments Ltd. and its subsidiaries (the "Company") as of December 31, 2025 and December 31, 2024, and the related consolidated statements of income, comprehensive income, changes in equity and cash flows for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and December 31, 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.

#### Basis for Opinion
These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers

Auditores Independente Ltda.

Rio de Janeiro, March 4, 2026

We have served as the Company's auditor since 2010.

------

#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Consolidated balance sheet

#### All amounts in thousands of reais unless otherwise stated

---

| | | | |
|:---|:---|:---|:---|
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note**  | **12/31/2025** | **12/31/2024** |
| **Assets** |  |  |  |
| **Current assets** |  |  |  |
| Cash and cash equivalents | 5(c) | **280091** | **223302** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and bank deposits | 5(c) | 121498 | 99156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial instruments at fair value through profit or loss | 5(c) | 153729 | 120492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial instruments at amortized cost | 5(c) | 4864 | 3654 |
| Financial instruments at fair value through profit or loss | 5(d) | 1534471 | 1531036 |
| Accounts receivable | 5(a) | 214706 | 227951 |
| Sub-leases receivable | 11 |  | 1758 |
| Taxes recoverable |  | 20010 | 22137 |
| Other assets | 7 | 70168 | 55273 |
| **Total current assets** |  | **2119446** | **2061457** |
| **Non-current assets** |  |  |  |
| Financial instruments at fair value through profit or loss | 5(d) | 151615 | 140824 |
| Financial instruments at amortized cost | 6 | 6141 | 6991 |
| Accounts receivable | 5(a) | 17518 | 15901 |
| Sub-leases receivable | 11 |  | 4081 |
| Taxes recoverable |  | 1225 | 704 |
| Deferred taxes | 21 | 47393 | 31346 |
| Other assets | 7 | 38315 | 49468 |
|  |  | **262207** | **249315** |
| Investments accounted for using the equity method | 8(b) | 65796 | 55081 |
| Judicial deposits | 24 | 43999 |  |
| Property and equipment | 9 | 74095 | 59132 |
| Right of use – Leases | 11 | 141226 | 102117 |
| Intangible assets | 10 | 1326216 | 1057949 |
| **Total non-current assets** |  | **1913539** | **1523594** |
| **Total assets** |  | **4032985** | **3585051** |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Consolidated balance sheet

#### All amounts in thousands of reais unless otherwise stated

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **12/31/2025** | **12/31/2024** |
| **Liabilities and equity** |  |  |  |
| **Current liabilities** |  |  |  |
| Trade payables |  | 13369 | 11527 |
| Leases | 11 and 5(e) | 33307 | 33303 |
| Accounts payable | 12 | 38101 | 38667 |
| Labor and social security obligations | 13 | 199422 | 182071 |
| Loans and obligations | 15 | 93862 | 45220 |
| Taxes and contributions payable | 14 | 35047 | 40855 |
| **Total current liabilities** |  | **413108** | **351643** |
| **Non-current liabilities** |  |  |  |
| Accounts payable | 12 | 6 |  |
| Leases | 11 and 5(e) | 126877 | 86152 |
| Labor and social security obligations | 13 | 9221 | 8992 |
| Loans and obligations | 15 | 872770 | 816322 |
| Deferred taxes | 21 | 4641 | 5086 |
| Provision for contingencies | 24 | 44446 |  |
| Retirement plans liabilities | 16 | 508416 | 374813 |
| **Total non-current liabilities** |  | **1566377** | **1291365** |
| **Total liabilities** |  | **1979485** | **1643008** |
| **Equity** | 17 |  |  |
| Share capital |  | 19 | 18 |
| Additional paid-in capital |  | 2236406 | 2097712 |
| Treasury shares | 17(f) | (306608) | (259773) |
| Retained earnings |  | 91974 | 30682 |
| Other comprehensive income and other reserves |  | (43013) | 73769 |
|  |  | **1978778** | **1942408** |
| Non-controlling interests | 8(c) | 74722 | (365) |
| **Total equity** |  | **2053500** | **1942043** |
| **Total liabilities and equity** |  | **4032985** | **3585051** |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Consolidated statement of income

#### Years ended December 31

#### All amounts in thousands of reais unless otherwise stated

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note**  | **2025** | **2024** | **2023** |
| **Statements of Income** |  |  |  |  |
| Net revenue from services rendered | 18 | 977403 | 600779 | 454420 |
| General and administrative expenses | 19 | (725434) | (411975) | (252264) |
| **Operating profit** |  | 251969 | 188804 | 202156 |
| Finance income | 20 | 145381 | 86871 | 121809 |
| Finance expenses | 20 | (134249) | (112225) | (54580) |
| **Finance income/(expense), net** |  | 11132 | (25354) | 67229 |
| Net profit/(loss) of investments accounted for using the equity method | 8 | (1067) | (1500) |  |
| **Profit before income taxes** |  | 262034 | 161950 | 269385 |
| Income taxes | 21 | (42740) | (45977) | (49926) |
| **Profit for the year** |  | 219294 | 115973 | 219459 |
| **Attributable to the shareholders of the parent company** |  | 217579 | 118202 | 220608 |
| **Attributable to non-controlling interests** |  | 1715 | (2229) | (1149) |
| **Basic earnings per share** | 17 (g) | **3.43** | **2.14** | **4.02** |
| **Diluted earnings per share** | 17 (g) | **3.21** | **2.08** | **3.85** |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Consolidated statement of comprehensive income

#### Years ended December 31

#### All amounts in thousands of reais unless otherwise stated

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| **Profit for the year** | **219294** | **115973** | **219459** |
| **Other comprehensive income** |  |  |  |
| Items that may be reclassified to profit or loss: |  |  |  |
| Exchange differences on translation of foreign operations | (22175) | 26498 | (2603) |
| **Total comprehensive income for the year** | **197119** | **142471** | **216856** |
| **Attributable to:** |  |  |  |
| Shareholders of the parent company | 195404 | 144700 | 218005 |
| Non-controlling interests | 1715 | (2229) | (1149) |
|  | **197119** | **142471** | **216856** |

---

The accompanying notes are an integral part of these consolidated financial statements.

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Consolidated statement of changes in equity

#### All amounts in thousands of Brazilian Reais, unless otherwise stated

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Note** | **Share<br> capital** | **Additional<br> Paid-in capital** | **Retained<br> earnings** | **Other<br> reserves** | **Treasury<br> shares** | **Total** | **Non-controlling<br> interests** | **Total<br> Equity** |
| **At December 31, 2022** |  | 15 | 1382038 | 81310 | 24149 | (114978) | 1372534 | 3013 | 1375547 |
| Profit for the year |  |  |  | 220608 |  |  | 220608 | (1149) | 219459 |
| Other comprehensive income: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange variation of investee located abroad |  |  |  |  | (2603) |  | (2603) |  | (2603) |
| Fair value option of convertible preferred shares | 17(a) |  | 34141 |  |  |  | 34141 |  | 34141 |
| Transactions costs from the issuance of preferred shares |  |  | (1958) |  |  |  | (1958) |  | (1958) |
| Share based payments |  |  | (2783) |  | 10330 | 2783 | 10330 |  | 10330 |
| Treasury shares bought, net of shares sold |  |  | (3000) |  |  | (60668) | (63668) |  | (63668) |
| Allocation of profit: |  |  |  |  |  |  |  |  |  |
| Dividends |  |  |  | (190474) |  |  | (190474) |  | (190474) |
| **At December 31, 2023** |  | **15** | **1408438** | **111444** | **31876** | **(172863)** | **1378910** | **1864** | **1380774** |
| Profit for the year |  |  |  | 118202 |  |  | 118202 | (2229) | 115973 |
| Other comprehensive income: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange variation of investee located abroad |  |  |  |  | 26498 |  | 26498 |  | 26498 |
| Issuance of shares as part of business combination | 8(a) | 3 | 692153 |  |  |  | 692156 |  | 692156 |
| Share based payments |  |  | (2735) |  | 15395 | 2735 | 15395 |  | 15395 |
| Treasury shares bought, net of shares sold |  |  | (144) |  |  | (89645) | (89789) |  | (89789) |
| Allocation of profit: |  |  |  |  |  |  |  |  |  |
| Dividends |  |  |  | (198964) |  |  | (198964) |  | (198964) |
| **At December 31, 2024** |  | **18** | **2097712** | **30682** | **73769** | **(259773)** | **1942408** | **(365)** | **1942043** |
| Profit for the year |  |  |  | 217579 |  |  | 217579 | 1715 | 219294 |
| Other comprehensive income: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange variation of investee located abroad |  |  |  |  | (22175) |  | (22175) |  | (22175) |
| Issuance of shares as part of business combination | 8(a) | 1 | 141805 |  |  |  | 141806 |  | 141806 |
| Minority interest as part of a business combitaion | 8(a) |  |  |  |  |  |  | 73372 | 73372 |
| Redemption liability assumed as part of a business combination | 15(v) |  |  |  | (62788) |  | (62788) |  | (62788) |
| Revaluation of redemption liability | 15(v) |  |  |  | (668) |  | (668) |  | (668) |
| Share based payments |  |  | (3111) |  | 23861 | 3111 | 23861 |  | 23861 |
| Treasury shares bought, net of shares sold | 17(f) |  |  |  |  | (49946) | (49946) |  | (49946) |
| Allocation of profit: |  |  |  |  |  |  |  |  |  |
| Dividends |  |  |  | (156287) | (55012) |  | (211299) |  | (211299) |
| **At December 31, 2025** |  | **19** | **2236406** | **91974** | **(43013)** | **(306608)** | **1978778** | **74722** | **2053500** |

---

The accompanying notes are an integral part of these consolidated financial statements.

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Consolidated statement of cash flows

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes | 2025 | 2024 | 2023 |
|  Cash flows from operating activities |  |  |  |  |
|  Profit before taxation |  | 262034 | 161950 | 269385 |
|  Adjustments to reconcile net income to cash flows from operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 19 | 57579 | 28701 | 19780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income and exchange variation of financial instruments at fair value through profit or loss |  | (49098) | (92056) | (97703) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net foreign exchange on liabilities at amortized cost | 15 (i) | (69513) | 136374 | (16513) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense on loans and obligations | 20 | 60763 | 61784 | 23654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain/loss on remeasurement of contingent consideration | 20 | 32258 | 19915 | 15872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net profit/(loss) of investments accounted for using the equity method | 8 (b) | 1067 | 1500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share based payments | 19 | 29912 | 22479 | 14967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial result on lease agreements | 20 | 15248 | 7757 | 9109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other adjustments |  | (610) | 1030 |  |
|  |  | 339640 | 349434 | 238551 |
|  Changes in assets and liabilities |  |  |  |  |
|  Accounts receivables |  | 17694 | (18156) | (43187) |
|  Taxes recoverable |  | 38268 | (4777) | 2152 |
|  Other assets |  | 21480 | (65690) | (20990) |
|  Trade payables |  | 2693 | (3370) | 622 |
|  Accounts payable |  | (22655) | 3648 | (1575) |
|  Labor and social security obligations |  | (25688) | 15110 | 11527 |
|  Taxes and contributions payable |  | (47674) | 815 | (780) |
|  Purchases of financial instruments related to retirements plans |  | (74535) | (293281) | (84933) |
|  Contribution for retirements plans |  | 76176 | 279771 | 82734 |
|  |  | (14241) | (85930) | (54430) |
|  Cash generated from operations |  | 325399 | 263504 | 184121 |
|  Income tax paid |  | (51438) | (53733) | (54875) |
|  Net cash inflow from operating activities |  | 273961 | 209771 | 129246 |
|  Cash flows from investing activities |  |  |  |  |
|  Acquisition of a subsidiary, net of cash acquired | 8 | 2243 | (223068) |  |
|  Purchases of property and equipment and additions to intangible assets |  | (39929) | (19317) | (36738) |
|  Purchase and sales of financial instruments at amortized cost |  |  | 13648 |  |
|  Purchase of financial instruments at fair value through profit or loss |  | (316346) | (347264) | (196079) |
|  Sales of financial instruments at fair value through profit or loss |  | 467336 | 357006 | 455781 |
|  Dividends received from joint ventures investments | 8 (b) | 3415 |  |  |
|  Capital increase in joint ventures | 8 (b) | (17744) | (13140) |  |
|  Net cash (outflow) from investing activities |  | 98975 | (232135) | 222964 |
|  Cash flows from financing activities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest payments of loans and obligations | 15 | (52640) | (47934) | (11975) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal payments of loans and obligations | 15 | (27700) | (69168) | (8889) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury shares acquisition paid, net of treasury shares sold | 17 (e) | (51101) | (90288) | (62769) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease payments, net of sublease received |  | (31732) | (18604) | (23044) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from loans and obligations | 15 | 49207 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance of convertible preferred shares | 17 (f) |  |  | 471835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid | 17 (d) | (209769) | (203236) | (190138) |
|  Net cash (outflow) from financing activities |  | (323735) | (429230) | 175020 |
|  Net increase in cash and cash equivalents |  | 49201 | (451594) | 527230 |
|  Cash and cash equivalents at the beginning of the year | 5 (c) | 223302 | 660305 | 136581 |
|  Foreign exchange variation of cash and cash equivalents in subsidiary |  | 7588 | 14591 | (3506) |
|  Cash and cash equivalents at the end of the year | 5 (c) | 280091 | 223302 | 660305 |

---

Non-cash financing activities

Dividends declared and not yet paid until December 31, 2025 and 2024 were R$2,560 (Note 12) and R$3,791, respectively.

Issuance of shares related to the business combination were R$833,962 (2024: R$692,156) (Note 8 (a)).

Consideration payable, contingent consideration (earn-out) and redemption liability as of December 31, 2025 and 2024 were 242,433 and 210,666 (Note 15), respectively. Vinci expects to pay part of the contingent consideration through its equity instruments. However, accordingly to IAS 32, the earn-out obligation was classified as a financial liability.

The accompanying notes are an integral part of these consolidated financial statements.

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated

---

| | |
|:---|:---|
| **1** | **Operations**  |

---

Vinci Compass Investments Ltd., formerly known as Vinci Partners Investments Ltd., is an exempted entity incorporated in the Cayman Islands (referred to herein as "Entity", "Group" or "Vinci Compass"). On July 9, 2025, Vinci Partners Investments Ltd. changes its name to Vinci Compass Investments Ltd. The Group started its activities in September 2009. Its objective is to hold investments in the capital of other companies as partner (shareholder). The investees are specialized in rendering alternative investment management, asset allocation, corporate advisory services, distribution services and retirement services.

The registered office of the Entity is at Harneys Fiduciary (Cayman) Limited, 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands.

On March 07, 2024, Vinci Compass announced an agreement for a business combination with Compass and on October 29, 2024, the transaction was completed, creating a full-service Latin American alternative asset manager with more than US$50 billion in assets under management. Please see note 7(a) further detail regarding the transaction.

On October 06, 2025, Vinci Compass announced an agreement for a business combination with Verde, one of Brazil's leading multi-strategy asset managers with a widely recognized brand. On December 01, 2025, the transaction was completed. Please see note 8(a) in further detail regarding the transaction.

#### Tax Reform on Consumption
In Brazil, on December 20, 2023, Constitutional Amendment No. 132 ("CA 132/2023") was promulgated, establishing the consumption tax reform ("Reform"). The Reform adopts a dual VAT model split between two jurisdictions: a federal tax (the Contribuição sobre Bens e Serviços—CBS), which will replace PIS and COFINS, and a subnational tax (the Imposto sobre Bens e Serviços—IBS), which will replace ICMS and ISS. A Selective Tax (IS), under federal jurisdiction, was also created to be levied on the production, extraction, commercialization, or importation of goods and services harmful to health and the environment, as set forth in complementary law.

There will be a transition period from 2026 to 2032, during which the old and new tax systems will coexist. The full impact of the Reform on the calculation of the above-mentioned taxes from the start of the transition period will only be fully known upon completion of the regulation of the outstanding topics by complementary law. Accordingly, there is no impact from the Reform on the financial statements as of December 31, 2025.

---

| | |
|:---|:---|
| **2** | **Summary of significant accounting policies**  |

---

**2.1** **Basis of preparation and presentation** 

The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards").

The consolidated financial statements have been prepared on a historical cost basis, except for the financial instruments assets that have been measured at fair value, the contingent considerations and the redemption liability related to the business combination.

The consolidated financial statements are presented in Brazilian reais ("R$"), and all amounts disclosed in the financial statements and notes have been rounded off to the nearest thousand currency units unless otherwise stated.

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated

#### New and revised accounting standards
In August 2023, the IASB amended IAS 21 to add requirements to help entities to determine whether a currency is exchangeable into another currency, and the spot exchange rate to use where it is not. Prior to these amendments, IAS 21set out the exchange rate to use when exchangeability is temporarily lacking, but not what to do when lack of exchange ability is not temporary. These new requirements apply for annual reporting periods beginning on or after 1January 2025.

Vinci Compass determined that the amendments did not have a material impact on the group's consolidated financial statements.

#### New standards and interpretations not yet adopted
The IASB made the following improvements:

IFRS 1, 'First-time Adoption of International Financial Reporting' – to improve consistency between IFRS 1 and IFRS9, 'Financial Instruments', in relation to the requirements for hedge accounting, and to improve the understandability of IFRS 1;

IFRS 7, 'Financial Instruments: Disclosures' – to improve consistency in the language used in IFRS 7 with the language used in IFRS 13, 'Fair Value Measurement';

IFRS 9 – to clarify how a lessee accounts for the derecognition of a lease liability when it is extinguished, and to address an inconsistency between IFRS 9 and IFRS 15, 'Revenue from Contracts with Customers', in relation to the term 'transaction price';

IFRS 10, 'Consolidated Financial Statements' – to clarify the requirements in relation to determining de facto agents of an entity; and

IAS 7, 'Statement of Cash Flows' – to replace the term 'cost method' with 'at cost', since the term is no longer defined in IFRS Accounting Standards.

Vinci Compass determined that the amendments are not expected to materially impact on the group's consolidated financial statements.

Amendments to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments: clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system and add further guidance for assessing whether a financial asset meets the sole payments of principal and interest criterion. New disclosures for certain instruments with contractual terms that can change cash flow and update the disclosures for equity instruments designated at fair value through other comprehensive income. Other amendments to IFRS 9 and IFRS 7, IASB have made targeted amendments about Nature-dependent electricity contracts help companies to secure their electricity supply from sources such as wind and solar power.

Effective for annual periods beginning on or after 1 January 2026.

The Group does not expect these amendments to have a material impact on its operations or financial statements.

IFRS 18 - Will replace IAS 1 Presentation of financial statements, introducing new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users.

The line items presented on the primary financial statements might change because of the application of the concept of 'useful structured summary' and the enhanced principles on aggregation and disaggregation. In addition, since goodwill will be required to be separately presented in the statement of financial position, the group will disaggregate goodwill and other intangible assets and present them separately in the statement of financial position. The Group is assessing the potential impacts of this amendment to determine whether it could have any material effect on its operations or financial statements.

The group will apply the new standard from its mandatory effective date of 1 January 2027. Retrospective application is required, and so the comparative information for the financial year ending 31 December 2026 will be restated in accordance with IFRS 18.

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
IFRS 19 - Issued in May 2024, IFRS 19 allows for certain eligible subsidiaries of parent entities that report under IFRS Accounting Standards to apply reduced disclosure requirements. Effective for annual periods beginning on or after 1 January 2027.

The IASB has issued amendments to IAS 21 addressing the translation of financial statements into a hyperinflationary presentation currency. The amendments apply to entities whose presentation currency is that of a hyperinflationary economy and whose own functional currency, or that of their foreign operations, is the currency of a non-hyperinflationary economy. Under the revised guidance, all amounts, including comparative information, must be translated using the closing rate at the date of the most recent statement of financial position. An exception permits entities whose functional and presentation currency are both hyperinflationary to avoid re-translating comparatives of foreign operations with a non-hyperinflationary functional currency. The amendments are effective for annual reporting periods beginning on or after January 1, 2027, with earlier application permitted. The Company has assessed the amendments and concluded that their adoption is not expected to have a material impact on its financial statements or operations.

The issuance of these consolidated financial statements was authorized by the Entity's management on March 4, 2026.

**(a)** **Consolidated financial statements** 

Vinci Compass operates as an asset management firm. The Group focuses on private equity, real assets, credit, equities, corporate advisory and investment products and solutions, which comprise the main activity of the Group.

The Group controls an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity.

Also, the Entity holds interest in subsidiaries whose main purpose and activities are providing services that relate to the Entity's activities. Therefore, the Entity consolidates these subsidiaries.

Ownership interest in subsidiaries on December 31, 2025 and 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | **Interest - %** | **Interest - %** |
|  | **12/31/2025** | **12/31/2024** |
| **Subsidiaries** |  |  |
| Vinci Partners Investimentos Ltda. | 100 | 100 |
| Vinci Assessoria Financeira Ltda. (1) | 100 | 100 |
| Vinci Equities Gestora de Recursos Ltda. (1) | 100 | 100 |
| Vinci Gestora de Recursos Ltda. (1) | 100 | 100 |
| Vinci Capital Gestora de Recursos Ltda. (1) | 100 | 100 |
| Vinci Soluções de Investimentos Ltda. | 100 | 100 |
| Vinci Real Estate Gestora de Recursos Ltda. (1) | 100 | 100 |
| Vinci Capital Partners GP Limited. | 100 | 100 |
| Vinci Partners USA LLC | 100 | 100 |
| Vinci GGN Gestão de Recursos Ltda. (1) | 100 | 100 |
| Vinci Infraestrutura Gestora de Recursos Ltda. | 100 | 100 |
| Vinci Capital Partners Fund III GP Limited | 100 | 100 |
| GGN GP LLC | 100 | 100 |
| Vinci APM Ltda. (1) | 100 | 100 |
| Vinci Monalisa FIM Crédito Privado IE (2) | 100 | 100 |
| Vinci Asset Allocation Ltda. | 75 | 75 |
| VICC Infra GP LLC | 100 | 100 |

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated

---

| | | |
|:---|:---|:---|
| Vinci Capital Partners IV GP LLC | 100 | 100.0 |
| Vinci Holding Securitária Ltda. | 90 | 85.0 |
| Vinci Vida e Previdência S.A. (3) | 90 | 85.0 |
| Vinci SPS Capital Gestão de Recursos Ltda. (4) | 100 | 100.0 |
| VICC Infra GP (Lux), S.A.R.L. | 100 | 100.0 |
| VINCI US RE Corporation (5) | 98 | 98.0 |
| MAV Capital Gestora de Recursos SS Ltda. (6) | 100 | 100.0 |
| ICML Gestão de Negócios e Participações SS Ltda. (6) | 100 | 100.0 |
| Lacan Administração de Bens e Participações Ltda. (7) | 100 | 100.0 |
| Lacan Investimentos e Participações Ltda. (7) | 100 | 100.0 |
| SPS IV GP LLC | 100 | 100.0 |
| MNC Holdings Limited (8) | 100 | 100.0 |
| Investis Asset Management S.A. (8) | 100 | 100.0 |
| Compass Group S.A. (8) | 100 | 100.0 |
| Vinci CG Gestora de Recursos Ltda (8) | 100 | 100.0 |
| Compass Investments Brazil LLC (8) | 100 | 100.0 |
| Vinci Compass Chile SpA (8) | 100 | 100.0 |
| Vinci Compass Inversiones SpA (8) | 100 | 100.0 |
| Compass Group Chile S.A. Administradora General De Fondos (8) | 100 | 100.0 |
| VC Servicios Financieros SpA (8) | 100 | 100.0 |
| Compass Group S.A. Asesores de Inversion (8) | 100 | 100.0 |
| VC Asesorias e Inversiones SpA (8) | 100 | 100.0 |
| VC Distribución Institucional SpA (8) | 100 | 100.0 |
| Compass Group Chile Spa (8) | 100 | 100.0 |
| Compass Group SA Comisionista de Bolsa (8) | 100 | 100.0 |
| VC Asesores De Inversión Colombia S.A.S (8) | 100 | 100.0 |
| Compass Investmenst De Mexico S. A. de C. V. Sociedad Operadora de Fondos de Inversion (8) | 100 | 100.0 |
| Compass Investmenst Corporativo S.A. de C.V. (8) | 100 | 100.0 |
| CDI Sociedad Administradora de Proyectos S.A. De C.V (8) | 100 | 100.0 |
| MB Property Management Mexico S de RL De C.V. (8) | 100 | 100.0 |
| CDI Sociedad Desarrolladora de Proyectos S.A. de C.V. (8) |  | 100.0 |
| Compass Group Holding S.A.P.I de C.V. (8) | 100 | 100.0 |
| Compass Servicios Operativos S de RL de C.V. (8) | 100 | 100.0 |
| Compass Desarrollo Inmobiliario S.A. de C.V. (8) | 100 | 100.0 |
| Compass Latin America Investments LLC (Delaware) (8) | 100 | 100.0 |
| Compass Capital Consultants S.A.C. (8) | 100 | 100.0 |
| Compass Peru S.A. (8) | 100 | 100.0 |
| Compass Group S.A.F. S.A. (8) | 100 | 100.0 |
| Compass Group Global Advisors S.A. (8) | 100 | 100.0 |
| Compass Group Uruguay Investment Advisors S.A. (8) | 100 | 100.0 |
| Bunara S.A. (8) | 100 | 100.0 |
| Cipresi S.A. (8) | 100 | 100.0 |
| CG Global Services S.A. (8) | 100 | 100.0 |
| Compass Group LLC Establecimiento Permanente en Chile (8) | 100 | 100.0 |
| Compass Group LLC (8) | 100 | 100.0 |
| CG Compass (USA) LLC (8) | 100 | 100.0 |
| Compass Group Holdings Inc (8) | 100 | 100.0 |
| Compass Group Investments Solutions LLC (8) | 100 | 100.0 |
| Compass Group Asset Management Holdings S.L.U. (8) | 100 | 100.0 |
| CDI Mexican Investments Ltd (8) |  | 100.0 |
| Compass Group GP S.à r.l. (Compass GP Luxemburgo) (8) | 100 | 100.0 |
| Inversiones La Esmeralda SpA (8) | 100 | 100.0 |
| Compass GSO COF IV Solutions GP Ltd (8) | 100 | 100.0 |
| Compass BXLS V Solutions GP (8) | 100 | 100.0 |
| Compass SP Solutions GP (8) | 100 | 100.0 |
| Compass LCP X Solutions GP (8) | 100 | 100.0 |

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated

---

| | | |
|:---|:---|:---|
| Compass Secondaries Solutions (8) | 100.0 | 100 |
| Compass Capital (Cayman) (8) | 100.0 | 100 |
| Compass BCP Asia II Solutions (8) | 100.0 | 100 |
| Verde Empreendimentos e Participações S.A. (9) | 50.0 |  |
| Verde Asset Agro e Imobiliário Ltda. (9) | 35.0 |  |
| Verde Asset Management S.A. (9) | 50.0 |  |
| Verde Serviços Internacionais S.A. (9) | 50.0 |  |
| VC Holding LATAM S.A.S. | 100.0 |  |
| MNVC UK Ltd. | 100.0 |  |
| AGILIZANDO TUS FINANZAS, S.A.P.I. de C.V., SOFOM, E.N.R. | 100.0 |  |
| Vinci Lacan IV GP, LLC | 100.0 |  |
| VISA GP, LLC | 100.0 |  |
| VIR V GP, LLC | 100.0 |  |

---

(1) Minority interest represents less than 0.001%.

(2) Under the terms of IFRS 10, the Entity classifies Vinci Monalisa FIM Crédito Privado IE as an investment entity. Accordingly, the Entity does not consolidate its investment and measures at fair value through profit or loss in accordance with IFRS 9.

(3) Vinci Compass has an indirect interest at Vinci Vida e Previdência of 85% through its subsidiary Vinci Holding Securitária Ltda., which holds 100% of ownership interest at Vinci Vida e Previdência.

(4) On 16 August 2022, Vinci Soluções de Investimentos Ltda. acquired 90% of the issued share capital of SPS Capital Gestão de Recursos Ltda. The acquisition gives to Vinci Soluções de Investimentos the right of 100% on the economic interest of SPS Gestão de Recursos Ltda.

(5) Under the terms of IFRS 10, the Entity classifies Vinci US RE Corporation as an investment entity. Accordingly, the Entity does not consolidate its investment and measures at fair value through profit or loss in accordance with IFRS 9.

(6) On 29 June 2024, Vinci Gestora Recursos Ltda. acquired 30% of the issued share capital of MAV Capital Gestora de Recursos Ltda. and 100% of the issued share capital of ICML Gestão de Negócios e Participações SS Ltda. Vinci Compass has direct and indirect interest on MAV Capital Gestora de Recursos SS Ltda. Vinci Compass has indirect interest through its ownership interest on ICML Gestão de Negócios e Participações SS Ltda., which holds 70% of ownership interest at MAV.

(7) Subsidiaries consolidated after Lacan business combination. Please see note 8(a)(iii) for further details of the transaction.

(8) Subsidiaries consolidated after Compass business combination. Please see note 8(a)(ii) for further details of the transaction.

(9) Subsidiaries consolidated after Verde business combination. Please see note 8(a)(iv) for further details of the transaction.

Subsidiaries are all entities (including structured entities) over which the Group has control. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

Inter-company transactions, balances and unrealized gains on transactions between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated balance sheet respectively.

The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognized in another reserve within equity attributable to owners of Entity.

When the Group ceases to consolidate an investment or account for it under equity method because of a loss of control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognized in profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss.

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
**2.2** **Segment reporting** 

Under the supervision of the Board of Directors, the CEO is responsible for the decision-making process related to executive themes, resources allocation and strategic decisions of Vinci Compass.

The strategic decisions of the Group comprise six distinct business segments: (i) Private Equity, (ii) Equities, (iii) Real Assets; (iv) Credit; (v) Global IP&S; and (vi) Corporate Advisory (see Note 23). Strategies were sorted out within business segments following technical and strategic similarities among funds' attributes, such as management and performance fee structures, liquidity constraints, targeted returns and investor profile.

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
**2.3** **Foreign currency translation** 

#### Functional and presentation currency
Items included in the financial statements are measured using the currency of the primary economic environment in which the entity operates (the "functional currency"). The financial statements are presented in thousands of Brazilian reais, which comprises the main operations of the Group and is the Entity's functional currency and its presentation currency. All amounts disclosed in the financial statements and notes have been rounded off to the nearest thousand currency units unless otherwise stated.

#### Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates, are recognized in profit or loss.

#### Group companies
The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

• assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet;

• income and expenses for each statement of profit or loss and statement of comprehensive income are translated at exchange rates at the dates of the transaction (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the monthly average rates), and

• all resulting exchange differences are recognized in other comprehensive income.

#### Argentina accounting information adjusted for inflation according to hyperinflationary economy
IAS 29 "Financial Information in Hyperinflationary Economies", requires the expression of financial statements in terms of the current unit of measurement at the closing date of the reporting period, in the cases in which they occur, certain characteristics in the economic environment of the country. In general terms, the inflation produced from the date of suspension of the remeasurement due to inflation or from the date of acquisition or revaluation must be computed in non-monetary items, whichever is earlier, as the case may be in order to conclude on the existence of a hyperinflationary economy. The norm details a series of factors to be considered, including an accumulated inflation rate in three years that approaches or exceeds 100%.

The adjustment is restated based on the last date on which an Argentinian entity adjusted its financial statements to reflect the effects of inflation. In general terms the inflation produced from the date of acquisition or incorporation of the entity's equity, or from the date of revaluation of the asset, as appropriate, is computed in the balances of nonmonetary assets and liabilities.

The financial statements prepared for Argentine entities have been restated to consider changes in the general purchasing power of the functional currency in accordance with IAS 29 "Financial information in hyperinflationary economies", the index series that will be used is the result of combining the National Consumer Price Index (IPC) published by the INDEC (base month: December 2016) with the IPIM published by the Argentine Federation of Professional Councils of Economic Sciences (FACPCE). The complete series of the index will be elaborated and published monthly by the FACPCE once. The monthly variation of the National IPC by the INDEC becomes public knowledge. The special financial statements, before remeasurement, have been prepared on the historical cost basis.

The annual movement in the general price index for the year ended on December 31, 2025, was 31.50% (117.76% in 2024).

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
Assets and liabilities have been valued based on the cost initially disbursed for acquisition or commitment undertaken respectively in Argentine pesos converted to Brazilian reais at the exchange rate prevailing at year end and net realizable value in cases Brazilian reais was lower.

Monetary results for the year:

The monetary result for the year corresponds to the effect of holding monetary assets and liabilities included in the financial statements, relative to historical figures.

The financial statements in Argentina companies are adjusted or restated for the effects of price changes before being converted to Brazilian reais. Inflation adjustments are made following the provisions of international accounting standard 29 "Financial information in hyperinflationary economies". The Group's accounting policy for recording operations in hyperinflationary economies consists of recording in Translation differences both the revaluation of non-monetary items and the translation differences generated by converting the restated financial statements of the subsidiaries in these countries into Brazilian Reais. The amounts included in translation differences are as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024 (\*)** |
| Loss/Gain on the monetary position | 1020 | (136) |
| Foreign currency translation adjustment | (78) | (74) |
|  | **942** | **(210)** |

---

---

| | |
|:---|:---|
| (\*) | The amounts included in Translation differences since the Compass Business Combination (October 27, 2024) until December 31, 2024.  |

---

**2.4** **Cash and cash equivalents** 

For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, bank deposits held with financial institutions, other short-term, highly liquid investments with original maturities of three months or less, that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

**2.5** **Financial assets** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Classification

The Group classifies its financial assets in the following measurement categories:

• those to be measured subsequently at fair value (either through OCI or through profit or loss), and

• those to be measured at amortized cost.

The classification depends on the Entity's business model for managing the financial assets and the contractual terms of the cash flows.

For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI). Vinci Compass has no financial assets classified as FVOCI as of December 31, 2025, and 2024.

The Group classifies debt investments when and only when its business model for managing those assets changes.

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Recognition and derecognition

Regular way purchases and sales of financial assets are recognized on trade date, being the date on which the Group commits to purchase or sell the assets. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Measurement

At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Impairment

The group assesses on a forward-looking basis the expected credit loss associated with its debt instruments carried at amortized cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For accounts receivables, the group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the receivables.

**2.6** **Accounts receivable** 

Receivables are amounts mainly due to corporate advisory services, investment fund management services rendered in the ordinary course of Group's business, as well as commissions and upfront fees charged to international managers. Except for certain long-term advisory fees, administration fees contingent upon the realization of invested fund assets and unrealized performance fee, collection is expected in less than one year; therefore, they are classified as current assets.

Accounts receivables are recognized initially at the amount of consideration that is unconditional, unless they contain significant financing components when they are recognized at fair value. They are subsequently measured at amortized cost using the effective interest method, less allowance for expected credit losses. See note 5 for further information about the Group's accounting for accounts receivable.

The Group uses a provision matrix to calculate expected credit losses, for accounts receivables When applicable, the Group calibrates the matrix to adjust the historical credit loss experience with forward-looking information. The assessment of the correlation between historically observed default rates, forecast economic conditions and expected credit losses is a significant estimate. The amount of expected credit losses is sensitive to changes in circumstances and of forecast economic conditions. Our historical credit loss experience and forecast of economic conditions may also not be representative of customer's actual default in the future. The information about the expected credit losses on our accounts receivable and contract assets is disclosed in note 5.

**2.7** **Intangible assets** 

#### Goodwill
Goodwill is measured as described in note 2.16. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortized but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired and is carried at costless accumulated impairment losses.

Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored for internal management purposes.

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated

#### Management Contracts and Customers relationships
Management contracts and Customers relationships acquired in a business combination are recognized at fair value at the acquisition date. They may have a finite or undefined useful life and are subsequently carried at cost less accumulated amortization and impairment losses. Refer to note 9(d) for further details.

#### Placement Agent
Placement Agent comprises costs incurred by Vinci Compass in connection to agreements with investments placement agents, relating to funds raised from investors in funds managed by the Group.

These amounts are amortized based on the estimated duration of the related funds. When a Fund has an undefined useful life (Perpetual funds), Placement agent costs are amortized within 10 years. In case of an early liquidation of the funds, the amortization period is adjusted, or if there is an indication of impairment, an impairment evaluation is performed and recognized, if necessary.

Placement Agent costs will generate future economic benefits to Vinci Compass through the Funds managed by the Group.

#### Computer software
Computer software licenses purchased are capitalized on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortized over their estimated useful lives of five years.

Costs associated with maintaining computer software programs are recognized as an expense as incurred.

Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognized as intangible assets when the following criteria are met:

• It is technically feasible to complete the software product so that it will be available for use.

• Management intends to complete the software product and use or sell it.

• There is an ability to use or sell software products.

• It can be demonstrated how the software product will generate probable future economic benefits.

• Adequate technical, financial and other resources to complete the development and to use or sell the software product are available.

• The expenditure attributable to the software product during its development can be reliably measured.

Directly attributable costs that are capitalized as part of the software product include the software development employee costs and an appropriate portion of applicable overheads.

Capitalized development costs are recorded as intangible assets and amortized from the point at which the asset is ready for use. Refer to note 9 for details about amortization methods and periods used by the Group for intangible assets.

Other development expenditures that do not meet these criteria are recognized as an expense as incurred.

Development costs previously recorded as an expense are not recognized as an asset in a subsequent period.

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
Intangible assets with definite life are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use.

During the years ended December 31, 2025, and 2024 management do not identify any event that could impact the recoverable value of the intangible assets.

**2.8** **Property and equipment** 

Property and equipment are stated at cost, less depreciation calculated on the straight-line method, based on the estimated economic useful lives of the assets, using the following annual rates: furniture and fixtures, telephony equipment and facilities have a useful life of 10 years; IT equipment has a useful life 5 years; building has a useful life of 50 years.

The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount.

Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in profit or loss. When revalued assets are sold, it is Group policy to transfer any amounts included in other reserves in respect of those assets to retained earnings.

**2.9** **Leases** 

The Group leases various offices. Rental contracts are typically made for fixed periods of 5 years to 10 years but may have extension options.

Extension and termination options are included in a number of property leases across the Group. These are used to maximize operational flexibility in terms of managing the assets used in the Group's operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.

In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).

The following factors are normally the most relevant:

• If there are significant penalties to terminate (or not extend), the Group is typically reasonably certain to extend (or not terminate).

• If any leasehold improvements are expected to have a significant remaining value, the Group is typically reasonably certain to extend (or not terminate).

• Otherwise, the Group considers other factors including historical lease durations and the costs and business disruption required to replace the leased asset.

Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. However, for leases of real estate for which the Group is a lessee, it has elected not to separate lease and non-lease components and instead accounts for these as a single lease component. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes.

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
**2.10** **Accounts payables** 

These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognized initially at their fair value and subsequently measured at amortized cost using the effective interest method.

**2.11** **Provisions** 

Provisions for legal claims are recognized when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognized even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Provisions are measured at the present value of the expenditure expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognized as interest expense.

**2.12** **Profit-sharing and bonus plans** 

The Group recognizes a liability and an expense for bonuses and profit-sharing based on a formula that takes into consideration the profit attributable to the company's shareholders after certain adjustments. The Group recognizes a provision where contractually obliged or where there is a past practice that has created a constructive obligation. The provision is recognized in labor and social security obligations and the related expense in general and administrative expense.

**2.13** **Income taxes** 

The income tax and social contribution expenses for the year comprise current taxes. Taxes on income are recognized in the statement of income.

The current income tax and social contribution are calculated on the basis of the tax laws enacted by the balance sheet date. Management periodically evaluates positions taken by the Entity in income tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

The Entity recognizes liabilities for situations where it is probable that additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact on the current and deferred tax assets and liabilities in the period in which such determination is made.

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses.

Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and tax bases of investments in foreign operations where the company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.

Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.

#### Brazilian tax regime
As permitted by tax legislation, certain of the Entity's investees opted for the deemed profit regime, according to which the income tax calculation basis is 32% of revenues from service rendering and 100% of finance income, on which regular rates of 15% are levied, plus an additional 10% for income tax over a certain limit and 9% for social contribution. The Entity opted for the actual taxable profit regime. The entities that opted for the deemed profit regime evaluate their income tax and social contribution expenses based on the services revenue and realized investment income recognized on monthly basis.

**2.14** **Capital** 

Ordinary shares are classified as equity.

Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Dividends

Provision is made for the amount of any dividend declared, being appropriately authorized and no longer at the discretion of the entity, on or before the end of the reporting period but not distributed at the end of the reporting period.

Earnings per share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Basic earnings per share

Basic earnings per share is calculated by dividing:

• the profit attributable to owners of the Entity;

• by the weighted average number of shares outstanding during the financial year, adjusted for bonus elements in shares issued during the year and excluding treasury shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account:

• the after-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and;

• the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all potential dilutive ordinary shares.

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
**2.15** **Revenue recognition** 

According to IFRS 15, revenue is recognized when the performance obligation is satisfied. Revenue comprises the fair value of the consideration received or receivable for corporate advisory and investment fund management services rendered in the ordinary course of the Group's activities. Revenue is shown net of taxes, returns, rebates and discounts.

Management fees and performance fees are accounted for as contracts with customers. Under the guidance for contracts with customers, an Entity is required to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. See Note 23 "Segment Reporting" for a disaggregated presentation of revenues from contracts with customers, as follows:

**(a)** **Management fees** 

Management fees are recognized in the period when the corresponding services are rendered, which generally consist of a percentage on the net asset value of each investment fund being managed. These customer contracts require Vinci Compass to provide investment management services, which represents a performance obligation that the Group satisfies over time. Management fee percentages currently range between 0.02% and 4.00% (2024: between 0.02% and 4.00%).

Management fees also include commissions charged to international managers for the relationship that Vinci Compass maintains with institutional clients. Commissions fees related to liquid funds are accrued monthly and collected quarterly, based on the referred assets under management and the agreed commission rate with the international managers.

**(b)** **Performance fees** 

Brazilian regulation set forth certain minimum criteria for the performance fee structures of fund managed by Vinci Compass, as described below:

• Performance fee must be assessed based on a verifiable index, the benchmark, obtained from an independent source, and compatible with the corresponding fund investment policy.

• Performance fee may not be calculated at a percentage lower than 100.0% of the index.

• The performance fee cannot be charged in a period less than 6 months (except for private asset funds).

• The performance fee shall be calculated based on net asset value, including management fees and all other expenses and may consider any distribution for shareholders in the calculation.

As a multi-asset-class asset management firm, Vinci Compass manages a number of funds with different performance fee structures that may be classified in three main categories: (1) liquid funds, (2) closed-ended funds focused on value generation, , (3) closed-ended funds focused on income generation and (4) portfolio management.

For liquid funds such as equity funds, credit funds and hedge funds, we charge performance fees usually every semester based on the performance of the fund above the benchmark or when the customer makes a redemption and a performance fee is due. For hedge funds and credit funds, performance fees are generally benchmarked to the Interbank Deposit Certificate index, or CDI, and for inflation-indexed funds, performance fees are generally indexed to the Amplified Consumer Price Index, or IPCA, plus a fixed real interest rate or a market index such as the Market Index Sub-Index B from the Brazilian Financial and Capital Markets Association, or IMA-B. For equity funds, the benchmark varies according to the strategy. For our "long only" and "long-biased" strategies, performance fees are assessed mainly to the IBOVESPA index. Other funds and strategies can be addressed to other index, as for example, IDIV index, SMLL index and Brazil ETF Index.

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
For closed-ended funds focused on value generation, such as the private equity and infrastructure funds, we follow a European-style waterfall structure and the threshold and carry are different between the Brazilian funds and the foreign investor funds. For the Brazilian funds we use a threshold generally indexed to IPCA plus an interest rate, which can vary from 6% to 8%. For the foreign investor funds, the threshold is an 8% return in U.S. dollars and the carried interest is on excess return over the capital contribution.

For the closed-ended funds focused on income such as real estate funds, we charge a performance fee every semester over the excess return between the amount distributed to investors and the benchmark of the relevant fund, which can vary according to the fund strategy.

Certain discretionary portfolio management clients are charged performance fees in addition to the annual management fee. Such fees are generally calculated as a percentage (e.g., 10% or 15%) of the excess return over a contractually defined benchmark corresponding to the client's investment strategy. The performance fee is determined annually, based on the portfolio's average assets under management (AUM) during the year, and is calculated within the first five business days of the subsequent year. No performance fee is charged when the portfolio generates a negative return, even if it outperforms the benchmark.

The performance revenue is determined and recorded at the end of the reporting period and is not subject to clawback once paid.

The Entity recognizes the performance revenue according to IFRS 15. Unrealized performance fees are recognized only when is highly probable that the revenue will not be reversed in the income statement.

**(c)** **Advisory fees** 

Advisory fees are related to the (1) service provided by the Group mainly on the support of mergers and acquisitions transactions. Substantially, the fees are recognized when the transaction is concluded, based on success fees, and (2) Up-front fees charged to international managers for the relationship that Vinci Compass maintains with institutional clients, usually charged when the Funds are closed and based on the total commitments signed by clients referred by the Group.

**2.16** **Business Combinations** 

Business combinations are accounted for using the acquisition method of accounting. The acquisition date is the date on which the Group effectively obtains control of the acquiree. The purchase consideration of the acquisition of a subsidiary as of its relevant acquisition date, comprises of fair values of the assets transferred, liabilities incurred to the former owners of the acquired business, and fair value of any assets or liability resulting from a contingent consideration arrangement.

The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. The excess of the consideration transferred, the amount of any non-controlling interest in the acquired entity, and the identifiable net assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognized directly in profit or loss as a bargain purchase.

Any goodwill that arises is tested annually for impairment. Measurement period adjustments are adjustments that arise from additional information obtained during the 'measurement period'(shall not exceed one year from the acquisition date) about facts and circumstances which existed at the acquisition date.

Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured, and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognized in profit or loss.

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
**2.17** **Loans and obligations** 

Loans and obligations are initially recognized at fair value, net transaction costs incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method.

Convertible preferred shares, which are redeemable on a specific date, are classified as liabilities. The dividends on these preference shares are recognized in profit or loss as finance expenses.

The fair value of the liability portion of a convertible preferred share is determined using a market interest rate for an equivalent non-convertible financial instrument. This amount is recorded as a liability on an amortized cost basis until extinguished on conversion or maturity of the instrument. The remainder of the proceeds is allocated to the conversion option. This is recognized and included in shareholders' equity.

Redemption liability is initially recognized at fair value. It is recorded in the equity attributable to the parent. Subsequent remeasurements of this obligation is recognized directly in equity, as it represents transactions with non-controlling shareholders.

**2.18** **Investments accounted for using the equity method** 

Investments are comprised of associates and joint ventures, accounted for using the equity method of accounting. Associates are all entities over which the group has significant influence but not control or joint control. This is generally the case where the group holds between 20% and 50% of the voting rights. Interests in joint ventures are accounted for using the equity method, after initially being recognized at cost in the consolidated statement of financial position.

Under the equity method of accounting, the investments are initially recognized at cost and adjusted thereafter to recognize the group's share of the post-acquisition profits or losses of the investee in profit or loss, and the group's share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the investment.

The carrying amount of equity-accounted investments is tested for impairment, at least, annually.

**2.19** **Non-controlling interest** 

Non-controlling interests ("NCI") represent the equity in subsidiaries not attributable, directly or indirectly, to the Group.

Non-controlling interests are presented within equity in the consolidated statement of financial position, separately from the equity attributable to the owners of the Group. Profit or loss and each component of other comprehensive income are attributed to the owners of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance.

Changes in the Group's ownership interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.

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| | |
|:---|:---|
| **3** | **Accounting estimates and judgments**  |

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The Entity makes estimates and assumptions concerning the future, based on historical experience and other factors, including expectations of future events. The resulting accounting estimates will, by definition, seldom equal the related actual results.

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
The main estimations and assumptions made by the Entity are included as follows:

• Allowance of expected credit losses of accounts receivable.

• Provision for profit sharing.

• Consolidation of subsidiaries.

• Fair value measurement of financial assets.

• Fair value measurement of retirement plans liabilities.

• Provision for contingent liabilities.

• Impairment for goodwill and other intangible assets.

• Fair value measurement of contingent consideration.

• Fair value of share-based payments.

• Financial evaluation of compound instruments.

• Estimated useful lives for fixed and intangible assets.

• Purchase price allocation on business combinations.

• Estimative and assumptions related to lease contracts, including variable considerations, evaluation of implicit interest rate and extensions options.

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| | |
|:---|:---|
| **4** | **Financial risk management**  |

---

The main risks related to the financial instruments are credit risk, market risk, and liquidity risk, as defined below. The management of such risks involves various levels in the Entity and comprehends a number of policies and strategies. The Group's risk management focuses on the unpredictability of financial markets and seeks to mitigate potential adverse impacts on the Group's financial performance.

**4.1** **Financial risk factors** 

This note explains the Group's exposure to financial risks and how these risks could affect the Group's future financial performance. Current year profit and loss information has been included where relevant to add further context.

The Group's risk management is predominantly controlled by a risk assessment department under process and controls approved by the management. The management provides written process and controls for overall risk management, as well as policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments, and investment of excess liquidity.

**(a)** **Credit risk** 

Credit risk arises from cash and cash equivalents, contractual cash flows of debt investments carried at amortized cost, at fair value through profit or loss (FVTPL), and deposits with banks and financial institutions, as well as credit exposures to wholesale and retail customers, including outstanding receivables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Risk management

As of December 31, 2025, and 2024 the expected credit losses are considered immaterial due to the short maturities of the deposits and the credit quality of the counterparties, which have investment-grade evaluated by credit agencies. The Entity has not suffered any losses from cash and cash equivalents since inception. Vinci Compass's treasury review expected credit losses on a regular basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Impairment of financial assets

The Group has the following types of financial assets that are subject to the expected credit loss model:

• Accounts receivable.

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
• Loans and receivables from employees and related parties, evaluated at amortized cost.

• Advances to projects in progress.

While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the expected impairment loss was immaterial.

**(b)** **Market risk** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Foreign exchange risk

At the reporting date, the carrying amount value of the Group's financial assets and liabilities exposed to other currencies were as follows:

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| | | |
|:---|:---|:---|
| **Balance sheet** | **12/31/2025** | **12/31/2024** |
| Cash and cash equivalents | 120834 | 96259 |
| Financial instruments at fair value through profit or loss | 214142 | 102626 |
| Accounts receivable | 40674 | 171744 |
| Taxes recoverable | 6729 | 18940 |
| Other receivables | 26848 | 25921 |
| **Current assets** | **409227** | **415490** |
| Financial instruments at fair value through profit or loss | 128720 | 120846 |
| Intangible assets | 16915 |  |
| Financial instruments at amortized cost | 11883 | 6991 |
| Other receivables |  | 1949 |
| Investments accounted for using the equity method | 61592 | 55081 |
| Deferred taxes | 14988 | 10313 |
| Lease, property and equipment | 66802 | 89130 |
| **Non - current assets** | **300900** | **284310** |
| Trade payables | 14086 | 11527 |
| Leases | 45978 | 12038 |
| Accounts payable | 997 | 6402 |
| Loans and obligations | 35459 | 7200 |
| Labor and social security obligations | 59167 | 69235 |
| Taxes and contributions payable | 9911 | 19705 |
| **Current liabilities** | **165598** | **126107** |
| Other payables | 7 | 309 |
| Loans and obligations | 561284 | 577982 |
| Lease |  | 40531 |
| Labor and secutiry obligations |  | 341 |
| Related parties | 4894 |  |
| Deferred taxes | 9884 | 496 |
| **Non - current liabilities** | **576069** | **619659** |
| **Net Equity exposed to other currencies (comprised as below)** | **(31540)** | **(45966)** |
| **Net Equity exposed to US Dollars** | **(118585)** | **(260868)** |
| **Net Equity exposed to Euros** | **2194** | **2096** |
| **Net Equity exposed to Pounds** | **1995** | **15445** |
| **Net Equity exposed to Chilean Pesos** | **43522** | **120484** |
| **Net Equity exposed to Uruguayan Pesos** | **(7846)** | **1239** |
| **Net Equity exposed to Colombian Pesos** | **5161** | **13352** |
| **Net Equity exposed to Argentine Pesos** | **(721)** | **12706** |
| **Net Equity exposed to Mexican Pesos** | **15677** | **11366** |
| **Net Equity exposed to Peruvian Sols** | **27063** | **38214** |

---

------

#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
In addition to the net assets presented in the table above, Vinci Compass Investments Ltd and Vinci Monalisa FIM Crédito Privado IE hold non—deliverable forwards contracts exposed do US Dollars in the amount of R$165,072 (US$30 million) as of December 31, 2025. Please see note 5(d)(ii) for more detail.

The aggregate net foreign exchange gains/losses recognized in profit or loss were:

---

| | | | |
|:---|:---|:---|:---|
| **Net foreign exchange result** | **12/31/2025** | **12/31/2024** | **12/31/2023** |
| Financial revenue | 10419 |  | 742 |
| Financial expense |  | (20807) | (775) |
| **Net foreign exchange result, net** | **10419** | **(20807)** | **(33)** |

---

The Group operates internationally and is exposed to foreign exchange risk.

Foreign exchange risk arises from future commercial transactions and recognized assets and liabilities denominated in a currency that is not the functional currency of the Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Interest rate risk

The Group's profit or loss is sensitive to higher/lower interest income from cash equivalents and fixed income funds as a result of changes in interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Price risk

The Group's exposure to investment securities price risk arises from investments held by the group and classified in the balance sheet at fair value through profit or loss (note 5).

To manage its price risk arising from investments in investment securities, the Group diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Group. Note 4(d) demonstrates the sensitivity analyses of impact for the assets held by the Group.

**(c)** **Liquidity risk** 

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. At the end of the reporting period the Group held bank deposits and certificates of deposits of R$280,091 (12/31/2024 – R$223,302) that are expected to readily generate cash inflows for managing liquidity risk.

Net debt reconciliation

This section sets out an analysis of net debt and the movements in net debt for each of the years presented.

---

| | | |
|:---|:---|:---|
|  | **12/31/2025** | **12/31/2024** |
| Cash and cash equivalents | 280091 | 223302 |
| Financial instruments at fair value through profit or loss (i) | 1534471 | 1531036 |
| Financial instruments at amortized cost | 6141 | 6991 |
| Judicial deposits (ii) | 43999 |  |
| Trade payables | (13369) | (11527) |
| Labor and social security obligations | (208643) | (191063) |
| Accounts payable | (38107) | (38667) |
| Lease liabilities | (160184) | (119455) |
| Convertible preferred shares | (513765) | (577982) |
| Commercial notes | (87326) | (55150) |
| Consideration payable | (6029) | (10542) |
| Banco Security | (10153) | (5647) |
| Other obligations |  | 1555 |
| Provisions for contingencies (ii) | (44446) |  |
| Retirement plans liabilities | (508416) | (374813) |
| **Net debt** | **274264** | **374928** |

---

------

#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
The contingent consideration and the redemption liability was not included in the net debt calculation. The contingent consideration and the redemption liability, subject to certain conditions, can be settled by shares held in treasury or shares to be issued by Vinci Compass.

(i) Comprised of liquid and illiquid investments. Liquid investments are current assets that are traded in an active market. Illiquid investments are comprised of assets that trade infrequently.

(ii) Judicial deposits and provisions for contingencies were included in the net debt reconciliation, as they are directly related to the same underlying legal proceedings and substantially offset each other, resulting in a immaterial net impact on reported net debt.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial liabilities** | **Financial liabilities** | **Financial liabilities** | **Financial liabilities** | **Other assets** | **Other assets** |
|  | **Payables** | **Loans and<br> obligations** | **Retirement<br> plans** | **Lease<br> liabilities** | **Cash and cash<br> equivalents** | **Financial instruments<br> at fair value through<br> profit or loss** |
| **Net debt as at** |  |  |  |  |  |  |
| **December 31, 2023** | **(114752)** | **(617092)** | **(85554)** | **(72812)** | **660305** | **1168355** |
| Cash flow and dividends provision | (126505) | 112315 | (279770) | 29406 | (512354) | 269443 |
| Fair value and monetary adjustments |  | (37998) | (9489) |  | 31955 | 93238 |
| Addition and finance expenses accrual |  | (184292) |  | (76049) |  |  |
| Foreign exchange adjustments |  | (134475) |  |  | 43396 |  |
| **December 31, 2024** | **(241257)** | **(861542)** | **(374813)** | **(119455)** | **223302** | **1531036** |
| Cash flow and dividends provision | (18862) | 75779 | (76173) | 27578 | 47952 | (80753) |
| Fair value and monetary adjustments |  | (2951) | (57430) |  | 13039 | 84188 |
| Addition and finance expenses accrual |  | (247431) |  | (68307) |  |  |
| Foreign exchange adjustments |  | 69513 |  |  | (4202) |  |
| **December 31, 2025** | **(260119)** | **(966632)** | **(508416)** | **(160184)** | **280091** | **1534471** |

---

#### Maturities of financial liabilities
Except for the retirement plans liabilities, the tables below analyze the Group's financial liabilities into relevant maturity groupings based on their contractual maturities for significant financial liabilities.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contractual maturities of <br> financial liabilities <br> at December 31, 2025** | **Less than 1 year** | **Between 1 and 3<br> years** | **Over 3 years** | **Total** | **Carrying<br> amount** |
| Trade payables | (13369) |  |  | **(13369)** | **(13369)** |
| Labor and social security obligations | (199422) | (9221) |  | **(208643)** | **(208643)** |
| Lease liabilities | (33307) | (68344) | (121243) | **(222894)** | **(160184)** |
| Accounts payable | (38107) |  |  | **(38107)** | **(38107)** |
| Loans and obligations | (93862) | (200618) | (1073934) | **(1368414)** | **(966632)** |
| **Total** | **(378067)** | **(278183)** | **(1195177)** | **(1851427)** | **(1403095)** |

---

------

#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contractual maturities of <br> financial liabilities <br> at December 31, 2024 | Less than 1 year | Between 1 and 3<br> years | Over 3 years | Total | Carrying<br> amount |
|  Trade payables | (11527) |  |  | (11527) | (11527) |
|  Labor and social security obligations | (182071) | (6372) | (2620) | (191063) | (191063) |
|  Lease liabilities | (33303) | (40669) | (60054) | (134025) | (119455) |
|  Accounts payable | (38667) |  |  | (38667) | (38667) |
|  Loans and obligations | (72303) | (150003) | (1065615) | (1287921) | (861542) |
|  Total | (337871) | (197044) | (1128289) | (1663203) | (1222254) |

---

The amounts disclosed in the table below are the lease liabilities contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contractual maturities of<br> financial liabilities<br> At 31 December 2025 | Brazil | USA | Others | Total<br> contractual<br> cash flows | Carrying amount<br> non - current<br> liabilities |
| 2027 | (24132) | (5954) | (5226) | (35311) | (30496) |
| 2028 | (24132) | (4867) | (4034) | (33032) | (25872) |
| 2029 | (24132) | (4768) | (2922) | (31822) | (22546) |
| 2030 | (19489) | (4759) | (3063) | (27311) | (18250) |
| 2031 | (12989) | (4875) | (1541) | (19404) | (12178) |
| 2032 | (12989) | (5036) |  | (18024) | (10029) |
| 2033 | (12067) | (855) |  | (12922) | (5183) |
| 2034 | (11759) |  |  | (11759) | (2323) |
|  Total | (141687) | (31114) | (16786) | (189587) | (126877) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contractual maturities of<br> financial liabilities<br> At 31 December 2024 | Brazil | USA | Others | Total<br> contractual<br> cash flows | Carrying amount<br> non - current<br> liabilities |
| 2026 | (11903) | (4307) | (5359) | (21569) | (20951) |
| 2027 | (10580) | (4449) | (4068) | (19097) | (16287) |
| 2028 | (10580) | (4914) | (1995) | (17490) | (13789) |
| 2029 | (10580) | (5141) | (1517) | (17238) | (12749) |
| 2030 | (6172) | (5311) | (1666) | (13148) | (10201) |
| 2031 |  | (5486) | (62) | (5548) | (5548) |
| 2032 |  | (5667) |  | (5667) | (5667) |
| 2033 |  | (962) |  | (962) | (962) |
|  Total | (49815) | (36238) | (14668) | (100721) | (86152) |

---

(d) Sensitivity analysis

The Group monitors and evaluates the market risk related to its financial investments portfolio periodically to assess its volatility, through changes that can significantly impact its financial results. Considering a period of one day and the historical results over the past year, the following Value at Risk (VAR) parameters were used:

• -0.57% (or R$9.2 million) of the financial investment portfolio for a confidence interval of 95% on December 31, 2025 (0.17% or R$2.4 million on December 31, 2024).

• -0.90% (or R$14.6 million) of the financial investment portfolio for a confidence interval of 99% on December 31, 2025 (0.27% or R$3.8 million on December 31, 2024).

------

#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
Additionally, the Group evaluated the financial investment portfolio on December 31, 2025 and 2024, through stress scenarios according to the main risk factors related to its investments, as presented in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | Financial Impact (\*\*) | Financial Impact (\*\*) |
| Risk Factor | Variation in | Stress Scenario (\*) | 12/31/2025 | 12/31/2024 |
|  Current inflation | Inflation index | -100bps | 3.9 | 3.1 |
|  Exchange traded real estate funds | Share prices | -10% | (13.3) | (12.4) |
|  Brazilian stock prices | Share prices | -10% | (2.6) | (4.4) |
|  Fixed-rate offshore rates | US yield curve | -100bps | (0.1) | (53.0) |
|  Foreign exchange rate | Foreign exchange rates | 10% (\*\*\*) | 5.1 | (9.4) |
|  Domestic base overnight rate | Domestic base overnight rate | -100bps | (5.0) | (4.2) |

---

---

| | |
|:---|:---|
| (\*) | bps - basis point (1bps = 0,01%)  |

---

(\*\*) In millions of Brazilian reais

(\*\*\*) Brazilian reais devaluation against US Dollars

An equal change in the opposite direction of the stress scenario would have affected the financial investment portfolio by a similar amount, on the basis that all other variables remain constant.

5 Financial instruments

This note provides information about the group's financial instruments, including:

• an overview of all financial instruments held by the Group

• specific information about each type of financial instrument

• accounting policies

• information about determining the fair value of the instruments, including judgements and estimation uncertainty involved.

The Group classifies its financial assets in the following measurement categories:

• those measured at fair value or through profit or loss, and

• those measured at amortized cost.

The classification depends on the entity's business model for managing the financial assets and the contractual terms of the cash flows.

For assets measured at fair value, gains and losses will be recorded in profit or loss.

Recognition and derecognition

Regular way purchases and sales of financial assets are recognized on trade date, being the date on which the group commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the group has transferred substantially all the risks and rewards of ownership.

Measurement

At initial recognition, the group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss.

The Group holds the following financial instruments:

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated

---

| | | | |
|:---|:---|:---|:---|
| **Financial assets** | **Section** | **12/31/2025** | **12/31/2024** |
| Accounts receivable | (a) | 232224 | 243852 |
| Other financial assets at amortized cost | (b) | 45300 | 44342 |
| Cash and cash equivalents | (c) | 280091 | 223302 |
| Financial assets at fair value through profit or loss (FVPL) | (d) | 1686086 | 1671860 |
|  |  | **2243701** | **2183356** |
| **Financial liabilities** |  |  |  |
| Liabilities at amortized cost | (e) | 260119 | 241257 |
| Lease liabilities | (e) | 160184 | 119455 |
| Loans and obligations | (e) | 966632 | 861542 |
| Retirement plans liabilities | (e) | 508416 | 374813 |
|  |  | **1895351** | **1597067** |

---

The Group's exposure to risks associated with the financial instruments is discussed in Note 4. The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets mentioned above.

a) Accounts receivable

---

| | | |
|:---|:---|:---|
| **Current assets** | **12/31/2025** | **12/31/2024** |
| Accounts receivable from contracts with customers | 215338 | 228583 |
| Loss allowance | (632) | (632) |
| **Non-current assets** |  |  |
| Accounts receivable from contracts with customers | 17518 | 15901 |
|  | **232224** | **243852** |

---

Accounts receivables are recognized initially at the amount of consideration that is unconditional and are not submitted to any financial components. They are subsequently measured at amortized cost, less loss allowance.

Current accounts receivable are amounts due from customers for services performed in the ordinary course of business. They are generally due for settlement within 30 days and are therefore classified as current in their entirety. Due to the short-term nature of the current receivables, their carrying amount is the same as their fair value.

Non-current accounts receivable comprised by long-term advisory fees related to Real Estate projects, administration fees contingent upon the realization of invested fund assets and unrealized performance fee. Unrealized performance fees are recognized when the management, with accumulated experience, estimates that it is highly probable that a significant reversal will not occur. Vinci Compass expects the unrealized performance fees will be received during 2026. However, since its realization is subject to uncertainty, the balance is presented as a non-current receivable.

Monthly, the Entity evaluates the revenues and receipts for each customer (Funds). Additionally, on quarterly basis Vinci Compass analyzes the outstanding balances to calculate expected credit losses and the exposure to credit risk from receivables are reviewed. Accounts receivable allowance for expected credit losses are presented in general and administrative expense.

The loss allowances for accounts receivable as of December 31, 2025 and 2024 reconcile to the opening loss allowances as follows:

---

| | | |
|:---|:---|:---|
|  | **12/31/2025** | **12/31/2024** |
| **Opening loss allowance on January 1** | **(632)** | **(150)** |
| Loss allowance assumed as a result of business combination |  | (491) |
| Decrease in accounts receivable allowance recognized in profit or loss |  | 9 |
| **Closing loss allowance on December 31** | **(632)** | **(632)** |

---

------

#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
Accounts receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, among others, the failure of a debtor to engage in a repayment plan with the group, and a failure to make contractual payments. The Entity has not written any number of accounts receivable during 2025 and 2024. Subsequent recoveries of amounts previously written off are credited against the same line item.

b) Other financial assets at amortized cost

Financial assets at amortized cost refer to the following debt instruments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **12/31/2025** | **12/31/2025** | **12/31/2024** | **12/31/2024** |
| Employees loans (Note 7 (iii)) |  | 17093 |  | 15100 |
| Receivable from employees (Note 7 (i)) |  | 28207 |  | 29242 |
| Advances to projects in progress (Note 7 (iv)) |  | 26743 |  | 14314 |
|  |  | 72043 |  | 58656 |

---

These amounts generally arise from transactions outside the usual operating activities of the group. Interest may be charged at financial rates and collateral is not normally obtained.

All the financial assets at amortized cost are denominated in Brazilian currency units. As a result, there is no exposure to foreign currency risk. There is also no exposure to price risk as the investments will be held to maturity.

See note 6 for more details.

c) Cash and cash equivalents

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **12/31/2025** | **12/31/2025** | **12/31/2024** | **12/31/2024** |
| Cash and bank deposits |  | 121498 |  | 99156 |
| Financial instruments at fair value through profit or loss (i) |  | 153729 |  | 120492 |
| Financial instruments at amortized cost (ii) |  | 4864 |  | 3654 |
|  |  | **280,091** |  | **223,302** |

---

For the purpose of presentation in the statement of cash flows, cash and cash equivalents include cash on hand, bank deposits held at financial institutions and highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Comprises certificates of deposits issued by Banco Bradesco (credit rating AAA evaluated by Fitch Ratings) with an interest rate of 100% of CDI (interbank deposit rate). The certificates are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

(ii) Comprised of US Treasury Bills.

d) Financial assets at fair value through profit or loss

The group classifies the following financial assets at fair value through profit or loss (FVPL):

• Mutual funds;

• Private markets funds;

• Real Estate Investments;

• Derivatives financial instruments;

• Listed equity securities.

------

#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
Financial assets measured at FVPL include the following categories:

---

| | | |
|:---|:---|:---|
|  | 12/31/2025 | 12/31/2024 |
|  Current assets | 1534471 | 1531036 |
|  Mutual funds (i) | 1523998 | 1519524 |
|  Derivative financial assets (ii) | 10219 | 5647 |
|  Real Estate Investments (iv) |  | 2923 |
|  Listed equity securities | 116 | 2836 |
|  Other financial assets | 138 | 106 |
|  Non-current assets | 151615 | 140824 |
|  Mutual funds | 19958 | 9919 |
|  Private markets funds (iii) | 29294 | 30189 |
|  Real Estate Investments (iv) | 100773 | 99341 |
|  Other financial assets | 1590 | 1375 |

---

The following table demonstrates the funds invested included in each category mentioned above.

---

| | | |
|:---|:---|:---|
| (i) Mutual funds |  |  |
|  | 12/31/2025 | 12/31/2024 |
|  Current assets | 1523998 | 1519524 |
|  Vinci Monalisa FIM Crédito Privado IE (2) | 888630 | 1025462 |
|  Vinci Multiestratégia FIM | 409 | 1038 |
|  Vinci Special Opportunities Fund Master SP | 15381 |  |
|  Compass Lapco Fondo De Inversion Serie B | 5967 |  |
|  Vinci Institucional FI RF Referenciado DI |  | 3028 |
|  Vinci Income Fund Ltd | 28842 | 31150 |
|  Vinci Argentina Opportunity Fund II |  | 17120 |
|  Vinci Compass Brazil Equity Fund Class I | 10736 |  |
|  Latin America Equity Fund Class I | 11081 |  |
|  Vinci Reservas Técnicas FI RF DI | 16058 | 16392 |
|  Retirement services investment funds (1) | 508420 | 374813 |
|  FI Vinci Renda Fixa CP | 11591 | 7676 |
|  Fondo Mutuo Compass Liquidez | 7104 | 14862 |
|  Pershing Money Market | 5255 |  |
|  LV Money Market USD | 6262 | 5592 |
|  Other mutual funds | 8262 | 10044 |
|  Non-current assets | 19958 | 9919 |
|  Compass - Fondo de Inversión Adelanto de Efectivo | 12353 |  |
|  Other mutual funds | 7605 | 9919 |

---

(1) These funds refer to the financial products as part of the Company's retirement plans services. See Note 16 for further information.

(2) Vinci Monalisa FIM Crédito Privado IE ("Vinci Monalisa") is a mutual fund incorporated in Brazil and wholly owned by the Company. Vinci Monalisa's balances are the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 12/31/2025 | 12/31/2025 | 12/31/2024 | 12/31/2024 |
|  Net Asset Value |  | 888630 |  | 1025462 |
|  Real estate funds |  | 238492 |  | 214428 |
|  Mutual funds |  | 210390 |  | 460892 |
|  Private equity funds |  | 400479 |  | 274699 |
|  Other assets/liabilities |  | 39269 |  | 75443 |

---

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
Vinci Monalisa's portfolio is comprised of liquid and illiquid investee funds with different redemption criteria. Over 40% of its investments are liquid and may be redeemed and 60% are non-redeemable investments. The following tables demonstrate the funds invested by Vinci Monalisa:

#### Mutual funds
Vinci Monalisa holds investments in several mutual funds to seek profitability through investments in various classes of financial assets such as fixed income assets, Brazilian government bonds, public equities, derivatives financial instruments, investment funds and other short-term liquid securities. As December 31, 2025 and 2024, Vinci Monalisa holds R$210,390 and R$460,892 of investments in mutual funds, respectively, which are distributed in the following classification:

---

| | | |
|:---|:---|:---|
|  | 12/31/2025 | 12/31/2024 |
|  Mutual Funds' classification |  |  |
|  Interest and foreign exchange (a) | 73.11% | 81.72% |
|  Foreign investments (b) | 2.64% | 7.19% |
|  Macro (c) | 0.00% | 4.92% |
|  Specific strategy (d) | 24.25% | 6.17% |
|  | 100.00% | 100.00% |

---

(a) Funds that seek long-term returns via investments in fixed-income assets, admitting strategies that imply interest risk, price index risk and foreign currency risk.

(b) Funds that invest in financial assets abroad in a portion greater than 40% of their net asset values.

(c) Funds that operate in various asset classes (fixed income, variable income, foreign exchange, etc.), with investment strategies based on medium and long-term macroeconomic scenarios.

(d) Funds that adopt an investment strategy that involves specific risks, such as commodities, futures of index, etc.

#### Real Estate funds

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 12/31/2025 | 12/31/2025 | 12/31/2024 | 12/31/2024 |
|  Vinci Fulwood DL FII (a) |  | 82731 |  | 71884 |
|  Vinci Credit Securities FII (b) |  | 61710 |  | 56706 |
|  Vinci Imóveis Urbanos FII (c) |  | 41626 |  | 40077 |
|  Vinci Offices FII (d) |  | 23304 |  | 22624 |
|  Other real estate funds (e) |  | 29121 |  | 23137 |
|  |  | 238492 |  | 214428 |

---

(a) The fund's strategy is to provide its shareholders with profitability resulting from the sale of properties, as well as the eventual commercial exploitation of properties. The Fund may carry out renovations or improvements to properties with the aim of enhancing the returns arising from their commercial exploitation or eventual commercialization.

(b) The fund invests in real estate receivable certificates, bonds and other real estate assets;

(c) The fund's investment strategy is to acquire properties in the retail, general markets, health and education sectors located in large urban centers that, in the Manager's view, generate long-term value;

(d) The fund invests in controlling corporate buildings, mostly leased, which, in the Manager's view, generate value for the properties.

(e) Comprised of funds that allocate their capital in diversified portfolios of shares of real estate funds, real estate receivable certificates, bonds, securities and other real estate assets.

---

| | | |
|:---|:---|:---|
|  Private equity funds |  |  |
|  | 12/31/2025 | 12/31/2024 |
|  VCP IV Master FIP B (a) | 156450 | 67248 |
|  Vinci Crédito Infra Institucional Fundo Incentivado – Infraestrutura (b) | 80786 | 60068 |
|  Vinci Infra Água e Saneamento Strategy FIP – Infraestrutura (c) | 58121 | 56160 |
|  Vinci Strategic Partners I FIP – Classe A (d) | 28353 | 20201 |
|  Vinci Infraestrutura Transporte e Logística FIP | 17171 | 17626 |
|  Lacan Florestal III Feeder FIP Multiestratégia (e) | 14407 | 13297 |
|  Vinci Impacto Ret IV FIP Multiestratégia | 9674 | 6343 |
|  Vinci Strategic Partners I FIP – Classe B (d) | 7606 | 5598 |
|  Lacan Florestal II - FIP Multiestratégia (e) | 5607 | 5444 |
|  Lacan Florestal IV Feeder FIP Multiestratégia - IS (e) | 4515 | 1763 |
|  Vinci Infra Coinvestimento I FIP - Infraestrutura | 918 | 7608 |
|  Other funds | 16871 | 13343 |
|  Total private equity funds | 400479 | 274699 |

---

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
(a) VCP IV is being established with the intention to continue the Group's investment strategy of pursuing opportunistic private equity and equity-like investments in Brazil. Fund will maintain the Group's opportunistic approach that provides flexibility to invest in four different sub-strategies: (i) Growth Equity, (ii) Buyout, (iii) Minority Growth and (iv) Turnaround, with a higher focus on the Growth and Buyout strategies.

(b) The Fund aims to increase the value of its shares through the subscription or acquisition, on the primary or secondary market, predominantly of debentures issued by privately held companies, for the purpose of raising funds to implement projects relating to the implementation, expansion, maintenance, adaptation, or modernization of infrastructure projects.

(c) The Fund's investment policy is the acquisition of shares, subscription bonuses, debentures convertible or not into shares, or other securities, convertible or exchangeable into shares issued by companies, publicly or privately held in the water sector and basic sanitation.

(d) The purpose of the funds is to obtain capital gains through investment in assets in Brazil, such as shares in Brazilian private equity funds; and shares, subscription bonuses, simple and convertible debentures, other securities and bonds convertible or exchangeable into shares, provided that the debentures and other securities and bonds are admitted under the terms of the specific regulations applicable to RPPS and EFPC.

(e) The Funds' objective is to manage and administer planted forests to supply eucalyptus wood, pine wood and other species for the purpose of generating energy in power plants, extracting wood from planted forests and managing administrative and sales activities.

#### ii) Derivative financial assets

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2025** |  | **Notional Amount of Contract with<br> Final Expiration Date in** | **Notional Amount of Contract with<br> Final Expiration Date in** | **Fair value** | **Fair value** |
| **Derivative financial instruments** | **Currency** | **Up to 3 months** | **Between 3**<br> **months and**<br> **1 year** | **Asset** | **Liability** |
| Purchase Forward | USD x CHL | 1841 | 4 | (3907) | (14059) |
| Sales Forward | CHL x USD | (1841) | (4) | 14059 | 3907 |
| Purchase Forward | USD x BRL | 30000 |  | 67 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** |  | **30000** | **—** | **10219** | **(10152)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2024** |  | **Notional Amount of Contract with<br> Final Expiration Date in** | **Notional Amount of Contract with<br> Final Expiration Date in** | **Fair value** | **Fair value** |
| **Derivative financial instruments** | **Currency** | **Up to 3 months** | **Between 3**<br>**months and**<br>**1 year** | **Asset** | **Liability** |
| Purchase Forward | USD x CHL | 1066690 | 1980490 | 12264 | 6617 |
| Sales Forward | CHL x USD | (1066690) | (1980490) | (6617) | (12264) |
| **Total** |  | **—** | **—** | **5647** | **(5647)** |

---

Derivatives are only used for economic hedging purposes and not as speculative investments. They are presented as current assets or liabilities to the extent that they are expected to be settled 12 months after the end of the reporting period.

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated

---

| | | |
|:---|:---|:---|
| (iii) Private markets | **12/31/2025** | **12/31/2024** |
| Vinci Capital Partners III Feeder FIP Multiestratégia | 5075 | 4236 |
| Nordeste III FIP Multiestratégia | 1703 | 3400 |
| Fundo Garantidor de Infraestrutura – FGIE – Class A | 3704 | 3272 |
| Fundo Garantidor de Infraestrutura – FGIE – Class B | 14900 | 13151 |
| Compass Global Investments III | 1788 | 3152 |
| Compass Global Investments II | 1469 | 1975 |
| Compass Private Equity VII FI | 655 | 1003 |
| **Total Private markets funds** | **29294** | **30189** |

---

---

| | | |
|:---|:---|:---|
| (iv) Real Estate Investments |  |  |
|  | **12/31/2025** | **12/31/2024** |
| **Current assets** |  | **2923** |
| Compass Desarrollo Inmobiliario (ROU) |  | 2923 |
| **Non-current assets** | **100773** | **99341** |
| Vinci US RE Corporation (a) | 64482 | 67313 |
| CCLA Capital | 18106 | 14471 |
| Compass Desarrollo Inmobiliario | 9002 | 8237 |
| CCLA Desarrollo y Renta IMU | 4622 | 4434 |
| Compass Desarrollo y Rentas | 3114 | 3319 |
| Other Real Estate investments | 1447 | 1567 |
| **Total Real Estate Investments** | **100773** | **102264** |

---

(a) Vinci Compass invests in several properties through its subsidiary Vinci US RE Corporation. The investments are intended to develop real estate properties in New York for capital appreciation through income or sale of the respective properties

During the year, the following gains were recognized in profit or loss:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **12/31/2025** | **12/31/2025** | **12/31/2024** | **12/31/2024** | **12/31/2023** | **12/31/2023** |
| Fair value gains on investments at FVPL recognized in finance income |  | 128371 |  | 64322 |  | 110363 |

---

e) Financial liabilities

---

| | | |
|:---|:---|:---|
|  | **12/31/2025** | **12/31/2024** |
| **Current** | **378061** | **310788** |
| Trade payables | 13369 | 11527 |
| Labor and social security obligations (Note 13) | 199422 | 182071 |
| Loans and obligations (Note 15) | 93862 | 45220 |
| Lease liabilities | 33307 | 33303 |
| Accounts payable (Note 12) | 38101 | 38667 |
| **Non-current** | **1533450** | **1286279** |
| Accounts payable (Note 12) | 6 |  |
| Lease liabilities | 126877 | 86152 |
| Labor and social security obligations (Note 13) | 9221 | 8992 |
| Loans and obligations (Note 15) | 888930 | 816322 |
| Retirement plans liabilities (Note 16) | 508416 | 374813 |
|  | **1911511** | **1597067** |

---

------

#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated

#### Fair value hierarchy
This section explains the judgments and estimates made in determining the fair values of the financial instruments that are recognized and measured at fair value through profit or loss in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the group has classified its financial instruments into the three levels prescribed under the accounting standards. An explanation of each level follows underneath the table.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **On December 31, 2025** | **On December 31, 2025** | **On December 31, 2025** | **On December 31, 2025** |
| **Recurring fair value measurements** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Financial Assets** |  |  |  |  |
| Listed equity securities | 1706 |  |  | 1706 |
| Other financial assets |  | 138 |  | 138 |
| Certificate Deposits |  | 153729 |  | 153729 |
| Mutual funds |  | 1543956 |  | 1543956 |
| Derivative financial assets |  | 10219 |  | 10219 |
| Private equity funds |  |  | 29294 | 29294 |
| Real Estate Investments |  |  | 100773 | 100773 |
| **Total Financial Assets** | **1706** | **1708042** | **130067** | **1839815** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **On December 31, 2024** | **On December 31, 2024** | **On December 31, 2024** | **On December 31, 2024** |
| **Recurring fair value measurements** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Financial Assets** | | | | |
| Listed equity securities | 4211 |  |  | 4211 |
| Other financial assets |  | 106 |  | 106 |
| Certificate Deposits |  | 120492 |  | 120492 |
| Mutual funds |  | 1529443 |  | 1529443 |
| Derivative financial assets |  | 5647 |  | 5647 |
| Private equity funds |  |  | 30189 | 30189 |
| Real Estate Investments |  |  | 102264 | 102264 |
| **Total Financial Assets** | **4211** | **1655688** | **132453** | **1792352** |

---

Level 1: The fair value of financial instruments traded in active markets is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the group is the current bid price. These instruments are included in level 1.

Level 2: The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Vinci Monalisa is a financial instrument classified as level 2. Its portfolio is comprised of items that could be classified as level 1, level 2 and level 3, in the amount of R$178,238, R$209,998 and R$507,196, respectively (2024: R$118,089, R$537,653 and R$369,720, respectively).

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This category comprises all financial instruments whose valuation techniques rely on inputs that are not observable in the market, when such inputs have a significant effect on the determination of their fair values. It includes financial instruments measured based on quoted prices of similar instruments that, however, require adjustments and assumptions to ensure that their fair values appropriately reflect the differences between them. This is the case for unlisted equity securities.

------

#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated

#### Valuation inputs and relationships to fair value
The following table summarizes the quantitative information about the significant unobservable input used in level 3 fair value measurements:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair value at** | **Fair value at** | **Valuation Technique** | **Unobservable inputs** |
| <br>**Description** | **12/31/2025** | **12/31/2024** | **Valuation Technique** | **Unobservable inputs** |
| Vinci US RE Corporation | 64482 | 67313 | Discounted cash flow | Discount rate |
| CCLA Capital | 18106 | 14471 | NAV Valuation | NAV |
| Fundo Garantidor de<br> Infraestrutura – FGIE – Class B | 14900 | 13151 | NAV Valuation | NAV |
| Others | 32579 | 37518 | NAV Valuation | NAV |

---

#### Valuation techniques used to determine fair values
Specific valuation techniques used to value financial instruments include:

• the use of quoted market prices

• for level 3 financial instruments – discounted cash flow analysis.

All non-listed assets fair value estimates are included in level 2, except for private equity funds and real estate investments, where the fair values have been determined based on fair value appraisals for fund's investments, performed by the fund's management or a third party hired by the Fund's Administrator. The most part of the level 3 financial instruments evaluation uses discount cash flows techniques to evaluate the fair value of the Fund's investments. The appraisals performed by a third party are reviewed by Vinci Compass or its subsidiaries (fund's management).

#### Fair value measurements using significant unobservable inputs (level 3)
The following table presents the changes in level 3 items for the year ended December 31, 2025 and December 31, 2024:

---

| | |
|:---|:---|
|  | **Fair Value** |
| **Closing balance January 1, 2024** | **7146** |
| Capital deployment | 61531 |
| Sales and distributions | (163) |
| Transfer from level 2 to level 3 | 41080 |
| Gain recognized in finance income | 22859 |
| **Closing balance December 31, 2024** | **132453** |
| Capital deployment | 3082 |
| Sales and distributions | (3833) |
| Loss recognized in finance income | (1635) |
| **Closing balance December 31, 2025** | **130067** |

---

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated

---

| | |
|:---|:---|
| **6** | **Financial instruments at amortized cost**  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **12/31/2025** | **12/31/2025** | **12/31/2024** | **12/31/2024** |
| Certificate of deposit |  | 3054 |  | 3232 |
| Guarantee deposits |  | 3087 |  | 3759 |
|  |  | **6,141** |  | **6,991** |

---

------

#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated

---

| | |
|:---|:---|
| **7** | **Other assets**  |

---

---

| | | |
|:---|:---|:---|
|  | **12/31/2025** | **12/31/2024** |
| Receivables from employees (i) | 28207 | 29242 |
| Related parties' receivables (ii) | 14864 | 23297 |
| Employees loans (iii) | 17093 | 15100 |
| Advances to projects in progress (iv) | 26743 | 14314 |
| Restricted deposit (v) | 6152 |  |
| Finix Transaction Receivable (vi) | 5365 | 12075 |
| Prepaid expenses | 5887 | 5392 |
| Guarantee deposits | 1346 | 1096 |
| Sundry advances | 314 | 333 |
| Sublease receivables |  | 232 |
| Others | 2512 | 3660 |
|  | **108483** | **104741** |
| **Current** | **70168** | **55273** |
| **Non-current** | **38315** | **49468** |
|  | **108483** | **104741** |

---

(i) See Note 22 (d) for more details.

(ii) Refers to an intercompany transaction. See Note 22 (b) for more details.

(iii) Refers to amount's receivable from employees.

(iv) Refers to costs incurred by projects related to funds administered by Vinci Compass, that are initially paid by the Group and subsequently reimbursed. The growth is mainly related to new financial products launched by the Group in the 2 <sup>nd</sup> semester of 2025, which increased the costs incurred by Vinci Compass with the initial costs of the Funds.

(v) Refers to a restricted deposit maintained by CG Compass (USA) LLC to meet legal and contractual obligations.

(vi) The amount is related to the sale of Fingroup shares, which occurred on October 14, 2024. Before the business combination, Compass held 50% ownership interest in Fingroup, sold before the closing date of the business combination. The outstanding receivable comprises the last installment of the transaction, to be paid on April 30, 2026.

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
8 Investments

(a) Business Combination

Details of the estimated purchase consideration, the net assets acquired, goodwill and other intangible assets are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Compass | MAV | Lacan | Verde |
| Cash paid | 201372 | 5000 | 70000 | 32413 |
| Shares issued (Class A Shares) | 692156 |  |  | 141806 |
| Consideration payable |  | 10000 |  |  |
| Contingent consideration | 74903 | 18010 | 33468 | 42980 |
| Total purchase consideration | 968431 | 33010 | 103468 | 217199 |
| Non-controlling interest |  |  |  | 73372 |
| Purchase consideration and non-controlling interest | 968431 | 33010 | 103468 | 290571 |

---

The assets and liabilities recognized as a result of the acquisition are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Compass | MAV | Lacan | Verde |
| Cash and cash equivalents | 51032 | 285 | 1987 | 43780 |
| Other assets and liabilities | 301948 | (221) | (1497) | (29756) |
| Management contracts and customers relationship | 324361 | 5760 | 26539 | 104523 |
| Brands | 77763 |  |  | 25712 |
|  | 755104 | 5824 | 28150 | 144259 |
| Goodwill (a) | 213327 | 27186 | 76439 | 146312 |
| Net assets acquired | 968431 | 33010 | 103468 | 290571 |

---

(a) The goodwill includes all business combinations made by the entity, not just those described.

The impact on consolidated information of the acquisition of 2025 is as follows:

---

| | |
|:---|:---|
| Impact on consolidated information from the acquisition<br>date | Verde |
| Net revenue from services rendered | 15658 |
| General and administrative expenses | (6065) |
| Finance income/(expense), net | 695 |
| Income taxes | (4269) |
| Profit or loss | 6020 |
| Attributable to the shareholders of the parent company | 3025 |
| Attributable to non-controlling interests | 2995 |

---

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated

---

| | |
|:---|:---|
| Impact on consolidated information if the business<br> combination were to occur on January 1, 2025 | Verde |
| Net revenue from services rendered | 184235 |
| General and administrative expenses | (114788) |
| Finance income/(expense), net | 8317 |
| Income taxes | (29921) |
| Profit or loss | 47843 |
| Attributable to the shareholders of the parent company | 23926 |
| Attributable to non-controlling interests | 23917 |

---

(i) Compass Business Combination

On March 07, 2024, the Entity announced an agreement for a business combination with Compass. On October 29, 2024, the transaction was completed, creating a full-service Latin American alternative asset manager with more than US$50 billion in assets under management, across different segments. Founded in 1995, Compass is a leading independent asset manager and investment advisory firm in Latin America, currently present in seven countries in Latin America, the United States and United Kingdom.

The transaction had a total upfront consideration of 11,783,384 shares of VINP Class A common stock, and a cash consideration of US$35,2 million. Under the agreement, Compass partners are entitled to an earn-out of up to an additional 7.5% stake in the combined entity, subject to the achievement of pre-determined metrics, to be paid in VINP Class A common stock.

Goodwill is recognized when the price paid in an acquisition exceeds the fair value of the identifiable net assets of the acquired company. This premium reflects expectations of future benefits that cannot be directly attributed to identifiable assets or liabilities. Below are examples of qualitative factors that comprise goodwill:

(a) Expected Operational Synergies:

- Footprint expansion in Latam;

- Business complementary and;

- Shared long-term vision.

(b) Intangible assets that do not qualify for separate recognition:

Reputation: value of the acquired Compass' market recognition, and customer loyalty, which do not meet the criteria for recognition as a separate intangible asset.

Know-how and Expertise: Technical knowledge, internal processes, or specific workforce capabilities that cannot be separately measured.

(ii) MAV Business Combination

On April 25, 2024, Vinci Compass announced an agreement for a combination with MAV Capital Gestora de Recursos Ltda. ("MAV" or "MAV Capital"). The transaction was closed on June 28, 2024, and had a total cash consideration of R$5,000 and an obligation of R$10,000 segregated in two payments in each deal anniversary until 2026, respectively. The transaction increased Vinci Compass' participation in agribusiness, improving a segment that is rising. At the closing date, MAV had R$540 million assets under management in credit sector.

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
Goodwill is recognized when the price paid in an acquisition exceeds the fair value of the identifiable net assets of the acquired company. This premium reflects expectations of future benefits that cannot be directly attributed to identifiable assets or liabilities. Below are examples of qualitative factors that comprise goodwill:

(a) Expected Operational Synergies:

• Agribusiness focused asset manager;

• Enhances Vinci's credit segment offering;

• More than 35 in-house structured credit operations across several sectors with special focus to Agribusiness.

During the second quarter of 2025, the Group evaluated the management contracts and customers relationship of MAV's business combination. The amount of $2,515 was classified as Goodwill to Management contracts and customers relationship.

(iii) Lacan Ativos Reais Business Combination

On November 4, 2024, Vinci Compass announced an agreement for a combination with Lacan Administração de Bens e Participações Ltda. ("Lacan"). The transaction increased Vinci Compass participation in the forestry area investments, improving a ESG agenda segment that is raising in a short period of time. At the closing date, Lacan had R$1.5 billion assets under management in private markets sector.

Goodwill is recognized when the price paid in an acquisition exceeds the fair value of the identifiable net assets of the acquired company. This premium reflects expectations of future benefits that cannot be directly attributed to identifiable assets or liabilities. Below are examples of qualitative factors that comprise goodwill:

(a) Expected Operational Synergies:

• Timberland investment management organization;

• Forestry vertical to complement Vinci Compass's Real Asset segment;

• Strong relationships with Brazilian and European institutional investors;

• Long-term AUM with 15+ year funds.

During the fourth quarter of 2025, the Group evaluated the management contracts and customers relationship of Lacan's business combination. The amount of $1,121 was classified as Management contracts and customers relationship to Goodwill.

(iv) Verde Business Combination

On October 6, 2025, Vinci Compass announced an agreement for a combination with Verde Asset Management ("Verde"). The transaction was also closed on December 1, 2025, and had a total cash consideration of R$32,413. The transaction adds immediate scale and improves AUM mix by contributing R$16 billion in AUM. Verde's capabilities enhance our multi-strategy and pension plans strategies within Global IP&S, Credit and Equities, reinforcing earnings quality and deepening the share of discretionary mandates. Vinci Compass also broadens its product shelf across high-net-worth individuals and intermediaries while strengthening solutions for institutional clients, leveraging complementary strategies and track records that expand client choice and the relevance of our open-architecture solutions.

In the first phase, Vinci Compass acquired 50.1% of Verde, with total estimated consideration composed of 3.1 million new Class A common shares and R$46.8 million in cash. Payment will be set in two instalments, first at Closing, fixed at 2,177,439 new Class A common shares and R$32,412 million in cash, and the second after two years, estimated at 0.9 million new Class A common shares and R$14,400 million in cash, contingent on revenue targets and other customary conditions.

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
The second phase was structured as an earnout, to be paid after five years of Closing, in each Vinci Compass will acquire the remaining 49.9% of Verde, with a consideration payable in new Class A common shares and/or cash at Vinci Compass' discretion. As Vinci Compass has a contractual obligation to acquire the remaining interest held by non-controlling shareholders at the end of the five-year period, such obligation is recognized as a redemption liability, with a corresponding adjustment recorded in the equity attributable to the parent. Subsequent remeasurements of this obligation are recognized directly in equity, as they represent transactions with non-controlling shareholders. During the five-year period preceding the settlement of the contractual obligation to acquire the remaining non-controlling interest, the non-controlling shareholders retain the economic rights associated with their ownership interest, including the right to participate in the results of the entity. Accordingly, until the completion of the acquisition, such interest continues to be presented as attributable to non-controlling interests for purposes of profit or loss allocation, notwithstanding the recognition of a redemption liability.

Goodwill is recognized when the price paid in an acquisition exceeds the fair value of the identifiable net assets of the acquired company. This premium reflects expectations of future benefits that cannot be directly attributed to identifiable assets or liabilities. Below are examples of qualitative factors that comprise goodwill:

(a) Expected Operational Synergies:

• Hedge Funds investment management organization;

• Strong relationships with Brazilian and foreign institutional investors.

Verde business combinations are still under its measurement period. During this period, additional assets or liabilities can be recognized if new information is obtained about facts and circumstances that existed as of the acquisition date. The measurement period ends as soon as Vinci Compass receives the information it was seeking about facts and circumstances that existed as of the acquisition date or learns that more information is not obtainable. However, the measurement period shall not exceed one year from the acquisition date.

(b) Investments accounted for using the equity method

As of December 31, 2025, the details of investments in associates and joint ventures is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Affiliate | Country | Ownership |  | Nature of<br> relationship | Equity | Share of profit<br> (loss) (\*\*\*) |
| CCLA Holdings Development and Property<br>Management SL ("CCLA Holdings") (\*) | Spain |  | % | Joint venture | 52948 | (9610) |
| CCLA SMA I Operator, Ltd (\*) | Cayman |  | % | Joint venture | 1705 | 7564 |
| Mexican associates' entities (\*\*) | Mexico |  | \*\*) | Associate | 10240 | 979 |
| Real Estate Manual Montt Rentas SpA | Chile |  | % | Associate | 902 |  |
|  |  |  |  |  | 65796 | (1067) |

---

(\*) Joint Venture relationships with CIM Group. There is no control over these investments.

---

| | |
|:---|:---|
| (\*\*) | Investments in Mexican associates comprise regulatory investment required to Compass Investment de México S.A. de C.V. Mexican associates do not have control over these investments. The ownership of these associates may vary from 0.04% to 1.89%.  |

---

(\*\*\*) Comprise group's share of the post-acquisition profits or losses of the investees.

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
As of 31 December 2025, movements in investment in joint ventures and associates are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | CCLA<br> Holdings | Mexican<br> associates | CCLA<br> Operator | Real Estate<br> Manual<br> Montt<br> Rentas SpA | Total |
| Investments recognized as a result of business combination | 32604 | 7943 |  |  | 40547 |
| Capital increase | 13140 |  |  |  | 13140 |
| Equity gain (loss) | (1652) | 152 |  |  | (1500) |
| Foreign exchange variation | 2356 | 538 |  |  | 2894 |
| Closing balance of investment on December 31, 2024 | 46448 | 8633 |  |  | 55081 |
| Capital increase | 16901 |  |  | 843 | 17744 |
| Dividends Distributed |  |  | (3415) |  | (3415) |
| Equity gain (loss) | (9610) | 988 | 7564 |  | (1067) |
| Foreign exchange variation | (791) | 619 | (2444) | 60 | (2547) |
| Closing balance of investment on December 31, 2025 | 52948 | 10240 | 1705 | 903 | 65796 |

---

Summarized financial information for material associates and joint ventures:

The tables below provide summarized financial information for those joint ventures and associates that are material to the Group. The information disclosed reflects the amounts presented in the financial statements of the relevant associates and joint ventures and not Vinci Compass share of those amounts. They have been amended to reflect adjustments made by the entity when using the equity method, including fair value adjustments and modifications for differences in accounting policy.

---

| | | |
|:---|:---|:---|
|  | CCLA Holdings | CCLA Holdings |
|  | December 31,<br> 2025 | December 31,<br> 2024 |
| Current assets | 63297 | 89175 |
| Non-current assets | 84715 | 55502 |
| Current liabilities | (23319) | (51780) |
| Non-current liabilities | (18796) |  |
| Net assets | 105896 | 92897 |
| Ownership interest | 50% | 50% |
| Investments by equity method | 52948 | 46448 |

---

------

#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
(c) Non-controlling interests (NCI)

Set out below is summarized financial information for each subsidiary that has non-controlling interests. The amounts disclosed for each subsidiary are before inter-company eliminations.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Vinci Asset Allocation | Vinci Asset Allocation | Vinci Holding Securitária | Vinci Holding Securitária | HLS Empreendimentos e<br> Participações S.A. | HLS Empreendimentos e<br> Participações S.A. | Total | Total |
|  | 12/31/2025 | 12/31/2024 | 12/31/2025 | 12/31/2024 | 12/31/2025 | 12/31/2024 | 12/31/2025 | 12/31/2024 |
| Summarized Balance Sheet |  |  |  |  |  |  |  |  |
| Current assets | 368 | 466 | 524846 | 392026 | 69854 |  | 595068 | 392492 |
| Current liabilities | (652) | (777) | (2843) | (3447) | (68618) |  | (72113) | (4224) |
| Current net assets | (284) | (311) | 522003 | 388579 | 1236 |  | 522956 | 388268 |
| Non-current assets | 571 | 601 | 28862 | 21393 | 193213 |  | 222646 | 21994 |
| Non-current liabilities | (3350) | (2750) | (559624) | (408305) | (44171) |  | (607145) | (411055) |
| Non-current net assets | (2779) | (2149) | (530762) | (386912) | 149042 |  | (384499) | (389061) |
| Net assets | (3063) | (2460) | (8759) | 1667 | 150278 |  | 138456 | (793) |
| Accumulated NCI | (766) | (615) | (879) | 250 | 76367 |  | 74722 | (365) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Summarized statement | Vinci Asset Allocation | Vinci Asset Allocation | Vinci Holding Securitária | Vinci Holding Securitária | HLS Empreendimentos e<br> Participações S.A. | HLS Empreendimentos e<br> Participações S.A. | Total | Total |
| of comprehensive income | 12/31/2025 | 12/31/2024 | 12/31/2025 | 12/31/2024 | 12/31/2025 | 12/31/2024 | 12/31/2025 | 12/31/2024 |
| Revenue | 733 | 429 | 601 | 380 | 15658 |  | 16992 | 809 |
| Profit for the period | (602) | (1036) | (20426) | (13135) | 6020 |  | (15008) | (14171) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total comprehensive income | (602) | (1036) | (20426) | (13135) | 6020 |  | (15008) | (14171) |
| Profit/(loss) allocated to NCI | (151) | (259) | (1129) | (1970) | 2995 |  | 1715 | (2229) |

---

------

#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated

---

| | |
|:---|:---|
| **9** | **Property and equipment**  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** |
|  | **Buildings** | **Furniture**<br> **and fittings** | **Improvements<br> in properties**<br> **of third**<br> **parties** | **Computers**<br> **and<br> peripherals -**<br> **improvements** | **Equipment**<br> **and machinery** | **Work of arts<br> and others** | **Total** |
|  | **Buildings** | **Furniture**<br> **and fittings** | **Improvements<br> in properties**<br> **of third**<br> **parties** | **Computers**<br> **and<br> peripherals -**<br> **improvements** | **Equipment**<br> **and machinery** | **Work of arts<br> and others** | **Total** |
|  | **Buildings** | **Furniture**<br> **and fittings** | **Improvements<br> in properties**<br> **of third**<br> **parties** | **Computers**<br> **and<br> peripherals -**<br> **improvements** | **Equipment**<br> **and machinery** | **Work of arts<br> and others** | **Total** |
| Cost |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At January 1, 2025 | 27889 | 10534 | 70951 | 6243 | 8790 | 676 | 125083 |
| Assets recognized as a result of business combination |  | 557 | 988 |  | 124 | 139 | 1808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions, net of disposals |  | 577 | 16799 | 2201 | 839 | 3610 | 24026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-off of fully depreciated items |  | (2394) | (13817) | (648) | (614) | (261) | (17734) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Exchange variations of property and equipment abroad |  |  | (2630) |  | (798) | 487 | (2941) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**At December 31, 2025** | **27889** | **9274** | **72292** | **7795** | **8341** | **4651** | **130242** |
| Accumulated depreciation |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At January 1, 2025 | **(93)** | **(5500)** | **(50810)** | **(1799)** | **(7738)** | **(11)** | **(65951)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | (558) | (1244) | (5300) | (1874) | (381) | (180) | (9539) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-off of fully depreciated items |  | 2263 | 12936 | 176 | 614 |  | 15989 |
| Foreign Exchange variations of property and equipment abroad |  |  | 2095 | 790 | 469 |  | 3841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**At December 31, 2025** | **(651)** | **(4482)** | **(41079)** | **(2707)** | **(7038)** | **(191)** | **(56147)** |
| Net book value |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At January 1, 2025 | **27796** | **5035** | **20141** | **4444** | **1052** | **664** | **59132** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**At December 31, 2025** | **27238** | **4792** | **31213** | **5088** | **1303** | **4460** | **74095** |
| Annual depreciation rate -% | 2 | From 5 to 10 | From 10 to 20 | 20 | From 5 to10 |  |  |

---

------

#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 12/31/2024 | 12/31/2024 | 12/31/2024 | 12/31/2024 | 12/31/2024 | 12/31/2024 | 12/31/2024 |
|  | Buildings | Furniture<br> and fittings | Improvements<br> in properties<br> of third<br> parties | Computers<br> and peripherals -<br> improvements | Equipment<br> and machinery | Work of arts<br> and others | Total |
|  | Buildings | Furniture<br> and fittings | Improvements<br> in properties<br> of third<br> parties | Computers<br> and peripherals -<br> improvements | Equipment<br> and machinery | Work of arts<br> and others | Total |
|  | Buildings | Furniture<br> and fittings | Improvements<br> in properties<br> of third<br> parties | Computers<br> and peripherals -<br> improvements | Equipment<br> and machinery | Work of arts<br> and others | Total |
| Cost |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At January 1, 2024 |  | 12858 | 48963 | 7634 | 10325 | 791 | 80571 |
| Assets recognized as a result of business combination | 27889 | 1985 | 16453 | 2378 | 211 | 160 | 49076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions, net of disposals |  | 346 | 523 | 1277 | 185 | (275) | 2056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-off of fully depreciated items |  | (4655) | (138) | (5046) | (3415) |  | (13253) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Exchange variations of property and equipment abroad |  |  | 5150 |  | 1484 |  | 6634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December 31, 2024 | 27889 | 10534 | 70951 | 6243 | 8790 | 676 | 125083 |
| Accumulated depreciation |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At January 1, 2024 |  | (9303) | (43205) | (6128) | (9344) |  | (67980) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | (93) | (937) | (3414) | (702) | (379) |  | (5525) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-off of fully depreciated items |  | 4608 | 138 | 5046 | 3415 |  | 13207 |
| Foreign Exchange variations of property and equipment abroad |  | 132 | (4329) | (15) | (1430) | (11) | (5653) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December 31, 2024 | (93) | (5500) | (50810) | (1799) | (7738) | (11) | (65951) |
| Net book value |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At January 1, 2024 |  | 3555 | 5758 | 1506 | 981 | 791 | 12591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December 31, 2024 | 27796 | 5035 | 20141 | 4444 | 1052 | 664 | 59132 |
| Annual depreciation rate -% | 2 | From 5 to 10 | From 10 to 20 | 20 | From 5 to10 |  |  |

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------

#### **Table of Contents**
Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated

---

| | |
|:---|:---|
| **10** | **Intangible assets**  |

---

Intangible assets include expenditures with the development of the software, placement agent and the management contracts, customers relationship, brands, and the goodwill generated by the acquisitions of SPS, MAV, Compass and Lacan.

The software development comprises mainly the following assets:

• Systems and applications which are being developed to support retirement services applications;

• Products for Risk System and Portfolio Allocation, whose purpose is to evaluate the risk of the funds and to allocate the clients' portfolio.

The Entity assesses at each reporting date whether there is an indication that an intangible asset may be impaired. If any indication exists, the Entity estimates the asset's recoverable amount. There were no indications of impairment of intangible assets for the year ended December 31, 2025, and 2024.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** |
|  | **Brands and<br> licenses**<br> **(a)** | **Software<br> development** | **Placement Agent<br> (b)** | **Goodwill (c)** | **Management<br> Contracts and<br> Customer<br> relationships (d)** | **Total** |
| Cost |  |  |  |  |  |  |
| At January 1, 2025 | **77822** | **46973** | **24540** | **555175** | **383082** | **1087592** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets recognized as a result of business combination | 25712 | 435 |  | 146312 | 104523 | 276982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions |  | 17968 | 822 |  |  | 18790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclassification |  |  |  | (1394) | 1394 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-off of assets, including fully depreciated items |  | (1105) |  |  |  | (1105) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange variation of intangible assets abroad |  | (1737) | (533) | (469) | (569) | (3308) |
| **At December 31, 2025** | **103534** | **62535** | **24829** | **699624** | **488429** | **1378951** |
| Accumulated amortization |  |  |  |  |  |  |
| At January 1, 2025 | **—** | **(15567)** | **(4951)** | **—** | **(9125)** | **(29643)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization |  | (8444) | (2506) |  | (13906) | (24838) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-off of assets, including fully depreciated items |  | (3) |  |  |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange variation of intangible assets abroad |  | 1433 | 135 |  | 200 | 1768 |
| **At December 31, 2025** | **—** | **(22580)** | **(7323)** | **—** | **(22831)** | **(52735)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At January 1, 2025 | **77822** | **31407** | **19588** | **555175** | **373956** | **1057949** |
| **At December 31, 2025** | **103534** | **39955** | **17506** | **699624** | **465598** | **1326216** |
| Amortization rate (per year) -% | (a) | 20% | (b) | (c) | (d) |  |

---

------

#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
(a) Brands have an indefinite useful life and are not subject to amortization. The method used to calculate the fair value of the Brand was Relief from Royalty – RFR, which uses a royalty rate estimated and projected revenue of the Group. The useful life of the brand was determined by the Management as undefined. For this conclusion, we considered (i) the strong reputation among peers and customers, (ii) its potential as a consolidating brand, and (iii) the decision of Vinci in keeping Compass in the company's new brand Group.

Brands are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired.

(b) Refers to amounts capitalized relating to agreements with investments placement agents relating to funds raised from investors in funds managed by the Group. These amounts are amortized based on the estimated duration of the related funds. When a Fund has an undefined useful life (Perpetual funds), Placement agent costs are amortized within 10 years. In case of an early liquidation of the funds, the amortization period is adjusted, or if there is an indication of impairment, an impairment evaluation is performed and recognized, if necessary.

(c) Goodwill has an indefinite useful life and are not subject to amortization. Goodwill is tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. On December 31, 2025, goodwill was tested and no provision for impairment losses was identified by Vinci Compass.

---

| | | |
|:---|:---|:---|
| **Goodwill** | **12/31/2025** | **12/31/2024** |
| Compass | 287397 | 287866 |
| SPS | 162290 | 162290 |
| Lacan | 76439 | 75318 |
| MAV | 27186 | 29701 |
| Verde | 146312 |  |
| **Total** | **699624** | **555175** |

---

For the purposes of the impairment test, Management projected cash flows over a five-year period, based on the approved budget and strategic plan. The use of a projection horizon exceeding five years is justified by the maturation cycle of investments made in recent years, whose expected returns occur gradually, as well as by the remaining useful economic life of the assets.

The Group performs an impairment test annually and when circumstances indicate the carrying value may be impaired. No impairment losses on goodwill have been recognized in the current and prior year based on determining recoverable amount based on value-in-use.

<u>Inputs to determine the impairment test of Goodwill</u>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Goodwill** | **12/31/2025** | **12/31/2025** | **12/31/2024** | **12/31/2024** |
|  | **Annual inflation rate** | **Discount Rate** | **Annual inflation rate** | **Discount Rate** |
| SPS | 4.40% | 16.85% | 4.00% | 15.25% |
| MAV | 4.40% | 16.85% | 4.00% | 15.25% |
| Lacan | 4.40% | 16.85% |  |  |
| Compass | 440% | 1685% |  |  |

---

------

#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Refers to the purchase price allocated to Fund's Management Contracts and Customer relationships, as a result of the Business Combinations. These amounts are amortized based on the duration of the related funds. When a fund has an undefined useful life, the amount allocated to these intangible assets are subject to impairment test on annually basis, or whenever any specific economic or operational condition indicates its cost must be reviewed. The total amount allocated to Management Contracts and Customer relationships with undefined useful life is $229,035 as of December 31, 2025 ($229,035 as of December 31, 2024).

---

| | | |
|:---|:---|:---|
| Fund's Management Contracts<br>and Customer relationships for<br>funs with defined useful life | Forecast period | Forecast period |
|  | From | To |
| SPS | September 2022 | December 2030 |
| MAV | July 2024 | December 2029 |
| Lacan | November 2024 | December 2041 |
| Compass | November 2024 | December 2053 |
| Verde | October 2025 | October 2038 |

---

Other assets than Goodwill are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). No impairment losses were recognized on December 31, 2025 and 2024.

------

#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 12/31/2024 | 12/31/2024 | 12/31/2024 | 12/31/2024 | 12/31/2024 | 12/31/2024 |
|  | Brands and<br> licenses (a) | Software<br> development | Placement<br> Agent (b) | Goodwill (c) | Management<br> Contracts and<br> Customer<br> relationships (d) | Total |
| Cost |  |  |  |  |  |  |
| At January 1, 2024 | 29 | 40304 | 20722 | 162290 | 22049 | 245394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets recognized as a result of business combination | 77763 | 5225 |  | 392345 | 360689 | 836021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions | 30 | 15696 | 3284 |  |  | 19010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-off of assets, including fully depreciated items |  | (16416) |  |  |  | (16416) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange variation of intangible assets abroad |  | 2164 | 534 | 541 | 344 | 3583 |
| At December 31, 2024 | 77822 | 46973 | 24540 | 555175 | 383082 | 1087592 |
| Accumulated amortization |  |  |  |  |  |  |
| At January 1, 2024 |  | (24686) | (1896) |  | (4064) | (30646) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization |  | (4476) | (2769) |  | (5061) | (12306) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-off of assets, including fully depreciated items |  | 14712 |  |  |  | 14712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange variation of intangible assets abroad |  | (1117) | (286) |  |  | (1403) |
| At December 31, 2024 |  | (15567) | (4951) |  | (9125) | (29643) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At January 1, 2024 | 29 | 15618 | 18826 | 162290 | 17985 | 214748 |
| At December 31, 2024 | 77822 | 31407 | 19588 | 555175 | 373956 | 1057949 |
| Amortization rate (per year) -% | (a) | 20% | (b) | (c) | (d) |  |

---

------

#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated

---

| | |
|:---|:---|
| **11** | **Leases**  |

---

This note provides information for leases where the Group is a lessee. The notes also provide the information of subleases agreements where the Group is a lessor, once part of the assets leased by the Group is subleased to third parties.

(i) Amount recognized in the balance sheet

The balance sheet shows the following amounts relating to leases:

---

| | | |
|:---|:---|:---|
|  | **12/31/2025** | **12/31/2024** |
| **Sub-lease receivable** |  |  |
| Brazil |  | 1758 |
| Chile |  | 4081 |
| **Total** | **—** | **5839** |
| Current |  | 1758 |
| Non-current |  | 4081 |
| **Total** | **—** | **5839** |
| **Right of use assets** |  |  |
| Brazil | 95441 | 51712 |
| USA | 25102 | 32212 |
| Others | 20684 | 18193 |
| **Total** | **141226** | **102117** |
| **Lease liabilities** |  |  |
| Brazil | (104324) | (56510) |
| USA | (32833) | (40956) |
| Others | (23027) | (21989) |
| **Total** | **(160184)** | **(119455)** |
|  | **12/31/2025** | **12/31/2024** |
| Current | (33307) | (33303) |
| Non-current | (126877) | (86152) |
| **Total** | **(160184)** | **(119455)** |

---

As a result of Verde business combination, the right-of-use assets were increased in the amount of R$19,525 (46,775 increased in 2024 as a result of Compass business combination). Additions to the right-of-use assets resulted from contracts modifications were R$48,781 until December 31, 2025 (additions of R$3,918 during 2024 financial year).

------

#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
(ii) Amount recorded in the statement of profit or loss

The statement of profit or loss shows the following amounts relating to leases:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| Right of use assets depreciation | (22707) | (11132) | (9686) |
| Financial expense | (15369) | (8295) | (9809) |
|  | **(38076)** | **(19427)** | **(19495)** |

---

The total cash outflow for leases in 2025 was R$32,007 (R$29,406 in 2024 and R$25,830 in 2023).

(i) The Group's leasing activities and how these are accounted for.

The Group leases various offices. Rental contracts are typically made for fixed periods of 5 years to 10 years, but may have extension options as described in (iv) below.

Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices.

For all years presented, the sub-leases were classified as finance leases from a lessor perspective. Therefore, the Group accounts the sub-leases on a lease-by-lease basis, subtracting the right of use assets and recognizing a receivable related to the present value of the receivables of the sub-lease.

Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes.

Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:

• fixed payments (including in-substance fixed payments), less any lease incentives receivable

• variable lease payment that is based on an index or a rate, initially measured using the index or rate as at the commencement date

• amounts expected to be payable by the group under residual value guarantees

• the exercise price of a purchase option if the group is reasonably certain to exercise that option, and

• payments of penalties for terminating the lease, if the lease term reflects the group exercising that option.

Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee's incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.

To determine the incremental borrowing rate, the Group:

• if possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received

• uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases, which does not have recent third party financing, and

• make adjustments specific to the lease, e.g. term, country, currency and security.

The Group is exposed to potential future increases in variable lease payments based on an index, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset.

------

#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.

Right-of-use assets are measured at cost comprising the following:

• the amount of the initial measurement of lease liability

• any lease payments made at or before the commencement date less any lease incentives received

• any initial direct costs, and

• restoration costs.

Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset's useful life.

(ii) Extension and termination options

Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximize operational flexibility in terms of managing the assets used in the group's operations. Most of the extension and termination options held are exercisable only by the Group and not by the respective lessor.

---

| | |
|:---|:---|
| **12** | **Accounts payable**  |

---

---

| | | |
|:---|:---|:---|
|  | **12/31/2025** | **12/31/2024** |
| Accrued liabilities (i) | 17558 | 16533 |
| Temporary deposit from clients (ii) | 12232 | 11561 |
| Dividends payable | 2560 | 3791 |
| Lease payable – prior month expense | 1482 | 1840 |
| Related Parties (iii) | 1456 | 805 |
| Treasury shares acquisition |  | 810 |
| Other payables | 2813 | 3327 |
| Current | **38101** | **38667** |
| Other payables | 6 |  |
| Non-current | **6** | **—** |

---

(i) Fees, commissions, and other payables.

(ii) Comprises temporal payments made by client to invest in Mexican Investment Fund through the investment manager.

(iii) Refers to a related party transaction. See Note 22 (e) for more details.

(iv) Please see note 24 for further details.

------

#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated

---

| | |
|:---|:---|
| **13** | **Labor and social security obligations**  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **12/31/2025** | **12/31/2025** | **12/31/2024** | **12/31/2024** |
| Profit sharing |  | 170480 |  | 146743 |
| Labor provisions |  | 38163 |  | 44320 |
|  |  | **208,643** |  | **191,063** |
| **Current** |  | 199422 |  | 182071 |
| **Non-current** |  | 9221 |  | 8992 |

---

Except for the profit sharing related to the unrealized performance fees, the accrual for profit sharing payable on December 31, 2025, was paid until the first week of February 2026. Profit sharing is calculated based on the performance review of each employee plus the area performance, in accordance with an Entity policy. Vinci Compass Management estimated the profit sharing as of December 31, 2025, based on the net revenue recognized up to December 31, 2025. The increase in profit sharing is mainly due to Verde's business combination which increased the payable on December 31, 2025.

Since the second quarter of 2022 labor provisions have been impacted by provisions and social charges related to Restricted Share Units Plan (RSUs). The non-current amount comprises the provisions and social charges for the RSUs, of which the vesting dates are over 1 year. Please see note 25 for more details.

---

| | |
|:---|:---|
| **14** | **Taxes and contributions payable**  |

---

---

| | | |
|:---|:---|:---|
|  | **12/31/2025** | **12/31/2024** |
| Income tax | 22400 | 28812 |
| Social contribution | 5868 | 3985 |
| Social Contribution on revenues (COFINS) | 2748 | 2769 |
| Service tax (ISS) on billing | 1313 | 1677 |
| Social Integration Program (PIS) | 599 | 604 |
| Withholding Income Tax (IRRF) deducted from third parties | 137 | 366 |
| Others | 1982 | 2642 |
|  | **35047** | **40855** |

---

---

| | |
|:---|:---|
| **15** | **Loans and obligations**  |

---

---

| | | |
|:---|:---|:---|
|  | **12/31/2025** | **12/31/2024** |
| Convertible Preferred Shares (i) | 513765 | 577982 |
| Commercial Notes (ii) | 87326 | 55150 |
| Consideration payable (iii) | 6029 | 10542 |
| Contingent consideration (iv) | 285903 | 210666 |
| Redemption Liability (v) | 63456 |  |
| Banco Security | 10153 | 5647 |
| Other obligations |  | 1555 |
|  | 966632 | 861542 |
| **Current** | **93862** | **45220** |
| **Non-current** | **872770** | **816322** |

---

------

#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
**(i)** **Convertible Preferred Shares** 

On October 10, 2023, Vinci Compass and Ares Management Corporation ("Ares") announced an agreement to form a strategic partnership to accelerate the growth of Vinci Compass's platform in Latin America and to collaborate on distribution, product development and other business opportunities. In connection with the formation of the strategic partnership, an affiliate of Ares invested US$100 million (R$500 million) in new Series A Convertible Preferred Shares issued by Vinci Compass.

The Series A Convertible Preferred Shares will be entitled to cumulative dividends payable quarterly in cash at a rate of 8.00% per annum. The dividend rate is subject to increase to 10.00% per annum in the case of certain breaches by the Company of its obligations under the Certificate of Designations.

The Series A Convertible Preferred Shares will be convertible at the option of the holders at any time after the closing of the issuance into Class A Common Shares at an initial conversion rate of 73.5402 Class A Common Shares for each Series A Convertible Preferred Share, which represents an initial conversion price of approximately $13.60 per Class A Common Share.

Under certain conditions, Vinci Compass may redeem, following the dissolution or termination of the strategic partnership with Ares, and prior to the one-year anniversary of such dissolution or termination, for cash all, or, if Ares no longer holds all Series A Convertible Preferred Shares, all of the Series A Convertible Preferred Shares held by Ares and any whole number of Series A Convertible Preferred Shares held by such other holders. On or around October 1, 2033, if not earlier repurchased, redeemed or converted, the Company will redeem, in whole but not in part, all of the outstanding Series A Convertible Preferred Shares for an amount in cash equal to the stated value of the Series A Convertible Preferred Shares

Under the terms of IAS 32, this agreement was evaluated by the Management and classified as a compound instrument, having both a liability and an equity component from the issuer's perspective. Based on it, the component parts were accounted for and presented separately according to their substance. The split was made at issuance and not revised for subsequent changes in market interest rates, share prices, or other events that changes the likelihood that the conversion option will be exercised.

The following table presents the changes in the Convertible Preferred Shares in the year ended December 31, 2025:

---

| | |
|:---|:---|
| **Closing balance December 31, 2023** | **431333** |
| Net foreign exchange loss/(gain) | 136374 |
| Interest expense | 49261 |
| Interest paid | (38986) |
| **Closing balance December 31, 2024** | **577982** |
| Net foreign exchange loss/(gain) | (69513) |
| Interest expense | 50830 |
| Interest paid | (45534) |
| **Closing balance December 31, 2025** | **513765** |
| **Current** | **11083** |
| **Non-current** | **502682** |

---

On January 1, 2025, the Entity paid the total amount of R$12,398 related to the dividends of the series A convertible preferred shares.

On April 1, 2025, the Entity paid the total amount of R$11,495 related to the dividends of the series A convertible preferred shares.

On July 1, 2025, the Entity paid the total amount of R$10,952 related to the dividends of the series A convertible preferred shares.

------

#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
On October 1, 2025, the Entity paid the total amount of R$10,689 related to the dividends of the series A convertible preferred shares.

**(ii)** **Commercial notes** 

Commercial note - August 15, 2022

On August 15, 2022, Vinci Soluções de Investimentos Ltda,. a subsidiary of Vinci Compass, issued 80,000 commercial notes in the total amount of R$80,000 (R$1,000.00 reais for each commercial note). The commercial notes were subject to public distribution 90 days after the issuing date. The main characteristics of the financial instrument are indicated below:

Term and expiration date: 5 (five) years, ending on August 15, 2027.

Interest rate: 100% of the daily rates of CDI plus a spread of 2.15% on an annual basis.

Amortization: On semi-annually basis, beginning on February 15, 2023.

Commercial Notes comprise financial liability evaluated at amortized cost. Interest expense is calculated using the effective interest method and is recognized in profit or loss as part of financial expense.

Accordingly, to the terms of the agreement, the Group is committed to be compliant with financial covenants, on an annual basis and beginning on December 31, 2022. The entity was in compliance with the covenants as of December 31, 2025 and 2024.

Commercial note – December 4, 2025

On December 4, 2025, Vinci Soluções de Investimentos Ltda,. a subsidiary of Vinci Compass, issued 50,000 commercial notes in the total amount of R$50,000 (R$1,000.00 reais for each commercial note). The commercial notes were subject to public distribution 90 days after the issuing date. The main characteristics of the financial instrument are indicated below:

Term and expiration date: 5 (five) years, ending on December 3, 2030.

Interest rate: 100% of the daily rates of CDI plus a spread of 1.85% on an annual basis.

Amortization: On semi-annually basis, beginning on June 4, 2026.

Commercial Notes comprise financial liability evaluated at amortized cost. Interest expense is calculated using the effective interest method and is recognized in profit or loss as part of financial expense.

Accordingly, to the terms of the agreement, the Group is committed to be compliant with financial covenants, on an annual basis and beginning on December 31, 2025.

The entity was in compliance with both covenants as of December 31, 2025 and 2024.

The following table presents the changes in the Commercial Notes over the years ended December 31, 2025 and December 31, 2024:

---

| | |
|:---|:---|
| **Closing balance December 31, 2023** | **73189** |
| Interest expense | 8651 |
| Interest paid | (8912) |
| Principal paid | (17778) |
| **Closing balance December 31, 2024** | **55150** |
| Obligation acquired | 49207 |
| Interest expense | 7842 |
| Interest paid | (7095) |
| Principal paid | (17778) |
| **Closing balance December 31, 2025** | **87326** |
| **Current** | **26144** |
| **Non-current** | **61182** |

---

------

#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
**(iii)** **Consideration payable** 

SPS Capital Gestão de Recursos Ltda.

According to Note 7(a), Vinci Compass acquired SPS Capital Gestão de Recursos Ltda, on August 16, 2022. As part of the deal, Vinci Compass assumed a financial obligation to be paid on the second anniversary of the closing date. The amounts as of December 31, 2025 and December 31, 2024 are R$9.

On August 16, 2024, the amount of R$51,336 was paid as part of the liquidation of the obligation.

Consideration payable is financial liability evaluated at amortized cost. Interest expense is calculated using the effective interest method and is recognized in profit or loss as part of financial expense.

MAV Capital Gestora de Recursos SS Ltda.

According to Note 7(a), Vinci Compass acquired MAV Capital Gestora de Recursos SS Ltda, on June 28, 2024. As part of the deal, Vinci Compass assumed a financial obligation to be paid in two installments on the first anniversary and second anniversary of the closing date. The amount as of December 31, 2025 and December 31, 2024 is R$10,533 and R$6,020, respectively.

Consideration payable is financial liability evaluated at amortized cost. Interest expense is calculated using the effective interest method and is recognized in profit or loss as part of financial expense.

---

| | | |
|:---|:---|:---|
|  | **SPS** | **MAV** |
| **Closing balance December 31, 2023** | **48200** | **—** |
| Obligations acquired | **—** | **10000** |
| Interest expense | 3145 | 533 |
| Principal paid | (51336) |  |
| **Closing balance December 31, 2024** | **9** | **10533** |
| Interest expense |  | 859 |
| Interest paid |  | (372) |
| Principal paid |  | (5000) |
| **Closing balance December 31, 2025** | **9** | **6020** |
| **Current** | **—** | **—** |
| **Non-current** | **9** | **6020** |

---

**(iv)** **Contingent consideration** 

The following table presents the changes in the Contingent consideration up the period ended December 31, 2025 and December 31, 2024:

---

| | |
|:---|:---|
| **Closing balance December 31, 2023** | **64370** |
| Obligation acquired | 126380 |
| Contingent consideration variation | 19916 |
| **Closing balance December 31, 2024** | **210666** |
| Obligation acquired | 42980 |
| Contingent consideration variation | 32257 |
| **Closing balance December 31, 2025** | **285903** |
| **Current** | **46483** |
| **Non-current** | **239420** |

---

------

#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
SPS Capital Gestão de Recursos Ltda.

Vinci Compass shall pay additional consideration in VINP's Class A shares through an earnout structure to be paid in 2027, up to a maximum number of 1.7 million shares, subject to the achievement of certain fundraising and incremental management fee revenue targets. The amount reflects the fair value of the obligation, based on the terms of the purchase agreement and how the current economic environment is likely to impact it, according to Vinci Compass's best estimate.

On December 31, 2025, Vinci Compass reevaluated the fair value of the obligation based on the economic conditions at that date, resulting in an increase of the contingent consideration fair value. The variation was recognized as an expense in the financial result in the amount of R$19,787 for the year ended December 31, 2025.

MAV Capital Gestora de Recursos SS Ltda.

Vinci Compass shall pay additional consideration through an earnout structure to be paid in 2027 subject to the achievement of certain fundraising and incremental management fee revenue targets. The amount reflects the fair value of the obligation, based on the terms of the purchase agreement and how the current economic environment is likely to impact it, according to Vinci Compass's best estimate.

On December 31, 2025, the fair value of the obligation based on the economic conditions at that date is R$18,010.

Lacan Ativos Reais

Vinci Compass shall pay additional consideration through an earnout structure to be paid in 2026 and 2028 subject to the achievement of certain fundraising and incremental management fee revenue targets. The amount reflects the fair value of the obligation, based on the terms of the purchase agreement and how the current economic environment is likely to impact it, according to Vinci Compass's best estimate.

On December 31, 2025, the fair value of the obligation based on the economic conditions at that date is R$33,467.

Compass

Vinci Compass shall pay additional consideration through an earnout structure to be paid in 2027 subject to the achievement of certain pre-determined metrics, to be paid in VINP Class A common stock.

On December 31, 2025, the fair value of the obligation based on the economic conditions at that date is R$91,495. The variation was recognized as an expense in the financial result in the amount of R$11,980 for the year ended December 31, 2025.

Verde

Vinci Compass shall pay additional consideration through an earnout structure to be paid in 2026 and 2030 subject to the achievement of certain pre-determined metrics, to be paid in VINP Class A common stock or cash and cash equivalents.

On December 31, 2025, the fair value of the obligation based on the economic conditions at that date is R$42,980.

**(v)** **Redemption Liability (Verde business combination)** 

Vinci Compass has a contractual obligation to acquire the remaining interest held by non-controlling shareholders at the end of the five-year period. Therefore, such obligation is recognized as a redemption liability, with a corresponding adjustment recorded in the equity attributable to the parent. Subsequent remeasurements of this obligation are recognized directly in equity, as they represent transactions with non-controlling shareholders.

------

#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
The present value of the redemption liability evaluated at the transaction date was R$62,788 (R$63,456 as of December 31, 2025).

---

| | |
|:---|:---|
| **16** | **Retirement plans liabilities**  |

---

During the year of 2023, the subsidiary Vinci Vida e Previdência S.A. started its retirement services operations. As of December 31, 2025, active plans are principally accumulation of financial resources through products PGBL (Free Benefit Generator Plan) and VGBL (Free Benefit Generator Life) structured in the form of variable contribution, for the purpose of granting participants with returns based on the accumulated capital in the form of monthly withdraws for a certain term or temporary monthly withdraws.

In this respect, such financial products represent investment contracts that have the legal form of retirement plans, but which do not transfer insurance risk to the Group. Therefore, contributions received from participants are accounted for as liabilities and balance consist of the balance of the participant in the linked Specially Constituted Investment Fund ("FIE") at the reporting date (Note 5). On December 31, 2025, the Retirement plan liabilities are R$508,416 (R$374,813 in 2024).

---

| | |
|:---|:---|
| **17** | **Equity**  |

---

**(a)** **Capital** 

The capital comprises 56,408,172 Class A shares and 14,466,239 Class B shares with a par value of US$0.00005 each.

The Class A common shares have been approved for listing on the Nasdaq Global Select Market, or Nasdaq, under the symbol "VINP." Vinci Compass has two classes of common shares: Class A common shares and our Class B common shares.

Class B common shares carry rights that are identical to the Class A common shares, except that (1) holders of Class B common shares are entitled to 10 votes per share, whereas holders of our Class A common shares are entitled to one vote per share; (2) holders of Class B common shares have certain conversion rights; (3) holders of Class B common shares are entitled to preemptive rights in the event that additional Class A common shares are issued in order to maintain their proportional ownership interest; and (4) Class B common shares shall not be listed on any stock exchange and will not be publicly traded.

------

#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
The Entity's shareholders as of December 31, 2025 and 2024 are presented in the table below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shareholders** | **12/31/2024<br> Quantity** | **Subscribed (\*)** | **Transferred** | **Repurchased** | **12/31/2025 Quantity** |
| Gilberto Sayão da Silva (Class B Common shares) | 14466239 |  |  |  | 14466239 |
| Alessandro Monteiro Morgado Horta (Class A common shares) | 8266422 |  |  |  | 8266422 |
| Public Float (Class A common shares) | 11795538 |  | 55214 | (856910) | 13767359 |
| Costanera Management LLC (Class A common shares) (\*) | 7022893 |  |  |  | 7022893 |
| Compass Group Cayman Limited (Class A common shares) (\*) | 4760491 |  |  |  | 4760491 |
| Verde (Class A common shares) (\*\*) |  | 2177439 |  |  | 2177439 |
| Other Shareholders (Class A common shares) | 17734772 |  |  |  | 17734772 |
| Treasury shares (Class A common shares) | 4650617 |  | (55214) | 856910 | 5452313 |
| Total | **68696972** | **2177439** | **—** | **—** | **70874411** |
| Series A Convertible preferred shares (\*\*\*) | 100000 |  |  |  | 100000 |
| **Total** | **100000** | **—** | **—** | **—** | **100000** |

---

(\*) As part of the business combination with Compass, Vinci Compass issued 11,783,384 Class A common shares. The ultimate beneficial owner of the shares held by Costanera Management LLC is vice-chairman Manuel Jose Balbontín Fernandez.

(\*\*) As part of the business combination with Verde, Vinci Compass issued 2,177,439 Class A common shares.

---

| | |
|:---|:---|
| (\*\*) | The Series A Convertible Preferred Shares will be convertible at the option of the holders at any time after the closing of the issuance into Class A Common Shares at an initial conversion rate of 73.5402 Class A Common Shares for each Series A Convertible Preferred Share, which represents an initial conversion price of approximately $13.60 per Class A Common Share.  |

---

#### Fair value option of convertible preferred shares
As informed on note 15 (i), when the initial carrying amount of a compound financial instrument is allocated to its equity and liability components, the equity component is assigned the residual amount after deducting from the fair value of the instrument determined for the liability component. In 2023, the fair value of the stock option and the amount of transaction cost that are allocated to the equity are R$34,141 and 1,958, respectively.

**(c)** **Retained earnings** 

Retained earnings comprise the net profit generated by the Entity which were not distributed to their shareholders or approved to be distributed by the Entity management.

**(d)** **Other reserves** 

Other reserves comprise the following operations:

(i) Exchange variation on investees

Comprises the exchange variation in investments made on investees which have a functional currency other than Brazilian Reais, the Entity functional currency. When a foreign operation is sold, the associated exchange differences are reclassified as a profit or loss, as part of the gain or loss on sale.

(ii) Share-based payments

Benefits to its employees through a share-based incentive.

------

#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
(e) Dividends

On February 26, 2025, Vinci Compass declared a quarterly dividend distribution of US$0.15 per common share to shareholders as of March 13, 2025, totalizing US$9,525 (R$55,012), paid on March 27, 2025.

On May 9, 2025, Vinci Compass declared a quarterly dividend distribution of US$0.15 per common share to shareholders as of May 27, 2025, totalizing US$9,487 (R$53,637), paid on June 10, 2025.

On August 8, 2025, Vinci Compass declared a quarterly dividend distribution of US$0.15 per common share to shareholders as of August 25, 2025, totalizing US$9,487 (R$51,471), paid on September 9, 2025.

On November 7, 2025, Vinci Compass declared a quarterly dividend distribution of US$0.15 per common share to shareholders as of November 24, 2025, totalizing US$9,487 (R$51,179), paid on December 9, 2025.

Once dividends are declared and approved by the board of directors, they will be paid on proportional basis to the owners of the common shares.

(f) Treasury shares

When shares recognized as equity are repurchased, the amount of the consideration paid, which includes directly attributable costs, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares and are presented in the treasury share reserve. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity and the resulting surplus or deficit on the transaction is presented within the additional paid-in capital.

On February 7, 2024, the Entity announced a new share buyback plan and a share repurchase plan to buy back up to R$60.0 million of the Entity's outstanding Class A common shares which shall be executed through open market transactions or privately negotiated purchases. The plan is approved to replace the share buyback and repurchase plans approved on February 14, 2023, which expired on the date that the R$60.0 million buyback limit set thereunder was reached.

On September 26, 2024, the Entity announced a new share buyback and share repurchase plans to buy back up to US$15.0 million of the Entity's outstanding Class A common shares which shall be executed through open market transactions or privately negotiated purchases. The plans are approved to replace the share buyback plan announced on February 7, 2024, which expired on the date that the R$60.0 million buyback limit set thereunder was reached.

During the year 2025, the Entity bought back 856,910 shares from its shareholders and the market, in the amount of R$49,946.

In December 2025 the Entity holds 5,452,313 Class A common shares in treasury.

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
(g) Basic and diluted earnings per share

---

| | | | |
|:---|:---|:---|:---|
| a) Basic earning per share | 2025 | 2024 | 2023 |
| From continuing operations attributable to the ordinary equity holders of the Entity | 3.43 | 2.14 | 4.02 |
| Total basic earning per share attributable to the ordinary equity holders of the Entity | 3.43 | 2.14 | 4.02 |
| b) Diluted earning per share | 2025 | 2024 | 2023 |
| From continuing operations attributable to the ordinary equity holders of the Entity | 3.21 | 2.08 | 3.85 |
| Total basic earning per share attributable to the ordinary equity holders of the Entity | 3.21 | 2.08 | 3.85 |
| c) Reconciliations of earnings used in calculating earnings per share |  |  |  |
| Basic earnings per share: | 2025 | 2024 | 2023 |
| Profit attributable to the ordinary equity holders of the Entity used in calculating basic earnings per share: |  |  |  |
| From continuing operations | 217579 | 118202 | 220608 |
|  | 217579 | 118202 | 220608 |
| Diluted earnings per share | 2025 | 2024 | 2023 |
| Profit from continuing operations attributable to the ordinary equity holders of the Entity |  |  |  |
| Used in calculating basic earnings per share | 217579 | 118202 | 220608 |
| Used in calculating diluted earnings per share | 217579 | 118202 | 220608 |
| d) Weighted average number of shares used as the denominator | 2025 | 2024 | 2023 |
| Weighted average number of ordinary shares used as the denominator in calculating basic earnings per share: | 63397750 | 55190584 | 54903764 |
| Adjustments for calculation of diluted earnings per share: | 4357327 | 1733042 | 501807 |
| Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted earnings per share | 67755077 | 56923626 | 55405572 |

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated

---

| | |
|:---|:---|
| **18** | **Revenue from services rendered**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| **Net revenue from services rendered** | **977403** | **600779** | **454420** |
| Net revenue from management fees | 812367 | 487533 | 393367 |
| Net revenue from performance fees | 27706 | 37188 | 21254 |
| Net revenue from advisory services | 91901 | 68134 | 39799 |
| Net revenue from other revenues (a) | 45429 | 7924 |  |

---

(a) Comprised of Advisory & Execution, and fund services fees.

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated

---

| | |
|:---|:---|
| **19** | **General and administrative expenses**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| Personnel | (240945) | (103485) | (70860) |
| Share Based Plans (b) | (29912) | (22479) | (14967) |
| Profit sharing (a) | (148066) | (108102) | (94640) |
|  | **(418923)** | **(234066)** | **(180467)** |
| Third party expense (c) | (187482) | (119209) | (33318) |
| Right of use depreciation (d) | (22707) | (11132) | (9686) |
| Depreciation and amortization (e) | (34872) | (17569) | (10094) |
| Travel and representations | (15604) | (8991) | (3928) |
| Condominium expenses | (10098) | (4081) | (3041) |
| Other operating expenses (f) | (35748) | (16927) | (11730) |
|  | **(725434)** | **(411975)** | **(252264)** |

---

**(a)** **Profit-sharing** 

According to the profit-sharing program and based on laws applicable to each country and on objectives established at the beginning of each year, management estimated the payment of profit sharing in the amount of R$148,066 (R$108,102 in 2024 and 94,640 in 2023) for the year ended December 31, 2025.

**(b)** **Share-based payments** 

See Note 25 for more details.

**(c)** **Third party expense** 

Third party expenses are composed of accounting, audit, advisory, due diligence services, information technology, marketing, and other contracted services.

The increase in 2025 is mainly related to the business combinations concluded in the last quarter of 2024, which increases the service expenses, composed of advisory, auditing, accounting, information technology, marketing, third-party distribution services and other contracted services.

**(d)** **Right of use depreciation** 

See Note 11 for more details.

**(e)** **Depreciation and amortization** 

The amount is mainly comprised of property and equipment depreciation and intangible amortization. See Notes 9 and 10 for more details.

The increase in 2024 is mainly related to the fixed and intangible assets assumed as part of the business combinations concluded in 2024, which increases the depreciation and amortization expenses.

**(f)** **Other operating expenses** 

The amount is mainly comprised of office expenses, including energy, cleaning, maintenance and conservation, among several other expenses.

------

#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
20 Finance profit/(loss)

---

| | | | |
|:---|:---|:---|:---|
|  | 2025 | 2024 | 2023 |
|  Investment income (i) | 128371 | 64322 | 110474 |
|  Financial revenue through amortized cost | 1038 | 19213 | 4571 |
|  Foreign currency variation income | 10419 |  | 742 |
|  Financial revenue on sublease agreements | 121 | 538 | 700 |
|  Contingent consideration variation (iii) |  |  | 4051 |
|  Other finance income | 5432 | 2798 | 1271 |
|  Finance income | 145381 | 86871 | 121809 |
|  Financial expense on lease agreements | (15369) | (8295) | (9809) |
|  Interest expense on loans and financing (ii) | (60763) | (61784) | (23654) |
|  Bank fees | (628) | (151) | (141) |
|  Interest and arrears | (3) | (3) |  |
|  Investment losses (i) |  |  | (111) |
|  Fines on taxes | (1) | (3) | (1) |
|  Foreign currency variation expense |  | (20807) | (775) |
|  Interest on taxes |  | (85) | (79) |
|  Contingent consideration variation (iii) | (32258) | (19915) | (19923) |
|  Other financial expenses (iv) | (25227) | (1182) | (87) |
|  Finance costs | (134249) | (112225) | (54580) |
|  Finance profit/(loss), net | 11132 | (25354) | 67229 |

---

(i) Investment income and losses comprise the fair value changes on the financial instruments at fair value through profit or loss. Segregated investment income results are demonstrated below.

---

| | | | |
|:---|:---|:---|:---|
|  | 2025 | 2024 | 2023 |
|  Mutual funds and fixed income investments (a) | 120911 | 62098 | 109657 |
|  Private equity funds | 7460 | 2224 | 817 |
|  | 128371 | 64322 | 110474 |
|  Mutual funds |  |  |  |
|  Private equity funds |  |  | (111) |
|  |  |  | (111) |

---

(a) Vinci Monalisa corresponds to the most part of the Group's investment income.

(ii) Interest expense on loans and financing comprise the financial result on the Commercial notes, the consideration payable related to the business combinations and interest expense on the convertible preferred shares. Please see note 15 for more detail.

(iii) Variation on contingent consideration comprises the financial result of the fair value evaluation. Please see note 15 (iv) for more detail.

(iv) Includes the disbursements related to the non-deliverable forwards.

------

#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
21 Income tax and social contribution

As an exempted company incorporated in the Cayman Islands, Vinci Partners Ltd is subject to Cayman Islands laws, which currently levy no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax or estate duty or withholding tax applicable to us.

Vinci Partners Ltd subsidiaries based in Brazil, except for Vinci Partners Ltda, Vinci Capital Gestora Ltda, Vinci Soluções de Investimentos Ltda, Vinci Vida e Previdência S.A. and CG Investimentos Brazil Ltda, are taxed based on the deemed profit.

Vinci Compass has tax losses and negative basis resulting from previous years and deferred income tax and social contribution credits are recognized since there is expectation of future tax results for these companies. The tax credit arising from the tax loss and negative basis under the taxable profit regime on December 31, 2025 is R$19,777 (R$13,102 on December 31, 2024).

The income tax and social contribution charge on the results for the year can be summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | 2025 | 2024 | 2023 |
|  Current income tax | (46725) | (37989) | (42961) |
|  Current social contribution | (12505) | (13669) | (15605) |
|  | (59230) | (51658) | (58566) |
|  Deferred income tax | 13193 | 3921 | 6455 |
|  Deferred social contribution | 3298 | 1760 | 2185 |
|  | 16491 | 5681 | 8640 |
|  Income taxes and social contribution | (42740) | (45977) | (49926) |

---

#### Deferred tax balances

---

| | | |
|:---|:---|:---|
|  | 12/31/2025 | 12/31/2024 |
|  Deferred tax assets |  |  |
|  Tax losses | 19777 | 13102 |
|  RSU | 3771 | 3103 |
|  Interest expense on obligation for acquisition | 3190 | 3190 |
|  Amortization on management Contracts | 3455 | 2419 |
|  Contingent consideration | 12836 | 5849 |
|  Others | 4364 | 3615 |
|  Total | 47393 | 31346 |
|  Deferred tax liabilities |  |  |
|  Financial revenue | (2565) | (2287) |
|  Estimated revenue | (804) | (1193) |
|  Leases | (845) | (984) |
|  Total Income Tax | (4214) | (4464) |
|  Estimated revenue | (427) | (622) |
|  Total (Taxes and contribution) | (427) | (622) |
|  Total deferred tax liabilities | (4641) | (5086) |

---

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Movements | Tax<br> losses | Interest<br> expense on<br> obligation<br> for<br> acquisition | Management<br> Contract | RSU | Other<br> (\*) | Total |
| Deferred tax assets |  |  |  |  |  |  |
| As at December 31, 2023 | 6066 | 2121 | 1382 | 2188 | 1730 | 13487 |
| to profit and loss | 7036 | 1069 | 1037 | 915 | 7802 | 17859 |
| As at December 31, 2024 | 13102 | 3190 | 2419 | 3103 | 9532 | 31346 |
| to profit and loss | 6675 |  | 1036 | 668 | 7668 | 16046 |
| As at December 31, 2025 | 19777 | 3190 | 3455 | 3771 | 17199 | 47391 |

---

(\*) Comprises mainly deferred taxes related to interest expense on obligation for ownership acquisition, amortization on management contracts and contingent consideration.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Movements | Financial<br> Revenue | Estimated<br> Revenue | Leases | Total |
| Deferred tax liabilities |  |  |  |  |
| As at December 31, 2023 | (1147) | (2385) | (351) | (3883) |
| to profit and loss | (1140) | 570 | (633) | (1203) |
| As at December 31, 2024 | (2287) | (1815) | (984) | (5086) |
| to profit and loss | (279) | 585 | 139 | 445 |
| As at December 31, 2025 | (2566) | (1230) | (845) | (4641) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Tax effective rate

---

| | | | |
|:---|:---|:---|:---|
|  | 2025 | 2024 | 2023 |
| Profit (loss) before income taxes | 262034 | 161950 | 269385 |
| Combined statutory income taxes rate - % | 34% | 34% | 34% |
| Income tax benefit (expense) at statutory rates | (89092) | (55063) | (92591) |
| Reconciliation adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses not deductible | (1157) | (192) | (880) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax benefits | 99 | 143 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share based payments | (3732) | (1589) | (516) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrecognized tax loss credits | (7179) | (4926) | (2055) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of presumed profit of subsidiaries (i) and offshore subsidiaries | 54451 | 15455 | 44833 |
| Other additions (exclusions), net | 3870 | 195 | 93 |
| Income taxes expenses | (42740) | (45977) | (49926) |
| Current | (59231) | (51658) | (58566) |
| Deferred | 16491 | 5681 | 8640 |
| Effective rate | 16% | 28% | 19% |

---

(i) Brazilian tax law establishes that companies that generate gross revenues of up to R$78,000 in the prior fiscal year may calculate income taxes as a percentage of gross revenue, using the presumed profit income tax regime. The Entity's subsidiaries adopted this tax regime and the effect of the presumed profit of subsidiaries represents the difference between the taxation based on this method and the amount that would be due based on the statutory rate applied to the taxable profit of the subsidiaries.

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
22 Related parties

(a) Key management remuneration

The total remuneration (salaries and benefits) of key management personnel, including the Executive Committee, amounted to R$19,923, including profit-sharing compensation for the year ended December 31, 2025 (2024 - R$23,954).

According to Vinci Compass internal policy, the key management is entitled to receive profit-sharing compensation for the current year. As informed in Note 13 Vinci Compass accrued a provision for profit sharing for the Group as of December 31, 2025

(b) Receivables from related parties

The Entity receivables from related parties as of December 31, 2025, and 2024, as shown in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 12/31/2025 | 12/31/2025 | 12/31/2024 | 12/31/2024 |
| Compass Group Cayman Ltd. ("CGC") (\*) |  | 14864 |  | 21673 |
| CCLA Chile |  |  |  | 1600 |
| Hakone Participações Societárias S.A. |  |  |  | 12 |
| Osaka Participações Societárias S.A. |  |  |  | 8 |
| Cagliari Participações S.A. |  |  |  | 4 |
|  | 14,864 | 14,864 | 23,297 | 23,297 |

---

---

| | |
|:---|:---|
| (\*) | Refers to a credit line financing from Vinci Compass to CGC in the amount of US$3,500 thousand to fund redemptions, repurchases and other acquisitions of equity interests in CGC. During 2025 US$799 thousand was paid, remaining outstanding US$2,701 thousand.  |

---

(c) Employees loans

As presented in Note 7(iii), Vinci Compass may advance payments to its employees.

(d) Receivables from employees

As presented in Note 7(i), during 2024 and 2023, Vinci Compass sold part of its treasury shares to employees. The amount will be received from January 31, 2025, in annual installments until January 31, 2029, and a monetary variation will be charged by inflation index.

(e) Payable to related parties

The Entity has accounts payable to related parties as of December 31, 2025, in the amount of R$1,456 (December 2024 – R$805). The payable is due to CCLA Holding Chile SpA, for sub-consulting services provided to Compass Administradora de Fondos.

------

#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated

---

| | |
|:---|:---|
| **23** | **Segment reporting**  |

---

The Entity's reportable segments are those business units which provide different services and are separately managed since each business demands different market strategies.

The main information used by management for assessment of the performance of each segment is the profit by segment for the analysis of the return of these investments.

The information on assets and liabilities by segment is not disclosed in these financial statements because it is not used by management when managing segments. Management does not make an analysis by geographical areas for the management of the Entity's business.

Segments are independently managed, with professionals specifically skilled allocated in each segment.

#### Global Investment Products and Solutions (Global IP&S)
The Global IP&S segment provides access to a network of world-class GPs and top-tier asset managers as well as proprietary investment solutions, on a discretionary and non-discretionary basis. The strategy is designed to deliver investment and advisory solutions, with a focus on alpha generation, tailored to clients' objectives. Within the Global IP&S segment, we provide multi-asset allocation strategies, as well as portfolio and management services, structured around medium to long-term risk allocation. The segment operates as a comprehensive strategy that includes Third-Party Distribution (Liquid and Alternative), Separate Mandates, Commingled Funds, Brokerage, Pension Plans, Global Solutions and Vinci Retirement Services.

#### Credit
The segment operates across three business lines: Public and Private Credit, Opportunistic Capital Solutions, and Agribusiness Credit, with both local and hard currency strategies. The Credit segment is designed to address the diverse financing needs of both mature and growing businesses through a broad range of sub-strategies, including local currency high grade and high yield, structured credit and confirming, real estate and infrastructure credit, agribusiness, hard currency high-grade and high-yield strategies, and opportunistic capital solutions.

#### Private Equity
The Private Equity segment has a sector-agnostic approach focused on growth equity investments in Brazil. The main strategic focus is vale creation by promoting revenue, productivity and profitability growth through significant operating and management changes in portfolio companies. The Private Equity segment invests through two sub-strategies: Vinci Capital Partners, which focuses on control and co-control investments, and Vinci Impact and Return, that focuses on minority investments in small-to-medium enterprises with a dual mandate of generating ESG impact as well as market returns.

#### Equities
The Equities segment operates through two distinct strategies, delivering robust and diversified investment solutions across Latin America or specific country markets. These strategies are designed to capitalize on regional opportunities and specialized market dynamics, offering clients tailored approaches to achieve their investment goals. The segment includes a range of sub-strategies to address different investor profiles and market conditions, including Long Only, Dividends, Small Caps, Long Biased, and other specialized approaches.

#### Real Assets
The Real Assets segment comprises investments focused on tangible, income-generating assets through real estate, infrastructure and forestry strategies, as described below:

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
**(i)** **Real Estate** 

The Real Estate segment is focused on income-generating mature real estate assets across Brazil through REITs listed on the B3, including shopping centers, industrial properties, commercial offices, urban properties and funds of funds, and seek to achieve differentiated returns through an active management of a diversified and quality portfolio. The strategy covers also additional development strategies in Brazil, Uruguay and Peru, following up to five key steps: origination of opportunities, analysis, execution, monitoring and asset sale.

**(ii)** **Infrastructure** 

The infrastructure strategy has exposure to real assets across the infra sector in Brazil, through equity and debt instruments. The management team invests through the following sub-sectors: power, oil & gas, transportation & logistic and water & sewage. The strategy invests across two sub-strategies: sector-focused funds and structured credit. The fund's investments are periodically monitored, including the evolution of ESG metrics, financial and operational metrics.

**(iii)** **Forestry** 

The Forestry strategy focuses on investments in eucalyptus, pine, and native forests in Brazil, aiming to generate attractive returns through sustainable timber harvesting. The strategy includes both greenfield and brownfield projects, leveraging active management practices to enhance productivity and long-term asset value. Investments are structured across multiple vintages, with the fourth fund currently in fundraising and progressing toward Article 9 classification. The strategy applies an ESG framework to guide portfolio monitoring, set clear objectives, and assess social impacts, prioritizing projects that deliver both environmental and social benefits. The local presence of Lacan and its long-term relationships with key industry players provide privileged access to the best opportunities.

#### Corporate advisory
The corporate advisory services objective is including high value-added to financial and strategic advisory services to entrepreneurs, corporate senior management teams and boards of directors, focusing primarily on IPO advisory and M&A transactions for Brazilian middle-market companies. The corporate advisory services team serves as trusted advisors to clients targeting local and/or product expertise in the Brazilian marketplace.

------

#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  | **Private Equity** | **Real Assets** | **Credit** | **Global IP&S** | **Equities** | **Corporate<br> Advisory** | **Corporate<br> Center** | **Total** |
| In Brazil | 69294 | 103304 | 96382 | 74490 | 50449 | 22820 |  | 416739 |
| Abroad | 61984 | 24694 | 156352 | 317882 | 36052 |  |  | 596964 |
| **Gross revenue from services rendered** | **131278** | **127998** | **252734** | **392372** | **86501** | **22820** | **—** | **1013703** |
| Advisory fees |  | 5483 | 2610 | 63996 |  | 22820 |  | 94909 |
| Management fees | 131278 | 121919 | 240050 | 274257 | 77093 |  |  | 844597 |
| Other revenues |  | 553 |  | 44875 |  |  |  | 45428 |
| Performance fees |  | 43 | 10074 | 9244 | 9408 |  |  | 28769 |
| Taxes and contributions | (7792) | (6250) | (9110) | (7678) | (3496) | (1974) |  | (36300) |
| **Net revenue from services rendered** | **123486** | **121748** | **243624** | **384694** | **83005** | **20846** | **—** | **977403** |
| (-) General and administrative expenses | (16910) | (33660) | (93900) | (120408) | (32375) | (7750) | (390519) | (695522) |
| Share-based payments |  |  |  |  |  |  | (29912) | (29912) |
| **Operating profit** | **106576** | **88088** | **149724** | **264286** | **50630** | **13096** | **(420431)** | **251969** |
| Finance income |  |  |  |  |  |  |  | 145381 |
| Finance cost |  |  |  |  |  |  |  | (134249) |
| **Finance result, net** |  |  |  |  |  |  |  | **11132** |
| **Equity Gain/Loss** |  |  |  |  |  |  |  | **(1067)** |
| **Profit before income taxes** |  |  |  |  |  |  |  | **262034** |
| Income taxes |  |  |  |  |  |  |  | (42740) |
| **Profit for the year** |  |  |  |  |  |  |  | **219294** |

---

------

#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  | **Private<br> Equity** | **Real Assets** | **Credit** | **Global IP&S** | **Equities** | **Corporate<br> Advisory** | **Corporate<br> Center** | **Total** |
| In Brazil | 77017 | 101886 | 75273 | 75339 | 58904 | 36421 |  | 424840 |
| Abroad | 78319 | 14629 | 21831 | 76024 | 9708 | 10132 |  | 210643 |
| **Gross revenue from services rendered** | **155336** | **116515** | **97104** | **151363** | **68612** | **46553** | **—** | **635483** |
| Advisory fees |  | 5400 | 351 | 19299 | 948 | 46553 |  | 72551 |
| Management fees | 155336 | 102493 | 87959 | 109203 | 61844 |  |  | 516834 |
| Other revenues |  | 180 |  | 7744 |  |  |  | 7924 |
| Performance fees |  | 8443 | 8794 | 15117 | 5820 |  |  | 38174 |
| Taxes and contributions | (8688) | (6103) | (4907) | (7619) | (3730) | (3657) |  | (34704) |
| **Net revenue from services rendered** | **146648** | **110413** | **92197** | **143744** | **64882** | **42896** | **—** | **600779** |
| (-) General and administrative expenses | (17027) | (27295) | (33576) | (50875) | (16836) | (15192) | (228696) | (389496) |
| Share-based payments | (10) | (46) | (5) | (10) | (13) |  | (22395) | (22479) |
| **Operating profit** | **129611** | **83072** | **58616** | **92859** | **48033** | **27705** | **(251091)** | **188804** |
| Finance income |  |  |  |  |  |  |  | 86871 |
| Finance cost |  |  |  |  |  |  |  | (112225) |
| **Finance result, net** |  |  |  |  |  |  |  | **(25354)** |
| **Equity Gain/Loss** |  |  |  |  |  |  |  | **(1500)** |
| **Profit before income taxes** |  |  |  |  |  |  |  | **161950** |
| Income taxes |  |  |  |  |  |  |  | (45977) |
| **Profit for the year** |  |  |  |  |  |  |  | **115973** |

---

------

#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2023** | **2023** | **2023** | **2023** | **2023** | **2023** | **2023** | **2023** |
|  | **Private<br> Equity** | **Real Assets** | **Credit** | **Global IP&S** | **Equities** | **Corporate<br> Advisory** | **Corporate<br> Center** | **Total** |
| In Brazil | 68569 | 72906 | 60821 | 84822 | 71335 | 38639 |  | 397092 |
| Abroad | 65063 | 6860 |  | 12041 | 3826 | 2105 |  | 89895 |
| **Gross revenue from services rendered** | **133632** | **79766** | **60821** | **96863** | **75161** | **40744** | **—** | **486987** |
| Advisory fees |  | 2700 |  | 36 |  | 40744 |  | 43480 |
| Management fees | 133632 | 77273 | 55339 | 91594 | 63041 |  |  | 420879 |
| Performance fees |  | (207) | 5482 | 5232 | 12120 |  |  | 22628 |
| Taxes and contributions | (8107) | (4288) | (3411) | (8519) | (4794) | (3448) |  | (32567) |
| **Net revenue from services rendered** | **125525** | **75478** | **57410** | **88343** | **70366** | **37297** | **—** | **454420** |
| (-) General and administrative expenses | (15384) | (18186) | (15293) | (36972) | (16835) | (9699) | (124927) | (237297) |
| Share-based payments | (65) | (651) | (72) | 96 | (181) |  | (14094) | (14967) |
| **Operating profit** | **110076** | **56641** | **42045** | **51468** | **53350** | **27597** | **(139021)** | **202156** |
| Finance income |  |  |  |  |  |  |  | 121809 |
| Finance cost |  |  |  |  |  |  |  | (54580) |
| **Finance result, net** |  |  |  |  |  |  |  | **67229** |
| **Profit before income taxes** |  |  |  |  |  |  |  | **269385** |
| Income taxes |  |  |  |  |  |  |  | (49926) |
| **Profit for the year** |  |  |  |  |  |  |  | **219459** |

---

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated

---

| | |
|:---|:---|
| **24** | **Legal Claims**  |

---

Find below the judicial deposits and the provision for contingencies as of December 31, 2025 e and 2024.

---

| | | |
|:---|:---|:---|
| **Judicial deposits** | **12/31/2025** | **12/31/2024** |
| Tax | 43999 |  |
| **Total** | **43999** |  |

---

---

| | | |
|:---|:---|:---|
| **Provision for contingencies** | **12/31/2025** | **12/31/2024** |
| Tax | (44171) |  |
| Labor | (275) |  |
| **Total** | **(44446)** |  |

---

Tax Claim

As a result of the business combination with Verde, Vinci Compass recognized, at the acquisition date, judicial deposits and a provision for contingencies related to the respective legal proceedings in the amounts of R$43,737 and R$43,980, respectively, in accordance with IFRS 3.

Pursuant to the share purchase agreement, any amounts ultimately realized or paid in connection with the settlement of the contingency, including the related judicial deposit, will be for the benefit of the former shareholders. Accordingly, this arrangement has been accounted for as a separate transaction from the business combination and, to the extent applicable, gives rise to a corresponding indemnification right. As a result, any gain or loss arising from the resolution of such contingency will not have an impact on Vinci Compass' consolidated profit or loss.

INSS – Third-Party Contributions

On October 18, 2019, the Verde's subsidiaries filed Writ of Mandamus No. 5019677-75.2019.4.03.6100 (the "Writ of Mandamus"), assigned to the 22nd Federal Civil Court of São Paulo, seeking relief from the payment of third-party social security contributions calculated on payroll, as well as reimbursement of amounts paid over the previous five years.

As a result of the Writ of Mandamus, the Company recognized a provision for contingencies corresponding to the judicial deposits that have been and will be made.

As of December 31, 2025, the contingent liability amounts to R$44,171, with judicial deposits made as of the same date totaling R$43,999.

Labor Claim

In the third quarter of 2025, a labor lawsuit filed against Vinci Capital Gestora de Recursos Ltda has been assessed by management and its legal advisors as a probable loss, in the amount of R$275. Accordingly, a provision has been recognized in the financial statements to cover the estimated amount of the liability.

Find below the disputes classified as possible chance of loss segregated into labor and tax.

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| | | |
|:---|:---|:---|
|  | **12/31/2025** | **12/31/2024** |
| Tax | 20515 | 23327 |
| Labor | 157 | 540 |
| **Total** | **20672** | **23867** |

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Tax Claims classified as possible loss

On March 21, 2018, the Brazilian federal revenue opened a tax assessment against Vinci Equities for the collection of open debts of IRPJ, CSLL, PIS and COFINS in the amount of R$20,515 (December 31, 2024: R$20,329) for the calendar year of 2013.

In the second quarter of 2025, Vinci Gestora de Recursos Ltda entered into an installment plan related to a tax administrative proceeding concerning social security contributions and settled its outstanding liabilities in the amount of R$974, a discount of approximately 75%.

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated

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| **25** | **Share-based payments**  |

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The Entity provides benefits to its employees through a share-based incentive. The following item refers to the outstanding plan on December 31, 2025.

#### Stock Options

#### February 2023
In February 2023, the Board of Directors approved a second Stock Option Plan, which aims to grant up to 1,150,000 options, each entitling the beneficiary to purchase one Class A common share. Such options have an exercise price per share equal to US$9.96; provided that, unless otherwise provided for in an option agreement, this exercise price will be reduced by the amount per share distributed to our shareholders from the date of the grant of the option, whether as dividends, interest on capital, redemption, capital reduction or others. Options will become eligible to be exercised in May 2026. During the second quarter of 2023 the Entity and its subsidiaries issued stock option in connection to the related Plan.

#### January 2024
In January 2024, the Board of Directors approved a third Stock Option Plan, which aims to grant up to 1,274,000 options, each entitling the beneficiary to purchase one Class A common share. Such options have an exercise price per share equal to US$11.04; provided that, unless otherwise provided for in an option agreement, this exercise price will be reduced by the amount per share distributed to our shareholders from the date of the grant of the option, whether as dividends, interest on capital, redemption, capital reduction or others. Options will become eligible to be exercised in January 2027. During the first semester of 2024 the Entity and its subsidiaries issued stock option in connection to the related Plan.

#### January 2025
In January 2025, the Board of Directors approved a fourth Stock Option Plan, which aims to grant up to 2,569,000 options, each entitling the beneficiary to purchase one Class A common share. Such options have a weighted average exercise price per share in the amount of US$10.70; provided that, unless otherwise provided for in an option agreement, this exercise price will be reduced by the amount per share distributed to our shareholders from the date of the grant of the option, whether as dividends, interest on capital, redemption, capital reduction or others. Options will become eligible to be exercised in January 2028.

#### Restricted Share Unit (RSU)
On April 04, 2022, the Entity announced its Restricted Share Unit Award Plan ("Plan"). The purpose of this Plan is to provide the opportunity for officers and employees of Vinci Compass and its Subsidiaries, as elected by the Executive Compensation Committee, to receive restricted Shares ("RSU"). Shares representing up to 1.65% of the total amount of the capital stock of the Company, which equals, on this date, approximately 950,000 shares.

Under the Plan, stocks are awarded to the recipient upon their grant date. Subject to the terms of the Plan, each RSU shall grant the beneficiary the right to receive one (1) share, subject to the satisfaction of the conditions for acquisition of the shares. The RSUs awarded to the beneficiary shall be vested in different tranches, if the service condition is fulfilled and verified. The vesting dates may vary from 1 to 6 years after the granted date, according to the dates defined in each Restricted Share Unit Award Agreement.

If an eligible participant ceases its relationship with the Group within the vesting period, the rights will be forfeited, except in limited circumstances.

Estimating fair value for share-based payment transactions requires determination of the most appropriate valuation model and underlying assumptions, which depends on the terms and conditions of the grant and the information available at the grant date.

The Company uses certain assumptions to determine the RSUs fair value at the granted date, including the following:

• Market value of the shares at the granted date.

• Estimative of dividend yield and the US interest rate for the years comprised from the granted date until the vesting dates.

These estimates also require determination of the most appropriate inputs to the valuation models including assumptions. regarding the expected life of a share-based payment.

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#### **Table of Contents**

#### Vinci Partners Investments Ltd.

#### Notes to the consolidated financial statements

#### Years ended December 31

#### All amounts in thousands of Brazilian Reais, unless otherwise stated
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Outstanding shares granted

The following table refers to the outstanding shares granted plan as of December 31, 2025, and December 31, 2024.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Share-based Compensation Plan** | **Share-based Compensation Plan** | **Share-based Compensation Plan** | **Share-based Compensation Plan** | **Share-based Compensation Plan** | **Share-based Compensation Plan** |
|  | **SOP 2021(\*)** | **RSU 2022** | **SOP 2023** | **SOP 2024<br>(\*\*)** | **SOP 2025** | **TOTAL** |
| **Outstanding on 12/31/2023** | **1482753** | **688779** | **1116884** | **—** | **—** | **3288416** |
| Granted |  |  |  | 1273492 |  | 1273492 |
| Forfeited |  | (4310) | (17412) | (12600) |  | (34322) |
| Vested | (1482753) | (68311) |  |  |  | (1551064) |
| **Outstanding on 12/31/2024** | **—** | **616158** | **1099472** | **1260892** | **—** | **2976522** |
| Granted |  |  |  | 110382 | 2394873 | 2505255 |
| Forfeited |  | (30649) | (10619) |  |  | (41268) |
| Vested |  | (76185) |  | (46176) |  | (122361) |
| **Outstanding on 12/31/2025** | **—** | **509324** | **1088853** | **1325098** | **2394873** | **5318148** |

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(\*) All the stock options were vested on February 1st, 2024, and the participants had a period of 12 months to exercise their vested options from February 1, 2024. On February 1, 2025, no options were exercised by any participant.

(\*\*) The shares vested during the period ending on December 31, 2025, have not been exercised yet by the participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Total Compensation Expense

The following table refers to the share-based compensation expense for the period ended on December 31, 2025 and 2024.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  | **Share-based Compensation Plan** | **Share-based Compensation Plan** | **Share-based Compensation Plan** | **Share-based Compensation Plan** | **Share-based Compensation Plan** | **Share-based Compensation Plan** |
|  | **SOP 2021** | **RSU 2022** | **SOP 2023** | **SOP 2024** | **SOP 2025** | **TOTAL** |
| Share-based compensation |  | (4044) | (3760) | (8004) | (9253) | (25061) |
| Social charges |  | (4851) |  |  |  | (4851) |
| **Total expense** |  | **(8895)** | **(3760)** | **(8004)** | **(9253)** | **(29912)** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  | **Share-based Compensation Plan** | **Share-based Compensation Plan** | **Share-based Compensation Plan** | **Share-based Compensation Plan** | **Share-based Compensation Plan** | **Share-based Compensation Plan** |
|  | **SOP 2021** | **RSU 2022** | **SOP 2023** | **SOP 2024** | **SOP 2025** | **TOTAL** |
| Share-based compensation | (119) | (5899) | (3839) | (6609) |  | (16466) |
| Social charges |  | (6013) |  |  |  | (6013) |
| **Total expense** | **(119)** | **(11912)** | **(3839)** | **(6609)** |  | **(22479)** |

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|:---|:---|
| **26** | **Subsequent Events**  |

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In January 2026, the Board of Directors approved a new Stock Option Plan and a Restricted Share Unit Award Plan.

The Stock Option Plan aims to grant up to 1,500,000 options, each entitling the beneficiary to purchase one Class A common share. Such options have a weighted average exercise price per share in the amount of US$13.13; provided that, unless otherwise provided for in an option agreement, this exercise price will be reduced by the amount per share distributed to our shareholders from the date of the grant of the option, whether as dividends, interest on capital, redemption, capital reduction or others. Options will become eligible to be exercised in January 2029.

The Restricted Share Award Plan aims to grant up to 205,000 shares, each entitling the beneficiary to acquire one Class A common share.

## Exhibit 1.1

**Exhibit 1.1** 

**THE COMPANIES ACT (REVISED)** 

**OF THE CAYMAN ISLANDS** 

**VINCI COMPASS INVESTMENTS LTD** 

An Exempted Company Limited By Shares

**AMENDED AND RESTATED** 

**MEMORANDUM AND ARTICLES OF ASSOCIATION** 

(adopted by Special Resolution passed on 30 June 2025)

![LOGO](g79123dsp1.jpg)

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**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  **AMENDED AND RESTATED MEMORANDUM OF ASSOCIATION** | **AMENDED AND RESTATED MEMORANDUM OF ASSOCIATION** | **1** |
|  **AMENDED AND RESTATED ARTICLES OF ASSOCIATION** | **AMENDED AND RESTATED ARTICLES OF ASSOCIATION** | **3** |
| 1 | NAME | 1 |
| 2 | STATUS | 1 |
| 3 | REGISTERED OFFICE | 1 |
| 4 | OBJECTS AND CAPACITY | 1 |
| 5 | SHARE CAPITAL | 1 |
| 6 | LIABILITY OF MEMBERS | 2 |
| 7 | CONTINUATION | 2 |
| 8 | DEFINITIONS | 2 |
| 9 | EXEMPTED COMPANY | 2 |
| 10 | FINANCIAL YEAR | 2 |
| 1 | PRELIMINARY | 3 |
| 2 | FORMATION EXPENSES | 8 |
| 3 | OFFICES OF THE COMPANY | 8 |
| 4 | SHARES | 8 |
| 5 | CLASS A COMMON SHARES AND CLASS B COMMON SHARES | 12 |
| 6 | SHARE CERTIFICATES | 16 |
| 7 | LIEN | 17 |
| 8 | CALLS ON SHARES AND FORTEITURE | 17 |
| 9 | TRANSFER OF SHARES | 18 |
| 10 | TRANSMISSION OF SHARES | 20 |
| 11 | CHANGES OF CAPITAL | 20 |
| 12 | REDEMPTION AND PURCHASE OF OWN SHARES | 21 |
| 13 | TREASURY SHARES | 22 |
| 14 | REGISTER OF MEMBERS | 22 |
| 15 | CLOSING REGISTER OF MEMBERS OR FIXING RECORD DATE | 22 |
| 16 | GENERAL MEETINGS | 23 |
| 17 | NOTICE OF GENERAL MEETINGS | 24 |
| 18 | PROCEEDINGS AT GENERAL MEETINGS | 24 |
| 19 | VOTES OF MEMBERS | 26 |
| 20 | NUMBER OF DIRECTORS AND CHAIRMAN | 29 |
| 21 | APPOINTMENT, DISQUALIFICATION AND REMOVAL OF DIRECTORS | 29 |
| 22 | ALTERNATE DIRECTORS | 30 |
| 23 | POWERS OF DIRECTORS | 31 |
| 24 | DELEGATION OF DIRECTORS' POWERS | 31 |
| 25 | REMUNERATION AND EXPENSES OF DIRECTORS | 33 |
| 26 | DIRECTORS' GRATUITIES AND PENSIONS | 33 |
| 27 | DIRECTORS' INTERESTS | 33 |
| 28 | PROCEEDINGS OF DIRECTORS | 34 |
| 29 | SECRETARY AND OTHER OFFICERS | 36 |
| 30 | MINUTES | 36 |
| 31 | SEAL | 36 |
| 32 | DIVIDENDS | 36 |
| 33 | FINANCIAL YEAR, ACCOUNTING RECORDS AND AUDIT | 38 |
| 34 | CAPITALISATION OF PROFITS | 39 |
| 35 | SHARE PREMIUM ACCOUNT | 40 |
| 36 | NOTICES | 40 |
| 37 | WINDING UP | 41 |

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| | | |
|:---|:---|:---|
|  38 | INDEMNITY | 42.0 |
|  39 | CLAIMS AGAINST THE COMPANY | 43.0 |
|  40 | UNTRACEABLE MEMBERS | 43.0 |
|  41 | AMENDMENT OF MEMORANDUM AND ARTICLES | 44.0 |
|  42 | TRANSFER BY WAY OF CONTINUATION | 45.0 |
|  43 | MERGER AND CONSOLIDATION | 45.0 |

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**THE COMPANIES ACT (REVISED)** 

**OF THE CAYMAN ISLANDS** 

**AMENDED AND RESTATED** 

**MEMORANDUM OF ASSOCIATION** 

**OF** 

**VINCI COMPASS INVESTMENTS LTD** 

(adopted by Special Resolution passed on 30 June 2025)

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| | |
|:---|:---|
| **1** | **NAME**  |

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The name of the Company is Vinci Compass Investments Ltd.

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|:---|:---|
| **2** | **STATUS**  |

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The Company is an exempted company limited by shares.

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|:---|:---|
| **3** | **REGISTERED OFFICE**  |

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The registered office of the Company is at Harneys Fiduciary (Cayman) Limited, 4th Floor, Harbour Place, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands or at such other place as the Directors may from time to time decide.

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|:---|:---|
| **4** | **OBJECTS AND CAPACITY**  |

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Subject to paragraph 9 of this Memorandum, the objects for which the Company is established are unrestricted and the Company shall have full power and authority to carry out any object not prohibited by the Companies Act (Revised) or any other law of the Cayman Islands. The Company is a body corporate capable of exercising all the functions of a natural person of full capacity, irrespective of any question of corporate benefit.

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|:---|:---|
| **5** | **SHARE CAPITAL**  |

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The share capital of the Company is US$50,000 divided into 1,000,000,000 shares of a par value of US$0.00005 each which, at the date on which this Memorandum becomes effective, comprise (i) 500,000,000 Class A Common Shares, (ii) 250,000,000 Class B Common Shares (which Class B Common Shares may be converted into Class A Common Shares in the manner contemplated in the Articles of Association) and (iii) 250,000,000 shares of such class or classes (howsoever designated) and having the rights as the Board may determine from time to time in accordance with Article 4 of the Articles of Association, PROVIDED THAT, subject to the Law and the Articles of Association, the Company shall have the power to issue all or any part of its capital, whether original, redeemed, increased or reduced, with or without preference, priority, special privilege or other rights or subject to any postponement of rights or to any condition or restriction whatsoever and so that, unless the conditions of issue shall otherwise expressly provide, every issue of shares, whether stated to be common, preference or otherwise shall be subject to the powers on the part of the Company hereinbefore provided.

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|:---|:---|
| **6** | **LIABILITY OF MEMBERS**  |

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The liability of each Member is limited to the amount from time to time unpaid on such Member's Shares.

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|:---|:---|
| **7** | **CONTINUATION**  |

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The Company may exercise the powers contained in the Law to transfer and be registered by way of continuation as a body corporate limited by shares under the laws of any jurisdiction outside the Cayman Islands and to be de-registered in the Cayman Islands.

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|:---|:---|
| **8** | **DEFINITIONS**  |

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Capitalised terms used and not defined in this Memorandum of Association shall bear the same meaning as those given in the Articles of Association of the Company.

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|:---|:---|
| **9** | **EXEMPTED COMPANY**  |

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The Company will not trade in the Cayman Islands with any person, firm or corporation except in furtherance of the business of the Company carried on outside the Cayman Islands; provided that nothing in this section shall be construed as to prevent the Company effecting and concluding contracts in the Cayman Islands, and exercising in the Cayman Islands all of its powers necessary for the carrying on of its business outside the Cayman Islands.

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|:---|:---|
| **10** | **FINANCIAL YEAR**  |

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The financial year end of the Company is 31 December or such other date as the Directors may from time to time decide and annex to this Memorandum.

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**THE COMPANIES ACT (REVISED)** 

**OF THE CAYMAN ISLANDS** 

**AMENDED AND RESTATED** 

**ARTICLES OF ASSOCIATION** 

**OF** 

**VINCI COMPASS INVESTMENTS LTD** 

(adopted by Special Resolution passed on 30 June 2025 and effective on the same date)

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|:---|:---|
| **1** | **PRELIMINARY**  |

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1.1 The regulations contained in Table A in the First Schedule of the Law shall not apply to the Company and the
following regulations shall be the Articles of Association of the Company.

1.2 In these Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the following terms shall have the meanings set opposite if not inconsistent with the subject or context:

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|:---|:---|
| ***allotment*** | shares are taken to be allotted when a person acquires the unconditional right to be included in the Register of Members in respect of those shares; |
| ***Affiliate*** | in respect of a Person, means any other Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such Person, and (i) in the case of a natural person, shall include, without limitation, such person's spouse, parents, children, siblings, mother-in-law and father-in-law and brothers and sisters-in-law, whether by blood, marriage or adoption or anyone residing in such person's home, a trust for the benefit of any of the foregoing, a company, partnership or any natural person or entity wholly or jointly owned by any of the foregoing, and (ii) in the case of an entity, shall include a partnership, a corporation or any natural person or entity which directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such entity; |
| ***Articles*** | these articles of association of the Company, as amended from time to time; |
| ***Audit Committee*** | the audit committee of the Company formed by the Board pursuant to these Articles, or any successor of the audit committee; |
| ***Board or Board of Directors*** | the board of directors of the Company; |

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| ***Business Combination*** | a statutory amalgamation, merger, consolidation, arrangement or other reorganization requiring the approval of the members of one or more of the participating companies as well as a short-form merger or consolidation that does not require a resolution of members; |
| ***Chairman*** | the chairman of the Board of Directors appointed in accordance with Article 20.2; |
| ***Class A Common Shares*** | class A common shares of a nominal or par value of US$0.00005 each in the capital of the Company having the rights provided for in these Articles; |
| ***Class B Common Shares*** | class B common shares of a nominal or par value of US$0.00005 each in the capital of the Company having the rights provided for in these Articles; |
| ***clear days*** | in relation to a period of notice means that period excluding both the day when the notice is given or deemed to be given and the day for which it is given or on which it is to take effect; |
| ***Clearing House*** | a clearing house recognized by the laws of the jurisdiction in which shares in the capital of the Company (or depository receipts thereof) are listed or quoted on a stock exchange or interdealer quotation system in such jurisdiction; |
| ***common equivalents*** | means (i) with respect to Shares, the number of Shares, (ii) with respect to any Company securities that are convertible into or exchangeable for Shares, the number of Shares issuable in respect of the conversion or exchange of such securities into Shares; |
| ***Common Shares*** | Class A Common Shares, Class B Common Shares and shares of such other classes as may from time to time be designated by the Board pursuant to these Articles as being common shares for the purposes of Article 5.3; |
| ***Company*** | the above named company; |
| ***Company's Website*** | the website of the Company and/or its web-address or domain name; |
| ***Compensation Committee*** | the compensation committee of the Company formed by the Board pursuant to these Articles, or any successor of the compensation committee; |

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|:---|:---|
| ***control*** | the ownership, directly or indirectly, of shares possessing more than fifty per cent (50%) of the voting power of the corporation, partnership or other entity (other than, in the case of a corporation, shares having such power only by reason of the happening of a contingency), or having the power to control the management or elect a majority of members to the board of directors or equivalent decision-making body of such corporation, partnership or other entity; |
| ***Designated Stock Exchange*** | the Nasdaq Global Market and any other stock exchange or interdealer quotation system listed in Schedule 4 of the Law on which shares in the capital of the Company are listed or quoted; |
| ***Directors*** | the Directors for the time being of the Company or, as the case may be, those Directors assembled as a Board or as a committee of the Board; |
| ***dividend*** | includes a distribution or interim dividend or interim distribution; |
| ***electronic*** | has the same meaning as in the Electronic Transactions Act (Revised); |
| ***electronic communication*** | a communication sent by electronic means, including electronic posting to the Company's Website, transmission to any number, address or internet website (including the SEC's website) or other electronic delivery methods as otherwise determined and approved by the Board; |
| ***electronic record*** | has the same meaning as in the Electronic Transactions Act (Revised); |
| ***electronic signature*** | has the same meaning as in the Electronic Transactions Act (Revised); |
| ***Exchange Act*** | the Securities Exchange Act of 1934, as amended of the United States of America; |
| ***executed*** | includes any mode of execution; |
| ***holder*** | in relation to any share, the Member whose name is entered in the Register of Members as the holder of the share; |
| ***Incentive Plan*** | any incentive plan or scheme established or implemented by the Company pursuant to which any Person who provides services of any kind to the Company or any of its direct or indirect subsidiaries (including , without limitation, any employee, executive, officer, director, consultant, secondee or other provider of services) may receive and/or acquire newly-issued shares of the Company or any interest therein; |

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| ***Indemnified Person*** | every Director, alternate Director, Secretary or other officer for the time being or from time to time of the Company; |
| ***Independent Director*** | a Director who is an independent director as defined in the rules of any Designated Stock Exchange or in Rule 10A-3 under the Exchange Act, as the case may be; |
| ***Islands*** | the British Overseas Territory of the Cayman Islands; |
| ***Law*** | the Companies Act (Revised); |
| ***Member*** | has the same meaning as in the Law; |
| ***Memorandum*** | the memorandum of association of the Company as from time to time amended; |
| ***month*** | a calendar month; |
| ***Nominating and Corporate Governance Committee*** | the nominating and corporate governance committee of the Company formed by the board pursuant to Article 24.5 hereof or any successor of the nominating and corporate governance committee. |
| ***officer*** | means any person appointed as an officer of the Company, including a Secretary; |
| ***Ordinary Resolution*** | a resolution (i) of a duly constituted general meeting of the Company passed by a simple majority of the votes cast by, or on behalf of, the Members entitled to vote present in person or by proxy and voting at the meeting, or (ii) approved in writing by all of the Members entitled to vote at a general meeting of the Company in one or more instruments each signed by one or more of the Members and the effective date of the resolution so adopted shall be the date on which the instrument, or the last of such instruments, if more than one, is executed; |
| ***Other Indemnitors*** | persons or entities other than the Company that may provide indemnification, advancement of expenses and/or insurance to the Indemnified Persons in connection with such Indemnified Persons' involvement in the management of the Company; |
| ***paid up*** | paid up as to the par value of the shares and includes credited as paid up; |
| ***Person*** | any individual, corporation, general or limited partnership, limited liability company, joint stock company, joint venture, estate, trust, association, organization or any other entity or governmental entity; |

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| ***Register of Members*** | the register of Members required to be kept pursuant to the Law; |
| ***Seal*** | the common seal of the Company including every duplicate seal; |
| ***SEC*** | the Securities and Exchange Commission of the United States of America or any other federal agency for the time being administering the Securities Act; |
| ***Secretary*** | any person appointed by the Directors to perform any of the duties of the secretary of the Company, including a joint, assistant or deputy secretary; |
| ***Securities Act*** | the Securities Act of 1933 of the United States of America, as amended, or any similar federal statute and the rules and regulations of the SEC thereunder, all as the same shall be in effect at the time; |
| ***share*** | a share in the share capital of the Company, and includes stock (except where a distinction between shares and stock is expressed or implied) and includes a fraction of a share; |
| ***signed*** | includes an electronic signature or a representation of a signature affixed by mechanical means; |
| ***Special Resolution*** | means a special resolution passed in accordance with the Law, being a resolution: (i) passed by a majority of at least two-thirds of such Members as, being entitled to do so, vote in person or by proxy at a general meeting of the Company of which notice specifying the intention to propose the resolution as a Special Resolution has been duly given; or (ii) approved in writing by all of the Members entitled to vote at a general meeting of the Company in one or more instruments each signed by one or more of the Members. |
| ***subsidiary*** | a company is a subsidiary of another company if that other company: (i) holds a majority of the voting rights in it; (ii) is a member of it and has the right to appoint or remove a majority of its board of directors; or (iii) is a member of it and controls alone, pursuant to an agreement with other members, a majority of the voting rights in it; or if it is a subsidiary of a company which is itself a subsidiary of that other company. For the purpose of this definition the expression ***company*** includes any body corporate established in or outside of the Islands; |
| ***Treasury Share*** | a share held in the name of the Company as a treasury share in accordance with the Law; |
| ***Vice Chairman*** | the vice chairman of the Board of Directors appointed in accordance with Article 20.2; |

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| ***U.S. Person*** | a Person who is a citizen or resident of the United States of America; and |
| ***written and in writing*** | includes all modes of representing or reproducing words in visible form including in the form of an electronic record. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unless the context otherwise requires, words or expressions defined in the Law shall have the same meanings herein
but excluding any statutory modification thereof not in force when these Articles become binding on the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) unless the context otherwise requires: (i) words importing the singular number shall include the plural number
and vice-versa; (ii) words importing the masculine gender only shall include the feminine gender; and (iii) words importing persons shall include companies or associations or bodies of person whether incorporated or not as well as any
other legal or natural person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the word  ***may*** shall be construed as permissive and the word  ***shall*** shall be construed as
imperative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the headings herein are for convenience only and shall not affect the construction of these Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) references to statutes are, unless otherwise specified, references to statutes of the Islands and, subject to
paragraph (b) above, include any statutory modification or re-enactment thereof for the time being in force; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) where an Ordinary Resolution is expressed to be required for any purpose, a Special Resolution is also effective for
that purpose.

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|:---|:---|
| **2** | **FORMATION EXPENSES**  |

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The Directors may pay, out of the capital or any other monies of the Company, all expenses incurred in or about the formation and establishment of the Company including the expenses of registration.

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|:---|:---|
| **3** | **OFFICES OF THE COMPANY**  |

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3.1 The registered office of the Company shall be at such address in the Islands as set out in the Memorandum or as the
Board shall otherwise from time to time determine.

3.2 The Company, in addition to its registered office, may establish and maintain such other offices, places of business
and agencies in the Islands and elsewhere as the Board may from time to time determine.

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| | |
|:---|:---|
| **4** | **SHARES**  |

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4.1 8

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the rules of any Designated Stock Exchange and to the provisions, if any, in the Memorandum and these
Articles, the Board has general and unconditional authority to allot, grant options over, offer or otherwise deal with or dispose of any unissued shares in the capital of the Company without the approval of Members (whether forming part of the
original or any increased share capital), either at a premium or at par, with or without preferred, deferred or other special rights or restrictions, whether in regard to dividend, voting, return of capital or otherwise and to such persons, on such
terms and conditions, and at such times as the Board may determine, but so that no share shall be issued at a discount to par, except in accordance with the provisions of the Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In particular and without prejudice to the generality of paragraph (a) above, the Board is hereby empowered to
authorise by resolution or resolutions from time to time and without the approval of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the creation of one or more classes or series of preferred shares, to cause to be issued such preferred shares and
to fix the designations, powers, preferences and relative participating, optional and other rights, if any, and the qualifications, limitations and restrictions thereof, if any, including, without limitation, the number of shares constituting each
such class or series, dividend rights, conversion rights, redemption privileges, voting rights and powers (including full or limited or no voting rights or powers) and liquidation preferences, and to increase or decrease the number of shares
comprising any such class or series (but not below the number of shares of any class or series of preferred shares then outstanding) to the extent permitted by law. Without limiting the generality of the foregoing, the resolution or resolutions
providing for the establishment of any class or series of preferred shares may, to the extent permitted by law, provide that such class or series shall be superior to, rank equally with or be junior to the preferred shares of any other class or
series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to designate for issuance as Class A Common Shares or Class B Common Shares from time to time any or all
of the authorised but unissued shares of the Company which have not at that time been designated by the Memorandum or by the Directors as being shares of a particular class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to create one or more further classes of shares which represent common shares for the purposes of Article 5.3; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to re-designate authorised but unissued Class B Common Shares from time
to time as shares of another class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall not issue shares or warrants to bearer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to the rules of any Designated Stock Exchange, the Board shall have general and unconditional authority to
issue options, warrants or convertible securities of similar nature conferring the right upon the holders thereof to subscribe for, purchase or receive any class of shares or securities in the capital of the Company to such persons, on such terms
and conditions and at such times as the Board may determine.

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4.2 Notwithstanding Article 4.1, at any time when there are Class A Common Shares in issue, Class B Common
Shares may only be issued pursuant to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a share-split, subdivision or similar transaction or as contemplated in Articles 5.8 or 34.1(b) below; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Business Combination involving the issuance of Class B Common Shares as full or partial consideration; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an issuance of Class A Common Shares, whereby holders of Class B Common Shares are entitled to purchase a
number of Class B Common Shares that would allow them to maintain their proportional ownership interest in the Company pursuant to Article 4.3.

4.3 With effect from the date on which any shares of the Company are first admitted to trading on a Designated Stock
Exchange, subject to Articles 4.4, 4.5 and 4.6, the Company shall not issue Class A Common Shares to a person on any terms unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has made an offer to each person who holds Class B Common Shares in the Company to issue to him on the same
economic terms such number of Class B Common Shares as would ensure that the proportion in nominal value of the issued Common Shares held by him as Class B Common Shares after the issuance of such Class A Common Shares will be as
nearly as practicable equal to the proportion in nominal value of the issued Common Shares held by him as Class B Common Shares before the said issuance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the period during which any such offer may be accepted has expired or the Company has received notice of the
acceptance or refusal of every offer so made.

An offer made pursuant to this Article 4.3 may be made in either hard copy or by electronic communication, must state a period during which it may be accepted and the offer shall not be withdrawn before the end of that period. The period referred to must be at least 14 days beginning with the date on which the offer is deemed to be delivered in accordance with Article 36.

4.4 An offer shall not be regarded as being made contrary to the requirements of Article 4.3 by reason only that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) fractional entitlements are rounded or otherwise settled or sold at the discretion of the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no offer of Class B Common Shares is made to a shareholder where the making of such an offer would in the view
of the Board pose legal or practical problems in or under the laws or securities rules of any territory or the requirements of any regulatory body or stock exchange such that the Board considers it necessary or expedient in the interests of the
Company to exclude such shareholder from the offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the offer is conditional upon the said issue of Class A Common Shares proceeding.

4.5 The provisions of Article 4.3 do not apply in relation to the issue of:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Class A Common Shares if these are, or are to be, wholly or partly paid up otherwise than in cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Class A Common Shares which would, apart from any renunciation or assignment of the right to their allotment,
be held under or issued pursuant to an Incentive Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Class A Common Shares issued in furtherance of an initial public offering of share of the Company
( ***IPO***) or issued to underwriters in connection with an IPO pursuant to any over-allotment options granted by the Company.

4.6 Holders of Class B Common Shares may from time to time by consent in writing (in one or more counterparts)
approved by the holder or holders of a majority of the Class B Common Shares in issue, referring to this Article 4.6, authorise the Board to issue Class A Common Shares for cash and, on the granting of such an authority, the Board shall
have the power to issue (pursuant to that authority) Class A Common Shares for cash as if Article 4.3 above did not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) one or more issuances of Class A Common Shares to be made pursuant to that authority; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such issuances with such modifications as may be specified in that authority,

and unless previously revoked, that authority shall expire on the date (if any) specified in the authority or, of no date is specified, 12 months after the date on which the authority is granted, but the Company may before the power expires make an offer or agreement which would or might require Class A Common Shares to be issued after it expires.

4.7 Notwithstanding Article 4.1, no non-voting Common Shares shall be issued
without such issuance first being approved by an Ordinary Resolution of Members which resolution is also passed with the affirmative vote of a majority of the then outstanding Class A Common Shares.

4.8 The Company may issue fractions of a share of any class and a fraction of a share shall be subject to and carry the
corresponding fraction of liabilities (whether with respect to nominal or par value, premium, contribution, calls or otherwise howsoever), limitations, preferences, privileges, qualifications, restrictions, rights and other attributes of a whole
share of that class of shares.

4.9 The Company may, in so far as the Law permits, pay a commission to any person in consideration of his subscribing or
agreeing to subscribe, whether absolutely or conditionally, or procuring or agreeing to procure subscriptions (whether absolute or conditional) for any shares in the capital of the Company. Such commissions may be satisfied by the payment of cash or
the allotment of fully or partly paid up shares or partly in one way and partly in the other. The Company may also, on any issue of shares, pay such brokerage fees as may be lawful.

4.10 Except as required by law, no person shall be recognised by the Company as holding any share upon any trust and the
Company shall not be bound by or be compelled in any way to recognise (even when having notice thereof) any equitable, contingent, future or partial interest in any share (except only as by these Articles or by law otherwise provided) or any other
rights in respect of any share except an absolute right to the entirety thereof in the holder.

4.11 11

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If at any time the share capital is divided into different classes of shares, the rights attached to any class of
shares (unless otherwise provided by these Articles or the terms of issue of the shares of that class) may be varied with the consent in writing of the holders of two-thirds of the issued shares of that class
or with the sanction of a Special Resolution passed at a separate general meeting of the holders of the shares of that class. To every such separate general meeting, the provisions of these Articles relating to general meetings shall mutatis
mutandis apply, but so that the necessary quorum shall be any one or more persons holding or representing by proxy not less than two-thirds of the issued shares of the applicable class and that any holder of
shares of that class present in person or by proxy may demand a poll.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purposes of Article 4.11(a), the Directors may treat all classes of shares or any two or more classes of
shares as forming one class if they consider that all such classes would be affected in the same way by the proposals under consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The rights conferred upon the holders of the shares of any class shall not, unless otherwise expressly provided by
the terms of issue of the shares of that class, be deemed to be varied by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the creation or issue of further shares ranking *pari passu* therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by the redemption or purchase of any shares of any class by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the cancellation of authorised but unissued shares of that class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the creation or issue of shares with preferred or other rights including, without limitation, the creation of any
class or issue of shares with enhanced or weighted voting rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The rights conferred upon holders of Class A Common Shares shall not be deemed to be varied by the creation or
issue from time to time of further Class B Common Shares and the rights conferred upon holders of Class B Common Shares shall not be deemed to be varied by the creation or issue from time to time of further Class A Common Shares.

4.12 The Directors may accept contributions to the capital of the Company otherwise than in consideration of the issue of
shares and the amount of any such contribution may, unless otherwise agreed at the time such contribution is made, be treated by the Company as a distributable reserve, subject to the provisions of the Law and these Articles.

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| | |
|:---|:---|
| **5** | **CLASS A COMMON SHARES AND CLASS B COMMON SHARES**  |

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5.1 The rights of the holders of Class A Common Shares and Class B Common Shares are identical, except with
respect to voting, conversion and transfer restrictions applicable to the Class B Common Shares as set out in these Articles.

5.2 Holders of Class A Common Shares and holders of Class B Common Shares have the right to receive notice of,
attend, speak and vote at general meetings of the Company. Subject to any separate general meeting(s) of the holders of a class of shares in accordance with Article 4.11(a) above, holders of Class A Common Shares and Class B Common Shares
shall at all times vote together as

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one class on all resolutions submitted to a vote by the Members in general meetings. Each Class A Common Share shall entitle the holder to 1 vote on all matters subject to a vote at general meetings of the Company, and each Class B Common Share shall entitle the holder to 10 votes on all matters subject to a vote at general meetings of the Company. <br>

5.3 Without prejudice to any special rights conferred thereby on the holders of any other shares or class of shares
established pursuant to the Memorandum and/or these Articles from time to time, holders of Class A Common Shares and holders of Class B Common Shares shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be entitled to such dividends as the Board may from time to time declare;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the event of a winding-up or dissolution of the Company, whether
voluntary or involuntary or for the purposes of a reorganization or otherwise or upon any distribution of capital, be entitled to the surplus assets of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) generally be entitled to enjoy all of the rights attaching to Class A Common Shares and Class B Common
Shares.

5.4 In no event shall Class A Common Shares be convertible into Class B Common Shares.

5.5 Class B Common Shares shall be convertible into Class A Common Shares as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  ***Right of Conversion*** . Class B Common Shares shall be convertible into the same number of
Class A Common Shares, on a share-to-share basis, in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a holder of Class B Common Shares has the right to call upon the Company to effect a conversion of all or any
of his Class B Common Shares into the same number of Class A Common Shares which right shall be exercised, at any time after issue and without payment of any additional sum (subject to any moneys unpaid on their shares in accordance with
Article 8), by notice in writing given to the Company at its registered office (and which conversion shall be effected by the Company promptly upon delivery of the said notice);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the holder(s) of a majority of the then outstanding Class B Common Shares have the right to require that all
outstanding Class B Common Shares be converted, which right shall be exercised, at any time after issue and without payment of any additional sum, by notice in writing (which may be in one or more counterparts) signed by each of such holders
given to the Company at its registered office (and which conversion shall be effected by the Company promptly upon delivery of the said notice);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a Class B Common Share shall automatically convert into a Class A Common Share immediately and without
further action by the holder thereof upon the registration of any transfer of a Class B Common Share (whether or not for value and whether or not the certificate(s) (if any) representing such Class B Common Share are surrendered to the
Company), other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a transfer to an Affiliate of the holder of the Class B Common Share;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a transfer to one or more trustees of a trust established for the benefit of the holder or an Affiliate of the
holder of the Class B Common Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a transfer to a partnership, corporation or other entity owned or controlled by the holder or an Affiliate of the
holder of the Class B Common Share; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) transfers to organisations that are exempt from taxation under Section 501(3)(c) of the United States Internal
Revenue Code of 1986, as amended (or any successor thereto).

For the avoidance of doubt, the creation of any pledge, charge, encumbrance or other security interest or third party right of whatever description on any Class B Common Shares to secure a holder's contractual or legal obligations shall not be deemed to be a transfer unless and until any such pledge, charge, encumbrance or other third party right is enforced and results in such third party (or its nominee) holding legal title to the related Class B Common Shares, in which case all the related Class B Common Shares shall be automatically and immediately converted into the same number of Class A Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If, on the record date for any meeting of the Members, the total voting power of all the Class B Common Shares
in issue represent less than 10% of the combined voting power of the Class A Common Shares and Class B Common Shares then in issue, the Class B Common Shares then in issue shall automatically and immediately convert into Class A
Common Shares and no Class B Common Shares shall be issued by the Company thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  ***Mechanics of Conversion*** . Before any holder of Class B Common Shares shall be entitled to convert
such Class B Common Shares into Class A Common Shares pursuant to sub-paragraph (a) (1) above, the holder shall, if available, surrender the certificate or certificates therefor, duly endorsed
(where applicable), at the registered office of the Company.

Upon the occurrence of one of the bases of conversion provided for in paragraph (a) above, the Company shall enter or procure the entry of the name of the relevant holder of Class B Common Shares as the holder of the relevant number of Class A Common Shares resulting from the conversion of the Class B Common Shares in, and make any other necessary and consequential changes to, the Register of Members and shall procure that certificate(s) in respect of the relevant Class A Common Shares, together with a new certificate for any unconverted Class B Common Shares comprised in the certificate(s) surrendered by the holder of the Class B Common Shares, are issued to the holders of the Class A Common Shares and Class B Common Shares, as the case may be, if so requested.

Any conversion of Class B Common Shares into Class A Common Shares pursuant to this Article shall be effected by any manner permitted by applicable law, including by means of (i) the re-designation and re-classification of the relevant Class B Common Share as a Class A Common Share together with such rights and restrictions for the time being attached thereto and shall rank *pari passu* in all respects with the Class A Common Shares then in issue; and/or (ii) the compulsory redemption without notice of Class B Common

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Shares and the automatic application of the redemption proceeds in paying for such new Class A Common Shares into which the Class B Shares have been converted. For the avoidance of doubt, following the conversion to Class A Common Shares, the holder thereof shall have Class A Common Share voting rights in respect of such shares and not Class B Common Share voting rights. Such conversion shall become effective forthwith upon entries being made in the Register of Members to record the re-designation and re-classification of the relevant Class B Common Shares as Class A Common Shares.

If the proposed conversion is in connection with an underwritten or other public or private offering of securities, the conversion may, at the option of any holder tendering such Class B Common Shares for conversion, be conditional upon the closing with the underwriters or other purchasers of the sale of securities pursuant to such offering, in which event any persons entitled to receive Class A Common Shares upon conversion of such Class B Common Shares shall not be deemed to have converted such Class B Common Shares until immediately prior to the closing of such sale of securities.

Upon conversion of any Class B Common Shares, the composition of the authorised and issued capital of the Company shall automatically be varied and amended by a reduction in the relevant number of authorised and issued Class B Common Shares and a corresponding increase in the relevant number of authorised and issued Class A Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Effective upon and with effect from the conversion of a Class B Common Share into a Class A Common Share
in accordance with this Article 5.5, the converted share shall be re-designated as and be treated for all purposes as a Class A Common Share and shall carry the rights and be subject to the restrictions
attaching to Class A Common Shares including, without limitation, the right to one vote on matters subject to a vote at general meetings of the Company.

5.6 No subdivision of Class A Common Shares into shares of an amount smaller than the nominal or par value of such
shares at the relevant time shall be effected unless Class B Common Shares are concurrently and similarly subdivided in the same proportion and the same manner, and no subdivision of Class B Common Shares into shares of an amount smaller
than the nominal or par value of such shares at the relevant time shall be effected unless Class A Common Shares are concurrently and similarly subdivided in the same proportion and the same manner.

5.7 No consolidation of Class A Common Shares into shares of an amount larger than the nominal or par value of such
shares at the relevant time shall be effected unless Class B Common Shares are concurrently and similarly consolidated in the same proportion and the same manner, and no consolidation of Class B Common Shares into shares of an amount
larger than the nominal or par value of such shares at the relevant time may be effected unless Class A Common Shares are concurrently and similarly consolidated in the same proportion and the same manner.

5.8 In the event that a dividend or other distribution is paid by the issue of Class A Common Shares or
Class B Common Shares or rights to acquire Class A Common Shares or Class B Common Shares (i) holders of Class A Common Shares shall receive Class A Common Shares or rights to acquire Class A Common Shares, as the
case may be; and (ii) holders of Class B Common Shares shall receive Class B Common Shares or rights to acquire Class B Common Shares, as the case may be.

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5.9 No Business Combination (whether or not the Company is the surviving entity) shall proceed unless by the terms of
such transaction: (i) the holders of Class A Common Shares have the right to receive, or the right to elect to receive, the same form of consideration as the holders of Class B Common Shares, and (ii) the holders of Class A
Common Shares have the right to receive, or the right to elect to receive, at least the same amount of consideration on a per share basis as the holders of Class B Common Shares. The Directors shall not approve such a transaction unless the
requirements of this Article are satisfied. For the avoidance of doubt, this Article refers to and includes only economic rights.

5.10 No tender or exchange offer to acquire any Class A Common Shares or Class B Common Shares by any third
party pursuant to an agreement to which the Company is to be a party, nor any tender or exchange offer by the Company to acquire any Class A Common Shares or Class B Common Shares shall be approved by the Company unless by the terms of
such transaction: (i) the holders of Class A Common Shares shall have the right to receive, or the right to elect to receive, the same form of consideration as the holders of Class B Common Shares, and (ii) the holders of
Class A Common Shares shall have the right to receive, or the right to elect to receive, at least the same amount of consideration on a per share basis as the holders of Class B Common Shares. The Directors shall not approve such a
transaction unless the requirements of this Article are satisfied. For the avoidance of doubt, this Article refers to and includes only economic rights.

5.11 Save and except for voting rights, conversion rights and transfer rights, Class A Common Shares and the
Class B Common Shares shall rank *pari passu* and shall have the same rights, preferences, privileges and restrictions and share ratably and otherwise be identical in all respects as to all matters.

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|:---|:---|
| **6** | **SHARE CERTIFICATES**  |

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6.1 A Member shall only be entitled to a share certificate if the Directors resolve that share certificates shall be
issued. Share certificates representing Shares, if any, shall be in such form as the Directors may determine. Share certificates shall be signed by one or more Directors or other person authorised by the Directors. The Directors may authorise
certificates to be issued with the authorised signature(s) affixed by mechanical process. All certificates for Shares shall be consecutively numbered or otherwise identified and shall specify the Shares to which they relate. All certificates
surrendered to the Company for transfer or conversion shall be cancelled and subject to the Articles and, save as provided in Articles 6.3, 7 and 8 below and in the case of a conversion of shares, no new certificate shall be issued until the former
certificate representing a like number of relevant Shares shall have been surrendered and cancelled.

6.2 Every share certificate of the Company shall bear legends required under the applicable laws, including the
Securities Act.

6.3 If a share certificate is defaced, worn-out, lost or destroyed, it may be
renewed on such terms (if any) as to evidence and indemnity and payment of the expenses reasonably incurred by the Company in investigating evidence as the Directors may determine but otherwise free of charge, and (in the case of defacement or wearing-out) on delivery to the Company of the old certificate.

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|:---|:---|
| **7** | **LIEN**  |

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7.1 The Company shall have a first and paramount lien on every share (not being a share which is fully paid as to its
par value and share premium) for all moneys (whether presently payable or not) payable at a fixed time or called in respect of that share (including any premium payable). The Directors may at any time declare any share to be wholly or in part exempt
from the provisions of this Article. The Company's lien on a share shall extend to any amount in respect of it.

7.2 The Company may sell in such manner as the Directors determine any shares on which the Company has a lien if a sum
in respect of which the lien exists is presently payable and is not paid within fourteen (14) clear days after notice has been given to the holder of the share or to the person entitled to it in consequence of the death or bankruptcy of the
holder, demanding payment and stating that if the notice is not complied with the shares may be sold.

7.3 To give effect to a sale, the Directors may authorise some person to execute an instrument of transfer of the shares
sold to, or in accordance with the directions of, the purchaser. The title of the transferee to the shares shall not be affected by any irregularity or invalidity in the proceedings in reference to the sale.

7.4 The net proceeds of the sale, after payment of the costs, shall be applied in payment of so much of the sum for
which the lien exists as is presently payable, and any residue shall (upon surrender to the Company for cancellation of the certificate for the shares sold, if any, and subject to a like lien for any moneys not presently payable as existed upon the
shares before the sale) be paid to the person entitled to the shares at the date of the sale.

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|:---|:---|
| **8** | **CALLS ON SHARES AND FORTEITURE**  |

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8.1 Subject to the terms of allotment, the Directors may make calls upon the Members in respect of any moneys unpaid on
their shares (whether in respect of nominal value or premium) and each Member shall (subject to receiving at least fourteen (14) clear days' notice specifying when and where payment is to be made) pay to the Company as required by the
notice the amount called on his shares. A call may be required to be paid by instalments. A call may, before receipt by the Company of any sum due thereunder, be revoked in whole or in part and payment of a call may be postponed in whole or in part.
A person upon whom a call is made shall remain liable for calls made upon him notwithstanding the subsequent transfer of the shares in respect of which the call was made.

8.2 A call shall be deemed to have been made at the time when the resolution of the Directors authorising the call was
passed.

8.3 The joint holders of a share shall be jointly and severally liable to pay all calls in respect of the share.

8.4 If a call remains unpaid after it has become due and payable, the person from whom it is due and payable shall pay
interest on the amount unpaid from the day it became due and payable until it is paid at the rate fixed by the terms of allotment of the share or in the notice of the call or, if no rate is fixed, at an annual rate of ten percent (10%), but the
Directors may waive payment of the interest wholly or in part.

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8.5 An amount payable in respect of a share on allotment or at any fixed date, whether in respect of nominal value or
premium or as an instalment of a call, shall be deemed to be a call, and if it is not paid when due, all the provisions of the Articles shall apply as if that amount had become due and payable by virtue of a call.

8.6 Subject to the terms of allotment, the Directors may make arrangements on the issue of shares for a difference
between the holders in the amounts and times of payment of calls on their shares.

8.7 If a call remains unpaid after it has become due and payable, the Directors may give to the person from whom it is
due not less than fourteen (14) clear days' notice requiring payment of the amount unpaid, together with any interest which may have accrued. The notice shall name the place where payment is to be made and shall state that if the notice
is not complied with the shares in respect of which the call was made will be liable to be forfeited.

8.8 If the notice is not complied with, any share in respect of which it was given may, before the payment required by
the notice has been made, be forfeited by a resolution of the Directors and the forfeiture shall include all dividends or other moneys payable in respect of the forfeited shares and not paid before the forfeiture.

8.9 Subject to the provisions of the Law, a forfeited share may be sold, re-allotted or otherwise disposed of on such terms and in such manner as the Directors determine either to the person who was before the forfeiture the holder or to any other person, and at any time before a
sale, re-allotment or other disposition, the forfeiture may be cancelled on such terms as the Directors think fit. Where, for the purposes of its disposal a forfeited share is to be transferred to any person,
the Directors may authorise any person to execute an instrument of transfer of the share to that person.

8.10 A person any of whose shares have been forfeited shall cease to be a Member in respect of them and shall surrender
to the Company for cancellation the certificate for the shares forfeited, if any, but shall remain liable to the Company for all moneys which at the date of forfeiture were presently payable by him to the Company in respect of those shares with
interest at the rate at which interest was payable on those moneys before the forfeiture or, if no interest was so payable, at an annual rate of ten percent (10%), from the date of forfeiture until payment but the Directors may waive payment wholly
or in part or enforce payment without any allowance for the value of the shares at the time of forfeiture or for any consideration received on their disposal.

8.11 A statutory declaration by a Director or the Secretary that a share has been forfeited on a specified date shall be
conclusive evidence of the facts stated in it as against all persons claiming to be entitled to the share and the declaration shall (subject to the execution of an instrument of transfer if necessary) constitute a good title to the share and the
person to whom the share is disposed of shall not be bound to see to the application of the consideration, if any, nor shall his title to the share be affected by any irregularity in or invalidity of the proceedings in reference to the forfeiture or
disposal of the share.

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| | |
|:---|:---|
| **9** | **TRANSFER OF SHARES**  |

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9.1 Subject to these Articles (including the limitation on transfers of Class B Shares as set out in Article 5.5),
any Member may transfer all or any of his shares by an instrument of transfer in the usual or common form or in a form prescribed by any Designated Stock Exchange or in any other form

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approved by the Board and may be under hand or, if the transferor or transferee is a Clearing House, by hand or by electronic signature or by such other manner of execution as the Board may approve from time to time. Without prejudice to the generality of the foregoing, title to listed shares of the Company may be evidenced and transferred in accordance with the laws applicable to and the rules and regulations of the Designated Stock Exchange on which such shares are listed. <br>

9.2 The instrument of transfer shall be executed by or on behalf of the transferor and the transferee provided that the
Board may dispense with the execution of the instrument of transfer by the transferee in any case which it thinks fit in its discretion to do so. Without prejudice to Article 9.1, the Board may also resolve, either generally or in any particular
case, upon request by either the transferor or transferee, to accept mechanically executed transfers including, where applicable, in accordance with the laws and rules applicable to the Designated Stock Exchange. The transferor shall be deemed to
remain the holder of the share until the name of the transferee is entered in the Register of Members in respect thereof. Nothing in these Articles shall preclude the Board from recognizing a renunciation of the allotment or provisional allotment of
any share by the allottee in favour of some other person.

9.3 The Board may in its absolute discretion and without giving any reason therefor, refuse to register a transfer of
any share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that is not fully paid up (as to both par value and any premium) to a person of whom it does not approve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) issued under any Incentive Plan upon which a restriction on transfer imposed thereby still subsists;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to more than four joint holders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) on which the Company has a lien.

9.4 Without limiting the generality of Article 9.3, the Board may also decline to recognise any instrument of transfer
unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a fee of such maximum sum as any Designated Stock Exchange may determine to be payable or such lesser sum as the
Board may from time to time require is paid to the Company in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the instrument of transfer is in respect of only one class of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Shares are fully paid (as to both par value and any premium) and free of any lien;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the instrument of transfer is lodged at the registered office or such other place at which the Register of Members
is kept in accordance with the Law accompanied by any relevant share certificate(s), if any, and/or such other evidence as the Board may reasonably require to show the right of the transferor to make the transfer (and, if the instrument of transfer
is executed by some other person on his behalf, the authority of that person so to do); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if applicable, the instrument of transfer is duly and properly stamped.

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9.5 If the Directors refuse to register a transfer of a share, they shall within two (2) months after the date on
which the transfer was lodged with the Company send to the transferee notice of the refusal.

9.6 The registration of transfers of shares or of any class of shares may, after compliance with any notice requirement
of any Designated Stock Exchange, be suspended and the Register of Members be closed at such times and for such periods (not exceeding in the whole thirty (30) days in any year) as the Board may determine.

9.7 The Company shall be entitled to retain any instrument of transfer which is registered, but any instrument of
transfer which the Directors refuse to register shall be returned to the person lodging it when notice of the refusal is given.

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| | |
|:---|:---|
| **10** | **TRANSMISSION OF SHARES**  |

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10.1 If a Member dies, his personal representatives or his legal successor (where he was a sole holder) or the survivor
of joint holders (in case of joint ownership) shall be the only persons recognised by the Company as having any title to his interest; but nothing in these Articles shall release the estate of a deceased Member from any liability in respect of any
share which had been jointly held by him.

10.2 A person becoming entitled to a share in consequence of the death or bankruptcy of a Member may, upon such evidence
being produced as the Directors may properly require, elect either to become the holder of the share or to have some person nominated by him registered as the transferee. If he elects to become the holder he shall give notice to the Company to that
effect. If he elects to have another person registered he shall execute an instrument of transfer of the share to that person. All the Articles relating to the transfer of shares shall apply to the notice or instrument of transfer as if it were an
instrument of transfer executed by the Member and the death or bankruptcy of the Member had not occurred.

10.3 A person becoming entitled to a share by reason of the death or bankruptcy of a Member shall have the rights to
which he would be entitled if he were the holder of the share, except that he shall not, before being registered as the holder of the share, be entitled in respect of such share to attend or vote at any meeting of the Company or at any separate
meeting of the holders of any class of shares in the Company.

10.4 If a holder of Class B Common Shares dies or becomes permanently disabled then such Class B Common Shares
held at the time of death or permanent disability shall automatically convert to an equal number of Class A Common Shares in accordance with Article 5.5.

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| | |
|:---|:---|
| **11** | **CHANGES OF CAPITAL**  |

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11.1 Subject to and in so far as permitted by the provisions of the Law and these Articles, the Company may from time to
time by Ordinary Resolution alter or amend the Memorandum to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase its share capital by such sum, to be divided into shares of such amount, as the resolution shall prescribe;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate and divide all or any of its share capital into shares of larger amounts than its existing shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) convert all or any of its paid up shares into stock and reconvert that stock into paid up shares of any
denomination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sub-divide its existing shares, or any of them, into shares of smaller
amounts than is fixed by the Memorandum provided that in the subdivision, the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be the same as it was in the case of the share from which the reduced share
is derived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel any shares which, at the date of the passing of the resolution, have not been taken or agreed to be taken by
any person, and diminish the amount of its share capital by the amount of the shares so cancelled.

11.2 For the avoidance of doubt, the Directors shall have the ability to issue shares within the authorised share capital
of the Company thereby changing the issued share capital of the Company and no Ordinary Resolution shall be required for such issuances.

11.3 Except so far as otherwise provided by the conditions of issue, the new shares shall be subject to the same
provisions with reference to the payment of calls, lien, transfer, transmission, forfeiture and otherwise as the shares in the original share capital.

11.4 Whenever as a result of a consolidation of shares any Members would become entitled to fractions of a share, the
Directors may, on behalf of those Members, sell the shares representing the fractions for the best price reasonably obtainable to any person (including, subject to the provisions of the Law, the Company) and distribute the net proceeds of sale in
due proportion among those Members, and the Directors may authorise some person to execute an instrument of transfer of the shares to, or in accordance with the directions of, the purchaser. The transferee shall not be bound to see to the
application of the purchase money nor shall his title to the shares be affected by any irregularity in or invalidity of the proceedings in reference to the sale.

11.5 The Company may by Special Resolution reduce its share capital and any capital redemption reserve in any manner and
with and subject to any incident, consent, order or other matter required by law.

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| | |
|:---|:---|
| **12** | **REDEMPTION AND PURCHASE OF OWN SHARES**  |

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12.1 Subject to the provisions of the Law and these Articles, the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue shares on terms that they are to be redeemed or are liable to be redeemed at the option of the Company or the
Member on such terms and in such manner as the Directors may, before the issue of shares, determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) purchase its own shares (including any redeemable shares) in such manner and on such terms as the Directors may
determine and agree with the relevant Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make a payment in respect of the redemption or purchase of its own shares in any manner authorised by the Law,
including out of capital.

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12.2 The Directors may, when making a payment in respect of the redemption or purchase of shares, if so authorised by the
terms of issue of the shares (or otherwise by agreement with the holder of such shares) make such payment in cash or in specie (or partly in one and partly in the other).

12.3 Upon the date of redemption or purchase of a share, the holder shall cease to be entitled to any rights in respect
thereof (excepting always the right to receive (i) the price therefor and (ii) any dividend which had been declared in respect thereof prior to such redemption or purchase being effected) and accordingly his name shall be removed from the
Register of Members with respect thereto and the share shall be cancelled.

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| | |
|:---|:---|
| **13** | **TREASURY SHARES**  |

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13.1 The Directors may, prior to the purchase, redemption or surrender of any Share, determine that such Share shall be
held as a Treasury Share.

13.2 The Directors may determine to cancel a Treasury Share or transfer a Treasury Share on such terms as they think
proper (including, without limitation, for nil consideration).

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| | |
|:---|:---|
| **14** | **REGISTER OF MEMBERS**  |

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14.1 The Company shall maintain or cause to be maintained an overseas or local Register of Members in accordance with the
Law.

14.2 The Directors may determine that the Company shall maintain one or more branch registers of Members in accordance
with the Law. The Directors may also determine which Register of Members shall constitute the principal register and which shall constitute the branch register or registers, and to vary such determination from time to time.

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| | |
|:---|:---|
| **15** | **CLOSING REGISTER OF MEMBERS OR FIXING RECORD DATE**  |

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15.1 For the purpose of determining Members entitled to notice of, or to vote at any meeting of Members or any
adjournment thereof, or Members entitled to receive payment of any dividend or other distribution, or in order to make a determination of Members for any other purpose, the Directors may provide that the Register of Members shall be closed for
transfers for a stated period which shall not in any case exceed thirty (30) days. If the Register shall be so closed for the purpose of determining those Members that are entitled to receive notice of, attend or vote at a meeting of Members,
the Register shall be so closed for at least ten (10) clear days immediately preceding such meeting and the record date for such determination shall be the date of the closure of the Register.

15.2 In lieu of, or apart from, closing the Register of Members, the Directors may fix, in advance or in arrears, a date
as the record date for any such determination of Members entitled to notice of, or to vote at any meeting of the Members or any adjournment thereof, or for the purpose of determining the Members entitled to receive payment of any dividend or other
distribution, or in order to make a determination of Members for any other purpose, provided that such a record date shall not exceed forty (40) clear days prior to the date where the determination will be made.

15.3 If the Register of Members is not so closed and no record date is fixed for the determination of Members entitled to
notice of, or to vote at, a meeting of Members or Members entitled to receive

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payment of a dividend or other distribution, the date on which notice of the meeting is sent or posted or the date on which the resolution of the Directors resolving to pay such dividend or other distribution is passed, as the case may be, shall be the record date for such determination of Members. When a determination of Members entitled to vote at any meeting of Members has been made as provided in this Article, such determination shall apply to any adjournment thereof. <br>

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| | |
|:---|:---|
| **16** | **GENERAL MEETINGS**  |

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16.1 An annual general meeting of the Company may at the discretion of the Board be held in the year in which these
Articles were adopted and shall be held in each year thereafter at such time as determined by the Board and the Company may, but shall not (unless required by the Law) be obliged to, in each year hold any other general meeting.

16.2 The agenda of the annual general meeting shall be set by the Board and shall include the presentation of the
Company's annual accounts and the report of the Directors (if any).

16.3 Annual general meetings shall be held in such place as the Directors may determine from time to time.

16.4 All general meetings other than annual general meetings shall be called extraordinary general meetings and the
Company shall specify the meeting as such in the notices calling it.

16.5 The Directors may, whenever they think fit, convene an extraordinary general meeting of the Company.

16.6 A Members' requisition is a requisition of one or more members holding at the date of deposit of the
requisition shares representing in the aggregate not less than one-third of the votes entitled to be cast at general meetings of the Company.

16.7 The Members' requisition must state the objects of the meeting and must be signed by the requisitionists and
deposited at the registered office, and may consist of several documents in like form each signed by one or more requisitionists.

16.8 If there are no Directors as at the date of the deposit of the Members' requisition or if the Directors do not
within fourteen (14) days from the date of the deposit of the Members' requisition duly proceed to convene a general meeting to be held within a further fourteen (14) days, the requisitionists, or any of them representing more than one-half of the total voting rights of all of the requisitionists, may themselves convene a general meeting, but any meeting so convened shall be held no later than the day which falls three (3) months after
the expiration of the first said fourteen (14) day period.

16.9 A general meeting convened as aforesaid by requisitionists shall be convened in as close to the same manner as
possible as that in which general meetings are to be convened by Directors.

16.10 Save as set out in Articles 16.1 to 16.9, the Members have no right to propose resolutions to be considered or voted
upon at annual general meetings or extraordinary general meetings of the Company.

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| | |
|:---|:---|
| **17** | **NOTICE OF GENERAL MEETINGS**  |

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17.1 Any general meeting, if and when called in accordance with Article 16, shall be called by at least 10 clear
days' notice in writing. Such notice shall be exclusive of the day on which it is served or deemed to be served and of the day for which it is given, and must specify the time, place and agenda of the meeting and particulars of the
resolution(s) to be considered at that meeting and, in the case of special business, the general nature of that business. All business transacted at an extraordinary general meeting shall be deemed special business. All business shall also be deemed
special business where it is transacted at an annual general meeting, with the exception of certain routine matters which shall be deemed ordinary business.

17.2 Such Notice may be served on a Member in accordance with Article 36 or in such other manner (if any) as may be
prescribed by Ordinary Resolution, to such persons as are entitled to vote or may otherwise be entitled under these Articles to receive such notices from the Company; provided that a general meeting of the Company shall, whether or not the notice
specified in this Article has been given and whether or not the provisions of the Articles regarding general meetings have been complied with, be deemed to have been duly convened if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an annual general meeting, by all of the Members entitled to attend and vote thereat; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of an extraordinary general meeting, by Members having a right to attend and vote at the meeting,
together holding not less than 75%, in par value of the Shares giving that right.

17.3 The accidental omission to give notice of a general meeting to, or the non-receipt of notice of a meeting by, any person entitled to receive notice shall not invalidate the proceedings at that general meeting.

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| | |
|:---|:---|
| **18** | **PROCEEDINGS AT GENERAL MEETINGS**  |

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18.1 No business shall be transacted at any meeting unless a quorum is present at the time when the meeting proceeds to
business and continues to be present until the conclusion of the meeting. One or more Members holding not less than one-third in aggregate of the voting power of all Shares in issue and entitled to vote,
present in person or by proxy or, if a corporation or other non-natural person, by its duly authorised representative, shall represent a quorum.

18.2 If a quorum is not present within half an hour from the time appointed for the meeting to commence or if during such
a meeting a quorum ceases to be present, the meeting, if convened upon a Members' requisition, shall be dissolved and in any other case it shall stand adjourned and shall reconvene on the same day in the next week at the same time and/or place
or to such other day, time and/or place as the Directors may determine, and if at the reconvened meeting a quorum is not present within half an hour from the time appointed for the meeting to commence, the Members present shall be a quorum.

18.3 A person may participate in a general meeting by conference telephone or other communications equipment by means of
which all the persons participating in the meeting can communicate with each other at the same time. Participation by a Member in a meeting in this manner is treated as presence in person at that meeting and is counted in a quorum and entitled to
vote.

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18.4 The Chairman or in his absence the Vice-Chairman (if any) shall preside as chairman of the meeting, but if neither
the Chairman nor such Vice-Chairman (if any) is present and willing to act, the Directors present shall elect one of their number to be chairman and, if there is only one Director present and willing to act, he shall be chairman. If no Director is
willing to act as chairman, then such meeting shall be adjourned for a one-week period and shall be held in the following week on the same day at the same time and place. If at the adjournment of the meeting
the Chairman or in his absence the Vice-Chairman (if any) or in their absence a Director is not willing to act as chairman, or if no Director is present, then such meeting shall be cancelled. For the avoidance of doubt, only a director may serve as
the chairman of the meeting.

18.5 The order of business at each such meeting shall be as determined by the chairman of the meeting. The chairman of
the meeting shall have the right and authority to prescribe such rules, regulations and procedures and to do all such acts and things as are necessary or desirable for the proper conduct of the meeting, including, without limitation, the
establishment of procedures for the maintenance of order and safety, limitations on the time allotted to questions or comments on the affairs of the Company, restrictions on entry to such meeting after the time prescribed for the commencement
thereof, and the opening and closing of the polls. The chairman of the meeting shall announce at each such meeting the date and time of the opening and the closing of the polls for each matter upon which the Members will vote at such meeting.

18.6 A Director shall, notwithstanding that he is not a Member, be entitled to attend and speak at any general meeting
and at any separate meeting of the holders of any class of shares in the Company.

18.7 The chairman of the meeting may, with the consent of any meeting at which a quorum is present (and shall if so
directed by the meeting), adjourn the meeting from time to time and from place to place, but no business shall be transacted at any adjourned meeting other than business which might properly have been transacted at the meeting had the adjournment
not taken place. When a meeting is adjourned for fourteen (14) days or more, at least seven (7) clear days' notice shall be given in the manner herein provided, including, but not limited to, as described in Article 36, specifying
the time and place of the adjourned meeting and the general nature of the business to be transacted. Otherwise, it shall not be necessary to give any such notice.

18.8 At each meeting of the Members, all corporate actions, including the election of Directors to be taken by vote of
the Members (except as otherwise required by applicable law and except as otherwise provided in these Articles) shall be authorised by Ordinary Resolution. Where a separate vote by a class or classes or series is required, save as provided in
Article 4.11(a), the affirmative vote of the majority of Shares of such class or classes or series present in person or represented by proxy at the meeting and voting shall be the act of such class or series (unless provided otherwise in the
resolutions providing for the issuance of such class or series).

18.9 At any general meeting a resolution put to the vote of the meeting shall be decided on a poll.

18.10 A poll shall be taken in such manner as the chairman directs, and he may appoint scrutineers (who need not be
Members) and fix a place and time for declaring the result of the poll. The result of the poll shall be deemed to be the resolution of the meeting at which the poll was taken.

18.11 In the case of equality of votes, the chairman of the meeting shall be entitled to a casting vote in addition to any
other vote he may have.

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18.12 If for so long as the Company has only one Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to a general meeting, the sole Member or a proxy for that Member or (if the Member is a corporation) a
duly authorised representative of that Member is a quorum and Article 18.1 is modified accordingly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sole Member may agree that any general meeting be called by shorter notice than that provided for by the
Articles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all other provisions of the Articles apply with any necessary modification (unless the provision expressly provides
otherwise).

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| | |
|:---|:---|
| **19** | **VOTES OF MEMBERS**  |

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19.1 Subject to any special rights, restrictions or privileges as to voting for the time being attached to any class or
classes of shares at any general meeting (including without limitation the enhanced voting rights attaching to Class B Common Shares provided for in Article 5) on a poll every Member present in person or by proxy or, in the case of a Member
being a corporation, by its duly authorized representative shall have one vote for every share which is fully paid or credited as fully paid registered in his or her name in the Register of Members (and for the avoidance of doubt each Class B
Common Share shall entitle the holder to 10 votes on all matters subject to a vote at general meetings of the Company).

19.2 At any general meeting, a resolution put to the vote of the meeting is to be decided by poll save that the chairman
of the meeting may, pursuant to the listing rules of any Designated Stock Exchange, allow a resolution to be voted on by a show of hands. Where a show of hands is allowed, before or on the declaration of the result of the show of hands, a poll may
be demanded by (in each case by Members present in person or by proxy or by a duly authorized corporate representative):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at least 2 Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Member or Members representing not less than one-tenth of the total
voting rights of all the Members having the right to vote at the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a Member or Members holding shares conferring a right to vote at the meeting on which an aggregate sum has been paid
equal to not less than one-tenth of the total sum paid up on all the shares conferring that right.

19.3 In the case of joint holders, the vote of the senior joint holder who tenders a vote, whether in person or by proxy,
shall be accepted to the exclusion of the votes of the other joint holders; and seniority shall be determined by the order in which the names of the holders stand in the Register of Members.

19.4 A Member in respect of whom an order has been made by any court having jurisdiction (whether in the Islands or
elsewhere) in matters concerning mental disorder may vote, by his receiver, curator bonis or other person authorised in that behalf appointed by that court, and any such receiver, curator bonis or other person may vote by proxy. Evidence to the
satisfaction of the Directors of the authority of the person claiming to exercise the right to vote shall be received at

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the registered office of the Company, or at such other place as is specified in accordance with these Articles for the deposit or delivery of forms of appointment of a proxy, or in any other manner specified in these Articles for the appointment of a proxy, not less than forty-eight (48) hours before the time appointed for holding the meeting or adjourned meeting at which the right to vote is to be exercised and in default the right to vote shall not be exercisable. <br>

19.5 Where the Company has knowledge that any Member is, under the listing rules of any Designated Stock Exchange,
required to abstain from voting on any particular resolution or restricted to voting only for or only against any particular resolution, any votes cast by or on behalf of such Member in contravention of such requirement or restriction shall not be
counted.

19.6 No Member shall, unless the Directors otherwise determine, be entitled to vote at any general meeting or at any
separate meeting of the holders of any class of shares in the Company, either in person or by proxy or by a corporate representative, in respect of any share held by him unless all moneys presently payable by him in respect of that share have been
paid.

19.7 No objection shall be raised to the qualification of any voter except at the meeting or adjourned meeting at which
the vote objected to is tendered, and every vote not disallowed at the meeting shall be valid. Any objection made in due time shall be referred to the chairman of the meeting whose decision shall be final and conclusive.

19.8 Votes may be given either personally or by proxy. Deposit or delivery of a form of appointment of a proxy does not
preclude a Member from attending and voting at the meeting or at any adjournment of it, save that only the Member or his proxy may cast a vote.

19.9 A Member entitled to more than one vote need not, if he votes, use all his votes or cast all votes he uses the same
way.

19.10 The instrument appointing a proxy shall be in writing under the hand of the appointor or of his or her attorney duly
authorized in writing, or if the appointor is a corporation, either under seal or under the hand of a duly authorized officer or attorney. Every instrument of proxy, whether for a specified meeting or otherwise, shall be in such form as the Board
may from time to time approve, provided that it shall not preclude the use of the two-way form. Any form issued to a Member for appointing a proxy to attend and vote at an extraordinary general meeting or at
an annual general meeting at which any business is to be transacted shall be such as to enable the Member, according to his or her intentions, to instruct the proxy to vote in favour of or against (or, in default of instructions, to exercise his or
her discretion in respect of) each resolution dealing with any such business.

19.11 Subject to the Law, the Directors may accept the appointment of a proxy received in an electronic communication at
an address specified for such purpose, on such terms and subject to such conditions as they consider fit. The Directors may require the production of any evidence which they consider necessary to determine the validity of any appointment pursuant to
Article 19.10.

19.12 Subject to Article 19.13 below, the form of appointment of a proxy and any authority under which it is executed or a
copy of such authority certified notarially or in some other way approved by the Directors may:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an instrument in writing, be left at or sent by post to the registered office of the Company or such
other place within the Islands or elsewhere as is specified in the notice convening the meeting or in any form of appointment of proxy sent out by the Company in relation to the meeting at any time before the time for holding the meeting or
adjourned meeting at which the person named in the form of appointment of proxy proposes to vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of an appointment of a proxy contained in an electronic communication, where an address has been
specified by or on behalf of the Company for the purpose of receiving electronic communications:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the notice convening the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in any form of appointment of a proxy sent out by the Company in relation to the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in any invitation contained in an electronic communication to appoint a proxy issued by the Company in relation to
the meeting;

be received at such address at any time before the time for holding the meeting or adjourned meeting at which the person named in the form of appointment of proxy proposes to vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of a poll taken more than forty-eight (48) hours after it is demanded, be deposited or delivered as
required by paragraphs (a) or (b) of this Article after the poll has been demanded and at any time before the time appointed for the taking of the poll; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) where the poll is taken immediately but is taken not more than forty-eight (48) hours after it was demanded, be
delivered at the meeting at which the poll was demanded to the chairman of the meeting or to the secretary or to any Director;

and a form of appointment of proxy which is not deposited or delivered in accordance with this Article or Article 19.13 is invalid.

19.13 Notwithstanding Article 19.12 above, the Directors may by way of note to or in any document accompanying the notice
of a general meeting (or adjourned meeting) fix the latest time by which the appointment of a proxy must be communicated to or received by the Company (being not more than 48 hours before the relevant meeting).

19.14 A vote or poll demanded by proxy or by the duly authorised representative of a corporation shall be valid
notwithstanding the previous determination of the authority of the person voting or demanding a poll unless notice of the determination was received by the Company at the registered office of the Company or, in the case of a proxy, any other place
specified for delivery or receipt of the form of appointment of proxy or, where the appointment of a proxy was contained in an electronic communication, at the address at which the form of appointment was received, before the commencement of the
meeting or adjourned meeting at which the vote is given or the poll demanded or (in the case of a poll taken otherwise than on the same day as the meeting or adjourned meeting) the time appointed for taking the poll.

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19.15 Any corporation or other non-natural person which is a Member of the Company
may in accordance with its constitutional documents, or, in the absence of such provision, by resolution of its directors or other governing body, authorise such person as it thinks fit to act as its representative at any meeting of the Company or
of any class of Members, and the person so authorised shall be entitled to exercise the same powers on behalf of the corporation which he represents as the corporation could exercise if it were an individual Member.

19.16 If a Clearing House (or its nominee(s)) or depositary (or its nominee(s)) is a Member of the Company, it may, by
resolution of its directors or other governing body or by power of attorney, authorise such Person(s) as it thinks fit to act as its representative(s) at any general meeting of the Company or of any class of shareholders of the Company, provided
that, if more than one Person is so authorised, the authorisation shall specify the number and class of shares in respect of which such Person is so authorised. A Person so authorised pursuant to this Article shall be entitled to exercise the same
powers on behalf of the recognised Clearing House (or its nominee(s)) or depositary (or its nominee(s)) which he represents as that recognised Clearing House (or its nominee(s)) or depositary (or its nominee(s)) could exercise if it were an
individual Member holding the number and class of share specified in such authorisation.

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|:---|:---|
| **20** | **NUMBER OF DIRECTORS AND CHAIRMAN**  |

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20.1 Subject to Article 21.4, the Board will be composed of 4 to 11 Directors, with the number being determined by a
majority of the Directors then in office may determine from time to time, provided that, unless otherwise determined by the Members acting by Special Resolution, the Board shall consist of not less than 4 Directors and not more than 11 Directors.

20.2 The Board shall have a Chairman elected and appointed by the Directors. The Directors may also elect a Vice Chairman
to act in the absence of the Chairman at Board meetings. The period for which the Chairman and/or the Vice-Chairman shall hold office shall be determined by the Directors. The Chairman shall preside as chairman at every meeting of the Board at which
he is present. Where the Chairman is not present at a meeting of the Board, the Vice-Chairman (if any) shall act as chairman, or in his absence, the attending Directors may choose one Director to be the chairman of the meeting.

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|:---|:---|
| **21** | **APPOINTMENT, DISQUALIFICATION AND REMOVAL OF DIRECTORS**  |

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21.1 Save as provided in Article 21.3, Directors shall be elected by an Ordinary Resolution of Members. Persons proposed
by the Board for election at a general meeting of the Company shall be nominated only and after consultation with the Nominating and Corporate Governance Committee (if such committee is established).

21.2 Each Director shall hold office for such specified term, if any, as the resolution appointing him may determine or
until his vacation of office as a Director or the Director's removal in accordance with these Articles notwithstanding any agreement between the Company and such Director. Directors are eligible for re-election.

21.3 Subject to Article 21.2, any vacancies on the Board arising other than upon the removal of a Director in accordance
with Article 21.8 can be filled by the remaining Director(s) (notwithstanding that the remaining Director(s) may constitute fewer than the number of Directors required by Article 20.1 or fewer than is required for a quorum pursuant to Article 28.1).
Any such appointment

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shall be as an interim Director to fill such vacancy until the appointment of a new Director or at the next annual general meeting of Members (and such appointment shall terminate at the commencement of the annual general meeting) whichever takes effect first.

21.4 Additional Board members may be appointed to the existing Board (subject to the maximum provided for in Article 20.1
above) by Ordinary Resolution.

21.5 There is no age limit for Directors of the Company.

21.6 No shareholding qualification shall be required for a Director. A Director who is not a Member shall nevertheless be
entitled to receive notice of and to attend and speak at general meetings of the Company.

21.7 While any shares of the Company are admitted to trading on a Designated Stock Exchange, the Board must at all times
comply with the residency and citizenship requirements of securities laws of the United States applicable to foreign private issuers and shall at no time have a majority of Directors who are U.S. Persons. Notwithstanding any other provision in these
Articles, no appointment or election of a U.S. Person as a Director shall be permitted if such appointment or election would have the effect of creating a majority of Directors who are U.S. Persons, and any such appointment or election shall be
disregarded for all purposes.

21.8 Directors may be removed (with or without cause) by Ordinary Resolution of Members. The notice of general meeting
must contain a statement of the intention to remove the Director and must be served on the Director not less than ten (10) calendar days before the meeting. The director is entitled to attend the meeting and be heard on the motion for his
removal.

21.9 The office of a Director shall be vacated automatically if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he or she becomes prohibited by law from being a Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he or she becomes bankrupt or makes any arrangement or composition with his creditors generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he or she dies or is, in the opinion of all his co-Directors, incapable by
reason of mental disorder of discharging his duties as Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) he or she resigns his or her office by notice to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) he or she has for more than six (6) months been absent without permission of the Directors from meetings of
Directors held during that period and the remaining Directors resolve that his or her office be vacated.

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|:---|:---|
| **22** | **ALTERNATE DIRECTORS**  |

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22.1 Any Director (but not an alternate Director) may by writing appoint any other Director, or any other person willing
to act, to be an alternate Director and by writing may remove from office an alternate Director so appointed by him.

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22.2 An alternate Director shall be entitled to receive notice of all meetings of Directors and of all meetings of
committees of Directors of which his appointor is a member, to attend and vote at every such meeting at which the Director appointing him is not personally present, to sign any written resolution of the Directors (in place of his appointor) and
generally to perform all the functions of his appointor as a Director in his absence.

22.3 An alternate Director shall cease to be an alternate Director if his appointor ceases to be a Director.

22.4 Any appointment or removal of an alternate Director shall be by written notice to the Company at its registered
office, signed by the Director making or revoking the appointment, or in any other manner approved by the Directors.

22.5 Subject to the provisions of these Articles, an alternate Director shall be deemed for all purposes to be a Director
and shall alone be responsible for his own acts and defaults and shall not be deemed to be the agent of the Director appointing him.

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|:---|:---|
| **23** | **POWERS OF DIRECTORS**  |

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23.1 Subject to the provisions of the Law, to the Memorandum and the Articles, to any directions given by Ordinary
Resolution or Special Resolution and to the listing rules of any Designated Stock Exchange, the business and affairs of the Company will be managed by, or under the direction or supervision of, the Board. The Directors may exercise all the powers of
the Company. No alteration of the Memorandum or Articles and no such direction shall invalidate any prior act of the Directors which would have been valid if that alteration had not been made or that direction had not been given. The powers given by
this Article shall not be limited by any special power given to the Directors by the Articles and a meeting of Directors at which a quorum is present may exercise all powers exercisable by the Directors.

23.2 The Board may exercise all the powers of the Company to raise capital or borrow money and to mortgage or charge all
or any part of the undertaking, property and assets (present and future) and uncalled capital of the Company and, subject to the Law, to issue debentures, bonds and other securities, whether outright or as collateral security for any debt, liability
or obligation of the Company or of any third party.

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|:---|:---|
| **24** | **DELEGATION OF DIRECTORS' POWERS**  |

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24.1 Subject to these Articles, the Directors may from time to time appoint any Person, whether or not a director of the
Company, to hold such office in the Company as the Directors may think necessary for the administration of the Company, including without prejudice to the foregoing generality, the offices of chief executive officer, chief operating officer and
chief financial officer, one or more vice presidents, managers or controllers, and for such term and at such remuneration (whether by way of salary or commission or participation in profits or partly in one way and partly in another) and with such
powers and duties as the Directors may think fit.

24.2 Without limiting the generality of Article 24.1, the Directors may appoint one or more of their body to the office
of managing Director or to any other executive office under the Company, and the Company may enter into an agreement or arrangement with any Director for his/her employment, subject to applicable law and any listing rules of the SEC or any
Designated Stock Exchange, or for the provision by him of any services outside the scope of the ordinary duties of a Director. Any

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such appointment, agreement or arrangement may be made upon such terms as the Directors determine and they may remunerate any such Director for his services as they think fit. Any appointment of a Director to an executive office shall terminate automatically if he ceases to be a Director but without prejudice to any claim to damages for breach of the contract of service between the Director and the Company. <br>

24.3 The Directors may, by power of attorney or otherwise, appoint any person to be the agent of the Company for such
purposes and on such conditions as they determine, including authority for the agent to delegate all or any of his powers.

24.4 Subject to applicable law and the listing rules of any Designated Stock Exchange, the Directors may delegate any of
their powers to any committee (including, without limitation, an Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee), consisting of one or more Directors. They may also delegate to any executive officer or
committee of executive officers such of their powers as they consider desirable to be exercised by him or them. Any such delegation may be made subject to any conditions the Directors may impose, and either collaterally with or to the exclusion of
its own powers and may be revoked or altered. Subject to any such conditions, the proceedings of a committee with two or more members shall be governed by the provisions of the Articles regulating the proceedings of Directors so far as they are
capable of applying. Where a provision of the Articles refers to the exercise of a power, authority or discretion by the Directors and that power, authority or discretion has been delegated by the Directors to a committee, the provision shall be
construed as permitting the exercise of the power, authority or discretion by the committee.

24.5 Without limiting the generality of Article 24.4, the Board shall establish a permanent Audit Committee and may
establish a Compensation Committee and a Nominating and Corporate Governance Committee and, where such committees are established, the Board may adopt formal written charters for such committees and, if so, shall review and assess the adequacy of
such formal written charters on an annual basis. Each of these committees shall be empowered to do all things necessary to exercise the rights of such committee set forth in these Articles and shall have powers as the Board may delegate pursuant to
Article 24.4 and as required by the rules of the Designated Stock Exchange or applicable law. Each of the Audit Committee, the Compensation Committee and the Nominating and Corporate Governance Committee, if established, shall consist of such number
of directors as the Board shall from time to time determine (or such minimum number as may be required from time to time by any Designated Stock Exchange). For so long as any class of Shares is listed on a Designated Stock Exchange, the Audit
Committee, the Compensation Committee and the Nominating and Corporate Governance Committee shall be made up of such number of Independent Directors as is required from time to time by the rules of the Designated Stock Exchange or otherwise required
by applicable law.

24.6 At least 1 member of the Audit Committee will be an audit committee financial expert as determined by the rules
adopted by the Designated Stock Exchange. Such financial expert shall have a special past employment experience in finance or accounting, requisite professional certification in accounting, or any other comparable experience or background which
results in the individual's financial sophistication.

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|:---|:---|
| **25** | **REMUNERATION AND EXPENSES OF DIRECTORS**  |

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25.1 The Directors shall be entitled to receive, as ordinary remuneration for their services, such sums as shall from
time to time be determined by the Board and, unless otherwise determined, the remuneration shall be deemed to accrue from day to day. If established, the Compensation Committee will assist the Board in reviewing and approving compensation decisions.
The Directors shall also be entitled to be repaid all expenses reasonably incurred by them in attending any Board meetings, committee meetings or general meetings or otherwise in connection with the discharge of their duties as Directors. Such
remuneration shall be in addition to any other remuneration to which a Director who holds any salaried employment or office with the Company may be entitled by reason of such employment or office.

25.2 Members of the Audit Committee may be paid annual compensation in the form of a fixed salary in such amount as the
Board may determine.

25.3 Any Director who, at the request of the Company, performs services which in the opinion of the Board go beyond the
ordinary duties of a Director may be paid such special or extra remuneration as the Board may determine, in addition to or in substitution for any ordinary remuneration as a Director.

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|:---|:---|
| **26** | **DIRECTORS' GRATUITIES AND PENSIONS**  |

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26.1 The Directors may cause the Company to provide benefits, whether by the payment of gratuities or pensions or by
insurance or otherwise, for any existing Director or any Director who has held but no longer holds any executive office or employment with the Company or with any body corporate which is or has been a subsidiary of the Company or a predecessor in
business of the Company or of any such subsidiary, and for any member of his family (including a spouse and a former spouse) or any person who is or was dependent on him, and may (as well before as after he ceases to hold such office or employment)
contribute to any fund and pay premiums for the purchase or provision of any such benefit.

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|:---|:---|
| **27** | **DIRECTORS' INTERESTS**  |

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27.1 Subject to the Law and listing rules of any Designated Stock Exchange, if a Director has disclosed to the other
Directors the nature and extent of any direct or indirect interest which the Director has in any transaction or arrangement with the Company, a Director notwithstanding his office:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) may be a party to or otherwise interested in any transaction or arrangement with the Company or in which the Company
is otherwise interested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) may be a Director or other officer of, or employed by, or a party to any transaction or arrangement with, or
otherwise interested in, any body corporate promoted by the Company or in which the Company is otherwise interested; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) shall not by reason of his office be accountable to the Company for any benefit which he derives from any such
office or employment or from any such transaction or arrangement or from any interest in any such body corporate and no such transaction or arrangement shall be liable to be avoided on the ground of any such interest or benefit.

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27.2 For the purposes of Article 27.1:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a general notice given to the Directors to the effect that (1) a Director is a member or officer of a specified
company or firm and is to be regarded as having an interest in any transaction or arrangement which may after the date of the notice be made with that company or firm; or (2) a Director is to be regarded as interested in any transaction or
arrangement which may after the date of the notice be made with a specified person who is connected with him or her shall be deemed to be a sufficient disclosure that the Director has an interest of the nature and extent so specified; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an interest of which a Director has no knowledge and of which it is unreasonable to expect him to have knowledge
shall not be treated as an interest of his.

27.3 A Director must disclose any direct or indirect interest in any transaction or arrangement with the Company, and
following a declaration being made pursuant to the Articles, subject to any separate requirement for Audit Committee approval under applicable law or the listing rules of any Designated Stock Exchange, and unless disqualified by the chairman of the
relevant meeting, a Director may vote in respect of any such transaction or arrangement in which such Director is interested and may be counted in the quorum at such meeting.

27.4 Notwithstanding the foregoing, no Independent Director and with respect of whom the Board has determined constitutes
an Independent Director for purposes of compliance with applicable law or the Company's listing requirements, shall without the consent of the Audit Committee take any of the foregoing actions or any other action that would reasonably be
likely to affect such Director's status as an Independent Director of the Company.

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|:---|:---|
| **28** | **PROCEEDINGS OF DIRECTORS**  |

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28.1 The quorum for the transaction of the business of the Directors shall be a simple majority of the Directors then in
office (subject to there being a minimum of 2 Directors present). A person who holds office as an alternate Director shall, if his appointor is not present, be counted in the quorum. A Director who also acts as an alternate Director shall, if his
appointor is not present, count twice towards the quorum, but one such Director shall not constitute a quorum on his own.

28.2 Subject to the provisions of the Articles, the Directors may regulate their proceedings as they determine is
appropriate. Questions arising at any meeting shall be decided by a majority of votes. In the case of an equality of votes, the Chairman shall have a second or casting vote. In the absence of the Chairman, the Vice-Chairman shall have a second or
casting vote. In the absence of both Chairman and Vice-Chairman, no director shall have a second or casting vote and in the event of a tie a new meeting shall be convened. A Director who is also an alternate Director shall be entitled in the absence
of his appointor to a separate vote on behalf of his appointor in addition to his own vote.

28.3 Meetings of the Directors shall be held at least once every calendar quarter and shall take place at such place as
the Directors may determine from time to time.

28.4 A person may participate in a meeting of the Directors or any committee of Directors by conference telephone or
other communications equipment by means of which all the persons participating in the meeting can communicate with each other at the same time. Participation by

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a person in a meeting in this manner is treated as presence in person at that meeting and is counted in a quorum and entitled to vote. <br>

28.5 A resolution in writing (in one or more counterparts) signed by all the Directors or all the members of a committee
of the Directors (an alternate Director being entitled to sign such a resolution on behalf of his appointor and if such alternate Director is also a Director, being entitled to sign such resolution both on behalf of his appointor and in his capacity
as a Director) shall be as valid and effective as if it had been passed at a meeting of the Directors, or committee of Directors as the case may be, duly convened and held. Unless otherwise provided by its terms, such a resolution shall be effective
from the date and time of the last signature.

28.6 A Director or alternate Director may, and another officer of the Company on the direction of a Director or alternate
Director shall, call a meeting of the Directors by at least five (5) clear days' notice in writing to every Director and alternate Director which notice shall set forth the general nature of the business to be considered unless notice is
waived by all the Directors (or their alternates) either at, before or after the meeting is held. To any such notice of a meeting of the Directors all the provisions of the Articles relating to the giving of notices by the Company to the Members
shall apply mutatis mutandis.

28.7 Notwithstanding Article 28.6, if all Directors so agree to the meeting, the Chairman or in his absence the
Vice-Chairman (if any) or in their absence any Director or alternate Director may, or other officer of the Company on the direction of a Director or alternate Director may, call a meeting of the Directors on shorter notice than is provided for in
Article 28.6 by notice in writing to every Director and alternate Director, which notice shall set forth the general nature of the business to be considered.

28.8 The continuing Directors (or a sole continuing Director, as the case may be) may act notwithstanding any vacancy in
their body, but if and so long as their number is reduced below the number fixed by or pursuant to the Articles as the necessary quorum of Directors, the continuing Directors or Director may act for the purpose of increasing the number of Directors
to be equal to such fixed number, or of summoning a general meeting of the Company, but for no other purpose.

28.9 All acts done by any meeting of the Directors or of a committee of the Directors (including any person acting as an
alternate Director) shall, notwithstanding that it is afterwards discovered that there was some defect in the appointment of any Director or alternate Director, and/or that they or any of them were disqualified, and/or had vacated their office
and/or were not entitled to vote, be as valid as if every such person had been duly appointed and/or not disqualified to be a Director or alternate Director and/or had not vacated their office and/or had been entitled to vote, as the case may be.

28.10 A Director who is present at a meeting of the Directors at which action on any Company matter is taken shall be
presumed to have assented to the action taken unless his dissent shall be entered in the minutes of the meeting or unless he shall file his written dissent from such action with the person acting as the secretary of the meeting before the
adjournment thereof or shall forward such dissent by electronic mail to the Company immediately after the conclusion of the meeting and such notice to be received by the Company within twenty four hours. Such right to dissent shall not apply to a
Director who voted in favour of such action.

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|:---|:---|
| **29** | **SECRETARY AND OTHER OFFICERS**  |

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29.1 The Directors may by resolution appoint a Secretary and may by resolution also appoint such other officers as may
from time to time be required upon such terms as to the duration of office, remuneration and otherwise as they may think fit PROVIDED THAT, the Directors may only appoint persons as directors of the Company in accordance with Article 21.3. Such
Secretary or other officers need not be Directors and in the case of the other officers may be ascribed such titles as the Directors may determine. The Directors may by resolution remove from that position any Secretary or other officer appointed
pursuant to this Article.

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|:---|:---|
| **30** | **MINUTES**  |

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30.1 The Directors shall cause minutes to be made in books kept for the purposes of recording:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all appointments of officers made by the Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all resolutions and proceedings of meetings of the Company, of the holders of any class of shares in the Company and
of the Directors and of committees of Directors, including the names of the Directors present at each such meeting.

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|:---|:---|
| **31** | **SEAL**  |

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31.1 The Company may, if the Directors so determine, have a Seal. The Seal shall only be used by the authority of the
Directors or of a committee of Directors authorised by the Directors. The Directors may determine who shall sign any instrument to which the Seal is affixed, and unless otherwise so determined every such instrument shall be signed by a Director or
by such other person as the Directors may authorise.

31.2 The Company may have for use in any place or places outside the Islands a duplicate Seal or Seals, each of which
shall be a reproduction of the Seal of the Company and, if the Directors so determine, shall have added on its face the name of every place where it is to be used.

31.3 The Directors may by resolution determine (i) that any signature required by this Article need not be manual
but may be affixed by some other method or system of reproduction or mechanical or electronic signature and/or (ii) that any document may bear a printed reproduction of the Seal in lieu of affixing the Seal thereto.

31.4 No document or deed otherwise duly executed and delivered by or on behalf of the Company shall be regarded as
invalid merely because at the date of the delivery of the deed or document, the Director, Secretary or other officer or person who shall have executed the same or affixed the Seal thereto, as the case may be, for and on behalf of the Company shall
have ceased to hold such office and authority on behalf of the Company.

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|:---|:---|
| **32** | **DIVIDENDS**  |

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32.1 Subject to any rights and restrictions for the time being attached to any shares, the Directors may from time to
time declare dividends (including interim dividends) and other distributions on shares in issue and authorize payment of the same out of the funds of the Company lawfully available therefor, but no dividend shall exceed the amount recommended by the
Directors.

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32.2 Subject to the provisions of the Law, the Directors may declare dividends in accordance with the respective rights
of the Members and authorise payment of the same out of the funds of the Company lawfully available therefor. If at any time the share capital is divided into different classes of shares, the Directors may pay dividends on shares which confer
deferred or non-preferred rights with regard to dividends as well as on shares which confer preferential rights with regard to dividends, but no dividend shall be paid on shares carrying deferred or non-preferred rights if, at the time of payment, any preferential dividend is in arrears. The Directors may also pay at intervals settled by them any dividend payable at a fixed rate if it appears that there are
sufficient funds of the Company lawfully available for distribution to justify the payment. Provided the Directors act in good faith they shall not incur any liability to the holders of shares conferring preferred rights for any loss they may suffer
by the lawful payment of a dividend on any shares having deferred or non-preferred rights.

32.3 The Directors may, before recommending or declaring any dividend, set aside out of the funds legally available for
distribution such sums as they think proper as a reserve or reserves which shall, at the discretion of the Directors, be applicable for meeting contingencies, or for equalising dividends or for any other purpose to which those funds may be properly
applied and pending such application may, at the like discretion, either be employed in the business of the Company or be invested in such investments (other than shares in the capital of the Company) as the Directors may from time to time think
fit.

32.4 Except as otherwise provided by the rights attached to shares and subject to Article 15, all dividends shall be paid
in proportion to the number of shares a Member holds as of the date the dividend is declared; save that (a) if any share is issued on terms providing that it shall rank for dividend as from a particular date, that share shall rank for dividend
accordingly; and (b) where the Company has shares in issue which are not fully paid up (as to par value) the Company may pay dividends in proportion to the amount paid up on each share.

32.5 The Directors may deduct from a dividend or other amounts payable to a person in respect of a share any amounts due
from him to the Company on account of a call or otherwise in relation to a share.

32.6 Any Ordinary Resolution or Directors' resolution declaring a dividend may direct that it shall be satisfied
wholly or partly by the distribution of assets and, where any difficulty arises in regard to such distribution, the Directors may settle the same and in particular may issue fractional certificates and fix the value for distribution of any assets
and may determine that cash shall be paid to any Member upon the footing of the value so fixed in order to adjust the rights of Members and may vest any assets in trustees.

32.7 Any dividend or other moneys payable on or in respect of a share may be paid by cheque sent by post to the
registered address of the person entitled or, if two or more persons are the holders of the share or are jointly entitled to it by reason of the death or bankruptcy of the holder, to the registered address of that one of those persons who is first
named in the Register of Members or to such person and to such address as the person or persons entitled may in writing direct. Subject to any applicable law or regulations, every cheque shall be made payable to the order of the person or persons
entitled or to such other person as the person or persons entitled may in writing direct and payment of the cheque shall be a good discharge to the Company. Any joint holder or

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other person jointly entitled to a share as aforesaid may give receipts for any dividend or other moneys payable in respect of the share.

32.8 No dividend or other moneys payable in respect of a share shall bear interest against the Company unless otherwise
provided by the rights attached to the share.

32.9 Any dividend which has remained unclaimed for six years from the date when it became due for payment shall, if the
Directors so resolve, be forfeited and cease to remain owing by the Company.

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|:---|:---|
| **33** | **FINANCIAL YEAR, ACCOUNTING RECORDS AND AUDIT**  |

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33.1 Unless the Directors otherwise prescribe, the financial year of the Company shall end on 31 December in each
year and shall begin on 1 January each year.

33.2 The Board shall cause proper books of account to be kept of the sums of money received and expended by the Company,
and of the Company's assets and liabilities and of all other matters required by the Companies Law (which include all sales and purchases of goods by the company) necessary to give a true and fair view of the state of the Company's
affairs and to show and explain the Company's transactions.

33.3 The books of account relating to the Company's affairs shall be kept in such manner as may be determined from
time to time by the Directors. The books of account shall be kept at the registered office or at such other place or places as the Directors think fit, and shall always be open to the inspection of the Directors.

33.4 No Member shall be entitled to require discovery of or any information with respect to any detail of the
Company's trading or any matter which is or may be in the nature of a trade secret or secret process which may relate to the conduct of the business of the Company and which in the opinion of the Directors it will be inexpedient in the
interests of the Members of the Company to communicate to the public.

33.5 The Directors may from time to time determine whether and to what extent and at what times and places and under what
conditions or regulations the accounts and books and corporate records of the Company or any of them shall be open to the inspection of Members not being Directors, and no Member (not being a Director) shall have any right of inspecting any account
or book or document of the Company except as conferred by applicable law, the listing rules of any Designated Stock Exchange or authorised by the Directors.

33.6 Subject to Articles 33.5, and 33.7 a printed copy of the Directors' report, if any, accompanied by the
consolidated statements of financial position, profit or loss, comprehensive income (loss), cash flows and changes in shareholders' equity, including every document required by the Law to be annexed thereto, made up to the end of the
applicable financial year, shall be sent to the Members before the date of the general meeting and laid before the Company at the annual general meeting held in accordance with Article 16.2, provided that this Article 33.6 shall not require a copy
of those documents to be sent to any person whose address the Company is not aware of or to more than one of the joint holders of any shares.

33.7 The requirement to send to a person referred to in Article 33.6 the documents referred to in that Article shall be
deemed satisfied where, in accordance with all applicable laws, rules and

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regulations, including, without limitation, the rules of any Designated Stock Exchange, the Company publishes copies of the documents referred to in Article 33.6 on the Company's Website, transmits it to SEC's website or in any other permitted manner (including by sending any other form of electronic communication), and that person has agreed or is deemed by the Company to have agreed to treat the publication or receipt of such documents in such manner as discharging the Company's obligation to send to him a copy of such documents. <br>

33.8 Subject to applicable law and to the rules of any Designated Stock Exchange, the accounts relating to the
Company's affairs shall be audited in such manner as may be determined from time to time by the Directors.

33.9 The Directors, having considered the recommendations of the Audit Committee, shall appoint an auditor of the Company
who shall hold office until removed from office by a resolution of the Board, and shall fix his or their remuneration.

33.10 Every auditor of the Company shall have a right of access at all times to the books and accounts of the Company and
shall be entitled to require from the Directors and officers of the Company such information and explanation as may be necessary for the performance of the duties of the auditors.

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|:---|:---|
| **34** | **CAPITALISATION OF PROFITS**  |

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34.1 The Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject as provided in this Article, resolve to capitalize any undivided profits of the Company not required for
paying any preferential dividend (whether or not they are available for distribution) or any sum standing to the credit of the Company's share premium account or capital redemption reserve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) appropriate the sum resolved to be capitalised to the Members who would have been entitled to it if it were
distributed by way of dividend and in the same proportions and apply such sum on their behalf either in or towards paying up the amounts, if any, for the time being unpaid on any shares held by them respectively, or in paying up in full unissued
shares or debentures of the Company of a nominal amount equal to such sum, and allot the shares or debentures credited as fully paid to those Members, or as they may direct, in those proportions, or partly in one way and partly in the other,
provided that on any such capitalization holders of Class A Common Shares shall receive Class A Common Shares (or rights to acquire Class A Common Shares, as the case may be) and holders of Class B Common Shares shall receive
Class B Common Shares (or rights to acquire Class B Common Shares, as the case may be);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) resolve that any shares so allotted to any Member in respect of a holding by him of any partly-paid shares rank for
dividend, so long as such shares remain partly paid, only to the extent that such partly paid shares rank for dividend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) make such provision by the issue of fractional certificates or by payment in cash or otherwise as they determine in
the case of shares or debentures becoming distributable under this Article in fractions; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) authorise any person to enter on behalf of all the Members concerned into an agreement with the Company providing
for the allotment to them respectively, credited as fully paid, of any shares or debentures to which they may be entitled upon such capitalization, any agreement made under such authority being binding on all such Members.

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| | |
|:---|:---|
| **35** | **SHARE PREMIUM ACCOUNT**  |

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35.1 The Directors shall in accordance with Section 34 of the Law establish a share premium account and shall carry
to the credit of such account from time to time a sum equal to the amount or value of the premium paid on the issue of any share or capital contributed as described in Article 4.12.

35.2 There shall be debited to any share premium account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on the redemption or purchase of a share the difference between the nominal value of such share and the redemption
or purchase price provided always that at the discretion of the Directors such sum may be paid out of the profits of the Company or, if permitted by Section 37 of the Law, out of capital; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other amounts paid out of any share premium account as permitted by Section 34 of the Law.

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| | |
|:---|:---|
| **36** | **NOTICES**  |

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36.1 Except as otherwise provided in these Articles and subject to the rules of any Designated Stock Exchange, any notice
or document may be served by the Company or by the Person entitled to give notice to any Member either personally or by posting it airmail or by air courier service in a prepaid letter addressed to such Member at his address as appearing in the
Register of Members, or by electronic mail to any electronic mail address such Member may have specified in writing for the purpose of such service of notices, or by advertisement in appropriate newspapers in accordance with the requirements of any
Designated Stock Exchange, or by facsimile or by placing it on the Company's Website. In the case of joint holders of a Share, all notices shall be given to that one of the joint holders whose name stands first in the Register of Members in
respect of the joint holding, and notice so given shall be sufficient notice to all the joint holders.

36.2 Notices posted to addresses outside the Cayman Islands shall be forwarded by prepaid airmail.

36.3 In the case of joint holders of a Share, all notices shall be given to that one of the joint holders whose name
stands first in the Register of Members in respect of the joint holding, and notice so given shall be sufficient notice to all the joint holders.

36.4 Any notice or other document, if served by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) post, shall be deemed to have been served five days after the time when the letter containing the same is posted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) facsimile, shall be deemed to have been served upon production by the transmitting facsimile machine of a report
confirming transmission of the facsimile in full to the facsimile number of the recipient;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) recognized courier service, shall be deemed to have been served 48 hours after the time when the letter containing
the same is delivered to the courier service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) electronic mail, shall be deemed to have been served immediately upon the time of the transmission by electronic
mail; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) placing it on the Company's Website, shall be deemed to have been served one (1) hour after the notice or
document is placed on the Company's Website.

In proving service by post or courier service it shall be sufficient to prove that the letter containing the notice or documents was properly addressed and duly posted or delivered to the courier service.

36.5 A Member present, either in person or by proxy, at any meeting of the Company or of the holders of any class of
shares in the Company shall be deemed to have received notice of the meeting, and, where requisite, of the purpose for which it was called.

36.6 Any notice or document delivered or sent by post to or left at the registered address of any Member in accordance
with the terms of these Articles shall notwithstanding that such Member be then dead or bankrupt, and whether or not the Company has notice of his death or bankruptcy, be deemed to have been duly served in respect of any Share registered in the name
of such Member as sole or joint holder, unless his name shall at the time of the service of the notice or document, have been removed from the Register of Members as the holder of the Share, and such service shall for all purposes be deemed a
sufficient service of such notice or document on all Persons interested (whether jointly with or as claiming through or under him) in the Share.

36.7 Notice of every general meeting of the Company shall be given to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Members holding Shares with the right to receive notice and who have supplied to the Company an address,
facsimile number or email address for the giving of notices to them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) every Person entitled to a Share in consequence of the death or bankruptcy of a Member, who but for his death or
bankruptcy would be entitled to receive notice of the meeting.

No other Person shall be entitled to receive notices of general meetings

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| | |
|:---|:---|
| **37** | **WINDING UP**  |

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37.1 The Board shall have the power in the name and on behalf of the Company to present a petition to the court for the
Company to be wound up.

37.2 If the Company is wound up, the liquidator may, with the sanction of a Special Resolution and any other sanction
required by the Law, divide among the Members in specie the whole or any part of the assets of the Company and may, for that purpose, value any assets and determine how the division shall be carried out as between the Members or different classes of
Members. The liquidator may, with the like sanction, vest the whole or any part of the assets in trustees upon such trusts for the benefit of the Members as he with the like sanction determines, but no Member shall be compelled to accept any assets
upon which there is a liability.

------

37.3 If the Company shall be wound up and the assets available for distribution amongst the Members as such shall be
insufficient to repay the whole of the paid up capital, such assets shall be distributed so that, as nearly as may be, the losses shall be borne by the Members in proportion to the capital paid up, or which ought to have been paid up, at the
commencement of the winding up, on the shares held by them respectively. If in a winding up the assets available for distribution amongst the Members shall be more than sufficient to repay the whole of the capital paid up at the commencement of the
winding up, the excess shall be distributed pari passu amongst the Members in proportion to the capital paid up at the commencement of the winding up on the shares held by them respectively. This Article is to be without prejudice to the rights of
the holders of shares issued upon special terms and conditions.

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| | |
|:---|:---|
| **38** | **INDEMNITY**  |

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38.1 Every Indemnified Person for the time being and from time to time of the Company and the personal representatives of
the same shall be indemnified and secured harmless out of the assets and funds of the Company against all actions, proceedings, costs, charges, expenses, losses, damages, liabilities, judgments, fines, settlements and other amounts (including
reasonable attorneys' fees and expenses and amounts paid in settlement and costs of investigation (collectively  ***Losses***) incurred or sustained by him otherwise than by reason of his own dishonesty, wilful default or fraud in or
about the conduct of the Company's business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality of the
foregoing, any Losses incurred by him in defending or investigating (whether successfully or otherwise) any civil, criminal, investigative and administrative proceedings concerning or in any way related to the Company or its affairs in any court
whether in the Islands or elsewhere. Such Losses incurred in defending or investigating any such proceeding shall be paid by the Company as they are incurred upon receipt, in each case, of an undertaking by or on behalf of the Indemnified Person to
repay such amounts if it is ultimately determined by a non-appealable order of a court of competent jurisdiction that such Indemnified Person is not entitled to indemnification hereunder with respect thereto.

38.2 No such Indemnified Person of the Company and the personal representatives of the same shall be liable (i) for
the acts, receipts, neglects, defaults or omissions of any other Director or officer or agent of the Company or (ii) by reason of his having joined in any receipt for money not received by him personally or in any other act to which he was not
a direct party for conformity or (iii) for any loss on account of defect of title to any property of the Company or (iv) on account of the insufficiency of any security in or upon which any money of the Company shall be invested or
(v) for any loss incurred through any bank, broker or other agent or any other party with whom any of the Company's property may be deposited or (vi) for any loss, damage or misfortune whatsoever which may happen in or arise from the
execution or discharge of the duties, powers, authorities or discretions of his office or in relation thereto or (vii) for any loss occasioned by any negligence, default, breach of duty, breach of trust, error of judgement or oversight on such
Person's part, unless he has acted dishonestly, with wilful default or through fraud.

38.3 The Company hereby acknowledges that certain Indemnified Persons may have certain rights to indemnification,
advancement of expenses and/or insurance from or against (other than directors' and officers' or similar insurance obtained or maintained by or on behalf of the Company or any of its subsidiaries, including any such insurance obtained or
maintained pursuant to Article 38.4

------

hereof) Other Indemnitors. The Company hereby agrees that: (i) it is the indemnitor of first resort (i.e., its obligations to an Indemnified Person are primary and any obligation of any Other Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such Indemnified Person are secondary); (ii) it shall be required to advance the full amount of expenses incurred by an Indemnified Person and shall be liable for the full amount of all Losses to the extent legally permitted and as required by the terms of these Articles (or any other agreement between the Company and an Indemnified Person) without regard to any rights an Indemnified Person may have against any Other Indemnitors; and (iii) it irrevocably waives, relinquishes and releases any Other Indemnitors from any and all claims against the Other Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by any Other Indemnitors on behalf of an Indemnified Person with respect to any claim for which such Indemnified Person has sought indemnification from the Company shall affect the foregoing, and without prejudice to Article 39 below, Other Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of such Indemnified Person against the Company. For the avoidance of doubt, no Person or entity providing Directors' or officers' or similar insurance obtained or maintained by or on behalf of the Company or any of its subsidiaries, including any Person providing such insurance obtained or maintained pursuant to Article 38.4 hereof, shall be an Other Indemnitor. <br>

38.4 The Directors may exercise all the powers of the Company to purchase and maintain insurance for the benefit of a
Person who is or was (whether or not the Company would have the power to indemnify such Person against such liability under the provisions of this Article 38 or under applicable law): (a) a Director, alternate Director, Secretary or auditor of the
Company or of a company which is or was a subsidiary of the Company or in which the Company has or had an interest (whether direct or indirect); or (b) the trustee of a retirement benefits scheme or other trust in which a person referred to in
Article 38.1 is or has been interested, indemnifying him against any liability which may lawfully be insured against by the Company.

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| | |
|:---|:---|
| **39** | **CLAIMS AGAINST THE COMPANY**  |

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39.1 Notwithstanding Article 38.3, unless otherwise determined by a majority of the Board, in the event that (i) any
Member (the  ***Claiming Party***) initiates or asserts any claim or counterclaim ( ***Claim***) or joins, offers substantial assistance to or has a direct financial interest in any Claim against the Company and (ii) the Claiming
Party (or the third party that received substantial assistance from the Claiming Party or in whose Claim the Claiming Party had a direct financial interest) does not obtain a judgment on the merits in which the Claiming Party prevails, then each
Claiming Party shall, to the fullest extent permissible by law, be obligated jointly and severally to reimburse the Company for all fees, costs and expenses (including, but not limited to, all reasonable attorneys' fees and other litigation
expenses) that the Company may incur in connection with such Claim.

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| | |
|:---|:---|
| **40** | **UNTRACEABLE MEMBERS**  |

---

40.1 Without prejudice to the rights of the Company under Article 40.2, the Company may cease sending cheques for
dividend entitlements or dividend warrants by post if such cheques or warrants have been left uncashed on two (2) consecutive occasions. However, the Company may exercise the power to cease sending cheques for dividend entitlements or dividend
warrants after the first occasion on which such a cheque or warrant is returned undelivered.

------

40.2 The Company shall have the power to sell, in such manner as the Board thinks fit, any shares of a Member who is
untraceable, but no such sale shall be made unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all cheques or warrants in respect of dividends of the shares in question, being not less than three (3) in
total number, for any sum payable in cash to the holder of such shares in respect of them sent during the relevant period in the manner authorised by the Articles of the Company have remained uncashed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) so far as it is aware at the end of the relevant period, the Company has not at any time during the relevant period
received any indication of the existence of the Member who is the holder of such shares or of a person entitled to such shares by death, bankruptcy or operation of law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company, if so required by the rules governing the listing of shares on the Designated Stock Exchange, has given
notice to, and caused advertisement in newspapers to be made in accordance with the requirements of, the Designated Stock Exchange of its intention to sell such shares in the manner required by the Designated Stock Exchange, and a period of three
(3) months or such shorter period as may be allowed by the Designated Stock Exchange has elapsed since the date of such advertisement.

For the purposes of the foregoing, the ***relevant period*** means the period commencing twelve (12) years before the date of publication of the advertisement referred to in this Article 40.2 and ending at the expiry of the period referred to in that paragraph.

40.3 To give effect to any such sale the Board may authorise some person to transfer the said shares and an instrument of
transfer signed or otherwise executed by or on behalf of such persons shall be as effective as if it had been executed by the registered holder or the person entitled by transmission to such shares, and the purchaser shall not be bound to see to the
application of the purchase money nor shall his title to the shares be affected by any irregularity or invalidity in the proceedings relating to the sale. The net proceeds of the sale will belong to the Company and upon receipt by the Company of
such net proceeds it shall become indebted to the former Member for an amount equal to such net proceeds. No trust shall be created in respect of such debt and no interest shall be payable in respect of it and the Company shall not be required to
account for any money earned from the net proceeds which may be employed in the business of the Company or as it thinks fit. Any sale under this Article shall be valid and effective notwithstanding that the Member holding the shares sold is dead,
bankruptcy or otherwise under any legal disability or incapacity.

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| | |
|:---|:---|
| **41** | **AMENDMENT OF MEMORANDUM AND ARTICLES**  |

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41.1 Subject to the Law, the Company may by Special Resolution, change its name or change the provisions of the
Memorandum with respect to its objects, powers or any other matter specified therein.

41.2 Subject to the Law and as provided in these Articles, the Company may at any time and from time to time by Special
Resolution alter or amend these Articles in whole or in part.

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| | |
|:---|:---|
| **42** | **TRANSFER BY WAY OF CONTINUATION**  |

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42.1 The Company may by Special Resolution resolve to be registered by way of continuation in a jurisdiction outside the
Islands or such other jurisdiction in which it is for the time being incorporated, registered or existing. In furtherance of a resolution adopted pursuant to this Article, the Directors may cause an application to be made to the Registrar of
Companies to deregister the Company in the Islands or such other jurisdiction in which it is for the time being incorporated, registered or existing and may cause all such further steps as they consider appropriate to be taken to effect the transfer
by way of continuation of the Company.

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| | |
|:---|:---|
| **43** | **MERGER AND CONSOLIDATION**  |

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43.1 Subject to the Law and the rules of any Designated Stock Exchange, the Company shall, with the approval of a Special
Resolution, have the power to merge or consolidate with one or more constituent companies (as defined in the Law), upon such terms as the Directors may determine.

43.2 For the avoidance of doubt: a) statutory mergers and consolidations have the specific meaning as set out in Law, b)
no additional requirements are imposed by the Articles, and c) transactions which are not deemed by the Directors, in their sole discretion following due deliberations and advice, to be a merger or consolidation as set out in the Law, do not require
a Special Resolution and may be carried out by the Company with the approval of Directors and shall not (unless otherwise set out in these Articles or the Law) require separate shareholder approval.

## Exhibit 2.1

**Exhibit 2.1** 

**DESCRIPTION OF SECURITIES** 

**REGISTERED UNDER SECTION 12 OF THE EXCHANGE ACT** 

The following is a description of our outstanding securities registered under Section 12 of the Exchange Act as required pursuant to the relevant Items under Form 20-F. As of December 31, 2025, Vinci Compass Investments Ltd. ("we," "us," and "our") had the following series of securities registered pursuant to Section 12(b) of the Exchange Act:

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| | | |
|:---|:---|:---|
| **Title of**<br> **each class** | **Trading**<br> **Symbol(s)** | **Name of each exchange**<br> **on which registered** |
| Class A common shares, par value US$0.00005 per share | VINP | The Nasdaq Global Select Market |

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Vinci Compass Investments Ltd. was incorporated on September 21, 2020, as a Cayman Islands exempted company with limited liability with the Cayman Islands Registrar of Companies. Our corporate purposes are unrestricted and we have the authority to carry out any object not prohibited by any law as provided by Section 7(4) of the Companies Act (as amended) of the Cayman Islands, or the Companies Act.

Our affairs are governed principally by: (1) our Articles of Association; (2) the Companies Act; and (3) the common law of the Cayman Islands. As provided in our Articles of Association, subject to Cayman Islands law, we have full capacity to carry on or undertake any business or activity, do any act or enter into any transaction, and, for such purposes, full rights, powers and privileges. Our registered office is c/o Harneys Fiduciary (Cayman) Limited, P.O. Box 10240, Grand Cayman, KY1-1002, Cayman Islands.

**CLASS A COMMON SHARES** 

**Item 9. General** 

**9. A.3 Preemptive rights** 

See "—Item 10.B Memorandum and articles of association—Preemptive or Similar Rights" below.

**9. A.5 Type and class of securities** 

As of December 31, 2025, we had a total issued share capital of US$3,271.10, divided into 65,422,098 common shares. Those common shares were divided into 50,955,859 Class A common shares and 14,466,239 Class B common shares. In addition, we had 100,000 Series A convertible preferred shares of our authorized share capital issued and outstanding. All of our outstanding share capital is fully paid. Our Class A common shares are in book-entry form, registered in the name of each shareholder or its nominee.

Our total authorized share capital is US$50,000, divided into 1,000,000,000 shares par value US$0.00005 each, of which: (i) 500,000,000 shares are designated as Class A common shares; (ii) 250,000,000 shares are designated as Class B common shares (which may be converted into Class A common shares in the manner contemplated in our Articles of Association); and (iii) 249,900,000 shares are as yet undesignated and shall have the rights as our board of directors may determine from time to time in accordance with Article 4 of our Articles of Association; and (iv) 100,000 shares that are designed as Series A convertible preferred shares (having previously constituted shares that were undesignated by class and having been so designated by our board of directors in accordance with Article 4 of our Articles of Association).

Our Memorandum and Articles of Association authorize two classes of common shares: Class A common shares, which are entitled to one vote per share and Class B common shares, which are entitled to 10 votes per share and to maintain a proportional ownership and voting interest in the event that additional Class A common shares are issued. Any holder of Class B common shares may convert his or her shares at any time into Class A common shares on a share-for-share basis. The rights of the two classes of common shares are otherwise identical, except as described in our Memorandum and Articles of Association. See "—Anti-Takeover Provisions in our Articles of Association—Two Classes of Common Shares."

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**Item 9. A.6. Limitations or qualifications** 

Not applicable.

**Item 9. A.7. Other rights** 

Not applicable.

**Item 10. B Memorandum and articles of association** 

The following information describes our Class A common shares and provisions set forth by our Memorandum and Articles of Association, the Companies Act and the common law of the Cayman Islands. This description is only a summary. You should read and refer to our Memorandum and Articles of Association included as Exhibit 1.1 hereto.

**General** 

Vinci Compass Investments Ltd. was incorporated on September 21, 2020, as a Cayman Islands exempted company with limited liability duly registered with the Cayman Islands Registrar of Companies. Our corporate purposes are unrestricted and we have the authority to carry out any object not prohibited by any law as provided by Section 7(4) of the Companies Act.

Our affairs are governed principally by: (1) Articles of Association; (2) the Companies Act; and (3) the common law of the Cayman Islands. As provided in our Articles of Association, subject to Cayman Islands law, we have full capacity to carry on or undertake any business or activity, do any act or enter into any transaction, and we have, for such purposes, full rights, powers and privileges. Our registered office is c/o Harneys Fiduciary (Cayman) Limited, P.O. Box 10240, Grand Cayman, KY1-1002, Cayman Islands.

Our Articles of Association authorize the issuance of up to 500,000,000 Class A common shares, 250,000,000 Class B common shares (which may be converted into Class A common shares in the manner contemplated in our Articles of Association) and 250,000,000 shares of such class or classes (howsoever designated) and having the rights as our board of directors may determine from time to time in accordance with Article 4 of our Articles of Association. As of December 31, 2025, we had 50,955,859 Class A common shares and 14,466,239 Class B common shares of our authorized share capital issued and outstanding. In addition, we had 100,000 Series A convertible preferred shares of our authorized share capital issued and outstanding.

Our Class A common shares are listed on the Nasdaq under the symbol "VINP."

The following is a summary of the material provisions of our authorized share capital and our Articles of Association.

**Share Capital** 

The Articles of Association authorize two classes of common shares: Class A common shares, which are entitled to one vote per share and Class B common shares, which are entitled to 10 votes per share and to maintain a proportional ownership interest in the event that additional Class A common shares are issued. A holder of Class B common shares may convert Class B common shares at any time into Class A common shares on a share-for-share basis. The rights of the two classes of common shares are otherwise identical, except as described below. See "—Anti-Takeover Provisions in our Articles of Association—Two Classes of Common Shares."

At the date of this annual report to which this exhibit is part of, our total authorized share capital is US$50,000, divided into 1,000,000,000 shares par value US$0.00005 each, of which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 500,000,000 shares are designated as Class A common shares;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 250,000,000 shares are designated as Class B common shares (which may be converted into Class A common
shares in the manner contemplated in our Articles of Association);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 249,900,000 shares are as yet undesignated and shall have the rights as our board of directors may determine from
time to time in accordance with Article 4 of our Articles of Association; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100,000 shares that are designed as Series A convertible preferred shares (having previously constituted shares
that were undesignated by class and having been so designated by our board of directors in accordance with Article 4 of our Articles of Association).

As of December 31, 2025, we had a total issued share capital of US$3,271.10, divided into 65,422,098 common shares. Those common shares were divided into 50,955,859 Class A common shares and 14,466,239 Class B common shares. In addition, we had 100,000 Series A convertible preferred shares of our authorized share capital issued and outstanding.

**Treasury Stock** 

As of December 31, 2025, Vinci Compass had 5,452,313 Class A common shares in treasury.

**Issuance of Shares** 

Except as expressly provided in Vinci Compass' Articles of Association, Vinci Compass' board of directors has general and unconditional authority to allot, grant options over, offer or otherwise deal with or dispose of any unissued shares in the company's capital without the approval of our shareholders (whether forming part of the original or any increased share capital), either at a premium or at par, with or without preferred, deferred or other special rights or restrictions, whether in regard to dividend, voting, return of capital or otherwise and to such persons, on such terms and conditions, and at such times as the directors may decide, but so that no share shall be issued at a discount to par, except in accordance with the provisions of the Companies Act. In accordance with its Articles of Association, Vinci Compass shall not issue bearer shares.

Vinci Compass' Articles of Association provide that at any time that there are Class A common shares in issue, additional Class B common shares may only be issued pursuant to (1) a share split, subdivision of shares or similar transaction or where a dividend or other distribution is paid by the issue of shares or rights to acquire shares or following capitalization of profits; (2) a statutory amalgamation, merger, consolidation, arrangement or other business combination involving the issuance of Class B common shares as full or partial consideration; or (3) an issuance of Class A common shares, whereby a holder of the Class B common shares is entitled to purchase a number of Class B common shares that would allow such holder to maintain its proportional ownership interests in Vinci Compass (following an offer by Vinci Compass to each holder of Class B common shares to issue to such holder, upon the same economic terms and at the same price, such number of Class B common shares as would ensure such holder may maintain a proportional ownership interest in Vinci Compass pursuant to Vinci Compass' Articles of Association). In light of: (a) the above provisions; (b) the fact that future transfers by holders of Class B common shares will generally result in those shares converting to Class A common shares, subject to limited exceptions as provided in the Articles of Association; and (c) the ten-to-one voting ratio between our Class B common shares and Class A common shares, the holder of our Class B common shares will continue to maintain control of all matters requiring shareholder approval. This concentration of ownership and voting power will limit or preclude your ability to influence corporate matters for the foreseeable future. For more information see "—Preemptive or Similar Rights."

Vinci Compass' Articles of Association also provide that the issuance of non-voting common shares requires the affirmative vote of a majority of the of then-outstanding Class A common shares.

**Fiscal Year** 

Vinci Compass' fiscal year begins on January 1 of each year and ends on December 31 of the same year.

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**Voting Rights** 

The holders of the Class A common shares and Class B common shares have identical rights, except that (1) a holder of Class B common shares is entitled to 10 votes per share, whereas holders of Class A common shares are entitled to one vote per share; (2) Class B common shares have certain conversion rights; and (3) a holder of Class B common shares is entitled to maintain a proportional ownership interest in the event that additional Class A common shares are issued. For more information see "—Preemptive or Similar Rights" and "—Conversion." The holders of Class A common shares and Class B common shares vote together as a single class on all matters (including the election of directors) submitted to a vote of shareholders, except as provided below and as otherwise required by law.

Vinci Compass' Articles of Association provide as follows regarding the respective rights of holders of Class A common shares and Class B common shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Class consents from the holders of Class A common shares and Class B common shares, as applicable, shall be required for any variation to the rights attached to their respective class of shares; however, the Directors may treat the two classes of shares as forming one class if they consider that both such classes would be affected in the same way by the proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the rights conferred on holders of Class A common shares shall not be deemed to be varied by the creation or issue of further Class B common shares and vice versa; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the rights attaching to the Class A common shares and the Class B common shares shall not be deemed to be varied by the creation or issue of shares with preferred or other rights, including, without limitation, shares with enhanced or weighted voting rights.

As set forth in the Articles of Association, the holders of Class A common shares and Class B common shares, respectively, do not have the right to vote separately if the number of authorized shares of such class is increased or decreased. Rather, the number of authorized Class A common shares and Class B common shares may be increased or decreased (but not below the number of shares of such class then outstanding) by the affirmative vote of the holders of a majority of the voting power of the issued and outstanding Class A common shares and Class B common shares, voting together in a general meeting.

Holders of our Series A Preferred Shares will not have the right to receive notice of, attend and/or vote at a general meeting of the Company except those described in the Articles of Association, in the certificate of designations or as otherwise from time to time specifically required by the Companies Act. Notwithstanding the foregoing, our Series A Preferred Shares shall be entitled to have the right to receive notice of, attend and/or vote at a general meeting, on an as-converted basis, with holders of our Class A Common Shares on all matters submitted to a vote of the holders of Class A Common Shares, except where a separate class vote of the common shareholders is required by the Companies Act. In addition, so long as any Series A Preferred Shares are outstanding, in addition to any other vote or consent of shareholders required by law or by the Articles of Association, the affirmative vote or consent of the holders of at least a majority of the issued and outstanding Series A Preferred Shares, voting as a single class, given in person or by proxy, either in writing without a meeting or by vote at a separate general meeting of the holders of the Series A Preferred Shares called for the purpose, shall be necessary for effecting or validating certain actions set forth in the certificate of designations, whether or not such approval is required pursuant to the Companies Act, including (1) to amend our organizational documents in a manner that would have an adverse effect on the Series A convertible preferred shares; and (2) to issue securities that are senior to, or equal in priority with, the Series A convertible preferred shares

**Preemptive or Similar Rights** 

The Class A common shares and Class B common shares are not entitled to preemptive rights upon transfer and are not subject to conversion (except as described below under "—Conversion"), redemption or sinking fund provisions.

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The Class B common shares are entitled to maintain a proportional ownership interest in the event that additional Class A common shares are issued. As such, except for certain exceptions, if Vinci Compass issues Class A common shares, it must first make an offer to the holders of Class B common shares to issue to such holder on the same economic terms such number of Class B common shares as would ensure such holder may maintain a proportional ownership interest in Vinci Compass. This right to maintain a proportional ownership interest may be waived by holders of Class B common shares.

**Conversion** 

The outstanding Class B common shares are convertible at any time as follows: (1) at the option of the holder, a Class B common share may be converted at any time into one Class A common share or (2) upon the election of the holders of a majority of the then outstanding Class B common shares, all outstanding Class B common shares may be converted into a like number of Class A common shares. In addition, each Class B common share will convert automatically into one Class A common share upon (1) any transfer, whether or not for value, except for certain transfers described in the Articles of Association, including transfers to partnerships, corporations and other entities controlled by Mr. Gilberto Sayão da Silva and (2) the death or permanent disability of Mr. Sayão da Silva. Furthermore, each Class B common share will convert automatically into one Class A common share and no Class B common shares will be issued thereafter if, at any time, the total number of the issued and outstanding Class B common shares is less than 10% of the total aggregate number of common shares outstanding.

No class of Vinci Compass' common shares may be subdivided or combined unless the other class of common shares is concurrently subdivided or combined in the same proportion and in the same manner.

**Equal Status** 

Except as expressly provided in Vinci Compass' Articles of Association, Class A common shares and Class B common shares have the same rights and privileges and rank equally, share ratably and are identical in all respects as to all matters. In the event of any merger, consolidation, scheme, arrangement or other business combination requiring the approval of our shareholders entitled to vote thereon (whether or not Vinci Compass is the surviving entity), the holders of Class A common shares shall have the right to receive, or the right to elect to receive, the same form of consideration as the holders of Class B common shares, and the holders of Class A common shares shall have the right to receive, or the right to elect to receive, at least the same amount of consideration on a per share basis as the holders of Class B common shares. In the event of any (1) tender or exchange offer to acquire any Class A common shares or Class B common shares by any third party pursuant to an agreement to which Vinci Compass is a party, or (2) tender or exchange offer by Vinci Compass to acquire any Class A common shares or Class B common shares, the holders of Class A common shares shall have the right to receive, or the right to elect to receive, the same form of consideration as the holders of Class B common shares, and the holders of Class A common shares shall have the right to receive, or the right to elect to receive, at least the same amount of consideration on a per share basis as the holders of Class B common shares.

**Record Dates** 

For the purpose of determining shareholders entitled to notice of, or to vote at, any general meeting of shareholders or any adjournment thereof, or shareholders entitled to receive dividend or other distribution payments, or in order to make a determination of shareholders for any other purpose, Vinci Compass' board of directors may set a record date which shall not exceed forty (40) clear days prior to the date where the determination will be made.

**General Meetings of Shareholders** 

As a condition of admission to a shareholders' meeting, a shareholder must be duly registered as a shareholder of Vinci Compass at the applicable record date for that meeting and, in order to vote, all calls or installments then payable by such shareholder to Vinci Compass in respect of the shares that such shareholder holds must have been paid.

Subject to any special rights or restrictions as to voting then attached to any shares, at any general meeting every shareholder who is present in person or by proxy (or, in the case of a shareholder being a corporation, by its duly authorized representative not being himself or herself a shareholder entitled to vote) shall have one vote per Class A common share and 10 votes per Class B common share.

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As a Cayman Islands exempted company, Vinci Compass is not obliged by the Companies Act to call annual general meetings; however, the Articles of Association provide that in each year the company will hold an annual general meeting of shareholders, at a time determined by the board of directors. For the annual general meeting of shareholders, the agenda will include, among other things, the presentation of the annual accounts and the report of the directors. In addition, the agenda for an annual general meeting of shareholders will only include such items as have been included therein by the board of directors.

Also, Vinci Compass may, but is not required to (unless required by the laws of the Cayman Islands), hold other extraordinary general meetings during the year. General meetings of shareholders are generally expected to take place in Rio de Janeiro, Brazil, but may be held elsewhere if the directors so decide.

The Companies Act provides shareholders a limited right to request a general meeting, and does not provide shareholders with any right to put any proposal before a general meeting in default of a company's Articles of Association. However, these rights may be provided in a company's Articles of Association. Vinci Compass' Articles of Association provide that upon the requisition of one or more shareholders representing not less than one-third of the voting rights entitled to vote at general meetings, the board will convene an extraordinary general meeting and put the resolutions so requisitioned to a vote at such meeting. The Articles of Association provide no other right to put any proposals before annual general meetings or extraordinary general meetings.

Subject to regulatory requirements, the annual general meeting and any extraordinary general meetings must be called by not less than ten (10) clear days' notice prior to the relevant shareholders meeting and convened by a notice discussed below. Alternatively, upon the prior consent of all holders entitled to receive notice, with regards to the annual general meeting, and the holders of 95% in par value of the shares entitled to attend and vote at an extraordinary general meeting, that meeting may be convened by a shorter notice and in a manner deemed appropriate by those holders.

Vinci Compass will give notice of each general meeting of shareholders by publication on its website and in any other manner that it may be required to follow in order to comply with Cayman Islands law, Nasdaq and SEC requirements. The holders of registered shares may be given notice of a shareholders' meeting by means of letters sent to the addresses of those shareholders as registered in our shareholders' register, or, subject to certain statutory requirements, by electronic means.

**Holders whose shares are registered in the name of DTC or its nominee, which we expect will be the case for all holders of Class A common shares, will not be a shareholder or member of the company and must rely on the procedures of DTC regarding notice of shareholders' meetings and the exercise of rights of a holder of the Class A common shares.** 

A quorum for a general meeting consists of any one or more persons holding or representing by proxy not less than one-third of the aggregate voting power of all shares in issue and entitled to vote upon the business to be transacted.

A resolution put to a vote at a general meeting shall be decided on a poll. An ordinary resolution to be passed by the shareholders at a general meeting requires the affirmative vote of a simple majority of the votes cast by, or on behalf of, the shareholders entitled to vote, present in person or by proxy and voting at the meeting. A special resolution requires the affirmative vote on a poll of no less than two-thirds of the votes cast by the shareholders entitled to vote who are present in person or by proxy at a general meeting. Both ordinary resolutions and special resolutions may also be passed by a unanimous written resolution signed by all the shareholders of our Company, as permitted by the Companies Act and our Articles of Association.

Pursuant to Vinci Compass' Articles of Association, general meetings of shareholders are to be chaired by the chairman of our board of directors or in his absence the vice-chairman of the board of directors. If the chairman or vice-chairman of our board of directors is absent, the directors present at the meeting shall appoint one of them to be chairman of the general meeting. If neither the chairman nor another director is present at the general meeting within 15 minutes after the time appointed for holding the meeting, the shareholders present in person or by proxy and entitled to vote may elect any one of the shareholders to be chairman. The order of business at each meeting shall be determined by the chairman of the meeting, and he or she shall have the right and authority to prescribe such rules, regulations and procedures and to do all such acts and things as are necessary or desirable for the proper conduct of the meeting, including, without limitation, the establishment of procedures for the maintenance of order and safety, limitations on the time allotted to questions or comments on the affairs of the Company, restrictions on entry to such meeting after the time prescribed for the commencement thereof, and the opening and closing of the polls.

------

**Liquidation Rights** 

If Vinci Compass is voluntarily wound up, the liquidator, after taking into account and giving effect to the rights of preferred and secured creditors and to any agreement between Vinci Compass and any creditors that the claims of such creditors shall be subordinated or otherwise deferred to the claims of any other creditors and to any contractual rights of set-off or netting of claims between Vinci Compass and any person or persons (including without limitation any bilateral or any multi-lateral set-off or netting arrangements between the company and any person or persons) and subject to any agreement between Vinci Compass and any person or persons to waive or limit the same, shall apply Vinci Compass' property in satisfaction of its liabilities *pari passu* and subject thereto shall distribute the property amongst the shareholders according to their rights and interests in Vinci Compass.

**Changes to Capital** 

Pursuant to the Articles of Association, Vinci Compass may from time to time by ordinary resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase its share capital by such sum, to be divided into shares of such amount, as the resolution shall
prescribe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consolidate and divide all or any of its share capital into shares of a larger amount than its existing shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• convert all or any of its paid-up shares into stock and reconvert that
stock into paid up shares of any denomination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• subdivide its existing shares or any of them into shares of a smaller amount; *provided* that in the
subdivision the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be the same as it was in the case of the share from which the reduced share is derived; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cancel any shares which, at the date of the passing of the resolution, have not been taken or agreed to be taken
by any person and diminish the amount of its share capital by the amount of the shares so cancelled.

Vinci Compass' shareholders may by special resolution, subject to confirmation by the Grand Court of the Cayman Islands on an application by the Company for an order confirming such reduction, reduce its share capital or any capital redemption reserve in any manner permitted by law.

In addition, subject to the provisions of the Companies Act and our Articles of Association, Vinci Compass may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issue shares on terms that they are to be redeemed or are liable to be redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchase its own shares (including any redeemable shares); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make a payment in respect of the redemption or purchase of its own shares in any manner authorized by the
Companies Act, including out of its own capital.

**Transfer of Shares** 

Subject to any applicable restrictions set forth in the Articles of Association, any shareholder of Vinci Compass may transfer all or any of his or her common shares by an instrument of transfer in the usual or common form or in the form prescribed by the Nasdaq or any other form approved by the Company's board of directors.

Our Class A common shares are traded on the Nasdaq in book-entry form and may be transferred in accordance with Vinci Compass' Articles of Association and Nasdaq's rules and regulations.

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However, Vinci Compass' board of directors may, in its absolute discretion, decline to register any transfer of any common share which is either not fully paid up to a person of whom it does not approve or is issued under any share incentive scheme for employees which contains a transfer restriction that is still applicable to such common share. The board of directors may also decline to register any transfer of any common share unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a fee of such maximum sum as the Nasdaq may determine to be payable or such lesser sum as the board of directors
may from time to time require is paid to Vinci Compass in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the instrument of transfer is lodged with Vinci Compass, accompanied by the certificate (if any) for the common
shares to which it relates and such other evidence as our board of directors may reasonably require to show the right of the transferor to make the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the instrument of transfer is in respect of only one class of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the instrument of transfer is properly stamped, if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the common shares transferred are free of any lien in favor of Vinci Compass; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of a transfer to joint holders, the transfer is not to more than four joint holders.

If the directors refuse to register a transfer, they are required, within two months after the date on which the instrument of transfer was lodged, to send to the transferee notice of such refusal.

**Share Repurchase** 

The Companies Act and the Articles of Association permit Vinci Compass to purchase its own shares, subject to certain restrictions. The board of directors may only exercise this power on behalf of Vinci Compass, subject to the Companies Act, the Articles of Association and to any applicable requirements imposed from time to time by the SEC, the Nasdaq, or by any recognized stock exchange on which our securities are listed.

**Dividends and Capitalization of Profits** 

We intend to pay quarterly cash dividends on our common shares initially at an amount equal to at least 70% of our Distributable Earnings, or 100% of profit of the period, the lower of the two. We can repurchase shares to reach the 70% of Distributable Earnings distribution if 100% of profit of the period are not enough to support a full cash distribution. Subject to the Companies Act, our board of directors may, from time to time, declare dividends (including interim dividends) to be paid to shareholders but no dividend shall be declared in excess of the amount recommended by the board of directors. Dividends may be declared and paid out of funds lawfully available to Vinci Compass. We do not have a legal obligation to pay a quarterly dividend or dividends at any specified rate or at all. Any declaration of dividends will be at the discretion of our board of directors and will depend on our financial condition, earnings, cash needs, regulatory constraints, capital requirements (including requirements of our subsidiaries and the ability of our subsidiaries to pay dividends to us) and any other factors that our board of directors deems relevant in making such a determination. Therefore, there can be no assurance that we will pay any dividends to holders of our common shares, or as to the amount of any such dividends. Except as otherwise provided by the rights attached to shares and the Articles of Association of Vinci Compass, all dividends shall be paid in proportion to the number of Class A common shares or Class B common shares a shareholder holds at the date the dividend is declared (or such other date as may be set as a record date); but, (1) if any share is issued on terms providing that it shall rank for dividend as from a particular date, that share shall rank for dividend accordingly; and (2) where we have shares in issue which are not fully paid up (as to par value), we may pay dividends in proportion to the amounts paid up on each share.

The holders of Class A common shares and Class B common shares shall be entitled to share equally in any dividends that may be declared in respect of Vinci Compass' common shares from time to time. In the event that a dividend is paid in the form of Class A common shares or Class B common shares, or rights to acquire Class A common shares or Class B common shares, (1) the holders of Class A common shares shall receive Class A common shares, or rights to acquire Class A common shares, as the case may be and (2) the holders of Class B common shares shall receive Class B common shares, or rights to acquire Class B common shares, as the case may be.

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Series A convertible preferred shares rank senior to our common shares with respect to dividend rights and rights on the distribution of assets on any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company. The holders of Series A convertible preferred shares are entitled to a cumulative dividend at the rate of 8.0% per annum, payable quarterly in arrears. Dividends are payable in kind through the issuance of additional Series A convertible preferred shares, in cash, or in any combination of both, at our discretion. In the year ended December 31, 2025, holders of the Series A convertible preferred shares received dividends in the amount of US$8.0 million, or R$45.5 million. The holders of the Series A convertible preferred shares are also entitled to participate in dividends declared or paid on our common stock on an as-converted basis.

**Appointment, Disqualification and Removal of Directors** 

Vinci Compass is managed by its board of directors. The Articles of Association provide that, unless otherwise determined by a special resolution of shareholders, the board of directors will be composed of four to eleven directors, with the number being determined by a majority of the directors then in office. There are no provisions relating to retirement of directors upon reaching any age limit. The Articles of Association also provide that, while Vinci Compass' shares are admitted to trading on the Nasdaq, the board of directors must always comply with the residency and citizenship requirements of the U.S. securities laws applicable to foreign private issuers.

The Articles of Association provide that directors shall be elected by an ordinary resolution of our shareholders, which requires the affirmative vote of a simple majority of the votes cast on the resolution by the shareholders entitled to vote who are present, in person or by proxy, at the meeting. Each director shall be appointed and elected for such term as the resolution appointing him or her may determine or until his or her death, resignation or removal.

Any vacancies on the board of directors that arise other than upon the removal of a director by resolution passed at a general meeting can be filled by the remaining directors (notwithstanding that they may constitute less than a quorum). Any such appointment shall be as an interim director to fill such vacancy until the next annual general meeting of shareholders.

Additions to the existing board (within the limits set pursuant to the Articles of Association) may be made by ordinary resolution of the shareholders.

***Grounds for Removing a Director***

A director may be removed with or without cause by ordinary resolution. The notice of general meeting must contain a statement of the intention to remove the director and must be served on the director not less than ten calendar days before the meeting. The director is entitled to attend the meeting and be heard on the motion for his removal.

The office of a director will be vacated automatically if he or she (1) becomes prohibited by law from being a director; (2) becomes bankrupt or makes an arrangement or composition with his creditors; (3) dies or is in the opinion of all his co-directors, incapable by reason of mental disorder of discharging his duties as director; (4) resigns his office by notice to us; or (5) has for more than six months been absent without permission of the directors from meetings of the board of directors held during that period, and the remaining directors resolve that his or her office be vacated.

***Proceedings of the Board of Directors***

The Articles of Association provide that Vinci Compass' business is to be managed and conducted by the board of directors. The quorum necessary for the board meeting shall be a simple majority of the directors then in office (subject to there being a minimum of two directors present) and business at any meeting shall be decided by a majority of votes. In the case of an equality of votes, the chairman shall have a casting vote.

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Subject to the provisions of the Articles of Association, the board of directors may regulate its proceedings as they determine is appropriate. Board meetings shall be held at least once every calendar quarter and shall take place either in São Paulo, Brazil or at such other place as the directors may determine.

Subject to the provisions of the Articles of Association, any directions given by ordinary resolution of the shareholders and the listing rules of the Nasdaq, the board of directors may from time to time at its discretion exercise all powers of Vinci Compass, including, subject to the Companies Act, the power to issue debentures, bonds and other securities of the company, whether outright or as collateral security for any debt, liability or obligation of our company or of any third party.

**Inspection of Books and Records** 

Holders of Vinci Compass shares will have no general right under Cayman Islands law to inspect or obtain copies of the list of shareholders or corporate records of the Company. However, the board of directors may determine from time to time whether and to what extent Vinci Compass' accounting records and books shall be open to inspection by shareholders who are not members of the board of directors. Notwithstanding the above, the Articles of Association provide shareholders with the right to receive annual financial statements. Such right to receive annual financial statements may be satisfied by publishing the same on the company's website or filing such annual reports as we are required to file with the SEC.

**Register of Shareholders** 

Our Class A common shares are held through DTC, and DTC or Cede & Co., as nominee for DTC, are recorded in the shareholders' register as the holder of our Class A common shares.

Under Cayman Islands law, Vinci Compass must keep a register of shareholders that includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the names and addresses of the shareholders, a statement of the shares held by each member, and of the amount
paid or agreed to be considered as paid, on the shares of each member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date on which the name of any person was entered on the register as a member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date on which any person ceased to be a member.

Under Cayman Islands law, the register of shareholders of Vinci Compass is prima facie evidence of the matters set out therein (i.e., the register of shareholders will raise a presumption of fact on the matters referred to above unless rebutted) and a shareholder registered in the register of shareholders is deemed as a matter of Cayman Islands law to have *prima facie* legal title to the shares as set against his or her name in the register of shareholders.

If the name of any person is incorrectly entered in or omitted from the register of shareholders, or if there is any default or unnecessary delay in entering on the register the fact of any person having ceased to be a shareholder of Vinci Compass, the person or member aggrieved (or any shareholder of Vinci Compass, or Vinci Compass itself) may apply to the Cayman Islands Grand Court for an order that the register be rectified, and the Court may either refuse such application or it may, if satisfied of the justice of the case, make an order for the rectification of the register.

**Exempted Company** 

Vinci Compass is an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except for the exemptions and privileges listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company does not have to file an annual return of its shareholders with the Registrar of Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company's register of shareholders is not open to inspection;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company does not have to hold an annual general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings
are usually given for 20 years in the first instance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman
Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company may register as a limited duration company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company may register as a segregated portfolio company.

"Limited liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).

We are subject to reporting and other informational requirements of the Exchange Act, as applicable to foreign private issuers. Except as otherwise disclosed in the annual report to which this exhibit is part of, we currently comply and intend to continue to comply with the Nasdaq rules in lieu of following home country practice.

**Anti-Takeover Provisions in our Articles of Association** 

Some provisions of the Articles of Association may discourage, delay or prevent a change in control of Vinci Compass or management that shareholders may consider favorable. In particular, the capital structure of Vinci Compass concentrates ownership of voting rights in the hands of Mr. Sayão da Silva. These provisions, which are summarized below, are expected to discourage coercive takeover practices and inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of Vinci Compass to first negotiate with the board of directors. However, these provisions could also have the effect of discouraging others from attempting hostile takeovers and, as a consequence, they may also inhibit temporary fluctuations in the market price of the Class A common shares that often result from actual or rumored hostile takeover attempts. These provisions may also have the effect of preventing changes in the management of Vinci Compass. It is possible that these provisions could make it more difficult to accomplish transactions that shareholders may otherwise deem to be in their best interests.

***Two Classes of Common Shares***

The Class B common shares of Vinci Compass are entitled to 10 votes per share, while the Class A common shares are entitled to one vote per share. Since Mr. Sayão da Silva owns of all of the Class B common shares, Mr. Sayão da Silva currently has the ability to elect a majority of the directors and to determine the outcome of most matters submitted for a vote of shareholders. This concentrated voting control could discourage others from initiating any potential merger, takeover, or other change of control transaction that other shareholders may view as beneficial.

So long as Mr. Sayão da Silva has the ability to determine the outcome of most matters submitted to a vote of shareholders as well as the overall management and direction of Vinci Compass, third parties may be deterred in their willingness to make an unsolicited merger, takeover, or other change of control proposal, or to engage in a proxy contest for the election of directors. As a result, the fact that Vinci Compass has two classes of common shares may have the effect of depriving you as a holder of Class A common shares of an opportunity to sell your Class A common shares at a premium over prevailing market prices and make it more difficult to replace the directors and management of Vinci Compass.

***Preferred Shares***

Vinci Compass' board of directors is given wide powers to issue one or more classes or series of shares with preferred rights. Such preferences may include, for example, dividend rights, conversion rights, redemption privileges, enhanced voting powers and liquidation preferences.

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Despite the anti-takeover provisions described above, under Cayman Islands law, Vinci Compass board of directors may only exercise the rights and powers granted to them under the Articles of Association, for what they believe in good faith to be in the best interests of the Company.

For further information on our outstanding Series A convertible preferred shares, see "Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Series A Convertible Preferred Shares" and note 14(i) to our audited consolidated financial statements included elsewhere in this annual report.

**Protection of Non-Controlling Shareholders** 

The Grand Court of the Cayman Islands may, on the application of shareholders holding not less than one fifth of the shares of Vinci Compass in issue, appoint an inspector to examine the Company's affairs and report thereon in a manner as the Grand Court shall direct.

Subject to the provisions of the Companies Act, any shareholder may petition the Grand Court of the Cayman Islands which may make a winding up order, if the court is of the opinion that this winding up is just and equitable.

Notwithstanding the U.S. securities laws and regulations that are applicable to Vinci Compass, general corporate claims against Vinci Compass by its shareholders must, as a general rule, be based on the general laws of contract or tort applicable in the Cayman Islands or their individual rights as shareholders as established by Vinci Compass' Articles of Association.

The Cayman Islands courts ordinarily would be expected to follow English case law precedents, which permit a minority shareholder to commence a representative action against Vinci Compass, or derivative actions in Vinci Compass' name, to challenge (1) an act which is ultra vires or illegal; (2) an act which constitutes a fraud against the minority and the wrongdoers themselves control Vinci Compass; and (3) an irregularity in the passing of a resolution that requires a qualified (or special) majority.

**Registration Rights and Restricted Shares** 

On October 29, 2024, in connection with closing of our business combination with Compass, we and the Compass founders, Manuel José Balbontín and Jaime de la Barra, entered into a registration rights agreement, or the RRA. See "Item 7. Major Shareholders and Related Party Transactions—B. Related Party Transactions—Registration Rights Agreement." In addition, certain other shareholders of Vinci Compass will, subject to the Liquidity Restrictions described in "Item 7. Major Shareholders and Related Party Transactions—A. Major Shareholders—Existing Shareholders' Agreements," be able to sell their shares in the public market from time to time without registering them, subject to certain limitations on the timing, amount and method of those sales imposed by regulations promulgated by the SEC.

## Exhibit 8.1

**Exhibit 8.1** 

**List of Subsidiaries** 

The table below is a complete list of the Company's subsidiaries as of December 31, 2025:

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| | |
|:---|:---|
| **Name** | **Jurisdiction** |
| Compass Group S.A. | Argentina |
| Investis Asset Management S.A.S.G.F.C.I. | Argentina |
| VINCI CG GESTORA DE RECURSOS LTDA | Brazil |
| Vinci Partners Investimentos Ltda. | Brazil |
| Vinci Holding Securitária Ltda. | Brazil |
| Vinci Vida e Previdência S.A. | Brazil |
| Vinci Assessoria Financeira Ltda. | Brazil |
| Vinci Asset Allocation Ltda. | Brazil |
| Vinci Capital Gestora de Recursos Ltda. | Brazil |
| Vinci Equities Gestora de Recursos Ltda. | Brazil |
| Vinci GGN Gestão de Recursos Ltda. | Brazil |
| Vinci Real Estate Gestora de Recursos Ltda. | Brazil |
| Vinci Soluções de Investimentos Ltda. | Brazil |
| Vinci APM Ltda. | Brazil |
| Vinci Gestora de Recursos Ltda. | Brazil |
| ICML Gestão de Negócios e Participações Ltda. | Brazil |
| Vinci MAV Gestora de Recursos Ltda. | Brazil |
| Lacan Administração de Bens e Participações Ltda. | Brazil |
| Lacan Investimentos e Participações Ltda. | Brazil |
| Vinci Infraestrutura Gestora de Recursos Ltda. | Brazil |
| Vinci SPS Gestão de Recursos Ltda. | Brazil |
| Verde Empreendimentos e Participações S.A. | Brazil |
| Verde Asset Management S.A. | Brazil |
| Verde Serviços Internacionais S.A. | Brazil |
| Verde Asset Agro e Imobiliário Ltda. | Brazil |
| Compass BCP Asia II Solutions GP Ltd. | Cayman Islands |
| Compass Secondaries Solutions GP Ltd. | Cayman Islands |
| Compass BXLS V Solutions, GP Ltd | Cayman Islands |
| Compass SP Solutions General Partner Ltd. | Cayman Islands |
| Compass GSO COF IV Solutions GP Ltd. | Cayman Islands |
| Compass LCP X Solutions GP Ltd. | Cayman Islands |
| Compass Capital (Cayman) Ltd. | Cayman Islands |
| Vinci Capital Partners Fund III GP Limited | Cayman Islands |
| Vinci Capital Partners GP Limited | Cayman Islands |
| Compass Group LLC (Establecimiento Permanente en Chile) | Chile |
| Compass Group Chile SpA | Chile |
| Inversiones La Esmeralda SpA | Chile |
| Vinci Compass Inversiones SpA | Chile |
| Vinci Compass Chile SpA | Chile |

---

------

---

| | |
|:---|:---|
| **Name** | **Jurisdiction** |
| VC Asesorías e Inversiones SpA | Chile |
| VC Servicios Financieros SpA | Chile |
| Vinci Compass Asesores de Inversión SpA | Chile |
| Vinci Compass S.A. Administradora General de Fondos | Chile |
| VC Distribución Institucional SpA | Chile |
| Vinci Compass S.A. Comisionista de Bolsa | Colombia |
| VC Asesores de Inversión Colombia S.A.S | Colombia |
| Compass Group Holding S.A.P.I. de C.V. | Mexico |
| Compass Investment de México, S.A. de C.V. Sociedad Operadora de Fondos de Inversión | Mexico |
| Compass Investmenst Corporativo, S.A. de C.V. | Mexico |
| MB Property and Management de México S. de R.L. de C.V. | Mexico |
| Compass Servicios Operativos S. de R.L. de C.V. | Mexico |
| Compass Desarrollo Inmobiliario S.A. de C.V. | Mexico |
| AGILIZANDO TUS FINANZAS, S.A.P.I. de C.V., SOFOM, E.N.R. | Mexico |
| CDI Sociedad Administradora de Proyectos S.A. de C.V. | Mexico |
| Vinci Compass Capital SAC | Peru |
| Vinci Compass Peru S.A. | Peru |
| Vinci Compas SAF S.A. | Peru |
| Compass Group Luxembourg GP S.à r.l. | Luxembourg |
| Vinci GP (Lux), S.à r.l. | Luxembourg |
| Compass Group Asset Management Holding, S.L.U. | Spain |
| Compass Group Global Advisors S.A. | Uruguay |
| Compass Group Uruguay Investments Advisors S.A. | Uruguay |
| CG Global Services S.A. | Uruguay |
| Bunara S.A. – being dissolved | Uruguay |
| Cipresi S.A. – being dissolved | Uruguay |
| VC Holding LATAM S.A.S. | Uruguay |
| MNVC UK Ltd. | United Kingdom |
| MNC Holdings Limited – being dissolved | United Kingdom |
| Compass Group Holdings, Inc. | Delaware, U.S. |
| CG Compass (USA) LLC | Delaware, U.S. |
| Compass Group Investments Solutions LLC | Delaware, U.S. |
| Vinci Partners USA LLC | Delaware, U.S. |
| Compass Investments Brazil LLC | Delaware, U.S. |
| Compass Latin America Investments LLC | Delaware, U.S. |
| Vinci Capital Partners IV GP, LLC. | Delaware, U.S. |
| Vinci Lacan IV GP, LLC. | Delaware, U.S. |
| VICC Infra GP, LLC. | Delaware, U.S. |
| VISA GP, LLC. | Delaware, U.S. |
| GGN GP, LLC. | Delaware, U.S. |
| VIR V GP, LLC. | Delaware, U.S. |
| Vinci SPS IV GP, LLC. | Delaware, U.S. |
| Compass Group LLC | New York, U.S. |

---

## Exhibit 11.1

**Exhibit 11.1**![LOGO](g79123g00g49.jpg)

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![LOGO](g79123dsp49.jpg)

***Table of Content***

---

| | | | | |
|:---|:---|:---|:---|:---|
| *1.* | *Applicability* | | *3* | |
| *2.* | *Duties* | | *4* | |
| *3.* | *Compliance* | | *4* | |
| *4.* | *General Principles* | | *4* | |
| *5.* | *Ethics* | | *5* | |
|  | *Gifts and Entertainment* |  | 5 |  |
|  | *Relationship with Clients* |  | 8 |  |
|  | *Relationship with Competitors* |  | 9 |  |
|  | *Relationship with Suppliers, Services Providers and Third Parties* |  | 9 |  |
|  | *Relationships in the Workplace* |  | 9 |  |
|  | *Relationship with the Media and Expected Behavior Outside the Office Activities* |  | 10 |  |
|  | *Ethical Standard of Conduct* |  | 11 |  |
|  | *Contributions to Political Parties and Candidates* |  | 12 |  |
|  | *Prevention of Fraud, Bribery and Corruption* |  | 12 |  |
| *6.* | *Conflicts of Interests* | | *13* | |
|  | *Conflicts of personal interest* |  | 13 |  |
|  | *Conflicts of interest related to investment funds managed by Vinci Compass* |  | 14 |  |
| *7.* | *Privacy and Confidentiality* | | *14* | |
|  | *General Rules* |  | 14 |  |
|  | *Control of Confidential Information* |  | 15 |  |
|  | *Privilege Information* |  | 15 |  |
| *8.* | *Whistleblower Policy* | | *16* | |
|  | *Obligation to Report Violations or Suspected Violations* |  | 16 |  |
|  | *Whistleblower Compliance Hotline for Confidential and Anonymous Reporting* |  | 17 |  |
|  | *Grievance Reporting, Escalation Procedures and Responsibility for Ethics Issues* |  | 17 |  |
|  | *Non-Retaliation Commitment* |  | 18 |  |
| *9.* | *Sanctions and Enforcement* | | *18* | |
| *10.* | *Public Disclosures* | | *19* | |
| *11.* | *Updates* | | *19* | |

---

*Vinci Compass* *2*

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![LOGO](g79123dsp49.jpg)

***1.***  ***Applicability*** 

*1.1. This Global Code of Ethics and Whistleblower Policy ("Code") has been approved by the Board of Directors of Vinci Compass Investments Ltd. ("VINP"), and is applicable to all legal entities which are subsidiaries, agencies, branches, affiliates or other entities which are under the direct or indirect control of VINP, holding more than 60% of the total share capital ("Vinci Compass"), save as otherwise provided in their local equivalent policies when required to comply with specific laws and regulations applicable in the countries in which they operate.* 

*1.2. This Code applies to all of Vinci Compass' partners, employees, trainees, service providers and holders of administration or management offices ("Employees"), except for those provisions that are not applicable to the independent directors of VINP Board of Directors ("Independent Directors") and that are expressly referred to as such.* 

*1.3. All Employees must perfectly understand the laws and rules applicable to Vinci Compass, as well as the full contents of this Code. In case of doubt or need for advice as to the application, extent, and interpretation of the provisions of this Code, Employees must seek assistance from the Compliance Department.* 

*1.4. All requests for authorization, direction or clarification from the Compliance Department or Compliance Officer of the corresponding office ("Compliance") must be sent by e-mail with at least two (2) business days in advance to the deadline for which the authorization, direction or clarification is relevant or required.* 

*1.5. By receiving this Code, the Employee will execute a "Commitment Agreement", undertaking to care for the application and observance thereof, in the format provided by the Compliance.* 

*1.6. This Code is part of the rules governing the labor relationship of Employees with Vinci Compass, and the conducts and rules prescribed herein shall be considered together with the conducts and rules regulated under the relevant local policies and contract, legal and regulatory requirements which derive from different legal statutes that govern the activities of Vinci Compass and its Employees in a particular jurisdiction. In case of conflict between the rules and conducts prescribed in this Code and the rules and conducts prescribed in local policies and contracts, regulatory and other applicable legal or statutory provisions, the latter shall prevail.* 

*1.7. Subject to the applicable laws, failure to comply with this Code could be considered a contractual breach, making the defaulting party subject to the applicable penalties. Vinci Compass takes no responsibility for Employees violating the law or committing breaches while performing their functions. In case Vinci Compass is held accountable* 

*Vinci Compass* *3*

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![LOGO](g79123dsp49.jpg)

*or sustains losses of any nature for acts of their Employees, it may exercise its right to require compensation against those responsible, therefore.* 

***2.***  ***Duties*** 

*2.1. The duties of the Employees are:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a) observe high standards of honesty, integrity, justice and professional conduct;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b) observe the principles of good standing and good faith, using all care and diligence that they would use in their own business;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c) use continued efforts to maintain and improve their professional skills;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(d) know and comply with all laws, rules and regulations issued by governmental self-regulated authorities, entities or agencies regulating and governing their professional activities;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(e) not to violate or allow the direct or indirect violation of such laws, rules and regulations;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(f) use care and exercise objective, professional and independent discretion;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(g) clearly inform the format and general principles of investments processes whereby bonds and securities are selected, and portfolios are formed;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(h) preserve the confidentiality of the information provided by the clients on a professional basis; and* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i) prevent practices that may affect the fiduciary relationship currently existing with their clients.* 

***3.***  ***Compliance*** 

*3.1. Compliance is in charge of ensuring compliance with the procedures of Vinci Compass and its Employees with all legal and regulatory requirements and directives. The Compliance is also in charge of regulating and supervising with independence and efficiency compliance with the regulations set forth in this Code of Ethics.* 

***4.***  ***General Principles*** 

*4.1. Vinci Compass believes that the exercise of its activities and expansion of its business should be based on ethical principles shared by all its Employees. In search for growth and satisfaction of clients, Vinci will seek to act with transparency and to comply with the laws, rules and respect any financial and capital markets players.* 

*Vinci Compass* *4*

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![LOGO](g79123dsp49.jpg)

*4.2. We are passionate about our work; we offer the highest level of commitment and professionalism with our clients and with Vinci Compass. We encourage teamwork as it produces better results and helps to generate a good environment in the organization.* 

*4.3. Our Employees shall always be dedicated to serve our clients. Our goal is that our clients receive a service of excellence.* 

*4.4. The search for development and growth of Vinci Compass and defense of the interests of its clients will be based on the contents of this Code.* 

*4.5. We encourage initiative and creativity within the organization. We maintain the entrepreneurial spirit which has characterized us where ideas and originality are always welcome.* 

*4.6. Our Employees shall have respect for persons in any kind of relation with clients, competitors or colleagues.* 

*4.6.1. Vinci Compass considers non-discrimination to be a fundamental principle for the maintenance of a fair and inclusive work environment. There is a firm and absolute commitment to respect the diversity and not allow or tolerate discrimination of any kind, based on race, religion, color, nationality, sex and sexual orientation, origin, marital status, citizenship, political preferences, age, physical or mental disabilities and any other discrimination which breaches the principles of equality or that may be penalized by the applicable Law. Vinci Compass shall not allow and shall penalize in the manner that it may deem appropriate, any type of action, activity, comment, conduct or expression which implies a violation or breach of this principle and that may derive in harassment, impartiality or any other conduct of action or omission contrary to this principle.* 

***5.***  ***Ethics*** 

***Gifts and Entertainment***

*5.1. As a general rule, no Employee shall accept or give any bonuses, gifts, invitations, trips, entertainment, or any other benefits ("Gifts") from or to third parties that may constitute a conflict of interests with Vinci Compass, especially in cases of clients, suppliers or competitors, except with the express authorization of the Compliance.* 

*Vinci Compass* *5*

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![LOGO](g79123dsp49.jpg)

*5.1.1. With regards to the delivery of Gifts, without prejudice and complementing the provisions of the Global Anti-Bribery and Corruption Policy as far as applicable, the Employees are strictly forbidden to give them to business partners (including service providers and/or suppliers of Vinci Compass) or clients, with the purpose of influencing inappropriately on them. Gifts in accordance with the tradition and commercial practices of the corresponding country may be given to the extent that they do not exceed the amount provided for in item 5.2 or in the local applicable law or regulation.* 

*5.2. Gifts (i) without economic value, and Gifts (ii) that are distributed as a courtesy, advertisement, or celebration in the special events or dates, provided that they do not exceed the amount of US$100 (one hundred dollars), within one year in relation to the same third party, are not covered by the restriction set forth in item 5.1.* 

*5.2.1. The amount provided for in item 5.2, (ii) above, shall not apply to those Gifts received from clients with whom there is a family relationship up to the second grade of consanguinity or affinity, such as grandparents and parents or the spouse of the Employee (clients and/or suppliers with the exception stated herein, shall be referred to in this Code as "Covered Parties").* 

*5.2.2. In the case of Gifts to government officials, official authorities and other public officers, the Global Policy for the Prevention of Fraud, Bribery and Corruption shall govern as far as applicable, according to the nationality and location of said person or entity, which may determine the absolute prohibition or restriction and, in such case, this must be strictly observed by all the Employees.* 

*5.3. The provisions of items 5.1, 5.2, 5.2.1, and 5.2.2 above are not applicable to Independent Directors, as long as the Gifts do not have any relation with Vinci Compass and its business.* 

*5.4. Gifts from Covered Parties that meet any of the following requirements, shall not be accepted in any case and regardless of its value:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i) cash, check, gift card or credit cards extended to the bearer;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii) expressly or implicitly requested by the recipient;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iii) not consistent with the usual practices of business;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iv) quid-pro-quo (presents in exchange for any inappropriate provision of a service or favor);* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(v) that may be considered bribe, subornation, benefit or related to corruption.* 

*Vinci Compass* *6*

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![LOGO](g79123dsp49.jpg)

*5.5. Gifts received from the Covered Parties for an amount exceeding the aforementioned sum of US$100 shall be reported within three business days from its reception to Compliance, who shall evaluate, pursuant to the provisions of this Code, whether the Gift should be exceptionally kept, returned, its donation to some charitable entity, its distribution among all the Employees of a department of Vinci Partner or any other measure which shall be consistent and in compliance with the provisions of this Code. The Compliance Officer decision shall be recorded and memorialized in writing.* 

*5.6. In the case of invitations, trips and entertainment, such as invitations to seminars, dinners and events received from Covered Parties in which the US$100 amount is expected to be exceeded, the Employees shall report such situation to Compliance to approve or reject the Employee participation. In case of rejection, it should be well-founded and properly communicated in writing. The Employee may apply for reconsideration to the Global Co-Heads of Legal and Compliance of Vinci Compass.* 

*5.6.1. To evaluate the approval of invitations to seminars, events or activities, Compliance shall consider, among others and by way of illustration and not limitation, one or more of the following factors:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a) participation of a larger group of persons from other clients or companies other than Vinci Compass;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b) if the event includes sessions, talks or opportunities which may allow the relevant and organized discussion of aspects related to the business of Vinci Compass or of technical aspects relevant to Vinci Compass;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c) if the event is held in regular business conditions and observing generally accepted commercial practices;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(d) that the invitations are not excessively sumptuous, luxurious or extravagant;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(e) if the event is managed or organized by the marketing department of the firm extending the invitation.* 

*5.7. In case of giving a Gift that is expected to exceed the aforementioned amount of US$100 with the exception mentioned in item 5.2.1, the Employee who wants to make the Gift shall request pre-approval from Compliance. Compliance will decide the authorization based on the specific facts and circumstances and particularly considering whether the Gift could create a potential, real or apparent conflict of interests which may be detrimental to Vinci Compass, its clients or Employees.* 

*Vinci Compass* *7*

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![LOGO](g79123dsp49.jpg)

*5.7.1. For purposes of evaluating the authorization, Compliance will favorably consider, among others, one or more of the following factors:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a) participation of Employees together with the client(s), or alternatively that it is related to the services or activities provided by Vinci Compass to the client, for example: invitations to conversations with investment managers of the client;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b) participation of other clients;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c) that the event includes discussions of aspects related to the business of Vinci Compass or to the client;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(d) if the event is held in regular business conditions and observing generally accepted commercial practices;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(e) if the invitations are not excessively sumptuous, luxurious or extravagant;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(f) if the event is managed or organized by the marketing area of the person extending the invitation;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(g) if there is any evidence that said Gifts are in compliance with the clients' own Compliance practices and internal regulations.* 

***Relationship with Clients***

*5.8. Employees should perform their activities in good faith, transparency, diligence and loyalty regarding their clients.* 

*5.9. Employees should perform their duties in order to attain the investment purposes of its clients and avoid practices that would otherwise adversely affect the fiduciary relationship existing with its clients.* 

*5.10. Observing the rights of clients shall be translated into concrete actions to achieve permanent satisfaction of its expectations regarding the services provided by Vinci Compass. Client satisfaction is critical for Vinci Compass and also has direct impact in its image. Thus, Employees shall attempt to meet, first of all, the interests of Vinci Compass' clients.* 

*5.11. Relationships with clients shall be based on courtesy and efficient service, rigid risk control and provision of clear and objective information, as well as quick answers, even though they may be negative.* 

*5.12. The information provided to clients shall be based on the law, directives and the ethical provisions contained in this Code.* 

*Vinci Compass* *8*

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![LOGO](g79123dsp49.jpg)

*5.13. Employees shall attempt to align the interests of clients with those of Vinci Compass. No client shall have preferred treatment.* 

*5.14. Information relating to Vinci Compass' clients are the sole ownership thereof and will be protected by confidentiality obligations, as set forth in the applicable local laws, and in the Commitment Agreement and its non-disclosure provisions executed by Employees.* 

***Relationship with Competitors***

*5.15. The principle of loyalty also applies to the relationship of the Employees with Vinci Compass' competitors that shall be based on compliance with the rules and criteria in force in the market.* 

*5.16. Comments or rumors that may adversely affect the business or image of competitors will not be disclosed, and we will require mutual treatment.* 

***Relationship with Suppliers, Services Providers and Third Parties***

*5.17. Vinci Compass will honor any commitments undertaken with its suppliers, services providers and third parties.* 

*5.18. The choice of suppliers, services providers and third parties shall be informed by technical, professional and ethical criteria, at the discretion of Vinci Compass. Principles and practices established in this Code and in Anti-Money Laundering internal policies and in Third-Party Contracting Policies must be observed.* 

*5.19. Before engaging any supplier, service provider, or third party, employees must disclose to the Compliance Department, for prior approval, any situation in which they are related to a representative, partner, executive, or employee of such supplier, service provider, or third party.* 

***Relationships in the Workplace***

*5.20. Employees will create a harmonious and respectful workplace that stimulates teamwork and a constant search for better results.* 

*5.21. Vinci Compass' managers, partners and Executive Officers shall be examples of good conduct for Employees.* 

*Vinci Compass* *9*

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![LOGO](g79123dsp49.jpg)

*5.22. Employees will have equal professional development opportunities, and the merits, skills, characteristics and contribution of each one of them will be acknowledged.* 

***Relationship with the Media and Expected Behavior Outside the Office Activities***

*5.23. Vinci Compass will accept requests, whenever possible, as long as there are no legal or strategic hindrances from media outlets that may request them.* 

*5.24. Vinci Compass' spokespersons will be designated by the Chief Human Resources Officer (CHRO). Employees may only give information about or pertaining to Vinci Compass and its activities to the media and journalists with prior written authorization from the CHRO.* 

*5.25. With the purpose of protecting the reputation of Vinci Compass and avoiding activities which may in any way, harm or damage our clients, it is imperative that all Employees exercise their sound judgment at the time of evaluating activities outside the office, whether remunerated or not, observing the following guidelines which are consistent with Vinci Compass ethical principles.* 

*5.25.1. Any disclosure or public comments on internet sites, interactive communities and other social media shall always be previously evaluated by the Employee given the regulations of this Code and other applicable laws, considering among others, the effect that these comments may have in the reputation of Vinci Compass as well as the privacy and confidentiality of the information published and the possible harmful and permanent effects of such comments.* 

*5.25.2. The following activities are prohibited:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i) carry out activities which may generate conflict with its work-related responsibilities or that may be contrary to the law, ethics or moral principles;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii) apply for or hold public offices in the national or local government, whether by choice or by nomination. Exceptionally, depending on the facts and circumstances, Compliance may authorize an exception to this restriction, in writing.* 

*Vinci Compass* *10*

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![LOGO](g79123dsp49.jpg)

*5.25.3. The following activities are allowed if they have prior approval in writing of Compliance. Such approval shall be given taking into consideration the existence of a potential conflict of interests or risk of damage to Vinci Compass or its clients and the conditions adopted for the elimination or reduction of that risk:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i) legal representations, remunerated or not, for entities external to Vinci Compass;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii) acting as expert witness or specialist in judicial or extrajudicial proceedings;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iii) any other activity not listed above which may compromise the responsibilities of the Employee with Vinci Compass or its clients or that it may generate, actually or in appearance, a conflict of interest or that may harm or come into conflict with the ethical principles of Vinci Compass.* 

*5.25.4. Any exception to the aforementioned rules shall be evaluated and authorized by Compliance in consultation with the Global Co-Heads of Legal and Compliance of Vinci Compass.* 

*5.26. Employees who make presentations or participate in activities such as speakers, presenters or other forms of participation in public events should always follow the principles and guidelines of this Code and shall always expressly state at the time of participating in such activities or providing those comments, that their comments are personal opinions which do not necessarily represent Vinci Partner's position.* 

*5.27. Items 5.24.2 and 5.24.3 are not applicable to the Independent Directors.* 

***Ethical Standard of Conduct***

*5.28. When dealing with suppliers, clients and third parties in general, Employees must avoid situations that may cause conflicts between their personal interests and those of Vinci Compass. Preventing conflicting situations, even hypothetical or potential, is a duty of all Employees.* 

*5.29. Employees must always act to defend the interests of Vinci Compass. The Employees attitude and behavior must reflect their personal and professional integrity, and never jeopardize the financial and asset security or image of Vinci Compass.* 

*5.30. The following are expected conducts aligned with the values of Vinci Compass:* 

*Vinci Compass* *11*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a) acknowledge any mistakes and timely report them to their immediate superior;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b) question any directions that may be contrary to the principles and values set forth in this Code;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c) present suggestions for the purpose of improving the quality of the work and results of Vinci Compass; and* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(d) inform Compliance of any unethical or illegal attitudes that it may become aware of, as well as situations that may be characterized as conflicts of interest.* 

***Contributions to Political Parties and Candidates***

*5.31. Partners, Executive Officers, and any Vinci Compass' legal entities are not allowed to contribute to political parties or candidates at any time.* 

*5.32. Employees are allowed to contribute to political parties or candidates (within the maximums amounts allowed by the applicable law) upon prior and written authorization from Compliance.* 

*5.32.1. When permitted by the applicable law, the request for authorization must include at a minimum, the following information (i) the name of the recipient; (ii) the amount of contribution.* 

*5.32.2. At its sole discretion and always acting in the best interests of Vinci Compass, Compliance has the right to request additional information and/or to approve or deny the request mentioned in item 5.31.* 

*5.33. The provisions of items 5.30 to 5.31.2 are not applicable to Independent Directors.* 

***Prevention of Fraud, Bribery and Corruption***

*5.34. Vinci Compass has approved the Global Policy for the Prevention of Fraud, Bribery and Corruption with the purpose of giving to all its Employees, as well as to third parties related to Vinci Compass, a message of opposition to fraud, bribery and corruption in all its forms and the desire to eradicate these conducts from all its activities. Such policy constitutes a commitment of permanent attention and penalization of all fraudulent acts or conducts which promote corruption and bribery in all its forms and manifestations as well as the commitment to maintain effective mechanisms of communication with all Employees and development of an ethical culture and corporate honesty.* 

*Vinci Compass* *12*

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*5.35. The Global Policy for the Prevention of Fraud, Bribery and Corruption further identifies conducts which prevent fraud, bribery and corruption, its signs of alert and duty to report, the mechanisms of preventive control and penalties that may be applicable among other matters.* 

***6.***  ***Conflicts of Interests*** 

***Conflicts of personal interest***

*6.1. All Employees shall perform their activities always in accordance with the interests and values of Vinci Compass. Employees are allowed to hold shares of private companies as long as the businesses of those companies do not conflict with Vinci Compass' businesses.* 

*6.1.1. All Employees who intend to act as directors and/or officers of any company not related to Vinci Compass and its managed funds, must seek specific pre-approval in writing by Compliance.* 

*6.1.2. The Independent Directors shall notify Compliance of his/her intention to serve as member of the board of directors of any other companies, or inform the positions held at the time of admission to the board of any Vinci Compass affiliate.* 

*6.2. Employees shall observe the rules and procedures established in item 5 Ethics above, notifying Compliance immediately should they have any doubts about how to proceed in a situation of potential conflict of interest.* 

*6.3. Under no circumstances the Employees may carry out, directly or indirectly through third parties, transactions over securities with respect to which the Employees hold confidential information, whether related to Vinci Compass, its managed funds, its clients or any other security. It is also strictly forbidden to use or share such information, whether or not to get any direct or indirect benefit.* 

*6.3.1. Employees shall take its investment decisions observing the provisions set forth in the applicable Personal Investments Policy, reporting or requesting, as the case may be, and whenever relevant, a previous authorization for the investment, being subjected to all other requirements that may be applicable in accordance with such policy.* 

*Vinci Compass* *13*

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***Conflicts of interest related to investment funds managed by Vinci Compass***

*6.4. To mitigate the potential conflict of interest related to investment funds managed by Vinci Compass, the criteria and procedures established in the applicable Compliance Manual or its equivalent local policy, must be observed.* 

***7.***  ***Privacy and Confidentiality*** 

***General Rules***

*7.1. Confidential information refers to any information received by the Employees caused by or in connection with its relationship with Vinci Compass, whether about Vinci Compass, or that the Employees, agents or administrators have received from third parties including, but not limited to, any information of legal, accounting, tax, technical, technological, financial or commercial character about the entity or third parties, partners, or shareholders and/or clients of them. Confidential information also includes information and data related to Vinci Compass' clients, which are also subject to Vinci Compass' Global Privacy Policie and all applicable legal restrictions and safeguards for the proper use of such information. Confidential information shall not include: (a) information that is already publicly available; (b) information required to be disclosed by law or regulation, such as subpoenas or court orders; (c) information shared with explicit written permission from the owner; (d) information shared internally on a need-to-know basis; or (e) information whose disclosure is approved by Compliance based on the facts and circumstances.* 

*7.2. Employees shall abstain from revealing, disclosing, exhibiting, showing, communicating, deleting and/or using confidential information of the entity or that may be received from third parties. Confidential information may only be disclosed to authorized advisors or Employees which have a reason to know such information in connection with their professional activities or the rendering of their services.* 

*7.3. The foregoing, without prejudice to the provisions that may be applicable in relation to the delivery of information to the competent authorities and the required disclosure of Vinci Compass' relevant information to the market, in compliance with the applicable proceedings adopted by Vinci Compass. Disclosure of Vinci Compass' confidential information shall only be done using the official channels of communication, with the previous authorization of Compliance, or with the prior execution of a non-disclosure agreement related to Vinci Compass' business and activities.* 

*Vinci Compass* *14*

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*7.4. The obligation to not reveal, disclose, exhibit, show, communicate, delete, use and/or utilize the confidential information known by the Employees and advisors of the company, for own benefit or the benefit of third parties shall survive for a term of two (2) years from the termination of the work relationship with the relevant Vinci Compass' entity.* 

*7.5. Each Employee shall be subject to this duty of confidentiality with respect to the confidential information known. In case of breach of this duty, Vinci Compass shall be entitled to seek and adopt the relevant administrative or judicial measures, pursuant to the contractual or legal provisions governing or applicable to the relationship.* 

***Control of Confidential Information***

*7.6. All Employees with access to confidential information shall adopt the appropriate measures to preserve it, ensuring its proper protection and avoiding the access to it, by unauthorized persons.* 

*7.7. All Employees related to Vinci Compass shall adopt or promote the implementation of security measures to prevent that physical and/or non-physical devices which contain the confidential information (papers, files, access passwords, credentials, network shared resources of indiscriminate access, disks or others of any other type) could be accessed by unauthorized persons.* 

*7.8. Employees shall observe a strict duty of confidentiality with regards to its clients and their information and shall not disclose details of the operations carried out with those clients to any third party, unless it is properly authorized by the client or when required by legal regulation or competent authority in accordance with the law. In case of doubt, Compliance shall be consulted.* 

***Privilege Information***

*7.9. For the purposes of this Code and without prejudice to the local and specific regulations that may apply, Privileged Information refers to any piece of information in relation to one or more issuers of listed securities, its businesses or to one or more securities issued, not disclosed to the market and that due to its nature, knowing about them may have an influence in (i) the quotation of a securities issued; (ii) in the decision of investors to buy, sell or hold those securities; or (iii) in the decision of investors to exercise any rights inherent to the condition of holder of securities issued by the company or referenced thereto.* 

*Vinci Compass* *15*

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*7.10. In case that Employees and their spouses, children or dependents and immediate family members who live in the same domicile, to whom the Employee provides financial support or for whom the Employee may direct, influence or control their investments ("Covered Person") has Privileged Information, before carrying out or participating in any transaction, whether directly or indirectly, said person shall:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i) under no circumstance, disclose Privileged Information to anyone. The Covered Persons are strictly forbidden to communicate Privileged Information to any person when it may constitute a violation of the applicable law, in which case they shall be subjected to the legal consequences that may apply;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii) as far as applicable, cancel the transactions of securities of said company (or its derivatives) to clients accounts, own accounts of the Covered Person, of Vinci Compass or third parties.* 

*7.11. Subject to the applicable local rules and regulations, whenever an Employee has access to Privileged Information, he/she should promptly inform Compliance about it, who will adopt, as the case may be, the appropriate measures as provided for in the applicable Compliance Manual or equivalent local policy.* 

***8.***  ***Whistleblower Policy*** 

***Obligation to Report Violations or Suspected Violations***

*8.1. Employees having any information or knowledge regarding the existence of any violation or suspected violation of this Code have the duty of report the violation or suspected violation to the Hotline (the contact details for which are below), or Compliance or the chairperson of the Audit Committee. Employees are also encouraged to raise any issues or concerns regarding Vinci Compass' business or operations. Failure to report a suspected or actual violation is itself a violation of this Code and may subject Employees to disciplinary actions, up to and including termination of employment or other relationship with Vinci Compass or, potentially, legal action. Reports may be made on a completely confidential and anonymous basis. To the extent any investigation is necessitated by a report, Vinci Compass will endeavor to keep the proceedings and the identity of the reporting associate confidential, except to the extent disclosure is required by law, regulation or court order or is necessary to permit a complete investigation of such report.* 

*8.2. Individuals should consider, but are not required to, leave their name or contact information when submitting a report. Such information may facilitate a more thorough and efficient investigation. Compliance will strive to* 

*Vinci Compass* *16*

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![LOGO](g79123dsp49.jpg)

*maintain the integrity and confidentiality of all compliance-related communications. However, in certain circumstances, the identity of the person reporting the issue may become known or may need to be revealed, particularly if federal or state enforcement authorities become involved in the investigation. Vinci Compass cannot guarantee confidentiality, particularly when material evidence of a violation of the law is disclosed or if the person is identified during the normal course of an investigation.* 

***Whistleblower Compliance Hotline for Confidential and Anonymous Reporting***

*8.3. If you are aware of or suspect any breach of this Code, or of any misconduct related to Vinci Compass's business or operations, including, but not limited to, securities or antifraud laws, accounting issues, any law relating to fraud against stockholders, or any other potentially improper issue concerning Vinci Compass or such Employee, you are obligated to report violations to the Hotline, or to Compliance or to the chairperson of the Audit Committee. The Hotline is provided by a third-party service provider, which Vinci Compass has engaged to receive such reports, the contact details for which are below. You may make such reports on a completely anonymous and confidential basis by contacting the Hotline. Both Employees and third parties may report to the Hotline any concerns they may have regarding Vinci Compass, including, but not limited to, concerns involving its partners, executives or employees. Reports made to the Hotline will, in turn, be provided directly to Compliance on an anonymous (to the extent the report was made anonymously) and confidential basis. The Hotline may be reached 24 hours a day, 7 days a week on Vinci's website: https://www.vincipartners.com/home/contato.* 

***Grievance Reporting, Escalation Procedures and Responsibility for Ethics Issues***

*8.4. The Compliance Department is responsible for conducting investigations into reports received through the Hotline and may, when necessary, engage specialized third parties to support the investigative process. All investigations are carried out under the direct supervision of the Audit Committee. Reports received are initially reviewed by the Compliance Department, which conducts a preliminary assessment of the reported content, informs the Audit Committee, and, when applicable and advisable, communicates with the involved area.* 

*8.5. The Audit Committee has the authority to supervise the management and conduct of investigations resulting from reports submitted via the Hotline, and to decide on the measures to be taken in each case.* 

*8.6. The reporting party may track the status of the investigation via the Hotline. During the investigation, additional information may be requested, including in cases where the report was made anonymously.* 

*Vinci Compass* *17*

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![LOGO](g79123dsp49.jpg)

***Non-Retaliation Commitment***

*8.6. Employees who in good faith (a) reports a suspected violation under this Code by any Employee, or by Vinci or its agents acting on its behalf, or (b) raises issues or concerns regarding Vinci Compass business or operations, in either case to the Hotline, to Compliance or to the chairperson of the Audit Committee, may not be fired, demoted, reprimanded or otherwise harmed for, or because of, the reporting of the suspected violation, issue or concern, regardless of whether the suspected violation, issue or concern involves the associate, his or her supervisor or senior management of Vinci Compass.* 

*8.7. In addition, Employees who in good faith reports a suspected violation under this Code that he or she reasonably believes constitutes a violation of a federal statute by Vinci Compass, or its agents acting on its behalf, to a federal regulatory or law enforcement agency may not be reprimanded, discharged, demoted, suspended, threatened, harassed or in any manner discriminated against in the terms and conditions of his or her employment for, or because of, the reporting of the suspected violation, regardless of whether the suspected violation involves the associate, his or her manager or senior management of Vinci Compass.* 

***9.***  ***Sanctions and Enforcement*** 

*9.1. Infractions to this Code will be reviewed and evaluated following the applicable procedure. Sanctions arising from noncompliance with the principles and rules set forth in this Code will be defined by the Global Co-Heads of Legal and Compliance of Vinci Compass.* 

*9.1.1. These sanctions shall depend on the seriousness of the offense and may include:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a) warning and/or verbal or written censorship;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b) return of profit in case there is any or the value of Gifts received over the limits stated in this Code;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c) suspension, without pay for days, weeks or even for a month and termination of the work relationship;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(d) take actions of civil or criminal responsibility.* 

*9.1.2. To determine the seriousness of the offense, Vinci Compass shall evaluate:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a) the extent of execution of the offense;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b) the seriousness of the caused or potential damage;* 

*Vinci Compass* *18*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c) the harm to Vinci Compass, to its clients or to the market;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(d) the background of the offender;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(e) the circumstances of the realization of the offense;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(f) the benefit illegally obtained;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(g) the extent of intention in the conduct of the offender;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(h) the existence of a plot or agreement for the performance of the offense.* 

*9.2. The Global Co-Heads of Legal and Compliance of Vinci Compass may, in exceptional cases, at their sole discretion and in duly substantiated decisions, grant exceptions to the rules defined in this Code.* 

***10.***  ***Public Disclosures*** 

*10.1. VINP has a responsibility to provide full and accurate information in its public disclosures, in all material respects, about VINP's financial condition and results of operations. The reports and documents filed with or submitted to the Securities and Exchange Commission (SEC) and the other public communications shall include full, fair, accurate, timely and understandable disclosure* 

***11.***  ***Updates*** 

*11.1. This Code will be reviewed every two years or within shorter periods of time, if necessary, considering the principles and directives set forth herein, as well as the applicable law.* 

*11.2. All updates to this Code will be made available on Vinci Compass' intranet and website and will be binding on all Employees.* 

*Vinci Compass* *19*

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## Exhibit 12.1

**Exhibit 12.1** 

**CERTIFICATION BY THE PRINCIPAL EXECUTIVE OFFICER PURSUANT TO** 

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Alessandro Monteiro Morgado Horta, certify that:

1. I have reviewed this annual report on Form 20-F of Vinci Compass
Investments Ltd.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

4. The company's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the company's internal control over financial reporting that
occurred during the period covered by the annual report that has materially affected, or is reasonably liked to materially affect, the company's internal control over financial reporting.

5. The company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of
internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in
the company's internal control over financial reporting.

Date: April 20, 2026

---

| | |
|:---|:---|
| By: | /s/ Alessandro Monteiro Morgado Horta |
|  | Name: Alessandro Monteiro Morgado Horta |
|  | Title: Chief Executive Officer |

---

## Exhibit 12.2

**Exhibit 12.2** 

**CERTIFICATION BY THE PRINCIPAL FINANCIAL OFFICER PURSUANT TO** 

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Sergio Passos Ribeiro, certify that:

1. I have reviewed this annual report on Form 20-F of Vinci Compass
Investments Ltd.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

4. The company's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the company's internal control over financial reporting that
occurred during the period covered by the annual report that has materially affected, or is reasonably liked to materially affect, the company's internal control over financial reporting.

5. The company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of
internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in
the company's internal control over financial reporting.

Date: April 20, 2026

---

| | |
|:---|:---|
| By: | /s/ Sergio Passos Ribeiro |
|  | Name: Sergio Passos Ribeiro |
|  | Title: Chief Financial Officer |

---

## Exhibit 13.1

**Exhibit 13.1** 

**CERTIFICATION BY THE PRINCIPAL EXECUTIVE OFFICER PURSUANT TO** 

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

The certification set forth below is being submitted in connection with the Annual Report on Form 20-F of Vinci Compass Investments Ltd. (the "Company") for the fiscal year ended December 31, 2025 (the "Report"), I, Alessandro Monteiro Morgado Horta, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Company.

Date: April 20, 2026

---

| | |
|:---|:---|
| By: | /s/ Alessandro Monteiro Morgado Horta |
|  | Name: Alessandro Monteiro Morgado Horta |
|  | Title: Chief Executive Officer |

---

## Exhibit 13.2

**Exhibit 13.2** 

**CERTIFICATION BY THE PRINCIPAL FINANCIAL OFFICER PURSUANT TO** 

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

The certification set forth below is being submitted in connection with the Annual Report on Form 20-F of Vinci Compass Investments Ltd. (the "Company") for the fiscal year ended December 31, 2025 (the "Report"), I, Sergio Passos Ribeiro, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Company.

Date: April 20, 2026

---

| | |
|:---|:---|
| By: | /s/ Sergio Passos Ribeiro |
|  | Name: Sergio Passos Ribeiro |
|  | Title: Chief Financial Officer |

---

## Exhibit 23.1

**Exhibit 23.1** 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statements on Form S-8 (Nos. 333-293096, 333-284588, 333-278660, 333-276712, 333-271473, and 333-264118) of Vinci Compass Investments Ltd. of our report dated March 4, 2026 relating to the financial statements of Vinci Compass Investments Ltd., which appears in this Form 20-F.

/s/ PricewaterhouseCoopers Auditores Independentes Ltda.

Rio de Janeiro, Brazil

April 20, 2026