Patria Investments (PAX) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Apr 30, 2026

After Close (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

0.31

Last Year’s EPS

0.23

Same Quarter Last Year

Analyst Consensus

Moderate Buy

Based on 2 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Feb 03, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call emphasized multiple clear positives — record fundraising ($7.7B), robust FEAUM growth (+24% YoY to $40.8B and ~$47.4B pro forma), FRE growth (+19% YoY to ~$202.5M), margin expansion, strategic acquisitions expanding scale in credit and REITs, stronger balance sheet metrics (net debt / FRE 0.5x), and a higher dividend policy. Offsetting these strengths are near-term challenges: a notable decline in net accrued performance fees (Q3→Q4), underperforming private equity vintages that lowered carry, elevated one-time M&A transaction costs, and some litigation exposure. Management articulated confidence in hitting 2026–2027 FRE and fundraising targets while acknowledging PRE timing risk. Overall, the highlights materially outweigh the lowlights, with most risks framed as timing or one-off items rather than structural weaknesses.

Company Guidance

Management reiterated a $7.0B organic fundraising target for 2026 and $8.0B for 2027 (3‑year organic plan $21B), after reporting Q4 organic fundraising of $1.7B and FY‑2025 $7.7B; fee‑earning AUM was $40.8B (pro forma $47.4B) with $2.9B pending and a year‑end 2027 AUM goal of $70B. Fee‑related earnings guidance is $225–245M in 2026 ($1.42–1.54/share) and $260–290M in 2027 ($1.60–1.80/share); Q4 FRE was $64.2M ($0.41) and FY‑2025 FRE $202.5M ($1.28), with an FRE margin objective of 58–60% (Q4 margin 63.6%). Performance‑related earnings guidance remains $120–140M from Q4‑2024 through end‑2027 (already realized $62M; ~ $20M expected in 2026, mainly from Infra Fund III). Capital‑management and balance sheet guidance: share count to average 158–160M (TRS 1.5M to settle by Q3‑26), up to 7M shares authorized for buyback (target ~3M to offset dilution), declared dividend policy $0.65/share for 2026 (Q4 declared $0.15; expected 2026 dividend ~$100M), net debt ≈ $105M (net‑debt/FRE 0.5), unused debt capacity > $100M (total capacity ≈ $235M), deferred M&A payments ≈ $110M and deferred contingent payments ≈ $100M. Other guideposts: annual tax rate ≈ 10% (Q4 excl. PRE 4.2%, FY excl. PRE 6.3%), management fee rate trending toward ~90bps (trailing 4‑q avg 92bps), 2025 organic net inflows ≈ $2.4B (~7% organic growth), 22% of FEAUM in permanent capital (~$9.1B), ~90% of AUM with no/limited redemptions, and estimated 2026 cash generation of roughly $220M (midpoint FRE + expected PRE).

Record Fundraising

Organic fundraising of $1.7B in Q4 and a record $7.7B for full year 2025, exceeding the original $6.0B target by >$1.0B and surpassing the revised $6.6B target; 2025 fundraising exceeded initial guidance by ~30%.

Strong Fee-Earning AUM Growth

Fee-earning AUM reached $40.8B in Q4 2025, up 24% year-over-year and 5% sequentially; pro forma for announced acquisitions FEAUM is ~$47.4B and management highlighted a path to a $70B year-end 2027 target.

Robust Fee-Related Earnings (FRE)

Full-year FRE of $202.5M (reported as $203M), up 19% year-over-year. Q4 FRE of ~$64.2M, up 17% YoY and ~30% sequentially; Q4 FRE margin improved by ~5 percentage points to ~63.6%.

Distributable Earnings and EPS

Full-year distributable earnings of $200.9M (+6% YoY from $189.2M) and distributable earnings per share of $1.27 for 2025; Q4 distributable earnings of $78.5M ($0.50 per share).

High-Quality, Sticky Asset Base & Lower Redemptions

Approximately 90% of FEAUM in vehicles with no or limited redemptions, including 22% ($9.1B) in permanent capital; redemptions decreased ~25% in 2025 vs 2024; organic net inflows of ~$2.4B in 2025 (~7% organic growth rate).

Targeted Strategic M&A and Scale Expansion

Closed acquisition of 51% of Solis (private credit) and RBR REIT assets (adds ~ $1.3B permanent capital REIT AUM); announced acquisition of WP Global Partners (US) — pro forma credit FEAUM ~ $12.1B and GPMS pro forma FEAUM ~ $13.6B — enhancing capabilities and scale.

Diversified Fundraising & Asset Mix

2025 fundraising strength came from infrastructure ($2.3B, ~5x 2024), GPMS (~$2B), credit (record $1.8B vs $1.4B in 2024, +~28.6%), and real estate (Q4 >$520M). Pro forma FEAUM mix: 29% GPMS, 26% credit, 19% real estate, 12% private equity, 9% infrastructure, 6% public equities.

Capital Allocation & Balance Sheet Strength

Net debt ~$105M at year-end; net debt / FRE = 0.5x (well below 1x target). Total unused debt capacity and liquidity provide flexibility for M&A and capital returns. Board approved expanded buyback capacity (additional 3M shares) and management signaled up to 7M shares that could be repurchased (including PHL intent).

Dividend Increase & Shareholder Returns

Updated fixed dividend policy to $0.65 per share for 2026, an 8% increase from $0.60 in 2025; declared Q4 dividend of $0.15 and expect ~ $100M dividend payment for 2026.

Operational & Product Momentum

Management fee rate averaged 92 bps (trailing 4 quarters) and is expected to trend toward ~90 bps; pending FEAUM of ~$2.9B, continued product expansion across strategies, and Tria energy trading contributed ~$4M in 2025 with transformational agreement signed to acquire Raizen Power.

Patria Investments (PAX) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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PAX Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 30, 2026	2026 (Q1)	0.31 / -	0.23	―	―	―
Feb 03, 2026	2025 (Q4)	0.45 / 0.50	0.58	-13.79% (-0.08)
Nov 05, 2025	2025 (Q3)	0.26 / 0.30	0.23	30.43% (+0.07)
Aug 01, 2025	2025 (Q2)	0.28 / 0.24	0.22	9.09% (+0.02)
May 02, 2025	2025 (Q1)	0.25 / 0.23	0.21	9.52% (+0.02)
Feb 12, 2025	2024 (Q4)	0.35 / 0.58	0.47	23.40% (+0.11)
Nov 05, 2024	2024 (Q3)	0.24 / 0.23	0.23	0.00% (0.00)
Aug 01, 2024	2024 (Q2)	0.22 / 0.22	0.3	-26.67% (-0.08)
May 02, 2024	2024 (Q1)	0.30 / 0.21	0.27	-22.22% (-0.06)
Feb 15, 2024	2023 (Q4)	0.33 / 0.47	0.36	30.56% (+0.11)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

PAX Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 03, 2026	$14.78	$14.12	-4.48%
Nov 05, 2025	$14.71	$14.88	+1.20%
Aug 01, 2025	$13.51	$12.92	-4.37%
May 02, 2025	$10.22	$10.10	-1.22%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Patria Investments Ltd. (PAX) report earnings?

Patria Investments Ltd. (PAX) is schdueled to report earning on Apr 30, 2026, After Close (Confirmed).

What is Patria Investments Ltd. (PAX) earnings time?

Patria Investments Ltd. (PAX) earnings time is at Apr 30, 2026, After Close (Confirmed).

Where can I see when companies are reporting earnings?

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What companies are reporting earnings today?

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What is PAX EPS forecast?

PAX EPS forecast for the fiscal quarter 2026 (Q1) is 0.31.