Vinci Compass Investments Ltd (VINP) 2026 Q1 法說會逐字稿

Thank you, and good evening, everyone. Joining us today are Alessandro Horta, Chief Executive Officer; Bruno Zaremba, President of Finance and Operations; and Sergio Passos, Chief Financial Officer. Earlier today, we issued a press release, slide presentation and our financial statements for the first quarter 2026, which are available on our website at ir.vincicompass.com.

謝謝，大家晚安。今天與會的有執行長 Alessandro Horta；財務與營運總裁 Bruno Zaremba；以及財務長 Sergio Passos。今天稍早，我們已發布新聞稿、簡報投影片以及 2026 年第一季財務報表，皆可於我們網站 ir.vincicompass.com 查閱。

I'd like to remind you that today's call may include forward-looking statements, which are uncertain outside of the firm's control and may differ from actual results materially. We do not undertake any duty to update these statements. For a discussion of some of the risks that could affect results, please see the Risk Factors section of our 20-F.

提醒各位，今天的電話會議可能包含前瞻性陳述，這些陳述存在不確定性，且不在公司控制範圍內，實際結果可能與之有重大差異。我們不承擔更新此等陳述的任何義務。關於可能影響結果的部分風險，請參閱我們 20-F 文件中的「風險因素」章節。

We will also refer to certain non-GAAP measures, and you'll find reconciliations in the release. Also note that nothing on this call constitutes an offer to sell or solicitation of an offer to purchase an interest in any Vinci Compass fund. On results for the first quarter of 2026, Vinci Compass generated fee-related earnings of BRL96.3 million or BRL1.47 per share, FRE margin of 35.4% and adjusted distributable earnings of BRL62.2 million or BRL0.95 per share. We declared a quarterly dividend of $0.17 per common share, payable on June 8 to shareholders of record as of May 25.

我們也會提及若干非 GAAP 指標，相關調節表可於新聞稿中查閱。另請注意，本次電話會議的任何內容均不構成出售或招攬購買任何 Vinci Compass 基金權益之要約。就 2026 年第一季業績而言，Vinci Compass 產生與費用相關之盈餘（FRE）為 9,630 萬巴西雷亞爾（每股 1.47 巴西雷亞爾），FRE 利潤率為 35.4%，調整後可分配盈餘為 6,220 萬巴西雷亞爾（每股 0.95 巴西雷亞爾）。我們宣告每股普通股 0.17 美元的季度股利，將於 6 月 8 日支付給截至 5 月 25 日登記在冊的股東。

With that, I'll turn the call over to Alessandro.

接下來我把電話會議交給 Alessandro。

Thank you, Anna, and good evening, everyone. Thank you for joining us today. Before I turn to our quarterly performance, I would like to highlight some meaningful developments that occurred after the end of the quarter. As you know, we are diligently executing on the strategic priorities we outlined during our Investor Day, including expanding our footprint in key Latin America markets and strengthening local distribution capabilities. The start of 2026 already reflects the steady and consistent progress across each of these dimensions.

謝謝你，Anna，大家晚安。感謝各位今天加入。在我談及本季表現之前，我想先強調幾項在季末後發生的重要進展。如各位所知，我們正勤勉執行在投資人日所提出的策略重點，包括擴大我們在拉丁美洲關鍵市場的布局，以及強化在地通路與配銷能力。2026 年的開局已反映出我們在上述各面向穩健且持續的進展。

We announced in April a strategic combination with BACS Asset Management to build a scaled asset management platform in Argentina by combining our existing asset management practice with BACS' extensive corporate and retail distribution network. Argentina is undergoing a rapid transformation of its financial system, marked by growing demand for mutual funds, money market products, dollar-based strategies and alternative investments.

我們於 4 月宣布與 BACS Asset Management 進行策略性合併，透過結合我們既有的資產管理業務與 BACS 廣泛的企業與零售配銷網絡，在阿根廷打造具規模的資產管理平台。阿根廷的金融體系正快速轉型，市場對共同基金、貨幣市場產品、美元計價策略以及另類投資的需求持續成長。

We see the country as one of the most attractive growth opportunities for asset management in the region, supported by structural shifts in savings behavior and an increasing need for scale and efficiency. This transaction positions us for accelerated growth in a rapidly consolidating local asset management market. A further strategic achievement has been the integration with Verde, which is progressing extremely well, with a strong cultural fit and an impressive degree of complementarity that have already proven to be invaluable.

我們認為該國是本區域資產管理最具吸引力的成長機會之一，背後動能來自儲蓄行為的結構性轉變，以及對規模與效率日益提高的需求。此交易使我們得以在快速整併中的在地資產管理市場中加速成長。另一項重要的策略成果是與 Verde 的整合進展非常順利，文化契合度高，互補性也十分突出，且已證明極具價值。

We are seeing tangible benefits from the strong collaboration between the teams. The first product we launched together, [VIVE FI-Infra], is gaining traction, with increasing client engagement and encouraging feedback from the local investment community. While the collaboration between the teams has only just begun, the power of expanding our solutions set by joining forces has already proven to be even greater than we initially anticipated.

我們已看到團隊間緊密合作帶來的具體效益。我們共同推出的第一個產品 [VIVE FI-Infra] 正逐步獲得市場動能，客戶參與度提升，並收到在地投資社群令人鼓舞的回饋。雖然團隊合作才剛開始，但透過結盟擴充我們解決方案組合的力量，已證明甚至超出我們最初的預期。

Moreover, I would like to highlight a recent development within our infrastructure strategy, which we discussed in greater detail in our 2025 Form 20-F and is expected to have an impact on our results in 2026. As we disclosed in the past, our Infrastructure team had reached an agreement in 2025 to acquire an interest in the holding company owned by Changi, that held a stake, alongside Infraero, in the concessionaire of the Rio de Janeiro International Airport, Galeão.

此外，我想強調我們基礎建設策略中的一項近期進展；我們已在 2025 年 Form 20-F 中更詳細討論，且預期將對 2026 年的業績產生影響。如我們先前揭露，基礎建設團隊於 2025 年達成協議，擬收購由 Changi 持有之控股公司的一部分權益；該控股公司持有里約熱內盧國際機場 Galeão 特許經營公司之股權，並與 Infraero 共同持股。

Following the outcome of the concession auction in March of this year, in which Aena was declared the winning bidder, the holding company, that a fund managed by Vinci Compass had an interest, became entitled to receive an indemnification-related amount. Vinci Compass is then expected to receive a portion of this indemnification, which we estimate to be of approximately BRL100 million, already net of taxes and associated expenses.

在今年 3 月特許經營權拍賣結果出爐、Aena 被宣布為得標者後，Vinci Compass 所管理基金持有權益的該控股公司，取得收取與補償金相關款項的權利。Vinci Compass 預期將取得其中一部分補償金，我們估計約為 1 億巴西雷亞爾，且已扣除稅負及相關費用。

This outcome reflects the team's activities undertaken prior to the auction, including the Infrastructure team's involvement in the negotiation and structuring the new regulatory model, alongside general expenses incurred. We expect this amount to positively impact our distributable earnings during the third or fourth quarter of 2026. In the Private Equity segment, we are also pleased to share exciting news.

此結果反映團隊在拍賣前所進行的工作，包括基礎建設團隊參與新監管模式的協商與架構設計，以及所發生的一般性費用。我們預期該金額將於 2026 年第三或第四季對可分配盈餘帶來正面影響。在私募股權部門，我們也很高興分享令人振奮的消息。

Last week, we announced the conclusion of the exit of portfolio company Mundo do Cabeleireiro from the Nordeste III fund within the VIR strategy. Since the fund's investment in 2018, Mundo do Cabeleireiro has strengthened its market presence, becoming a leading player in cosmetics retail in the North and Northeast regions and expanding significantly into São Paulo.

上週，我們宣布完成 VIR 策略下 Nordeste III 基金之投資組合公司 Mundo do Cabeleireiro 的退出。自基金於 2018 年投資以來，Mundo do Cabeleireiro 強化其市場地位，成為巴西北部與東北部地區化妝品零售的領先業者，並大幅拓展至 São Paulo。

This represents the fifth exit among six investments from Nordeste III, highlighting the Private Equity team's proven ability to drive value creation within portfolio companies and execute successful divestments, generating strong DPIs. This accomplishment is instrumental in supporting the success of VIR V, which was recently launched and is currently in its fundraising phase, with the first closing expected in the next few quarters. Shifting to the macro environment, overall sentiment towards Latin America remains very constructive.

這是 Nordeste III 六項投資中的第五次退出，凸顯私募股權團隊在投資組合公司推動價值創造與成功執行撤資、並產生強勁 DPI 的既有能力。此成果對於支持近期推出、目前正處於募資階段的 VIR V 至關重要，預期首輪交割將在未來幾季完成。轉向宏觀環境，市場對拉丁美洲的整體情緒仍相當正面。

As investors seek to diversify away from U.S.-centric exposures, Latin America, as a geopolitically neutral and increasingly stable region, is well positioned to attract meaningful inflows. The region benefits from strong diplomatic ties across the West and East, with no significant regional conflicts, which further enhances its appeal as a strategic allocation.

在投資人尋求降低以美國為中心的曝險、進行分散配置之際，拉丁美洲作為地緣政治中立且日益穩定的地區，具備吸引可觀資金流入的良好條件。本區域同時受惠於與西方及東方皆維持強健的外交關係，且缺乏重大區域衝突，進一步提升其作為策略性配置的吸引力。

Although local elections and oil price fluctuations remain sources of uncertainty, with still limited clarity on how fiscal policies and political leadership may evolve in Brazil, Colombia and Peru, recent market dynamics have been encouraging. The resiliency of the Brazilian real, for example, has highlighted growing interest from international investors, particularly during the IMF meetings, positioning Brazil as one of the countries better insulated from oil price shocks and supported by an energy surplus.

儘管地方選舉與油價波動仍是不確定來源，且對巴西、哥倫比亞與秘魯的財政政策與政治領導走向仍缺乏明確性，但近期市場動態令人鼓舞。例如，巴西雷亞爾的韌性凸顯國際投資人興趣升溫，尤其在 IMF 會議期間更為明顯，使巴西被定位為較能抵禦油價衝擊、且受能源盈餘支撐的國家之一。

Leveraging this momentum, we held our annual global investment conferences and seminars across Chile, Brazil, Argentina and Uruguay with more than 1,500 clients and investors, including pension funds, insurance companies, intermediaries, single-family offices and high net worth individuals. The scale and reputation of our platform were further reinforced by the quality of the agenda, with over 20 speakers, including a former president of Colombia, a global geopolitical strategist and leading regional macroeconomic consultants.

把握這股動能，我們在智利、巴西、阿根廷與烏拉圭舉辦年度全球投資年會與研討會，吸引超過 1,500 位客戶與投資人參與，包括退休基金、保險公司、中介機構、單一家族辦公室以及高淨值人士。議程品質亦進一步強化我們平台的規模與聲譽，超過 20 位講者與會，包括哥倫比亞前總統、全球地緣政治策略專家，以及區域頂尖的宏觀經濟顧問。

Translating these trends to our AUM, during the first quarter, despite global macroeconomic uncertainty around private credit and a historically quieter quarter for the industry, we experienced strong capital formation across most segments, particularly in our TPD business and credit strategies, with contributions across different countries and products, including private credit in Peru and Brazil, public credit in Argentina, and our LatAm corporates hard currency strategy.

將這些趨勢反映到我們的資產管理規模（AUM），第一季儘管全球宏觀不確定性使私募信貸面臨雜音，且本季向來是產業相對清淡的季度，我們在多數業務板塊仍展現強勁的資金募集，尤其在 TPD 業務與信貸策略方面；資金來源涵蓋不同國家與產品，包括秘魯與巴西的私募信貸、阿根廷的公募信貸，以及我們的拉美企業硬通貨策略。

We continue to see strong engagement in our proprietary private credit funds from sophisticated investors, and the strategy remains a core pillar of our growth agenda with new fund launches in Chile and Colombia, complementing existing funds currently in fundraising in Brazil and Peru.

我們持續看到成熟投資人對我們自有私募信貸基金的高度參與；該策略仍是我們成長藍圖的核心支柱。我們在智利與哥倫比亞推出新基金，同時也補強目前在巴西與秘魯仍處於募資階段的既有基金。

Turning to a brief snapshot of our financial performance, the quarter benefited from the full consolidation of Verde, which contributed to stronger management fees, while we continued to fundraise and exercise cost discipline across the platform. As a result, we delivered the highest quarterly FRE in our history, totaling BRL96 million with an FRE margin of over 35%.

簡要回顧本季財務表現，本季受惠於 Verde 的全面併表，帶動管理費收入提升；同時我們持續在全平台推進募資並維持成本紀律。因此，我們創下公司史上最高的單季 FRE，合計約 9,600 萬巴西雷亞爾，FRE 利潤率超過 35%。

The combination of selective inorganic expansion, organic growth, and operating leverage remains central to our ability to compound fee-related earnings over the short, medium and long term. Our FRE remains the core of our business and is the representation of our growth over the years and the operating leverage we have as we continue to raise capital across all our segments. We truly believe this quarter underlines the power of our platform, especially when looking into FRE numbers.

選擇性的外延式擴張、有機成長與營運槓桿的結合，仍是我們在短、中、長期持續複利成長與費用相關盈餘的核心。FRE 仍是我們業務的核心，代表我們多年來的成長，以及在各業務板塊持續募資過程中所具備的營運槓桿。我們確實相信，本季特別是在 FRE 數字上，凸顯了我們平台的力量。

In comparison, distributable earnings for us still represent some volatility from quarter to quarter, as we have impacts from performance and IRE mainly, besides the recurring FRE base. It's important to highlight and remember that we have BRL868 million in assets allocated to proprietary long-term funds, which, with the exception of a smaller allocation to REITS, are not contributing to cash earnings at this moment.

相較之下，我們的可分配盈餘在季度之間仍呈現一定波動，因為除了經常性的 FRE 基礎之外，還會受到業績表現以及主要來自 IRE 的影響。需要特別強調並記住的是，我們有 8.68 億巴西雷亞爾的資產配置於自有的長期基金；除了一小部分配置於 REITs 之外，這些資產目前並未對現金盈餘作出貢獻。

If this amount was yielding close to CDI, we would have additional BRL21 million in our distributable earnings on a quarterly basis. Although our FRE has shown continued growth and reflect the value we have been creating in our business over the years, our balance sheet value is still not fully reflected in our results, and by consequence, constitute somewhat of a hidden asset in our business.

如果這筆金額的收益率接近 CDI，我們的可分配盈餘按季度計算將可額外增加 2,100 萬巴西雷亞爾。儘管我們的 FRE 持續成長，並反映出多年來我們在業務中所創造的價值，但我們資產負債表的價值仍未在業績中得到充分體現，因此在某種程度上構成了我們業務中的隱藏資產。

We expect the balance sheet to start realizing substantial value on distributable earnings in coming years as capital starts to be distributed from IRE Commitment funds. In the last twelve months, for instance, our total IRE was BRL65 million, with BRL35 million of this total only impacting accounting net earnings. As capital starts flowing back, these unrealized gains will impact distributable earnings in a meaningful way.

我們預期，隨著 IRE 承諾型基金開始分配資本，資產負債表在未來幾年將開始在可分配盈餘上實現可觀價值。以過去十二個月為例，我們的 IRE 總額為 6,500 萬巴西雷亞爾，其中 3,500 萬巴西雷亞爾僅影響會計淨利。隨著資本開始回流，這些未實現收益將以有意義的方式影響可分配盈餘。

To conclude, we believe Vinci Compass enters the remainder of 2026 from a position of strength. We are executing against the priorities outlined at our Investor Day by strengthening our regional presence, scaling high-growth strategies and maintaining disciplined capital allocation.

總結而言，我們相信 Vinci Compass 以強勁態勢進入 2026 年剩餘期間。我們正依照投資人日所提出的優先事項推進執行：強化區域布局、擴大高成長策略規模，並維持嚴謹的資本配置紀律。

At the same time, our broadening footprint, deep local origination capabilities and rigorous underwriting standards provide a strong foundation to navigate a backdrop of heightened external volatility. With a diversified platform, expanding distribution capabilities and structural tailwinds supporting alternatives in Latin America, we see a compelling opportunity set ahead. More importantly, we believe we have the platform, talent and execution capabilities required to capture it. Thank you again for joining us today.

同時，我們不斷擴大的版圖、深厚的在地案源開發能力，以及嚴格的承作審核標準，為我們在外部波動加劇的環境中提供了堅實基礎。憑藉多元化平台、持續擴張的分銷能力，以及支持拉丁美洲另類資產的結構性順風，我們看到前方具吸引力的機會集合。更重要的是，我們相信我們具備捕捉這些機會所需的平台、人才與執行能力。再次感謝各位今天與會。

With that, I will turn the call over to Bruno.

接下來，我把電話會議交給 Bruno。

Thank you, Alessandro, and good evening, everyone. Against a global backdrop marked by intense headlines and market volatility surrounding the AI revolution, I would like to briefly address how artificial intelligence is reshaping Vinci Compass' operations and why we believe this will be a durable source of competitive advantage for the firm. We are leveraging AI decisively from an operational and user perspective.

謝謝你，Alessandro，各位晚安。在全球背景充斥著 AI 革命相關的密集新聞標題與市場波動之際，我想簡要說明人工智慧如何重塑 Vinci Compass 的營運，以及為何我們相信這將成為公司持久的競爭優勢來源。我們正從營運與使用者角度果斷運用 AI。

Over the past 12 months, AI adoption across Vinci Compass has accelerated materially on two fronts: individual productivity and collective intelligence. At the individual level, more than 70% of our employees now use AI on a daily or weekly basis, and teams have created over 170 custom AI agents, tailored to their own workflows.

過去 12 個月，Vinci Compass 的 AI 採用在兩個面向顯著加速：個人生產力與集體智慧。在個人層面，超過 70% 的員工如今每天或每週使用 AI，而各團隊已建立超過 170 個客製化 AI 代理（agents），以配合其自身工作流程。

This underscores that AI is no longer experimental. It is embedded in how the firm operates. We have deployed seven enterprise-grade AI platforms, providing our employees with a secure and curated toolkit that actively supports financial analysis, modeling and process automation, while at the same time, taking care of governance and data security.

這凸顯 AI 已不再是實驗性工具，而是深度嵌入公司運作方式之中。我們已部署 7 個企業級 AI 平台，為員工提供安全且經過策展的工具組，能主動支援財務分析、建模與流程自動化，同時也兼顧治理與資料安全。

At the firm-wide level, we believe the greatest long-term impact will come from building proprietary institutional intelligence. We have developed a unified data platform, named Datalab, which centralizes KPIs, dashboards and analytics across all of our business units, as well as across many of our portfolio companies. This enables us to systematically transform institutional knowledge into a proprietary assets.

在公司整體層面，我們認為最大的長期影響將來自建立自有的機構智慧。我們已開發一個名為 Datalab 的統一資料平台，集中管理所有業務單元以及多家投資組合公司的 KPI、儀表板與分析。這使我們能系統性地將機構知識轉化為自有資產。

We're seeing substantial gains in internal development capabilities with AI-first programming within the data science and IT development teams. We have started to roll out systems that have been 100% AI coded, and the productivity gains on this development process have been very significant. In some cases, projects that would have taken several months are now being developed and put into work in weeks, if not days.

我們在資料科學與 IT 開發團隊中推動 AI-first 程式開發，內部開發能力已出現顯著提升。我們已開始推出 100% 由 AI 編碼的系統，而在此開發流程上的生產力增益非常可觀。在某些情況下，原本需要數個月的專案，如今可在數週、甚至數天內完成開發並投入使用。

As we continue to scale these programming initiatives, we should be able to more quickly address business bottlenecks and improve efficiency and productivity. Another significant effort to increase the AI-first mentality across the platform has been the launch of the AI Ambassadors program, embedding AI expertise directly within business teams.

隨著我們持續擴大這些程式開發計畫，我們應能更快速地解決業務瓶頸，並提升效率與生產力。另一項推動整個平台 AI-first 思維的重要工作，是推出 AI Ambassadors（AI 大使）計畫，將 AI 專業能力直接嵌入各業務團隊之中。

This decentralized model is capital-efficient, execution-oriented and keeps innovation close to the decision-making. This program not only reinforces the cultural message internally, but also fosters accelerated adoption and solution building, while centralizing a firm-wide library of agents, which can be used by other groups across the firm. We are also scaling up the collaboration with companies in our funds, with increased integration and sharing of best practices that can be implemented across the portfolio.

這種分散式模式資本效率高、以執行為導向，並讓創新更貼近決策端。該計畫不僅在內部強化文化訊息，也促進更快的採用與解決方案建置，同時集中建立公司層級的代理（agents）資料庫，供公司內其他團隊使用。我們也正在擴大與基金所投公司的協作，提升整合與最佳實務分享，以便在整體投資組合中推行。

And finally, our strategic partnership with Ares also allows us to have access to what is happening in the U.S. alts industry regarding not only in-house implementation, but also interesting investment themes that can be found across LatAm, such as digital infrastructure and power generation, two investment themes at the core of the AI investment cycle. Our people are more innovative than ever, and we believe Vinci Compass is exceptionally well positioned for an increasingly AI-driven future.

最後，我們與 Ares 的策略合作夥伴關係，也讓我們能掌握美國另類資產產業的最新動態，不僅包括內部落地實作，也包括可在拉丁美洲發掘的有趣投資主題，例如數位基礎設施與電力發電——這兩項投資主題正是 AI 投資循環的核心。我們的團隊比以往更具創新力，我們相信 Vinci Compass 在日益 AI 驅動的未來中具備極佳的定位。

Turning now to AUM and fundraising efforts. We ended the first quarter with BRL347 billion in assets under management. Excluding FX impacts, this represents 22% growth over the last 12 months and 2% growth quarter-over-quarter. In U.S. dollars, our AUM reached $66 billion in the quarter, representing a 25% growth year-over-year and 3% quarter-over-quarter.

接著談 AUM 與募資進展。我們在第一季末的資產管理規模（AUM）為 3,470 億巴西雷亞爾。若排除匯率影響，較過去 12 個月成長 22%，較前一季成長 2%。以美元計算，本季 AUM 達 660 億美元，年增 25%，季增 3%。

Over the last 12 months, Vinci Compass generated BRL52 billion of capital formation and appreciation, including BRL7 billion in the first quarter. This expansion reflects consistent capital formation across Global IP&S, Credit and Real Assets, as well as portfolio appreciation and the acquisition of Verde.

過去 12 個月，Vinci Compass 產生了 520 億巴西雷亞爾的資本形成與資產增值，其中第一季為 70 億巴西雷亞爾。這一擴張反映了 Global IP&S、Credit 與 Real Assets 的持續資本形成，以及投資組合增值與收購 Verde 的貢獻。

Starting with Global IP&S, the business continued to demonstrate the strength of our distribution platform and regional footprint. We remain the largest third-party distributor of offshore mutual funds to Chilean pension funds. Despite global market headwinds, we generated inflows in TPD Liquid and TPD Alternative, primarily into Asian funds, reflecting investors' ongoing diversification away from U.S.-centric allocations.

先從 Global IP&S 開始，該業務持續展現我們分銷平台與區域布局的優勢。我們仍是向智利退休金基金提供離岸共同基金的最大第三方分銷商。儘管全球市場面臨逆風，我們在 TPD Liquid 與 TPD Alternative 仍錄得資金流入，主要流向亞洲基金，反映投資人持續將配置從以美國為中心的部位分散出去。

These inflows were partially offset by capital returns from TPD Alternative and the VSP strategy. Within multi-strategy, we saw early signs of stabilization, following several quarters of outflows with initial inflows from selected clients, pointing to improved momentum. While March was challenging for the industry, the Verde flagship fund continued to deliver strong performance, ranking among the top funds across several windows.

這些流入部分被 TPD Alternative 與 VSP 策略的資本返還所抵銷。在多策略方面，經歷數季資金流出後，我們看到初步的穩定跡象，部分客戶開始出現初始流入，顯示動能改善。儘管 3 月對產業而言具挑戰性，Verde 旗艦基金仍持續交出強勁表現，在多個期間窗口中名列前茅。

Client engagement has increased meaningfully, particularly from multifamily offices and retail platforms, which we expect to translate into positive flows over coming quarters. In addition, we believe there is opportunity to raise international capital into our multi-strategy funds. Today, the amount of international capital in this strategy is immaterial, and we have been hosting LP discussions that have strong promise.

客戶互動已明顯增加，特別是來自多家族辦公室與零售平台；我們預期這將在未來幾季轉化為正向資金流。此外，我們認為有機會為我們的多策略基金募集國際資本。目前此策略中的國際資本占比仍不顯著，而我們已在進行 LP 討論，前景相當可期。

In Equities, we are seeing encouraging traction in our UCITS platform. Both UCITS Brazil and UCITS LatAm, launched late last year, received initial inflows from intermediaries across LatAm countries, reflecting the impact of sustained distribution efforts.

在股票方面，我們看到 UCITS 平台出現令人鼓舞的進展。去年底推出的 UCITS Brazil 與 UCITS LatAm，已從拉丁美洲各國的中介機構獲得初始資金流入，反映持續分銷努力所帶來的成效。

Turning to one of the platform's most dynamic areas. Credit AUM reached BRL37 billion, supported by BRL2 billion in capital formation and appreciation during the quarter. We continue to advance both our local-to-local and cross-border strategies. The co-managed credit fund with Verde is attracting increasing demand, while Brazilian infrastructure credit continues to draw strong investor interest. In SPS IV, investor interest remains strong.

接著談平台中最具動能的領域之一。Credit 的 AUM 達 370 億巴西雷亞爾，本季在 20 億巴西雷亞爾的資本形成與資產增值支持下成長。我們持續推進 local-to-local 與跨境策略。與 Verde 共同管理的信貸基金正吸引日益增加的需求，而巴西基礎設施信貸也持續獲得投資人高度關注。在 SPS IV 方面，投資人興趣依然強勁。

While commitments this quarter were modest, we expect increased momentum closer to the fund's final closing in the second half of the year. Shifting to Real Assets. We made solid progress across Forestry and Real Estate. Within Lacan IV, we structured commitments from European institutional investors, including DFIs, with additional investors currently in due diligence, a clear signal of growing global confidence. This is the first Forestry fund raised by Vinci Compass' distribution teams, and the feedback has been overwhelmingly positive.

雖然本季承諾金額不大，但我們預期在今年下半年基金最終關帳前，動能將會提升。再看 Real Assets，我們在林業與不動產方面均取得穩健進展。在 Lacan IV 中，我們已安排來自歐洲機構投資人的承諾（包括 DFIs），另有更多投資人正在進行盡職調查，清楚顯示全球信心正在提升。這是 Vinci Compass 分銷團隊募集的第一支林業基金，市場回饋極為正面。

In Real Estate, we completed the first close of VIOL, our logistics opportunity fund, with additional closings expected by the end of the year. We also remain attentive to potential market reopening, following SELIC cuts, which could create supportive backdrop for REIT fundraising. The achievements of the past 12 months provide a strong foundation for the remainder of 2026.

在房地產方面，我們完成了 VIOL（我們的物流機會基金）的首次募集交割，並預期在年底前進行後續交割。我們也持續關注在 SELIC 降息後市場可能重新開放的機會，這可能為 REIT 募資創造有利背景。過去 12 個月的成果為 2026 年剩餘時間奠定了堅實基礎。

Looking ahead, in Credit, as Alessandro mentioned, we are particularly excited about the strategic combination with BACS, expected to close in the second quarter. By bringing together strong money market and transactional capabilities with value-added and longer-term duration investment strategies, the combined platform will offer a highly complementary product suite and is expected to approximately double Vinci Compass' asset management business in Argentina, reaching close to $1.6 billion in combined assets under management.

展望未來，在信貸方面，如 Alessandro 所提到的，我們對與 BACS 的策略性結合感到特別振奮，預計將於第二季完成交割。透過結合強大的貨幣市場與交易能力，以及增值型與較長存續期的投資策略，合併後的平台將提供高度互補的產品組合，並預期可使 Vinci Compass 在阿根廷的資產管理業務規模約翻倍，合併管理資產規模將接近 16 億美元。

Through this transaction, Vinci Compass will gain access to BACS' and Banco Hipotecario's extensive corporate and retail distribution network, significantly strengthening our local distribution capabilities in Argentina, while driving operational efficiencies and broadening the range of solutions available to clients.

透過此交易，Vinci Compass 將可接觸 BACS 與 Banco Hipotecario 廣泛的企業與零售通路網絡，顯著強化我們在阿根廷的在地分銷能力，同時提升營運效率並擴大可提供給客戶的解決方案範圍。

Beyond Argentina, we continue to advance a robust fundraising agenda across the region. COPCO, CHILPCO II and MAV IV are currently on roadshow and have been receiving constructive feedback from local investors. We are also launching MAV Farmtech FIAGRO, a strategy designed to invest up to 100% of its net equity in senior shares of FIAGROs that anticipate receivables from rural producers, originated through pre-authorized dealership channels.

除阿根廷之外，我們也持續推進區域內強勁的募資議程。COPCO、CHILPCO II 與 MAV IV 目前正在進行路演，並已收到來自本地投資人的建設性回饋。我們也正在推出 MAV Farmtech FIAGRO，該策略旨在將其淨資產最多 100% 投資於 FIAGRO 的優先級份額，這些 FIAGRO 透過預先核准的經銷通路所發起、用以預支向農村生產者應收款的資產。

Our liquid credit offering in Chile also remains comprehensive with funds such as FM Liquidez, FM Protección, FM Deuda Chilena and FM Deuda Plus FI currently in fundraising, spanning different liquidity and duration profiles. These strategies provide clients with diversified exposure across local and foreign debt instruments, sovereign and corporate bonds and private debt, allowing us to address a wide range of risk-return objectives.

我們在智利的流動性信貸產品也仍然完整，包含目前正在募資的 FM Liquidez、FM Protección、FM Deuda Chilena 與 FM Deuda Plus FI，涵蓋不同的流動性與存續期特徵。這些策略為客戶提供跨本地與海外債務工具、主權與公司債以及私募債的多元化曝險，使我們能滿足廣泛的風險報酬目標。

Rounding out the fundraising pipeline, within Global IP&S, our third-party distribution platform remains well positioned, supported by the depth of our client coverage, the quality of the managers we represent and the increasing sophistication of Latin American investors. We are also broadening our product suite through the launch of dedicated strategies such as the VC Crypto Fund, focused on digital assets and cryptocurrencies, further expanding the range of investment solutions available to our clients.

在募資管線的最後一環，在 Global IP&S 方面，我們的第三方分銷平台仍具備良好定位，受惠於我們客戶覆蓋的深度、所代表管理人的品質，以及拉丁美洲投資人日益成熟的投資能力。我們也透過推出專門策略來擴充產品組合，例如聚焦數位資產與加密貨幣的 VC Crypto Fund，進一步擴大可提供給客戶的投資解決方案範圍。

Overall, we entered 2026 from a position of strength with clear visibility, a robust fundraising pipeline and multiple growth levers already underway. The combination of an expanded distribution footprint, a comprehensive product platform and continued operation discipline gives us confidence in our ability to sustain our growth trajectory and continue compounding value over time.

整體而言，我們以強勁態勢進入 2026 年，具備清晰能見度、穩健的募資管線，以及多項已在推進中的成長動能。擴大的分銷版圖、完整的產品平台與持續的營運紀律相結合，使我們對維持成長軌跡並隨時間持續複利累積價值的能力充滿信心。

With that, I'll hand it over to Sergio to discuss the financial results.

接下來，我將把時間交給 Sergio，請他說明財務結果。

Thank you, Bruno, and good evening to everyone. The first quarter 2026 was another solid period for Vinci Compass. Let me start by walking through our revenues. Management fees totaled BRL245 million in the first quarter 2026, up 25% year-over-year, mostly driven by the full quarter contribution from Verde, combined with continued organic growth across Credit and Global IP&S, reflecting our strong fundraising success over the last 12 months.

謝謝你，Bruno，也祝各位晚安。2026 年第一季對 Vinci Compass 而言是另一個穩健的季度。我先從營收說起。2026 年第一季管理費合計 2.45 億巴西雷亞爾，年增 25%，主要受惠於 Verde 全季度的貢獻，以及信貸與 Global IP&S 的持續有機成長，反映我們過去 12 個月強勁的募資成果。

Advisory fees were BRL16 million, a decrease of 35% compared to the first quarter 2025. As anticipated, the environment for deal activity remains slow with the high interest rates and elections uncertainty in Brazil contributing to softer results from our Corporate Advisory segment.

顧問費為 1,600 萬巴西雷亞爾，較 2025 年第一季下降 35%。如先前預期，在高利率與巴西選舉不確定性影響下，交易活動環境仍然偏慢，導致我們企業顧問（Corporate Advisory）部門的表現較為疲弱。

In addition, as highlighted in prior calls, upfront fees in our third-party distribution alternative business can vary significantly, depending on the timing of commitments. Altogether, fee-related revenues reached BRL272 million in the first quarter 2026, up 17% year-over-year, and BRL990 million over the last 12 months, up 44% year-over-year.

此外，如同先前電話會議所強調的，我們第三方分銷的另類業務中，前期費用會因承諾時點不同而出現顯著波動。綜合而言，2026 年第一季與費用相關的營收達 2.72 億巴西雷亞爾，年增 17%；過去 12 個月累計為 9.90 億巴西雷亞爾，年增 44%。

Turning to fee-related earnings. We delivered a record BRL96 million in the quarter, or BRL1.47 per share, up 47% year-over-year on a nominal basis and 42% per share. Our FRE margin expanded to 35.4% in the quarter. This improvement was driven by Verde's full quarter contribution, operating leverage on revenue growth and ongoing cost efficiency we began last year. It's also worth noting that the first quarter tends to benefit from lower seasonal costs such as auditing fees. We expect some fluctuation in margin in future quarters as these seasonal costs materialize.

接著看與費用相關的收益（FRE）。本季我們創下 9,600 萬巴西雷亞爾的紀錄，或每股 1.47 巴西雷亞爾；名目年增 47%，每股年增 42%。本季 FRE 利潤率擴大至 35.4%。改善主要來自 Verde 全季度的貢獻、營收成長帶來的營運槓桿，以及我們自去年開始推動的持續成本效率提升。也值得注意的是，第一季通常受惠於較低的季節性成本，例如審計費用。我們預期未來季度利潤率會隨這些季節性成本發生而有所波動。

Moving to performance-related earnings, or PRE. We recognized BRL2 million in the first quarter '26, primarily in Equities and Global IP&S. This result is in line with seasonality, as our liquid funds generally only recognize performance in the second and fourth quarters and most of our closed-end funds have not yet entered their realization cycle.

再來是績效相關收益（PRE）。我們在 2026 年第一季認列 200 萬巴西雷亞爾，主要來自股票（Equities）與 Global IP&S。此結果符合季節性特徵，因為我們的流動性基金通常僅在第二季與第四季認列績效，而多數封閉式基金尚未進入其實現（realization）週期。

Over the last 12 months, PRE totaled BRL13 million, down 50% year-over-year, given that the prior period included FIP Infra Transmissão and one-off strong contributions from opportunistic funds in Argentina and Peru in 2024. In contrast, PRE this period was more normalized and concentrated in Global IP&S, Credit and Equities.

過去 12 個月 PRE 合計 1,300 萬巴西雷亞爾，年減 50%，原因在於前一期間包含 FIP Infra Transmissão，以及 2024 年阿根廷與秘魯機會型基金的一次性強勁貢獻。相較之下，本期 PRE 較為常態化，且主要集中於 Global IP&S、信貸與股票。

Investment-related earnings, or IRE, were BRL4 million in the first quarter 2026, with BRL6 million realized and an unrealized loss of BRL3 million, reflecting mark-to-market impacts on a listed REIT that offset gains in other funds. Over the last 12 months, IRE totaled BRL65 million, a significant increase year-over-year, reinforcing our long-term thesis and the growth potential from IRE commitments as a value compound driver for Vinci Compass.

投資相關收益（IRE）在 2026 年第一季為 400 萬巴西雷亞爾，其中已實現 600 萬巴西雷亞爾，未實現損失 300 萬巴西雷亞爾，反映一檔上市 REIT 的按市價評價（mark-to-market）影響，抵銷了其他基金的收益。過去 12 個月 IRE 合計 6,500 萬巴西雷亞爾，年增幅度顯著，強化我們的長期投資主張，以及 IRE 承諾作為 Vinci Compass 價值複利驅動因子的成長潛力。

Before moving to distributable earnings, I would like to remind you that, as we deploy cash into IRE commitments, there is a medium-term negative impact on distributable earnings since it no longer generates short-term financial income after capital calls. At Investor Day, we presented in greater detail a schedule for capital calls over the coming years with BRL300 million to BRL400 million expected to be called by year-end 2026 and the remaining commitments by 2029. So far, we have called about BRL140 million of this guided range.

在進入可分配收益之前，我想提醒各位，當我們將現金投入 IRE 承諾時，由於在資本催繳（capital calls）後不再產生短期財務收益，會對中期的可分配收益造成負面影響。在投資人日（Investor Day）上，我們更詳細地展示了未來幾年的資本催繳時程，預期至 2026 年底將催繳 3 億至 4 億巴西雷亞爾，其餘承諾將於 2029 年前完成催繳。截至目前，我們已在該指引區間內催繳約 1.40 億巴西雷亞爾。

Additionally, bonus compensation is paid annually in January, further reducing our cash position in the quarter. As a result, realized gains from financial income declined 35% year-over-year and are expected to keep trending lower as we approach the BRL300 million to BRL400 million range and funds mature to the realization cycle.

此外，獎金薪酬於每年 1 月支付，也進一步降低了本季的現金部位。因此，財務收益的已實現收益年減 35%，且隨著我們逐步接近 3 億至 4 億巴西雷亞爾的區間、以及基金成熟並進入實現週期，預期該趨勢仍將持續走低。

Bringing everything together, Vinci Compass generated BRL62 million or BRL0.95 per share in adjusted distributable earnings for the quarter, remaining stable year-over-year despite the higher FRE due to the decrease in realized financial income and lower PRE and IRE, as previously discussed. For the last 12 months, adjusted distributable earnings totaled BRL292 million or BRL4.55 per share, up 16% on a nominal basis and 5% per share year-over-year.

綜合以上因素，Vinci Compass 本季產生調整後可分配收益 6,200 萬巴西雷亞爾，或每股 0.95 巴西雷亞爾；儘管 FRE 較高，但由於已實現財務收益下降以及先前討論的 PRE 與 IRE 較低，整體年比仍保持穩定。過去 12 個月調整後可分配收益合計 2.92 億巴西雷亞爾，或每股 4.55 巴西雷亞爾；名目年增 16%，每股年增 5%。

This quarter's results underscore Vinci Compass' disciplined approach to growth and capital allocation, leaving us well positioned for continued progress throughout 2026. As we look ahead, the fundamentals of our business remain robust: healthy fundraising, operational leverage, successful integration of acquisitions and disciplined capital management, all supporting our sustainable growth trajectory.

本季結果凸顯 Vinci Compass 在成長與資本配置上的紀律性，使我們在 2026 年持續推進方面具備良好定位。展望未來，我們業務基本面仍然穩健：健康的募資、營運槓桿、成功整合併購，以及嚴謹的資本管理，皆支持我們可持續的成長軌跡。

With that, I would like to open the call for questions. Once again, thank you for joining us this evening. Operator, please proceed.

接下來，我想開放提問。再次感謝各位今晚的參與。接線員，請繼續。

(Operator Instructions)

（接線員指示）

Ricardo Buchpiguel, BTG Pactual.

Ricardo Buchpiguel，BTG Pactual。

Hi, everyone, and thank you for the opportunity of making questions. I wanted to ask about two topics here. Can you please provide more details on how the BACS deal should help -- should impact your DE per share right away? And how can we expect the contribution to evolve over the following years? Any comments you can give us in terms of low-hanging fruits here and the main challenges for the acquisition will also be very helpful.

嗨，各位，感謝給我提問的機會。我想就兩個主題提問。能否請你們提供更多細節，說明 BACS 這筆交易應該如何幫助——應該會如何立即影響你們的每股 DE？以及我們可以如何預期其貢獻在接下來幾年會如何演變？另外，若能就這裡有哪些「低垂的果實」（容易快速落地的機會）以及此次收購的主要挑戰提供任何評論，也會非常有幫助。

And another thing I wanted to ask is that we saw a good improvement in equity net inflows this quarter and would also be interesting if you could go over whether this could mark like equity inflows returning to positive territory. Or there was anything more specific on this quarter and we should still expect more softer print in the rest of the year?

另外我想問的是，我們看到本季股票（equity）淨流入有不錯的改善，也想了解這是否可能代表股票資金流入回到正值區間。或者本季是否有更特定的因素，而我們在今年剩餘時間仍應預期較為疲弱的數據？

Okay. Ricardo, this is Bruno speaking. Thank you for being with us today. So BACS, the math is the following. We expect the transaction to be probably high-single-digit accretive on a local basis. So, to Vinci as a whole, the impact will be very small. So I wouldn't expect any substantial change because it's a high-single-digit impact in the Argentina numbers.

好的，Ricardo，我是 Bruno。感謝你今天與我們一起。關於 BACS，計算方式如下：我們預期這筆交易在本地口徑下，可能帶來高個位數的增厚（accretive）。因此，對整體 Vinci 而言，影響會非常小。我不會預期有任何顯著變化，因為這只是對阿根廷數字帶來高個位數的影響。

When you translate that into the whole Vinci numbers, the impact shouldn't be very high. What we are very excited about is going forward, right? We are partnering with a group in Argentina that is a very relevant group. So BACS is owned by -- at the ultimate level by Banco Hipotecario, which is a very well-known retail banking institution in Argentina.

當你把它換算到整體 Vinci 的數字時，影響不會很大。我們真正感到興奮的是往後的發展，對吧？我們正在與阿根廷一個非常重要的集團合作。因此，BACS 在最終層級的股東是 Banco Hipotecario，這是在阿根廷非常知名的零售銀行機構。

And we believe that there is very strong complementarity on the platforms regarding products and regarding distribution channels. So the idea is that combining our two platforms and the complementarity that we see, it is very likely that we'll be able to achieve stronger growth rates looking forward.

我們相信在產品以及分銷通路方面，兩個平台具有非常強的互補性。因此，我們的想法是，結合兩個平台以及我們所看到的互補性，很可能能在未來達成更強的成長率。

The team locally is very excited about this. So I would say more on a positioning for medium, long term than any like very relevant impact on a company-wide basis in the short term. In regards to your second point, the inflows in equities, this is a preparation that we started to do late last year.

當地團隊對此非常興奮。因此，我會說這更像是中長期的定位，而不是短期內對公司整體層面帶來非常顯著的影響。至於你第二點、股票資金流入的部分，這是我們從去年底開始做的準備。

So we launched two products in the UCITS -- as UCITS platform products, one in Brazil and one for our Latin American strategy -- one for the Brazilian strategy and one for the Latin American strategy. And both of these products are starting to see inflows. So this is something that we had mapped in the past with some of our LPs that there was interest to deploy capital in these strategies. The track record of both strategies has been very strong.

我們在 UCITS——以 UCITS 平台產品的形式——推出了兩個產品，一個是巴西策略，另一個是拉丁美洲策略——也就是一個針對巴西策略、另一個針對拉丁美洲策略。而這兩個產品都開始看到資金流入。這是我們過去與部分 LP（有限合夥人）規劃過的，他們對在這些策略中部署資本有興趣。兩個策略的績效紀錄都非常強。

So in Brazil, we continue to do very well. And the LatAm fund is actually doing very well. We had a very good year last year in the Chilean part of the portfolio. So those two funds are starting to see inflows. And hopefully, this is the -- as we discussed in the Investor Day, this will be the biggest growth driver for the equities platform going forward.

因此在巴西，我們持續表現得非常好。而拉美基金其實也表現得很好。我們去年在投資組合中的智利部分有非常好的一年。所以這兩檔基金開始看到資金流入。希望這會是——如同我們在投資人日所討論的——未來股票平台最大的成長驅動力。

We feel that the -- our market share -- the theoretical market share that we should have in these two funds, these two strategies point to very substantial fundraising potential. So it's clearly the biggest bet that we have in growing the equities platform for the next few quarters.

我們認為，在這兩檔基金、這兩個策略上，我們理論上應該擁有的市占率，指向非常可觀的募資潛力。因此，這顯然是我們在未來幾個季度推動股票平台成長的最大押注。

And Ricardo, it's Alessandro speaking here. Just complementing what Bruno said, as he said, we have a very strong performance in the majority of our equity strategies. And until now, what we have been seeing in terms of flows, as you know very well, has been foreigners through the ETFs. But we start to see a lot of interest in more active managed equity mandates in our funds.

Ricardo，我是 Alessandro。補充 Bruno 的說法，如他所說，我們大多數股票策略的表現都非常強。到目前為止，就資金流向而言，如你非常清楚的，主要是外資透過 ETF 進來。但我們開始看到市場對於在我們基金中採取更主動管理的股票委託（mandates）有很大的興趣。

So we are expecting, as the markets improve, to see more flows for this product moving forward. And the local part of these flows didn't start yet. So this is more like international allocation for the funds. But as soon as we see the market converging for more allocation in equities locally that are -- let's say, this allocation today is in the low point historically, we could see even more stronger flows moving forward.

因此我們預期，隨著市場改善，未來這個產品會有更多資金流入。而本地端的這部分資金流目前還沒有開始，所以目前更像是國際資金對這些基金的配置。但一旦我們看到本地市場趨於一致、開始增加對股票的配置——可以說，今天這個配置在歷史上處於低點——我們未來可能會看到更強勁的資金流入。

Very clear. Thank you very much.

非常清楚。非常感謝。

William Barranjard, Itau BBA.

William Barranjard，Itaú BBA。

Can you hear me?

你們聽得到我嗎？

Yes, William, go ahead. We can hear you.

可以，William，請說。我們聽得到。

I have two questions here, guys. I would like to go again back to Argentina, trying to understand future products. What do you expect to develop there, if it's international money going into the region, maybe for infra credit and -- or if it's the opposite flow of local money going outside to the other regions of LatAm?

各位，我有兩個問題。我想再回到阿根廷，試著了解未來的產品。你們預期在那邊會發展什麼？是國際資金流入該區域，可能投向基礎建設信貸（infra credit）和——或是相反的方向：本地資金流出、投向拉美其他地區？

And also, now focusing on the corporate advisory, right? You commented that given the elections and the still high SELIC rate, things are not doing that well there. So it means that you don't expect anything to accelerate there or maybe at some point in the year, things should improve? I wanted to get your overall picture for this segment.

另外，現在聚焦在企業顧問（corporate advisory），對吧？你們提到因為選舉以及仍然偏高的 SELIC 利率，那邊的情況不太好。所以這是否意味著你們不預期那邊會有任何加速？或者在今年某個時點情況應該會改善？我想了解你們對這個業務板塊的整體看法。

Thank you, William. I'll get the first portion of your question. It's Alessandro here. Talking about Argentina, I think the main, I would say, target in the short term for our transaction with BACS will be to capture more flows locally, okay? Because as you know very well, the market in Argentina is still very focused on more liquid solutions.

謝謝你，William。我先回答你問題的第一部分。我是 Alessandro。談到阿根廷，我認為短期內我們與 BACS 這筆交易的主要目標，是在本地端捕捉更多資金流入，好嗎？因為如你非常清楚的，阿根廷市場目前仍然非常偏好更具流動性的解決方案。

And together with BACS, that not just brings some intelligence on the asset management side, but also a very strong distribution channel that is very complementary of us. We are more on the institutional side, and they are more on the corporate and retail side.

而與 BACS 合作，不僅在資產管理端帶來一些洞見（intelligence），也帶來非常強的分銷通路，與我們形成高度互補。我們更偏向機構端，而他們更偏向企業端與零售端。

But moving forward, one of the main reasons of this partnership is really attracting money for investing in more alternative type of investments being private credit, equity, real estate and also infrastructure. And in this specific, I would say, universe of alternatives, we believe that we will see both money coming from local investors, but also we will be able to attract international investors for these opportunities, especially in the more long-term horizon type of investments like infrastructure, private equity and so on.

但往後看，這個合作夥伴關係的主要原因之一，確實是吸引資金投入更多另類投資類型，包括私募信貸、股權、不動產以及基礎建設。就這個特定的另類投資範疇而言，我們相信會同時看到來自本地投資人的資金，也能吸引國際投資人參與這些機會，特別是在偏長期投資視角的領域，例如基礎建設、私募股權等等。

William, as for Corporate Advisory, at the time being, we continue to see a slow pipeline development in the second quarter. So, as we go through the second quarter here, numbers continue to be slow. I think there are a few things that we are working on for the rest of the year. There is optimism with the pipeline that we have, which is relevant, that we could have more material revenue contribution still in 2026 at some point in the second half.

William，至於企業顧問（Corporate Advisory），目前我們在第二季仍看到管線（pipeline）發展偏慢。因此，隨著我們進入第二季，數字仍然偏慢。我認為我們正在為今年剩餘時間推進幾件事。我們對現有管線抱持樂觀，因為其規模相當可觀，我們可能在 2026 年下半年某個時點仍能看到較為實質的營收貢獻。

And the second point is that we are working to develop this vertical also outside of Brazil. So we are looking at opportunities to deploy this expertise that we have in other markets, so I would say, mainly at this point in time, in the south part of Latin America.

第二點是，我們也在推動把這條垂直業務（vertical）拓展到巴西以外。因此我們在尋找機會，把我們擁有的這些專業能力部署到其他市場；我會說，目前主要是在拉丁美洲南部地區。

So we have been discussing with some of our offices how to potentially start this project in other countries. So, that would be the priorities for -- those will be the priorities for Corporate Advisory at this point: so continue to work on the pipeline to potentially have a better second half of the year as the pipeline still looks strong on a total size, and also start looking at opportunities to create opportunities to internationalize the Corporate Advisory segment to other Latin American markets.

因此我們一直在與部分辦公室討論，如何可能在其他國家啟動這個專案。所以，這將會是企業顧問目前的優先事項：一是持續推進管線，期望在下半年可能有更好的表現，因為就總規模而言管線仍然看起來很強；二是開始尋找機會，把企業顧問業務國際化，拓展到其他拉丁美洲市場。

Perfect. Thank you, Alessandro and Bruno.

完美。謝謝你，Alessandro 和 Bruno。

Lindsey Shema, Goldman Sachs.

Lindsey Shema，高盛。

Hi, good evening, and thank you for taking my question. Maybe taking a step back and thinking more broadly, as we get closer to elections in Brazil, could you just kind of talk about potential outcomes and what they would mean?

嗨，晚安，謝謝讓我提問。也許退一步、從更宏觀的角度思考，隨著我們更接近巴西選舉，你們能否談談可能的結果，以及它們各自意味著什麼？

And then, my second question is, we've been talking a lot about Argentina, but what other regions are you excited about? What other products are you excited about? And then, what other regions and products do you think are maybe more topics for M&A and you still need to build out your capabilities in?

然後，我的第二個問題是，我們談了很多阿根廷，但還有哪些其他地區是你們感到興奮的？還有哪些其他產品是你們感到興奮的？另外，你們認為還有哪些地區與產品可能更適合作為併購（M&A）的主題，而你們仍需要在那裡建立與補強能力？

So Lindsey, it's Alessandro. I could start with the first question regarding elections in Brazil. I think personally that today, it's very difficult to have a view about the outcome of the election for sure. It's clear that. But we are not really very worried about the outcome of the election. I think if we have a more pro-market, I would say, outcome, probably the market could be a little bit more positive. But in any way, we have either incumbent or someone with a speech more for market so far.

所以，Lindsey，我是Alessandro。我可以先回答第一個關於巴西選舉的問題。我個人認為，以目前來看，要非常確定地判斷選舉結果是很困難的，這點很明顯。但我們其實並不太擔心選舉結果。我想如果結果更偏向親市場，我會說市場可能會更正面一些。但不管怎樣，目前要嘛是現任者，要嘛是到目前為止發言更偏向市場的一方。

So we are really not expecting a big movement either one direction or another, especially if we have the reelection of the incumbent. In a way, we believe that these elections could be an opportunity for the country, but still difficult to say that the reaction of the market, depending on the outcome, since the probability today is very -- due to the polls, it's very uncertain, okay?

因此，我們並不預期會出現很大的波動，不論往哪個方向，尤其如果是現任者連任的話。某種程度上，我們相信這次選舉可能是這個國家的機會，但仍很難說市場會如何反應、取決於結果；因為以今天的情況來看——由於民調——不確定性非常高，好嗎？

So I would say that we do not -- we are not worried about the -- that's the final message, with the outcome of the elections. On your second question, and I would like Bruno to jump in also, I think after Argentina, we saw an opportunity to really have a complementary, I'd say, addition to our presence there without having to invest -- have to invest money to get this probability -- sorry, this probability of really growing our business there. So we have been able to make a deal that's very, very accretive without running so much risk.

所以我會說，我們不——我們不擔心——這就是最後的訊息——選舉結果。至於你的第二個問題，我也希望Bruno一起補充。我認為在阿根廷之後，我們看到一個機會，可以在不需要投入——不需要投入資金就能獲得這個可能性——抱歉，是這個能夠真正擴大我們當地業務的可能性——的情況下，對我們在那裡的布局做一個互補性的、我會說是增量的補強。因此，我們能夠達成一筆非常、非常具增益（accretive）的交易，而不需要承擔太多風險。

Regarding the rest of Latin America, we continue to believe that private credit is one of the main asset classes to grow both from global to local dimension, but also local to local. Still in the early days in countries like Colombia, in countries like Mexico, where we are really advancing in this specific vertical.

至於拉丁美洲其他地區，我們仍然相信私募信貸（private credit）是主要的成長資產類別之一，不僅能從全球到在地擴張，也能在地對在地擴張。在哥倫比亞、墨西哥等國家仍處於早期階段，而我們正在這個特定垂直領域加速推進。

But also, we are seeing a lot of opportunities in the infrastructure space. So one thing that we are looking more and more is the infrastructure opportunity in Latin America as a whole. Of course, Brazil will continue to be the main market, but we are seeing a lot of opportunity in other countries, too.

同時，我們也在基礎建設領域看到很多機會。所以我們越來越關注的一件事，是整體拉丁美洲的基礎建設機會。當然，巴西仍會是主要市場，但我們也在其他國家看到很多機會。

Yes. I think just to complement Alessandro's second point, in the infra side, I think he touched that in his answer. I think we are starting to prepare to roll out local-to-local products in Infra and Real Estate, which I think is a couple of interesting developments, starting with those two verticals in Chile initially.

是的。我想補充Alessandro第二點，在基建（infra）方面，我想他在回答中已經提到。我們正開始準備推出在地對在地的基建與不動產產品，我認為這是幾個有趣的進展，初期會先從智利的這兩個垂直領域開始。

And the other point, just to wrap up the conversation, is the feedback that we have been getting from our global LPs. So interest for LatAm has continued to improve. We mentioned in the prepared remarks, the demand for LatAm, for instance, has been very, very strong from European LPs, I would say, mainly.

另外一點，作為對話的收尾，是我們從全球LP（有限合夥人）那裡收到的回饋。對拉美的興趣持續改善。我們在事先準備的發言中提到，例如對拉美的需求一直非常、非常強勁，我會說主要來自歐洲LP。

But we are seeing interest from U.S. LPs into LatAm infra. We're seeing interest all around for SPS, which is still fundraising. Also the VIR V pre-close is looking very, very good. I think most of the LPs are very satisfied with the performance of the fourth fund, and a lot of the international ones have indicated to us that they continue to be interested in being engaged in the strategy.

但我們也看到美國LP對拉美基建的興趣。我們也看到各方對SPS的興趣，而SPS仍在募資中。此外，VIR V的pre-close看起來也非常、非常好。我認為大多數LP對第四支基金的表現非常滿意，許多國際LP也向我們表示，他們仍有興趣持續參與這項策略。

So I think the overall sentiment towards Latin America continues to improve, and that creates an urgency on our side to build these Latin American products. Like Alessandro said, I think infra is a product that we see that there's really a lot of interest. But I would say that, that's true also for other of our verticals. So I think overall, those would be the two adds that I would make to Alessandro's comments.

所以我認為，整體對拉丁美洲的情緒持續改善，這也讓我們更迫切需要建立這些拉美產品。正如Alessandro所說，我認為基建是一個我們看到確實有大量興趣的產品。但我也會說，這同樣適用於我們其他垂直領域。因此整體而言，以上就是我想對Alessandro評論再補充的兩點。

Guilherme Grespan, JPMorgan.

Guilherme Grespan，摩根大通（JPMorgan）。

Hi, good evening, Alessandro Bruno. Thank you for the call. My question is actually more straightforward just on taxes. I thought realized taxes was a little bit higher than usual, to be honest. The implied effective tax rate in my math is something close to 26%. You used to run more or less around mid-teens. Just want to understand what is the moving part here of taxes, and what we should expect going forward?

嗨，晚安，Alessandro、Bruno。謝謝這通電話會議。我的問題其實比較直接，關於稅負。我坦白說，我覺得已實現稅負（realized taxes）比平常高一些。按我的計算，隱含的有效稅率大概接近26%。你們過去大概落在十幾%的中段。想了解這裡稅負變動的驅動因素是什麼，以及往後我們應該預期什麼？

Okay, Guilherme, thanks for the question. There are a couple of effects this quarter. One is the gain that we had on the movement of the contingency payments, the earn-out payments. This quarter, we had a BRL43 million accounting gain because of the drop of the stock price and the corresponding gain in the reduction of the liability of this account.

好的，Guilherme，謝謝你的問題。本季有幾個影響因素。第一個是我們在或有對價（contingency payments）、也就是earn-out付款的變動上所產生的收益。本季因為股價下跌，以及相應地該帳戶負債減少所帶來的收益，我們錄得了4,300萬巴西雷亞爾（BRL43 million）的會計收益。

So this created an excess income provision this quarter, which was the opposite of what we saw in the fourth quarter, right? In the fourth quarter, we saw the opposite impact. We had a loss, and this reduced the tax bracket in the fourth quarter. And the other impact is the Verde consolidation. So Verde, in the fourth quarter, we had one month.

因此，本季形成了較高的所得稅提列（income provision），這與我們在第四季看到的情況相反，對吧？第四季我們看到相反的影響：我們有一筆損失，這降低了第四季的稅負級距。另一個影響是Verde的併表。所以在第四季，我們只有併入一個月。

And in the first quarter, we had the full quarter. Verde is a real tax regime company. So the expected run rate of income tax for us, if you normalize for the earn-out effect, you're right, we used to be around 17%, 18%. This number now is going to go in the low-20s. So probably 22% -- 21%, 22% is going to be the expected number on a go-forward basis, mainly because of the consolidation of Verde in the results.

而在第一季，我們併入了整個季度。Verde是一家適用實際稅制（real tax regime）的公司。所以如果把earn-out的影響正常化，你說得對，我們過去大概在17%、18%左右。現在這個數字會到20%出頭。因此往後預期大概會是21%、22%——可能21%、22%會是未來的預期水準，主要是因為Verde併表進入結果所致。

That's clear, Bruno. Thank you so much.

很清楚了，Bruno。非常感謝。

Thank you.

謝謝。

The question-and-answer session is now concluded. I would like to turn the floor back to Mr. Alessandro Horta for the closing remarks. Please, Mr. Horta, you can proceed.

問答環節現在結束。我想把時間交還給Alessandro Horta先生作結語。Horta先生，請您繼續。

So I'd like to thank you all for your continued support one more time. As we highlighted during this call, we are pretty much optimistic with our platform. We set up a lot of different avenues for growth. Of course, we are seeing the market change is slightly in the interest for the region, and that's probably, moving forward, will help us in terms of fundraising, and of course, in a well condition of deploying capital.

我想再次感謝各位持續的支持。如同我們在本次電話會議中強調的，我們對我們的平台相當樂觀。我們建立了許多不同的成長途徑。當然，我們也看到市場對本區域的興趣略有變化，而這在未來可能會在募資方面幫助我們，當然也有助於在良好條件下部署資本。

There is, I would say, a systematic scarce of capital in the region. So we are able to really, moving forward, to deploy this capital in a very efficient way. So thank you all, and a good evening to everybody.

我會說，這個區域存在系統性的資本稀缺。因此，展望未來，我們能夠以非常有效率的方式部署這些資本。謝謝各位，祝大家晚安。

This does conclude today's presentation. We thank you all for participating and wish you have a very good evening.

今天的簡報到此結束。感謝各位參與，並祝各位有個非常美好的夜晚。