Monitor integration of four H1 acquisitions (Solis, Iter, RBR, WP) and their contribution to fee-related earnings. The $350M senior note issuance at 6-6.6% fixed rates locks in higher interest costs; watch for debt covenant compliance (max 2.5x Debt/FRE). The new TRS program for 2.8M shares signals ongoing capital return alongside acquisition spending.
Price Chart
Executive Summary
Patria Investments reported Q2 2026 results with net revenue from services of $111.3M (up 35% YoY) and net income attributable to owners of $10.7M (down 17% YoY). The revenue growth was driven by recent acquisitions (Solis, Iter, RBR, WP) and credit fund inflows, but net income declined due to higher personnel expenses, restructuring costs, and finance expenses. The company also issued $350M in senior notes and completed multiple bolt-on acquisitions, expanding its platform.
Key Facts
- Q2 2026 net revenue from services: $111.3M vs $82.5M in Q2 2025 (+35% YoY)
- Q2 2026 net income attributable to owners: $10.7M vs $12.9M in Q2 2025 (-17% YoY)
- H1 2026 net revenue: $208.4M vs $162.1M in H1 2025 (+29% YoY)
- H1 2026 net income attributable to owners: $12.9M vs $28.5M in H1 2025 (-55% YoY)
- Basic EPS Q2 2026: $0.066 vs $0.080 in Q2 2025
- Completed acquisitions of Solis (51%), Iter (51%), RBR (100%), and WP Global Partners (100%) in H1 2026
- Issued $350M in senior notes (5/7/10-year tranches at 6.02%/6.30%/6.60%) in May 2026
- Total debt (loans) increased to $347.3M from $174.9M at Dec 2025
- Intangible assets grew to $1.06B from $824M at Dec 2025, driven by acquisition goodwill
- Dividends declared of $0.3108 per share in H1 2026 vs $0.2979 in H1 2025
- Share buyback of 892,874 shares for $12.7M in Feb 2026
- Subsequent to period: new TRS program for up to 2.8M shares; Q3 dividend of $0.1625/share
Financial Impact
Revenue up 35% YoY but net income down 55% YoY in H1; $350M debt issuance; $68.3M net cash spent on acquisitions
Risk Factors
- Integration risk from four simultaneous acquisitions in H1 2026
- Higher interest expense from $350M senior notes at 6.02-6.60% coupons
- Declining net income despite revenue growth suggests margin compression
- Goodwill and intangible assets now $1.06B, increasing impairment risk if growth slows
- Foreign exchange exposure to BRL, CLP, COP, GBP (net negative BRL position of $112M)
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0000950103-26-015298 |
| Document: dp254595_6k.htm | 0000950103-26-015298 |
| Document: 0000950103-26-015298-index-headers.html | 0000950103-26-015298 |
| Document: 0000950103-26-015298-index.html | 0000950103-26-015298 |
| Document: 0000950103-26-015298.txt | 0000950103-26-015298 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 4d ago | Press Release | $11.90 | awaiting T+5 | — | $9.69 (−18.61%) |
Oct 7, 2026 19d ago | 6-K | $11.11 $11.50 | ▲ +3.51% | ▲ +4.49% | $9.69 (−12.83%) |
Oct 5, 2026 20d ago | 6-K | $11.20 $11.64 | ▲ +3.88% | ▲ +4.02% | $9.69 (−13.53%) |
Jul 31, 2026 12w ago | 6-K | $10.82 $11.53 | ▲ +6.56% | ▲ +3.05% | $9.69 (−10.49%) |
Jul 31, 2026 12w ago | Press Release | $10.82 $11.53 | ▲ +6.56% | ▲ +3.05% | $9.69 (−10.49%) |
Jun 5, 2026 20w ago | Insider Buy | $11.40 $11.58 | ▲ +1.58% | ▼ −0.53% | $9.69 (−15.04%) |
May 6, 2026 24w ago | Press Release | $12.92 | awaiting T+5 | — | $9.69 (−25.04%) |
US Market Status
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