Annual Financial Report

Patria Private Equity Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025

2025 is PPET's strongest year since 2022 on a NAV Total Return basisand marks 16 consecutive years of positive NAV TR growth.

Patria Private Equity Trust (the 'Company' or 'PPET'), a FTSE 250 investment company focused on the private equity mid-market today announces its audited results and annual report and accounts for the financial year ending 30 September 2025.

HIGHLIGHTS

ENGAGED BOARD

· Since the Board commenced share buybacks in January 2024, a total of 5.5 million Ordinary Shares have been bought back, adding 8.5 pence to NAV per share

· Committed to maintaining the value of the dividend in real terms

· Detailed review of PPET strategy alongside the Manager

· Renewed marketing focus on the retail segment with enhanced resources

· Inaugural perception study carried out by independent third party

· Capital Markets Day scheduled for 29 June 2026

FOCUS ON THE EUROPEAN MID-MARKET

PPET focuses on the private equity mid-market, targeting long-term total returns through capital growth and quarterly dividends. The Trust offers everyday investors exposure to a diverse underlying portfolio of mid-market private companies that are not otherwise publicly available. PPET has primarily invested in European investments since inception in 2001, because we believe that Europe is the home of the 'primary buyout', where private equity firms buy from founders or families and can add genuine operational value to help these businesses grow. PPET partners with carefully selected, market-leading private equity managers, investing in their funds and directly alongside them into private companies, providing a diversified portfolio principally focused on the European mid-market.  By investing in PPET, investors get exposure to a portfolio that includes more than 600 separate private companies, with the benefits of daily liquidity, quarterly dividends and no performance fee.

ALAN DEVINE, CHAIRMAN OF PPET, COMMENTED:

"I am delighted to present the progress of the Company and despite the challenging macroeconomic backdrop PPET continues to perform strongly. Over the past year the Share Price Total return of 7%. As this is my last full year as Chairman, I am proud that during my tenure the Company's share price has increased from 206 pence per share to 640 pence per share, and the NAV increased from 252.2 pence per share to 844.7 pence per share (as at 30 November 2025) and the strategy has shifted to more direct and more mid-market. I wish to thank our shareholders for their feedback and continued support and confidence in the evolution of PPET."

ALAN GAULD, LEAD PORTFOLIO MANAGER OF PPET, COMMENTED:

"I am pleased that 2025 is PPET's strongest year since 2022 on a NAV Total Return basis and marks 16 consecutive years of positive NAV TR growth. I remain assured about the longer-term opportunities in the private equity mid-market, with literally thousands of founder or family-owned businesses providing an enormous opportunity set for private equity investors and resultant exposure to everyday investors through the Company."

FINANCIAL HIGHLIGHTS

* Considered to be an alternative performance measure

KEY PERFORMANCE INDICATORS+

+ Reflects the performance of the Company and a look through of PPET Investments Limited where applicable

* Considered to be an alternative performance measure. 

TEN YEAR FINANCIAL RECORD

CHAIR'S STATEMENT

Introduction

2025 has been a year of resilience and progress for Patria Private Equity Trust plc (the 'Company' or 'PPET'). Despite the challenging macroeconomic backdrop marked by geopolitical uncertainty, FX volatility, and relatively high interest rates, our Company continues to perform strongly.

We have made progress on several fronts, at both a Company and portfolio level, with highlights during the financial year to 30 September 2025 ('FY25') including two notable awards: being designated a 'Next Generation Dividend Hero' by the Association of Investment Companies ('AIC') and being awarded the AJ Bell award for 'Best Specialist Active Fund'.

Performance

The Company's Share Price Total Return performance during the year was 7.0% (30 September 2024: 24.9%). Whilst this is not as strong as last year, which was aided by a considerable narrowing of the share price discount, it marks another year of share price growth despite challenges in private equity and the broader markets.

More pleasing was the performance of the underlying portfolio. The Company's NAV Total Return was 10.6% (30 September 2024: 2.4%), marking the 16th year of positive NAV Total Return growth for PPET.

Portfolio growth, in constant currency terms, continued to be resilient at 8.0% (30 September 2024: 8.8%), underpinned by continued strong earnings growth in the portfolio, with average EBITDA growth of 13.1% in our top 100 companies (30 September 2024: 18.1%). Whilst the NAV Total Return underperformed the FTSE All-Share Index return of 16.2%, as public markets continued to perform strongly, it has outperformed the FTSE All-Share Index Return over five and ten years, and we expect the long-term trends to continue. The second half of 2025 was particularly strong, generating a NAV Total Return of 7.9% over six months and is hopefully a sign of positive momentum.

Investment Activity

An important factor in private equity is investing through economic and market cycles; timing the market is notoriously difficult. While trading performance is stronger when conditions are favourable, private equity asset valuations tend to be higher. In contrast, when the market backdrop is more challenging, trading performance often slows but there are opportunities to acquire assets at more attractive entry valuations.

That's why the Board is supportive of our Manager investing in new opportunities during the more challenging economic times, whilst respecting the PPET balance sheet and ensuring sufficient headroom in case of any worsening in market conditions.

During FY25, PPET made new commitments totalling £300.1 million (2024: £195.8 million), across:

• Nine primary funds: £193.8 million;

• Three fund secondaries: £61.9 million;

• Six new direct investments: £43.7 million; and

• Three follow-ons in existing direct investments: £0.7 million.

At the last AGM, our shareholders approved amendments to our investment objective and policy. As a reminder, the purpose of these amendments was to increase scope for further direct investment activity and clarify that the principal focus of our strategy is the European mid-market. This is an evolution of our investment objective and PPET's portfolio split is currently 63.3% to primary funds, 9.5% to fund secondaries and 27.2% to direct investments.

Portfolio Split

• Primary funds: 63.3%;

• Fund secondaries: 9.5%

• Direct investments: 27.2%

The Board is encouraged by the discrete performance of each of the Primary Funds, Fund Secondaries and Direct Investments during the year. In constant currency, valuation growth across our portfolio was:

• Primary investments: 6.8%;

• Fund secondaries: 12.6%; and

• Direct investments: 9.6%

Further detail on new investments and the portfolio, including case studies, can be found in the Investment Manager's Review.

Portfolio Cash Flows

Portfolio cash flows are cyclical in private equity and linked to M&A activity. The US tariff rhetoric in the first half of FY25 created a great deal of uncertainty and therefore weighed on market activity in the year, particularly exits. PPET saw total drawdowns of £237.6 million (2024: £163.7 million) and total realisations of £180.2 million (2024: £292.3 million) during FY25. As reported in the Manager's Review, realisations were lower in FY25 compared with FY24 due to a large secondary sale undertaken by PPET during FY24.

In FY25 PPET completed its first full exit from a direct investment since introducing the strategy in 2019, with the sale of Mademoiselle Desserts to Emmi Group.

The Company also achieved a successful partial realisation of its direct investment in European Camping Group, with Abu Dhabi Investment Authority taking a significant minority stake in the business. Our Manager expects to see further direct investment exits during 2026, with several of our portfolio companies currently being prepared for sale.

Further detail on portfolio cash flows can be found in the Investment Manager's Review.

Liquidity & Balance Sheet

As reported in the last Annual Report, we increased the Company's revolving credit facility ('RCF') on 3 February 2025. The RCF was extended by three years and increased from £300.0 million to £400.0 million with Banco Santander, S.A. and State Street Bank & Trust Company joining the syndicate of banks as new lenders alongside current providers The Royal Bank of Scotland International Limited (London Branch), Société Générale, London Branch and State Street Bank International GMBH ('the Lenders'). NatWest Markets plc continues to act as facility agent and will now also act as security agent to the syndicate of banks.

The Company's balance sheet on a consolidated basis remains strong with £294.2 million of short-term resources (cash and undrawn credit facility) at 30 September 2025 (30 September 2024: £317.7 million).

Shareholders will note that, as security for the RCF, PPET has established a wholly owned special purpose vehicle ('SPV') on 5 March 2025 through which future investments will be held. The assets of the SPV are subject to a share pledge in favour of the Lenders. This has no impact on the management or operations of the Company and the Board reports on the consolidated performance of PPET and the SPV throughout this Annual Report and its other literature. However, this has changed the way that we present our financial statements. Our financial statements are now prepared in accordance with UK adopted international accounting standards, whereas the Company's previous financial statements were prepared in accordance with Financial Reporting Standard ('FRS') 102. Please see the Notes to the Financial Statements for more information on this change.

Share Buybacks and Dividends

The Company's share price discount to NAV ranged between 26.1% and 36.7% during the year, generally narrower when compared with our close peers. At the time of writing, the discount is currently 24.1%. During the year, the Board continued to allocate capital to share buybacks, buying back 4.16 million shares (2.71% of the issued share capital) at a total cost of £22.7 million.

The Board also continues to return capital to investors via four interim dividends per annum. The Board is committed to maintaining the value of the dividend in real terms.

The total dividend for FY25 was 17.6 pence per share (2024: 16.8 pence per share), with the fourth interim dividend of 4.4 pence per share paid to shareholders on 23 January 2026 taking the total amount of capital returned to shareholders via dividends during the financial year to £26.3 million. At the time of writing this represents a dividend yield of 2.8%. The Company's dividend has increased in real terms for more than ten years, and as a result, the Company is recognised by the AIC as a Next Generation Dividend Hero.

Dividend Per Share Progression Over the Last Five Years

Reporting

The Board communicates regularly with shareholders through announcements released via the London Stock Exchange. Following engagement with our Broker and the investment trust analyst community, the Board has decided to transition from monthly estimated NAV announcements to quarterly NAV announcements. We believe that quarterly NAV announcements are better aligned with the valuation cycle of private equity assets and these announcements will provide the opportunity for a more fulsome update on valuation and portfolio changes.

To ensure continued and relevant news flow, the Company also intends to highlight portfolio developments more frequently and in greater detail where we believe this would be of interest to analysts and shareholders.

The Board welcomes the changes announced by the FCA clarifying the future position of ongoing charges in Key Information Documents, and the future requirement to produce a separate product summary document. We believe that the clarifications will be important in removing barriers to retail and fund investors in our sector. However, there is still work to do as the FCA has a further review of cost disclosures under different regulation in 2026. We will continue to engage constructively with the industry and regulators to advocate for a sensible and proportionate approach for investment trusts to encourage investment into our sector.

Invitation to the AGM

The Board invites shareholders to join us for this year's AGM which will include a presentation from the Manager and a Q&A session, followed by a light lunch. This year's AGM will be held at 12:30pm on 25 March 2026 at the Investec Offices, 30 Gresham Street, London, EC2V 7QP. The Board encourages shareholders to attend and those who cannot attend to submit proxy votes on the resolutions proposed in advance.

Outlook

The private equity market did not recover in 2025 as I had anticipated when writing last year's Chair's Statement. The uncertainty created by US tariff announcements in April 2025 delayed many M&A processes but I believe that, once uncertainty subsides, we will begin to see the return of healthy levels of buying and selling. We are starting to see early signs of that as I write this Statement.

PPET stands to benefit from an increase in activity, especially given that 62% of PPET's portfolio value relates to investments that are four years old or more and theoretically ripe for exit. Given exits tend to be at an uplift to the valuation two quarters prior, an increase in exits should also provide a tailwind to NAV growth.

I remain sure about the longer-term opportunities in the private equity mid-market, with literally thousands of founder or family-owned businesses providing an enormous opportunity set for private equity investors. While global uncertainty persists, we believe our mid-market expertise, developed over decades, position us well to identify attractive opportunities and deliver superior returns for PPET shareholders over the years ahead.

As I have mentioned in the past, PPET's focus within the mid-market will continue to evolve more towards the lower end, i.e. companies with an enterprise value at entry of between €100 million and €500 million. We believe this is where the opportunity lies over the next decade, with interest rates unlikely to reach zero again, private equity will need to create more 'operational alpha' and 'get their hands dirty' transforming businesses and there is more scope to do so in the mid-market.

Following the support of shareholders at the 2025 AGM, I also expect direct investments to continue to increase as a proportion of the PPET portfolio and help drive performance. I also expect PPET will be more active in the secondary investment space, given the recent commitment to Patria Secondary Opportunities Fund V ('SOF V'). Equally, the Manager will also be alive to any opportunities to accelerate liquidity in the portfolio via a secondary sale, as we did in 2024.

The Board remains supportive of the Manager and will continue to explore and encourage new ways to market the trust to capture new pools of buyers. As such, we will continue to review the marketing strategy and budget, and the effectiveness of current initiatives.

Acknowledgements

Having served on the Board since 2014, and as Chair since 2022, this is my last Chair Statement as I will be stepping down from the Board at the conclusion of the AGM. During my tenure, the Company's share price has increased from 221 pence per share to 640 pence per share, and the NAV increased from 249.8 pence per share to 844.7 pence per share (as at end of November 2025) and the strategy has shifted to more direct and more mid-market.

It has been a genuine pleasure to serve the interests of our shareholders during the evolution of both our portfolio and our Manager. I extend my thanks and appreciation to both my fellow Board members and the investment management team for their dedication and expertise in navigating a complex environment and positioning PPET for sustained success.

The PPET Board is one of the hardest working Boards I've had the pleasure of chairing. The Board is constantly looking for ways to improve returns for shareholders and I, alongside my fellow Board members, continue to believe that the governance around listed private equity investment companies sets them apart from challenger products. We continue to hold our Manager to account, challenge and support processes, and ensure that all procedures around PPET are undertaken with the best interests of our shareholders at the heart of all decision making.

I am delighted that Duncan Budge will be taking over me from as Chair of the Board. He is a worthy successor given his extensive experience as a chair and within the private equity sector and I will be continuing to support PPET's growth and future success as a shareholder.

Finally, on behalf of the Board, I would like to thank our shareholders for their continued support and confidence in the evolution of PPET.

Alan Devine

Chair of the Board

28 January 2026

INVESTMENT MANAGER'S REVIEW

Performance

PPET generated a NAV TR of 10.6% (2024: 2.4%) in the 12 months to 30 September 2025, which marks its 16th consecutive financial year of positive NAV TR growth. Its portfolio value grew 8.0% in constant currency over the course of the year (2024: 8.8%). The Manager is pleased with the performance in the context of a challenging macroeconomic backdrop, with increased trade tensions, geopolitical instability and weak consumer confidence.

Currency FX was a tailwind to NAV performance during the period, with a strengthening of the Euro, the principal underlying currency of PPET's portfolio, against the Pound Sterling. This outweighed the negative impact of simultaneous depreciation in the value of the US Dollar against Pound Sterling during the period.

2025 is PPET's strongest year since 2022 on a NAV TR basis. Both 2023 and 2024 were materially impacted by FX headwinds due to the appreciation of Sterling versus Euro and US Dollar. PPET's annual portfolio growth in constant currency has remained consistently in the 8-10% bracket since interest rate rises in 2022, as the private equity market has worked through a tougher period following sharp interest rate rises in 2022/23. Realised gains during the year were derived from full or partial sales of underlying portfolio companies, which were at an average valuation uplift of 11.9% compared to the unrealised value two quarters prior (2024: 19.3%). The headline realized return from the portfolio exits equated to 2.3 times cost (2024: 2.1 times cost), which we consider a strong performance in what remained a challenging backdrop for private equity managers to conduct successful exit processes.

Aside from realisations, a key driver of the performance in 2025 has been the earnings growth of portfolio companies. The vast majority of PPET's underlying portfolio of private companies are growing, profitable and, importantly, cash generative. Many of these businesses are niche market leaders providing mission critical services operating in less cyclical sectors such as Technology, Healthcare, Consumer Staples and certain areas of Business Services.

* Compared to the valuation two quarters prior to exit

* LTM = Last 12 months

Investments

PPET made 21 new investments totalling £300.1 million during the year (2024: £195.8 million), with £193.8 million in primary funds, £61.9 million in fund secondaries and £44.4 million in direct investments. The amount invested in fund secondaries includes a $50.0 million commitment made to Patria SOF V SCSp, as announced in the interim report.

Five-year Investment Trends

Primary Funds

£193.8 million was committed to nine new primary funds during the year (2024: £112.9 million into six new primary funds). As a reminder, PPET's primary fund strategy is to partner with private equity firms, principally in Europe, that have genuine sector expertise and operational value creation capabilities with a core mid-market buyout orientation, i.e. focusing on businesses with an enterprise value between €100 million and €1 billion at entry.

Fund Secondaries

PPET deployed £23.2 million into two new fund secondaries during the year (2024: £27.8 million into one new fund secondary investment), in addition to making a further $50.0 million commitment to Patria SOF V, thus equating to a total of £61.9 million secondary commitments during the year.

Direct Investments

During the year, PPET committed £44.4 million across nine direct investments (2024: £55.2 million). £43.6 million was committed to six new direct investments (2024: £45.5 million) and £0.8 million invested into three follow-on investments in existing direct investments (2024: £9.7 million).

At 30 September 2025 there were 37 direct investments (2024: 32) in PPET's portfolio, equating to 27.2% of NAV (2024: 25.7%). The direct investment portfolio is beginning to mature and we expect to see further realisations in the next 12 months, following PPET's first full exit from the direct portfolio in late 2024 (Mademoiselle Desserts) and a material partial realisation of its interest in European Camping Group this year. The direct portfolio had an average investment age of 2.9 years (2024: 2.9) at 30 September 2025.

Portfolio Evolution over Five Years

Portfolio

The portfolio is well diversified, which means that there isn't a reliance on one private equity manager, company, geographic region, sector or vintage to drive performance.

The underlying portfolio consists of over 650 private companies, largely within the European mid-market. At 30 September 2025, 19 companies equated to more than 1% of net assets (2024: 16), with the largest single exposure being PPET's investment in Action, equating to 3.1% (2024: 2.4%).

Geographic Exposure1

At 30 September 2025, 75% of underlying private companies were headquartered in Europe (2024: 76%). PPET's underlying portfolio remains largely oriented to Northwestern Europe, with only 9% of underlying private company exposure in Southern Europe and Central and Eastern Europe (2024: 8%). PPET is well diversified by region across Northwestern Europe, with the Nordics and France being the highest exposures at 16% and 14% respectively (2024: 16% and 13%).

North America equates to 24% of the total geographic exposure (2024: 23%), with exposure to the region obtained through European private equity managers that have expanded their operations into North America and US-headquartered lower mid-market private equity managers that PPET partners with for specific sector exposure (e.g. Great Hill Partners in technology, American Industrial Partners in industrials, WindRose in healthcare, and Seidler and Arbor in consumer).

1 Based on the latest available information from underlying managers. Figures represent percentage of total value of underlying private company exposure. Geographic exposure is defined as the geographic region where underlying portfolio companies are headquartered.

Sector Exposure1

At 30 September 2025, information technology and healthcare represented a combined 45% of the underlying private company exposure (30 September 2024: 44%). When combined with consumer staples, these less cyclical sectors equate to over half of PPET's underlying portfolio at 56% (30 September 2024: 56%). It is worth noting that PPET generally invests in technology businesses that are profitable and business-to-business focused and therefore has relatively low exposure to higher growth, unprofitable technology businesses where the consumer is the customer.

The other 44% of the portfolio is exposed to more cyclical sectors, notably industrials, consumer discretionary and financials. That said, there are sub-sectors within these areas that provide growth opportunities, such as fintech, business services and industrial technology. Some examples within our top 20 underlying portfolio companies by value include CFC Underwriting (cybersecurity insurance MGA), Trioworld (sustainable manufacturer of polyethylene film) and Planet (provider of payments solutions for hospitality and retail).

1 Based on the latest available information from underlying managers. Figures represent percentage of total value of underlying private company exposure.

Maturity Analysis1,2

The Manager does not try to time the market with respect to PPET, instead aiming for consistent exposure across recent vintage years. Usually, there is an even split of portfolio companies at the underlying level that are approaching maturity (held for more than four years) and companies typically still in the value creation phase (held for less than four years). However, with the slowdown in the exit market since 2022/23, PPET's portfolio contains a higher inventory of mature investments, with 62% being in vintages of four years or more (30 September 2024: 52%) which should help to underpin distributions as we look ahead.

1 Based on the latest available information from underlying managers. Figures represent % of total value of underlying private company exposure.

2 The holding period is the length of time that an underlying portfolio company has been held since its initial investment date by the Company.

Cash Flows

Top Drawdowns

Drawdowns

£237.6 million was drawn down during the period (2024: £163.7 million), primarily for investment into existing and new underlying portfolio companies. £148.9 million of this figure related to primary fund drawdowns (2024: £118.5 million), with the remainder related to direct investments and fund secondaries. It is worth reiterating that drawdowns relating to direct investments and fund secondaries are directly under the Manager's control.

Fund drawdowns increased by ~25% year-over-year during the period. While private equity M&A activity remained depressed relative to historic levels, there were early signs of a recovery during the period which has influenced drawdowns. Drawdowns during the period were mainly used to fund new investments, with notably large drawdowns relating to the following underlying portfolio companies:

Private equity funds usually have credit facilities to finance new investments initially before drawing the capital from investors. We estimate that PPET had around £128.7 million held on these underlying fund credit facilities at 30 September 2025 (2024: £111.2 million), and we expect that this will be drawn over the next 12 months.

Top Realisations

Realisations

Total realisations (distributions and secondary sales) were £180.2 million during the year (2024: £292.3 million). This is meaningfully lower than 2024 principally due to the large secondary sale we undertook in the prior year, which contributed £143.7 million to realisations in 2024. After adjustment for secondary sales, there was a modest increase in distribution activity from the PPET portfolio during the period, with £153.5 million distributed from investments during the 12 months to 30 September 2025 (2024: £148.6 million), which equates to 13% of opening portfolio value. The largest distributions from the fund portfolio during the period related to the full exits of the following underlying portfolio companies, with the relevant funds stated in brackets:

While secondary sales contributed to realisations received during the period, these relate to the portfolio sale completed in the prior financial year. Three interests in this portfolio did not formally transfer until Q4 2024 and therefore total sales value relating to such interests have been recorded in the 2025 financial year.

While distribution activity remained depressed over the period, PPET still delivered annual realisations equating to 15% of opening value. Due to the diversified and high-quality nature of PPET's portfolio, we continue to see a steady stream of realisations coming through. As M&A activity recovers, and private equity exits pick-up, we would expect to see an increased cadence of realisations.

Outstanding Commitments

Outstanding commitments at the year-end amounted to £759.3 million (30 September 2024: £652.7 million), representing a meaningful increase compared to the prior year. This is underpinned by increased primary investment activity, with nine new primary investments made in the year to 30 September 2025 (30 September 2024: six). This is reflective of several core PPET managers returning to market with new funds during the period. However, the strengthening of Euro relative to Sterling during the year, also contributed to the increase in outstanding commitments.

The value of outstanding commitments in excess of liquid resources as a percentage of portfolio value (referred to as the 'over-commitment ratio') was 33.8% at 30 September 2025 (30 September 2024: 28.5%). This increase compared to the prior year is principally the result of higher new investment activity which contributed to the increase in outstanding commitments during the period. PPET's balance sheet remains in a position that the Manager is comfortable with, retaining £294.2 million of available short-term resources (cash and undrawn credit facility) as of 30 September 2025.

The Manager looks to manage the over-commitment ratio between 30% and 65%, recognising there is likely to be some variability depending on the economic and market cycle. PPET's outstanding commitments and the over-commitment ratio have been broadly consistent over the last five years.

Outstanding Commitments (five-year evolution)

*in excess of undrawn loan facility and resources available for investment

Balance Sheet and Liquidity

The balance sheet remains in a strong position with cash at 30 September 2025 of £121.5 million (30 September 2024: £28.4 million) across the Company and its Subsidiary and £172.6 million remaining undrawn of its £400.0 million RCF (30 September 2024: £159.4 million1), totalling £294.2 million of short-term resources (30 September 2024: £317.8 million).

Outlook

The key question is whether 2026 will be the year when momentum finally returns to the private equity exit market. 12 months ago, we held a cautiously optimistic view that the exit market would begin to recover in 2025. However, geopolitical uncertainty - notably US tariff rhetoric - dampened M&A activity materially in the first half of the year. Only in the second half of 2025 did we start to see exit activity begin to pick up again.

Recently market sentiment has started to improve, with talk around greater momentum in deal processes and both financial and trade buyers being back in the market. There is some early evidence that this talk has some substance as we have seen several exits from the PPET portfolio announced following the financial year-end, including GTreasury, Intelerad (both by Hg), Innovad Group (by IK Partners), Clario (by Nordic Capital), Evac (by Bridgepoint), Azul Systems (by Vitruvian) and our direct investment in Uvesco (via PAI Partners). Should this mark the beginning of a sustained period of stability for dealmaking and exits, it would provide a welcome boost for the asset class, including listed private equity trusts like PPET.

From a new investment point of view, we are delighted that PPET has remained active over recent times and have conviction that these last few years will prove to be a good period for investment. In contrast to the euphoric market conditions in 2021, the last three years have been characterised by a less intense competitive environment, resulting in longer periods of investment due diligence and more sensible valuations and leverage. That bodes well for future investment returns.

Almost all new investments PPET makes have a mid-market orientation. During 2025, 78% of new investments by commitment were focused on the lower mid-market (€100 million-€500 million EV at entry). This is a sign of things to come for PPET, as we see the lower mid-market as the most attractive segment in the buyout market. It's a segment where you are typically buying from founders and families, or carving a business out of a large enterprise, and therefore there is more opportunity to create value in the business and there are more options on who to eventually sell the business to. We don't expect interest rates to return to zero in the coming years and therefore operational value creation will be critical to future returns.

In line with PPET's revised Investment Policy, we will continue to look to increase the proportion of direct investments in the PPET portfolio, alongside our core managers, which will reduce the underlying costs borne by PPET and therefore provide the potential for greater performance. We expect direct investments to equate to around 30%-35% of the portfolio by value over the short-term, consisting of a portfolio of around 35-40 private companies.

The private equity secondary market continues to grow and mature, and remains highly relevant to PPET's approach, both from a buy-side and sell-side perspective. We believe there are many interesting investment opportunities in the secondary market and PPET will capture more of these over the coming years, both directly and via its commitment in Patria SOF V. That said, we will also continue to actively manage our portfolio and opportunistically accelerate liquidity via secondary sales.

To conclude, the PPET portfolio continues to perform resiliently and remains well positioned for a pick-up in market activity levels. Any uptick in private equity exits should result in an increase in distributions to PPET and be a tailwind to NAV growth, given portfolio exits in PPET tend to trade at an uplift to their last bottom-up valuation. Furthermore, PPET is in a strong balance sheet position and has ample firepower to continue making new, mid-market investments in the years ahead. As such, we are excited about the potential for PPET as we look forward to 2026.

Alan Gauld,

Lead Investment Manager and Senior Investment Director

for Patria Capital Partners LLP

28 January 2026

30 LARGEST UNDERLYING COMPANIES

The following represents the 30 largest underlying private companies which are indirectly held by the Company, or its Subsidiary, its fund investments and/or direct investments.

Notes:

This disclosure is based on latest available information at 30 September 2025. All % of NAV figures are based on gross valuations based on an estimate of

the share of the underlying investment, before any carry provision.

The underlying private companies above are held either through the Company's or Subsidiary's direct fund and/or direct investments. Underlying private

companies held through Company or Subsidiary fund of fund investments are not included in this analysis

The year of investment is disclosed as the first year of investment by a portfolio investment.

* For confidentiality reasons, the name of certain investments cannot be disclosed. These are therefore labelled as 'undisclosed'.

TEN LARGEST INVESTMENTS

at 30 September 2025

This information has been prepared by the Manager and has not been approved by the General Partners of the Investments or any of their Associates.

Income figures are for the period ended 30 September 2025 and 30 September 2024 respectively.

The Company's position in Action is held through 3i 2020 Co-investment 1 SCSp, a special purpose vehicle managed by 3i as co-investment lead.

INVESTMENT PORTFOLIO

at 30 September 2025