Patria Private Equity Trust PLC

PPET delivered a positive quarter to 31 December 2025, recording a strong NAV Total Return of 2.9%, underpinned by a Portfolio Return of 3.0% on a constant currency basis. This NAV performance, alongside a quarterly dividend of £6.5m, contributed to a Share Price Total Return of 10.7% for the three-month period. Performance was further supported by a narrowing of the share price discount to NAV, which reduced from 34.4% to 29.5% over the quarter.

Realisations of £62.7 million exceeded drawdowns of £57.2 million during the quarter, reflecting a pickup in exit activity. Notable portfolio company exits included GTreasury (treasury management software), Ahlsell (industrial distributor of technical components) and Froneri (ice cream group). New investment activity remained measured and focused on the mid-market. £91.3m was committed across three new primary funds, one secondary transaction, one new direct investment, and one follow on investment in an existing direct investment. The Manager believes PPET remains in a healthy balance sheet position, supported by £276.5m of available liquidity across cash and undrawn credit facilities. The overcommitment ratio stood at 35.7%, towards the lower end of the Manager's target range of 30–65%, providing flexibility for future deployment.

Looking ahead, geopolitical developments and the potential implications for inflation and interest rates are currently shaping investor sentiment globally. While the potential for prolonged energy price pressures may represent a future headwind, the Company is well positioned to manage these challenges, through the quality and diversification of its portfolio and its strong balance sheet position. The uncertainty caused by these market developments is currently weighing on M&A activity and private equity exits more generally; however, the Manager is proactively adjusting investment pacing in response to market conditions.

Furthermore, the software sector has become the subject of increased scrutiny and debate in recent weeks. The Manager views advances in artificial intelligence as a catalyst for transformation within the sector, representing evolution rather than deterioration. While some disruption is expected, the Manager anticipates that clear long term winners will emerge from the existing software universe. Further detail on the Manager's perspective is available on the Patria website (https://www.patria.com/knowledge/all-software-is-not-born-equal-patria).

PPET benefits from a 25 year history of successfully navigating market cycles, including the global financial crisis, the COVID 19 pandemic, and the recent sharp rise in inflation and interest rates. As such, the current environment presents challenges to PPET that are well understood. Both the Board and the Manager will continue to closely monitor market developments and act where appropriate, including repurchasing PPET shares to deliver NAV accretion for the benefit of existing shareholders.