Patria Private Equity Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

5^th May 2026

ESTIMATED NET ASSET VALUE AT 31 MARCH 2026

Patria Private Equity Trust plc ("PPET" or "the Company") announces its estimated net asset value ("NAV") at 31 March 2026

·      Estimated NAV at 31 March 2026 was 864.9 pence per share (estimated NAV at 28 February 2026 was 868.0 pence per share)

·      Excluding new investments, 95.8% by value of portfolio dated 31 December 2025 (estimated NAV at 28 February 2026 was 83.8% dated 31 December 2025)

·      PPET paid £14.5 million of drawdowns and received £13.5 million of distributions during the month of March

·      PPET completed one direct investment and one primary fund commitment in the month

·      PPET sold part of its direct investment in Action during the month, realising £19.1 million in cash proceeds

·      Outstanding commitments of £836.0 million at 31 March 2026

·      Short term resources (cash balances and undrawn credit facilities) were £277.6 million as at 31 March 2026

·      This announcement marks PPET's final monthly estimated NAV announcement before the transition to quarterly reporting

Estimated NAV

At 31 March 2026, PPET's estimated NAV was 864.9 pence per share (estimated net assets £1,269.5 million)[1], representing a 0.4% per share decrease from the estimated NAV at 28 February 2026 of 868.0 pence per share (estimated net assets £1,278.4 million). The 3.1 pence decrease in NAV per share reflected losses arising primarily from a 0.5% decline from the valuation of remaining investments as at 31 December 2025 coupled with a 0.4% depreciation in the euro versus sterling during March, partially offset by a 2.3% appreciation in the US dollar versus sterling during March.  

Performance

PPET's total return and comparator reference performance as at 31 March 2026 was as follows:

Investment activity

In the month of March PPET made a €17.0 million primary fund commitment to One Peak Growth IV, a Pan-European fund focused on the technology sector.

PPET also made a €7.0 million direct investment alongside Capiton into AlphaPet, a German based digital platform for premium pet food in Europe.

The Company undertook a partial sale of its direct investment in Action during the month of March, generating proceeds of £19.1 million. As was the case for its previous partial sale of Action in 2023, PPET took advantage of a liquidity window and completed the sale to right-size its investment whilst maintaining exposure to future upside. The realisation was achieved at 100% of the 31 December 2025 valuation. PPET continues to hold £19.4 million in Action through its direct investment.

Portfolio cashflows

PPET paid £14.5 million of drawdowns during March, of which £8.1 million related to primary funds, £0.1 million related to secondary investments and £6.3 milion related to direct investments.

Aside from the aforementioned new direct investment in AlphaPet, notable drawdowns in the month include:

·    Nordic Capital XI: to fund a follow on investment into TradingHUB, a provider of trade surveillance technology to enable financial institutions to detect market abuse and manipulation; and

·    Capiton VI: to fund a new investment into SAPV Care, a leading provider of specialised outpatient palliative care services in Germany.

Excluding the partial realisation of Action, PPET received £13.5 million of distributions during March, of which £9.8 million related to primary funds and £3.7 million related to secondary investments.

Notable realisations in the month included:

·    Nordic Capital Fund IX: proceeds from Clario, a healthcare technology company which provides vital data and analysis solutions to pharmaceutical and biotech industry to run clinical trials more effectively; and

·    MSouth Equity Partners IV: proceeds from Lync Health Partners, a US based healthcare services company specialising in outpatient surgical clinics.

Commitments

The Company had £836.0 million of outstanding commitments at 31 March 2026. Around £82.3 million of the Company's existing outstanding commitments relate to funds which are now outside their investment period.

Credit facility and cash balances

The Company has a £400.0 million syndicated revolving credit facility. The facility is provided by The Royal Bank of Scotland International Limited, Societe Generale, State Street Bank International GmbH, State Street Bank & Trust Company and Banco Santander, S.A. The facility is due to expire in February 2028.

The Company repaid a total of £23.4 million to the credit facility during the month of March, reducing the total drawn balance to £140.2 million drawn at 31 March 2026. The remaining undrawn balance of the facility at 31 March 2026 was therefore £259.8 million.

In addition, the Company had cash balances of £17.8 million at 31 March 2026. Accordingly, short term resources, calculated as the total of cash balances and the undrawn balance of the credit facility, were £277.6 million as at 31 March 2026.

Share Buybacks

Pursuant to the Company's share buyback programme, the Company bought back 504,000 ordinary shares into treasury during March at a total cost of £2.9 million. The positive effect of the buyback programme is reflected in the movement in NAV for the month.

Change to Quarterly Reporting

Following engagement with PPET's company broker and the investment trust analyst community, the Board has decided to change PPET's reporting frequency from monthly estimated NAV announcements to quarterly actual NAV announcements. Accordingly, the estimated NAV announcement for the month ending 31 March 2026 is PPET's final monthly estimated NAV announcement before the transition to quarterly reporting.

The Board and the Manager believe that this will allow PPET to report in a more relevant and detailed way, with updates better aligned to the quarterly valuation cycle of the portfolio. To ensure shareholders continue to receive timely updates on key developments, the Company also intends to provide announcements during the quarter where appropriate, including in relation to material new investments and significant realisations.

PPET's quarterly report based on actual valuations to 31 December 2025 is available on the PPET website under the News section (www.patriaprivateequitytrust.com/news-and-insights/news). The next results update from the Company will be the Half-Yearly report released at the end of June 2026.

For further information please contact:

Notes:-

Patria Private Equity Trust plc is an investment company managed by Patria Capital Partners LLP, the ordinary shares of which are admitted to listing by the UK Listing Authority and to trading on the Stock Exchange and which seeks to conduct its affairs so as to qualify as an investment trust under sections 1158-1165 of the Corporation Tax Act 2010.

Additional detail about PPET's NAV and investment diversification can be found on PPET's website (www.patriaprivateequitytrust.com). Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website is incorporated into, or forms part of, this announcement.