Andre Medina
Investor Relations Director

Hello, everyone. I’m Andre Medina, IR Director at Patria, and welcome to the Sixth edition of our Pax Talks. Today to discuss Patria’s role in building the data center infrastructure in Latin America.

This will be a panel discussion. So you’re welcome to submit your questions. We’ll try to get through as many as we can. And before we start, I have to read our forward-looking statements.

So I would like to remind everyone that today’s call may include forward-looking statements, which are uncertain, do not guarantee future performance and undue reliance should not be based on them. Patria assumes no obligation and does not intend to update any such forward-looking statements. Such statements are based on current management expectations and involves risks, including those discussed in the Risk Factors section of our latest Form 20-F annual report.

I also note that those statements on this call do not constitute an offer to sell or a solicitation of an offer to purchase an interest in any Patria fund.

Okay. With that cleared, I’m very happy to have with us Cristiano Souza and Rodrigo Abbud. Cristiano, who will lead the questions is the founder and CIO of Zeno Equity Partners, a London-based equity investor focused on concentrated, long-term-oriented global equity strategy. Prior to founding Zeno in 2023, Cristiano was a senior partner at Dynamo Administração de Recursos where he spent 30 years.

And on the other side of the table, we have Rodrigo, who is Patria’s operating partner for digital infrastructure sector, an electrical engineer

Parent activists say Meta’s $17 billion settlement in a child social media addiction lawsuit is “peanuts,” and more needs to be done to protect children on social media.

Activist Cheryl Brown lost her daughter, McKenna, to cyberbullying and sexual harassment and is now leading the charge to hold Meta accountable for how it treats young users.

She told FOX Business in an interview that while Meta agreed to make some changes following the lawsuit, the issue still requires an act of Congress.

“It’s a step in the right direction. It’s peanuts in the scheme of things, and it certainly does not bring McKenna back or the other kids that have been lost,” Brown told Fox.

FRANCE BECOMES FIRST EU NATION TO BAN SOCIAL MEDIA FOR CHILDREN UNDER 15

A computer screen displays the Meta logo while a mobile phone in the foreground shows Meta founder Mark Zuckerberg. Meta will lay off around 8,000 workers, the company said in a memo to employees.  (Arda Kucukkaya/Anadolu via Getty Images / Getty Images)

“There are some positives,” she added, noting the ban on children under 13 accessing Meta’s platforms as well as Instagram being turned off for teens overnight.

Brown went on to call on Meta chief Mark Zuckerberg to help parents in their push for reform. She referenced reports that Zuckerberg had told others at Meta that he wished the issue had been solved by Congress before the lawsuit became necessary.

Brown and other parents have joined under the banner ParentsSOS to push Congress to pass the Kids Online Safety Act (KOSA), which she said has much broader protections for kids.

BIG TECH IS THROUGH HARMING OUR CHILDREN. THIS IS OUR TIME TO FIGHT BACK

BRAZIL – 2023/10/23: In this photo illustration, the Instagram logo is displayed on a smartphone screen. (Rafael Henrique/SOPA Images/LightRocket via Getty Images / Getty Images)

She said Meta’s current changes are too focused on parental tools and don’t force the company to change the fundamental ways their platforms interact with children.

HAWLEY CHAMPIONS GUARD ACT AS HEARTBROKEN FAMILIES SAY AI CHATBOTS ALLEGEDLY PUSHED TEENS TO SELF-HARM

KOSA passed the Senate in an overwhelmingly bipartisan vote last year, but still has not made it through the House.

Meta CEO Mark Zuckerberg wore a pair of Meta Ray-Ban Display AI smart glasses during the Meta Connect event on Sept. 17, 2025, in Menlo Park, California. Meta introduced its first smart glasses featuring a built-in display as part of its expanding we (David Paul Morris/Bloomberg via Getty Images / Getty Images)

“The fact that it’s not passed yet is asinine, honestly,” Brown stated.

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“It’s gonna take something tragic happening to someone’s kid before they finally open their eyes and realize that this is a hugely pervasive and preventable problem,” she said.

Plug-in solar panels have gone on sale in the UK for the first time, with Argos this week becoming the first major retailer to stock the DIY systems, giving households that cannot fit rooftop panels a route to generating their own electricity.

Amazon, Currys, B&Q and Screwfix are expected to follow within the coming weeks, with prices starting at about £400 to £500 depending on the capacity of the system. The kits are aimed squarely at people living in flats or rented homes without access to a roof, a group that has so far been shut out of home solar power.

The devices are already popular in Spain and Germany, where they are known as Balkonkraftwerk, or balcony power plant, because they can be plugged into a standard wall socket to generate power from a balcony, terrace, shed roof or any other outdoor space. Ministers say around 500,000 systems were installed in Germany last year alone.

Sales in Great Britain became lawful from Thursday under a government change to plug and socket safety regulations, and the government says a typical household could save up to £110 a year on its electricity bill.

The solar power flows directly into the property’s electrical circuit to run appliances, reducing the amount of electricity a household needs to buy from the grid. Each system must be registered so that Great Britain’s National Energy System Operator can gauge how the cumulative effect of the panels could cut the need for gas-fired power or imports.

At 800 watts, the systems going on sale are about a fifth of the size of a typical residential rooftop set-up, so they will not generate enough energy to power a whole home. They sit at the entry level of a market in which rooftop installations reached their highest level in more than seven years as energy costs pushed households towards generating their own power.

Miatta Fahnbulleh, the energy secretary, said: “Plug-in solar is a simple, affordable way for households to take control of their energy bills and start saving straight away.”

Graham Biggart, the managing director for Argos, said: “By making this technology more accessible, we’re putting more power in the hands of our customers and helping them explore practical ways to manage energy use at home.”

How much a household saves will depend on how much power each system generates, which will vary with the orientation of the panel and the weather on any given day. It will also depend on whether the electricity is used while it is being generated, perhaps by running washing machines or dishwashers during sunny spells, because the new product rules do not extend to plug-in batteries that would store surplus power for later.

Consumer groups have urged buyers to check their circumstances before spending. Emily Seymour, energy editor at the consumer group Which?, said: “These smaller systems will generate less electricity than conventional rooftop solar and won’t be suitable for every home. People may need planning permission or the consent of the building owner before going ahead, so it will be important to check your own circumstances before making a purchase.

“There are also important safety considerations, particularly around the suitability of older electrical systems, the safe mounting of panels and the potential for people to use products or equipment incorrectly.”

Joanna O’Loan, a manager at Energy Saving Trust, said: “While the savings will vary from home to home, plug-in solar panels will give more people greater control over their energy use and costs. As these products become more widely available, access to clear and reliable information is essential to help people make informed choices that are right for their home and budget.”

For smaller firms the immediate significance sits on the retail side, where five of the country’s biggest retailers are preparing shelf space for a product category that was not lawful in Britain a week ago. The consent question also puts landlords and building owners in the conversation from the start, since tenants may need their agreement before mounting panels. The launch lands with energy costs still high on the political agenda, and while Ofgem’s cut to the price cap in April offered households some relief, ministers are presenting plug-in solar as a way for consumers to claw back a little more.

Amy Ingham

Amy Ingham is a reporter at Business Matters, covering UK business news with a focus on breaking news, business policy, late payments and insolvency. She joined the magazine in 2026 after completing the NCTJ Diploma in Journalism at Harlow College’s journalism school. Her recent reporting includes British Steel’s nationalisation and its impact on SME suppliers, the decline in late payments by large firms, and Insolvency Service director disqualifications. Reach her at aingham@cbmeg.co.uk.

Thailand’s central bank delivered a third consecutive rate hold, as subdued domestic demand and weak economic growth give policymakers room to assess the impact of the Middle East conflict.

The Bank of Thailand’s monetary policy committee voted unanimously to maintain the policy rate at 1.00%, a decision predicted by all 13 economists polled by The Wall Street Journal.

Burger King is giving its chicken nuggets a makeover after customers told the fast-food chain the product was falling short.

The company said it received thousands of calls, texts and comments from guests earlier this year criticizing its nuggets as “rubbery,” “dry” and “disappointing,” prompting Burger King to rethink the item.

The revamped nuggets, along with a refreshed lineup of dipping sauces, will be available beginning Sept. 1, according to the company.

“We take Guest feedback seriously, and when we received thousands of texts, calls and comments telling us our nuggets needed a total overhaul, we listened,” said Amy Alarcon, head chef for Burger King U.S. and Canada.

BURGER KING TACKLES SOARING BEEF COSTS WITHOUT SQUEEZING CUSTOMERS

Alarcon said Burger King evaluated the chicken, breading and sauces as part of the overhaul and brought customers into the testing process, including children the company described as some of its toughest critics.

For consumers, the changes extend beyond the nuggets themselves.

Burger King is also updating three of its established dipping sauces — Honey Mustard, Buffalo and Sweet & Sour — while adding a limited-time Special Savory Sauce.

In this photo illustration, a Whopper meal is seen at a Burger King restaurant on Oct. 25, 2024, in New York City. (Michael M. Santiago/Getty Images)

The new sauce combines creamy, tangy and mildly spicy flavors with BBQ seasoning, ketchup, garlic, onion and black pepper, Burger King said.

The nugget revamp is the latest example of Burger King leaning on direct customer feedback as it looks to improve both its menu and restaurant experience.

Pedestrians walk past a Burger King in Spain. (Xavi Lopez/SOPA Images/LightRocket via Getty Images)

Earlier this year, the chain launched a listening initiative designed to give customers a more direct way to weigh in on the brand. Burger King has since pointed to that feedback while rolling out changes to products, including its signature Whopper, and other aspects of the guest experience.

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Burger King, founded in 1954, operates more than 19,000 restaurants in more than 120 countries and U.S. territories. Nearly all of its restaurants are operated by independent franchisees.

Greater New York Chamber of Commerce President and CEO Mark Jaffe, a founder and legal counsel for the Multicultural Business Coalition that is involved in suing over New York City Mayor Zohran Mamdani’s controversial plans to open government-linked grocery stores in the Big Apple, described the initiative as “disastrous” for business owners, slamming the Democratic socialist’s administration as “heartless.”

“Government should not be in the business of taking out private enterprise. That is not what America’s about,” Jaffe told Fox News Digital during an interview on Tuesday.

A class-action suit, which alleges that the plan runs afoul of New York civil rights laws and the state Constitution’s equal protection clause, seeks relief and damages, while another suit explicitly calls for permanently blocking the operation of “the municipal grocery stores, in absence of undertaking necessary studies and analysis.”

The group took legal action because the “administration wasn’t listening,” Jaffe said.

“They’re embarking on a plan that will be disastrous for people that are in business and creating jobs,” Jaffe said. “And the heartless administration feels that if you can’t compete with one city-run grocery store, you shouldn’t be in business. That’s just wrong.”

BIG APPLE TARGETED IN LAWSUITS OVER MAMDANI’S GOVERNMENT GROCERY STORE PLANS

New York City Mayor Zohran Mamdani holds up bananas as he speaks at a food distribution center on July 27, 2026, in Brooklyn.  (Spencer Platt/Getty Images)

Mamdani plans to open five city-owned grocery stores, one in each borough, with the first location expected to open next year. 

“Under the model, the City will own the land and cover overhead costs like rent and construction. A private operator, selected through a request for proposals, will manage daily operations and be contractually required to pass savings directly to customers on a core basket of everyday staples,” an April press release noted.

Mamdani has said various items at the stores will be priced at 30% lower than normal retail prices.

“This core set of goods will include all fresh produce, meat and seafood along with 20 other essential items like cheese, milk and bread. Here’s how it will work: Once a month, our five city-run grocery stores will set prices for this core set of goods at 30% below typical retail prices,” he said last month.

But Jaffe argues that the mayor’s plan is not the right way to help those in need.

GROCERS ISSUE WARNING OVER MAMDANI’S TAXPAYER-BACKED STORES: ‘WE’RE GOING TO GO AFTER’ THEM

“How can one store in East Harlem help feed the disadvantaged and struggling people that deserve to get nutritious food and affordable food? They can’t afford to get up to this store to buy a bag of groceries. They need to go shopping locally where they can do it quickly and conveniently. And there are so many better ways to get this done. You can use electronic debit cards. Their number, their research indicates that the average savings in this program may be $90 dollars a month. So give people who are in the target range that we should help $90 dollars a month and help support a local business,” he said.

Jaffe warned that people could purchase the discounted groceries from the government-linked stores only to turn around and resell the items, causing the municipal grocery stores to have insufficient quantities of those products in stock.

“If you study the history, I’ve never seen a government-run supermarket — whether it’s in Chicago or another country — that didn’t end up with empty shelves,” he noted. “And let me tell you why. If I wanted to buy, hypothetically, bananas, and I can get 30% off, what is to prevent me from getting all the bananas I could possibly fit in my cargo van and then selling them on the streets at 15% off? That’s American entrepreneurship. And without checks and balances, and I don’t think the city has any, this store will not even be sufficiently stocked.”

Jaffe floated the prospect of a third lawsuit.

“This is unfair competition. You might see a third lawsuit filed soon, because if any other company with unlimited resources did this to take advantage of the marketplace, it would be called anti-trust,” he asserted.

FLORIDA CHAMBER CEO: COMPANIES EYE SUNSHINE STATE ‘FROM ALL OVER THE COUNTRY’ AFTER VIRAL MAMDANI BILLBOARD

Thirty million has been allocated for construction of the East Harlem government-linked grocery store, which is slated to open in 2029. 

Jaffe, who said he has spoken to and interviewed dozens of individuals knowledgeable about the “supermarket construction industry” who think that the store could be opened for nearer to $10 million, questioned where the remaining $20 million is going. “We have a word for it. It’s called patronage,” he said.

“If we get away with one store, what’s to stop them with their 100-year plan to make sure nobody owns a store anymore? The government owns everything,” but for those “lucky enough to be the privileged person and get a patronage job, they’ll take care of you.”

Fox News Digital reached out to Mamdani’s office on Wednesday.

Asked about the legal challenge on Monday, Mamdani said, “I continue to be fully confident in both the legality and the importance of our initiative to deliver five city-run grocery stores, one in each borough, to the people of our city.” 

“We are talking about a reflection of a cost of living crisis that has seen grocery prices increase by about 30% over the last few years,” he added. “And we’re also talking about delivering five city-run grocery stores in a city of eight-and-a-half million people that has more than a thousand grocery stores.”

“And we’ve seen, in fact, with Essex Street Market in Manhattan” and “Moore Street Market in Brooklyn, a model where the city has subsidized groceries, and it has not had a negative effect on bodegas around them or on grocery stores around them,” he said, adding, “I’m confident both in the legality of this, that it will stand up in court, and in the importance of delivering it.”

MAMDANI’S ‘RATION SHOP’ GROCERY PLAN FACES BLISTERING ECONOMIC CRITIQUE AS OPPONENTS BLAST SOCIALIST POLICY

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When asked if there was anything he could do to aid bodega owners who think that they will lose income, Mamdani replied, “Absolutely. What we can do is continue with our approach citywide of looking for ways to cut costs and cut the regulations that so many bodegueros as well as grocery store owners have to jump through in order to do their work.”

A California McDonald’s employee allegedly shot a co-worker inside the restaurant Monday morning before the armed suspect was killed in a shootout when responding officers confronted him, authorities said.

The Lodi Police Department said officers responded to the McDonald’s on West Lodi Avenue at approximately 9:30 a.m. after dispatchers received a report of an armed suspect inside the restaurant.

When officers arrived, they heard gunfire coming from inside and discovered an employee who had been shot, according to police.

MULTIPLE PEOPLE KILLED IN SHOOTING AT IDAHO IN-N-OUT RESTAURANT, SUSPECT DEAD

Police identified the suspect as as 29-year-old Lodi resident Jonhatan Anguiano. He was pronounced dead at the scene. (Facebook / Lodi Police Department / Unknown)

Officers moved toward the sound of gunfire and encountered the armed suspect, leading to an officer-involved shooting, police said.

The suspect, identified by authorities as 29-year-old Lodi resident Jonhatan Anguiano, was pronounced dead at the scene.

The wounded employee, a woman, was taken to a local hospital and was in stable condition, according to police.

Authorities later confirmed Anguiano and the wounded woman were both employees of the McDonald’s, according to KCRA. Police have not disclosed a possible motive or detailed what led up to the shooting.

Police recovered a firearm from the scene of the shooting. (Facebook / Lodi Police Department / Unknown)

The restaurant remained closed Tuesday, with traffic cones blocking its parking lot as a cleaning company’s van sat outside, the outlet reported.

OFF-DUTY TROOPER AND ARMED CITIZEN HAILED AS HEROES AFTER RETURNING FIRE ON IN-N-OUT GUNMAN

Lodi City Councilmember Cameron Bregman, who lives about a block from the restaurant, told the outlet the violence was troubling for the small community.

“Number one, it’s unacceptable. But number two, it’s scary that crime hits so close to home,” Bregman said. “Lodi is better than this. And we should be better than this.”

Bregman also urged residents to wait for investigators to establish what happened as different accounts of the shooting circulated locally.

“The best thing I can do is let the police do the work and let the police release the reports,” he said.

A McDonald’s restaurant in California. (Tayfun Coskun/Anadolu Agency via Getty Images, File / Getty Images)

The shooting is being investigated under the San Joaquin County Officer Involved Critical Incident Protocol, with members of the Lodi Police Department, San Joaquin County District Attorney’s Office and California Department of Justice participating in the investigation.

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Authorities said the investigation remains ongoing and additional information will be released as it becomes available.

LYNN, MASS. — Kettle Cuisine, a manufacturer of fresh prepared foods including refrigerated and frozen soups, broths, sauces, sides and entrees across retail and foodservice customers, has named Peter Hall as chief executive officer. Hall succeeds Liam McClennon, who recently retired from the CEO position after nearly 11 years with the company.

Hall comes to the company from Kraft Heinz, where he recently was president the North American Elevation Business Unit.

Hall spent nearly 11 years at Kraft Heinz, holding various leadership positions and overseeing such brands as Heinz, Kraft and Philadelphia.

“Peter is the right leader to guide Kettle Cuisine through its next phase of growth,” said Nik Thukral, president at L Catterton, an investor in Kettle. “Kettle has longstanding customer relationships, differentiated culinary and manufacturing expertise, and significant opportunity ahead. Peter brings the strategic perspective, consumer orientation, and strong commercial capability to capitalize on those advantages and build on the company’s established position. We are excited to partner with Peter and the Kettle team as they build on the company’s momentum.”

McClennon began his tenure as CEO in August 2015. Before joining Kettle Cuisine, McClennon was CEO at Greencore USA.