Antin Infrastructure Partners · EURONEXT:ANTIN
Antin Infrastructure Partners — Investor Presentation (May 2025)
9 slides from Antin Infrastructure Partners's investor presentation, May 2025
Slide 1: Guide to Antin's Financial Statement
GUIDE TO ANTIN’S FINANCIAL STATEMENT [Month, May 20252025] seeing potential | delivering value
Slide 2: Highly Profitable & Recurring Management Fee Model with Strong Growth
HIGHLY PROFITABLE & RECURRING MANAGEMENT FEE MODEL WITH STRONG GROWTH INTEGRATED REVENUE STREAMS PREDICTABLE COST BASE HIGH GROWTH >95% management fee Management fees(1) contribution today Personnel ~70% costs Carried interest Other OPEX: rent, office ~30% expenses, Long-term(3): growing Investment
Slide 3: Economics of a Fund – Illustrative
ECONOMICS OF A FUND – ILLUSTRATIVE Fee-Paying AUM and management fees Assume fund reaches ~75% committed after ~4 years INVESTMENT PERIOD POST-INVESTMENT PERIOD • Management fees calculated on committed • Once ~75% of the fund’s size have been committed (not called/invested) capital from fund activa
Slide 4: Growth Over Several Fund Cycles – Illustrative
GROWTH OVER SEVERAL FUND CYCLES – ILLUSTRATIVE FEE-PAYING AUM EVOLUTION PER VINTAGE, END OF PERIOD Vintage 1 Vintage 2 Vintage 3 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Investment period Post-investment period Vintage I Active value creation through accretive Exits capex and add-on Vintag
Slide 5: From Fee-Paying AUM to Management Fees – Illustrative
FROM FEE-PAYING AUM TO MANAGEMENT FEES – ILLUSTRATIVE MANAGEMENT FEES PER VINTAGE, OVER THE FUND CYCLE Vintage 1 fees Vintage 2 fees Vintage 3 fees Catch-up fees (for their respective vintages) 2 2 1 2 1 3 3 1 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 1 2 3 Fund Activation Catch-Up Fees Ste
Slide 6: Carried Interest, Cash Waterfall – Illustrative
CARRIED INTEREST, CASH WATERFALL – ILLUSTRATIVE CARRIED INTEREST CASH WATERFALL 1% carried interest investment STEP 1: Return of capital and STEP 2: Allocation of fund net STEP 3: Allocation of fund net to receive 20% of net profits payment of hurdle to Fund proceeds in excess of hurdle proceeds in
Slide 7: Carried Interest, IFRS P&L Impact – Illustrative
CARRIED INTEREST, IFRS P&L IMPACT – ILLUSTRATIVE ANTIN FRAMEWORK FOR RECOGNITION OF CARRIED INTEREST REVENUE STEP 1: Discount STEP 3: If IFRS 15 fund Assumption: Fund has applied to the profits exceed fund 8% invested 100, created STEP 2: Deduct all capital called by the unrealised net asset annual
Slide 8: Investment Income, Cash & P&L Impacts – Illustrative
INVESTMENT INCOME, CASH & P&L IMPACTS – ILLUSTRATIVE CO-INVESTMENT BY ANTIN CASH IMPACT Investment period Post-investment period • In addition to carried interest allocation – same status as a Fund Investor • Cash outflows during investment period as commitments are called • Cash returned as the inv
Slide 9: IFRS Financial Statements – To Dig Further
IFRS FINANCIAL STATEMENTS – TO DIG FURTHER 31-Dec- 31-Dec- 1 (€m) NOTE 14 – Antin investments on B/S, held at fair value 2024 2023 Property, equipment and intangible assets 25.8 20.6 Right-of-use assets 65.5 49.8 Financial assets 1 87.3 53.4 Deferred tax assets and other non-current assets 14.7 17.1
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