Antin Infrastructure Partners · EURONEXT:ANTIN
Antin Infrastructure Partners — Shareholder Meeting (June 2025)
41 slides from Antin Infrastructure Partners's shareholder meeting presentation, Jun 11, 2025
Slide 1: Annual Shareholder Meeting 2025
ANNUAL SHAREHOLDER MEETING 2025 [Month, 11 June2025] 2025 seeing potential | delivering value
Slide 2: Welcome
WELCOME seeing potential | delivering value
Slide 3: Agenda
AGENDA 1 2 3 2024 ACTIVITY GOVERNANCE RESOLUTIONS • Business update • Shareholding structure • Q&A and Board composition • Sustainability • Resolutions and vote • Corporate officer • Financial performance compensation • Reports to the shareholders 3
Slide 4: 2024 Business Update
1.1 2024 BUSINESS UPDATE
Slide 5: Key Highlights of 2024
KEY HIGHLIGHTS OF 2024 Largest infrastructure Full realisation of 1 2 3 All funds performing fundraise worldwide to Flagship Fund II with on or above plan hold a final close in 2024 above target return 4 Record financial 5 High payout ratio to 6 Strong medium-term performance shareholders outlook 5
Slide 6: Successful Final Close of Flagship Fund V and Gradual Improvement in Deal Activity
SUCCESSFUL FINAL CLOSE OF FLAGSHIP FUND V AND GRADUAL IMPROVEMENT IN DEAL ACTIVITY CUMULATIVE FUNDRAISING (in €bn) INVESTMENTS (in €bn) GROSS EXITS (in €bn) 10.2 9.0 1.7 1.8 0.4 0.0 (1) 2023 2024 2023 2024 2023 2024 Flagship Fund V was the 3 acquisitions in 2024 Flagship Fund II fully exited world’s
Slide 7: The World's Largest Infrastructure Fund to Close in 2024
THE WORLD’S LARGEST INFRASTRUCTURE FUND TO CLOSE IN 2024 UPSIZING CLIENT MIX NORTH AMERICA ASIA €bn of commitments €bn of commitments for €bn of commitments €bn of commitments Flagship Fund V +56% 10.2 5x 2x 6.5 3.0 4.4 2.0 5.8 1.5 0.4 Flagship Flagship Existing fund investors(1) Flagship Flagship F
Slide 8: Gradual Improvement in Exit Environment
GRADUAL IMPROVEMENT IN EXIT ENVIRONMENT 17 EXITS TO DATE FINAL EXIT OF FUND II OUTLOOK FOR EXITS 2.5x 22% realised Gross realised Gross Fund III/III-B Multiple IRR in exit mode 82% of invested capital yielded on or above plan returns Fund IV first exits expected by end-2026 41% 29% Fund II Above pla
Slide 9: Fund Performance Continues on or Above Plan
FUND PERFORMANCE CONTINUES ON OR ABOVE PLAN Gross multiple evolution from inception to 31 March 2025 2.8x Flagship II 2.6x 2.6 x Flagship I 2.4x 2.5x 2.2x Gross Multiples Flagship III 2.0x 2.0x 1.8x 1.6x Mid Cap I 1.4x 1.4x Flagship IV 1.3x 1.2x NextGen I – 1.2x 1.0x Flagship V – 1.1x 0.8x Q1 Q5 Q9
Slide 10: Tools to Create Value: Improve, Grow and Transform
TOOLS TO CREATE VALUE IMPROVE, GROW AND TRANSFORM OVERALL REALISED TRACK RECORD 1 ORGANIC GROWTH INITIATIVES AND 2.5x OPERATIONAL PERFORMANCE 2 VALUE ACCRETIVE M&A ACTIVITY 1.0x IDENTIFICATION OF OVERLOOKED OR LESS 3 CROWDED INFRASTRUCTURE SUB-SECTORS 4 ACTIVE CAPITAL MANAGEMENT Invested Capital EBI
Slide 11: Robust Portfolio Company Growth Year-on-Year
ROBUST PORTFOLIO COMPANY GROWTH YEAR-ON-YEAR As of 31 December 2024 RESILIENT STRONG PROFIT ROBUST TOP LINE GROWTH AND CAPITAL GROWTH MARGINS STRUCTURES +20% €8bn +12% of debt raised or revenue growth(1) EBITDA growth(1) refinanced in 2024 152 12 financings or 73% refinancings add-on acquisitions im
Slide 12: Sustainability
1.2 SUSTAINABILITY
Slide 13: Sustainability Ambitions
SUSTAINABILITY AMBITIONS An integral part of our operations, both as a company and as an investor Act as a Act as a responsible company responsible investor by striving to improve the by incorporating ESG impacts of our ESG matters at all stages corporate activities of the investment cycle 13
Slide 14: The Business Case for Responsible Investment
THE BUSINESS CASE FOR RESPONSIBLE INVESTMENT An essential tool for protecting and creating value within our portfolio Top-line growth Risk Cost mitigation reductions From value Key …to value protection… responsible creation investment drivers Regulatory Productivity compliance uplift Corporate finan
Slide 15: Key 2024 Sustainability Developments
KEY 2024 SUSTAINABILITY DEVELOPMENTS Maintained strong focus Continued advancing on decarbonisation climate change strategy €4.4bn €503m 15% 100% invested in energy transition invested in the capital invested in portfolio companies and circularity solutions(1) rail sector(1) companies with science-
Slide 16: Financial Performance
1.3 FINANCIAL PERFORMANCE
Slide 17: Record Results with Growth Across Key Indicators in 2024
RECORD RESULTS WITH GROWTH ACROSS KEY INDICATORS IN 2024 FEE-PAYING AUM REVENUE UNDERLYING EBITDA DIVIDENDS in €bn in €m in €m in € per share More than 97% 59% management 93% €21bn margin payout ratio fees CAGR CAGR CAGR CAGR +6.3% +21.9% +25.6% +30.0% 21.6 318.4 19.1 20.2 282.9 175.5 186.9 214.2 0.
Slide 18: Double Digit Revenue Growth Driven by Final Close of Flagship Fund V
DOUBLE DIGIT REVENUE GROWTH DRIVEN BY FINAL CLOSE OF FLAGSHIP FUND V AUM AND FEE-PAYING AUM (€bn) REVENUE (€m) Fee-Paying AUM Effective management fee rate(1) AUM 1.35% 1.32% 1.33% €27.7m of catch-up fees in 2024 +7.2% +12.6% 33.3 30.6 31.1 318.4 282.9 214.2 318.4 282.9 +11.2% 20.2 +7.3% 21.6 214.2
Slide 19: Performance-Related Revenue Expected to Materialise Soon
PERFORMANCE-RELATED REVENUE EXPECTED TO MATERIALISE SOON SIGNIFICANT CARRIED INTEREST REVENUE POTENTIAL… …DELIVERS UPSIDE TO P&L Committed Antin 1Q25 Carried Fund Vintage Capital allocation Gross Interest (in €bn) (in %) Multiple (in €m) Potential for Flagship ~€520 m Fund III-B 2020 1.2 20% 1.8x ~5
Slide 20: Continued Earnings Growth in 2024 Following Step Change in Prior Year
CONTINUED EARNINGS GROWTH IN 2024 FOLLOWING STEP CHANGE IN PRIOR YEAR UNDERLYING EBITDA (€m) UNDERLYING NET INCOME (€m) Underlying EBITDA margin (%) Underlying earnings per share after dilution (€) 55% 62% 59% 0.44 0.73 0.76 +6.5% 186.9 +6.6% 175.5 136.3 127.9 118.5 79.7 2022 2023 2024 2022 2023 202
Slide 21: Strong Balance Sheet Allowing for Capital Return and Growth Investments
STRONG BALANCE SHEET ALLOWING FOR CAPITAL RETURN AND GROWTH INVESTMENTS USE OF CASH 650.0 650.0 Current 73.3 Non-current assets 193.3 77.1 liabilities Non-current 1 Capital return to shareholders liabilities Other current 67.9 assets 499.7 Total equity 2 Continue to invest in Antin Funds Cash & cash
Slide 22: Significant Capital Distributions to Shareholders
SIGNIFICANT CAPITAL DISTRIBUTIONS TO SHAREHOLDERS DISTRIBUTIONS (in € per share) ON BEHALF OF 2024 1st instalment 2nd instalment €0.71 per share ~€350m cash distributed since IPO QUANTUM • €0.34 per share in November 2024 • €0.37 per share in June 2025 €1.95 per share(1) €127.2m DISTRIBUTION • €60.9
Slide 23: Outlook
OUTLOOK Growth in Fee-Paying AUM above Underlying EBITDA in 2025 Majority of cash earnings to be that of the infrastructure market above €160m distributed over a fundraising cycle Significant increase in earnings Stable or growing annual expected by 2027 distribution paid in two instalment
Slide 24: Shareholding Structure and Board Composition
2.1 SHAREHOLDING STRUCTURE AND BOARD COMPOSITION
Slide 25: Shareholding Ensures Alignment of Interests
SHAREHOLDING First free float expansion through share placement in January 16% 31% Free Float Alain Rauscher 84% OF CAPITAL HELD BY ANTIN PARTNERS AND EMPLOYEES 28% Other Antin Partners and employee ENSURES ALIGNMENT shareholders 18% OF INTERESTS Mark Crosbie 7% Mélanie Biessy 25
Slide 26: Directorship
DIRECTORSHIP Alain Rauscher Mark Crosbie Mélanie Biessy Chairman and CEO Vice-Chairman of the Board Managing Partner and Co-founder Co-founder Chief Operating Officer Lynne Shamwana Dagmar Valcarcel Ramon de Oliveira Independent Director Independent Director Independent Director Terms of office subj
Slide 27: Director Skills and Qualifications
DIRECTOR SKILLS AND QUALIFICATIONS Management Listed company Investment & Infrastructure M&A experience of international experience PE experience environment companies experience 100% of Directors 100% of Directors 100% of Directors 100% of Directors 100% of Directors Financial sector Legal expertis
Slide 28: Composition of the Board of Directors and Its Committees
COMPOSITION OF THE BOARD OF DIRECTORS AND ITS COMMITTEES BOARD OF DIRECTORS 50% 50% 62.5 YRS 5 Independent Women/Men Average age Nationalities Directors AUDIT COMMITTEE NOMINATION & COMPENSATION COMMTTEE SUSTAINABILITY COMMITTEE 3 100% 2 100% 3 67% Members Independence Members Independence Members I
Slide 29: Corporate Officer Compensation
2.2 CORPORATE OFFICER COMPENSATION
Slide 30: 2024 Chairman and CEO Compensation Structure
2024 CHAIRMAN AND CEO COMPENSATION STRUCTURE ALAIN RAUSCHER Co-founder, Chairman and CEO FIXED COMPENSATION VARIABLE COMPENSATION • No compensation by AIP SA • Demanding criteria • In respect to duties in AIP SAS − 70% on quantitative criteria − 30% on qualitative criteria • Capped at 100% of annual
Slide 31: 2024 Chairman and CEO Compensation Calculation and Criteria
2024 CHAIRMAN AND CEO COMPENSATION CALCULATION AND CRITERIA 50% fixed remuneration 70% quantitative criteria 17.5% AUM increase +10% €937,125 17.5% Increase in EBITDA +5% Distributable income 17.5% Gross multiple on realised investments 17.5% 50% maximum annual 30% qualitative criteria variable remu
Slide 32: 2025 Chairman and CEO Compensation Proposed Policy
2025 CHAIRMAN AND CEO COMPENSATION PROPOSED POLICY 4-year basis 50% fixed remuneration 70% quantitative criteria 23.3% FPAUM increase +10% 987,730 € Increase in EBITDA +5% 23.3% Distributable income 23.3% 50% maximum annual Annual basis variable remuneration 15% 30% qualitative criteria 15% ESG targ
Slide 33: 2024 Compensation of the Independent Directors Calculation
2024 COMPENSATION OF THE INDEPENDENT DIRECTORS CALCULATION Lynne Shamwana Dagmar Valcarcel Russell Chambers Ramon de Oliveira Fixed amount €54,000 €54,000 €24,344 €54,000 Variable amount €66,000 €66,000 €16,500 €66,000 (Board meetings) Variable amount €18,797 €35,796 €12,881 €18,797 (Committee meeti
Slide 34: 2025 Compensation of the Independent Directors Proposed Policy
2025 COMPENSATION OF THE INDEPENDENT DIRECTORS PROPOSED POLICY COMPENSATION COMPONENTS FY24 COMPENSATION POLICY FY25 COMPENSATION POLICY Board • Fixed amount: €54,000 • Fixed amount: unchanged attendanceBoard • Variable amount: €66,000 • Variable amount: unchanged (per director) • Chair: • Audit: €2
Slide 35: Reports to the Shareholders
2.3 REPORTS TO THE SHAREHOLDERS
Slide 36: Q&A
3.1 Q&A
Slide 37: Resolutions Presentation and Vote
3.2 RESOLUTIONS PRESENTATION AND VOTE
Slide 38: Resolutions Subject to Shareholder Approval
RESOLUTIONS SUBJECT TO SHAREHOLDER APPROVAL • Full-Year 2024 statutory and consolidated financial statements FINANCE • Allocation of profit; determination of the amount of the distribution to shareholders • Absence of regulated agreements • Appointment of the statutory auditor responsible for certif
Slide 39: Appendix
APPENDIX seeing potential | delivering value
Slide 40: Notes
NOTES Slide 6 1. Adjusted for the syndication of a portion of the investment in OPDEnergy to co-investors 2. As per Preqin Slide 7 1. Investors already invested in any other Antin Fund, including Fund III-B, Mid Cap I and NextGen I Slide 9 1. Realised multiples across investments from Fund I to III
Slide 41: Antin Infrastructure Partners
ANTIN INFRASTRUCTURE PARTNERS
Antin Infrastructure Partners — Shareholder Meeting (June 2025) on 6ix