Antin Infrastructure Partners · EURONEXT:ANTIN
Antin Infrastructure Partners — H1 2026 Earnings Presentation
32 slides from Antin Infrastructure Partners's earnings presentation, Sep 9, 2026
Slide 1: Half-Year 2026 Results
HALF-YEAR 2026 RESULTS 9 September 2026 seeing potential | delivering value
Slide 2: Agenda
Agenda 1 HIGHLIGHTS & BUSINESS 2 FINANCIAL PERFORMANCE 3 Q&A UPDATE 2
Slide 3: Highlights & Business Update
HIGHLIGHTS & BUSINESS UPDATE seeing potential | delivering value
Slide 4: Highlights
Highlights 1 2 3 SIGNIFICANT PROGRESS SUSTAINED DEPLOYMENT SOUND OVERALL LTM ON REALISATIONS ACROSS ALL THREE PORTFOLIO PERFORMANCE STRATEGIES Two exits signed over the Around or above 15% LTM summer at attractive Following a record level of on main funds in value valuations capital invested in 2H 2
Slide 5: Attractive realisations for fund investors and active exit pipeline
Attractive realisations for fund investors and active exit pipeline total distributions to investors €10.8bn and co-investors from inception to 30 June 2026 +€2.1bn expected to be distributed following signed exits ONGOING POTENTIAL NEAR-TERM REALISED EXITS SIGNED EXITS PROCESSES PROCESSES (1) (1) S
Slide 6: Landmark European exits driving strong value realisation
Landmark European exits driving strong value realisation The world’s #1 provider of mission Leading European independent critical wellboats to the growing energy infrastructure platform aquaculture industry 48 wellboats (from 21 at Growth of core district acquisition) and 8 more heating business and
Slide 7: Selective capital deployment in attractive investment opportunities over last 12 months
Selective capital deployment in attractive investment opportunities over last 12 months FLAGSHIP V (2022) MID CAP I (2021) NEXTGEN I (2021) 3 4 2 investments investments investments 38% 58% 50% 80% 58% 66% 2Q 2025 Fund 2Q 2026 2Q 2025 Fund 2Q 2026 2Q 2025 Fund 2Q 2026 commitment commitment commitmen
Slide 8: Focused on delivering diversification and differentiated exposure to our fund investors
Focused on delivering diversification and differentiated exposure to our fund investors BROAD DIVERSITY OF SEGMENTS, REGIONS AND THEMES AIRCRAFT LEASING MARINAS AIR MARITIME SMART MOBILITY AND LOGISTICS TRANSPORT INFRASTRUCTURE MEDICAL EQUIPMENT LEISURE OFFGRID COLOCATION LEASING INFRASTRUCTURE ENER
Slide 9: Sound investment performance overall, with main funds in value creation mode
Sound investment performance overall, with main funds in value creation mode around or above 15% LTM FLAGSHIP IV MID CAP I FLAGSHIP V 2019 2021 2022 €6.5bn €2.2bn €10.2bn fund size fund size fund size Performance LTM(1) Performance LTM(1) Performance LTM(1) +14.5% +19.6% +16.3% Notes (1) Change in v
Slide 10: Continued discipline, conviction and consistency
Continued discipline, conviction and consistency Flagship I Flagship II Flagship III Flagship IV Mid Cap I NextGen I Flagship V Upcoming 2008 2013 2016 2019 2021 2021 2022 vintages 43% realised Fully Deployment Deployment Fully realised Fully realised (63% pro- 4% realised Mid forma(1)) committed on
Slide 11: Strong investment capabilities and enhanced global investor coverage
Strong investment capabilities and enhanced global investor coverage 254 professionals (115 investment professionals) LONDON LUXEMBOURG Investment hub Fund administration 72 professionals 41 professionals incl. 39 investment professionals PARIS Investment hub 87 professionals incl. 42 investment NEW
Slide 12: Financial Performance
FINANCIAL PERFORMANCE seeing potential | delivering value
Slide 13: Resilient performance at the start of a new fundraising cycle
Resilient performance at the start of a new fundraising cycle FEE-PAYING AUM UNDERLYING REVENUE UNDERLYING EBITDA FULL-YEAR DISTRIBUTIONS in €bn in €m in €m in € per share >95% €21.2bn c.50% >100% management (€33.3bn total AUM) margin payout ratio fees -2.9% -4.5% Expected -12.3% stable(1) 21.8 21.2
Slide 14: Revenues impacted by step-down of Mid Cap I
Revenues impacted by step-down of Mid Cap I FEE-PAYING AUM (in €bn) UNDERLYING REVENUE (in €m) -2.9% -4.5% MC I moved to post-investment €0.9m of catch-up Negative investment period fees in 1H25 income from Fund III-B 145.1 138.5 21.8 0.2 21.2 - ( 1.7 ) ( 3.8 ) - (1.0) ( 0.9 ) Due to step-down 30-Ju
Slide 15: Selective investments in the platform and cost discipline
Selective investments in the platform and cost discipline UNDERLYING OPERATING EXPENSES (€m) HEADCOUNT (no. of employees) Personnel expenses Investment team Operations & corporate Other operating expenses and taxes Fund investor relations Fund administration +4.9% +2.4% 68.6 65.4 254 248 15.9 16.1 4
Slide 16: Balance sheet-light business model and strong cash position
Balance sheet-light business model and strong cash position BALANCE SHEET-LIGHT (€m) CAPITAL ALLOCATION PRORITIES 567.2 567.2 Fund Growth Distributions 46.1 Current liabilities investments initiatives Non-current 61.3 Non-current assets 194.0 liabilities €95m 1st instalment of Other current committe
Slide 17: Continued partner alignment expected beyond the IPO lock-up
Continued partner alignment expected beyond the IPO lock-up SHAREHOLDER BASE LIQUIDITY FRAMEWORK 16% 5-year lock-up expiry on 27 September 2026 Free Float 31% Alain Rauscher Post lock-up expiry 16% • Shareholder agreement remains in place to regulate rights and other concert obligations members • Pa
Slide 18: Antin's disciplined investment approach will support its next growth phase
Antin’s disciplined investment approach will support its next growth phase A COMPLEX AND INFRASTRUCTURE WE HAVE BUILT A DELIVERING STRONG NEW FUNDRAISING RAPIDLY CONTINUES TO SCALED INVESTMENT CYCLE UNDERWAY EVOLVING DEMONSTRATE ITS INFRASTRUCTURE PERFORMANCE MARKET RESILIENCE INVESTING REMAINS OUR
Slide 19: Q&A
Q&A seeing potential | delivering value
Slide 20: Appendix
APPENDIX seeing potential | delivering value
Slide 21: Income statement on an underlying basis
Income statement on an underlying basis (€m) 1H 2026 1H 2025 Management fees 139.3 144.8 Carried interest and investment income (0.8) 0.2 Administrative fees and other revenue net - - TOTAL REVENUE 138.5 145.1 Personnel expenses (52.7) (49.3) Other operating expenses (15.9) (16.1) TOTAL OPERATING EX
Slide 22: Breakdown of underlying revenue
Breakdown of underlying revenue (€m) 1H 2026 1H 2025 Flagship Fund III 13.7 13.1 Fund III-B 2.8 2.7 Flagship Fund IV 30.9 32.4 Flagship Fund V 70.9 71.8 of which catch-up fees - 0.9 Mid Cap Fund I 12.2 16.0 NextGen Fund I 8.9 8.9 TOTAL MANAGEMENT FEES 139.3 144.8 Carried interest 0.0 0.1 Investment
Slide 23: 1H 2026 income statement: from underlying to IFRS
1H 2026 income statement: from underlying to IFRS (€m, 1H 2026) Underlying basis Non-recurring items IFRS basis Management fees 139.3 - 139.3 Carried interest and investment income (0.8) - (0.8) TOTAL REVENUE 138.5 - 138.5 Personnel expenses (52.7) - (52.7) Other operating expenses & tax (15.9) - (1
Slide 24: 1H 2025 income statement: from underlying to IFRS
1H 2025 income statement: from underlying to IFRS (€m, 1H 2025) Underlying basis Administrative fees Non-recurring items IFRS basis Management fees 144.8 - 144.8 Carried interest and investment income 0.2 - 0.2 Administrative fees and other revenues net - 3.1 - 3.1 TOTAL REVENUE 145.1 3.1 - 148.2 Pe
Slide 25: Balance sheet
Balance sheet (€m) 30-Jun-2026 31-Dec-2025 Property, equipment and intangible assets 25.8 28.5 Right-of-use assets 48.3 51.7 Financial assets 110.1 97.5 Derivative financial assets 1.6 0.8 Deferred tax assets and other non-current assets 8.2 8.9 TOTAL NON-CURRENT ASSETS 194.0 187.4 Cash and cash equ
Slide 26: Cash flow statement
Cash flow statement (€m) 1H 2026 1H 2025 INFLOW / (OUTFLOW) RELATED TO OPERATING ACTIVITIES 38.2 48.4 Of which (increase) / decrease in working capital requirement (30.3) (49.3) INFLOW / (OUTFLOW) RELATED TO INVESTING ACTIVITIES (13.7) (10.1) Of which purchase of property and equipment (0.4) (6.4) O
Slide 27: Carried interest revenue recognition in P&L expected in near to medium term
Carried interest revenue recognition in P&L expected in near to medium term SIGNIFICANT CARRIED INTEREST REVENUE POTENTIAL… …DELIVERS UPSIDE TO P&L Carried Antin Current Fund size Interest at Fund Vintage allocation Gross (in €bn) (in %) Multiple 2.0x GM Potential for (in €m)(1) Flagship ~€500 m Fun
Slide 28: Key Stats by fund (1/2)
Key Stats by fund (1/2) As of 30 June 2026 (€bn) Fund Vintage Fund size AUM Fee-Paying AUM % committed % realised Gross Multiple Expectation(2) Flagship Flagship III (1) 2016 3.6 5.0 2.4 92% 43% 1.7x On plan Flagship IV 2019 6.5 10.9 5.2 87% 4% 1.5x On plan Fund III-B 2020 1.2 1.2 0.9 92% 31% 1.4x B
Slide 29: Key Stats by fund (2/2)
Key Stats by fund (2/2) As of 30 June 2026 (€bn) COST OF INVESTMENTS VALUE OF INVESTMENTS Fee-paying Fund Vintage Fund size Total Realised Remaining Total Realised Remaining AUM Flagship Flagship III (1) 2016 3.6 2.4 3.0 0.7 2.4 5.6 2.2 3.4 Flagship IV 2019 6.5 5.2 5.2 - 5.2 7.8 0.3 7.5 Fund III-B 2
Slide 30: Definitions
Definitions Antin: Umbrella term for Antin Infrastructure Partners S.A. Antin Funds: Investment vehicles managed by Antin Infrastructure Partners SAS or Antin Infrastructure Partners UK Assets Under Management (AUM): Operational performance measure representing both the assets managed by Antin from
Slide 31: Disclaimer
Disclaimer Important notice This document has been prepared by Antin Infrastructure Partners S.A (“Antin IP”) solely for use for communications with its shareholders. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, comple
Slide 32: For further information
For further information ABOUT ANTIN INFRASTRUCTURE PARTNERS Antin Infrastructure Partners is a leading private equity firm focused on infrastructure. With SHAREHOLDER RELATIONS over €33bn in Assets under Management across its Flagship, Mid Cap and NextGen investment strategies, Antin targets investm
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