Antin Infrastructure Partners · EURONEXT:ANTIN
Antin Infrastructure Partners — FY2024 Earnings Presentation
34 slides from Antin Infrastructure Partners's earnings presentation, Mar 5, 2025
Slide 1: Full-Year 2024 Results
FULL-YEAR 2024 RESULTS Webcast [Month, 05 March2025] 2025 seeing potential | delivering value
Slide 2: Agenda
AGENDA 1 2 3 HIGHLIGHTS FINANCIAL Q&A & BUSINESS PERFORMANCE UPDATES ▪ 2024 Highlights ▪ 2024 Financial Results ▪ Activity Update ▪ Outlook ▪ Improvement of the operating platform 2
Slide 3: Highlights & Business Updates
1 HIGHLIGHTS & BUSINESS UPDATES
Slide 4: Highlights
HIGHLIGHTS 1 Largest infrastructure 2 Full realisation of 3 All funds performing fundraise worldwide to Flagship Fund II above on or above plan hold a final close in 2024 target return Fund V closed at €10.2bn 2.6x Gross Multiple, Double-digit revenue top quartile realised and EBITDA growth at perfo
Slide 5: A Strong Investment Platform
A STRONG INVESTMENT PLATFORM Resilience, agility and growth at all levels DISCIPLINED RISK MANAGEMENT – ANTIN INFRASTRUCTURE TEST IS OUR COMPASS ▪ Valuations: increasing whilst remaining disciplined ▪ Deployment: disciplined approach focused on RESILIENCE attractive risk-adjusted returns ▪ Fundraisi
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 FUNDRAISING (in €bn) INVESTMENTS (in €bn) GROSS EXITS (in €bn) 1.8 1.7 1.8 1.1 0.0 0.4 (1) 2023 2024 2023 2024 2023 2024 Flagship Fund V was the Disciplined capital deployment Flagship Fund II fully exited world’s lar
Slide 7: The World's Largest Infrastructure Fund to Close in 2024
THE WORLD’S LARGEST INFRASTRUCTURE FUND TO CLOSE IN 2024 Flagship Fund V closed at €10.2bn 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 fun
Slide 8: Scaled Platform Emerging as Winners in an Improving Fundraising Environment
SCALED PLATFORM EMERGING AS WINNERS IN AN IMPROVING FUNDRAISING ENVIRONMENT FUNDRAISING IN 2024 DOMINATED BY LARGE FUNDS(1) ATTRACTIVE MEGATRENDS ENERGY TRANSITION Antin Infrastructure €10.2bn Partners V 13% Transition towards a low carbon energy Funds economy <€5bn €40.0bn DIGITALISATION 49% €30.5b
Slide 9: 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 +12% +20% €8bn revenue growth y-o-y EBITDA growth y-o-y of debt raised or in portfolio companies(1) in portfolio companies(1) refinanced in 2024 15
Slide 10: Fund Performance Continues on or above Plan
FUND PERFORMANCE CONTINUES ON OR ABOVE PLAN As of 31 December 2024 Flagship III (2016) Fund III-B (2020) Flagship IV (2019) Above plan – 37% realised On plan – 25% realised On plan – 0% realised 1.9x 1.9x 1.9x 2.0x 1.8x 1.7x 1.7x 1.7x 1.8x 1.6x 1.3x 1.4x 1.3x 1.3x 1.3x Dec-23 Mar-24 Jun-24 Sep-24 De
Slide 11: Exit Environment Gradually Improving
EXIT ENVIRONMENT GRADUALLY IMPROVING As of 31 December 2024 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 % of invested capital in realised investments by realised multiple Fund IV first exits expected by end-
Slide 12: Sustainability as a Driver for Deal Sourcing, Value Creation and Risk Mitigation
SUSTAINABILITY AS A DRIVER FOR DEAL SOURCING, VALUE CREATION AND RISK MITIGATION SUSTAINABLE TRANSITION INVESTMENTS CLIMATE CHANGE MANAGEMENT €4.4bn €503m 15% 100% invested in companies invested in companies of equity invested in of portfolio companies providing energy involved in rail transport com
Slide 13: AI & Data Science - Boost of Value Creation and Internal Efficiencies
AI & DATA SCIENCE - BOOST OF VALUE CREATION AND INTERNAL EFFICIENCIES ALREADY DELIVERING VALUE TODAY… …AND ENHANCING OUR CAPABILITIES TOMORROW INVESTMENT ACTIVITIES Diligence Add-on Due diligence Optimise Due screening support growth capex INTERNAL PROCESSES MAIN 2024 INITIATIVES M&A review Expand A
Slide 14: Financial Performance
2 FINANCIAL PERFORMANCE
Slide 15: Record Results with Growth across Key Indicators
RECORD RESULTS WITH GROWTH ACROSS KEY INDICATORS 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 0.71 0.71
Slide 16: 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 Management fees AUM Carried interest and investment income €27.7m of catch- Administrative fees and other revenue net up fees in 2024 Effective management fee rate(1) 1.35% 1
Slide 17: Double Digit Revenue Growth Driven by Final Close of Flagship Fund V
DOUBLE DIGIT REVENUE GROWTH DRIVEN BY FINAL CLOSE OF FLAGSHIP FUND V (in €m) +12.6% Fund V +36.3 Fund IV +1.9 Fund III (1.9) Fund III-B (0.4) Fund II (0.7) - 4.7 318.4 35.1 282.9 (4.0) (0.3) Investment income +4.2 Carried interest +0.5 2023 Flagship Mid Cap NextGen Carried interest Administration 20
Slide 18: 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 Current Carried Fund Vintage Capital allocation Gross Interest (in €bn) (in %) Multiple (in €m) (1) Potential for Flagship ~€520 m Fund III-B 2020 1.2 20%
Slide 19: Continued Earnings Growth Following Step Change in Prior Year
CONTINUED EARNINGS GROWTH 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 2024 19
Slide 20: Strong Balance Sheet Allowing for Capital Return and Growth Investments
STRONG BALANCE SHEET ALLOWING FOR CAPITAL RETURN AND GROWTH INVESTMENTS USE OF CASH €392m €389m 1 Capital return to shareholders: 2025 dividend expected to be stable in cash in cash & equivalents 2 Continue to invest in Antin Funds: co-investment and carried interest Highly No borrowings cash-flow a
Slide 21: 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 22: 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 23: Q&A
3 Q&A
Slide 24: Appendix
APPENDIX
Slide 25: Income Statement on an Underlying Basis
INCOME STATEMENT ON AN UNDERLYING BASIS (€m) 2024 2023 2022 Management fees 309.4 278.4 209.2 Carried interest and investment income 3.5 (1.2) 2.1 Administrative fees and other revenue net 5.4 5.7 2.8 TOTAL REVENUE 318.4 282.9 214.2 Personnel expenses (92.5) (74.2) (64.5) Other operating expenses &
Slide 26: Revenue Breakdown
REVENUE BREAKDOWN (€m) 2024 2023 2022 Flagship II 2.0 2.8 4.3 Flagship III 25.6 27.5 31.1 Fund III-B 5.4 5.8 7.0 Flagship IV 55.6 53.7 76.2 Flagship V 170.6 134.3 42.9 of which catch-up fees 27.7 9.6 - Mid Cap I 32.3 32.3 32.3 NextGen I 17.9 22.0 15.3 TOTAL MANAGEMENT FEES 309.4 278.4 209.2 Carried
Slide 27: Income Statement: From Underlying to IFRS
INCOME STATEMENT: FROM UNDERLYING TO IFRS (€m, 2024) Underlying basis Non-recurring items IFRS basis Management fees 309.4 - 309.4 Carried interest and investment income 3.5 - 3.5 Administrative fees and other revenue net 5.4 - 5.4 TOTAL REVENUE 318.4 - 318.4 Personnel expenses (92.5) 0.3 (92.3) Oth
Slide 28: Balance Sheet
BALANCE SHEET (€m) 31-Dec-2024 31-Dec-2023 31-Dec-2022 Property, equipment and intangible assets 25.8 20.6 19.0 Right-of-use assets 65.5 49.8 50.6 Financial assets 87.3 53.4 41.6 Deferred tax assets and other non-current assets 14.7 17.1 17.2 TOTAL NON-CURRENT ASSETS 193.3 140.9 128.4 Cash and cash
Slide 29: Cash Flow Statement
CASH FLOW STATEMENT (€m) 2024 2023 2022 INFLOW / (OUTFLOW) RELATED TO OPERATING ACTIVITIES 125.6 125.8 103.9 Of which (increase) / decrease in working capital (37.2) (43.3) (6.0) requirement INFLOW / (OUTFLOW) RELATED TO INVESTING ACTIVITIES (36.9) (17.8) (23.9) Of which investment in financial asse
Slide 30: Key Stats by Fund (1/2)
KEY STATS BY FUND (1/2) As of 31 December 2024 (€bn) Fee-Paying Committed Fund Vintage AUM % committed % realised Gross Multiple Expectation AUM Capital Flagship Fund II 2013 0.5 0.3 1.8 87% 100% 2.6x Above plan Fund III (1) 2016 6.0 2.3 3.6 89% 37% 2.0x Above plan Fund IV 2019 10.2 4.7 6.5 86% - 1.
Slide 31: Key Stats by Fund (2/2)
KEY STATS BY FUND (2/2) As of 31 December 2024 (€bn) COST OF INVESTMENTS VALUE OF INVESTMENTS Fee-paying Committed Fund Vintage Total Realised Remaining Total Realised Remaining AUM capital Flagship Fund II 2013 0.3 1.8 1.6 1.6 - 4.2 4.2 - Fund III (1) 2016 2.3 3.6 2.9 0.7 2.3 6.3 2.1 4.2 Fund IV 20
Slide 32: 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 33: 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 34: For Further Information
FOR FURTHER INFORMATION ABOUT ANTIN INFRASTRUCTURE PARTNERS Antin Infrastructure Partners is a leading private equity firm focused on infrastructure. With SHAREHOLDER over €33bn in Assets under Management across its Flagship, Mid Cap and NextGen RELATIONS investment strategies, Antin targets investm
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