Antin Infrastructure Partners · EURONEXT:ANTIN
Antin Infrastructure Partners — FY2025 Earnings Presentation
36 slides from Antin Infrastructure Partners's earnings presentation, Mar 12, 2026
Slide 1: Full-Year 2025 Results
FULL-YEAR 2025 RESULTS 12 March 2026 seeing potential | delivering value
Slide 2: Agenda
Agenda 1 2 3 HIGHLIGHTS & FINANCIAL Q&A BUSINESS PERFORMANCE UPDATE 2
Slide 3: Highlights & Business Update
HIGHLIGHTS & BUSINESS UPDATE seeing potential | delivering value
Slide 4: Investing to meet the growing global demand for resilient, essential infrastructure
Investing to meet the growing global demand for resilient, essential infrastructure The infrastructure sector is propelled by powerful tailwinds, as vast amounts of capital are required to fund global technological, geopolitical, and societal shifts Long-standing track record, with a pioneering appr
Slide 5: Solid 2025 performance as investment momentum accelerates into new fundraising cycle
Solid 2025 performance as investment momentum accelerates into new fundraising cycle 1 2H 2025: best half-year for 2 Strong value creation 3 Active exit pipeline deployment since IPO €2.5bn capital invested(1) in +7.7% LTM across all Several sale processes 2025 with 6 new portfolio funds (+11.6% exc
Slide 6: Attractive opportunities in infrastructure, driven by vast capital needs
Attractive opportunities in infrastructure, driven by vast capital needs ENERGY & ENVIRONMENT DIGITAL TRANSPORT SOCIAL Enabling the energy transition Enhancing global connectivity Driving smarter mobility and Building stronger communities and powering electrification and accelerating digitalisation
Slide 7: Delivering alpha through conviction and specialised expertise
Delivering alpha through conviction and specialised expertise INVESTMENT ANTIN VALUE SUCCESSFUL DIVERSIFIED APPROACH INFRASTRUCTURE TEST CREATION TOOLKIT TRACK RECORD PORTFOLIO A repeatable investment Disciplined approach Focus on value creation Strong realised Providing valuable strategy applied fo
Slide 8: Continued focus on active value creation
Continued focus on active value creation M&A ACTIVITY PERFORMANCE IMPROVEMENT FINANCING AI / DATA SCIENCE >150 €8.4bn add-on investments across debt raised or refinanced in 2025 all active portfolio in 2025(1) 10 3 SECURITY (CYBER & OTHER) new add-ons or refinancings financings Flagship III 3 Flagsh
Slide 9: Strong value uplift across main funds
Strong value uplift across main funds FLAGSHIP IV (2019) FLAGSHIP V (2022) MID CAP I (2021) €6.5bn 1.4x €10.2bn 1.2x €2.2bn 1.5x fund size Gross Multiple fund size Gross Multiple fund size Gross Multiple Performance in 2025(1) Performance in 2025(1) Performance in 2025(1) +12.8% +17.6% +16.7% +17.9%
Slide 10: Strong year-end momentum for investment activity
Strong year-end momentum for investment activity Six investments signed in 2025 Progress of % committed in 2025 NorthC Vigor Marine Aquavista % committed 75% threshold Flagship V 38% +15% 53% >75% with Belambra signed in Colocation data centres Naval maintenance Marina infrastructure Mid Cap I Feb-2
Slide 11: Active exit pipeline expected to boost distributions to clients
Active exit pipeline expected to boost distributions to clients Realising Flagship III & III-B Portfolio companies are reaching maturity across Flagship III, III-B & IV Realise Flagship IV Several exit processes launched or Realise Mid Cap I imminent Realise Flagship V & NextGen I Near-term exits wi
Slide 12: Financial Performance
FINANCIAL PERFORMANCE seeing potential | delivering value
Slide 13: Solid financial performance in 2025, underscoring the strength of the business model
Solid financial performance in 2025, underscoring the strength of the business model FEE-PAYING AUM UNDERLYING REVENUE UNDERLYING EBITDA SHAREHOLDER DISTRIBUTIONS in €bn in €m in €m in € per share >95% €22.0bn 55% >100% management (€33.8bn total AUM) margin payout ratio fees -6.5% -13.4% +1.6% +2.2%
Slide 14: Fee-Paying AUM and like-for-like revenue increased slightly in the absence of active fundraising
Fee-Paying AUM and like-for-like revenue increased slightly in the absence of active fundraising in 2025 AUM AND FEE-PAYING AUM (€bn) UNDERLYING REVENUE (€m) Fee-Paying AUM Management fees AUM Carried interest and investment income Effective management fee rate(1) 1.33% 1.34% +1.2% -6.5% 33.8 +2.2%
Slide 15: Like-for-like revenue up +2% in 2025
Like-for-like revenue up +2% in 2025 Comparability to 2024 impacted by substantial catch-up fees recorded in 2024 from Flagship V -6.5% (€m) +2.2% excl. catch-up fees Notes: Change in accounting method in 2025 and restatement of 2024 underlying figures: the revenues and costs related to fund adminis
Slide 16: Disciplined approach to investments in the platform
Disciplined approach to investments in the platform UNDERLYING OPERATING EXPENSES (€m) HEADCOUNT (no. of employees) Personnel expenses Core investment team Fund investor relations Other operating expenses and taxes Specialist investment team Operations & corporate Fund administration +3.7% +5.4% 126
Slide 17: Strong cash flow generation supporting consistent shareholder distributions
Strong cash flow generation supporting consistent shareholder distributions TOTAL DISTRIBUTIONS (in € per share) DISTRIBUTIONS RELATED TO 2025 1st instalment 2nd instalment €127.2m or €0.71 per share ~€470m cash distributed since IPO AMOUNT • €64.5m or €0.36 per share in Nov-2025 • €62.7m or €0.35 p
Slide 18: Outlook
Outlook ▪ Growth in Fee-Paying AUM above ▪ Resilient earnings profile ▪ Majority of cash earnings to be that of the infrastructure market distributed over a fundraising cycle ▪ Underlying EBITDA expected to be broadly stable in 2026 ▪ Stable or growing annual distribution paid in two instalments ▪ S
Slide 19: Initiating a new fundraising cycle with a high-performance engine
Initiating a new fundraising cycle with a high-performance engine Vast demand Tried and tested Next growth for capital and investing phase initiated expertise in framework and with the launch infrastructure strong track of a new globally record fundraising cycle in 2026 19
Slide 20: Q&A
Q&A seeing potential | delivering value
Slide 21: Appendix
APPENDIX seeing potential | delivering value
Slide 22: Income statement on an underlying basis
Income statement on an underlying basis (€m) 2025 2024 Management fees 289.5 309.4 Carried interest and investment income 2.9 3.5 Administrative fees and other revenue net - - TOTAL REVENUE 292.5 313.0 Personnel expenses (98.4) (92.5) Other operating expenses (32.3) (33.5) TOTAL OPERATING EXPENSES (
Slide 23: Breakdown of revenue and other operating costs
Breakdown of revenue and other operating costs (€m) 2025 2024 Flagship Fund II - 2.0 Flagship Fund III 26.6 25.6 Fund III-B 5.5 5.4 Flagship Fund IV 63.5 55.6 Flagship Fund V 143.8 170.6 of which catch-up fees 0.9 27.7 Mid Cap Fund I 32.3 32.3 NextGen Fund I 17.9 17.9 TOTAL MANAGEMENT FEES 289.5 309
Slide 24: 2025 income statement: from underlying to IFRS
2025 income statement: from underlying to IFRS (€m, 2025) Underlying basis Non-recurring items IFRS basis Management fees 289.5 - 289.5 Carried interest and investment income 2.9 - 2.9 Administrative fees and other revenue net - - - TOTAL REVENUE 292.5 - 292.5 Personnel expenses (98.4) 1.1 (97.2) Ot
Slide 25: 2024 income statement: from underlying to IFRS
2024 income statement: from underlying to IFRS (€m, 2024) Underlying basis Administrative fees Non-recurring items IFRS basis Management fees 309.4 - 309.4 Carried interest and investment income 3.5 - 3.5 Administrative fees and other revenues net - 5.4 - 5.4 TOTAL REVENUE 313.0 5.4 - 318.4 Personne
Slide 26: Balance sheet
Balance sheet (€m) 31-Dec-2025 31-Dec-2024 Property, equipment and intangible assets 28.5 25.8 Right-of-use assets 51.7 65.5 Financial assets 97.5 87.3 Derivative financial assets 0.8 - Deferred tax assets and other non-current assets 8.9 14.7 TOTAL NON-CURRENT ASSETS 187.4 193.3 Cash and cash equiv
Slide 27: Cash flow statement
Cash flow statement (€m) 2025 2024 INFLOW / (OUTFLOW) RELATED TO OPERATING ACTIVITIES 128.9 125.6 Of which (increase) / decrease in working capital requirement (46.1) (37.2) INFLOW / (OUTFLOW) RELATED TO INVESTING ACTIVITIES (18.5) (36.9) Of which purchase of property and equipment (10.6) (5.6) Of w
Slide 28: Sustainability – A tool to create value and mitigate risk
Sustainability – A tool to create value and mitigate risk Ranked top tier within infrastructure peer group in 2025 PRI assessment MAINTAINED STRONG FOCUS ON INVESTMENTS CONTINUED ADVANCING CLIMATE CHANGE FURTHER EMBEDDED ESG FACTORS INTO ENABLING DECARBONISATION STRATEGY INVESTMENT AND ASSET MANAGEM
Slide 29: 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 Committed Antin Current Interest at Fund Vintage Capital allocation Gross (in €bn) (in %) Multiple 2.0x GMM Potential for (in €m)(1) Flagship >€
Slide 30: Successive lock-up expiries should enhance liquidity
Successive lock-up expiries should enhance liquidity IPO LOCK-UP IS PROGRESSIVELY EXPIRING FIRST FREE FLOAT EXPANSION IN JANUARY 2025 Million shares: 37.5% of total shares Additional releases outstanding free 16% Retained by Partners from lock-up Free Float 31% Bought by other Partners Alain Rausche
Slide 31: Evolution of Gross Multiples by fund
Evolution of Gross Multiples by fund As of 31 December 2025 Flagship III (2016) Fund III-B (2020) Flagship IV (2019) Above plan – 37% realised On plan – 26% realised On plan – 3% realised 2.0x 2.0x 2.0x 2.0x 1.9x 1.8x 1.8x 1.8x 1.7x 1.7x 1.7x 1.6x 1.3x 1.3x 1.3x 1.3x 1.4x 1.4x Dec-23 Dec-24 Mar-25 J
Slide 32: Key Stats by fund (1/2)
Key Stats by fund (1/2) As of 31 December 2025 (€bn) Fund Vintage Fund size AUM Fee-Paying AUM % committed % realised Gross Multiple Expectation(2) Flagship Flagship III (1) 2016 3.6 5.9 2.4 92% 37% 1.9x Above plan Flagship IV 2019 6.5 10.8 5.2 85% 3% 1.4x On plan Fund III-B 2020 1.2 1.5 0.9 92% 26%
Slide 33: Key Stats by fund (2/2)
Key Stats by fund (2/2) As of 31 December 2025 (€bn) COST OF INVESTMENTS VALUE OF INVESTMENTS Fee-paying Fund Vintage Fund size Total Realised Remaining Total Realised Remaining AUM Flagship III (1) 2016 3.6 2.4 3.0 0.7 2.4 6.3 2.1 4.2 Flagship IV 2019 6.5 5.2 5.1 - 5.1 7.5 0.3 7.2 Fund III-B 2020 1
Slide 34: 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 35: 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 36: 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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