Antin Infrastructure Partners · EURONEXT:ANTIN
Antin Infrastructure Partners — H1 2025 Earnings Presentation
30 slides from Antin Infrastructure Partners's earnings presentation, Sep 10, 2025
Slide 1: Half-Year 2025 Results
HALF-YEAR 2025 RESULTS Webcast [Month, 2025] 2025 10 September seeing potential | delivering value
Slide 2: Agenda
Agenda 1 2 3 HIGHLIGHTS & FINANCIAL Q&A BUSINESS PERFORMANCE UPDATE ▪ Highlights ▪ 1H 2025 financial results ▪ Activity update ▪ Outlook 2
Slide 3: Highlights & Business Update
HIGHLIGHTS & BUSINESS UPDATE [Month, 2025] seeing potential | delivering value
Slide 4: Highlights
Highlights 1 All funds performing 2 Resumption of 3 Solid exit pipeline on or above plan investment activity Double-digit revenue and Acquisition of Matawan Several investments EBITDA growth at portfolio through NextGen from Fund III ready for company level exits 4 Robust financial 5 High returns to
Slide 5: Strong delivery on asset management
Strong delivery on asset management ACTIVE ASSET MANAGEMENT STRONG PORTFOLIO GROWTH NEW NEXTGEN INVESTMENT Financing raised ► New acquisition announced in early £2.3bn in new €100m junior debt financing round September +10.4% +19.1% $1bn+ investment secured from €200m in committed revenue EBITDA ► M
Slide 6: Flagship Funds remained on or above plan
Flagship Funds remained on or above plan Net Asset Values up +4.7% in 1H 2025 excluding FX across the portfolio FUND III (2016) FUND IV (2019) FUND V (2022) €3.6bn 2.0x Above €6.5bn 1.3x On €10.2bn 1.1x On fund size Gross plan fund size Gross plan fund size Gross plan Multiple Multiple Multiple Perf
Slide 7: Solid exit pipeline
Solid exit pipeline Fund II realised Realising Funds III & III-B Realise Fund IV Realise Mid Cap I, NextGen I, Fund V Next 24 months 2022 2025 2028 2031 2022 2025 2028 2031 Distributions to fund investors expected to increase in the next 18-24 months Distributions to fund investors expected to incre
Slide 8: Clear priorities
Clear priorities Accelerate Launch next deployment fundraising cycle Maximise returns on exits & distributions 8
Slide 9: Financials & Outlook
FINANCIALS & OUTLOOK [Month, 2025] seeing potential | delivering value
Slide 10: Continued growth excluding catch-up fees
Continued growth excluding catch-up fees FEE-PAYING AUM REVENUE UNDERLYING EBITDA UNDERLYING NET INCOME in €bn in €m in €m in €m >95% More than 54% 37% management €21bn margin margin fees +0.9% -5.2% -10.4% +6.2% +8.0% +7.1% +1.3% excl. catch-up fees excl. catch-up fees excl. catch-up fees 21.8 146.
Slide 11: Step-up in revenue following the final close of Flagship Fund V
Step-up in revenue following the final close of Flagship Fund V +0.9% (in €m) +8.0% excluding catch-up fees Fund V (ex. catch-up) +5.3 Fund IV +4.9 Fund III +1.4 Fund III-B - Fund II (1.0) 146.9 10.6 (9.6) 0.2 148.2 - - 0.1 In 1H 2025 +0.9 Investment income +0.1 Less: in 1H 2024 (10.5) Carried inter
Slide 12: Carried interest revenue recognition in P&L expected near to medium term
Carried interest revenue recognition in P&L expected 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 >€500
Slide 13: Investment policy maintained
Investment policy maintained USE OF CASH €392m €361m 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 and financial generating liabilities busines
Slide 14: High distributions to shareholders
High distributions to shareholders DISTRIBUTIONS (in € per share) ON BEHALF OF 1H 2025 1st instalment 2nd instalment ~€410m cash distributed since IPO QUANTUM €0.36 per share €2.31 per share DISTRIBUTION €64.5m 0.71 0.71 0.37 0.42 0.39 PAYOUT >100% payout ratio on the underlying net profit 0.28 0.11
Slide 15: 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: Yet to be released 16% Free Float 31% Retained by Partners New Alain Rauscher Bought by other Partners Since Placed on market IPO 2.3 2.3 33.6 28% oth
Slide 16: 2025 outlook refined
2025 outlook refined ▪ Growth in Fee-Paying AUM above ▪ Underlying EBITDA in 2025 ▪ Majority of cash earnings to be that of the infrastructure market around €160m to reflect FX distributed over a fundraising cycle headwinds ▪ Stable or growing annual ▪ Significant increase in earnings distribution p
Slide 17: Antin – a differentiated and growing platform
Antin – a differentiated and growing platform SCALED INFRASTRUCTURE TOP INVESTMENT RETURNS BUILDING FOR THE FUTURE INVESTMENT PLATFORM One of the largest Focus on value creation Investing in the team infrastructure fund managers 2.5x realised Gross Multiple(1) Preparing the next #2 in Europe | #9 gl
Slide 18: Q&A
Q&A [Month, 2025] seeing potential | delivering value
Slide 19: Appendix
APPENDIX [Month, 2025] seeing potential | delivering value
Slide 20: Evolution of fund Gross Multiples
Evolution of fund Gross Multiples As of 30 June 2025 Flagship III (2016) Fund III-B (2020) Flagship IV (2019) Above plan – 37% realised On plan – 26% realised On plan – 0% realised 1.9x 1.9x 2.0x 2.0x 2.0x 1.7x 1.7x 1.8x 1.8x 1.7x 1.3x 1.3x 1.3x 1.3x 1.3x Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Jun-24 Se
Slide 21: Income statement on an underlying basis
Income statement on an underlying basis (€m) 1H 2025 1H 2024 Management fees 144.8 143.9 Carried interest and investment income 0.2 0.1 Administrative fees and other revenue net 3.1 2.9 TOTAL REVENUE 148.2 146.9 Personnel expenses (49.3) (44.3) Other operating expenses (19.2) (18.5) UNDERLYING EBITD
Slide 22: Revenue breakdown
Revenue breakdown (€m) 1H 2025 1H 2024 Flagship Fund II - 1.0 Flagship Fund III 13.1 11.7 Fund III-B 2.7 2.7 Flagship Fund IV 32.4 27.5 Flagship Fund V 71.8 76.0 of which catch-up fees 0.9 10.5 Mid Cap Fund I 16.0 16.1 NextGen Fund I 8.9 8.9 TOTAL MANAGEMENT FEES 144.8 143.9 Carried interest 0.1 0.1
Slide 23: Income statement: From underlying to IFRS
Income statement: From underlying to IFRS (€m, 1H 2025) Underlying basis Non-recurring items IFRS basis Management fees 144.8 - 144.8 Carried interest and investment income 0.2 - 0.2 Administrative fees and other revenue net 3.1 - 3.1 TOTAL REVENUE 148.2 - 148.2 Personnel expenses (49.3) 1.1 (48.1)
Slide 24: Balance sheet
Balance sheet (€m) 30-Jun-2025 31-Dec-2024 Property, equipment and intangible assets 27.4 25.8 Right-of-use assets 56.2 65.5 Financial assets 90.9 87.3 Derivative financial assets 1.9 - Deferred tax assets and other non-current assets 9.9 14.7 TOTAL NON-CURRENT ASSETS 186.2 193.3 Cash and cash equiv
Slide 25: Cash flow statement
Cash flow statement (€m) 1H 2025 1H 2024 INFLOW / (OUTFLOW) RELATED TO OPERATING ACTIVITIES 48.4 43.1 Of which (increase) / decrease in working capital requirement (49.3) (36.9) INFLOW / (OUTFLOW) RELATED TO INVESTING ACTIVITIES (10.1) (8.5) Of which investment in financial assets (2.1) (5.1) Of whi
Slide 26: Key Stats by fund (1/2)
Key Stats by fund (1/2) As of 30 June 2025 (€bn) Committed Fund Vintage AUM Fee-Paying AUM % committed % realised Gross Multiple Expectation Capital Flagship Fund III (1) 2016 5.9 2.3 3.6 89% 37% 2.0x Above plan Fund IV 2019 10.4 5.1 6.5 86% - 1.3x On plan Fund III-B 2020 1.5 0.8 1.2 88% 26% 1.7x On
Slide 27: Key Stats by fund (2/2)
Key Stats by fund (2/2) As of 30 June 2025 (€bn) COST OF INVESTMENTS VALUE OF INVESTMENTS Fee-paying Committed Fund Vintage Total Realised Remaining Total Realised Remaining AUM capital Flagship Fund III (1) 2016 2.3 3.6 2.9 0.7 2.3 6.2 2.1 4.2 Fund IV 2019 5.1 6.5 5.1 - 5.1 6.8 - 6.7 Fund III-B 202
Slide 28: 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 29: 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 30: 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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