from ANTIN INFRASTRUCTURE PARTNERS (isin : FR0014005AL0)
Inside Information / News release on accounts, results
CONTINUED SOLID FINANCIAL PERFORMANCE
Paris, London, New York | 10 September 2025 | 7:00 am CET
(€m, unless otherwise indicated) | 1H 2025 | 1H 2024 | % change | % change excl. catch-up fees(1) |
AUM, in €bn | 33.0 | 31.7 | +4.2% | +4.2% |
Fee-Paying AUM, in €bn | 21.8 | 20.6 | +6.2% | +6.2% |
Revenue | 148.2 | 146.9 | +0.9% | +8.0% |
Underlying EBITDA | 79.7 | 84.0 | -5.2% | +7.1% |
Underlying EBITDA margin | 54% | 57% | -3pp | - |
Underlying net income | 55.2 | 61.7 | -10.4% | +1.3% |
Underlying EPS (after dilution, in €) | 0.31 | 0.34 | -10.0% | +1.7% |
(1) Flagship Fund V generated €0.9m of catch-up fees in 1H 2025 and €10.5m in 1H 2024. Catch-up fees are non-recurring in nature and there is no cost associated with them beside income tax
HIGHLIGHTS
• AUM at €33.0bn, up +4.2%. Fee-Paying AUM at €21.8bn, up +6.2%
• Solid investment performance with all funds trending on or ahead of plan despite adverse currency effects in 1H 2025. Over the first half, Net Assets Values (NAVs) across the portfolio increased by an average of +4.7% excluding currency effects
• Continued growth in financial performance excluding the catch-up fees related to Flagship Fund V: revenue up +8.0%, underlying EBITDA growth in line with revenue growth at +7.1%, underlying net income up +1.3%, impacted by lower financial income from decreasing interest earned on the cash held on the balance sheet
• Antin’s free float expanded in January 2025 for the first time since its IPO through a share placement by a group of current and former partners
• Interim dividend of €0.36 per share to be distributed on 14 November 2025
• 2025 outlook refined to reflect FX headwinds: underlying EBITDA expected at around €160m
ALAIN RAUSCHER, Chairman and CEO, declared:
“Antin’s performance remained solid in the first half even while operating in a volatile and uncertain environment. AUM and Fee-Paying AUM continued to grow year-onyear, and our profitability, adjusted to reflect the absence of catch-up fees that boosted our performance in the first half of last year, also grew. Our strict discipline on capital deployment and demanding expectations of returns led us to refrain from making any new investments or exits in the half, but investment activity resumed postclosing with the announced acquisition of Matawan through our NextGen strategy. The current environment is challenging and led us to marginally adjust our full-year outlook to reflect currency effects, but it also offers many opportunities, and our Investment Committee is considering several new investments to capitalise on the resilience of the infrastructure asset class.”
ACTIVITY UPDATE
• Fee-Paying AUM rose to €21.8bn at the end of 1H 2025, up €1.2bn or 6.2% year-on-year, owing to funds raised for Flagship Fund V in 2H 2024 as well as capital calls made on Flagship Funds III & IV over the period
• Total AUM stood at €33.0bn at the end of 1H 2025, up €1.3bn or 4.2% year-on-year. This increase is the combined effect of the increase in Fee-Paying AUM, as well as value creation on the portfolio and co-investment raised in 2H 2024; it is partially offset by negative currency effects observed in 1H 2025
FUNDRAISING
• Fundraising over the last 12 months stood at €0.8bn as of 30 June 2025
• No funds were in fundraising mode in 1H 2025 as all three of Antin’s investment strategies were focused on deploying capital that had already been raised. The next fundraising cycle is expected to kick-off with Mid Cap Fund II in 2026
INVESTMENT ACTIVITY
• Investments reached €0.7bn over the last twelve months, related entirely to capital injections to fuel the growth of existing portfolio companies and develop scaled platforms. Those injections, combined with active asset management initiatives, led to the strong LTM growth of +10.4% for revenue and +19.1% for EBITDA across the portfolio(1)
• No new investment was announced in 1H 2025 but the number of Investment Committee meetings to review new opportunities ramped up during the period, leading to the signing of Matawan after the end of the reporting period. Matawan provides ticketing and information solutions for passenger transportation, and represents the 7th investment from NextGen Fund I
• Flagship Fund V, Mid Cap Fund I and NextGen Fund I were respectively ~38%, ~50% and ~58% committed as of 30 June 2025
EXIT ACTIVITY
• Gross exits amounted to €0.4bn over the last twelve months, relating entirely to the exit of GSR in 2H 2024. The exit pipeline is solid with several investments from Flagship Fund III ready for exits. As a result, distributions to fund investors are expected to increase in the next 18 to 24 months
FUND PERFORMANCE
• All funds continued to perform either on plan or above plan
• All of Antin’s funds were impacted by adverse currency effects from investments made in USD and, to a lesser extent, in GBP. Value creation from portfolio companies allowed to offset the negative currency effects for Mid Cap Fund I, NextGen Fund I and Flagship Funds III, IV and V, which all reported stable Gross Multiples over 1H 2025. However, the Gross Multiple of Fund III-B was down by -0.1x over the period, to 1.7x. Across the portfolio, NAVs increased by an average of +1.3% in 1H 2025, or +4.7% excluding currency effects
(1) Average growth rate of all portfolio companies with positive revenue and EBITDA in both 2024 and 2025
INCOME STATEMENT ANALYSIS
REVENUE
• Revenue reached €148.2m, up +0.9% year-on-year, and +8.0% excluding catch-up fees related to Flagship Fund V, an increase driven by management fees
• Management fees were up +0.7% or €1.0m year-on-year, and +7.9% excluding catch-up fees. Management fees continue to represent >95% of revenue; they are generated by funds raised with a contractual duration of 10 years and provide significant predictability to Antin’s revenue o Management fees from Flagship Funds grew by €1.0m. Fund V generated €4.2m less fees year-on-year, due to a decrease of €9.6m of catch-up fees recognised year-onyear. Fund V recognised €10.5m of catch-up fees in 1H 2024 and €0.9m in 1H 2025. These catch-up fees are non-recurring in nature. Management fees from Funds III and IV increased by €6.3m due to additional capital injections made in the portfolio companies to execute value creation plans. Fund II stopped charging management fees as of 1 January 2025
o Management fees from Mid Cap Fund I and NextGen Fund I were stable year-on-year o The effective management fee rate(2) stood at 1.34% in 1H 2025, broadly in line with the 1.33% rate in 1H 2024
• In addition, carried interest and investment income recorded a gain of €0.2m in 1H 2025, which relates primarily to investment income. While carried interest was not material in 1H 2025, the potential for future revenues is material. Funds raised to date have the potential to generate more than half a billion euros in total carried interest revenue over time for the listed company, based on these funds’ target returns(3)
EBITDA
• Underlying EBITDA reached €79.7m in 1H 2025, down -5.2% over 1H 2024, and up +7.1% excluding catch-up fees. Underlying EBITDA margin stood at 54%, down 3 percentage points compared to 1H 2024, and stable year-on-year excluding catch-up fees
• Total operating expenses amounted to €68.5m in 1H 2025, up +8.9% compared with 1H 2024, mainly driven by hires and promotions at various levels, including in the partnership o Personnel expenses totalled €49.3m in 1H 2025, up +11.1%, driven by key hires and promotions in the partnership
o The number of employees grew to 248 at 30 June 2025 from 242 at 30 June 2024, primarily in the investment team (+8). The partnership was expanded at the start of 2025 with the promotion of three employees across the investment and specialist teams and the recruitment of a partner for corporate functions. The senior partnership was strengthened with the recruitment of a senior investment professional in New York, and the promotion of an investment partner and a specialist partner, in New York and
Paris respectively o Other operating expenses and taxes totalled €19.2m in 1H 2025, up by +3.6%. The increase comes from higher operating expenses related to headcount growth and an increase in fund administration fees, which are recharged to the funds and generate an equal amount of revenue
(2) Excluding catch-up fees and management fees for Fund III-B
(3) Assuming that these funds generate a Gross Multiple of 2.0x and perform above the 8% return hurdle
• Reported EBITDA stood at €80.8m in 1H 2025 compared with €84.0m in 1H 2024, which also benefitted from catch-up fees. Differences between reported and underlying EBITDA have been limited since the end of 2023; a reconciliation for the reporting period is available in the appendix
NET INCOME
• Underlying net income amounted to €55.2m in 1H 2025, down -10.4% year-on-year, and up +1.3% excluding catch-up fees
• Depreciation & amortisation stood at €8.7m in 1H 2025, up +9.2% year-on-year, driven by higher depreciation of property and equipment linked to the expansion of the New York office
• Net financial income and expenses recorded income of €3.4m in 1H 2025, down -51.6% year-on-year. This is primarily due to Antin’s cash balance earning lower interest following interest rates cut by central banks
• Income tax totalled €19.2m in 1H 2025. The effective tax rate was stable year-on-year at 26%
• Underlying Earnings Per Share (EPS) amounted to €0.31 per share in 1H 2025, down −10.0% compared with €0.34 per share in 1H 2024. The weighted average number of shares used in the EPS calculation was 178,741,729. No dilution took place in 1H 2025 as the final vesting from the free share place put in place at the IPO was cancelled
• Reported net income amounted to €51.9m in 1H 2025 compared to €60.2m in 1H 2024
BALANCE SHEET AND COMMITMENTS
• The balance sheet remained strong as of 30 June 2025, with €361.5m in cash and cash equivalents and no borrowings or financial liabilities. The decrease in cash over 1H 2025 mainly stems from the payment in June 2025 of the dividend related to 2H 2024
• Antin’s commitments in relation to its investments in the Antin Funds and in Carried Interest totalled €197.9m as of 30 June 2025, of which €109.3m was uncalled capital and constitutes an off-balance sheet commitment. The uncalled capital included €91.9m related to investments in Antin Funds and €17.4m related to investments in the Carried Interest vehicles
DISTRIBUTION TO SHAREHOLDERS
• The Board of Directors of Antin, meeting on 9 September 2025, approved the distribution of an interim dividend of €0.36 per share amounting to €64.5m
• The interim dividend will be paid in cash out of distributable income. The ex-dividend date is 12 November 2025 and the dividend payment will take place on 14 November 2025. This interim dividend is in line with Antin's policy to distribute the majority of its distributable earnings to its shareholders in two instalments per year
GOVERNANCE & APPOINTMENTS
• At Antin’s Annual Shareholders’ Meeting on 11 June 2025, all resolutions were adopted. Lynne Shamwana and Dagmar Valcarcel were re-appointed as Independent Directors for a period of three years, and continued their duties within the Board committees
• Mark Crosbie, co-founder of Antin, has decided to step down from the Investment Committee, of which he was co-chairman, effective 1 September 2025. Mark Crosbie remains vicechairman of the Board and a substantial and committed shareholder
• Walid Damou is appointed Group CFO and Partner, effective February 2026. He joins Antin from CVC Capital Partners, where he was Head of Business Development and Shareholder Relations since 2024. Prior to that, he worked for nearly a decade at Morgan Stanley in the investment banking division
POST-CLOSING EVENT
• Antin announced the acquisition in early September of Matawan, a leading smart mobility platform offering mission critical services to public transport networks and aiming to make everyday travel easier for commuters, transport authorities and operators. Matawan represents the seventh investment of NextGen Fund I. Closing is expected in 4Q 2025
OUTLOOK
• Growth. Antin's objective is to achieve Fee-Paying AUM growth above that of the private infrastructure market over a fundraising cycle
• EBITDA. Underlying EBITDA in 2025 now expected to be around €160m to reflect FX headwinds. A significant step-up in earnings is expected by 2027, including the effects of Mid Cap Fund II and Flagship Fund VI
• Distribution to shareholders. Majority of cash earnings to be distributed in two instalments per year, one in autumn and the second after the Annual Shareholders' Meeting, with the annual quantum expected to be stable or growing. Total distribution in 2025 expected to be stable
TODAY’S CONFERENCE CALL
• Antin’s management will hold a conference call to present the half-year 2025 earnings today at 10:00 am CET (9:00 am London time)
• Please visit Antin’s shareholder website https://antin-ip.com/shareholders/to listen to the conference call or click here. A replay will also be available after the event
The condensed consolidated financial statements for the first half of 2025 that were subject to a limited review by the Statutory Auditors were adopted by the Board of Directors at its meeting on 9 September 2025. An unqualified review report is in the process of being issued by the Statutory Auditors. The condensed consolidated financial statements, a presentation of the half-year 2025 results, and the related conference call (live and replay) are available at https://antin-ip.com/shareholders/
CONSOLIDATED FINANCIAL STATEMENTS
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 & tax | (19.2) | (18.5) |
TOTAL OPERATING EXPENSES | (68.5) | (62.9) |
UNDERLYING EBITDA | 79.7 | 84.0 |
% margin | 54% | 57% |
Depreciation and amortisation | (8.7) | (7.9) |
UNDERLYING EBIT | 71.1 | 76.1 |
Net financial income and expenses | 3.4 | 7.0 |
UNDERLYING PROFIT BEFORE INCOME TAX | 74.5 | 83.1 |
Income tax | (19.2) | (21.5) |
% income tax | 26% 55.2 | 26% |
UNDERLYING NET INCOME | 61.7 | |
% margin | 37% | 42% |
Underlying earnings per share (€) - before dilution |
0.31 | 0.34 |
- after dilution | 0.31 | 0.34 |
Weighted average number of shares - before dilution | 178,741,729 | 178,800,551 |
- after dilution | 178,741,729 | 179,546,171 |
INCOME STATEMENT: REVENUE
(in €m) | 1H 2025 | 1H 2024 |
Flagship Fund II Flagship Fund III | - | 1.0 11.7 |
13.1 | ||
Flagship Fund IV Flagship Fund V | 32.4 | 27.5 76.0 |
71.8 | ||
of which catch-up fees Fund III-B Mid Cap Fund I Next Gen Fund I | 0.9 | 10.5 2.7 16.1 8.9 |
2.7 | ||
16.0 | ||
8.9 | ||
MANAGEMENT FEES | 144.8 | 143.9 |
Carried interest income Investment income | 0.1 | 0.1 - |
0.2 | ||
CARRIED INTEREST AND INVESTMENT INCOME | 0.2 | 0.1 |
Administrative fees and other revenue net | 3.1 | 2.9 |
REVENUE | 148.2 | 146.9 |
INCOME STATEMENT: RECONCILIATION 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) |
Other operating expenses & tax | (19.2) | - | (19.2) |
TOTAL OPERATING EXPENSES | (68.5) | 1.1 | (67.3) |
EBITDA | 79.7 | 1.1 | 80.8 |
Depreciation and amortisation | (8.7) | - | (8.7) |
EBIT | 71.1 | 1.1 | 72.2 |
Net financial income and expenses | 3.4 | (2.4) | 1.0 |
PROFIT BEFORE INCOME TAX | 74.5 | (1.3) | 73.1 |
Income tax | (19.2) | (2.0) | (21.2) |
NET INCOME | 55.2 | (3.3) | 51.9 |
The differences between the IFRS accounting presentation and the underlying presentation of the Consolidated Income Statement related to the following non-recurring items:
Following the non-recurring Free Share Plan (FSP) implemented at IPO, the final vesting of 745,620 shares, scheduled in May 2025, was cancelled. As a result, Antin recognized (i) a €1.1m reversal of previously accrued social charges expense, (ii) a €1.8m loss on the final termination of the hedge transaction related to the FSP and (iii) a net €2.2m reversal of previously recognised deferred tax asset.
At the end of 2024, Antin entered into a Total Return Swap (TRS) with a third-party bank. Antin recognised non-recurring financial expenses related to the TRS in 1H 2025 of €0.7m and a proportional tax reduction of €0.2m.
BALANCE SHEET
(€m) | 30-Jun-25 | 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 equivalents | 361.5 | 388.9 |
Accrued income | 11.5 | 31.1 |
Other current assets | 53.4 | 36.8 |
TOTAL CURRENT ASSETS | 426.4 | 456.8 |
TOTAL ASSETS | 612.6 | 650.0 |
TOTAL EQUITY |
485.3 | 499.7 |
Borrowings and financial liabilities | - | - |
Derivative financial liabilities | 1.4 | - |
Lease liabilities | 63.4 | 73.8 |
Other non-current liabilities | 4.9 | 3.3 |
TOTAL NON-CURRENT LIABILITIES | 69.7 | 77.1 |
Borrowings and financial liabilities | - | - |
Derivative financial liabilities | - | 1.7 |
Lease liabilities | 6.7 | 3.4 |
Income tax liabilities | 0.3 | 4.2 |
Other current liabilities | 50.7 | 64.0 |
TOTAL CURRENT LIABILITIES | 57.7 | 73.3 |
TOTAL EQUITY AND LIABILITIES | 612.6 | 650.0 |
CASH FLOW STATEMENT
(€m) | 1H 2025 | 1H 2024 |
NET CASH INFLOW / (OUTFLOW) RELATED TO OPERATING ACTIVITIES | 48.4 | 43.1 |
Of which (increase) / decrease in working capital requirement | (49.3) | (36.9) |
NET CASH INFLOW / (OUTFLOW) RELATED TO INVESTING ACTIVITIES | (10.1) | (8.5) |
Of which investment in financial assets | (2.1) | (5.1) |
Of which purchase of property and equipment | (6.4) | (2.5) |
Of which proceeds related to financial assets | - | - |
Of which net change in other financial assets | (1.6) | (0.8) |
NET CASH INFLOW / (OUTFLOW) RELATED TO FINANCING ACTIVITIES | (65.2) | (66.6) |
Of which dividends paid | (66.1) | (69.7) |
Of which payment of lease liabilities | (1.3) | (3.7) |
Of which disposal / (repurchase) of treasury shares | (1.7) | (0.3) |
Of which net financial interest received and paid | 3.9 | 7.1 |
NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS | (26.9) 388.9 (0.5) | (32.0) |
Cash and cash equivalents, beginning of period | 423.9 | |
Translation differences on cash and cash equivalents | 0.1 | |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 361.5 | 392.1 |
APPENDIX
DEVELOPMENT OF FEE-PAYING AUM OVER THE LAST TWELVE MONTHS
(€bn) Fee-Paying AUM
Beginning of period, 30 June 2024 | 20.6 |
Gross inflows | 1.5 |
Step-downs | - |
Realisations | (0.3) |
End of period, 30 June 2025 | 21.8 |
Change in % | +6.2% |
DEVELOPMENT OF FEE-PAYING AUM OVER THE LAST SIX MONTHS
 |
(€bn) Fee-Paying AUM
Beginning of period, 31 December 2024 | 21.6 |
Gross inflows | 0.5 |
Step-downs | - |
Realisations | (0.3) |
End of period, 30 June 2025 | 21.8 |
Change in % | +0.9% |
ACTIVITY REPORT
Jun-2025 Jun-2024
(€bn) last twelve months last twelve months
AUM | 33.0 | 31.7 |
Fee-Paying AUM | 21.8 | 20.6 |
Fundraising | 0.8 | 1.0 |
Investments | 0.7 | 2.5 |
Gross exits | 0.4 | - |
KEY STATS BY FUND
|
(€bn) COST OF INVESTMENTS VALUE OF INVESTMENTS
Fund | Vintage | FPAUM | Committed Capital | Total | Realised | Remaining | Total | Realised | Remaining |
Flagship | |||||||||
Fund III (4) Fund IV Fund III-B Fund V | 2016 2019 2020 2022 | 2.3 5.1 0.8 10.2 | 3.6 6.5 1.2 10.2 | 2.9 | 0.7 | 2.3 | 6.2 | 2.1 | 4.2 |
5.1 | - | 5.1 | 6.8 | - | 6.7 | ||||
1.1 | 0.3 | 0.8 | 1.9 | 0.5 | 1.4 | ||||
3.0 | - | 3.0 | 3.5 | - | 3.5 | ||||
Mid Cap | |||||||||
Fund I | 2021 | 2.2 | 2.2 | 0.9 | - | 0.9 | 1.2 | 0.0 | 1.2 |
NextGen | |||||||||
Fund I | 2021 | 1.2 | 1.2 | 0.4 | - | 0.4 | 0.5 | - | 0.5 |
(4) % realised and value of investments include the partial sale of portfolio companies from Flagship Fund III to Fund III-B
SHAREHOLDER RELATIONS Ludmilla Binet Head of Shareholder Relations Email: shareholders@antin-ip.com
MEDIA Thomas Kamm Partner - Head of Communications Nicolle Graugnard Communication Director Email: media@antin-ip.com
BRUNSWICK Email: antinip@brunswickgroup.com Tristan Roquet Montegon +33 (0) 6 37 00 52 57 |
FINANCIAL CALENDAR | |
3Q 2024 Activity Update | November 2025 |
ABOUT ANTIN INFRASTRUCTURE PARTNERS
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Antin Infrastructure Partners is a leading private equity firm focused on infrastructure. With over €33bn in Assets under Management across its Flagship, Mid Cap and NextGen investment strategies, Antin targets investments in the energy and environment, digital, transport and social infrastructure sectors. With offices in Paris, London, New York, Singapore, Seoul and Luxembourg, Antin employs over 240 professionals dedicated to growing, improving and transforming infrastructure businesses while delivering long-term value to portfolio companies and investors. Majority owned by its partners, Antin is listed on compartment A of the regulated market of Euronext Paris
(Ticker: ANTIN – ISIN: FR0014005AL0) https://www.antin-ip.com/shareholders