1H25 Financial Report (Antin Infrastructure Partners)

Summary

• Fee-Paying AUM rose to €21.8 billion as of 30 June 2025, up +6.2% year-on-year.p.6
• Total Assets under Management reached €33.0 billion at the end of 1H 2025, up 4.2% year-on-year.p.6
• Total revenue reached €148.2 million in 1H 2025, up +0.9% compared with 1H 2024.p.8
• The Board declared an interim dividend of €64.5 million, equivalent to €0.36 per share, representing a payout ratio of 117%.p.10

Key insights

1. Management fees continue to account for over 95% of total revenue, amounting to €144.8 million in 1H 2025.p.8
2. Investments reached €0.7 billion over the last twelve months, related entirely to capital injections to fuel portfolio company growth.p.6
3. Gross exits amounted to €0.4 billion over the last twelve months, relating entirely to the exit of Grandi Stazioni Retail.p.6
4. As of 30 June 2025, Flagship Fund V, Mid Cap Fund I and NextGen Fund I were ~38%, ~50% and ~58% committed respectively.p.6
5. Personnel expenses rose by +11.1% to €49.3 million, driven by an increase in headcount to 248 employees.p.9
6. The effective management fee rate stood at 1.34% in 1H 2025, broadly in line with 1.33% in 1H 2024.p.8
7. Antin announced the acquisition of smart mobility platform Matawan as the seventh investment of NextGen Fund I.p.12
8. Net cash inflows from operating activities reached €48.4 million in 1H 2025, an increase of +12.3% year-on-year.p.12