FY25 Results Presentation (Antin Infrastructure Partners)

Summary

• Antin invested €2.5bn in capital with 6 new portfolio companies added during 2025.p.5
• Fee-Paying Assets Under Management reached €22.0bn out of €33.8bn total AUM in 2025.p.13
• Underlying EBITDA stood at €161.7m in 2025, delivering an underlying EBITDA margin of 55%.p.13
• Total shareholder distributions reached €0.71 per share for 2025, corresponding to a dividend yield of ~8%.p.5
• Active value creation continued with >150 add-on investments completed across portfolio companies in 2025.p.8

Key insights

1. Net Asset Values increased by +11.6% across all funds in 2025, excluding foreign exchange movements.p.9
2. Antin achieved a 2.5x realised Gross Multiple and 22% realised Gross IRR across 17 Flagship exits as of 31 December 2025.p.7
3. Over €8.4bn in debt was raised or refinanced across the active portfolio during 2025.p.8
4. Mid Cap I reached full deployment following the signed investment in Belambra in February 2026.p.10
5. Activation of Mid Cap II is expected in 2Q 2026, followed by the launch of Flagship VI in 2027.p.5
6. The effective management fee rate remained stable at 1.34% in 2025 compared with 1.33% in 2024.p.14
7. Antin maintained a strong balance sheet position with €368m in cash as of 31 December 2025.p.17