Half-Year 2024 Financial Report (Antin Infrastructure Partners)

Summary

• Total Assets under Management reached €31.7 billion as of 30 June 2024, up +1.9% from €31.1 billion as of 31 December 2023.p.6
• Fee-Paying AUM amounted to €20.6 billion as of 30 June 2024, representing a +2.0% increase from €20.2 billion as of 31 December 2023.p.6
• Capital deployment accelerated with investments doubling to €1.6 billion in 1H 2024 from €0.8 billion in 1H 2023.p.6
• Total revenue grew by +6.4% year-on-year to €146.9 million in 1H 2024, driven primarily by €143.9 million in management fees.p.8
• Underlying EBITDA reached €84.0 million in 1H 2024, representing an underlying EBITDA margin of 57%.p.9
• Underlying net income increased to €61.7 million in 1H 2024, up +1.5% compared with 1H 2023.p.9
• Cash and cash equivalents stood at €392.1 million as of 30 June 2024, with no borrowings or financial liabilities.p.11

Key insights

1. Flagship Fund V secured €9.4 billion in commitments as of 30 June 2024, representing 94% of its €10 billion target size.p.6
2. Gross Multiples across several funds increased in the first half of 2024, with Flagship Fund III, Fund III-B, and Mid Cap Fund I all marked up by +0.1x.p.7
3. Flagship Fund V generated €76.0 million in management fees during 1H 2024, including €10.5 million in catch-up fees.p.8
4. Total operating expenses increased by +13.7% to €62.9 million in 1H 2024, driven primarily by a +12.0% growth in headcount.p.9
5. The Board of Directors declared an interim dividend of €60.9 million, equivalent to €0.34 per share.p.10
6. Net cash inflows from operating activities reached €43.1 million in 1H 2024, affected by a €36.9 million increase in working capital.p.12
7. Uncalled commitments related to investments in Antin Funds and carried interest totalled €127.4 million as of 30 June 2024.p.13