Half-Year 2024 Results Presentation (Antin Infrastructure Partners)

Summary

• Flagship Fund V reached €9.4bn in commitments as of 30 June 2024 and remains on track to raise over €10bn by year-end.p.5
• Antin maintained a solid financial position with €392m in cash and cash equivalents and no financial borrowings.p.18
• An interim dividend of €0.34 per share was declared for 1H 2024, equivalent to a payout ratio of ~100% of underlying net profit.p.19
• Total Assets Under Management (AUM) reached over €31bn across Flagship, Mid Cap, and NextGen investment strategies.p.32

Key insights

1. Investment activity accelerated significantly, with deployment reaching €1.6bn in 1H 2024 compared to €0.8bn in 1H 2023.p.5
2. Portfolio companies demonstrated resilience with +12% revenue growth and +19% EBITDA growth year-on-year.p.7
3. Long-term contracted management fees accounted for more than 98% of total revenue in 1H 2024.p.12
4. Antin estimates potential carried interest revenue of ~€480m from existing fund vintages based on a 2.0x gross multiple assumption.p.15
5. Flagship Fund II achieved a 2.6x gross multiple upon its final exit, placing its performance in the top quartile.p.23
6. Approximately 73% of portfolio company debt is hedged, with no major refinancing required in 2024.p.7