Antin Infrastructure Partners

Latest Results (16.01.2026):

Antin Infrastructure Partners — Half‑year 2025 (covering Q1–Q2 2025): Antin reported modest top‑line growth in 1H 2025 with revenue roughly €148.2m (+0.9% year‑on‑year) while underlying EBITDA fell to ~€79.7m (-5.2% y/y) and underlying net income to ~€55.2m (-10.4% y/y). Results were affected by non‑recurring catch‑up fees (Flagship Fund V: €0.9m in 1H 2025 vs €10.5m in 1H 2024); excluding those items, revenue and profitability show stronger underlying growth. Fee‑paying AUM is around €21bn and the firm continues active asset management, recent acquisitions and financing activity, and a shareholder distribution policy with a payout above 100% of underlying net profit.

Financial performance (1H 2025)

Revenue: ~€148.2m in 1H 2025 (+0.9% y/y; +8.0% excl. catch‑up fees). Underlying EBITDA: ~€79.7m (-5.2% y/y) but +7.1% excluding catch‑up fees. Underlying net income: ~€55.2m (-10.4% y/y; +1.3% excl. catch‑up fees). Catch‑up fees were €0.9m in 1H 2025 vs €10.5m in 1H 2024 (non‑recurring).

Funds, AUM and portfolio

Fee‑paying AUM about €21bn. Flagship funds remained on or above plan and NAVs across the portfolio rose ~+4.7% in 1H 2025 excluding FX. Active NextGen and Mid‑Cap deployment continued (several NextGen investments and bolt‑ons noted).

Shareholder returns and cash distribution

High distributions maintained: 1H 2025 first instalment distributed (~€64.5m; quantum shown as €0.36 per share for the instalment) and Antin targets a >100% payout ratio on underlying net profit. The company indicates 2025 total distribution expected to be stable (subject to Board/AGM confirmation).

Carried interest upside

Antin highlights significant theoretical carried interest upside (modelled >€500m total at a 2.0x gross multiple), with Fund V cited as the largest single contributor (~€350m theoretical). The firm expects carried interest revenue recognition to materialise in the near‑to‑medium term and to provide upside to future P&L.

M&A and financing activity

Antin announced the acquisition of Matawan (a secured smart‑mobility platform) and reported material financing activity, including a new €350m 2‑year senior facility and additional junior financing. The group continues to execute bolt‑on M&A and to raise acquisition financing for portfolio companies.

Outlook (2025)

The 2025 outlook was refined: fee‑paying AUM growth expected to outpace the infrastructure market, underlying EBITDA for full‑year 2025 targeted at around €160m (noting FX headwinds), and distributions expected to remain stable with the majority of cash earnings distributed over a fundraising cycle.