Antin Infrastructure Partners

Latest Results (03.12.2025):

Antin Infrastructure Partners — Full‑Year 2024 (Q4 2024 / as of 31 December 2024): Antin reported record full‑year financial results driven by the successful final close of Flagship Fund V, double‑digit revenue growth and higher underlying EBITDA. The firm closed Flagship Fund V at €10.2bn, delivered revenue of €318.4m and underlying EBITDA of €186.9m, returned substantial capital to shareholders and reiterated a positive medium‑term outlook for fee income, carried interest upside and exit activity.

Fundraising — Flagship Fund V

Flagship Fund V completed a final close at €10.2bn in 2024, described as the world’s largest infrastructure fund to close that year. The close included significant upsizing and a mix of returning and new investors across geographies.

Revenue and profitability

Reported revenue for FY 2024 was €318.4m (double‑digit growth year‑on‑year). Underlying EBITDA rose to €186.9m (+6.5% vs prior year) and underlying EPS after dilution was €0.76, reflecting continued earnings growth following the prior‑year step change.

AUM, fees and fee rate

AUM/fee‑paying AUM expanded with higher management fees from the Fund V close. The report shows an effective management fee rate around 1.33% (excluding catch‑up fees) and material catch‑up/ carried interest potential ahead.

Carried interest upside

Antin discloses significant carried‑interest potential over the medium term — management estimates aggregate carried interest upside of roughly €520m (assuming certain realised multiples, e.g., 2.0x), with Fund V, Fund III‑B, Mid Cap and NextGen contributing to the pipeline.

Capital returns and balance sheet

The company returned capital to shareholders (~€392m) in FY 2024, reports strong cash balances (~€389m) and says it has no borrowings, supporting continued shareholder distributions, co‑investment and opportunistic growth initiatives. FY 2024 dividend per share was €0.71 with a 93% payout ratio and an indicated dividend yield near 7% (based on year‑end share price).

Portfolio operating performance

Portfolio companies showed resilient growth: revenue +12% y‑o‑y and EBITDA +20% y‑o‑y on average for portfolio companies with comparable data. Antin highlighted active value creation through add‑ons (73% of portfolio companies had add‑ons), 12 financings/refinancings in 2024 and ongoing growth initiatives.

Exits and performance track record

Antin reported 17 exits to date, including the full realisation of Flagship Fund II (gross multiple ~2.6x). Fund performance overall is described as on or above plan for most funds, with exit activity expected to ramp up through the next two years.

Sustainability, AI and operational initiatives

Sustainability is a stated driver of deal sourcing and value creation (notably €4.4bn invested in companies providing energy transition solutions and comprehensive climate risk assessment across portfolio companies). Antin is also deploying AI and data science (including a GenAI investor‑relations chatbot) to boost due diligence, performance improvement and internal efficiencies.