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Antin Infrastructure Partners (ANTIN) investor relations material
Antin Infrastructure Partners H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary10 Sep, 2025
Executive summary
Assets under management reached €33.0bn at 30 June 2025, up 4.2% year-over-year, with fee-paying AUM at €21.8bn, up 6.2% year-over-year, driven by prior fundraising and capital calls for existing funds.
Portfolio companies achieved nearly 20% EBITDA growth and 10.4% revenue growth year-over-year, demonstrating resilience amid macroeconomic volatility.
Revenue for 1H 2025 was €148.2m, up 0.9% year-over-year, with management fees comprising over 95% of total revenue; underlying EBITDA was €79.7m, up 7.1% year-over-year excluding non-recurring catch-up fees.
Interim dividend of €0.36 per share declared, representing a payout ratio of 117% of underlying net income, to be distributed in November 2025.
Investment activity included the acquisition of Matawan, a leading smart mobility platform, as the 7th investment for NextGen Fund I, announced post-period.
Financial highlights
Fee-paying AUM exceeded €21bn, up 6.2% year-over-year, with management fees stable at €144.8m and effective management fee rate at 1.34%.
Underlying EBITDA margin was 54%, with underlying net income margin at 37%.
Personnel expenses increased 11.1% to €49.3m, reflecting headcount growth and promotions.
Cash and cash equivalents stood at €361.5m at 30 June 2025, with no borrowings or financial liabilities.
Distribution yield was 6.4% and payout ratio 117%.
Outlook and guidance
Underlying EBITDA for 2025 expected around €160m, reflecting FX headwinds; significant earnings step-up anticipated by 2027 with new fund launches.
Fee-paying AUM growth is targeted to outpace the private infrastructure market over a fundraising cycle.
Majority of cash earnings to be distributed in two instalments per year; total 2025 distribution expected to be stable or growing.
No carried interest recognition expected in 2025, but medium-term potential remains above €500 million.
What drives the 2027 earnings step-up
Quantify FX impact on 2025 EBITDA
Detail the exit pipeline for Flagship Fund III
Clarify carry recognition triggers and FX impact
What drives current fund deployment pace?
Conditions for launching new strategies?
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Next Antin Infrastructure Partners earnings date
H2 20254 Mar, 2026
Next Antin Infrastructure Partners earnings date
H2 20254 Mar, 2026
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Frequently asked questions
Antin Infrastructure Partners SAS is a private equity firm that specializes in infrastructure investments. The company manages a number of funds that target investments across Europe and North America in key sectors such as energy and environment, digital, transportation, and social infrastructure. The firm aims to generate attractive risk-adjusted returns for investors through a combination of capital appreciation and cash yield. The company's approach to value creation involves working closely with management teams to improve financial performance, service quality, and health and safety conditions of its portfolio companies. The company is headquartered in Paris, France, and its shares are listed on the Euronext Paris stock exchange.
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