Antin Infrastructure Partners (ANTIN) H1 2025 earnings summary

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 fundraising and capital calls.

• Portfolio companies achieved nearly 20% EBITDA growth over the last 12 months, with revenue up 10.4% and EBITDA up 19.1% across the portfolio.

• 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% excluding non-recurring catch-up fees.

• Investment activity included the acquisition of Matawan for NextGen Fund I, marking its seventh investment, and a robust exit pipeline with several Fund III and IV investments nearing maturity.

• Interim dividend of €0.36 per share declared, representing a payout ratio of 117% of underlying net income, with over €400 million returned to shareholders since IPO.

Financial highlights

• Fee-paying AUM increased by 6.2% year-on-year, with management fees stable at €144.8m and an effective management fee rate of 1.34%.

• Underlying EBITDA margin was 54%, underlying net income margin at 37%, and underlying net income was €55.2m.

• Personnel expenses increased by 11.1% to €49.3m, reflecting headcount growth and promotions.

• Catch-up fees dropped significantly from €10.5m in 1H 2024 to €0.9m in 1H 2025.

• Cash and cash equivalents stood at €361.5m at 30 June 2025, with no borrowings or financial liabilities.

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 targeted to outpace the private infrastructure market over a fundraising cycle.

• No carried interest recognition expected in 2025, but medium-term potential remains above €500m.

• Stable or growing annual distributions paid in two instalments; total 2025 distribution expected to be stable.