Antin Infrastructure Partners (ANTIN) H2 2025 earnings summary

Executive summary

• Achieved strong financial performance in 2025, with accelerated investment activity and value creation across the portfolio, including €2.5bn deployed in six investments in H2, marking the best half-year for deployment since IPO.

• Entered a new growth phase with the launch of a fundraising cycle: Mid Cap II activation expected in Q2 2026 and Flagship VI in 2027.

• Maintained stable shareholder distributions at €0.71 per share, with a payout ratio above 100% and a yield of approximately 8%.

• Active exit pipeline with several sale processes underway, expected to boost distributions in 2026 and 2027.

• Selective hiring led to a net increase of 13 employees, focusing on investment and investor relations teams.

Financial highlights

• Underlying EBITDA increased by 1.0% year-over-year (excluding catch-up fees), reaching €160.9m; EBITDA margin remained stable at 55%.

• Fee-paying AUM rose 1.6% to €22.0bn, with total AUM at €33.8bn.

• Underlying revenue (excluding catch-up fees) grew 2.2% to €291.6m; including catch-up fees, revenue declined 6.5% year-over-year.

• Underlying net income (excluding catch-up fees) was €110.3m, with a margin of 38%.

• Cash and cash equivalents at year-end stood at €368m, with no borrowings or financial liabilities.

Outlook and guidance

• Fee-paying AUM growth targeted above the infrastructure market over the fundraising cycle.

• Underlying EBITDA expected to remain broadly stable in 2026, with a step-up in 2027 as Mid Cap II and Flagship VI contribute.

• Majority of cash earnings to be distributed, with stable or growing annual distributions paid in two instalments.

• Carried interest recognition in 2026 depends on timing and outcome of exits, especially from Fund III and III-B.

• 2026 dividend expected to remain stable; 2027 to see revenue growth from full ramp-up of Mid Cap II and initial contribution from Fund VI.