Antin Infrastructure Partners (ANTIN) Q3 2024 TU earnings summary

Executive summary

• Assets under management (AUM) reached €32.3bn, up 4.7% year-over-year, with fee-paying AUM at €21.0bn, up 5.2% year-over-year.

• Flagship Fund V commitments reached €9.8bn, nearing the €10bn target, with final closing expected before year-end.

• Exit activity resumed with the sale of Grandi Stazioni Retail, expected to fully realize Flagship Fund II at a top quartile gross multiple of 2.6x.

• Interim cash dividend of €0.34 per share to be paid on 14 November 2024.

Financial highlights

• Fundraising totaled €1.3bn over the last twelve months, with €0.4bn raised in 3Q 2024.

• Investments reached €2.6bn over the last twelve months.

• Gross exits amounted to €0.4bn over the last twelve months.

• Underlying EBITDA for 2024 expected at or above prior year level of ~€175m.

Outlook and guidance

• 2024 outlook confirmed, with expectations to complete Flagship Fund V fundraising above €10bn.

• Fee-paying AUM growth targeted to exceed the private infrastructure market over the cycle.

• Majority of cash earnings to be distributed as dividends, paid in two annual installments.