Antin Infrastructure Partners: Record Financial Performance and Final Close for Flagship Fund V
PARIS & LONDON & NEW YORK--(BUSINESS WIRE)--March 05, 2025--
Regulatory News:
Antin Infrastructure Partners (Paris:ANTIN):
(EURm, unless otherwise indicated) 2024 2023 % change ---------------------------------------- ----- ----- -------- AUM, in EURbn 33.3 31.1 +7.2% Fee-Paying AUM, in EURbn 21.6 20.2 +7.3% Revenue 318.4 282.9 +12.6% Underlying EBITDA 186.9 175.5 +6.5% Underlying EBITDA margin 59% 62% -3pp Underlying net income 136.3 127.9 +6.6% Underlying EPS (after dilution, in EUR) 0.76 0.73 +4.7%
HIGHLIGHTS
-- AUM at EUR33.3bn, up +7.2%. Fee-Paying AUM at EUR21.6bn, up +7.3%
-- Final close above target for Flagship Fund V at EUR10.2bn; the largest
infrastructure fund to hold a final close globally in 2024
-- Strong financial results with continued growth across key metrics,
including record level of revenue, EBITDA and net income
-- Sustained momentum in capital deployment, with three investments
announced across Flagship and NextGen
-- Solid investment performance with Gross Multiples increasing across most
funds. All funds performing on or ahead of plan
-- Full realisation of Flagship Fund II at a top quartile return(1) with a
realised Gross Multiple of 2.6x
-- Full-year dividend proposed of EUR0.71 per share, of which EUR0.37 to be
distributed on 18 June 2025
-- Outlook: underlying EBITDA expected above EUR160m in 2025 with a stable
distribution to shareholders; significant increase in earnings expected
by 2027
Alain Rauscher, Chairman and CEO, declared: "2024 was another successful year
for Antin, marked by such major achievements as record financial results, the
biggest fundraise in the infrastructure sector worldwide to close during the
year and continued strong performance of our funds and operating companies.
Looking forward, we expect 2025 to be a transition year in a challenging
market environment for private markets, but also a year of great
opportunities. We remain confident that the infrastructure asset class has a
bright future ahead, underpinned by supportive secular trends such as
electrification, decarbonisation and the exponential growth of data. Antin is
well positioned to remain a leader and a winner in its field, delivering
superior returns for all its stakeholders."
ACTIVITY UPDATE
FUNDRAISING
-- Fundraising amounted to EUR1.1bn in 2024, entirely related to Flagship
Fund V
-- Flagship Fund V held a successful final close on 17 December 2024 at
EUR10.2bn, above the fund's target of EUR10bn and 56% above the size of
its predecessor. It was the largest infrastructure fund to hold a final
close in 2024 worldwide, with an upsizing that is best-in-class,
positioning Antin's Flagship strategy among the fastest-scaling large cap
infrastructure strategies globally. The fund was raised in a challenging
fundraising environment during which fund investors faced liquidity and
allocation constraints. It gathered support from both returning investors,
which contributed EUR5.8bn of commitments, and new relationships. Over
120 new investors joined the fund, further diversifying Antin's growing
investor base. In particular, commitments from North America increased by
5x while commitments from Asia increased by 2x relative to Flagship Fund
IV, attesting to the internationalisation of Antin's investor relations
platform
INVESTMENT ACTIVITY
-- Investments totalled EUR1.8bn in 2024, a slight increase compared to the
EUR1.7bn invested in 2023. Capital deployment remained prudent and
disciplined, maintaining Antin's "performance first" philosophy with a
focus on attractive risk-adjusted returns. Overall infrastructure deal
activity improved gradually in 2024, which translated into three
investments in 2024 across the Flagship and NextGen investment strategies
-- Flagship Fund V announced two investments in 2024. The first was the
acquisition of Portakabin, a market leader in the design and provision of
modular building infrastructure in the UK and expanding into Continental
Europe. The second was the launch of Proxima, the first private operator
of high-speed passenger trains in France
-- NextGen Fund I announced the acquisition of GTL Leasing, a leading lessor
of hydrogen transportation and storage equipment in North America. GTL
represents the sixth investment for NextGen Fund I, its second in North
America and the first in the rapidly expanding hydrogen industry
-- As of 31 December 2024, Flagship Fund V was 38% committed, Mid Cap Fund
I was 51% committed, and NextGen Fund I was 59% committed. Fund
investment periods are trending at 4 years for Flagship Fund V and
slightly longer for Mid Cap Fund I and NextGen Fund I
EXIT ACTIVITY
-- Exit activity resumed with the sale of Grandi Stazioni Retail $(GSR.AU)$ from Flagship Fund II. The sale of GSR marked the last exit for Flagship Fund II which is now fully realised, having delivered a top quartile(2) realised Gross Multiple of 2.6x, well above the fund's target
FUND PERFORMANCE
-- All funds continued to perform either on plan or above plan, with
increases in Gross Multiples registered across most funds in 2024
-- Gross Multiples for Flagship Fund III and Fund III-B were marked up by
+0.2x in 2024 to 2.0x and 1.8x respectively as their portfolio companies
near maturity. Flagship Fund IV's Gross Multiple remained stable
year-on-year at 1.3x. Mid Cap Fund I and NextGen Fund I Gross Multiples
were both marked up by +0.1x to 1.3x and 1.1x respectively in 2024.
Flagship Fund V's Gross Multiple was diluted in the first half of the
year by the effective closing of four new investments recognised at cost
INCOME STATEMENT ANALYSIS
REVENUE
-- Revenue reached EUR318.4m, up +12.6%. This increase was driven by higher
management fees, which accounted for 97% of total revenue, and the
successful final close of Flagship Fund V
-- Management fees in 2024 totalled EUR309.4m, up +11.2% or EUR31.1m
year-on-year, driven by additional funds raised in the year for Flagship
Fund V. The effective management fee rate(3) stood at 1.33% in 2024
compared with 1.32% in 2023. Flagship Fund V contributed EUR170.6m in
management fees in 2024, up EUR36.3m year-on-year. This includes catch-up
fees of EUR27.7m. As the fund held its final close in December 2024,
Flagship Fund V will not recognise catch-up fees in 2025
-- In addition, carried interest and investment income recorded a gain of
EUR3.5m in 2024, compared to a loss of EUR(1.2)m in 2023. This is mainly
due to the recognition of EUR3.2m of investment income, half of which
came from Fund III-B. Flagship Fund V, as well as Mid Cap Fund I and
NextGen Fund I, also reported positive investment income. Carried
interest revenue amounted to EUR0.4m. Total carried interest revenue
potential remains substantial at EUR520m assuming a 2x Gross Multiple is
achieved on funds for which Antin is entitled to carried interest
EBITDA
-- Underlying EBITDA reached EUR186.9m in 2024, an increase of +6.5% over
2023. Underlying EBITDA margin stood at 59%, down 3 percentage points
compared to 2023
-- Total operating expenses amounted to EUR131.5m in 2024, up +22.5%
compared with 2023. Operating expenses are composed of personnel expenses
and other operating expenses and taxes. Personnel expenses totalled
EUR92.5m in 2024, up +24.7%, driven by an increase in number of employees
to support the firm's expansion, annual compensation increases and
internal promotions. The number of employees increased primarily in the
investment team, which was strengthened in all geographies. Other
operating expenses and taxes totalled EUR39.0m in 2024, up by +17.4%. The
increase comes from higher operating expenses and increased operational
taxes, both related to headcount growth
-- Reported EBITDA stood at EUR187.0m in 2024 compared with EUR114.4m in
2023 as the effects of the non-recurring Free Share Plan were almost
entirely recognised as of the end of 2023
NET INCOME
-- Underlying net income amounted to EUR136.3m in 2024, up +6.6%
year-on-year
-- Depreciation & amortisation stood at EUR15.2m in 2024, down (5.5)%
year-on-year as capitalised placement fees related to Flagship Fund II
are fully amortised
-- Net financial income and expenses recorded a positive amount of EUR12.8m
in 2024, up +20.9% compared to 2023. This is primarily due to the
allocation of Antin's significant cash balances to short-term deposits
and money market instruments earning interest
-- Income tax totalled EUR48.1m in 2024. The effective tax rate increased to
26.1% from 24.8%, due mostly to the impact of the finalisation of the
regulations regarding Foreign-Derived Intangible Income (FDII) specific
to the U.S.
-- Underlying Earnings Per Share (EPS) after dilution amounted to EUR0.76
per share in 2024, up +4.7% compared with EUR0.73 per share in 2023. The
weighted average number of shares used in the calculation of the EPS was
179,545,574
-- Reported net income amounted to EUR132.1m in 2024 compared to EUR74.8m in
2023
BALANCE SHEET AND COMMITMENTS
-- The balance sheet remained strong as of 31 December 2024, with EUR388.9m
in cash and cash equivalents and no borrowings or financial liabilities
-- Antin's commitments in relation to its investments in the Antin Funds and
in Carried Interest vehicles totalled EUR197.8m as of 31 December 2024,
of which EUR113.3m is uncalled capital constituting an off-balance sheet
commitment. It included EUR95.5m related to investments in Antin Funds
and EUR17.8m related to investments in Carried Interest vehicles. As of
31 December 2024, called capital amounted to EUR84.5m, including EUR70.9m
related to investments in Antin Funds recognised at the fair value of
EUR73.9m in financial assets and EUR13.6m related to investments in
Carried Interest vehicles recognised at cost minus distributions in
accrued income
CASH FLOW AND USE OF CASH
-- Net cash inflow from operating activities amounted to EUR125.6m in 2024.
It was balanced by net cash outflow used in financing activities, which
related primarily to the payment of two dividends to shareholders
(EUR0.39 per share paid on 19 June 2024 and EUR0.34 per share paid on 14
November 2024)
-- The net decrease in cash and cash equivalents of EUR35.1m stemmed
primarily from investments in financial assets, which amounted to
EUR24.5m. These investments occur as part of Antin's policy set at IPO of
making direct investment of at least 1% into its funds
DISTRIBUTION TO SHAREHOLDERS
-- The Board of Directors of Antin, meeting on 4 March 2025, proposed the
distribution of an annual dividend amounting to EUR127.2m, equivalent to
EUR0.71 per share, of which EUR66.3m (EUR0.37 per share) for 2H 2024.
This dividend, subject to approval at the annual shareholder meeting, is
stable compared with the EUR0.71 per share paid out for 2023. It
represents a payout ratio of 93% of underlying net income
-- The dividend will be paid in cash out of distributable income. The
ex-dividend date for the second instalment is set for 16 June 2025 and
the payment set for 18 June 2025. This dividend is in line with Antin's
policy to distribute the majority of its distributable earnings to its
shareholders in two instalments per year
GOVERNANCE
-- Antin's Board of Directors, which met on 4 March 2025, approved the
audited financial statements for the 2024 fiscal year. The Statutory
Auditors are in the process of issuing a report with an unqualified
opinion, which will be issued in the 2024 Universal Registration Document
-- The Board of Directors decided to propose the re-appointments of Lynne
Shamwana and Dagmar Valcarcel as Independent Directors. Pending
shareholder approval, the Board and its Committees would remain unchanged
in their composition
POST-CLOSING EVENTS
-- On 17 January 2025, Antin was informed of a share placement of 4.55m of
its shares by a group of current and former partners at a price of
EUR10.4 per share. 50% of these shares were acquired by management,
including Chairman and CEO Alain Rauscher. The other 50% were placed to
institutional investors, leading to an expansion of Antin's free float to
16.2%. Antin was not a party to the share placement. Independent Director
Dagmar Valcarcel also increased her position in Antin on the day
following the placement
OUTLOOK
-- Growth. Antin's objective is to achieve Fee-Paying AUM growth above that
of the private infrastructure market over a fundraising cycle
-- EBITDA. Underlying EBITDA in 2025 expected to be above EUR160m. A
significant step-up in earnings is expected by 2027, including the
effects of Mid Cap Fund II and Flagship Fund VI
-- Distribution to shareholders. Majority of cash earnings to be distributed
in two instalments per year, one in autumn and the second after the
Annual Shareholders' Meeting, with the annual quantum expected to be
stable or growing. Distribution in 2025 expected to be stable
TODAY'S CONFERENCE CALL
-- Antin's management will hold a conference call to present the full-year
2024 earnings today at 10:00 am CET (9:00 am London time)
-- Please visit Antin's website https://www.antin-ip.com/shareholders to
listen to the conference call or click here. A replay will also be
available after the event
The consolidated financial statements for financial year 2024 that were
subject to a review by the Statutory Auditors were adopted by the Board of
Directors at its meeting on 4 March 2025. The consolidated financial
statements, a presentation of the full-year 2024 results, and the related
conference call (live and replay) are available at
https://www.antin-ip.com/shareholders
CONSOLIDATED FINANCIAL STATEMENTS
INCOME STATEMENT ON AN UNDERLYING BASIS
(EURm) 2024 2023 ------------------------------------------ ----------- ----------- Management fees 309.4 278.4 of which catch-up fees 27.7 13.7 Carried interest and investment income 3.5 (1.2) Administrative fees and other revenue net 5.4 5.7 TOTAL REVENUE 318.4 282.9 ------------------------------------------ ----------- ----------- Personnel expenses (92.5) (74.2) Other operating expenses & tax (39.0) (33.2) TOTAL OPERATING EXPENSES (131.5) (107.4) ------------------------------------------ ----------- ----------- UNDERLYING EBITDA 186.9 175.5 ------------------------------------------ ----------- ----------- % margin 59% 62% Depreciation and amortisation (15.2) (16.1) UNDERLYING EBIT 171.6 159.4 ------------------------------------------ ----------- ----------- Net financial income and expenses 12.8 10.6 UNDERLYING PROFIT BEFORE INCOME TAX 184.4 170.0 ------------------------------------------ ----------- ----------- Income tax (48.1) (42.1) % income tax 26% 25% UNDERLYING NET INCOME 136.3 127.9 ------------------------------------------ ----------- ----------- % margin 43% 45% ------------------------------------------ ----------- ----------- Underlying earnings per share $(EUR.AU)$ - before dilution 0.76 0.73 - after dilution 0.76 0.73 ------------------------------------------ ----------- ----------- Weighted average number of shares - before dilution 178,799,954 175,571,129 - after dilution 179,545,574 176,316,349 ------------------------------------------ ----------- -----------
INCOME STATEMENT: REVENUE
(in EURm) 2024 2023 ------------------------------------------ ----- ----- Flagship Fund II 2.0 2.8 Flagship Fund III 25.6 27.5 Flagship Fund IV 55.6 53.7 Flagship Fund V 170.6 134.3 of which catch-up fees 27.7 9.6 Fund III-B 5.4 5.8 Mid Cap Fund I 32.3 32.3 Next Gen Fund I 17.9 22.0 ------------------------------------------ ----- ----- MANAGEMENT FEES 309.4 278.4 ------------------------------------------ ----- ----- Carried interest income 0.4 (0.1) Investment income 3.2 (1.0) ------------------------------------------ ----- ----- CARRIED INTEREST AND INVESTMENT INCOME 3.5 (1.2) ------------------------------------------ ----- ----- Administrative fees and other revenue net 5.4 5.7 ------------------------------------------ ----- ----- REVENUE 318.4 282.9 ------------------------------------------ ----- -----
INCOME STATEMENT: RECONCILIATION FROM UNDERLYING TO IFRS
(EURm, 2024) Underlying basis Non-recurring items IFRS basis --------------------------- ---------------- ------------------- ---------- Management fees 309.4 - 309.4 Carried interest and investment income 3.5 - 3.5 Administrative fees and other revenue net 5.4 - 5.4 TOTAL REVENUE 318.4 - 318.4 --------------------------- ---------------- ------------------- ---------- Personnel expenses (92.5) 0.3 (92.3) Other operating expenses & tax (39.0) (0.1) (39.1) TOTAL OPERATING EXPENSES (131.5) 0.2 (131.3) --------------------------- ---------------- ------------------- ---------- EBITDA 186.9 0.2 187.0 --------------------------- ---------------- ------------------- ---------- Depreciation and amortisation (15.2) - (15.2) EBIT 171.6 0.2 171.8 --------------------------- ---------------- ------------------- ---------- Net financial income and
expenses 12.8 (4.1) 8.7 PROFIT BEFORE INCOME TAX 184.4 (4.0) 180.5 --------------------------- ---------------- ------------------- ---------- Income tax (48.1) (0.3) (48.4) NET INCOME 136.3 (4.3) 132.1 --------------------------- ---------------- ------------------- ----------
The differences between the IFRS accounting presentation and the underlying presentation of the Consolidated Income Statement related to the following non-recurring items:
The grant value of the non-recurring Free Share Plan $(FSP)$ implemented at IPO was fully recognised in the P&L as of the end of 2023. However, the deferral of the final vesting of 745,620 shares to May 2025 leads to the revaluation of the associated social charges at the end of each reporting period. Based on the evolution of Antin's share price over 2024, Antin recognised a reversal of EUR0.3m of social charges, EUR0.2m of financial expenses and EUR0.6m of income tax.
In 2024, Antin entered into a Total Return Swap $(TRS)$ with a third-party bank. Antin recognised non-recurring financial expenses related to the TRS in 2024 of EUR3.9m and a proportional tax reduction of EUR1.0m.
Antin also recognised in 2024 an asset write-off of EUR0.1m for AIP UK related to the insolvency of a building contractor and the impact of EUR0.8m on income tax regarding the 2023 application of the Foreign-Derived Intangible Income (FDII) for AIP U.S.
BALANCE SHEET
(EURm) 31-Dec-2024 31-Dec-2023 ------------------------------------------------- ----------- ----------- Property, equipment and intangible assets 25.8 20.6 Right-of-use assets 65.5 49.8 Financial assets 87.3 53.4 Deferred tax assets and other non-current assets 14.7 17.1 TOTAL NON-CURRENT ASSETS 193.3 140.9 ------------------------------------------------- ----------- ----------- Cash and cash equivalents 388.9 423.9 Accrued income 31.1 14.4 Other current assets 36.8 38.4 TOTAL CURRENT ASSETS 456.8 476.7 ------------------------------------------------- ----------- ----------- TOTAL ASSETS 650.0 617.7 ------------------------------------------------- ----------- ----------- TOTAL EQUITY 499.7 497.5 ------------------------------------------------- ----------- ----------- Borrowings and financial liabilities - - Derivative financial liabilities - 1.5 Lease liabilities 73.8 50.1 Other non-current liabilities 3.3 2.6 TOTAL NON-CURRENT LIABILITIES 77.1 54.1 ------------------------------------------------- ----------- ----------- Borrowings and financial liabilities - - Derivative financial liabilities 1.7 - Lease liabilities 3.4 7.4 Income tax liabilities 4.2 14.6 Other current liabilities 64.0 44.0 TOTAL CURRENT LIABILITIES 73.3 66.0 ------------------------------------------------- ----------- ----------- TOTAL EQUITY AND LIABILITIES 650.0 617.7 ------------------------------------------------- ----------- -----------
CASH FLOW STATEMENT
(EURm) 2024 2023 ------------------------------------------------------------ ------- ------- NET CASH INFLOW / (OUTFLOW) RELATED TO OPERATING ACTIVITIES 125.6 125.8 Of which (increase) / decrease in working capital requirement (37.2) (43.3) ------------------------------------------------------------ ------- ------- NET CASH INFLOW / (OUTFLOW) RELATED TO INVESTING ACTIVITIES (36.9) (17.8) Of which investment in financial assets (24.5) (18.7) Of which purchase of property and equipment (5.6) (5.2) Of which proceeds related to financial assets 0.2 7.4 Of which net change in other financial assets (6.9) (1.3) ------------------------------------------------------------ ------- ------- NET CASH INFLOW / (OUTFLOW) RELATED TO FINANCING ACTIVITIES (124.5) (105.6) Of which dividends paid (130.5) (106.1) Of which payment of lease liabilities (7.1) (6.0) Of which disposal / (repurchase) of treasury shares (0.1) (4.3) Of which net financial interest received and paid 13.3 10.7 ------------------------------------------------------------ ------- ------- NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS (35.7) 2.3 Cash and cash equivalents, beginning of period 423.9 422.0 Translation differences on cash and cash equivalents 0.6 (0.4) ------------------------------------------------------------ ------- ------- CASH AND CASH EQUIVALENTS, END OF PERIOD 388.9 423.9 ------------------------------------------------------------ ------- -------
APPENDIX
DEVELOPMENT OF FEE-PAYING AUM OVER THE LAST TWELVE MONTHS
(EURbn) Fee-Paying AUM -------------------------------------- -------------- Beginning of period, 31 December 2023 20.2 -------------------------------------- -------------- Gross inflows 1.5 -------------------------------------- -------------- Step-downs - -------------------------------------- -------------- Realisations - -------------------------------------- -------------- Revaluations - -------------------------------------- -------------- End of period, 31 December 2024 21.6 -------------------------------------- -------------- Change in % +7.3% -------------------------------------- --------------
ACTIVITY REPORT
Dec-2024 Dec-2023
(EURbn) last twelve months last twelve months
--------------- ------------------- -------------------
AUM 33.3 31.1
--------------- ------------------- -------------------
Fee-Paying AUM 21.6 20.2
--------------- ------------------- -------------------
Fundraising 1.1 1.8
--------------- ------------------- -------------------
Investments(4) 1.8 1.7
--------------- ------------------- -------------------
Gross exits 0.4 -
--------------- ------------------- -------------------
KEY STATS BY FUND
Committed
AUM FPAUM Capital Gross
Fund Vintage EURbn EURbn EURbn % Committed % Realised Multiple Expectation
Flagship
Fund
II 2013 0.5 0.3 1.8 87% 100% 2.6x Above plan
Fund
III
(5) 2016 6.0 2.3 3.6 89% 37% 2.0x Above plan
Fund
IV 2019 10.2 4.7 6.5 86% - 1.3x On plan
Fund
III-B 2020 1.6 0.8 1.2 88% 25% 1.8x On plan
Fund V 2022 11.3 10.2 10.2 38% - 1.1x On plan
Mid Cap
Fund I 2021 2.3 2.2 2.2 51% 1% 1.3x On plan
NextGen
Fund I 2021 1.4 1.2 1.2 59% - 1.1x On plan
(EURbn) COST OF INVESTMENTS VALUE OF INVESTMENTS
Committed
Fund Vintage FPAUM Capital Total Realised Remaining Total Realised Remaining
Flagship
Fund II 2013 0.3 1.8 1.6 1.6 - 4.2 4.2 -
Fund III 2016 2.3 3.6 2.9 0.7 2.3 6.3 2.1 4.2
Fund IV 2019 4.7 6.5 4.7 - 4.7 6.2 - 6.2
Fund
III-B 2020 0.8 1.2 1.1 0.3 0.8 1.9 0.5 1.4
Fund V 2022 10.2 10.2 3.0 - 3.0 3.2 - 3.2
Mid Cap
Fund I 2021 2.2 2.2 0.9 - 0.9 1.2 0.0 1.2
NextGen
Fund I 2021 1.2 1.2 0.4 - 0.4 0.5 - 0.5
DEFINITIONS
Antin: Umbrella term for Antin Infrastructure Partners S.A.
Antin Funds: Investment vehicles managed by Antin Infrastructure Partners SAS or Antin Infrastructure Partners UK
Assets Under Management (AUM): Operational performance measure representing the assets managed by Antin from which it is entitled to receive management fees, undrawn commitments, the assets from co-investment vehicles which do not generate management fees or carried interest, and the net value appreciation on current investments
Carried Interest: A form of investment income that Antin and other carried interest investors are contractually entitled to receive directly or indirectly from the Antin Funds, which is inherently variable and fully dependent on the performance of the relevant Antin Fund(s) and its/their underlying investments
Catch-Up Fees: Fees charged to fund investors joining after the fund's first close to ensure equal treatment among fund investors
% Committed: Measures the share of a fund's total commitments that has been deployed. Calculated as the sum of (i) closed and/or signed investments (ii) any earn-outs and/or purchase price adjustments, (iii) funds approved by the Investment Committee for add-on transactions, (iv) less any expected syndication, as a % of a fund's committed capital at a given time
Committed Capital: The total amounts that fund investors agree to make available to a fund during a specified time period
Fee-Paying Assets Under Management (FPAUM): The portion of AUM from which Antin is entitled to receive management fees across all of the Antin Funds at a given time
Gross Exits: Value amount of realisation of investments through a sale or write-off of an investment made by an Antin Fund. Refers to signed realisations in a given period
Gross Inflow: New commitments through fundraising activities or increased investment in funds charging fees after the investment period
Gross Multiple: Calculated by dividing (i) the sum of (a) the total cash distributed to the Antin Fund from the portfolio company and (b) the total residual value (excluding provision for carried interest) of the Fund's investments by (ii) the capital invested by the Fund (including fees and expenses but excluding carried interest). Total residual value of an investment is defined as the fair market value together with any proceeds from the investment that have not yet been realised. Gross Multiple is used to evaluate the return on an Antin Fund in relation to the initial amount invested
Investments: Signed investments by an Antin Fund or by an affiliate of an Antin Fund
Management Fees: Management fees are recurring revenue which Antin receives for the fund management services provided to Antin Funds. Such fees are recognised over the lifetime of each Antin Fund, which generally have ten-year initial terms with two optional extensions of one year each. The underlying investments of the Antin Funds are held on average for five to seven years
Realisations: Cost amount of realisation of investments through a sale or write-off of an investment made by an Antin Fund. Refers to signed realisations in a given period
% Realised: Measures the share of a fund's total value creation that has been realised. Calculated as realised value over the sum of realised value and remaining value at a given time
Realised Value / (Realised Cost): Value (cost) of an investment, or parts of an investment, that at the time has been realised
Remaining Value / (Remaining Costs): Value (cost) of an investment, or parts of an investment, currently owned by Antin Funds (including investments for which an exit has been announced but not yet completed)
Step-Downs: Normally resulting from the end of the investment period in an existing fund, or when a subsequent fund begins to invest
Underlying EBITDA: Earnings before interest, taxes, depreciation, and amortisation, excluding any non-recurring effects
Underlying Profit: Net profit excluding post-tax non-recurring effects
ABOUT ANTIN INFRASTRUCTURE PARTNERS
Antin Infrastructure Partners is a leading private equity firm focused on infrastructure. With over EUR33bn in Assets under Management across its Flagship, Mid Cap and NextGen investment strategies, Antin targets investments in the energy and environment, digital, transport and social infrastructure sectors. With offices in Paris, London, New York, Singapore, Seoul and Luxembourg, Antin employs over 240 professionals dedicated to growing, improving and transforming infrastructure businesses while delivering long-term value to portfolio companies and investors. Majority owned by its partners, Antin is listed on compartment A of the regulated market of Euronext Paris (Ticker: ANTIN -- ISIN: FR0014005AL0)
https://antin-ip.com/shareholders
FINANCIAL CALENDAR
1Q 2025 Activity Update 29 April 2025
2025 Annual Shareholders' Meeting 11 June 2025
Half-Year 2025 Results 11 September 2025
3Q 2025 Activity Update 6 November 2025
(1) As per Preqin
(2) As per Preqin
(3) Excluding catch-up fees and management fees for Fund III-B
(4) 2023 adjusted for the syndication of a portion of the investment in
OPDEnergy to co-investors
(5) % realised and value of investments include the partial sale of
portfolio companies from Flagship Fund III to Fund III-B
View source version on businesswire.com: https://www.businesswire.com/news/home/20250304165027/en/
CONTACT: Shareholder Relations
Ludmilla Binet
Head of Shareholder Relations
Email:
shareholders@antin-ip.com
Media
Thomas Kamm
Partner - Head of Communications
Nicolle Graugnard
Communication Director
Email:
media@antin-ip.com
Brunswick
Email:
antinip@brunswickgroup.com
Tristan Roquet Montegon
+33 (0) 6 37 00 52 57
(END) Dow Jones Newswires
March 05, 2025 01:00 ET (06:00 GMT)
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