Antin Infrastructure Partners (ANTIN) H1 2024 earnings summary

Executive summary

• Investment activity doubled year-over-year in H1 2024, reaching EUR 1.6 billion, supported by improved macroeconomic and capital market conditions.

• Flagship Fund V reached EUR 9.4 billion in commitments (94% of target) and is on track to exceed EUR 10 billion by year-end, among the fastest-scaling large cap infrastructure funds globally.

• Dividend payout ratio maintained at or near 100%, resulting in a 6% yield and strong cash position.

• Exit activity resumed with the sale of Grandi Stazioni Retail, delivering a 2.6x gross money multiple for Fund II and top quartile performance.

• Solid financial results with continued P&L growth and robust investment performance.

Financial highlights

• Total AUM increased to EUR 31.7 billion (+3% year-over-year); fee-paying AUM rose 4.2% to EUR 20.6 billion.

• Revenue grew 6.4% year-over-year to EUR 146.9 million, with management fees as the primary source (98%).

• EBITDA reached EUR 84 million (+1.4% year-over-year), with EBITDA margin at 57%.

• Underlying net income was EUR 61.7 million (+1.5% year-over-year), and EPS was EUR 0.34.

• Cash and cash equivalents stood at EUR 392 million with no borrowings or financial liabilities.

Outlook and guidance

• 2024 outlook unchanged: expect to complete Fund V fundraising above EUR 10 billion and underlying EBITDA at or above prior year level.

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

• Fee-paying AUM growth expected to outpace the infrastructure market over a fund cycle.

• Conservative guidance on fund deployment periods, with potential for acceleration if market conditions improve.