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 prior fundraising and capital calls for existing funds.

• Portfolio companies achieved nearly 20% EBITDA growth and 10.4% revenue growth year-over-year, demonstrating resilience amid macroeconomic volatility.

• 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% year-over-year excluding non-recurring catch-up fees.

• Interim dividend of €0.36 per share declared, representing a payout ratio of 117% of underlying net income, to be distributed in November 2025.

• Investment activity included the acquisition of Matawan, a leading smart mobility platform, as the 7th investment for NextGen Fund I, announced post-period.

Financial highlights

• Fee-paying AUM exceeded €21bn, up 6.2% year-over-year, with management fees stable at €144.8m and effective management fee rate at 1.34%.

• Underlying EBITDA margin was 54%, with underlying net income margin at 37%.

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

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

• Distribution yield was 6.4% and payout ratio 117%.

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

• Majority of cash earnings to be distributed in two instalments per year; total 2025 distribution expected to be stable or growing.

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