Antin Infrastructure Partners (ANTIN) H2 2024 earnings summary

Executive summary

• Achieved record financial results in 2024, with all-time highs in revenue, EBITDA (€187m), net income, and fee-paying AUM, driven by strong fund performance and the €10.2bn close of Flagship Fund V, the largest global infrastructure fundraise in 2024.

• Portfolio companies delivered robust growth, with average revenue up 12% and EBITDA up 20% year-over-year, supported by 152 add-on acquisitions and 73% improving EBITDA margins.

• Distributed 93% of profits to shareholders, equating to a ~7% dividend yield and €0.71 per share, with €350m distributed since IPO.

• 2025 expected to be a transition year, with focus on preparing for the next fundraising cycle and continued disciplined capital deployment.

• All funds performed on or ahead of plan, with increases in gross multiples and Flagship Fund II fully realised at a 2.6x gross multiple.

Financial highlights

• Fee-paying AUM increased 7.3% year-over-year to €21.6bn; total AUM reached €33.3bn.

• Total revenue rose 12.6% to €318.4m, mainly from management fees and €27.7m in catch-up fees.

• Underlying EBITDA reached €186.9m, up 6.5% year-over-year, with a 59% margin.

• Underlying net income grew 6.6% to €136.3m; reported net income was €132.1m.

• Cash and cash equivalents stood at €389m with no borrowings or financial liabilities.

Outlook and guidance

• Underlying EBITDA for 2025 expected above €160m, with a significant earnings step-up anticipated by 2027 as new fundraising cycles mature.

• Dividend expected to remain stable or grow, with guidance for €0.71 per share in 2025, distributed in two instalments.

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

• Anticipates two exits in 2025 and more in 2026, with Fund IIIB likely to drive near-term carried interest.

• Focus remains on disciplined capital deployment and continued investment in people and platform.