Antin Infrastructure Partners (ANTIN) H2 2025 earnings summary

Executive summary

• Achieved strong financial performance in 2025, with underlying EBITDA up 1.0% year-over-year excluding catch-up fees, and €2.5bn invested across six new portfolio companies, marking the best half-year for deployment since IPO.

• Entered a new growth phase with the launch of a fundraising cycle: Mid Cap II activation expected in Q2 2026 and Flagship VI in 2027.

• Maintained a resilient business model focused on essential infrastructure in Europe and North America, supported by sector expertise and operational capabilities.

• Active exit pipeline with several sale processes launched or imminent, expected to boost distributions in 2026 and 2027.

Financial highlights

• Fee-paying AUM rose 1.6% to €22.0bn, with total AUM at €33.8bn.

• Underlying EBITDA (excluding catch-up fees) increased by 1.0% to €160.9m; EBITDA margin stable at 55%.

• Recurring revenue grew by 2.2% to €291.6m, driven by fee-paying AUM growth.

• Shareholder distributions remained stable at €0.71 per share, with a payout ratio above 100% and a yield of 8%.

• Cash and cash equivalents at year-end stood at €368m.

Outlook and guidance

• Underlying EBITDA expected to remain broadly stable in 2026, with a step-up in 2027 as Mid Cap II and Flagship VI contribute.

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

• Majority of cash earnings to be distributed, with stable or growing annual distributions paid in two instalments.

• Carried interest recognition in 2026 depends on timing and outcome of Fund III and III-B exits.