Antin Infrastructure Partners (ANTIN) Q1 2025 TU earnings summary

Executive summary

• AUM reached €33.3bn, up 5.8% year-over-year; Fee-Paying AUM at €21.4bn, up 5.3% year-over-year.

• All funds performed on or above plan, with Gross Multiple uplifts in recent vintages due to strong operating performance.

• Limited direct impact from US tariffs expected; portfolio is diversified and resilient to economic cycles.

• Share placement in January 2025 expanded free float for the first time since IPO; half acquired by management, half by institutional investors.

• Three Senior Partners appointed in 1Q 2025, expanding investment and operational capabilities.

Financial highlights

• Fundraising totaled €1.0bn over the last twelve months, all for Flagship Fund V, which closed at €10.2bn.

• Investments reached €1.5bn over the last twelve months; no new investments in 1Q 2025.

• Gross exits were €0.4bn, mainly from the sale of Grandi Stazioni Retail, fully realizing Flagship Fund II at a 2.6x Gross Multiple.

• Quarterly AUM and Fee-Paying AUM declined slightly (-0.2% and -1.1%) from December 2024 to March 2025.

Outlook and guidance

• 2025 outlook confirmed despite increased market volatility and global risks.

• Fee-Paying AUM growth targeted above private infrastructure market over a fundraising cycle.

• Underlying EBITDA for 2025 expected above €160m; significant earnings step-up anticipated by 2027.

• Majority of cash earnings to be distributed in two annual instalments; 2025 distribution expected to be stable.