Antin Infrastructure Partners: Significant Progress on Exits and Continued Capital Deployment

PARIS & LONDON & NEW YORK--(BUSINESS WIRE)-- Regulatory News:

Antin Infrastructure Partners (Paris:ANTIN):

HIGHLIGHTS

• Significant progress on realisations, with two exits signed over the summer, delivering a Gross Multiple at or above target and considerably increasing distributions to fund investors
• Sustained deployment across all three strategies, following a record level of capital invested in 2H 2025, totalling €2.5bn over the last twelve months, delivering diversification and differentiation to fund investors
• Sound overall portfolio performance, with main funds in value creation mode generating performance(1) around or above 15% over the last twelve months
• New fundraising cycle launched, starting with Mid Cap II
• Resilient financial performance at the start of a new fundraising cycle, with the impact of Mid Cap I step-down yet to be offset by the activation of its successor fund
• Interim dividend of €0.28 per share; full-year 2026 distribution expected to remain stable at €0.71 per share(2)

ALAIN RAUSCHER, Chairman and CEO, said:
“Since the beginning of the year, we have made strong progress across a number of exit processes and, over the summer, signed significant realisations. As we enter a new fundraising cycle, this acceleration in distributions, combined with the strong long-term tailwinds supporting infrastructure, underpins our next growth chapter. We have also maintained solid investment momentum across our three strategies.
Our financial performance has remained resilient, pending the activation of our next vintages, reflecting the strength of our model.
In a complex and rapidly evolving market environment, we have stayed true to our core: a disciplined investment approach focused on long-term value creation and attractive risk-adjusted investment returns for our clients.”

ACTIVITY UPDATE

ASSETS UNDER MANAGEMENT

• Total AUM increased to €33.3bn as of 30 June 2026, up €0.3bn or 0.8% year-on-year. In the absence of new fund closes during the period, the increase was mainly driven by €0.5bn of value creation and €0.4bn of co-investment raised, partly offset by €0.6bn of distributions to investors in Flagship III & IV, Fund III-B, and NextGen
• Fee-Paying AUM stood at €21.2bn as of 30 June 2026, down €0.6bn or 2.9% year-on-year. This mainly reflects Mid Cap I’s move to the post-investment period on 2 April, following the signing of the fund’s final investment, resulting in a €0.9bn step-down as the fund is now charging fees on invested capital. The decrease was partially offset by capital deployment in Flagship III, Fund III-B and Flagship IV over the last twelve months to support value creation plans

INVESTMENT ACTIVITY

• Capital deployment by the funds remained strong in 1H 2026, following a record level of capital invested in 2H 2025, totalling €2.5bn in the last twelve months. Through its new investments, Antin targets a diversified and differentiated exposure for its clients across geographies, sectors and underlying themes
• Three investments were signed in 1H 2026:
  • Sapphire Gas Solutions (Flagship V’s eighth portfolio company) - a vertically integrated provider of compressed natural gas and liquefied natural gas solutions in the United States
  • Belambra (Mid Cap I’s ninth and final portfolio company) - a leading French owner and operator of leisure infrastructure
  • NextGen I signed an eighth investment, which will be disclosed at closing
• As a result, committed capital as of 30 June 2026 increased as follows: Flagship V to 58% (from 53% on 31 December 2025), Mid Cap I to 80% (from 72%), and NextGen I to 66% (from 62%)

EXIT ACTIVITY

• Delivering liquidity to fund investors remains a top priority for Antin
• Several exit processes were underway over the period, two of which were successfully signed over the summer at attractive valuations: the partial realisation of Sølvtrans (Flagship III) and the full sale of Idex (Flagship III / Fund III-B). These realisations were made at or above 2.0x Gross Multiple, demonstrating Antin’s ability to deliver investment performance for its fund investors
• c.€600m was distributed to fund investors in the last twelve months. An additional c.€2.1bn is expected to be distributed following the closing of the exits announced this summer

FUND PERFORMANCE

• Performance remained “on plan”(3) across the funds overall. Fund valuations(4) were up +4.9% over the last twelve months, with main funds in value creation mode (Flagship IV & V and Mid Cap I) generating a performance around or above 15%
• Evolution of Gross Multiples in 1H 2026:
  • Flagship IV & V increased by +0.1x in 1H 2026 to 1.5x and 1.3x respectively
  • Mid Cap I and NextGen I were stable at 1.5x and 1.1x respectively, with value creation offsetting the dilution generated by the addition of new portfolio companies
  • Flagship III & Fund III-B each decreased by 0.2x to 1.7x and 1.4x respectively, due to a complex M&A environment and some asset-specific developments. Fund III-B is currently trending “below plan”, with scope for improvement on its remaining realisations

FUNDRAISING

• Mid Cap II fundraising was launched in 1H 2026. Interest from a broad and diversified group of fund investors has been strong. The activation is expected in 4Q 2026, coinciding with the signing of the fund’s first investment
• Antin hosted its Annual Fund Investor Day in York, UK, in May, providing a valuable opportunity for direct engagement with a large number of clients

INCOME STATEMENT ANALYSIS

REVENUE

• Underlying revenue amounted to €138.5m, down 4.5% compared to 1H 2025, owing to a reduction in both management fees and carried interest and investment income
• Management fees totalled €139.3m, down 3.8% or €5.6m compared to 1H 2025. The decrease was mainly driven by the step-down of Mid Cap I following the end of its investment period
  • Management fees from Flagship funds decreased by €1.7m year-on-year mainly due to the non-recurrence of catch-up fees recognised by Flagship V in 1H 2025
  • Management fees from Mid Cap I decreased by €3.8m year-on-year following the step-down of the fund on 2 April 2026. The fund moved to the post-investment period and started charging an annual fee rate of c.1.2% on invested capital (rather than on committed capital)
  • Management fees from NextGen I were stable year-on-year
  • The effective management fee rate(5) stood at 1.33% in 1H 2026, broadly stable compared with 1H 2025

OPERATING EXPENSES

• Underlying operating expenses amounted to €68.6m in 1H 2026, up 4.9% compared with 1H 2025, reflecting selective investments in the platform and cost discipline
  • Personnel expenses totalled €52.7m in 1H 2026, up 6.9%, mainly reflecting selective hirings, as the number of employees excluding Luxembourg grew modestly by 2.4%
  • Other operating expenses and taxes totalled €15.9m in 1H 2026, down
    1.2% year-on-year, as a result of increased efficiency across the platform and enhanced cost discipline

EBITDA

• Underlying EBITDA totalled €69.9m, down 12.3% year-on-year. Resilient performance at the start of a new fundraising cycle, with the decrease in EBITDA mainly driven by the Mid Cap I step-down, which is yet to be offset by the activation of its successor fund. Underlying EBITDA margin also showed resilience at 50%, down five percentage points compared to 1H 2025
  • As the activation of Mid Cap II is now expected in 4Q 2026, underlying EBITDA for 2026 is currently projected to be slightly below the 2025 level
• Reported EBITDA also stood at €69.9m in 1H 2026 (vs. €80.8m in 1H 2025). A reconciliation between reported and underlying EBITDA is available on page 7

NET INCOME

• Depreciation & amortisation stood at €8.9m in 1H 2026, up 2.9% year-on-year
• The contribution of underlying net financial income and expenses was positive at €2.7m in 1H 2026, down 21.2% year-on-year. This decrease reflects slightly lower cash balances and lower interest income following rate cuts
• Underlying income tax totalled €16.7m in 1H 2026. The effective tax rate was stable year-on-year at 26%
• Underlying net income totalled €47.0m in 1H 2026, down 15.0% year-on-year
• Underlying Earnings Per Share (EPS) amounted to €0.26 per share in 1H 2026, down 14.9% versus 1H 2025, in line with the decrease in underlying net income. The weighted average number of shares used in the EPS calculation was 178,615,468
• Reported net income amounted to €46.6m in 1H 2026 compared to €51.9m in 1H 2025. A reconciliation between reported and underlying net income is available on page 7

BALANCE SHEET AND COMMITMENTS

• The balance sheet remained strong as of 30 June 2026, with €326.0m in cash and cash equivalents, and no borrowings or financial liabilities. This strong cash position will support the payment of dividends, Antin’s continued investment in its funds and carried interest vehicle, and the Company’s future growth
• As of 30 June 2026, Antin’s financial assets stood at €110.1m, of which €91.1m were investments in Antin funds, held at fair value. Antin’s share of Carried Interest in Antin funds held at cost under accrued income amounted to €17.4m at the end of 1H 2026
• Antin’s off-balance sheet commitments in relation to its co-investments in the Antin funds and in Carried Interest totalled €94.8m as of 30 June 2026. This uncalled capital included €80.0m related to co-investments in Antin funds and €14.8m related to investments in the Carried Interest vehicles

DISTRIBUTION TO SHAREHOLDERS

• The Board of Directors of Antin, meeting on 8 September 2026, approved the distribution of an interim dividend of €0.28 per share, representing a total distribution of €50.2m
  • The interim dividend will be paid in cash out of distributable income. The ex-dividend date is 20 October 2026 and the dividend payment will take place on 22 October 2026
• Full-year distribution for 2026 expected to be stable compared to 2025, at €0.71 per share

GOVERNANCE

• At Antin’s Annual Shareholders’ Meeting on 10 June 2026, all resolutions were adopted. Ramon de Oliveira was re-appointed as Independent Director for a period of two years. He continues his duties within the Board committees of which he is a member

POST-CLOSING EVENTS

• On 29 July 2026, Flagship III announced the sale of c.30% of Sølvtrans, a world-leading wellboat operator headquartered in Norway, to GLIL Infrastructure. This partial realisation will provide liquidity to Flagship III investors
• On 31 July 2026, Antin partially unwound the Total Return Swap agreement
• On 5 August 2026, Flagship III and Fund III-B announced the entry into exclusive negotiations with the Infrastructure Investments Fund for the full sale of Idex, a leading energy platform operating 60 district heating and cooling networks, 32 energy production plants and 13 energy-from-waste plants, across France, Italy, Belgium and Lithuania

TODAY’S CONFERENCE CALL

• Antin’s management will hold a conference call to present the half-year 2026 earnings today at 10:00 am CEST (9:00 am BST)
• Please visit Antin’s shareholder website https://antin-ip.com/shareholders/ to listen to the conference call or click here. A replay will also be available after the event

The condensed consolidated financial statements for the first half of 2026 that were subject to a limited review by the Statutory Auditors were adopted by the Board of Directors at its meeting on 8 September 2026. An unqualified review report has been issued by the Statutory Auditors. The condensed consolidated financial statements, a presentation of the half-year 2026 results, and the related conference call (live and replay) are available at https://antin-ip.com/shareholders/

CONSOLIDATED FINANCIAL STATEMENTS

INCOME STATEMENT ON AN UNDERLYING BASIS

INCOME STATEMENT: BREAKDOWN OF UNDERLYING REVENUE

INCOME STATEMENT: RECONCILIATION FROM UNDERLYING TO IFRS

FOR 1H 2026

The differences between the IFRS accounting presentation and the underlying presentation of the Consolidated Income Statement relate to the following non-recurring items:

• At the end of 2024, Antin entered into a Total Return Swap (TRS) with a third-party bank. Antin recognised non-recurring financial expenses related to the TRS of €0.5m and a proportional tax reduction of €0.1m in 1H 2026

FOR 1H 2025

The underlying income statement of 1H 2025 has been restated to reflect the change in accounting methodology regarding administrative fees that was implemented at the end of 2025 and ensure comparability year-on-year

BALANCE SHEET

CASH FLOW STATEMENT

APPENDIX

DEVELOPMENT OF FEE-PAYING AUM OVER THE LAST TWELVE MONTHS

DEVELOPMENT OF FEE-PAYING AUM OVER THE LAST SIX MONTHS

ACTIVITY REPORT

KEY STATS BY FUND

DEFINITIONS

Antin: Umbrella term for Antin Infrastructure Partners S.A.

Antin Funds: Investment vehicles managed by Antin Infrastructure Partners SAS or Antin Infrastructure Partners UK

Assets Under Management (AUM): Operational performance measure representing the assets managed by Antin from which it is entitled to receive management fees, undrawn commitments, the assets from co-investment vehicles which do not generate management fees or carried interest, and the net value appreciation on current investments

Carried Interest: A form of investment income that Antin and other carried interest investors are contractually entitled to receive directly or indirectly from the Antin Funds, which is inherently variable and fully dependent on the performance of the relevant Antin Fund(s) and its/their underlying investments

% Committed: Measures the share of a fund’s total commitments that has been deployed. Calculated as the sum of (i) closed and/or signed investments (ii) any earn-outs and/or purchase price adjustments, (iii) funds approved by the Investment Committee for add-on transactions, (iv) less any expected syndication, as a % of a fund’s committed capital at a given time

Committed Capital: The total amounts that fund investors agree to make available to a fund during a specified time period

Fee-Paying Assets Under Management (FPAUM): The portion of AUM from which Antin is entitled to receive management fees across all of the Antin Funds at a given time

Gross Exits: Value amount of realisation of investments through a sale or write-off of an investment made by an Antin Fund. Refers to signed realisations in a given period

Gross Inflow: New commitments through fundraising activities or increased investment in funds charging fees after the investment period

Gross Multiple: Calculated by dividing (i) the sum of (a) the total cash distributed to the Antin Fund from the portfolio company and (b) the total residual value (excluding provision for carried interest) of the Fund’s investments by (ii) the capital invested by the Fund (including fees and expenses but excluding carried interest). Total residual value of an investment is defined as the fair market value together with any proceeds from the investment that have not yet been realised. Gross Multiple is used to evaluate the return on an Antin Fund in relation to the initial amount invested

Investments: Signed investments by an Antin Fund or by an affiliate of an Antin Fund

Realisations: Cost amount of realisation of investments through a sale or write-off of an investment made by an Antin Fund. Refers to signed realisations in a given period

% Realised: Measures the share of a fund’s total value creation that has been realised. Calculated as realised value over the sum of realised value and remaining value at a given time

Realised Value / (Realised Cost): Value (cost) of an investment, or parts of an investment, that at the time has been realised

Remaining Value / (Remaining Costs): Value (cost) of an investment, or parts of an investment, currently owned by Antin Funds (including investments for which an exit has been announced but not yet completed)

Step-Downs: Normally resulting from the end of the investment period in an existing fund, or when a subsequent fund begins to invest

Underlying EBITDA: Earnings before interest, taxes, depreciation, and amortisation, excluding any non-recurring effects

Underlying Profit: Net profit excluding post-tax non-recurring effects

ABOUT ANTIN INFRASTRUCTURE PARTNERS

Antin Infrastructure Partners is a leading private equity firm focused on infrastructure. With over €33bn in Assets under Management across its Flagship, Mid Cap and NextGen investment strategies, Antin targets investments in the energy and environment, digital, transport and social infrastructure sectors. With offices in Paris, London, New York, Seoul, Melbourne and Luxembourg, Antin employs over 250 professionals dedicated to growing, improving and transforming infrastructure businesses while delivering long-term value to portfolio companies and investors. Majority owned by its partners, Antin is listed on compartment A of the regulated market of Euronext Paris (Ticker: ANTIN – ISIN: FR0014005AL0)

https://www.antin-ip.com/shareholders

View source version on businesswire.com: https://www.businesswire.com/news/home/20260908287607/en/

Shareholder Relations
Ludmilla Binet
Head of Shareholder Relations
Email:
[email protected]

Media
Thomas Kamm
Partner - Head of Communications
Nicolle Graugnard
Communication Director
Email:
[email protected]

Brunswick
Email:
[email protected]
Tristan Roquet Montegon
+33 (0) 6 37 00 52 57

Source: Antin Infrastructure Partners

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