Antin Infrastructure Partners (ANTIN) H1 2024 earnings summary

Executive summary

• Investment activity doubled year-over-year to €1.6 billion in H1 2024, supported by improved macroeconomic and capital market conditions.

• Assets under management (AUM) reached €31.7 billion, up 3.0% year-over-year, with fee-paying AUM at €20.6 billion, up 4.2%.

• Revenue grew 6.4% to €146.9 million, with management fees comprising 98% of total revenue.

• Underlying EBITDA rose 1.4% to €84.0 million (57% margin), and underlying net income increased 1.5% to €61.7 million.

• Interim dividend of €0.34 per share declared, maintaining a payout ratio near 100%.

Financial highlights

• Management fees totaled €143.9 million, up 5.3% year-over-year, with an effective management fee rate of 1.33%.

• Operating expenses increased 13.7% due to headcount expansion.

• Net financial income rose 62.5% to €7.0 million, benefiting from higher interest on cash balances.

• Cash and cash equivalents stood at €392.1 million, with no borrowings or financial liabilities.

• Earnings per share (EPS) after dilution was €0.34, up 1.1% year-over-year.

Outlook and guidance

• Flagship Fund V fundraising targeted to surpass €10 billion by year-end 2024.

• Underlying EBITDA for 2024 expected at or above prior year level.

• Majority of cash earnings to be distributed as dividends, with annual payouts expected to grow and paid in two instalments.

• Fee-paying AUM growth expected to outpace the infrastructure market over a fund cycle.

• Conservative guidance on fund deployment periods, with potential for acceleration if market conditions improve.