Antin Infrastructure Partners (ANTIN) Q3 2025 TU earnings summary

Executive summary

• Assets under management (AUM) reached €33.3bn, up 3.2% year-over-year, with fee-paying AUM at €21.8bn, up 3.9% year-over-year.

• Three new investments were signed in 3Q 2025: Aquavista and Swiftair (Mid Cap Fund I), and Matawan (NextGen Fund I).

• All funds performed on or above plan, with Gross Multiple uplifts in Flagship Funds IV and V and Mid Cap Fund I.

• Interim cash dividend of €0.36 per share to be paid on 14 November 2025.

• 2025 outlook confirmed, with focus on capital deployment, operational improvement, and preparing exits.

Financial highlights

• Fundraising totaled €0.4bn over the last twelve months, mainly from the final close of Flagship Fund V at €10.2bn.

• Investments reached €1.0bn over the last twelve months, with three new investments in 3Q 2025.

• No exits were signed in the last twelve months, but a solid near-term exit pipeline is in place.

• Interim dividend of €0.36 per share to be paid in November 2025.

Outlook and guidance

• Outlook for 2025 confirmed, targeting fee-paying AUM growth above the private infrastructure market over a fundraising cycle.

• Underlying EBITDA for 2025 expected to be around €160m, with a significant earnings step-up anticipated by 2027.

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