FINANCIAL REPORT HALF-YEAR 2025

1	ACTIVITY REPORT	5

1.1	Activity update	6
1.2	Analysis of the half-year condensed consolidated financial statements	8
1.3	Significant events since 30 June 2025	12
1.4	Governance	13
1.5	Risk factors	13
1.6	Related party transactions	13
1.7	Profit forecast and outlook	13
2	HALF‑YEAR CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	15
2.1	Half-year condensed consolidated financial statements	16
2.2	Notes to the half-year condensed consolidated financial statements	21
2.3	Statutory Auditors' report on the consolidated financial statements	47

3	PERSON RESPONSIBLE FOR THE INFORMATION	49
3.1	Person responsible for the half-year financial report	50
3.2	Statement of the person responsible for the half‑year financial report	50

4 GLOSSARY ⁵¹

Antin at a glance

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, Singapore, Seoul and Luxembourg, Antin employs over 240 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).

ANTIN OPERATES THREE DIFFERENTIATED INFRASTRUCTURE INVESTMENT STRATEGIES

Mid Cap

Key figures

KEY PERFORMANCE INDICATORS

(€m, unless otherwise indicated)	1H 2025	1H 2024
Assets under management as of period end (€bn)	33.0	31.7
Fee-paying assets under management as of period end (€bn)	21.8	20.6
Fundraising over the last twelve months (€bn)	0.8	1.0
Investments over the last twelve months (€bn)	0.7	2.5
Gross exits over the last twelve months (€bn)	0.4	-
Total revenue	148.2	146.9
Management fees revenue	144.8	143.9
Effective management fee rate (%)(1)	1.34%	1.33%
Underlying EBITDA	79.7	84.0
Underlying EBITDA margin (%)	54%	57%
Underlying net income	55.2	61.7
IFRS net income	51.9	60.2
Total assets	612.6	590.9
Cash/(net financial debt)	361.5	392.1
Total equity	485.3	487.8
No. of employees	248	242
No. of investment professionals	120	112

(1) Excluding catch-up fees and management fees for Fund III-B.

SHARE INFORMATION

(€m, unless otherwise indicated)	30-Jun-2025	30-Jun-2024
Share price (€ per share)	11.5	11.3
No. of shares outstanding	178,682,667	178,792,116
Market capitalisation (€bn)	2.1	2.0
Weighted average no. of shares	178,741,729	178,800,551
Diluted weighted average no. of shares	178,741,729	179,546,171
Earnings per share (€ per share, underlying)	0.31	0.34
Diluted earnings per share (€ per share, underlying)	0.31	0.34
Earnings per share (€ per share, IFRS)	0.29	0.34
Diluted earnings per share (€ per share, IFRS)	0.29	0.34
Distribution per share (€ per outstanding share)	0.36	0.34
Payout ratio	117%	99%
Distribution yield (%)(1)	6.4%	6.5%

(1) Calculated as the dividend per share distributed over the last twelve months divided by the share price as of 30 June 2025.

1 ACTIVITY REPORT

1.1	ACTIVITY UPDATE	6
1.1.1	Fundraising, investment and exit activities	6
1.1.2	Evolution of Fee-Paying AUM	6
1.1.3	Investment performance	7
1.2	ANALYSIS OF THE HALF-YEAR CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	8
1.2.1	Analysis of the consolidated income statement on an underlying basis	8
1.2.2	Reconciliation of IFRS results and underlying results	10
1.2.3	Analysis of the consolidated balance sheet	11
1.2.4	Analysis of the consolidated cash flow statement	12
1.3	SIGNIFICANT EVENTS SINCE 30 JUNE 2025	12
1.4	GOVERNANCE	13
1.5	RISK FACTORS	13
1.6	RELATED PARTY TRANSACTIONS	13
1.7	PROFIT FORECAST AND OUTLOOK	13

1.1 ACTIVITY UPDATE

1.1.1 Fundraising, investment and exit activities

(in €bn)	30 June 2025	30 June 2024
AUM at period end	33.0	31.7
Fee-Paying AUM at period end	21.8	20.6
Fundraising over the last twelve months	0.8	1.0
Investments over the last twelve months	0.7	2.5
Gross exits over the last twelve months	0.4	-

Fee-Paying AUM rose to €21.8 billion at the end of the first half of 2025, up €1.2 billion or +6.2% year-on-year, owing to funds raised for Flagship Fund V in the second half of 2024 as well as capital calls made on Flagship Funds III and IV over the period.

Total AUM stood at €33.0 billion at the end of the first half of 2025, up €1.3 billion or 4.2% year-on-year. This increase is the combined effect of the increase in Fee-Paying AUM, as well as value creation on the portfolio and co-investment raised in the second half of 2024; it is partially offset by negative currency effects observed in the first half of 2025.

No funds were in fundraising mode in the first half of 2025 as all three of Antin's investment strategies were focused on deploying capital that had already been raised. The next fundraising cycle is expected to kick-off with Mid Cap Fund II in 2026.

Investments reached €0.7 billion over the last twelve months, related entirely to capital injections to fuel the growth of existing portfolio companies and develop scaled platforms. Those injections, combined with active asset management initiatives, led to the strong growth over the last twelve months

1.1.2 Evolution of Fee-Paying AUM

of +10.4% for revenue and +19.1% for EBITDA across the portfolio(1) .

No new investment was announced during the reporting period, the number of Investment Committee meetings to review new opportunities ramped up over the first half of 2025, leading to the signing of Matawan. Matawan provides ticketing and information solutions for passenger transportation, and represents the seventh investment from NextGen Fund I. It is presented in Section 1.3 "Significant events since 30 June 2025".

As of 30 June 2025, Flagship Fund V, Mid Cap Fund I and NextGen Fund I were ~38%, ~50% and ~58% committed with five, five and six investments respectively.

Gross exits amounted to €0.4 billion over the last twelve months, relating entirely to the exit of Grandi Stazioni Retail in the second half of 2024. No exit was signed in the first half of 2025. The exit pipeline is solid with several investments from Flagship Fund III ready for exit. As a result, distributions to fund investors are expected to increase in the next 18 to 24 months.

(in €bn) Fee-Paying AUM

Beginning of period, 31-Dec-2024	21.6
Gross inflows	0.5
Step-downs	-
Realisations(1)	(0.3)
END OF PERIOD, 30-JUN-2025	21.8
Change in %	+0.9%

(1) Exits at cost.

Gross inflows increased Fee-Paying AUM by €0.5 billion in the first half of 2024. This consists exclusively of add-on capital called for Flagship Fund IV to support the expansion and value creation plans of its portfolio companies. Realisations reflect the exit of Grandi Stazioni Retail (GSR), which was announced in the third quarter of 2024 and closed in the fourth quarter, resulting in the capital invested in GSR no longer charging fees as of 1 January 2025.

⁽¹⁾ Average growth rate of all portfolio companies with positive revenue and EBITDA in both 2024 and 2025

1.1.3 Investment performance

During the first half of 2025, all of Antin Funds continued to perform on or above plan, but were impacted by adverse currency effects from investments made in USD and, to a lesser extent, in GBP.

Value creation from portfolio companies allowed to offset the negative currency effects for Mid Cap Fund I, NextGen Fund I

and Flagship Funds III, IV and V, which all reported stable Gross Multiples over the first half of 2025. However, the Gross Multiple of Fund III-B was down by -0.1x over the period, to 1.7x.

Across the portfolio, Net Asset Values (NAVs) increased by an average of +1.3% in the first half of 2025, or +4.7% excluding currency effects.

KEY STATS BY FUND

Fund (in €bn)	Vintage	AUM	FPAUM	Committed capital	% committed	% realised	Gross Multiple	Expectation
FLAGSHIP
Fund III(1)	2016	5.9	2.3	3.6	89%	37%	2.0x	Above plan
Fund IV	2019	10.4	5.1	6.5	86%	-	1.3x	On plan
Fund III-B	2020	1.5	0.8	1.2	88%	26%	1.7x	On plan
Fund V	2022	11.4	10.2	10.2	38%	-	1.1x	On plan
MID CAP
Fund I	2021	2.3	2.2	2.2	50%	1%	1.3x	On plan
NEXTGEN
Fund I	2021	1.5	1.2	1.2	58%	-	1.2x	On plan

(1) % realised includes the partial sale of portfolio companies from Flagship Fund III to Fund III-B.

Fund		Committed	Cost of investments			Value of investments
(in €bn)	Vintage	FPAUM	capital	Total	Realised	Remaining	Total	Realised	Remaining
FLAGSHIP
Fund III(1)	2016	2.3	3.6	2.9	0.7	2.3	6.2	2.1	4.2
Fund IV	2019	5.1	6.5	5.1	-	5.1	6.8	-	6.7
Fund III-B	2020	0.8	1.2	1.1	0.3	0.8	1.9	0.5	1.4
Fund V	2022	10.2	10.2	3.0	-	3.0	3.5	-	3.5
MID CAP
Fund I	2021	2.2	2.2	0.9	-	0.9	1.2	0.0	1.2
NEXTGEN
Fund I	2021	1.2	1.2	0.4	-	0.4	0.5	-	0.5

(1) Value of investments includes the partial sale of portfolio companies from Flagship Fund III to Fund III-B.

1.2 ANALYSIS OF THE HALF-YEAR CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.2.1 Analysis of the consolidated income statement on an underlying basis

The IFRS accounting presentation of the Consolidated Income Statement, presented in Section 2.1 below does not allow for an analysis of the earnings of Antin on a comparable basis. For this reason, Antin presents its Consolidated Income Statement on an underlying basis, excluding non-recurring items. The differences between the IFRS accounting presentation and underlying presentation are explained in Section 1.2.2 "Reconciliation of IFRS results and underlying results" of this document.

(in €m)	1H 2025	1H 2024
Management fees	144.8	143.9
Carried interest and investment income	0.2	0.1
Administrative fees and other revenue net	3.1	2.9
Total revenue	148.2	146.9
Personnel expenses	(49.3)	(44.3)
Other operating expenses & tax	(19.2)	(18.5)
Total operating expenses	(68.5)	(62.9)
UNDERLYING EBITDA	79.7	84.0
% margin	54%	57%
Depreciation and amortisation	(8.7)	(7.9)
Underlying EBIT	71.1	76.1
Net financial income and expenses	3.4	7.0
Underlying profit before income tax	74.5	83.1
Income tax	(19.2)	(21.5)
% income tax	26%	26%
UNDERLYING NET INCOME	55.2	61.7
% margin	37%	42%
Underlying earnings per share (€)
before dilution	0.31	0.34
after dilution	0.31	0.34
Weighted average number of shares
before dilution	178,741,729	178,800,551
after dilution	178,741,729	179,546,171

Revenue

Revenue reached €148.2 million in the first half of 2025, up +0.9% compared with the first half of 2024, or +8.0% excluding the catch-up fees related to Flagship Fund V. This increase was essentially driven by higher management fees, which continue to account for over 95% of total revenue. They are generated by funds raised with a contractual duration of 10 years and provide significant predictability to Antin's revenue.

Management fees for the first half of 2025 totalled €144.8 million, up +0.7% or €1.0 million compared with the first half of 2024, or +7.9% excluding catch-up fees recognised in the latter period. The effective management fee rate(1) stood at 1.34% in the first half of 2025, broadly in line with 1.33% in the first half of 2024. Flagship Fund V generated €4.2 million less fees year-on-year, due to a decrease of €9.6 million of catch-up fees recognised year-on-year. Fund V recognised €10.5 million of catch-up fees in the first half of 2024 and €0.9 million in the first half of 2025. Management fees for Flagship Funds III and IV increased by €6.3 million year-on-year due to additional capital investments made in portfolio companies to execute value creation plans. Flagship Fund II stopped charging management fees as of 1 January 2025. Management fees for Mid Cap Fund I and NextGen Fund I were stable year-on-year.

⁽¹⁾ Excluding catch-up fees and management fees for Fund III-B.

In addition, carried interest and investment income recorded a gain of €0.2 million in the first half of 2025 which related primarily to investment income. While carried interest was not material in the first half of 2025, the potential for future revenues is material. Funds raised to date have the potential to generate more than half a billion euros in carried interest revenue over time for the listed company, based on these funds' target returns(1) .

REVENUE BRIDGE

(in €m)

Underlying EBITDA

Underlying EBITDA reached €79.7 million in the first half of 2025, a decrease of -5.2% over the first half of 2024, and an increase of +7.1% excluding the non-recurring effects of catch-up fees recognised in the latter period. The underlying EBITDA margin stood at 54%, down 3 percentage points compared to the first half of 2024, and stable year-on-year excluding catch-up fees.

Total operating expenses amounted to €68.5 million in the first half of 2025, up +8.9% compared with the first half of 2024, mainly driven by hires and promotions at various levels, including in the partnership.

Personnel expenses totalled €49.3 million in the first half of 2025, an increase of +11.1%. The number of employees grew from 242 as of 30 June 2024 to 248 as of 30 June 2025. The number of employees increased primarily in the investment team (+8).

Underlying net income

Underlying net income amounted to €55.2 million in the first half of 2025, a decrease of -10.4% compared with the first half of 2024, or an increase of +1.3% year-on-year excluding the non-recurring effect of catch-up fees.

Depreciation & amortisation stood at €8.7 million in the first half of 2025, up +9.2% year-on-year, driven by higher depreciation of property and equipment linked to the expansion of the New York office.

Net financial income and expenses recorded income of €3.4 million in the first half of 2025, down -51.6% year-on-year. The partnership was expanded at the start of 2025 with the promotion of 3 employees across the investment and specialist teams and the recruitment of 1 partner for corporate functions. The senior partnership was also strengthened with the recruitment of 1 senior investment professional in New York, and the promotion of 1 investment partner and 1 specialist partner, in New York and Paris respectively.

Other operating expenses and taxes totalled €19.2 million in the first half of 2025, up by +3.6% year-on-year. The increase comes from higher operating expenses related to headcount growth and an increase in fund administration fees, which are recharged to the funds and generate an equal amount of revenue.

This is primarily due to Antin's cash balance earning lower interest following interest rates cut by central banks.

Income tax totalled €19.2 million in the first half of 2025. The effective tax rate was stable year-on-year at 26%.

Underlying Earnings Per Share (EPS) amounted to €0.31 per share in the first half of 2025, down -10.0% compared with €0.34 per share in the first half of 2024. The weighted average number of shares used in the EPS calculation was 178,741,729. No dilution took place in the first half of 2025 as the final vesting from the free share place put in place at the IPO was cancelled.

⁽¹⁾ Assuming that these funds generate a target Gross Multiple of 2.0x and that returns exceed the 8% return hurdle.

Distribution to shareholders

The Board of Directors of Antin, meeting on 9 September 2025, declared the distribution of an interim dividend amounting to €64.5 million, equivalent to €0.36 per share based on 179,193,288 shares on ex-dividend date. This interim dividend represents a payout ratio of 117% based on the underlying net income of the first half of 2025.

The interim dividend will be paid in cash out of distributable income. The ex-dividend date is set for 12 November 2025 and the dividend payment will take place on 14 November 2025.

1.2.2 Reconciliation of IFRS results and underlying results

(in €m, half-year ended 30-Jun)	Underlying basis	Non-recurring items	IFRS basis
Management fees	144.8	-	144.8
Carried interest and investment income	0.2	-	0.2
Administrative fees and other revenue net	3.1	-	3.1
Total revenue	148.2	-	148.2
Personnel expenses	(49.3)	1.1	(48.1)
Other operating expenses & tax	(19.2)	-	(19.2)
Total operating expenses	(68.5)	1.1	(67.3)
EBITDA	79.7	1.1	80.8
Depreciation and amortisation	(8.7)	-	(8.7)
EBIT	71.1	1.1	72.2
Net financial income and expenses	3.4	(2.4)	1.0
Profit before income tax	74.5	(1.3)	73.1
Income tax	(19.2)	(2.0)	(21.2)
NET INCOME	55.2	(3.3)	51.9

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

• Following the non-recurring Free Share Plan (FSP) implemented at IPO, the final vesting of 745,620 shares, scheduled in May 2025, was cancelled. As a result, Antin recognized (i) a €1.1m reversal of previously accrued social charges expense, (ii) a €1.8m loss on the final termination of the hedge transaction related to the FSP and (iii) a net €2.2m reversal of previously recognised deferred tax asset.

• 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 in the first half of 2025 of €0.7 million and a proportional tax reduction of €0.2 million. For further detail on the TRS, please refer to Note 23 "Derivative financial instruments" to the half-year condensed consolidated financial statements below.

1.2.3 Analysis of the consolidated balance sheet

The following table presents the Consolidated Balance Sheet as of 30 June 2025 compared to 31 December 2024. To improve the readability of the Consolidated Balance Sheet, certain line items of a similar nature have been combined.

(in €m)	30-Jun-2025	31-Dec-2024
Property, equipment and intangible assets	27.4	25.8
Right-of-use assets	56.2	65.5
Financial assets	90.9	87.3
Derivative financial assets	1.9	-
Deferred tax assets and other non-current assets	9.9	14.7
Total non-current assets	186.2	193.3
Cash and cash equivalents	361.5	388.9
Accrued income	11.5	31.1
Other current assets	53.4	36.8
Total current assets	426.4	456.8
TOTAL ASSETS	612.6	650.0

Total equity	485.3	499.7
Borrowings and financial liabilities	-	-
Derivative financial liabilities	1.4	-
Lease liabilities	63.4	73.8
Other non-current liabilities	4.9	3.3
Total non-current liabilities	69.7	77.1
Borrowings and financial liabilities	-	-
Derivative financial liabilities	-	1.7
Lease liabilities	6.7	3.4
Income tax liabilities	0.3	4.2
Other current liabilities	50.7	64.0
Total current liabilities	57.7	73.3
TOTAL EQUITY AND LIABILITIES	612.6	650.0

The Consolidated Balance Sheet remained strong as of 30 June 2025, with €361.5 million in cash and cash equivalents, and no borrowings or financial liabilities. The decrease in cash over the first half of 2025 mainly stems from the payment in June 2025 of the dividend related to the second half of 2024.

Antin's commitments in relation to its investments in the Antin Funds and in Carried Interest totalled €197.9 million as of 30 June 2025, of which €109.3 million was uncalled capital that constituted an off-balance sheet commitment. The uncalled capital included €91.9 million related to investments in Antin Funds and €17.4 million related to investments in the Carried Interest vehicles.

► INVESTMENT POLICY

Antin has certain off-balance sheet commitments, mainly corresponding to capital commitments in relation to investments in the Antin Funds and financial commitments in relation to borrowings from credit institutions.

Antin instituted a policy of making direct co-investments of at least 1% into the Antin Funds in addition to the 20% participation made in the Carry Vehicles in relation to carried interest entitlement. Antin may increase its co‑investments if deemed appropriate and within its objective to maintain a capital-light business model.

For further details on Funds' investments, please refer to Note 14 "Financial assets" and Note 26 "Off-balance sheet commitments" to the half-year condensed consolidated financial statements below.

1.2.4 Analysis of the consolidated cash flow statement

The following table presents the Consolidated Cash Flow Statement for the first half of 2025, compared with the first half of 2024.

(in €m)	1H 2025	1H 2024
Inflow/(outflow) related to operating activities	48.4	43.1
Of which (increase)/decrease in working capital requirement	(49.3)	(36.9)
Inflow/(outflow) related to investing activities	(10.1)	(8.5)
Of which investment in financial assets	(2.1)	(5.1)
Of which purchase of property and equipment	(6.4)	(2.5)
Of which proceeds related to financial assets	-	-
Of which net change in other financial assets	(1.6)	0.8
Inflow/(outflow) related to financing activities	(65.2)	(66.6)
Of which dividends paid	(66.1)	(69.7)
Of which payment of lease liabilities	(1.3)	(3.7)
Of which disposal/(repurchase) of treasury shares	(1.7)	(0.3)
Of which net financial interest received/paid	3.9	7.1
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS	(26.9)	(32.0)
Cash and cash equivalents, beginning of period	388.9	423.9
Translation differences on cash and cash equivalents	(0.5)	0.1
Cash and cash equivalents, end of period	361.5	392.1

Cash and cash equivalents remained substantial as of 30 June 2025 amounting to €365.1 million, compared with €392.1 million as of 30 June 2024.

Net cash inflows from operating activities amounted to €48.4 million in the first half of 2025, an increase of +12.3% compared to the first half of 2024, and mostly offset by a €49.3 million increase in working capital requirements. Those are mainly due to the payment of outstanding tax liabilities.

Net cash outflows in investing activities amounted to €10.1 million in the first half of 2025. Outflows related primarily to property and equipment expenses with the expansion of Antin's New York office, and to co‑investments in Antin Funds amounting to €2.1 million, which were entirely related to Flagship Fund V.

Net cash outflows relating to financing activities amounted to €65.2 million in the first half of 2025. This related mainly to the distribution of €66.1 million to shareholders on 18 June 2025 equivalent to €0.37 per share. It corresponds to the second instalment of the full‑year €0.71 per share distribution approved at the 2025 Annual Shareholders' Meeting on behalf of fiscal year 2024.

1.3 SIGNIFICANT EVENTS SINCE 30 JUNE 2025

There has been no significant change in the financial performance of Antin since 30 June 2025. Antin is not aware of any trends, uncertainties, obligations or events that are reasonably likely to impact its prospects, other than those described in Section 1.5 "Risk Factors" of this report.

Acquisition of Matawan

Antin announced the acquisition in early September of Matawan, a leading smart mobility platform offering mission critical services to public transport networks and aiming to make everyday travel easier for commuters, transport authorities and operators. Matawan represents the seventh investment of NextGen Fund I. Closing is expected in the fourth quarter of 2025.

1.4 GOVERNANCE

Board of Directors

At Antin's Annual Shareholder Meeting held on 11 June 2025, all resolutions were adopted. Lynne Shamwana and Dagmar Valcarcel were re-appointed as Independent Directors for a period of 3 years, and continued their duties within the Board committees.

Investment Committee

Mark Crosbie, co-founder of Antin, has decided to step down from the Investment Committee, of which he was co-chairman, effective 1 September 2025.

Mark Crosbie remains vice-chairman of the Board and a substantial and committed shareholder.

Appointment of Chief Financial Officer

Walid Damou has been appointed Group Chief Financial Officer and Partner, effective February 2026. He joins Antin from CVC Capital Partners, where he was Head of Business Development and Shareholder Relations since 2024. Prior to that, he worked for nearly a decade at Morgan Stanley in the investment banking division.

1.5 RISK FACTORS

There was no change in risk factors during the first half of 2025. Risk factors are described in the 2024 Universal Registration Document filed with the AMF on 13 March 2025 under number D.25-0089, on pages 69 to 86.

1.6 RELATED PARTY TRANSACTIONS

Please refer to Note 27 "Related party transactions" to the half-year condensed consolidated financial statements below.

1.7 PROFIT FORECAST AND OUTLOOK

The profit forecast and outlook presented below are based on data, assumptions and estimates Antin considers reasonable as of the date of this Half-Year Report. Antin's objectives result from, are driven by, and depend upon the success of Antin's overall strategy. They have been compiled and prepared on a basis which is both (i) comparable with the historical financial information, (ii) consistent with the Company's accounting policies and (iii) assume that the Euro does not significantly weaken versus other currencies, in particular the US dollar and the British pound.

Growth

Antin's objective is to achieve Fee-Paying AUM growth above that of the private infrastructure market over a fundraising cycle.

EBITDA

Antin expects underlying EBITDA in 2025 to be around €160 million to reflect Foreign Exchange headwinds. A significant step-up in earnings is expected by 2027, including the effects of Mid Cap Fund II and Flagship Fund VI.

Distribution to shareholders

Antin's objective is to distribute the majority of cash earnings in two instalments per year, one in autumn and the second after the Annual Shareholders' Meeting, with the annual quantum expected to be stable or growing. The total distribution in 2025 is expected to be stable.

2 HALF‑YEAR CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2.1 HALF-YEAR CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 16 2.1.1 Consolidated Income Statement 16 2.1.2 Consolidated Statement of Comprehensive Income 17 2.1.3 Consolidated Balance Sheet 18 2.1.4 Consolidated Statement of Changes in Equity 19 2.1.5 Consolidated Cash Flow Statement 20 2.2 NOTES TO THE HALF-YEAR CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 21 2.1.2 Summary of the notes to the half-year condensed consolidated financial statements 21 2.3 STATUTORY AUDITORS' REPORT ON THE

CONSOLIDATED FINANCIAL STATEMENTS 47

2.1 HALF-YEAR CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2.1.1 Consolidated income statement

(in €k)	Notes	1H 2025	1H 2024
Management fees	5.1	144,839	143,873
Carried interest and investment income	5.2	240	108
Administrative fees and other revenue net	5.3	3,104	2,923
Total revenue		148,182	146,905
Personnel expenses	6.2	(48,129)	(44,075)
Other operating expenses	7	(14,972)	(14,912)
Tax		(4,232)	(3,961)
Total operating expenses		(67,334)	(62,947)
Operating profit before depreciation and amortisation (EBITDA)		80,848	83,958
Depreciation and amortisation	8	(8,655)	(7,928)
Operating income (EBIT)		72,193	76,029
Financial income		5,359	8,306
Financial expenses		(4,407)	(1,368)
Net financial income and expenses	9	952	6,938
Profit before income tax		73,145	82,967
Income tax	10.1	(21,220)	(22,720)
NET INCOME		51,925	60,248
Attributable to
Owners of the parent company		51,925	60,248
Non-controlling interests		-	-
Earnings per share (€)	28.1
before dilution		0.29	0.34
after dilution		0.29	0.34
Weighted average number of shares	28.2
before dilution		178,741,729	178,800,551
after dilution		178,741,729	179,546,171

2.1.2 Consolidated statement of comprehensive income

(in €k)	Notes	1H 2025	1H 2024
Net income		51,925	60,248
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of net defined benefit liability		-	-
Income tax relating to items that will not be reclassified subsequently to profit or loss		-	-
Items that may be reclassified subsequently to profit or loss
Cash flow hedge (effective gains & losses on hedging instruments)	10.2, 23	1,334	(189)
Exchange differences on translating foreign operations	(574)	245
Other comprehensive income for the period	760	56
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		52,685	60,303
Attributable to:
Owners of the parent company		52,685	60,303
Non-controlling interests		-	-

2.1.3 Consolidated balance sheet

Notes (in €k)	30-Jun-25	31-Dec-24















































TOTAL EQUITY AND LIABILITIES	612,642	650,049

2.1.4 Consolidated statement of changes in equity

	Attributable to owners of the parent company
		Other			Other			Non
	Share	paid-in	Treasury	Translation	comprehensive	Retained	Total	controlling	Total
(in €k)	capital	capital	shares	reserve	income	earnings	equity	interest	equity
AT 31-DEC-2023	1,792	406,771	(5,429)	(267)	(1,404)	96,031	497,494	-	497,494
Change in fair value	-	-	-	-	(189)	-	(189)	-	(189)
Translation differences	-	-	-	245	-	-	245	-	245
Net income	-	-	-	-	-	60,248	60,248	-	60,248
Total comprehensive income	-	-	-	245	(189)	60,248	60,303	-	60,303
Dividends paid	-	-		-	-	(69,726)	(69,726)	-	(69,726)
Treasury shares	-	-	(304)	-	-	-	(304)	-	(304)
Share-based payments	-	-	-	-	-	-	-	-	-
Other movements	-	-	-	-	-	-	-	-	-
AT 30-JUN-2024	1,792	406,771	(5,733)	(22)	(1,594)	86,553	487,767	-	487,767
Change in fair value	-	-	-	-	186	-	186	-	186
Translation differences	-	-	-	575	-	-	575	-	575
Net income	-	-	-	-	-	71,811	71,811	-	71,811
Total comprehensive
income	-	-	-	575	186	71,811	72,572	-	72,572
Dividends paid	-	-	-	-	-	(60,792)	(60,792)	-	(60,792)
Treasury shares	-	-	161	-	-	-	161	-	161
Share-based payments	-	-	-	-	-	-	-	-	-
Other movements	-	-	-	-	-	-	-	-	-
AT 31-DEC-2024	1,792	406,771	(5,572)	553	(1,408)	97,572	499,708	-	499,708
Change in fair value	-	-	-	-	1,334	-	1,334	-	1,334
Translation differences	-	-	-	(574)	-	-	(574)	-	(574)
Net income	-	-	-	-	-	51,925	51,925	-	51,925
Total comprehensive
income	-	-	-	(574)	1,334	51,925	52,685	-	52,685
Dividends paid	-	-	-	-	-	(66,109)	(66,109)	-	(66,109)
Treasury shares	-	-	(1,727)	-	-	-	(1,727)	-	(1,727)
Share-based payments	-	-	-	-	-	718	718	-	718
Other movements	-	-	-	-	-	-	-	-	-
AT 30-JUN-2025	1,792	406,771	(7,299)	(21)	(74)	84,106	485,275	-	485,275

2.1.5 Consolidated cash flow statement

(in €k)	1H 2025	1H 2024
Net income	51,925	60,248
Adjustments for:
Net financial income and expenses	(3,861)	(7,131)
Depreciation and amortisation	8,655	7,928
Share-based payment expenses	718	-
Change in accrued income	19,607	(3,890)
Change in employee benefit assets/liabilities	68	87
Income tax	21,220	22,720
Change in fair value	(614)	31
Other non-cash adjustments	(21)	23
Operating cash flow before changes in working capital	97,699	80,015
(Increase)/decrease in working capital requirement	(49,272)	(36,897)
NET CASH INFLOW/(OUTFLOW) RELATED TO OPERATING ACTIVITIES	48,427	43,118
Cash flows investing activities
Purchase of property and equipment	(6,352)	(2,497)
Investment in financial assets (Antin funds)	(2,084)	(5,137)
Proceeds related to financial assets (Antin funds)	-	-
Net change of other financial assets	(1,642)	(842)
NET CASH INFLOW/(OUTFLOW) RELATED TO INVESTING ACTIVITIES	(10,078)	(8,476)
Cash flows financing activities
Dividends paid	(66,109)	(69,726)
Disposal/(purchase) of treasury shares	(1,727)	(304)
Payment of lease liabilities	(1,257)	(3,735)
Net of interest received and interest paid	3,860	7,132
NET CASH INFLOW/(OUTFLOW) RELATED TO FINANCING ACTIVITIES	(65,233)	(66,633)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS	(26,885)	(31,991)
Cash and cash equivalents, beginning of period	388,850	423,941
Translation differences on cash and cash equivalents	(506)	138
Cash and cash equivalents, end of period	361,459	392,088

2.2 NOTES TO THE HALF-YEAR CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Summary of the notes to the half-year condensed consolidated financial statements

	Notes to the accounting and consolidation principles	22
NOTE 1	General information	22
NOTE 2	Accounting principles	22
NOTE 3	Basis of consolidation	24
NOTE 4	Operating segments	26
	Notes to the Consolidated Income
Statement		27
NOTE 5	Revenue	27
NOTE 6	Personnel expenses	29
NOTE 7	Other operating expenses	31
NOTE 8	Depreciation and amortisation	32
NOTE 9	Financial income and expenses	32
NOTE 10	Income tax	33
	Notes to the Consolidated
Balance Sheet		34
NOTE 11	Intangible assets	34
NOTE 12	Property and equipment	35
NOTE 13	Leases	36
NOTE 14	Financial assets	38

NOTE 15	Other non-current assets	40
NOTE 16	Trade receivables	40
NOTE 17	Other current assets	40
NOTE 18	Prepaid expenses	41
NOTE 19	Accrued income	41
NOTE 20	Trade payables and other
	current liabilities	42
NOTE 21	Provision	42
NOTE 22	Borrowings and financial liabilities	42
NOTE 23	Derivative financial instruments	42
NOTE 24	Cash and cash equivalents	44
NOTE 25	Equity	44
Notes to the additional disclosure		45
NOTE 26	Off-balance sheet commitments	45
NOTE 27	Related party transactions	46
NOTE 28	Earnings per share	46
NOTE 29	Events after the reporting period	46

Notes to the accounting and consolidation principles

NOTE 1 GENERAL INFORMATION

Antin Infrastructure Partners S.A. (the "Company") is a limited company (société anonyme) domiciled in Paris, France with its shares listed on Euronext Paris (Ticker: ANTIN, ISIN: FR0014005AL0). The Company's address is 374, rue Saint‑Honoré, 75001 Paris, France and it is registered with the Paris Trade and Companies Registry under number 900 682 667.

The half-year condensed consolidated financial statements comprise Antin Infrastructure Partners S.A. and its direct and indirect subsidiaries, together referred to as Antin ("Antin" or the "Group"). The principal activity of Antin is the management of investment funds specialised in the energy and environment, digital, transportation and social infrastructure sectors.

NOTE 2 ACCOUNTING PRINCIPLES

2.1 Basis of preparation of financial statements

Antin's half-year condensed consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) published by the International Accounting Standards Board (IASB) and their interpretations as adopted by the European Union as of 30 June 2025. They are presented in accordance with standard IAS 34 "Interim financial reporting". They do not therefore include all the information required for full annual financial statements and are to be read in conjunction with the Group's consolidated financial statements as of 31 December 2024.

The half-year condensed consolidated financial statements were authorised for issuance by the Board of Directors on 9 September 2025.

2.2 Basis of measurement of assets and liabilities

Assets and liabilities are measured at historic cost, except for the revaluation of certain financial assets and liabilities that are measured at fair value at the end of the reporting period.

2.3 Transactions in foreign currencies

Transactions in foreign currencies are translated into euros at the exchange rate recorded at the date of the transaction.

2.4 Functional currency and reporting currency

The financial statements are presented in euros, which is the functional currency and the reporting currency of Antin. The functional currency is the currency in which Antin records and measures its transactions. It reflects the primary economic environment in which Antin operates. All amounts are presented in thousands of euros and rounded to the nearest thousand euros, unless otherwise indicated. Rounding applied in tables and calculations may result in a presentation in which the total amounts do not precisely match the exact sum of the rounded amounts.

Monetary assets and liabilities in foreign currencies are translated into euros at the exchange rate recorded at the end of the reporting period. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated into euros at the exchange rate on the date the fair value was determined.

Income statement items recorded in foreign currencies are translated into euros at the average exchange rate during the reporting period.

The foreign exchange rates applied in the preparation of the financial statements are based on data published by the Bank of France:

	Closing rate		Average rate
	30-Jun-25	30-Jun-24	1H 2025	1H 2024
EUR/GBP	0.8555	0.8464	0.8423	0.8545
EUR/USD	1.1720	1.0705	1.0930	1.0812
EUR/SGD	1.4941	1.4513	1.4463	1.4560

Exchange rate differences resulting from the translation of the financial statements into euros are recorded in other comprehensive income.

2.5 Use of judgement and estimates

The preparation of financial statements and the application of accounting policies requires the use of judgement and accounting estimates. Estimates and assumptions are based on historical experience and other relevant factors determined by management. Actual results may differ from these estimates. Assumptions are reviewed on a regular basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in future reporting periods if the revision affects both current and future periods. Significant accounting estimates and areas of judgement include:

Carried interest revenue recognition

Carried interest is a share of fund profits that Antin receives through its investment holdings in the carry vehicles (the "Carry Vehicles"). It is a variable consideration fully dependent on the performance of the relevant funds. Carried interest participants are entitled to an agreed share of fund profits of typically 20%, provided that the accumulated profits exceed a pre-agreed return threshold (the "hurdle") of typically 8% over the lifetime of each fund. Antin is typically allocated a share of 20% of the carried interest in each Carry Vehicle. Carried interest income is recognised when it is highly probable that the performance obligations will be met, and when a reversal of any accumulated revenue is highly unlikely.

The reversal risk is mitigated by applying discounts of 20-50% to the unrealised net asset values of portfolio companies when determining the recognition of carried interest income.

The discounts applied depend on the specific circumstances of each fund, taking into consideration the portfolio diversification at fund level, the expected remaining holding period of an asset and other areas of judgement. The discounts are evaluated at each reporting period.

Further details on the recognition of carried interest income and the carrying values are available under Notes 5 "Revenue" and 19 "Accrued income".

Investment income revenue recognition

Investment income relates to changes in the fair value of Antin's fund investments held on balance sheet. Antin typically invests approximately 1-2% alongside its Fund Investors, which is in addition to the investments in the Carry Vehicles. The investment varies by fund and could be materially higher should Antin decide to seed a new investment strategy. The fair value of the portfolio companies held by the Antin Funds is determined by the Portfolio Review Committee on a quarterly basis in accordance with the recommendations set out in the International Private Equity and Venture Capital Valuation Guidelines (IPEV).

The valuation methodologies follow a multi-criteria approach and are applied consistently from one period to another, except when a change in methodology would result in a better estimation of fair value. The assessment of the fair value of an investment involves assumptions and judgement. This may include assumptions with respect to the economic and competitive environment, business plan and financial projections, and assessments of risks and other factors. The fair value is audited annually and reviewed semi-annually. In addition, an independent valuation service provider is appointed to provide independent estimations of ranges of fair value once per year in order to assess Antin's conclusions of fair value for each investment.

Further details on Antin's investments in the Antin Funds are available under Note 14 "Financial assets".

Leases

At the inception of a lease contract, Antin assesses the application of IFRS 16 "Leases" where the Group has the right-of-use of an asset under a lease contract for a period of more than 12 months. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a certain time period in exchange for a consideration. The lease contracts identified by Antin represent leases of office premises where the Group is a tenant.

Antin reviews for each lease contract the renewal and early termination options and determines the enforceable and non‑cancellable lease period. The reasonable end date is determined by taking into consideration all relevant facts and circumstances. For lease contracts related to office premises, Antin defines the reasonable end date of a lease based on the expected period of use, taking into account the renewal and early termination options stated in the contracts.

Antin presents right-of-use assets and lease liabilities separately in the Consolidated Balance Sheet. Further information on Antin's lease assets and liabilities is presented in Note 13 "Leases".

Depreciation and amortisation

Assets are depreciated or amortised on a straight-line basis over the useful life of an asset. The useful life of an asset is an estimate of the period of time in which it is expected to generate an economic benefit. It is estimated based on historical data and judgement. The residual value of an asset and the assumptions that determine the useful life are reviewed at each reporting period and adjusted if required.

Further information on depreciation and amortisation is presented in Note 8 "Depreciation and amortisation".

2.6 New standards, amendments to existing standards and interpretations effective from 1 January 2025 in the European Union

The following amendments to IFRS are effective from 1 January 2025. They have no material impact on the financial statements:

• Amendments to IAS 21 "The Effects of Changes in Foreign Exchange Rates": Lack of Exchangeability.

2.7 New standards, amendments to existing standards and interpretations that are not yet effective

As of the date of approval of Antin's half-year condensed consolidated financial statements, the following new standards or amendments to existing standards had been published, and were not adopted by Antin as of 1 January 2025:

Amendments to the classification and measurement of financial instruments (amendments to IFRS 9 and IFRS 7);
Annual Improvements Volume 11 (issued on 18 July 2024);
Contracts Referencing Nature-dependent Electricity Amendments to IFRS 9 and IFRS 7 (issued on 18 December 2024);
IFRS 18 "Presentation and Disclosure in Financial Statements";
IFRS 19 "Subsidiaries without Public Accountability: Disclosures".

Management does not currently anticipate any material impact on the financial statements to result from these new standards and amendments.

2.8 Going concern

The half-year condensed consolidated financial statements have been prepared on a going concern basis. The management of Antin has, at the date of approval of the financial statements, a reasonable expectation that the Group has adequate resources to continue its operations in the foreseeable future.

NOTE 3 BASIS OF CONSOLIDATION

3.1 Method of consolidation

Subsidiaries that are directly or indirectly controlled by Antin are fully consolidated.

Following IFRS 10 "Consolidated Financial Statements" principles, Antin controls a subsidiary when it has:

power over the entity, i.e. rights that give it the ability to direct the relevant activities of the subsidiary
exposure, or rights, to variable returns from its involvement with the subsidiary and
ability to use its power over the subsidiary to affect its returns.

3.2 Scope of consolidation

Consolidation of a subsidiary begins when Antin obtains control over an entity and ceases when Antin loses control over an entity.

All intragroup assets and liabilities, income, expense, and cash flows relating to transactions between members of the Group are eliminated.

Parent company

Company	Legal Form	Address
Antin Infrastructure Partners S.A.	S.A.	374, rue Saint-Honoré, 75001 Paris, France

Fully consolidated subsidiaries

Company	Legal Form	Address	30 June 2025	31 December 2024
Antin Infrastructure Partners SAS	S.A.S.	374, rue Saint-Honoré, 75001 Paris, France	100%	100%
Antin Infrastructure Partners UK Limited	Ltd	14 St. George Street W1S 1FE London, UK	100%	100%
Antin Infrastructure Partners US Services LLC	LLC	1114 Avenue of the Americas, 20th Floor, New York NY 10036, USA	100%	100%
Antin Infrastructure Partners Asia Private Limited	Ltd	82 Telok Ayer Street, #02-04, Singapore 048467	100%	100%
Antin Infrastructure Partners II Luxembourg GP	S.à.r.l.	17 Boulevard F.W. Raiffeisen, L‑2411 Luxembourg	100%	100%
Antin Infrastructure Partners III Luxembourg GP	S.à.r.l.	17 Boulevard F.W. Raiffeisen, L‑2411 Luxembourg	100%	100%
Antin Infrastructure Partners IV Luxembourg GP	S.à.r.l.	17 Boulevard F.W. Raiffeisen, L‑2411 Luxembourg	100%	100%
Antin Infrastructure Partners IV Luxembourg FP GP	S.à.r.l.	17 Boulevard F.W. Raiffeisen, L‑2411 Luxembourg	100%	100%
Antin Infrastructure Partners Midcap I Luxembourg GP	S.à.r.l.	17 Boulevard F.W. Raiffeisen, L‑2411 Luxembourg	100%	100%
Antin Infrastructure Partners Midcap I Luxembourg FP GP	S.à.r.l.	17 Boulevard F.W. Raiffeisen, L‑2411 Luxembourg	100%	100%
Antin Nextgen Infra Fund I Luxembourg GP	S.à.r.l.	17 Boulevard F.W. Raiffeisen, L‑2411 Luxembourg	100%	100%
Antin Nextgen Infra Fund I Luxembourg FP GP	S.à.r.l.	17 Boulevard F.W. Raiffeisen, L‑2411 Luxembourg	100%	100%
Antin Infrastructure Partners V Luxembourg GP	S.à.r.l.	17 Boulevard F.W. Raiffeisen, L‑2411 Luxembourg	100%	100%
Antin Infrastructure Partners V Luxembourg FP GP	S.à.r.l.	17 Boulevard F.W. Raiffeisen, L‑2411 Luxembourg	100%	100%
Antin Infrastructure Partners Co‑Investment Feeder Luxembourg GP	S.à.r.l.	17 Boulevard F.W. Raiffeisen, L‑2411 Luxembourg	100%	100%
Antin Infrastructure Partners Holdco Luxembourg FP GP	S.à.r.l.	17 Boulevard F.W. Raiffeisen, L‑2411 Luxembourg	100%	100%
Antin Infrastructure Partners Holdco FP SCSp	SCSp	17 Boulevard F.W. Raiffeisen, L‑2411 Luxembourg	100%	100%

The entities in Luxembourg are predominantly General Partners (Associé Gérant Commandité) of the Antin Funds.

3.3 Changes in scope of consolidation

No changes have occurred in the scope of consolidation during the first half of 2025.

Legal entity AIP Initial LP has been excluded from scope of consolidation due to its immateriality as of 30 June 2025.

3.4 Antin Funds

The Antin Funds are managed by a Fund Manager (AIP SAS or AIP UK). The Fund Manager is a direct subsidiary of Antin Infrastructure Partners S.A. The authority and powers of the Fund Manager are defined in the limited partnership agreement of each fund. The determination of whether a Fund Manager should consolidate its managed funds is based on judgements of whether the Fund Manager is acting in the capacity of a principal or in the capacity of an agent to the fund. Antin has the power to influence the variable returns (performance) generated by the fund, but the Group's interests represent only a small proportion if any of the total capital within each fund (less than 2% of commitments in general). Antin is acting in the capacity of an agent on behalf and for the benefit of the Fund Investors, rather than acting for its own benefit. As such, Antin does not consolidate the Antin Funds in its financial statements.

3.5 Carried Interest Vehicles

Carried interest is a form of revenue that may be received by Antin via its direct or indirect holdings in the Carry Vehicles of the Antin Funds. Carried interest investments are structured through the Carry Vehicles grouping together the investors in the Carry Vehicles (the "Carried Interest Investors"). The carried interest schemes do not rely on an agreement with Antin, but on an investment in the Carry Vehicles related to the Antin Funds. The Carried Interest Investors invest by committing capital to the Antin Funds indirectly through the Carry Vehicles (the "Carried Interest Commitment").

The decision to allocate a "commitment" to a carried interest investor is made by the Adjudication Committee, which is created by the limited partnership agreement relating to Funds. The Adjudication Committee has full discretion to increase or decrease commitments.

The total Carried Interest Commitments made by Carried Interest Participants through the Carry Vehicles in relation to carried interest entitlement generally represent 1% of the total commitments of an Antin Fund. Out of the total Carried Interest Commitment, generally 80% (0.8% of the total commitment) is funded by the partners and employees of Antin and the remaining 20% (0.2% of total commitment) by Antin.

Antin does not consolidate the Carry Vehicles as per IFRS 10 as it acts in the capacity of an agent, and not in the capacity of a principal in relation to the Carry Vehicles.

3.6 Fund Administration (AISL entities)

Antin Infrastructure Services Luxembourg II Sarl (AISL II) and Antin Infrastructure Services Luxembourg III Sarl (AISL III) are Luxembourg-based entities fully owned by the Antin Funds. AISL entities are commissioned by Antin to provide fund administration and accounting services for the Antin Funds. As such, AISL entities charge to Antin a professional services fee for fund administration and accounting, which Antin recharges at cost to the Antin Funds. Antin does not generate any profits related to those services.

Antin does not consolidate AISL entities as per IFRS 10 as it acts in the capacity of an agent on behalf of the Fund Investors, and not in the capacity of a principal. Antin also has no exposure, or rights, to variable returns from its involvement with the AISL entities.

NOTE 4 OPERATING SEGMENTS

Antin manages and advises funds that invest in infrastructure companies in Europe and North America across its Flagship, Mid Cap and NextGen investment strategies. The performance of Antin is monitored at a Group level and not at the level of each fund, investment strategy or geography.

Antin has not identified any operating segment according to the definition of IFRS 8. Therefore, no segment reporting is presented.

Information by country

The Antin Funds are managed by Fund Managers. Those entities provide distinct services on an ongoing basis following the terms and conditions of the legal agreements of each fund and represent the main locations of the Company operations. Antin has also legal entities that operate in the United States of America, in Luxembourg and in Singapore.

The following table presents a breakdown of revenue by geographical location of Company operations:

(in €k)	1H 2025	1H 2024
France	140,052	133,295
United Kingdom	5,619	6,803
Luxembourg	2,511	6,806
TOTAL REVENUE	148,182	146,905

The following table presents the carrying amount of property and equipment, right-of-use and other non-current assets by geographical origin of the assets:

		30-Jun-25			31-Dec-24
(in €k)	Property, equipment, other non-current assets	Right-of-use assets	Total	Property, equipment, other non-current assets	Right-of-use assets	Total
France	15,558	14,064	29,622	17,209	15,404	32,613
United Kingdom	5,208	7,987	13,195	6,661	9,093	15,754
United States of America	16,280	34,118	50,399	12,653	41,000	53,653
Singapore	-	-	-	18	17	35
TOTAL	37,046	56,170	93,216	36,541	65,513	102,054

Notes to the Consolidated Income Statement

NOTE 5 REVENUE

► ACCOUNTING PRINCIPLES

REFERENCE: IFRS 15/IFRS 9

Revenue model

Antin operates an integrated fee-based revenue model that comprises management fees, carried interest income and investment income. Management fees are derived from the services provided by Antin to the Antin Funds and are long-term contracted and therefore largely recurring in nature. Variable income is derived from Antin's investments in the carried interest vehicles and from investment income. Carried interest income is a share of the profit from the fund's investments, provided that a specified hurdle return is achieved first. Investment income or losses are recognised based on the changes in the fair value of Antin's investments in the Antin Funds.

Revenue recognition

Revenue from Contracts with Customers

IFRS 15 "Revenue from Contracts with Customers" applies to the management fees and carried interest income and is based on a five-step approach that requires revenue to be recognised when services have been rendered and when the benefits have been transferred to the customer. The five steps for revenue recognition in contracts are as follows:

identification of the contract
identification of the performance obligations
determination of the transaction price
allocation of the transaction price to the performance obligations
recognition of revenue in accordance with the performance.

Revenue is measured based on the consideration specified in the contractual agreements and excludes amounts collected on behalf of third parties, discounts and/or rebates and value-added taxes.

Contract assets

Contract assets related to carried interest income and management fees are presented separately within Accrued income (refer to Note 19 "Accrued income").

Management fees

Antin earns management fees for services provided to the Antin Funds. The management fees are based on the terms and conditions of the legal agreements of each fund. The management of funds includes a series of distinct services that are provided on an ongoing basis. The different activities are considered to be interrelated and form part of the same obligation to perform fund management services for the benefit of the Fund Investors.

Management fees are recognised over the life of each fund. Antin Funds typically have a 10-year initial term with two optional extensions of one year each. Portfolio company investments are held typically for a period of five to seven years. As such, management fees are largely recurring and offer a high degree of predictability. Management fees are charged based on the committed capital during the investment period and based on the invested capital at cost thereafter.

Management fees are payable quarterly or semi-annually in advance. The calculation basis is updated on a quarterly basis.

Carried interest income

In line with standard investment fund practice, the carried interest mechanism in the Antin Funds aligns interests between Carried Interest Investors and Fund Investors through a profit-sharing mechanism. As such, carried interest is variable and fully dependent on the performance of the relevant funds. The contractual arrangements of each Antin Fund sets forth the split of a fund's net profits, with Fund Investors typically entitled to receive 80% of net profits and Carried Interest Investors typically entitled to receive 20%, subject to the Antin Fund having reached a pre-agreed hurdle return attributable to the Fund Investors. For the Antin Funds, the hurdle return threshold is typically equivalent to a compounded annual return of 8%. The Carried Interest Investors are entitled to receive carried interest in consideration for their investment in the Carry Vehicles of the Antin Funds. Starting in 2020, Antin has instituted a policy of taking a 20% participation in the relevant Carry Vehicles, which it aims to continue for its future funds.

Revenue recognition for carried interest income is assessed based on a three-step model:

1. Hurdle assessment: the total return hurdle is determined by the sum of total accumulated drawdowns paid by the Limited Partners and total accrued minimum return attributable to the LPs (the "hurdle return") as of the reporting date.
1. Total discounted value assessment: the fair value of unrealised investments is determined as of the reporting date. The unrealised fair value will be adjusted, in accordance with established precautionary principles, to the extent that carried interest income should only be recognised once it is highly probable that the revenue would not result in a significant reversal of cumulative revenue recognised at final realisation of the fund. The fund's other assets/liabilities and any total proceeds from realised investments as of the reporting date are then added to the equation, and thus constitute the total discounted value of the fund.
1. Carried interest revenue recognition assessment: if the total discounted value exceeds the total investment return hurdle, carried interest revenue is recognised.

The reversal risk is mitigated by applying discounts of 20-50% to the unrealised net asset values of portfolio companies when determining the recognition of carried interest income. The discounts are assessed on a portfolio company basis at each reporting period, taking into consideration the portfolio diversification at fund level, the remaining holding period of a specific portfolio company, as well as other factors that may have an impact on the risk profile of an investment. As such, carried interest income is typically recognised when a part of a fund's portfolio is realised, and when the unrealised portfolio companies are in a mature stage of their value creation phase.

Investment income

Investment income consists of changes in the fair value of investments in the Antin Funds held on balance sheet. This may include both realised and unrealised gains or losses. Changes in fair value are recognised, in accordance with IFRS 9 "Financial Instruments", in the Consolidated Income Statement. Investment income may be negative at the beginning of the investment period of an Antin Fund. This results from the payment of due diligence costs related to the assessment of investment opportunities and management fees, and limited value creation from recently acquired portfolio companies by the Antin Funds. A fund therefore typically posts negative investment income at the beginning of the investment period, followed by positive and increasing investment income when investments succeed in realising their valuation creation plans. This is called the "J-curve effect".

Further information with respect to the change in fair value of financial investments is presented in Note 14 "Financial assets".

Administration fees

Administration fees relate to fees charged by Antin to the Antin Funds for the provision of fund accounting and fund administration services. Antin is charged a corresponding professional services fee by Antin Infrastructure Services Luxembourg entities (AISL II and AISL III), entities fully held by the Antin Funds, to which such administration services have been delegated. No margin is applied by Antin when recharging these costs to the funds.

5.1 Management fees

Antin's management fee composition is presented on a fund level below:

(in €k)	1H 2025	1H 2024
Flagship Fund II	-	1,009
Flagship Fund III	13,052	11,700
Flagship Fund IV	32,447	27,518
Flagship Fund V	71,762	76,005
Fund III-B	2,672	2,679
Mid Cap Fund I	16,018	16,056
Next Gen Fund I	8,887	8,906
MANAGEMENT FEES	144,839	143,873

Antin generated management fees from six funds in the first half of 2025.

Flagship Fund V was activated on 2 August 2022 and its fundraising ended on 18 December 2024.

5.2 Carried interest and investment income

(in €k)	1H 2025	1H 2024
Carried interest income	84	139
Investment income	155	(31)
CARRIED INTEREST AND INVESTMENT INCOME	240	108

Antin recorded carried interest income of €0.1 million in the first half of 2025, compared to €0.1 million in the first half of 2024.

In addition to its commitment to the Antin Funds through the Carry Vehicles, Antin has made direct investments in the Antin Funds and recognises investment income or losses related to the change in fair value of those investments. In the first half of 2025, Antin recorded a gain of €0.2 million of investment income related to net positive revaluations on Antin Funds, compared to €(31)k recognised in the first half of 2024.

Further information with respect to the change in fair value of financial investments is presented in Note 14 "Financial Assets".

5.3 Administrative fees and other revenue net

(in €k)	1H 2025	1H 2024
Administrative fees	3,104	2,923
Recharges to Antin Funds	1,773	11,619
Payments on behalf of the Funds	(1,773)	(11,619)
ADMINISTRATIVE FEES AND OTHER REVENUE NET	3,104	2,923

Antin generated administrative fees of €3.1 million in the first half of 2025, compared to €2.9 million in the first half of 2024. These represent recharges to the Antin Funds for fund accounting and fund administration services, corresponding to professional services expenses charged by AISL entities to Antin. No margin is applied on those charges and there is no profit or loss for Antin. AISL entities are fully held by the Antin Funds, to which such services have been delegated. The expenses related to AISL entities are presented in Note 7 "Other operating expenses".

AIP SAS and AIP UK, as managers of Antin Funds, may incur expenses such as transaction costs and set-up costs on behalf of the Funds managed. These expenses are subsequently recharged to the Antin Funds without any margin applied. In such instances, Antin acts as an agent on behalf of the funds. Such expenses occur periodically in relation to fundraising events.

NOTE 6 PERSONNEL EXPENSES

► ACCOUNTING PRINCIPLES

REFERENCE: IAS 19 AND IFRS 2

Personnel expenses include all expenses related to personnel. This includes salaries, bonuses, remunerations, social security expenses and pension benefits as prescribed under IAS 19. It also includes share-based payments that fall under IFRS 2.

IAS 19 presents the accounting for employee benefits, including all forms of consideration given by an entity in exchange for services rendered by an employee. IAS 19 requires an entity to recognise a liability when an employee has provided services in exchange for employee benefits to be paid in the future, and an expense when the entity consumes the economic benefit arising from the service provided by an employee in exchange for employee benefits.

IFRS 2 refers to share-based payment transactions where the entity receives goods or services either as consideration for its equity instruments or by incurring liabilities for amounts based on the price of the entity's shares or other equity instruments by the entity.

6.1 Number of employees

(in # of permanent employees)	30 June 2025	30 June 2024
France	80	75
United Kingdom	75	72
United States of America	51	55
Singapore	-	2
Korea	2	2
Total permanent employees (excluding Luxembourg)	208	206
Luxembourg	40	36
TOTAL EMPLOYEES	248	242

	30 June 2025	30 June 2024
Investments	120	112
Client solutions and capital raising	16	24
Operations	72	70
Total employees (excluding Fund administration)	208	206
Fund administration	40	36
TOTAL EMPLOYEES	248	242

Excluding employees that are part of the Fund Administration and Accounting team in Luxembourg (related to AISL entities), Antin had a total of 208 permanent employees as of 30 June 2025, compared to 206 permanent employees as of 30 June 2024.

Employees based in Luxembourg inter alia provide fund accounting and fund administration services to the Antin Funds. The number of employees in Luxembourg as of 30 June 2025 was 40, compared to 36 employees as of 30 June 2024. These employees are not included in Antin's personnel expenses as they are employed by AISL entities which are fully held by the Antin Funds.

6.2 Composition of personnel expenses

Management establishes and approves salaries and other compensation for Antin's employees. Total remuneration may consist of a base salary, bonus, participation in pension schemes, share-based compensation plans and other benefits.

(in €k)	1H 2025	1H 2024
Salaries, bonuses	38,787	35,629
Pension plan expenses	1,113	944
Social security expenses	8,316	7,474
Share-based compensation plans	718	-
Other personnel related expenses	330	283
Total personnel expenses excl. IPO Free share plan	49,265	44,330
Free Share Plan - IPO	-	-
Increase/(reversal) of social charges related to IPO Free Share Plan	(1,136)	(255)
TOTAL PERSONNEL EXPENSES	48,129	44,075

The increase in personnel expenses excluding IPO Free Share Plan was mainly driven by an increase in number of employees, annual compensation increases, internal

6.3 Share-based payment plans

► ACCOUNTING PRINCIPLES

REFERENCE: IFRS 2

For equity-settled share-based payments, the fair value of the shares, as measured at the grant date, is recognised on a linear basis over the vesting period and recorded as a personnel expense in the Consolidated Income Statement.

At each reporting period, any changes to the shares granted, and the corresponding personnel expense is revised taking into consideration the service condition and changes to the plan.

promotions and the implementation of share-based compensation plans (see detail in Note 6.3 "Share-based payment plans").

Social charges levied on the plans are based on the value of the shares at the time of vesting. Social charges recognised as personnel expense in the Consolidated Income Statement are determined based on the value of

the shares at the end of each reporting period.

Share-based compensation plans

The Group implemented share-based compensation plans to further align the interests of key employees with shareholders and support the Company's long-term business strategy. In March 2025, a total of 162,952 shares were granted to select key employees subject to continuous employment conditions with respective vesting periods.

	2021 IPO Plan	2025 Plan (France)	2025 Plan (United Kingdom and United States)
Grant date	23 September 2021	4 March 2025	18 March 2025
	11 November 2021
End of vesting period	27 September 2023 for 4,216,611 shares 25 March 2026		25 March 2025 for 39,126 shares
	11 November 2023 for 414,233 shares	for 30,383 shares	25 March 2026 for 39,126 shares
	15 May 2025 for 745,620 shares	25 March 2027 for 15,191 shares	25 March 2027 for 39,126 shares
Number of shares granted	7,447,629	45,574	117,378
Number of shares vested as of 30 June 2025	4,630,844	-	39,126
Number of shares cancelled or lapsed as of 30 June 2025	2,816,785	-	5,524
NUMBER OF SHARES GRANTED AND STILL TO VEST AS OF 30 JUNE 2025	-	45,574	72,728

The share-based compensation plans authorised in 2025 have a cumulated value of €1.7 million as of the Grant date of the shares ("Grant Value") which represents the 162,952 shares granted at a price of €10.9 per share.

The Grant Value is recognised on a straight-line basis as a personnel expense in Antin's Consolidated Income Statement over the vesting periods of the plan with a corresponding increase in equity.

In addition, Antin recognises the estimated social charges levied on the plans based on the share price at the end of the reporting period. The social charges are expected to be 30% in France, 15% in the United Kingdom and 2.45% in the United States.

In the first half of 2025 Antin recognised €0.7 million in personnel expenses related to the plans.

NOTE 7 OTHER OPERATING EXPENSES

► ACCOUNTING PRINCIPLES

Other operating expenses include primarily overhead expenses, classified by the type of services:

Professional services fees include fees related to legal, tax, accounting, audit and consulting arrangements, recruitment and other professional services.

Administrative fees are fees charged by AISL entities for fund accounting and fund administration services. Antin recharges these expenses to the Antin Funds and records the resulting revenue under administrative fees and other revenue. No margin is applied by Antin when recharging such fees.

Other expenses and external services mainly relate to insurance, IT expenses, subscriptions, professional membership fees.

Rent and maintenance include rental expenses, maintenance costs, and real estate and equipment leasing expenses that do not result in the recognition of a lease liability and right‑of-use asset.

Travel and representation expenses relate to the cost of business travel including hotels and flights, and other representation expenses.

Placement fees are fees paid to placement agents to support Antin in the fundraising process. Placement fees are periodic in nature and occur in connection with the fundraising of Antin Funds. Antin recognises as an asset the costs of obtaining a contract with a customer when it expects to recover placement fees (refer to Note 15 "Other non‑current assets"). Costs to obtain a contract that would be incurred regardless of the outcome are recognised in other operating expenses on an accrual basis, based on the contractual agreement with the placement agent.

Other operating expenses

(in €k)	1H 2025	1H 2024
Professional services fees	4,210	3,474
Administrative fees	3,104	2,923
Other expenses and external services	4,101	4,198
Rent and maintenance expenses	1,334	1,210
Travel and representation expenses	2,223	3,107
Placement fees	-	-
TOTAL OTHER OPERATING EXPENSES	14,972	14,912

NOTE 8 DEPRECIATION AND AMORTISATION

► ACCOUNTING PRINCIPLES

Assets are depreciated or amortised over the estimated useful life using the straight-line method.

The useful life for property and equipment and intangible assets are estimated as follows:

furniture: 4-5 years;
computer equipment: 3-4 years;
leasehold improvements: 4-9 years, subject to lease period;
capitalised placement fees: over the life of the fund, typically 10 years starting from the first closing.

Placement fees are fees incurred for the services related to obtaining commitments from investors. They are paid, subject to the terms agreed, when the fund holds closings. The fees are capitalised as a non-current asset representing the cost of obtaining a contract (refer to Note 15 "Other non‑current assets").

Such costs are expected to be recovered over the fund's life. Therefore, the useful life of the asset is the fund's life, which is expected to be 10 years starting from the first closing as per the fund's legal documentation. Capitalised placement fees are amortised on a straight-line basis.

Depreciation and amortisation recognised in the Consolidated Income Statement were as follows:

(in €k)	1H 2025	1H 2024
Depreciation of property and equipment	(7,517)	(5,451)
Amortisation of placement fees	(1,107)	(2,397)
Amortisation of intangible assets	-	-
Other	(31)	(80)
TOTAL DEPRECIATION AND AMORTISATION	(8,655)	(7,928)

NOTE 9 FINANCIAL INCOME AND EXPENSES

► ACCOUNTING PRINCIPLES

Financial income mainly comprises translation gains, interest received on cash and cash equivalents and gains on collective investment schemes.

Financial expenses mainly comprise translation losses and interest on lease liabilities.

Financial income and expenses recognised in the Consolidated Income Statement were as follows:

(in €k)	1H 2025	1H 2024
Interest income	3,138	3,007
Translation gains	69	7
Other financial income	2,152	5,292
Financial income	5,359	8,306
Interest expenses	(1,272)	(950)
Translation losses	(716)	(405)
Other financial expenses	(2,419)	(13)
Financial expenses	(4,407)	(1,368)
FINANCIAL INCOME AND EXPENSES, NET	952	6,938

Other financial expenses in the first half of 2025 were composed of :

a loss of €(1.8) million on a hedging transaction for social charges related to the IPO Free Share Plan
€(1.1) million regarding fees related to the Total Return Swap ("TRS") transaction and €0.5 million of fair value revaluation of the TRS and Forward Agreement ("FA") derivatives

Further information on those elements is available under Note 23 "Derivative financial instruments".

NOTE 10 INCOME TAX

► ACCOUNTING PRINCIPLES

REFERENCE: IAS 12

Introduction

In accordance with IAS 12, the income tax expense includes all income-related taxes, whether current or deferred. Income tax is recognised in the Consolidated Income Statement except when the underlying transaction is recognised in other comprehensive income or equity whereby related tax effect is also recognised in other comprehensive income or equity.

Current tax

The standard defines current tax liability (asset) as "the amount of income tax payable (recoverable) with respect to the taxable profit (tax loss) for a financial year". The taxable income is the profit (or loss) for a given financial year measured according to the rules set by the taxation authorities. The applicable rates and rules used to determine the current tax liability (asset) are those in effect in each country in which Antin's companies are established.

The current tax liability includes all taxes on income, payable, for which payment is not subordinated to the completion of future transactions, even if payment is spread over several financial years. The current tax liability must be recognised as a liability until it is paid. If the amount that has already been paid for the current year and previous financial years exceeds the amount due for these years, the surplus must be recognised under assets.

Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and the consolidated entities intend either to settle on a net basis or to realise the asset and settle the liability simultaneously.

Deferred tax

Deferred tax is measured based on how the underlying asset or liability is expected to be realised or settled. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date.

Deferred tax must be recognised for all temporary differences between the carrying amounts of assets and liabilities on the Consolidated Balance Sheet and their tax base for financial reporting purposes and the amounts used for taxation purposes.

A deferred tax asset must also be recognised for carrying forward unused tax losses and tax credits insofar as it is probable that the Group will have access to future taxable profits against which the unused tax losses and tax credits can be allocated.

Deferred tax assets are recognised for deductible temporary differences and tax losses-carry forward to the extent that it is probable they can be used. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised.

CVAE (Cotisation sur la valeur ajoutée des entreprises)

French expense which is recognised as an income tax in Antin Consolidated Income Statement.

10.1 Income tax recognised in the Consolidated Income Statement

Income taxes recognised in the Consolidated Income Statement were as follows:

(in €k)	1H 2025	1H 2024
Current income tax	(19,596)	(21,187)
Deferred income tax	(1,624)	(1,533)
TOTAL INCOME TAX RECOGNISED IN THE INCOME STATEMENT	(21,220)	(22,720)

10.2 Income tax recorded in other comprehensive income

(in €k)	1H 2025	1H 2024
Income tax relating to items that may be reclassified subsequently to profit or loss	(400)	66
Income tax relating to items that will not be reclassified subsequently to profit or loss	-	-
TOTAL INCOME TAXES RECOGNISED IN OTHER COMPREHENSIVE INCOME	(400)	66

Income tax impact of €0.4 million loss recorded in Other Comprehensive Income in the first half of 2025 related to the settlement of the cash flow hedge related to the IPO Free Share Plan. As a reminder, the objective of the hedge transaction was to mitigate the variability of the social charges related to the IPO Free Share Plan resulting from changes in Antin's share price. Further information on the hedge transaction is available under Note 23 "Derivative financial instruments".

10.3 Income tax recognised in the Consolidated Balance Sheet

Deferred income tax recognised in the balance sheet was as follows:

(in €k)	30-Jun-25	31-Dec-24
Tax loss and tax credit carryforwards	12	12
Related to placement fees	(2,492)	(2,777)
Related to IPO Free Share Plan	-	2,342
IPO-related expenses	1,404	1,977
Fair value	(994)	(212)
Related to leases	625	590
Related to pensions	217	199
Other deferred revenue/expenses	(2,595)	(685)
NET DEFERRED TAX ASSETS (LIABILITIES)	(3,822)	1,446

Notes to the Consolidated Balance Sheet

NOTE 11 INTANGIBLE ASSETS

► ACCOUNTING PRINCIPLES

REFERENCE: IAS 38 – IAS 36

Intangible assets

Intangible assets consist primarily of acquired software licenses, including capitalised costs incurred to acquire and bring to use the specific software. Intangible assets are recorded at cost, less accumulated amortisation and impairment.

Amortisation

Intangible assets are amortised from the date they are available for use. The amortisation is recognised in the Consolidated Income Statement on a straight-line basis over the estimated useful life of the asset.

Antin amortises software assets over a period of three years.

Impairment

An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the higher of the asset's fair value less costs of disposal and its value in use. Impairment tests are performed at each reporting period and as soon as an indication of impairment loss arises.

(in €k)	Software	Other intangible assets	Total
COST
At 31 December 2023	321	-	321
Additions	-	-	-
Disposal	-	-	-
Translation difference	-	-	-
At 31 December 2024	321	-	321
Additions	-	-	-
Disposal	-	-	-
Translation difference	-	-	-
At 30 June 2025	321	-	321
AMORTISATION
At 31 December 2023	(321)	-	(321)
Additions	-	-	-
Disposal	-	-	-
Translation difference	-	-	-
At 31 December 2024	(321)	-	(321)
Additions	-	-	-
Disposal	-	-	-
Translation difference	-	-	-
At 30 June 2025	(321)	-	(321)
CARRYING AMOUNT
At 31 December 2024	-	-	-
At 30 June 2025	-	-	-

NOTE 12 PROPERTY AND EQUIPMENT

► ACCOUNTING PRINCIPLES

REFERENCE: IAS 16 – IAS 36

Property and equipment

Property and equipment includes primarily office refurbishments, furniture, IT equipment and other fixed assets. Property and equipment assets are measured at cost less accumulated depreciation and impairments. The cost includes the purchase price of the asset as well as expenditures directly attributable to put the asset in place.

Gains or losses from disposal of an asset may arise when there is a difference between the sales price and the asset's carrying amount less the cost of disposal. Gains and losses are recognised as other operating income/expense when they arise.

Subsequent capital expenditure

Subsequent capital expenditure is capitalised only when it is probable that there are future economic benefits associated with the acquired asset and when the cost can be measured reliably. Other subsequent expenditure is recognised as an expense in the period it arises. Repairs are expensed on an ongoing basis.

Assets under development

Property and equipment that is not ready for use is recorded as a fixed asset under development. It will be depreciated when it becomes available for use. This relates primarily to office refurbishments.

Depreciation

Property and equipment is depreciated over the estimated useful life using the straight-line method.

The useful life is estimated as follows:

furniture: 4-5 years;
computer equipment: 3-4 years;
leasehold improvements: 4-9 years, subject to lease period.

Impairment

An impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the higher of the asset's fair value less costs of disposal and its value in use. Impairment tests are performed at each reporting period, and as soon as any indication of impairment loss arises.

(in €k) Leasehold improvements and furniture Under development Total COST At 31-Dec-2023 30,059 845 30,903 Additions 514 5,105 5,619 Disposals (7) - (7) Reclassification 3,993 - 3,993 Translation difference 724 116 840 At 31-Dec-2024 35,283 6,067 41,348 Additions 51 6,301 6,352 Disposals (491) - (491) Reclassification 3,179 (3,179) - Translation difference (1,524) (745) (2,269) At 30-Jun-2025 36,498 8,444 44,941 ACCUMULATED DEPRECIATION AND IMPAIRMENT At 31-Dec-2023 (10,319) - (10,319) Depreciation (4,536) - (4,536) Accumulated depreciation on disposals (537) - (537) Impairment loss - - - Translation difference (183) - (183) At 31-Dec-2024 (15,576) - (15,576) Depreciation (2,937) - (2,937) Accumulated depreciation on disposals 490 - 490 Impairment loss - - - Translation difference 466 - 466 At 30-Jun-2025 (17,557) - (17,557) CARRYING AMOUNT AT 31-DEC-2024 19,707 6,067 25,772 AT 30-JUN-2025 18,941 8,444 27,384

NOTE 13 LEASES

► ACCOUNTING PRINCIPLES

REFERENCE: IFRS 16

Introduction

IFRS 16 "Leases" specifies the recognition, measurement, presentation and disclosure of leases. It requires a lessee to recognise assets and liabilities for all leases unless the lease term is 12 months or less, or the underlying asset has a low value. In accordance with IFRS 16, Antin recognises a right‑of-use asset and a corresponding lease liability with respect to its applicable lease arrangements.

Definition of the lease

A contract is, or contains, a lease if it conveys to the lessor the right to control the use of an identified asset for a specified period of time in exchange for a consideration. Control is conveyed when Antin has both the right to direct the identified asset's use, and to obtain substantially all economic benefits from its use during the lease period. An asset is typically identified by being explicitly specified in a contract, but an asset can also be identified by being implicitly specified at the time it is made available for use by the lessee. However, when a lessor has a substantive right of substitution during the period of use, a lessee does not have a right to use an identified asset. A lessor's right of substitution is only considered substantive if the lessor has both the practical ability to substitute alternative assets throughout the period of use and would economically benefit from substitution.

Antin assesses whether a contract is or contains a lease at inception of the contract. Antin recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. Payments related to leases are recognised on a straight-line basis over the duration of the lease agreement.

Separation of lease and non-lease component

Rental payments agreed in a contract are separate from the lease component and the non-lease component based on their individual prices, as directly indicated in the lease agreement or estimated on the basis on all observable information. If the lessee cannot separate the lease components from the non-lease components (or services), the entire contract is treated as a lease.

Right-of-use assets

Right-of-use assets are primarily office premises and are initially measured at cost, corresponding to the present value of the outstanding lease payments at the commencement date of the lease. Lease payments made at or before the commencement date, initial direct costs and an estimate of costs to be incurred by Antin in dismantling or restoring the underlying asset, are included in the value of the right-of-use asset, less any lease incentives. Right-of-use assets are depreciated using the straight-line method over the lease period, from the commencement date to the end of the lease term.

Lease liabilities

Lease liabilities correspond to the present value of future lease payments, excluding variable lease payments that do not depend on an index or a rate.

For contracts that include a lease component and non-lease components (such as services), only the lease component is considered in calculating the present value.

The interest rate implicit in the lease is used as the discount rate if it can be readily determined. If the interest rate cannot be readily determined, the Group uses its incremental borrowing rate, consistent with the term of the lease arrangement.

After initial recognition, the carrying amount of the lease liability is increased to reflect interest on the lease and reduced to reflect the lease payments made.

The carrying amount of the lease liability and the corresponding right-of-use asset are adjusted to reflect relevant changes that may occur during the lease period. This may include changes to the lease period, changes to the terms of the lease, any change in the assessment of an option to purchase the underlying asset, any change in the amount that the lessee expects to pay to the lessor under the residual value guarantee or any change in future lease payments resulting from a change in an index or a rate used to determine those payments.

13.1 Right-of-use assets

Right-of-use assets mainly consist of lease assets related to office premises. As of 30 June 2025, Antin recognised right-of-use assets of €56.2 million, compared to €65.5 million recognised at 31 December 2024. A new lease agreement was signed in September 2023 relating to the expansion of office premises in New York. The lease started in September 2024.

(in €k)	30-Jun-25	31-Dec-24
OPENING BALANCE	65,513	49,833
Amortisation	(4,581)	(7,309)
New leases/Lease modifications	-	24,061
Other changes, net	(4,762)	(1,072)
CLOSING BALANCE	56,170	65,513

13.2 Lease liabilities

	30-Jun-25			31-Dec-24
(in €k)	Total	< 1 year	1-5 years	> 5 years	Total	< 1 year	1-5 years	> 5 years
Non-current part
Lease liabilities	63,362	-	51,806	11,556	73,823	-	57,021	16,802
Total lease liabilities – non‑current part	63,362	-	51,806	11,556	73,823	-	57,021	16,802
Current part
Lease liabilities	6,657	6,657	-	-	3,406	3,406	-	-
Total lease liabilities – current part	6,657	6,657	-	-	3,406	3,406	-	-
TOTAL LEASE LIABILITIES	70,019	6,657	51,806	11,556	77,229	3,406	57,021	16,802

NOTE 14 FINANCIAL ASSETS

► ACCOUNTING PRINCIPLES

REFERENCE: IFRS 9/IFRS 13

Antin's financial assets mainly consist of non-consolidated equity financial investments measured at fair value. It relates to Antin's investments in the Antin Funds.

Recognition and initial measurement

IFRS 9 "Financial Instruments" requires an entity to recognise a financial asset when it becomes party to the contractual provisions of the instrument. At initial recognition, an entity measures a financial asset at its fair value plus or minus transaction costs that are directly attributable to the acquisition or issue of the financial asset.

Classification and subsequent measurement of financial assets

A financial asset is initially classified into one of three measurement categories. The classification depends on how the asset is managed (business model) and the characteristics of the asset's contractual cash flows. The measurement categories for financial assets are as follows:

fair value through profit or loss (FVPL);
fair value through other comprehensive income (FVOCI);
amortised cost (AC).

Financial assets are measured at amortised cost if both of the following conditions are met:

the financial asset is held within a business model whose objective is to realise the cash flows from the financial assets by holding the financial assets and collecting its contractual cash flows over the life of the assets and
the contractual terms of the financial asset give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Financial assets measured at amortised cost include accounts receivable, other long-term as well as short-term receivables and cash and cash equivalents. The carrying amounts are considered as the fair value.

Financial assets are measured at FVOCI if both the following conditions are met:

the financial asset is held within a business model whose objective is to realise the cash flows from the financial assets both by collecting the contractual cash flows and selling financial assets and
the contractual terms of the financial asset give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding.

As per the classifications under IFRS 9, Antin measures its financial assets related to investments in the Antin Funds at FVPL.

Fair value measurement

IFRS 13 "Fair Value Measurement" defines fair value, sets out a framework for measuring fair value, and requires disclosure about fair value measurements.

Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date.

Antin measures and discloses the fair value of its financial assets using the following fair value hierarchy. The fair value hierarchy levels 1 to 3 are based on the degree to which the fair value is observable:

level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities;
level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).

Financial investments held by Antin consist of investments in Antin Funds. As the information used to value individual assets within each fund is not observable, and because prices for each investment in a fund are not observable, Antin categorises its financial investments in the Antin Funds as level 3 financial assets under IFRS 13 "Fair Value Measurement".

The fair value of the portfolio companies held by the Antin Funds is determined by the Portfolio Review Committee on a quarterly basis in accordance with the recommendations set out in the International Private Equity and Venture Capital Valuation Guidelines (IPEV). The valuation methodologies follow a multi-criteria approach and are applied consistently from one period to another, except when a change in methodology would result in a better estimation of fair value. The assessment of the fair value of an investment involves assumptions and judgement. This may include assumptions with respect to the economic and competitive environment, business plan and financial projections, and assessments of risks and other factors. The fair value is audited annually and reviewed semi-annually. In addition, an independent valuation service provider is appointed to provide independent estimations of ranges of fair value once per year in order to assess Antin's conclusions of fair value for each investment.

Antin applies control processes to ensure that the fair value of the financial assets reported in the half-year condensed consolidated financial statements are in accordance with applicable accounting standards and determined on a reasonable basis. This includes ensuring that the valuations are consistent with the IPEV Guidelines, where relevant, and ensuring that the valuations are supported by underlying documentation.

14.1 Composition of financial assets

The financial assets held by Antin were as follows:

(in €k)	30-Jun-25	31-Dec-24
Investments in Antin Funds	76,108	73,870
Security deposits	3,357	3,784
Other financial assets	11,396	9,638
TOTAL FINANCIAL ASSETS	90,861	87,292

Investments in Antin Funds held by Antin are measured at fair value on Level 3, with changes in the fair value recognised in the Consolidated Income Statement.

14.2 Investments in Antin Funds

Investments in the Antin Funds were as follows:

(in €k)	30-Jun-25	31-Dec-24
Fund III-B	20,653	21,404
Mid Cap Fund I	11,073	11,443
Flagship Fund V	34,496	31,313
NextGen Fund I	9,707	9,536
Co-investment vehicles	179	174
TOTAL ANTIN FUNDS (CO-INVESTMENT)	76,108	73,870

Reconciliation of level 3 fair values

Financial assets which constitute investments in the Antin Funds are measured at fair value and categorised as level 3 financial assets, with changes in the fair value recognised as investment income in the Consolidated Income Statement. The following table shows a reconciliation of level 3 fair values:

(in €k)	30-Jun-25	31-Dec-24
OPENING BALANCE	73,870	46,335
Investments	2,083	24,533
Divestments	-	(152)
Total gains (losses) in profit or loss	155	3,154
CLOSING BALANCE	76,108	73,870

Fair value gains are recognised as investment income in the Consolidated Income Statement (refer to Note 5.2 "Carried interest and investment income").

NOTE 15 OTHER NON-CURRENT ASSETS

► ACCOUNTING PRINCIPLES

Antin may use placement agents or other local representatives/agents in certain jurisdictions, where its own personnel could not be authorised to market the funds. Those placement fees are capitalised as a non-current asset representing costs of obtaining contract in accordance with IFRS 15 "Costs to Fulfil a Contract".

Capitalised placement fees are expected to be recovered over a fund's commitment period. The benefit of the cost is primarily considered to be attributable to the period when the fund investments are carried out. Therefore, the useful life of the asset is the commitment period which is expected to be 10 years starting from the first closing of the fund. The asset is amortised on a straight-line basis.

(in €k)	30-Jun-25	31-Dec-24
OPENING BALANCE	10,769	13,117
Additions	-	1,081
Amortisation	(1,107)	(3,430)
CLOSING BALANCE	9,662	10,769

Total non-current assets as of 30 June 2025 stood at €9.7 million and related to capitalised placement fees for Flagship Fund III (2016), Flagship Fund IV (2020), Mid Cap Fund I (2021) and Flagship Fund V (2022).

NOTE 16 TRADE RECEIVABLES

► ACCOUNTING PRINCIPLES

TRADE RECEIVABLES

Trade receivables are stated at cost less any provision for impairment. A provision for impairment of trade receivables is established when there is objective evidence that Antin will not be able to collect all amounts due according to the original terms of the receivables. Objective evidence involves an element of judgement and is when a payment has been overdue for an extended period of time, or when the counterparty is in default. Antin also applies IFRS 9 with an impairment model based on expected credit losses, resulting in the recognition of a loss allowance before the credit loss is incurred.

(in €k)	30-Jun-25	31-Dec-24
Gross account receivables	9,769	17,553
Less: Allowances	-	-
TOTAL TRADE RECEIVABLES	9,769	17,553

Trade receivables mainly related to expenses to be recharged to the Antin Funds. In some instances, Antin will pre-fund expenses for the Antin Funds such as advisory fees, due diligence expenses, and other matters, in particular during the fundraising of a new fund or when the Antin Funds are awaiting cash proceeds from a capital call. The receivables are settled for new funds when the funds are raised, and for existing funds when the capital has been called. Antin has not suffered any material losses from receivables in the past and there are no receivables past due as of the reporting date. Risks are reviewed on a regular basis and Antin has not identified any material counterparty or credit risks as of the reporting date.

NOTE 17 OTHER CURRENT ASSETS

(in €k)	30-Jun-25	31-Dec-24
Tax receivables excluding income tax	11,433	5,994
Other current assets	21,041	7,938
TOTAL OTHER CURRENT ASSETS	32,474	13,932

Tax receivables mainly related to VAT recoverable monthly.

Other current assets mainly related to short-term cash advances to the Antin Funds that are interest free.

NOTE 18 PREPAID EXPENSES

Amounts related to prepaid expenses were as follows:

(in €k)	30-Jun-25	31-Dec-24
Subscriptions	1,109	1,364
Tax	951	295
Professional membership	470	321
Insurance	163	242
Rent	1,191	1,934
Fees and others	2,269	802
TOTAL PREPAID EXPENSES	6,154	4,957

NOTE 19 ACCRUED INCOME

► ACCOUNTING PRINCIPLES

Accrued income, reported as contract assets, is related to management fees or to carried interest.

Contract assets related to management fees arise primarily from timing differences between the time of generating the revenue and the time of payment. Timing differences mainly occur at the beginning of the life of a fund and before the final closing of a fund.

Contract assets related to carried interest are composed of Antin's capital contributions in the Carry Vehicles, and to amounts recognised as revenue, with the payment not yet received. Carried interest is payable in accordance with the waterfall distribution rules defined in the contractual agreements of each fund.

Specifications of changes in contract assets related to carried interest

(in €k)	30-Jun-25	31-Dec-24
OPENING BALANCE	18,832	12,414
Revenue/(loss) recognised during the period	84	390
Realisation of carried interest/return on capital	(84)	(657)
Acquisition/(transfer of commitment)	(11,723)	6,685
CLOSING BALANCE OF ACCRUED INCOME	7,110	18,832

Specifications of changes in contract assets related to management fees

(in €k)	30-Jun-25	31-Dec-24
OPENING BALANCE	12,294	2,013
Transfers from contract assets recognised at the beginning of the period to receivables	(12,294)	(2,013)
Revenue recognised during the period not yet invoiced/not yet chargeable	4,410	12,294
CLOSING BALANCE OF ACCRUED INCOME	4,410	12,294

Accrued income of €4.4 million recognised as of 30 June 2025 related to management fees from Flagship Fund IV.

NOTE 20 TRADE PAYABLES AND OTHER CURRENT LIABILITIES

(in €k)	30-Jun-25	31-Dec-24
Trade payables	12,991	23,438
Tax liabilities (other than income tax)	14,124	8,267
Personnel and social liabilities	18,753	26,915
Other	4,807	5,315
TOTAL TRADE PAYABLES AND OTHER CURRENT LIABILITIES	50,674	63,935

Personnel and social, tax liabilities mainly related to personnel expenses (bonus accruals, holiday accruals), social charges related to personnel expenses and taxes due in connection with personnel expenses.

NOTE 21 PROVISION

► ACCOUNTING PRINCIPLES

REFERENCE: IAS 37

Provisions are recognised when Antin has a present obligation (legal or constructive) as a result of a past event, it is probable that Antin will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

As of 30 June 2025, there were no material provisions in Antin's Consolidated Balance Sheet.

NOTE 22 BORROWINGS AND FINANCIAL LIABILITIES

RECOGNITION AND INITIAL MEASUREMENT

Financial liabilities are recognised when Antin becomes party to a contract and are initially measured at fair value plus transaction costs that are directly attributable to their acquisition or issue.

CLASSIFICATION AND SUBSEQUENT MEASUREMENT OF FINANCIAL LIABILITIES

Financial liabilities are measured at amortised cost. Antin does not currently have any financial liability measured at amortised cost.

As of 30 June 2025, there were no borrowings and financial liabilities in Antin's Consolidated Balance Sheet.

NOTE 23 DERIVATIVE FINANCIAL INSTRUMENTS

► ACCOUNTING PRINCIPLES

REFERENCE: IFRS 9

According to IFRS 9 "Financial instruments", a derivative is a financial instrument or any other contract within the scope of the standard with all three of the following characteristics:

its value changes in response to the change in a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided in the case of a non-financial variable that the variable is not specific to a party to the contract (sometimes called the 'underlying');
it requires no initial net investment or an initial net investment that is smaller than would be required for other types of contracts that would be expected to have a similar response to changes in market factors;
it is settled at a future date.

Derivatives under IFRS 9 include instruments such as swaps, options, forwards, and futures, and are generally be measured at fair value through profit or loss (FVTPL) unless specific hedge accounting criteria are met.

Derivatives measured and disclosed at fair value are categorised into one of the three levels of the fair value hierarchy (see Note 14 "Financial assets").

For financial instruments disclosed in Level 3 of the fair value hierarchy, a difference between the transaction price and the fair value may arise at initial recognition. This "Day One P&L" is deferred and held in the Consolidated Balance Sheet until parameters that were originally non-observable become observable and then released to the Consolidated Income Statement.

IFRS 9 "Financial Instruments – Hedge Accounting" deals with the accounting treatment of financial instruments used for hedging purposes.

In order to hedge against certain risks, Antin makes selective use of derivative instruments. Antin may designate a hedge transaction as a fair value hedge or a cash flow hedge, depending on the risk and on the instruments to be hedged.

To designate an instrument as a hedge derivative, Antin documents the hedging relationship from inception. The hedge documentation specifies the asset, liability, or future transaction hedged, the risk to be hedged and the associated

or cash flows of the hedged instrument are almost entirely offset by changes in the fair value or cash flows of the hedging instrument. Effectiveness is assessed when the

This effectiveness is verified when changes in the fair value

arising from the hedged risk.

risk management strategy, the type of financial derivative and the method used to measure the hedge effectiveness including sources of ineffectiveness and how the hedge ratio is determined. The hedge derivative must be highly effective in offsetting the change in fair value or cash flows

hedge is first set up and throughout its life. Effectiveness is measured at each reporting period prospectively (expected effectiveness over the future periods) and retrospectively (effectiveness measured on past periods). The hedge accounting is discontinued when the hedging relationship ceases to meet the qualifying criteria. Hedging derivatives are recognised in the balance sheet under Derivative financial assets or liabilities.

Hedge on IPO Free Share Plan

Antin implemented a Free Share Plan announced at the time of the IPO in 2021. Antin recognised two types of expenses related to the plan: the plan's value, based on the share price at the time of the grant, and social charges, based on the share price at the time of vesting. This exposed Antin to share price risk, with an increase in the share price leading to a corresponding increase in social charges payable to tax authorities at the time of vesting. In order to mitigate the share price risk and obtain greater certainty with respect to the cash payment due at the time of vesting, Antin entered into a cashsettled total return swap to hedge its share price exposure.

In accordance with IFRS 9 "Financial Instruments – Hedge Accounting" Antin classifies the swap transaction as a cash flow hedge. A derivative financial instrument is recognised at fair value in Antin's Consolidated Balance Sheet.

This derivative financial instrument is recognised at fair value on the commencement date and subsequently measured at fair value at each reporting period. Changes in the fair value of the derivative financial instrument are recognised in Other Comprehensive Income and within the cash flow hedge reserve in Shareholders' Equity for its effective portion.

Any ineffective portion is recognised in the Consolidated Income Statement within financial income or expense. Amounts recognised in Other Comprehensive Income are transferred to the Consolidated Income Statement when the hedged transaction affects profit or loss and the hedged cash flows occur, i.e. at the time of vesting of the free shares.

As of 30 June 2025, the derivative was settled at maturity, with €1.7 million of cumulative loss previously held in the cash flow hedge reserve reclassified to financial loss.

Total Return Swap and Forward Agreement

Antin entered on 18 December 2024 into a Total Return Swap ("TRS") with a third-party that has made a €150 million commitment to Flagship Fund V. The TRS grants Antin all economic upside and downside attributable to the commitment in exchange of interests defined in the TRS agreement and paid during the life of the transaction. The TRS agreement has embedded call and put options, both with a low probability of being exercised.

In addition, Antin entered a Forward Agreement ("FA") for the sale of a €100m commitment in Flagship Fund V to a third-party fund investor, with all economic upside and downside related to this commitment remaining with the fund investor.

The TRS agreement has been executed with a counterparty holding a credit rating of A+ or higher.

Both the TRS and FA are classified as derivative financial instruments measured at Level 3 fair value through profit or loss in Antin's half-year condensed consolidated Financial Statements in accordance with IFRS 9 "Financial instruments" and shall be revaluated at each reporting period against financial profit or loss.

The fair value revaluation of the TRS and FA derivatives has an impact of €0.5 million in the first 2025 reflecting a revaluation of €1.9m of the TRS derivative asset and a revaluation of €1.4m on the FA derivative liability.

The deferred margin on financial instruments ("Day One P&L") is calculated and held on the Consolidated Balance Sheet after identifying valuation adjustments of elements that are nonobservable and will be released to Consolidated Income Statement when the inputs will become observable.

As both TRS and FA derivatives were evaluated using nonobservable data (Level 3 inputs), the Day One P&L impact was €7.9 million for the TRS and €8.0 million for the FA. These amounts have been deferred in accordance with IFRS requirements and are presented as a reduction in the fair value of the relevant transactions within "Derivative financial assets" and "Derivative financial liabilities" lines in the Consolidated Balance Sheet.

NOTE 24 CASH AND CASH EQUIVALENTS

► ACCOUNTING PRINCIPLES

REFERENCE: IAS 7

Cash relates to cash on hand and demand deposits.

Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and subject to an insignificant risk of a change in value.

Money market instruments relate to collective investment schemes measured at fair market value at the reporting date.

(in €k)	30-Jun-25	31-Dec-24
Term accounts with initial maturities of less than three months	171,646	233,419
Money market instruments	250	129,953
Cash deposits held with banks	189,564	25,477
TOTAL CASH AND CASH EQUIVALENTS	361,459	388,850

The Group Finance Department manages and invests Antin's cash and cash equivalents within the risk and approval framework of the Group Treasury Policy approved by the Board of Directors. The Group Treasury Policy lays out a framework for Antin to effectively manage, mitigate and monitor its financial risks. The policy defines responsibilities, permitted activities, approval requirements and performance measurement related to Antin's treasury activities, which includes cash management. The Group Treasury Policy stipulates that bank counterparties shall have a minimum credit rating of BBB (S&P or equivalent). The Group Finance Department monitors and confirms credit ratings at each reporting period, and periodically when market or counterparty circumstances change. The Group Finance Department also ensures that cash and cash equivalents are appropriately diversified across bank counterparties and money market instruments, to manage counterparty and concentration risks.

Cash and cash equivalents of €361.5 million as of 30 June 2025 were allocated to bank counterparties and money market instruments with credit ratings equal or higher than A-.

NOTE 25 EQUITY

25.1 Total number of shares issued and outstanding

Antin has one class of ordinary shares that carry one dividend right and one voting right. However, double voting rights are granted to shares for which proof of registration in the name of the same shareholder is provided for at least two years. As of 30 June 2025, Antin had 179,193,288 shares issued including 4,630,844 shares issued in 2023 as part of the IPO Free Share Plan (see detail in Note 6.3 "Share-based payment plans"), 510,621 treasury shares and a total of 178,682,667 shares outstanding.

(in number of shares)	30-Jun-25	31-Dec-24
Shares issued	179,193,288	179,193,288
Treasury shares	(510,621)	(387,015)
SHARES OUTSTANDING	178,682,667	178,806,273

25.2 Treasury shares

Liquidity contract

Antin is a party to a liquidity contract with BNP Paribas Arbitrage. The objective of the contract is to improve Antin's share trading and monitor volatility on the regulated market of Euronext Paris.

At the date of entry into force of the liquidity contract with BNP Paribas (25 March 2022), the available resources were 0 Antin share and €2,000,000.

As of 30 June 2025, Antin held 86,747 shares for a total value of €1.0 million.

Transactions performed by Antin

In addition, Antin purchased 300,000 treasury shares in September 2023 for an amount of €3.8 million and 163,000 shares in the first half of 2025 for an amount of €1.7 million.

The purpose of these treasury shares is to cover existing and future share-based compensation plans for employees.

25.3 Distributions to Shareholders

In 18 June 2025, Antin made a distribution in cash of €0.37 per share, equivalent to €66.1 million.

The distribution related to the second instalment of the total dividend of €0.71 per share related to the fiscal year 2024 approved by Shareholders at the Shareholders' Meeting on 11 June 2025. The first instalment of €0.34 per share equivalent to €60.9 million was paid in cash in November 2024.

Notes to the additional disclosure

NOTE 26 OFF-BALANCE SHEET COMMITMENTS

As of 30 June 2025, the off-balance sheet commitments of Antin were composed of:

26.1 Off-balance sheet investments

		Off Balance Sheet
(in €k)	Commitment	(Undrawn Amount)
Fund III-B	20,000	2,020
Flagship Fund V	101,706	65,411
Mid Cap Fund I	20,000	9,899
Next Gen Fund I	24,342	14,344
Co-Investments	390	205
Investments in Antin Funds	166,439	91,879
Flagship Fund III	785	98
Flagship Fund IV	700	70
Fund III-B	2,824	285
Flagship Fund V	20,341	13,348
Mid Cap Fund I	4,400	2,166
Next Gen Fund I	2,434	1,428
Investments in Carry Vehicles (allocated to Antin)	31,485	17,395
Flagship Fund V	3,922	2,573
Mid Cap Fund I	388	191
Next Gen Fund I	589	345
Investments in Carry Vehicles (employee reserve)	4,898	3,109
TOTAL	202,822	112,384

The balance sheet amounts of the Antin Fund investments are detailed in Notes 14 "Financial assets" and 19 "Accrued income".

26.2 Financing commitments

(in €k)	30-Jun-25	31-Dec-24
Borrowings from credit institutions	-	-
Drawn amount	-	-
Revolving Credit Facility	30,000	30,000
Undrawn amount	30,000	30,000

Revolving Credit Facility

Antin maintains a Revolving Credit Facility ("RCF") for an amount of €30 million aimed at securing additional short-term liquidity if required. The interest rate margin on the RCF is 1.5% to 2.0% depending on certain leverage ratios, plus Euribor. The maturity date of the RCF is 30 June 2026.

NOTE 27 RELATED PARTY TRANSACTIONS

► ACCOUNTING PRINCIPLES

REFERENCE: IAS 24

Antin's related parties are:

its main shareholders;
its Board members and;
its Executive Committee members.

Transactions with related parties are concluded on an arms-length basis.

Antin granted carried interest loan financing to an Executive Committee member who was not eligible for the third-party financing facility arranged by the firm on behalf of its employees. This includes a €1.5 million loan (of which €877 thousand drawn as of 30 June 2025) at an interest rate of 3.96% with maturity in April 2030 and a €0.5 million loan (of which €249 thousand drawn as of 30 June 2025) at an interest rate of 1.77% with a maturity in October 2031. The terms of the loans match the terms of the third-party financing arrangements obtained for employees.

There were no other significant transactions between Antin and its related parties.

NOTE 28 EARNINGS PER SHARE

28.1 Earnings per share

(in €)	30-Jun-25	30-Jun-24
Earnings per share
before dilution	0.29	0.34
after dilution	0.29	0.34

Earnings per share were calculated based on the net income attributable to the owners of the Company, divided by the weighted average number of shares outstanding, before and after the effects of dilution.

28.2 Weighted average number of shares

(in number of shares)	30-Jun-25	30-Jun-24
Weighted average number of shares outstanding
before dilution	178,741,729	178,800,551
after dilution	178,741,729	179,546,171

The weighted average number of shares outstanding was calculated based on the number of shares issued adjusted for treasury share transactions during the period ended 30 June 2025. See detail presented in Note 25.2 "Treasury shares".

NOTE 29 EVENTS AFTER THE REPORTING PERIOD

Significant events since 30 June 2025

Acquisition of Matawan

2.3 STATUTORY AUDITORS' REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS

For the period from 1 January 2025 to 30 June 2025

To the Shareholders,

In compliance with the assignment entrusted to us by your Annual General Meetings and in accordance with the requirements of article L. 451-1-2-III of the French Monetary and Financial Code ("Code Monétaire et Financier"), we hereby report to you on:

the review of the accompanying condensed half-yearly consolidated financial statements of Antin Infrastructure Partners, for the period from 1 January 2025 to 30 June 2025,
the verification of the information presented in the half-yearly management report.

These condensed half-yearly consolidated financial statements are the responsibility of the Board of Directors. Our role is to express a conclusion on these financial statements based on our review.

1. Conclusion on the financial statements

We conducted our review in accordance with professional standards applicable in France.

A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with professional standards applicable in France and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed half-yearly consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34 - standard of the IFRSs as adopted by the European Union applicable to interim financial information.

2. Specific verification

We have also verified the information presented in the half-yearly management report on the condensed half-yearly consolidated financial statements subject to our review.

We have no matters to report as to its fair presentation and consistency with the condensed half-yearly consolidated financial statements.

Paris-La Défense and Paris The Statutory Auditors

COMPAGNIE FRANCAISE DE CONTROLE ET D'EXPERTISE "C.F.C.E" Hervé TANGUY Maud MONIN

DELOITTE & ASSOCIES

3 PERSON RESPONSIBLE FOR THE INFORMATION

3.1 PERSON RESPONSIBLE FOR THE HALF-YEAR FINANCIAL REPORT 50

3.2 STATEMENT OF THE PERSON RESPONSIBLE FOR THE HALF‑YEAR FINANCIAL REPORT 50

3.1 PERSON RESPONSIBLE FOR THE HALF-YEAR FINANCIAL REPORT

Alain Rauscher, Chairman of the Board and Chief Executive Officer of the Company.

3.2 STATEMENT OF THE PERSON RESPONSIBLE FOR THE HALF‑YEAR FINANCIAL REPORT

Paris – 10 September 2025

I certify that, to the best of my knowledge, these half-year condensed consolidated financial statements have been prepared in accordance with the applicable accounting standards, and give a true and fair view of the assets and liabilities, and of the financial position and results of the Company and all its consolidated subsidiaries, and that the half-year activity report, available in Section1, provides a true and fair view of the main events of the first six months of the year, their impact on the financial statements, the main related-party transactions, as well as a description of the mains risks and uncertainties for the remaining six months of the year.

Alain Rauscher

Chairman of the Board and Chief Executive Officer of the Company

GLOSSARY

AIFM Directive (AIFMD)

Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No. 1060/2009 and (EU) No. 1095/2010.

Alternative AUM

The value of global assets under management managed by alternative asset managers.

Antin

Antin Infrastructure Partners S.A. and its direct and indirect subsidiaries.

Antin Funds

Antin Investment vehicles managed by Antin Infrastructure Partners SAS or Antin Infrastructure Partners UK.

Assets under management (AUM)

Operational performance measure representing both the assets managed by Antin from which it is entitled to receive management fees (see below FPAUM), the assets from Antin's co-investment vehicles which do not generate management fees or carried interest, and the net value appreciation on current investments.

Average Re-investment Rate

For any given Antin Fund, the sum of capital raised from existing Antin Fund Investors compared to the size of the predecessor fund.

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 underlying investments.

Carried Interest Participants

Antin and any other participants entitled to receive carried interest in the Antin Funds.

Carry Vehicle

A vehicle of the Antin Funds used to invest into a fund alongside other Fund Investors.

Catch-Up Fees

Fees charged to fund investors joining after the fund's first close to ensure equal treatment among fund investors

Client Solutions and Capital Raising

Antin's Client Solutions and Capital Raising team (formerly known as Investor Relations) raises capital commitments from its well-diversified and growing investor base.

Co-Founders

Alain Rauscher and Mark Crosbie.

% 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.

Discounted Cash Flow Model

A valuation method used by Antin to estimate the value of an investment based on its expected future cash flows.

Distribution Waterfall

The manner in which a fund's returns on its investments are allocated and distributed to Fund Investors and Carried Interest Participants.

The returns on an Antin Fund are distributed first to the Fund Investors (including to the Carry Vehicle in respect of its investment on the basis of the committed capital from Carried Interest Participants) until the Fund Investors have had their invested capital returned, together with a certain hurdle return.

EBITDA

Earnings before interest, taxes, depreciation and amortisation.

Effective management fee rate

Weighted average management fee rate for all Antin Funds contributing to FPAUM over a specified period.

EMIR Regulation

Regulation (EU) No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC-traded derivatives, central counterparties and trade repositories.

Employees

The number of full-time equivalent personnel on Antin's payroll.

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.

Flagship Fund I

Antin Infrastructure Partners (AIP) FCPR, together with any of its related feeder or alternative investment vehicles.

Flagship Fund II

Antin Infrastructure Partners II LP, Antin Infrastructure Partners II-1 FPCI and Antin Infrastructure Partners II-2 FPCI, together with any of their related feeder or alternative investment vehicles, as the context requires.

Flagship Fund III

Antin Infrastructure Partners III LP and Antin Infrastructure Partners III FPCI, together with any of their related feeder or alternative investment vehicles and the Fund III Co-Investments, as the context requires.

Flagship Fund IV

Antin Infrastructure Partners IV-A SCSp, Antin Infrastructure Partners IV-B SCSp, Antin Infrastructure Partners IV-C SCSp and Antin Infrastructure Partners IV FPCI, together with any of their related feeder or alternative investment vehicles, as the context requires.

Flagship Fund V

Antin Infrastructure Partners V-A SCSp, Antin Infrastructure Partners V-B SCSp, Antin Infrastructure Partners V-C SCSp and Antin Infrastructure Partners V FPCI, together with any of their related feeder or alternative investment vehicles, as the context requires.

Flagship Fund Series

Antin's initial infrastructure fund series i.e., Flagship Fund I, Fund II, Fund III, Fund IV and Fund V.

FPCI (Fonds professionnel de capital investissement)

French professional private equity investment funds is one of the structures used by the Antin Funds.

Fund III-B

Antin Infrastructure Partners III-B SCSp.

Fund Investors

The investors of the Antin Funds.

Fund Managers

The managers of the Antin Fund acting as Alternative Investment Fund Manager under the AIFMD (AIP UK and AIP SAS).

General Data Protection Regulation (GDPR)

As laid out in Regulation (EU) 2016/679, the GDPR requires small‑ and medium-sized enterprises such as Antin to comply with certain personal data protection measures.

General Partner

An entity that acts as a General Partner with respect to the Antin Funds.

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 IRR

The total internal rate of return for the applicable Antin Fund before the deduction of any fees, expenses or carried interest.

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.

Group

Means Antin.

Hurdle Return

A payment of an agreed return to Fund Investors.

International Accounting Standards Board (IASB)

The independent, accounting standard-setting body of the IFRS Foundation.

International Financial Reporting Interpretations Committee (IFRIC)

A committee of the International Accounting Standards Board (IASB) that assists the IASB in establishing and improving standards of financial accounting and reporting for the benefit of users, preparers and auditors of financial statements.

International Private Equity and Venture Capital (IPEV) Guidelines

Guidelines which set out recommendations, intended to represent current best practice, on the valuation of Private Capital Investments, used by the Fund Manager to determine the fair value of an investment.

Investment Committee

Antin's investment decision-making body in respect of the Antin Funds.

Investment Period

The period during which the Antin Funds start making investments and calling on capital contributions from Fund Investors to finance the acquisition of such investments.

Investment Team

Antin's team of professionals responsible for monitoring each portfolio company and for preparing "recommended valuations" for each asset.

Investments

Signed investments by an Antin Fund.

Limited Partners (LPs)

Those who have invested in Antin's Funds.

Management Fees

Management fees are recurring revenue which Antin receives for the fund management services provided to Antin Funds. Such fees are recognised over the lifetime of each Antin Fund, which generally have ten-year initial terms with two optional extensions of one year each. The underlying investments of the Antin Funds are held on average for five to seven years.

Managing Partners

Alain Rauscher, Mélanie Biessy, Stéphane Ifker, Dr. Angelika Schöchlin and Kevin Genieser.

Mid Cap Fund Series

Antin's series focused on the mid cap market segment of the infrastructure asset class.

MiFID II Directive

Directive 2014/65/EU of the European Parliament and of the Council together with Regulation (EU) No. 600/2014 and repealing Directive 2004/39/EC of 21 April 2004 on markets in financial instruments.

MiFIR Regulation

Regulation (EU) No. 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No. 648/2012.

NextGen Fund Series

Antin's Fund Series focused on the next generation of infrastructure, launched in 2021.

Partners

Assia Belkahia, Sam Blake, Francisco Cabeza, Timur Celik, Aurélie Edus, Hamza Fassi-Fehri, Stephan Feilhauer, Thomas Kamm, Alex Kesseler, Maximilian Lindner, Nicolas Mallet, Omar Meziane, Matt Nelson, Arnaud Nicolas, Marc Reiser, Robert Segessenmann, Rakesh Shankar, Ankita Thapar and David Vence.

Portfolio Review Committee

The Antin Funds Committees responsible for the efficient review and discussion of portfolio companies, quarterly valuations, performance and investor reporting prepared by investment teams.

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 Cost)

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).

Remuneration Policy

Antin's plan providing a clear direction and policy regarding the Company's remuneration structure and practices consistent with the principles in the Directive 2009/65/EC relating to the undertakings for collective investment in transferable securities and Capital Requirements Directive IV (CRD IV) comprising Directive 2013/36/EU and Regulation (EU) No. 575/2013.

Reserve Account

The account in which the Carried Interest is put in escrow.

Responsible Investment Policy (RI)

An annually revised document, available on Antin's website and regularly communicated to key Shareholders, detailing the firm's commitment and approach to the integration of RI and ESG issues throughout the investment process.

Senior Advisers

Senior advisory professionals who provide expert advice to Antin. The Senior Advisers have proved valuable as a sounding Board to advise on the development of Antin, as well as acting as an additional source of business judgement and industry insights.

Senior Management Team

The Managing Partners, Senior Partners and Partners of Antin. The members of the Senior Management Team have extensive knowledge of Antin's sector, its challenges and Antin's Fund Investors, and since Antin's creation have played, and will continue to play, a key role in its growth and continued business development.

Senior Partners

Mehdi Azizi, Guillaume Friedel, Anand Jagannathan, Ashkan Karimi, Nathalie Kosciusko-Morizet, Sébastien Lecaudey, Alban Lestiboudois and Simon Söder.

Step-downs

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

Graphic design by PricewaterhouseCoopers Advisory Contact: [email protected] Tel.: +33 (0)7 60 66 70 83 Photo credits: Antin, Adrien Daste, Pulsant

antin-ip.com

AI Terminal

Antin Infrastructure Partners S.A.

1110_ir_2025-09-10_52a5ba8d-9526-4055-a1f3-382ec7f70457.pdf

FINANCIAL REPORT HALF-YEAR 2025

TABLE OF CONTENTS

Antin at a glance

ANTIN OPERATES THREE DIFFERENTIATED INFRASTRUCTURE INVESTMENT STRATEGIES

Key figures

KEY PERFORMANCE INDICATORS

SHARE INFORMATION

1 ACTIVITY REPORT

1.1 ACTIVITY UPDATE

1.1.1 Fundraising, investment and exit activities

1.1.2 Evolution of Fee-Paying AUM

(in €bn) Fee-Paying AUM

1.1.3 Investment performance

and Flagship Funds III, IV and V, which all reported stable Gross Multiples over the first half of 2025. However, the Gross Multiple of Fund III-B was down by -0.1x over the period, to 1.7x.

KEY STATS BY FUND

1.2 ANALYSIS OF THE HALF-YEAR CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.2.1 Analysis of the consolidated income statement on an underlying basis

Revenue

REVENUE BRIDGE

Underlying EBITDA

Underlying net income

Distribution to shareholders

1.2.2 Reconciliation of IFRS results and underlying results

1.2.3 Analysis of the consolidated balance sheet

► INVESTMENT POLICY

1.2.4 Analysis of the consolidated cash flow statement

1.3 SIGNIFICANT EVENTS SINCE 30 JUNE 2025

Acquisition of Matawan

1.4 GOVERNANCE

Board of Directors

Investment Committee

Appointment of Chief Financial Officer

1.5 RISK FACTORS

1.6 RELATED PARTY TRANSACTIONS

1.7 PROFIT FORECAST AND OUTLOOK

Growth

EBITDA

Distribution to shareholders

2 HALF‑YEAR CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2.1 HALF-YEAR CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2.1.1 Consolidated income statement

2.1.2 Consolidated statement of comprehensive income

2.1.3 Consolidated balance sheet

2.1.4 Consolidated statement of changes in equity

2.1.5 Consolidated cash flow statement

2.2 NOTES TO THE HALF-YEAR CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Summary of the notes to the half-year condensed consolidated financial statements

Notes to the accounting and consolidation principles

NOTE 1 GENERAL INFORMATION

NOTE 2 ACCOUNTING PRINCIPLES

2.1 Basis of preparation of financial statements

2.2 Basis of measurement of assets and liabilities

2.3 Transactions in foreign currencies

2.4 Functional currency and reporting currency

2.5 Use of judgement and estimates

Carried interest revenue recognition

Investment income revenue recognition

Leases

Depreciation and amortisation

2.6 New standards, amendments to existing standards and interpretations effective from 1 January 2025 in the European Union

2.7 New standards, amendments to existing standards and interpretations that are not yet effective

2.8 Going concern

NOTE 3 BASIS OF CONSOLIDATION

3.1 Method of consolidation

3.2 Scope of consolidation

Parent company

Fully consolidated subsidiaries

3.3 Changes in scope of consolidation

3.4 Antin Funds

3.5 Carried Interest Vehicles

3.6 Fund Administration (AISL entities)

NOTE 4 OPERATING SEGMENTS

Information by country

Notes to the Consolidated Income Statement

NOTE 5 REVENUE

► ACCOUNTING PRINCIPLES

REFERENCE: IFRS 15/IFRS 9