Rapport financier semestriel 2025

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

(€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

(€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%

(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%

1.1.3     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.

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

Fund

(in €bn)

Vintage

FPAUM

Committed  capital

Cost of investments

Value of investments

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

(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

Analysis of the half-year condensed consolidated financial statements

                                                     fees                        fees                       fees

Underlying EBITDA

      fees                        fees

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

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.

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.

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.

1.2.2     Reconciliation of IFRS results and underlying results

Analysis of the half-year condensed consolidated financial statements

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.

► 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.

Significant events since 30 June 2025

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.

1.3       SIGNIFICANT EVENTS SINCE 30 JUNE 2025

Governance

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.

(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

(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

-

-

(in €k)

Notes

30-Jun-25

31-Dec-24

ASSETS

Non-current assets

Intangible assets

11

-

-

Property and equipment

12

27,384

25,772

Right-of-use assets

13.1

56,170

65,513

Financial assets

14

90,861

87,292

Derivative financial assets

23

1,882

-

Deferred tax assets

10.3

264

3,920

Other non-current assets

15

9,662

10,769

Total non-current assets

186,223

193,266

Current assets

Trade receivables

16

9,769

17,553

Other current assets

17

32,474

13,932

Income tax assets

5,043

365

Prepaid expenses

18

6,154

4,957

Accrued income

19

11,520

31,126

Cash and cash equivalents

24

361,459

388,850

Total current assets

426,419

456,783

TOTAL ASSETS

612,642

650,049

EQUITY AND LIABILITIES

Equity attributable to owners of the parent company

Share capital

1,792

1,792

Other paid-in capital

406,771

406,771

Retained earnings including net income

76,807

92,000

Other reserves

(95)

(855)

Total equity attributable to owners of the parent company

485,275

499,708

Non-controlling interests

-

-

Total equity

25

485,275

499,708

LIABILITIES

Non-current liabilities

Borrowings and financial liabilities

22

-

-

Derivative financial liabilities

23

1,424

-

Lease liabilities

13.2

63,362

73,823

Employee benefit liabilities

6.4

840

771

Deferred tax liabilities

10.3

4,086

2,474

Total non-current liabilities

69,712

77,068

Current liabilities

Provisions

21

-

-

Borrowings and financial liabilities

22

-

-

Derivative financial liabilities

23

-

1,733

Lease liabilities

13.2

6,657

3,406

Income tax liabilities

324

4,199

Trade payables

20

12,991

23,438

Other current liabilities

20

37,683

40,497

Total current liabilities

57,655

73,273

TOTAL LIABILITIES

127,367

150,341

TOTAL EQUITY AND LIABILITIES

612,642

650,049

(in €k)

Share capital

Other paid-in capital

Treasury  shares

Translation  reserve

Other

comprehensive  income

Retained  earnings

Total equity

Noncontrolling  interest

Total 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

(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

Notes to the accounting and consolidation principles

NOTE 1            General information

NOTE 2           Accounting principles

NOTE 3             Basis of consolidation NOTE 4             Operating segments

Notes to the Consolidated Income

Statement

NOTE 5           Revenue

NOTE 6           Personnel expenses

NOTE 7           Other operating expenses

NOTE 8            Depreciation and amortisation

NOTE 9             Financial income and expenses NOTE 10 Income tax

Notes to the Consolidated

Balance Sheet

NOTE 11 Intangible assets

NOTE 12 Property and equipment

NOTE 13 Leases

NOTE 14 Financial assets

22

22

22

24

26

27

27

29

31

32

32

33

34

34

35

36

38

NOTE 15

NOTE 16

NOTE 17

NOTE 18

NOTE 19

NOTE 20

NOTE 21

NOTE 22

NOTE 23

NOTE 24

NOTE 25

Notes to

NOTE 26

NOTE 27

NOTE 28

NOTE 29

Other non-current assets

Trade receivables

Other current assets

Prepaid expenses

Accrued income

Trade payables and other current liabilities

Provision

Borrowings and financial liabilities

Derivative financial instruments

Cash and cash equivalents

Equity the additional disclosure

Off-balance sheet commitments

Related party transactions

Earnings per share

Events after the reporting period

40

40

40

41

41

42

42

42

42

44

44

45

45

46

46

46

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.

NOTE 2     ACCOUNTING PRINCIPLES

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.

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.

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

Company

Legal Form

Address

Antin Infrastructure Partners S.A.

S.A.

374, rue Saint-Honoré, 75001 Paris, France

Fully consolidated subsidiaries

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

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.

Information by country

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

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.

(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

(in €k)

30-Jun-25

31-Dec-24

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

► 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.

2.    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.

3.    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.

(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

(in €k)

1H 2025

1H 2024

Carried interest income

84

139

Investment income

155

(31)

CARRIED INTEREST AND INVESTMENT INCOME

240

108

5.3     Administrative fees and other revenue net

                                                                                                               Such expenses occur periodically in relation to fundraising events.                

NOTE 6     PERSONNEL EXPENSES

6.1     Number of employees

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.

6.3     Share-based payment plans

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.

► 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.

(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

► 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.

(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)

(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

► 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.

(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)

(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”.

(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

► 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

-

-

-

► 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

► 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.

(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

(in €k)

30-Jun-25

31-Dec-24

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

► 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.

(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

(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

(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

► 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

► 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.

(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

(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

► 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.

(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

(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

(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

► 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.

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.

► 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

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 arising from the hedged risk.

This effectiveness is verified when changes in the fair value 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 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.

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.

NOTE 25 EQUITY

25.1 Total number of shares issued and 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

(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

(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

and its related parties.

NOTE 28 EARNINGS PER SHARE

28.1 Earnings per share

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

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

COMPAGNIE FRANCAISE DE CONTROLE ET D’EXPERTISE

"C.F.C.E"

DELOITTE & ASSOCIES

Hervé TANGUY

Maud MONIN