ANTIN // 2021 Universal Registration Document

OPERATING AND FINANCIAL REVIEW FOR THE YEAR 2021 5 Analysis of the consolidated financial statements

5.4 ANALYSIS OF THE CONSOLIDATED FINANCIAL STATEMENTS 5.4.1 Analysis of the Consolidated Income Statement on an underlying basis

Section 6. “ Financial statements ” of this Universal Registration Document presents the consolidated income statement of Antin and its subsidiaries on an IFRS accounting basis. The accounting presentation of the income statement includes non recurring expenses related to the preparation and execution of the IPO on the Euronext Paris, as well as non-recurring personnel expenses related to the implementation of the Free Share Plan announced at the time of the IPO.

The IFRS accounting presentation of the consolidated income statement does not allow for an analysis of the earnings of Antin on a comparable basis. For this reason, Antin presents a consolidated income statement on an underlying basis and excluding the non-recurring effects related to the IPO and the Free Share Plan. The differences between the IFRS accounting presentation and underlying presentation are explained in Section 5.4.2 “ Reconciliation of IFRS results and underlying results ” of this Universal Registration Document.

2021

2020

(€k), unless otherwise indicated

170,776

175,532

Management fees

Carried interest and investment income Administrative fees and other revenue

7,248 2,587

2,447 1,656

Total revenue

180,611 (50,503) (21,752) (72,255) 108,356 (8,833) 99,523 (2,869) 96,654 (22,233)

179,635 (34,709) (12,945) (47,654) 131,981 (7,545) 124,436 (1,669) 122,767 (30,043)

Personnel expenses

Other operating expenses & tax

Total operating expenses

Underlying operating profit before depreciation and amortisation (EBITDA)

Depreciation and amortisation

Operating income (EBIT)

Net financial income and expenses

Profit before income tax

Income tax

UNDERLYING NET INCOME

74,421

92,724

Underlying earnings per share (€) before dilution

0.46 0.45

0.59 0.59

after dilution

Weighted average number of shares before dilution

161,904,704 163,869,137

157,489,982 157,489,982

after dilution

Underlying earnings per share (€, since IPO) before dilution

0.43 0.41

after dilution

Weighted average number of shares (since IPO) before dilution

174,345,911 181,588,516

after dilution

There has been no significant change in the financial performance of Antin since 31 December 2021 to the date of this Universal Registration Document.

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 3. “ Risk factors ” of this Universal Registration Document.

Revenue Total revenue increased from €179.6 mi l l ion in the year ended 31 December 2020 to €180.6 million in the year ended 31 December 2021, an increase of 0.5% over this period. This was driven by a moderate decrease in management fees, which is offset by an increase in carried interest and investment income.

Management fee revenue decreased from €175.5 million in the year ended 31 December 2020 to €170.8 million in the year ended 31 December 2021, a decrease of 2.7%. While Antin managed to grow its management fees due to the fundraising of Mid Cap Fund I, a first close achieved in the fundraising of NextGen Fund I, and an increase in FPAUM, these increases were offset by negative effects.

122 ANTIN INFRASTRUCTURE PARTNERS S.A. - UNIVERSAL REGISTRATION DOCUMENT 2021