ANTIN // 2021 Universal Registration Document

OPERATING AND FINANCIAL REVIEW FOR THE YEAR 2021

Analysis of the consolidated financial statements

on a comparable basis, total revenue increased by 17.8% in the year ended 31 December 2021. In addition, Antin recorded an increase in carried interest and investment income, which contributed €7.2 million to its revenue in the year ended 31 December 2021, an increase of €4.8 million from the prior year. This is primarily driven by the revaluation of investments held on balance sheet in Fund III-B and from carried interest for Flagship Fund II, related to a share of carried interest that was repurchased by Antin in the context of the departure of Antin team members.

Management fee revenue declined in the year ended 31 December 2021 mainly due to catch-up fees realised for Flagship Fund IV in the year ended 31 December 2020. Flagship Fund IV recorded a total of €26.4 million in catch-up fees in the year ended 31 December 2020, resulting from the final closing of Flagship Fund IV in July 2020 and the catch-up effect from Fund Investors admitted after the first closing date of Flagship Fund IV. Antin did not record any catch-up fees in the year ended 31 December 2021. Excluding the catch-up fees and

REVENUE BRIDGE 2020-2021

Revenue bridge 2020-2021

€m

179.6 incl. catch-up fees

Decrease in FPAUM post investment period

4.8 1.5 180.6

153.2 26.4

24.2 0.3

5.9

(6.4)

(3.0)

(26.4)

€2.0bn commitments for final close of Flagship Fund IV in 2020

5

Revenue 2020

Flagship Fund II management fees

Flagship Fund III management fees

Flagship Fund IV management fees

Flagship Fund IV catch-up fees

Fund III-B management fees

Mid Cap I management fees

NextGen I management fees

Carried interest & investment income

Other

Revenue 2021

Notes: Mid Cap I generating management fees from 02 April 2021 onwards; NextGen I generating management fees from 02 December 2021 onwards; Revenue from carried interest valuation for Fund III-B and Flagship Fund II (related to a share of carried interest that was repurchased by Antin in the context of the departure of Antin team members) and investment income related to the revaluation of the investment in Fund III-B and Mid Cap Fund I; Other items include set-up costs and equalisation fees, administrative fees and other revenues. Source: Company information.

Operating expenses Operating expenses increased from €47.7 million in 2020 to €72.3 million in 2021, an increase of 51.6%. This is driven by an increase in personnel expenses, other operating expenses and tax. Personnel expenses increased from €34.7 million in 2020 to €50.5 million in 2021, an increase of 45.5%. This trend is primarily driven by the increase in employees during 2021 (163 employees as of 31 December 2021), compared to the prior year (110 employees as of 31 December 2020), internal promotion of staff, combined with the effects of salary increases. The increase from 110 to 163 employees over the period mainly reflects the hiring of additional investment professionals, investor relations professionals, and support staff to support Antin’s increased fund management activities. This includes the launch of the Mid Cap and NextGen Fund Series, as well as the expected scale-up of the Flagship Fund Series and in particular Flagship Fund V, which does not yet contribute revenue.

The 163 employees mentioned above include 21 employees that are part of the Fund Administration team based in Luxembourg, which are not included in Antin’s Consolidated Financial Statements as the costs are borne by the Antin Funds. For further detail please refer to Note 6. “ Personnel expenses ” of this Universal Registration Document. Other operating expenses & tax increased from €12.9 million in 2020 to €21.8 million in 2021, an increase of 68.0%. This is mainly due to an increase in professional services fees, which include expenses related to legal, tax, accounting, audit and other professional services arrangements. It includes also expenses linked to the launch of the new NextGen strategy and the set-up of legal entities, including Antin Infrastructure Partners S.A. and Antin Infrastructure Partners Asia Private Limited. It also includes increased fees related to the recruitment of employees.

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