ANTIN // 2021 Universal Registration Document

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

Underlying EBITDA Underlying EBITDA decreased from €132.0 million in 2020 to €108.4 million in 2021, a decrease of 17.9%. Excluding the catch-up fees for Flagship Fund IV and on a comparable basis, underlying EBITDA increased by 2.6% in 2021. Antin uses EBITDA as a measure of its performance. EBITDA as used by Antin is defined as operating income before depreciation and amortisation. It should not be considered as

an alternative to operating income as derived in accordance with IFRS. The following table shows the EBITDA reconciliation for period ended 31 December 2021 and the period ended 31 December 2020 on an underlying basis and excluding the non-recurring expenses related to the IPO and the implementation of the Free Share Plan.

2021

2020

(€k)

Underlying profit before income tax Depreciation and amortisation Net financial income and expenses

96,654

122,767

8,833 2,869

7,545 1,669

UNDERLYING EBITDA

108,356

131,981

Depreciation & amortisation

Depreciation & amortisation increased from €7.5 million in 2020 to €8.8 million in 2021, an increase of 17.1%. This is primarily due to the amortisation of placement agent fees and amortisation of new right-of-use assets related to lease agreements.

Net financial income and expenses Net financial expenses increased from €1.7 million in 2020 to €2.9 million in 2021, an increase of 71.9%. This is primarily due to the negative interest rates charged by banks on our cash deposits, which have increase substantially due to the cash proceeds raised at the IPO, as well as one-off expenses related

to the repayment of credit facilities and interests on lease liabilities for new leases. Antin has taken measures to mitigate the impact of negative interest rates by allocating a part of its cash to deposit accounts that provide more favourable terms.

Income tax Income tax decreased from €30.0 million in 2020 to €22.2 million in 2021, a decrease of 26.0%. The decrease is primarily driven by lower taxable income as a result of the variations described above and a decrease in the corporate tax rate in France.

Underlying net income Underlying net income decreased from €92.7 million in 2020 to €74.4 million in 2021, a decrease of 19.7%. The decrease is primarily driven by the effects described above and reflects the significant investments Antin has made in building out its

teams and platform in 2021. As a result of those initiatives, Antin is well resourced to manage a materially larger amount of assets under management.

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