ANTIN // 2021 Universal Registration Document

OPERATING AND FINANCIAL REVIEW FOR THE YEAR 2021

Analysis of the consolidated financial statements

5.4.2 Reconciliation of IFRS results and underlying results

The differences between the IFRS accounting presentation and the underlying presentation of the consolidated income statement relate to the implementation of the non-recurring Free Share Plan and the non-recurring IPO expenses.

IPO-related expenses

Free Share Plan & related costs

Underlying basis

IFRS basis

(€k)

Management fees

170,776

170,776

Carried interest and investment income Administrative fees and other revenue

7,248 2,587

7,248 2,587

Total revenue

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

180,611 (78,554) (42,002) (120,557) 60,054 (8,833) 51,221 (2,869) 48,352 (16,001)

(28,051)

Personnel expenses

Other operating expenses & tax

(20,074) (20,074)

(177)

Total operating expenses

(28,228)

Operating profit before depreciation and amortisation (EBITDA)

(20,074)

(28,228)

Depreciation and amortisation

Operating income (EBIT)

(20,074)

(28,228)

Net financial income and expenses

Profit before income tax

(20,074)

(28,228)

5,320

912

Income tax NET INCOME

74,421

(14,755)

(27,316)

32,351

5

The Free Share Plan was implemented in order to incentivise the next generation of partners and provide access to Antin’s share capital to partners that hold either no equity or only a small proportion of equity, securing long-term alignment of interests between the partners and the shareholders of Antin. The effects of the Free Share Plan are recorded in the personnel expenses, for €28.1 million in 2021. This is comprised of €24.1 million accrued compensation expenses and €4.0 million in accrued social

charges. These expenses have no effect on the firm’s cash flow and cash position in 2021. The Free Share Plan is non-recurring and was implemented in the context of the IPO of Antin. The IPO expenses amounted to €20.1 million in 2021 and relate to the preparation and execution of the IPO. This includes primarily fees for legal, financial, accounting, commercial and other advice.

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