ANTIN // 2021 Universal Registration Document

OPERATING AND FINANCIAL REVIEW FOR THE YEAR 2021

Analysis of the consolidated financial statements

5.4.4 Analysis of the Consolidated Cash Flow Statement

Principal changes in the Consolidated Cash Flow Statement in 2021

2021

2020

(€k)

72,030

77,821

Of which (increase)/decrease in working capital requirement

(16,753) (12,718) (5,206) (3,254) 319,132 (54,830) (27,288) 404,872 378,444 14,016 542

(11,017) (16,841)

Inflow/(outflow) related to investing activities Of which purchase of property and equipment Of which investment in financial investments Inflow/(outflow) related to financing activities

(85)

(16,756) (62,145) (86,700)

Of which dividends paid

Of which repayment of borrowings Of which proceeds from borrowings Of which share capital increase

-

26,864

-

Net Increase/(decrease) in cash and cash equivalents Cash and cash equivalents, beginning of period Translation differences on cash and cash equivalents CASH AND CASH EQUIVALENTS, END OF PERIOD

(1,165) 15,605

98

(424)

392,558

14,016

Investments In the year ended 31 December 2021, Antin has made investments in property, plant and equipment and in financial assets consisting of the Antin Funds. Investments in property, plant and equipment amounted to €5.2 million and represent primarily the refurbishment of Antin’s Paris office and IT equipment. Further office refurbishments are expected in Paris and in New York. As of the date of this Universal Registration Document, Antin has no plans to make any investments in tangible or intangible assets that are different in kind. In the year ended 31 December 2021, Antin recorded investments in financial assets of €3.3 million, consisting of financial investments in the Antin Funds. €2.5 million relate to Mid Cap Fund I and €0.7 million relate to Fund III-B. Following those investments and as of 31 December 2021, investments made from Antin’s balance sheet into the Antin Funds amounted to €20.0 million in assets, compared with €16.8 million in assets recorded in the year ending 31 December 2020. These financial investments of €20.0 million represent close to 50% of the total commitments Antin has made to the Antin Funds, which total €40.0 million (1) . For Mid Cap Fund I the investments held on balance sheet amount to €2.5 million compared to a total commitment of €20.0 million. For Fund III-B the investments held on balance sheet amount to €17.4 million compared to a total commitment of €20.0 million. Antin has a policy of taking a 20% participation in the relevant Carry Vehicles of each Fund, which it aims to continue for its future funds. In addition, Antin may co-invest alongside its Fund Investors approximately 1% of the Committed Capital for its future funds.

Cash and equivalents as of 31 December 2021 amounted to €392.6 million, compared to €14.0 million as of 31 December 2020, a substantial increase of €378.5 million which is due to the primary funds raised as part of the IPO. Antin’s cash is primarily denominated in euros and held in cash deposit accounts with financial institutions. Net cash from operating activities amounted to €72.0 million for the year ended 31 December 2021, compared to a net cash from operating activities of €77.8 million for the year ended 31 December 2020, primarily driven by the change in working capital. For the year ended 31 December 2021, change in working capital requirement was an increase of €16.8 million, compared to an increase of €11.0 million for the year ended 31 December 2020. Net cash used in investing activities amounted to €12.7 million for the year ended 31 December 2021, compared to €16.8 million for the year ended 31 December 2020. Net cash used in investing activities in 2021 is mostly explained by the refurbishment of offices in Paris and investment in Mid Cap Fund I. Net cash used in financing activities amounted to €319.1 million for the year ended 31 December 2021, as compared to €(62.1) million for the year ended 31 December 2020. The increase is mainly due to the proceeds raised in the IPO. During the year ended 31 December 2021, a total of €54.8 million was paid in dividends, compared to €86.7 million in the year ended 31 December 2020. Net cash used in financing activities for the year ended 31 December 2021 was also impacted by debt financing reimbursed to Natixis and OBC Neuflize totalling €27.3 million.

5

(1) Excluding commitment of €5.5m in NextGen Fund I.

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