ANTIN // 2021 Universal Registration Document

FINANCIAL STATEMENTS

Notes to the consolidated financial statements

2.5 Use of judgement and estimates The preparation of financial statements and the application of accounting policies requires the use of judgment and accounting estimates with respect to the reported amounts of assets and liabilities, as well as income and expenses. Estimates and assumptions are based on historical experience and other relevant factors. Actual results may differ from these estimates. The estimates assumptions are reviewed on a regular basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in future reporting periods if the revision affects both current and future periods. Significant accounting estimates and areas of judgment include: Carried interest revenue recognition Antin makes assumptions and uses estimates when determining the recognition of revenue from carried interest. In principle, carried interest revenue is recognised when it is highly probable that the revenue will not result in a significant reversal of any accumulated revenue recognised on final settlement. The reversal risk is managed and mitigated through adjustments made to the unrealised values of portfolio companies by applying discounts of 30% to 50% to the unrealised value of those companies. The discounts applied are evaluated on an asset-by-asset basis and depend on the expected remaining holding period of an asset. The discounts applied are assessed semi-annually. The assessment of the value of a portfolio company and the applicable discount level to be applied involve judgment. The carrying amount of the net contract asset related to carried interest for the year ending 31 December 2021 was €5.6 million. Further details on the carried interest carrying values are available under Note 17.2 “ Accrued income ”. Investment income Investment income relates primarily to changes in the fair value of Antin’s underlying fund investments. The fair value of fund investments is determined by the Fund Manager using valuation methodologies that are consistent with the International Private Equity and Venture Capital guidelines (“ IPEVC ”), which make maximum use of market-based information, and are applied consistently fromone period to another, except where a change would result in a better estimation of fair value. Determining the fair value for the investments requires assumptions and subjective judgment with respect to the financial outlook of assets, the economic and competitive environment, specific risks affecting the assets and other factors that may have an impact on the value of an asset. The valuation reflects an assessment of the assumptions and judgment market participants would apply when determining the fair value and price of the asset. The carrying amount of financial investments for the year ending 31 December 2021 was €26.9 million. Further details on Antin’s investments in the Antin Funds are available under Note 13 “ Financial assets ”.

Leases When Antin enters into a lease, it determines the enforceable period by taking into account all the economic facts and circumstances, as well as the options to extend and terminate the lease. This information is used to determine the most economically relevant end date for the lease. For real estate leases, Antin defines the reasonable end date of the lease based on the enforceable period, in line with the asset’s expected period of use. Further information on Antin’s lease assets and liabilities is presented in Note 12 “ Leases ”. Depreciation and amortisation Depreciation and amortisation is applied over the asset’s estimated useful life using the straight-line method. The useful life is estimated based on historical experience. Further information on the depreciation and amortisation as well as the estimates Antin has made with respect to the useful life of different assets is presented in Note 10 “ Intangible assets ” and Note 11 “ Property, plant and equipment ”. Pension plans Assumptions are made with respect to the mandatory Defined Benefit Plan in France. This includes assumptions for the discount rate, long-term increase in compensation, mortality, employee turnover, retirement age and other assumptions. Further information with respect to the pension plans and associated estimates are presented in Note 6.5 “ Pension plans ”. 2.6 New standards, amendments to existing standards and interpretations effective from 01 January 2021 in the European Union The following amendments to IFRS are effective from 01 January 2021. They have no material impact on the Consolidated Financial Statements: 3 amendments to IFRS 9, IAS 39, IFRS 4, IFRS 7 and IFRS 1, Interest Rate Benchmark Reform – Phase 2. The Phase 2 amendments address issues that might affect financial reporting during the reform of an interest rate benchmark, including the effects of changes to contractual cash flows or hedging relationships arising from the replacement of an interest rate benchmark with an alternative benchmark rate (replacement issues). No hedging relationships have been identified by the Group that would be affected by the replacement of an interest rate benchmark. The impact of applying new interest rates to leases, loans, borrowings, and derivative instruments not qualifying for hedge accounting will not be material; 3 amendments to IFRS 4, Extension of the temporary exemption from applying IFRS 9, applicable to insurers. Their adoption does not have a material impact on the financial statements of the Company.

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