Universal Registration Document (ENG) (Antin 2024 URD)

1. Industry overview
2. Overview of Antin
3. Regulatory environment

• CORPORATE GOVERNANCE

1. Governance framework
2. Management and administration of the Company
3. Compensation of corporate officers

• RISK FACTORS

1. Risks relating to investment activities
2. Risks relating to operations
3. Financial risks
4. Risk management and internal control systems
5. Insurance
6. Legal and arbitration proceedings

• SUSTAINABILITY

1. About this non-financial performance statement
2. Sustainability strategy
3. Material ESG topics
4. Responsible company approach
5. Responsible investor approach
6. Indicators table
7. Independent third-party report

2024 was another successful year for Antin, marked by such major achievements as record financial results, the biggest fundraise in the infrastructure sector worldwide to close during the year and continued solid showing by our funds and operating companies. This performance is all the more remarkable in that it was achieved in a challenging market environment for private markets.

The highlight of the year was the final closing in December 2024 of our Flagship Fund V at €10.2 billion, exceeding our target. This amount represents an upsizing of 56% from Antin's previous Flagship Fund IV, which closed in 2020 at €6.5 billion. Fund V received the support of both existing investors and new investors, with 120 new client relationships, further expanding Antin's global investor base and reach.

Closing the biggest infrastructure fund of the year in the current fundraising environment, in which investors face allocation and liquidity constraints, is a standout achievement. This attests to Antin's successful track record over the past 17 years and underscores the trust investors place in our investment strategies and expertise. We thank them for their continued partnership.

Antin delivered strong financial results in 2024, with record high levels for Assets Under Management (AUM), Fee-paying AUM, revenue, EBITDA and net income, resulting in a significant cash distribution to shareholders. All our Funds are performing on or ahead of plan and we have a strong portfolio of 29 companies.

We continued to execute our three strategies - Flagship, Mid Cap and NextGen - while maintaining a disciplined "performance first" approach, governed by our Antin infrastructure test and focused on attractive risk-adjusted returns. While capital deployment has slowed in the current environment, leading to a lengthening of the fund investment period compared to prior Flagship vintages, Antin closed five investments in 2024, of which four by Fund V and one by NextGen I.

Our focus remains on sustainable investments. With recent investments in renewable energy platform Opdenergy in Spain,

hydrogen transportation and storage equipment leasing company GTL Leasing in the US and France's first independent high-speed rail operator Proxima, the total amount of equity invested in companies facilitating the sustainable transition has now reached more than €5 billion across our different funds, highlighting our differentiated value-add approach to infrastructure investing. At the same time, we also realised the final exit for Flagship Fund II with the sale of Grandi Stazioni Retail. This exit came at a premium to its last valuation, underscoring our prudent approach to valuations, and Fund II recorded a Gross Multiple of 2.6x, delivering a top quartile outcome that exceeds our target return.

Looking forward, we expect 2025 to be a transition year, but also a year of great opportunities. The closing of Fund V, which is already 40% deployed in high quality and scalable platforms, sets a solid foundation for future growth. We also anticipate a resumption of exit activity across the industry as inflation normalises, interest rates decrease and the macroeconomic environment continues its gradual improvement. With investors looking for capital returns, our investment teams remain focused on value creation initiatives and on continuing to improve the performance of our portfolio companies.

We also continue to thoughtfully grow our firm, with a special emphasis on the US, where we are consistently growing our team and presence. In parallel, we've continued embedding sustainability factors into our investment and asset management processes and made further progress towards our portfolio-level decarbonisation target of having 100% of equity invested in companies with Science Based Targets (SBTs) by 2040, from 15% today.

While we expect to face some headwinds in the short term, we remain very confident that the infrastructure asset class has a bright future ahead, underpinned by supportive secular trends such as electrification, decarbonisation and the exponential growth of data. Antin is well positioned to remain a leader and a winner in its field, delivering superior returns for its stakeholders.

CORPORATE ACTIVITY

INVESTMENT ACTIVITY

• 100% of new portfolio companies onboarded onto our ESG programme(3)