NOTE 1General information
Antin Infrastructure Partners\u00a0S.A. (the \u201cCompany\u201d) is a limited company (soci\u00e9t\u00e9 anonyme) domiciled in Paris, France. Its shares are listed on Euronext Paris (Ticker: ANTIN, ISIN: FR0014005AL0). The Company\u2019s registered office is at 374,\u00a0rue\u00a0Saint\u2011Honor\u00e9, 75001 Paris, France and it is registered with the Paris Trade and Companies Registry under number\u00a0900\u00a0682\u00a0667.
The consolidated financial statements comprise the financial statements of Antin Infrastructure Partners\u00a0S.A. and its direct and indirect subsidiaries, together referred to as Antin (\u201cAntin\u201d or the \u201cGroup\u201d). Antin\u2019s main activity is the management of investment funds specialised in the energy and environment, digital, transportation and social infrastructure sectors.
NOTE 2Accounting principles
2.1Basis of preparation of the\u00a0financial\u00a0statements
Antin\u2019s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) published by the International Accounting Standards Board (IASB) and their interpretations as adopted by the European Union as of 31\u00a0December 2025.
The Group\u2019s 2025 consolidated financial statements were authorised for issuance by the Board of Directors on 11 March 2026.
2.2Basis of measurement of\u00a0assets and\u00a0liabilities
Assets and liabilities are measured at historical cost, except for the remeasurement of certain financial assets and liabilities at fair value at the end of the reporting period.
2.3Transactions in foreign currencies
Transactions in foreign currencies are translated into euros at the exchange rate prevailing on the transaction date.
NOTE 2Accounting principles
2.1Basis of preparation of the\u00a0financial\u00a0statements
Antin\u2019s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) published by the International Accounting Standards Board (IASB) and their interpretations as adopted by the European Union as of 31\u00a0December 2025.
The Group\u2019s 2025 consolidated financial statements were authorised for issuance by the Board of Directors on 11 March 2026.
2.2Basis of measurement of\u00a0assets and\u00a0liabilities
Assets and liabilities are measured at historical cost, except for the remeasurement of certain financial assets and liabilities at fair value at the end of the reporting period.
2.3Transactions in foreign currencies
Transactions in foreign currencies are translated into euros at the exchange rate prevailing on the transaction date.
2.4Functional currency and\u00a0reporting currency
The financial statements are presented in euros, which is the functional currency and the reporting currency of Antin. The functional currency is the currency in which Antin records and measures its transactions. It reflects the primary economic environment in which Antin operates. All amounts are presented in\u00a0thousands of euros and rounded to the nearest\u00a0thousand euros, unless otherwise indicated. Rounding applied in tables and calculations may result in a presentation in which the total amounts do not precisely match the exact sum of the rounded amounts.
Monetary assets and liabilities in foreign currencies are translated into euros at the exchange rate recorded at the end of the reporting period. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated into euros at the exchange rate on the date fair value was determined.
Income statement items recorded in foreign currencies are translated into euros at the average exchange rate for the reporting period.
The foreign exchange rates applied in the preparation of the financial statements are based on data published by Banque de France:
| \n \n | \n\n Closing rate | \n\n Average rate | \n||
|---|---|---|---|---|
| \n 31-Dec-2025 | \n\n 31-Dec-2024 | \n\n 2025 | \n\n 2024 | \n|
| \n EUR/GBP | \n\n 0.8726 | \n\n 0.8292 | \n\n 0.8566 | \n\n 0.8466 | \n
| \n EUR/USD | \n\n 1.1750 | \n\n 1.0389 | \n\n 1.1293 | \n\n 1.0821 | \n
| \n EUR/SGD | \n\n 1.5105 | \n\n 1.4164 | \n\n 1.4752 | \n\n 1.4457 | \n
Exchange rate differences resulting from the translation of the financial statements into euros are recognised in other comprehensive\u00a0income.
2.5Use of judgement and\u00a0estimates
The preparation of financial statements and the application of accounting policies requires the use of judgement and accounting estimates. Estimates and assumptions are based on historical experience and other relevant factors determined by management. Actual results may differ from these 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 judgement include:
Carried interest revenue recognition
Carried interest is a share of fund profits that Antin receives through its investment holdings in the carry vehicles (the \u201cCarry Vehicles\u201d). It is a variable consideration fully dependent on the performance of the relevant funds. Carried interest participants are entitled to an agreed share of fund profits of typically 20%, provided that the accumulated profits exceed a pre-agreed return threshold (the \u201churdle\u201d) of typically 8% over the lifetime of each fund. Antin is typically allocated a share of 20% of the carried interest in each Carry Vehicle. Carried interest income is recognised when it is highly probable that the performance obligations will be met, and when a reversal of any accumulated revenue is highly unlikely.
The reversal risk is mitigated by applying discounts to the unrealised net asset values of portfolio companies when determining the recognition of carried interest income.
The discounts applied depend on the specific circumstances of each fund, taking into consideration portfolio diversification at fund level, the expected remaining holding period of an asset and other areas of judgement. The discounts are reassessed at each reporting period.
Further details on the recognition of carried interest income and the carrying values are available in Notes\u00a05 \u201cRevenue\u201d and\u00a019 \u201cAccrued income\u201d.
Investment income revenue recognition
Investment income relates to changes in the fair value of Antin\u2019s fund investments held on the balance sheet. Antin typically invests approximately 1-2% alongside its Fund\u00a0Investors, in addition to the investments in the Carry Vehicles. The investment varies by fund and could be materially higher should Antin decide to seed a new investment strategy. The fair value of the portfolio companies held by the Antin Funds is determined by the Portfolio Review Committee on a quarterly basis in accordance with the recommendations set out in the International Private Equity and Venture Capital Valuation Guidelines (IPEV).
The valuation methodologies follow a multi-criteria approach and are applied consistently from one period to another, except when a change in methodology would result in a better estimation of fair value. The assessment of the fair value of an investment involves assumptions and judgement. This may include assumptions with respect to the economic and competitive environment, business plan and financial projections, and assessments of risks and other factors. The fair value is audited annually and reviewed semi-annually. In addition, an\u00a0independent valuation service provider is appointed to provide independent estimations of ranges of fair value once per year in order to assess Antin\u2019s conclusions of fair value for each investment.
Further details on Antin\u2019s investments in the Antin Funds are available in Note\u00a014 \u201cFinancial assets\u201d.
Leases
At the inception of a lease contract, Antin assesses the application of IFRS\u00a016 \u201cLeases\u201d where the Group has the right to use an asset under a lease contract for a period of more than 12\u00a0months. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a certain time period in exchange for a consideration. The lease contracts identified by Antin represent leases of office premises where the Group is a tenant.
For each lease contract, Antin reviews the renewal and early termination options and determines the enforceable and non\u2011cancellable lease period. The reasonable end date is determined by taking into consideration all relevant facts and circumstances. For lease contracts related to office premises, Antin defines the reasonable end date of a lease based on the expected period of use, taking into account the renewal and early termination options stated in the contracts.
Antin presents right-of-use assets and lease liabilities separately in the consolidated balance sheet. Further information on Antin\u2019s lease assets and liabilities is presented in Note\u00a013 \u201cLeases\u201d.
Depreciation and amortisation
Assets are depreciated or amortised on a straight-line basis over the useful life of an asset. The useful life of an asset is an estimate of the period of time in which it is expected to generate an economic benefit. It is estimated based on historical data and judgement. The residual value of an asset and the assumptions that determine the useful life are reviewed at each reporting period and adjusted if required.
Further information on depreciation and amortisation is presented in Note\u00a08 \u201cDepreciation and amortisation\u201d.
Pension plans
Antin makes assumptions with respect to the mandatory Defined Benefit Plan in France, including the discount rate, long-term salary increases, mortality, employee turnover, retirement age and other assumptions. The\u00a0obligation represented by the provision of benefits under defined benefit plans is determined by independent actuaries using actuarial valuation methods in accordance with IAS\u00a019 \u201cEmployee Benefits\u201d.
Further information with respect to the pension plans and associated estimates are presented in Note\u00a06.4 \u201cPension plans\u201d.
2.6New standards, amendments to existing standards and interpretations effective\u00a0from\u00a01\u00a0January 2025 in\u00a0the\u00a0European Union
The following amendments to IFRS\u00a0were effective from 1\u00a0January 2025. They have no material impact on the financial statements:
\u2022amendments to IAS\u00a021 \u201cThe Effects of Changes in Foreign Exchange Rates\u201d: Lack of Exchangeability.
2.7New standards, amendments to existing standards and\u00a0interpretations that\u00a0are\u00a0not\u00a0yet\u00a0effective
As of the date of approval of Antin\u2019s consolidated financial statements, the following new standards or amendments to existing standards had been published, and were not adopted by Antin as of 1\u00a0January 2025:
\u2022amendments to the classification and measurement of financial instruments (amendments to IFRS\u00a09 and IFRS\u00a07)
\u2022Annual Improvements Volume\u00a011 (issued on 18\u00a0July 2024)
\u2022Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS\u00a09 and IFRS\u00a07 (issued on 18\u00a0December 2024)
\u2022IFRS\u00a018 \u201cPresentation and Disclosure in Financial Statements\u201d
\u2022IFRS\u00a019 \u201cSubsidiaries without Public Accountability: Disclosures\u201d.
Management does not currently anticipate any material impact on the financial statements to result from the application of these new standards and amendments.
2.8Going concern
The consolidated financial statements have been prepared on a going concern basis. The management of Antin has, at the date of approval of the financial statements, a reasonable expectation that the Group has adequate resources to continue its operations in the foreseeable future.
NOTE 4Operating segments
Antin manages and advises funds that invest in infrastructure companies in Europe and North America across its Flagship, Mid\u00a0Cap and NextGen investment strategies. The performance of Antin is monitored at a Group level and not at the level of each fund, investment strategy or geography.
Antin has not identified any operating segments according to the definition of IFRS\u00a08. Therefore, no segment reporting is presented.
Information by country
The Antin Funds are managed by Fund\u00a0Managers which are AIP\u00a0SAS and AIP\u00a0UK. Those two entities provide distinct services on an\u00a0ongoing basis following the terms and conditions of the legal agreements of each fund and represent the main locations of the Company operations. Antin has also legal entities that operate in the United States of America, in\u00a0Luxembourg and in Singapore.
The following table presents a breakdown of revenue by geographical location of Company operations:
| \n (in \u20ack) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n France | \n\n 280,305 | \n\n 299,652 | \n
| \n United Kingdom | \n\n 12,166 | \n\n 14,397 | \n
| \n Luxembourg | \n\n - | \n\n 4,321 | \n
| \n TOTAL REVENUE | \n\n 292,471 | \n\n 318,370 | \n
The following table presents the carrying amount of property and equipment, right-of-use and other non-current assets by geographical origin of the assets:
| \n (in \u20ack) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n||||
|---|---|---|---|---|---|---|
| \n Property, equipment, other non-current assets | \n\n Right-of-use assets | \n\n Total | \n\n Property, equipment, other non-current assets | \n\n Right-of-use assets | \n\n Total | \n|
| \n France | \n\n 13,956 | \n\n 12,806 | \n\n 26,762 | \n\n 17,209 | \n\n 15,404\u00a0\u00a0 | \n\n 32,613 | \n
| \n United Kingdom | \n\n 5,018 | \n\n 7,020 | \n\n 12,038 | \n\n 6,661 | \n\n 9,093\u00a0\u00a0 | \n\n 15,754 | \n
| \n United States of\u00a0America | \n\n 18,111 | \n\n 31,828 | \n\n 49,939 | \n\n 12,653 | \n\n 41,000\u00a0\u00a0 | \n\n 53,653 | \n
| \n Singapore | \n\n - | \n\n - | \n\n - | \n\n 18 | \n\n 17\u00a0\u00a0 | \n\n 35 | \n
| \n TOTAL | \n\n 37,085 | \n\n 51,654 | \n\n 88,739 | \n\n 36,541\u00a0\u00a0 | \n\n 65,513\u00a0\u00a0 | \n\n 102,054 | \n
Notes\u00a0to the consolidated income statement
NOTE 5Revenue
\u25baAccounting principles
REFERENCE: IFRS\u00a015/IFRS\u00a09
Revenue model
Antin operates an integrated fee-based revenue model that comprises management fees, carried interest income and investment income. Management fees are derived from the services provided by Antin to the Antin Funds under long-term contracts and are therefore largely recurring in nature. Variable income is derived from Antin\u2019s investments in the carried interest vehicles and from investment income. Carried interest income is a share of the profit from the fund\u2019s investments, provided that a specified hurdle return is achieved first. Investment income or losses are recognised based on the changes in the fair value of Antin\u2019s investments in the Antin Funds.
Revenue recognition
Revenue from Contracts with Customers
IFRS\u00a015 \u201cRevenue from Contracts with Customers\u201d applies to the management fees and carried interest income and is based on a five-step approach that requires revenue to be recognised when services have been rendered and when the benefits have been transferred to the customer. The five steps for revenue recognition in contracts are as follows:
\u2022identification of the contract
\u2022identification of the performance obligations
\u2022determination of the transaction price
\u2022allocation of the transaction price to the performance obligations
\u2022recognition of revenue in accordance with the performance.
Revenue is measured based on the consideration specified in the contractual agreements and excludes amounts collected on behalf of third parties, discounts and rebates and value-added taxes.
Contract assets
Contract assets related to carried interest income and management fees are presented separately within Accrued income (see Note\u00a019 \u201cAccrued income\u201d).
Management fees
Antin earns management fees for services provided to the Antin Funds. The management fees are based on the terms and conditions of the legal agreements of each fund. The\u00a0management of funds includes a series of distinct services that are provided on an ongoing basis. The different activities are considered to be interrelated and form part of the same obligation to perform fund management services for the benefit of the Fund\u00a0Investors.
Management fees are recognised over the life of each fund. Antin Funds typically have a 10-year initial term with two optional extensions of one year each. Portfolio company investments are held typically for a period of five\u00a0to seven years. As such, management fees are largely recurring and offer a high degree of predictability. Management fees are charged based on the committed capital during the investment period and based on the invested capital at cost thereafter.
Management fees are payable quarterly or semi-annually in advance. The calculation basis is updated on a quarterly basis.
Carried interest income
In line with standard investment fund practice, the carried interest mechanism in the Antin Funds aligns interests between Carried Interest Investors and Fund\u00a0Investors through a profit\u2011sharing mechanism. As such, carried interest is variable and fully dependent on the performance of the relevant funds. The contractual arrangements of each Antin Fund\u00a0sets forth the split of a fund\u2019s net profits, with Fund\u00a0Investors typically entitled to receive 80% of net profits and Carried Interest Investors typically entitled to receive 20%, subject to the\u00a0Antin Fund\u00a0having reached a pre-agreed hurdle return attributable to the Fund\u00a0Investors. For the Antin Funds, the\u00a0hurdle return threshold is typically equivalent to a compounded annual return of 8%. The Carried Interest Investors are entitled to receive carried interest in consideration for their investment in the Carry Vehicles of the Antin Funds. Starting in 2020, Antin has instituted a policy of taking a 20% participation in the\u00a0relevant Carry Vehicles, which it aims to\u00a0continue for its future funds.
Revenue recognition for carried interest income is assessed based on a three-step model:
1.hurdle assessment: the total return hurdle is determined by the sum of total accumulated drawdowns paid by the Limited Partners and total accrued minimum return attributable to the LPs (the \u201churdle return\u201d) as of the reporting date
2.total discounted value assessment: the fair value of unrealised investments is determined as of the reporting date. The unrealised fair value will be adjusted, in accordance with established precautionary principles, to the extent that carried interest income should only be recognised once it is highly probable that the revenue would not result in a significant reversal of cumulative revenue recognised at final realisation of the fund. The fund\u2019s other assets/liabilities and any total proceeds from realised investments as of the reporting date are then added to the equation, and thus constitute the total discounted value of the fund
3.carried interest revenue recognition assessment: if the total discounted value exceeds the total investment return hurdle, carried interest revenue is recognised.
The reversal risk is mitigated by applying discounts to the unrealised net asset values of portfolio companies when determining the recognition of carried interest income. The discounts are assessed on a portfolio company basis at each reporting period, taking into consideration the portfolio diversification at fund level, the remaining holding period of a specific portfolio company, as well as other factors that may have an impact on the risk profile of an investment. As\u00a0such, carried interest income is typically recognised when a part of a fund\u2019s portfolio is realised, and when the unrealised portfolio companies are in a mature stage of their value creation phase.
Investment income
Investment income consists of changes in the fair value of investments in the Antin Funds held on the balance sheet. This may include both realised and unrealised gains or losses. Changes in fair value are recognised, in accordance with IFRS\u00a09 \u201cFinancial Instruments\u201d, in the consolidated income statement. Investment income may be negative at the beginning of the investment period of an Antin Fund. This results from the payment of due diligence costs related to the assessment of investment opportunities and management fees, and limited value creation from recently acquired portfolio companies by the Antin Funds. A fund therefore typically posts negative investment income at the beginning of the investment period, followed by positive and increasing investment income when investments succeed in realising their valuation creation plans. This is called the \u201cJ-curve effect\u201d.
Further information with respect to the change in fair value of financial investments is presented in Note\u00a014 \u201cFinancial assets\u201d.
\u25baAccounting principles
REFERENCE: IAS\u00a019 and IFRS\u00a02
Personnel expenses include all expenses related to personnel. This includes salaries, bonuses, remunerations, social security expenses and pension benefits as prescribed under IAS\u00a019. It\u00a0also includes share-based payments that fall under IFRS\u00a02.
IAS\u00a019 presents the accounting for employee benefits, including all forms of consideration given by an entity in exchange for services rendered by an employee. IAS\u00a019\u00a0requires an entity to recognise a liability when an employee has provided services in exchange for employee benefits to be paid in the future, and an expense when the entity consumes the economic benefit arising from the service provided by an employee in exchange for employee benefits.
IFRS\u00a02 refers to share-based payment transactions where the entity receives goods or services either as consideration for its equity instruments or by incurring liabilities for amounts based on the price of its shares or other equity instruments held by the entity.
\u25baAccounting principles
REFERENCE: IFRS\u00a02
For equity-settled share-based payments, the fair value of the shares, as measured at the grant date, is recognised on a linear basis over the vesting period and recorded as a personnel expense in the consolidated income statement.
At each reporting period, any changes to the shares granted, and the corresponding personnel expense is revised taking into consideration the service condition and changes to the\u00a0plan.
Social charges levied on the plans are based on the value of the shares at the time of vesting. Social charges recognised as personnel expense in the consolidated income statement are determined based on the value of the shares at the end of each reporting period.
\u25baAccounting principles
REFERENCE: IAS\u00a019
Post-employment benefits
Post-employment benefits can be broken down into two categories: defined contribution plans and defined benefit\u00a0plans.
Defined benefit plans
A defined benefit plan is a pension plan that is not a defined contribution plan. Typically, defined benefit plans specify an amount of pension benefit that an employee will receive upon retirement, usually dependent on one or more factors such as age, years of service and compensation. The benefits paid to employees in France qualify as a defined benefit plan.
Antin\u2019s obligation in respect of defined benefit plans is calculated by estimating the amount of future benefits that employees have earned in the current and prior periods and by discounting that amount. Antin does not have any plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. Remeasurements of the defined benefit obligation, which comprise actuarial gains and losses, are recognised immediately in the Consolidated Statement of Comprehensive Income. Antin determines the net interest expense/income on the defined benefit obligation for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the defined benefit obligation, taking into account any changes in the defined benefit obligation during the period as a result of contributions and benefit payments. Net interest expense/income and other expenses related to defined benefit plans are recognised in profit or loss.
Defined contribution plans
Defined contribution plans limit Antin\u2019s liability to the subscriptions paid into the plan but do not commit Antin to a specific benefit level. Such plans result in employees bearing the actuarial risk and the investment risk. Obligations for contributions to Antin\u2019s defined contribution plans are therefore expensed as the related service is provided.
NOTE 7Other operating expenses
\u25baAccounting principles
Other operating expenses primarily include overhead expenses, classified by type of services:
Professional services fees include fees related to legal, tax, accounting, audit and consulting arrangements, recruitment and other professional services.
Other expenses and external services mainly relate to insurance, IT expenses, subscriptions, and professional membership fees.
Rent and maintenance include rental expenses, maintenance costs, and real estate and equipment leasing expenses that do not result in the recognition of a lease liability and right\u2011of\u2011use asset.
Travel and representation expenses relate to the cost of business travel including hotels and flights, and other representation expenses.
Placement fees are fees paid to placement agents to support Antin in the fundraising process. Placement fees are periodic in nature and occur in connection with the fundraising of Antin Funds. Antin recognises as an asset the\u00a0costs of obtaining a contract with a customer when it expects to recover placement fees (see Note\u00a015 \u201cOther non\u2011current assets\u201d). Costs to obtain a contract that would be incurred regardless of the outcome are recognised in other operating expenses on an accrual basis, based on the contractual agreement with the placement agent.
\u25baAccounting principles
Assets are depreciated or amortised over the estimated useful life using the straight-line method.
The useful life for property and equipment and intangible assets are estimated as follows:
\u2022furniture: 4-5\u00a0years
\u2022computer equipment: 3-4\u00a0years
\u2022leasehold improvements: 4-9\u00a0years, subject to lease period
\u2022capitalised placement fees: over the life of the fund, typically 10\u00a0years starting from the first closing.
Placement fees are fees incurred for services related to obtaining commitments from investors. They are paid, subject to the terms agreed, when the fund holds closings. The fees are capitalised as a non-current asset representing the cost of obtaining a contract (see Note\u00a015 \u201cOther non\u2011current assets\u201d).
These\u00a0costs are expected to be recovered over the fund\u2019s life. Therefore, the useful life of the asset is the fund\u2019s life, which is expected to be 10\u00a0years starting from the first closing as per the fund\u2019s legal documentation. Capitalised placement fees are amortised on a straight-line basis.
\u25baAccounting principles
Financial income mainly comprises translation gains, interest received on cash and cash equivalents and gains on collective investment schemes.
Financial expenses mainly comprise translation losses and interest on lease liabilities.
NOTE 10Income tax
\u25baAccounting principles
REFERENCE: IAS\u00a012
Introduction
In accordance with IAS\u00a012, the income tax expense includes all income-related taxes, whether current or deferred. Income tax is recognised in the consolidated income statement except when the underlying transaction is recognised in other comprehensive income or equity, in which case, related tax effect is also recognised in other comprehensive income or\u00a0equity.
Current tax
The standard defines current tax liability (asset) as \u201cthe amount of income tax payable (recoverable) with respect to the taxable profit (tax loss) for a financial year\u201d. The\u00a0taxable income is the profit (or loss) for a given financial year measured according to the rules set by the tax authorities. The\u00a0applicable rates and rules used to determine the current tax liability (asset) are those in effect in each country in which Antin\u2019s companies are established.
The current tax liability includes all taxes on income, payable, for which payment is not subordinated to the completion of future transactions, even if payment is spread over several financial\u00a0years. It must be recognised as a liability until it is paid. If the amount that has already been paid for the current year and previous financial\u00a0years exceeds the amount due for these\u00a0years, the surplus must be recognised under assets.
Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and the consolidated entities intend either to settle on a net basis or to realise the asset and settle the liability simultaneously.
Deferred tax
Deferred tax is measured based on how the underlying asset or liability is expected to be realised or settled. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date.
Deferred tax must be recognised for all temporary differences between the carrying amounts of assets and liabilities on the consolidated balance sheet and their tax base for financial reporting purposes and the amounts used for taxation purposes.
A deferred tax asset must also be recognised for carrying forward unused tax losses and tax credits insofar as it is probable that the Group will have access to future taxable profits against which the unused tax losses and tax credits can be allocated.
Deferred tax assets are recognised for deductible temporary differences and tax losses-carry forward to the extent that it is probable they can be used. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
CVAE (Cotisation sur la valeur ajout\u00e9e des\u00a0entreprises)
This item corresponds to a French duty which is recognised as an income tax in Antin consolidated income statement.
\u25baAccounting principles
REFERENCE: IAS\u00a038 \u2013 IAS\u00a036
Intangible assets
Intangible assets consist primarily of acquired software licenses, including capitalised costs incurred to acquire and bring to use the specific software. Intangible assets are recorded at cost, less accumulated amortisation and\u00a0impairment.
Amortisation
Intangible assets are amortised from the date they are available for use. Amortisation is recognised in the consolidated income statement on a straight-line basis over the estimated useful life of the asset.
Antin amortises software assets over a period of three\u00a0years.
Impairment
An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the higher of the asset\u2019s fair value less costs of\u00a0disposal and its value in use. Impairment tests are performed at each reporting period and as soon as an indication of impairment loss arises.
NOTE 12Property and equipment
\u25baAccounting principles
REFERENCE: IAS\u00a016 \u2013 IAS\u00a036
Property and equipment
Property and equipment primarily includes office refurbishments, furniture, IT equipment and other fixed assets. Property and equipment assets are measured at cost less accumulated depreciation and impairments. The cost includes the purchase price of the asset as well as expenditures directly attributable to bring the asset to its intended operating condition.
Gains or losses from disposal of an asset may arise when there is a difference between the sales price and the asset\u2019s carrying amount less the cost of disposal. Gains and losses are recognised as other operating income/expense when they arise.
Subsequent capital expenditure
Subsequent capital expenditure is capitalised only when it is probable that there are future economic benefits associated with the acquired asset and when the cost can be measured reliably. Other subsequent expenditure is recognised as an\u00a0expense in the period it arises. Repairs are expensed on an\u00a0ongoing basis.
Assets under development
Property and equipment that is not ready for use is recorded as a fixed asset under development. It will be depreciated when it becomes available for use. This relates primarily to office refurbishments.
Depreciation
Property and equipment is depreciated over the estimated useful life using the straight-line method.
The useful life is estimated as follows:
\u2022furniture: 4-5\u00a0years
\u2022IT equipment: 3-4\u00a0years
\u2022leasehold improvements: 4-9\u00a0years, subject to lease period.
Impairment
An impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the higher of the asset\u2019s fair value less costs of disposal and its value in use. Impairment tests are performed at each reporting period, and as soon as any indication of\u00a0impairment loss arises.
NOTE 13Leases
\u25baAccounting principles
REFERENCE: IFRS\u00a016
Introduction
IFRS\u00a016 \u201cLeases\u201d specifies the recognition, measurement, presentation and disclosure of leases. It requires a lessee to recognise assets and liabilities for all leases unless the lease term is 12\u00a0months or less, or the underlying asset has a low value. In accordance with IFRS\u00a016, Antin recognises a right\u2011of-use asset and a corresponding lease liability with respect to its applicable lease arrangements.
Definition of the lease
A contract is, or contains, a lease if it conveys to the lessor the right to control the use of an identified asset for a specified period of time in exchange for a consideration. Control is conveyed when Antin has both the right to direct the identified asset\u2019s use, and to obtain substantially all economic benefits from its use during the lease period. An\u00a0asset is typically identified by being explicitly specified in a contract, but an asset can also be identified by being implicitly specified at the time it is made available for use by the lessee. However, when a lessor has a substantive right of substitution during the period of use, a lessee does not have a right to use an identified asset. A lessor\u2019s right of substitution is only considered substantive if the lessor has both the practical ability to substitute alternative assets throughout the period of use and would economically benefit from substitution.
Antin assesses whether a contract is or contains a lease at inception of the contract. Antin recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12\u00a0months or less) and leases of low value assets. Payments related to leases are recognised on a straight-line basis over the duration of the lease agreement.
Separation of lease and non-lease component
Rental payments agreed in a contract are separate from the lease component and the non-lease component based on their individual prices, as directly indicated in the lease agreement or estimated on the basis on all observable information. If the lessee cannot separate the lease components from the non-lease components (or services), the entire contract is treated as a lease.
Right-of-use assets
Right-of-use assets are primarily office premises and are initially measured at cost, corresponding to the present value of the outstanding lease payments at the commencement date of the lease. Lease payments made at or before the commencement date, initial direct costs and an estimate of costs to be incurred by Antin in dismantling or restoring the underlying asset, are included in the value of the right-of-use asset, less any lease incentives. Right-of-use assets are depreciated using the straight-line method over the lease period, from the commencement date to the end of the lease term.
Lease liabilities
Lease liabilities correspond to the present value of future lease payments, excluding variable lease payments that do not depend on an index or a rate.
For contracts that include a lease component and non-lease components (such as services), only the lease component is considered in calculating the present value.
The interest rate implicit in the lease is used as the discount rate if it can be readily determined. If the interest rate cannot be readily determined, the Group uses its incremental borrowing rate, consistent with the term of the lease arrangement.
After initial recognition, the carrying amount of the lease liability is increased to reflect interest on the lease and reduced to reflect the lease payments made.
The carrying amount of the lease liability and the corresponding right-of-use asset are adjusted to reflect relevant changes that may occur during the lease period. This may include changes to the lease period, changes to the terms of the lease, any change in the assessment of an option to purchase the underlying asset, any change in the amount that the lessee expects to pay to the lessor under the residual value guarantee or any change in future lease payments resulting from a change in an index or a rate used to determine those payments.
\u25baAccounting principles
REFERENCE: IFRS\u00a09/IFRS\u00a013
Antin\u2019s financial assets mainly consist of non-consolidated equity investments measured at fair value. It\u00a0relates to Antin\u2019s investments in the Antin Funds.
Recognition and initial measurement
IFRS\u00a09 \u201cFinancial Instruments\u201d requires an entity to recognise a financial asset when it becomes party to the contractual provisions of the instrument. At initial recognition, an entity measures a financial asset at its fair value plus or minus transaction costs that are directly attributable to the acquisition or issue of the financial asset.
Classification and subsequent measurement of\u00a0financial assets
A financial asset is initially classified into one of three measurement categories. The classification depends on how the asset is managed (business model) and the characteristics of the asset\u2019s contractual cash flows. The measurement categories for financial assets are as follows:
\u2022fair value through profit or loss (FVPL)
\u2022fair value through other comprehensive income (FVOCI)
\u2022amortised cost (AC).
Financial assets are measured at amortised cost if both of the following conditions are met:
\u2022the financial asset is held within a business model whose objective is to realise the cash flows from the financial assets by holding the financial assets and collecting its contractual cash flows over the life of the assets and
\u2022the contractual terms of the financial asset give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Financial assets measured at amortised cost include accounts receivable, other long-term as well as short-term receivables and cash and cash equivalents. The carrying amounts are considered as the fair value.
Financial assets are measured at FVOCI if both the following conditions are met:
\u2022the financial asset is held within a business model whose objective is to realise the cash flows from the financial assets both by collecting the contractual cash flows and selling financial assets and
\u2022the contractual terms of the financial asset give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding.
As per the classifications under IFRS\u00a09, Antin measures its financial assets related to investments in the Antin Funds at FVPL.
Fair value measurement
IFRS\u00a013 \u201cFair Value Measurement\u201d defines fair value, sets out a framework for measuring fair value, and requires disclosure about fair value measurements.
Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date.
Antin measures and discloses the fair value of its financial assets using the following fair value hierarchy. The fair value hierarchy levels\u00a01 to 3 are based on the degree to which the fair value is observable:
\u2022level\u00a01 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities
\u2022level\u00a02 fair value measurements are those derived from inputs other than quoted prices included within Level\u00a01 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices) and
\u2022level\u00a03 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Financial investments held by Antin consist of investments in Antin Funds. As the information used to value individual assets within each fund is not observable, and because prices for each investment in a fund are not observable, Antin categorises its financial investments in the Antin Funds as level\u00a03 financial assets under IFRS\u00a013 \u201cFair Value Measurement\u201d.
The fair value of the portfolio companies held by the Antin Funds is determined by the Portfolio Review Committee on a quarterly basis in accordance with the recommendations set out in the International Private Equity and Venture Capital Valuation Guidelines (IPEV). The valuation methodologies follow a multi-criteria approach and are applied consistently from one period to another, except when a change in methodology would result in a better estimation of fair value. The assessment of the fair value of an investment involves assumptions and judgement. This may include assumptions with respect to the economic and competitive environment, business plan and financial projections, and assessments of risks and other factors. The fair value is audited annually and reviewed semi-annually. In addition, an independent valuation service provider is appointed to provide independent estimations of ranges of fair value once per year in order to assess Antin\u2019s conclusions of fair value for each investment.
Antin applies control processes to ensure that the fair value of the financial assets reported in the consolidated financial statements are in accordance with applicable accounting standards and determined on a reasonable basis. This includes ensuring that the valuations are consistent with the\u00a0IPEV Guidelines, where relevant, and ensuring that the valuations are supported by underlying documentation.
\u25baAccounting principles
Antin may use placement agents or other local representatives/agents in certain jurisdictions, where its own personnel could not be authorised to market the funds. Those placement fees are capitalised as a non-current asset representing the costs of obtaining the contract in accordance with IFRS\u00a015 \u201cCosts to Fulfil a Contract\u201d.
Capitalised placement fees are expected to be recovered over a fund\u2019s commitment period. The benefit of the cost is primarily considered to be attributable to the period when the fund investments are carried out. Therefore, the useful life of the asset is the commitment period which is expected to be 10\u00a0years starting from the first closing of the fund. The\u00a0asset is amortised on a straight-line basis.
\u25baAccounting principles
Trade receivables
Trade receivables are stated at cost less any provision for impairment. A provision for impairment of trade receivables is established when there is objective evidence that Antin will not be able to collect all amounts due according to the original terms of the receivables. Objective evidence involves an element of judgement and is when a payment has been overdue for an extended period of time, or when the counterparty is in default. Antin also applies IFRS\u00a09 with an impairment model based on expected credit losses, resulting in the recognition of a loss allowance before the credit loss is incurred.
\u25baAccounting principles
Accrued income, reported as contract assets, is related to management fees or to carried interest.
Contract assets related to management fees arise primarily from timing differences between the time of generating the revenue and the time of payment. Timing differences mainly occur at the beginning of the life of a fund and before the final closing of a fund.
Contract assets related to carried interest comprise Antin\u2019s capital contributions in the Carry Vehicles, and amounts recognised as revenue, with the payment not yet received. Carried interest is payable in accordance with the waterfall distribution rules defined in the contractual agreements of each fund.
NOTE 21Provision
\u25baAccounting principles
REFERENCE: IAS\u00a037
Provisions are recognised when Antin has a present obligation (legal or constructive) as a result of a past event, it is probable that Antin will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of\u00a0the consideration required to settle the present obligation\u00a0at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.
Recognition and initial measurement
Financial liabilities are recognised when Antin becomes party to a contract and are initially measured at fair value plus transaction costs that are directly attributable to their acquisition or issue.
Classification and subsequent measurement of financial liabilities
Financial liabilities are measured at amortised cost. Antin does not currently have any financial liability measured at amortised cost.
\u25baAccounting principles
REFERENCE: IFRS\u00a09
According to IFRS\u00a09 \u201cFinancial instruments\u201d, a derivative is a financial instrument or any other contract within the scope of the standard with all three of the following characteristics:
\u2022its value changes in response to the change in a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided in the case of a non-financial variable that the variable is not specific to a party to the contract (sometimes called the\u00a0\u201cunderlying\u201d)
\u2022it requires no initial net investment or an initial net investment that is smaller than would be required for other types of contracts that would be expected to have a similar response to changes in market factors
\u2022it is settled at a future date.
Derivatives under IFRS\u00a09 include instruments such as swaps, options, forwards, and futures, and are generally be measured at fair value through profit or loss (FVTPL) unless specific hedge accounting criteria are met.
Derivatives measured and disclosed at fair value are categorised into one of the three levels of the fair value hierarchy (see Note\u00a014 \u201cFinancial assets\u201d).
For financial instruments disclosed in Level\u00a03 of the fair value hierarchy, a difference between the transaction price and the fair value may arise at initial recognition. This \u201cDay One P&L\u201d is deferred and held in the consolidated balance sheet until parameters that were originally non-observable become observable and then released to the consolidated income statement.
IFRS\u00a09 \u201cFinancial Instruments \u2013 Hedge Accounting\u201d deals with the accounting treatment of financial instruments used for hedging purposes.
In order to hedge against certain risks, Antin makes selective use of derivative instruments. Antin may designate a hedge transaction as a fair value hedge or a cash flow hedge, depending on the risk and on the instruments to be hedged.
To designate an instrument as a hedge derivative, Antin documents the hedging relationship from inception. The hedge documentation specifies the asset, liability, or future transaction hedged, the risk to be hedged and the associated risk management strategy, the type of financial derivative and the method used to measure the hedge effectiveness including sources of ineffectiveness and how the hedge ratio is determined. The hedge derivative must be highly effective in offsetting the change in fair value or cash flows arising from the hedged risk.
This effectiveness is verified when changes in the fair value or cash flows of the hedged instrument are almost entirely offset by changes in the fair value or cash flows of the hedging instrument. Effectiveness is assessed when the hedge is first set up and throughout its life. Effectiveness is measured at each reporting period prospectively (expected effectiveness over the future periods) and retrospectively (effectiveness measured on past periods). Hedge accounting is discontinued when the hedging relationship ceases to meet the qualifying criteria. Hedging derivatives are recognised in the balance sheet under derivative financial assets or liabilities.
Hedge on IPO Free Share Plan
Antin implemented a Free Share Plan announced at the time of the IPO in September and November\u00a02021. Antin\u00a0expected to pay social charges levied on the IPO Free Share Plan\u2019s value at the time of vesting. The social charges depend on the jurisdiction and were expected to be 15% in the United\u00a0Kingdom. This exposed Antin to share price risk, with an increase in the Antin share price leading to a corresponding increase in the social charges payable to the tax authorities at the time of vesting. In\u00a0order to mitigate the share price risk associated to the plan and obtain greater certainty with respect to the cash payment due at the time of vesting, Antin entered a cash-settled total return swap to hedge its share price exposure related to the social charges.
In accordance with IFRS\u00a09 \u201cFinancial Instruments \u2013 Hedge Accounting\u201d Antin classifies the swap transaction as a cash flow hedge. A derivative financial instrument is recognised at fair value in Antin\u2019s consolidated balance sheet.
This derivative financial instrument is recognised at fair value on the commencement date and subsequently measured at fair value at each reporting period. Changes in the fair value of\u00a0the derivative financial instrument are recognised in other comprehensive income and within the cash flow hedge reserve in Equity for the effective portion.
Any ineffective portion is recognised in the consolidated income statement within financial income or expense. Amounts recognised in other comprehensive income are transferred to\u00a0the consolidated income statement on the line impacted by the hedged item when the hedged transaction affects profit or loss and the hedged cash flows occur, i.e., at the time of vesting of the free shares.
As of 31\u00a0December 2025, the derivative was settled at maturity, with \u20ac1.7\u00a0million of cumulative loss previously held in the cash flow hedge reserve reclassified to financial loss.
Total Return Swap and Forward Agreement
Antin entered on 18\u00a0December 2024 into a Total Return Swap (\u201cTRS\u201d) with a third-party that has made a \u20ac150\u00a0million commitment to Flagship Fund\u00a0V. The TRS grants Antin all economic upside and downside attributable to the commitment in exchange of interests defined in the TRS agreement and paid during the life of the transaction. The TRS agreement has embedded call and put options, both with a low probability of being exercised.
In addition, Antin entered a Forward Agreement (\u201cFA\u201d) for the sale of a \u20ac100\u00a0million commitment in Flagship Fund\u00a0V to a third\u2011party fund investor, with all economic upside and downside related to this commitment remaining with the fund investor.
The TRS agreement has been executed with a counterparty holding a credit rating of A+ or higher.
Both the TRS and FA are classified as derivative financial instruments measured at Level\u00a03 fair value through profit or loss in Antin\u2019s consolidated financial statements in accordance with IFRS\u00a09 \u201cFinancial instruments\u201d and shall be revaluated at each reporting period against financial profit or loss.
The fair value revaluation of the TRS and FA derivatives has a net impact of \u20ac0.8\u00a0million in 2025.
The deferred margin on financial instruments (\u201cDay One P&L\u201d) is calculated and held on the consolidated balance sheet after identifying valuation adjustments of elements that are non\u2011observable and will be released to consolidated income statement when the inputs will become observable.
As both TRS and FA derivatives were measured using non\u2011observable data (Level\u00a03 inputs), the Day One P&L was \u20ac7.9\u00a0million for the TRS and \u20ac8.0\u00a0million for the FA. These amounts have been deferred in accordance with IFRS\u00a0requirements and are presented as a reduction in the fair value of the relevant transactions within \u201cDerivative financial assets\u201d and \u201cDerivative financial liabilities\u201d lines in the consolidated balance sheet.
\u25baAccounting principles
REFERENCE: IAS\u00a07
Cash relates to cash on hand and demand deposits.
Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and subject to an insignificant risk of a change in value.
\u25baAccounting principles
REFERENCE: IAS\u00a024
Antin\u2019s related parties are:
\u2022its main shareholders
\u2022its Board members and
\u2022its Executive Committee members.
Transactions with related parties are concluded on an arms-length basis.
Earnings per share were calculated based on the net income attributable to the owners of the Company, divided by the weighted average number of shares outstanding, before and after the effects of dilution.
The weighted average number of shares outstanding was calculated based on the number of shares issued adjusted for\u00a0treasury share transactions during the period ended 31\u00a0December 2025. See\u00a0detail presented in Note\u00a025.2 \u201cTreasury shares\u201d.
Antin\u2019s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) published by the International Accounting Standards Board (IASB) and their interpretations as adopted by the European Union as of 31\u00a0December 2025.
The Group\u2019s 2025 consolidated financial statements were authorised for issuance by the Board of Directors on 11 March 2026.
The Group\u2019s 2025 consolidated financial statements were authorised for issuance by the Board of Directors on 11 March 2026.
2.4Functional currency and\u00a0reporting currency
The financial statements are presented in euros, which is the functional currency and the reporting currency of Antin. The functional currency is the currency in which Antin records and measures its transactions. It reflects the primary economic environment in which Antin operates. All amounts are presented in\u00a0thousands of euros and rounded to the nearest\u00a0thousand euros, unless otherwise indicated. Rounding applied in tables and calculations may result in a presentation in which the total amounts do not precisely match the exact sum of the rounded amounts.
Monetary assets and liabilities in foreign currencies are translated into euros at the exchange rate recorded at the end of the reporting period. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated into euros at the exchange rate on the date fair value was determined.
Income statement items recorded in foreign currencies are translated into euros at the average exchange rate for the reporting period.
The foreign exchange rates applied in the preparation of the financial statements are based on data published by Banque de France:
| \n \n | \n\n Closing rate | \n\n Average rate | \n||
|---|---|---|---|---|
| \n 31-Dec-2025 | \n\n 31-Dec-2024 | \n\n 2025 | \n\n 2024 | \n|
| \n EUR/GBP | \n\n 0.8726 | \n\n 0.8292 | \n\n 0.8566 | \n\n 0.8466 | \n
| \n EUR/USD | \n\n 1.1750 | \n\n 1.0389 | \n\n 1.1293 | \n\n 1.0821 | \n
| \n EUR/SGD | \n\n 1.5105 | \n\n 1.4164 | \n\n 1.4752 | \n\n 1.4457 | \n
Exchange rate differences resulting from the translation of the financial statements into euros are recognised in other comprehensive\u00a0income.
2.4Functional currency and\u00a0reporting currency
The financial statements are presented in euros, which is the functional currency and the reporting currency of Antin. The functional currency is the currency in which Antin records and measures its transactions. It reflects the primary economic environment in which Antin operates. All amounts are presented in\u00a0thousands of euros and rounded to the nearest\u00a0thousand euros, unless otherwise indicated. Rounding applied in tables and calculations may result in a presentation in which the total amounts do not precisely match the exact sum of the rounded amounts.
Monetary assets and liabilities in foreign currencies are translated into euros at the exchange rate recorded at the end of the reporting period. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated into euros at the exchange rate on the date fair value was determined.
Income statement items recorded in foreign currencies are translated into euros at the average exchange rate for the reporting period.
The foreign exchange rates applied in the preparation of the financial statements are based on data published by Banque de France:
| \n \n | \n\n Closing rate | \n\n Average rate | \n||
|---|---|---|---|---|
| \n 31-Dec-2025 | \n\n 31-Dec-2024 | \n\n 2025 | \n\n 2024 | \n|
| \n EUR/GBP | \n\n 0.8726 | \n\n 0.8292 | \n\n 0.8566 | \n\n 0.8466 | \n
| \n EUR/USD | \n\n 1.1750 | \n\n 1.0389 | \n\n 1.1293 | \n\n 1.0821 | \n
| \n EUR/SGD | \n\n 1.5105 | \n\n 1.4164 | \n\n 1.4752 | \n\n 1.4457 | \n
Exchange rate differences resulting from the translation of the financial statements into euros are recognised in other comprehensive\u00a0income.
2.4Functional currency and\u00a0reporting currency
The financial statements are presented in euros, which is the functional currency and the reporting currency of Antin. The functional currency is the currency in which Antin records and measures its transactions. It reflects the primary economic environment in which Antin operates. All amounts are presented in\u00a0thousands of euros and rounded to the nearest\u00a0thousand euros, unless otherwise indicated. Rounding applied in tables and calculations may result in a presentation in which the total amounts do not precisely match the exact sum of the rounded amounts.
Monetary assets and liabilities in foreign currencies are translated into euros at the exchange rate recorded at the end of the reporting period. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated into euros at the exchange rate on the date fair value was determined.
Income statement items recorded in foreign currencies are translated into euros at the average exchange rate for the reporting period.
The foreign exchange rates applied in the preparation of the financial statements are based on data published by Banque de France:
| \n \n | \n\n Closing rate | \n\n Average rate | \n||
|---|---|---|---|---|
| \n 31-Dec-2025 | \n\n 31-Dec-2024 | \n\n 2025 | \n\n 2024 | \n|
| \n EUR/GBP | \n\n 0.8726 | \n\n 0.8292 | \n\n 0.8566 | \n\n 0.8466 | \n
| \n EUR/USD | \n\n 1.1750 | \n\n 1.0389 | \n\n 1.1293 | \n\n 1.0821 | \n
| \n EUR/SGD | \n\n 1.5105 | \n\n 1.4164 | \n\n 1.4752 | \n\n 1.4457 | \n
Exchange rate differences resulting from the translation of the financial statements into euros are recognised in other comprehensive\u00a0income.
2.5Use of judgement and\u00a0estimates
The preparation of financial statements and the application of accounting policies requires the use of judgement and accounting estimates. Estimates and assumptions are based on historical experience and other relevant factors determined by management. Actual results may differ from these 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 judgement include:
Carried interest revenue recognition
Carried interest is a share of fund profits that Antin receives through its investment holdings in the carry vehicles (the \u201cCarry Vehicles\u201d). It is a variable consideration fully dependent on the performance of the relevant funds. Carried interest participants are entitled to an agreed share of fund profits of typically 20%, provided that the accumulated profits exceed a pre-agreed return threshold (the \u201churdle\u201d) of typically 8% over the lifetime of each fund. Antin is typically allocated a share of 20% of the carried interest in each Carry Vehicle. Carried interest income is recognised when it is highly probable that the performance obligations will be met, and when a reversal of any accumulated revenue is highly unlikely.
The reversal risk is mitigated by applying discounts to the unrealised net asset values of portfolio companies when determining the recognition of carried interest income.
The discounts applied depend on the specific circumstances of each fund, taking into consideration portfolio diversification at fund level, the expected remaining holding period of an asset and other areas of judgement. The discounts are reassessed at each reporting period.
Further details on the recognition of carried interest income and the carrying values are available in Notes\u00a05 \u201cRevenue\u201d and\u00a019 \u201cAccrued income\u201d.
Investment income revenue recognition
Investment income relates to changes in the fair value of Antin\u2019s fund investments held on the balance sheet. Antin typically invests approximately 1-2% alongside its Fund\u00a0Investors, in addition to the investments in the Carry Vehicles. The investment varies by fund and could be materially higher should Antin decide to seed a new investment strategy. The fair value of the portfolio companies held by the Antin Funds is determined by the Portfolio Review Committee on a quarterly basis in accordance with the recommendations set out in the International Private Equity and Venture Capital Valuation Guidelines (IPEV).
The valuation methodologies follow a multi-criteria approach and are applied consistently from one period to another, except when a change in methodology would result in a better estimation of fair value. The assessment of the fair value of an investment involves assumptions and judgement. This may include assumptions with respect to the economic and competitive environment, business plan and financial projections, and assessments of risks and other factors. The fair value is audited annually and reviewed semi-annually. In addition, an\u00a0independent valuation service provider is appointed to provide independent estimations of ranges of fair value once per year in order to assess Antin\u2019s conclusions of fair value for each investment.
Further details on Antin\u2019s investments in the Antin Funds are available in Note\u00a014 \u201cFinancial assets\u201d.
Defined benefit plan in France
In France, the defined benefit pension plan is a mandatory end-of-service benefit plan. Employees must have completed 10\u00a0years of service to be eligible. The amount of the lump sum corresponds to a number of months of salary based on years of service at the time of retirement. This plan is not pre-funded. This defined benefit plan is measured using actuarial techniques based on assumptions such as the discount rate, the long-term salary increase rate and on statistical information related to demographic assumptions such as mortality, employee turnover, disability and retirement age.
| \n \n | \n\n 31-Dec-2025 | \n
|---|---|
| \n Discount rate | \n\n 4.15% | \n
| \n Long-term salary increase | \n\n 3.00% | \n
| \n Mortality table | \n\n TGH-TGF 2005 | \n
Changes in the present value of defined benefit obligations in France were as follows:
| \n (in \u20ack) | \n\n 31-Dec-2025 | \n\n 31-Dec-2024 | \n
|---|---|---|
| \n Opening defined benefit obligation | \n\n 771 | \n\n 873 | \n
| \n Current service cost | \n\n 113 | \n\n 149 | \n
| \n Interest cost | \n\n 24 | \n\n 26 | \n
| \n Change in accounting method | \n\n - | \n\n - | \n
| \n Remeasurement (gains)/losses | \n\n 295 | \n\n (276) | \n
| \n Closing defined benefit obligation | \n\n 1,203 | \n\n 771 | \n
Leases
At the inception of a lease contract, Antin assesses the application of IFRS\u00a016 \u201cLeases\u201d where the Group has the right to use an asset under a lease contract for a period of more than 12\u00a0months. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a certain time period in exchange for a consideration. The lease contracts identified by Antin represent leases of office premises where the Group is a tenant.
For each lease contract, Antin reviews the renewal and early termination options and determines the enforceable and non\u2011cancellable lease period. The reasonable end date is determined by taking into consideration all relevant facts and circumstances. For lease contracts related to office premises, Antin defines the reasonable end date of a lease based on the expected period of use, taking into account the renewal and early termination options stated in the contracts.
Antin presents right-of-use assets and lease liabilities separately in the consolidated balance sheet. Further information on Antin\u2019s lease assets and liabilities is presented in Note\u00a013 \u201cLeases\u201d.
NOTE 13Leases
\u25baAccounting principles
REFERENCE: IFRS\u00a016
Introduction
IFRS\u00a016 \u201cLeases\u201d specifies the recognition, measurement, presentation and disclosure of leases. It requires a lessee to recognise assets and liabilities for all leases unless the lease term is 12\u00a0months or less, or the underlying asset has a low value. In accordance with IFRS\u00a016, Antin recognises a right\u2011of-use asset and a corresponding lease liability with respect to its applicable lease arrangements.
Definition of the lease
A contract is, or contains, a lease if it conveys to the lessor the right to control the use of an identified asset for a specified period of time in exchange for a consideration. Control is conveyed when Antin has both the right to direct the identified asset\u2019s use, and to obtain substantially all economic benefits from its use during the lease period. An\u00a0asset is typically identified by being explicitly specified in a contract, but an asset can also be identified by being implicitly specified at the time it is made available for use by the lessee. However, when a lessor has a substantive right of substitution during the period of use, a lessee does not have a right to use an identified asset. A lessor\u2019s right of substitution is only considered substantive if the lessor has both the practical ability to substitute alternative assets throughout the period of use and would economically benefit from substitution.
Antin assesses whether a contract is or contains a lease at inception of the contract. Antin recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12\u00a0months or less) and leases of low value assets. Payments related to leases are recognised on a straight-line basis over the duration of the lease agreement.
Separation of lease and non-lease component
Rental payments agreed in a contract are separate from the lease component and the non-lease component based on their individual prices, as directly indicated in the lease agreement or estimated on the basis on all observable information. If the lessee cannot separate the lease components from the non-lease components (or services), the entire contract is treated as a lease.
Right-of-use assets
Right-of-use assets are primarily office premises and are initially measured at cost, corresponding to the present value of the outstanding lease payments at the commencement date of the lease. Lease payments made at or before the commencement date, initial direct costs and an estimate of costs to be incurred by Antin in dismantling or restoring the underlying asset, are included in the value of the right-of-use asset, less any lease incentives. Right-of-use assets are depreciated using the straight-line method over the lease period, from the commencement date to the end of the lease term.
Lease liabilities
Lease liabilities correspond to the present value of future lease payments, excluding variable lease payments that do not depend on an index or a rate.
For contracts that include a lease component and non-lease components (such as services), only the lease component is considered in calculating the present value.
The interest rate implicit in the lease is used as the discount rate if it can be readily determined. If the interest rate cannot be readily determined, the Group uses its incremental borrowing rate, consistent with the term of the lease arrangement.
After initial recognition, the carrying amount of the lease liability is increased to reflect interest on the lease and reduced to reflect the lease payments made.
The carrying amount of the lease liability and the corresponding right-of-use asset are adjusted to reflect relevant changes that may occur during the lease period. This may include changes to the lease period, changes to the terms of the lease, any change in the assessment of an option to purchase the underlying asset, any change in the amount that the lessee expects to pay to the lessor under the residual value guarantee or any change in future lease payments resulting from a change in an index or a rate used to determine those payments.
13.1Right-of-use assets
Right-of-use assets mainly consist of lease assets related to office premises. As of 31\u00a0December 2025, Antin recognised right-of-use assets of \u20ac51.7\u00a0million, compared to \u20ac65.5\u00a0million recognised at 31\u00a0December 2024. A new lease agreement was signed in September\u00a02023 relating to the expansion of office premises in New York. The lease started in September\u00a02024.
| \n (in \u20ack) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n
|---|---|---|
| \n Opening balance | \n\n 65,513 | \n\n 49,833 | \n
| \n Amortisation | \n\n (8,970) | \n\n (7,309) | \n
| \n New leases/Lease modifications | \n\n 104 | \n\n 24,061 | \n
| \n Other changes, net | \n\n (4,994) | \n\n (1,072) | \n
| \n Closing balance | \n\n 51,654 | \n\n 65,513 | \n
13.2Lease liabilities
| \n (in \u20ack) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n||||||
|---|---|---|---|---|---|---|---|---|
| \n Total | \n\n < 1\u00a0year | \n\n 1-5\u00a0years | \n\n > 5\u00a0years | \n\n Total | \n\n < 1\u00a0year | \n\n 1-5\u00a0years | \n\n > 5\u00a0years | \n|
| \n Non-current part | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Lease liabilities | \n\n 57,909 | \n\n - | \n\n 49,770 | \n\n 8,139 | \n\n 73,823 | \n\n - | \n\n 57,021 | \n\n 16,802 | \n
| \n Total lease liabilities \u2013 non\u2011current part | \n\n 57,909 | \n\n - | \n\n 49,770 | \n\n 8,139 | \n\n 73,823 | \n\n - | \n\n 57,021 | \n\n 16,802 | \n
| \n Current part | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Lease liabilities | \n\n 9,479 | \n\n 9,479 | \n\n - | \n\n - | \n\n 3,406 | \n\n 3,406 | \n\n - | \n\n - | \n
| \n Total lease liabilities \u2013 current\u00a0part | \n\n 9,479 | \n\n 9,479 | \n\n - | \n\n - | \n\n 3,406 | \n\n 3,406 | \n\n - | \n\n - | \n
| \n TOTAL LEASE LIABILITIES | \n\n 67,388 | \n\n 9,479 | \n\n 49,770 | \n\n 8,139 | \n\n 77,229 | \n\n 3,406 | \n\n 57,021 | \n\n 16,802 | \n
13.3Effects of leases on the consolidated income statement and\u00a0Consolidated\u00a0Statement\u00a0of\u00a0Cash Flows
The amounts relating to these right-of-use assets and lease liabilities recognised in the consolidated income statement and Consolidated Statement of Cash Flows are as follows:
| \n (in \u20ack) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Amounts recognised in the consolidated income statement | \n\n \n | \n\n \n | \n
| \n Interest on lease liabilities | \n\n (2,342) | \n\n (1,718) | \n
| \n Amortisation of right-of-use assets | \n\n (8,970) | \n\n (7,309) | \n
| \n TOTAL AMOUNTS RECOGNISED IN THE INCOME STATEMENT | \n\n (11,311) | \n\n (9,027) | \n
| \n Amounts recognised in the Cash Flow Statement | \n\n \n | \n\n \n | \n
| \n TOTAL CASH OUTFLOW RELATED TO LEASES | \n\n (9,390) | \n\n (8,465) | \n
Leases
At the inception of a lease contract, Antin assesses the application of IFRS\u00a016 \u201cLeases\u201d where the Group has the right to use an asset under a lease contract for a period of more than 12\u00a0months. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a certain time period in exchange for a consideration. The lease contracts identified by Antin represent leases of office premises where the Group is a tenant.
For each lease contract, Antin reviews the renewal and early termination options and determines the enforceable and non\u2011cancellable lease period. The reasonable end date is determined by taking into consideration all relevant facts and circumstances. For lease contracts related to office premises, Antin defines the reasonable end date of a lease based on the expected period of use, taking into account the renewal and early termination options stated in the contracts.
Antin presents right-of-use assets and lease liabilities separately in the consolidated balance sheet. Further information on Antin\u2019s lease assets and liabilities is presented in Note\u00a013 \u201cLeases\u201d.
NOTE 13Leases
\u25baAccounting principles
REFERENCE: IFRS\u00a016
Introduction
IFRS\u00a016 \u201cLeases\u201d specifies the recognition, measurement, presentation and disclosure of leases. It requires a lessee to recognise assets and liabilities for all leases unless the lease term is 12\u00a0months or less, or the underlying asset has a low value. In accordance with IFRS\u00a016, Antin recognises a right\u2011of-use asset and a corresponding lease liability with respect to its applicable lease arrangements.
Definition of the lease
A contract is, or contains, a lease if it conveys to the lessor the right to control the use of an identified asset for a specified period of time in exchange for a consideration. Control is conveyed when Antin has both the right to direct the identified asset\u2019s use, and to obtain substantially all economic benefits from its use during the lease period. An\u00a0asset is typically identified by being explicitly specified in a contract, but an asset can also be identified by being implicitly specified at the time it is made available for use by the lessee. However, when a lessor has a substantive right of substitution during the period of use, a lessee does not have a right to use an identified asset. A lessor\u2019s right of substitution is only considered substantive if the lessor has both the practical ability to substitute alternative assets throughout the period of use and would economically benefit from substitution.
Antin assesses whether a contract is or contains a lease at inception of the contract. Antin recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12\u00a0months or less) and leases of low value assets. Payments related to leases are recognised on a straight-line basis over the duration of the lease agreement.
Separation of lease and non-lease component
Rental payments agreed in a contract are separate from the lease component and the non-lease component based on their individual prices, as directly indicated in the lease agreement or estimated on the basis on all observable information. If the lessee cannot separate the lease components from the non-lease components (or services), the entire contract is treated as a lease.
Right-of-use assets
Right-of-use assets are primarily office premises and are initially measured at cost, corresponding to the present value of the outstanding lease payments at the commencement date of the lease. Lease payments made at or before the commencement date, initial direct costs and an estimate of costs to be incurred by Antin in dismantling or restoring the underlying asset, are included in the value of the right-of-use asset, less any lease incentives. Right-of-use assets are depreciated using the straight-line method over the lease period, from the commencement date to the end of the lease term.
Lease liabilities
Lease liabilities correspond to the present value of future lease payments, excluding variable lease payments that do not depend on an index or a rate.
For contracts that include a lease component and non-lease components (such as services), only the lease component is considered in calculating the present value.
The interest rate implicit in the lease is used as the discount rate if it can be readily determined. If the interest rate cannot be readily determined, the Group uses its incremental borrowing rate, consistent with the term of the lease arrangement.
After initial recognition, the carrying amount of the lease liability is increased to reflect interest on the lease and reduced to reflect the lease payments made.
The carrying amount of the lease liability and the corresponding right-of-use asset are adjusted to reflect relevant changes that may occur during the lease period. This may include changes to the lease period, changes to the terms of the lease, any change in the assessment of an option to purchase the underlying asset, any change in the amount that the lessee expects to pay to the lessor under the residual value guarantee or any change in future lease payments resulting from a change in an index or a rate used to determine those payments.
Depreciation and amortisation
Assets are depreciated or amortised on a straight-line basis over the useful life of an asset. The useful life of an asset is an estimate of the period of time in which it is expected to generate an economic benefit. It is estimated based on historical data and judgement. The residual value of an asset and the assumptions that determine the useful life are reviewed at each reporting period and adjusted if required.
Further information on depreciation and amortisation is presented in Note\u00a08 \u201cDepreciation and amortisation\u201d.
NOTE 8Depreciation and amortisation
\u25baAccounting principles
Assets are depreciated or amortised over the estimated useful life using the straight-line method.
The useful life for property and equipment and intangible assets are estimated as follows:
\u2022furniture: 4-5\u00a0years
\u2022computer equipment: 3-4\u00a0years
\u2022leasehold improvements: 4-9\u00a0years, subject to lease period
\u2022capitalised placement fees: over the life of the fund, typically 10\u00a0years starting from the first closing.
Placement fees are fees incurred for services related to obtaining commitments from investors. They are paid, subject to the terms agreed, when the fund holds closings. The fees are capitalised as a non-current asset representing the cost of obtaining a contract (see Note\u00a015 \u201cOther non\u2011current assets\u201d).
These\u00a0costs are expected to be recovered over the fund\u2019s life. Therefore, the useful life of the asset is the fund\u2019s life, which is expected to be 10\u00a0years starting from the first closing as per the fund\u2019s legal documentation. Capitalised placement fees are amortised on a straight-line basis.
Depreciation and amortisation recognised in the consolidated income statement was as follows:
| \n (in \u20ack) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Depreciation of property and equipment | \n\n (15,099) | \n\n (11,732) | \n
| \n Amortisation of placement fees | \n\n (2,214) | \n\n (3,430) | \n
| \n Amortisation of intangible assets | \n\n - | \n\n - | \n
| \n Other | \n\n (61) | \n\n (61) | \n
| \n TOTAL DEPRECIATION AND AMORTISATION | \n\n (17,375) | \n\n (15,223) | \n
Amortisation
Intangible assets are amortised from the date they are available for use. Amortisation is recognised in the consolidated income statement on a straight-line basis over the estimated useful life of the asset.
Antin amortises software assets over a period of three\u00a0years.
Depreciation
Property and equipment is depreciated over the estimated useful life using the straight-line method.
The useful life is estimated as follows:
\u2022furniture: 4-5\u00a0years
\u2022IT equipment: 3-4\u00a0years
\u2022leasehold improvements: 4-9\u00a0years, subject to lease period.
| \n (in \u20ack) | \n\n Leasehold improvements and furniture | \n\n Under development | \n\n Total | \n
|---|---|---|---|
| \n COST | \n\n \n | \n\n \n | \n\n \n | \n
| \n At 31-Dec-2023 | \n\n 30,059 | \n\n 845 | \n\n 30,903 | \n
| \n Additions | \n\n 514 | \n\n 5,105 | \n\n 5,619 | \n
| \n Disposals | \n\n (7) | \n\n - | \n\n (7) | \n
| \n Reclassification | \n\n 3,993 | \n\n - | \n\n 3,993 | \n
| \n Translation difference | \n\n 724 | \n\n 116 | \n\n 840 | \n
| \n At 31-Dec-2024 | \n\n 35,283 | \n\n 6,067 | \n\n 41,348 | \n
| \n Additions | \n\n 9,697 | \n\n 938 | \n\n 10,636 | \n
| \n Disposals | \n\n (560) | \n\n - | \n\n (560) | \n
| \n Reclassification | \n\n 5,842 | \n\n (5,842) | \n\n - | \n
| \n Translation difference | \n\n (2,035) | \n\n (232) | \n\n (2,266) | \n
| \n At 31-Dec-2025 | \n\n 48,227 | \n\n 931 | \n\n 49,157 | \n
| \n ACCUMULATED DEPRECIATION AND\u00a0IMPAIRMENT | \n\n \n | \n\n \n | \n\n \n | \n
| \n At 31-Dec-2023 | \n\n (10,319) | \n\n - | \n\n (10,319) | \n
| \n Depreciation | \n\n (4,536) | \n\n - | \n\n (4,536) | \n
| \n Accumulated depreciation on disposals | \n\n (537) | \n\n - | \n\n (537) | \n
| \n Impairment loss | \n\n - | \n\n - | \n\n - | \n
| \n Translation difference | \n\n (183) | \n\n - | \n\n (183) | \n
| \n At 31-Dec-2024 | \n\n (15,576) | \n\n - | \n\n (15,576) | \n
| \n Depreciation | \n\n (6,130) | \n\n - | \n\n (6,130) | \n
| \n Accumulated depreciation on disposals | \n\n 559 | \n\n - | \n\n 559 | \n
| \n Impairment loss | \n\n - | \n\n - | \n\n - | \n
| \n Translation difference | \n\n 520 | \n\n - | \n\n 520 | \n
| \n At 31-Dec-2025 | \n\n (20,627) | \n\n - | \n\n (20,627) | \n
| \n CARRYING AMOUNT | \n\n \n | \n\n \n | \n\n \n | \n
| \n At 31-Dec-2024 | \n\n 19,707 | \n\n 6,067 | \n\n 25,772 | \n
| \n At 31-Dec-2025 | \n\n 27,600 | \n\n 931 | \n\n 28,530 | \n
Depreciation and amortisation
Assets are depreciated or amortised on a straight-line basis over the useful life of an asset. The useful life of an asset is an estimate of the period of time in which it is expected to generate an economic benefit. It is estimated based on historical data and judgement. The residual value of an asset and the assumptions that determine the useful life are reviewed at each reporting period and adjusted if required.
Further information on depreciation and amortisation is presented in Note\u00a08 \u201cDepreciation and amortisation\u201d.
\u25baAccounting principles
Assets are depreciated or amortised over the estimated useful life using the straight-line method.
The useful life for property and equipment and intangible assets are estimated as follows:
\u2022furniture: 4-5\u00a0years
\u2022computer equipment: 3-4\u00a0years
\u2022leasehold improvements: 4-9\u00a0years, subject to lease period
\u2022capitalised placement fees: over the life of the fund, typically 10\u00a0years starting from the first closing.
Placement fees are fees incurred for services related to obtaining commitments from investors. They are paid, subject to the terms agreed, when the fund holds closings. The fees are capitalised as a non-current asset representing the cost of obtaining a contract (see Note\u00a015 \u201cOther non\u2011current assets\u201d).
These\u00a0costs are expected to be recovered over the fund\u2019s life. Therefore, the useful life of the asset is the fund\u2019s life, which is expected to be 10\u00a0years starting from the first closing as per the fund\u2019s legal documentation. Capitalised placement fees are amortised on a straight-line basis.
Amortisation
Intangible assets are amortised from the date they are available for use. Amortisation is recognised in the consolidated income statement on a straight-line basis over the estimated useful life of the asset.
Antin amortises software assets over a period of three\u00a0years.
Depreciation
Property and equipment is depreciated over the estimated useful life using the straight-line method.
The useful life is estimated as follows:
\u2022furniture: 4-5\u00a0years
\u2022IT equipment: 3-4\u00a0years
\u2022leasehold improvements: 4-9\u00a0years, subject to lease period.
Pension plans
Antin makes assumptions with respect to the mandatory Defined Benefit Plan in France, including the discount rate, long-term salary increases, mortality, employee turnover, retirement age and other assumptions. The\u00a0obligation represented by the provision of benefits under defined benefit plans is determined by independent actuaries using actuarial valuation methods in accordance with IAS\u00a019 \u201cEmployee Benefits\u201d.
Further information with respect to the pension plans and associated estimates are presented in Note\u00a06.4 \u201cPension plans\u201d.
\u25baAccounting principles
REFERENCE: IAS\u00a019 and IFRS\u00a02
Personnel expenses include all expenses related to personnel. This includes salaries, bonuses, remunerations, social security expenses and pension benefits as prescribed under IAS\u00a019. It\u00a0also includes share-based payments that fall under IFRS\u00a02.
IAS\u00a019 presents the accounting for employee benefits, including all forms of consideration given by an entity in exchange for services rendered by an employee. IAS\u00a019\u00a0requires an entity to recognise a liability when an employee has provided services in exchange for employee benefits to be paid in the future, and an expense when the entity consumes the economic benefit arising from the service provided by an employee in exchange for employee benefits.
6.2Breakdown of personnel expenses
Management establishes and approves salaries and other compensation for the employees of Antin. Total remuneration may consist of a base salary, bonus, participation in pension schemes and other benefits.
| \n (in \u20ack) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Salaries, bonuses | \n\n 76,712 | \n\n 73,767 | \n
| \n Pension plan expenses | \n\n 1,913 | \n\n 1,767 | \n
| \n Social security expenses | \n\n 17,923 | \n\n 16,427 | \n
| \n Share-based compensation plans | \n\n 1,210 | \n\n - | \n
| \n Other personnel related expenses | \n\n 628 | \n\n 586 | \n
| \n Free Share Plan | \n\n - | \n\n - | \n
| \n Increase/(reversal) of social charges related to IPO Free Share Plan | \n\n (1,136) | \n\n (282) | \n
| \n TOTAL PERSONNEL EXPENSES | \n\n 97,249 | \n\n 92,264 | \n
The increase in personnel expenses was mainly driven by an increase in number of employees to support the firm\u2019s expansion, annual compensation increases and internal promotions.
In 2025, Antin recognised \u20ac1.2\u00a0million in personnel expenses related to the share-based compensation plans implemented in March\u00a02025 (see detail in Note\u00a06.3 \u201cShare-based payment plans\u201d).
6.4Pension plans
\u25baAccounting principles
REFERENCE: IAS\u00a019
Post-employment benefits
Post-employment benefits can be broken down into two categories: defined contribution plans and defined benefit\u00a0plans.
Defined benefit plans
A defined benefit plan is a pension plan that is not a defined contribution plan. Typically, defined benefit plans specify an amount of pension benefit that an employee will receive upon retirement, usually dependent on one or more factors such as age, years of service and compensation. The benefits paid to employees in France qualify as a defined benefit plan.
Antin\u2019s obligation in respect of defined benefit plans is calculated by estimating the amount of future benefits that employees have earned in the current and prior periods and by discounting that amount. Antin does not have any plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. Remeasurements of the defined benefit obligation, which comprise actuarial gains and losses, are recognised immediately in the Consolidated Statement of Comprehensive Income. Antin determines the net interest expense/income on the defined benefit obligation for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the defined benefit obligation, taking into account any changes in the defined benefit obligation during the period as a result of contributions and benefit payments. Net interest expense/income and other expenses related to defined benefit plans are recognised in profit or loss.
Defined contribution plans
Defined contribution plans limit Antin\u2019s liability to the subscriptions paid into the plan but do not commit Antin to a specific benefit level. Such plans result in employees bearing the actuarial risk and the investment risk. Obligations for contributions to Antin\u2019s defined contribution plans are therefore expensed as the related service is provided.
Defined benefit plan in France
In France, the defined benefit pension plan is a mandatory end-of-service benefit plan. Employees must have completed 10\u00a0years of service to be eligible. The amount of the lump sum corresponds to a number of months of salary based on years of service at the time of retirement. This plan is not pre-funded. This defined benefit plan is measured using actuarial techniques based on assumptions such as the discount rate, the long-term salary increase rate and on statistical information related to demographic assumptions such as mortality, employee turnover, disability and retirement age.
| \n \n | \n\n 31-Dec-2025 | \n
|---|---|
| \n Discount rate | \n\n 4.15% | \n
| \n Long-term salary increase | \n\n 3.00% | \n
| \n Mortality table | \n\n TGH-TGF 2005 | \n
Changes in the present value of defined benefit obligations in France were as follows:
| \n (in \u20ack) | \n\n 31-Dec-2025 | \n\n 31-Dec-2024 | \n
|---|---|---|
| \n Opening defined benefit obligation | \n\n 771 | \n\n 873 | \n
| \n Current service cost | \n\n 113 | \n\n 149 | \n
| \n Interest cost | \n\n 24 | \n\n 26 | \n
| \n Change in accounting method | \n\n - | \n\n - | \n
| \n Remeasurement (gains)/losses | \n\n 295 | \n\n (276) | \n
| \n Closing defined benefit obligation | \n\n 1,203 | \n\n 771 | \n
Defined contribution plans in\u00a0the\u00a0United\u00a0Kingdom and United States
In the United Kingdom, AIP\u00a0UK contributed to or accrued for the voluntary defined contribution retirement benefit private scheme. The related contribution corresponds to 12% of base salary, within the limit of the\u00a0UK Notional Earning Cap (\u00a3199,217 in 2025/2026).
In the United States, AIP US contributed to or accrued for the voluntary defined contribution retirement benefit private scheme set up recorded in the country. The contribution corresponds to 5% of total earnings within the legal IRS limit of $350,000 for 2025.
Total pension plan expenses recorded in the income statement amounted to \u20ac1.9\u00a0million in 2025, compared to \u20ac1.8\u00a0million in 2024.
Pension plans
Antin makes assumptions with respect to the mandatory Defined Benefit Plan in France, including the discount rate, long-term salary increases, mortality, employee turnover, retirement age and other assumptions. The\u00a0obligation represented by the provision of benefits under defined benefit plans is determined by independent actuaries using actuarial valuation methods in accordance with IAS\u00a019 \u201cEmployee Benefits\u201d.
Further information with respect to the pension plans and associated estimates are presented in Note\u00a06.4 \u201cPension plans\u201d.
\u25baAccounting principles
REFERENCE: IAS\u00a019 and IFRS\u00a02
Personnel expenses include all expenses related to personnel. This includes salaries, bonuses, remunerations, social security expenses and pension benefits as prescribed under IAS\u00a019. It\u00a0also includes share-based payments that fall under IFRS\u00a02.
IAS\u00a019 presents the accounting for employee benefits, including all forms of consideration given by an entity in exchange for services rendered by an employee. IAS\u00a019\u00a0requires an entity to recognise a liability when an employee has provided services in exchange for employee benefits to be paid in the future, and an expense when the entity consumes the economic benefit arising from the service provided by an employee in exchange for employee benefits.
\u25baAccounting principles
REFERENCE: IAS\u00a019
Post-employment benefits
Post-employment benefits can be broken down into two categories: defined contribution plans and defined benefit\u00a0plans.
Defined benefit plans
A defined benefit plan is a pension plan that is not a defined contribution plan. Typically, defined benefit plans specify an amount of pension benefit that an employee will receive upon retirement, usually dependent on one or more factors such as age, years of service and compensation. The benefits paid to employees in France qualify as a defined benefit plan.
Antin\u2019s obligation in respect of defined benefit plans is calculated by estimating the amount of future benefits that employees have earned in the current and prior periods and by discounting that amount. Antin does not have any plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. Remeasurements of the defined benefit obligation, which comprise actuarial gains and losses, are recognised immediately in the Consolidated Statement of Comprehensive Income. Antin determines the net interest expense/income on the defined benefit obligation for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the defined benefit obligation, taking into account any changes in the defined benefit obligation during the period as a result of contributions and benefit payments. Net interest expense/income and other expenses related to defined benefit plans are recognised in profit or loss.
Defined contribution plans
Defined contribution plans limit Antin\u2019s liability to the subscriptions paid into the plan but do not commit Antin to a specific benefit level. Such plans result in employees bearing the actuarial risk and the investment risk. Obligations for contributions to Antin\u2019s defined contribution plans are therefore expensed as the related service is provided.
2.6New standards, amendments to existing standards and interpretations effective\u00a0from\u00a01\u00a0January 2025 in\u00a0the\u00a0European Union
The following amendments to IFRS\u00a0were effective from 1\u00a0January 2025. They have no material impact on the financial statements:
\u2022amendments to IAS\u00a021 \u201cThe Effects of Changes in Foreign Exchange Rates\u201d: Lack of Exchangeability.
2.7New standards, amendments to existing standards and\u00a0interpretations that\u00a0are\u00a0not\u00a0yet\u00a0effective
As of the date of approval of Antin\u2019s consolidated financial statements, the following new standards or amendments to existing standards had been published, and were not adopted by Antin as of 1\u00a0January 2025:
\u2022amendments to the classification and measurement of financial instruments (amendments to IFRS\u00a09 and IFRS\u00a07)
\u2022Annual Improvements Volume\u00a011 (issued on 18\u00a0July 2024)
\u2022Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS\u00a09 and IFRS\u00a07 (issued on 18\u00a0December 2024)
\u2022IFRS\u00a018 \u201cPresentation and Disclosure in Financial Statements\u201d
\u2022IFRS\u00a019 \u201cSubsidiaries without Public Accountability: Disclosures\u201d.
Management does not currently anticipate any material impact on the financial statements to result from the application of these new standards and amendments.
2.8Going concern
The consolidated financial statements have been prepared on a going concern basis. The management of Antin has, at the date of approval of the financial statements, a reasonable expectation that the Group has adequate resources to continue its operations in the foreseeable future.
NOTE 3Basis of consolidation
3.1Method of consolidation
Subsidiaries that are directly or indirectly controlled by Antin are fully consolidated.
Following IFRS\u00a010 \u201cConsolidated financial statements\u201d principles, Antin controls a subsidiary when it has:
\u2022power over the entity, i.e., rights that give it the ability to direct the relevant activities of the subsidiary
\u2022exposure, or rights, to variable returns from its involvement with the subsidiary and
\u2022ability to use its power over the subsidiary to affect its returns.
Consolidation of a subsidiary begins when Antin obtains control over an entity and ceases when Antin loses control over an entity.
All intragroup assets and liabilities, income, expense, and cash flows relating to transactions between members of the Group are eliminated in the consolidated financial statements.
3.2Scope of consolidation
Parent company
| \n Company | \n\n Legal Form | \n\n Address | \n
|---|---|---|
| \n Antin Infrastructure Partners\u00a0S.A. | \n\n S.A. | \n\n 374, rue Saint-Honor\u00e9, 75001 Paris, France | \n
Fully consolidated subsidiaries
| \n Company | \n\n Legal Form | \n\n Address | \n\n 31-Dec-2025 | \n\n 31-Dec-2024 | \n
|---|---|---|---|---|
| \n Antin Infrastructure Partners\u00a0SAS | \n\n S.A.S. | \n\n 374, rue Saint-Honor\u00e9, 75001\u00a0Paris,\u00a0France | \n\n 100% | \n\n 100% | \n
| \n Antin Infrastructure Partners\u00a0UK Limited | \n\n Ltd | \n\n 14 St. George Street W1S 1FE\u00a0London,\u00a0UK | \n\n 100% | \n\n 100% | \n
| \n Antin Infrastructure Partners US Services\u00a0LLC | \n\n LLC | \n\n 1114 Avenue of the Americas, 20th\u00a0Floor, New York NY 10036, USA | \n\n 100% | \n\n 100% | \n
| \n Antin Infrastructure Partners Asia Private Limited | \n\n Ltd | \n\n 82 Telok Ayer Street, #02-04, Singapore\u00a0048467 | \n\n 100% | \n\n 100% | \n
| \n Antin Infrastructure Partners\u00a0II Luxembourg\u00a0GP | \n\n S.\u00e0.r.l. | \n\n 17 Boulevard F.W. Raiffeisen, | \n\n 100% | \n\n 100% | \n
| \n Antin Infrastructure Partners\u00a0III Luxembourg\u00a0GP | \n\n S.\u00e0.r.l. | \n\n 17 Boulevard F.W. Raiffeisen, | \n\n 100% | \n\n 100% | \n
| \n Antin Infrastructure Partners\u00a0IV Luxembourg\u00a0GP | \n\n S.\u00e0.r.l. | \n\n 17 Boulevard F.W. Raiffeisen, | \n\n 100% | \n\n 100% | \n
| \n Antin Infrastructure Partners\u00a0IV Luxembourg\u00a0FP GP | \n\n S.\u00e0.r.l. | \n\n 17 Boulevard F.W. Raiffeisen, | \n\n - | \n\n 100% | \n
| \n Antin Infrastructure Partners Midcap\u00a0I Luxembourg GP | \n\n S.\u00e0.r.l. | \n\n 17 Boulevard F.W. Raiffeisen, | \n\n 100% | \n\n 100% | \n
| \n Antin Infrastructure Partners Midcap\u00a0I Luxembourg FP GP | \n\n S.\u00e0.r.l. | \n\n 17 Boulevard F.W. Raiffeisen, | \n\n - | \n\n 100% | \n
| \n Antin Nextgen Infra Fund\u00a0I Luxembourg\u00a0GP | \n\n S.\u00e0.r.l. | \n\n 17 Boulevard F.W. Raiffeisen, | \n\n 100% | \n\n 100% | \n
| \n Antin Nextgen Infra Fund\u00a0I Luxembourg\u00a0FP\u00a0GP | \n\n S.\u00e0.r.l. | \n\n 17 Boulevard F.W. Raiffeisen, | \n\n - | \n\n 100% | \n
| \n Antin Infrastructure Partners\u00a0V Luxembourg\u00a0GP | \n\n S.\u00e0.r.l. | \n\n 17 Boulevard F.W. Raiffeisen, | \n\n 100% | \n\n 100% | \n
| \n Antin Infrastructure Partners\u00a0V Luxembourg\u00a0FP GP | \n\n S.\u00e0.r.l. | \n\n 17 Boulevard F.W. Raiffeisen, | \n\n - | \n\n 100% | \n
| \n Antin Infrastructure Partners Co\u2011Investment\u00a0Feeder Luxembourg GP | \n\n S.\u00e0.r.l. | \n\n 17 Boulevard F.W. Raiffeisen, | \n\n 100% | \n\n 100% | \n
| \n Antin Infrastructure Partners Holdco Luxembourg\u00a0FP GP | \n\n S.\u00e0.r.l. | \n\n 17 Boulevard F.W. Raiffeisen, | \n\n 100% | \n\n 100% | \n
| \n Antin Infrastructure Partners Holdco FP\u00a0SCSp | \n\n SCSp | \n\n 17\u00a0Boulevard F.W. Raiffeisen, | \n\n 100% | \n\n 100% | \n
The entities in Luxembourg are predominantly General Partners (Associ\u00e9 G\u00e9rant Commandit\u00e9) of the Antin Funds.
3.3Changes in scope of\u00a0consolidation
In 2025, four entities were liquidated:
\u2022Antin Infrastructure Partners\u00a0IV Luxembourg\u00a0FP GP
\u2022Antin Infrastructure Partners Midcap\u00a0I Luxembourg FP GP
\u2022Antin Nextgen Infra Fund\u00a0I Luxembourg\u00a0FP\u00a0GP
\u2022Antin Infrastructure Partners\u00a0V Luxembourg\u00a0FP GP.
These liquidations did not have a material impact on the Group\u2019s consolidated financial statements.
Legal entities AIP Initial LP and AIP Midcap II were excluded from the scope of consolidation due to their non-material nature as of 31\u00a0December 2025.
3.4Antin Funds
The Antin Funds are managed by a Fund\u00a0Manager (AIP\u00a0SAS or\u00a0AIP\u00a0UK). The Fund\u00a0Manager is a direct subsidiary of Antin Infrastructure Partners\u00a0S.A. The authority and powers of the Fund\u00a0Manager are defined in the limited partnership agreement of each fund. The determination of whether a Fund\u00a0Manager should consolidate its managed funds is based on judgements of whether the Fund\u00a0Manager is acting in the capacity of a principal or in the capacity of an agent to the\u00a0fund. Antin has the power to influence the variable returns (performance) generated by the fund, but the Group\u2019s interests represent only a small proportion if any of the total capital within each fund (less than 2% of commitments in general). Antin is acting in the capacity of an agent on behalf and for the benefit of the Fund\u00a0Investors, rather than acting for its own benefit. As such, Antin does not include the Antin Funds in its consolidated financial statements.
3.5Carried Interest Vehicles
Carried interest is a form of revenue that may be received by Antin via its direct or indirect holdings in the Carry Vehicles of the Antin Funds. Carried interest investments are structured through the Carry Vehicles grouping together the investors in the Carry Vehicles (the \u201cCarried Interest Investors\u201d). The carried interest schemes do not rely on an agreement with Antin, but\u00a0on an investment in the Carry Vehicles related to the Antin\u00a0Funds. The Carried Interest Investors invest by committing capital to the Antin Funds indirectly through the Carry Vehicles (the \u201cCarried Interest Commitment\u201d).
The decision to allocate a \u201ccommitment\u201d to a carried interest investor is made by the Adjudication Committee, which is created by the limited partnership agreement relating to\u00a0Funds. The Adjudication Committee has full discretion to increase or decrease commitments.
The total Carried Interest Commitments made by Carried Interest Participants through the Carry Vehicles in relation to carried interest entitlement generally represent 1% of the total commitments of an Antin Fund. Out of the total Carried Interest Commitment, generally 80% (0.8% of the total commitment) is\u00a0funded by the partners and employees of Antin and the remaining 20% (0.2% of total commitment) by Antin.
In accordance with IFRS\u00a010, Antin does not consolidate the Carry Vehicles, as it acts in the capacity of an agent in relation to the Carry Vehicles, and not in the capacity of a principal.
3.6Fund\u00a0Administration (AISL entities)
Antin Infrastructure Services Luxembourg\u00a0II\u00a0Sarl (AISL\u00a0II) and Antin Infrastructure Services Luxembourg\u00a0III\u00a0Sarl (AISL\u00a0III) are Luxembourg-based entities fully owned by the Antin Funds. AISL entities are commissioned by Antin to provide fund administration and accounting services for the Antin Funds. As\u00a0such, AISL entities charge to Antin a professional services fee for fund administration and accounting, which Antin recharges at cost to the Antin Funds. Antin does not generate any profits related to those services.
In accordance with IFRS\u00a010, Antin does not consolidate AISL entities, as it acts in the capacity of an agent on behalf of the Fund\u00a0Investors, and not in the capacity of a principal. Antin also has no exposure, or rights, to variable returns from its involvement with the AISL entities.
3.2Scope of consolidation
Parent company
| \n Company | \n\n Legal Form | \n\n Address | \n
|---|---|---|
| \n Antin Infrastructure Partners\u00a0S.A. | \n\n S.A. | \n\n 374, rue Saint-Honor\u00e9, 75001 Paris, France | \n
Fully consolidated subsidiaries
| \n Company | \n\n Legal Form | \n\n Address | \n\n 31-Dec-2025 | \n\n 31-Dec-2024 | \n
|---|---|---|---|---|
| \n Antin Infrastructure Partners\u00a0SAS | \n\n S.A.S. | \n\n 374, rue Saint-Honor\u00e9, 75001\u00a0Paris,\u00a0France | \n\n 100% | \n\n 100% | \n
| \n Antin Infrastructure Partners\u00a0UK Limited | \n\n Ltd | \n\n 14 St. George Street W1S 1FE\u00a0London,\u00a0UK | \n\n 100% | \n\n 100% | \n
| \n Antin Infrastructure Partners US Services\u00a0LLC | \n\n LLC | \n\n 1114 Avenue of the Americas, 20th\u00a0Floor, New York NY 10036, USA | \n\n 100% | \n\n 100% | \n
| \n Antin Infrastructure Partners Asia Private Limited | \n\n Ltd | \n\n 82 Telok Ayer Street, #02-04, Singapore\u00a0048467 | \n\n 100% | \n\n 100% | \n
| \n Antin Infrastructure Partners\u00a0II Luxembourg\u00a0GP | \n\n S.\u00e0.r.l. | \n\n 17 Boulevard F.W. Raiffeisen, | \n\n 100% | \n\n 100% | \n
| \n Antin Infrastructure Partners\u00a0III Luxembourg\u00a0GP | \n\n S.\u00e0.r.l. | \n\n 17 Boulevard F.W. Raiffeisen, | \n\n 100% | \n\n 100% | \n
| \n Antin Infrastructure Partners\u00a0IV Luxembourg\u00a0GP | \n\n S.\u00e0.r.l. | \n\n 17 Boulevard F.W. Raiffeisen, | \n\n 100% | \n\n 100% | \n
| \n Antin Infrastructure Partners\u00a0IV Luxembourg\u00a0FP GP | \n\n S.\u00e0.r.l. | \n\n 17 Boulevard F.W. Raiffeisen, | \n\n - | \n\n 100% | \n
| \n Antin Infrastructure Partners Midcap\u00a0I Luxembourg GP | \n\n S.\u00e0.r.l. | \n\n 17 Boulevard F.W. Raiffeisen, | \n\n 100% | \n\n 100% | \n
| \n Antin Infrastructure Partners Midcap\u00a0I Luxembourg FP GP | \n\n S.\u00e0.r.l. | \n\n 17 Boulevard F.W. Raiffeisen, | \n\n - | \n\n 100% | \n
| \n Antin Nextgen Infra Fund\u00a0I Luxembourg\u00a0GP | \n\n S.\u00e0.r.l. | \n\n 17 Boulevard F.W. Raiffeisen, | \n\n 100% | \n\n 100% | \n
| \n Antin Nextgen Infra Fund\u00a0I Luxembourg\u00a0FP\u00a0GP | \n\n S.\u00e0.r.l. | \n\n 17 Boulevard F.W. Raiffeisen, | \n\n - | \n\n 100% | \n
| \n Antin Infrastructure Partners\u00a0V Luxembourg\u00a0GP | \n\n S.\u00e0.r.l. | \n\n 17 Boulevard F.W. Raiffeisen, | \n\n 100% | \n\n 100% | \n
| \n Antin Infrastructure Partners\u00a0V Luxembourg\u00a0FP GP | \n\n S.\u00e0.r.l. | \n\n 17 Boulevard F.W. Raiffeisen, | \n\n - | \n\n 100% | \n
| \n Antin Infrastructure Partners Co\u2011Investment\u00a0Feeder Luxembourg GP | \n\n S.\u00e0.r.l. | \n\n 17 Boulevard F.W. Raiffeisen, | \n\n 100% | \n\n 100% | \n
| \n Antin Infrastructure Partners Holdco Luxembourg\u00a0FP GP | \n\n S.\u00e0.r.l. | \n\n 17 Boulevard F.W. Raiffeisen, | \n\n 100% | \n\n 100% | \n
| \n Antin Infrastructure Partners Holdco FP\u00a0SCSp | \n\n SCSp | \n\n 17\u00a0Boulevard F.W. Raiffeisen, | \n\n 100% | \n\n 100% | \n
The entities in Luxembourg are predominantly General Partners (Associ\u00e9 G\u00e9rant Commandit\u00e9) of the Antin Funds.
3.2Scope of consolidation
Parent company
| \n Company | \n\n Legal Form | \n\n Address | \n
|---|---|---|
| \n Antin Infrastructure Partners\u00a0S.A. | \n\n S.A. | \n\n 374, rue Saint-Honor\u00e9, 75001 Paris, France | \n
Fully consolidated subsidiaries
| \n Company | \n\n Legal Form | \n\n Address | \n\n 31-Dec-2025 | \n\n 31-Dec-2024 | \n
|---|---|---|---|---|
| \n Antin Infrastructure Partners\u00a0SAS | \n\n S.A.S. | \n\n 374, rue Saint-Honor\u00e9, 75001\u00a0Paris,\u00a0France | \n\n 100% | \n\n 100% | \n
| \n Antin Infrastructure Partners\u00a0UK Limited | \n\n Ltd | \n\n 14 St. George Street W1S 1FE\u00a0London,\u00a0UK | \n\n 100% | \n\n 100% | \n
| \n Antin Infrastructure Partners US Services\u00a0LLC | \n\n LLC | \n\n 1114 Avenue of the Americas, 20th\u00a0Floor, New York NY 10036, USA | \n\n 100% | \n\n 100% | \n
| \n Antin Infrastructure Partners Asia Private Limited | \n\n Ltd | \n\n 82 Telok Ayer Street, #02-04, Singapore\u00a0048467 | \n\n 100% | \n\n 100% | \n
| \n Antin Infrastructure Partners\u00a0II Luxembourg\u00a0GP | \n\n S.\u00e0.r.l. | \n\n 17 Boulevard F.W. Raiffeisen, | \n\n 100% | \n\n 100% | \n
| \n Antin Infrastructure Partners\u00a0III Luxembourg\u00a0GP | \n\n S.\u00e0.r.l. | \n\n 17 Boulevard F.W. Raiffeisen, | \n\n 100% | \n\n 100% | \n
| \n Antin Infrastructure Partners\u00a0IV Luxembourg\u00a0GP | \n\n S.\u00e0.r.l. | \n\n 17 Boulevard F.W. Raiffeisen, | \n\n 100% | \n\n 100% | \n
| \n Antin Infrastructure Partners\u00a0IV Luxembourg\u00a0FP GP | \n\n S.\u00e0.r.l. | \n\n 17 Boulevard F.W. Raiffeisen, | \n\n - | \n\n 100% | \n
| \n Antin Infrastructure Partners Midcap\u00a0I Luxembourg GP | \n\n S.\u00e0.r.l. | \n\n 17 Boulevard F.W. Raiffeisen, | \n\n 100% | \n\n 100% | \n
| \n Antin Infrastructure Partners Midcap\u00a0I Luxembourg FP GP | \n\n S.\u00e0.r.l. | \n\n 17 Boulevard F.W. Raiffeisen, | \n\n - | \n\n 100% | \n
| \n Antin Nextgen Infra Fund\u00a0I Luxembourg\u00a0GP | \n\n S.\u00e0.r.l. | \n\n 17 Boulevard F.W. Raiffeisen, | \n\n 100% | \n\n 100% | \n
| \n Antin Nextgen Infra Fund\u00a0I Luxembourg\u00a0FP\u00a0GP | \n\n S.\u00e0.r.l. | \n\n 17 Boulevard F.W. Raiffeisen, | \n\n - | \n\n 100% | \n
| \n Antin Infrastructure Partners\u00a0V Luxembourg\u00a0GP | \n\n S.\u00e0.r.l. | \n\n 17 Boulevard F.W. Raiffeisen, | \n\n 100% | \n\n 100% | \n
| \n Antin Infrastructure Partners\u00a0V Luxembourg\u00a0FP GP | \n\n S.\u00e0.r.l. | \n\n 17 Boulevard F.W. Raiffeisen, | \n\n - | \n\n 100% | \n
| \n Antin Infrastructure Partners Co\u2011Investment\u00a0Feeder Luxembourg GP | \n\n S.\u00e0.r.l. | \n\n 17 Boulevard F.W. Raiffeisen, | \n\n 100% | \n\n 100% | \n
| \n Antin Infrastructure Partners Holdco Luxembourg\u00a0FP GP | \n\n S.\u00e0.r.l. | \n\n 17 Boulevard F.W. Raiffeisen, | \n\n 100% | \n\n 100% | \n
| \n Antin Infrastructure Partners Holdco FP\u00a0SCSp | \n\n SCSp | \n\n 17\u00a0Boulevard F.W. Raiffeisen, | \n\n 100% | \n\n 100% | \n
The entities in Luxembourg are predominantly General Partners (Associ\u00e9 G\u00e9rant Commandit\u00e9) of the Antin Funds.
NOTE 4Operating segments
Antin manages and advises funds that invest in infrastructure companies in Europe and North America across its Flagship, Mid\u00a0Cap and NextGen investment strategies. The performance of Antin is monitored at a Group level and not at the level of each fund, investment strategy or geography.
Antin has not identified any operating segments according to the definition of IFRS\u00a08. Therefore, no segment reporting is presented.
Information by country
The Antin Funds are managed by Fund\u00a0Managers which are AIP\u00a0SAS and AIP\u00a0UK. Those two entities provide distinct services on an\u00a0ongoing basis following the terms and conditions of the legal agreements of each fund and represent the main locations of the Company operations. Antin has also legal entities that operate in the United States of America, in\u00a0Luxembourg and in Singapore.
The following table presents a breakdown of revenue by geographical location of Company operations:
| \n (in \u20ack) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n France | \n\n 280,305 | \n\n 299,652 | \n
| \n United Kingdom | \n\n 12,166 | \n\n 14,397 | \n
| \n Luxembourg | \n\n - | \n\n 4,321 | \n
| \n TOTAL REVENUE | \n\n 292,471 | \n\n 318,370 | \n
The following table presents the carrying amount of property and equipment, right-of-use and other non-current assets by geographical origin of the assets:
| \n (in \u20ack) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n||||
|---|---|---|---|---|---|---|
| \n Property, equipment, other non-current assets | \n\n Right-of-use assets | \n\n Total | \n\n Property, equipment, other non-current assets | \n\n Right-of-use assets | \n\n Total | \n|
| \n France | \n\n 13,956 | \n\n 12,806 | \n\n 26,762 | \n\n 17,209 | \n\n 15,404\u00a0\u00a0 | \n\n 32,613 | \n
| \n United Kingdom | \n\n 5,018 | \n\n 7,020 | \n\n 12,038 | \n\n 6,661 | \n\n 9,093\u00a0\u00a0 | \n\n 15,754 | \n
| \n United States of\u00a0America | \n\n 18,111 | \n\n 31,828 | \n\n 49,939 | \n\n 12,653 | \n\n 41,000\u00a0\u00a0 | \n\n 53,653 | \n
| \n Singapore | \n\n - | \n\n - | \n\n - | \n\n 18 | \n\n 17\u00a0\u00a0 | \n\n 35 | \n
| \n TOTAL | \n\n 37,085 | \n\n 51,654 | \n\n 88,739 | \n\n 36,541\u00a0\u00a0 | \n\n 65,513\u00a0\u00a0 | \n\n 102,054 | \n
NOTE 4Operating segments
Antin manages and advises funds that invest in infrastructure companies in Europe and North America across its Flagship, Mid\u00a0Cap and NextGen investment strategies. The performance of Antin is monitored at a Group level and not at the level of each fund, investment strategy or geography.
Antin has not identified any operating segments according to the definition of IFRS\u00a08. Therefore, no segment reporting is presented.
Information by country
The Antin Funds are managed by Fund\u00a0Managers which are AIP\u00a0SAS and AIP\u00a0UK. Those two entities provide distinct services on an\u00a0ongoing basis following the terms and conditions of the legal agreements of each fund and represent the main locations of the Company operations. Antin has also legal entities that operate in the United States of America, in\u00a0Luxembourg and in Singapore.
The following table presents a breakdown of revenue by geographical location of Company operations:
| \n (in \u20ack) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n France | \n\n 280,305 | \n\n 299,652 | \n
| \n United Kingdom | \n\n 12,166 | \n\n 14,397 | \n
| \n Luxembourg | \n\n - | \n\n 4,321 | \n
| \n TOTAL REVENUE | \n\n 292,471 | \n\n 318,370 | \n
The following table presents the carrying amount of property and equipment, right-of-use and other non-current assets by geographical origin of the assets:
| \n (in \u20ack) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n||||
|---|---|---|---|---|---|---|
| \n Property, equipment, other non-current assets | \n\n Right-of-use assets | \n\n Total | \n\n Property, equipment, other non-current assets | \n\n Right-of-use assets | \n\n Total | \n|
| \n France | \n\n 13,956 | \n\n 12,806 | \n\n 26,762 | \n\n 17,209 | \n\n 15,404\u00a0\u00a0 | \n\n 32,613 | \n
| \n United Kingdom | \n\n 5,018 | \n\n 7,020 | \n\n 12,038 | \n\n 6,661 | \n\n 9,093\u00a0\u00a0 | \n\n 15,754 | \n
| \n United States of\u00a0America | \n\n 18,111 | \n\n 31,828 | \n\n 49,939 | \n\n 12,653 | \n\n 41,000\u00a0\u00a0 | \n\n 53,653 | \n
| \n Singapore | \n\n - | \n\n - | \n\n - | \n\n 18 | \n\n 17\u00a0\u00a0 | \n\n 35 | \n
| \n TOTAL | \n\n 37,085 | \n\n 51,654 | \n\n 88,739 | \n\n 36,541\u00a0\u00a0 | \n\n 65,513\u00a0\u00a0 | \n\n 102,054 | \n
NOTE 5Revenue
\u25baAccounting principles
REFERENCE: IFRS\u00a015/IFRS\u00a09
Revenue model
Antin operates an integrated fee-based revenue model that comprises management fees, carried interest income and investment income. Management fees are derived from the services provided by Antin to the Antin Funds under long-term contracts and are therefore largely recurring in nature. Variable income is derived from Antin\u2019s investments in the carried interest vehicles and from investment income. Carried interest income is a share of the profit from the fund\u2019s investments, provided that a specified hurdle return is achieved first. Investment income or losses are recognised based on the changes in the fair value of Antin\u2019s investments in the Antin Funds.
Revenue recognition
Revenue from Contracts with Customers
IFRS\u00a015 \u201cRevenue from Contracts with Customers\u201d applies to the management fees and carried interest income and is based on a five-step approach that requires revenue to be recognised when services have been rendered and when the benefits have been transferred to the customer. The five steps for revenue recognition in contracts are as follows:
\u2022identification of the contract
\u2022identification of the performance obligations
\u2022determination of the transaction price
\u2022allocation of the transaction price to the performance obligations
\u2022recognition of revenue in accordance with the performance.
Revenue is measured based on the consideration specified in the contractual agreements and excludes amounts collected on behalf of third parties, discounts and rebates and value-added taxes.
Contract assets
Contract assets related to carried interest income and management fees are presented separately within Accrued income (see Note\u00a019 \u201cAccrued income\u201d).
Management fees
Antin earns management fees for services provided to the Antin Funds. The management fees are based on the terms and conditions of the legal agreements of each fund. The\u00a0management of funds includes a series of distinct services that are provided on an ongoing basis. The different activities are considered to be interrelated and form part of the same obligation to perform fund management services for the benefit of the Fund\u00a0Investors.
Management fees are recognised over the life of each fund. Antin Funds typically have a 10-year initial term with two optional extensions of one year each. Portfolio company investments are held typically for a period of five\u00a0to seven years. As such, management fees are largely recurring and offer a high degree of predictability. Management fees are charged based on the committed capital during the investment period and based on the invested capital at cost thereafter.
Management fees are payable quarterly or semi-annually in advance. The calculation basis is updated on a quarterly basis.
Carried interest income
In line with standard investment fund practice, the carried interest mechanism in the Antin Funds aligns interests between Carried Interest Investors and Fund\u00a0Investors through a profit\u2011sharing mechanism. As such, carried interest is variable and fully dependent on the performance of the relevant funds. The contractual arrangements of each Antin Fund\u00a0sets forth the split of a fund\u2019s net profits, with Fund\u00a0Investors typically entitled to receive 80% of net profits and Carried Interest Investors typically entitled to receive 20%, subject to the\u00a0Antin Fund\u00a0having reached a pre-agreed hurdle return attributable to the Fund\u00a0Investors. For the Antin Funds, the\u00a0hurdle return threshold is typically equivalent to a compounded annual return of 8%. The Carried Interest Investors are entitled to receive carried interest in consideration for their investment in the Carry Vehicles of the Antin Funds. Starting in 2020, Antin has instituted a policy of taking a 20% participation in the\u00a0relevant Carry Vehicles, which it aims to\u00a0continue for its future funds.
Revenue recognition for carried interest income is assessed based on a three-step model:
1.hurdle assessment: the total return hurdle is determined by the sum of total accumulated drawdowns paid by the Limited Partners and total accrued minimum return attributable to the LPs (the \u201churdle return\u201d) as of the reporting date
2.total discounted value assessment: the fair value of unrealised investments is determined as of the reporting date. The unrealised fair value will be adjusted, in accordance with established precautionary principles, to the extent that carried interest income should only be recognised once it is highly probable that the revenue would not result in a significant reversal of cumulative revenue recognised at final realisation of the fund. The fund\u2019s other assets/liabilities and any total proceeds from realised investments as of the reporting date are then added to the equation, and thus constitute the total discounted value of the fund
3.carried interest revenue recognition assessment: if the total discounted value exceeds the total investment return hurdle, carried interest revenue is recognised.
The reversal risk is mitigated by applying discounts to the unrealised net asset values of portfolio companies when determining the recognition of carried interest income. The discounts are assessed on a portfolio company basis at each reporting period, taking into consideration the portfolio diversification at fund level, the remaining holding period of a specific portfolio company, as well as other factors that may have an impact on the risk profile of an investment. As\u00a0such, carried interest income is typically recognised when a part of a fund\u2019s portfolio is realised, and when the unrealised portfolio companies are in a mature stage of their value creation phase.
Investment income
Investment income consists of changes in the fair value of investments in the Antin Funds held on the balance sheet. This may include both realised and unrealised gains or losses. Changes in fair value are recognised, in accordance with IFRS\u00a09 \u201cFinancial Instruments\u201d, in the consolidated income statement. Investment income may be negative at the beginning of the investment period of an Antin Fund. This results from the payment of due diligence costs related to the assessment of investment opportunities and management fees, and limited value creation from recently acquired portfolio companies by the Antin Funds. A fund therefore typically posts negative investment income at the beginning of the investment period, followed by positive and increasing investment income when investments succeed in realising their valuation creation plans. This is called the \u201cJ-curve effect\u201d.
Further information with respect to the change in fair value of financial investments is presented in Note\u00a014 \u201cFinancial assets\u201d.
5.1Management fees
Antin\u2019s management fee composition is presented on a fund level below:
| \n (in \u20ack) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Flagship Fund\u00a0II | \n\n - | \n\n 2,026 | \n
| \n Flagship Fund\u00a0III | \n\n 26,613 | \n\n 25,625 | \n
| \n Flagship Fund\u00a0IV | \n\n 63,453 | \n\n 55,589 | \n
| \n Flagship Fund\u00a0V | \n\n 143,804 | \n\n 170,562 | \n
| \n Fund\u00a0III-B | \n\n 5,459 | \n\n 5,387 | \n
| \n Mid Cap Fund\u00a0I | \n\n 32,289 | \n\n 32,289 | \n
| \n Next Gen Fund\u00a0I | \n\n 17,910 | \n\n 17,940 | \n
| \n MANAGEMENT FEES | \n\n 289,528 | \n\n 309,419 | \n
Antin generated management fees from six funds in 2025.
Flagship Fund\u00a0V was activated on 2\u00a0August 2022 and its fundraising ended on 18\u00a0December 2024.
5.2Carried interest and investment income
| \n (in \u20ack) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Carried interest income | \n\n 87 | \n\n 390 | \n
| \n Investment income | \n\n 2,856 | \n\n 3,154 | \n
| \n CARRIED INTEREST AND INVESTMENT INCOME | \n\n 2,943 | \n\n 3,543 | \n
Antin recorded carried interest income of \u20ac0.1\u00a0million in 2025, compared to \u20ac0.4\u00a0million in 2024.
In addition to its commitment to the Antin Funds through the Carry Vehicles, Antin has made direct investments in the Antin Funds and recognises investment income or losses related to\u00a0the change in fair value of those investments. In 2025, Antin\u00a0recorded a gain of \u20ac2.9\u00a0million of investment income related to net positive revaluations on Antin Funds, compared to \u20ac3.1\u00a0million recognised in 2024.
Further information with respect to the change in fair value of financial investments is presented in Note\u00a014 \u201cFinancial Assets\u201d.
5.3Administrative fees and other revenue net
| \n (in \u20ack) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Administrative fees recharged to the Antin Funds | \n\n 5,522 | \n\n 5,408 | \n
| \n Administrative fees invoiced by the AISL entities(1) | \n\n (5,522) | \n\n - | \n
| \n Recharges to Antin Funds | \n\n 4,422 | \n\n 20,139 | \n
| \n Payments on behalf of the Funds | \n\n (4,422) | \n\n (20,139) | \n
| \n ADMINISTRATIVE FEES AND OTHER REVENUE NET | \n\n - | \n\n 5,408 | \n
| \n (1)Administrative fees invoiced by AISL entities, previously presented as other operating expenses (see Note\u00a07 \u201cOther operating expenses\u201d), are now presented as a deduction from revenue. | \n
Administrative fees represent recharges to the Antin Funds for fund accounting and fund administration services, corresponding to professional services expenses charged by AISL entities to Antin. No margin is applied on those charges and there is no profit or loss for Antin. AISL entities are fully held by the Antin Funds, to which such services have been delegated.
Change in accounting method
As of January 1, 2025, the Company has changed its presentation method by reclassifying administrative fees invoiced by AISL entities, previously recorded as an other operating expense, to revenue. This change in presentation has no impact on EBITDA and 2024 comparative figures have not been restated. This reclassification aims to better reflect the underlying economic substance of the transaction and to enhance the clarity of the consolidated financial statements.
In addition, AIP\u00a0SAS and AIP\u00a0UK, as managers of Antin Funds, may incur expenses such as transaction costs and set-up costs on behalf of the Funds managed which are subsequently recharged to the Antin Funds without any margin applied. In\u00a0such instances, Antin acts as an agent on behalf of the funds. These expenses occur periodically in relation to fundraising events.
NOTE 19Accrued income
\u25baAccounting principles
Accrued income, reported as contract assets, is related to management fees or to carried interest.
Contract assets related to management fees arise primarily from timing differences between the time of generating the revenue and the time of payment. Timing differences mainly occur at the beginning of the life of a fund and before the final closing of a fund.
Contract assets related to carried interest comprise Antin\u2019s capital contributions in the Carry Vehicles, and amounts recognised as revenue, with the payment not yet received. Carried interest is payable in accordance with the waterfall distribution rules defined in the contractual agreements of each fund.
Specifications of changes in contract assets related to carried interest
| \n (in \u20ack) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n
|---|---|---|
| \n Opening balance | \n\n 18,832 | \n\n 12,414 | \n
| \n Revenue/(loss) recognised during the period | \n\n 87 | \n\n 390 | \n
| \n Realisation of carried interest/return on capital | \n\n (87) | \n\n (657) | \n
| \n Acquisition/(transfer of commitment) | \n\n (3,934) | \n\n 6,685 | \n
| \n Closing balance of accrued income | \n\n 14,898 | \n\n 18,832 | \n
Specifications of changes in contract assets related to management fees
| \n (in \u20ack) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n
|---|---|---|
| \n Opening balance | \n\n 12,294 | \n\n 2,013 | \n
| \n Contract assets settled during the period | \n\n (12,294) | \n\n (2,013) | \n
| \n Revenue recognised during the period not yet invoiced/not yet chargeable | \n\n - | \n\n 12,294 | \n
| \n Closing balance of accrued income | \n\n - | \n\n 12,294 | \n
NOTE 5Revenue
\u25baAccounting principles
REFERENCE: IFRS\u00a015/IFRS\u00a09
Revenue model
Antin operates an integrated fee-based revenue model that comprises management fees, carried interest income and investment income. Management fees are derived from the services provided by Antin to the Antin Funds under long-term contracts and are therefore largely recurring in nature. Variable income is derived from Antin\u2019s investments in the carried interest vehicles and from investment income. Carried interest income is a share of the profit from the fund\u2019s investments, provided that a specified hurdle return is achieved first. Investment income or losses are recognised based on the changes in the fair value of Antin\u2019s investments in the Antin Funds.
Revenue recognition
Revenue from Contracts with Customers
IFRS\u00a015 \u201cRevenue from Contracts with Customers\u201d applies to the management fees and carried interest income and is based on a five-step approach that requires revenue to be recognised when services have been rendered and when the benefits have been transferred to the customer. The five steps for revenue recognition in contracts are as follows:
\u2022identification of the contract
\u2022identification of the performance obligations
\u2022determination of the transaction price
\u2022allocation of the transaction price to the performance obligations
\u2022recognition of revenue in accordance with the performance.
Revenue is measured based on the consideration specified in the contractual agreements and excludes amounts collected on behalf of third parties, discounts and rebates and value-added taxes.
Contract assets
Contract assets related to carried interest income and management fees are presented separately within Accrued income (see Note\u00a019 \u201cAccrued income\u201d).
Management fees
Antin earns management fees for services provided to the Antin Funds. The management fees are based on the terms and conditions of the legal agreements of each fund. The\u00a0management of funds includes a series of distinct services that are provided on an ongoing basis. The different activities are considered to be interrelated and form part of the same obligation to perform fund management services for the benefit of the Fund\u00a0Investors.
Management fees are recognised over the life of each fund. Antin Funds typically have a 10-year initial term with two optional extensions of one year each. Portfolio company investments are held typically for a period of five\u00a0to seven years. As such, management fees are largely recurring and offer a high degree of predictability. Management fees are charged based on the committed capital during the investment period and based on the invested capital at cost thereafter.
Management fees are payable quarterly or semi-annually in advance. The calculation basis is updated on a quarterly basis.
Carried interest income
In line with standard investment fund practice, the carried interest mechanism in the Antin Funds aligns interests between Carried Interest Investors and Fund\u00a0Investors through a profit\u2011sharing mechanism. As such, carried interest is variable and fully dependent on the performance of the relevant funds. The contractual arrangements of each Antin Fund\u00a0sets forth the split of a fund\u2019s net profits, with Fund\u00a0Investors typically entitled to receive 80% of net profits and Carried Interest Investors typically entitled to receive 20%, subject to the\u00a0Antin Fund\u00a0having reached a pre-agreed hurdle return attributable to the Fund\u00a0Investors. For the Antin Funds, the\u00a0hurdle return threshold is typically equivalent to a compounded annual return of 8%. The Carried Interest Investors are entitled to receive carried interest in consideration for their investment in the Carry Vehicles of the Antin Funds. Starting in 2020, Antin has instituted a policy of taking a 20% participation in the\u00a0relevant Carry Vehicles, which it aims to\u00a0continue for its future funds.
Revenue recognition for carried interest income is assessed based on a three-step model:
1.hurdle assessment: the total return hurdle is determined by the sum of total accumulated drawdowns paid by the Limited Partners and total accrued minimum return attributable to the LPs (the \u201churdle return\u201d) as of the reporting date
2.total discounted value assessment: the fair value of unrealised investments is determined as of the reporting date. The unrealised fair value will be adjusted, in accordance with established precautionary principles, to the extent that carried interest income should only be recognised once it is highly probable that the revenue would not result in a significant reversal of cumulative revenue recognised at final realisation of the fund. The fund\u2019s other assets/liabilities and any total proceeds from realised investments as of the reporting date are then added to the equation, and thus constitute the total discounted value of the fund
3.carried interest revenue recognition assessment: if the total discounted value exceeds the total investment return hurdle, carried interest revenue is recognised.
The reversal risk is mitigated by applying discounts to the unrealised net asset values of portfolio companies when determining the recognition of carried interest income. The discounts are assessed on a portfolio company basis at each reporting period, taking into consideration the portfolio diversification at fund level, the remaining holding period of a specific portfolio company, as well as other factors that may have an impact on the risk profile of an investment. As\u00a0such, carried interest income is typically recognised when a part of a fund\u2019s portfolio is realised, and when the unrealised portfolio companies are in a mature stage of their value creation phase.
Investment income
Investment income consists of changes in the fair value of investments in the Antin Funds held on the balance sheet. This may include both realised and unrealised gains or losses. Changes in fair value are recognised, in accordance with IFRS\u00a09 \u201cFinancial Instruments\u201d, in the consolidated income statement. Investment income may be negative at the beginning of the investment period of an Antin Fund. This results from the payment of due diligence costs related to the assessment of investment opportunities and management fees, and limited value creation from recently acquired portfolio companies by the Antin Funds. A fund therefore typically posts negative investment income at the beginning of the investment period, followed by positive and increasing investment income when investments succeed in realising their valuation creation plans. This is called the \u201cJ-curve effect\u201d.
Further information with respect to the change in fair value of financial investments is presented in Note\u00a014 \u201cFinancial assets\u201d.
\u25baAccounting principles
Accrued income, reported as contract assets, is related to management fees or to carried interest.
Contract assets related to management fees arise primarily from timing differences between the time of generating the revenue and the time of payment. Timing differences mainly occur at the beginning of the life of a fund and before the final closing of a fund.
Contract assets related to carried interest comprise Antin\u2019s capital contributions in the Carry Vehicles, and amounts recognised as revenue, with the payment not yet received. Carried interest is payable in accordance with the waterfall distribution rules defined in the contractual agreements of each fund.
Revenue recognition
Revenue from Contracts with Customers
IFRS\u00a015 \u201cRevenue from Contracts with Customers\u201d applies to the management fees and carried interest income and is based on a five-step approach that requires revenue to be recognised when services have been rendered and when the benefits have been transferred to the customer. The five steps for revenue recognition in contracts are as follows:
\u2022identification of the contract
\u2022identification of the performance obligations
\u2022determination of the transaction price
\u2022allocation of the transaction price to the performance obligations
\u2022recognition of revenue in accordance with the performance.
Revenue is measured based on the consideration specified in the contractual agreements and excludes amounts collected on behalf of third parties, discounts and rebates and value-added taxes.
Contract assets
Contract assets related to carried interest income and management fees are presented separately within Accrued income (see Note\u00a019 \u201cAccrued income\u201d).
NOTE 19Accrued income
\u25baAccounting principles
Accrued income, reported as contract assets, is related to management fees or to carried interest.
Contract assets related to management fees arise primarily from timing differences between the time of generating the revenue and the time of payment. Timing differences mainly occur at the beginning of the life of a fund and before the final closing of a fund.
Contract assets related to carried interest comprise Antin\u2019s capital contributions in the Carry Vehicles, and amounts recognised as revenue, with the payment not yet received. Carried interest is payable in accordance with the waterfall distribution rules defined in the contractual agreements of each fund.
Specifications of changes in contract assets related to carried interest
| \n (in \u20ack) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n
|---|---|---|
| \n Opening balance | \n\n 18,832 | \n\n 12,414 | \n
| \n Revenue/(loss) recognised during the period | \n\n 87 | \n\n 390 | \n
| \n Realisation of carried interest/return on capital | \n\n (87) | \n\n (657) | \n
| \n Acquisition/(transfer of commitment) | \n\n (3,934) | \n\n 6,685 | \n
| \n Closing balance of accrued income | \n\n 14,898 | \n\n 18,832 | \n
Specifications of changes in contract assets related to management fees
| \n (in \u20ack) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n
|---|---|---|
| \n Opening balance | \n\n 12,294 | \n\n 2,013 | \n
| \n Contract assets settled during the period | \n\n (12,294) | \n\n (2,013) | \n
| \n Revenue recognised during the period not yet invoiced/not yet chargeable | \n\n - | \n\n 12,294 | \n
| \n Closing balance of accrued income | \n\n - | \n\n 12,294 | \n
IFRS\u00a02 refers to share-based payment transactions where the entity receives goods or services either as consideration for its equity instruments or by incurring liabilities for amounts based on the price of its shares or other equity instruments held by the entity.
\u25baAccounting principles
REFERENCE: IFRS\u00a02
For equity-settled share-based payments, the fair value of the shares, as measured at the grant date, is recognised on a linear basis over the vesting period and recorded as a personnel expense in the consolidated income statement.
At each reporting period, any changes to the shares granted, and the corresponding personnel expense is revised taking into consideration the service condition and changes to the\u00a0plan.
Social charges levied on the plans are based on the value of the shares at the time of vesting. Social charges recognised as personnel expense in the consolidated income statement are determined based on the value of the shares at the end of each reporting period.
IFRS\u00a02 refers to share-based payment transactions where the entity receives goods or services either as consideration for its equity instruments or by incurring liabilities for amounts based on the price of its shares or other equity instruments held by the entity.
6.3Share-based payment plans
\u25baAccounting principles
REFERENCE: IFRS\u00a02
For equity-settled share-based payments, the fair value of the shares, as measured at the grant date, is recognised on a linear basis over the vesting period and recorded as a personnel expense in the consolidated income statement.
At each reporting period, any changes to the shares granted, and the corresponding personnel expense is revised taking into consideration the service condition and changes to the\u00a0plan.
Social charges levied on the plans are based on the value of the shares at the time of vesting. Social charges recognised as personnel expense in the consolidated income statement are determined based on the value of the shares at the end of each reporting period.
Share-based compensation plans
The Group implemented share-based compensation plans to further align the interests of key employees with those of the shareholders and support the Company\u2019s long-term business strategy. In March\u00a02025, a total of 162,952 shares were granted to select key employees subject to continuous employment conditions with respective vesting periods.
| \n \n | \n\n 2021 IPO Plan | \n\n 2025 Plan | \n\n 2025 Plan (United\u00a0Kingdom\u00a0and United\u00a0States \u2013 authorised by\u00a0the Chairman and CEO) | \n
|---|---|---|---|
| \n Grant date | \n\n 23\u00a0September 2021 11\u00a0November 2021 | \n\n 4\u00a0March 2025 | \n\n 18\u00a0March 2025 | \n
| \n End of vesting period | \n\n 27\u00a0September 2023 for\u00a04,216,611\u00a0shares 11\u00a0November 2023 for\u00a0414,233 shares 15\u00a0May 2025 for\u00a0745,620 shares | \n\n 25\u00a0March 2026 25\u00a0March 2027 | \n\n 25\u00a0March 2025 25\u00a0March 2026 25\u00a0March 2027 | \n
| \n Number of shares granted | \n\n 7,447,629 | \n\n 45,574 | \n\n 117,378 | \n
| \n Number of shares vested as\u00a0of\u00a031\u00a0December 2025 | \n\n 4,630,844 | \n\n - | \n\n 39,126 | \n
| \n Number of shares cancelled or lapsed as of 31\u00a0December 2025 | \n\n 2,816,785 | \n\n - | \n\n 5,524 | \n
| \n Number of shares granted and\u00a0still to vest as of 31\u00a0December 2025 | \n\n - | \n\n 45,574 | \n\n 72,728 | \n
Those share-based compensation plans have a cumulative value of \u20ac1.8\u00a0million as of the grant date of the shares (\u201cGrant Value\u201d) which represents the value of the 162,952\u00a0shares granted at a price of \u20ac10.9 per share.
The Grant Value is recognised on a straight-line basis as a personnel expense in Antin\u2019s consolidated income statement over the vesting periods of the plan with a corresponding increase in equity.
In addition, Antin recognises the estimated social charges levied on the plans based on the share price at the end of the reporting period. The social charges are expected to be 30% in France, 15% in the United Kingdom and 2.45% in the United States.
In 2025, Antin recognised \u20ac1.2\u00a0million in personnel expenses related to the plans.
6.1Number of employees
| \n (in # of permanent employees) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n
|---|---|---|
| \n France | \n\n 81 | \n\n 75 | \n
| \n United Kingdom | \n\n 77 | \n\n 72 | \n
| \n United States of America | \n\n 53 | \n\n 52 | \n
| \n Singapore | \n\n - | \n\n 2 | \n
| \n Korea | \n\n 3 | \n\n 2 | \n
| \n Total permanent employees (excluding Luxembourg) | \n\n 214 | \n\n 203 | \n
| \n Luxembourg | \n\n 40 | \n\n 38 | \n
| \n TOTAL EMPLOYEES | \n\n 254 | \n\n 241 | \n
| \n \n | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n
|---|---|---|
| \n Investments(1) | \n\n 117 | \n\n 109 | \n
| \n Investor relations | \n\n 17 | \n\n 23 | \n
| \n Operations | \n\n 80(2) | \n\n 71 | \n
| \n Total permanent employees (excluding Fund administration) | \n\n 214 | \n\n 203 | \n
| \n Fund administration | \n\n 40 | \n\n 38 | \n
| \n TOTAL EMPLOYEES | \n\n 254 | \n\n 241 | \n
| \n (1)Including specialist functions. (2)Starting in 2025, some employees previously included in the \u201cInvestor Relations\u201d type of activity are now included in the \u201cOperations\u201d type of activity. | \n
Excluding employees that are part of the Fund\u00a0Administration and Accounting team in Luxembourg (related to AISL entities), Antin had a total of 214 permanent\u00a0employees as of 31\u00a0December 2025, compared to 203\u00a0permanent employees as of 31\u00a0December 2024.
Employees based in Luxembourg provide, inter alia, fund accounting and fund administration services to the Antin Funds. The number of employees in Luxembourg as of 31\u00a0December 2025 was 40, compared to 38 as of 31\u00a0December 2024. These\u00a0employees are not included in Antin\u2019s personnel expenses as they are employed by AISL entities which are fully held by the Antin Funds.
6.4Pension plans
\u25baAccounting principles
REFERENCE: IAS\u00a019
Post-employment benefits
Post-employment benefits can be broken down into two categories: defined contribution plans and defined benefit\u00a0plans.
Defined benefit plans
A defined benefit plan is a pension plan that is not a defined contribution plan. Typically, defined benefit plans specify an amount of pension benefit that an employee will receive upon retirement, usually dependent on one or more factors such as age, years of service and compensation. The benefits paid to employees in France qualify as a defined benefit plan.
Antin\u2019s obligation in respect of defined benefit plans is calculated by estimating the amount of future benefits that employees have earned in the current and prior periods and by discounting that amount. Antin does not have any plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. Remeasurements of the defined benefit obligation, which comprise actuarial gains and losses, are recognised immediately in the Consolidated Statement of Comprehensive Income. Antin determines the net interest expense/income on the defined benefit obligation for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the defined benefit obligation, taking into account any changes in the defined benefit obligation during the period as a result of contributions and benefit payments. Net interest expense/income and other expenses related to defined benefit plans are recognised in profit or loss.
Defined contribution plans
Defined contribution plans limit Antin\u2019s liability to the subscriptions paid into the plan but do not commit Antin to a specific benefit level. Such plans result in employees bearing the actuarial risk and the investment risk. Obligations for contributions to Antin\u2019s defined contribution plans are therefore expensed as the related service is provided.
Defined benefit plan in France
In France, the defined benefit pension plan is a mandatory end-of-service benefit plan. Employees must have completed 10\u00a0years of service to be eligible. The amount of the lump sum corresponds to a number of months of salary based on years of service at the time of retirement. This plan is not pre-funded. This defined benefit plan is measured using actuarial techniques based on assumptions such as the discount rate, the long-term salary increase rate and on statistical information related to demographic assumptions such as mortality, employee turnover, disability and retirement age.
| \n \n | \n\n 31-Dec-2025 | \n
|---|---|
| \n Discount rate | \n\n 4.15% | \n
| \n Long-term salary increase | \n\n 3.00% | \n
| \n Mortality table | \n\n TGH-TGF 2005 | \n
Changes in the present value of defined benefit obligations in France were as follows:
| \n (in \u20ack) | \n\n 31-Dec-2025 | \n\n 31-Dec-2024 | \n
|---|---|---|
| \n Opening defined benefit obligation | \n\n 771 | \n\n 873 | \n
| \n Current service cost | \n\n 113 | \n\n 149 | \n
| \n Interest cost | \n\n 24 | \n\n 26 | \n
| \n Change in accounting method | \n\n - | \n\n - | \n
| \n Remeasurement (gains)/losses | \n\n 295 | \n\n (276) | \n
| \n Closing defined benefit obligation | \n\n 1,203 | \n\n 771 | \n
Defined contribution plans in\u00a0the\u00a0United\u00a0Kingdom and United States
In the United Kingdom, AIP\u00a0UK contributed to or accrued for the voluntary defined contribution retirement benefit private scheme. The related contribution corresponds to 12% of base salary, within the limit of the\u00a0UK Notional Earning Cap (\u00a3199,217 in 2025/2026).
In the United States, AIP US contributed to or accrued for the voluntary defined contribution retirement benefit private scheme set up recorded in the country. The contribution corresponds to 5% of total earnings within the legal IRS limit of $350,000 for 2025.
Total pension plan expenses recorded in the income statement amounted to \u20ac1.9\u00a0million in 2025, compared to \u20ac1.8\u00a0million in 2024.
NOTE 21Provision
\u25baAccounting principles
REFERENCE: IAS\u00a037
Provisions are recognised when Antin has a present obligation (legal or constructive) as a result of a past event, it is probable that Antin will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of\u00a0the consideration required to settle the present obligation\u00a0at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.
As of 31\u00a0December 2025, there were no material provisions in Antin\u2019s consolidated balance sheet.
\u25baAccounting principles
REFERENCE: IAS\u00a019
Post-employment benefits
Post-employment benefits can be broken down into two categories: defined contribution plans and defined benefit\u00a0plans.
Defined benefit plans
A defined benefit plan is a pension plan that is not a defined contribution plan. Typically, defined benefit plans specify an amount of pension benefit that an employee will receive upon retirement, usually dependent on one or more factors such as age, years of service and compensation. The benefits paid to employees in France qualify as a defined benefit plan.
Antin\u2019s obligation in respect of defined benefit plans is calculated by estimating the amount of future benefits that employees have earned in the current and prior periods and by discounting that amount. Antin does not have any plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. Remeasurements of the defined benefit obligation, which comprise actuarial gains and losses, are recognised immediately in the Consolidated Statement of Comprehensive Income. Antin determines the net interest expense/income on the defined benefit obligation for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the defined benefit obligation, taking into account any changes in the defined benefit obligation during the period as a result of contributions and benefit payments. Net interest expense/income and other expenses related to defined benefit plans are recognised in profit or loss.
Defined contribution plans
Defined contribution plans limit Antin\u2019s liability to the subscriptions paid into the plan but do not commit Antin to a specific benefit level. Such plans result in employees bearing the actuarial risk and the investment risk. Obligations for contributions to Antin\u2019s defined contribution plans are therefore expensed as the related service is provided.
NOTE 21Provision
\u25baAccounting principles
REFERENCE: IAS\u00a037
Provisions are recognised when Antin has a present obligation (legal or constructive) as a result of a past event, it is probable that Antin will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of\u00a0the consideration required to settle the present obligation\u00a0at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.
NOTE 7Other operating expenses
\u25baAccounting principles
Other operating expenses primarily include overhead expenses, classified by type of services:
Professional services fees include fees related to legal, tax, accounting, audit and consulting arrangements, recruitment and other professional services.
Other expenses and external services mainly relate to insurance, IT expenses, subscriptions, and professional membership fees.
Rent and maintenance include rental expenses, maintenance costs, and real estate and equipment leasing expenses that do not result in the recognition of a lease liability and right\u2011of\u2011use asset.
Travel and representation expenses relate to the cost of business travel including hotels and flights, and other representation expenses.
Placement fees are fees paid to placement agents to support Antin in the fundraising process. Placement fees are periodic in nature and occur in connection with the fundraising of Antin Funds. Antin recognises as an asset the\u00a0costs of obtaining a contract with a customer when it expects to recover placement fees (see Note\u00a015 \u201cOther non\u2011current assets\u201d). Costs to obtain a contract that would be incurred regardless of the outcome are recognised in other operating expenses on an accrual basis, based on the contractual agreement with the placement agent.
7.1Other operating expenses
| \n (in \u20ack) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Professional services fees | \n\n 8,814 | \n\n 9,505 | \n
| \n Administrative fees invoiced by the AISL entities(1) | \n\n - | \n\n 5,408 | \n
| \n Other expenses and external services | \n\n 8,170 | \n\n 7,758 | \n
| \n Rent and maintenance expenses | \n\n 2,730 | \n\n 2,290 | \n
| \n Travel and representation expenses | \n\n 4,392 | \n\n 4,902 | \n
| \n Placement fees | \n\n - | \n\n 1,000 | \n
| \n TOTAL OTHER OPERATING EXPENSES | \n\n 24,106 | \n\n 30,863 | \n
| \n (1)Administrative fees (\u20ac5.5 million in 2025) previously presented as other operating expenses are now presented as a deduction from revenue. This change in presentation has no impact on EBITDA. Prior year figures have not been restated (see Note\u00a05.3 \u201cAdministrative fees and other revenue net\u201d). | \n
7.2Fees paid to the Statutory Auditors
Antin\u2019s consolidated financial statements are audited jointly by Deloitte and CFCE. Audit fees relate to annual fees incurred for the financial audit of the Group, including the examination of accounting records and the Universal Registration Document, as well as other contractually-agreed audit procedures.
Audit fees are recognised as professional services fees in other operating expenses.
| \n (in \u20ack) | \n\n Deloitte | \n\n CFCE | \n||
|---|---|---|---|---|
| \n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n|
| \n Audit fees related to certification of accounts | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n\n \u00a0 | \n
| \n Antin S.A. | \n\n 347 | \n\n 316 | \n\n 222 | \n\n 217 | \n
| \n Consolidated entities | \n\n 210 | \n\n 312 | \n\n 39 | \n\n 39 | \n
| \n Non-audit services(1) | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n\n \u00a0 | \n
| \n Antin S.A. and consolidated entities | \n\n 25 | \n\n 20 | \n\n 22 | \n\n 17 | \n
| \n TOTAL | \n\n 581 | \n\n 649 | \n\n 283 | \n\n 273 | \n
| \n (1)Relates to the non-audit services in accordance with legal and regulatory requirements and to the non-audit services provided at request to the Company. The amounts correspond to (i) assurance report issued on selected social and environmental information (ii) interim dividend reports and (iii) other services. | \n
NOTE 7Other operating expenses
\u25baAccounting principles
Other operating expenses primarily include overhead expenses, classified by type of services:
Professional services fees include fees related to legal, tax, accounting, audit and consulting arrangements, recruitment and other professional services.
Other expenses and external services mainly relate to insurance, IT expenses, subscriptions, and professional membership fees.
Rent and maintenance include rental expenses, maintenance costs, and real estate and equipment leasing expenses that do not result in the recognition of a lease liability and right\u2011of\u2011use asset.
Travel and representation expenses relate to the cost of business travel including hotels and flights, and other representation expenses.
Placement fees are fees paid to placement agents to support Antin in the fundraising process. Placement fees are periodic in nature and occur in connection with the fundraising of Antin Funds. Antin recognises as an asset the\u00a0costs of obtaining a contract with a customer when it expects to recover placement fees (see Note\u00a015 \u201cOther non\u2011current assets\u201d). Costs to obtain a contract that would be incurred regardless of the outcome are recognised in other operating expenses on an accrual basis, based on the contractual agreement with the placement agent.
7.1Other operating expenses
| \n (in \u20ack) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Professional services fees | \n\n 8,814 | \n\n 9,505 | \n
| \n Administrative fees invoiced by the AISL entities(1) | \n\n - | \n\n 5,408 | \n
| \n Other expenses and external services | \n\n 8,170 | \n\n 7,758 | \n
| \n Rent and maintenance expenses | \n\n 2,730 | \n\n 2,290 | \n
| \n Travel and representation expenses | \n\n 4,392 | \n\n 4,902 | \n
| \n Placement fees | \n\n - | \n\n 1,000 | \n
| \n TOTAL OTHER OPERATING EXPENSES | \n\n 24,106 | \n\n 30,863 | \n
| \n (1)Administrative fees (\u20ac5.5 million in 2025) previously presented as other operating expenses are now presented as a deduction from revenue. This change in presentation has no impact on EBITDA. Prior year figures have not been restated (see Note\u00a05.3 \u201cAdministrative fees and other revenue net\u201d). | \n
7.2Fees paid to the Statutory Auditors
Antin\u2019s consolidated financial statements are audited jointly by Deloitte and CFCE. Audit fees relate to annual fees incurred for the financial audit of the Group, including the examination of accounting records and the Universal Registration Document, as well as other contractually-agreed audit procedures.
Audit fees are recognised as professional services fees in other operating expenses.
| \n (in \u20ack) | \n\n Deloitte | \n\n CFCE | \n||
|---|---|---|---|---|
| \n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n|
| \n Audit fees related to certification of accounts | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n\n \u00a0 | \n
| \n Antin S.A. | \n\n 347 | \n\n 316 | \n\n 222 | \n\n 217 | \n
| \n Consolidated entities | \n\n 210 | \n\n 312 | \n\n 39 | \n\n 39 | \n
| \n Non-audit services(1) | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n\n \u00a0 | \n
| \n Antin S.A. and consolidated entities | \n\n 25 | \n\n 20 | \n\n 22 | \n\n 17 | \n
| \n TOTAL | \n\n 581 | \n\n 649 | \n\n 283 | \n\n 273 | \n
| \n (1)Relates to the non-audit services in accordance with legal and regulatory requirements and to the non-audit services provided at request to the Company. The amounts correspond to (i) assurance report issued on selected social and environmental information (ii) interim dividend reports and (iii) other services. | \n
7.2Fees paid to the Statutory Auditors
Antin\u2019s consolidated financial statements are audited jointly by Deloitte and CFCE. Audit fees relate to annual fees incurred for the financial audit of the Group, including the examination of accounting records and the Universal Registration Document, as well as other contractually-agreed audit procedures.
Audit fees are recognised as professional services fees in other operating expenses.
| \n (in \u20ack) | \n\n Deloitte | \n\n CFCE | \n||
|---|---|---|---|---|
| \n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n|
| \n Audit fees related to certification of accounts | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n\n \u00a0 | \n
| \n Antin S.A. | \n\n 347 | \n\n 316 | \n\n 222 | \n\n 217 | \n
| \n Consolidated entities | \n\n 210 | \n\n 312 | \n\n 39 | \n\n 39 | \n
| \n Non-audit services(1) | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n\n \u00a0 | \n
| \n Antin S.A. and consolidated entities | \n\n 25 | \n\n 20 | \n\n 22 | \n\n 17 | \n
| \n TOTAL | \n\n 581 | \n\n 649 | \n\n 283 | \n\n 273 | \n
| \n (1)Relates to the non-audit services in accordance with legal and regulatory requirements and to the non-audit services provided at request to the Company. The amounts correspond to (i) assurance report issued on selected social and environmental information (ii) interim dividend reports and (iii) other services. | \n
NOTE 9Financial income and expenses
\u25baAccounting principles
Financial income mainly comprises translation gains, interest received on cash and cash equivalents and gains on collective investment schemes.
Financial expenses mainly comprise translation losses and interest on lease liabilities.
Financial income and expenses recognised in the consolidated income statement were as follows:
| \n (in \u20ack) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Interest income | \n\n 5,775 | \n\n 9,536 | \n
| \n Translation gains | \n\n 121 | \n\n 226 | \n
| \n Other financial income | \n\n 3,993 | \n\n 6,329 | \n
| \n Financial income | \n\n 9,889 | \n\n 16,091 | \n
| \n Interest expenses | \n\n (4,917) | \n\n (1,922) | \n
| \n Translation losses | \n\n (1,269) | \n\n (1,514) | \n
| \n Other financial expenses | \n\n (1,047) | \n\n (3,983) | \n
| \n Financial expenses | \n\n (7,233) | \n\n (7,419) | \n
| \n FINANCIAL INCOME AND EXPENSES, NET | \n\n 2,656 | \n\n 8,672 | \n
Other financial expenses in 2025 were mainly composed of:
\u2022a loss of \u20ac(1.8)\u00a0million on a hedging transaction for social charges related to the IPO Free Share Plan
\u2022a gain of \u20ac0.8\u00a0million of fair value revaluation of the Total Return Swap (\u201cTRS\u201d) and Forward Agreement (\u201cFA\u201d) derivatives.
Further information on those elements is available under Note\u00a023 \u201cDerivative financial instruments\u201d.
Financial income and expenses recognised in the consolidated income statement were as follows:
| \n (in \u20ack) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Interest income | \n\n 5,775 | \n\n 9,536 | \n
| \n Translation gains | \n\n 121 | \n\n 226 | \n
| \n Other financial income | \n\n 3,993 | \n\n 6,329 | \n
| \n Financial income | \n\n 9,889 | \n\n 16,091 | \n
| \n Interest expenses | \n\n (4,917) | \n\n (1,922) | \n
| \n Translation losses | \n\n (1,269) | \n\n (1,514) | \n
| \n Other financial expenses | \n\n (1,047) | \n\n (3,983) | \n
| \n Financial expenses | \n\n (7,233) | \n\n (7,419) | \n
| \n FINANCIAL INCOME AND EXPENSES, NET | \n\n 2,656 | \n\n 8,672 | \n
Other financial expenses in 2025 were mainly composed of:
\u2022a loss of \u20ac(1.8)\u00a0million on a hedging transaction for social charges related to the IPO Free Share Plan
\u2022a gain of \u20ac0.8\u00a0million of fair value revaluation of the Total Return Swap (\u201cTRS\u201d) and Forward Agreement (\u201cFA\u201d) derivatives.
Further information on those elements is available under Note\u00a023 \u201cDerivative financial instruments\u201d.
Financial income and expenses recognised in the consolidated income statement were as follows:
| \n (in \u20ack) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Interest income | \n\n 5,775 | \n\n 9,536 | \n
| \n Translation gains | \n\n 121 | \n\n 226 | \n
| \n Other financial income | \n\n 3,993 | \n\n 6,329 | \n
| \n Financial income | \n\n 9,889 | \n\n 16,091 | \n
| \n Interest expenses | \n\n (4,917) | \n\n (1,922) | \n
| \n Translation losses | \n\n (1,269) | \n\n (1,514) | \n
| \n Other financial expenses | \n\n (1,047) | \n\n (3,983) | \n
| \n Financial expenses | \n\n (7,233) | \n\n (7,419) | \n
| \n FINANCIAL INCOME AND EXPENSES, NET | \n\n 2,656 | \n\n 8,672 | \n
Other financial expenses in 2025 were mainly composed of:
\u2022a loss of \u20ac(1.8)\u00a0million on a hedging transaction for social charges related to the IPO Free Share Plan
\u2022a gain of \u20ac0.8\u00a0million of fair value revaluation of the Total Return Swap (\u201cTRS\u201d) and Forward Agreement (\u201cFA\u201d) derivatives.
Further information on those elements is available under Note\u00a023 \u201cDerivative financial instruments\u201d.
Financial income and expenses recognised in the consolidated income statement were as follows:
| \n (in \u20ack) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Interest income | \n\n 5,775 | \n\n 9,536 | \n
| \n Translation gains | \n\n 121 | \n\n 226 | \n
| \n Other financial income | \n\n 3,993 | \n\n 6,329 | \n
| \n Financial income | \n\n 9,889 | \n\n 16,091 | \n
| \n Interest expenses | \n\n (4,917) | \n\n (1,922) | \n
| \n Translation losses | \n\n (1,269) | \n\n (1,514) | \n
| \n Other financial expenses | \n\n (1,047) | \n\n (3,983) | \n
| \n Financial expenses | \n\n (7,233) | \n\n (7,419) | \n
| \n FINANCIAL INCOME AND EXPENSES, NET | \n\n 2,656 | \n\n 8,672 | \n
Other financial expenses in 2025 were mainly composed of:
\u2022a loss of \u20ac(1.8)\u00a0million on a hedging transaction for social charges related to the IPO Free Share Plan
\u2022a gain of \u20ac0.8\u00a0million of fair value revaluation of the Total Return Swap (\u201cTRS\u201d) and Forward Agreement (\u201cFA\u201d) derivatives.
Further information on those elements is available under Note\u00a023 \u201cDerivative financial instruments\u201d.
NOTE 10Income tax
\u25baAccounting principles
REFERENCE: IAS\u00a012
Introduction
In accordance with IAS\u00a012, the income tax expense includes all income-related taxes, whether current or deferred. Income tax is recognised in the consolidated income statement except when the underlying transaction is recognised in other comprehensive income or equity, in which case, related tax effect is also recognised in other comprehensive income or\u00a0equity.
Current tax
The standard defines current tax liability (asset) as \u201cthe amount of income tax payable (recoverable) with respect to the taxable profit (tax loss) for a financial year\u201d. The\u00a0taxable income is the profit (or loss) for a given financial year measured according to the rules set by the tax authorities. The\u00a0applicable rates and rules used to determine the current tax liability (asset) are those in effect in each country in which Antin\u2019s companies are established.
The current tax liability includes all taxes on income, payable, for which payment is not subordinated to the completion of future transactions, even if payment is spread over several financial\u00a0years. It must be recognised as a liability until it is paid. If the amount that has already been paid for the current year and previous financial\u00a0years exceeds the amount due for these\u00a0years, the surplus must be recognised under assets.
Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and the consolidated entities intend either to settle on a net basis or to realise the asset and settle the liability simultaneously.
Deferred tax
Deferred tax is measured based on how the underlying asset or liability is expected to be realised or settled. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date.
Deferred tax must be recognised for all temporary differences between the carrying amounts of assets and liabilities on the consolidated balance sheet and their tax base for financial reporting purposes and the amounts used for taxation purposes.
A deferred tax asset must also be recognised for carrying forward unused tax losses and tax credits insofar as it is probable that the Group will have access to future taxable profits against which the unused tax losses and tax credits can be allocated.
Deferred tax assets are recognised for deductible temporary differences and tax losses-carry forward to the extent that it is probable they can be used. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
CVAE (Cotisation sur la valeur ajout\u00e9e des\u00a0entreprises)
This item corresponds to a French duty which is recognised as an income tax in Antin consolidated income statement.
10.1Income tax recognised in the consolidated income statement
Income taxes recognised in the consolidated income statement were as follows:
| \n (in \u20ack) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Current income tax | \n\n (41,798) | \n\n (48,452) | \n
| \n Deferred income tax | \n\n 541 | \n\n 32 | \n
| \n TOTAL INCOME TAX RECOGNISED IN THE INCOME STATEMENT | \n\n (41,256) | \n\n (48,421) | \n
Reconciliation of consolidated and effective income tax
| \n (in \u20ack) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n
|---|---|---|
| \n Profit before income tax | \n\n 148,167 | \n\n 180,479 | \n
| \n Tax at statutory tax rate of 25.83% | \n\n (38,271) | \n\n (46,618) | \n
| \n Effects of: | \n\n \n | \n\n \n | \n
| \n Foreign tax rates | \n\n 2,030 | \n\n 2,193 | \n
| \n Free Share Plan | \n\n (2,269) | \n\n (581) | \n
| \n Permanent differences | \n\n (1,383) | \n\n (1,278) | \n
| \n Tax attributable to prior years | \n\n 913 | \n\n (778) | \n
| \n Business tax (CVAE) | \n\n (287) | \n\n (307) | \n
| \n Withholding tax | \n\n (1,369) | \n\n (1,512) | \n
| \n Other | \n\n (621) | \n\n 461 | \n
| \n Reported effective tax | \n\n (41,256) | \n\n (48,421) | \n
10.2Income tax recorded in other comprehensive income
| \n (in \u20ack) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Income tax relating to items that may be reclassified subsequently to profit or loss | \n\n (400) | \n\n 73 | \n
| \n Income tax relating to items that will not be reclassified subsequently to profit or loss | \n\n 76 | \n\n (71) | \n
| \n TOTAL INCOME TAXES RECOGNISED IN\u00a0OTHER COMPREHENSIVE INCOME | \n\n (324) | \n\n 1 | \n
Income tax impact of the \u20ac0.4\u00a0million loss recorded in Other Comprehensive Income in 2025 related to the settlement of\u00a0the cash flow hedge related to the IPO Free Share Plan. As a reminder, the objective of the hedge transaction was to mitigate the variability of the social charges related to the IPO Free Share Plan resulting from changes in Antin\u2019s share price. Further information on the hedge transaction is available in Note\u00a023 \u201cDerivative financial instruments\u201d.
10.3Income tax recognised in the consolidated balance sheet
Deferred income tax recognised in the balance sheet was as follows:
| \n (in \u20ack) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n
|---|---|---|
| \n Tax loss and tax credit carry forwards | \n\n 12 | \n\n 12 | \n
| \n Related to placement fees | \n\n (2,207) | \n\n (2,777) | \n
| \n Related to IPO Free Share Plan | \n\n - | \n\n 2,342 | \n
| \n IPO-related expenses | \n\n 832 | \n\n 1,977 | \n
| \n Fair value | \n\n (1,691) | \n\n (212) | \n
| \n Related to leases | \n\n 667 | \n\n 590 | \n
| \n Related to pensions | \n\n 311 | \n\n 199 | \n
| \n Other deferred revenue/expenses | \n\n (2,701) | \n\n (685) | \n
| \n Net deferred tax assets (liabilities) | \n\n (4,778) | \n\n 1,446 | \n
NOTE 10Income tax
\u25baAccounting principles
REFERENCE: IAS\u00a012
Introduction
In accordance with IAS\u00a012, the income tax expense includes all income-related taxes, whether current or deferred. Income tax is recognised in the consolidated income statement except when the underlying transaction is recognised in other comprehensive income or equity, in which case, related tax effect is also recognised in other comprehensive income or\u00a0equity.
Current tax
The standard defines current tax liability (asset) as \u201cthe amount of income tax payable (recoverable) with respect to the taxable profit (tax loss) for a financial year\u201d. The\u00a0taxable income is the profit (or loss) for a given financial year measured according to the rules set by the tax authorities. The\u00a0applicable rates and rules used to determine the current tax liability (asset) are those in effect in each country in which Antin\u2019s companies are established.
The current tax liability includes all taxes on income, payable, for which payment is not subordinated to the completion of future transactions, even if payment is spread over several financial\u00a0years. It must be recognised as a liability until it is paid. If the amount that has already been paid for the current year and previous financial\u00a0years exceeds the amount due for these\u00a0years, the surplus must be recognised under assets.
Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and the consolidated entities intend either to settle on a net basis or to realise the asset and settle the liability simultaneously.
Deferred tax
Deferred tax is measured based on how the underlying asset or liability is expected to be realised or settled. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date.
Deferred tax must be recognised for all temporary differences between the carrying amounts of assets and liabilities on the consolidated balance sheet and their tax base for financial reporting purposes and the amounts used for taxation purposes.
A deferred tax asset must also be recognised for carrying forward unused tax losses and tax credits insofar as it is probable that the Group will have access to future taxable profits against which the unused tax losses and tax credits can be allocated.
Deferred tax assets are recognised for deductible temporary differences and tax losses-carry forward to the extent that it is probable they can be used. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
CVAE (Cotisation sur la valeur ajout\u00e9e des\u00a0entreprises)
This item corresponds to a French duty which is recognised as an income tax in Antin consolidated income statement.
Deferred tax
Deferred tax is measured based on how the underlying asset or liability is expected to be realised or settled. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date.
Deferred tax must be recognised for all temporary differences between the carrying amounts of assets and liabilities on the consolidated balance sheet and their tax base for financial reporting purposes and the amounts used for taxation purposes.
A deferred tax asset must also be recognised for carrying forward unused tax losses and tax credits insofar as it is probable that the Group will have access to future taxable profits against which the unused tax losses and tax credits can be allocated.
Deferred tax assets are recognised for deductible temporary differences and tax losses-carry forward to the extent that it is probable they can be used. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
10.3Income tax recognised in the consolidated balance sheet
Deferred income tax recognised in the balance sheet was as follows:
| \n (in \u20ack) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n
|---|---|---|
| \n Tax loss and tax credit carry forwards | \n\n 12 | \n\n 12 | \n
| \n Related to placement fees | \n\n (2,207) | \n\n (2,777) | \n
| \n Related to IPO Free Share Plan | \n\n - | \n\n 2,342 | \n
| \n IPO-related expenses | \n\n 832 | \n\n 1,977 | \n
| \n Fair value | \n\n (1,691) | \n\n (212) | \n
| \n Related to leases | \n\n 667 | \n\n 590 | \n
| \n Related to pensions | \n\n 311 | \n\n 199 | \n
| \n Other deferred revenue/expenses | \n\n (2,701) | \n\n (685) | \n
| \n Net deferred tax assets (liabilities) | \n\n (4,778) | \n\n 1,446 | \n
Deferred tax
Deferred tax is measured based on how the underlying asset or liability is expected to be realised or settled. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date.
Deferred tax must be recognised for all temporary differences between the carrying amounts of assets and liabilities on the consolidated balance sheet and their tax base for financial reporting purposes and the amounts used for taxation purposes.
A deferred tax asset must also be recognised for carrying forward unused tax losses and tax credits insofar as it is probable that the Group will have access to future taxable profits against which the unused tax losses and tax credits can be allocated.
Deferred tax assets are recognised for deductible temporary differences and tax losses-carry forward to the extent that it is probable they can be used. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
NOTE 11Intangible assets
\u25baAccounting principles
REFERENCE: IAS\u00a038 \u2013 IAS\u00a036
Intangible assets
Intangible assets consist primarily of acquired software licenses, including capitalised costs incurred to acquire and bring to use the specific software. Intangible assets are recorded at cost, less accumulated amortisation and\u00a0impairment.
Amortisation
Intangible assets are amortised from the date they are available for use. Amortisation is recognised in the consolidated income statement on a straight-line basis over the estimated useful life of the asset.
Antin amortises software assets over a period of three\u00a0years.
Impairment
An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the higher of the asset\u2019s fair value less costs of\u00a0disposal and its value in use. Impairment tests are performed at each reporting period and as soon as an indication of impairment loss arises.
| \n (in \u20ack) | \n\n Software | \n\n Other intangible\u00a0assets | \n\n Total | \n
|---|---|---|---|
| \n Cost | \n\n \n | \n\n \n | \n\n \n | \n
| \n At 31\u00a0December 2023 | \n\n 321 | \n\n - | \n\n 321 | \n
| \n Additions | \n\n - | \n\n - | \n\n - | \n
| \n Disposal | \n\n - | \n\n - | \n\n - | \n
| \n Translation difference | \n\n - | \n\n - | \n\n - | \n
| \n At 31\u00a0December 2024 | \n\n 321 | \n\n - | \n\n 321 | \n
| \n Additions | \n\n - | \n\n - | \n\n - | \n
| \n Disposals | \n\n - | \n\n - | \n\n - | \n
| \n Translation difference | \n\n - | \n\n - | \n\n - | \n
| \n At 31\u00a0December 2025 | \n\n 321 | \n\n - | \n\n 321 | \n
| \n Amortisation | \n\n \n | \n\n \n | \n\n \n | \n
| \n At 31\u00a0December 2023 | \n\n (321) | \n\n - | \n\n (321) | \n
| \n Additions | \n\n - | \n\n - | \n\n - | \n
| \n Disposals | \n\n - | \n\n - | \n\n - | \n
| \n Translation difference | \n\n - | \n\n - | \n\n - | \n
| \n At 31\u00a0December 2024 | \n\n (321) | \n\n - | \n\n (321) | \n
| \n Additions | \n\n - | \n\n - | \n\n - | \n
| \n Disposals | \n\n - | \n\n - | \n\n - | \n
| \n Translation difference | \n\n - | \n\n - | \n\n - | \n
| \n At 31\u00a0December 2025 | \n\n (321) | \n\n - | \n\n (321) | \n
| \n Carrying amount | \n\n \n | \n\n \n | \n\n \n | \n
| \n At 31\u00a0December 2024 | \n\n - | \n\n - | \n\n - | \n
| \n At 31\u00a0December 2025 | \n\n - | \n\n - | \n\n - | \n
NOTE 11Intangible assets
\u25baAccounting principles
REFERENCE: IAS\u00a038 \u2013 IAS\u00a036
Intangible assets
Intangible assets consist primarily of acquired software licenses, including capitalised costs incurred to acquire and bring to use the specific software. Intangible assets are recorded at cost, less accumulated amortisation and\u00a0impairment.
Amortisation
Intangible assets are amortised from the date they are available for use. Amortisation is recognised in the consolidated income statement on a straight-line basis over the estimated useful life of the asset.
Antin amortises software assets over a period of three\u00a0years.
Impairment
An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the higher of the asset\u2019s fair value less costs of\u00a0disposal and its value in use. Impairment tests are performed at each reporting period and as soon as an indication of impairment loss arises.
| \n (in \u20ack) | \n\n Software | \n\n Other intangible\u00a0assets | \n\n Total | \n
|---|---|---|---|
| \n Cost | \n\n \n | \n\n \n | \n\n \n | \n
| \n At 31\u00a0December 2023 | \n\n 321 | \n\n - | \n\n 321 | \n
| \n Additions | \n\n - | \n\n - | \n\n - | \n
| \n Disposal | \n\n - | \n\n - | \n\n - | \n
| \n Translation difference | \n\n - | \n\n - | \n\n - | \n
| \n At 31\u00a0December 2024 | \n\n 321 | \n\n - | \n\n 321 | \n
| \n Additions | \n\n - | \n\n - | \n\n - | \n
| \n Disposals | \n\n - | \n\n - | \n\n - | \n
| \n Translation difference | \n\n - | \n\n - | \n\n - | \n
| \n At 31\u00a0December 2025 | \n\n 321 | \n\n - | \n\n 321 | \n
| \n Amortisation | \n\n \n | \n\n \n | \n\n \n | \n
| \n At 31\u00a0December 2023 | \n\n (321) | \n\n - | \n\n (321) | \n
| \n Additions | \n\n - | \n\n - | \n\n - | \n
| \n Disposals | \n\n - | \n\n - | \n\n - | \n
| \n Translation difference | \n\n - | \n\n - | \n\n - | \n
| \n At 31\u00a0December 2024 | \n\n (321) | \n\n - | \n\n (321) | \n
| \n Additions | \n\n - | \n\n - | \n\n - | \n
| \n Disposals | \n\n - | \n\n - | \n\n - | \n
| \n Translation difference | \n\n - | \n\n - | \n\n - | \n
| \n At 31\u00a0December 2025 | \n\n (321) | \n\n - | \n\n (321) | \n
| \n Carrying amount | \n\n \n | \n\n \n | \n\n \n | \n
| \n At 31\u00a0December 2024 | \n\n - | \n\n - | \n\n - | \n
| \n At 31\u00a0December 2025 | \n\n - | \n\n - | \n\n - | \n
\u25baAccounting principles
REFERENCE: IAS\u00a038 \u2013 IAS\u00a036
Intangible assets
Intangible assets consist primarily of acquired software licenses, including capitalised costs incurred to acquire and bring to use the specific software. Intangible assets are recorded at cost, less accumulated amortisation and\u00a0impairment.
Amortisation
Intangible assets are amortised from the date they are available for use. Amortisation is recognised in the consolidated income statement on a straight-line basis over the estimated useful life of the asset.
Antin amortises software assets over a period of three\u00a0years.
Impairment
An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the higher of the asset\u2019s fair value less costs of\u00a0disposal and its value in use. Impairment tests are performed at each reporting period and as soon as an indication of impairment loss arises.
\u25baAccounting principles
REFERENCE: IAS\u00a038 \u2013 IAS\u00a036
Intangible assets
Intangible assets consist primarily of acquired software licenses, including capitalised costs incurred to acquire and bring to use the specific software. Intangible assets are recorded at cost, less accumulated amortisation and\u00a0impairment.
Amortisation
Intangible assets are amortised from the date they are available for use. Amortisation is recognised in the consolidated income statement on a straight-line basis over the estimated useful life of the asset.
Antin amortises software assets over a period of three\u00a0years.
Impairment
An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the higher of the asset\u2019s fair value less costs of\u00a0disposal and its value in use. Impairment tests are performed at each reporting period and as soon as an indication of impairment loss arises.
Impairment
An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the higher of the asset\u2019s fair value less costs of\u00a0disposal and its value in use. Impairment tests are performed at each reporting period and as soon as an indication of impairment loss arises.
Impairment
An impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the higher of the asset\u2019s fair value less costs of disposal and its value in use. Impairment tests are performed at each reporting period, and as soon as any indication of\u00a0impairment loss arises.
| \n (in \u20ack) | \n\n Leasehold improvements and furniture | \n\n Under development | \n\n Total | \n
|---|---|---|---|
| \n COST | \n\n \n | \n\n \n | \n\n \n | \n
| \n At 31-Dec-2023 | \n\n 30,059 | \n\n 845 | \n\n 30,903 | \n
| \n Additions | \n\n 514 | \n\n 5,105 | \n\n 5,619 | \n
| \n Disposals | \n\n (7) | \n\n - | \n\n (7) | \n
| \n Reclassification | \n\n 3,993 | \n\n - | \n\n 3,993 | \n
| \n Translation difference | \n\n 724 | \n\n 116 | \n\n 840 | \n
| \n At 31-Dec-2024 | \n\n 35,283 | \n\n 6,067 | \n\n 41,348 | \n
| \n Additions | \n\n 9,697 | \n\n 938 | \n\n 10,636 | \n
| \n Disposals | \n\n (560) | \n\n - | \n\n (560) | \n
| \n Reclassification | \n\n 5,842 | \n\n (5,842) | \n\n - | \n
| \n Translation difference | \n\n (2,035) | \n\n (232) | \n\n (2,266) | \n
| \n At 31-Dec-2025 | \n\n 48,227 | \n\n 931 | \n\n 49,157 | \n
| \n ACCUMULATED DEPRECIATION AND\u00a0IMPAIRMENT | \n\n \n | \n\n \n | \n\n \n | \n
| \n At 31-Dec-2023 | \n\n (10,319) | \n\n - | \n\n (10,319) | \n
| \n Depreciation | \n\n (4,536) | \n\n - | \n\n (4,536) | \n
| \n Accumulated depreciation on disposals | \n\n (537) | \n\n - | \n\n (537) | \n
| \n Impairment loss | \n\n - | \n\n - | \n\n - | \n
| \n Translation difference | \n\n (183) | \n\n - | \n\n (183) | \n
| \n At 31-Dec-2024 | \n\n (15,576) | \n\n - | \n\n (15,576) | \n
| \n Depreciation | \n\n (6,130) | \n\n - | \n\n (6,130) | \n
| \n Accumulated depreciation on disposals | \n\n 559 | \n\n - | \n\n 559 | \n
| \n Impairment loss | \n\n - | \n\n - | \n\n - | \n
| \n Translation difference | \n\n 520 | \n\n - | \n\n 520 | \n
| \n At 31-Dec-2025 | \n\n (20,627) | \n\n - | \n\n (20,627) | \n
| \n CARRYING AMOUNT | \n\n \n | \n\n \n | \n\n \n | \n
| \n At 31-Dec-2024 | \n\n 19,707 | \n\n 6,067 | \n\n 25,772 | \n
| \n At 31-Dec-2025 | \n\n 27,600 | \n\n 931 | \n\n 28,530 | \n
Impairment
An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the higher of the asset\u2019s fair value less costs of\u00a0disposal and its value in use. Impairment tests are performed at each reporting period and as soon as an indication of impairment loss arises.
Impairment
An impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the higher of the asset\u2019s fair value less costs of disposal and its value in use. Impairment tests are performed at each reporting period, and as soon as any indication of\u00a0impairment loss arises.
\u25baAccounting principles
Trade receivables
Trade receivables are stated at cost less any provision for impairment. A provision for impairment of trade receivables is established when there is objective evidence that Antin will not be able to collect all amounts due according to the original terms of the receivables. Objective evidence involves an element of judgement and is when a payment has been overdue for an extended period of time, or when the counterparty is in default. Antin also applies IFRS\u00a09 with an impairment model based on expected credit losses, resulting in the recognition of a loss allowance before the credit loss is incurred.
Impairment
An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the higher of the asset\u2019s fair value less costs of\u00a0disposal and its value in use. Impairment tests are performed at each reporting period and as soon as an indication of impairment loss arises.
Impairment
An impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the higher of the asset\u2019s fair value less costs of disposal and its value in use. Impairment tests are performed at each reporting period, and as soon as any indication of\u00a0impairment loss arises.
NOTE 12Property and equipment
\u25baAccounting principles
REFERENCE: IAS\u00a016 \u2013 IAS\u00a036
Property and equipment
Property and equipment primarily includes office refurbishments, furniture, IT equipment and other fixed assets. Property and equipment assets are measured at cost less accumulated depreciation and impairments. The cost includes the purchase price of the asset as well as expenditures directly attributable to bring the asset to its intended operating condition.
Gains or losses from disposal of an asset may arise when there is a difference between the sales price and the asset\u2019s carrying amount less the cost of disposal. Gains and losses are recognised as other operating income/expense when they arise.
Subsequent capital expenditure
Subsequent capital expenditure is capitalised only when it is probable that there are future economic benefits associated with the acquired asset and when the cost can be measured reliably. Other subsequent expenditure is recognised as an\u00a0expense in the period it arises. Repairs are expensed on an\u00a0ongoing basis.
Assets under development
Property and equipment that is not ready for use is recorded as a fixed asset under development. It will be depreciated when it becomes available for use. This relates primarily to office refurbishments.
Depreciation
Property and equipment is depreciated over the estimated useful life using the straight-line method.
The useful life is estimated as follows:
\u2022furniture: 4-5\u00a0years
\u2022IT equipment: 3-4\u00a0years
\u2022leasehold improvements: 4-9\u00a0years, subject to lease period.
Impairment
An impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the higher of the asset\u2019s fair value less costs of disposal and its value in use. Impairment tests are performed at each reporting period, and as soon as any indication of\u00a0impairment loss arises.
NOTE 12Property and equipment
\u25baAccounting principles
REFERENCE: IAS\u00a016 \u2013 IAS\u00a036
Property and equipment
Property and equipment primarily includes office refurbishments, furniture, IT equipment and other fixed assets. Property and equipment assets are measured at cost less accumulated depreciation and impairments. The cost includes the purchase price of the asset as well as expenditures directly attributable to bring the asset to its intended operating condition.
Gains or losses from disposal of an asset may arise when there is a difference between the sales price and the asset\u2019s carrying amount less the cost of disposal. Gains and losses are recognised as other operating income/expense when they arise.
Subsequent capital expenditure
Subsequent capital expenditure is capitalised only when it is probable that there are future economic benefits associated with the acquired asset and when the cost can be measured reliably. Other subsequent expenditure is recognised as an\u00a0expense in the period it arises. Repairs are expensed on an\u00a0ongoing basis.
Assets under development
Property and equipment that is not ready for use is recorded as a fixed asset under development. It will be depreciated when it becomes available for use. This relates primarily to office refurbishments.
Depreciation
Property and equipment is depreciated over the estimated useful life using the straight-line method.
The useful life is estimated as follows:
\u2022furniture: 4-5\u00a0years
\u2022IT equipment: 3-4\u00a0years
\u2022leasehold improvements: 4-9\u00a0years, subject to lease period.
Impairment
An impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the higher of the asset\u2019s fair value less costs of disposal and its value in use. Impairment tests are performed at each reporting period, and as soon as any indication of\u00a0impairment loss arises.
NOTE 14Financial assets
\u25baAccounting principles
REFERENCE: IFRS\u00a09/IFRS\u00a013
Antin\u2019s financial assets mainly consist of non-consolidated equity investments measured at fair value. It\u00a0relates to Antin\u2019s investments in the Antin Funds.
Recognition and initial measurement
IFRS\u00a09 \u201cFinancial Instruments\u201d requires an entity to recognise a financial asset when it becomes party to the contractual provisions of the instrument. At initial recognition, an entity measures a financial asset at its fair value plus or minus transaction costs that are directly attributable to the acquisition or issue of the financial asset.
Classification and subsequent measurement of\u00a0financial assets
A financial asset is initially classified into one of three measurement categories. The classification depends on how the asset is managed (business model) and the characteristics of the asset\u2019s contractual cash flows. The measurement categories for financial assets are as follows:
\u2022fair value through profit or loss (FVPL)
\u2022fair value through other comprehensive income (FVOCI)
\u2022amortised cost (AC).
Financial assets are measured at amortised cost if both of the following conditions are met:
\u2022the financial asset is held within a business model whose objective is to realise the cash flows from the financial assets by holding the financial assets and collecting its contractual cash flows over the life of the assets and
\u2022the contractual terms of the financial asset give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Financial assets measured at amortised cost include accounts receivable, other long-term as well as short-term receivables and cash and cash equivalents. The carrying amounts are considered as the fair value.
Financial assets are measured at FVOCI if both the following conditions are met:
\u2022the financial asset is held within a business model whose objective is to realise the cash flows from the financial assets both by collecting the contractual cash flows and selling financial assets and
\u2022the contractual terms of the financial asset give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding.
As per the classifications under IFRS\u00a09, Antin measures its financial assets related to investments in the Antin Funds at FVPL.
Fair value measurement
IFRS\u00a013 \u201cFair Value Measurement\u201d defines fair value, sets out a framework for measuring fair value, and requires disclosure about fair value measurements.
Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date.
Antin measures and discloses the fair value of its financial assets using the following fair value hierarchy. The fair value hierarchy levels\u00a01 to 3 are based on the degree to which the fair value is observable:
\u2022level\u00a01 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities
\u2022level\u00a02 fair value measurements are those derived from inputs other than quoted prices included within Level\u00a01 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices) and
\u2022level\u00a03 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Financial investments held by Antin consist of investments in Antin Funds. As the information used to value individual assets within each fund is not observable, and because prices for each investment in a fund are not observable, Antin categorises its financial investments in the Antin Funds as level\u00a03 financial assets under IFRS\u00a013 \u201cFair Value Measurement\u201d.
The fair value of the portfolio companies held by the Antin Funds is determined by the Portfolio Review Committee on a quarterly basis in accordance with the recommendations set out in the International Private Equity and Venture Capital Valuation Guidelines (IPEV). The valuation methodologies follow a multi-criteria approach and are applied consistently from one period to another, except when a change in methodology would result in a better estimation of fair value. The assessment of the fair value of an investment involves assumptions and judgement. This may include assumptions with respect to the economic and competitive environment, business plan and financial projections, and assessments of risks and other factors. The fair value is audited annually and reviewed semi-annually. In addition, an independent valuation service provider is appointed to provide independent estimations of ranges of fair value once per year in order to assess Antin\u2019s conclusions of fair value for each investment.
Antin applies control processes to ensure that the fair value of the financial assets reported in the consolidated financial statements are in accordance with applicable accounting standards and determined on a reasonable basis. This includes ensuring that the valuations are consistent with the\u00a0IPEV Guidelines, where relevant, and ensuring that the valuations are supported by underlying documentation.
14.1Breakdown of financial assets
The financial assets held by Antin were as follows:
| \n (in \u20ack) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n
|---|---|---|
| \n Investments in Antin Funds | \n\n 80,818 | \n\n 73,870 | \n
| \n Security deposits | \n\n 3,351 | \n\n 3,784 | \n
| \n Other financial assets | \n\n 13,342 | \n\n 9,638 | \n
| \n TOTAL FINANCIAL ASSETS | \n\n 97,511 | \n\n 87,292 | \n
Investments in Antin Funds held by Antin are measured at fair value on Level\u00a03, with changes in the fair value recognised in the consolidated income statement.
14.2Investments in Antin Funds
Investments in the Antin Funds were as follows:
| \n (in \u20ack) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n
|---|---|---|
| \n Fund\u00a0III-B | \n\n 21,561 | \n\n 21,404 | \n
| \n Mid Cap Fund I | \n\n 11,907 | \n\n 11,443 | \n
| \n Flagship Fund V | \n\n 36,801 | \n\n 31,313 | \n
| \n NextGen Fund I | \n\n 10,368 | \n\n 9,536 | \n
| \n Co-investment vehicles | \n\n 181 | \n\n 174 | \n
| \n TOTAL ANTIN FUNDS (CO-INVESTMENT) | \n\n 80,818 | \n\n 73,870 | \n
Reconciliation of level\u00a03 fair values
Financial assets which constitute investments in the Antin Funds are measured at fair value and categorised as level 3 financial assets, with changes in the fair value recognised as investment income in the consolidated income statement.
The following table shows a reconciliation of level\u00a03 fair values:
| \n (in \u20ack) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n
|---|---|---|
| \n Opening balance | \n\n 73,870 | \n\n 46,335 | \n
| \n Investments | \n\n 4,314 | \n\n 24,533 | \n
| \n Divestments | \n\n (222) | \n\n (152) | \n
| \n Total gains (losses) in profit or loss | \n\n 2,856 | \n\n 3,154 | \n
| \n Closing balance | \n\n 80,818 | \n\n 73,870 | \n
Fair value gains are recognised as investment income in the consolidated income statement (see Note\u00a05.2 \u201cCarried interest and investment income\u201d).
Sensitivity analysis of fair values
From an Antin perspective, financial investments are normally measured at fair value applying the adjusted net asset value of the investment programs. If the net asset value decreased by 5% while all other variables are held constant, the carrying amount would decrease by \u20ac4.3\u00a0million. The effect would be recognised in the consolidated income statement.
NOTE 14Financial assets
\u25baAccounting principles
REFERENCE: IFRS\u00a09/IFRS\u00a013
Antin\u2019s financial assets mainly consist of non-consolidated equity investments measured at fair value. It\u00a0relates to Antin\u2019s investments in the Antin Funds.
Recognition and initial measurement
IFRS\u00a09 \u201cFinancial Instruments\u201d requires an entity to recognise a financial asset when it becomes party to the contractual provisions of the instrument. At initial recognition, an entity measures a financial asset at its fair value plus or minus transaction costs that are directly attributable to the acquisition or issue of the financial asset.
Classification and subsequent measurement of\u00a0financial assets
A financial asset is initially classified into one of three measurement categories. The classification depends on how the asset is managed (business model) and the characteristics of the asset\u2019s contractual cash flows. The measurement categories for financial assets are as follows:
\u2022fair value through profit or loss (FVPL)
\u2022fair value through other comprehensive income (FVOCI)
\u2022amortised cost (AC).
Financial assets are measured at amortised cost if both of the following conditions are met:
\u2022the financial asset is held within a business model whose objective is to realise the cash flows from the financial assets by holding the financial assets and collecting its contractual cash flows over the life of the assets and
\u2022the contractual terms of the financial asset give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Financial assets measured at amortised cost include accounts receivable, other long-term as well as short-term receivables and cash and cash equivalents. The carrying amounts are considered as the fair value.
Financial assets are measured at FVOCI if both the following conditions are met:
\u2022the financial asset is held within a business model whose objective is to realise the cash flows from the financial assets both by collecting the contractual cash flows and selling financial assets and
\u2022the contractual terms of the financial asset give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding.
As per the classifications under IFRS\u00a09, Antin measures its financial assets related to investments in the Antin Funds at FVPL.
Fair value measurement
IFRS\u00a013 \u201cFair Value Measurement\u201d defines fair value, sets out a framework for measuring fair value, and requires disclosure about fair value measurements.
Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date.
Antin measures and discloses the fair value of its financial assets using the following fair value hierarchy. The fair value hierarchy levels\u00a01 to 3 are based on the degree to which the fair value is observable:
\u2022level\u00a01 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities
\u2022level\u00a02 fair value measurements are those derived from inputs other than quoted prices included within Level\u00a01 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices) and
\u2022level\u00a03 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Financial investments held by Antin consist of investments in Antin Funds. As the information used to value individual assets within each fund is not observable, and because prices for each investment in a fund are not observable, Antin categorises its financial investments in the Antin Funds as level\u00a03 financial assets under IFRS\u00a013 \u201cFair Value Measurement\u201d.
The fair value of the portfolio companies held by the Antin Funds is determined by the Portfolio Review Committee on a quarterly basis in accordance with the recommendations set out in the International Private Equity and Venture Capital Valuation Guidelines (IPEV). The valuation methodologies follow a multi-criteria approach and are applied consistently from one period to another, except when a change in methodology would result in a better estimation of fair value. The assessment of the fair value of an investment involves assumptions and judgement. This may include assumptions with respect to the economic and competitive environment, business plan and financial projections, and assessments of risks and other factors. The fair value is audited annually and reviewed semi-annually. In addition, an independent valuation service provider is appointed to provide independent estimations of ranges of fair value once per year in order to assess Antin\u2019s conclusions of fair value for each investment.
Antin applies control processes to ensure that the fair value of the financial assets reported in the consolidated financial statements are in accordance with applicable accounting standards and determined on a reasonable basis. This includes ensuring that the valuations are consistent with the\u00a0IPEV Guidelines, where relevant, and ensuring that the valuations are supported by underlying documentation.
14.1Breakdown of financial assets
The financial assets held by Antin were as follows:
| \n (in \u20ack) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n
|---|---|---|
| \n Investments in Antin Funds | \n\n 80,818 | \n\n 73,870 | \n
| \n Security deposits | \n\n 3,351 | \n\n 3,784 | \n
| \n Other financial assets | \n\n 13,342 | \n\n 9,638 | \n
| \n TOTAL FINANCIAL ASSETS | \n\n 97,511 | \n\n 87,292 | \n
Investments in Antin Funds held by Antin are measured at fair value on Level\u00a03, with changes in the fair value recognised in the consolidated income statement.
14.2Investments in Antin Funds
Investments in the Antin Funds were as follows:
| \n (in \u20ack) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n
|---|---|---|
| \n Fund\u00a0III-B | \n\n 21,561 | \n\n 21,404 | \n
| \n Mid Cap Fund I | \n\n 11,907 | \n\n 11,443 | \n
| \n Flagship Fund V | \n\n 36,801 | \n\n 31,313 | \n
| \n NextGen Fund I | \n\n 10,368 | \n\n 9,536 | \n
| \n Co-investment vehicles | \n\n 181 | \n\n 174 | \n
| \n TOTAL ANTIN FUNDS (CO-INVESTMENT) | \n\n 80,818 | \n\n 73,870 | \n
Reconciliation of level\u00a03 fair values
Financial assets which constitute investments in the Antin Funds are measured at fair value and categorised as level 3 financial assets, with changes in the fair value recognised as investment income in the consolidated income statement.
The following table shows a reconciliation of level\u00a03 fair values:
| \n (in \u20ack) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n
|---|---|---|
| \n Opening balance | \n\n 73,870 | \n\n 46,335 | \n
| \n Investments | \n\n 4,314 | \n\n 24,533 | \n
| \n Divestments | \n\n (222) | \n\n (152) | \n
| \n Total gains (losses) in profit or loss | \n\n 2,856 | \n\n 3,154 | \n
| \n Closing balance | \n\n 80,818 | \n\n 73,870 | \n
Fair value gains are recognised as investment income in the consolidated income statement (see Note\u00a05.2 \u201cCarried interest and investment income\u201d).
Sensitivity analysis of fair values
From an Antin perspective, financial investments are normally measured at fair value applying the adjusted net asset value of the investment programs. If the net asset value decreased by 5% while all other variables are held constant, the carrying amount would decrease by \u20ac4.3\u00a0million. The effect would be recognised in the consolidated income statement.
NOTE 16Trade receivables
\u25baAccounting principles
Trade receivables
Trade receivables are stated at cost less any provision for impairment. A provision for impairment of trade receivables is established when there is objective evidence that Antin will not be able to collect all amounts due according to the original terms of the receivables. Objective evidence involves an element of judgement and is when a payment has been overdue for an extended period of time, or when the counterparty is in default. Antin also applies IFRS\u00a09 with an impairment model based on expected credit losses, resulting in the recognition of a loss allowance before the credit loss is incurred.
| \n (in \u20ack) | \n\n 31-Dec-2025 | \n\n 31-Dec-2024 | \n
|---|---|---|
| \n Gross account receivables | \n\n 7,817 | \n\n 17,553 | \n
| \n Less: allowances | \n\n - | \n\n - | \n
| \n Total trade receivables | \n\n 7,817 | \n\n 17,553 | \n
Trade receivables mainly related to expenses to be recharged to the Antin Funds. In some instances, Antin will pre-fund expenses for the Antin Funds such as advisory fees, due diligence expenses, and other matters, in particular during the fundraising of a new fund or when the Antin Funds are awaiting cash proceeds from a capital call. The receivables are settled for new funds when the funds are raised, and for existing funds when the capital has been called. Antin has not suffered any material losses from receivables in the past and there are no receivables past due as of the reporting date. Risks are reviewed on a regular basis and Antin has not identified any material counterparty or credit risks as of the reporting date.
NOTE 22Borrowings and financial liabilities
Recognition and initial measurement
Financial liabilities are recognised when Antin becomes party to a contract and are initially measured at fair value plus transaction costs that are directly attributable to their acquisition or issue.
Classification and subsequent measurement of financial liabilities
Financial liabilities are measured at amortised cost. Antin does not currently have any financial liability measured at amortised cost.
As of 31\u00a0December 2025, there were no borrowings and financial liabilities in Antin\u2019s consolidated balance sheet.
NOTE 23Derivative financial instruments
\u25baAccounting principles
REFERENCE: IFRS\u00a09
According to IFRS\u00a09 \u201cFinancial instruments\u201d, a derivative is a financial instrument or any other contract within the scope of the standard with all three of the following characteristics:
\u2022its value changes in response to the change in a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided in the case of a non-financial variable that the variable is not specific to a party to the contract (sometimes called the\u00a0\u201cunderlying\u201d)
\u2022it requires no initial net investment or an initial net investment that is smaller than would be required for other types of contracts that would be expected to have a similar response to changes in market factors
\u2022it is settled at a future date.
Derivatives under IFRS\u00a09 include instruments such as swaps, options, forwards, and futures, and are generally be measured at fair value through profit or loss (FVTPL) unless specific hedge accounting criteria are met.
Derivatives measured and disclosed at fair value are categorised into one of the three levels of the fair value hierarchy (see Note\u00a014 \u201cFinancial assets\u201d).
For financial instruments disclosed in Level\u00a03 of the fair value hierarchy, a difference between the transaction price and the fair value may arise at initial recognition. This \u201cDay One P&L\u201d is deferred and held in the consolidated balance sheet until parameters that were originally non-observable become observable and then released to the consolidated income statement.
IFRS\u00a09 \u201cFinancial Instruments \u2013 Hedge Accounting\u201d deals with the accounting treatment of financial instruments used for hedging purposes.
In order to hedge against certain risks, Antin makes selective use of derivative instruments. Antin may designate a hedge transaction as a fair value hedge or a cash flow hedge, depending on the risk and on the instruments to be hedged.
To designate an instrument as a hedge derivative, Antin documents the hedging relationship from inception. The hedge documentation specifies the asset, liability, or future transaction hedged, the risk to be hedged and the associated risk management strategy, the type of financial derivative and the method used to measure the hedge effectiveness including sources of ineffectiveness and how the hedge ratio is determined. The hedge derivative must be highly effective in offsetting the change in fair value or cash flows arising from the hedged risk.
This effectiveness is verified when changes in the fair value or cash flows of the hedged instrument are almost entirely offset by changes in the fair value or cash flows of the hedging instrument. Effectiveness is assessed when the hedge is first set up and throughout its life. Effectiveness is measured at each reporting period prospectively (expected effectiveness over the future periods) and retrospectively (effectiveness measured on past periods). Hedge accounting is discontinued when the hedging relationship ceases to meet the qualifying criteria. Hedging derivatives are recognised in the balance sheet under derivative financial assets or liabilities.
Hedge on IPO Free Share Plan
Antin implemented a Free Share Plan announced at the time of the IPO in September and November\u00a02021. Antin\u00a0expected to pay social charges levied on the IPO Free Share Plan\u2019s value at the time of vesting. The social charges depend on the jurisdiction and were expected to be 15% in the United\u00a0Kingdom. This exposed Antin to share price risk, with an increase in the Antin share price leading to a corresponding increase in the social charges payable to the tax authorities at the time of vesting. In\u00a0order to mitigate the share price risk associated to the plan and obtain greater certainty with respect to the cash payment due at the time of vesting, Antin entered a cash-settled total return swap to hedge its share price exposure related to the social charges.
In accordance with IFRS\u00a09 \u201cFinancial Instruments \u2013 Hedge Accounting\u201d Antin classifies the swap transaction as a cash flow hedge. A derivative financial instrument is recognised at fair value in Antin\u2019s consolidated balance sheet.
This derivative financial instrument is recognised at fair value on the commencement date and subsequently measured at fair value at each reporting period. Changes in the fair value of\u00a0the derivative financial instrument are recognised in other comprehensive income and within the cash flow hedge reserve in Equity for the effective portion.
Any ineffective portion is recognised in the consolidated income statement within financial income or expense. Amounts recognised in other comprehensive income are transferred to\u00a0the consolidated income statement on the line impacted by the hedged item when the hedged transaction affects profit or loss and the hedged cash flows occur, i.e., at the time of vesting of the free shares.
As of 31\u00a0December 2025, the derivative was settled at maturity, with \u20ac1.7\u00a0million of cumulative loss previously held in the cash flow hedge reserve reclassified to financial loss.
Total Return Swap and Forward Agreement
Antin entered on 18\u00a0December 2024 into a Total Return Swap (\u201cTRS\u201d) with a third-party that has made a \u20ac150\u00a0million commitment to Flagship Fund\u00a0V. The TRS grants Antin all economic upside and downside attributable to the commitment in exchange of interests defined in the TRS agreement and paid during the life of the transaction. The TRS agreement has embedded call and put options, both with a low probability of being exercised.
In addition, Antin entered a Forward Agreement (\u201cFA\u201d) for the sale of a \u20ac100\u00a0million commitment in Flagship Fund\u00a0V to a third\u2011party fund investor, with all economic upside and downside related to this commitment remaining with the fund investor.
The TRS agreement has been executed with a counterparty holding a credit rating of A+ or higher.
Both the TRS and FA are classified as derivative financial instruments measured at Level\u00a03 fair value through profit or loss in Antin\u2019s consolidated financial statements in accordance with IFRS\u00a09 \u201cFinancial instruments\u201d and shall be revaluated at each reporting period against financial profit or loss.
The fair value revaluation of the TRS and FA derivatives has a net impact of \u20ac0.8\u00a0million in 2025.
The deferred margin on financial instruments (\u201cDay One P&L\u201d) is calculated and held on the consolidated balance sheet after identifying valuation adjustments of elements that are non\u2011observable and will be released to consolidated income statement when the inputs will become observable.
As both TRS and FA derivatives were measured using non\u2011observable data (Level\u00a03 inputs), the Day One P&L was \u20ac7.9\u00a0million for the TRS and \u20ac8.0\u00a0million for the FA. These amounts have been deferred in accordance with IFRS\u00a0requirements and are presented as a reduction in the fair value of the relevant transactions within \u201cDerivative financial assets\u201d and \u201cDerivative financial liabilities\u201d lines in the consolidated balance sheet.
\u25baAccounting principles
REFERENCE: IFRS\u00a09/IFRS\u00a013
Antin\u2019s financial assets mainly consist of non-consolidated equity investments measured at fair value. It\u00a0relates to Antin\u2019s investments in the Antin Funds.
Recognition and initial measurement
IFRS\u00a09 \u201cFinancial Instruments\u201d requires an entity to recognise a financial asset when it becomes party to the contractual provisions of the instrument. At initial recognition, an entity measures a financial asset at its fair value plus or minus transaction costs that are directly attributable to the acquisition or issue of the financial asset.
Classification and subsequent measurement of\u00a0financial assets
A financial asset is initially classified into one of three measurement categories. The classification depends on how the asset is managed (business model) and the characteristics of the asset\u2019s contractual cash flows. The measurement categories for financial assets are as follows:
\u2022fair value through profit or loss (FVPL)
\u2022fair value through other comprehensive income (FVOCI)
\u2022amortised cost (AC).
Financial assets are measured at amortised cost if both of the following conditions are met:
\u2022the financial asset is held within a business model whose objective is to realise the cash flows from the financial assets by holding the financial assets and collecting its contractual cash flows over the life of the assets and
\u2022the contractual terms of the financial asset give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Financial assets measured at amortised cost include accounts receivable, other long-term as well as short-term receivables and cash and cash equivalents. The carrying amounts are considered as the fair value.
Financial assets are measured at FVOCI if both the following conditions are met:
\u2022the financial asset is held within a business model whose objective is to realise the cash flows from the financial assets both by collecting the contractual cash flows and selling financial assets and
\u2022the contractual terms of the financial asset give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding.
As per the classifications under IFRS\u00a09, Antin measures its financial assets related to investments in the Antin Funds at FVPL.
Fair value measurement
IFRS\u00a013 \u201cFair Value Measurement\u201d defines fair value, sets out a framework for measuring fair value, and requires disclosure about fair value measurements.
Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date.
Antin measures and discloses the fair value of its financial assets using the following fair value hierarchy. The fair value hierarchy levels\u00a01 to 3 are based on the degree to which the fair value is observable:
\u2022level\u00a01 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities
\u2022level\u00a02 fair value measurements are those derived from inputs other than quoted prices included within Level\u00a01 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices) and
\u2022level\u00a03 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Financial investments held by Antin consist of investments in Antin Funds. As the information used to value individual assets within each fund is not observable, and because prices for each investment in a fund are not observable, Antin categorises its financial investments in the Antin Funds as level\u00a03 financial assets under IFRS\u00a013 \u201cFair Value Measurement\u201d.
The fair value of the portfolio companies held by the Antin Funds is determined by the Portfolio Review Committee on a quarterly basis in accordance with the recommendations set out in the International Private Equity and Venture Capital Valuation Guidelines (IPEV). The valuation methodologies follow a multi-criteria approach and are applied consistently from one period to another, except when a change in methodology would result in a better estimation of fair value. The assessment of the fair value of an investment involves assumptions and judgement. This may include assumptions with respect to the economic and competitive environment, business plan and financial projections, and assessments of risks and other factors. The fair value is audited annually and reviewed semi-annually. In addition, an independent valuation service provider is appointed to provide independent estimations of ranges of fair value once per year in order to assess Antin\u2019s conclusions of fair value for each investment.
Antin applies control processes to ensure that the fair value of the financial assets reported in the consolidated financial statements are in accordance with applicable accounting standards and determined on a reasonable basis. This includes ensuring that the valuations are consistent with the\u00a0IPEV Guidelines, where relevant, and ensuring that the valuations are supported by underlying documentation.
\u25baAccounting principles
Trade receivables
Trade receivables are stated at cost less any provision for impairment. A provision for impairment of trade receivables is established when there is objective evidence that Antin will not be able to collect all amounts due according to the original terms of the receivables. Objective evidence involves an element of judgement and is when a payment has been overdue for an extended period of time, or when the counterparty is in default. Antin also applies IFRS\u00a09 with an impairment model based on expected credit losses, resulting in the recognition of a loss allowance before the credit loss is incurred.
Recognition and initial measurement
Financial liabilities are recognised when Antin becomes party to a contract and are initially measured at fair value plus transaction costs that are directly attributable to their acquisition or issue.
Classification and subsequent measurement of financial liabilities
Financial liabilities are measured at amortised cost. Antin does not currently have any financial liability measured at amortised cost.
\u25baAccounting principles
REFERENCE: IFRS\u00a09
According to IFRS\u00a09 \u201cFinancial instruments\u201d, a derivative is a financial instrument or any other contract within the scope of the standard with all three of the following characteristics:
\u2022its value changes in response to the change in a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided in the case of a non-financial variable that the variable is not specific to a party to the contract (sometimes called the\u00a0\u201cunderlying\u201d)
\u2022it requires no initial net investment or an initial net investment that is smaller than would be required for other types of contracts that would be expected to have a similar response to changes in market factors
\u2022it is settled at a future date.
Derivatives under IFRS\u00a09 include instruments such as swaps, options, forwards, and futures, and are generally be measured at fair value through profit or loss (FVTPL) unless specific hedge accounting criteria are met.
Derivatives measured and disclosed at fair value are categorised into one of the three levels of the fair value hierarchy (see Note\u00a014 \u201cFinancial assets\u201d).
For financial instruments disclosed in Level\u00a03 of the fair value hierarchy, a difference between the transaction price and the fair value may arise at initial recognition. This \u201cDay One P&L\u201d is deferred and held in the consolidated balance sheet until parameters that were originally non-observable become observable and then released to the consolidated income statement.
IFRS\u00a09 \u201cFinancial Instruments \u2013 Hedge Accounting\u201d deals with the accounting treatment of financial instruments used for hedging purposes.
In order to hedge against certain risks, Antin makes selective use of derivative instruments. Antin may designate a hedge transaction as a fair value hedge or a cash flow hedge, depending on the risk and on the instruments to be hedged.
To designate an instrument as a hedge derivative, Antin documents the hedging relationship from inception. The hedge documentation specifies the asset, liability, or future transaction hedged, the risk to be hedged and the associated risk management strategy, the type of financial derivative and the method used to measure the hedge effectiveness including sources of ineffectiveness and how the hedge ratio is determined. The hedge derivative must be highly effective in offsetting the change in fair value or cash flows arising from the hedged risk.
This effectiveness is verified when changes in the fair value or cash flows of the hedged instrument are almost entirely offset by changes in the fair value or cash flows of the hedging instrument. Effectiveness is assessed when the hedge is first set up and throughout its life. Effectiveness is measured at each reporting period prospectively (expected effectiveness over the future periods) and retrospectively (effectiveness measured on past periods). Hedge accounting is discontinued when the hedging relationship ceases to meet the qualifying criteria. Hedging derivatives are recognised in the balance sheet under derivative financial assets or liabilities.
Hedge on IPO Free Share Plan
Antin implemented a Free Share Plan announced at the time of the IPO in September and November\u00a02021. Antin\u00a0expected to pay social charges levied on the IPO Free Share Plan\u2019s value at the time of vesting. The social charges depend on the jurisdiction and were expected to be 15% in the United\u00a0Kingdom. This exposed Antin to share price risk, with an increase in the Antin share price leading to a corresponding increase in the social charges payable to the tax authorities at the time of vesting. In\u00a0order to mitigate the share price risk associated to the plan and obtain greater certainty with respect to the cash payment due at the time of vesting, Antin entered a cash-settled total return swap to hedge its share price exposure related to the social charges.
In accordance with IFRS\u00a09 \u201cFinancial Instruments \u2013 Hedge Accounting\u201d Antin classifies the swap transaction as a cash flow hedge. A derivative financial instrument is recognised at fair value in Antin\u2019s consolidated balance sheet.
This derivative financial instrument is recognised at fair value on the commencement date and subsequently measured at fair value at each reporting period. Changes in the fair value of\u00a0the derivative financial instrument are recognised in other comprehensive income and within the cash flow hedge reserve in Equity for the effective portion.
Any ineffective portion is recognised in the consolidated income statement within financial income or expense. Amounts recognised in other comprehensive income are transferred to\u00a0the consolidated income statement on the line impacted by the hedged item when the hedged transaction affects profit or loss and the hedged cash flows occur, i.e., at the time of vesting of the free shares.
As of 31\u00a0December 2025, the derivative was settled at maturity, with \u20ac1.7\u00a0million of cumulative loss previously held in the cash flow hedge reserve reclassified to financial loss.
Total Return Swap and Forward Agreement
Antin entered on 18\u00a0December 2024 into a Total Return Swap (\u201cTRS\u201d) with a third-party that has made a \u20ac150\u00a0million commitment to Flagship Fund\u00a0V. The TRS grants Antin all economic upside and downside attributable to the commitment in exchange of interests defined in the TRS agreement and paid during the life of the transaction. The TRS agreement has embedded call and put options, both with a low probability of being exercised.
In addition, Antin entered a Forward Agreement (\u201cFA\u201d) for the sale of a \u20ac100\u00a0million commitment in Flagship Fund\u00a0V to a third\u2011party fund investor, with all economic upside and downside related to this commitment remaining with the fund investor.
The TRS agreement has been executed with a counterparty holding a credit rating of A+ or higher.
Both the TRS and FA are classified as derivative financial instruments measured at Level\u00a03 fair value through profit or loss in Antin\u2019s consolidated financial statements in accordance with IFRS\u00a09 \u201cFinancial instruments\u201d and shall be revaluated at each reporting period against financial profit or loss.
The fair value revaluation of the TRS and FA derivatives has a net impact of \u20ac0.8\u00a0million in 2025.
The deferred margin on financial instruments (\u201cDay One P&L\u201d) is calculated and held on the consolidated balance sheet after identifying valuation adjustments of elements that are non\u2011observable and will be released to consolidated income statement when the inputs will become observable.
As both TRS and FA derivatives were measured using non\u2011observable data (Level\u00a03 inputs), the Day One P&L was \u20ac7.9\u00a0million for the TRS and \u20ac8.0\u00a0million for the FA. These amounts have been deferred in accordance with IFRS\u00a0requirements and are presented as a reduction in the fair value of the relevant transactions within \u201cDerivative financial assets\u201d and \u201cDerivative financial liabilities\u201d lines in the consolidated balance sheet.
\u25baAccounting principles
REFERENCE: IFRS\u00a09/IFRS\u00a013
Antin\u2019s financial assets mainly consist of non-consolidated equity investments measured at fair value. It\u00a0relates to Antin\u2019s investments in the Antin Funds.
Recognition and initial measurement
IFRS\u00a09 \u201cFinancial Instruments\u201d requires an entity to recognise a financial asset when it becomes party to the contractual provisions of the instrument. At initial recognition, an entity measures a financial asset at its fair value plus or minus transaction costs that are directly attributable to the acquisition or issue of the financial asset.
Classification and subsequent measurement of\u00a0financial assets
A financial asset is initially classified into one of three measurement categories. The classification depends on how the asset is managed (business model) and the characteristics of the asset\u2019s contractual cash flows. The measurement categories for financial assets are as follows:
\u2022fair value through profit or loss (FVPL)
\u2022fair value through other comprehensive income (FVOCI)
\u2022amortised cost (AC).
Financial assets are measured at amortised cost if both of the following conditions are met:
\u2022the financial asset is held within a business model whose objective is to realise the cash flows from the financial assets by holding the financial assets and collecting its contractual cash flows over the life of the assets and
\u2022the contractual terms of the financial asset give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Financial assets measured at amortised cost include accounts receivable, other long-term as well as short-term receivables and cash and cash equivalents. The carrying amounts are considered as the fair value.
Financial assets are measured at FVOCI if both the following conditions are met:
\u2022the financial asset is held within a business model whose objective is to realise the cash flows from the financial assets both by collecting the contractual cash flows and selling financial assets and
\u2022the contractual terms of the financial asset give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding.
As per the classifications under IFRS\u00a09, Antin measures its financial assets related to investments in the Antin Funds at FVPL.
Fair value measurement
IFRS\u00a013 \u201cFair Value Measurement\u201d defines fair value, sets out a framework for measuring fair value, and requires disclosure about fair value measurements.
Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date.
Antin measures and discloses the fair value of its financial assets using the following fair value hierarchy. The fair value hierarchy levels\u00a01 to 3 are based on the degree to which the fair value is observable:
\u2022level\u00a01 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities
\u2022level\u00a02 fair value measurements are those derived from inputs other than quoted prices included within Level\u00a01 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices) and
\u2022level\u00a03 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Financial investments held by Antin consist of investments in Antin Funds. As the information used to value individual assets within each fund is not observable, and because prices for each investment in a fund are not observable, Antin categorises its financial investments in the Antin Funds as level\u00a03 financial assets under IFRS\u00a013 \u201cFair Value Measurement\u201d.
The fair value of the portfolio companies held by the Antin Funds is determined by the Portfolio Review Committee on a quarterly basis in accordance with the recommendations set out in the International Private Equity and Venture Capital Valuation Guidelines (IPEV). The valuation methodologies follow a multi-criteria approach and are applied consistently from one period to another, except when a change in methodology would result in a better estimation of fair value. The assessment of the fair value of an investment involves assumptions and judgement. This may include assumptions with respect to the economic and competitive environment, business plan and financial projections, and assessments of risks and other factors. The fair value is audited annually and reviewed semi-annually. In addition, an independent valuation service provider is appointed to provide independent estimations of ranges of fair value once per year in order to assess Antin\u2019s conclusions of fair value for each investment.
Antin applies control processes to ensure that the fair value of the financial assets reported in the consolidated financial statements are in accordance with applicable accounting standards and determined on a reasonable basis. This includes ensuring that the valuations are consistent with the\u00a0IPEV Guidelines, where relevant, and ensuring that the valuations are supported by underlying documentation.
\u25baAccounting principles
Trade receivables
Trade receivables are stated at cost less any provision for impairment. A provision for impairment of trade receivables is established when there is objective evidence that Antin will not be able to collect all amounts due according to the original terms of the receivables. Objective evidence involves an element of judgement and is when a payment has been overdue for an extended period of time, or when the counterparty is in default. Antin also applies IFRS\u00a09 with an impairment model based on expected credit losses, resulting in the recognition of a loss allowance before the credit loss is incurred.
Fair value measurement
IFRS\u00a013 \u201cFair Value Measurement\u201d defines fair value, sets out a framework for measuring fair value, and requires disclosure about fair value measurements.
Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date.
Antin measures and discloses the fair value of its financial assets using the following fair value hierarchy. The fair value hierarchy levels\u00a01 to 3 are based on the degree to which the fair value is observable:
\u2022level\u00a01 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities
\u2022level\u00a02 fair value measurements are those derived from inputs other than quoted prices included within Level\u00a01 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices) and
\u2022level\u00a03 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Financial investments held by Antin consist of investments in Antin Funds. As the information used to value individual assets within each fund is not observable, and because prices for each investment in a fund are not observable, Antin categorises its financial investments in the Antin Funds as level\u00a03 financial assets under IFRS\u00a013 \u201cFair Value Measurement\u201d.
The fair value of the portfolio companies held by the Antin Funds is determined by the Portfolio Review Committee on a quarterly basis in accordance with the recommendations set out in the International Private Equity and Venture Capital Valuation Guidelines (IPEV). The valuation methodologies follow a multi-criteria approach and are applied consistently from one period to another, except when a change in methodology would result in a better estimation of fair value. The assessment of the fair value of an investment involves assumptions and judgement. This may include assumptions with respect to the economic and competitive environment, business plan and financial projections, and assessments of risks and other factors. The fair value is audited annually and reviewed semi-annually. In addition, an independent valuation service provider is appointed to provide independent estimations of ranges of fair value once per year in order to assess Antin\u2019s conclusions of fair value for each investment.
Antin applies control processes to ensure that the fair value of the financial assets reported in the consolidated financial statements are in accordance with applicable accounting standards and determined on a reasonable basis. This includes ensuring that the valuations are consistent with the\u00a0IPEV Guidelines, where relevant, and ensuring that the valuations are supported by underlying documentation.
14.1Breakdown of financial assets
The financial assets held by Antin were as follows:
| \n (in \u20ack) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n
|---|---|---|
| \n Investments in Antin Funds | \n\n 80,818 | \n\n 73,870 | \n
| \n Security deposits | \n\n 3,351 | \n\n 3,784 | \n
| \n Other financial assets | \n\n 13,342 | \n\n 9,638 | \n
| \n TOTAL FINANCIAL ASSETS | \n\n 97,511 | \n\n 87,292 | \n
Investments in Antin Funds held by Antin are measured at fair value on Level\u00a03, with changes in the fair value recognised in the consolidated income statement.
14.2Investments in Antin Funds
Investments in the Antin Funds were as follows:
| \n (in \u20ack) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n
|---|---|---|
| \n Fund\u00a0III-B | \n\n 21,561 | \n\n 21,404 | \n
| \n Mid Cap Fund I | \n\n 11,907 | \n\n 11,443 | \n
| \n Flagship Fund V | \n\n 36,801 | \n\n 31,313 | \n
| \n NextGen Fund I | \n\n 10,368 | \n\n 9,536 | \n
| \n Co-investment vehicles | \n\n 181 | \n\n 174 | \n
| \n TOTAL ANTIN FUNDS (CO-INVESTMENT) | \n\n 80,818 | \n\n 73,870 | \n
Reconciliation of level\u00a03 fair values
Financial assets which constitute investments in the Antin Funds are measured at fair value and categorised as level 3 financial assets, with changes in the fair value recognised as investment income in the consolidated income statement.
The following table shows a reconciliation of level\u00a03 fair values:
| \n (in \u20ack) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n
|---|---|---|
| \n Opening balance | \n\n 73,870 | \n\n 46,335 | \n
| \n Investments | \n\n 4,314 | \n\n 24,533 | \n
| \n Divestments | \n\n (222) | \n\n (152) | \n
| \n Total gains (losses) in profit or loss | \n\n 2,856 | \n\n 3,154 | \n
| \n Closing balance | \n\n 80,818 | \n\n 73,870 | \n
Fair value gains are recognised as investment income in the consolidated income statement (see Note\u00a05.2 \u201cCarried interest and investment income\u201d).
Sensitivity analysis of fair values
From an Antin perspective, financial investments are normally measured at fair value applying the adjusted net asset value of the investment programs. If the net asset value decreased by 5% while all other variables are held constant, the carrying amount would decrease by \u20ac4.3\u00a0million. The effect would be recognised in the consolidated income statement.
Fair value measurement
IFRS\u00a013 \u201cFair Value Measurement\u201d defines fair value, sets out a framework for measuring fair value, and requires disclosure about fair value measurements.
Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date.
Antin measures and discloses the fair value of its financial assets using the following fair value hierarchy. The fair value hierarchy levels\u00a01 to 3 are based on the degree to which the fair value is observable:
\u2022level\u00a01 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities
\u2022level\u00a02 fair value measurements are those derived from inputs other than quoted prices included within Level\u00a01 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices) and
\u2022level\u00a03 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Financial investments held by Antin consist of investments in Antin Funds. As the information used to value individual assets within each fund is not observable, and because prices for each investment in a fund are not observable, Antin categorises its financial investments in the Antin Funds as level\u00a03 financial assets under IFRS\u00a013 \u201cFair Value Measurement\u201d.
The fair value of the portfolio companies held by the Antin Funds is determined by the Portfolio Review Committee on a quarterly basis in accordance with the recommendations set out in the International Private Equity and Venture Capital Valuation Guidelines (IPEV). The valuation methodologies follow a multi-criteria approach and are applied consistently from one period to another, except when a change in methodology would result in a better estimation of fair value. The assessment of the fair value of an investment involves assumptions and judgement. This may include assumptions with respect to the economic and competitive environment, business plan and financial projections, and assessments of risks and other factors. The fair value is audited annually and reviewed semi-annually. In addition, an independent valuation service provider is appointed to provide independent estimations of ranges of fair value once per year in order to assess Antin\u2019s conclusions of fair value for each investment.
Antin applies control processes to ensure that the fair value of the financial assets reported in the consolidated financial statements are in accordance with applicable accounting standards and determined on a reasonable basis. This includes ensuring that the valuations are consistent with the\u00a0IPEV Guidelines, where relevant, and ensuring that the valuations are supported by underlying documentation.
14.1Breakdown of financial assets
The financial assets held by Antin were as follows:
| \n (in \u20ack) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n
|---|---|---|
| \n Investments in Antin Funds | \n\n 80,818 | \n\n 73,870 | \n
| \n Security deposits | \n\n 3,351 | \n\n 3,784 | \n
| \n Other financial assets | \n\n 13,342 | \n\n 9,638 | \n
| \n TOTAL FINANCIAL ASSETS | \n\n 97,511 | \n\n 87,292 | \n
Investments in Antin Funds held by Antin are measured at fair value on Level\u00a03, with changes in the fair value recognised in the consolidated income statement.
NOTE 24Cash and cash equivalents
\u25baAccounting principles
REFERENCE: IAS\u00a07
Cash relates to cash on hand and demand deposits.
Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and subject to an insignificant risk of a change in value.
Money market instruments relate to collective investment schemes measured at fair market value at the reporting date.
| \n (in \u20ack) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n
|---|---|---|
| \n Term accounts with initial maturities of less than three months | \n\n 135,966 | \n\n 233,419 | \n
| \n Money market instruments | \n\n 202 | \n\n 129,953 | \n
| \n Cash deposits held with banks | \n\n 231,754 | \n\n 25,477 | \n
| \n Total cash and cash equivalents | \n\n 367,922 | \n\n 388,850 | \n
The Group Finance Department manages and invests Antin\u2019s cash and cash equivalents within the risk and approval framework of the Group Treasury Policy approved by the Board of Directors. The Group Treasury Policy lays out a framework for Antin to effectively manage, mitigate and monitor its financial risks. The\u00a0policy defines responsibilities, permitted activities, approval requirements and performance measurement related to Antin\u2019s treasury activities, which includes cash management. The Group Treasury Policy stipulates that bank counterparties shall have a minimum credit rating of BBB (S&P or equivalent). The Group Finance Department monitors and confirms credit ratings at each reporting period, and periodically when market or counterparty circumstances change. The Group Finance Department also ensures that cash and cash equivalents are appropriately diversified across bank counterparties and money market instruments, to manage counterparty and concentration risks.
Cash and cash equivalents of \u20ac367.9\u00a0million as of 31\u00a0December 2025 were allocated to bank counterparties and money market instruments with credit ratings equal or higher than A-.
14.1Breakdown of financial assets
The financial assets held by Antin were as follows:
| \n (in \u20ack) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n
|---|---|---|
| \n Investments in Antin Funds | \n\n 80,818 | \n\n 73,870 | \n
| \n Security deposits | \n\n 3,351 | \n\n 3,784 | \n
| \n Other financial assets | \n\n 13,342 | \n\n 9,638 | \n
| \n TOTAL FINANCIAL ASSETS | \n\n 97,511 | \n\n 87,292 | \n
Investments in Antin Funds held by Antin are measured at fair value on Level\u00a03, with changes in the fair value recognised in the consolidated income statement.
NOTE 23Derivative financial instruments
\u25baAccounting principles
REFERENCE: IFRS\u00a09
According to IFRS\u00a09 \u201cFinancial instruments\u201d, a derivative is a financial instrument or any other contract within the scope of the standard with all three of the following characteristics:
\u2022its value changes in response to the change in a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided in the case of a non-financial variable that the variable is not specific to a party to the contract (sometimes called the\u00a0\u201cunderlying\u201d)
\u2022it requires no initial net investment or an initial net investment that is smaller than would be required for other types of contracts that would be expected to have a similar response to changes in market factors
\u2022it is settled at a future date.
Derivatives under IFRS\u00a09 include instruments such as swaps, options, forwards, and futures, and are generally be measured at fair value through profit or loss (FVTPL) unless specific hedge accounting criteria are met.
Derivatives measured and disclosed at fair value are categorised into one of the three levels of the fair value hierarchy (see Note\u00a014 \u201cFinancial assets\u201d).
For financial instruments disclosed in Level\u00a03 of the fair value hierarchy, a difference between the transaction price and the fair value may arise at initial recognition. This \u201cDay One P&L\u201d is deferred and held in the consolidated balance sheet until parameters that were originally non-observable become observable and then released to the consolidated income statement.
IFRS\u00a09 \u201cFinancial Instruments \u2013 Hedge Accounting\u201d deals with the accounting treatment of financial instruments used for hedging purposes.
In order to hedge against certain risks, Antin makes selective use of derivative instruments. Antin may designate a hedge transaction as a fair value hedge or a cash flow hedge, depending on the risk and on the instruments to be hedged.
To designate an instrument as a hedge derivative, Antin documents the hedging relationship from inception. The hedge documentation specifies the asset, liability, or future transaction hedged, the risk to be hedged and the associated risk management strategy, the type of financial derivative and the method used to measure the hedge effectiveness including sources of ineffectiveness and how the hedge ratio is determined. The hedge derivative must be highly effective in offsetting the change in fair value or cash flows arising from the hedged risk.
This effectiveness is verified when changes in the fair value or cash flows of the hedged instrument are almost entirely offset by changes in the fair value or cash flows of the hedging instrument. Effectiveness is assessed when the hedge is first set up and throughout its life. Effectiveness is measured at each reporting period prospectively (expected effectiveness over the future periods) and retrospectively (effectiveness measured on past periods). Hedge accounting is discontinued when the hedging relationship ceases to meet the qualifying criteria. Hedging derivatives are recognised in the balance sheet under derivative financial assets or liabilities.
Hedge on IPO Free Share Plan
Antin implemented a Free Share Plan announced at the time of the IPO in September and November\u00a02021. Antin\u00a0expected to pay social charges levied on the IPO Free Share Plan\u2019s value at the time of vesting. The social charges depend on the jurisdiction and were expected to be 15% in the United\u00a0Kingdom. This exposed Antin to share price risk, with an increase in the Antin share price leading to a corresponding increase in the social charges payable to the tax authorities at the time of vesting. In\u00a0order to mitigate the share price risk associated to the plan and obtain greater certainty with respect to the cash payment due at the time of vesting, Antin entered a cash-settled total return swap to hedge its share price exposure related to the social charges.
In accordance with IFRS\u00a09 \u201cFinancial Instruments \u2013 Hedge Accounting\u201d Antin classifies the swap transaction as a cash flow hedge. A derivative financial instrument is recognised at fair value in Antin\u2019s consolidated balance sheet.
This derivative financial instrument is recognised at fair value on the commencement date and subsequently measured at fair value at each reporting period. Changes in the fair value of\u00a0the derivative financial instrument are recognised in other comprehensive income and within the cash flow hedge reserve in Equity for the effective portion.
Any ineffective portion is recognised in the consolidated income statement within financial income or expense. Amounts recognised in other comprehensive income are transferred to\u00a0the consolidated income statement on the line impacted by the hedged item when the hedged transaction affects profit or loss and the hedged cash flows occur, i.e., at the time of vesting of the free shares.
As of 31\u00a0December 2025, the derivative was settled at maturity, with \u20ac1.7\u00a0million of cumulative loss previously held in the cash flow hedge reserve reclassified to financial loss.
Total Return Swap and Forward Agreement
Antin entered on 18\u00a0December 2024 into a Total Return Swap (\u201cTRS\u201d) with a third-party that has made a \u20ac150\u00a0million commitment to Flagship Fund\u00a0V. The TRS grants Antin all economic upside and downside attributable to the commitment in exchange of interests defined in the TRS agreement and paid during the life of the transaction. The TRS agreement has embedded call and put options, both with a low probability of being exercised.
In addition, Antin entered a Forward Agreement (\u201cFA\u201d) for the sale of a \u20ac100\u00a0million commitment in Flagship Fund\u00a0V to a third\u2011party fund investor, with all economic upside and downside related to this commitment remaining with the fund investor.
The TRS agreement has been executed with a counterparty holding a credit rating of A+ or higher.
Both the TRS and FA are classified as derivative financial instruments measured at Level\u00a03 fair value through profit or loss in Antin\u2019s consolidated financial statements in accordance with IFRS\u00a09 \u201cFinancial instruments\u201d and shall be revaluated at each reporting period against financial profit or loss.
The fair value revaluation of the TRS and FA derivatives has a net impact of \u20ac0.8\u00a0million in 2025.
The deferred margin on financial instruments (\u201cDay One P&L\u201d) is calculated and held on the consolidated balance sheet after identifying valuation adjustments of elements that are non\u2011observable and will be released to consolidated income statement when the inputs will become observable.
As both TRS and FA derivatives were measured using non\u2011observable data (Level\u00a03 inputs), the Day One P&L was \u20ac7.9\u00a0million for the TRS and \u20ac8.0\u00a0million for the FA. These amounts have been deferred in accordance with IFRS\u00a0requirements and are presented as a reduction in the fair value of the relevant transactions within \u201cDerivative financial assets\u201d and \u201cDerivative financial liabilities\u201d lines in the consolidated balance sheet.
14.1Breakdown of financial assets
The financial assets held by Antin were as follows:
| \n (in \u20ack) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n
|---|---|---|
| \n Investments in Antin Funds | \n\n 80,818 | \n\n 73,870 | \n
| \n Security deposits | \n\n 3,351 | \n\n 3,784 | \n
| \n Other financial assets | \n\n 13,342 | \n\n 9,638 | \n
| \n TOTAL FINANCIAL ASSETS | \n\n 97,511 | \n\n 87,292 | \n
Investments in Antin Funds held by Antin are measured at fair value on Level\u00a03, with changes in the fair value recognised in the consolidated income statement.
NOTE 15Other non-current assets
\u25baAccounting principles
Antin may use placement agents or other local representatives/agents in certain jurisdictions, where its own personnel could not be authorised to market the funds. Those placement fees are capitalised as a non-current asset representing the costs of obtaining the contract in accordance with IFRS\u00a015 \u201cCosts to Fulfil a Contract\u201d.
Capitalised placement fees are expected to be recovered over a fund\u2019s commitment period. The benefit of the cost is primarily considered to be attributable to the period when the fund investments are carried out. Therefore, the useful life of the asset is the commitment period which is expected to be 10\u00a0years starting from the first closing of the fund. The\u00a0asset is amortised on a straight-line basis.
| \n (in \u20ack) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n
|---|---|---|
| \n Opening balance | \n\n 10,769 | \n\n 13,117 | \n
| \n Additions | \n\n - | \n\n 1,081 | \n
| \n Amortisation | \n\n (2,214) | \n\n (3,430) | \n
| \n Closing balance | \n\n 8,555 | \n\n 10,769 | \n
Total non-current assets as of 31\u00a0December 2025 stood at \u20ac8.6\u00a0million and related to capitalised placement fees for Flagship Fund\u00a0III (2016), Flagship Fund\u00a0IV (2020), Mid\u00a0Cap Fund\u00a0I (2021) and Flagship Fund\u00a0V (2022).
NOTE 17Other current assets
| \n (in \u20ack) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n
|---|---|---|
| \n Tax receivables excluding income tax | \n\n 547 | \n\n 5,994 | \n
| \n Other current assets | \n\n 9,101 | \n\n 7,938 | \n
| \n Total other current assets | \n\n 9,648 | \n\n 13,932 | \n
Tax receivables mainly related to VAT recoverable monthly.
Other current assets mainly related to short-term cash advances to the Antin Funds that are interest free.
NOTE 18Prepaid expenses
Amounts related to prepaid expenses were as follows:
| \n (in \u20ack) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n
|---|---|---|
| \n Subscriptions | \n\n 1,177 | \n\n 1,364 | \n
| \n Tax | \n\n 311 | \n\n 295 | \n
| \n Professional membership | \n\n 412 | \n\n 321 | \n
| \n Insurance | \n\n 312 | \n\n 242 | \n
| \n Rent | \n\n 1,230 | \n\n 1,934 | \n
| \n Fees and others | \n\n 1,592 | \n\n 802 | \n
| \n Total prepaid expenses | \n\n 5,034 | \n\n 4,957 | \n
NOTE 19Accrued income
\u25baAccounting principles
Accrued income, reported as contract assets, is related to management fees or to carried interest.
Contract assets related to management fees arise primarily from timing differences between the time of generating the revenue and the time of payment. Timing differences mainly occur at the beginning of the life of a fund and before the final closing of a fund.
Contract assets related to carried interest comprise Antin\u2019s capital contributions in the Carry Vehicles, and amounts recognised as revenue, with the payment not yet received. Carried interest is payable in accordance with the waterfall distribution rules defined in the contractual agreements of each fund.
Specifications of changes in contract assets related to carried interest
| \n (in \u20ack) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n
|---|---|---|
| \n Opening balance | \n\n 18,832 | \n\n 12,414 | \n
| \n Revenue/(loss) recognised during the period | \n\n 87 | \n\n 390 | \n
| \n Realisation of carried interest/return on capital | \n\n (87) | \n\n (657) | \n
| \n Acquisition/(transfer of commitment) | \n\n (3,934) | \n\n 6,685 | \n
| \n Closing balance of accrued income | \n\n 14,898 | \n\n 18,832 | \n
Specifications of changes in contract assets related to management fees
| \n (in \u20ack) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n
|---|---|---|
| \n Opening balance | \n\n 12,294 | \n\n 2,013 | \n
| \n Contract assets settled during the period | \n\n (12,294) | \n\n (2,013) | \n
| \n Revenue recognised during the period not yet invoiced/not yet chargeable | \n\n - | \n\n 12,294 | \n
| \n Closing balance of accrued income | \n\n - | \n\n 12,294 | \n
NOTE 15Other non-current assets
\u25baAccounting principles
Antin may use placement agents or other local representatives/agents in certain jurisdictions, where its own personnel could not be authorised to market the funds. Those placement fees are capitalised as a non-current asset representing the costs of obtaining the contract in accordance with IFRS\u00a015 \u201cCosts to Fulfil a Contract\u201d.
Capitalised placement fees are expected to be recovered over a fund\u2019s commitment period. The benefit of the cost is primarily considered to be attributable to the period when the fund investments are carried out. Therefore, the useful life of the asset is the commitment period which is expected to be 10\u00a0years starting from the first closing of the fund. The\u00a0asset is amortised on a straight-line basis.
| \n (in \u20ack) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n
|---|---|---|
| \n Opening balance | \n\n 10,769 | \n\n 13,117 | \n
| \n Additions | \n\n - | \n\n 1,081 | \n
| \n Amortisation | \n\n (2,214) | \n\n (3,430) | \n
| \n Closing balance | \n\n 8,555 | \n\n 10,769 | \n
Total non-current assets as of 31\u00a0December 2025 stood at \u20ac8.6\u00a0million and related to capitalised placement fees for Flagship Fund\u00a0III (2016), Flagship Fund\u00a0IV (2020), Mid\u00a0Cap Fund\u00a0I (2021) and Flagship Fund\u00a0V (2022).
NOTE 16Trade receivables
\u25baAccounting principles
Trade receivables
Trade receivables are stated at cost less any provision for impairment. A provision for impairment of trade receivables is established when there is objective evidence that Antin will not be able to collect all amounts due according to the original terms of the receivables. Objective evidence involves an element of judgement and is when a payment has been overdue for an extended period of time, or when the counterparty is in default. Antin also applies IFRS\u00a09 with an impairment model based on expected credit losses, resulting in the recognition of a loss allowance before the credit loss is incurred.
| \n (in \u20ack) | \n\n 31-Dec-2025 | \n\n 31-Dec-2024 | \n
|---|---|---|
| \n Gross account receivables | \n\n 7,817 | \n\n 17,553 | \n
| \n Less: allowances | \n\n - | \n\n - | \n
| \n Total trade receivables | \n\n 7,817 | \n\n 17,553 | \n
Trade receivables mainly related to expenses to be recharged to the Antin Funds. In some instances, Antin will pre-fund expenses for the Antin Funds such as advisory fees, due diligence expenses, and other matters, in particular during the fundraising of a new fund or when the Antin Funds are awaiting cash proceeds from a capital call. The receivables are settled for new funds when the funds are raised, and for existing funds when the capital has been called. Antin has not suffered any material losses from receivables in the past and there are no receivables past due as of the reporting date. Risks are reviewed on a regular basis and Antin has not identified any material counterparty or credit risks as of the reporting date.
NOTE 16Trade receivables
\u25baAccounting principles
Trade receivables
Trade receivables are stated at cost less any provision for impairment. A provision for impairment of trade receivables is established when there is objective evidence that Antin will not be able to collect all amounts due according to the original terms of the receivables. Objective evidence involves an element of judgement and is when a payment has been overdue for an extended period of time, or when the counterparty is in default. Antin also applies IFRS\u00a09 with an impairment model based on expected credit losses, resulting in the recognition of a loss allowance before the credit loss is incurred.
| \n (in \u20ack) | \n\n 31-Dec-2025 | \n\n 31-Dec-2024 | \n
|---|---|---|
| \n Gross account receivables | \n\n 7,817 | \n\n 17,553 | \n
| \n Less: allowances | \n\n - | \n\n - | \n
| \n Total trade receivables | \n\n 7,817 | \n\n 17,553 | \n
Trade receivables mainly related to expenses to be recharged to the Antin Funds. In some instances, Antin will pre-fund expenses for the Antin Funds such as advisory fees, due diligence expenses, and other matters, in particular during the fundraising of a new fund or when the Antin Funds are awaiting cash proceeds from a capital call. The receivables are settled for new funds when the funds are raised, and for existing funds when the capital has been called. Antin has not suffered any material losses from receivables in the past and there are no receivables past due as of the reporting date. Risks are reviewed on a regular basis and Antin has not identified any material counterparty or credit risks as of the reporting date.
NOTE 16Trade receivables
\u25baAccounting principles
Trade receivables
Trade receivables are stated at cost less any provision for impairment. A provision for impairment of trade receivables is established when there is objective evidence that Antin will not be able to collect all amounts due according to the original terms of the receivables. Objective evidence involves an element of judgement and is when a payment has been overdue for an extended period of time, or when the counterparty is in default. Antin also applies IFRS\u00a09 with an impairment model based on expected credit losses, resulting in the recognition of a loss allowance before the credit loss is incurred.
| \n (in \u20ack) | \n\n 31-Dec-2025 | \n\n 31-Dec-2024 | \n
|---|---|---|
| \n Gross account receivables | \n\n 7,817 | \n\n 17,553 | \n
| \n Less: allowances | \n\n - | \n\n - | \n
| \n Total trade receivables | \n\n 7,817 | \n\n 17,553 | \n
Trade receivables mainly related to expenses to be recharged to the Antin Funds. In some instances, Antin will pre-fund expenses for the Antin Funds such as advisory fees, due diligence expenses, and other matters, in particular during the fundraising of a new fund or when the Antin Funds are awaiting cash proceeds from a capital call. The receivables are settled for new funds when the funds are raised, and for existing funds when the capital has been called. Antin has not suffered any material losses from receivables in the past and there are no receivables past due as of the reporting date. Risks are reviewed on a regular basis and Antin has not identified any material counterparty or credit risks as of the reporting date.
\u25baAccounting principles
Trade receivables
Trade receivables are stated at cost less any provision for impairment. A provision for impairment of trade receivables is established when there is objective evidence that Antin will not be able to collect all amounts due according to the original terms of the receivables. Objective evidence involves an element of judgement and is when a payment has been overdue for an extended period of time, or when the counterparty is in default. Antin also applies IFRS\u00a09 with an impairment model based on expected credit losses, resulting in the recognition of a loss allowance before the credit loss is incurred.
\u25baAccounting principles
Trade receivables
Trade receivables are stated at cost less any provision for impairment. A provision for impairment of trade receivables is established when there is objective evidence that Antin will not be able to collect all amounts due according to the original terms of the receivables. Objective evidence involves an element of judgement and is when a payment has been overdue for an extended period of time, or when the counterparty is in default. Antin also applies IFRS\u00a09 with an impairment model based on expected credit losses, resulting in the recognition of a loss allowance before the credit loss is incurred.
NOTE 17Other current assets
| \n (in \u20ack) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n
|---|---|---|
| \n Tax receivables excluding income tax | \n\n 547 | \n\n 5,994 | \n
| \n Other current assets | \n\n 9,101 | \n\n 7,938 | \n
| \n Total other current assets | \n\n 9,648 | \n\n 13,932 | \n
Tax receivables mainly related to VAT recoverable monthly.
Other current assets mainly related to short-term cash advances to the Antin Funds that are interest free.
NOTE 18Prepaid expenses
Amounts related to prepaid expenses were as follows:
| \n (in \u20ack) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n
|---|---|---|
| \n Subscriptions | \n\n 1,177 | \n\n 1,364 | \n
| \n Tax | \n\n 311 | \n\n 295 | \n
| \n Professional membership | \n\n 412 | \n\n 321 | \n
| \n Insurance | \n\n 312 | \n\n 242 | \n
| \n Rent | \n\n 1,230 | \n\n 1,934 | \n
| \n Fees and others | \n\n 1,592 | \n\n 802 | \n
| \n Total prepaid expenses | \n\n 5,034 | \n\n 4,957 | \n
NOTE 19Accrued income
\u25baAccounting principles
Accrued income, reported as contract assets, is related to management fees or to carried interest.
Contract assets related to management fees arise primarily from timing differences between the time of generating the revenue and the time of payment. Timing differences mainly occur at the beginning of the life of a fund and before the final closing of a fund.
Contract assets related to carried interest comprise Antin\u2019s capital contributions in the Carry Vehicles, and amounts recognised as revenue, with the payment not yet received. Carried interest is payable in accordance with the waterfall distribution rules defined in the contractual agreements of each fund.
Specifications of changes in contract assets related to carried interest
| \n (in \u20ack) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n
|---|---|---|
| \n Opening balance | \n\n 18,832 | \n\n 12,414 | \n
| \n Revenue/(loss) recognised during the period | \n\n 87 | \n\n 390 | \n
| \n Realisation of carried interest/return on capital | \n\n (87) | \n\n (657) | \n
| \n Acquisition/(transfer of commitment) | \n\n (3,934) | \n\n 6,685 | \n
| \n Closing balance of accrued income | \n\n 14,898 | \n\n 18,832 | \n
Specifications of changes in contract assets related to management fees
| \n (in \u20ack) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n
|---|---|---|
| \n Opening balance | \n\n 12,294 | \n\n 2,013 | \n
| \n Contract assets settled during the period | \n\n (12,294) | \n\n (2,013) | \n
| \n Revenue recognised during the period not yet invoiced/not yet chargeable | \n\n - | \n\n 12,294 | \n
| \n Closing balance of accrued income | \n\n - | \n\n 12,294 | \n
NOTE 20Trade payables and other current liabilities
| \n (in \u20ack) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n
|---|---|---|
| \n Trade payables | \n\n 13,006 | \n\n 23,438 | \n
| \n Tax liabilities (other than income tax) | \n\n 3,211 | \n\n 8,267 | \n
| \n Personnel and social liabilities | \n\n 30,447 | \n\n 26,915 | \n
| \n Other | \n\n 2,957 | \n\n 5,315 | \n
| \n Total trade payables and other current liabilities | \n\n 49,621 | \n\n 63,935 | \n
Personnel and social, tax liabilities mainly related to personnel expenses (bonus accruals, holiday accruals), social charges related to personnel expenses and taxes due in connection with personnel expenses.
NOTE 21Provision
\u25baAccounting principles
REFERENCE: IAS\u00a037
Provisions are recognised when Antin has a present obligation (legal or constructive) as a result of a past event, it is probable that Antin will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of\u00a0the consideration required to settle the present obligation\u00a0at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.
As of 31\u00a0December 2025, there were no material provisions in Antin\u2019s consolidated balance sheet.
NOTE 22Borrowings and financial liabilities
Recognition and initial measurement
Financial liabilities are recognised when Antin becomes party to a contract and are initially measured at fair value plus transaction costs that are directly attributable to their acquisition or issue.
Classification and subsequent measurement of financial liabilities
Financial liabilities are measured at amortised cost. Antin does not currently have any financial liability measured at amortised cost.
As of 31\u00a0December 2025, there were no borrowings and financial liabilities in Antin\u2019s consolidated balance sheet.
NOTE 22Borrowings and financial liabilities
Recognition and initial measurement
Financial liabilities are recognised when Antin becomes party to a contract and are initially measured at fair value plus transaction costs that are directly attributable to their acquisition or issue.
Classification and subsequent measurement of financial liabilities
Financial liabilities are measured at amortised cost. Antin does not currently have any financial liability measured at amortised cost.
As of 31\u00a0December 2025, there were no borrowings and financial liabilities in Antin\u2019s consolidated balance sheet.
Recognition and initial measurement
Financial liabilities are recognised when Antin becomes party to a contract and are initially measured at fair value plus transaction costs that are directly attributable to their acquisition or issue.
Classification and subsequent measurement of financial liabilities
Financial liabilities are measured at amortised cost. Antin does not currently have any financial liability measured at amortised cost.
Recognition and initial measurement
Financial liabilities are recognised when Antin becomes party to a contract and are initially measured at fair value plus transaction costs that are directly attributable to their acquisition or issue.
Classification and subsequent measurement of financial liabilities
Financial liabilities are measured at amortised cost. Antin does not currently have any financial liability measured at amortised cost.
\u25baAccounting principles
REFERENCE: IFRS\u00a09
According to IFRS\u00a09 \u201cFinancial instruments\u201d, a derivative is a financial instrument or any other contract within the scope of the standard with all three of the following characteristics:
\u2022its value changes in response to the change in a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided in the case of a non-financial variable that the variable is not specific to a party to the contract (sometimes called the\u00a0\u201cunderlying\u201d)
\u2022it requires no initial net investment or an initial net investment that is smaller than would be required for other types of contracts that would be expected to have a similar response to changes in market factors
\u2022it is settled at a future date.
Derivatives under IFRS\u00a09 include instruments such as swaps, options, forwards, and futures, and are generally be measured at fair value through profit or loss (FVTPL) unless specific hedge accounting criteria are met.
Derivatives measured and disclosed at fair value are categorised into one of the three levels of the fair value hierarchy (see Note\u00a014 \u201cFinancial assets\u201d).
For financial instruments disclosed in Level\u00a03 of the fair value hierarchy, a difference between the transaction price and the fair value may arise at initial recognition. This \u201cDay One P&L\u201d is deferred and held in the consolidated balance sheet until parameters that were originally non-observable become observable and then released to the consolidated income statement.
IFRS\u00a09 \u201cFinancial Instruments \u2013 Hedge Accounting\u201d deals with the accounting treatment of financial instruments used for hedging purposes.
In order to hedge against certain risks, Antin makes selective use of derivative instruments. Antin may designate a hedge transaction as a fair value hedge or a cash flow hedge, depending on the risk and on the instruments to be hedged.
To designate an instrument as a hedge derivative, Antin documents the hedging relationship from inception. The hedge documentation specifies the asset, liability, or future transaction hedged, the risk to be hedged and the associated risk management strategy, the type of financial derivative and the method used to measure the hedge effectiveness including sources of ineffectiveness and how the hedge ratio is determined. The hedge derivative must be highly effective in offsetting the change in fair value or cash flows arising from the hedged risk.
This effectiveness is verified when changes in the fair value or cash flows of the hedged instrument are almost entirely offset by changes in the fair value or cash flows of the hedging instrument. Effectiveness is assessed when the hedge is first set up and throughout its life. Effectiveness is measured at each reporting period prospectively (expected effectiveness over the future periods) and retrospectively (effectiveness measured on past periods). Hedge accounting is discontinued when the hedging relationship ceases to meet the qualifying criteria. Hedging derivatives are recognised in the balance sheet under derivative financial assets or liabilities.
Hedge on IPO Free Share Plan
Antin implemented a Free Share Plan announced at the time of the IPO in September and November\u00a02021. Antin\u00a0expected to pay social charges levied on the IPO Free Share Plan\u2019s value at the time of vesting. The social charges depend on the jurisdiction and were expected to be 15% in the United\u00a0Kingdom. This exposed Antin to share price risk, with an increase in the Antin share price leading to a corresponding increase in the social charges payable to the tax authorities at the time of vesting. In\u00a0order to mitigate the share price risk associated to the plan and obtain greater certainty with respect to the cash payment due at the time of vesting, Antin entered a cash-settled total return swap to hedge its share price exposure related to the social charges.
In accordance with IFRS\u00a09 \u201cFinancial Instruments \u2013 Hedge Accounting\u201d Antin classifies the swap transaction as a cash flow hedge. A derivative financial instrument is recognised at fair value in Antin\u2019s consolidated balance sheet.
This derivative financial instrument is recognised at fair value on the commencement date and subsequently measured at fair value at each reporting period. Changes in the fair value of\u00a0the derivative financial instrument are recognised in other comprehensive income and within the cash flow hedge reserve in Equity for the effective portion.
Any ineffective portion is recognised in the consolidated income statement within financial income or expense. Amounts recognised in other comprehensive income are transferred to\u00a0the consolidated income statement on the line impacted by the hedged item when the hedged transaction affects profit or loss and the hedged cash flows occur, i.e., at the time of vesting of the free shares.
As of 31\u00a0December 2025, the derivative was settled at maturity, with \u20ac1.7\u00a0million of cumulative loss previously held in the cash flow hedge reserve reclassified to financial loss.
Total Return Swap and Forward Agreement
Antin entered on 18\u00a0December 2024 into a Total Return Swap (\u201cTRS\u201d) with a third-party that has made a \u20ac150\u00a0million commitment to Flagship Fund\u00a0V. The TRS grants Antin all economic upside and downside attributable to the commitment in exchange of interests defined in the TRS agreement and paid during the life of the transaction. The TRS agreement has embedded call and put options, both with a low probability of being exercised.
In addition, Antin entered a Forward Agreement (\u201cFA\u201d) for the sale of a \u20ac100\u00a0million commitment in Flagship Fund\u00a0V to a third\u2011party fund investor, with all economic upside and downside related to this commitment remaining with the fund investor.
The TRS agreement has been executed with a counterparty holding a credit rating of A+ or higher.
Both the TRS and FA are classified as derivative financial instruments measured at Level\u00a03 fair value through profit or loss in Antin\u2019s consolidated financial statements in accordance with IFRS\u00a09 \u201cFinancial instruments\u201d and shall be revaluated at each reporting period against financial profit or loss.
The fair value revaluation of the TRS and FA derivatives has a net impact of \u20ac0.8\u00a0million in 2025.
The deferred margin on financial instruments (\u201cDay One P&L\u201d) is calculated and held on the consolidated balance sheet after identifying valuation adjustments of elements that are non\u2011observable and will be released to consolidated income statement when the inputs will become observable.
As both TRS and FA derivatives were measured using non\u2011observable data (Level\u00a03 inputs), the Day One P&L was \u20ac7.9\u00a0million for the TRS and \u20ac8.0\u00a0million for the FA. These amounts have been deferred in accordance with IFRS\u00a0requirements and are presented as a reduction in the fair value of the relevant transactions within \u201cDerivative financial assets\u201d and \u201cDerivative financial liabilities\u201d lines in the consolidated balance sheet.
\u25baAccounting principles
REFERENCE: IAS\u00a07
Cash relates to cash on hand and demand deposits.
Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and subject to an insignificant risk of a change in value.
NOTE 25Equity
25.1Total number of shares issued and\u00a0outstanding
Antin has one class of ordinary shares that carry one dividend right and one voting right. However, double voting rights are granted to shares for which proof of registration in the name of the same shareholder is provided for at least two years. As of 31\u00a0December 2025, Antin had 179,193,288\u00a0shares issued including 4,630,844\u00a0shares issued in 2023 as part of the IPO Free Share Plan (see detail in Note\u00a06.3 \u201cShare-based payment plans\u201d), 515,922\u00a0treasury shares and a total of 178,677,366\u00a0shares outstanding.
| \n (in number of shares) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n
|---|---|---|
| \n Shares issued | \n\n 179,193,288 | \n\n 179,193,288 | \n
| \n Treasury shares | \n\n (515,922) | \n\n (387,015) | \n
| \n Shares outstanding | \n\n 178,677,366 | \n\n 178,806,273 | \n
25.2Treasury shares
Antin entered into a liquidity contract with BNP Paribas Arbitrage for a period of one year, tacitly renewable unless otherwise advised, effective as of 25\u00a0March 2022.
The objective is to improve Antin\u2019s share trading and monitor volatility on the regulated market of Euronext Paris. The cash resources allocated to the liquidity agreement amount to \u20ac2.0\u00a0million. As of 31\u00a0December 2025, Antin had 92,048\u00a0shares for a total value of \u20ac1.0\u00a0million.
In addition, Antin purchased 300,000 treasury shares in September\u00a02023 for an amount of \u20ac3.8\u00a0million and 163,000\u00a0shares in 2025 for an amount of \u20ac1.7\u00a0million.
The shares have been allocated to potential future share-based compensation in the ordinary course of business, which may include stock option plans, Free Share Plans, employee savings plans or other share allocations to employees and corporate officers of the Company or of related companies.
25.3Distributions to shareholders
On\u00a018\u00a0June 2025, Antin made a distribution in cash of \u20ac0.37\u00a0per share, equivalent to \u20ac66.1\u00a0million. The distribution related to the second instalment of the total dividend of \u20ac0.71 per share related to\u00a0fiscal year 2024, as approved by shareholders at the Shareholders\u2019 Meeting on 11\u00a0June 2025. The first instalment of \u20ac0.34 per share equivalent to \u20ac60.9\u00a0million was paid in cash in\u00a0November\u00a02024.
In addition, an interim dividend of \u20ac0.36 per share, equivalent to \u20ac64.3\u00a0million and related to the fiscal year 2025 was paid in cash on 14 November 2025.
25.1Total number of shares issued and\u00a0outstanding
Antin has one class of ordinary shares that carry one dividend right and one voting right. However, double voting rights are granted to shares for which proof of registration in the name of the same shareholder is provided for at least two years. As of 31\u00a0December 2025, Antin had 179,193,288\u00a0shares issued including 4,630,844\u00a0shares issued in 2023 as part of the IPO Free Share Plan (see detail in Note\u00a06.3 \u201cShare-based payment plans\u201d), 515,922\u00a0treasury shares and a total of 178,677,366\u00a0shares outstanding.
| \n (in number of shares) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n
|---|---|---|
| \n Shares issued | \n\n 179,193,288 | \n\n 179,193,288 | \n
| \n Treasury shares | \n\n (515,922) | \n\n (387,015) | \n
| \n Shares outstanding | \n\n 178,677,366 | \n\n 178,806,273 | \n
25.2Treasury shares
Antin entered into a liquidity contract with BNP Paribas Arbitrage for a period of one year, tacitly renewable unless otherwise advised, effective as of 25\u00a0March 2022.
The objective is to improve Antin\u2019s share trading and monitor volatility on the regulated market of Euronext Paris. The cash resources allocated to the liquidity agreement amount to \u20ac2.0\u00a0million. As of 31\u00a0December 2025, Antin had 92,048\u00a0shares for a total value of \u20ac1.0\u00a0million.
In addition, Antin purchased 300,000 treasury shares in September\u00a02023 for an amount of \u20ac3.8\u00a0million and 163,000\u00a0shares in 2025 for an amount of \u20ac1.7\u00a0million.
The shares have been allocated to potential future share-based compensation in the ordinary course of business, which may include stock option plans, Free Share Plans, employee savings plans or other share allocations to employees and corporate officers of the Company or of related companies.
25.3Distributions to shareholders
On\u00a018\u00a0June 2025, Antin made a distribution in cash of \u20ac0.37\u00a0per share, equivalent to \u20ac66.1\u00a0million. The distribution related to the second instalment of the total dividend of \u20ac0.71 per share related to\u00a0fiscal year 2024, as approved by shareholders at the Shareholders\u2019 Meeting on 11\u00a0June 2025. The first instalment of \u20ac0.34 per share equivalent to \u20ac60.9\u00a0million was paid in cash in\u00a0November\u00a02024.
In addition, an interim dividend of \u20ac0.36 per share, equivalent to \u20ac64.3\u00a0million and related to the fiscal year 2025 was paid in cash on 14 November 2025.
NOTE 26Off-balance sheet commitments
As of 31\u00a0December 2025, the off-balance sheet commitments of Antin comprised:
26.1Off-balance sheet investments
| \n (in \u20ack) | \n\n Commitment | \n\n Off Balance Sheet (Undrawn Amount) | \n
|---|---|---|
| \n Fund\u00a0III-B | \n\n 20,000 | \n\n 1,313 | \n
| \n Flagship Fund V | \n\n 101,706 | \n\n 66,976 | \n
| \n Mid Cap Fund\u00a0I | \n\n 20,000 | \n\n 9,899 | \n
| \n Next Gen Fund\u00a0I | \n\n 24,342 | \n\n 12,714 | \n
| \n Co-Investments | \n\n 390 | \n\n 205 | \n
| \n Investments in Antin Funds | \n\n 166,439 | \n\n 91,107 | \n
| \n Flagship Fund\u00a0III | \n\n 785 | \n\n 72 | \n
| \n Flagship Fund\u00a0IV | \n\n 488 | \n\n 49 | \n
| \n Fund\u00a0III-B | \n\n 2,824 | \n\n 185 | \n
| \n Flagship Fund V | \n\n 20,341 | \n\n 13,348 | \n
| \n Mid Cap Fund\u00a0I | \n\n 4,400 | \n\n 2,166 | \n
| \n Next Gen Fund\u00a0I | \n\n 2,434 | \n\n 1,264 | \n
| \n Investments in Carry Vehicles (allocated to Antin) | \n\n 31,273 | \n\n 17,084 | \n
| \n Flagship Fund V | \n\n 4,832 | \n\n 3,171 | \n
| \n Mid Cap Fund I | \n\n 434 | \n\n 213 | \n
| \n Next Gen Fund I | \n\n 637 | \n\n 331 | \n
| \n Investments in Carry Vehicles (employee reserve) | \n\n 5,903 | \n\n 3,715 | \n
| \n Total | \n\n 203,615 | \n\n 111,905 | \n
The balance sheet amounts of the Antin Fund\u00a0investments are detailed in Notes\u00a014 \u201cFinancial assets\u201d and 19 \u201cAccrued income\u201d.
26.2Financing commitments
| \n (in \u20ack) | \n\n 31-Dec-2025 | \n\n 31-Dec-2024 | \n
|---|---|---|
| \n Borrowings from credit institutions | \n\n - | \n\n - | \n
| \n Drawn amount | \n\n - | \n\n - | \n
| \n Revolving Credit Facility | \n\n 30,000 | \n\n 30,000 | \n
| \n Undrawn amount | \n\n 30,000 | \n\n 30,000 | \n
Revolving Credit Facility (\u201cRCF\u201d)
Until 27 February 2026, Antin maintained a Revolving Credit Facility (\u201cRCF\u201d) for an amount of \u20ac30\u00a0million aiming at securing additional short-term liquidity if\u00a0required. The facility has not been drawn, and was cancelled.
NOTE 26Off-balance sheet commitments
As of 31\u00a0December 2025, the off-balance sheet commitments of Antin comprised:
26.1Off-balance sheet investments
| \n (in \u20ack) | \n\n Commitment | \n\n Off Balance Sheet (Undrawn Amount) | \n
|---|---|---|
| \n Fund\u00a0III-B | \n\n 20,000 | \n\n 1,313 | \n
| \n Flagship Fund V | \n\n 101,706 | \n\n 66,976 | \n
| \n Mid Cap Fund\u00a0I | \n\n 20,000 | \n\n 9,899 | \n
| \n Next Gen Fund\u00a0I | \n\n 24,342 | \n\n 12,714 | \n
| \n Co-Investments | \n\n 390 | \n\n 205 | \n
| \n Investments in Antin Funds | \n\n 166,439 | \n\n 91,107 | \n
| \n Flagship Fund\u00a0III | \n\n 785 | \n\n 72 | \n
| \n Flagship Fund\u00a0IV | \n\n 488 | \n\n 49 | \n
| \n Fund\u00a0III-B | \n\n 2,824 | \n\n 185 | \n
| \n Flagship Fund V | \n\n 20,341 | \n\n 13,348 | \n
| \n Mid Cap Fund\u00a0I | \n\n 4,400 | \n\n 2,166 | \n
| \n Next Gen Fund\u00a0I | \n\n 2,434 | \n\n 1,264 | \n
| \n Investments in Carry Vehicles (allocated to Antin) | \n\n 31,273 | \n\n 17,084 | \n
| \n Flagship Fund V | \n\n 4,832 | \n\n 3,171 | \n
| \n Mid Cap Fund I | \n\n 434 | \n\n 213 | \n
| \n Next Gen Fund I | \n\n 637 | \n\n 331 | \n
| \n Investments in Carry Vehicles (employee reserve) | \n\n 5,903 | \n\n 3,715 | \n
| \n Total | \n\n 203,615 | \n\n 111,905 | \n
The balance sheet amounts of the Antin Fund\u00a0investments are detailed in Notes\u00a014 \u201cFinancial assets\u201d and 19 \u201cAccrued income\u201d.
26.2Financing commitments
| \n (in \u20ack) | \n\n 31-Dec-2025 | \n\n 31-Dec-2024 | \n
|---|---|---|
| \n Borrowings from credit institutions | \n\n - | \n\n - | \n
| \n Drawn amount | \n\n - | \n\n - | \n
| \n Revolving Credit Facility | \n\n 30,000 | \n\n 30,000 | \n
| \n Undrawn amount | \n\n 30,000 | \n\n 30,000 | \n
Revolving Credit Facility (\u201cRCF\u201d)
Until 27 February 2026, Antin maintained a Revolving Credit Facility (\u201cRCF\u201d) for an amount of \u20ac30\u00a0million aiming at securing additional short-term liquidity if\u00a0required. The facility has not been drawn, and was cancelled.
NOTE 27Related party transactions
\u25baAccounting principles
REFERENCE: IAS\u00a024
Antin\u2019s related parties are:
\u2022its main shareholders
\u2022its Board members and
\u2022its Executive Committee members.
Transactions with related parties are concluded on an arms-length basis.
Antin granted carried interest loan financing to an Executive Committee member who was not eligible for the third-party financing facility arranged by the firm on behalf of its employees. This includes a \u20ac1.5\u00a0million loan (of which \u20ac877\u00a0thousand drawn as of 31\u00a0December 2025) at an interest rate of 3.96% with maturity in April\u00a02030 and a \u20ac0.5\u00a0million loan (of which \u20ac249\u00a0thousand drawn as of 31\u00a0December 2025) at an interest rate of 1.77% with a maturity in October\u00a02031. The terms of the loans match the terms of the third-party financing arrangements obtained for\u00a0employees.
In addition, an agreement for the provision of investment advice dated 1 October 2025 was entered into between Mark Crosbie and AIP UK, for an initial term expiring on 31 December 2026 for an annual fee of \u00a3200,000.
There were no other significant transactions between Antin and its related parties.
\u25baAccounting principles
REFERENCE: IAS\u00a024
Antin\u2019s related parties are:
\u2022its main shareholders
\u2022its Board members and
\u2022its Executive Committee members.
Transactions with related parties are concluded on an arms-length basis.
28.1Earnings per share
| \n (in \u20ac) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n
|---|---|---|
| \n Earnings per share | \n\n \n | \n\n \n | \n
| \n before dilution | \n\n 0.60 | \n\n 0.74 | \n
| \n after dilution | \n\n 0.60 | \n\n 0.74 | \n
Earnings per share were calculated based on the net income attributable to the owners of the Company, divided by the weighted average number of shares outstanding, before and after the effects of dilution.
28.2Weighted average number of shares
| \n (in number of shares) | \n\n 31-Dec-25 | \n\n 31-Dec-24 | \n
|---|---|---|
| \n Weighted average number of shares outstanding | \n\n \n | \n\n \n | \n
| \n before dilution | \n\n 178,710,961 | \n\n 178,799,954 | \n
| \n after dilution | \n\n 178,710,961 | \n\n 179,545,574 | \n
The weighted average number of shares outstanding was calculated based on the number of shares issued adjusted for\u00a0treasury share transactions during the period ended 31\u00a0December 2025. See\u00a0detail presented in Note\u00a025.2 \u201cTreasury shares\u201d.
Earnings per share were calculated based on the net income attributable to the owners of the Company, divided by the weighted average number of shares outstanding, before and after the effects of dilution.
The weighted average number of shares outstanding was calculated based on the number of shares issued adjusted for\u00a0treasury share transactions during the period ended 31\u00a0December 2025. See\u00a0detail presented in Note\u00a025.2 \u201cTreasury shares\u201d.
NOTE 29Events after the reporting period
Significant events since 31\u00a0December 2025
Antin announced the acquisition in February of Belambra, a leading French owner and operator of leisure infrastructure. The investment would be the ninth and final investment by Mid Cap\u00a0I.
The conflict in the Middle East, which has been ongoing since the end of February, is opening a period of instability and uncertainty whose consequences are difficult to assess. As of the date of preparation of the consolidated financial statements, no event likely to directly and materially affect the Group's operations has occurred.