Antin's First-Half Revenue Declines 4.5% on Lower Management Fees

French infrastructure private equity firm Antin reported a 4.5% year-over-year decline in revenue for the first half of 2026, driven by a drop in management fees and carried interest.

Key Financials Breakdown

According to its financial report released Wednesday, Antin's revenue for the six-month period totaled €138.50 million. The firm also posted a 14.9% decrease in adjusted earnings per share compared to the first half of the prior year.

Key figures from the report include:

• Adjusted Net Income: €47 million
• Adjusted EBITDA: €69.90 million
• EBITDA Margin: 50%

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The revenue decrease was primarily attributed to its Mid Cap I fund entering its post-investment phase. In this stage, management fees are calculated based on invested capital rather than the larger pool of committed capital, leading to lower fee income. A decrease in carried interest and investment income also contributed to the decline.

Shareholder Returns and Outlook

Despite the earnings pressure, Antin's board approved an interim dividend of €0.28 per share. The company stated it expects the full-year 2026 dividend to remain stable at €0.71 per share, matching the payout from the previous year.

Looking ahead, Antin projects its full-year 2026 underlying EBITDA will be slightly below 2025 levels. The firm also anticipates activating its next fund, Mid Cap II, in the fourth quarter of 2026.