Antin posts first-half revenue decline on reduced fees

French infrastructure private equity firm Antin announced Wednesday that its first-half 2026 revenue fell 4.5% year over year, hurt by lower management fees and reduced carried interest.

Adjusted earnings per share for the six months dropped 14.9% from the prior-year period. Revenue for the first half came in at €138.50 million, with adjusted net income of €47 million.

Adjusted EBITDA reached €69.90 million in the period, translating to a 50% margin.

The top-line decline was mainly attributable to Mid Cap I entering its post-investment phase, which shifted management fee calculations from committed capital to invested capital. Carried interest and investment income also declined during the half.

Operating costs rose as a result of targeted recruitment, while the firm kept spending in check elsewhere.

Antin's board has approved an interim dividend of €0.28 per share. Management expects the full-year 2026 dividend to hold steady at €0.71 per share, unchanged from the previous year.

For full-year 2026, the company forecasts underlying EBITDA slightly below the 2025 figure. Antin also expects to begin deploying its Mid Cap II fund in the fourth quarter of 2026.

This article was produced with AI assistance and reviewed by an editor. For more details, please see our Terms & Conditions.