Antin Infrastructure: Revenue Down 4.5% in H1, EBITDA Margin at 50%
Infrastructure manager Antin Infrastructure Partners published interim results showing a decline, marked by the transition of the Mid Cap I fund into the post-investment period.
This decline occurs at the start of a new fundraising cycle, whose effects do not yet offset the decrease in commissions. Meanwhile, the group highlights two disposals signed during the summer, which are expected to generate significant distributions to its investors.
Revenue, EBITDA and Net Income Down in First Half 2026
On an underlying basis, revenue for the first half of 2026 stands at €138.5 million, down 4.5% compared to €145.1 million in the first half of 2025. This change reflects a decline in management fees (€139.3 million, compared to €144.8 million) as well as a negative contribution from carried interest and investment income.
Underlying EBITDA amounts to €69.9 million, down 12.3% year-over-year. The EBITDA margin stands at 50%, compared to 55% in the first half of 2025, a decline of five percentage points on an identical semi-annual basis.
Underlying net income reaches €47.0 million, down 15.0% year-over-year, and earnings per share stand at €0.26, compared to €0.31 a year earlier. The company primarily links these declines to the step-down of Mid Cap I, which transitioned on April 2, 2026 into the post-investment period.
Mid Cap I in Post-Investment Period Weighs on Commissions
The transition of Mid Cap I into the post-investment period resulted in a reduction of €3.8 million in management commissions from this fund, now charged at an annual rate of approximately 1.2% on invested capital rather than committed capital. This movement resulted in a step-down effect of €0.9 billion on fee-paying assets under management (Fee-Paying AUM), partially offset by the capital deployment of Flagship III, Fund III-B and Flagship IV: overall, these assets decline by €0.6 billion, or 2.9% year-over-year, to €21.2 billion.
Underlying operating expenses increase by 4.9% to €68.6 million, driven by personnel expenses rising 6.9% to €52.7 million, with the company citing selective recruitment and a 2.4% growth in headcount excluding Luxembourg.
Conversely, total assets under management (AUM) increase by 0.8% year-over-year to €33.3 billion, supported by €0.5 billion in value creation and €0.4 billion in co-investments raised. Fund investments totaled €2.5 billion over the past twelve months, compared to €0.7 billion a year earlier.
Disposals Signed This Summer, 2026 EBITDA Expected Slightly Below 2025
Antin signed two disposals during the summer: the partial realization of Sølvtrans (Flagship III) and the full sale of Idex (Flagship III / Fund III-B), realized at a gross multiple equal to or greater than 2.0x. Approximately €600 million were distributed to fund investors over the past twelve months, and nearly €2.1 billion in additional distributions are expected following the completion of these disposals.
The group also launched fundraising for its Mid Cap II fund in the first half of 2026, with activation expected in the fourth quarter 2026. Due to this timeline, underlying 2026 EBITDA is currently projected slightly below 2025 levels.
The board of directors approved an interim dividend of €0.28 per share, representing a total distribution of €50.2 million, payable on October 22, 2026. The 2026 annual distribution is expected to be stable compared to 2025, at €0.71 per share, subject to approval by the 2027 general meeting.
