Antin Infrastructure Partners (ANTIN) said underlying revenue fell 4.5% year-on-year to EUR 138.5 million in the first half of 2026, and EBITDA declined 12.3% to EUR 69.9 million. The EBITDA margin held at 50%.
The decline reflected lower recurring fees, fewer catch-up fees — H1 2025 included EUR 0.9 million that did not recur — weaker investment income, and a EUR 3.8 million reduction from the Mid Cap I step-down. Fee-paying assets under management dropped 2.9% to about EUR 1.37 billion.
Mid Cap I moved into a later stage after a step-down in April, enabling the launch of Mid Cap II, which was shifted from the second quarter to the fourth quarter of 2026. Flagship VI remains on track for a base-case launch in 2027, contingent on further deployment in Flagship V.
"As expected, the beginning of the year reflected a transition between two fundraising cycles," said CFO Walid Damou. "We have other exit processes already underway or close to launch or close to close across multiple funds... this supports rising distributions to investors."
Exits are generating meaningful returns. Antin realized a gross multiple of 2.0 times on Idex, with enterprise value in the multi-billion-euro range and EBITDA roughly tripling under its ownership. A sale of Sølvtrans achieved a gross multiple of 2.4 times in Norwegian krone, as the fleet more than doubled. Combined, the two exits are expected to return around EUR 2.1 billion to fund investors.
On a trailing twelve-month, like-for-like basis, Flagship IV posted an IRR of 14.5%, Mid Cap I returned 19.6%, and Flagship V delivered 16.3%. Flagship III, a 2016/2017 vintage, is 63% realized, with investors set to receive over 90% of invested capital back via DPI and more than a third of the portfolio yet to be exited.
Co-investment activity remains substantial, with around EUR 5 billion in co-investments currently in place.
The company reported zero financial debt and cash of EUR 326 million as of June 30, down from EUR 361 million a year earlier. About one-third of cash is earmarked for deployment.
Operating expenses rose 4.9% year-on-year. The full-year 2026 dividend was kept flat at EUR 0.71 per share, implying roughly an 8% yield at current levels. A payment of EUR 0.28 per share is expected in late October.
Shares quoted at $8.31, down 1.31% from a previous close of $8.42, near the low end of a 52-week range spanning $8.02 to $12.10. The company's market capitalization stood at $1.74 billion, with a P/E ratio of 14.6.
A shareholder lock-up mechanism put in place since the IPO expires on September 27. A concert agreement among partner shareholders owning 84% of the company remains in force to coordinate orderly increases in the free float.
