France's Antin 2025 revenue falls 6.5%, misses estimates

Antin Infrastructure Partners SAS

12/03/2026 06:10

Overview

French infrastructure investor's 2025 revenue missed analyst expectations

Adjusted EPS for 2025 fell from a year earlier

Company proposed stable annual distribution to shareholders for 2025

Outlook

Antin expects Fee-Paying AUM growth above private infrastructure market over fundraising cycle

Company expects underlying EBITDA to be broadly stable in 2026, step-up expected in 2027

Antin expects 2026 shareholder distribution to be stable, with annual quantum stable or growing

Result Drivers

MANAGEMENT FEE GROWTH - Like-for-like management fee growth was driven by an increase in fee-paying AUM, as a result of capital investments to fund value creation plans at portfolio company level in funds in the post-investment periods

CATCH-UP FEE DECLINE - Revenue and net income were negatively affected by a sharp drop in non-recurring catch-up fees from Flagship V compared to 2024

OPERATING EXPENSES - Operating expenses increased, mainly due to higher personnel costs from selective hiring and promotions, while other operating expenses declined due to non-recurrence of placement fees and reduced travel and professional services

Company press release: ID:nBwb2jGlJa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
FY Revenue
Miss
EUR 292.50 mln
EUR 296.91 mln (8 Analysts)
FY Adjusted EPS
EUR 0.62
FY Adjusted Net Income
EUR 110.30 mln
FY Adjusted EBITDA
EUR 160.90 mln
FY Adjusted EBITDA Margin
55.00%


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 3 "strong buy" or "buy", 3 "hold" and 2 "sell" or "strong sell"

The average consensus recommendation for the investment management & fund operators peer group is "buy."

Wall Street's median 12-month price target for Antin Infrastructure Partners SAS is €12.10, about 27.4% above its March 11 closing price of €9.50

The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 15 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)