France's Antin H1 revenue slips on lower fees, carried interest

Antin Infrastructure Partners SAS

09/09/2026 06:12

Overview
France infrastructure private equity firm's 1H 2026 revenue fell 4.5% yr/yr
Adjusted EPS for 1H 2026 declined 14.9% yr/yr
Company approved interim dividend of €0.28 per share; full-year payout expected stable

Outlook
Antin expects full-year 2026 dividend distribution to remain stable at €0.71 per share
Company projects 2026 underlying EBITDA to be slightly below 2025 level
Activation of Mid Cap II fund expected in 4Q 2026

Result Drivers
MID CAP I STEP-DOWN - Lower management fees due to Mid Cap I moving to post-investment period and charging fees on invested rather than committed capital
LOWER CARRIED INTEREST & INVESTMENT INCOME - Decline in carried interest and investment income contributed to lower revenue
HIGHER OPERATING EXPENSES - Operating expenses rose due to selective hiring, partly offset by cost discipline in other areas

Company press release: ID:nBw2Wnp2ca

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
H1 Revenue
 
EUR 138.50 mln
 
H1 Adjusted EPS
 
EUR 0.26
 
H1 Adjusted Net Income
 
EUR 47 mln
 
H1 Adjusted EBITDA
 
EUR 69.90 mln
 
H1 Adjusted EBITDA Margin
 
50.00%
 

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 €10.55, about 25.3% above its September 8 closing price of €8.42
The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 14 three months ago

Reuters Recommended Reads
Sept 8 - French AI company Mistral hits $24 billion valuation in funding round
Sept 8 - France's Rubis H1 revenue rises on energy distribution growth, raises FY EBITDA guidance
Sept 7 - French Finance Minister warns interest rates would rise if budget not approved

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(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.)