French infrastructure private equity firm Antin said first-half 2026 revenue fell 4.5% year-over-year, a decline driven largely by lower management fees and reduced carried interest.
For the six-month period, total revenue was €138.50 million and adjusted net income amounted to €47 million. Adjusted earnings per share slipped 14.9% compared with the same period in the prior year. Adjusted EBITDA reached €69.90 million, equating to a 50% margin for the period.
Company management attributed the decline in revenue primarily to the Mid Cap I fund moving into its post-investment phase. That transition resulted in management fees being calculated on invested capital rather than on committed capital, reducing the fee base. In addition, carried interest and investment income were lower during the first half, further pressuring top-line results.
Operating expenses increased modestly as the firm carried out selective hiring. Management said it continued to exercise cost discipline in other areas despite the incremental personnel costs.
Antin’s board approved an interim dividend of €0.28 per share. The firm reiterated its expectation that the full-year 2026 dividend distribution will remain unchanged at €0.71 per share, matching the prior year’s payout.
On outlook, Antin projects its 2026 underlying EBITDA will be slightly below 2025 levels. The firm also anticipates activating its Mid Cap II fund in the fourth quarter of 2026.
Context and implications
The results reflect a common dynamic for private equity managers when flagship funds move out of the investment period and into a phase where fee mechanics change. Lower carried interest and investment returns in the period compounded the reduction in management fee revenue. The preserved dividend guidance signals a desire to maintain shareholder distributions despite a weaker first half.
Data points
- First-half revenue: €138.50 million
- Adjusted net income: €47 million
- Adjusted EBITDA: €69.90 million (50% margin)
- Adjusted EPS decline: 14.9% year-over-year
- Interim dividend approved: €0.28 per share
- Full-year dividend guidance: €0.71 per share
- Expected Mid Cap II activation: Q4 2026