Antin Infrastructure Partners (ANTIN) H1 2026 earnings summary

Executive summary

• Achieved significant progress on exits, with two major European realisations (Sølvtrans and Idex) signed at or above target multiples, expected to return €2.1 billion to fund investors and boost distributions.

• Launched a new fundraising cycle with Mid Cap II, sustained disciplined capital deployment, and expanded the platform globally, including Australia.

• Maintained resilient financial performance with an EBITDA margin at 50%+, attractive distributions (c.8% yield), and robust asset management.

• Assets under management (AUM) reached €33.3bn as of 30 June 2026, up 0.8% year-over-year, driven by value creation and co-investment inflows.

• Fee-paying AUM declined 2.9% year-over-year to €21.2bn, mainly due to Mid Cap I's transition to post-investment period and related fee step-down.

Financial highlights

• Underlying revenue for H1 2026 decreased 4.5% year-on-year to €138.5 million, mainly due to lower management fees and carried interest.

• Underlying EBITDA was €69.9 million, down 12.3% year-on-year, with a margin of 50%.

• Underlying net income was €47.0 million, down 15% year-on-year; EPS was €0.26, down 14.9%.

• Cash and cash equivalents stood at €326 million as of 30 June 2026, with no borrowings or financial liabilities.

• Interim dividend of €0.28 per share approved; full-year 2026 distribution expected to remain stable at €0.71 per share.

Outlook and guidance

• Full-year 2026 shareholder distribution expected to remain stable at €0.71 per share, subject to approval.

• Underlying EBITDA for 2026 projected to be slightly below 2025 due to timing of Mid Cap II activation.

• Fee-paying AUM growth targeted to exceed the private infrastructure market over a fundraising cycle.

• Dividend growth anticipated to resume as new funds ramp up.

• Continued focus on returning capital to fund investors through attractive exits and disciplined investment.