Antin IP SA

Antin Infrastructure Partners reported its H1 2026 results, highlighting resumed exits with two major transactions signed over the summer, expected to return around EUR2.1 billion to fund investors. The company's three main funds delivered strong performance, with IRRs around or above 15%, including Flagship 4 at 14.5%, Mid-Cap 1 at 19.6%, and Flagship 5 at 16.3%. Mid-Cap 1 is now fully committed, enabling the launch of fundraising for Mid-Cap 2, with commitments already being gathered from LPs. However, underlying revenue decreased by 4.5% year-on-year to EUR138.5 million, and EBITDA declined by 12.3% to EUR69.9 million, with full-year 2026 underlying EBITDA expected to be slightly below 2025 levels due to the delayed activation of Mid-Cap 2, now pushed to the fourth quarter of 2026. The company maintains a healthy EBITDA margin of 50%, entirely fee-related, and remains committed to its dividend policy with an implied yield around 8%.

Antin Infrastructure Partners has agreed to sell a 30% minority stake in wellboat operator Sølvtrans to UK investment fund GLIL Infrastructure LLP, bringing in a new long-term partner for the company’s next growth phase. The transaction provides liquidity to investors in Antin’s Flagship Fund III, while Antin retains its majority holding alongside founder Roger Halsebakk and his family. Sølvtrans, the world’s largest wellboat provider with a fleet of 48 vessels, has expanded significantly since Antin’s 2018 investment, including geographic growth into Canada, Iceland, and New Zealand, and the acquisition of Dess Aquaculture Shipping. GLIL, established by UK pension funds for collaborative infrastructure investment, will support Sølvtrans’ rapid global expansion, leveraging its expertise and active asset management approach. The deal is expected to close in the third quarter.