Alantra reports half year revenues of €76.0mn (-9.3%) and a net profit of €3.0mn (-26.1%)

Results and Balance Sheet

• The Group’s H1 net revenues came in at €76.0mn (-9.3% YoY).
  
  • Financial advisory revenues stood at €60.9mn (-10.5%) amidst a still tough market environment. After two challenging years, global M&A activity in H1 grew by 20% by value transacted, driven by large-cap deals . However, this recovery is yet to be experienced by the mid-market – the segment in which Alantra operates – where the number of deals announced decreased by 14% .
  • In Asset Management, revenues remained flat at €14.6mn (-1.0%) due to the absence of performance fees.
    
    Global fundraising activity remained sluggish in the first semester, following a difficult 2023, where aggregate fundraising value fell by 11.5%, hitting its lowest level since 2017[3].
    
    Against this backdrop, Alantra increased its net fee-earning AuM by €178m (+8.1%) in its direct investment strategies, the results of which will be reflected in the second half of the year.

• Total operating expenses in H1 were €80.9mn (+1.3%). This slight increase resulted from the efficiency measures implemented by the Group.
• H1 net profit attributable to the parent company stood at €3.0mn (-26.1% YoY).
• As of 30 June 2024, the Group maintained a solid balance sheet with cash and cash equivalents of €110.6mn[4], and, additionally, €40.6mn of an attributable portfolio of investments in products managed by the Group[5]. The Group has no leverage.
  
  Shareholders’ equity amounted to €279.8mn.

Activity

• In Financial Advisory, Alantra closed 62 deals (-26% YoY) in the first semester. Of these, 29 were M&A deals (-19%) with an aggregate volume of €2.6bn (+13%). Notable transactions include Alantra advising Vandemoortele on the acquisition of Banneton Bakery, Orange Bank on the sale of its technology platform to Ibercaja, and advising on the IPO of Next Geosolutions, the largest company listed on Euronext Growth Milan.
• In Asset Management, Alantra secured $150mn in capital commitments for its pan-European active fund, EQMC, from a distinguished Middle Eastern endowment. Additionally, Alantra Private Equity divested its portfolio company, Frías Nutrición, to Refresco, backed by KKR, PAI Partners, and BCI.

[1] Source: Dealogic; Global M&A H1 2024 by deal value

[2] Source: Dealogic; Global M&A H1 2024 in the $0 to $500mn segment

[3] Source: Preqin

[4] €83.1mn of cash and cash equivalents and €27.5mn invested in a monetary fund included under non-current financial assets

[5] Included under non-current financial assets