Madrid, 28 October 2026 – Alantra reported net revenues of €141.2mn (+4.2% YoY) and attributable net profit of €11.0mn (+15.7% YoY) in the first nine months of 2026, maintaining the earnings growth trajectory established at the end of 2024.
In Q3 2026, European mid-market M&A deal value remained broadly flat (+0.7% YoY) despite a 5.0% increase in transaction volumes, while the U.S. recorded stronger deal value growth (+11.4%) on a similar rise in activity (+4.5%). Meanwhile, fundraising conditions remained challenging, as limited exits and distributions weighed on new investor commitments [1].
- Investment Banking net revenues increased to €108.0mn (+3.4%) in the first nine months, with 116 completed transactions (vs. 110 in 9M 2025) and an average M&A fee size of €1.4mn (+27%). This reflects the growing contribution of higher-value mandates and the impact of Alantra’s strategy to deliver a fully integrated, multi-product offering centered on its clients.
Notable transactions since the last earnings update included advising:
- Dubai-headquartered ship repair group Goltens on its $247mn sale to South Korea’s HD Hyundai Marine Solution;
- the shareholders of French beauty brand Manucurist on the sale of a significant minority stake to Inflexion;
- Greece’s Alpha Bank on the disposal of a c.€200mn non-performing loan portfolio;
- U.S.-based investment group Battle on the sale of turbine component repair specialist TRS Services to Allied Power Group;
- and Spanish infrastructure group OHLA on the €63mn refinancing of Galería Canalejas Madrid.
Alantra also acted as Lead Manager on Gens Aurea’s €100mn IPO on Euronext Milan.
- Asset Management net revenues amounted to €26.7mn (-3.5% YoY) in the first nine months, while fee-earning assets under management (FAUM) stood at 2,604mn as of 30 September 2026 (+1.1% during Q3). Key developments since the last earnings update included:
- Energy Transition: Alantra launched a dedicated secondaries strategy through Horizon Secondaries, a c.€120mn investment vehicle that acquired a portfolio of around 10 growth companies from Shell Ventures, while its primary Energy Transition fund Klima I completed its 11th portfolio investment.
- Private Equity: PEF III completed its exit from Salto Systems, with Alantra reinvesting through PEF IV and a co-investment vehicle. PEF IV also completed a platform acquisition.
- Cybersecurity: Exein, a portfolio company of cybersecurity fund 33N, reached a $1.7bn valuation, becoming Europe’s second most valuable private cybersecurity company.
- Fixed expenses increased by 4.8% YoY to €98.7mn in the first nine months, while the Group provisioned €33.6mn for variable compensation, compared with €34.4mn in 2025.
- Alantra continues to maintain a strong, debt-free balance sheet:
- The Group has €125.2mn of cash and cash equivalents and a monetary fund [2] and €57.8mn across a portfolio of investments in vehicles managed by the Group.
- The sale of Alantra’s stake in Access Capital Partners is expected to complete in Q4 2026, pending completion of the regulatory approval process, which is progressing well.
[1] Sources: Mergermarket, Q3 2026 mid-market M&A data (Europe and US); Preqin, Institutional Allocation Study 2026 (September 2026).
[2] €€77.2mn of cash and cash equivalents and €47.9mn invested in a monetary fund and short-term investments included under non-current financial assets, and €0.1mn of current financial assets.