REG - Pantheon Infrastrct. - Annual Financial Report
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RNS Number : 7129Y Pantheon Infrastructure PLC 31 March 2026
PANTHEON INFRASTRUCTURE PLC
Results for the year ended 31 December 2025
The Directors of the Company are pleased to announce the Company's results for
the year ended 31 December 2025. The full annual report and financial
statements can be accessed via the Company's website at
www.pantheoninfrastructure.com (http://www.pantheoninfrastructure.com/) or by
contacting the Company Secretary by telephone on +44 (0) 333 300 1932. An
interactive results page is also available at
www.annualreport.pantheoninfrastructure.com
(//www.annualreposrt.pantheoninfrastructure.com) .
There will be a presentation held online for analysts at 9.00am today. For
details, please email: pint@pantheon.com (mailto:pint@pantheon.com) .
The Company is also pleased to announce that Richard Sem and Ben Perkins will
provide a live presentation relating to the Full Year Results for the year
ended 31 December 2025 via Investor Meet Company on 16 Apr 2026 at 15:00 BST.
The presentation is open to all existing and potential shareholders. Investors
can sign up to Investor Meet Company for free and add to meet Pantheon
Infrastructure Plc via:
https://www.investormeetcompany.com/pantheon-infrastructure-plc/register-investor
(https://www.investormeetcompany.com/pantheon-infrastructure-plc/register-investor)
Highlights:
· Net Asset Value (NAV) of £611m, equivalent to 130.4 pence per
share as at 31 December 2025
· NAV Total Return of +14.4% during the year
· Total dividends declared of 4.346p per share, a 3.5% increase
from 4.2p in 2024, reflecting a progressive dividend policy
· Underlying portfolio growth of £82.6m (+15.5% on invested
capital), demonstrating strong operational performance
· £31.4m of distributions generated during the year, with
increasing visibility on exit-driven cash flows
· Cash dividend cover of 1.1x, an increase from 0.7x in 2024 and
well positioned to be maintained in 2026
· As at 31 December 2025, the Company had invested in or committed
£620m across its portfolio
· Market capitalisation of £508m as at 31 December 2025,
reflecting improving investor confidence
· The share price total return for the year was +26.8%, with the
discount to NAV narrowing from 24.5% to 16.8%
· Conditional sale of investment in US power company Calpine,
marking PINT's first realisation since IPO
· New investment in and subsequent partial realisation of Intersect
Power, with a total commitment of £30m
· £120m of available liquidity, supported by an extended £115m
revolving credit facility to February 2029 on improved terms
The Company has invested in and targets assets in the following sectors:
Digital, including wireless towers, data centres, and fibre-optic networks;
Power & Utilities, including electricity generation, gas transmission and
district heating; Renewables & Energy Efficiency, including smart
infrastructure, solar, and sustainable waste; and Transport & Logistics,
including ports, rail, roads, airports and logistics assets.
Commenting on the results, Patrick O'Donnell Bourke, Chairman, said: "We are
pleased to report another strong year for the Company. This performance, in a
continued period of market uncertainty, reflects the resilience of our
diversified portfolio and the strength of our investment approach, which
continues to deliver returns above our target. The successful realisation of
Calpine and early value crystallisation from Intersect Power mark important
milestones, reinforcing our ability to recycle capital effectively while
supporting a progressive dividend and long-term value creation for
shareholders."
Richard Sem, Partner at Pantheon and PINT's investment manager, comments on
the portfolio and performance: "The portfolio delivered a strong performance
over the year, generating a NAV total return of 14.4%, significantly exceeding
our target. Performance reflects both the inherent resilience of the
infrastructure asset class and the benefits of our diversified, yet focused,
portfolio construction. While macroeconomic conditions remain uncertain,
including continued volatility in global energy markets and supply chains
linked to geopolitical tensions in the Middle East, our emphasis on assets
supported by long term, contracted revenues, regulatory underpinning and
robust counterparties continues to provide meaningful defensive
characteristics. The year saw continued progress on PINT's strategy of value
realisation, including the successful execution of both the Calpine and
Intersect Power transactions. Looking ahead, we remain confident in the long
term investment case for infrastructure, with the portfolio well positioned to
benefit from structural tailwinds such as digitalisation and the growing
demand for power."
Ends
For further information, contact:
Pantheon Ventures (UK) LLP +44 (0) 20 3356 1800
Investment Manager pint@pantheon.com (mailto:pint@pantheon.com)
Richard Sem, Partner
Ben Perkins, Principal
Investec Bank plc +44 (0) 20 7597 4000
Corporate Broker
Tom Skinner (Corporate Broking)
Lucy Lewis (Corporate Finance)
Lansons
Public relations advisors pint@lansons.com (mailto:pint@lansons.com)
David Masters +44 (0) 78 2542 7514
Millie Steyn +44 (0) 75 9352 7234
Notes to editors
Pantheon Infrastructure PLC (PINT)
Pantheon Infrastructure PLC is a closed-ended investment company and an
approved UK Investment Trust, listed on the London Stock Exchange's Main
Market. Its Ordinary Shares trade under the ticker 'PINT'. The independent
Board of Directors of PINT have appointed Pantheon, one of the leading private
markets investment managers globally, as investment manager. PINT aims to
provide exposure to a global, diversified portfolio of high-quality
infrastructure assets through building a portfolio of direct co-investments in
infrastructure assets with strong defensive characteristics, typically
benefitting from contracted cash flows, inflation protection and conservative
leverage profiles.
Further details can be found at www.pantheoninfrastructure.com
(http://www.pantheoninfrastructure.com/)
LEI 213800CKJXQX64XMRK69
Pantheon
Pantheon has been at the forefront of private markets investing for more than
40 years, earning a reputation for providing innovative solutions covering the
full lifecycle of investments, from primary fund commitments to co-investments
and secondary purchases, across private equity, real assets and private
credit.
The firm has partnered with more than 760 clients, including institutional
investors of all sizes as well as a growing number of private wealth advisers
and investors, with approximately $85bn in discretionary assets under
management (as of September 30, 2025).
Leveraging its specialized experience and global team of professionals across
Europe, the Americas and Asia, Pantheon invests with purpose and leads with
expertise to build secure financial futures.
Pantheon was one of the first private equity investors to sign up to the
Principles for Responsible Investments ("PRI") in 2007 and has used these
principles as a framework to develop its sustainability policy across all its
investment activities. Since becoming a signatory, Pantheon has remained
highly engaged with the PRI and has been heavily focused on sustainability
integration, both through its involvement with associates and industry bodies,
and through its integration of ESG analysis into its investment process.
PANTHEON INFRASTRUCTURE PLC
High‑quality global infrastructure assets
Highlights
At a glance as at 31 December 2025
£620m(1)
Capital invested or committed
2024: £542m
£611m
Net asset value (NAV)
2024: £553m
4.346p
Total dividends per share(2)
2024: 4.2p
£508m
Market cap
2024: £418m
130.4p
NAV per share
2024: 118.1p
14.4%
NAV Total Return(3)
2024: 14.9%
1. This refers to the investment fair values and amounts committed as at
31 December 2025. Invested assets represent those that have reached financial
close and have been, or are in the process of, being funded, and may include
committed but uncalled amounts reserved for follow‑on investments.
As at 31 December 2025, £607.8 million was invested and £12.2 million
was committed but not yet invested.
2. Total dividends declared in relation to the year ended 31 December
2025.
3. For the year ended 31 December 2025, NAV Total Return represents the
percentage change in NAV over the period, comprising investment returns from
the portfolio and income from any cash balances, net of management, operating
and finance costs, taxes, foreign exchange movements, and changes in the fair
value of derivatives. With effect from 1 July 2025, the methodology for
calculating NAV Total Return has been revised to assume that dividends paid to
shareholders are reinvested at NAV at the ex-dividend date, in line with AIC
guidance. Prior-year figures have been restated to ensure comparability across
the full period.
WHY INVEST IN PINT
Access to exclusive infrastructure co‑investments delivering stable income,
capital growth and inflation protection. This is complemented by exposure to
long-term secular trends through diversified, high‑quality assets.
Access to secular trends
PINT continues to develop its diversified portfolio across sectors that
benefit from secular tailwinds.
39%(1)
Digital Infrastructure
Data centres, fibre networks and towers
29%(1)
Power & Utilities
Energy utilities, water and conventional power
22%(1)
Renewables & Energy Efficiency
Wind, solar, sustainable waste and smart infrastructures
10%(1)
Transport & Logistics
Ports, rail and road, airports and e-mobility
1. Proportion of NAV of £611 million at 31 December 2025.
Targeting capital growth and income
PINT's portfolio benefits from capital growth and progressive dividend
returns.
The Company seeks to generate attractive risk‑adjusted total returns for
shareholders over the longer term. These returns are made up of capital growth
with a progressive dividend, through a diversified portfolio of equity or
equity‑related investments in infrastructure assets with a primary focus on
developed OECD markets.
The Company targets a NAV Total Return per share of 8‑10% per annum.
2023 106.6p
2024 118.1p
2025 130.4p
130.4p
Net asset value (NAV) per share
2023 4.000p
2024 4.200p
2025 4.346p
4.346p
Dividends per share(1)
2023 £59m
2024 £76m
2025 £83m
£83m
Weighted aggregate LTM EBITDA(2)
1. Second interim dividend of 2.173p per share declared in relation
to the year ended 31 December 2025. The Company is
paying a total dividend of 4.346p per share for the year ended
31 December 2025, and targets a progressive dividend.
2. Weighted aggregate last twelve months EBITDA is the last twelve months
EBITDA across all underlying Portfolio Companies adjusted for PINT's %
ownership at 31 December 2025, and converted to GBP as necessary.
Investments denominated in foreign currency are converted using the
31 December 2025 spot rate.
3. Past performance is not indicative of future results, and there is no
guarantee that the performance trends presented will continue.
pint at a glance
46%(1)
North America
North America
CyrusOne
Cartier Energy
Calpine
Vantage Data Centers
Vertical Bridge
Intersect Power
15%(1)
UK
United Kingdom
National Gas
Zenobē
39%(1)
Europe
Ireland
NBI
Nordic
GlobalConnect
Germany/Austria
GD Towers
Netherlands
Delta Fiber
Fudura
Spain
Primafrio
1. Proportion of NAV of £611 million at 31 December 2025.
CHAIR'S STATEMENT
Introduction
I am pleased to present the annual report for Pantheon Infrastructure Plc for
the year ended 31 December 2025. We are proud of the fact that the Company has
again delivered NAV Total Returns in excess of its pre‑IPO target, as it has
done in each year that it has been fully invested.
While the market environment for listed infrastructure investment companies
remains challenging, the Company has continued to demonstrate the resilience
of its portfolio and the strength of its differentiated investment strategy.
At the year end, the Company's NAV per share was 130.4p. Accounting for
dividends of 4.273p per share paid during the year to 31 December 2025, this
represents a NAV Total Return of 14.4% since 31 December 2024. Earnings per
share during the year were 16.6p per share.
We started the year with a share price of 89.4p and were pleased to see a
strong recovery to 108.5p at year end, a narrowing of the discount to NAV from
24.5% to 16.8%. Together with dividends paid, this represents a shareholder
return of 26.8% for the year.
During the year, the Company completed a new investment into Intersect Power,
reflecting the Board and Investment Manager's conviction in opportunities
across energy transition, power infrastructure and digital demand.
The attractiveness of this opportunity was confirmed by the announcement of a
partial exit at the end of the year, at a material premium to entry cost in
less than three months, representing a Distribution to Paid-in Capital (DPI)
ratio of 1.2x and reinforcing the Company's strategy to recycle capital
proceeds into new investments.
Earlier in the year, the Company also announced its first realisation through
the sale of its investment in Calpine Corporation to Constellation Energy
Corporation ("Constellation"). Following completion of the sale early in 2026,
the Company retains residual exposure to shares in Constellation. As this
represents a material component of the Portfolio, movements in Constellation's
share price have a meaningful impact on the Company's NAV. The Constellation
share price has been volatile during the year and subsequent to the year end,
reflecting broader volatility in AI-related sectors and disruption in global
energy markets due to the conflict in the Middle East. Ignoring changes in any
other investments, a $10 change in Constellation's share price equates to a
change in PINT's NAV of approximately 0.5p per share.
The strong operational performance across the Portfolio continued to translate
into increased EBITDA, NAV Total Returns and robust cash flow generation,
supporting dividend payments and improved liquidity for reinvestment. Cash
dividend cover during the year approached 1.1x, without the benefit of any
proceeds from realisations.
The improved cover reflects the increasing maturity and cash-generative nature
of the Company's assets. Further details of dividend cover for the year can be
found in the Investment Manager's report on page 40 in the annual report.
Progress during the year in relation to the Company's first realisation,
together with ongoing engagement with shareholders regarding capital
allocation priorities and with the Investment Manager on attractive pipeline
opportunities, underpins the Board's confidence in the Company's outlook and
its ability to deliver long-term value for shareholders.
Economic environment
The conflict in the Middle East has the potential to cause substantial
disruption on a global scale, both societally and economically. A sustained
oil price shock will likely result in further inflation and higher, rather
than lower, interest rates. Furthermore, bond yield volatility and concerns
around fiscal sustainability continue to influence investor sentiment across
listed markets, including infrastructure investment companies.
Against this backdrop, demand for reliable, scalable and low-carbon power
infrastructure has continued to accelerate, driven in large part by the rapid
expansion of data centres and AI-related computing requirements.
This dynamic has further strengthened the investment case for certain assets
within the Portfolio, particularly those with long-term contracted revenues
and strong counterparties.
Calpine realisation
The Company's first major realisation, relating to its investment in Calpine,
completed after the year end. In January 2026, PINT received $28.5 million in
cash and over 325,000 Constellation shares, of which 50% are subject to
lock-up until July 2026 and the remaining 50% until July 2027. The completion
of the sale represents an important milestone in the Company's development.
As at 31 December 2025, the Multiple on Invested Capital (MOIC) was 3.0x.
As mentioned earlier, the transaction results in residual exposure to shares
in Constellation, reflecting the structure of the sale. The Company was issued
with its Constellation shares directly, which provides flexibility around the
disposal of the shares in the future and potentially implementing hedging
initiatives.
Investor sentiment and discount management
This remains a challenging time for the investment trust sector, which is
characterised by sustained discounts to NAV, limited access to new capital,
and a contraction in aggregate sector size through buybacks, tender offers and
the wind-up of a number of vehicles, either following strategic reviews or
discontinuation votes. Against this backdrop, the Board takes some comfort
from the Company's relative performance, with a share price total return over
the year of 26.8% and from the narrowing of the Company's discount to NAV over
the course of the year.
Nevertheless, the Board remains of the view that the prevailing discount means
the share price does not reflect the underlying value of the Portfolio.
In the Company's IPO prospectus, the Company set out a discount control
framework under which the Board stated its intention, following the third full
financial year after IPO, to use excess cash flows from realised net gains to
buy back shares should a discount wider than 5% persist over any financial
year.
In this regard, consideration will be given to, amongst other things, the
prevailing market conditions; the estimated performance of the portfolio since
the last NAV calculation date; the degree of NAV accretion that would result
from the buy-back; the Company's cash resources; the immediate pipeline of
investment opportunities open to the Company; the level of the Company's
existing borrowings and its working capital requirements. This framework
continues to inform the Board's approach to capital allocation, in conjunction
with views from shareholders.
The Board considers it important to emphasise that it remains committed to
take action to address a discount where prevailing market conditions justify
doing so, taking into account and weighing carefully those factors noted
above.
During the year, the Board did not undertake any further share buybacks but
continues to reserve £9.2 million capital to do so. The Board and the
Investment Manager are currently seeing a strong case for making new
investments, and feedback from shareholders has indicated broad support for
the Company to continue to deploy capital selectively into such opportunities
where this is expected to enhance long-term value creation. At the same time,
the Board remains mindful of its responsibility to manage the Company's share
price discount and retains flexibility to consider share buybacks should
market conditions warrant such action in the future.
Portfolio performance and dividends
During the year, the Company completed one new investment into Intersect
Power, reflecting its focus on assets with long-term contracted revenues,
strong counterparties and attractive risk-adjusted returns. Overall Portfolio
performance was driven by continued strong operational delivery with valuation
gains across a number of core assets, reflecting both asset-specific execution
and favourable structural tailwinds. This included the announced sale, at a
material premium to NAV, of the majority of Intersect Power's assets to
Alphabet only three months after acquisition.
Valuation uplifts were also recorded at Vantage Data Centers and CyrusOne,
both of which continue to benefit from accelerating demand for hyperscale and
AI-driven data centre capacity.
At Vantage, value creation was underpinned by contracted revenue growth,
including the noteworthy Stargate campus development announced alongside
Oracle and OpenAI. At CyrusOne, performance reflected sustained leasing
momentum, strong cash flow generation and the strategic importance of its
assets within an increasingly capacity‑constrained market.
Our investment in National Gas also made a positive contribution to
performance, supported by the company's critical role within the UK's energy
infrastructure, its stable regulated cash flows, a favourable outcome for the
upcoming regulatory price control period, and increasing strategic relevance
as the energy system adapts to support decarbonisation and security of supply.
Performance across the Portfolio has not all been positive. Cartier Energy's
performance remains under expected plan, although the company has shown
encouraging signs of recovery following the adoption of a more prudent and
sustainable business plan. Delta Fiber encountered challenges around customer
adoption and regulatory challenges arising from a proposed partial asset sale;
however, it has been encouraging to see the company's Sponsor work
constructively through these issues. At Vertical Bridge, while the long-term
investment thesis remains intact, valuation growth has been curtailed by the
upfront impact of the acquisition of the sizeable Verizon portfolio in the
prior year.
Taken together, these experiences underline the importance of portfolio
diversification and active asset management, with challenges in individual
assets being balanced by strength elsewhere in the Portfolio and addressed
through constructive engagement with experienced Sponsors.
The Portfolio delivered net cash flows of £22.5 million (31 December 2024:
£12.8 million), supporting further improvement in dividend cover to 1.1x, as
detailed in the Investment Manager's report on page 40 in the annual report.
The Company has declared a second interim dividend of 2.173p per share in
respect of the year ended 31 December 2025 making a total of 4.346p per share
for the full year. The Board remains committed to dividend progression while
maintaining an open dialogue with shareholders on future policy.
Oversight of the investment process and strategy
The Board continues to prioritise active oversight of the investment process
and maintains close engagement with the Investment Manager. During the year,
the Directors again participated in asset-level engagement and sponsor
meetings, providing valuable insight into Portfolio performance, governance
and risk management. In September 2025, all members of the Board joined the
Investment Manager on a site visit to National Broadband Ireland (NBI),
providing the opportunity to engage directly with management on the ground and
to gain first-hand insight into the operational delivery of one of the
Company's portfolio assets. The visit reinforced the Board's confidence in the
quality of execution, the robustness of governance arrangements and the
strategic importance of NBI's role in delivering critical digital
infrastructure across Ireland.
The Board remains vigilant as to the level of investment management fees
payable across the sector, particularly given recent changes amongst some of
the Company's peer group. As part of its responsibilities, the Management
Engagement Committee (MEC) undertook a review of the investment management
fees payable to the Investment Manager. Given the Company's investment
strategy and continued strong performance, the Board satisfied itself that the
fees payable are competitive and that the link to the Company's NAV remains
appropriate, and will continue to keep this under review.
Regulatory environment
The regulatory landscape for investment trusts remained an important area of
focus during the year, with ongoing developments in disclosure requirements
and the introduction of the Consumer Composite Investment regime.
In this context, the Board was encouraged by recent progress on investment
company cost disclosures, following constructive engagement between a number
of industry bodies and the Financial Conduct Authority. The resulting
clarification represents a positive and pragmatic outcome, addressing the
long-standing issue of inappropriate double counting of costs for closed-ended
investment companies.
The Board hopes and expects that this development will lead to clearer, more
meaningful disclosures for investors, improve comparability across products
and support a fairer regulatory environment for investment companies, which in
turn should help to further rebuild investor confidence in the sector over
time.
Shareholder engagement
Engagement with shareholders remains a core responsibility of the Board.
Shortly after the year end, Anne Baldock, Senior Independent Director (SID),
and I met some of the Company's largest shareholders. These discussions
provided valuable insight into shareholder perspectives and reinforced the
importance of maintaining an open and constructive dialogue, particularly in
relation to capital allocation priorities and discount management.
The Board welcomes ongoing engagement with shareholders and encourages contact
through the Company Secretary or our registered office should shareholders
wish to raise matters or request meetings.
Board composition
During the year, the Board implemented planned changes in its composition to
support continuity, effective succession and the ongoing development of the
Company's governance framework.
I became Chair of the Company in June 2025, following Vagn Sørensen's
decision to step down as Chair. The Board would like to record its gratitude
to Mr Sørensen for his strong leadership and contribution during a formative
period in the Company's development.
Early in the year, Anthony Bickerstaff was appointed to the Board and assumed
the role of Chair of the Audit and Risk Committee in June 2025, bringing with
him extensive experience in financial oversight and risk management. At the
same time, the Board was also pleased to welcome Sapna Shah as a new Director,
further strengthening the Board's breadth of experience and perspectives. Ms
Shah brings an extensive understanding of the investment company sector.
The Board remains committed to maintaining an appropriate balance of skills,
experience, independence and diversity, and will continue to keep its
composition under regular review to ensure it remains well positioned to
oversee the Company's strategy and support long-term value creation.
Outlook
The long-term investment case for infrastructure remains highly compelling.
Structural demand driven by digitalisation, energy transition,
decarbonisation, and the need for resilient power and communications networks
continues to create a substantial and durable opportunity set for long-term
investors.
While near-term market conditions remain uncertain and valuation volatility is
likely to persist, particularly for assets with public market exposure, the
Board believes there are good reasons to be optimistic. The completion of the
Calpine sale, the Company's investment into Intersect Power and the validation
provided by long-term arrangements with high-quality counterparties, including
global technology companies, provide clear evidence of the strategic value and
relevance of the Portfolio.
The Board believes that these developments, together with continued
operational performance and progress on capital recycling, should support
increasing recognition of the Company's underlying value. In this context, the
Board sees a clear rationale for the Company's share price discount to
continue to narrow as confidence builds in the sustainability of cash flows,
the credibility of NAV and the delivery of realisations.
Looking ahead, the Company is well positioned to benefit from the very
significant investment opportunities available in private infrastructure
markets. The Investment Manager has deep relationships, proven execution
capability and a track record of accessing differentiated transactions,
particularly in sectors benefiting from long‑term structural tailwinds.
The Board believes that disciplined reinvestment into high-quality
infrastructure opportunities offers the potential to deliver superior
long-term value for shareholders, while maintaining flexibility to respond to
market conditions, including through discount management where appropriate.
The Board believes that patience, discipline and continued execution against
the Company's strategy should, over time, be rewarded through improved
investor confidence, a further narrowing of the share price discount to NAV
and the delivery of attractive long‑term returns for shareholders.
Patrick O'Donnell Bourke
Chair
30 March 2026
Investment Manager's report
Portfolio(1)
PINT has constructed a diversified global portfolio with a focus on developed
market OECD countries, with all investments currently in Western Europe and
North America. Over the medium term, the Investment Manager expects, in line
with the initial prospectus, the composition of the Portfolio to include
investments in the following sub-sectors: Digital Infrastructure, Power &
Utilities, Transport & Logistics, Renewables & Energy Efficiency, and
Social & Other Infrastructure.
As at 31 December 2025, the Company had a total of £620.0 million invested or
committed across 14 investments.
The Portfolio is diversified across sectors and geographies, and the
Investment Manager believes that it is well positioned to withstand any
external market challenges. The investments typically benefit from defensive
characteristics including long-term contracted cash flows, inflation
protection and robust capital structures.
Seven investments are in Digital Infrastructure, representing 39% of NAV,
across the data centre, towers and fibre sub‑sectors. Three investments,
representing 29%, are in the Power & Utilities sector including: gas
transmission, district heating and electricity generation. Three investments
are in Renewables & Energy Efficiency (22%) and the remaining investment
is in Transport & Logistics (10%).
The largest geographical exposure is in North America (46%), with the
remaining exposure in Europe (39%) and the UK (15%).
NAV pence per share movement (year to 31 December 2025)
NAV increased over the year by 12.3p per share (year to 31 December 2024:
11.5p per share), after adjusting for the dividends paid of 4.3p per share
over the year (year to 31 December 2024: 4.1p per share). The movement in the
year was principally driven by fair value gains of 17.6p per share (year to
31 December 2024: 17.5p per share), partially offset by foreign exchange
movements of (0.9)p per share (year to 31 December 2024: (1.1)p per share),
attributable principally to the weakening of USD during the year, which was
offset by a 1.9p per share movement from the foreign exchange hedging
programme (year to 31 December 2024: 1.1p per share).
There was no NAV impact from share buybacks in the year (year to 31 December
2024: 0.2p per share). Finance income contributed 0.1p per share (year to 31
December 2024: 0.0p per share), and operating expenses resulted in a reduction
of (2.1)p per share (year to 31 December 2024: (2.2p) per share), resulting
in a closing NAV of 130.4p per share, after the payment of dividends. This
excludes the impact of the second interim dividend for the year to 31 December
2025 of 2.173p per share, which is to be paid on 24 April 2026.
NAV PENCE PER SHARE MOVEMENT
As at 31 December 2024 - 118.1
Fair value gains- 17.6
Foreign exchange movement- (0.9)
Foreign exchange hedge- 1.9
Finance income- 0.1
Expenses1 - (2.1)
Dividends paid- (4.3)
As at 31 December 2025- 130.4
1. Expenses include operating and capital expenses.
12.7%
Weighted average discount rate(2)
December 2024: 13.6%
Weighted average discount rate of 12.7% is based on the discount rate of each
Portfolio Company investment at 31 December 2025, weighted on an investment
fair value basis (excluding undrawn commitments), across all 14 investments,
and adjusted for the component of Calpine relating to Constellation share
consideration.
36%
Weighted average gearing
December 2024: 35%
Weighted average gearing is calculated by reference to the ratio of total net
debt to total enterprise value of each Portfolio Company, weighted across all
14 investments.
87%
Weighted average hedged debt
December 2024: 79%
Weighted average hedged debt calculated by reference to ratio of hedged debt
relative to net debt of each Portfolio Company.
£83m
Weighted aggregate EBITDA
December 2024: £76m
Weighted aggregate EBITDA is based on the annual EBITDA of each Portfolio
Company for the year ended 31 December 2025, weighted by PINT's ownership of
underlying Portfolio Companies and converted to GBP as necessary.
1. The portfolio data, being the weighted average discount rate, weighted
average gearing, weighted average hedged debt and weighted aggregate EBITDA,
is calculated based on information reported to Pantheon by the Sponsors. The
information is not audited.
2. Weighted average discount rate of 12.7% is based on the discount rate
or implied discount rate of each Portfolio Company investment at 31 December
2025, weighted on an investment fair value basis (excluding undrawn
commitments), across all 14 investments, and excluding the component of the
fair value of Calpine that relates to the expected Constellation share
consideration.
Portfolio: movements in the year
Investment Region Sponsor Portfolio value 31 December Drawn Distributions(1) Asset Foreign Portfolio value Unfunded Allocation of Portfolio
2024 (£m) (£m) valuation exchange 31 December commitments foreign Total Return
(£m) movement movement 2025 31 December exchange for year
(£m) (£m) (£m) 2025 hedge ended
(£m) (£m) 31 December
2025
(£m)
Primafrio Europe Apollo 48.8 - - 6.7 2.8 58.3 0.4 (1.6) 7.9
CyrusOne North America 39.6 - - 3.1 (2.7) 40.0 - 3.1 3.5
KKR
National Gas 46.3 - (3.1) 7.9 - 51.1 - - 7.9
UK Macquarie
Vertical Bridge North America DigitalBridge 25.9 - - (0.6) (1.8) 23.5 - 2.0 (0.4)
Delta Fiber Europe Stonepeak 29.0 - - (0.7) (1.9) 26.4 0.1 - (2.6)
Cartier Energy North America 32.1 - - (4.9) (2.2) 25.0 - 2.3 (4.8)
Vauban
Calpine North America 83.5 - (0.6) 28.9 (4.9) 106.9 - 5.4 29.4
ECP
Vantage Data Centers 31.1 0.2 (0.1) 13.3 (2.1) 42.4 - 2.2 13.4
North America
DigitalBridge
Fudura Europe DIF 48.8 - (5.5) 4.1 2.8 50.2 1.7 (1.6) 5.3
National Broadband Ireland 46.6 - (11.4) 3.7 2.6 41.5 2.9 (1.5) 4.8
Europe Asterion
GD Towers 42.7 0.1 (10.4) 2.2 2.4 37.0 2.6 (1.4) 3.2
Europe DigitalBridge
GlobalConnect 20.6 - - 0.2 1.2 22.0 - - 1.4
Europe EQT
Zenobē UK Infracapital 36.7 - - 4.1 - 40.8 2.9 - 4.1
Intersect Power North America - 28.2 - 14.6 (0.1) 42.7 1.6 - 14.5
CAI
Grand total 531.7 28.5 (31.1) 82.6 (3.9) 607.8 12.2 8.9 87.6
1. Distributions are made up of capital and income, of which £1.5 million
is capital.
Portfolio: inception to date
A B C D
Drawn Distributions Portfolio Value Allocation of MOIC(1)
(£m) (£m) 31 December 2025 foreign exchange
(£m) hedge movements
(£m)
Investment Region Sponsor
Primafrio Europe Apollo 39.2 - 58.3 1.0 1.5x
CyrusOne North America KKR 24.6 - 40.0 1.2 1.7x
National Gas UK Macquarie 40.8 8.9 51.1 - 1.5x
Vertical Bridge North America DigitalBridge 23.8 1.2 23.5 0.7 1.1x
Delta Fiber Europe Stonepeak 22.8 - 26.4 - 1.2x
Cartier Energy North America Vauban 33.2 - 25.0 1.3 0.8x
Calpine North America ECP 45.5 21.8 106.9 5.6 3.0x
Vantage Data Centers North America DigitalBridge 30.1 0.1 42.4 4.2 1.6x
Fudura Europe DIF 38.4 4.9 50.2 1.6 1.5x
National Broadband Ireland Europe Asterion 43.5 16.2 41.5 1.7 1.4x
GD Towers Europe DigitalBridge 39.4 12.5 37.0 1.3 1.3x
GlobalConnect Europe EQT 19.0 - 22.0 - 1.2x
Zenobē UK Infracapital 32.1 - 40.8 - 1.3x
Intersect Power North America CAI 28.2 - 42.7 0.1 1.5x
Grand total 460.6 65.6 607.8 18.7 1.5x
1. Multiple on invested capital. MOIC is calculated as the sum of columns
B, C and D, divided by column A.
pint'S portfolio
Primafrio
www.primafrio.com (http://www.primafrio.com)
TRANSPORT & LOGISTICS
EUROPE
£58m PINT NAV 31 December 2025
1.5x MOIC 31 December 2025
21.03.22 Date of commitment
Specialised temperature‑controlled transportation and logistics company in
Europe primarily focused on the export of fresh fruit and vegetables from
Iberia to Northern Europe.
Investment thesis and value creation strategy(1)
· Niche market leader providing an essential service to resilient end
markets. The company has demonstrated strong organic growth over a 15+ year
operating history, including during major economic dislocations (2008‑2009
global financial crisis and 2020‑2021 Covid-19). The essential nature of
Primafrio's market and its operations provides strong downside protection.
· Value creation opportunities include inorganic growth, strategic
M&A and continued investment in Primafrio's cold storage logistics
infrastructure footprint.
Performance update
Primafrio saw total volumes increase, along with a recovery in margins
resulting from falling fuel and leasing costs. The company currently operates
nine logistics centres with a total floor area exceeding 1.5 million m(2).
Utilisation of the company's new facilities, including 112,000 m(2) across
Belfort and Valencia opened in 2024 and 15,000 m(2) in Lleida opened in early
2026, is expected to ramp up over the coming year as management focus on
further potential growth opportunities.
CyrusOne
www.cyrusone.com (http://www.cyrusone.com)
DIGITAL INFRASTRUCTURE
North America
£40m PINT NAV 31 December 2025
1.7x MOIC 31 December 2025
28.03.22 Date of commitment
Operates more than 50 high‑performance data centres representing more than
four million sq ft of capacity across North America and Europe.
Investment thesis and value creation strategy(1)
· Growth in data usage continues to drive data centre demand. In
particular, the hyperscale segment represents a strong growth opportunity due
to increasing cloud adoption and increasingly data‑heavy technologies (5G,
AI, gaming, video streaming).
· Benefits from defensive characteristics such as long‑term
contracts with a largely investment‑grade credit‑quality customer base,
price escalators and limited historical customer churn.
Performance update
CyrusOne's excellent performance since PINT's investment has continued with
the company benefiting considerably from AI‑related tailwinds. The strong
demand for data centre capacity continues to support highly favourable pricing
for established developers, making for a favourable trading environment. A
chief focus remains on ensuring sufficient availability of power and capital
to meet increased demand. The company has entered into a number of strategic
relationships with large energy utilities, including Eolian and Calpine, in
order to accelerate the timeline for development.
National Gas
www.nationalgas.com (http://www.nationalgas.com)
POWER & UTILITIES
UK
£51m PINT NAV 31 December 2025
1.5x MOIC 31 December 2025
28.03.22 Date of commitment
The owner and operator of the UK's sole gas transmission network, regulated by
Ofgem, and an independent, highly contracted metering business.
Investment thesis and value creation strategy(1)
· Stable inflation‑linked cash flows with returns positively
correlated to inflation.
· Strong downside protection; regulatory framework allows for the
recovery of costs and a minimum return on capital. The company also holds a
monopolistic position through sole ownership of the UK's gas transmission
network.
· Significant growth opportunity. The transmission system is expected
to play a leading role in any future transition from natural gas to hydrogen.
The company hopes to support the expansion of hydrogen's role in the energy
mix while working closely with the government and Ofgem to maintain security
of supply.
Performance update
Following submission of its business plan in December 2024, National Gas
received Ofgem's final determination for RIIO-GT3 in December 2025. The final
determination allowed a baseline funding level of £3.2 billion, following a
draft determination of £2.5 billion. A decision is still awaited from
government in relation to the blending of up to 20% hydrogen in the existing
gas transmission network and investments related to hydrogen and CO2 are
expected to be agreed under a standalone regulatory control framework.
However, it is expected that blending up to 2% hydrogen will be approved for
commencement as soon as 2026.
Vertical Bridge
www.verticalbridge.com (http://www.verticalbridge.com)
DIGITAL INFRASTRUCTURE
North America
£24m PINT NAV 31 December 2025
1.1x MOIC 31 December 2025
04.04.22 Date of commitment
The largest private owner and operator of towers and other wireless
infrastructure in the US, with more than 18,000 owned towers across the
country.
Investment thesis and value creation strategy(1)
· Track record of organic and inorganic growth: since its founding in
2014, Vertical Bridge has been one of the most active acquirers and
'build‑to‑suit' (BTS) developers amongst tower companies and expects to
further accelerate these activities.
· 5G build-out supporting continued growth: US carrier annual capex
is forecast to increase materially, prioritising macro towers in the 5G
rollout.
· Top‑tier management team and Sponsor: key members of Vertical
Bridge and DigitalBridge (including both CEOs) have worked together since
2003.
Performance update
Vertical Bridge continues with the integration of the portfolio acquired from
Verizon at the end of 2024, which represented an increase of approximately
6,000 towers. Management views the acquired portfolio as highly complementary
to the company's existing assets, citing strong strategic synergies and the
significant lease-up potential, given its currently low tenancy ratio. The
business's primary growth focus now is on increasing co‑location revenues,
which have grown materially year on year and will be augmented by its BTS
programme, driven by expanding partnerships with major mobile network
operators focused on accelerating 5G deployment.
Delta Fiber
www.deltafibernederland.nl (http://www.deltafibernederland.nl)
DIGITAL INFRASTRUCTURE
EUROPE
£26m PINT NAV 31 December 2025
1.2x MOIC 31 December 2025
26.04.22 Date of commitment
Owner and operator of fixed telecom infrastructure in the Netherlands,
providing broadband, TV, telephone and mobile services to retail and wholesale
customers over a predominantly fibre network.
Investment thesis and value creation strategy(1)
· High-quality fibre network with high barriers to entry as a
regional leader in its core footprint of suburban and rural areas with
historically high penetration and low churn rates.
· Well positioned to capitalise on extensive rollout programme via
first‑mover advantage in its core markets, exhibited through its track
record of fast build rates and ramp up of construction capacity.
Performance update
Delta Fiber has substantially completed its network rollout, delivering the
project on time and within budget. With the build phase now behind it, the
business is shifting focus from development to steady-state operations.
Against a backdrop of competitive pressure from continued overbuild and
aggressive retention discounts by competitors, the company is prioritising
increased customer adoption to drive penetration. Alongside efforts to enhance
network densification through its retail business, Delta Fiber sees further
wholesale network sharing agreements - such as those already established with
Odido (formerly T-Mobile Netherlands) and, more recently, VodafoneZiggo - as
key growth levers.
Cartier Energy
POWER & UTILITIES
North America
£25m PINT NAV 31 December 2025
0.8x MOIC 31 December 2025
23.05.22 Date of commitment
Platform of eight district energy systems located across the Northeast,
Mid‑Atlantic and Midwest of the US.
Investment thesis and value creation strategy(1)
· Gross margin structure underpinned by availability‑based
fixed‑capacity payments and consumption charges and pass‑through pricing
mechanism limits commodity price exposure, providing robust downside
protection.
· Predominantly 'sticky' customer base with an average relationship
tenure of ~15‑20 years and ~10‑12-year average remaining contractual life.
· Provides customers with a path to decarbonisation and increased
thermal efficiency.
Performance update
Cartier has entered a period of operational stability following a challenging
start. The business has benefited from more stable hot water and steam volumes
this year, alongside incremental gains from rising chilled water demand and
favourable capacity market pricing, bringing financial performance on existing
assets closer to original underwriting expectations. A new business plan has
been agreed with management, shifting away from large-scale growth
opportunities towards smaller infill opportunities, resulting in a moderated
growth outlook.
Calpine
www.calpine.com (http://www.calpine.com)
POWER & UTILITIES
North America
£107m PINT NAV 31 December 2025
3.0x MOIC 31 December 2025
27.06.22 Date of commitment
Independent power producer with c.26GW of principally gas-fired generating
capacity, including c.770MW of operational renewables.
Investment thesis and value creation strategy(1)
· Vital supplier to the US electricity grid, providing reliable power
generation capacity and playing an important role in the energy transition as
many US corporations target net‑zero carbon emissions by 2050. Calpine
benefits from highly predictable, diversified cash flows underpinned by
contracts supported by a robust hedging programme.
· Strong renewables development pipeline of solar and battery storage
projects, financeable through the cash flows generated by existing assets,
which are projected to nearly triple its renewables power generation capacity
over the next five to six years.
Performance update
Calpine continues to benefit favourably from increased demand from AI data
centres, which has dramatically shifted the long-term outlook for base load
power generators. The sale to Constellation was announced in January 2025 and
completed after PINT's year end in January 2026, with PINT receiving
$28.5 million in cash and approximately 325,000 Constellation shares, 50% of
which are locked up until July 2026 and the remainder until July 2027. The
combined entity has 55GW of generation capacity across nuclear, gas,
geothermal and other renewable technologies. Constellation's operational
performance remains strong, supported by growing recognition of nuclear
energy's role in powering the data economy.
Vantage Data Centers
www.vantage-dc.com (http://www.vantage-dc.com)
DIGITAL INFRASTRUCTURE
North America
£42m PINT NAV 31 December 2025
1.6x MOIC 31 December 2025
01.07.22 Date of commitment
Leading provider of wholesale data centre infrastructure to large enterprises
and hyperscale cloud providers.
Investment thesis and value creation strategy(1)
· Secular data usage growth through increasing cloud adoption and
increasing data‑heavy technologies continue to drive data centre demand.
· Strong growth pipeline from favourable existing relationships with
hyperscale customers.
· Downside protection from strong position in supply-constrained core
geographies, long‑term contracts with investment‑grade counterparties and
low customer churn due to high switching costs and barriers to entry.
Performance update
Vantage continues to deliver strong growth, supported by resilient demand and
disciplined execution with the business maintaining high occupancy and leasing
momentum. During the year, the company announced plans to develop a 1GW data
centre campus in Wisconsin in partnership with OpenAI, as part of its Stargate
expansion of up to 4.5GW. The project has secured 100% of its required power
from We Energies at a dedicated rate. To address growing power constraints and
accelerate capacity deployment, Vantage has partnered with Liberty Energy and
VoltaGrid to deliver over 2GW of off-grid power across its portfolio,
accelerating RFS (ready-for-service) dates across a number of key
developments.
Fudura
www.fudura.nl (http://www.fudura.nl)
RENEWABLES & ENERGY EFFICIENCY
Europe
£50m PINT NAV 31 December 2025
1.5x MOIC 31 December 2025
25.07.22 Date of commitment
Dutch market-leading owner and provider of medium‑voltage electricity
infrastructure to business customers, with a focus on transformers, metering
devices and related data services.
Investment thesis and value creation strategy(1)
· Highly stable inflation‑linked cash flows from large and
diversified locked‑in customer base with long-term contracts, low churn and
inflation protection.
· Strong downside protection with a quasi‑monopoly positioning in
its core regional markets characterised by high barriers to entry.
· Energy efficiency and decarbonisation tailwinds driving growth
opportunities to broaden service offering to customers including EV charging,
solar panels, heat pumps and battery storage.
Performance update
Fudura's profitability continues to track slightly ahead of plan, driven by
higher margins on its core transformer business, despite grid congestion
proving to be a major bottleneck for the company's medium‑voltage
infrastructure offering. This performance has been partially offset by a
slower rollout to date of the adjacent product lines that formed a key pillar
of the investment thesis. The company completed a €765 million refinancing
in Q4 2025, enabling a substantial dividend distribution. The new financing
will also support the continued expansion of the company's energy
infrastructure portfolio.
National Broadband Ireland
www.nbi.ie (http://www.nbi.ie)
DIGITAL INFRASTRUCTURE
IRELAND
£42m PINT NAV 31 December 2025
1.4x MOIC 31 December 2025
09.11.22 Date of commitment
Fibre-to-the-premises network developer and operator working with the Irish
Government to support the rollout of the National Broadband Plan, targeting
connection to 560,000 rural homes.
Investment thesis and value creation strategy(1)
· Stable cash flows with inflation protection expected through the
terms of the project agreement with regard to the prices National Broadband
Ireland (NBI) can charge to ISPs for access.
· Downside protection through a unique positioning in the
intervention area (the franchise area granted by the Irish Government) and a
flexible government subsidy regime.
· Attractive macro trends including increased remote working,
demographics and growth in fibre broadband take‑up to date underpin the
long‑term commercial viability of the network.
Performance update
The rollout of the National Broadband Plan - NBI's partnership with the Irish
Government - remains on plan and on budget, with deployment now around 80%
complete. A large number of ISPs are now available on the network and
nationwide marketing campaigns are now underway. The company continues to
experience favourable take-up, with penetration rates higher than levels
predicted at this stage of the rollout, with the expectation that the
remaining equity commitment to the company will not be required.
GD Towers
www.dfmg.de/en (http://www.dfmg.de/en)
www.towers.at (http://www.towers.at)
DIGITAL INFRASTRUCTURE
EUROPE
£37m PINT NAV 31 December 2025
1.3x MOIC 31 December 2025
31.01.23 Date of commitment
Largest tower operator and telecom infrastructure network in Western Europe
with c.40,000 tower sites across Germany, now known as Deutsche Funkturm, and
Austria, now known as Towers Infra Austria.
Investment thesis and value creation strategy(1)
· Majority of cash flows are contracted and index-linked, offering
strong downside protection in challenging macroeconomic conditions.
· Favourable market tailwinds from regulatory‑driven 5G coverage
requirements with significant growth opportunities.
· Organic and inorganic growth opportunities arising from acquisition
opportunities from other market participants and numerous consolidation
opportunities in Europe.
Performance update
GD Towers continues to perform broadly in line with the original investment
case. The business has made significant progress in streamlining its BTS
operations, significantly reducing lead times and addressing a key improvement
area identified in the initial business plan. The company is now shifting its
focus to managing unitary capex in light of cost inflation. Co-location
revenues have also increased, driven by a strategic focus on expanding
relationships with mobile network operators beyond Deutsche Telekom. The
company completed a €2.5 billion debt refinancing during the period,
resulting in a substantial dividend distribution.
GlobalConnect
www.globalconnectgroup.com (http://www.globalconnectgroup.com)
DIGITAL INFRASTRUCTURE
EUROPE
£22m PINT NAV 31 December 2025
1.2x MOIC 31 December 2025
22.06.23 Date of commitment
Leading pan-Nordic wholesale and retail telecoms business with extensive fibre
network and data centre portfolio.
Investment thesis and value creation strategy(1)
· Majority of cash flows are contracted and index‑linked, offering
downside protection in challenging macroeconomic conditions.
· Favourable market tailwinds from fibre adoption trends across
retail and business customers, with significant growth opportunities and
long‑term secured revenues, protecting its market position.
· Organic and inorganic growth opportunities arising from rural fibre
rollout, growing demand for larger bandwidth and numerous consolidation
opportunities.
Performance update
In line with its focus on optimal allocation of capital given the varied
dynamics of the markets it operates in, the company decided to withdraw from
the German FTTP market. This has resulted in the business performing below
plan due to lower revenues and an expected lower terminal value as a result.
The company is instead refocusing on core markets as well as focusing on
Finland, where FTTH adoption lags the rest of the Nordic market. The company
launched a sale process in the second half of 2025, with a partial sale of the
asset anticipated in 2026.
Zenobē
www.zenobe.com (http://www.zenobe.com)
RENEWABLES & ENERGY EFFICIENCY
UK
£41m PINT NAV 31 December 2025
1.3x MOIC 31 December 2025
07.09.23 Date of commitment
Zenobē provides essential infrastructure that contributes to international
power and transport sector decarbonisation targets.
Investment thesis and value creation strategy(1)
· Substantial and growing market opportunity driven by significant
capex required to meet demand for EV bus charging and electricity grid
stability.
· Market leader in core regions in a high-growth sector with
attractive expansion opportunities.
· Downside protection and inflation protection via long‑term
availability‑style contracts with high-quality counterparties.
· Significant overseas growth potential in the US and Europe.
Performance update
Zenobē continues to regularly secure high‑profile contracts, though overall
profitability is currently tracking behind the entry plan. This is primarily
due to slower‑than‑expected growth in the bus segment and revenue
volatility in battery trading, which has impacted the network infrastructure
side of the business. Management remains confident in a recovery on the bus
side, supported by strong customer relationships and the sector's
decarbonisation obligations. Meanwhile, the company has made substantial
progress in gearing up for international growth, now targeting projects in
Europe as well as North America.
Intersect Power
www.intersect.com (http://www.intersect.com)
RENEWABLES & ENERGY EFFICIENCY
NORTH AMERICA
£43m PINT NAV 31 December 2025
1.5x MOIC 31 December 2025
22.09.25 Date of commitment
US based developer and operator of co‑located power infrastructure, with
2.2GWp solar and 1.4GWh battery capacity.
Investment thesis and value creation strategy(1)
· Attractive risk-adjusted returns with strong downside protection
from its Power Purchase Agreements (PPA) and sizeable operating portfolio,
alongside credible upside potential from its development pipeline.
· Highly experienced management team with more than 20 years of
experience.
· Secured equipment from domestic supply chain protected from
tariffs.
Performance update
Intersect is well positioned to benefit from increasing demand for hyperscale
data centres, as well as increasing base load power requirements driven by
cloud computing and AI-related tailwinds. Performance during the period was
supported by continued progress across its data centre development projects.
The sale of the company's pipeline of energy and data centre projects was
announced in December 2025.
The transaction completed in March 2026, with PINT remaining invested in the
business operating the retained generation assets, which has been rebranded as
IPX Power. Asset development is expected to continue broadly as planned, with
projects selectively retained and progressed, and the expectation that all
portfolio assets will be sold upon the completion of the under-construction
projects.
1. There is no guarantee that the investment thesis will be achieved.
Pantheon opinion. Past performance is not indicative of future results. Future
results are not guaranteed, and loss of principal may occur. Please refer to
'Disclosure 1 - Investments' towards the back of this report.
Performance
Portfolio movement
During the year, the Portfolio generated underlying growth of £82.6 million,
reflecting a 15.5% movement on the opening capital invested, adjusted for
capital calls and investments totalling £28.5 million, but before adjusting
for distributions to PINT totalling £31.1 million.
Movements in foreign exchange values resulted in a foreign exchange loss of
£3.9 million (offset at a company level by a foreign exchange hedging gain
of £8.9 million), resulting in a closing value of £607.8 million at 31
December 2025.
The Portfolio had a weighted average discount rate (WADR) of 12.7%(1) at the
year end (31 December 2024: 13.6%).
Portfolio cash flows
Over the medium term, the Company expects the Portfolio to generate cash flows
both through distributions from its investments and from investment exits, the
latter becoming realised in cash in due course through asset disposals. In
turn, these cash flows are expected to support both the reinvestment of
capital and a progressive dividend policy, or to manage the discount to NAV.
The Company's investment approach is to invest in assets with an expected hold
period that is typically, but not always, five to seven years, after which it
is expected to realise value by exiting positions according to the relevant
Sponsor's time horizon. Whilst the Company does expect some of its investments
to make distributions, cash generation is expected to be heavily weighted
towards the receipt of sale proceeds at the point of investment exit, and in
some cases, no distributions are forecast before exit.
The Company maintains a long-term forecast of both sources of cash flow, which
is derived from either the Investment Manager's base case expectations or
Sponsor updates where available. The latest projection of the Company's
cash flows from the Portfolio is summarised on the next page, as at
31 December 2025.
The projection is based on existing investments only and does not factor in
any potential for reinvestment of capital after realisations, which
accordingly accounts for the downward trend of distributions after
realisations occur.
Whilst these projections are intended to present a plausible long-term
expectation of the Portfolio's cash flow generation, there is no guarantee
around the quantum or timing of distributions or realisations, which remain
dependent on multiple factors including underlying asset performance,
exit timing and long-term FX rate assumptions. Accordingly, they should not
be considered as guidance around financial performance.
Calpine sale
During the year, the Company announced the conditional sale of its investment
in Calpine to Constellation, which was completed after the year end in January
2026.
As a result of tax planning around the completion of the sale, the Company
elected to receive a distribution in kind of Constellation shares, which
resulted in a reduction in the upfront cash consideration from approximately
$35 million to $28.5 million, offset by the issuance of additional
Constellation shares.
The Constellation stock issued to the Company is subject to lock-ups expiring
in July 2026 (50%) and July 2027 (50%), and therefore the Company remains
exposed to the performance of Constellation stock until at least those dates.
Until such time as the Company's effective holding in Constellation is
partially or fully realised, or its exposure to Constellation is otherwise
mitigated through hedging arrangements, PINT's NAV exposure is expected to be
equivalent to a movement of approximately 0.5p per share for every
$10 movement in the Constellation share price.
H2 2025 dividend
At IPO, the Company set out to target a NAV Total Return of 8-10% p.a.
following full investment of the IPO proceeds, and an initial dividend of at
least 2p per share for the first financial period ended 31 December 2022,
rising to 4p per share for the year ended 31 December 2023, and a progressive
dividend thereafter. In line with this, the Board recently declared the
Company's second interim dividend of 2.173p per share in respect of the year
ended 31 December 2025, which is due to be paid on 24 April 2026.
Dividend cover
The Company uses a measure to assess dividend coverage by calculating the
ratio of net cash flow to dividends declared in respect of a given period.
This is calculated across the whole group, including the Company's subsidiary,
Pantheon Infrastructure Holdings LP (PIH LP), through which the Company holds
the majority of its investments.
Net cash flow for this purpose is calculated on a cash basis as income
(the sum of all income and capital distributions that are not related to
asset disposals, plus deposit interest income) plus disposal profits (realised
profits on disposal, or disposal proceeds less original investment cost), less
operating and financing (but excluding FX hedge settlements) expenses
incurred during the same period.
On this basis, the Company's dividend cover for 2025 was 1.1x, as detailed
below (year to 31 December 2024: 0.7x). The dividend cover has increased in
the year due to higher Portfolio distributions. The Company expects material
progression in cash flows from the Portfolio as realisations start to occur,
which in turn is expected to flow through to increased dividend coverage.
£m 2023 2024 2025
Income 13.1 21.7 31.3
Disposal profits - - -
Operating costs (6.6) (6.9) (7.4)
Financing costs (1.5) (2.0) (1.4)
Net cash flow for dividend cover 4.9 12.8 22.5
Dividend declared 18.9 19.7 20.4
Dividend cover 0.3x 0.7x 1.1x
Cumulative dividend cover 0.2x 0.4x 0.6x
Borrowings
In February 2026, the Company extended the term of its £115.0 million
multi-currency RCF, to February 2029, effectively resetting the tenor at
three years. The amendment also reduced the drawn margin from 2.85% to 2.65%
per annum over the relevant currency benchmark rate or compounded reference
rate. The RCF allows the Company to maintain liquidity for unfunded
commitments and working capital requirements whilst minimising the
inefficiencies of holding excessive cash. The RCF, which is secured on the
assets of the Company, includes an uncommitted accordion feature, which will
be accessible, subject to approval, by additional lenders, and is intended to
increase over time in line with the Company's NAV progression.
Capital allocation
As at 31 December 2025, the Company had deployed a total of £9.2 million (out
of a total commitment of £18.4 million), in buying back 11.4 million of its
own shares. Repurchased shares are held in treasury and may be subsequently
re‑issued if the Company's shares return to trading at a premium to NAV. At
the year end, the Company continued to allow for the remaining £9.2 million
allocated to share buybacks, as part of its liquidity management as detailed
in the analysis presented opposite.
Cash and liquidity management
At the year end, the Company had total available liquidity of £120.0 million
(31 December 2024: £138.8 million), comprising £5.0 million of cash
(31 December 2024: £23.8 million) and £115.0 million (31 December 2024:
£115.0 million) of undrawn RCF capacity.
The Company maintains a policy to hold liquidity sufficient to cover all
investment commitments, including share buybacks, due in the next twelve
months. At the year end, this amount totalled £21.4 million.
In addition to this, the Company has adopted a risk-based policy to hold
specific cash buffers in respect of potential further liquidity requirements.
These buffers include forecast operating costs, dividend payments, FX hedge
settlements due (based on mark-to-market valuations), an allowance for
emergency co-investment capital across the Portfolio, allowances for FX
movements on undrawn non‑GBP commitments and amounts held against potential
movements in the Company's FX hedging positions (calculated relative to
notional amounts and contractual maturity). At the year end, these amounts
totalled £82.4 million (31 December 2024: £87.5 million).
The net balance after taking account of all these considerations represents
the funds available to the Company for further investment. As at the year end,
this stood at £16.2 million (31 December 2024: £32.2 million). This has
increased following the year end with receipt of the proceeds of the Calpine
and Intersect disposals.
£m(1)
Sources
Cash and equivalents 5.0
RCF 115.0
Total (A) 120.0
Commitments
Undrawn investment commitments 12.2
Remaining allocation under share buyback programme 9.2
Total (B) 21.4
Buffers
Operating costs 10.3
Dividends 20.4
Co‑investment buffers 23.6
FX buffers on undrawn investment commitments 1.7
FX hedging buffers 26.5
Total (C) 82.4
Available funds (= A - B - C) 16.2
1. Totals do not match due to rounding.
Ongoing charges
The Company's ongoing charges figure is calculated in accordance with the
Association of Investment Companies (AIC) recommended methodology and was
1.28% for the year to 31 December 2025 (year to 31 December 2024: 1.29%).
Foreign exchange impact
In order to limit the potential impact from material movements in major
foreign exchange rates on non‑local currency investments, the Company has
put in place a foreign exchange hedging programme. The aim of this programme
is to reduce (rather than eliminate) the impact of movements in foreign
exchange rates on the Company's NAV, and to this end, the Company has an
internal policy to seek to limit its unhedged exposure to 25% of NAV at any
time. Hedging is achieved through the execution of foreign exchange hedging
contracts relative to the ongoing non-local currency investment exposure. This
is subject to, inter alia, market liquidity and pricing for hedges, foreign
exchange volatilities, the composition of the Company's portfolio and the
Company's balance sheet.
The Company has entered into arrangements with seven hedging counterparties,
all on an unsecured basis and subject only to margin calls if pre-specified
credit limits are breached on an individual counterparty (not aggregate)
basis. Furthermore, in line with the Investment Manager's risk policies, the
Company has adopted a policy to maintain strict liquidity buffers in relation
to these hedging positions to protect against extreme volatility‑driven
margin requirements.
The depreciation of USD resulted in a negative foreign exchange movement in
the year to 31 December 2025 of 0.9p per share (year to 31 December 2024: loss
of 1.1p per share), which was offset by a gain on the hedging programme of
1.9p per share (year to 31 December 2024: gain of 1.1p per share).
Sensitivities
The Portfolio valuation is the largest component of the Company's NAV and is
determined by valuations generally provided by the underlying investment
Sponsors. These valuations are typically calculated on a discounted cash flow
(DCF) basis, and are subject to a variety of underlying assumptions that are
specific to the sector and characteristics of each Portfolio Company. The
degree to which these long-term assumptions change or are adjusted has the
potential to impact the Company's NAV. With this in mind, the Investment
Manager regularly performs an analysis across the Portfolio to determine the
Company's sensitivity to changes across key macroeconomic assumptions.
Discount rates
Discount rates are a measure of the relative risk of an investment and
typically comprise a risk-free rate component along with a sector or
project-specific equity risk premium, which is determined relative to specific
project risks and benchmark transactions. In some cases, Sponsors use a
WACC-based discount rate to derive an enterprise valuation which is then
adjusted by net debt to give an equity value. The Company does not disclose
individual discount rates but reports the Portfolio's aggregated WADR(1),
which at the year end was 12.7% (31 December 2024: 13.6%).
Inflation
The extent to which a Portfolio Company's existing revenues and costs are
expected to inflate, or escalate, also impacts valuations. The escalation of
revenues and costs is often determined through contractual arrangements, with
measures including direct pass-through of a local inflation measure, fixed
escalators, inflation linkage subject to escalation caps and/or floors, or no
indexation at all. Where revenues and/or costs are directly linked to
inflation, any changes to the inflation assumptions determined by Sponsors
will impact on valuations. Sponsors typically utilise external economic
forecasts or central bank guidance for inflation assumptions. Where revenues
or costs are not contracted, escalation is determined by pricing power and
therefore requires a greater degree of judgement.
Interest rate
Interest rate assumptions impact valuations if a Portfolio Company has an
element of unhedged debt or expects to draw down on floating rate borrowing
facilities within its business plan. Where this is the case, Sponsors will
usually update valuations to reflect the latest projections for long‑term
interbank lending, swap or risk-free rates.
(1) Weighted average discount rate of 12.7% is based on the discount rate of
each Portfolio Company investment at 31 December 2025, weighted on an
investment fair value basis (excluding undrawn commitments) across all 14
investments, and adjusted for the component of Calpine relating to
Constellation share consideration.
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
For the year ended 31 December 2025 For the year ended 31 December 2024
Revenue Capital Total Revenue Capital Total
Note £'000 £'000 £'000 £'000 £'000 £'000
Gain on investments at fair value through profit or loss(1) 10 - 48,645 48,645 - 43,200 43,200
Gains on financial instruments at fair value through profit or loss 13 - 8,852 8,852 - 5,721 5,721
Foreign exchange (losses)/gains on cash and non‑portfolio assets - (53) (53) - 264 264
Investment income 2 29,567 - 29,567 33,001 - 33,001
Investment management fees 3 (5,824) - (5,824) (5,378) - (5,378)
Other expenses 4 (1,640) (18) (1,658) (1,546) - (1,546)
Profit before financing and taxation 22,103 57,426 79,529 26,077 49,185 75,262
Finance income 5 428 - 428 488 - 488
Interest payable and similar expenses 6 (2,245) - (2,245) (2,048) - (2,048)
Profit before taxation 20,286 57,426 77,712 24,517 49,185 73,702
Taxation 7 104 - 104 (1,576) - (1,576)
Profit for the year, being total comprehensive income for the year 20,390 57,426 77,816 22,941 49,185 72,126
Earnings per share - basic and diluted 8 4.35p 12.26p 16.61p 4.89p 10.48p 15.37p
1. Includes foreign exchange movements on investments.
The Company does not have any income or expense that is not included in the
return for the year; therefore, the return for the year is also the total
comprehensive income for the year. The supplementary revenue and capital
columns are prepared under guidance published in the Statement of Recommended
Practice (SORP) issued by the AIC. The total column of the statement
represents the Company's statement of total comprehensive income prepared in
accordance with FRS 102.
All revenue and capital items in the above statement relate to continuing
operations.
The notes on pages 110 to 127 in the annual report form part of these
financial statements
STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2025
Capital
Share Share redemption Capital Revenue
capital premium reserve(1) reserve(1) reserve(1) Total
Movement for the year ended 31 December 2025 Note £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 January 2025 4,800 79,262 349,547 116,006 3,878 553,493
Dividends paid 9 - - (16,924) - (3,100) (20,024)
Profit for the year - - - 57,426 20,390 77,816
Closing equity shareholders' funds 4,800 79,262 332,623 173,432 21,168 611,285
Movement for the year ended 31 December 2024
Balance at 1 January 2024 4,800 79,262 362,357 66,821 (9,207) 504,033
Ordinary Shares bought back and held in treasury 16 - - (3,401) - - (3,401)
Share buyback costs - - (18) - - (18)
Dividends paid 9 - - (9,391) - (9,856) (19,247)
Profit for the year - - - 49,185 22,941 72,126
Closing equity shareholders' funds 4,800 79,262 349,547 116,006 3,878 553,493
1. The capital redemption reserve, capital reserve and revenue reserve
are all the Company's distributable reserves. The capital redemption reserve
arose from the cancellation of the Company's share premium account in 2022 and
is a distributable reserve. The Company is also able to distribute realised
gains from the capital reserve. As at 31 December 2025, there were £17.3
million reserves available for distribution from this reserve.
The notes on pages 110 to 127 in the annual report form part of these
financial statements.
BALANCE SHEET
As at 31 December 2025
31 December 31 December
2025 2024
Note £'000 £'000
Fixed assets
Investments at fair value 10 607,753 531,684
Derivative financial instruments 13 1,275 -
Debtors 11 49 275
Current assets
Derivative financial instruments 13 3,022 4,688
Debtors 11 310 952
Cash and cash equivalents 12 4,996 23,778
8,328 29,418
Creditors: amounts falling due within one year
Derivative financial instruments 13 (3,151) (5,591)
Other creditors 14 (1,970) (1,905)
(5,121) (7,496)
Net current assets 3,207 21,922
Total assets less current liabilities 612,284 553,881
Creditors: amounts falling due after one year
Derivative financial instruments 13 (999) (388)
Net assets 611,285 553,493
Capital and reserves
Called-up share capital 16 4,800 4,800
Share premium 17 79,262 79,262
Capital redemption reserve 17 332,623 349,547
Capital reserve 17 173,432 116,006
Revenue reserve 17 21,168 3,878
Total equity shareholders' funds 611,285 553,493
NAV per Ordinary Share 18 130.4p 118.1p
The financial statements were approved by the Board of Pantheon Infrastructure
Plc on 30 March 2026 and were authorised for issue by:
Patrick O'Donnell Bourke
Chair
Company Number: 13611678
The notes on pages 110 to 127 form part of these financial statements.
CASH FLOW STATEMENT
For the year ended 31 December 2025
31 December 31 December
2025 2024
£'000 £'000
Cash flow from operating activities
Investment management fees paid (5,725) (5,261)
Operating expenses paid (1,534) (1,422)
Other cash payments (186) (163)
Finance income 442 553
Net cash outflow from operating activities (7,003) (6,293)
Cash flow from investing activities
Purchase of investments (28,609) (6,570)
Distributions from PIH LP 25,393 21,180
Distributions from investments 5,463 -
Derivative financial instruments gain on settlements 7,414 10,899
Net cash inflow from investing activities 9,661 25,509
Cash flow from financing activities
Share buyback costs - (3,624)
Dividends paid (20,024) (19,247)
Loan facility arrangement fee (40) (734)
Loan facility commitment fee (1,127) (1,438)
Loan facility drawn 13,000 3,000
Loan facility repaid (13,000) (3,000)
Finance costs (196) (20)
Net cash outflow from financing activities (21,387) (25,063)
Decrease in cash and cash equivalents in the year (18,729) (5,847)
Cash and cash equivalents at the beginning of the year 23,778 29,361
Foreign exchange (losses)/gains (53) 264
Cash and cash equivalents at the end of the year 4,996 23,778
The notes on pages 110 to 127 in the annual report form part of these
financial statements.
GLOSSARY
The Act
The Companies Act 2006.
AGM
Annual General Meeting.
AI
Artificial Intelligence.
AIC
The Association of Investment Companies.
AIC Code
The AIC Code of Corporate Governance.
AIF
Alternative Investment Fund.
AIFM
Alternative Investment Fund Manager.
AIFMD
Alternative Investment Fund Managers Directive.
Approved investment trust company
An approved investment trust company is a corporate UK tax resident which
fulfils particular UK tax requirements and rules, which include that for the
Company to undertake portfolio investment activity, it must aim to spread
investment risk. In addition, the Company's shares must be listed on an
approved stock exchange. The 'approved' status for an investment trust must
be authorised by the UK tax authorities and its key benefit is that a portion
of the profits of the Company, principally its capital profits, are not
taxable in the UK.
AUM
Assets under management are the total market value of investments held under
management by an individual or institution. When referring to Pantheon's AUM,
this figure includes assets managed on a fully discretionary basis.
BTS
Build‑to‑suit.
Carried interest
Portion of realised investment gains payable to a Sponsor as a profit share.
Cloud
Cloud computing is the on-demand availability of computer system resources,
especially data storage (cloud storage) and computing power, without direct
active management by the user.
Co-investment
Direct shareholding in an investment by invitation alongside a Sponsor.
Commitment
The amount of capital that the Company agrees to contribute to an investment
when and as called by the Sponsor.
Company
Pantheon Infrastructure Plc or 'PINT'.
DCF
Discounted cash flow.
Distributions to Paid-in Capital (DPI)
Ratio to show cash returned to PINT = Total distributions divided by total
capital contributed.
EDCI
ESG Data Convergence Initiative.
ERCOT
The Electric Reliability Council of Texas.
ESG
Environmental, Social and Governance.
Exit
Realisation of an investment, usually through trade sale, sale by public
offering (including IPO) or sale to a financial buyer.
FTTB
Fibre-to-the-building.
FTTH
Fibre-to-the-home.
FTTP
Fibre-to-the-premises.
Funds under management
Funds under management include both assets under management and assets under
advisory (assets managed on a non‑discretionary basis and/or
advisory basis).
GHG
Greenhouse gas.
GIRAC
Pantheon's Global Infrastructure and Real Assets Committee.
Initial public offering (IPO)
The first offering by a company of its own shares to the public on a regulated
stock exchange.
Investment Manager
Pantheon Ventures (UK) LLP.
Investment thesis
Pantheon's final stage of approval for infrastructure co-investments.
IPEV
International Private Equity and Venture Capital.
IRR
Internal rate of return is the annual rate of growth that an investment is
expected to generate over its life.
ISP
Internet Service Providers.
ISSB
International Sustainability Standards Board.
Multiple of invested capital (MOIC or cost multiple)
A common measure of private equity performance, MOIC is calculated by dividing
a fund's cumulative distributions and residual value by the paid‑in capital.
NAV Total Return
This is expressed as a percentage. It is calculated as the total return as
shown in the Income statement, as a percentage of the opening
NAV.
NBI
National Broadband Ireland.
Net asset value (NAV)
Amount by which the value of assets of a company exceeds its liabilities.
OECD
The Organisation for Economic Co-operation and Development.
PIH GP
Pantheon Infrastructure Holdings GP LLC.
PIH LP
Pantheon Infrastructure Holdings LP.
PMDR
Private Markets Decarbonisation Roadmap.
Portfolio Company
A company that PINT invests in. These portfolio companies in turn own and
operate infrastructure assets.
PPA
Power Purchase Agreement.
Primaries
Commitments made to private equity funds at the time such funds are formed.
RBSI
Royal Bank of Scotland.
RCF
Revolving credit facility.
SBTi
Science Based Targets initiative.
Secondaries
Purchase of existing private equity fund or company interests and commitments
from an investor seeking liquidity in such funds or companies.
SFDR
Sustainable Finance Disclosure Regulation.
Sponsor or general partner
The entity managing a private equity fund that has been established as a
limited partnership.
TCFD
Task Force on Climate-related Financial Disclosures.
TNFD
Taskforce on Nature-related Financial Disclosures.
Total return
This is expressed as a percentage. The denominator is the opening NAV, net of
the final dividend for the previous year, and adjusted (on a time-weighted
average basis) to take into account any equity capital raised or capital
returned in the year. The numerator is total NAV growth and dividends paid.
Dividends are assumed to be reinvested.
Total shareholder return
Return based on dividends paid plus share price movement in the period,
divided by the opening share price.
WADR
Weighted average discount rate based on each investment's relative proportion
of Portfolio valuation.
DIRECTORS AND ADVISERS
Directors
Patrick O'Donnell Bourke (Chair)
Anne Baldock
Anthony Bickerstaff
Andrea Finegan
Sapna Shah
Investment Manager
Pantheon Ventures (UK) LLP
Authorised and regulated by the FCA
10 Finsbury Square
4th Floor
London
EC2A 1AF
Email: pint@pantheon.com
PINT website: www.pantheoninfrastructure.com
(http://www.pantheoninfrastructure.com/)
Pantheon website: www.pantheon.com (http://www.pantheon.com)
Secretary and registered office
MUFG Corporate Governance Limited
19th Floor
Lime Street
London
EC3M 7DQ
Telephone: +44 (0)333 300 1932
Auditor
Ernst & Young LLP
25 Churchill Place
London
E14 5EY
PR adviser
Lansons Communications Holdings Limited
24a St John Street
London
EC1M 4AY
Broker
Investec Bank plc
30 Gresham Street
London
EC2V 7QP
Depositary
BNP Paribas, London Branch
10 Harewood Avenue
London
NW16 6AA
Registrar
MUFG Corporate Markets
10th Floor
Central Square
29 Wellington Street
Leeds
LS1 4DL
Solicitors
Hogan Lovells International LLP
Atlantic House
Holborn Viaduct
London
EC1A 2FG
Disclosure 1 - Investments
The annual report provides information about certain investments made by PINT.
It should NOT be regarded as a recommendation. Pantheon makes no
representation or forecast about the performance, profitability or success of
such investments. You should not assume that future investments will be
profitable or will equal the performance of past recommendations. The
statements made reflect the views and opinions of Pantheon as of the date of
the investment analysis.
FURTHER INFORMATION
PINT's Annual Report and Accounts for the year ended 31 December 2025 will be
available today on www.pantheoninfrastructure.com
(http://www.pantheoninfrastructure.com/)
Shortly, it will also be submitted in full unedited text to the Financial
Conduct Authority's National Storage Mechanism and will be available for
inspection at data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) in accordance with
DTR 6.3.5(1A) of the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules.
Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on this announcement (or any other website) is
incorporated into, or forms part of, this announcement.
ENDS
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. END FR FLFFAVRIIVIR
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