REG - Pantheon Infrastrct. - Net Asset Value(s)

Pantheon InfrastructureAnnouncement

23/06/2025 07:00

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RNS Number : 8615N  Pantheon Infrastructure PLC  23 June 2025

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PANTHEON INFRASTRUCTURE PLC

 

Net Asset Value

Pantheon Infrastructure PLC ("PINT" or the "Company"), the listed global
infrastructure fund, announces that its Net Asset Value ("NAV") as at 31 March
2025 was 115.2 pence per share.

Commentary

•     The NAV total return over the quarter was -0.7%, including the
second interim dividend of 2.1 pence per share.

•     The last twelve months' NAV total return, including the 4.2 pence
per share dividends for which the shares became ex-dividend during the period,
was 10.4 pence per share or 9.6%.

•    The NAV per share decreased by 2.9 pence in the quarter, including
the 2.1 pence dividend, to 115.2 pence (31 December 2024: 118.1 pence).
Underlying fair value movements (excluding foreign exchange movements) on the
investment portfolio resulted in a movement in NAV of -0.5 pence per share
during the period.

•     The most notable item in the period related to a -1.5 pence per
share movement in the underlying valuation of the Company's investment in
Calpine, which is currently linked to the Constellation Energy Corporation
("CEG") share price following the conditional sale of Calpine to CEG, as
announced on 13 January 2025.

•    The negative movement was attributable to the change in the CEG
share price, from an effective share price of c.$238 per share implied in the
valuation at 31 December 2024, to the closing price of c.$202 per share at 31
March 2025.

•     As previously disclosed, the Company's exposure to the CEG share
price is expected to remain unhedged ahead of completion of the transaction,
which is expected in Q4 2025, with an approximate NAV sensitivity of c.0.5
pence per share for every $10 movement in the CEG share price. This implies a
c.5.1 pence increase in NAV per share based on the latest closing price of CEG
of $305 per share at 20 June 2025.

•   Otherwise, the Company experienced a +1.0 pence per share movement
across the rest of the portfolio, with unrealised gains on a number of
investments including National Gas, Fudura and Primafrio, which were partially
offset by the modest unrealised losses on its investments in Delta Fiber,
Vertical Bridge and CyrusOne.

•    Currency movements resulted in a negative FX valuation movement on
the investment portfolio, equivalent to a movement in NAV of -1.0 pence per
share. This was offset by opposing movements in the Company's NAV FX hedging
instruments, contributing movement in NAV of +1.2 pence per share and an
overall FX impact of +0.2 pence per share.

•     Combined operating and financing costs contributed to a movement
in NAV of -0.5 pence per share.

•     As at 31 March 2025, the Company's net assets were £539.8
million, comprising the investment portfolio valued at £521.3 million, net
working capital of £14.5 million and a derivative mark-to-market value of
£4.0 million. At the end of the quarter, the Company had undrawn commitments
of £10.3 million and its £115 million Revolving Credit Facility remains
undrawn.

Richard Sem, Partner at Pantheon, PINT's investment manager, commented:

"We are delighted with the company's recent inclusion in the FTSE 250,
reflecting the strong recent share price performance and the resilient
performance of the portfolio. We are pleased to note the strong recovery in
the CEG share price since the quarter end, and the additional regulatory
approvals that CEG have received as they work towards completion of the
acquisition of Calpine.  We are confident in our strategic positioning and
remain focused on delivering sustainable, long-term value for our
shareholders."

NAV Bridge Q1 2025

 Opening NAV per share at 31 December 2024  118.1p
 Fair value gains / (losses)                (0.5)p
 FX movement                                (1.0)p
 FX hedge movement                          1.2p
 Expenses                                   (0.5)p
 Dividend                                   (2.1)p
 Closing NAV per share at 31 March 2025     115.2p

 

Investment Portfolio as at 31 March 2025

 #   Portfolio Company           Sponsor        Announced  Sector                                            Region         Investment value (£m)1
 1   Primafrio                   Apollo         Mar-22     Transport & Logistics                             Europe         51
 2   CyrusOne                    KKR            Mar-22     Digital - Data Centre                             North America  38
 3   National Gas                Macquarie      Mar-22     Power & Utilities - Gas Utility and Metering      UK             47
 4   Vertical Bridge             DigitalBridge  Apr-22     Digital - Towers                                  North America  24
 5   Delta Fiber                 Stonepeak      Apr-22     Digital - Fibre                                   Europe         27
 6   Cartier Energy              Vauban         May-22     Power & Utilities - District Heating              North America  31
 7   Calpine                     ECP            Jun-22     Power & Utilities - Electricity Generation        North America  74
 8   Vantage                     DigitalBridge  Jul-22     Digital - Data Centre                             North America  31
 9   Fudura                      DIF            Jul-22     Renewables & Energy Efficiency                    Europe         51
 10  National Broadband Ireland  Asterion       Nov-22     Digital - Fibre                                   Europe         51
 11  GD Towers                   DigitalBridge  Jan-23     Digital - Towers                                  Europe         46
 12  GlobalConnect               EQT            June-23    Digital - Fibre                                   Europe         21
 13  Zenobe                      Infracapital   Sep-23     Renewables & Energy Efficiency                    UK             40
                                                                                                             Total          532

 

(1) Investment value refers to the investment fair value plus unfunded
commitments as at 31 March 2025, adjusted for FX at that date as necessary.

 

Company diversification at 31 March 2025(2)

Geography

 Europe         46%
 North America  37%
 UK             16%
 Uncommitted    2%

 

Sector

 Digital Infrastructure             44%
 Power & Utilities                  28%
 Renewable & Energy Efficiency      17%
 Transport & Logistics              9%
 Uncommitted                        2%

 

 

Market Segment(3)

 Contracted   80%
 GDP Linked   9%
 Regulated    9%
 Uncommitted  2%

 

Sponsor

 Digital Bridge                19%
 ECP                           14%
 DIF                           10%
 Asterion Industrial Partners  9%
 Apollo                        9%
 Macquarie                     9%
 Infracapital                  7%
 KKR                           7%
 Vauban                        6%
 Stonepeak                     5%
 EQT                           4%
 Uncommitted                   2%

 

(2) Refers to investment fair values, or amounts committed as of 31 March
2025. Charts are based on % of gross asset value (portfolio value + net cash).
Net cash comprises cash, hedge and debtor balances. Some numbers do not sum to
100% due to rounding.

(3) This classification represents where the majority of each portfolio
company cash flow is contracted in nature vs. regulated or GDP linked.

 

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 advisor          pint@lansons.com (mailto:pint@lansons.com)

 Lucy Horne                        +44 (0) 79 2146 8515

 Millie Steyn                      +44 (0) 75 9352 7234

 

LEI 213800CKJXQX64XMRK69

 

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 and a constituent of the FTSE 250. 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)

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 650 clients, including institutional
investors of all sizes as well as a growing number of private wealth advisers
and investors, with approximately $71bn in discretionary assets under
management (as of December 31, 2024).

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.

Further details can be found at www.pantheon.com (http://www.pantheon.com)

 

ENDS

 

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