REG - Pantheon Infrastrct. - Net Asset Value

Pantheon InfrastructureAnnouncement

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RNS Number : 5141L  Pantheon Infrastructure PLC  15 December 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 30
September 2025 was 127.7 pence per share.

Commentary

•     The NAV per share increased by 5.0 pence in the quarter to 127.7
pence, an increase of 4.1% on the NAV per share of 122.7 as at 30 June 2025.
The Company declared an interim dividend of 2.173 pence per share during the
period, with the shares marked ex-dividend after the period end.

•     Year to date NAV total return, including the 2.1 pence per share
dividend for which the shares became ex-dividend during the year, was 11.7
pence per share or 10.1%. 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 15.7 pence per share or 13.9%.

•     Underlying fair value movements on the investment portfolio
contributed 5.2 pence per share during the period. Performance was driven by
unrealised movements across a number of the Company's investments, with
notable valuation uplifts for Vantage Data Centers, National Gas, Intersect
Power and Primafrio.

•     Currency movements resulted in a positive FX valuation movement on
the investment portfolio, equivalent to an increase in NAV of 1.8 pence per
share. This was offset by opposing movements in the Company's NAV FX hedging
instruments, contributing a decrease in the NAV of 1.5 pence per share.

•     Combined operating and financing expenses contributed to a
decrease in NAV of 0.5 pence per share.

•     During the quarter, the Company announced its 14th investment
through a £30m commitment to Intersect Power, an energy and data centre
developer headquartered in California. The investment was funded towards the
end of the quarter through a combination of existing cash reserves and a
partial utilisation of the Company's revolving credit facility ("RCF").

•     As at 30 September 2025, the Company's net assets were £598.3
million, comprising the investment portfolio valued at £600.3 million, net
working capital of £10.2 million, a derivative mark-to-market value of -£2.8
million and RCF borrowings of £9.5 million. At the end of the quarter, the
Company had undrawn commitments of £12.3 million and £105.5 million of
available RCF.

•     As previously disclosed, the Company has exposure to stock in
Constellation Energy Corporation ("CEG"), through the expected sale of Calpine
to CEG, which has recently been approved by the US Department of Justice. This
represents the final key approval of the transaction, with completion now
expected to take place either in late December 2025 or early in Q1 2026. The
Company's approximate NAV sensitivity to CEG is c.0.4 pence per share for
every $10 movement in the CEG share price. This implies a c.1 pence increase
in NAV per share based on the latest closing price of CEG of $352 per share at
12 December 2025.

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

"We are delighted with the portfolio's continued strong performance and
sustained NAV returns. Valuation gains across different sectors reflect the
benefits of diversification and infrastructure tailwinds. The final approval
of Constellation's acquisition of Calpine means we expect the sale to complete
shortly. This visibility supported our investment in Intersect Power,
demonstrating our approach to recycling realisation proceeds. We look forward
to exploring further opportunities in the new year to replicate this
strategy."

 

NAV Bridge Q3 2025

 Opening NAV per share at 30 June 2025       122.7p
 Fair value gains / (losses)                 5.2p
 FX movement                                 1.8p
 FX hedge movement                           (1.5)p
 Expenses                                    (0.5)p
 Closing NAV per share at 30 September 2025  127.7p

 

Investment Portfolio as at 30 September 2025

 #   Portfolio Company           Sponsor        Announced  Sector                                            Region         Investment value (£m)1
 1   Primafrio                   Apollo         Mar-22     Transport & Logistics                             Europe         57
 2   CyrusOne                    KKR            Mar-22     Digital - Data Centre                             North America  39
 3   National Gas                Macquarie      Mar-22     Power & Utilities - Gas Utility and Metering      UK             49
 4   Vertical Bridge             DigitalBridge  Apr-22     Digital - Towers                                  North America  24
 5   Delta Fiber                 Stonepeak      Apr-22     Digital - Fibre                                   Europe         26
 6   Cartier Energy              Vauban         May-22     Power & Utilities - District Heating              North America  31
 7   Calpine                     ECP            Jun-22     Power & Utilities - Electricity Generation        North America  101
 8   Vantage                     DigitalBridge  Jul-22     Digital - Data Centre                             North America  40
 9   Fudura                      DIF            Jul-22     Renewables & Energy Efficiency                    Europe         52
 10  National Broadband Ireland  Asterion       Nov-22     Digital - Fibre                                   Europe         49
 11  GD Towers                   DigitalBridge  Jan-23     Digital - Towers                                  Europe         48
 12  GlobalConnect               EQT            June-23    Digital - Fibre                                   Europe         22
 13  Zenobe                      Infracapital   Sep-23     Renewables & Energy Efficiency                    UK             42
 14  Intersect Power             CAI            Sep-25     Renewables & Energy Efficiency                    North America  33
                                                                                                             Total          613

 

(1) Investment value refers to the investment fair value plus unfunded
commitments as at 30 September 2025, adjusted for FX at that date as
necessary.

 

Company diversification at 30 September 2025(2)

Geography

 North America  44%
 Europe         42%
 UK             15%

 

Sector

 Digital Infrastructure             40%
 Power & Utilities                  30%
 Renewable & Energy Efficiency      20%
 Transport & Logistics              10%

 

Market Segment(3)

 Contracted  82%
 GDP Linked  10%
 Regulated   8%

 

Sponsor

 Digital Bridge                18%
 ECP                           17%
 Apollo                        10%
 DIF                           9%
 Macquarie                     8%
 Asterion Industrial Partners  8%
 Infracapital                  7%
 KKR                           6%
 CAI                           5%
 Vauban                        5%
 Stonepeak                     4%
 EQT                           4%

 

(2) Based on a net Portfolio valuation of £597.5m comprising the portfolio
valuation of £600.3m adjusted for the foreign exchange hedging mark-to-market
liability of £2.8m as at 30 September 2025. 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 740 clients, including institutional
investors of all sizes as well as a growing number of private wealth advisers
and investors, with approximately $82bn in discretionary assets under
management (as of June 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.

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

 

ENDS

 

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