REG - Pantheon Intl PLC - Monthly Performance Update

Pantheon InternationalAnnouncement

07/01/2026 07:00

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RNS Number : 8950N  Pantheon International PLC  07 January 2026

7 January 2026

For immediate release

The information contained in this announcement is restricted and is not for
publication, release or distribution in the United States of America, Canada,
Australia (other than to persons who are both wholesale clients and
professional or sophisticated investors in Australia), Japan, the Republic of
South Africa or any other jurisdiction where its release, publication or
distribution is or may be unlawful.

Pantheon International Plc

("PIN" or the "Company")

Performance Update at 30 November 2025

 

Distribution Pool and Share Buybacks

The Board remains committed to buying back the Company's shares when discounts
are wide to take advantage of the compelling value on offer.

During the month, PIN invested £4.4m in share buybacks, repurchasing
1,206,832 shares at a weighted average price of 363.9p per share. This price
reflected an average discount of 28.9% to the prevailing net asset value (NAV)
per share at the time of the transactions.

PIN has established a Distribution Pool with an opening balance of £60.0m. In
the financial year to date, a further £35.2m has been allocated to the
Distribution Pool, which is equivalent to 20% of the gross distributions
received during the period.

Share buybacks completed in the six months to 30 November 2025 were £42.8m,
resulting in a +1.0% uplift to the May 2025 NAV per share. The Distribution
Pool balance as at 30 November 2025 was £52.4m, providing a strong source of
liquidity to support PIN's active capital management and allocation policies.

 

Performance Update at 30 November 2025

520.8p                   NAV per share

+0.3%                    NAV per share movement for the
month

£2.3bn                    Net asset value

+66%                     Total NAV per share return
(5Y)*

£1.6bn                    Market capitalisation

+62%                     Total shareholder return (5Y)*

£4.8m                     Net portfolio cash flow**

4.4x                        Financing cover***

 

Month to 30 November 2025

PIN announced an unaudited net asset value ("NAV") per share of 520.8p as at
30 November 2025, an increase of +1.5p (+0.3%) from the NAV per share as at 31
October 2025.

In the month to 30 November 2025, valuation gains** were +5.4p (+1.0%),
investment income** added +0.2p (+0.0%), foreign exchange movements** were
-3.6p (-0.6%), share buybacks added +0.4p (+0.1%) and expenses and taxes****
were -0.9p (-0.2%).

PIN's valuation policy for private equity funds is based on the latest
valuations reported by the managers of the funds in which PIN has holdings. In
the case of PIN's valuation as at 30 November 2025, 6% of reported valuations
are dated 30 November 2025 or later, 78% are dated 30 September 2025, 13% are
dated 30 June 2025 and 3% are dated 31 March 2025. Of the 6% of valuations
dated 30 November 2025 or later, 4.7% reflect the mark-to-market fair value
adjustment for listed company holdings.

At 30 November 2025, PIN's private equity assets stood at £2,495m, whilst net
available cash balances^ were £24m. The Asset Linked Note^^ ("ALN")
outstanding as at 30 November 2025 amounted to £21m. Undrawn commitments to
investments stood at £677m as at 30 November 2025, calculated using exchange
rates at that date. PIN maintains a £400m^^^ multi-tranche, multi-currency
revolving credit facility. As at 30 November 2025, £120m was drawn down under
the credit facility and $150m (£113m GBP equivalent as at month end) of
private placement notes were outstanding, resulting in a net debt to NAV ratio
of 9.3%.^^^^

Net Portfolio Cash Flow

PIN received distributions of £20.7m relative to £15.9m of calls from
existing commitments to private equity funds. Therefore, PIN's portfolio
generated net cash of £4.8m during the month.

New Investments

The Company made no new significant commitments during the month. Deal
activity has remained healthy in the wider private equity market and PIN
continues to look selectively at attractive investment opportunities.

Half year ended 30 November 2025

Performance

The unaudited NAV per share of 520.8p as at 30 November 2025 is an increase of
+24.3p (+4.9%) relative to the NAV per share as at 31 May 2025. Valuation
gains* added +11.4p (+2.3%), investment income* added +2.6p (+0.5%), foreign
exchange movements* were +11.0p (+2.2%), share buybacks added +5.0p (+1.0%)
and expenses and taxes**** were -5.7p (-1.1%).

Portfolio Net Cash Flow

PIN's distribution rates continued to increase from 12% to 15% during the
six-month period. PIN received distributions of £176.2m relative to £93.1m
of calls from existing commitments to private equity funds, thereby generating
net portfolio cash flow of £83.1m during the half year.

New Commitments

PIN made seven new investments during the half year ended 30 November 2025,
amounting to £92.6m in new commitments. These commitments were to two primary
funds (£45.6m), three manager-led secondaries (£34.7m) and two
co-investments (£12.3m).

Share Buybacks

During the half year ended 30 November 2025, PIN invested £42.8m in share
buybacks, acquiring 12,870,911 shares at a weighted average price of 332.7p
per share. This price represented an average discount of 33.8% to the
prevailing NAV per share at the time of the transactions.

 

*Based on the change in the NAV per share and ordinary share price over the
period.

**Figures are stated net of movements associated with the ALN share of the
reference portfolio. Valuation movement includes the mark-to-market fair value
adjustment of listed company holdings.

***Ratio of net available cash, portfolio value and undrawn credit facility to
outstanding commitments. Outstanding commitments relating to funds outside
their investment period (>13 years old) were excluded from the calculation
as there is a low likelihood of these being drawn. This amounted to £37.9m as
at 30 November 2025.

****Operating expenses, financing costs and withholding taxes on investment
distributions.

^Net available cash calculated as cash and net current assets / (liabilities)
less undistributed net cashflows associated with the ALN.

^^Unlisted 10-year note issued on 31 October 2017 whose cost and repayments
are linked to a reference portfolio consisting of the Company's older vintage
funds.

^^^ PIN maintains a £400m multi-currency credit facility. The overall credit
facility comprises facilities of US$402.3m and €115.2m and had a sterling
equivalent value of £404.5m as at 30 November 2025. As at 30 November 2025,
PIN had drawn down £120.3m of the credit facility.

^^^^Net debt calculated as borrowings (excluding the outstanding balance of
the Asset Linked Note) less net available cash. The ALN is not considered in
the calculation of gross borrowings or the loan-to-value ratio, as defined in
PIN's credit facility and note agreements. If the ALN is included, net debt to
NAV was 10.2% as at 30 November 2025.

 

Annualised Performance as at 30 November 2025^^^^^

                       1 Year     3 Years    5 Years    10 Years   Since Inception

                       (% p.a.)   (% p.a.)   (% p.a.)   (% p.a.)   (% p.a.)

 NAV per share         3.8%       3.5%       10.7%      12.4%      11.6%
 Ordinary share price  14.9%      11.5%      10.1%      11.2%      10.8%
 FTSE All-Share, TR    20.0%      12.2%      12.1%      8.0%       7.8%
 MSCI World TR, (£)    12.7%      15.5%      13.6%      13.9%      8.9%

^^^^^PIN was launched on 18 September 1987. The performance figures for PIN
includes the effects of share repurchases, dividends, share splits, capital
repayments and warrants. NAV figure based upon adjusted NAV per share where
applicable.

Discrete Performance as at 30 November 2025

                       30/11/2024 - 30/11/2025  30/11/2023 - 30/11/2024  30/11/2022 - 30/11/2023  30/11/2021 - 30/11/2022  30/11/2020 - 30/11/2021
 NAV per share         3.8%                     5.3%                     1.5%                     11.5%                    34.1%
 Ordinary share price  14.9%                    11.1%                    8.7%                     (15.5%)                  37.9%
 FTSE All-Share, TR    20.0%                    15.7%                    1.8%                     6.5%                     17.4%
 MSCI World TR, (£)    12.7%                    27.9%                    6.8%                     (0.5%)                   23.4%

 

Largest Holdings

Largest companies by value as at 31 August 2025

 Company        Country      Sector                  % of portfolio
 Action         Netherlands  Consumer                1.4%
 Visma          Norway       Information Technology  1.4%
 Kaseya         Switzerland  Information Technology  1.3%
 Smile Doctors  USA          Healthcare              1.1%
 Valantic       Germany      Information Technology  1.0%

 

Largest managers by value as at 30 November 2025

 Manager                     Region  % of portfolio
 Insight Partners            USA     6.3%
 HgCapital                   Europe  4.3%
 Index Ventures              Global  4.1%
 Advent International Group  Global  2.8%
 IK Investment Partners      Europe  2.7%

 

Monthly Report

The November 2025 newsletter can be accessed on PIN's website at
www.pantheon-international.com (http://www.pantheon-international.com) in the
Investors section under the heading "Newsletters & Factsheets".

This announcement contains inside information.

Ends

 

LEI: 2138001B3CE5S5PEE928

For more information please visit PIN's website at
www.pantheon-international.com or contact:

 

Pantheon

Charlotte Morris / Vicki Bradley

Tel: +44 20 3356 1800

Follow us on
LinkedIn: https://www.linkedin.com/company/pantheon-international-plc
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NOTES

PIN

PIN is a listed FTSE 250 private equity investment trust, overseen by
an independent Board of Directors and managed by Pantheon, one of the leading
private equity investment managers globally. PIN offers investors a liquid,
differentiated entry point to the excellent growth potential of global private
equity, with access to the primary, secondary and co-investment opportunities
of some of the best managers in the world. The Company has a track record of
NAV outperformance over the long term and manages risk strategically through
diversification and rigorous selection based on Pantheon's extensive
experience and international platform, and robust investment due diligence and
decision-making processes.

Pantheon

PIN is managed and advised by Pantheon, a specialist global private markets
investor. 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, across private equity, real assets
and private credit. The firm has partnered with more than 740 clients, with
approximately $82.0bn in discretionary assets under management (as at 30 June
2025).

Important Information

A copy of this announcement will be available on the Company's website at
www.pantheon-international.com (http://www.pantheon-international.com) .
Neither the content of the Company's website, nor the content on any website
accessible from hyperlinks on its website for any other website, is
incorporated into, or forms part of, this announcement nor, unless previously
published by means of a recognised information service, should any such
content be relied upon in reaching a decision as to whether or not to acquire,
continue to hold, or dispose of, securities in the Company.

Tony Morgan

Chair, Pantheon International Plc

Broadwalk House, Southernhay West, Exeter, Devon EX1 1TS

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