Pantheon Infrastructure PLC · LSE:PINT
Pantheon Infrastructure — FY2024 Earnings Presentation
67 slides from Pantheon Infrastructure's earnings presentation, March 2025
Slide 1: Pantheon Infrastructure PLC Year end results 31 December 2024
INFRASTRUCTURE PANTHEON INFRASTRUCTURE PLC Year end results 31 December 2024 2024
Slide 2: PINT team
PINT team Richard Sem, Partner (joined 2017, 29 years of private markets experience) Richard is a Partner and Head of Europe in Pantheon’s Global Infrastructure and Real Assets Investment Team where he leads its European investment activity and team. He is the Portfolio Manager for PINT and a member
Slide 3: Contents
Contents 1. Highlights 2. Approach 3. Financials 4. Portfolio 5. Outlook 6. Conclusion 7. Appendix 3
Slide 4: Highlights
HIGHLIGHTS
Slide 5: Our investment approach
Our investment approach Global Strategy Investor case infrastructure Differentiation platform • Invest in a globally • Targeting an 8-10% NAV • Dedicated team of 362 • Leverage Pantheon's diversified portfolio p.a. total return infrastructure investment unique platform professionals • High-quality •
Slide 6: PINT's track record
PINT’s track record As at 31 December 2024 £542m committed to 13 assets1 4.2p per share full year dividend 14.3% NAV Total Return £542m 4.2p 14.3% 4.0p £487m £389m 10.4% 2.0p 2.0% 2022 2023 2024 2022 2023 2024 2022 2023 2024 118.1p NAV per share £76m weighted aggregate LTM EBITDA 1.33x Portfolio MOI
Slide 7: Approach
APPROACH
Slide 8: Background to co-investments
Background to co-investments Co-investments afford the opportunity for investors to invest alongside Sponsors in specific Portfolio Companies, typically on a fee and carried interest-free basis. Investments are typically in the form of equity in the Portfolio Company as a minority shareholder, with
Slide 9: Financials
FINANCIALS
Slide 10: Diversified Infrastructure assets across sectors, geographies and Sponsors
Diversified Infrastructure assets across sectors, geographies and Sponsors Geography Sector PORTFOLIO OVERVIEW AS AT 31 DECEMBER 2024 ⚫ Power & Utilities 29% ⚫ Digital - Fibre 18% ⚫ Europe 44% ⚫ Renewables & energy efficiency 16% ⚫ America 38% ⚫ Digital - Towers 13% ⚫ UK 16% ⚫ Digital – Data Centre
Slide 11: NAV & portfolio movement FY 2024
NAV & portfolio movement FY 2024 | NAV per share FY24 movement (GBP pence/share) 17.5p 1.2p 0.2p (1.1p) (2.2p) 118.1p (4.1p) 106.6p As at Fair value gains Foreign exchange Foreign exchange Expenses Share buybacks Dividends paid As at 31 December 2023 movement hedge 31 December 2024 | Portfolio FY24
Slide 12: Capital allocation
Capital allocation As of 28 March 2025 | Capital allocation (£m) Revolving Credit Facility A No current drawings Strong liquidity Sources: £138.4m Debt maturity March 2027 Drawn margin of 285bps Cash & cash equivalents: £23.4m Revolving Credit Facility (RCF): £115.0m 23.4 10.2 Undrawn investment 9.2
Slide 13: Portfolio
PORTFOLIO
Slide 14: Key portfolio figures
Key portfolio figures As at 31 December 2024 2022: 14.2% 2022: 32% 2022: 72% 2023: 13.6% 2023: 36% 2023: 77% 2024: 13.6% 2024: 35% 2024: 79% Weighted Weighted Weighted average average average discount rate gearing hedged debt 2022: £141m 2022: £41m 2022: £24m 2023: £168m 2023: £59m 2023: £48m 2024:
Slide 15: Portfolio characteristics
Portfolio characteristics As at 31 December 2024 MOIC1 Sector Assets Regions Sponsors Announced Performance v Plan (inception to date) North America KKR Mar-22 1.5x Above plan Digital – data centres North America Digital Bridge Jul-22 1.1x On plan Europe Asterion Nov-22 1.3x Above plan Digital – fib
Slide 16: Portfolio characteristics continued (MOIC)
Portfolio characteristics continued As at 31 December 2024 2.5x 2.0x Calpine Fudura National Broadband 1.5x CyrusOne Ireland National Gas Grid MOIC Delta Fiber Primafrio GD Towers 1.0x Vertical Bridge Vantage Data Centers GlobalConnect Zenobe Cartier Energy 0.5x 0.0x Dec-2021 Apr-2022 Jul-2022 Sep-2
Slide 17: Portfolio movement FY 2024
Portfolio movement FY 2024 | Portfolio FY24 movement (£m) 12.4 (4.6) (0.8) 531.7 2.4 2.5 (5.2) 67.9 2.5 (2.4) 6.6 471.7 (21.3) Source: Pantheon 17
Slide 18: Projected portfolio cash flows
Projected portfolio cash flows £m 300 No change 250 200 ↑ ~15% ↓ ~15% 150 ↓ ~5% No change 100 ↑ ~60% ↑ ~40% 50 (Actual) - FY23 FY24 Actual FY23 FY24 FY23 FY24 FY23 FY24 FY23 FY24 FY23 FY24 FY23 FY24 2024 2025 2026 2027 2028 2029 2030 Estimated distributions Estimated realisations ↑ ~40% % movement i
Slide 19: Portfolio: movement in the year
Portfolio: movement in the year As at 31 December 2024 Portfolio Portfolio Undrawn Allocation of foreign Portfolio Investment value Drawn Asset valuation Foreign exchange value commitments exchange hedge Return for year ended Sector Assets 31 Dec 2023 commitments Distribution movement movement 31 De
Slide 20: Outlook
OUTLOOK
Slide 21: Calpine realisation
Calpine realisation Background CEG exposure Hedging options Sale of Calpine agreed between ECP PINT is expected to receive c$35m ECP will determine and execute the and Constellation Corporation (“CEG”) cash proceeds upon completion. strategy to exit CEG position after in January 2025 Residual exposu
Slide 22: Our market
Our market Inflation Interest rate/leverage Discount Rates Energy prices Political risk In 2024, inflation moderated, Post-Covid inflation surge Upward pressure on Energy markets have been Current political environment but the outlook is less clear led to dramatic increase in discount rates from vol
Slide 23: Conclusion
CONCLUSION
Slide 24: Summary
Summary 1 Diversified, resilient and prudently funded 13 asset Portfolio, performing well amidst continued macro uncertainty. Thematic approach to investment with exposure to long-term secular trends benefitting from organic and inorganic growth 2 opportunities. Sustained access to highly attractive
Slide 25: Useful links
Useful links FY 2024 Annual Report Q4 2024 2023 QuotedData and Accounts Factsheet Sustainability report Q3 2024 research 25
Slide 26: Appendix
APPENDIX
Slide 27: Key information
Key information Company Pantheon Infrastructure Plc Listing London Stock Exchange (Main Market, Premium Segment) Structure UK investment trust Investment Manager Pantheon Ventures (UK) LLP, regulated by the FCA The Company seeks to generate attractive total returns (on a risk adjusted basis) for sha
Slide 28: Market
MARKET
Slide 29: Characteristics of infrastructure
Characteristics of infrastructure Essential The economy to net zero and society at large transition Key driver of Provision of Enabling digital Essential to net economic growth essential services evolution zero transition Essential to As an net zero investor % transition Attractive yields Predictabl
Slide 30: What are we looking for?
What are we looking for? Transaction profile1 Target assets1 Ticket size Embedded Attractive entry £25-50m value point Digital Power & utilities • Data centres • Energy utilities • Fibre • Conventional power Target assets • Towers • Water Macro / Inflation Diversified Defensive structural Stable pro
Slide 31: Our approach to navigating the infrastructure landscape
Our approach to navigating the infrastructure landscape Leveraging tailwinds and addressing headwinds The way in which societies and DIGITAL POWER & economies function over time INFRASTRUCTURE UTILITIES is changing, which creates new long-term tailwinds for PINT portfolio: 44% PINT portfolio: 29% th
Slide 32: Renewables & energy efficiency, transport & social infrastructure
RENEWABLES & TRANSPORT & SOCIAL ENERGY EFFICIENCY LOGISTICS INFRASTRUCTURE PINT portfolio: 16% PINT portfolio: 9% PINT portfolio: 0% What we like Concerns What we like Concerns What we like Concerns Long-term contracts Development platform Modal shift GDP-linkage Availability cashflows R
Slide 33: Capturing secular growth
Capturing secular growth $15tn infrastructure spending gap projected to 20401 Digital infrastructure2 Renewables & efficiency3 Power & utilities4 Transport & logistics5 • Exponential growth in mobile • Renewables-based electricity • Clean energy transition is • Passenger air has rebounded data usage
Slide 34: Global sector activity and infrastructure asset allocations
Global sector activity and infrastructure asset allocations Renewables / Efficiency and Transportation / Logistics have been key themes in 2024 $29bn $26bn $37bn $46bn $46bn $38bn $13bn 162 assets 169 assets 175 assets 202 assets 187 assets 152 assets 75 assets 2024 capital deployment comprises port
Slide 35: Infrastructure market indicators and investor sentiment
Infrastructure market indicators and investor sentiment Deal activity by geography ($bn)1 Deal activity by sector ($bn)1 893 864 893 864 755 742 755 742 576 553 574 576 553 574 429 429 351 371 351 371 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Slide 36: Sustainability
SUSTAINABILITY
Slide 37: Potential benefits of Pantheon's Sustainability risk-based approach
Potential benefits of Pantheon’s Sustainability risk-based approach Overview of process Pantheon intends to leverage sustainability resources and expertise to help generate long-term returns through enhanced risk management and value creation Sustainability Framework Risk management Limit Pantheon e
Slide 38: Sponsor sustainability data
ESG Sponsor scorecard Sponsor sustainability data The results of Pantheon’s proprietary Sponsor scorecard and questionnaire for PINT deals are presented for the first time below. Overall Sponsor Sustainability maturity rating For overall Sustainability maturity, 38% E of the
Slide 39: Company sustainability data
ESG scorecard Company sustainability data Analysis of company-level Sustainability data for PINT, including the portfolio carbon footprint, is outlined below. Carbon footprint Total Carbon footprint tCO2e: Value (2023) Coverage (2023) As at 31 December 20231 602 Scope 1 214,477 100% Scope 2 6,109 10
Slide 40: Governance
GOVERNANCE
Slide 41: PINT governance
PINT governance Appoints Shareholders PINT Board PINT Pantheon Invest via LSE (Oversees) Manages • Experienced Board of independent, non-executive directors • Strong expertise in the following areas: Infrastructure, private equity, governance, legal and regulatory, valuation of private Board of asse
Slide 42: PINT governance
PINT governance PINT’s Board of Directors have uniquely complementary infrastructure experience Vagn Sørensen C C Patrick O’D Bourke C Anne Baldock C Chair and Nomination Committee Chair Audit and Risk Committee Chair Senior Independent Director and Chair of the Remuneration Committee • Senior and e
Slide 43: PINT governance
PINT governance PINT’s Board of Directors have uniquely complementary infrastructure experience Andrea Finegan C C Anthony Bickerstaff Management Engagement Committee and Non-Executive Director ESG & Sustainability Committee Chair • Infrastructure asset management • Previous experience includes CFO
Slide 44: The Manager
THE MANAGER
Slide 45: Pantheon is a leader in infrastructure investing
Pantheon is a leader in infrastructure investing Investment Dedicated Experience Specialist Strong risk adjusted Record4 & AUM1 Team3 Total Realized $23.3bn 36 14.4% Infrastructure assets Investment under management Professionals 12.6% 230+ 8 Total Infrastructure GIRAC Partners Investments2 55+ 23 y
Slide 46: Global team and local expertise enables strong deal sourcing
Global team and local expertise enables strong deal sourcing, diligence, and asset management 1982 2023 2021 London Geneva Berlin 2022 2018 Chicago 2018 Tokyo Dublin 2007 1987 New York 2014 San Francisco Seoul 1992 2011 Hong Kong 2014 Tel Aviv Bogotá 2023 Singapore Representative assets per region A
Slide 47: Investment Manager Global Infrastructure & Real Assets Investment Committee
Investment Manager Global Infrastructure & Real Assets Investment Committee Richard Sem, Partner (joined 2017, 29 years of private markets experience) Richard is a Partner and Head of Europe in Pantheon’s Global Infrastructure and Real Assets Investment Team where he leads its European investment ac
Slide 48: Investment Manager Global Infrastructure & Real Assets Investment Committee
Investment Manager Global Infrastructure & Real Assets Investment Committee Paul Barr, Partner (joined 2021, 23 years of private markets experience) Paul is a Partner in Pantheon’s Global Infrastructure and Real Assets Investment Team and a member of the Global Infrastructure and Real Assets Committ
Slide 49: Investment Manager Global Infrastructure & Real Assets Investment Committee
Investment Manager Global Infrastructure & Real Assets Investment Committee Janice Ince, Partner (joined 2019, 23 years of private markets experience) Janice is a member of Pantheon’s Global Infrastructure team, where she focuses on the analysis, evaluation and completion of infrastructure and real
Slide 50: Pantheon deal origination: global sourcing, rigorous screening
Pantheon deal origination: global sourcing, rigorous screening 2015 – 2024 | Infrastructure co-investment annual deal flow (2015 | Infrastructure co-investment deal funnel (2015 - - 20241) 20241) 20 Deals screened $107bn | 972 deals 18 16 CAGR +21% 14 Advanced diligence Deals screened ($bn) 12 $9 bn
Slide 51: Pantheon Infrastructure realisations
Pantheon Infrastructure realisations ~35% average increase in value for realised companies in year prior to exit | Liquidity events across 2021 – Q3 2024 for Pantheon’s | Average % uplift in TVPI across all realised single asset infrastructure investments1 secondary companies and co-investments sinc
Slide 52: Portfolio
PORTFOLIO
Slide 53: Portfolio
Portfolio Based on assets invested and committed at 31 December 2024. Source: Investment Sponsors and Pantheon. 53
Slide 54: Portfolio
Portfolio Based on assets invested and committed at 31 December 2024. Source: Investment Sponsors and Pantheon. 54
Slide 55: PINT Investments Existing portfolio
PINT Investments Existing portfolio Primafrio CyrusOne National Gas Specialised temperature-controlled Operates more than 50 high-performance data The owner and operator of the UK’s sole gas transportation and logistics company in Europe centres representing more than four million sq ft transmission
Slide 56: PINT Investments Existing portfolio
PINT Investments Existing portfolio Vertical Bridge Delta Fiber Cartier Energy The largest private owner and operator of towers Owner and operator of fixed telecom infrastructure in Platform of eight district energy systems located and other wireless infrastructure in the US, with the Netherlands, p
Slide 57: PINT Investments Existing portfolio
PINT Investments Existing portfolio Calpine Vantage Data Centers Fudura Independent power producer with a c.26GW of Leading provider of wholesale data centre Dutch market-leading owner and provider of principally gas-fired generating capacity, infrastructure to large enterprises and medium-voltage e
Slide 58: PINT Investments Existing portfolio
PINT Investments Existing portfolio National Broadband Ireland (“NBI”) GD Towers GlobalConnect Fibre-to-the-premises network developer and Largest tower operator and telecom Leading pan-Nordic wholesale and retail operator working with the Irish Government to infrastructure network in Western Europe
Slide 59: PINT Investments Existing portfolio
PINT Investments Existing portfolio Zenobe Zenobē provides essential infrastructure that contributes to international power and transport sector decarbonisation targets. Renewables & Energy Sector Efficiency Geography UK Sponsor Infracapital Website www.zenobe.com Date of commitment: 07.09.2023 PINT
Slide 60: Portfolio sensitivities
Portfolio sensitivities | PINT NAV sensitivities at 31 December 2024 Source: Investment Sponsors and Pantheon. Based on assets invested and committed at 31 December 2024. 60
Slide 61: Glossary of terms
GLOSSARY OF TERMS
Slide 62: Glossary of terms
Glossary of terms AGM Annual General Meeting. Commitment The amount of capital that the Company agrees to contribute to an investment when and as called by the Sponsor. AI Artificial intelligence. (The) Company Pantheon Infrastructure Plc or ‘PINT’. AIC The Association of Investment Companies. Exit
Slide 63: Glossary of terms
Glossary of terms Multiple of A common measure of private equity performance, RCF Revolving credit facility invested capital MOIC is calculated by dividing a fund’s cumulative (MOIC or cost distributions and residual value by the paid-in multiple) capital. NAV Total This is expressed as a percentage
Slide 64: Disclosure and important notice
DISCLOSURE AND IMPORTANT NOTICE
Slide 65: Disclosure and important notice
Disclosure and important notice 1 – case studies These case studies provide 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
Slide 66: Disclosure and important notice (continued)
Disclosure and important notice (continued) Important notice (continued) In particular, this document and the information contained herein, are not for publication or distribution, directly or indirectly, to persons in the United States (within the meaning of Regulation S under the US Securities Act
Slide 67: Pantheon
i}1 PANTHEON
Pantheon Infrastructure — FY2024 Earnings Presentation on 6ix