Pantheon Infrastructure PLC · LSE:PINT
Pantheon Infrastructure — H1 2025 Earnings Presentation
65 slides from Pantheon Infrastructure's earnings presentation, Sep 29, 2025
Slide 1: Interim results 30 June 2025
INFRASTRUCTURE PANTHEON INFRASTRUCTURE PLC Interim results 30 June 2025 2025
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. Investment activity & pipeline 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 352 • 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 30 June 2025 £559m committed to 13 assets1 2.173p per share interim year dividend target 5.6% NAV Total Return £542m £559m 4.200p 14.3% 4.000p £487m £389m 10.4% 2.173p 2.000p 2.0% 5.6% Dec Dec Dec Jun Dec Dec Dec Jun 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 20
Slide 7: Share price performance
Share price performance | PINT share price performance since inception1 120 20% 110 10% 100 0% Nov 21 May 22 Nov 22 May 23 Nov 23 May 24 Nov 24 May 25 Pence 90 -10% 80 -20% 70 -30% 60 -40% Share price NAV Discount to NAV | Returns benchmarking2 Share price total return Share price total return Share
Slide 8: Approach
APPROACH
Slide 9: 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 10: Financials
FINANCIALS
Slide 11: Portfolio overview
Portfolio overview As at 30 June 2025 Geography3 Sector PORTFOLIO OVERVIEW AS AT 30 June 2025 ⚫ Power & Utilities 30% ⚫ Digital - Fibre 17% ⚫ Europe 44% ⚫ Renewables & energy efficiency 16% ⚫ America 38% ⚫ Digital - Towers 13% ⚫ UK 15% ⚫ Digital – Data Centre 12% ⚫ Uncommitted 3% ⚫ Transport & Logis
Slide 12: NAV & portfolio movement
NAV & portfolio movement As at 30 June 2025 | NAV per share June 2025 YTD movement (pence/share) 3.0p 7.4p (1.0p) 122.7p (2.7p) (2.1p) 118.1p As at 31 December 2024 Fair value gains Foreign exchange Foreign exchange hedge Expenses Dividend As at 30 June 2025 movement | Portfolio June 2025 YTD moveme
Slide 13: Capital allocation
Capital allocation As of 22 September 2025 | Capital allocation (£m) Revolving Credit Facility A No current drawings Strong liquidity Sources: £138.9m Debt maturity March 2027 Drawn margin of 285bps Cash & cash equivalents: £23.9m Revolving Credit Facility (RCF): £115.0m 23.9 3.0 Undrawn investment
Slide 14: Portfolio
PORTFOLIO
Slide 15: Key portfolio figures
Key portfolio figures As at 30 June 2025 HY23: 14.0% HY23: 38% HY23: 68% HY24: 13.6% HY24: 36% HY24: 78% HY25: 12.3%1 HY25: 36% HY25: 82% Weighted Weighted Weighted average average average discount rate gearing hedged debt HY23: £161m HY23: £50m HY23: £33m HY24: £180m HY24: £66m HY24: £52m HY25: £21
Slide 16: Portfolio characteristics
Portfolio characteristics As at 30 June 2025 MOIC1 Sector Assets Regions Sponsors Announced MOIC build-up Performance v Plan (inception to date) North America KKR Mar-22 1.6x Above plan Digital – data centres North America Digital Bridge Jul-22 1.2x On plan Europe Asterion Nov-22 1.3x Above plan Dig
Slide 17: Projected portfolio cash flows
Projected portfolio cash flows £m 300 250 200 150 100 50 - FY24 HY25 FY24 HY25 FY24 HY25 FY24 HY25 FY24 HY25 FY24 HY25 2025 2026 2027 2028 2029 2030 Estimated distributions Estimated realisations • Estimated liquidity profile of the existing Portfolio, assuming no reinvestment • Represents potential
Slide 18: Portfolio: movement in the year
Portfolio: movement in the year As at 30 June 2025 Portfolio Portfolio Undrawn Allocation of foreign value Drawn Asset valuation Foreign exchange value commitments exchange hedge Portfolio Investment Sector Assets 31 Dec 2024 commitments Distribution movement movement 30 Jun 2025 30 Jun 2025 movemen
Slide 19: Calpine realisation: overview
Calpine realisation: overview Background CEG exposure Sale of Calpine agreed between ECP PINT is expected to receive c.$35m cash proceeds upon completion. Residual exposure and Constellation Corporation (“CEG”) to CEG stock equivalent to c.13% of the NAV as of 30 June 2025. in January 2025 CEG sensi
Slide 20: Calpine realisation: CEG recent developments Q2 2025
Calpine realisation: CEG recent developments Q2 2025 20-year deal with Meta Legislative support Constellation has entered a 20-year Power Bipartisan support for nuclear remains strong. Purchase Agreement with Meta, starting June At the federal level, the One Big Beautiful Bill 2027, for the full out
Slide 21: Investment activity & pipeline
INVESTMENT ACTIVITY & PIPELINE
Slide 22: New investment: Intersect Power
New investment: Intersect Power September 2025 Company Overview Intersect’s model is built on the co-location of industrial demand with rapid deployment of £30m dedicated gas and renewable power generation for data centre infrastructure and utilities. RENEWABLES & PINT commitment ENERGY Intersec
Slide 23: Co-investment deals pipeline
Co-investment deals pipeline Infrastructure | Recent suitable co-investment opportunities2 co-investment deal funnel (2015-Sep 20251) Geography Sector Stage Ticket available Detail Deals screened $118bn | 1030 deals North Renewable & Intersect Power: Leading North A Core plus £30m America energy eff
Slide 24: Conclusion
CONCLUSION
Slide 25: Summary
Summary 1 Diversified, resilient and prudently funded 13 asset Portfolio, performing well amidst continued macro uncertainty. Total shareholder return1 of 33.9% over the last 12 months, supported by a favourable share price re-rating and inclusion in 2 the FTSE 250 index, with significant discount n
Slide 26: Useful links
Useful links HY 2025 Annual Report Q2 2025 2024 Quoted data: Fuel and Accounts Factsheet Sustainability report for (AI powered) thought A close-up of a hand AI-generated content may be incorrect. 26
Slide 27: Appendix
APPENDIX
Slide 28: 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 29: Market
MARKET
Slide 30: Essential 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 31: 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 32: 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: 42% PINT portfolio: 30% th
Slide 33: Our approach to navigating the infrastructure landscape
Our approach to navigating the infrastructure landscape Leveraging tailwinds and addressing headwinds 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
Slide 34: 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 35: 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 $39bn $29bn $26bn $37bn $46bn $46bn $38bn $20bn 300 assets 162 assets 169 assets 175 assets 202 assets 187 assets 152 assets 117 assets 2024 capital deploym
Slide 36: Infrastructure market indicators and investor sentiment
Infrastructure market indicators and investor sentiment Deal activity by geography ($bn)1 Deal activity by sector ($bn)1 893 864 893 864 755 742 755 742 624 624 576 553 574 576 553 574 429 429 351 371 351 371 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Sep-25 2015 2016 2017 2018 2019 2020 2021
Slide 37: Sustainability
SUSTAINABILITY
Slide 38: 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 39: ESG Sponsor scorecard
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, 59% E of the
Slide 40: ESG scorecard
ESG scorecard Company sustainability data Analysis of company-level Sustainability data for PINT, including the portfolio carbon footprint, is outlined below. Carbon footprint PMDR alignment Total Carbon footprint tCO2e/£m NAV: 550 Weighted average Carbon Intensity tCO2e/£m revenue: 1,624 Value (202
Slide 41: Governance
GOVERNANCE
Slide 42: 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 43: PINT governance
PINT governance PINT’s Board of Directors have uniquely complementary infrastructure experience Patrick O’D Bourke C C Anne Baldock C Andrea Finegan C C Chair and Nomination Committee Chair Senior Independent Director and Chair of the Management Engagement Committee and Remuneration Committee ESG &
Slide 44: PINT governance
PINT governance PINT’s Board of Directors have uniquely complementary infrastructure experience Anthony Bickerstaff C Sapna Shah Audit and Risk Committee Chair Board member • Previous experience includes CFO of Cadent • Over 20 years of investment banking Gas Limited and Costain Group plc experience
Slide 45: The Manager
THE MANAGER
Slide 46: 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 Realised $24.0bn 35 13.3% Infrastructure assets Investment under management Professionals 11.6% 235+ 7 Total Infrastructure GIRAC Partners Investments2 60+ 23 y
Slide 47: Global team and local expertise enables strong deal sourcing, diligence, and asset management
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 48: Investment Manager
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 49: Investment Manager
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 50: Investment Manager
Investment Manager Global Infrastructure & Real Assets Investment Committee Dinesh Ramasamy, Partner (joined 2016, 14 years of private markets experience) Dinesh is a Partner in Pantheon’s Global Infrastructure and Real Assets Investment Team where he focuses on the analysis, evaluation and completi
Slide 51: Pantheon deal origination: global sourcing, rigorous screening
Pantheon deal origination: global sourcing, rigorous screening 2015 – September 2025 | Infrastructure co-investment annual deal flow (2015 | Infrastructure co-investment deal funnel (2015 – – Sept 2025)1 Sept 20251) 20 Deals screened $118bn | 1030 deals 18 16 14 Advanced diligence Deals screened ($b
Slide 52: Pantheon Infrastructure realisations
Pantheon Infrastructure realisations ~33% average increase in value for realised companies in year prior to exit | Liquidity events across 2021 – Q1 2025 for Pantheon’s | Average % uplift in TVPI across all realised single asset infrastructure investments1 secondary companies and co-investments sinc
Slide 53: Portfolio
PORTFOLIO
Slide 54: PINT Investments
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 55: PINT Investments
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 56: PINT Investments
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 57: PINT Investments
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 58: PINT Investments
PINT Investments Existing portfolio Zenobē 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 59: Glossary of terms
GLOSSARY OF TERMS
Slide 60: 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 61: 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 62: Disclosure and important notice
DISCLOSURE AND IMPORTANT NOTICE
Slide 63: 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 64: 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 65: Pantheon
i}1 PANTHEON
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