Pantheon Infrastructure PLC · LSE:PINT
Pantheon Infrastructure — H1 2026 Earnings Presentation
72 slides from Pantheon Infrastructure's earnings presentation, Sep 23, 2026
Slide 1: Pantheon Infrastructure PLC Interim results 30 June 2026
INFRASTRUCTURE PANTHEON INFRASTRUCTURE PLC Interim results 30 June 2026
Slide 2: PINT team
PINT team Richard Sem, Partner (joined 2017, 30 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. Portfolio 3. Financials 4. Outlook 5. Conclusion 6. Appendix Unless expressly mentioned, all information and data is sourced from PINT’s HY26 Interim Report, and Pantheon. Pantheon has taken reasonable care to ensure that the information contained in this document is accura
Slide 4: Highlights
HIGHLIGHTS
Slide 5: Our investment approach
Our investment approach PANTHEON GLOBAL STRATEGY PINT INVESTOR CASE INFRASTRUCTURE DIFFERENTIATION PLATFORM Dedicated team of 392 Invest in a globally Targeting an 8-10% NAV infrastructure investment Leverage Pantheon’s diversified portfolio p.a. total return unique platform professionals High-quali
Slide 6: PINT's track record
PINT’s track record As at 30 June 2026 £582m 2.249p (3.3%) committed to 15 assets1 per share dividends declared NAV Total Return2 2022 £389m 2022 2.000p 2022 1.9% 2023 £487m 2023 4.000p 2023 11.0% 2024 £542m 2024 4.200p 2024 14.9% 2025 £620m 2025 4.346p 2025 14.4% June 2026 £582m June 2026 2.249p (3
Slide 7: A focus on realisation and reinvestment
A focus on realisation and reinvestment REALISATION REALISATION NEW INVESTMENT • The sale of Calpine to Constellation • The sale of Intersect’s pipeline of • On 22 June 2026, PINT announced a Energy Corporation (“Constellation”) energy and data centre projects in £41 million investment in Terra-Gen
Slide 8: Share price performance
Share price performance As at 21 September 2026 PINT share price performance since inception1 140 30% 130 20% 120 10% 110 Pence 100 0% Nov 21 May 22 Nov 22 May 23 Nov 23 May 24 Nov 24 May 25 Nov 25 May 26 90 -10% 80 -20% 70 60 -30% Share price NAV Premium/(Discount) to NAV Returns benchmarking2 Shar
Slide 9: Portfolio
PORTFOLIO
Slide 10: Portfolio overview
Portfolio overview As at 30 June 2026 GEOGRAPHY3 SECTOR3 PORTFOLIO OVERVIEW AS AT POWER & 30 June 2026 2% UTILITIES 2% 9% RENEWABLES & 17% ENERGY NORTH 25% EFFICIENCY £582m AMERICA 10% DIGITAL – Invested and 41% EUROPE FIBRE committed1 DIGITAL – UK DATA CENTRE 14% Committed to NET WORKING DIGITAL –
Slide 11: Portfolio performance: MOIC
Portfolio performance As at 30 June 2026 MOIC1 Sector Assets Regions Sponsors Announced MOIC build-up Performance v Plan (inception to date) North America KKR Mar-22 1.7x Above plan Digital – data centres North America Digital Bridge Jul-22 1.5x Above plan Europe Asterion Nov-22 1.4x Above plan Digi
Slide 12: Portfolio performance: digital data centres and fibre
Portfolio performance As at 30 June 2026 Sector Assets EBITDA Sector Outlook Performance commentary • Strong demand for data centre capacity underpinning highly favourable trading • Focus remains on ensuring sufficient availability of power and capital to meet increased demand Digital – data centres
Slide 13: Portfolio performance: towers and power & utilities
Portfolio performance As at 30 June 2026 Sector Assets EBITDA Sector Outlook Performance commentary • Material M&A through acquisition of c.6,000 towers from Verizon • Equity syndication completed in H1 2026 - $1.5 billion equity investment from KKR in April 2026 • Experiencing a recent softening in
Slide 14: Portfolio performance: renewables and transport
Portfolio performance As at 30 June 2026 Sector Assets EBITDA Sector Outlook Performance commentary • Resilient performance driven by stable margins on its core transformer business, but some softening of near-term outlook • Rollout of adjacent energy solution product lines taking time • Continues t
Slide 15: Constellation update
Constellation update PINT continues to hold 163,028 Constellation shares subject to lock-up restrictions until 1 July 2027. The reduced NAV exposure is a movement of 0.26p per share for every $10 movement in the Constellation share price. 31 December 2025 450 Share price: $353 10 January 2025 Realis
Slide 16: Projected cash flows of the existing Portfolio
Projected cash flows of the existing Portfolio £m1 250 ↑ ~35% ↓ ~35% 200 ↓ ~15% 150 ↓ ~5% 100 50 - FY25 HY26 FY25 HY26 FY25 HY26 FY25 HY26 FY25 HY26 2026 2027 2028 2029 2030 Estimated distributions Estimated realisations ↑ ~40% % movement in projected cash flows between FY25 and HY26 • Estimated liq
Slide 17: Financials
FINANCIALS
Slide 18: Key portfolio figures
Key portfolio figures As at 30 June 2026 FY24: 13.6% FY24: 35% FY24: 79% FY25: 12.7% FY25: 36% FY25: 87% HY26: 13.1% HY26: 39% HY26: 86% Weighted Weighted Weighted average average average discount rate1 gearing2,3 hedged debt2 FY24: £204m FY24: £75m FY24: £68m FY25: £222m FY25: £83m FY25: £115m HY26
Slide 19: Portfolio LTM EBITDA bridge
Portfolio LTM EBITDA bridge As at 30 June 2026 Portfolio LTM EBITDA for the period (£m) 83.1 0.9 0.2 0.6 0.6 67.5 0.0 (0.6) (16.1) (1.3) Net impact from Digital - data centres Digital - towers Power & utilities Weighted aggregate the sale of Calpine¹ LTM EBITDA - Jun 26 Weighted aggregate Addition o
Slide 20: NAV & portfolio movement
NAV & portfolio movement As at 30 June 2026 NAV per share 30 June 2026 YTD movement1 (pence/share) 130.4p 1.5p 0.1p 0.4p 0.1p 123.9p (5.5p) (0.9p) (2.2p) CEG fair value Foreign exchange Finance income Dividends paid losses² movement² Portfolio fair value As at 31 December Foreign exchange Expenses A
Slide 21: Capital allocation
Capital allocation As at 18 September 2026 Capital allocation (£m) Revolving Credit Facility No current drawings 166.7 Strong liquidity Debt maturity February 2029 Drawn margin of 265bps (28.6) Available funds (=A-B-C) £68.5m Undrawn investment commitments Retained due to uncertainty over (69.7) qua
Slide 22: Portfolio: movement during the period
Portfolio: movement during the period As at 30 June 2026 Portfolio Asset Portfolio Undrawn Allocation of foreign Sector Assets value Drawn valuation Foreign exchange value commitments exchange hedge Portfolio investment 31 Dec 2025 commitments Distributions movement movement 30 Jun 2026 30 Jun 2026
Slide 23: Outlook
OUTLOOK
Slide 24: Co-investment deals pipeline
Co-investment deals pipeline Infrastructure Co-investment opportunities2 co-investment deal funnel (2015 – H1 20261) Recently closed North America data centre Global aircraft leasing business North America I Digital I ~$80m Global I Transport & Logistics I ~$35m Deals screened Leading hyperscale dat
Slide 25: Conclusion
CONCLUSION
Slide 26: Summary
Summary 1 Diversified, resilient and prudently funded 15 asset Portfolio, performing well amidst continued macro uncertainty. 2 Total Shareholder Return1 of 10.3% over the 6 months to 30 June 2026, supported by a favourable share price re-rating. NAV Total Return of (3.3%) over the 6 months to 30 Ju
Slide 27: Useful links
Useful links HY 2026 Interim Report Q2 2026 2025 Quoted data: and Accounts Factsheet Sustainability report moving to a new phase 27
Slide 28: Appendix
APPENDIX
Slide 29: 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 30: Approach
APPROACH
Slide 31: Background to co-investments
Background to co-investments Unique access to private Co-investments afford the opportunity for infrastructure via co-investments assets investors to invest alongside Sponsors in specific Portfolio Companies, often on a fee and carried interest-free basis. ACCESS ALIGNMENT Access to assets not Align
Slide 32: Market
MARKET
Slide 33: Characteristics of Infrastructure
Characteristics of Infrastructure The economy and As an society at large investor % Attractive yields Predictable Key driver of Provision of and total returns cash flows economic growth essential services Portfolio Upfront costs - Enabling digital Essential to net diversification hard to access evol
Slide 34: What are we looking for?
What are we looking for? TRANSACTION PROFILE1 TARGET ASSETS1 Ticket size Embedded Attractive £25-50m value entry point Digital Power & utilities • Data centres • Energy utilities Target Assets • Fibre • Conventional power • Towers • Water MACRO / INFLATION STABLE DIVERSIFIED DEFENSIVE STRUCTURAL PRO
Slide 35: 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 economies function over time PINT portfolio1: PINT portfolio1: is changing, which creates 40% 25% new long-term tailwinds for the sectors that serve them. Digital Infr
Slide 36: Our approach to navigating the infrastructure landscape
Our approach to navigating the infrastructure landscape Leveraging tailwinds and addressing headwinds PINT PINT PINT portfolio1: portfolio1: portfolio1: 24% 9% 0% Renewables & Energy Efficiency Transport & Logistics Social Infrastructure What we like Concerns What we like Concerns What we like Conce
Slide 37: 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 38: Global sector activity and infrastructure asset allocations
Global sector activity and infrastructure asset allocations: Signals rotation toward power & utilities and moderation in transport & logistics deployment $29bn $26bn $37bn $46bn $46bn $38bn $32bn $25bn 162 assets 169 assets 175 assets 202 assets 187 assets 152 assets 149 assets 91 assets 4% Power &
Slide 39: Infrastructure market indicators and investor sentiment
Infrastructure market indicators and investor sentiment Deal activity by geography ($bn)1 Deal activity by sector ($bn)1 1,227 1,227 893 864 755 741 893 864 755 741 576 553 574 576 574 429 553 351 372 372 429 351 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2015 2016 2017 2018 2019 2020 20
Slide 40: Sustainability
SUSTAINABILITY
Slide 41: 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 42: 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, 48% + of Spo
Slide 43: 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 PMDR alignment Total Carbon footprint tCO2e/£m NAV: Climate Solutions2 Companies that either directly or indirectly enable 4
Slide 44: Governance
GOVERNANCE
Slide 45: 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 46: 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 Chair and Nomination Committee Chair Senior Independent Director and Chair of the Sustainability Committee Chair Remuneration Committee • Chartered a
Slide 47: PINT governance
PINT governance PINT’s Board of Directors have uniquely complementary infrastructure experience Anthony Bickerstaff C Sapna Shah C Audit and Risk Committee Chair Management Engagement Committee Chair • Previous experience includes CFO of Cadent • Over 20 years of investment banking Gas Limited and C
Slide 48: The Manager
THE MANAGER
Slide 49: Pantheon is a leader in infrastructure investing
Pantheon is a leader in infrastructure investing Investment Dedicated Experience Specialist Strong Risk-Adjusted Track Record4 & AUM1 Team3 Gross Net $27.9bn 39 14.8% Infrastructure assets Investment under management Professionals 13.1% 270+ 7 Total Infrastructure GIRAC Partners Investments2 75+ 24
Slide 50: Global team and local expertise
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 51: Investment Manager: Investment Committee
Investment Manager Global Infrastructure & Real Assets Investment Committee Richard Sem, Partner (joined 2017, 30 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 52: Investment Manager: Investment Committee
Investment Manager Global Infrastructure & Real Assets Investment Committee Paul Barr, Partner (joined 2021, 24 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 53: Investment Manager: Investment Committee
Investment Manager Global Infrastructure & Real Assets Investment Committee Dinesh Ramasamy, Partner (joined 2016, 15 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 54: Pantheon deal origination: global sourcing, rigorous screening
Pantheon deal origination: global sourcing, rigorous screening 2015 – H1 2026 | Infrastructure co-investment annual deal flow (2015 | Infrastructure co-investment deal funnel (2015 – H1 – H1 2026)1 20261) 20 Deals screened $132bn | 1088 deals 18 16 14 Advanced diligence Deals screened ($bn) 12 $10 b
Slide 55: Pantheon Infrastructure realisations
Pantheon Infrastructure realisations ~28% average increase in value for realised companies in year prior to exit | Liquidity events across 2021 – Q1 2026 for Pantheon’s | Average % uplift in TVPI across all realised single asset infrastructure investments1 secondary companies and co-investments sinc
Slide 56: Portfolio
PORTFOLIO
Slide 57: PINT Investments: Primafrio, CyrusOne
PINT Investments Existing portfolio Primafrio CyrusOne www.primafrio.com www.cyrusone.com Specialised temperature-controlled Operates more than 60 high-performance transportation and logistics company in data centres representing over 1 GW Europe primarily focused on the export of of power capacity
Slide 58: PINT Investments: National Gas, Vertical Bridge
PINT Investments Existing portfolio National Gas Vertical Bridge www.nationalgas.com www.verticalbridge.com The owner and operator of the UK’s sole The largest private owner and operator of gas transmission network, regulated by towers and other wireless infrastructure in Ofgem, and an independent,
Slide 59: PINT Investments: Delta Fiber, Cartier Energy
PINT Investments Existing portfolio Delta Fiber Cartier Energy www.deltafibernederland.nl Owner and operator of fixed telecom Platform of eight district energy systems infrastructure in the Netherlands, providing located across the Northeast, Mid-Atlantic broadband, TV, telephone and mobile and Midw
Slide 60: PINT Investments: Constellation Energy, Vantage Data Centers
PINT Investments Existing portfolio Constellation Energy Vantage Data Centers Corporation www.vantage-dc.com (through the acquisition of Calpine) www.constellationenergy.com Leading provider of data centres to large US power producer with 55 GW of capacity enterprises and hyperscale cloud providers.
Slide 61: PINT Investments: Fudura, National Broadband Ireland
PINT Investments Existing portfolio Fudura National Broadband www.fudura.nl Ireland www.nbi.ie Dutch market-leading owner and provider Fibre-to-the-premises network developer of medium-voltage electricity infrastructure and operator working with the Irish to business customers, with a focus on Gover
Slide 62: PINT Investments: GD Towers, GlobalConnect
PINT Investments Existing portfolio GD Towers GlobalConnect www.dfmg.de/en | www.towers.at www.globalconnectgroup.com Largest tower operator and telecom Leading pan-Nordic wholesale and retail infrastructure network in Western Europe telecoms business with extensive fibre with c.40,000 tower sites a
Slide 63: PINT Investments: Zenobē, IPX Power
PINT Investments Existing portfolio Zenobē IPX Power www.zenobe.com (formerly Intersect Power) Zenobē provides essential infrastructure www.ipxpower.com that contributes to international power and US-based developer and operator of transport sector decarbonisation targets. co-located power infrastru
Slide 64: PINT Investments: Terra-Gen
PINT Investments Existing portfolio Terra-Gen www.terra-gen.com Leading US renewables platform operating c.4 GW of utility-scale solar, wind, and battery storage capacity, alongside a c.14+ GW development pipeline. Investment thesis and value creation Update strategy1 PINT committed $55 million/£41
Slide 65: Glossary of terms
GLOSSARY OF TERMS
Slide 66: Glossary of terms
Glossary of terms AGM Annual General Meeting. Co-investment Direct shareholding in an investment alongside a Sponsor and other co-investors. AI Artificial intelligence. Commitment The amount of capital that the Company agrees to contribute to an investment when and as called by the Sponsor. AIC The
Slide 67: Glossary of terms
Glossary of terms Initial public The first offering by a company of its own shares to the PMDR Private Markets Decarbonization Roadmap. offering (IPO) public on a regulated stock exchange. Investment Pantheon Ventures (UK) LLP. PMSI Private Market Sustainability Index Manager Investment Pantheon’s f
Slide 68: Glossary of terms
Glossary of terms Secondaries Purchase of existing private equity fund or company interests and commitments from an investor seeking liquidity in such funds or companies. Sponsor or The entity managing a private equity fund that has general partner been established as a limited partnership, also com
Slide 69: Disclosure and important notice
DISCLOSURE AND IMPORTANT NOTICE
Slide 70: 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 71: 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 72: Pantheon
i}1 PANTHEON
Pantheon Infrastructure — H1 2026 Earnings Presentation on 6ix