Pantheon Infrastructure PLC · LSE:PINT
Pantheon Infrastructure — ShareSoc Growth Company Seminar 2026
64 slides from Pantheon Infrastructure's conference presentation, May 7, 2026
Slide 1: Pantheon Infrastructure PLC - ShareSoc Growth Company Seminar
INFRASTRUCTURE PANTHEON INFRASTRUCTURE PLC ShareSoc Growth Company Seminar 7 May 2026
Slide 2: Presenting
Presenting Ben Perkins, Principal (joined in 2022, 18 years of private markets experience) Ben is a Principal in Pantheon’s Global Infrastructure and Real Assets team, where he is principally responsible for managing the listed investment trust, Pantheon Infrastructure Plc. Prior to joining Pantheon
Slide 3: Introduction to PINT
Introduction to PINT Access to private infrastructure assets Globally diversified infrastructure investment trust and FTSE 250 constituent Targets an annual 8-10% NAV total return, with a progressive dividend Invests across a range of infrastructure sub-sectors, with a focus on OECD countries Access
Slide 4: Pantheon: Investing in private markets for 40+ years
Pantheon Investing in private markets for 40+ years 1983 1988 1993 1994 1997 2000 2009 2017 2019 2020 2021 2022 2023 2024 2026 Pantheon Offices Private Equity Primaries 1982 London 2007 2025 2014 Private Equity Secondaries 2022 New York Madrid Seoul2 2021 Chicago Berlin3 Private Equity Co-investment
Slide 5: Pantheon: Dedicated infrastructure strategy since 2009
Pantheon Dedicated infrastructure strategy since 2009 $9.7bn $26.6bn of primary AUM infrastructure AUM ~1,800 unique $9.1bn 235+ companies of Total Investments2 secondaries Investment completed Experience across 66 deals5 & AUM1 Sponsor Relationships2 60+ 60 $4.3bn active Sponsor invested in 56 rela
Slide 6: Infrastructure
INFRASTRUCTURE
Slide 7: What is Infrastructure?
What is Infrastructure? Characteristics of Infrastructure The economy and As an society at large investor % Key driver of Provision of Attractive yields Predictable economic growth essential services and total returns cash flows Enabling digital Essential to net Portfolio Upfront costs - evolution z
Slide 8: What are we looking for? Investment characteristics
What are we looking for? Investment characteristics TRANSACTION PROFILE1 TARGET ASSETS1 Ticket size Value creation Attractive £35-50m potential entry point Digital Power & utilities • Data centres • Energy utilities Target Assets • Fibre • Conventional power • Towers • Water MACRO / INFLATION STABLE
Slide 9: Performance
PERFORMANCE
Slide 10: Timeline: Successful post-IPO deployment
Timeline Successful post-IPO deployment Performance to date demonstrates the Company’s investment strategy to invest, grow and exit investments benefitting from key infrastructure tailwinds. INVEST GROW EXIT REALISATION & Share IPO PROCEEDS DEPLOYMENT VALUE CREATION REINVESTMENT price/ pence 130 £62
Slide 11: PINT's track record
PINT’s track record As at 31 December 2025 £620m 4.346p 14.4% committed to 14 assets1 per share full year dividend 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% 130.4p £83m 1.54x NAV per share
Slide 12: Share price performance
Share price performance As at 27 March 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 90 -10% 80 -20% 70 60 -30% Share price NAV Premium/(Discount) to NAV Returns benchmarking2 Share price tot
Slide 13: Portfolio
PORTFOLIO
Slide 14: Portfolio overview
Portfolio overview As at 31 December 2025 GEOGRAPHY3 SECTOR3 PORTFOLIO OVERVIEW AS AT POWER & 31 December 2025 UTILITIES 15% 10% RENEWABLES & NORTH 10% ENERGY £620m AMERICA 29% EFFICIENCY DIGITAL – Invested and EUROPE FIBRE committed1 46% 14% 39% UK DIGITAL – DATA CENTRE Committed to DIGITAL – 14 15
Slide 15: Key portfolio figures
Key portfolio figures As at 31 December 2025 RENEWABLES RENEWABLES POWER & & ENERGY & ENERGY UTILITIES EFFICIENCY EFFICIENCY 2,400 MW 29 GW 2,500 of battery energy storage of electric generation capacity, electric buses under capacity in operation or under including 2.7 GW from management, accelerat
Slide 16: Portfolio characteristics
Portfolio characteristics As at 31 December 2025 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 1.6x Above plan Europe Asterion Nov-22 1.4x Above p
Slide 17: Projected cash flows
Projected cash flows Liquidity driven by forecast exit horizon £m1 300 ↓ ~30% 250 ↑ ~160% ↑ ~180% 200 ↑ ~5% ↓ ~5% 150 ↓ ~26% 100 (Actual) 50 - HY25 FY25 HY25 FY25 HY25 FY25 HY25 FY25 HY25 FY25 HY25 FY25 2025 2026 2027 2028 2029 2030 Estimated distributions Estimated realisations ↑ ~40% % movement in
Slide 18: Case Studies
CASE STUDIES
Slide 19: Asset Realisation: Calpine
ASSET REALISATION: Calpine TRANSACTION UPDATE CONSTELLATION EXPOSURE • Sale of Calpine to Constellation • Residual exposure to Constellation Energy Corporation (‘Constellation’) represents c.14% of the Portfolio announced in January 2025 for a value as at 31 December 2025. consideration of cash and
Slide 20: Asset Realisation: Intersect Power
ASSET REALISATION: Intersect Power TRANSACTION UPDATE INVESTMENT THESIS AND VALUE CREATION STRATEGY • The sale of Intersect’s pipeline of energy and data centre projects in • Intersect is one of the largest and development or under construction fastest-growing renewables platforms was announced in D
Slide 21: Conclusion
CONCLUSION
Slide 22: Summary
Summary 1 Diversified, resilient and prudently funded portfolio of 14 assets, performing well amidst continued macro uncertainty. Total shareholder return1 of 26.8% over FY25, supported by a favourable share price re-rating and inclusion in the FTSE 250 2 index, with significant discount narrowing d
Slide 23: Appendix
APPENDIX
Slide 24: 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 25: Approach
APPROACH
Slide 26: 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 27: Market
MARKET
Slide 28: 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 39% 29% new long-term tailwinds for the sectors that serve them. Digital Infr
Slide 29: 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: 22% 10% 0% Renewables & Energy Efficiency Transport & Logistics Social Infrastructure What we like Concerns What we like Concerns What we like Conc
Slide 30: 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 31: Global sector activity and infrastructure asset allocations
Global sector activity and infrastructure asset allocations: Signals rotation Toward energy transition and broader transport recovery $29bn $26bn $37bn $46bn $46bn $38bn $32bn $12bn 162 assets 169 assets 175 assets 202 assets 187 assets 152 assets 149 assets 63 assets Renewables & Energy Efficiency
Slide 32: Infrastructure market indicators and investor sentiment
Infrastructure market indicators and investor sentiment Deal activity by geography ($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 33: Sustainability
SUSTAINABILITY
Slide 34: 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 35: 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, 59% E of the
Slide 36: 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: 550 Weighted average Carbon Intensity tCO2e/£m revenue: 1,624 Value (202
Slide 37: Governance
GOVERNANCE
Slide 38: 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 39: 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 40: 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 41: The Manager
THE MANAGER
Slide 42: Pantheon is a leader in infrastructure investing
Pantheon is a leader in infrastructure investing Investment Dedicated Experience Specialist Strong risk adjusted Record4 & AUM1 Team3 Gross Net $26.6bn 35 15.3% Infrastructure assets Investment under management Professionals 13.7% 240+ 7 Total Infrastructure GIRAC Partners Investments2 60+ 24 years
Slide 43: 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 44: Investment Manager: Global Infrastructure & Real Assets 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 45: Investment Manager: Global Infrastructure & Real Assets 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 46: Investment Manager: Global Infrastructure & Real Assets 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 47: Pantheon deal origination: global sourcing, rigorous screening
Pantheon deal origination: global sourcing, rigorous screening 2015 – 2025 | Infrastructure co-investment annual deal flow (2015 | Infrastructure co-investment deal funnel (2015 – – 2025)1 20251) 20 Deals screened $126bn | 1060 deals 18 16 14 Advanced diligence Deals screened ($bn) 12 $10 bn | 94 de
Slide 48: Pantheon Infrastructure realisations
Pantheon Infrastructure realisations ~32% average increase in value for realised companies in year prior to exit | Liquidity events across 2021 – Q3 2025 for Pantheon’s | Average % uplift in TVPI across all realised single asset infrastructure investments1 secondary companies and co-investments sinc
Slide 49: Portfolio
PORTFOLIO
Slide 50: PINT Investments: Primafrio and CyrusOne
PINT Investments Existing portfolio Primafrio CyrusOne www.primafrio.com www.cyrusone.com Specialised temperature-controlled Operates more than 50 high-performance transportation and logistics company in data centres representing more than four Europe primarily focused on the export of million sq ft
Slide 51: PINT Investments: National Gas and 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 52: PINT Investments: Delta Fiber and 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 53: PINT Investments: Calpine and Vantage Data Centers
PINT Investments Existing portfolio Calpine Vantage Data Centers www.calpine.com www.vantage-dc.com Independent power producer with Leading provider of wholesale data centre c.26GW of principally gas-fired generating infrastructure to large enterprises and capacity, including c.770MW of operational
Slide 54: PINT Investments: Fudura and 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 55: PINT Investments: GD Towers and 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 56: PINT Investments: Zenobē and Intersect Power
PINT Investments Existing portfolio Zenobē Intersect Power www.zenobe.com www.intersect.com Zenobē provides essential infrastructure US based developer and operator of co- that contributes to international power and located power infrastructure, with 2.2GWp transport sector decarbonisation targets.
Slide 57: Glossary of Terms
GLOSSARY OF TERMS
Slide 58: 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 59: Glossary of terms
Glossary of terms Market Share price multiplied by the number of shares PPA Power Purchase Agreement. capitalisation outstanding. Multiple of A common measure of private equity performance, Primaries Commitments made to private equity funds at invested capital MOIC is calculated by dividing a fund’s
Slide 60: Glossary of terms
Glossary of terms Total Return based on interim dividends paid plus Share shareholder Price movement in the period, divided by the return opening share price. WADR Weighted average discount rate based on each investment’s relative proportion of Portfolio valuation. Portfolio Total movement in the va
Slide 61: Disclosure and Important Notice
DISCLOSURE AND IMPORTANT NOTICE
Slide 62: 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 63: 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 64: Pantheon
i!) PANTHEON
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