Pantheon Infrastructure Regulatory News (PINT)

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PANTHEON INFRASTRUCTURE PLC

Net Asset Value

Pantheon Infrastructure PLC ("PINT" or the "Company"), the listed global infrastructure fund, announces that its Net Asset Value ("NAV") as at 30 September 2025 was 127.7 pence per share.

Commentary

• The NAV per share increased by 5.0 pence in the quarter to 127.7 pence, an increase of 4.1% on the NAV per share of 122.7 as at 30 June 2025. The Company declared an interim dividend of 2.173 pence per share during the period, with the shares marked ex-dividend after the period end.

• Year to date NAV total return, including the 2.1 pence per share dividend for which the shares became ex-dividend during the year, was 11.7 pence per share or 10.1%. Last twelve months' NAV total return, including the 4.2 pence per share dividends for which the shares became ex-dividend during the period, was 15.7 pence per share or 13.9%.

• Underlying fair value movements on the investment portfolio contributed 5.2 pence per share during the period. Performance was driven by unrealised movements across a number of the Company's investments, with notable valuation uplifts for Vantage Data Centers, National Gas, Intersect Power and Primafrio.

• Currency movements resulted in a positive FX valuation movement on the investment portfolio, equivalent to an increase in NAV of 1.8 pence per share. This was offset by opposing movements in the Company's NAV FX hedging instruments, contributing a decrease in the NAV of 1.5 pence per share.

• Combined operating and financing expenses contributed to a decrease in NAV of 0.5 pence per share.

• During the quarter, the Company announced its 14th investment through a £30m commitment to Intersect Power, an energy and data centre developer headquartered in California. The investment was funded towards the end of the quarter through a combination of existing cash reserves and a partial utilisation of the Company's revolving credit facility ("RCF").

• As at 30 September 2025, the Company's net assets were £598.3 million, comprising the investment portfolio valued at £600.3 million, net working capital of £10.2 million, a derivative mark-to-market value of -£2.8 million and RCF borrowings of £9.5 million. At the end of the quarter, the Company had undrawn commitments of £12.3 million and £105.5 million of available RCF.

• As previously disclosed, the Company has exposure to stock in Constellation Energy Corporation ("CEG"), through the expected sale of Calpine to CEG, which has recently been approved by the US Department of Justice. This represents the final key approval of the transaction, with completion now expected to take place either in late December 2025 or early in Q1 2026. The Company's approximate NAV sensitivity to CEG is c.0.4 pence per share for every $10 movement in the CEG share price. This implies a c.1 pence increase in NAV per share based on the latest closing price of CEG of $352 per share at 12 December 2025.

Richard Sem, Partner at Pantheon, PINT's investment manager, commented:

"We are delighted with the portfolio's continued strong performance and sustained NAV returns. Valuation gains across different sectors reflect the benefits of diversification and infrastructure tailwinds. The final approval of Constellation's acquisition of Calpine means we expect the sale to complete shortly. This visibility supported our investment in Intersect Power, demonstrating our approach to recycling realisation proceeds. We look forward to exploring further opportunities in the new year to replicate this strategy."

NAV Bridge Q3 2025

Investment Portfolio as at 30 September 2025

1 Investment value refers to the investment fair value plus unfunded commitments as at 30 September 2025, adjusted for FX at that date as necessary.

Company diversification at 30 September 20252

Geography

Sector

Market Segment3

Sponsor

2 Based on a net Portfolio valuation of £597.5m comprising the portfolio valuation of £600.3m adjusted for the foreign exchange hedging mark-to-market liability of £2.8m as at 30 September 2025. Some numbers do not sum to 100% due to rounding.

3 This classification represents where the majority of each portfolio company cash flow is contracted in nature vs. regulated or GDP linked.

For further information, contact: 

LEI 213800CKJXQX64XMRK69

Notes to editors

Pantheon Infrastructure PLC (PINT)

Pantheon Infrastructure PLC is a closed-ended investment company and an approved UK Investment Trust, listed on the London Stock Exchange's Main Market and a constituent of the FTSE 250. Its Ordinary Shares trade under the ticker 'PINT'. The independent Board of Directors of PINT have appointed Pantheon, one of the leading private markets investment managers globally, as investment manager. PINT aims to provide exposure to a global, diversified portfolio of high-quality infrastructure assets through building a portfolio of direct co-investments in infrastructure assets with strong defensive characteristics, typically benefitting from contracted cash flows, inflation protection and conservative leverage profiles.

Further details can be found at www.pantheoninfrastructure.com

Pantheon

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, from primary fund commitments to co-investments and secondary purchases, across private equity, real assets and private credit.

The firm has partnered with more than 740 clients, including institutional investors of all sizes as well as a growing number of private wealth advisers and investors, with approximately $82bn in discretionary assets under management (as of June 30, 2025).

Leveraging its specialized experience and global team of professionals across Europe, the Americas and Asia, Pantheon invests with purpose and leads with expertise to build secure financial futures.

Pantheon was one of the first private equity investors to sign up to the Principles for Responsible Investments ("PRI") in 2007 and has used these principles as a framework to develop its sustainability policy across all its investment activities. Since becoming a signatory, Pantheon has remained highly engaged with the PRI and has been heavily focused on sustainability integration, both through its involvement with associates and industry bodies, and through its integration of ESG analysis into its investment process.

Further details can be found at www.pantheon.com

ENDS