Net Asset Value(s)

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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 31 March 2026 was 124.8 pence per share.

Commentary

• The NAV total return over the quarter was -2.6%, including the second interim dividend of 2.173 pence per share.

• The last twelve months' NAV total return, including the 4.346 pence per share dividends for which the shares became ex-dividend during the period, was 13.9 pence per share or 12.1%.

• The NAV per share decreased by 5.6 pence in the quarter, including the 2.173 pence dividend, to 124.8 pence (31 December 2025: 130.4 pence). Underlying fair value movements (excluding foreign exchange movements) on the investment portfolio resulted in a loss in NAV of -3.1 pence per share during the period.

• The most notable item in the period related to a -3.9 pence per share loss in the underlying valuation of the Company's investment in Constellation Energy Corporation ("CEG"), a listed equity holding to which the Company has been exposed following the completion of the acquisition of its portfolio company Calpine by CEG on 7 January 2026. The Company received cash proceeds of $28.5 million alongside the equity consideration in CEG. The CEG share price declined from $353 per share used in the valuation at 31 December 2025, to the closing price of $279 per share at 31 March 2026. The decline reflected broader volatility across the US equity markets during the quarter, due to uncertainty arising from higher energy prices, inflationary pressures and shifting interest rate expectations driven by geopolitical developments. As previously disclosed, the Company's exposure to the CEG share price results in an approximate NAV sensitivity of c.0.5 pence per share for every $10 movement in the CEG share price.

• Another notable movement in the period related to a -0.6 pence per share loss arising from the reduction in the underlying valuation of the Company's investment in Primafrio, which has been negatively impacted by elevated fuel costs amid ongoing geopolitical conflicts in the Middle East.

• Otherwise, the Company experienced a 1.4 pence per share gain across the rest of the portfolio, with unrealised gains on a number of investments including National Gas, IPX Power, CyrusOne and Cartier Energy.

• Currency movements resulted in a positive FX valuation movement on the investment portfolio, equivalent to a movement in NAV of 1.2 pence per share. This was partially offset by opposing movements in the Company's NAV FX hedging instruments, contributing a movement in NAV of -1.1 pence per share and an overall FX impact of 0.1 pence per share.

• Combined operating and financing costs contributed to a movement in NAV of -0.4 pence per share.

• The Company completed the sale of Intersect Power's pipeline of energy and data centre projects to Alphabet in March 2026, representing PINT's second significant partial realisation since IPO. The transaction generated cash proceeds of c.$43.8 million, delivering a Distributions to Paid-In Capital ("DPI") ratio of 1.2x. The Company retains its investment in the remaining operating business, rebranded as IPX Power, comprising 2 GWp of solar generation and 1.4 GWh of battery storage and more than 2 GW of additional capacity under construction across Texas and California.

• As at 31 March 2026, the Company's net assets were £584.9 million, comprising the investment portfolio valued at £542.8 million, net working capital of £47.2 million and a derivative mark-to-market value of -£5.1 million. At the end of the quarter, the Company had undrawn commitments of £6.5 million and its £115 million Revolving Credit Facility remained undrawn.

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

"We are pleased to have completed two partial realisations this quarter with Calpine and Intersect Power, demonstrating the Company's investment strategy to invest, grow and exit investments benefitting from key infrastructure tailwinds. While the long-term impact of developments in the Middle East remains uncertain, none of our portfolio companies have a direct presence in the region, and we are monitoring closely any assets exposed to demand risk and higher energy costs, including Primafrio. We remain confident in our strategic positioning and look forward to deploying proceeds into compelling new investments to deliver long-term value for our shareholders, as demonstrated by the recent announcement of PINT's $55 million commitment to Terra-Gen, a leading US renewable energy platform."

NAV Bridge Q1 2026

Investment Portfolio as at 31 March 2026

1 Investment value refers to the investment fair value plus unfunded commitments as at 31 March 2026, adjusted for FX at that date as necessary. The total may not equal the sum of individual figures due to rounding.

Company diversification at 31 March 20262

Geography

Sector

Market Segment3

Sponsor

2 Refers to investment fair values, or amounts committed as of 31 March 2026. Charts are based on % of gross asset value (portfolio value + net cash). Net cash comprises cash, hedge and debtor balances. 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 760 clients, including institutional investors of all sizes as well as a growing number of private wealth advisers and investors, with approximately $84bn in discretionary assets under management (as of 31 December 2025).

Leveraging its specialised 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