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 2025 was 115.2 pence per share.

Commentary

• The NAV total return over the quarter was -0.7%, including the second interim dividend of 2.1 pence per share.

• The 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 10.4 pence per share or 9.6%.

• The NAV per share decreased by 2.9 pence in the quarter, including the 2.1 pence dividend, to 115.2 pence (31 December 2024: 118.1 pence). Underlying fair value movements (excluding foreign exchange movements) on the investment portfolio resulted in a movement in NAV of -0.5 pence per share during the period.

• The most notable item in the period related to a -1.5 pence per share movement in the underlying valuation of the Company's investment in Calpine, which is currently linked to the Constellation Energy Corporation ("CEG") share price following the conditional sale of Calpine to CEG, as announced on 13 January 2025.

• The negative movement was attributable to the change in the CEG share price, from an effective share price of c.$238 per share implied in the valuation at 31 December 2024, to the closing price of c.$202 per share at 31 March 2025.

• As previously disclosed, the Company's exposure to the CEG share price is expected to remain unhedged ahead of completion of the transaction, which is expected in Q4 2025, with an approximate NAV sensitivity of c.0.5 pence per share for every $10 movement in the CEG share price. This implies a c.5.1 pence increase in NAV per share based on the latest closing price of CEG of $305 per share at 20 June 2025.

• Otherwise, the Company experienced a +1.0 pence per share movement across the rest of the portfolio, with unrealised gains on a number of investments including National Gas, Fudura and Primafrio, which were partially offset by the modest unrealised losses on its investments in Delta Fiber, Vertical Bridge and CyrusOne.

• Currency movements resulted in a negative FX valuation movement on the investment portfolio, equivalent to a movement in NAV of -1.0 pence per share. This was offset by opposing movements in the Company's NAV FX hedging instruments, contributing movement in NAV of +1.2 pence per share and an overall FX impact of +0.2 pence per share.

• Combined operating and financing costs contributed to a movement in NAV of -0.5 pence per share.

• As at 31 March 2025, the Company's net assets were £539.8 million, comprising the investment portfolio valued at £521.3 million, net working capital of £14.5 million and a derivative mark-to-market value of £4.0 million. At the end of the quarter, the Company had undrawn commitments of £10.3 million and its £115 million Revolving Credit Facility remains undrawn.

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

"We are delighted with the company's recent inclusion in the FTSE 250, reflecting the strong recent share price performance and the resilient performance of the portfolio. We are pleased to note the strong recovery in the CEG share price since the quarter end, and the additional regulatory approvals that CEG have received as they work towards completion of the acquisition of Calpine. We are confident in our strategic positioning and remain focused on delivering sustainable, long-term value for our shareholders."

NAV Bridge Q1 2025

Investment Portfolio as at 31 March 2025

1 Investment value refers to the investment fair value plus unfunded commitments as at 31 March 2025, adjusted for FX at that date as necessary.

Company diversification at 31 March 20252

Geography

Sector

Market Segment3

Sponsor

2 Refers to investment fair values, or amounts committed as of 31 March 2025. 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 650 clients, including institutional investors of all sizes as well as a growing number of private wealth advisers and investors, with approximately $71bn in discretionary assets under management (as of December 31, 2024).

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