Pantheon Infrastructure (PINT) H2 2025 earnings summary

Executive summary

• Portfolio of 14 diversified infrastructure assets delivered strong performance amid macro uncertainty, with a 14.4% NAV total return for FY25, exceeding the 8-10% annual target.

• Total shareholder return reached 26.8% for FY25, aided by a share price re-rating and FTSE 250 inclusion.

• Major realisations included the sale of Calpine and a significant partial realisation of Intersect Power, both contributing to liquidity and NAV growth.

• Strong balance sheet with over £170m in liquidity and more than £80m in available funds, supporting future investments.

• FY25 dividend increased by 3.5% to 4.346p per share, fully covered at 1.1x.

Financial highlights

• NAV per share rose to 130.4p at year-end 2025, up from 118.1p the previous year.

• Portfolio MOIC reached 1.54x, with weighted aggregate LTM EBITDA at £83m and LTM revenue at £222m.

• Weighted average discount rate was 12.7%, and weighted average gearing stood at 36%.

• Share price total return for 1 year was 16.5%, outperforming the Infrastructure AIC sector.

Outlook and guidance

• Projected cash flows indicate ramp-up in distributions and realisations from FY26 to FY30, with revised exit timelines for select investments.

• Market conditions remain volatile, but infrastructure assets are expected to remain resilient, with a focus on inflation-linked and long-term contracted revenues.

• Discount control mechanism may be used from 2026 onwards to manage share price discount to NAV.