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Pantheon International (PIN) investor relations material
Pantheon International H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary31 Jul, 2025
Executive summary
Persistent macroeconomic uncertainty and higher interest rates have led to lower private equity deal activity and a decline in distributions, with M&A recovery stalling due to new tariffs announced in April 2025.
Achieved £2.2bn NAV and £1.3bn market cap as of 31 May 2025, with 1.2% NAV per share growth year-over-year and 12.2% annualized NAV growth over 10 years.
Focus on small to mid-market buyouts and high-growth, resilient sectors positions the portfolio for future opportunities, even as current distribution rates remain below long-term averages but improved year-over-year.
Portfolio is diversified across direct company investments (54%) and funds (46%), with a tilt towards non-cyclical sectors like IT and healthcare.
Board strengthened with three new NEDs and proactive governance initiatives.
Financial highlights
Distributions exceeded capital calls, resulting in net cash flow of £130.8 million, over three times higher than 2024.
NAV per share increased by 1.2% year-over-year; market cap at £1.3bn.
5-year annualized revenue and EBITDA growth of 17% and 9%, respectively, outperforming public markets.
Share buybacks of £53.5 million added 1.5% to NAV, with a further £30m allocated for buybacks in the current year.
Achieved a 25% uplift and 2.3x cost multiple on exit realisations in the year.
Outlook and guidance
Timing of exit realizations remains uncertain, but several managers are finalizing sales.
Ongoing focus on share buybacks, new investments, and refinements to investment approach to drive NAV and share price growth.
Portfolio is well positioned for improved market conditions and increased deal activity, with continued emphasis on resilience and high-growth sectors.
Proactive marketing and brand refresh to attract new investors.
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Frequently asked questions
Pantheon International PLC is an investment trust that specializes in private equity investments.The trust provides its shareholders with exposure to a diversified portfolio of private equity assets across the globe. These assets are managed by high-quality fund managers and are sourced through Pantheon’s global private equity platform. The company focuses on investing in hand-picked, fast-growing private companies worldwide, leveraging the expertise of some of the best private equity professionals. The company is headquartered in London, United Kingdom, and its shares are listed on the London Stock Exchange.
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