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Pantheon International (PIN) investor relations material
Pantheon International H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
NAV per share increased by 4.9% to 520.8p (£2.3bn) in the six months to 30 November 2025, with share price up 26.7% and discount narrowing from 40% to 28%.
Strategic initiatives included a focus on c.25 core private equity managers, active asset sales, cost reductions, and a new management fee structure effective June 2026, reducing fees to a flat 1% of NAV.
Portfolio remains highly diversified, with 503 companies comprising 80% of NAV and top 50 managers accounting for 74% of NAV.
Board and management changes implemented to strengthen governance and execution, including appointment of a new Chair.
Financial highlights
NAV per share up 4.9% (+24.3p) to 520.8p; NAV at £2.3bn; market cap at £1.6bn; share price up 26.7%.
Portfolio investment return was 2.4% for the period, with net portfolio cash flow of £83m, nearly double the prior interim period.
Annualised NAV per share return since 1987 is 11.6%; five-year total shareholder return is 61.8%.
Ongoing charges (AIC basis) at 1.41%; total ongoing charges including financing at 2.28%.
Average uplift on exit realisations at 17% and cost multiple at 2.5x for the period.
Outlook and guidance
Entering 2026 with a constructive outlook as private equity deal flow builds momentum and macro conditions improve.
Board expects exit activity and realisations to improve as interest rates fall and IPO markets reopen.
Focus remains on disciplined manager selection, value creation, and further narrowing the share price discount.
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