Pantheon Infrastructure (PINT) H1 2025 earnings summary

Executive summary

• Portfolio of 13 diversified infrastructure assets valued at £575m (122.7p per share) as of 30 June 2025, with strong performance amid macro uncertainty and inclusion in the FTSE 250 Index.

• Achieved a 33.9% total shareholder return over the last 12 months and a 15.1% share price total return for the half-year, supported by share price re-rating.

• Interim NAV total return of 5.6% aligns with the 8-10% annual target; interim dividend increased by 3.5% to 2.173p per share.

• Announced £30m investment in Intersect Power, leveraging a strong balance sheet and liquidity, funded partly by RCF and Calpine sale proceeds.

• First realisation expected from Calpine sale to Constellation, with expected $35m cash proceeds and MOIC of 2.8x, demonstrating the invest-grow-exit strategy.

Financial highlights

• NAV per share rose to 122.7p as of 30 June 2025, up from 118.1p at year-end 2024; NAV at £575m; market cap at £471m.

• Weighted aggregate LTM EBITDA reached £78m; portfolio MOIC at 1.42x.

• Weighted average discount rate: 12.3%; weighted average gearing: 36%; weighted average hedged debt: 82%.

• Interim dividend of 2.173p per share, up from 2.1p in June 2024; earnings per share for six months: 6.64p.

• Portfolio value at period end: £548.5m invested, £10.4m committed.

Outlook and guidance

• Targeting 8-10% NAV total return per annum and progressive dividend growth.

• Board and management remain confident in medium- to long-term value delivery despite macroeconomic headwinds, with a strong pipeline of investment opportunities.

• Focus on reinvesting realisation proceeds and disciplined capital allocation, including share buybacks.