Pantheon Infrastructure (PINT) H1 2025 earnings summary

Executive summary

• NAV per share increased to 122.7p at 30 June 2025, with a NAV total return of 5.6% for the half year and a 3.5% interim dividend increase to 2.173p per share.

• Portfolio remains diversified across 13 infrastructure assets in digital, power & utilities, renewables, and transport, with strong operational performance and resilience.

• Share price discount to NAV narrowed from 24.5% to 18.1%, driving a 15.1% total shareholder return for the half year and FTSE 250 inclusion.

• Conditional sale of Calpine and a new £30m commitment to Intersect Power highlight active capital recycling and support for future dividend coverage.

• Total shareholder return reached 33.9% over 12 months, reflecting strong performance and investor confidence.

Financial highlights

• NAV at 30 June 2025 was £575m, up from £553m at end-2024, with NAV per share at 122.7p and market capitalisation at £471m.

• Weighted aggregate LTM EBITDA was £78m, with a portfolio MOIC of 1.42x and weighted average discount rate of 12.3%.

• Interim dividend of 2.173p per share, up from 2.1p in June 2024.

• Weighted average gearing remained stable at 36%.

• Share price total return was 15.1% for the half year and 33.9% over 12 months.

Outlook and guidance

• Targeting 8–10% NAV total return per annum and progressive dividend growth, with dividend expected to be fully covered for the year upon Calpine sale completion.

• Strong pipeline of new investments, including Intersect Power, and focus on value-accretive growth capex and reinvestment of realisation proceeds.

• Board remains confident in delivering value despite macroeconomic challenges such as inflation and interest rates.

• Projected portfolio cash flows show targeted exits concentrated around 2026–2030.