Pantheon Infrastructure (PINT) H1 2026 earnings summary

Executive summary

• £582 million invested or committed across 15 diversified infrastructure assets as of 30 June 2026, spanning digital, power & utilities, renewables, and transport & logistics.

• Net asset value (NAV) per share declined to 123.9p, mainly due to a mark-to-market loss on Constellation Energy shares received from the Calpine sale.

• Total shareholder return was 10.3% for H1 2026, with shares trading at a 5.2% discount to NAV at period end.

• Two major realisations (Calpine and Intersect Power) generated over $70 million in cash, with proceeds partially reinvested into Terra-Gen, a US renewables platform.

• Interim dividend increased by 3.5% to 2.249p per share, expected to be fully covered for the year.

Financial highlights

• NAV per share decreased from 130.4p at 31 Dec 2025 to 123.9p at 30 June 2026, primarily due to a £105/share drop in Constellation Energy, impacting NAV by 5.6p per share.

• Weighted aggregate LTM EBITDA was £68m, down from £83m at Dec 2025; LTM revenue was £147m.

• Portfolio MOIC at 1.47x as of June 2026.

• Weighted average discount rate: 13.1% (up from 12.7% at Dec 2025); weighted average gearing: 39%; weighted average hedged debt: 86%.

• Loss for the period: £20.7m (vs. profit of £31.1m in H1 2025).

Outlook and guidance

• The Board expects continued macroeconomic and geopolitical turbulence, with no quick resolution to conflicts or tariff policy.

• Structural drivers such as energy transition, digital infrastructure build-out, and climate adaptation underpin long-term growth.

• Portfolio diversification and focus on contracted, inflation-linked cash flows position the company to deliver value in the remainder of 2026.

• Significant pipeline of high-quality co-investment opportunities under review.

• The company targets a NAV Total Return per share of 8-10% per annum over the long term.