Pantheon International (PIN) H1 2025 earnings summary

Executive summary

• NAV per share grew 2.3% to 501.6p in H1 2025, reflecting resilient performance amid macro headwinds and subdued private equity exits, with valuation gains and buybacks offsetting currency headwinds.

• £12.7m invested in share buybacks at an average 34% discount to NAV since May 2024, as part of a £200m programme to address the persistent share price discount.

• £88m committed to new investments in the six months to 30 Nov 2024, balancing immediate and long-term value.

• Board strengthened with three new Non-Executive Directors, a new Audit Committee Chair, and establishment of a Strategy Sub-Committee; received a second Board of the Year award.

• Portfolio remains cash-generative, with positive net cash flow and strong exit uplifts.

Financial highlights

• NAV as of 30 Nov 2024: £2.3bn; market cap: £1.5bn; NAV per share increased to 501.6p, up 2.3% over six months.

• Annualised NAV per share growth since 1987: 11.8%; annualised share price return: 10.7%.

• Share price up 0.2% in H1 2025, ending at a 35% discount to NAV.

• Portfolio return for the half year was 3.2%, mainly driven by buyouts (73% of portfolio).

• Net portfolio cash flow was £45m, with £118m in distributions and £73m in calls.

Outlook and guidance

• Anticipates gradual increase in private equity deal and exit activity in 2025 as interest rates fall and M&A confidence returns.

• Private equity fundraising expected to rise, with institutional investors planning higher allocations.

• Ongoing focus on closing the share price discount, stimulating demand for shares, and long-term capital growth through proactive engagement and marketing.