Pantheon International (PIN) H1 2026 earnings summary

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.