Half-year Report
Summary by AI BETAClose X
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PANTHEON INFRASTRUCTURE PLC
Results for the period ended 30 June 2026
The Directors of Pantheon Infrastructure Plc ("PINT" or the "Company") are pleased to announce the Company's half year results for the six months ended 30 June 2026. The full interim report can be accessed at www.pantheoninfrastructure.com/investor-centre/reports-and-publications/.
There will be a presentation held online for analysts at 9.00am today. For details, please email: pint@pantheon.com.
The Company is also pleased to announce that Richard Sem and Ben Perkins will provide a live presentation relating to the half-year results for the six months ended 30 June 2026 via Investor Meet Company on 8 October 2026 at 15:00 BST. The presentation is open to all existing and potential shareholders. Investors can sign up to Investor Meet Company for free and add to meet Pantheon Infrastructure Plc via: https://www.investormeetcompany.com/pantheon-infrastructure-plc/register-investor
Highlights:
· As at 30 June 2026, the Company had £582 million invested or committed across fifteen assets
· Net asset value (NAV) of £580 million, equivalent to 123.9 pence per share
· NAV Total Return of (3.3)% during the period
· Two significant portfolio realisations completed during the period - Calpine and Intersect Power - generating more than $70 million of immediate cash proceeds for the Company
· £41 million committed to Terra-Gen, a large-scale US solar energy platform, demonstrating the Company's strategy of selectively recycling realisation proceeds into attractive infrastructure opportunities
· Total shareholder return of 10.3% during the period
· Increased first interim dividend by 3.5% to 2.249p per share for the year ending 31 December 2026
The Company has invested in and targets assets in the following sectors: Digital, including wireless towers, data centres, and fibre-optic networks; Power & Utilities, including electricity generation, gas transmission and district heating; Renewables & Energy Efficiency, including smart infrastructure, solar, and sustainable waste; and Transport & Logistics, including ports, rail, roads, airports and logistics assets.
Patrick O'Donnell Bourke, Chair, Pantheon Infrastructure Plc, said: "The first half of 2026 was marked by a challenging macroeconomic and geopolitical backdrop, which continues to create uncertainty across global markets. Against this environment, PINT's diversified portfolio has remained resilient. While NAV declined slightly during the period, largely as a result of the fall in the Constellation Energy share price, we remain confident in the Company's strategy and long-term outlook.
"The structural trends driving the need for infrastructure investment, from energy transition and growing demand for digital infrastructure to the need for more resilient, climate-adapted infrastructure, remain as compelling as ever. Our decision to increase the first interim dividend by 3.5% demonstrates that confidence and our continued commitment to delivering long-term value for shareholders."
Richard Sem, Partner at Pantheon and PINT's investment manager, comments on the portfolio and performance: "PINT's underlying portfolio remained resilient during the first half of 2026, with the completion of the Calpine and Intersect Power realisations generating more than $70 million of cash proceeds and giving us greater flexibility to invest in attractive opportunities. Our £41 million investment in Terra-Gen is a good example of this, adding further exposure to contracted renewable generation in North America.
"We continue to see encouraging developments across a number of our investments and a strong pipeline of opportunities across PINT's core investment themes. We remain disciplined and selective in deploying capital, focusing on high-quality assets that we believe can deliver attractive long-term shareholder returns."
For further information please contact:
|
MUFG Corporate Governance Limited Company Secretary |
pintcosec@cm.mpms.mufg.com |
|
Pantheon Ventures (UK) LLP Investment Manager
Richard Sem, Partner Ben Perkins, Principal |
pint@pantheon.com +44 (0) 20 3356 1800 |
|
Investec Bank plc Corporate Broker
Tom Skinner (Corporate Broking) Lucy Lewis (Corporate Finance) |
+44 (0) 20 7597 4000 |
|
Lansons Public relations advisor
David Masters Millie Steyn |
pint@lansons.com
+44 (0) 78 2542 7514 +44 (0) 75 9352 7234 |
Notes to editors
Pantheon Infrastructure Plc (PINT)
Pantheon Infrastructure Plc is a closed-ended investment company and an approved UK Investment Trust, listed on the London Stock Exchange's Main Market and a constituent of the FTSE 250. Its Ordinary Shares trade under the ticker 'PINT'. The independent Board of Directors of PINT have appointed Pantheon, one of the leading private markets investment managers globally, as investment manager. PINT aims to provide exposure to a global, diversified portfolio of high-quality infrastructure assets through building a portfolio of direct co-investments in infrastructure assets with strong defensive characteristics, typically benefiting from contracted cash flows, inflation protection and conservative leverage profiles. Further details can be found at www.pantheoninfrastructure.com
LEI 213800CKJXQX64XMRK69
Pantheon
Pantheon has been at the forefront of private markets investing for more than 40 years, earning a reputation for providing innovative solutions covering the full lifecycle of investments, from primary fund commitments to co-investments and secondary purchases, across private equity, real assets and private credit.
The firm has partnered with more than 770 clients, including institutional investors of all sizes as well as a growing number of private wealth advisers and investors, with approximately $84bn in discretionary assets under management (as of 31 March 2026).
Leveraging its specialised experience and global team of professionals across Europe, the Americas and Asia, Pantheon invests with purpose and leads with expertise to build secure financial futures.
Pantheon was one of the first private equity investors to sign up to the Principles for Responsible Investments ("PRI") in 2007 and has used these principles as a framework to develop its sustainability policy across all its investment activities. Since becoming a signatory, Pantheon has remained highly engaged with the PRI and has been heavily focused on sustainability integration, both through its involvement with associates and industry bodies, and through its integration of sustainability analysis into its investment process.
PANTHEON INFRASTRUCTURE PLC
INTERIM REPORT 2026
High‑quality global infrastructure assets
Highlights
£582m
Capital invested or committed1
Dec 2025: £620m
£580m
Net asset value (NAV)
Dec 2025: £611m
2.249p
Dividends per share2
HY25: 2.173p
10.3%
Total shareholder return (TSR)3
HY25: 15.1%
123.9p
NAV per share
Dec 2025: 130.4p
(3.3)%
NAV Total Return4
HY25: 5.8%
1. This refers to the investment fair values or amounts committed as at 30 June 2026. Invested assets represent those that have reached financial close and have been, or are in the process of, being funded, and may include committed but uncalled amounts reserved for follow‑on investments. As at 30 June 2026, £562.5 million was invested and £19.5 million was committed but not yet invested.
2. First interim dividend of 2.249p per share declared in relation to the year ending 31 December 2026.
3. TSR is the Total Shareholder Return, based on the movement in share price, combined with dividends paid during the period, on the assumption that these dividends have been reinvested at the share price on the ex-dividend date.
4. NAV Total Return represents the percentage change in NAV over the period, comprising investment returns from the Portfolio and income from any cash balances, net of management, operating and finance costs, taxes, foreign exchange movements and changes in the fair value of derivatives. With effect from 1 July 2025, the methodology for calculating NAV Total Return was revised to assume that dividends paid to shareholders are reinvested at NAV at the ex‑dividend date, in line with AIC guidance. Prior period comparatives have been restated accordingly. Please refer to page 45 of the Pantheon Infrastructure Plc interim report 2026 for further details.
CHAIR'S STATEMENT
Patrick O'Donnell Bourke
Chair, Pantheon Infrastructure Plc
Introduction
I am pleased to present the interim report of Pantheon Infrastructure Plc for the six months ended 30 June 2026.
The period saw a NAV decline for the Company, principally driven by the mark‑to-market of the Company's holding in Constellation Energy Corporation ('Constellation' or 'CEG'), received as part of the sale of the Company's investment in Calpine. The NAV per share decreased by 6.5p per share since 31 December 2025 to 123.9p at 30 June 2026. Accounting for the dividend of 2.173p per share paid in the period to 30 June 2026, NAV Total Return for the period was (3.3)%, compared to an annualised NAV Total Return of 10.3% since 31 December 2022, when the Company had substantially deployed its IPO proceeds. The total shareholder return for the period was 10.3%, and the Company's shares traded at a 5.2% discount to NAV at the period end (31 December 2025: 16.8%).
The drop in the CEG share price during the period of roughly $105 per CEG share, applied across the Company's holding of 326,057 CEG shares, resulted in an aggregate NAV impact of 5.6p per share. Performance from the rest of the Portfolio - described in the Investment Manager's report - contributed to a gain of approximately 1.6p per share.
After the period end, lock-up restrictions ended on half of the Company's CEG shareholding. Since then, the Company has disposed of the entire unrestricted CEG position - 163,029 shares - at a weighted average price of $273 per share, generating a total of $44.5 million in cash receipts. The sale, and the subsequent increase in the CEG share price, has added 1p per share to the Company's NAV, as at 21 September 2026, and still reflects favourably relative to the CEG share price of c.$238 in January 2025, when the Calpine sale was agreed. The Company's ongoing NAV sensitivity to the CEG share price has also now been reduced to roughly 0.26p per share for every $10 movement in the CEG share price. The Investment Manager will continue to manage the disposal of the Company's remaining CEG position in an orderly and phased manner when the remaining lock-up restriction expires.
During the period, the Company announced a new investment of £41 million in Terra-Gen, a large‑scale renewable energy platform located in the US. The investment reflected the continued discussions between the Board and Pantheon in appraising the relative merits and potential NAV accretion of reinvesting the Calpine and Intersect Power sale proceeds, and reflects the wishes expressed by many shareholders for the Company to recycle the proceeds of realisations into new investments.
In keeping with the Company's progressive dividend policy, and given its ongoing NAV performance, I am also pleased to report the Board's decision to declare a first interim dividend of 2.249p per share for the year ending 31 December 2026, an increase of 3.5%. Owing to the material disposal proceeds received during the period, and the resulting realised gains which flow through to the Company's dividend cover calculation, the full year dividend for 2026 is expected to be fully covered. The first interim dividend of 2.249p per share will be payable on 23 October 2026.
Market backdrop
The first half of 2026 has been marked by a highly turbulent geopolitical backdrop. Conflict between the US, Israel and Iran broke out during the period, disrupting energy markets and supply chains across the Middle East and testing traditional geopolitical alliances. The war in Ukraine, meanwhile, shows no sign of resolution. Together, these conflicts have given rise to highly volatile energy costs and considerable uncertainty as to the medium and longer-term macroeconomic picture.
Tariff policy, particularly in the US, also remains unresolved and continues to weigh on corporate investment decisions and cross‑border trade flows. These factors have contributed to a rise in government bond yields across major developed markets, as central banks and markets continue to reassess the path of inflation and fiscal deficits.
Alongside these pressures, the physical and transition risks associated with global warming have become more pronounced, reinforcing the urgency - and, in the Board's view, the long-term investment case - for energy transition and for the infrastructure that supports decarbonisation, grid resilience and climate adaptation. Within this framing, the combination of geopolitical and macroeconomic uncertainty only strengthens the argument for investment of the kind of long-duration, contracted, inflation-linked cash flows that the infrastructure provides.
Portfolio developments
Two significant Portfolio realisations, both signalled to shareholders in prior periods, completed during the six months to 30 June 2026 were: the acquisition of Calpine by Constellation and the sale of Intersect Power. Together, these transactions generated in excess of $70 million of immediate cash proceeds for the Company. Following completion, the Company retained a material equity exposure to Constellation, through CEG stock received as part of the Calpine consideration, and subsequently reduced after the period end as noted previously, together with a residual holding in IPX Power, the rebranded entity that retains the grid‑connected assets carved out of Intersect Power.
Aside from the fall in the CEG share price during the period, reflecting a broader derating of power and utilities equities, some of the other negative movements across the Portfolio included: elevated fuel costs weighing heavily on Primafrio's operating margins during the period; continued competition impacting subscription growth at Delta Fiber, as well as the rejection by the Dutch competition authority of the proposed partial network sale to Glaspoort; and lower market appetite for the mature, wholesale fibre networks identified through the sale process of GlobalConnect.
Against this, the period also saw a number of encouraging developments across the Portfolio, including: notable contract wins for Zenobē in the US BESS market; new investment in Vertical Bridge to optimise the company's long‑term capital structure following the acquisition of the Verizon tower portfolio; the strong performance of IPX Power; and the new investment in Terra‑Gen, a US renewable energy platform. This new investment extended the Company's exposure to contracted renewable generation in North America and added a further asset to the Portfolio's energy transition exposure.
From a valuation perspective, excluding the movement on Constellation, the Company experienced modest valuation gains across the Portfolio during the period.
As well as reflecting some of the company‑specific challenges noted previously, more broadly, the Company saw a subdued valuation environment during the period, with Sponsors responding to the wider macro uncertainty with more measured approaches to valuations, in some cases through increased discount rates and/or downward adjustments to terminal value assumptions. Overall, however, the Portfolio remains healthy, with a MOIC of 1.47x at 30 June 2026.
Investment pipeline and capital allocation
Pantheon continues to bring to the Company a substantial pipeline of potential new investments, reflecting the strength and reach of its global Sponsor relationships. However, given the continued inability of the Company to issue new equity, in keeping with most of the investment trust sector, our ability to commit to new opportunities is limited by the pace of realisations, including the ongoing disposal of the CEG shareholding. The Board and the Investment Manager are therefore being selective in deploying the Company's available capital, prioritising the opportunities that best fit the Company's risk-return objectives, and will continue to keep financing and capital allocation options under active review so that the Company is well positioned to convert a greater share of the pipeline into commitments when appropriate.
Shareholder engagement and outreach
The Company continues to prioritise broadening its shareholder base and has taken opportunities as they arise over the period to increase engagement with retail investors alongside the Company's institutional shareholder base. After the period end, the Company appointed Cadarn Capital to enhance the distribution of PINT shares. Cadarn works with a select group of UK investment trusts, acting in a complementary capacity to existing brokers via focusing on regionalised distribution channels. The Board sees this as a further step towards identifying and establishing more shareholder relationships over time.
Governance
On 22 September 2026, Sapna Shah was appointed as chair of the Management Engagement Committee, replacing Andrea Finegan. The change reflects the Board's desire to keep all Non-Executive Directors closely engaged across the full range of the Board's responsibilities. Ms Shah was appointed to the Board in 2025 and is an experienced non-executive director. We thank Ms Finegan for her leadership of the committee since IPO, and she will remain on the Board and as chair of the Sustainability Committee, having overseen the recent publication of PINT's 2025 Sustainability Report.
The report sets out how sustainability considerations are embedded across the Portfolio and reinforces the Board's ongoing commitment to transparency with shareholders on such matters.
Outlook
The macroeconomic and geopolitical environment remains turbulent, and the Board does not expect the uncertainty created by the war in Ukraine, the conflict involving Iran or tariff policy to resolve quickly. Against this backdrop, the structural drivers underpinning the Portfolio - energy transition, the build-out of digital infrastructure to support Artificial Intelligence adoption and data demand, and the increasingly urgent need for resilient, climate-adapted infrastructure - remain in place. The Portfolio's diversification across sectors and geographies, together with its focus on contracted, inflation‑linked cash flows, means the Company is well placed to deliver value in the remainder of 2026.
On behalf of the Board, I would like to thank shareholders for their continued support.
Patrick O'Donnell Bourke
Chair
22 September 2026
INVESTMENT MANAGER'S REPORT
Portfolio
PINT has constructed a diversified global portfolio with a focus on developed market OECD countries, with all investments currently in Western Europe and North America. Over the medium term, the Investment Manager expects, in line with the initial prospectus, the composition of the Portfolio to include investments in the following sub‑sectors: Digital Infrastructure, Power & Utilities, Transport & Logistics, Renewables & Energy Efficiency, and Social & Other Infrastructure.
As at 30 June 2026, the Company had a total of £582 million invested or committed across 15 investments.
The Portfolio is diversified across sectors and geographies, and the Investment Manager believes that it is well positioned to withstand any external market challenges. The investments typically benefit from defensive characteristics including long-term contracted cash flows, inflation protection and robust capital structures.
Seven investments are in Digital Infrastructure, representing 40% of NAV1, across the data centre, towers and fibre sub‑sectors. Three investments, representing 25%, are in the Power & Utilities sector, including: gas transmission, district heating and electricity generation. Four investments are in Renewables & Energy Efficiency (24%) and the remaining investment is in Transport & Logistics (9%).
The largest geographical exposure is in North America (41%), with the remaining exposure in Europe (40%) and the UK (17%). Net working capital comprised 2% of NAV at 30 June 2026.
NAV decreased over the period by 6.5p per share (period to 30 June 2025: increased by 4.6p per share), after adjusting for dividends paid of 2.2p per share over the period (period to 30 June 2025: 2.1p per share). The movement in the period was principally driven by fair value losses of 4.0p per share (period to 30 June 2025: gain of 7.4p per share), partially offset by favourable foreign exchange movements of 0.1p per share (period to 30 June 2025: (2.7)p per share) and a positive 0.4p per share movement from the foreign exchange hedging programme (period to 30 June 2025: 3.0p per share).
There were no share buybacks in the period (period to 30 June 2025: £nil per share), with a reduction of 0.9p per share (period to 30 June 2025: (1.0)p per share) related to fund operating and financing expenses, resulting in a closing NAV of 123.9p per share. This excludes the impact of the first interim dividend for the year to 31 December 2026 of 2.249p per share, which is to be paid on 23 October 2026.
1. Based on NAV of £580.4 million at 30 June 2026.
13.1%
Weighted average discount rate1
Dec 2025: 12.7%
Weighted average discount rate is based on the discount rate of each Portfolio Company investment at 30 June 2026, weighted on an investment fair value basis (excluding undrawn commitments) across the Portfolio, excluding Constellation.
39%
Weighted average gearing
Dec 2025: 36%
Weighted average gearing is calculated by reference to the ratio of total hedged debt relative to total net debt of each Portfolio Company, weighted across the Portfolio, excluding Constellation.
86%
Weighted average hedged debt
Dec 2025: 87%
Weighted average hedged debt (including fixed debt) is calculated by reference to the ratio of hedged debt relative to net debt of each Portfolio Company, excluding Constellation. Hedging arrangements are typically aligned with underlying debt tenors.
£68m
Weighted aggregate EBITDA
Dec 2025: £83m
Weighted aggregate EBITDA is based on the last twelve months EBITDA of each Portfolio Company at 30 June 2026, weighted by PINT's ownership of underlying Portfolio Companies and converted to GBP as necessary.
2. The portfolio data, being the weighted average discount rate, weighted average gearing, weighted average hedged debt and weighted aggregate EBITDA, is calculated based on information reported to Pantheon by the investment Sponsors. The information is not audited.
Portfolio: movements in the period
|
|
Portfolio value 31 December 2025 |
Drawn commitments |
Distributions1 |
Asset valuation movement |
Foreign exchange movement |
Portfolio value 30 June 2026 |
Undrawn commitments 30 June 2026 |
Allocation of foreign exchange hedge movements |
Portfolio Investment Return for the period |
||
|
Investment |
Region |
Sponsor |
(£m) |
(£m) |
(£m) |
(£m) |
(£m) |
(£m) |
(£m) |
(£m) |
(£m) |
|
Primafrio |
Europe |
Apollo |
58.3 |
- |
- |
(3.2) |
(0.7) |
54.4 |
0.4 |
1.0 |
(2.9) |
|
CyrusOne |
North America |
KKR |
40.0 |
- |
- |
0.4 |
0.5 |
40.9 |
- |
(0.4) |
0.5 |
|
National Gas |
UK |
Macquarie |
51.1 |
- |
(1.9) |
3.3 |
- |
52.5 |
- |
- |
3.3 |
|
Vertical Bridge |
North America |
DigitalBridge |
23.5 |
- |
- |
0.1 |
0.3 |
23.9 |
- |
(0.2) |
0.2 |
|
Delta Fiber |
Europe |
Stonepeak |
26.4 |
- |
- |
(0.2) |
0.4 |
26.6 |
- |
- |
0.2 |
|
Cartier Energy |
North America |
Vauban |
25.0 |
- |
- |
0.9 |
0.3 |
26.2 |
- |
(0.2) |
1.0 |
|
Constellation Energy Corporation2 |
North America |
N/A - listed |
106.9 |
0.2 |
(21.5) |
(25.9) |
1.3 |
61.0 |
- |
(0.5) |
(25.1) |
|
Vantage Data Centers |
North America |
DigitalBridge |
42.4 |
0.1 |
- |
(0.6) |
0.6 |
42.5 |
- |
(0.4) |
(0.4) |
|
Fudura |
Europe |
DIF |
50.2 |
- |
- |
0.6 |
(0.7) |
50.1 |
1.6 |
1.0 |
0.9 |
|
National Broadband Ireland |
Europe |
Asterion |
41.5 |
- |
- |
1.1 |
(0.6) |
42.0 |
- |
0.8 |
1.3 |
|
GD Towers |
Europe |
DigitalBridge |
37.0 |
- |
- |
0.5 |
(0.5) |
37.0 |
- |
0.7 |
0.7 |
|
GlobalConnect |
Europe |
EQT |
22.0 |
- |
- |
(1.5) |
(0.3) |
20.2 |
- |
- |
(1.8) |
|
Zenobē |
UK |
Infracapital |
40.8 |
- |
- |
3.4 |
- |
44.2 |
2.9 |
- |
3.4 |
|
IPX Power3 |
North America |
CAI |
42.7 |
0.1 |
(32.8) |
1.8 |
0.4 |
12.2 |
1.5 |
- |
2.2 |
|
Terra-Gen |
North America |
Igneo |
- |
28.5 |
- |
0.5 |
(0.2) |
28.8 |
13.1 |
- |
0.3 |
|
Grand total |
|
|
607.8 |
28.9 |
(56.2) |
(18.8) |
0.8 |
562.5 |
19.5 |
1.8 |
(16.2) |
1. Includes realisations of Calpine and Intersect Power in the period.
2. Following the completion of Constellation's acquisition of Calpine in January 2026 for cash and share consideration, part of PINT's shareholding was converted into listed shares in Constellation.
3. Following the completion of Intersect Power's sale of its pipeline of energy and data centre projects in March 2026 to Alphabet, the retained operating business was rebranded as IPX Power, in which PINT continues to hold an investment.
Portfolio: inception to date
|
|
|
|
A |
B |
C |
D |
|
|
Investment |
Region |
Sponsor |
Drawn commitments (£m) |
Distributions1 (£m) |
Valuation 30 June 2026 (£m) |
Allocation of foreign exchange hedge movements (£m) |
MOIC2 |
|
Primafrio |
Europe |
Apollo |
39.2 |
- |
54.4 |
2.5 |
1.5x |
|
CyrusOne |
North America |
KKR |
24.6 |
- |
40.9 |
0.5 |
1.7x |
|
National Gas |
UK |
Macquarie |
40.8 |
10.8 |
52.5 |
- |
1.6x |
|
Vertical Bridge |
North America |
DigitalBridge |
23.8 |
1.2 |
23.9 |
0.3 |
1.1x |
|
Delta Fiber |
Europe |
Stonepeak |
22.8 |
- |
26.6 |
- |
1.2x |
|
Cartier Energy |
North America |
Vauban |
33.2 |
- |
26.2 |
0.9 |
0.8x |
|
Constellation Energy Corporation3 |
North America |
N/A - listed |
45.8 |
43.2 |
61.0 |
4.7 |
2.4x |
|
Vantage Data Centers |
North America |
DigitalBridge |
30.2 |
0.1 |
42.5 |
3.8 |
1.5x |
|
Fudura |
Europe |
DIF |
38.4 |
5.5 |
50.1 |
2.4 |
1.5x |
|
National Broadband Ireland |
Europe |
Asterion |
43.5 |
16.2 |
42.0 |
2.9 |
1.4x |
|
GD Towers |
Europe |
DigitalBridge |
39.5 |
12.5 |
37.0 |
2.4 |
1.3x |
|
GlobalConnect |
Europe |
EQT |
19.0 |
- |
20.2 |
- |
1.1x |
|
Zenobē |
UK |
Infracapital |
32.1 |
- |
44.2 |
- |
1.4x |
|
IPX Power |
North America |
CAI |
28.3 |
32.8 |
12.2 |
0.1 |
1.6x |
|
Terra-Gen |
North America |
Igneo |
28.5 |
- |
28.8 |
- |
1.0x |
|
Grand total |
|
|
489.7 |
122.3 |
562.5 |
20.5 |
1.44x |
1. Includes realisations of Calpine and Intersect Power in the period.
2. Multiple on invested capital. MOIC is calculated as the sum of columns B, C and D, divided by column A. Grand total MOIC represents portfolio average and differs from Portfolio MOIC of 1.47x.
3. Following the completion of Constellation's acquisition of Calpine in January 2026 for cash and share consideration, part of PINT's shareholding was converted into listed shares in Constellation.
pint'S portfolio
PRIMAFRIO
www.primafrio.com
Specialised temperature‑controlled transportation and logistics company in Europe primarily focused on the export of fresh fruit and vegetables from Iberia to Northern Europe.
Investment thesis and value creation strategy1
· Niche market leader providing an essential service to resilient end markets. The company has demonstrated strong organic growth over a 15+ year operating history, including during major economic dislocations (2008‑2009 global financial crisis and 2020‑2021 Covid-19). The essential nature of Primafrio's market and its operations provides strong downside protection.
· Value creation opportunities include inorganic growth, strategic M&A and continued investment in Primafrio's cold storage logistics infrastructure footprint.
Update
Primafrio saw total volumes increase, while margins came under pressure from elevated fuel costs amid geopolitical tensions in the Middle East. The company currently operates nine logistics centres with a total floor area exceeding 1.5 million m2, with multiple new facilities under construction. The company's new-build facilities, totalling 127,000 m² across Belfort, Valencia and Lleida, along with further facilities due to open in the coming year, are expected to see utilisation ramp up over time as management continues to focus on further growth opportunities.
Transport & logistics
Europe
£54m PINT NAV 30 June 2026
1.5x MOIC 30 June 2026
21.03.22 Date of commitment
CYRUSONE
www.cyrusone.com
Operates more than 60 high‑performance data centres representing over 1 GW of power capacity across North America and Europe.
Investment thesis and value creation strategy1
· Growth in data usage continues to drive data centre demand. In particular, the hyperscale segment represents a strong growth opportunity due to increasing cloud adoption and increasingly data‑heavy technologies (5G, AI, gaming, video streaming).
· Benefits from defensive characteristics such as long‑term contracts with a largely investment‑grade credit‑quality customer base, price escalators and limited historical customer churn.
Update
CyrusOne's excellent performance since PINT's investment continued with the company benefiting considerably from AI‑related tailwinds. The strong demand for data centre capacity continues to support highly favourable pricing for established developers, making for a favourable trading environment. A chief focus remains on ensuring sufficient availability of power and capital to meet increased demand. The company has entered into a number of strategic relationships with large energy utilities, including Eolian and Calpine, in order to accelerate the timeline for development and has appointed a new CEO to lead its next phase of growth.
Digital infrastructure
North America
£41m PINT NAV 30 June 2026
1.7x MOIC 30 June 2026
28.03.22 Date of commitment
NATIONAL GAS
www.nationalgas.com
The owner and operator of the UK's sole gas transmission network, regulated by Ofgem, and an independent, highly contracted metering business.
Investment thesis and value creation strategy1
· Stable inflation‑linked cash flows with returns positively correlated to inflation.
· Strong downside protection; regulatory framework allows for the recovery of costs and a minimum return on capital. The company also holds a monopolistic position through sole ownership of the UK's gas transmission network.
· Significant growth opportunity. The transmission system is expected to play a leading role in any future transition from natural gas to hydrogen. The company hopes to support the expansion of hydrogen's role in the energy mix while working closely with the government and Ofgem to maintain security of supply.
Update
National Gas continues to perform well operationally. Effective from 1 April 2026, Ofgem's RIIO-GT3 (2026-2031) final determination allowed a baseline funding level of £3.2 billion for the five‑year regulatory period, with scope for significant further allowances to be granted during this period. A decision is still awaited from the government on the blending of up to 20% hydrogen into the existing gas transmission network. National Gas and its partners are also awaiting a decision on £500 million of UK Government Hydrogen Transport and Storage Business Model funding to support the development of the UK's first integrated hydrogen network in the Humber region.
Power & utilities
UK
£53m PINT NAV 30 June 2026
1.6x MOIC 30 June 2026
28.03.22 Date of commitment
VERTICAL BRIDGE
www.verticalbridge.com
The largest private owner and operator of towers and other wireless infrastructure in the US, with more than 18,000 owned towers across the country.
Investment thesis and value creation strategy1
· Track record of organic and inorganic growth: since its founding in 2014, Vertical Bridge has been one of the most active acquirers and 'build‑to‑suit' (BTS) developers amongst tower companies and expects to further accelerate these activities.
· 5G build-out supporting continued growth: US carrier annual capex is forecast to increase materially, prioritising macro towers in the 5G rollout.
· Top‑tier management team and Sponsor: key members of Vertical Bridge and DigitalBridge (including both CEOs) have worked together since 2003.
Update
In April 2026, Vertical Bridge announced a $1.5 billion equity investment from KKR, establishing a fully funded, long‑term capital structure to support the company's strategic plan. The company continues to integrate the portfolio acquired from Verizon at the end of 2024, which represented an increase of approximately 6,000 towers. Management views the portfolio as highly complementary to existing assets, citing strong strategic synergies and significant lease‑up potential given its currently low tenancy ratio. The business's primary growth focus is now increasing co-location revenues, driven by expanding partnerships with major mobile network operators focused on accelerating 5G deployment.
Digital infrastructure
North America
£24m PINT NAV 30 June 2026
1.1x MOIC 30 June 2026
04.04.22 Date of commitment
DELTA FIBER
www.deltafibernederland.nl
Owner and operator of fixed telecom infrastructure in the Netherlands, providing broadband, TV, telephone and mobile services to retail and wholesale customers over a predominantly fibre network.
Investment thesis and value creation strategy1
· High-quality fibre network with high barriers to entry as a regional leader in its core footprint of suburban and rural areas with historically high penetration and low churn rates.
· Well positioned to capitalise on extensive rollout programme via first‑mover advantage in its core markets, exhibited through its track record of fast build rates and ramp‑up of construction capacity.
Update
Delta Fiber has completed its network rollout on time and within budget. With the build phase now behind it, the business is shifting focus from development to steady‑state operations. Against a backdrop of increasingly competitive pressure from continued overbuild and aggressive retention and new customer discounts by competitors, the company is prioritising increased customer adoption to drive penetration. Alongside efforts to enhance network densification through its retail business, Delta Fiber sees further wholesale network sharing agreements - such as those with Odido and VodafoneZiggo - as key growth levers. The proposed sale of approximately 200,000 connections to Glaspoort was not approved by the regulator; however, the risk of overbuild across the footprint originally proposed for the sale to Glaspoort remains low.
Digital infrastructure
Europe
£27m PINT NAV 30 June 2026
1.2x MOIC 30 June 2026
26.04.22 Date of commitment
CARTIER ENERGY
Platform of eight district energy systems located across the Northeast, Mid‑Atlantic and Midwest of the US.
Investment thesis and value creation strategy1
· Gross margin structure underpinned by availability‑based fixed‑capacity payments and consumption charges and pass‑through pricing mechanism limits commodity price exposure, providing robust downside protection.
· Predominantly 'sticky' customer base with an average relationship tenure of ~15‑20 years and ~10‑12‑year average remaining contractual life.
· Provides customers with a path to decarbonisation and increased thermal efficiency.
Update
Cartier has entered a period of operational stability following a challenging phase. The business has benefited from more stable hot water and steam volumes so far this year, while US natural gas prices have remained largely insulated from the Middle East conflict, alongside incremental gains from rising chilled water demand and favourable capacity market pricing, bringing financial performance on existing assets closer to original underwriting expectations. A new business plan has been agreed with management, shifting away from large‑scale growth opportunities towards smaller infill opportunities, resulting in a moderated growth outlook.
Power & utilities
North America
£26m PINT NAV 30 June 2026
0.8x MOIC 30 June 2026
23.05.22 Date of commitment
CONSTELLATION ENERGY CORPORATION
(through the acquisition of Calpine)
www.constellationenergy.com
US power producer with 55 GW of capacity from nuclear, natural gas, oil, geothermal, hydro, wind and solar facilities.
Update
The sale to Constellation was completed in January 2026, with PINT receiving $28.5 million in cash and 326,057 Constellation shares, 50% of which became unrestricted from 1 July 2026, with the remainder locked up until 1 July 2027. During the period, the Constellation share price decreased by 30%, from $353 as at 31 December 2025 to $248 as at 30 June 2026. Constellation's operational performance remains strong, supported by growing recognition of nuclear energy's role in powering the data economy, and Calpine, now part of Constellation, continues to benefit favourably from increased demand from AI data centres.
As at 21 September 2026, 163,029 Constellation shares have been sold at an average price of $273, realising total cash proceeds of $44.5 million, with the remaining shareholding valued at $42.7 million based on a share price of $262.
Power & utilities
North America
£61m PINT NAV 30 June 2026
2.4x MOIC 30 June 2026
27.06.22 Date of commitment2
VANTAGE DATA CENTERS
www.vantage-dc.com
Leading provider of data centres to large enterprises and hyperscale cloud providers.
Investment thesis and value creation strategy1
· Data usage growth through increasing cloud adoption and increasing data‑heavy technologies continue to drive data centre demand.
· Strong growth pipeline from favourable existing relationships with hyperscale customers.
· Downside protection from strong position in supply-constrained core geographies, long‑term contracts with investment‑grade counterparties and low customer churn due to high switching costs and barriers to entry.
Update
Vantage continues to deliver strong growth, supported by resilient demand and disciplined execution, with the business maintaining high occupancy and leasing momentum. The company remains focused on developing its 1.4 GW Frontier campus in Texas and its 1 GW Lighthouse campus in Wisconsin (for which 100% of the required power has been secured) - both part of its Stargate expansion of up to 4.5 GW in partnership with OpenAI and Oracle. To address growing power constraints, Vantage has also partnered with Liberty Energy and VoltaGrid to deliver over 2 GW of off‑grid power across its portfolio, accelerating RFS (ready‑for‑service) dates across a number of key developments.
Digital infrastructure
North America
£43m PINT NAV 30 June 2026
1.5x MOIC 30 June 2026
01.07.22 Date of commitment
FUDURA
www.fudura.nl
Dutch market-leading owner and provider of medium‑voltage electricity infrastructure to business customers, with a focus on transformers, metering devices and related data services.
Investment thesis and value creation strategy1
· Highly stable inflation‑linked cash flows from large and diversified locked‑in customer base with long-term contracts, low churn and inflation protection.
· Strong downside protection with a quasi‑monopoly positioning in its core regional markets characterised by high barriers to entry.
· Energy efficiency and decarbonisation tailwinds driving growth opportunities to broaden service offering to customers including EV charging, solar panels, heat pumps and battery storage.
Update
Fudura continues to deliver a resilient performance, driven by stable margins on its core transformer business, despite grid congestion proving to be a major bottleneck for the company's medium‑voltage infrastructure offering. This performance has been partially offset by a slower rollout to date of the adjacent product lines that formed a key pillar of the investment thesis. The company completed a €765 million refinancing ahead of plan in Q4 2025, and the new financing continues to support the expansion of the company's energy infrastructure portfolio, while management remains focused on driving pipeline conversion and improving scalability.
Renewables & energy efficiency
Europe
£50m PINT NAV 30 June 2026
1.5x MOIC 30 June 2026
25.07.22 Date of commitment
NATIONAL BROADBAND IRELAND
www.nbi.ie
Fibre-to-the-premises network developer and operator working with the Irish Government to support the rollout of the National Broadband Plan, targeting connection to 560,000 rural homes.
Investment thesis and value creation strategy1
· Stable cash flows with inflation protection expected through the terms of the project agreement with regard to the prices National Broadband Ireland (NBI) can charge to internet service providers (ISPs) for access.
· Downside protection through a unique positioning in the intervention area (the franchise area granted by the Irish Government) and a flexible government subsidy regime.
· Attractive macro trends including increased remote working, demographics and growth in fibre broadband take‑up to date underpin the long‑term commercial viability of the network.
Update
The rollout of the National Broadband Plan - NBI's partnership with the Irish Government - remains on plan and on budget, with deployment now around 90% complete. Management remains focused on completing rollout to the remaining premises by the end of 2026. A large number of ISPs are now available on the network and nationwide marketing campaigns are now underway. The company continues to experience favourable take‑up, with penetration rates higher than levels predicted at this stage of the rollout, with the expectation that the remaining equity commitment to the company will not be required.
Digital infrastructure
Europe
£42m PINT NAV 30 June 2026
1.4x MOIC 30 June 2026
09.11.22 Date of commitment
GD TOWERS
www.dfmg.de/en | www.towers.at
Largest tower operator and telecom infrastructure network in Western Europe with c.40,000 tower sites across Germany, now known as Deutsche Funkturm, and Austria, now known as Towers Infra Austria.
Investment thesis and value creation strategy1
· Majority of cash flows are contracted and index-linked, offering strong downside protection in challenging macroeconomic conditions.
· Favourable market tailwinds from regulatory‑driven 5G coverage requirements with significant growth opportunities.
· Organic and inorganic growth opportunities arising from acquisition opportunities from other market participants and numerous consolidation opportunities in Europe.
Update
GD Towers continues to perform broadly in line with the original investment case. The business has made significant progress in streamlining its BTS operations, reducing lead times and addressing a key improvement area identified in the initial business plan. The company is now shifting its focus to managing unitary capex in light of cost inflation. Co‑location revenues have also increased, driven by significantly improved lead times and a strategic focus on expanding relationships with mobile network operators beyond Deutsche Telekom. The company completed a €2.5 billion debt refinancing in Q4 2025, resulting in a substantial dividend distribution in 2025.
Digital infrastructure
Europe
£37m PINT NAV 30 June 2026
1.3x MOIC 30 June 2026
31.01.23 Date of commitment
GLOBALCONNECT
www.globalconnectgroup.com
Leading pan-Nordic wholesale and retail telecoms business with extensive fibre network and data centre portfolio.
Investment thesis and value creation strategy1
· Majority of cash flows are contracted and index‑linked, offering downside protection in challenging macroeconomic conditions.
· Favourable market tailwinds from fibre adoption trends across retail and business customers, with significant growth opportunities and long‑term secured revenues, protecting its market position.
· Organic and inorganic growth opportunities arising from rural fibre rollout, growing demand for larger bandwidth and numerous consolidation opportunities.
Update
In line with its focus on optimal allocation of capital given the varied dynamics of the markets it operates in, the company decided to withdraw from the German fibre‑to‑the‑home (FTTH) market. This has resulted in the business performing below plan due to lower revenues and an expected lower terminal value as a result. The company launched a sale process in 2025, with a sale of part of the company anticipated in the second half of 2026. Separately, the sale of the company's Norwegian B2C business has been approved by the regulator, and the company announced the appointment of a new group CEO, effective 1 September 2026.
Digital infrastructure
Europe
£20m PINT NAV 30 June 2026
1.1x MOIC 30 June 2026
22.06.23 Date of commitment
ZENOBĒ
www.zenobe.com
Zenobē provides essential infrastructure that contributes to international power and transport sector decarbonisation targets.
Investment thesis and value creation strategy1
· Substantial and growing market opportunity driven by significant capex required to meet demand for EV bus charging and electricity grid stability.
· Market leader in core regions in a high‑growth sector with attractive expansion opportunities.
· Downside protection and inflation protection via long‑term availability‑style contracts with high-quality counterparties.
· Significant overseas growth potential in the US and Europe.
Update
Zenobē continues to regularly secure high‑profile contracts, though overall profitability is currently tracking behind the entry plan. This is primarily due to slower‑than‑expected growth in the bus segment and revenue volatility in battery trading, which has impacted the network infrastructure side of the business. Management remains confident in a recovery on the bus side, supported by strong customer relationships and the sector's decarbonisation obligations. Meanwhile, the company has made substantial progress in gearing up for international growth, now targeting projects in Europe as well as North America.
Renewables & energy efficiency
UK
£44m PINT NAV 30 June 2026
1.4x MOIC 30 June 2026
07.09.23 Date of commitment
IPX POWER
(formerly Intersect Power)
www.ipxpower.com
US‑based developer and operator of co‑located power infrastructure, with 4.4 GW of solar PV and 8.8 GWh of battery storage in construction or operation.
Investment thesis and value creation strategy1
· Attractive risk‑adjusted returns with strong downside protection from its Power Purchase Agreements (PPAs) and sizeable operating portfolio, alongside credible upside potential from its development pipeline.
· Highly experienced management team with more than 20 years' experience.
· Equipment secured from domestic supply chain protected from tariffs.
Update
The sale of Intersect Power's pipeline of energy and data centre projects was completed in March 2026, with PINT receiving cash proceeds of $43.8 million and remaining invested in the residual business operating the retained generation assets, which has been rebranded as IPX Power. Asset development is expected to continue broadly as planned, with projects selectively retained and progressed, and the expectation that all portfolio assets will be sold upon completion of the under‑construction projects. The company closed $4.95 billion of debt financing for its 1.6 GWp Darden projects in May 2026, with commercial operations expected in 2028.
Renewables & energy efficiency
North America
£12m PINT NAV 30 June 2026
1.6x MOIC 30 June 2026
22.09.25 Date of commitment
TERRA-GEN
www.terra-gen.com
Leading US renewables platform operating c.4 GW of utility-scale solar, wind and battery storage capacity, alongside a c.14+ GW development pipeline.
Investment thesis and value creation strategy1
· Attractive risk‑adjusted returns with strong downside protection from its PPAs and sizeable operating portfolio across solar, battery storage and wind, alongside credible upside potential from its development pipeline.
· Top‑tier management team with deep relationships in key markets that have favourable regulatory environments, including California, New York and Texas.
· More than 8 GW of pipeline projects safe harboured3, forecast to reach in service by 2030, with high visibility into near‑term EBITDA growth from more than 2 GW of projects under construction or at an advanced stage with interconnection secured.
Update
PINT committed $55 million/£41 million to Terra-Gen in June 2026, of which £28.5 million was called during the period. Terra‑Gen develops, constructs, owns and operates utility-scale wind, solar and battery storage projects across key markets in the US. Its portfolio comprises more than 35 generating and storage facilities, located primarily in California, with additional sites in New York and Texas. The company currently operates 4.3 GW of facilities, including approximately 5.6 GWh of storage capacity. Terra-Gen has a pipeline of approximately 4+ GW in late‑stage development or under construction, with a further 10+ GW in early to mid-stage development.
Renewables & energy efficiency
North America
£29m PINT NAV 30 June 2026
1.0x MOIC 30 June 2026
19.06.26 Date of commitment
1. There is no guarantee that the investment thesis will be achieved. Pantheon opinion. Past performance is not indicative of future results. Future results are not guaranteed, and loss of principal may occur. Please refer to 'Disclosure 1 - Investments' towards the back of the full Interim Report.
2. Following the completion of Constellation's acquisition of Calpine in January 2026 for cash and share consideration, part of PINT's shareholding was converted into listed shares in Constellation.
3. Refers to projects that have taken qualifying steps under current rules to lock in eligibility for federal renewable energy tax credits, protecting them from being affected by future changes to tax policy.
Performance
Portfolio movement
During the period, the Portfolio experienced an underlying decline of £18.8 million (30 June 2025: growth of £34.4 million), reflecting a (3.1)% (30 June 2025: 6.5%) movement on the opening capital invested, adjusted for capital calls and investments totalling £28.9 million (30 June 2025: £nil million), but before adjusting for distributions to PINT totalling £56.2 million (30 June 2025: £4.8 million). Excluding Constellation, the fair value movement was a gain of £7.1 million in the period.
Foreign exchange movements added a gain of £0.8 million (30 June 2025: £(12.8) million), resulting in a closing value of £562.5 million at 30 June 2026 (30 June 2025: £548.5 million).
The Portfolio had a weighted average discount rate (WADR) of 13.1%1 at the period end (30 June 2025: 12.3%).
Calpine sale
The sale of Calpine to Constellation was completed in January 2026. As a result of tax planning around the completion of the sale, the Company elected to receive a distribution in kind of Constellation shares. PINT received $28.5 million of upfront cash consideration and 326,057 Constellation shares, 50% of which became unrestricted from 1 July 2026, with the remainder locked up until 1 July 2027. As at 21 September 2026, 163,029 Constellation shares have been sold at an average price of $273, realising total cash proceeds of $44.5 million. Until such time as the Company's holding in Constellation is fully realised or its exposure to Constellation is otherwise mitigated, the Company remains exposed to the performance of Constellation stock. PINT's NAV exposure is expected to be equivalent to a movement of approximately 0.26p per share for every $10 movement in the Constellation share price.
For information regarding our investment policy, please refer to page 131 of the Pantheon Infrastructure Plc annual report 2025.
1. Weighted average discount rate of 13.1% is based on the discount rate or implied discount rate of each Portfolio Company investment at 30 June 2026, weighted on an investment fair value basis (excluding undrawn commitments) across the Portfolio, excluding Constellation.
FURTHER INFORMATION
To view PINT's Interim Report document for period ended 30 June 2026 in full, please paste the following URL into the address bar of your browser: http://www.rns-pdf.londonstockexchange.com/rns/8689V_1-2026-9-22.pdf
The full Interim Report document will also be available today on www.pantheoninfrastructure.com/ and will be submitted shortly in full unedited text to the Financial Conduct Authority's National Storage Mechanism and will be available for inspection at data.fca.org.uk/#/nsm/nationalstoragemechanism in accordance with DTR 6.3.5(1A) of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
The financial information contained in this interim report, the comparative figures for the six months ended 30 June 2025 and the comparative information for the year ended 31 December 2025 do not constitute statutory accounts but is derived from those accounts. The annual report and financial statements for the year ended 31 December 2025 have been delivered to the Registrar of Companies. The financial information for the six months ended 30 June 2026, and for the six months ended 30 June 2025, has not been audited but has been reviewed by the Company's Auditor and their report can be found in the Company's full Interim Report at www.pantheoninfrastructure.com/.
This interim report provides information about certain investments made by PINT. It should NOT be regarded as a recommendation. Pantheon makes no representation or forecast about the performance, profitability or success of such investments. You should not assume that future investments will be profitable or will equal the performance of past recommendations. The statements made reflect the views and opinions of Pantheon as of the date of the investment analysis.
Contact Information:
Pantheon Infrastructure Plc
Telephone
+44 (0)20 3356 1800
Email
pint@pantheon.com
Website
www.pantheoninfrastructure.com
Important Information
A copy of this announcement will be available on the Company's website at www.pantheoninfrastructure.com/. Neither the content of the Company's website, nor the content on any website accessible from hyperlinks on its website for any other website, is incorporated into, or forms part of, this announcement nor, unless previously published by means of a recognised information service, should any such content be relied upon in reaching a decision as to whether or not to acquire, continue to hold, or dispose of, securities in the Company.
[ENDS]
LEI: 213800CKJXQX64XMRK69
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