Monthly Performance Update

Summary by AI ^BETAClose X

Pantheon International Plc reported a net asset value (NAV) per share of 512.0p as of April 30, 2026, a 3.8% decrease for the month, with total NAV at £2.2bn and market capitalization at £1.6bn. The company has committed to using at least 80% of the £224m generated from a recent asset sale for share buybacks, having already invested £8.7m in buybacks during April at an average discount of 28.4% to NAV. The Distribution Pool stood at £52.4m as of April 30, 2026, supporting active capital management, and the company reported a net portfolio cash flow of £41.3m for the month.

Disclaimer*

Pantheon International PLC

29 May 2026

For immediate release

The information contained in this announcement is restricted and is not for publication, release or distribution in the United States of America, Canada, Australia (other than to persons who are both wholesale clients and professional or sophisticated investors in Australia), Japan, the Republic of South Africa or any other jurisdiction where its release, publication or distribution is or may be unlawful.

Pantheon International Plc

("PIN" or the "Company")

Performance Update at 30 April 2026

Previously announced sale of assets and share buyback commitment

Since the period end, on 12 May 2026, PIN announced a significant step forward in its strategy and plan: a targeted sale of assets in the secondary market, generating proceeds of £224m, of which at least 80% (c.£180m) will be used for share buybacks to enhance shareholder value and generate liquidity. Tony Morgan, the Chair of PIN, and Charlotte Morris, Lead Manager of PIN, subsequently gave a presentation to provide an update on PIN's strategy implementation. The slides can be accessed via PIN's website within Reports & Publications: https://www.pantheon-international.com/investors/reports-publications

Distribution Pool and Share Buybacks

The Board remains committed to buying back the Company's shares when discounts are wide to take advantage of the compelling value on offer.

During the month, PIN invested £8.7m in share buybacks, repurchasing 2,346,426 shares at a weighted average price of 372.2p per share. This price reflected an average discount of 28.4% to the prevailing net asset value (NAV) per share at the time of the transactions.

PIN has established a Distribution Pool with an opening balance of £60.0m. In the financial year to date, a further £72.8m has been allocated to the Distribution Pool, which is equivalent to 20% of the gross distributions received during the period.

Share buybacks completed in the eleven months to 30 April 2026 were £80.4m. The Distribution Pool balance as at 30 April 2026 was £52.4m, providing a strong source of liquidity to support PIN's active capital management and allocation policies.

Performance Update at 30 April 2026

512.0p NAV per share

-3.8% NAV per share movement for the month

£2.2bn Net asset value

+53% Total NAV per share return (5Y)*

£1.6bn Market capitalisation

+42% Total shareholder return (5Y)*

£41.3m Net portfolio cash flow**

4.7x Financing cover***

Month to 30 April 2026

PIN announced an unaudited net asset value ("NAV") per share of 512.0p as at 30 April 2026, a decrease of 20.2p (-3.8%) from the NAV per share as at 31 March 2026.

In the month to 30 April 2026, valuation movements** were -7.5p (-1.4%), investment income** added +0.2p (+0.0%), foreign exchange movements** were -12.9p (-2.4%), share buybacks added +0.9p (+0.2%) and expenses and taxes**** were -0.9p (-0.2%).

PIN's valuation policy for private equity funds is based on the latest valuations reported by the managers of the funds in which PIN has holdings. In the case of PIN's valuation as at 30 April 2026, 9% of reported valuations are dated 30 April 2026, 5% are dated 31 March 2026, 79% are dated 31 December 2025, 7% are dated 30 September 2025. Of the 9% of valuations dated 30 April 2026 or later, 4.5% reflect the mark-to-market fair value adjustment for listed company holdings.

As at 30 April 2026, PIN's private equity assets stood at £2,355m, whilst net available cash balances^ were £33m. The Asset Linked Note^^ ("ALN") outstanding as at 30 April 2026 amounted to £20m. Undrawn commitments to investments stood at £604m as at 30 April 2026, calculated using exchange rates at that date. PIN maintains a £400m^^^ multi-tranche, multi-currency revolving credit facility. As at 30 April 2026, £84m was drawn down under the credit facility and $150m (£110m GBP equivalent as at month end) of private placement notes were outstanding, resulting in a net debt to NAV ratio of 7.4%.^^^^

Net Portfolio Cash Flow

PIN received distributions of £47.6m relative to £6.3m of calls from existing commitments to private equity funds. Therefore, PIN's portfolio generated net cash of £41.3m during the month.

New Investments

PIN co-invested £5.0m alongside SK Capital Partners in Swixx BioPharma, an independent commercialisation platform that helps branded pharmaceutical companies access smaller global markets where they lack a direct presence.

Distributions

PIN's portfolio generated £47.6m in distributions during the month, including:

· £17.1m from the sale of Wiz, a US-based cloud and AI security platform. PIN invested in Wiz via primary commitments to Insight Partners and Index Ventures.

· £10.6m from the sale of TEAM Services Group, a US provider of home-and-community-based care services with a division offering trust administration services. PIN invested in TEAM Services Group via a manager-led secondary alongside Alpine Investors.

· £5.3m from the sale of Team Global Express, an Australian logistics company providing freight, parcel delivery and supply chain services. PIN co-invested in Team Global Express alongside Allegro.

*Based on the change in the NAV per share and ordinary share price over the period.

**Figures are stated net of movements associated with the ALN share of the reference portfolio. Valuation movement includes the mark-to-market fair value adjustment of listed company holdings.

***Ratio of net available cash, portfolio value and undrawn credit facility to outstanding commitments. Outstanding commitments relating to funds outside their investment period (>13 years old) were excluded from the calculation as there is a low likelihood of these being drawn. This amounted to £29.9m as at 30 April 2026.

****Operating expenses, financing costs and withholding taxes on investment distributions.

^Net available cash calculated as cash and net current assets / (liabilities) less undistributed net cashflows associated with the ALN.

^^Unlisted 10-year note issued on 31 October 2017 whose cost and repayments are linked to a reference portfolio consisting of the Company's older vintage funds.

^^^ PIN maintains a £400m multi-currency credit facility. The overall credit facility comprises facilities of US$402.3m and €115.2m and had a sterling equivalent value of £395.7m as at 30 April 2026. As at 30 April 2026, PIN had drawn down £84.2m of the credit facility.

^^^^Net debt calculated as borrowings (excluding the outstanding balance of the Asset Linked Note) less net available cash. The ALN is not considered in the calculation of gross borrowings or the loan-to-value ratio, as defined in PIN's credit facility and note agreements. If the ALN is included, net debt to NAV was 8.3% as at 30 April 2026.

Annualised Performance as at 30 April 2026^^^^^

	1 Year (% p.a.)	3 Years (% p.a.)	5 Years (% p.a.)	10 Years (% p.a.)	Since Inception (% p.a.)
NAV per share	3.9%	4.2%	8.8%	11.5%	11.4%
Ordinary share price	36.4%	14.2%	7.2%	11.5%	10.7%
FTSE All-Share, TR	25.2%	13.1%	10.8%	8.8%	7.9%
MSCI World TR, (£)	27.5%	17.1%	12.2%	14.1%	8.9%

^^^^^PIN was launched on 18 September 1987. The performance figures for PIN include the effects of share repurchases, dividends, share splits, capital repayments and warrants. NAV figure based upon adjusted NAV per share where applicable.

Discrete Performance as at 30 April 2026

	30/04/2025 - 30/04/2026	30/04/2024 - 30/04/2025	30/04/2023 - 30/04/2024	30/04/2022 - 30/04/2023	30/04/2021 - 30/04/2022
NAV per share	3.9%	0.7%	8.1%	1.2%	33.5%
Ordinary share price	36.4%	-15.8%	29.8%	-20.4%	19.2%
FTSE All-Share, TR	25.2%	7.5%	7.5%	6.0%	8.7%
MSCI World TR, (£)	27.5%	5.6%	19.4%	3.6%	6.9%

Largest Holdings

Largest companies by value as at 28 February 2026

Company	Country	Sector	% of portfolio
Visma Group	Norway	Information Technology	1.4%
Action	Netherlands	Consumer	1.4%
Kaseya	Switzerland	Information Technology	1.2%
Smile Doctors	USA	Healthcare	1.0%
Valantic	Germany	Information Technology	1.0%

Largest managers by value as at 28 February 2026

Manager	Region	% of portfolio
Insight Partners	USA	6.5%
Index Ventures	Global	5.1%
HgCapital	Europe	4.4%
Advent International	Global	2.7%
IK Investment Partners	Europe	2.6%

Monthly Report

The April 2026 newsletter can be accessed on PIN's website at www.pantheon-international.com in the Investors section under the heading "Newsletters & Factsheets".

This announcement contains inside information.

Ends

LEI: 2138001B3CE5S5PEE928

For more information, please visit PIN's website at www.pantheon-international.com or contact:

Pantheon

Charlotte Morris / Vicki Bradley

Tel: +44 20 3356 1800

NOTES

PIN is a listed FTSE 250 private equity investment trust, overseen by an independent Board of Directors and managed by Pantheon, one of the leading private equity investment managers globally. PIN offers investors a liquid, differentiated entry point to the excellent growth potential of global private equity, with access to the primary, secondary and co-investment opportunities of some of the best managers in the world. The Company has a track record of NAV outperformance over the long term and manages risk strategically through diversification and rigorous selection based on Pantheon's extensive experience and international platform, and robust investment due diligence and decision-making processes.

Pantheon

PIN is managed and advised by Pantheon, a specialist global private markets investor. 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, across private equity, real assets and private credit. The firm has partnered with more than 740 clients, with approximately $83.8bn in discretionary assets under management (as at 31 December 2025).

Important Information

A copy of this announcement will be available on the Company's website at www.pantheon-international.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.

Tony Morgan

Chair, Pantheon International Plc

Broadwalk House, Southernhay West, Exeter, Devon EX1 1TS

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END