Monthly Performance Update

Pantheon International PLC

28 July 2026

 

28 July 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The information contained in this announcement is restricted and is not for publication, release or distribution in the United States of America, Canada, Australia (other than to persons who are both wholesale clients and professional or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 June 2026       

Performance Update at 30 June 2026

525.7p                                  NAV per share

+1.5%                                  NAV per share movement for the month

£2.1bn                                  Net asset value

+49%                                   Total NAV per share return (5Y)*  

£1.5bn                                  Market capitalisation

+44%                                   Total shareholder return (5Y)*

£209.6m                               Net portfolio cash flow**

4.6x                                      Financing cover***

Month to 30 June 2026

PIN announced an unaudited net asset value ("NAV") per share of 525.7p as at 30 June 2026, an increase of +7.8p (+1.5%) from the NAV per share as at 31 May 2026.

In the month to 30 June 2026, valuation movements** were -1.8p (-0.3%), investment income** added +0.4p (+0.1%), foreign exchange movements** were +5.6p (+1.0%), share buybacks added +4.6p (+0.9%) and expenses and taxes**** were -1.0p (-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 June 2026, 8% of reported valuations are dated 30 June 2026, 79% are dated 31 March 2026, 12% are dated 31 December 2025, 1% are dated 30 September 2025. Of the 8% of valuations dated 30 June 2026 or later, 4.2% reflect the mark-to-market fair value adjustment for listed company holdings.

As at 30 June 2026, PIN's private equity assets stood at £2,184m, whilst net available cash balances^ were £258m. The Asset Linked Note^^ ("ALN") outstanding as at 30 June 2026 amounted to £17m. Undrawn commitments to investments stood at £598m as at 30 June 2026, calculated using exchange rates at that date. PIN maintains a £400m^^^ multi-tranche, multi-currency revolving credit facility. As at 30 June 2026, £214.4m was drawn down under the credit facility and $150m (£113m sterling equivalent as at month end) of private placement notes were outstanding, resulting in a net debt to NAV ratio of 3.3%.^^^^

Net Portfolio Cash Flow

PIN received proceeds of £227.2m (including proceeds from the strategic portfolio sale announced in May as well as distributions from underlying investments) relative to calls of £17.6m from existing commitments to private equity funds. Therefore, PIN generated net cash proceeds of £209.6m during the month, including proceeds from the portfolio sale.

New Investments

PIN made £33.3m in new commitments during the month, comprised of:

·    A £14.9m primary commitment to Norvestor X, a Nordic lower mid-market buyout fund focused on business services, tech-enabled services, industrial solutions and consumer services.

·    A £9.9m primary commitment to Allegro Fund V, an Australian mid-market buyout fund pursuing a turnaround and special situations strategy.

·    An £8.5m co-investment alongside Reverence Capital Partners in Eide Bailly, a US accounting and advisory firm serving medium-sized companies.

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 value on offer.

During the month, PIN invested £63.9m in share buybacks, repurchasing 15,993,581 shares at a weighted average price of 399.5p per share. This price reflected an average discount of 22.0% to the prevailing net asset value (NAV) per share at the time of the transactions.

The Distribution Pool opened the new financial year with a balance of £199.9m, carried forward from 31 May 2026. This opening balance includes 80% (£180.0m) of the strategic asset sale proceeds, which were allocated to the Distribution Pool during the previous financial year. During the month, a further £4.5m was allocated to the Distribution Pool, representing 20% of the gross distributions received. After deducting the £63.9m of share buybacks completed during the month, the Distribution Pool balance as at 30 June 2026 was £140.5m.

Annualised Performance as at 30 June 2026^^^^^

	1 Year (% p.a.)	3 Years (% p.a.)	5 Years (% p.a.)	10 Years (% p.a.)	Since Inception (% p.a.)
NAV per share	6.8%	4.9%	8.3%	10.9%	11.4%
Ordinary share price	23.4%	15.0%	7.5%	11.7%	10.7%
FTSE All-Share, TR	21.9%	15.3%	10.9%	8.7%	8.0%
MSCI World TR, (£)	25.8%	18.1%	12.9%	13.8%	9.1%

Discrete Performance as at 30 June 2026

	30/06/2025 - 30/06/2026	30/06/2024 - 30/06/2025	30/06/2023 - 30/06/2024	30/06/2022 - 30/06/2023	30/06/2021 - 30/06/2022
NAV per share	6.8%	0.2%	8.0%	-1.7%	31.4%
Ordinary share price	23.4%	2.8%	20.0%	4.1%	-9.3%
FTSE All-Share, TR	21.9%	11.2%	13.0%	7.9%	1.6%
MSCI World TR, (£)	25.8%	7.7%	21.4%	13.8%	-2.1%

*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. Net portfolio cash flow includes £204.8m of proceeds from the portfolio sale announced on 12 May 2026.

***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 £30.0m as at 30 June 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 £402.3m as at 30 June 2026. As at 30 June 2026, PIN had drawn down £214.4m 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 4.1% as at 30 June 2026.

^^^^^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.

Largest Holdings

Largest companies by value as at 31 May 2026

Company	Country	Sector	% of portfolio
Action	Netherlands	Consumer	1.5%
Visma	Norway	Information Technology	1.4%
Kaseya	Switzerland	Information Technology	1.4%
Smile Doctors	USA	Healthcare	1.1%
Revolut	UK	Information Technology	1.0%

Largest managers by value as at 31 May 2026

Manager	Region	% of portfolio
Insight Partners	USA	5.7%
Index Ventures	Global	4.9%
HgCapital	Europe	4.6%
Advent International	Global	2.6%
IK Investment Partners	Europe	2.6%

Monthly Report

The June 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: [phone]

Follow us on LinkedIn: https://www.linkedin.com/company/pantheon-international-plc

NOTES

PIN

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

 

END