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INFRASTRUCTURE Interim results 30 June 2026 PANTHEON INFRASTRUCTURE PLC
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2 PINT team Ben Perkins, Principal (joined in 2022, 18 years of private markets experience) Ben is a Principal in Pantheon’s Global Infrastructure and Real Assets team, where he is principally responsible for managing the listed investment trust, Pantheon Infrastructure Plc. Prior to joining Pantheon Ben worked in investment management roles at Gravis Capital Management, Hadrian's Wall Capital and John Laing. Ben holds a BEng (Hons) in Manufacturing and Mechanical Engineering from the University of Warwick and has completed all three levels of the CFA qualification. Ben is based in London. ben.perkins@pantheon.com Richard Sem, Partner (joined 2017, 30 years of private markets experience) Richard is a Partner and Head of Europe in Pantheon’s Global Infrastructure and Real Assets Investment Team where he leads its European investment activity and team. He is the Portfolio Manager for PINT and a member of the Global Infrastructure and Real Assets Committee. Richard has 30 years of experience in infrastructure private equity, corporate finance and project finance at leading institutions including InfraRed Capital Partners, HSBC, ABN AMRO, and BNP Paribas. Richard’s experience spans investing in direct, primary, secondary, co-investments and direct-investments across infrastructure subsectors and global OECD markets. He holds a BSc and MBA from Imperial College London. Richard is based in London. richard.sem@pantheon.com Address Pantheon Ventures (UK) LLP 10 Finsbury Square, 4th Floor London, EC2A 1AF Website www.pantheoninfrastructure.com/ Xiyue Xu, Associate (joined in 2024, 4 years of private markets experience) Xiyue is an Associate in Pantheon’s Global Infrastructure and Real Assets team, where she is responsible for supporting PINT. Prior to joining Pantheon, Xiyue worked in a business and investor advisory role at Arup London. Xiyue was trained and qualified as a Chartered Accountant at Deloitte London and holds a MEng (Hons) in Chemical Engineering from Imperial College London. Xiyue is based in London. xiyue.xu@pantheon.com
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3 Contents 1. Highlights 2. Portfolio 3. Financials 4. Outlook 5. Conclusion 6. Appendix Unless expressly mentioned, all information and data is sourced from PINT’s HY26 Interim Report, and Pantheon. Pantheon has taken reasonable care to ensure that the information contained in this document is accurate at the date of publication. However, no warranty or guarantee (express or implied) is given by Pantheon as to the accuracy of the information in this document, and to the extent permitted by applicable law, Pantheon specifically disclaims any liability for errors, inaccuracies or omissions in this document and for any loss or damage resulting from its use.
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HIGHLIGHTS
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5 Our investment approach 1There is no guarantee that these trends will continue. Pantheon opinion. 2As of September 2026, including team members who dedicate part of their time to other strategies. 3As at 31 March 2026. This figure includes assets subject to discretionary management. Infrastructure AUM includes all infrastructure and real asset programmes which have an allocation to natural resources. 4Data as of 31 March 2026, including all infrastructure primaries, secondary, and co-investments closed. Deployment does not include commitments Pantheon does not intend to fund. 5Total investment and GP relationship counts as of 31 March 2026, including all infrastructure investments closed or in legal closing. There is no guarantee that deals in closing will close. 6Based on all infrastructure LPAC seats, board seats and observer seats as of 30 June 2026. 5 PINT INVESTOR CASE Holding assets for the medium term and reinvesting realisation proceeds into new growth opportunities Seek value accretive opportunities for growth capex or acquisition Providing progressive dividend growth Targeting an 8-10% NAV p.a. total return PANTHEON GLOBAL INFRASTRUCTURE PLATFORM >655 asset sourcing partners ~$2.6bn4 deployed into Infrastructure annually over the past 5 years >$27.9bn3 AUM across >2,200 assets Dedicated team of 39 2 infrastructure investment professionals >1006 Infra funds advisory board seats DIFFERENTIATION Established co-investor program Roster of preferred top quality Sponsor partners Highly selective investment into high-quality deal flow Leverage Pantheon’s unique platform STRATEGY Strong downside protection from inflation and other defensive characteristics Generate sustainable attractive returns over the long term1 High-quality predominantly core+ infrastructure assets Invest in a globally diversified portfolio
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6 98.9p 106.6p 118.1p 130.4p 123.9p 2024 2023 2022 June 2026 2025 2.000p 4.000p 4.200p 4.346p 2.249p 2024 2023 2022 June 2026 2025 2.249p per share dividends declared PINT’s track record As at 30 June 2026 1Refers to investment fair values, or amounts committed or in legal closing as of 30 June 2026. Includes investments, commitments or allocations to investments in legal closing. There is no guarantee that commitments under legal closing will be closed. 2NAV Total Return represents the percentage change in NAV over the period. From 1 July 2025, the methodology for calculating NAV Total Return has been revised to assume that dividends paid to shareholders are reinvested at NAV at the ex-dividend date, in line with AIC guidance. Prior year figures have been restated to ensure comparability across the full period. 3Weighted average LTM EBITDA is weighted by PINT share of LTM EBITDA at 30 June 2026, based on PINT % ownership of underlying portfolio companies and converted to GBP as necessary. Investments denominated in foreign currency are translated and restated using the 30 June 2026 spot rate. Portfolio figures are based on the best available information as at the reporting date.4Compounded Multiple on Invested Capital (MOIC) is calculated as the sum of distributions, the portfolio valuation as at 30 June 2026, the value of realised assets, and the allocation of foreign exchange hedge movements, less the drawn commitments of non-IPO assets, divided by the drawn commitments of IPO assets. There is no guarantee the MOIC stated or performance trend highlighted will continue. £582m committed to 15 assets1 123.9p NAV per share (3.3%) NAV Total Return2 1.9% 11.0% 14.9% 14.4% (3.3%) 2024 2023 2022 2025 June 2026 £68m weighted aggregate LTM EBITDA3 1.47x Portfolio MOIC4 1.03x 1.15x 1.33x 1.54x 1.47x 2023 2022 2024 June 2026 2025 £41m £59m £75m £83m £68m 2024 2023 2022 June 2026 2025 £389m £487m £542m £620m £582m 2024 2023 2022 2025 June 2026
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7 • The sale of Calpine to Constellation Energy Corporation (“Constellation”) completed in January 2026. • PINT received $28.5 million in cash and 326,057 Constellation shares, with 50% unrestricted from 1 July 2026 and the remainder locked up until 1 July 2027. • As at 21 September 2026, PINT has realised 163,029 Constellation shares at an average share price of $273, for total proceeds of $44.5 million. A focus on realisation and reinvestment Source: Pantheon. Past performance is not indicative of future results. Future results are not guaranteed, and a loss of principal may occur. • On 22 June 2026, PINT announced a £41 million investment in Terra-Gen alongside Igneo Infrastructure Partners. • Terra-Gen is one of the US’s leading renewables platforms with a c.4 GW operating portfolio and a c.14 GW+ pipeline across solar, wind, and storage, primarily in California, Texas and New York. REALISATION REALISATION NEW INVESTMENT • The sale of Intersect’s pipeline of energy and data centre projects in development or under construction was closed in March 2026. • PINT received cash proceeds of c.$43.8 million in March 2026, representing a DPI of 1.2x. • The retained business is rebranded as IPX Power and operates a diversified portfolio largely located in Texas and California, benefiting from favourable power market fundamentals.
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8 -30% -20% -10% 0% 10% 20% 30% 60 70 80 90 100 110 120 130 140 Nov 21 May 22 Nov 22 May 23 Nov 23 May 24 Nov 24 May 25 Nov 25 May 26 Pence Share price NAV Premium/(Discount) to NAV Share price performance As at 21 September 2026 1 Past performance is not indicative of future results. Future results are not guaranteed, and a loss of principal may occur. Source: Bloomberg. As of 21 September 2026. 2Source: AIC. As of 21 September 2026. 3PINT NAV total return as of 30 June 2026. Source: Pantheon. PINT share price performance since inception1 Returns benchmarking2 Share price total return 1 year Share price total return 3 years Share price total return 5 years NAV total return 1 year NAV total return 3 years NAV total return 5 years PINT3 11.8% 73.1% N/A 4.5% 36.6% NA Infrastructure AIC sector 21.6% 34.5% 16.7% 7.4% 15.8% 40.5% Renewables Energy Infrastructure AIC sector 12.3% (5.4%) (8.9%) (1.3%) (5.1%) 24.4%
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PORTFOLIO
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10 Portfolio overview As at 30 June 2026 Source: Pantheon. Charts are based on investment fair values and amounts committed as at 30 June 2026. 1 Refers to investment fair values, or amounts committed or in legal closing as of 30 June 2026. Invested amounts totaled £562.5 million, representing the fair value of the Company’s funded investments at 30 June 2026. Committed amounts totaled £19.5 million, representing cash held in respect of as yet undrawn commitments and/or deals in legal closing in those sectors or geographies. 2This classification represents where the majority of each portfolio company cash flow is contracted, regulated or GDP linked. 3Some numbers do not sum to 100% due to rounding. 25% 24% 15% 9% PORTFOLIO OVERVIEW AS AT 30 June 2026 £582m Invested and committed1 Committed to 15 assets1 ⚫ Contracted 80% ⚫ GDP linked 9% ⚫ Regulated 9% ⚫ Net working capital 2% ⚫ KKR 7% ⚫ Igneo 5% ⚫ Stonepeak 5% ⚫ Vauban 5% ⚫ EQT 3% ⚫ CAI 2% ⚫ Net working capital 2% GEOGRAPHY3 SECTOR3 Market segment2,3 Sponsors3 EUROPE NORTH AMERICA 41% 40% 17% UK ⚫ Digital Bridge 18% ⚫ Listed 11% ⚫ Apollo 9% ⚫ DIF 9% ⚫ Macquarie 9% ⚫ Infracapital 8% ⚫ Asterion 7% 2% NET WORKING CAPITAL DIGITAL – TOWER POWER & UTILITIES DIGITAL – DATA CENTRE DIGITAL – FIBRE TRANSPORT & LOGISTICS RENEWABLES & ENERGY EFFICIENCY NET WORKING CAPITAL 2% 14% 10%
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11 Portfolio performance As at 30 June 2026 Source: Pantheon. Pantheon opinion only. Arrows denote movement since 31 December 2025. 1Multiple on Invested Capital (MOIC) is calculated as the sum of distributions, valuation as of 30 June 2026 and allocation of foreign exchange hedge movements, divided by drawn. There is no guarantee the MOIC stated or performance trend highlighted will continue. Sector Assets Regions Sponsors Announced MOIC1 (inception to date) MOIC build-up Performance v Plan Digital – data centres North America KKR Mar-22 1.7x Above plan North America Digital Bridge Jul-22 1.5x Above plan Digital – fibre Europe Asterion Nov-22 1.4x Above plan Europe Stonepeak Apr-22 1.2x Below plan Europe EQT Jun-23 1.1x Below plan Digital – tower North America Digital Bridge Apr-22 1.1x Below plan Europe Digital Bridge Jan-23 1.3x On plan Power & utilities North America Listed Jun-22 2.4x Above plan UK Macquarie Mar-22 1.6x On plan North America Vauban May-22 0.8x Below plan Renewable & energy efficiency Europe DIF Jul-22 1.5x On plan UK Infracapital Sep-23 1.4x On plan North America CAI Sep-25 1.6x Above plan North America Igneo Jun-26 1.0x On plan Transport & logistics Europe Apollo Mar-22 1.5x Below plan
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12 Portfolio performance As at 30 June 2026 Sector Assets EBITDA Sector Outlook Performance commentary Digital – data centres • Strong demand for data centre capacity underpinning highly favourable trading • Focus remains on ensuring sufficient availability of power and capital to meet increased demand • Key focus on developing its flagship Frontier and Lighthouse campuses with Stargate • Forming strategic partnerships to deliver over 2 GW of off- grid power solutions to accelerate ready-for-service (RFS) dates Digital – fibre • Rollout on plan and on budget - with deployment c.90% complete and due to materially complete in 2026 • Favourable early take-up, with wide range of ISPs now live on the network • Competitive pressures emerging from higher overbuild v forecast, and lower ARPU • Regulator rejected sale of 200k connections to Glaspoort on competition grounds • Withdrawal from German FTTH reduced outlook • Sale of the company's Norwegian B2C business has been approved by the regulator, FTTH business sale underway Pantheon view. Neutral NegativePositive
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13 Portfolio performance As at 30 June 2026 Sector Assets EBITDA Sector Outlook Performance commentary Digital – tower • Material M&A through acquisition of c.6,000 towers from Verizon • Equity syndication completed in H1 2026 - $1.5 billion equity investment from KKR in April 2026 • Experiencing a recent softening in carrier spend across the US after a favourable 2025 for co-location • Performing broadly in line with the original investment case. • Significant progress made in streamlining BTS operations and improved co-location lead times Power & utilities • Operational performance remains strong, supported by increased PPA demand from hyperscalers • Exposure halved post period-end, realising total cash proceeds of $44.5 million at $273 per share • Favourable RIIO-GT3 (2026–2031) final determination, confirming sustained support for methane network • Hydrogen deployment slower than planned, but recent momentum for Humber pilot project • A period of operational stability following early challenges • Stable volumes in 2026 to date and favourable capacity market pricing Pantheon view. Neutral NegativePositive
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14 Portfolio performance As at 30 June 2026 Pantheon view. Sector Assets EBITDA Sector Outlook Performance commentary Renewable & energy efficiency • Resilient performance driven by stable margins on its core transformer business, but some softening of near-term outlook • Rollout of adjacent energy solution product lines taking time • Continues to secure high-profile contracts. with the bus segment on track to recover to the entry case by YE26 • Acquisition of sdp energie, Germany's leading BESS developer, with a pipeline of 1.75 GW of projects • Partial sale of Intersect Power completed in March 2026, with PINT receiving $43.8m cash • Retained exposure to residual grid assets and development pipeline, rebranded as IPX Power • PINT committed $55m/£41m to Terra-Gen in June 2026 with £28.5m called to date • Operates 4.3 GW across 35+ projects, with a 14+ GW development pipeline Transport & logistics • Volumes increased but margins under sustained pressure from elevated fuel costs • New facility utilisation expected to ramp up as management continues to explore further growth opportunities Neutral NegativePositive
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15 0 50 100 150 200 250 300 350 400 450Constellation share price ($) Constellation share price Average price at which shares that became unrestricted on 1 July 2026 were realised Constellation update Source: Constellation; Bloomberg. 120-day volume-weighted average share price on 10 January 2025. 10 January 2025 Sale of Calpine announced 7 January 2026 Sale of Calpine completed 1 July 2026 50% of shares issued in relation to the Calpine sale became unrestricted 30 June 2026 Share price: $248 Realisation price vs. share price: + 10% 31 December 2025 Share price: $353 Realisation price vs. share price: - 23% 10 January 2025 Transaction reference price1: $238 Realisation price vs. share price: +15% 3 September 2026 Completed the sale of 163,029 unrestricted Constellation shares at an average price of $273. Equivalent to 10% gain versus the 30 June 2026 price, a 23% loss versus the 31 December 2025 price, and a 15% gain versus the transaction reference price. PINT continues to hold 163,028 Constellation shares subject to lock-up restrictions until 1 July 2027. The reduced NAV exposure is a movement of 0.26p per share for every $10 movement in the Constellation share price.
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16 16 - 50 100 150 200 250 FY25 HY26 FY25 HY26 FY25 HY26 FY25 HY26 FY25 HY26 2026 2027 2028 2029 2030 Projected cash flows of the existing Portfolio Source: PINT Sponsors and Pantheon. Distributions and realisations are not contractual and there is no guarantee on their quantum or timing. 1FY25 refers to cash flow projections prepared in March 2026 as part of the 2025 year-end reporting, and HY26 refers to actuals or cash flow projections prepared in September 2026 as part of the 2026 interim reporting. • Estimated liquidity profile of the existing Portfolio, assuming no reinvestment • Represents potential outcomes based on latest forecasts - actual cash flows remain subject to underlying portfolio companies’ distribution policies and exit timings, and may vary materially • The decline in estimated 2026 realisations is primarily attributable to a decrease in the Constellation share price over the period • Targeted exits remain concentrated in 2026 – 2030; business plan reviews have led to revised exit timelines for select investments. £m1 Estimated distributions Estimated realisations ↑ ~35% ↑ ~40% % movement in projected cash flows between FY25 and HY26 ↓ ~35% ↓ ~15% ↓ ~5%
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FINANCIALS
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18 Key portfolio figures As at 30 June 2026 Source: PINT Sponsors. Portfolio figures are based on the best available information as at the reporting date. Based on £562.5m of assets invested at 30 June 2026 – undrawn commitments of £19.5m are not included. 1Based on the discount rate or implied discount rate of each Portfolio Company investment at 30 June 2026, weighted on an investment fair value basis, across 14 assets, excluding Constellation. 2Weighted average across 14 assets, excluding Constellation. 3Weighted average gearing calculated as net debt relative to enterprise value. 4Weighted aggregate LTM Revenue, EBITDA and Capex were weighted by PINT share of LTM Revenue, EBITDA and Capex at 30 June 2026, based on PINT % ownership of underlying portfolio companies and converted to GBP as necessary. Investments denominated in foreign currency are translated and restated using the 30 June 2026 spot rate. FY24: 13.6% FY25: 12.7% HY26: 13.1% Weighted average discount rate1 FY24: 35% FY25: 36% HY26: 39% Weighted average gearing2,3 FY24: 79% FY25: 87% HY26: 86% Weighted average hedged debt2 FY24: £204m FY25: £222m HY26: £147m Weighted aggregate LTM Revenue3 FY24: £75m FY25: £83m HY26: £68m Weighted aggregate LTM EBITDA4 FY24: £68m FY25: £115m HY26: £154m Weighted aggregate LTM Capex3 18
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19 Portfolio LTM EBITDA bridge As at 30 June 2026 Source: PINT Sponsors. Portfolio figures are based on the best available information as at the reporting date. Based on £562.5m of assets invested at 30 June 2026 – undrawn commitments of £19.5m are not included. Weighted aggregate LTM Revenue, EBITDA and Capex were weighted by PINT share of LTM Revenue, EBITDA and Capex at 30 June 2026, based on PINT % ownership of underlying portfolio companies and converted to GBP as necessary. Investments denominated in foreign currency are translated and restated using the 30 June 2026 spot rate. 1Net impact of the removal of Calpine EBITDA and addition of Constellation EBITDA, adjusted for PINT's shareholdings, following the completion of Constellation's acquisition of Calpine in January 2026. Portfolio LTM EBITDA for the period (£m) 83.1 (16.1) 0.9 0.2 (1.3) 0.0 0.6 0.6 (0.6) 67.5 Weighted aggregate LTM EBITDA - Dec 25 Net impact from the sale of Calpine¹ Addition of Terra-Gen Digital - data centres Digital - fibre Digital - towers Renewables & energy efficiency Power & utilities Transport & logistics Weighted aggregate LTM EBITDA - Jun 26
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20 NAV & portfolio movement As at 30 June 2026 Source: Pantheon. 1 Values may not sum due to rounding. 2Excludes a (0.6)p fair value loss and a corresponding 0.6p foreign exchange gain relating to exits during the period; net impact on NAV was neutral. 3Includes realisations of Calpine and Intersect Power in the period. Portfolio 30 June 2026 YTD movement1 (£m) NAV per share 30 June 2026 YTD movement1 (pence/share) 130.4p (5.5p) 0.1p 0.4p 0.1p (0.9p) (2.2p) 123.9p As at 31 December 2025 CEG fair value losses² Portfolio fair value gains excluding CEG² Foreign exchange movement² Foreign exchange hedge Finance income Expenses Dividends paid As at 30 June 2026 Opening portfolio Capital calls and investments Distributions from investments³ Asset valuation movement Foreign exchange movement Closing portfolio £607.8m £28.9m (£56.2m) (£18.8m) £0.8m £562.5m 1.5p
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21 166.7 (28.6) (69.7) Sources Commitments Buffers Available funds BUFFERS £69.7m C SOURCES £166.7m A COMMITMENTS £28.6m B Capital allocation As at 18 September 2026 Source: Pantheon. Figures may not sum due to rounding. Revolving Credit Facility No current drawings Strong liquidity Debt maturity February 2029 Drawn margin of 265bps Undrawn investment commitments Retained due to uncertainty over quantum or timing of capital calls from Sponsors Remaining allocation under buyback Retained amounts under buyback commitment Co-investment buffer Covers potential for emergency rescue/curative equity to avoid dilution FX hedging buffer Based on margin call requirements in tail risk FX events Capital allocation (£m) Available funds (=A-B-C) £68.5m 21 Operating costs £10.3m Dividends £21.1m Co-investment buffer £17.9m FX hedging buffer and FX buffer on undrawn investment commitments £20.4m Undrawn investment commitments £19.4m Remaining allocation under share buyback programme £9.2m Cash & cash equivalents £51.7m Revolving Credit Facility (RCF) £115.0m
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22 Portfolio: movement during the period As at 30 June 2026 Sector Assets Portfolio value 31 Dec 2025 (£m) Drawn commitments (£m) Distributions (£m) Asset valuation movement (£m) Foreign exchange movement (£m) Portfolio value 30 Jun 2026 (£m) Undrawn commitments 30 Jun 2026 (£m) Allocation of foreign exchange hedge movements (£m) Portfolio investment Return for the period(£m) Digital – data centres 40.0 - - 0.4 0.5 40.9 - (0.4) 0.5 42.4 0.1 - (0.6) 0.6 42.5 - (0.4) (0.4) Digital – fibre 41.5 - - 1.1 (0.6) 42.0 - 0.8 1.3 26.4 - - (0.2) 0.4 26.6 - - 0.2 22.0 - - (1.5) (0.3) 20.2 - - (1.8) Digital – tower 23.5 - - 0.1 0.3 23.9 - (0.2) 0.2 37.0 - - 0.5 (0.5) 37.0 - 0.7 0.7 Power & utilities 106.9 0.2 (21.5) (25.9) 1.3 61.0 - (0.5) (25.1) 51.1 - (1.9) 3.3 - 52.5 - - 3.3 25.0 - - 0.9 0.3 26.2 - (0.2) 1.0 Renewable & energy efficiency 50.2 - - 0.6 (0.7) 50.1 1.6 1.0 0.9 40.8 - - 3.4 - 44.2 2.9 - 3.4 42.7 0.1 (32.8) 1.8 0.4 12.2 1.5 - 2.2 - 28.5 - 0.5 (0.2) 28.8 13.1 - 0.3 Transport & logistics 58.3 - - (3.2) (0.7) 54.4 0.4 1.0 (2.9) Total 607.8 28.9 (56.2) (18.8) 0.8 562.5 19.5 1.8 (16.2) Based on assets invested and committed at 30 June 2026. Source: Investment Sponsors and Pantheon. Values may not sum due to rounding. 1Following 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. 2Following 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 its investment.
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OUTLOOK
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24 Co-investment deals pipeline Co-investment opportunities2 1Pantheon internal data from 2015 to H1 2026. Closed deals refer to deals committed or in legal closing. Time period selected for deal flow data starts from 2015, when Pantheon established its infrastructure co-investment strategy. Screened and completed deal flow is based on total value of transactions ($). Conversion rate is based on value of commitments screened ($bn) relative to total committed ($bn) across all infrastructure co-investments. Time period starts in 2015 as this was the first year Pantheon completed infrastructure co-investments in its infrastructure commingled funds. 2Pantheon internal data. Indicative list of suitable opportunities and not all deals have been closed. Infrastructure co-investment deal funnel (2015 – H1 20261) 3% conversion rate Closed $4.5bn | 62 deals ✓ Deals screened $132bn | 1088 deals Advanced diligence $10 bn | 97 deals Decode: A: TIP B: Helois - EWE C: Aravest – AMP-lify D: Catalyst – CH4T E: Fleetline - FlexiVan Deal D Europe I Renewables & Energy Efficiency I TBC Leading Italian biomethane developers and operators Deal A Europe I Transport & Logistics I £40m Europe's leading providers of trailer leasing, rental, maintenance and value-added logistics services North America data centre North America I Digital I ~$80m Leading hyperscale data centre platform with significant contracted capacity and development pipeline. Select live opportunities Deal B Europe I Power & Utilities I TBC Germany-based integrated energy and utilities company Global aircraft leasing business Global I Transport & Logistics I ~$35m Specialist regional aircraft lessor providing leasing and fleet management to airlines globally. Deal C Asia I Renewables & Energy Efficiency I TBC Japanese renewable energy development platform Deal E North America I Transport & Logistics I TBC US marine chassis leasing business Recently closed
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CONCLUSION
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26 Summary Total Shareholder Return1 of 10.3% over the 6 months to 30 June 2026, supported by a favourable share price re-rating.2 2.249p per share interim dividend, representing a 3.5% increase. (2.173p per share interim – June 2025)4 Diversified, resilient and prudently funded 15 asset Portfolio, performing well amidst continued macro uncertainty.1 5 The sale of Calpine closed on 7 January 2026, with PINT receiving $28.5 million in cash and restricted Constellation shares. As at 21 September 2026, 163,029 Constellation shares have been sold at an average price of $273, realising $44.5 million in cash proceeds, with a further 163,028 Constellation shares restricted until 1 July 2027. 6 The significant partial realisation of Intersect Power completed on 10 March 2026, with PINT receiving $43.8 million in cash while retaining exposure to the remaining operating platform; the transaction demonstrated the Company’s investment strategy to invest, grow and exit investments benefitting from key infrastructure tailwinds. 1Total shareholder return assumes dividends are re-invested at the share price on the ex-dividend date. As of 30 June 2026. Past performance is not indicative of future results. Future results are not guaranteed, and a loss of principal may occur. 8 Strong balance sheet with >£160m available liquidity and >£60m available funds, alongside a significant pipeline of high- quality co-investment opportunities currently under review for near term deployment. 7 On 22 June 2026, PINT announced a £41 million investment in Terra-Gen alongside Igneo Infrastructure Partners. Terra- Gen is a leading US renewables platform with a c.4 GW operating portfolio and c.14 GW+ development pipeline, offering attractive risk-adjusted returns. The transaction is supported by the Company’s strong balance sheet. NAV Total Return of (3.3%) over the 6 months to 30 June 2026 and annualised NAV Total Return of 10.3% since 31 December 2022, when Company had substantially deployed IPO proceeds.3
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27 Q2 2026 Factsheet Useful links HY 2026 Interim Report and Accounts 2025 Sustainability report Quoted data: moving to a new phase
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APPENDIX
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29 Key information 1The target return and dividends stated in this document are targets only and not a profit forecast. There can be no assurance that these targets will be met and they should not be taken as an indication of the Company's expected future results. Company Pantheon Infrastructure Plc Listing London Stock Exchange (Main Market, Premium Segment) Structure UK investment trust Investment Manager Pantheon Ventures (UK) LLP, regulated by the FCA Investment Objective & Strategy The Company seeks to generate attractive total returns (on a risk adjusted basis) for shareholders over the longer term, comprising capital growth with a progressive dividend, through making equity or equity related investments in a diversified portfolio of infrastructure assets. The Company will be primarily focused on OECD markets, primarily in Europe and North Amer ica. Ordinary Shares: TIDM / SEDOL / ISIN PINT / BLNNFL8 / GB00BLNNFL88 Shares in issue 468,625,000 Ordinary Shares with a further 11,375,000 shares held in Treasury (June 2026) Target Net Total Return1 8-10% p.a. once fully invested Currency GBP; Structured FX hedging programme to reduce impact of FX movements on NAV Leverage Up to 30% of NAV individually for acquisitions/other uses or 40% in aggregate Management Fee 1% p.a. on the first £750 million of Net Asset Value; 0.9% p.a. above; no performance fee Continuation Vote June 2027 and every 5 years thereafter Buybacks Intent to use excess cash flows from realised net gains to buy back shares should discount be wider than 5% over a FY Board of Directors Patrick O’D Bourke – Chair; Anthony Bickerstaff – Chair of the Audit and Risk Committee; Anne Baldock – Senior Independent Director; Andrea Finegan - Non-Executive Director; Sapna Shah - Non-Executive Director. Website https://www.pantheoninfrastructure.com/
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APPROACH
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31 Unique access to private infrastructure via co-investments assets ACCESS Access to assets not usually accessible by public market investors ALIGNMENT Alignment through the incentivisation of both Sponsors and management, through long- term incentive programmes EXPOSURE TO NASCENT SECTORS Access to nascent and emerging sectors that may otherwise be unavailable through primary or secondary investment opportunities SPONSOR SPECIALISATION Ability to choose deals alongside a Sponsor with a distinct edge who may be best placed to create value ENHANCED ECONOMICS Investment often involve no ongoing management fee or carried interest charged by the Sponsor DIVERSIFICATION Supports portfolio construction that is diversified across infrastructure sectors, geographies and Sponsors PORTFOLIO CONSTRUCTION Ability to select specific individual assets based on the Investment Manager’s view of relative value Co-investments afford the opportunity for investors to invest alongside Sponsors in specific Portfolio Companies, often on a fee and carried interest-free basis. Investments are typically in the form of equity in the Portfolio Company as a minority shareholder, with ‘drag-and-tag’ rights to ensure economic alignment with Sponsors. PINT’s focus is on gaining exposure to infrastructure assets via co-investments. Background to co-investments Source: Pantheon. Pantheon opinion only.
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MARKET
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33 Characteristics of Infrastructure Pantheon Opinion. The economy and society at large % Attractive yields and total returns Predictable cash flows Portfolio diversification Upfront costs - hard to access As an investor Key driver of economic growth Provision of essential services Enabling digital evolution Essential to net zero transition 33
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34 TRANSACTION PROFILE1 What are we looking for? 1These target allocations are purely aspirational and there is no guarantee they will be met, in particular as assets are sold and recycled. Some sectors may have 0% exposure at a given time. Pantheon will always retain flexibility to adapt allocations as required by market developments. Target assets1 Digital • Data centres • Fibre • Towers Power & utilities • Energy utilities • Conventional power • Water Renewables & efficiency • Wind • Solar • Sustainable waste • Smart Infrastructure Transportation & logistics • Logistics • Ports • Rail & road • Airports Ticket size £25-50m Embedded value Attractive entry point Target Assets INFLATION PROTECTION DIVERSIFIED MACRO / STRUCTURAL TAILWINDS STABLE YIELDDEFENSIVE Target Sponsors ALIGNMENT TOP QUALITY SPONSORS AND ASSETS LOW LOSS RATIO + ESTABLISHED TRACK RECORD TARGET ASSETS1 Digital • Data centres • Fibre • Towers Transportation & logistics • Logistics • Ports • Rail & road • Airports Power & utilities • Energy utilities • Conventional power • Water Renewables & efficiency • Wind • Solar • Sustainable waste • Smart Infrastructure
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35 Our approach to navigating the infrastructure landscape Leveraging tailwinds and addressing headwinds 1 Proportion of NAV of £580 million at 30 June 2026. Source: Pantheon. Digital Infrastructure Key sector themes • Sustained increase in demand due to global trends requiring major increase in data/ connectivity (remote working, gaming, AI, streaming, videos etc.). • Labour and supply chain shortages/issues are impacting certain build-out and development projects. What we like Hyperscale datacentres Mobile towers Wholesale fibre Concerns Fibre-to-the-Home overbuild Asset-light/Tech risk Debt-funded growth Subsectors ⚫ Data Centres ⚫ Towers ⚫ Fibre ⚫ Telecommunications services The way in which societies and economies function over time is changing, which creates new long-term tailwinds for the sectors that serve them. PINT's portfolio has been constructed to include markets with favourable tailwinds which should provide sustainable returns to shareholders. ⚫ Strong tailwinds including revenue drivers and asset resilience. Modest capital structure risk. ⚫ Neutral risk associated with an economic downturn from a revenue, capital structure, or valuation perspective. ⚫ Potential headwinds associated with asset growth, capital structure risks, valuation concerns. ⚫ Possesses traits of all three risks. Power & Utilities Key sector themes • The role of hydrogen has the potential to be significant in energy transition, which impacts utilities such as gas transmission and distribution companies. • Revenues tend to be inflation-linked, which is highly beneficial in the current market environment. • High demand and lack of supply in the market have driven asset prices up. What we like Power market diversification Energy transition Concerns Political interference Terminal value De-leveraging Subsectors ⚫ Transmission and Distribution ⚫ Power generation ⚫ District heating and cooling ⚫ Water utilities ⚫ Gas utilities ⚫ Metering ⚫ Utilities services ⚫ Power services PINT portfolio1: 25% PINT portfolio1: 40%
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36 Our approach to navigating the infrastructure landscape Leveraging tailwinds and addressing headwinds 1 Proportion of NAV of £580 million at 30 June 2026. Source: Pantheon. Transport & Logistics Key sector themes • Increased demand for cleaner modes of transport in line with aforementioned global trends What we like Modal shift Electrification Post-Covid efficiencies Concerns GDP-linkage Capital structures Carbon intensity Social Infrastructure Key sector themes • Growth in life sciences, medical services and research, and an ageing population are driving demand for infrastructure in this sector. • Challenges include the lack of tangible current deal flow, and limited relative attractiveness due to pricing, which has meant PINT has not made any social infrastructure investments to date. What we like Availability cashflows Inflation linkage High margins Concerns Reputational risk Concession handback Contractor default PINT portfolio1: 0% PINT portfolio1: 9% Renewables & Energy Efficiency Key sector themes • Governments and supranational organisations globally are prioritising climate change issues and clean energy, leading to tangible targets for many organisations. • Infrastructure supporting the development of energy transition is still under-developed in areas such as the electric grid/EVs; further investment in this sector is in high demand. However, the process to build/transition relevant assets is comparatively slow. What we like Long-term contracts Smart metering Operational platforms Concerns Development platform valuations Asset-lite/Tech risk PINT portfolio1: 24% Subsectors ⚫ Solar ⚫ Wind ⚫ Renewable services ⚫ Energy efficiency ⚫ Biomass ⚫ Energy from waste ⚫ EV charging ⚫ Battery storage Subsectors ⚫ Rail ⚫ Airport and aviation ⚫ Ports and shipping ⚫ Logistics ⚫ Roads ⚫ Transportation services ⚫ Cold storage ⚫ Bus networks ⚫ Strong tailwinds including revenue drivers and asset resilience. Modest capital structure risk. ⚫ Neutral risk associated with an economic downturn from a revenue, capital structure, or valuation perspective. ⚫ Potential headwinds associated with asset growth, capital structure risks, valuation concerns. ⚫ Possesses traits of all three risks. Subsectors ⚫ Waste management ⚫ Healthcare services ⚫ Governmental ⚫ Recreational ⚫ Hospitals and care homes ⚫ Student accommodation ⚫ Education
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37 Capturing secular growth Pantheon opinion. There is no guarantee these trends will persist. 1Source: Global Infrastructure Hub, 2025. 2Source: Ericsson, June 2026 “Ericsson Mobility Report”. 3Source: Bloomberg New Energy Finance, 2023 “Tripling Global Renewables by 2030”, IEA “Renewables 2025”. 4Bloomberg New Energy Finance, “Energy Transition Investment Trends 2025”; IEA, “Renewables 2025”; “Electricity 2026”. 5UNCTAD, “Global Trade Update (December 2025): Global trade poised for a record-breaking 2025 as flows expected to surge past $35 trillion“; Statista, Q1 2024 “E-commerce as share of total retail sales worldwide 2021-2027” • Exponential growth in mobile data usage • Demand boom for cloud services, video, gaming • Fibre and 5G roll out accelerating globally • Strong customer demand for generative AI, quality service fuelling fibre, storage and towers capex • Renewables-based electricity now the cheapest power option in most regions • Focus on emerging technologies (H2, WtE, battery) • Intermittent supply and demand side response requires batteries / smart meters • Inflation Reduction Act (U.S.) and Net-Zero Industry Act (Europe) supportive • Clean energy transition is accelerating despite current macro climate • Efficient CCGT critical for baseload generation • Electrification requires significant distribution network investment • Focus on energy security, adjacent technologies and smart meters • Passenger air has rebounded for short / medium haul flights given pent up demand • Rail and road volumes have recovered materially compared to during the pandemic • Freight logistics has been driven by e-commerce demand Digital infrastructure2 Renewables & efficiency3 Transport & logistics5Power & utilities4 +7% Annual growth rate in global trade to 2025 23% E-commerce forecast share of total retail sales by 2027 16.1x Energy storage increase required by 2030 under Net Zero Scenario 4,600GW Global renewable capacity increase during 2025 - 2030 $2.3Tn Global energy transition investment in 2025 +3.6% Annual global electricity demand growth rate during 2026-2030 3.1bn Total number of 5G mobile subscriptions by Q1 2026 +22% Mobile network data traffic growth (Q1 ‘25-Q1‘26) $15tn infrastructure spending gap projected to 2040 1
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38 Global sector activity and infrastructure asset allocations: Signals rotation toward power & utilities and moderation in transport & logistics deployment 21% 29% 52% 28% 28% 42% 14% 19% 27% 33% 16% 22% 14% 24% 15% 34% 26% 15% 19% 14% 23% 13% 32% 16% 7% 5% 9% 15% 7% 8% 8% 5% 18% 18% 4% 22% 29% 12% 30% 26% 2018 2019 2020 2021 2022 2023 2024 2025 Transport & Logistics Social Infrastructure Renewables & Energy Efficiency Power & Utilities Digital Infrastructure 2025 transport was airport services-led; with significant deployment also coming in logistics and rail assets. Digital deployment was heavily weighted to fiber. Looking ahead, we expect selective growth in compute-driven digital and essential transport networks. Power & utilities have increased materially, driven by midstream and electric utilities, compared to renewables and energy efficiency exposure in 2024. Over the next 12 months, we expect continued capital concentration in both traditional and transition-linked energy assets. 162 assets 169 assets 175 assets 202 assets 187 assets 152 assets 149 assets 91 assets $29bn $26bn $37bn $46bn $46bn $38bn $32bn $25bn Source: Pantheon proprietary company data at December 31, 2025. There is no guarantee these trends will continue. Totals may not equal 100% due to rounding. Pantheon opinion.
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39 555 642 760 855 1,007 1,213 1,551 1,616 1,741 1,810 1,893 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Unrealised value Dry powder Infrastructure market indicators and investor sentiment Pantheon opinion. There is no guarantee that these trends will persist. 1Source: Inframation, based on greenfield and brownfield transactions from 2015 to 2025, as of February 2026. 2Infrastructure capital raised per year from Preqin as of September 2026. For funds that have not held a final close, interim fund sizes have been used instead. 3Infrastructure AUM and unrealised value from Preqin as of September 2026, inclusive of all infrastructure strategies. Infrastructure fundraising ($bn)2 Deal activity by geography ($bn)1 Deal activity by sector ($bn)1 81 108 121 112 139 138 169 193 97 106 220 90 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Sep-26 351 372 429 576 553 574 755 893 741 864 1,227 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Transport Renewables Power Social & Other Telecommunications Energy Infrastructure Infrastructure market AUM3 351 372 429 576 553 574 755 893 741 864 1,227 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 North America Europe Asia & RoW
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SUSTAINABILITY
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41 Investment screening & Due Diligence • Sustainability considerations are fully Integrated throughout the investment diligence • Sustainability Scorecards - assess sustainability oversight and implementation, reputation risk, climate maturity, reporting & transparency and biodiversity Data collection & reporting • Asset-level GP data collection, focused on climate & diversity • Enhanced sustainability and climate insight reports • Pantheon’s inaugural Private Market Sustainability Index publicly available, providing insights and trends across regions Monitoring & engagement • Annual GP Sustainability survey to collate, assess and monitor GP sustainability information • GP outreach – individual GP Scorecard including rating and peer benchmarking • Actively engaged in various industry associations and initiatives: Sustainability Framework Potential benefits of Pantheon’s Sustainability risk-based approach Overview of process Risk management Limit Pantheon exposure to sustainability factors that can have a negative impact on returns ✓ Reduced reputational risk ✓ Reduced regulatory uncertainty: assets better positioned and prepared for ESG and climate regulation and compliance ✓ Sustainability resilience criteria: more resilient to downside financial risk and protected from volatile sectors (e.g. commodities) Value creation Adapt to infrastructure trends and strengthen Pantheon portfolio profile to enhance value ✓ Enhance investor confidence: reduce risk of lower investor appetite at exit to maximize sale value ✓ Strengthen positioning: enhanced credibility improves attractiveness to stakeholders (e.g. talent retention) ✓ Other value levers: improve efficiencies, increase competitiveness, reduce costs and drive innovation Pantheon intends to leverage sustainability resources and expertise to help generate long-term returns through enhanced risk management and value creation
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42 ESG Sponsor scorecard Sponsor sustainability data The results of Pantheon’s proprietary Sponsor scorecard and questionnaire for PINT deals are presented for the first time below. 100% Biodiversity Essentials Infrastructure Sponsors typically score well for Oversight and Implementation. For PINT, all twelve Sponsors scored A. This includes six Sponsors based in the US, five in Europe and one in Asia. This underscores the maturity of the managers. The overall score weighting incorporates Oversight and Implementation (35%), Reputational Risk (6%), Climate Maturity (25%), Reporting and Transparency (25%), and Biodiversity Essentials (9%). Summary Pantheon tracks the sustainability performance of PINT’s Sponsors through its Sustainability Survey and PMSI. The results of the latest survey and PMSI indicate that infrastructure managers, including PINT’s Sponsors, are leading the way across all sustainability scoring metrics, demonstrating particularly strong performance in climate-related metrics. Eleven out of twelve PINT Sponsors integrate biodiversity considerations into the investment process. European Sponsors are more advanced due to increased regulatory focus, e.g. EU SFDR and France’s Article 29 of the Energy-Climate Law. Five out of twelve Sponsors scored A in Climate. Larger Sponsors (>$5 billion Assets Under Management) tend to be more mature in Climate scoring. Eleven out of twelve Sponsors integrate climate risk into the investment process and eleven have a climate policy. All Sponsors scored A or B. Larger Sponsors tend to be more mature and are more advanced in their sustainability reporting activities. 7%93% 33% 17%17% Overall Sponsor Sustainability maturity rating + For overall sustainability maturity, 48% of Sponsor exposure (weighted by NAV) was rated 5*+ or 5*. Typically, infrastructure Sponsors exhibit strong sustainability maturity ratings. 27% 21% 28% 24% 0% 0% Oversight and Implementation 100%0% 80%60%40%20% A B C D E 44% 7% 17% 100%0% 80%60%40%20% A B C D E Climate Maturity Reporting and Transparency 100%0% 80%60%40%20% A B C D E 100%0% 80%60%40%20% A B C D E Source: The above represents a snapshot of the sustainability maturity ratings of our Sponsors (weighted by NAV as of 31 December 2025) based on responses to Pantheon’s 2025 Sustainability Survey. 32% 33%
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43 Carbon footprint As at 31 December 20251 Value (2025) Coverage (2025) Scope 1 239,767 100% Scope 2 1,569 100% Scope 3 46,612 100% Total GHG emissions 287,948 100% ESG scorecard 1. These metrics covered 100% of PINT’s portfolio value as at 31 December 2025. Revenue figures represent the latest available data as at 31 December 2025, and NAV figures are as at 31 December 2025. Where data are unavailable or not provided, PINT has used 2024 data or third-party estimates to report GHG emissions. Data provided by Sponsors may comprise estimated or actual values. Due to rounding, the sum of Scope 1, 2 and 3 GHG emissions may not equal total GHG emissions. Carbon intensity is presented as a weighted average by NAV. Company sustainability data Analysis of company-level Sustainability data for PINT, including the portfolio carbon footprint, is outlined below. 474 Total Carbon footprint tCO2e/£m NAV: 1,410 Weighted average Carbon Intensity tCO2e/£m revenue: PMDR alignment 2. Pantheon definition. 3. The above represents a snapshot of the portfolio companies' PMDR alignment (weighted by NAV as of 31 December 2025 and 31 December 2024) based on responses to PINT’s 2025 and 2024 Sustainability Surveys. 22% NAV Climate Solutions2 Companies that either directly or indirectly enable others to decarbonise through low-carbon technologies and services. 62% NAV Decarbonisation Leaders2 Companies that have made progress reducing their own emissions or have a robust decarbonisation plan in place. 84% NAV Accelerating the energy transition2 Total portfolio exposure to companies accelerating the energy transition either as Climate Solutions or Decarbonisation Leaders.
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GOVERNANCE
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45 PINT governance Board of Directors • Experienced Board of independent, non-executive directors • Strong expertise in the following areas: Infrastructure, private equity, governance, legal and regulatory, valuation of private assets, Sustainability • The Board is ultimately responsible for the Company’s activities including establishing the strategic objectives of the Company in accordance with the Investment Policy, overseeing the Investment Manager and reviewing investment activity and performance • PINT complies on a voluntary basis with the AIC Code and the UK Corporate Governance Code as recommended by the AIC Code Investment Manager • Portfolio management delegated by the Board to Pantheon and Global Infrastructure & Real Assets Investment Committee (GIRAC) which is responsible for day-to-day management of the Company and investment decision making respectively. • Day-to-day management include (but not limited to): • Origination and execution of investments • Allocation of investments • Risk management • Treasury management Board Committees • Audit & Risk Committee • Disclosure Committee • Management Engagement Committee • Nomination Committee • Remuneration Committee • Sustainability Committee Shareholders Invest via LSE PINT PINT Board (Oversees) Pantheon Appoints Manages Pantheon internal data. As of 30 June 2026.
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46 • Chartered accountant with more than 30 years of experience in energy and infrastructure • Formerly CFO of John Laing • Formerly Chief Executive of Viridian and Group Treasurer of Powergen • Experience as Chair and Chair of Audit Committee of several companies PINT governance PINT’s Board of Directors have uniquely complementary infrastructure experience Patrick O’D Bourke Chair and Nomination Committee Chair C C Audit and Risk Committee Management Engagement Committee Nomination Committee Remuneration Committee Disclosure Committee Sustainability Committee C Committee Chair Anne Baldock Senior Independent Director and Chair of the Remuneration Committee • Senior lawyer with over 30 years’ experience in the infrastructure sector • Has held Senior Independent Director and non-exec roles at various companies and organisations, including government bodies C • Infrastructure asset management professional with over 30 years of sector experience • Previous experience includes Chief Operating Officer of ING Infrastructure Funds, COO of Greencoat Capital, now Schroders Greencoat • Held roles including Company Secretary for Greencoat Renewables PLC amongst other non-exec positions Andrea Finegan Sustainability Committee Chair C
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47 • Previous experience includes CFO of Cadent Gas Limited and Costain Group plc • Chartered accountant with more than 25 years of experience in infrastructure • Holds multiple non-executive roles including the Chair of the Audit and Risk Committee of Anglian Water Ltd and Chair of the Low Carbon Contracts Company Ltd and the Electricity Settlements Company Ltd. PINT governance PINT’s Board of Directors have uniquely complementary infrastructure experience Sapna Shah Management Engagement Committee Chair • Over 20 years of investment banking experience, with a focus on infrastructure and renewables. • Holds multiple non-executive and advisory roles across listed investment companies. • Previously held senior investment banking roles at UBS, Oriel Securities, and Cenkos Securities. Audit and Risk Committee Management Engagement Committee Nomination Committee Remuneration Committee Disclosure Committee Sustainability Committee C Committee Chair Anthony Bickerstaff Audit and Risk Committee Chair C C
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THE MANAGER
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49 Pantheon is a leader in infrastructure investing Source: Pantheon. Past performance is not indicative of future results. Future results are not guaranteed, and a loss of principal may occur. 1As of 31 March 2026. 2Total investment and GP relationship counts as of 3 September 2026, including all infrastructure investments closed or in legal closing. There is no guarantee that deals in closing will close. 3As of September 2026, including team members who dedicate part of their time to other strategies. GIRAC =Global Infrastructure & Real Assets Investment Committee. 4As of 31 March 2026. Performance data includes all infrastructure single asset secondaries & co- investments approved by the Global Infrastructure and Real Assets Committee (“GIRAC”) since 2015, when Pantheon established its infrastructure co-investment & single asset secondary strategy. Notional net performance is based on average annualized fee of 1.5% of NAV. The estimated operating expenses of 30 bps are based on a £300 million capital raise and excludes the Management Fee. The estimate is subject to refinement based on actual supply chain contracts and will be included in the prospectus, but has been compiled using comparative data from other London listed investment companies in the infrastructure sector. A notional net return has been calculated for each underlying deal by deducting the gross-net spread for underlying funds with the respective investment year in the entire listed infrastructure track record. It should be noted that that no investor achieved these returns, since management/performance fees and expenses varied between funds and applied at the overall fund level. 14.8% 13.1% Gross IRR Notional Net IRR Strong Risk-Adjusted Track Record4 Infrastructure assets under management $27.9bn Total Infrastructure Investments2 270+ Infrastructure GP Relationships2 75+ Investment Professionals 39 GIRAC Partners 7 GIRAC avg. years investing in Infrastructure 24 years Investment Experience & AUM1 Dedicated Specialist Team3 Gross Net
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50 2015 Entered the market1 46 GPs covered2 5 Advisory board seats3 2 Infra inv. team members5 $2.0bn Pantheon infrastructure AUM4 Global team and local expertise enables strong deal sourcing, diligence, and asset management Pantheon internal data. 1Based on date of first infrastructure transaction in the specified region. 2Based on internal infrastructure GP coverage model that Pantheon monitors. Where team coverage for GPs is global, they have been counted into the region of the GP HQ. 3Advisory board seats include infrastructure primary and secondary deals as of September 30, 2025. 4As of March 31, 2026. Global AUM exposure is split 50/50 between Europe and Americas. 5Staff data as of September 2026. 2010 Entered the market1 197 GPs covered2 61 Advisory board seats3 16 Infra inv. team members5 $12.5bn Pantheon infrastructure AUM4 European coverageAmericas coverage APAC coverage 1987 San Francisco 2007 New York 1982 London 2018 Dublin 2022 Chicago 2014 Bogotá 2021 Berlin 2011 Tel Aviv 2018 Tokyo 2014 Seoul 2023 Singapore 2023 Geneva 1992 Hong Kong Representative assets per region 2008 Entered the market1 152 GPs covered2 38 Advisory board seats3 21 Infra inv. team members5 $13.4bn Pantheon infrastructure AUM4
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51 Investment Manager Global Infrastructure & Real Assets Investment Committee Richard Sem, Partner (joined 2017, 30 years of private markets experience) Richard is a Partner and Head of Europe in Pantheon’s Global Infrastructure and Real Assets Investment Team where he leads its European investment activity and team. He is the Portfolio Manager for PINT and a member of the Global Infrastructure and Real Assets Committee. Richard has 30 years of experience in infrastructure private equity, corporate finance and project finance at leading institutions including InfraRed Capital Partners, HSBC, ABN AMRO, and BNP Paribas. Richard’s experience spans investing in primary, secondary, co-investments and direct-investments across all infrastructure subsectors and global OECD markets. He holds a BSc and MBA from Imperial College London. Richard is based in London. richard.sem@pantheon.com Kathryn Leaf, Partner (joined 2008, 27 years of private markets experience) Kathryn is Pantheon's Chief Executive Officer and a member of the firm's Partnership Board and International Investment Committee. She is a member of Pantheon’s Partnership Board, International Investment Committee, Global Infrastructure & Real Assets Committee and Real Estate Investment Committee. Prior to joining Pantheon, Kathryn was with GIC Special Investments, before which she was responsible for direct investments at Centre Partners, a New York-based private equity firm. Kathryn began her career in Morgan Stanley's Investment Banking Division where she pursued real estate investments. She has a bachelor’s and a master’s degree in modern languages from Oxford University, and is based in San Francisco. kathryn.leaf@pantheon.com Andrea Echberg, Partner (joined 2012, 30 years of private markets experience) Andrea is a member of the firm's Partnership Board and Head of Pantheon’s Global Infrastructure and Real Assets Team. She is responsible for global infrastructure and real assets investments covering primary, secondary and co-investments. She is a member of the International Investment Committee and Global Infrastructure and Real Assets Committee. Andrea has an engineering industry background followed by 21 years’ experience in the infrastructure finance and investment sectors. Prior to joining Pantheon, Andrea led infrastructure direct and co-investment teams for Société Générale, Macquarie Capital and ABN AMRO delivering successful investments in both brownfield operating and greenfield PPP assets. She has a BEng in mechanical engineering from Imperial College of Science, Technology and Medicine. Andrea is based in London. andrea.echberg@pantheon.com
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52 Paul Barr, Partner (joined 2021, 24 years of private markets experience) Paul is a Partner in Pantheon’s Global Infrastructure and Real Assets Investment Team and a member of the Global Infrastructure and Real Assets Committee. Paul worked previously at GIC, from 2012, where he was Senior Vice President, Infrastructure with a global remit focussing on primary, secondary and co-investment opportunities. Paul also has expertise in infrastructure direct investing and infrastructure debt transactions. Prior to GIC, Paul worked at Challenger Infrastructure and Macquarie Capital. Paul is based in San Francisco. paul.barr@pantheon.com Investment Manager Global Infrastructure & Real Assets Investment Committee Evan Corley, Partner (joined 2004, 22 years of private markets experience) Evan is a Partner in Pantheon’s Global Infrastructure and Real Assets Investment Team and a member of Pantheon’s Global Infrastructure and Real Assets Investment Committee. Prior to joining Pantheon, Evan held positions at Polaris Venture Partners in Boston and JP Morgan in London. Evan received a BS from Boston University’s School of Management with a concentration in finance and a minor in economics. Evan is based in San Francisco. evan.corley@pantheon.com Jérôme Duthu-Bengtzon, Partner (joined 2007, 22 years of private markets experience) Jérôme is a Partner in Pantheon’s Global Infrastructure and Real Assets Investment Team where he focuses on the analysis, evaluation and completion of infrastructure & real assets transactions in Europe. He is a member of Pantheon’s Global Infrastructure and Real Assets Investment Committee and ESG Committee. Jérôme joined from Paris-based placement agent Global Private Equity, where he worked for over three years. Jérôme holds an MSc in telecommunications from ESIGELEC engineering school and a Master in Business from the ESCP-EAP European School of Management. Jérôme is based in London. jerome.duthubengtzon@pantheon.com
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53 Dinesh Ramasamy, Partner (joined 2016, 15 years of private markets experience) Dinesh is a Partner in Pantheon’s Global Infrastructure and Real Assets Investment Team where he focuses on the analysis, evaluation and completion of infrastructure and real asset investment opportunities in the U.S. He is a member of Pantheon’s Global Infrastructure and Real Assets Investment Committee. Prior to joining Pantheon, Dinesh was a Vice President in Goldman Sachs’ Global Natural Resources group where he executed on a variety of M&A and capital markets transactions across the infrastructure, power and utilities sectors. Previously, Dinesh was in the Power & Utilities group in the Investment Banking Division at RBC in New York. He holds a BS in Electrical and Computer Engineering from Cornell University and MBA from NYU’s Stern School of Business. Dinesh is based in San Francisco. dinesh.ramasamy@pantheon.com Investment Manager Global Infrastructure & Real Assets Investment Committee
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54 Pantheon deal origination: global sourcing, rigorous screening 2015 – H1 2026 1Pantheon internal data from 2015 to June 2026. Time period selected for deal flow data starts from 2015, when Pantheon established its infrastructure co-investment strategy. Screened and completed deal flow is based on total value of transactions ($). Conversion rate is based on value of commitments screened ($bn) relative to total committed ($bn) across all infrastructure co-investments. 4 5 5 8 10 14 12 12 17 19 19 6 0 2 4 6 8 10 12 14 16 18 20 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1 2026 Deals screened ($bn) | Infrastructure co-investment deal funnel (2015 – H1 20261) | Infrastructure co-investment annual deal flow (2015 – H1 2026)1 3% conversion rate Closed $4.5bn | 62 deals ✓ Deals screened $132bn | 1088 deals Advanced diligence $10 bn | 97 deals
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55 Pantheon Infrastructure realisations ~28% average increase in value for realised companies in year prior to exit | Liquidity events across 2021 – Q1 2026 for Pantheon’s infrastructure investments1 | Average % uplift in TVPI across all realised single asset secondary companies and co-investments since 20212 Deal sector Transaction type Exit date Uplift in 4 quarters prior to exit Europe - Renewables & Energy Efficiency Co-Investment Q2 2021 0.71x N America - Energy Co-Investment Q3 2021 0.05x N America - Digital Co-Investment Q4 2021 1.43x Europe - Digital Co-Investment Q4 2021 -0.12x UK - Power & Utilities Co-Investment Q4 2021 0.59x N America - Digital Co-Investment Q4 2021 1.58x N America - Transport & Logistics Secondary Q4 2021 0.93x Europe - Renewables & Energy Efficiency Secondary Q1 2022 0.80x Europe - Transport & Logistics Co-Investment Q4 2022 0.54x Europe - Renewables & Energy Efficiency Co-Investment Q4 2022 0.38x N America - Digital Co-Investment Q4 2022 0.60x Europe - Power & Utilities Co-Investment Q4 2022 0.75x Europe - Digital Co-Investment Q1 2023 0.00x Europe - Renewables & Energy Efficiency Co-Investment Q4 2023 0.34x N America – Power & Utilities Co-Investment Q2 2024 -0.03x North America – Energy Co-Investment Q2 2024 0.20x Europe - Digital Co-Investment Q3 2024 0.66x North America – Renewables and Energy Efficiency Secondary Q4 2024 0.00x Europe - Transport & Logistics Secondary Q3 2025 0.14x N America – Digital Co-Investment Q1 2026 -0.32x N America – Renewables & Energy Efficiency Secondary Q1 2026 0.51x3 Examples are shown for illustrative purposes only and are not necessarily representative of every realised deal or asset 1Source: Pantheon internal data. Performance data as at time of exit date, 4 quarters prior and current net MOIC shows as of March 31, 2026. 2Source: Pantheon company data. TVPI shows underlying sponsor marks. Past performance is not indicative of future results. Future performance is not guaranteed, and loss of principal may occur. 3Uplift MOIC for this deal reflects the uplift over the 2 quarters prior to exit, as the deal was acquired 2 quarters prior to its exit. 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% -12 -9 -6 -3 0 % Uplift in TVPI Months prior to exit
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PORTFOLIO
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57 PINT Investments Existing portfolio 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 the slide titled ‘Disclosure 1 – case studies’ towards the back of this presentation. Source: Investment Sponsors and Pantheon. Specialised temperature-controlled transportation and logistics company in Europe primarily focused on the export of fresh fruit and vegetables from Iberia to Northern Europe. Primafrio www.primafrio.com 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 PINT NAV 30 June 2026 £54m EUROPE MOIC 30 June 2026 1.5x Date of commitment 21.03.22 Operates more than 60 high-performance data centres representing over 1 GW of power capacity across North America and Europe. CyrusOne www.cyrusone.com 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. PINT NAV 30 June 2026 £41m MOIC 30 June 2026 1.7x Date of commitment 28.03.22 NORTH AMERICA DIGITAL INFRASTRUCTURE
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58 PINT Investments Existing portfolio 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 the slide titled ‘Disclosure 1 – case studies’ towards the back of this presentation. Source: Investment Sponsors and Pantheon. The owner and operator of the UK’s sole gas transmission network, regulated by Ofgem, and an independent, highly contracted metering business. National Gas www.nationalgas.com 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 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. 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. POWER & UTILITIES PINT NAV 30 June 2026 £53m UK MOIC 30 June 2026 1.6x Date of commitment 28.03.22 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. Vertical Bridge www.verticalbridge.com 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. PINT NAV 30 June 2026 £24m NORTH AMERICA MOIC 30 June 2026 1.1x Date of commitment 04.04.22 DIGITAL INFRASTRUCTURE
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59 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. Delta Fiber www.deltafibernederland.nl 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 sale to Glaspoort remains low. PINT NAV 30 June 2026 £27m EUROPE MOIC 30 June 2026 1.2x Date of commitment 26.04.22 DIGITAL INFRASTRUCTURE Platform of eight district energy systems located across the Northeast, Mid-Atlantic and Midwest of the US. Cartier Energy Update Cartier has entered a period of operational stability following a challenging start. 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. 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. POWER & UTILITIES PINT NAV 30 June 2026 £26m NORTH AMERICA MOIC 30 June 2026 0.8x Date of commitment 23.05.22 PINT Investments Existing portfolio 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 the slide titled ‘Disclosure 1 – case studies’ towards the back of this presentation. Source: Investment Sponsors and Pantheon.
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60 PINT Investments Existing portfolio 1 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. 2 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 this report. US power producer with 55 GW of capacity from nuclear, natural gas, oil, geothermal, hydro, wind and solar facilities. Constellation Energy Corporation (through the acquisition of Calpine) www.constellationenergy.com As at 21 September 2026, approximately 163,000 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. 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. Leading provider of data centres to large enterprises and hyperscale cloud providers. Vantage Data Centers www.vantage-dc.com Investment thesis and value creation strategy2 • 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. PINT NAV 30 June 2026 £43m NORTH AMERICA MOIC 30 June 2026 1.5x Date of commitment 01.07.22 DIGITAL INFRASTRUCTURE POWER & UTILITIES PINT NAV 30 June 2026 £61m NORTH AMERICA MOIC 30 June 2026 2.4x Date of commitment1 27.06.22
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61 PINT Investments Existing portfolio 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 the slide titled ‘Disclosure 1 – case studies’ towards the back of this presentation. Source: Investment Sponsors and Pantheon. 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. Fudura www.fudura.nl 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. 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. RENEWABLES & ENERGY EFFICIENCY PINT NAV 30 June 2026 £50m EUROPE MOIC 30 June 2026 1.5x Date of commitment 25.07.22 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. National Broadband Ireland www.nbi.ie 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. PINT NAV 30 June 2026 £42m EUROPE MOIC 30 June 2026 1.4x Date of commitment 09.11.22 DIGITAL INFRASTRUCTURE
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62 PINT Investments Existing portfolio 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 the slide titled ‘Disclosure 1 – case studies’ towards the back of this presentation. Source: Investment Sponsors and Pantheon. 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. GD Towers www.dfmg.de/en | www.towers.at 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. 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. DIGITAL INFRASTRUCTURE PINT NAV 30 June 2026 £37m EUROPE MOIC 30 June 2026 1.3x Date of commitment 31.01.23 Leading pan-Nordic wholesale and retail telecoms business with extensive fibre network and data centre portfolio. GlobalConnect www.globalconnectgroup.com 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. PINT NAV 30 June 2026 £20m EUROPE MOIC 30 June 2026 1.1x Date of commitment 22.06.23 DIGITAL INFRASTRUCTURE
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63 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. IPX Power (formerly Intersect Power) www.ipxpower.com 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. 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. RENEWABLES & ENERGY EFFICIENCY PINT NAV 30 June 2026 £12m NORTH AMERICA MOIC 30 June 2026 1.6x Date of commitment 22.09.25 PINT Investments Existing portfolio 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 the slide titled ‘Disclosure 1 – case studies’ towards the back of this presentation. Source: Investment Sponsors and Pantheon. Zenobē provides essential infrastructure that contributes to international power and transport sector decarbonisation targets. Zenobē www.zenobe.com 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. 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. RENEWABLES & ENERGY EFFICIENCY PINT NAV 30 June 2026 £44m UK MOIC 30 June 2026 1.4x Date of commitment 07.09.23
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64 PINT Investments Existing portfolio 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 this report. 2 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. Leading US renewables platform operating c.4 GW of utility-scale solar, wind, and battery storage capacity, alongside a c.14+ GW development pipeline. Terra-Gen www.terra-gen.com 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 United States. 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. 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 harboured2, 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. RENEWABLES & ENERGY EFFICIENCY PINT NAV 30 June 2026 £29m NORTH AMERICA MOIC 30 June 2026 1.0x Date of commitment 19.06.26
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GLOSSARY OF TERMS
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66 Glossary of terms AGM Annual General Meeting. Co-investment Direct shareholding in an investment alongside a Sponsor and other co-investors. AI Artificial intelligence. Commitment The amount of capital that the Company agrees to contribute to an investment when and as called by the Sponsor. AIC The Association of Investment Companies. (The) Company Pantheon Infrastructure Plc or ‘PINT’. AIC Code The AIC Code of Corporate Governance. DPI Distributions to Paid-In is a common measure of private equity performance, calculated by dividing a fund’s cumulative distributions by its paid-in capital. AUM Assets Under Management are the total market value of investments held under management by an individual or institution. When referring to Pantheon’s AUM, this figure includes assets managed on a fully discretionary basis. EBITDA Earnings Before Interest, Tax, Depreciation and Amortisation. AUA Assets Under Advisory are assets managed on a non- discretionary basis or advisory basis ESG Environmental, Social and Governance. BESS Battery energy storage solutions are innovative energy storage solutions that store electrical energy in batteries for later use. Exit Realisation of an investment, usually through trade sale, sale by public offering (including IPO), or sale to a financial buyer. Carried interest Portion of realised investment gains payable to a Sponsor as a profit share FCA The Financial Conduct Authority, the UK regulator of financial services firms. CCGT Combined Cycle Gas Turbine, a highly efficient power generation technology that uses both gas and steam turbines to produce electricity. GHG Greenhouse gas. Cloud Cloud computing is the on-demand availability of computer system resources, especially data storage (cloud storage) and computing power, without direct active management by the user. GIRAC Global Infrastructure and Real Assets Committee.
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67 Glossary of terms Initial public offering (IPO) The first offering by a company of its own shares to the public on a regulated stock exchange. PMDR Private Markets Decarbonization Roadmap. Investment Manager Pantheon Ventures (UK) LLP. PMSI Private Market Sustainability Index Investment thesis Pantheon’s final stage of approval for infrastructure co- investments. Portfolio or operating company A company that PINT invests in. These portfolio or operating companies in turn own and operate infrastructure assets. IRR Internal Rate of Return is the annual rate of growth that an investment is expected to generate over its life. Portfolio investment return Total movement in the valuation of the underlying assets comprising the Portfolio, expressed as a percentage of opening portfolio value. Foreign exchange effects and other expenses are excluded from the calculation. LTM Last twelve months PPA Power Purchase Agreement. Market capitalisation Share price multiplied by the number of shares outstanding. Primaries Commitments made to private equity funds at the time such funds are formed. MOIC A common measure of private equity performance, MOIC is calculated by dividing a fund’s cumulative distributions and residual value by the paid-in capital. Private equity Privately negotiated investments typically made in non-public companies. NAV Total Return This is expressed as a percentage. It is calculated as the total return as shown in the Income Statement, as a percentage of the opening NAV. RCF Revolving credit facility Net asset value (NAV) Amount by which the value of assets of a company exceeds its liabilities. RIIO Ofgem’s RIIO (Revenue = Incentives + Innovation + Outputs) price control framework used to regulate UK energy network companies.
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68 Glossary of terms Secondaries Purchase of existing private equity fund or company interests and commitments from an investor seeking liquidity in such funds or companies. Sponsor or general partner The entity managing a private equity fund that has been established as a limited partnership, also commonly referred to as the Sponsor. Total return This is expressed as a percentage. The denominator is the opening NAV, net of the final dividend for the previous year, and adjusted (on a time weighted average basis) to take into account any equity capital raised or capital returned in the year. The numerator is total NAV growth and dividends paid. Total shareholder return Return based on interim dividends paid plus Share Price movement in the period, divided by the opening share price. TVPI Total Value to Paid-In is a common measure of private equity performance, calculated by dividing the sum of a fund’s cumulative distributions and residual value by its paid-in capital. WADR Weighted average discount rate based on each investment’s relative proportion of Portfolio valuation.
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DISCLOSURE AND IMPORTANT NOTICE
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70 Disclosure and important notice 1 – case studies These case studies provide 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 above reflect the views and opinions of Pantheon as of the date of the investment analysis. Important notice The information contained in this document is confidential and for the sole use of the recipient and must not be forwarded to any other person. This document does not constitute or form part of, and should not be construed as, an offer, invitation or inducement to purchase or subscribe for any securities nor shall it or any part of it form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. This document does not constitute a recommendation regarding the securities of the Company. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information, or opinions contained in this document. None of the Company, Pantheon Ventures (UK) LLP (the "Investment Manager"), nor any of their respective affiliates, advisers or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. This document may contain certain forward-looking statements. These statements typically contain words such as "expects" and "anticipates" and words of similar import. By their nature forward looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. Detailed information concerning important factors that could cause actual results to differ materially are available in the Prospectus. The distribution of this document may be restricted by law in certain jurisdictions and therefore persons into whose possession this document comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions could result in a violation of the laws of such jurisdiction.
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71 Disclosure and important notice (continued) Important notice (continued) In particular, this document and the information contained herein, are not for publication or distribution, directly or indirectly, to persons in the United States (within the meaning of Regulation S under the US Securities Act of 1933, as amended (the "Securities Act")) or to entities in Australia, Canada, South Africa, New Zealand, or Japan or in any other jurisdiction where such offer or sale would be unlawful. In particular, the securities referred to in this document (the “Shares”) have not been and will not be registered under the Securities Act, or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered, sold, resold, pledged, delivered, distributed or otherwise transferred, directly or indirectly, into or within the United States. Outside the United States, the Shares may be sold to persons who are not “U.S. Persons”, as defined in and pursuant to Regulation S under the Securities Act (“U.S. Persons”). Any sale of Shares in the United States or to U.S. Persons may only be made to persons reasonably believed to be “qualified institutional buyers” (“QIBs”), as defined in Rule 144A under the US Securities Act, that are also “qualified purchasers” (“Qualified Purchasers”), as defined in the US Investment Company Act of 1940, as amended (the “Investment Company Act”). The Company has not been and will not be registered under the Investment Company Act and investors are not and will not be entitled to the benefits of the US Investment Company Act. In addition, the Shares have not been, nor will they be, registered under the applicable securities laws of Australia, Canada, New Zealand, the Republic of South Africa or Japan. Subject to certain exceptions, Shares may not be offered or sold in, and this document should not be distributed to persons in Australia, Canada, New Zealand, the Republic of South Africa, Japan or any member state of the EEA (other than to professional investors in certain EEA member states in which the Company is registered with the national private placement regime) or to, or for the account or benefit of, any national, resident or citizen of the United States, Australia, Canada, New Zealand, the Republic of South Africa, Japan or any member state of the EEA (other than to professional investors in certain EEA member states in which the Company is registered with the national private placement regime). The distribution of this document in other jurisdictions may be restricted by law and the persons into whose possession this announcement comes should inform themselves about, and observe, any such restrictions. This document has not been approved by a person authorised under the Financial Services & Markets Act 2000 ("FSMA") for the purposes of section 21 FSMA. The contents of this document are not a financial promotion and none of the contents of this document constitute an invitation or inducement to engage in investment activity. If and to the extent that this document or any of its contents are deemed to be a financial promotion, Pantheon Infrastructure PLC (“PINT”) and Pantheon Ventures UK LLP (“PV UK”) are relying on the exemption provided by Article 59 of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005/1529 in respect of section 21 FSMA. Pantheon Ventures (UK) LLP ( “Pantheon”) will not be responsible to a third party for providing the protections afforded to clients of Pantheon and will not be advising a third party on investing in PINT. Other than in the UK, this document and the information contained is not intended for retail investors. The past performance of PINT or the shares in PINT cannot be relied upon as a guide to the future performance of PINT.”