Earnings release
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RNS Number : 8689VPantheon Infrastructure PLC23 September 2026 NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR TO THE UNITEDSTATES, AUSTRALIA, CANADA, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANYMEMBER STATE OF THE EEA OR ANY OTHER JURISDICTION IN WHICH THE PUBLICATION,DISTRIBUTION OR RELEASE OF THIS ANNOUNCEMENT WOULD BE UNLAWFUL. This announcement has been determined to contain inside information. PANTHEON INFRASTRUCTURE PLCResults for the period ended 30 June 2026 The Directors of Pantheon Infrastructure Plc ("PINT" or the "Company") are pleased to announce the Company'shalf year results for the six months ended 30 June 2026. The full interim report can be accessed atwww.pantheoninfrastructure.com/investor-centre/reports-and-publications/. There will be a presentation held online for analysts at 9.00am today. For details, please email:pint@pantheon.com. The Company is also pleased to announce that Richard Sem and Ben Perkins will provide a live presentationrelating to the half-year results for the six months ended 30 June 2026 via Investor Meet Company on 8 October2026 at 15:00 BST. The presentation is open to all existing and potential shareholders. Investors can sign up toInvestor Meet Company for free and add to meet Pantheon Infrastructure Plc via:https://www.investormeetcompany.com/pantheon-infrastructure-plc/register-investor Highlights:· As at 30 June 2026, the Company had £582 million invested or committed across fifteen assets · Net asset value (NAV) of £580 million, equivalent to 123.9 pence per share · NAV Total Return of (3.3)% during the period · Two significant portfolio realisations completed during the period - Calpine and Intersect Power - generating more than $70 million of immediate cash proceeds for the Company · £41 million committed to Terra-Gen, a large-scale US solar energy platform, demonstrating the Company's strategy of selectively recycling realisation proceeds into attractive infrastructure opportunities · Total shareholder return of 10.3% during the period · Increased first interim dividend by 3.5% to 2.249p per share for the year ending 31 December 2026 The Company has invested in and targets assets in the following sectors: Digital, including wireless towers, datacentres, and fibre-optic networks; Power & Utilities, including electricity generation, gas transmission and districtheating; Renewables & Energy Efficiency, including smart infrastructure, solar, and sustainable waste; andTransport & Logistics, including ports, rail, roads, airports and logistics assets. Patrick O'Donnell Bourke, Chair, Pantheon Infrastructure Plc, said: "The first half of 2026 was marked by achallenging macroeconomic and geopolitical backdrop, which continues to create uncertainty across globalmarkets. Against this environment, PINT's diversified portfolio has remained resilient. While NAV declined slightlyduring the period, largely as a result of the fall in the Constellation Energy share price, we remain confident in theCompany's strategy and long-term outlook. "The structural trends driving the need for infrastructure investment, from energy transition and growing demandfor digital infrastructure to the need for more resilient, climate-adapted infrastructure, remain as compelling asever. Our decision to increase the first interim dividend by 3.5% demonstrates that confidence and our continuedcommitment to delivering long-term value for shareholders." Richard Sem, Partner at Pantheon and PINT's investment manager, comments on the portfolio andperformance: "PINT's underlying portfolio remained resilient during the first half of 2026, with the completion ofthe Calpine and Intersect Power realisations generating more than $70 million of cash proceeds and giving usgreater flexibility to invest in attractive opportunities. Our £41 million investment in Terra-Gen is a good example ofthis, adding further exposure to contracted renewable generation in North America. "We continue to see encouraging developments across a number of our investments and a strong pipeline of opportunities across PINT's coreinvestment themes. We remain disciplined and selective in deploying capital, focusing on high-quality assets that we believe can deliverattractive long-term shareholder returns." For further information please contact:
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MUFG Corporate Governance Limited Company Secretary pintcosec@cm.mpms.mufg.com Pantheon Ventures (UK) LLP Investment Manager Richard Sem, Partner Ben Perkins, Principal pint@pantheon.com +44 (0) 20 3356 1800 Investec Bank plc Corporate Broker Tom Skinner (Corporate Broking) Lucy Lewis (Corporate Finance) +44 (0) 20 7597 4000 Lansons Public relations advisor David Masters Millie Steyn pint@lansons.com +44 (0) 78 2542 7514 +44 (0) 75 9352 7234 Notes to editors Pantheon Infrastructure Plc (PINT) Pantheon Infrastructure Plc is a closed-ended investment company and an approved UK Investment Trust, listedon the London Stock Exchange's Main Market and a constituent of the FTSE 250. Its Ordinary Shares trade underthe ticker 'PINT'. The independent Board of Directors of PINT have appointed Pantheon, one of the leading privatemarkets investment managers globally, as investment manager. PINT aims to provide exposure to a global,diversified portfolio of high-quality infrastructure assets through building a portfolio of direct co-investments ininfrastructure assets with strong defensive characteristics, typically benefiting from contracted cash flows, inflationprotection and conservative leverage profiles. Further details can be found at www.pantheoninfrastructure.com LEI 213800CKJXQX64XMRK69 Pantheon Pantheon has been at the forefront of private markets investing for more than 40 years, earning a reputation forproviding innovative solutions covering the full lifecycle of investments, from primary fund commitments to co-investments and secondary purchases, across private equity, real assets and private credit. The firm has partnered with more than 770 clients, including institutional investors of all sizes as well as a growingnumber of private wealth advisers and investors, with approximately $84bn in discretionary assets undermanagement (as of 31 March 2026). Leveraging its specialised experience and global team of professionals across Europe, the Americas and Asia,Pantheon invests with purpose and leads with expertise to build secure financial futures. Pantheon was one of the first private equity investors to sign up to the Principles for Responsible Investments("PRI") in 2007 and has used these principles as a framework to develop its sustainability policy across all itsinvestment activities. Since becoming a signatory, Pantheon has remained highly engaged with the PRI and hasbeen heavily focused on sustainability integration, both through its involvement with associates and industrybodies, and through its integration of sustainability analysis into its investment process. PANTHEON INFRASTRUCTURE PLC INTERIM REPORT 2026 High‑quality global infrastructure assets HIGHLIGHTS £582m Capital invested or committed1 Dec 2025: £620m £580mNet asset value (NAV)Dec 2025: £611m 2.249p Dividends per share2 HY25: 2.173p 10.3% Total shareholder return (TSR)3 HY25: 15.1% 123.9pNAV per shareDec 2025: 130.4p
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(3.3)% NAV Total Return4 HY25: 5.8% 1. This refers to the investment fair values or amounts committed as at 30 June 2026. Invested assets represent those that have reached financial close and have been, or are in the process of, being funded, and may include committed but uncalled amounts reserved for follow‑on investments. As at 30 June 2026, £562.5 million was invested and £19.5 million was committed but not yet invested. 2. First interim dividend of 2.249p per share declared in relation to the year ending 31 December 2026. 3. TSR is the Total Shareholder Return, based on the movement in share price, combined with dividends paid during the period, on the assumption that these dividends have been reinvested at the share price on the ex- dividend date. 4. NAV Total Return represents the percentage change in NAV over the period, comprising investment returns from the Portfolio and income from any cash balances, net of management, operating and finance costs, taxes, foreign exchange movements and changes in the fair value of derivatives. With effect from 1 July 2025, the methodology for calculating NAV Total Return was revised to assume that dividends paid to shareholders are reinvested at NAV at the ex‑dividend date, in line with AIC guidance. Prior period comparatives have been restated accordingly. Please refer to page 45 of the Pantheon Infrastructure Plc interim report 2026 for further details. CHAIR'S STATEMENT Patrick O'Donnell BourkeChair, Pantheon Infrastructure Plc IntroductionI am pleased to present the interim report of Pantheon Infrastructure Plc for the six months ended 30 June 2026. The period saw a NAV decline for the Company, principally driven by the mark‑to-market of the Company's holdingin Constellation Energy Corporation ('Constellation' or 'CEG'), received as part of the sale of the Company'sinvestment in Calpine. The NAV per share decreased by 6.5p per share since 31 December 2025 to 123.9p at30 June 2026. Accounting for the dividend of 2.173p per share paid in the period to 30 June 2026, NAV TotalReturn for the period was (3.3)%, compared to an annualised NAV Total Return of 10.3% since 31 December2022, when the Company had substantially deployed its IPO proceeds. The total shareholder return for the periodwas 10.3%, and the Company's shares traded at a 5.2% discount to NAV at the period end (31 December 2025:16.8%). The drop in the CEG share price during the period of roughly $105 per CEG share, applied across the Company'sholding of 326,057 CEG shares, resulted in an aggregate NAV impact of 5.6p per share. Performance from therest of the Portfolio - described in the Investment Manager's report - contributed to a gain of approximately 1.6pper share. After the period end, lock-up restrictions ended on half of the Company's CEG shareholding. Since then, theCompany has disposed of the entire unrestricted CEG position - 163,029 shares - at a weighted average price of$273 per share, generating a total of $44.5 million in cash receipts. The sale, and the subsequent increase in theCEG share price, has added 1p per share to the Company's NAV, as at 21 September 2026, and still reflectsfavourably relative to the CEG share price of c.$238 in January 2025, when the Calpine sale was agreed. TheCompany's ongoing NAV sensitivity to the CEG share price has also now been reduced to roughly 0.26p per sharefor every $10 movement in the CEG share price. The Investment Manager will continue to manage the disposal ofthe Company's remaining CEG position in an orderly and phased manner when the remaining lock-up restrictionexpires. During the period, the Company announced a new investment of £41 million in Terra-Gen, a large‑scale renewableenergy platform located in the US. The investment reflected the continued discussions between the Board andPantheon in appraising the relative merits and potential NAV accretion of reinvesting the Calpine and IntersectPower sale proceeds, and reflects the wishes expressed by many shareholders for the Company to recycle theproceeds of realisations into new investments. In keeping with the Company's progressive dividend policy, and given its ongoing NAV performance, I am alsopleased to report the Board's decision to declare a first interim dividend of 2.249p per share for the year ending31 December 2026, an increase of 3.5%. Owing to the material disposal proceeds received during the period, andthe resulting realised gains which flow through to the Company's dividend cover calculation, the full year dividendfor 2026 is expected to be fully covered. The first interim dividend of 2.249p per share will be payable on23 October 2026. Market backdropThe first half of 2026 has been marked by a highly turbulent geopolitical backdrop. Conflict between the US, Israeland Iran broke out during the period, disrupting energy markets and supply chains across the Middle East andtesting traditional geopolitical alliances. The war in Ukraine, meanwhile, shows no sign of resolution. Together,these conflicts have given rise to highly volatile energy costs and considerable uncertainty as to the medium andlonger-term macroeconomic picture.
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Tariff policy, particularly in the US, also remains unresolved and continues to weigh on corporate investment decisions and cross‑border trade flows. These factors have contributed to a rise in government bond yields acrossmajor developed markets, as central banks and markets continue to reassess the path of inflation and fiscaldeficits. Alongside these pressures, the physical and transition risks associated with global warming have become morepronounced, reinforcing the urgency - and, in the Board's view, the long-term investment case - for energytransition and for the infrastructure that supports decarbonisation, grid resilience and climate adaptation. Withinthis framing, the combination of geopolitical and macroeconomic uncertainty only strengthens the argument forinvestment of the kind of long-duration, contracted, inflation-linked cash flows that the infrastructure provides. Portfolio developmentsTwo significant Portfolio realisations, both signalled to shareholders in prior periods, completed during the sixmonths to 30 June 2026 were: the acquisition of Calpine by Constellation and the sale of Intersect Power.Together, these transactions generated in excess of $70 million of immediate cash proceeds for the Company.Following completion, the Company retained a material equity exposure to Constellation, through CEG stockreceived as part of the Calpine consideration, and subsequently reduced after the period end as noted previously,together with a residual holding in IPX Power, the rebranded entity that retains the grid‑connected assets carvedout of Intersect Power. Aside from the fall in the CEG share price during the period, reflecting a broader derating of power and utilitiesequities, some of the other negative movements across the Portfolio included: elevated fuel costs weighing heavilyon Primafrio's operating margins during the period; continued competition impacting subscription growth at DeltaFiber, as well as the rejection by the Dutch competition authority of the proposed partial network sale to Glaspoort;and lower market appetite for the mature, wholesale fibre networks identified through the sale process ofGlobalConnect. Against this, the period also saw a number of encouraging developments across the Portfolio, including: notablecontract wins for Zenobē in the US BESS market; new investment in Vertical Bridge to optimise the company'slong‑term capital structure following the acquisition of the Verizon tower portfolio; the strong performance of IPX Power; and the new investment in Terra‑Gen, a US renewable energy platform. This new investment extended theCompany's exposure to contracted renewable generation in North America and added a further asset to thePortfolio's energy transition exposure. From a valuation perspective, excluding the movement on Constellation, the Company experienced modestvaluation gains across the Portfolio during the period. As well as reflecting some of the company‑specific challenges noted previously, more broadly, the Company saw asubdued valuation environment during the period, with Sponsors responding to the wider macro uncertainty withmore measured approaches to valuations, in some cases through increased discount rates and/or downwardadjustments to terminal value assumptions. Overall, however, the Portfolio remains healthy, with a MOIC of 1.47xat 30 June 2026. Investment pipeline and capital allocationPantheon continues to bring to the Company a substantial pipeline of potential new investments, reflecting thestrength and reach of its global Sponsor relationships. However, given the continued inability of the Company toissue new equity, in keeping with most of the investment trust sector, our ability to commit to new opportunities islimited by the pace of realisations, including the ongoing disposal of the CEG shareholding. The Board and theInvestment Manager are therefore being selective in deploying the Company's available capital, prioritising theopportunities that best fit the Company's risk-return objectives, and will continue to keep financing and capitalallocation options under active review so that the Company is well positioned to convert a greater share of thepipeline into commitments when appropriate. Shareholder engagement and outreachThe Company continues to prioritise broadening its shareholder base and has taken opportunities as they ariseover the period to increase engagement with retail investors alongside the Company's institutional shareholderbase. After the period end, the Company appointed Cadarn Capital to enhance the distribution of PINT shares.Cadarn works with a select group of UK investment trusts, acting in a complementary capacity to existing brokersvia focusing on regionalised distribution channels. The Board sees this as a further step towards identifying andestablishing more shareholder relationships over time. GovernanceOn 22 September 2026, Sapna Shah was appointed as chair of the Management Engagement Committee,replacing Andrea Finegan. The change reflects the Board's desire to keep all Non-Executive Directors closelyengaged across the full range of the Board's responsibilities. Ms Shah was appointed to the Board in 2025 and isan experienced non-executive director. We thank Ms Finegan for her leadership of the committee since IPO, andshe will remain on the Board and as chair of the Sustainability Committee, having overseen the recent publicationof PINT's 2025 Sustainability Report. The report sets out how sustainability considerations are embedded across the Portfolio and reinforces the Board'songoing commitment to transparency with shareholders on such matters. OutlookThe macroeconomic and geopolitical environment remains turbulent, and the Board does not expect theuncertainty created by the war in Ukraine, the conflict involving Iran or tariff policy to resolve quickly. Against thisbackdrop, the structural drivers underpinning the Portfolio - energy transition, the build-out of digital infrastructureto support Artificial Intelligence adoption and data demand, and the increasingly urgent need for resilient, climate-adapted infrastructure - remain in place. The Portfolio's diversification across sectors and geographies, togetherwith its focus on contracted, inflation‑linked cash flows, means the Company is well placed to deliver value in theremainder of 2026. On behalf of the Board, I would like to thank shareholders for their continued support.
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Patrick O'Donnell BourkeChair22 September 2026 INVESTMENT MANAGER'S REPORT PortfolioPINT has constructed a diversified global portfolio with a focus on developed market OECD countries, with allinvestments currently in Western Europe and North America. Over the medium term, the Investment Managerexpects, in line with the initial prospectus, the composition of the Portfolio to include investments in the following sub‑sectors: Digital Infrastructure, Power & Utilities, Transport & Logistics, Renewables & Energy Efficiency, andSocial & Other Infrastructure. As at 30 June 2026, the Company had a total of £582 million invested or committed across 15 investments. The Portfolio is diversified across sectors and geographies, and the Investment Manager believes that it is wellpositioned to withstand any external market challenges. The investments typically benefit from defensivecharacteristics including long-term contracted cash flows, inflation protection and robust capital structures. Seven investments are in Digital Infrastructure, representing 40% of NAV1, across the data centre, towers andfibre sub‑sectors. Three investments, representing 25%, are in the Power & Utilities sector, including: gastransmission, district heating and electricity generation. Four investments are in Renewables & Energy Efficiency(24%) and the remaining investment is in Transport & Logistics (9%). The largest geographical exposure is in North America (41%), with the remaining exposure in Europe (40%) andthe UK (17%). Net working capital comprised 2% of NAV at 30 June 2026. NAV decreased over the period by 6.5p per share (period to 30 June 2025: increased by 4.6p per share), afteradjusting for dividends paid of 2.2p per share over the period (period to 30 June 2025: 2.1p per share). Themovement in the period was principally driven by fair value losses of 4.0p per share (period to 30 June 2025: gainof 7.4p per share), partially offset by favourable foreign exchange movements of 0.1p per share (period to 30 June2025: (2.7)p per share) and a positive 0.4p per share movement from the foreign exchange hedging programme(period to 30 June 2025: 3.0p per share). There were no share buybacks in the period (period to 30 June 2025: £nil per share), with a reduction of 0.9p pershare (period to 30 June 2025: (1.0)p per share) related to fund operating and financing expenses, resulting in aclosing NAV of 123.9p per share. This excludes the impact of the first interim dividend for the year to 31 December2026 of 2.249p per share, which is to be paid on 23 October 2026. 1. Based on NAV of £580.4 million at 30 June 2026. 13.1% Weighted average discount rate1 Dec 2025: 12.7%Weighted average discount rate is based on the discount rate of each Portfolio Company investment at 30 June2026, weighted on an investment fair value basis (excluding undrawn commitments) across the Portfolio,excluding Constellation. 39%Weighted average gearingDec 2025: 36%Weighted average gearing is calculated by reference to the ratio of total hedged debt relative to total net debt ofeach Portfolio Company, weighted across the Portfolio, excluding Constellation. 86%Weighted average hedged debtDec 2025: 87%Weighted average hedged debt (including fixed debt) is calculated by reference to the ratio of hedged debt relativeto net debt of each Portfolio Company, excluding Constellation. Hedging arrangements are typically aligned withunderlying debt tenors. £68mWeighted aggregate EBITDADec 2025: £83mWeighted aggregate EBITDA is based on the last twelve months EBITDA of each Portfolio Company at 30 June2026, weighted by PINT's ownership of underlying Portfolio Companies and converted to GBP as necessary. 2. The portfolio data, being the weighted average discount rate, weighted average gearing, weighted average hedged debt and weighted aggregate EBITDA, is calculated based on information reported to Pantheon by the investment Sponsors. The information is not audited. Portfolio: movements in the periodPortfoliovalue31December DrawncommitmentsDistributions1 Assetvaluationmovement Foreignexchange movement Portfoliovalue30 June2026 Undrawncommitments30 June2026 Allocationof foreignexchange In R t
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2025 hedgemovementsInvestment Region Sponsor (£m) (£m) (£m) (£m) (£m) (£m) (£m) (£m) Primafrio Europe Apollo 58.3 - - (3.2) (0.7) 54.4 0.4 1.0CyrusOne NorthAmerica KKR 40.0 - - 0.4 0.5 40.9 - (0.4)National Gas UK Macquarie 51.1 - (1.9) 3.3 - 52.5 - -Vertical Bridge NorthAmericaDigitalBridge 23.5 - - 0.1 0.3 23.9 - (0.2)Delta Fiber Europe Stonepeak 26.4 - - (0.2) 0.4 26.6 - -Cartier Energy NorthAmerica Vauban 25.0 - - 0.9 0.3 26.2 - (0.2)ConstellationEnergy Corporation2 NorthAmerica N/A - listed 106.9 0.2 (21.5) (25.9) 1.3 61.0 - (0.5)Vantage DataCenters NorthAmericaDigitalBridge 42.4 0.1 - (0.6) 0.6 42.5 - (0.4)Fudura Europe DIF 50.2 - - 0.6 (0.7) 50.1 1.6 1.0NationalBroadbandIreland Europe Asterion 41.5 - - 1.1 (0.6) 42.0 - 0.8GD Towers EuropeDigitalBridge 37.0 - - 0.5 (0.5) 37.0 - 0.7GlobalConnect Europe EQT 22.0 - - (1.5) (0.3) 20.2 - -Zenobē UK Infracapital 40.8 - - 3.4 - 44.2 2.9 - IPX Power3 NorthAmerica CAI 42.7 0.1 (32.8) 1.8 0.4 12.2 1.5 -Terra-Gen NorthAmerica Igneo - 28.5 - 0.5 (0.2) 28.8 13.1 - Grand total 607.8 28.9 (56.2) (18.8) 0.8 562.5 19.5 1.8 1. Includes realisations of Calpine and Intersect Power in the period. 2. Following the completion of Constellation's acquisition of Calpine in January 2026 for cash and share consideration, part of PINT's shareholding was converted into listed shares in Constellation. 3. Following the completion of Intersect Power's sale of its pipeline of energy and data centre projects in March 2026 to Alphabet, the retained operating business was rebranded as IPX Power, in which PINT continues to hold an investment. Portfolio: inception to date A B C D Investment Region Sponsor Drawncommitments(£m)Distributions1 (£m) Valuation30 June2026(£m) Allocation offoreignexchangehedgemovements(£m) MOIC2 Primafrio Europe Apollo 39.2 - 54.4 2.5 1.5x CyrusOne NorthAmerica KKR 24.6 - 40.9 0.5 1.7x National Gas UK Macquarie 40.8 10.8 52.5 - 1.6x Vertical Bridge NorthAmericaDigitalBridge 23.8 1.2 23.9 0.3 1.1x Delta Fiber Europe Stonepeak 22.8 - 26.6 - 1.2x Cartier Energy NorthAmerica Vauban 33.2 - 26.2 0.9 0.8x ConstellationEnergy Corporation3 NorthAmerica N/A - listed 45.8 43.2 61.0 4.7 2.4x Vantage DataCenters NorthAmericaDigitalBridge 30.2 0.1 42.5 3.8 1.5x Fudura Europe DIF 38.4 5.5 50.1 2.4 1.5xNationalBroadband Ireland Europe Asterion 43.5 16.2 42.0 2.9 1.4x GD Towers EuropeDigitalBridge 39.5 12.5 37.0 2.4 1.3xGlobalConnect Europe EQT 19.0 - 20.2 - 1.1xZenobē UK Infracapital 32.1 - 44.2 - 1.4x IPX Power NorthAmerica CAI 28.3 32.8 12.2 0.1 1.6x Terra-Gen NorthAmerica Igneo 28.5 - 28.8 - 1.0x Grand total 489.7 122.3 562.5 20.5 1.44x 1. Includes realisations of Calpine and Intersect Power in the period. 2. Multiple on invested capital. MOIC is calculated as the sum of columns B, C and D, divided by column A. Grand total MOIC represents portfolio average and differs from Portfolio MOIC of 1.47x.
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3. Following the completion of Constellation's acquisition of Calpine in January 2026 for cash and share consideration, part of PINT's shareholding was converted into listed shares in Constellation. PINT'S PORTFOLIO PRIMAFRIOwww.primafrio.com Specialised temperature‑controlled transportation and logistics company in Europe primarily focused on the exportof fresh fruit and vegetables from Iberia to Northern Europe. Investment thesis and value creation strategy1 · Niche market leader providing an essential service to resilient end markets. The company has demonstratedstrong 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 itsoperations provides strong downside protection.· Value creation opportunities include inorganic growth, strategic M&A and continued investment in Primafrio'scold storage logistics infrastructure footprint. UpdatePrimafrio saw total volumes increase, while margins came under pressure from elevated fuel costs amidgeopolitical 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 growthopportunities. Transport & logisticsEurope£54m PINT NAV 30 June 20261.5x MOIC 30 June 202621.03.22 Date of commitment CYRUSONEwww.cyrusone.com Operates more than 60 high‑performance data centres representing over 1 GW of power capacity across NorthAmerica and Europe. Investment thesis and value creation strategy1 · Growth in data usage continues to drive data centre demand. In particular, the hyperscale segment represents a strong growth opportunity due to increasing cloud adoption and increasingly data‑heavy technologies (5G, AI,gaming, video streaming). · Benefits from defensive characteristics such as long‑term contracts with a largely investment‑grade credit‑quality customer base, price escalators and limited historical customer churn. UpdateCyrusOne's excellent performance since PINT's investment continued with the company benefiting considerablyfrom AI‑related tailwinds. The strong demand for data centre capacity continues to support highly favourablepricing for established developers, making for a favourable trading environment. A chief focus remains on ensuringsufficient availability of power and capital to meet increased demand. The company has entered into a number ofstrategic relationships with large energy utilities, including Eolian and Calpine, in order to accelerate the timelinefor development and has appointed a new CEO to lead its next phase of growth. Digital infrastructureNorth America£41m PINT NAV 30 June 20261.7x MOIC 30 June 202628.03.22 Date of commitment NATIONAL GASwww.nationalgas.comThe owner and operator of the UK's sole gas transmission network, regulated by Ofgem, and an independent,highly contracted metering business. Investment thesis and value creation strategy1 · Stable inflation‑linked cash flows with returns positively correlated to inflation.· Strong downside protection; regulatory framework allows for the recovery of costs and a minimum return oncapital. The company also holds a monopolistic position through sole ownership of the UK's gas transmissionnetwork.· Significant growth opportunity. The transmission system is expected to play a leading role in any futuretransition from natural gas to hydrogen. The company hopes to support the expansion of hydrogen's role in theenergy mix while working closely with the government and Ofgem to maintain security of supply. UpdateNational 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 forsignificant further allowances to be granted during this period. A decision is still awaited from the government onthe blending of up to 20% hydrogen into the existing gas transmission network. National Gas and its partners are
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also awaiting a decision on £500 million of UK Government Hydrogen Transport and Storage Business Modelfunding to support the development of the UK's first integrated hydrogen network in the Humber region. Power & utilitiesUK£53m PINT NAV 30 June 20261.6x MOIC 30 June 202628.03.22 Date of commitment VERTICAL BRIDGEwww.verticalbridge.comThe largest private owner and operator of towers and other wireless infrastructure in the US, with more than18,000 owned towers across the country. Investment thesis and value creation strategy1 · Track record of organic and inorganic growth: since its founding in 2014, Vertical Bridge has been one of themost active acquirers and 'build‑to‑suit' (BTS) developers amongst tower companies and expects to furtheraccelerate 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 bothCEOs) have worked together since 2003. UpdateIn 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 theportfolio 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 andsignificant lease‑up potential given its currently low tenancy ratio. The business's primary growth focus is nowincreasing co-location revenues, driven by expanding partnerships with major mobile network operators focusedon accelerating 5G deployment. Digital infrastructureNorth America£24m PINT NAV 30 June 20261.1x MOIC 30 June 202604.04.22 Date of commitment DELTA FIBERwww.deltafibernederland.nlOwner and operator of fixed telecom infrastructure in the Netherlands, providing broadband, TV, telephone andmobile services to retail and wholesale customers over a predominantly fibre network. Investment thesis and value creation strategy1 · High-quality fibre network with high barriers to entry as a regional leader in its core footprint of suburban andrural 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. UpdateDelta 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 increasinglycompetitive pressure from continued overbuild and aggressive retention and new customer discounts bycompetitors, the company is prioritising increased customer adoption to drive penetration. Alongside efforts toenhance network densification through its retail business, Delta Fiber sees further wholesale network sharingagreements - such as those with Odido and VodafoneZiggo - as key growth levers. The proposed sale ofapproximately 200,000 connections to Glaspoort was not approved by the regulator; however, the risk of overbuildacross the footprint originally proposed for the sale to Glaspoort remains low. Digital infrastructureEurope£27m PINT NAV 30 June 20261.2x MOIC 30 June 202626.04.22 Date of commitment CARTIER ENERGYPlatform of eight district energy systems located across the Northeast, Mid‑Atlantic and Midwest of the US. Investment thesis and value creation strategy1 · Gross margin structure underpinned by availability‑based fixed‑capacity payments and consumption chargesand 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‑yearaverage remaining contractual life.· Provides customers with a path to decarbonisation and increased thermal efficiency. UpdateCartier has entered a period of operational stability following a challenging phase. The business has benefitedfrom more stable hot water and steam volumes so far this year, while US natural gas prices have remained largelyinsulated from the Middle East conflict, alongside incremental gains from rising chilled water demand andfavourable capacity market pricing, bringing financial performance on existing assets closer to original underwriting
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expectations. A new business plan has been agreed with management, shifting away from large‑scale growthopportunities towards smaller infill opportunities, resulting in a moderated growth outlook. Power & utilitiesNorth America£26m PINT NAV 30 June 20260.8x MOIC 30 June 202623.05.22 Date of commitment CONSTELLATION ENERGY CORPORATION(through the acquisition of Calpine)www.constellationenergy.comUS power producer with 55 GW of capacity from nuclear, natural gas, oil, geothermal, hydro, wind and solarfacilities. UpdateThe sale to Constellation was completed in January 2026, with PINT receiving $28.5 million in cash and 326,057Constellation shares, 50% of which became unrestricted from 1 July 2026, with the remainder locked up until 1July 2027. During the period, the Constellation share price decreased by 30%, from $353 as at 31 December 2025to $248 as at 30 June 2026. Constellation's operational performance remains strong, supported by growingrecognition of nuclear energy's role in powering the data economy, and Calpine, now part of Constellation,continues to benefit favourably from increased demand from AI data centres.As at 21 September 2026, 163,029 Constellation shares have been sold at an average price of $273, realisingtotal cash proceeds of $44.5 million, with the remaining shareholding valued at $42.7 million based on a shareprice of $262. Power & utilitiesNorth America£61m PINT NAV 30 June 20262.4x MOIC 30 June 2026 27.06.22 Date of commitment2 VANTAGE DATA CENTERSwww.vantage-dc.comLeading provider of data centres to large enterprises and hyperscale cloud providers. Investment thesis and value creation strategy1 · Data usage growth through increasing cloud adoption and increasing data‑heavy technologies continue todrive 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 withinvestment‑grade counterparties and low customer churn due to high switching costs and barriers to entry. UpdateVantage continues to deliver strong growth, supported by resilient demand and disciplined execution, with thebusiness maintaining high occupancy and leasing momentum. The company remains focused on developing its1.4 GW Frontier campus in Texas and its 1 GW Lighthouse campus in Wisconsin (for which 100% of the requiredpower has been secured) - both part of its Stargate expansion of up to 4.5 GW in partnership with OpenAI andOracle. 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 anumber of key developments. Digital infrastructureNorth America£43m PINT NAV 30 June 20261.5x MOIC 30 June 202601.07.22 Date of commitment FUDURAwww.fudura.nl Dutch market-leading owner and provider of medium‑voltage electricity infrastructure to business customers, witha focus on transformers, metering devices and related data services. Investment thesis and value creation strategy1 · Highly stable inflation‑linked cash flows from large and diversified locked‑in customer base with long-termcontracts, low churn and inflation protection.· Strong downside protection with a quasi‑monopoly positioning in its core regional markets characterised byhigh barriers to entry.· Energy efficiency and decarbonisation tailwinds driving growth opportunities to broaden service offering tocustomers including EV charging, solar panels, heat pumps and battery storage. UpdateFudura 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 akey 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, whilemanagement remains focused on driving pipeline conversion and improving scalability.
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Renewables & energy efficiencyEurope£50m PINT NAV 30 June 20261.5x MOIC 30 June 202625.07.22 Date of commitment NATIONAL BROADBAND IRELANDwww.nbi.ieFibre-to-the-premises network developer and operator working with the Irish Government to support the rollout ofthe National Broadband Plan, targeting connection to 560,000 rural homes. Investment thesis and value creation strategy1 · Stable cash flows with inflation protection expected through the terms of the project agreement with regard tothe 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 theIrish 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. UpdateThe rollout of the National Broadband Plan - NBI's partnership with the Irish Government - remains on plan and onbudget, with deployment now around 90% complete. Management remains focused on completing rollout to theremaining 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, withpenetration rates higher than levels predicted at this stage of the rollout, with the expectation that the remainingequity commitment to the company will not be required. Digital infrastructureEurope£42m PINT NAV 30 June 20261.4x MOIC 30 June 202609.11.22 Date of commitment GD TOWERSwww.dfmg.de/en | www.towers.atLargest tower operator and telecom infrastructure network in Western Europe with c.40,000 tower sites acrossGermany, now known as Deutsche Funkturm, and Austria, now known as Towers Infra Austria. Investment thesis and value creation strategy1 · Majority of cash flows are contracted and index-linked, offering strong downside protection in challengingmacroeconomic conditions.· Favourable market tailwinds from regulatory‑driven 5G coverage requirements with significant growthopportunities.· Organic and inorganic growth opportunities arising from acquisition opportunities from other marketparticipants and numerous consolidation opportunities in Europe. UpdateGD Towers continues to perform broadly in line with the original investment case. The business has madesignificant progress in streamlining its BTS operations, reducing lead times and addressing a key improvementarea identified in the initial business plan. The company is now shifting its focus to managing unitary capex in lightof cost inflation. Co‑location revenues have also increased, driven by significantly improved lead times and astrategic focus on expanding relationships with mobile network operators beyond Deutsche Telekom. Thecompany completed a €2.5 billion debt refinancing in Q4 2025, resulting in a substantial dividend distribution in2025. Digital infrastructureEurope£37m PINT NAV 30 June 20261.3x MOIC 30 June 202631.01.23 Date of commitment GLOBALCONNECTwww.globalconnectgroup.comLeading pan-Nordic wholesale and retail telecoms business with extensive fibre network and data centre portfolio. Investment thesis and value creation strategy1 · Majority of cash flows are contracted and index‑linked, offering downside protection in challengingmacroeconomic 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 largerbandwidth and numerous consolidation opportunities. UpdateIn 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 thebusiness performing below plan due to lower revenues and an expected lower terminal value as a result. Thecompany launched a sale process in 2025, with a sale of part of the company anticipated in the second half of2026. Separately, the sale of the company's Norwegian B2C business has been approved by the regulator, andthe company announced the appointment of a new group CEO, effective 1 September 2026.
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Digital infrastructureEurope£20m PINT NAV 30 June 20261.1x MOIC 30 June 202622.06.23 Date of commitment ZENOBĒwww.zenobe.comZenobē provides essential infrastructure that contributes to international power and transport sectordecarbonisation targets. Investment thesis and value creation strategy1 · Substantial and growing market opportunity driven by significant capex required to meet demand for EV buscharging 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-qualitycounterparties.· Significant overseas growth potential in the US and Europe. Update Zenobē continues to regularly secure high‑profile contracts, though overall profitability is currently tracking behindthe entry plan. This is primarily due to slower‑than‑expected growth in the bus segment and revenue volatility inbattery trading, which has impacted the network infrastructure side of the business. Management remainsconfident in a recovery on the bus side, supported by strong customer relationships and the sector'sdecarbonisation obligations. Meanwhile, the company has made substantial progress in gearing up forinternational growth, now targeting projects in Europe as well as North America. Renewables & energy efficiencyUK£44m PINT NAV 30 June 20261.4x MOIC 30 June 202607.09.23 Date of commitment IPX POWER(formerly Intersect Power)www.ipxpower.comUS‑based developer and operator of co‑located power infrastructure, with 4.4 GW of solar PV and 8.8 GWh ofbattery storage in construction or operation. Investment thesis and value creation strategy1 · Attractive risk‑adjusted returns with strong downside protection from its Power Purchase Agreements (PPAs)and sizeable operating portfolio, alongside credible upside potential from its development pipeline.· Highly experienced management team with more than 20 years' experience.· Equipment secured from domestic supply chain protected from tariffs. UpdateThe sale of Intersect Power's pipeline of energy and data centre projects was completed in March 2026, with PINTreceiving cash proceeds of $43.8 million and remaining invested in the residual business operating the retainedgeneration assets, which has been rebranded as IPX Power. Asset development is expected to continue broadlyas 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 its1.6 GWp Darden projects in May 2026, with commercial operations expected in 2028. Renewables & energy efficiencyNorth America£12m PINT NAV 30 June 20261.6x MOIC 30 June 202622.09.25 Date of commitment TERRA-GENwww.terra-gen.comLeading US renewables platform operating c.4 GW of utility-scale solar, wind and battery storage capacity,alongside a c.14+ GW development pipeline. Investment thesis and value creation strategy1 · Attractive risk‑adjusted returns with strong downside protection from its PPAs and sizeable operating portfolioacross 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 regulatoryenvironments, including California, New York and Texas. · More than 8 GW of pipeline projects safe harboured3, forecast to reach in service by 2030, with high visibilityinto near‑term EBITDA growth from more than 2 GW of projects under construction or at an advanced stagewith interconnection secured. UpdatePINT 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 projectsacross key markets in the US. Its portfolio comprises more than 35 generating and storage facilities, locatedprimarily in California, with additional sites in New York and Texas. The company currently operates 4.3 GW of
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facilities, including approximately 5.6 GWh of storage capacity. Terra-Gen has a pipeline of approximately 4+ GW in late‑stage development or under construction, with a further 10+ GW in early to mid-stage development. Renewables & energy efficiencyNorth America£29m PINT NAV 30 June 20261.0x MOIC 30 June 202619.06.26 Date of commitment 1. There is no guarantee that the investment thesis will be achieved. Pantheon opinion. Past performance is not indicative of future results. Future results are not guaranteed, and loss of principal may occur. Please refer to 'Disclosure 1 - Investments' towards the back of the full Interim Report. 2. Following the completion of Constellation's acquisition of Calpine in January 2026 for cash and share consideration, part of PINT's shareholding was converted into listed shares in Constellation. 3. Refers to projects that have taken qualifying steps under current rules to lock in eligibility for federal renewable energy tax credits, protecting them from being affected by future changes to tax policy. PerformancePortfolio movementDuring the period, the Portfolio experienced an underlying decline of £18.8 million (30 June 2025: growth of £34.4million), reflecting a (3.1)% (30 June 2025: 6.5%) movement on the opening capital invested, adjusted for capitalcalls and investments totalling £28.9 million (30 June 2025: £nil million), but before adjusting for distributions toPINT totalling £56.2 million (30 June 2025: £4.8 million). Excluding Constellation, the fair value movement was again of £7.1 million in the period. Foreign exchange movements added a gain of £0.8 million (30 June 2025: £(12.8) million), resulting in a closingvalue of £562.5 million at 30 June 2026 (30 June 2025: £548.5 million). The Portfolio had a weighted average discount rate (WADR) of 13.1%1 at the period end (30 June 2025: 12.3%). Calpine saleThe sale of Calpine to Constellation was completed in January 2026. As a result of tax planning around thecompletion of the sale, the Company elected to receive a distribution in kind of Constellation shares. PINTreceived $28.5 million of upfront cash consideration and 326,057 Constellation shares, 50% of which becameunrestricted from 1 July 2026, with the remainder locked up until 1 July 2027. As at 21 September 2026, 163,029Constellation shares have been sold at an average price of $273, realising total cash proceeds of $44.5 million.Until such time as the Company's holding in Constellation is fully realised or its exposure to Constellation isotherwise mitigated, the Company remains exposed to the performance of Constellation stock. PINT's NAVexposure is expected to be equivalent to a movement of approximately 0.26p per share for every $10 movement inthe Constellation share price. For information regarding our investment policy, please refer to page 131 of the Pantheon Infrastructure Plc annualreport 2025. 1. Weighted average discount rate of 13.1% is based on the discount rate or implied discount rate of each Portfolio Company investment at 30 June 2026, weighted on an investment fair value basis (excluding undrawn commitments) across the Portfolio, excluding Constellation. FURTHER INFORMATIONTo view PINT's Interim Report document for period ended 30 June 2026 in full, please paste the following URL intothe address bar of your browser: http://www.rns-pdf.londonstockexchange.com/rns/8689V_1-2026-9-22.pdf The full Interim Report document will also be available today on www.pantheoninfrastructure.com/ and will besubmitted shortly in full unedited text to the Financial Conduct Authority's National Storage Mechanism and will beavailable for inspection at data.fca.org.uk/#/nsm/nationalstoragemechanism in accordance with DTR 6.3.5(1A) ofthe Financial Conduct Authority's Disclosure Guidance and Transparency Rules. The financial information contained in this interim report, the comparative figures for the six months ended 30 June2025 and the comparative information for the year ended 31 December 2025 do not constitute statutory accountsbut is derived from those accounts. The annual report and financial statements for the year ended 31 December2025 have been delivered to the Registrar of Companies. The financial information for the six months ended 30June 2026, and for the six months ended 30 June 2025, has not been audited but has been reviewed by theCompany's Auditor and their report can be found in the Company's full Interim Report atwww.pantheoninfrastructure.com/. This interim report provides information about certain investments made by PINT. It should NOT be regarded as arecommendation. Pantheon makes no representation or forecast about the performance, profitability or success ofsuch investments. You should not assume that future investments will be profitable or will equal the performance ofpast recommendations. The statements made reflect the views and opinions of Pantheon as of the date of theinvestment analysis. Contact Information: Pantheon Infrastructure PlcTelephone+44 (0)20 3356 1800
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Emailpint@pantheon.com Websitewww.pantheoninfrastructure.com Important InformationA copy of this announcement will be available on the Company's website at www.pantheoninfrastructure.com/.Neither the content of the Company's website, nor the content on any website accessible from hyperlinks on itswebsite for any other website, is incorporated into, or forms part of, this announcement nor, unless previouslypublished by means of a recognised information service, should any such content be relied upon in reaching adecision as to whether or not to acquire, continue to hold, or dispose of, securities in the Company. [ENDS] LEI: 213800CKJXQX64XMRK69 This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authorityto act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this informationmay apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the informationcontained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. Forfurther information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END