Pantheon International H1 2026 Earnings Report

Pantheon International EPS Results

• Actual EPS: GBX 2.02
• Consensus EPS: N/A
• Beat/Miss: N/A
• One Year Ago EPS: N/A

Pantheon International Revenue Results

• Actual Revenue: N/A
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Pantheon International Announcement Details

• Quarter: H1 2026
• Date: 2/26/2026
• Time: Before Market Opens
• Conference Call Date: Thursday, February 26, 2026
• Conference Call Time: 2:00AM ET

Pantheon International (LON:PIN) (PIN) is an investment trust that provides investors with differentiated access to a global, diversified portfolio of private equity-backed companies through a flexible and active investment approach. Through its commitments to some of the world’s best private equity managers that might otherwise be inaccessible to individual investors, PIN makes the private, public. Launched in 1987 and a constituent of the FTSE 250, PIN is a company of scale and one of the longest established private equity funds on the London Stock Exchange. PIN’s aim is to maximise capital growth for shareholders over the long term. PIN is managed by Pantheon, a leading global private markets manager with an established reputation for generating strong results for its clients across asset classes in primary, co-investment and secondary private market solutions. Pantheon, along with the Board of PIN, believes that high-quality private equity investments can generate excess returns that are capable of outperforming public markets over the long term.

Pantheon International H1 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: PIN's NAV rose 4.9% in the six months to 30 Nov 2025, driven by modest valuation gains and investment income (+2.8%), favorable USD currency moves (+2.2%) and partly offset by expenses and taxes.
• Positive Sentiment: The share price outperformed, increasing 26.7% over the period and the discount to NAV narrowed materially from 40% to 28% by end-November.
• Positive Sentiment: PIN deployed capital to enhance shareholder value, buying back GBP 42.8m of shares (adding ~1% to NAV), committing GBP 92.6m to seven new investments, and agreeing a simplified, reduced management fee with Pantheon effective 1 June 2026.
• Neutral Sentiment: Balance sheet and financing were strengthened: the GBP 400m revolving credit facility was refinanced and extended to Oct 2029 on improved terms, PIN had net debt of 9.3% and comfortable liquidity metrics (4.4x financing cover; 87% undrawn coverage).
• Positive Sentiment: Portfolio and market signals improved—distribution rate rose from 12% to 15%, net portfolio cash flow was GBP 83.1m (vs GBP 45m prior period), and management sees early signs of a recovery in private equity deal flow, especially benefitting PIN's small/mid‑market focus.

Presentation

[Company Representative at Pantheon]

During the six months to 30th of November, 2025, PIN's Net Asset Value or NAV increased by 4.9%. Modest underlying valuation gains and investment income contributed 2.8% to the NAV. The majority of PIN's unhedged portfolio is U.S. dollar denominated, therefore, favorable currency movements added a further 2.2%. PIN has continued to buy back its own shares in order to capture value for shareholders, and during the period, PIN invested GBP 42.8 million in share buybacks. These added a further 1% to the NAV. The positive movements during the period were offset by expenses and taxes. The share price increased by 26.7% during the six months to the end of November, outperforming the MSCI World and FTSE All-Share indices over the same period.

[Company Representative at Pantheon]

While still too wide in our view, the discount narrowed from 40% at the end of May 2025 to 28% at the end of November. Generating NAV outperformance has been more challenging in recent years, especially given the exceptionally strong performance of the public markets. Nevertheless, we are focused on delivering the attractive returns that our shareholders expect from a private equity portfolio. As we discussed at the year-end, we've agreed a number of actions with the board that are designed to improve long-term NAV performance and close the discount at which the shares trade. We've materially enhanced our analytical capabilities to give more insights into the underlying portfolio.

[Company Representative at Pantheon]

We believe that this provides more granularity and transparency to the board in order that they can make more informed strategic decisions, for us, as manager, we can apply the learnings to ensure that we're maximizing the potential of the portfolio and investing in the right mix of assets. Finally, we believe that this more detailed information is helpful for investors and analysts to help them develop a greater understanding of the different elements that impact the performance of the underlying portfolio. PIN provides investors with a portfolio of growing private companies, which we achieve through a combination of funds and individual company investments. As at the 30th of November, 2025, approximately 39% of PIN's portfolio was in invitation-only, access-constrained primary funds. Around 53% of PIN's portfolio was invested directly in private companies.

[Company Representative at Pantheon]

The key factor in assessing PIN's primary investments is always the strength of the private equity manager and their ability to outperform the public markets. PIN's manager buy list has been refined to concentrate capital with those demonstrating consistent first and second quartile performance. We also prioritize sector specialists with proven buy and build capability and repeatable operational value creation. We believe that ensuring that we invest only with and alongside leading private equity managers, and that we maintain the right mix of direct company investments and primary funds in the portfolio, are fundamental to achieving our objective of improving returns through cycles. Secondaries market continued to experience record transaction volumes in 2025. In the past, PIN has strategically sold assets in the secondary market as a tool through which to optimize its underlying portfolio.

[Company Representative at Pantheon]

We intend to do this more actively in the future and when the timing is right to do so. This will allow us to reshape the portfolio in line with PIN's investment strategy objectives. We've also implemented a disciplined capital allocation policy, as set out by the chair previously. In addition to the share buybacks conducted during the period, we have committed GBP 92.6 million to seven new investments. We have agreed with the board a reduction in the management fee that PIN pays to Pantheon. The calculation of the fee has been simplified, and this will be in place from the 1st of June, 2026.

[Company Representative at Pantheon]

Our prudent management of the balance sheet supports our activities. The measured use of leverage to reduce cash drag and enhance NAV growth is central to PIN's strategy. During the period, PIN refinanced and extended the tenure of its GBP 400 million revolving credit facility to October 2029 on improved commercial terms that compare favorably relative to our closest peers. PIN also has access to $150 million of private placement loan notes. As at 30 November, 2025, PIN had GBP 120 million drawn down under the credit facility and GBP 113 million of sterling equivalent loan notes outstanding. Taken in conjunction with PIN's net available cash of GBP 24 million, PIN had a net debt position of 9.3% as at the period end. We believe that our net debt is at a prudent level.

[Company Representative at Pantheon]

PIN's financing cover as of 30 November 2025, was 4.4 times, and the undrawn coverage ratio was comfortable at 87%. We regularly stress test the balance sheet to ensure that PIN has sufficient financial resources and liquidity to withstand a variety of scenarios and market conditions, as well as take advantage of share buybacks and new deal opportunities.

[Company Representative at Pantheon]

After a challenging few years, private equity demonstrated its resilience in 2025 and started to bounce back slowly. Private equity market transaction volumes ended the year strongly. Those deals occurred mostly at the larger end of the private equity market, with some initial public offerings launching successfully. PIN focuses on the small and mid-market segment of private equity, which are well-established businesses that are typically sold to corporate buyers or larger private equity managers. We do not rely on the public markets to exit the companies in PIN's portfolio. Nevertheless, high-profile large deals and a buoyant IPO market are helpful for driving positive sentiment, which filters down to the other parts of the market where PIN is more active. In addition, the smaller and mid-sized companies in PIN's portfolio are often acquisition targets for those larger managers seeking to deploy capital on behalf of their investors.

[Company Representative at Pantheon]

We are starting to see the early signs of this market recovery coming through to PIN's portfolio. While still below the long-term average, there has been an evident increase in exit volumes. The distribution rate improved from 12% to 15% during the six-month period. PIN has continued its track record of being cash generative, generating net portfolio cash flow of GBP 83.1 million during the six months to 30 November 2025. This compares to GBP 45 million in the prior year. PIN's portfolio has been consistently cash generative, and over the last 10 years has produced a total of GBP 1.5 billion of net cash.

[Company Representative at Pantheon]

We enter 2026 with a constructive outlook, with momentum of private equity deal flow starting to build. We believe that maintaining an allocation to private equity remains a key component of a well-balanced portfolio. As we look ahead, we've agreed a clear strategic plan with the board, and with these actions underway, we are confident that PIN is well positioned to deliver improved NAV progression over the medium term, as our shareholders expect. With PIN, our aim is to offer a one-stop shop for investors wishing to access a wide and diversified range of private equity opportunities around the world. Since its inception in 1987, PIN has been, and we believe continues to be, one of the most accessible ways for investors of all types and sizes to do this.

[Company Representative at Pantheon]

If you have any questions or would like more information on PIN, please visit the website, follow PIN on LinkedIn, or contact the team here at Pantheon.

Participants

Analysts

• Company Representative at Pantheon