Pantheon International PLC · LSE:PIN
Pantheon International — FY2026 Earnings Presentation
57 slides from Pantheon International's earnings presentation, May 2026
Slide 1: Full Year Results to 31 May 2026 Investor Presentation
PRIVATE & CONFIDENTIAL Full Year Results to 31 May 2026 Investor Presentation
Slide 2: Agenda
Agenda 1. Highlights and PIN portfolio construction 2. Financial results for the full year 3. Portfolio insights 4. Sources and uses of capital 5. Investment strategy and top 25 companies 6. Corporate governance 7. Recent performance 8. Financial position 9. Conclusion Appendix Unless expressly ment
Slide 3: PIN – FTSE 250 investment trust managed by Pantheon
PIN – FTSE 250 investment trust managed by Pantheon Providing access to a high-quality diversified portfolio of private companies Investment Type¹ 53% Stage¹ Region¹ Company Sectors3 invested directly in companies 2% 2% 1% 8% 8% 6% 7% 7% 33% 11% 18% 35% 39% 48% 54% 13% 33% 20% 24% 14% 17% Small/Mid
Slide 4: Significant progress has been made in achieving our strategic aims
Significant progress has been made in achieving our strategic aims Refocusing our investment strategy Reducing our cost base • Invest in leading private equity managers globally and deploy capital more • The Board negotiated a new management fee arrangement with consistently through the economic cyc
Slide 5: Long-term outperformance
Long-term outperformance Financial results for the full year ended 31 May 2026 NAV per Annual NAV growth Share price NAV Market cap 5YR TSR share growth over past 10 yrs movement £2.1bn +4.3% +11.5% £1.7bn +37.5% +49.6% Annualised performance as at 1 yr 3 yrs 5 yrs 10 yrs Since inception1 31 May 202
Slide 6: PIN's portfolio has held up well in the current macroeconomic environment
PIN's portfolio has held up well in the current macroeconomic environment NAV per share movement Valuation movements by stage3 Overall Portfolio Return 11.1p (11.8p) 3.5p 517.9p 13.3p 5.3p 496.5p 33.4% +3.1% Return 3.5% 3.0% +2.7% +1.1% +0.7% +2.2% (2.4%) +4.3% 0.9% -1.8% May 2025 Valuation Investme
Slide 7: Portfolio insights
Portfolio insights Analysis of the sources of NAV growth within the directs portfolio (December 2024 to December 2025)1 Revenue Growth 5 12.0% (0.9%) 104.7% 101.3% 100.0% (2.4%) (1.5%) (0.7%) (1.9%) (3.4%) +10.3% EBITDA Growth 5 December Value EBITDA Net Debt Multiple Other Valuation Portfolio FX De
Slide 8: Exits demonstrate significant embedded value in PIN's portfolio
Exits demonstrate significant embedded value in PIN's portfolio Annual distribution rate (%) Value-weighted average uplift on exit realisations (%)1 27% 26% 42% 24% 25% 22% 35% 36% 17% 28% 26% 27% 16% 25% 22% 20% 12% 18% 10% 8% 2020 2021 2022 2023 2024 2025 2026 2017 2018 2019 2020 2021 2022 2023 20
Slide 9: Sources of capital
Sources of capital Financial year to 31 May 2026 Exit examples • PIN received £392m in distributions from PIN’s portfolio, equivalent to an annualised Company Manager Proceeds distribution rate of 16% Index Ventures / • Net cash flow rose 60% year-on-year to £215m, despite ongoing market uncertainty
Slide 10: Uses of capital
Uses of capital Financial year to 31 May 2026 Cash deployment split1 Quarterly share buybacks (£m) New commitments vs discount 56.9 40 36% 40% 32% 35% 14% 30% 30 28% 30% 37% 21% 25% 17% Stage Region 20 23.6 20% 19.2 18.7 15% 63% 70% 69% 10 10% 5% 0 0% Aug-2025 Nov-2025 Feb-2026 May-2026 Share buybac
Slide 11: Active Capital Management: Share Buybacks vs New Investments
Active Capital Management : Share Buybacks vs New Investments PIN has been actively investing in share buybacks £197m £180m PIN has invested >£350m in buybacks since May 2022 Including the recently £118m announced £180m, PIN has committed c.£580m to share buybacks (23% of 1 June 2021 NAV) £54m Signi
Slide 12: Strategy Evolution in a New Market Environment
Strategy Evolution in a New Market Environment Implementing our Active Capital Management Strategy PIN’s value PIN provides investors with a balanced, diversified portfolio of private companies through proposition funds and directs to build long-term value for shareholders Increased focus on c.2
Slide 13: Core themes informing PIN's investment strategy
Core themes informing PIN's investment strategy Themes we are Mid-market: Opportunity for outperformance focused on in 2026 with more attractive entry valuations and lower debt levels vs. large cap. Leverage our expertise in fund and asset selection, targeting positions with robust value creation
Slide 14: Top 25 company investments in PIN's portfolio
Investment type Primary Top 25 company investments in PIN's portfolio Fund secondary Co-investment Manager-led secondary % of PIN % of PIN Investment Investment Company1 Description portfolio Company1 Description portfolio type type NAV NAV Developer of a cloud-based 1. Non-food discount stores 1.5%
Slide 15: PIN is committed to the highest standards of corporate governance
PIN is committed to the highest standards of corporate governance Appoints Shareholders PIN Board PIN Pantheon Invest via LSE (Oversees) Tony Morgan Chair Appointed to the Board: 3 January 2025 Manages Mary Ann Sieghart / Senior Independent Director / Appointed to the Board: 30 October 2019 • The Bo
Slide 16: Update on performance in the financial year to date
Update on performance in the financial year to date Annualised Since performance as at 1 yr 3 yrs 5 yrs 10 yrs NAV per share progression analysis inception1 30 June 2026 (Financial Year to Date) NAV per share 6.8% 4.9% 8.3% 10.9% 11.4% 5.6p 4.6p (1.0p) 525.7p Ordinary share price 23.4% 15.0% 7.5% 11
Slide 17: PIN's balance sheet is prudently managed
PIN’s balance sheet is prudently managed As at 30 June 2026 As at 30 June 2026 £2,184m 4.6x financing cover2 3.3% Net debt to NAV1 £2,098m 117% undrawn coverage ratio3 £568m £446m (£69m) Net cash / (debt) NAV Drawn Credit Facility Loan notes Net available cash NAV Portfolio & Available Financing 4 U
Slide 18: Long-term outperformance over years
Long-term outperformance over 38 years As at 30 June 2026 8,000 7,000 10.9% PERFORMANCE (REBASED TO 100) Annualised NAV per share 6,000 growth over past 10 years NAV per share* 5,000 4,000 PIN Ordinary Share Price * 3,000 MSCI World Total 2,000 Return (Sterling) 1,000 FTSE All Share Total Return 0 8
Slide 19: Conclusion: Rigorous Focus on Driving Performance
Conclusion: Rigorous Focus on Driving Performance A finely tuned investment strategy, focussed on a reduced number of managers, reduced 1 cost base and commitment to capital returns 2 Fundamental drivers of investment thesis remain strong 3 A global, diversified portfolio offering further compelling
Slide 20: Appendix
APPENDIX
Slide 21: Market Update
MARKET UPDATE
Slide 22: Key themes in private equity today
Key themes in private equity today 1 Activity is recovering, but uneven Include 3 essential points and reduce the amount text on your slide. High-quality assets and larger transactions drove activity in 2025, although distributions grew across stages 2 Liquidity remains the key constraint Include 3
Slide 23: Current market themes and concerns
Current market themes and concerns AI and Software Private Credit Middle East The software profit pool – meaning what Following a period of The most immediate impact of the crisis is likely software vendors get paid for and how they get elevated base rates and to be on: a) companies based in/with la
Slide 24: Private equity deal flow up in 2025, recovering towards pre-COVID growth trend
Private equity deal flow up in 2025, recovering towards pre-COVID growth trend Deal flow by type ($bn)1,2 2024 to 2020 to 2025 2025 Growth CAGR Buyout/LBO 32.0% 12.6% Growth 12.6% 10.9% 80,629 76,740 Add Ons 13.3% 10.8% Venture Capital 30.2% 6.0% 65,246 63,315 61,229 54,994 57,077 52,747 $754 47,023
Slide 25: Private equity exit recovery underway, but not enough to fix liquidity bottleneck
Private equity exit recovery underway, but not enough (yet) to fix liquidity bottleneck Exit flow by type ($bn) 1,2 2024 to 2025 2020 to 2025 Growth CAGR Corporate acquisition 42.6% 13.6% 4,025 IPO 176.5% -2.4% Sponsor acquisition 95.0% 10.0% VC-backed exits 85.3% -3.2% 2,941 2,782 2,843 2,718 $865
Slide 26: Fundraising was down across asset classes in 2025
Fundraising was down across asset classes in 2025 Capital raised by strategy ($bn)1 2024 to 2025 Growth 2020 to 2025 CAGR 866 Number of Buyout and Growth Buyout -15.6% 1.4% funds Closed in 2025 Growth -0.3% 1.9% (↓20.8% from 2024) $600 Venture Capital -27.2% -14.5% $500 $720m Average Buyout and Grow
Slide 27: Dry powder continues to grow, dominated by mega and large buyout funds
Dry powder continues to grow, dominated by mega and large buyout funds $1,000 7-Year Growth 7-Year CAGR $900 2025 2018 $800 $700 Mega & Large Buyout 445 832 87% 13% $600 Mid & Small Buyout 247 296 20% 2% $500 $400 Venture 421 509 21% 3% $300 Growth 211 365 73% 7% $200 $100 Other Private Equity 97 78
Slide 28: 2025 was the highest year on record for secondaries volume
2025 was the highest year on record for secondaries volume Surpassing 2024 volume by over 40% Secondaries market volume1 Record deal flow $250 226 $200 160 Strong deal flow Transaction volume ($bn) $150 $226bn of total transaction volume, 134 representing a 41% YoY increase1 114 103 $100 80 72 60 54
Slide 29: Strategy
STRATEGY
Slide 30: The Driver of Change – A New Market Environment
The Driver of Change – A New Market Environment How we are responding to changes in the cycle What changed in the private equity environment? While private equity has generated attractive returns over the long term, the market environment has changed after a sustained period of low exit activity a
Slide 31: Strategy Evolution in a New Market Environment: Refocusing the portfolio
Strategy Evolution in a New Market Environment Refocusing the portfolio Increased concentration: Concentrating the portfolio around ~25 high-conviction Increased focus on core managers — teams with differentiated strategies, genuine specialism and managers with demonstrated ability to generate ret
Slide 32: Active Capital Management: Deep Dive On Recent Portfolio Sales
Active Capital Management : Deep Dive On Recent Portfolio Sales 8.1% discount achieved was solid and the sold portfolio (of Funds) was more tilted towards Europe 42 Number of investments As at 28 February 2026 Post-sale proforma as at 31 March 2026 28 Number of Managers Investment Type 8.1% Discount
Slide 33: Implementation of strategic agenda is underway with significant progress made
Implementation of strategic agenda is underway with significant progress made FROM TO PROGRESS Highly diversified Focused investment Managers reduced Portfolio Shape portfolio - tracks program seeking alpha 32% from ~90 to 62 broader PE market Investment pace New investments on Deployment Consistent
Slide 34: Pantheon's long-standing engagement on sustainability
Pantheon’s long-standing engagement on sustainability Early adoption and continued evolution of sustainability practices Consistently A/A+ in all PRI assessments since 20151 2007 - 2012 2013 - 2018 2019 - 2023 2007 2014 2021 • Signed up to the Principles for • Commenced sustainability • Launched Pan
Slide 35: Supporting Data
SUPPORTING DATA
Slide 36: PIN: Makes the private, public
PIN: Makes the private, public What is PIN Why PIN One of the longest and most well-established global Private equity invests in unlisted companies. private equity companies listed on the London Stock Exchange since 1987. Private equity has outperformed public equity over the long Over half of PIN’s
Slide 37: PIN's business model: Our investment strategies
PIN's business model Our investment strategies Direct company investments1: 53% of PIN's portfolio2 Funds: 47% of PIN's portfolio2 Co-investments Primaries We invest in a company directly, alongside a We invest in a new private equity fund private equity manager. when it is established. • Direct inv
Slide 38: Pantheon has full control over portfolio construction
Pantheon has full control over portfolio construction • We have control of investment strategy, overseen PIN and by the fully independent Board. Pantheon Pantheon is PIN’s PIN Pantheon • We have the flexibility to tilt the portfolio towards investment manager. where we see the best fit for our long-
Slide 39: Management Fee Reduction Effective 1 June 2026
Management Fee Reduction Effective 1 June 2026 Pantheon is currently entitled to a monthly management fee calculated as the sum of: • 1.5% on the value of investment assets up to £150m Management Fees • 1% on the value of investment assets in excess of £150m (Current) • 0.5% on the aggregate amount
Slide 40: Net portfolio cashflow positive despite a slowdown in distributions
Net portfolio cashflow positive despite a slowdown in distributions Historical Annualised Quarterly Distribution Rates1 (%) Historical Annualised Quarterly Call Rates (%) 37% 26% 24% 32% 30% 21% 27% 26% 28% 19% 25% 17% 16% 23% 22% 21% 21% 14% 19% 19% 19% 18% 18% 18% 12% 11% 12% 15% 11% 14% 9% 10% 10
Slide 41: New investments case studies
New investments case studies Investment Rationale Pantheon Angle Water Street Healthcare Partners (“Water Manager Street”) Sector specialisation: Focusing exclusively on Pantheon has been a primary investor with Investment one sector has allowed Water Street to build Water Street since Fund II in 20
Slide 42: Distribution case study
Distribution case study Private Equity Manager Index Ventures, Insight Partners Investment Type Primary Wiz is a cloud-native cybersecurity platform founded in 2020 by four co-founders, who were all veterans of a prior successful cybersecurity company exit. It helps enterprises find and prioritise t
Slide 43: Distribution case study
Distribution case study Private Equity Manager Searchlight Capital Partners (“Searchlight”) Investment Type Primary Ziply Fiber is a broadband and telecommunications provider in the Pacific Northwest USA (Washington, Oregon, Idaho, and Montana). Formed through the carve-out of Frontier Communication
Slide 44: The majority of investment types and all stages have produced positive returns
The majority of investment types and all stages have produced positive returns during the period. Returns by type Returns by stage +60.0% +60.0% +50.0% +50.0% +40.0% +40.0% +30.0% +30.0% +20.0% +20.0% +10.0% +10.0% - - (10.0%) (10.0%) (20.0%) (20.0%) Fund Manager-led Co-investments Primaries Small/M
Slide 45: PIN manages its maturity profile to maximise growth and liquidity
PIN manages its maturity profile to maximise growth and liquidity Fund vintage1 Yr 1 Yr 2 Yr 5 Yr 7 Yr 10 Yr 12 25% Harvest period Value creation period 15% Investment period Potential fund extension 12% 10% 8% 7% 6% 6% 6% 5% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 and and 5.7 years earlie
Slide 46: Reasonable Valuation Positioning Relative to Public Peers
Reasonable Valuation Positioning Relative to Public Peers Q4 2025 vs Q4 2024 We believe that the portfolio is reasonably valued relative to public market comparables. The MSCI World Index is dominated by larger public companies relative to PIN’s portfolio. PIN Directs Portfolio1 PIN Direct Portfolio
Slide 47: Debt in PIN's direct company portfolio is actively managed
Debt in PIN's direct company portfolio is actively managed Directs Debt Multiples (Debt / EBITDA) Mid-market debt trends1 4.9x 5.0x In-house debt Disciplined Covenant-lite specialists use of debt debt 2 PIN Directs Subset LBO Directs constitute 53% of PIN's overall portfolio We seek to invest in man
Slide 48: Our proprietary Sustainability Due Diligence Scorecards
Our proprietary Sustainability Due Diligence Scorecards Pantheon has developed our own Sustainability Scorecards to provide a comprehensive view of each investment during due diligence and to support ongoing monitoring Sustainability scorecards GP Fund Single Asset Multi-Asset Oversight & Implementa
Slide 49: Investing in private markets for 40+ years
Investing in private markets for 40+ years 1983 1987 1988 1993 1994 1997 2000 2009 2017 2019 2020 2021 2022 2023 2026 Pantheon Offices PE Primaries Pantheon International Plc 1982 London 2007 2014 2022 New York 2021 PE Secondaries Seoul2 Chicago Berlin 3 2018 PE Co-investments Dublin 2023 2011 2018
Slide 50: Key information
Key information Ordinary shares Trading symbol PIN Bloomberg PIN:LN Exchange London Stock Exchange, MAINMARKET SEDOL BP37WF1 ISIN GB00BP37WF17 Market Cap1 £1.5bn Net Asset Value per share1 525.7p Admission to trading September 1987 Currency GBP Company information Investment manager Pantheon Venture
Slide 51: Important Notice
Important Notice This document and the information contained herein is the proprietary information of Pantheon International Plc (“PIN”); it may not be reproduced, amended, or used for any other purpose, without the prior written permission of PIN. This document is distributed by Pantheon Ventures (
Slide 52: Disclosures - case studies
Disclosures - case studies Disclosures 1 These case studies are examples of specific private transactions made by Pantheon funds / clients and are designed to assist prospective investors / clients to understand Pantheon’s investment management style / strategy. It should NOT be regarded as a recomm
Slide 53: Important Disclosure
Important Disclosure This document and the information contained herein has been prepared by Pantheon and is the proprietary information of Pantheon; it may not be reproduced, provided or disclosed to others, without the prior written permission of Pantheon. For this purpose, “Pantheon” means the Pa
Slide 54: Important Disclosure
Important Disclosure By accepting this document, you acknowledge and agree that this material is provided for your use only and that you will not distribute or otherwise make this material available to any other person without the prior written permission of Pantheon. Important information regarding
Slide 55: Important Disclosure
Important Disclosure • An investment in a fund investing in alternative investments involves a high degree of risk. Such investments are speculative, subject to high return volatility and will be illiquid on a long-term basis. Investors may lose their entire investment. • Managers of funds investing
Slide 56: Important Disclosure
Important Disclosure MSCI Europe Index is a free float‐adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed markets in Europe. The MSCI Europe Index consists of the following 15 developed market country indexes: Austria, Belgium, De
Slide 57: Pantheon International
PANTHEON INTERNATIONAL
Pantheon International — FY2026 Earnings Presentation on 6ix