Pantheon International PLC · LSE:PIN
Pantheon International — H1 2026 Earnings Presentation
49 slides from Pantheon International's earnings presentation, February 2026
Slide 1: Pantheon International Plc – Half Year Results to 30 November 2025
PRIVATE & CONFIDENTIAL Pantheon International Plc Access, opportunity, growth Half Year Results to 30 November 2025 Investor Presentation
Slide 2: Agenda
Agenda 1. Introduction and highlights 2. PIN portfolio construction and evolution 3. Financial results 4. Financial position 5. Investment activity 6. Corporate governance 7. Recent performance 8. Conclusion Appendix Unless expressly mentioned, all information and data is sourced from PIN’s monthly
Slide 3: 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 4: The past six months mark an important turning point for PIN
The past six months mark an important turning point for PIN Refocusing our investment strategy Reducing our cost base • Invest in leading private equity managers globally. • PIN Board negotiated a new management fee arrangement with Pantheon. • Deploy capital more consistently through the economic c
Slide 5: 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 4% 2% 2% 8% 6% 6% 9% 7% 32% 18% 11% 34% 39% 47% 53% 12% 32% 21% 25% 13% 19% Informatio
Slide 6: PIN's portfolio is actively managed
PIN’s portfolio is actively managed Number of Portfolio Companies Direct company investments vs Funds Comprising 80% of PIN's Total Revenue and EBITDA growth1,2 Exposure 922 17% 47% 13% 12% 503 10% 100% 53% June 2013 Nov 2025 June 2013 Nov 2025 Revenue growth EBITDA growth Direct company investments
Slide 7: Long-term outperformance: financial results for the half year
Long-term outperformance Financial results for the half year ended 30 November 2025 NAV per Annual NAV growth Share price NAV Market cap 5YR TSR share growth2 over past 10 yrs movement2 £2.3bn +4.9% +12.4% £1.6bn +26.7% +61.8% Annualised performance as at 6 months2 1 yr 3 yrs 5 yrs 10 yrs Since ince
Slide 8: 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 5.0p (5.7p) 520.8p 11.0p 11.4p 2.6p 496.5p 10.8% +2.4% Return 4.7% +2.3% +0.5% +2.2% +1.0% (1.1%) +4.9% 4.2% May 2025 Valuation Investment FX impact
Slide 9: Portfolio insights
Portfolio insights Analysis of the sources of NAV growth within the directs portfolio (June 2024 to June 2025)1 Revenue Growth 15.5% 0.2% 0.5% 105.5% 100.0% (3.9%) 100.7% (4.5%) (2.2%) (4.8%) +12.7% EBITDA Growth June Value EBITDA Net Debt Multiple Other Valuation Portfolio FX June 2024 contribution
Slide 10: 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% 15% 25% 22% 20% 12% 17% 10% 8% 2020 2021 2022 2023 2024 2025 2017 2019 H1 2026 2018 2020 2021 2022 2023
Slide 11: PIN's balance sheet is prudently managed
PIN’s balance sheet is prudently managed As at 31 January 2026 As at 31 January 2026 £2,390m 4.5x financing cover2 8.9% £2,176m Net debt to NAV1 91% undrawn coverage ratio3 (£194m) £601m £308m Net cash / (debt) NAV Drawn Credit Facility Loan notes Net available cash NAV Portfolio & Available Financi
Slide 12: Sources of capital
Sources of capital Six-month period to 30 November 2025 Exit examples • PIN received £176m in proceeds from PIN’s portfolio, equivalent to an annualised Company Manager Proceeds distribution rate of 15%. • £284m of PIN's £400m loan facility remained undrawn as at the half year-end PAI £24.6m • On av
Slide 13: Uses of capital
Uses of capital Six-month period to 30 November 2025 Cash deployment split1 Quarterly share buybacks (£m) New commitments vs discount 40 £38 50% 40% 24% 24% 30 36% 40% 39% £24 £19 28% Stage Region 51% 20 26% 30% 61% 25% 10 20% 76% £3 0 10% Q3 Q4 Q1 Q2 Share buybacks 2025 2025 2026 2026 Europe Small/
Slide 14: Top 25 company investments in PIN's portfolio
Investment type Co-investment Top 25 company investments in PIN's portfolio Fund secondary Manager-led secondary Primary % of PIN % of PIN Investment Investment Company1 Description portfolio Company1 Description portfolio type type NAV NAV 1. Non-food discount stores 1.4% 14. Healthcare provider 0.
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 this financial year
Update on performance in this financial year Annualised Since performance as at 1 yr 3 yrs 5 yrs 10yrs NAV per share progression analysis inception1 31 January 2026 (Financial Year to Date) NAV per share -1.1% 3.1% 10.2% 11.3% 11.4% 7.9p 4.3p (3.1p) 5.8p (7.9p) 503.5p Ordinary share price 17.1% 12.5
Slide 17: Long-term outperformance over years
Long-term outperformance over 38 years As at 31 January 2026 7,000 6,000 11.3% Annualised NAV per share PERFORMANCE (REBASED TO 100) growth over past 10 years 5,000 11.4% NAV * 4,000 Annualised NAV per share PIN Ordinary growth since 1987 Share Price * 3,000 MSCI World Total 2,000 Return (Sterling)
Slide 18: Appendix
APPENDIX
Slide 19: 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 20: 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 21: Pantheon has full control over portfolio construction
Pantheon has full control over portfolio construction • We have control of investment strategy, PIN and overseen 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 22: Management Fee Reduction Effective 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 23: 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% 19% 25% 26% 17% 16% 23% 21% 21% 19% 19% 19% 18% 18% 18% 12% 11% 15% 11% 14% 9% 10% 10% 9% 8% 8% 8% 7% May-22
Slide 24: Core themes informing PIN's investment strategy
Core themes informing PIN's investment strategy Companies Partners • Structural sector tailwinds Revenue resilience • Recurring revenue models • Low end market cyclicality • Mission-critical product offering, with high switching costs Margin stability • Track record of cost pass-through • Ability to
Slide 25: New investments case studies
New investments case studies Investment Rationale Pantheon Angle Manager Advent International PIN backed Kereis France for its strong Pantheon has a long-standing relationship Investment fundamentals, defensive income and clear with Advent. Co-investment growth potential. Type • Recurring revenue mo
Slide 26: Distribution case study: Froneri
Distribution case study Private Equity Manager PAI Partners (“PAI”) Investment Type Manager-led secondary Froneri is a global ice cream manufacturer formed in 2016 as a 50:50 joint venture between PAI (via R&R Ice Cream) and Nestlé’s European ice cream business. By 2025, it operated in 25 countries,
Slide 27: Distribution case study: Ziply Fiber
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 28: Positive returns across investment types and stages
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 29: 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 22% Harvest period Value creation period 16% 15% Investment period Potential fund extension 10% 9% 8% 7% 6% 4% 3% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 and and 5.7 years earlie
Slide 30: PIN invests proportionately more in high growth sectors
PIN invests proportionately more in high growth sectors Valuation Multiples1 (EV / EBITDA) PIN Directs Portfolio3 MSCI World4 2% 1% 27.4x 4% 4% 8% 12% 29% 26% 8% 13% 10% 15.0x 11% 17% 18% 21% 16% Information Technology Information Technology Healthcare Consumer Consumer Financials PIN Directs MSCI W
Slide 31: 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 5.0x 4.8x In-house debt Disciplined Covenant-lite specialists use of debt debt PIN Directs Subset MSCI World 2 Directs constitute 53% of PIN's overall portfolio We seek to invest
Slide 32: 2026 Private Equity Outlook
2026 Private Equity Outlook: Distributions, Valuations & Returns Private equity deal activity is rebuilding, supported by improving macro conditions, easing inflation and greater credit availability Market & Exit Backdrop Valuations & Deal Structure Returns & Investor Implications Constructive envir
Slide 33: Key themes in private markets
Key themes in private markets Liquidity Pressure Secondaries Rise • Fundraising headwind • Record volume in 20241 • Long tail of deals in portfolios • Multi-year opportunity • Rise of alternative liquidity forms • Increasing acceptance of continuation vehicles • Impact on GP bandwidth Resilient Valu
Slide 34: Private equity deal flow up in 2025
Private equity deal flow up in 2025, but still below peaks of 2021/2022 Deal flow by type ($bn) 2024 to 2020 to 2025 2025 Growth CAGR $3,085 Buyout 30.6% 3.8% Growth 28.2% 16.6% 18,034 Global number of private equity deals closed in Venture 6.5% 2.6% 20251 $776 $2,581 Add Ons 11.2% 5.7% (↓7.1% from
Slide 35: Thawing M&A market will see a bifurcation of valuations
Thawing M&A market will see a bifurcation of valuations and mid-market opportunities Median EV / EBITDA Multiple1 United States Europe 14.1x 14.0x 13.7x 12.8x 12.0x 12.0x 11.9x 11.8x 11.8x 11.6x 11.4x 11.3x 11.3x 11.2x 11.0x 10.7x 10.2x 10.2x 10.1x 9.9x 9.9x 9.1x 2015 2016 2017 2018 2019 2020 2021 2
Slide 36: Fundraising was down across asset classes in 2025
Fundraising was down across asset classes in 2025 Capital raised by strategy ($bn)1 2024 to 2025 2020 to 2025 Growth CAGR 862 Buyout -17.3% 0.8% Number of Buyout and Growth funds Closed in 2025 Growth -4.5% 0.9% (↓21.6% from 2024) Venture Capital -28.2% -15.5% $614m Average Buyout and Growth fund si
Slide 37: Dry powder continues to grow
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 38: Pressure for liquidity generation from fund investors will continue to mount
Pressure for liquidity generation from fund investors will continue to mount Private equity portfolio growth and aging 20,000 7.0 $7,000 18,000 6.4 6.2 6.1 6.0 5.9 5.8 5.8 16,000 $6,000 5.4 5.5 5.4 5.5 Number of US PE-backed companies 5.4 5.1 14,000 4.9 13k 4.5 13k $5,000 Unrealized Value ($bn) 12k
Slide 39: Record deal flow in past five years
Record deal flow in past five years, with similar expectations for 2026 Secondaries market volume1,2 Record deal flow driven by $226B market need for secondaries solutions $160B 47% Strong deal flow $134B Record annual deal flow of $226bn in 2025 $114B 44% $103B 51% $79B 45% $72B 47% $60B $54B 32% 3
Slide 40: 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 41: 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 42: Key information
Key information Ordinary shares Trading symbol PIN Bloomberg PIN:LN Exchange London Stock Exchange, MAINMARKET SEDOL BP37WF1 ISIN GB00BP37WF17 Market Cap1 £1.6bn Net Asset Value per share1 503.5p Admission to trading September 1987 Currency GBP Company information Investment manager Pantheon Venture
Slide 43: 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 44: 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 45: 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 46: 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 47: 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 48: 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 49: Pantheon
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