PANTHEON INFRASTRUCTURE PLC - Full Year Results for the year ended 31 December 2025

Pantheon Infrastructure PLC’s 2025 annual results investor update highlighted strong company performance, with NAV total return of 14.4% for the year and continued outperformance versus its 8–10% target, supported by EBITDA growth, rising revenue across portfolio companies, and disciplined capital allocation. The diversified infrastructure portfolio, now valued at around £608 million, delivered further NAV per share growth to 130.4p, alongside a 3.5% increase in the dividend and 1.1x dividend cover. Management emphasized resilient financial results driven by contracted or regulated cash flows, strong downside protection, and exposure to long-term growth themes including digital infrastructure, renewables, energy transition and data centres. Key highlights included value-realising liquidity events from Calpine and Intersect Power, attractive redeployment opportunities, and a healthy investment pipeline supported by more than £100 million of available liquidity. While some assets faced pressure from fuel costs, competitive fibre markets and softer demand, the wider order book, margin resilience and portfolio diversification continue to underpin performance. Pantheon also pointed to robust growth strategy execution, selective deployment into mid-market infrastructure assets, and confidence in future value creation despite macro volatility, inflation pressures and geopolitical uncertainty. Overall, the presentation reinforced Pantheon Infrastructure PLC’s position as a growth-focused, investor-friendly infrastructure vehicle delivering sustainable returns, progressive dividends and strong long-term shareholder value.