**Summary**
Pantheon Infrastructure PLC (PINT) released its annual financial report for the year ended 31 December 2025, highlighting strong performance and strategic progress. Key achievements include a Net Asset Value (NAV) of £611 million, a 14.4% NAV Total Return, and a 3.5% increase in total dividends to 4.346p per share. The company demonstrated robust operational performance with £82.6 million in underlying portfolio growth and £31.4 million in distributions. PINTs market capitalization grew to £508 million, and its share price total return was 26.8%, with the discount to NAV narrowing to 16.8%.
Significant transactions included the conditional sale of its investment in Calpine, marking PINTs first realization since its IPO, and a new investment in Intersect Power with a subsequent partial realization. The company also extended its revolving credit facility to February 2029, improving terms and maintaining £120 million in available liquidity.
PINTs diversified portfolio spans sectors like Digital, Power & Utilities, Renewables & Energy Efficiency, and Transport & Logistics, with a focus on developed OECD markets. The companys investment strategy emphasizes assets with long-term contracted revenues, regulatory support, and strong counterparties, providing resilience and defensive characteristics.
Looking ahead, PINT is well-positioned to benefit from structural tailwinds such as digitalization and growing power demand. The Board remains confident in the long-term investment case for infrastructure and is committed to disciplined reinvestment, discount management, and delivering attractive returns for shareholders.
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Net Asset Value (NAV) | £553m | £611m | +10.5% |
| NAV per share | 118.1p | 130.4p | +10.4% |
| Total dividends per share | 4.2p | 4.346p | +3.5% |
| Market capitalization | £418m | £508m | +21.5% |
| NAV Total Return | 14.9% | 14.4% | -3.3% |
| Weighted aggregate LTM EBITDA | £76m | £83m | +9.2% |
| Debt (Weighted average gearing) | 35% | 36% | +2.9% |