ACCESS TO
HIGH‑QUALITY GLOBAL
INFRASTRUCTURE ASSETS

Pantheon Infrastructure Plc Annual Report 2024

HIGHLIGHTS

£0m

Committed to 13 assets
Dec 2023: £487m

0p

Dividend per share
2023: 4p

0%

NAV total return
2023: 10.4%

0p

NAV per share
Dec 2023: 106.6p

£0m

Weighted aggregate
LTM EBITDA
2023: £59m

0x

Portfolio MOIC
Dec 2023: 1.15x
Our Purpose

To provide investors of all types with easy and immediate access to a diversified portfolio of high‑quality global infrastructure assets via a single vehicle, offering both a regular dividend payment and targeting capital growth.

CHAIR STATEMENT
Despite market challenges, Pantheon Infrastructure Plc has continued to deliver strong performance, exceeding its pre-IPO NAV Total Return targets for the second consecutive year. With a NAV per share of 118.1p and a NAV Total Return of 14.6% including the positive NAV impact of share buybacks, our portfolio has demonstrated resilience and the ability to generate significant cash flow. This has strengthened our liquidity position and increased dividend cover beyond initial forecasts, reinforcing the Company’s long-term value proposition.

We are particularly pleased with the conditional realisation of our investment in the US power company Calpine, ahead of expectations and at a material profit. As proceeds from the sale materialise, the Board will assess opportunities to optimise capital allocation while balancing shareholder interests.

VAGN SØRENSEN Chair, Pantheon Infrastructure Plc

AT A GLANCE

PINT has constructed a diversified global portfolio with a focus on developed market OECD countries, across subsectors including Digital Infrastructure, Power & Utilities, Renewable & Energy Efficiency, and Transport & Logistics.

Key
DIGITAL INFRASTRUCTURE POWER & UTILITIES RENEWABLES & ENERGY EFFICIENCY TRANSPORT & LOGISTICS

WHY INVEST IN PINT

PINT provides exposure to a global, diversified portfolio through direct co investments in high quality infrastructure assets with strong defensive characteristics, typically benefiting from contracted cash flows, inflation protection and conservative leverage profiles.

 

Investing in co‑investments can be an attractive way to gain access to private infrastructure for several reasons:

  • Exposure to nascent sectors
  • Access to private market assets
  • Alignment with investment sponsors
  • Enhanced economics – typically fee and carried interest free entry point
  • Portfolio constructions
  • Diversification
  • Sponsor specialisation

Infrastructure assets may provide a range of attractive investment attributes, including the following:

  • Stable cash flow profile
  • Inflation hedge
  • Diversification
  • Embedded downside protection

PINT continues to develop its diversified portfolio across sectors that benefit from secular tailwinds:

  • Digitisation
  • Decarbonisation
  • Deglobalisation

The Company seeks to generate attractive risk‑adjusted total returns for shareholders over the longer term. These returns are made up of capital growth with a progressive dividend, through the acquisition of equity or equity‑related investments in a diversified portfolio of infrastructure assets with a primary focus on developed OECD markets. The Company targets a NAV Total Return per share of 8-10% per annum.

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