Title: PIN April 2026 NAV Newsletter URL Source: https://documentscdn.financialexpress.net/Literature/BCF3EE657AB5DB65C17AFA538186586C/242497145.pdf Number of Pages: 4 Markdown Content: Pantheon International Plc ## Newsletter 30 April 2026 1 532.2p 512.0p (7.5p) (0.9p) 0.2p 0.9p March 2026 Valuation movements Investment income FX impact Share buybacks Expenses and taxes April 2026 NAV Reporting Date Analysis 6 NAV per share movement 1. New Investments: 4% 2. Apr-26: 5% 3. Mar-26: 5% 4. Dec-25: 79% 5. Sep-25: 7% During the month, PIN co-invested £5.0m alongside SK Capital Partners in Swixx BioPharma, an independent commercialisation platform that helps branded pharmaceutical companies access smaller global markets where they lack a direct presence. New Investments Distributions PIN’s portfolio generated £47.6m in distributions during the month, including: • £17.1m from the sale of Wiz, a US-based cloud and AI security platform. PIN invested in Wiz via primary commitments to Insight Partners and Index Ventures. • £10.6m from the sale of TEAM Services Group, a US provider of home-and-community-based care services with a division offering trust administration services. PIN invested in TEAM Services Group via a manager-led secondary alongside Alpine Investors. • £5.3m from the sale of Team Global Express, an Australian logistics company providing freight, parcel delivery and supply chain services. PIN co-invested in Team Global Express alongside Allegro. > 1 > 1 > 1, 5 1, 4 (3.8%) Distribution Pool 8 and Share Buybacks During the month, PIN invested £8.7m in share buybacks, repurchasing 2,346,426 shares at a weighted average price of 372.2p per share. This price reflected an average discount of 28.4% to the prevailing net asset value (NAV) per share at the time of the transactions. PIN has established a Distribution Pool with an opening balance of £60.0m. In the financial year to date, a further £72.8m has been allocated to the Distribution Pool, which is equivalent to 20% of the gross distributions received during the period. Share buybacks completed in the eleven months to 30 April 2026 were £80.4m. The Distribution Pool balance as at 30 April 2026 was £52.4m, providing a strong source of liquidity to support PIN’s active capital management and allocation policies. Following the period end, PIN announced the sale of a targeted portfolio of assets in the secondary market, generating proceeds of £224m, with at least 80% of those proceeds (c.£180m) to be used for share buybacks. Pantheon International Plc ("PIN") is a FTSE 250 private equity investment trust, overseen by an experienced, independent Board of Directors and managed by Pantheon, one of the leading private equity investment managers worldwide. About Pantheon International # 512.0p NAV per share # -3.8% NAV per share movement # £2.2bn Net asset value # +53% Total NAV per share return (5Y) 3 # £41.3m Net portfolio cash flow 1 # 4.7x Financing cover 2 # £1.6bn Market capitalisation # +42% Total shareholder return (5Y) 3 # Highlights for the month (1.4%) +0.0% +0.2% (2.4%) (0.2%) 1 2 3 4 5 (14.9) (19.3) (14.5) (13.7) (12.1) (17.6) (15.9) (18.7) (10.8) (7.6) (28.9) (6.3) 20.2 37.9 23.1 15.4 39.7 39.4 20.7 56.0 9.6 22.1 52.3 47.6 > May 25 Jun 25 Jul 25 Aug 25 Sep 25 Oct 25 Nov 25 Dec 25 Jan 26 Feb 26 Mar 26 Apr 26 Calls Distributions Net portfolio cash flow Net Portfolio Cash Flow (£m) 7 Distribution Pool (£m) 8 60.0 (80.4) Opening balance 20% of gross distributions (YTD) Share buybacks completed (YTD) 30 April 2026 72.8 (12.9p) 52.4 2 # Pantheon International Plc ## Newsletter 30 April 2026 PIN’s Long-term Performance * Includes the effects of share repurchases, dividends, share splits, capital repayments and warrants. NAV figure based upon adjusted NAV per share where applicable. Past performance does not guarantee future results. # Maximising long-term capital growth 1yr 3yrs 5yrs 10yrs Since inception NAV per share 3.9% 4.2% 8.8% 11.5% 11.4% Ordinary share price 36.4% 14.2% 7.2% 11.5% 10.7% FTSE All-Share, Total Return 25.2% 13.1% 10.8% 8.8% 7.9% MSCI World, Total Return (Sterling) 27.5% 17.1% 12.2% 14.1% 8.9% 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 > PERFORMANCE (REBASED TO 100) NAV per share * PIN Ordinary Share Price * MSCI World Total Return (Sterling) FTSE All-Share Total Return 30/04/2025 -30/04/2026 30/04/2024 -30/04/2025 30/04/2023 -30/04/2024 30/04/2022 -30/04/2023 30/04/2021 -30/04/2022 NAV per share 3.9% 0.7% 8.1% 1.2% 33.5% Ordinary share price 36.4% -15.8% 29.8% -20.4% 19.2% FTSE All-Share, Total Return 25.2% 7.5% 7.5% 6.0% 8.7% MSCI World, Total Return (Sterling) 27.5% 5.6% 19.4% 3.6% 6.9% 30 Apr 2026 31 Mar 2026 Portfolio value £2,355m £2,489m Net available cash 9 £33m £50m Drawn credit facility 10 (£84m) (£132m) Loan notes (£110m) (£114m) ALN 11 share of portfolio (£20m) (£20m) Net asset value £2,174m £2,273m NAV per share 512.0p 532.2p 30 Apr 2026 31 Mar 2026 Ordinary share price 375.0p 362.0p Ordinary share price discount (27%) (32%) Undrawn credit facility 10 £312m £273m Available finance 12 £345m £323m Outstanding commitments £604m £627m Net debt % of NAV 13 7.4% 8.6% Ticker code PIN ISIN GB00BP37WF17 Admission to trading September 1987 Total Voting Rights 415,640,404 14 Vicki Bradley vicki.bradley@pantheon.com +44 20 3356 1800 www.pantheon-international.com SHAREHOLDER INFORMATION CONTACT Key Figures Annualised Performance as at 30 April 2026 Discrete Performance as at 30 April 2026 3 # Pantheon International Plc ## Newsletter 30 April 2026 Investment Type Region Stage  USA 53%  Europe 33%  Global 16 8%  Asia 6%  Small/Mid Buyout 47%  Large/Mega Buyout 24%  Growth 18%  Venture 7%  Special Situations 4% As at 28 February 2026  Co-investments 32%  Manager-led secondaries 21%  Fund secondaries 8%  Primaries 39% Largest Holdings Largest managers by value 19 Region % of portfolio 1 Insight Partners USA 6.5% 2 Index Ventures Global 5.1% 3 Hg Capital Europe 4.4% 4 Advent International Global 2.7% 5 IK Investment Partners Europe 2.6% Largest companies by value 19 Country Sector % of portfolio 1 Visma Group Norway Information Technology 1.4% 2 Action Netherlands Consumer 1.4% 3 Kaseya Switzerland Information Technology 1.2% 4 Smile Doctors USA Healthcare 1.0% 5 Valantic Germany Information Technology 1.0% PIN is a FTSE 250 private equity investment trust, overseen by an experienced, independent Board of Directors and managed by Pantheon, one of the leading private equity investment managers worldwide. PIN provides investors with liquid access to a global portfolio of fast-growing private companies that are managed by many of the best private equity managers in the world. Through its flexible investment approach, PIN focuses on high quality, profitable businesses in resilient sectors that can weather a range of macroeconomic environments. PIN has a track record of NAV outperformance over the long term and manages risk strategically through diversification and rigorous investment selection, based on Pantheon’s extensive experience, international platform and robust investment due diligence processes. About PIN PIN is managed and advised by Pantheon, a specialist global private markets investor. Pantheon has been at the forefront of private markets investing for more than 40 years, earning a reputation for providing innovative solutions covering the full lifecycle of investments, across private equity, real assets and private credit. The firm has partnered with more than 740 clients, with approximately $83.8bn in discretionary assets under management (as at 31 December 2025). About Pantheon 13% 6% 8% 10% 9% 15% 24% 6% 5% 4% 2016 and earlier 2017 2018 2019 2020 2021 2022 2023 2024 2025 and later 53% invested directly in companies # Risk managed strategically 15  Information Technology 35%  Healthcare 17%  Consumer 13%  Industrials 13%  Financials 11%  Communication Services 7%  Energy 2%  Materials 2% Sector 17 Vintage Profile 18 Pantheon International Plc ## Newsletter 30 April 2026 4 This document and the information contained herein is the proprietary information of 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, a firm that is authorised and regulated by the Financial Conduct Authority (“FCA”) in the United Kingdom. The information and any views contained in this document are provided for general information only. Nothing in this document constitutes an offer, recommendation, invitation, inducement or solicitation to invest in PIN. Nothing contained in this document is intended to constitute legal, tax, securities or investment advice. The general opinions and information contained in this publication should not be acted or relied upon by any person without obtaining specific and relevant legal, tax, securities or investment advice. You should remember that the value of an investment in PIN, and any income from it, may go down as well as up, and is not guaranteed, and investors may not get back the amount of money invested. In addition, past performance is not necessarily indicative of future results. You should note that investments in private equity may be illiquid and may involve a high degree of risk, including potential loss of principal invested. In addition, most of PIN’s investments are in funds whose principal investment focus is outside the UK. Movements in exchange rates between sterling and other currencies therefore affect the value of PIN’s investments. Further, the market price of PIN’s shares may reflect a discount in the net asset value of PIN’s shares, and this discount may increase or reduce due to market factors which are unrelated to PIN’s NAV or performance. Losses may be multiplied since PIN invests in a range of private equity strategies including buyouts that commonly use gearing. PIN’s investment valuation method is reliant on financial information provided by underlying funds and companies into which it invests. Valuation methods used by those funds and companies may be inconsistent. Pantheon has taken reasonable care to ensure that the information contained in this document is accurate at the date of publication. However, no warranty or guarantee (express or implied) is given by Pantheon as to the accuracy of the information in this document, and to the extent permitted by applicable law, Pantheon specifically disclaims any liability for errors, inaccuracies or omissions in this document and for any loss or damage resulting from its use. Copyright © Pantheon 2026. All rights reserved. > 1 Figures are presented net of movements attributable to the ALN’s share of the reference portfolio, which are immaterial to overall PIN performance and cash flows. > 2 Ratio of net available cash, portfolio value and undrawn credit facility to outstanding commitments. Outstanding commitments relating to funds outside their investment period (>13 years old) were excluded from the calculation as there is a low likelihood of these being drawn. This amounted to £29.9m as at 30 April 2026. > 3 Based on the change in NAV per share and ordinary share price over the period. > 4 Valuation movement includes the mark-to-market fair value adjustment of 4.5% of PIN’s portfolio, which is for listed company holdings. > 5 Includes operating expenses, financing costs and withholding taxes on investment distributions. > 6 PIN’s valuation policy for private equity funds is based on the latest valuations reported by the managers of the funds in which PIN has holdings. In the case of PIN’s valuation as at 30 April 2026, 93% of reported valuations are dated 31 December 2025 or later. Where receipt of post completion valuation reports is pending, any new secondaries or co-investments are held at cost. The NAV Fund Reporting Date Analysis at 30 April 2026 shows the respective reporting dates on which the valuation was based. Full details of PIN’s valuation policy can be found in the Notes to the Financial Statements section of PIN’s 2025 Annual Report and Accounts. > 7 Excludes amounts attributable to the ALN, which are immaterial to overall PIN cash flows. > 8 For the purposes of allocating 20% of distributions to the Distribution Pool, PIN applied a retroactive effective date of 1 June 2025 for the revised capital policy. As a result, all share buybacks executed in the financial year to date have been deducted from the Distribution Pool. > 9 Net available cash calculated as cash and net current assets/(liabilities) less undistributed net cashflows associated with the ALN. > 10 PIN maintains a £400m multi-currency credit facility. The overall credit facility comprises facilities of US$402.3m and €115.2m and had a sterling equivalent value of £395.7m as at 30 April 2026. As at 30 April 2026, PIN had drawn down £84.2m of the credit facility. > 11 The Asset Linked Note (“ALN”) refers to the unlisted 10-year note issued on 31 October 2017 whose cost and repayments are linked to a reference portfolio consisting of the Company’s older vintage funds. > 12 Available finance calculated as net available cash and undrawn credit facility. > 13 Net debt calculated as borrowings (excluding the outstanding balance of the Asset Linked Note) less net available cash. The ALN is not considered in the calculation of gross borrowings or the loan-to-value ratio, as defined in PIN’s credit facility and loan note agreements. If the ALN is included, net debt to NAV was 8.3% as at 30 April 2026 and 9.5% as at 31 March 2026. > 14 As at 28 May 2026. > 15 Based on Net Asset Value. > 16 The Global category contains funds with no target allocation equal to or exceeding 60% of any particular region. > 17 Based on valuations as at 31 December 2025 adjusted for known calls and distributions to 28 February 2026. The chart accounts for 100% of PIN’s portfolio. > 18 Vintage profile of investments in private equity funds and direct company investments alongside PIN’s underlying private managers. The chart excludes the impact of share buybacks executed during the period. > 19 As at 28 February 2026. Notes Disclosures