Pantheon Infrastructure PLC

good morning everyone uh thanks for joining us on this second reporting session for pint uh this is our 2023 full year results to December 31. um my name is Richard Sem I'm a partner at pantheon I head up our European infrastructure business and I sit on our global infrastructure and real assets investment committee and I am the PM for pint Ben maybe you want to introduce yourself

Yes, good morning, everybody. My name is Ben Perkins. I'm a principal I sit in the global infrastructure and real assets team, where I work exclusively on the day to day delivery of pint.

So we are going to canter through our agenda pretty quickly. We'll try and take up about 30 minutes of your time and provide some time for Q&A thereafter. You can see here the agenda that we are going to be following. If you want to ask a question during the Q&A session at the end, please raise your hand and you will be provided with permissions to talk. Or you can click on the Q&A button at the panel at the bottom of the screen to ask a question. If you do want to leave your name, please, if you don't want to leave your name, rather, please tick the box, send anonymously. So maybe a quick update on the platform. I'm sure you're all very familiar with this. I'll keep it brief. Our strategy remains unchanged. We're looking to deliver a diversified portfolio of infrastructure assets that provide attractive returns over the long term. um given the current macro backdrop we're really focused on both downside and inflation protection um i think critical in these uncertain times pint is now fully deployed um into a portfolio of high quality infrastructure assets um as at 31 deck 23 uh pint had invested in or committed 487 million to 13 assets We announced three new investments during the year, totaling just shy of 100 million. Three businesses are a European tower business called GD Towers, the Nordic Fibre operator Global Connect, and the UK battery storage and electric bus fleet specialist, Zenobi. Performance has been really strong, particularly given those uncertain macro times we're in. We've exceeded our pre-IPO target NAV total return for the year at a little over 10%. Our NAV comes in at 504 million. Ben's going to take you through that. That's 106.6 pence per share. The second interim dividend of 2P is payable on the 23rd of April, and that will take our full year to 4P again in line with the pre-IPO guidance. On the corporate side, we've been pretty busy. We've increased the revolving credit facility to 115 million. We've extended that to March 2027, again, providing increased liquidity going forwards. As you know, we've completed just shy of 6 million of share buybacks last year and a further 2.6 after the year end. The board has approved a refresh buyback program after the year end for about 10 million going forwards. On the right-hand side, just a few words on the Pantheon platform. The broader Pantheon platform has 95 billion of AUM, AUA, and has been investing in private markets for over 40 years now. The infrastructure business continues to scale. The team now, we have over 30 people in the team and we've got about 22 billion of AUM across well over a thousand assets. so that's a summary of kind of the platform maybe just over the page um just a quick refresh of the timeline it's actually quite hard to believe that we've only been going for two years this is just a really a quick snapshot of what we've been up to over those just over two years we've delivered on our status strategy we've committed to the 13 assets we paid dividends in line with the pre-ipo targets and we put in place the rcf and we also held our first capital markets day in november when we saw many of you In terms of the next page, a few quick words on our approach to infrastructure investing. We still believe the attractiveness of infrastructure remains strong, especially in light of the current economic and geopolitical environment that we find ourselves in. We'll spend a little bit more on the tailwinds a little bit later. Over the page, just a reminder of what we're looking for from a transaction profile perspective and also target assets. And again, we'll spend a bit more time on the underlying assets themselves when Ben comes to speak. I wanted now, I think, just to turn to financials. And before I hand over to Ben, just a quick summary of where we are with the business. So 487 million invested or committed to those 13 assets. That includes about 16 million of undrawn commitments. No significant movement since June, actually. If you recall, all of those deals were either committed or in legal closing we've now drawn down for those assets we're very pleased with the geographic and sector diversification that you can see on the pie charts on this page I think diversification really is your friend it helps reduce systemic risk especially given the uncertain world we live in right now so that that concludes just my short introduction what I'd like to do now is hand over to Ben we'll get into some of the detail on the results