Half Year 2026 Pantheon Infrastructure PLC Investor Presentation

September 23, 2026

Richard Sem: Was just take you through the screen format, which you are probably very familiar with. There is a Q&A button down the bottom. We will be using that to get your questions throughout, and we will come to those at the end. Please do add your name so we can follow up afterwards if need be. What are we going to cover? Usual. We will try and do this in about half an hour. We are going to look at key highlights. If we move forward to the contents, we are going to go through the key highlights on the portfolio. We are going to delve into the portfolio in some more detail with Ben. Maybe cover off a little bit the recent liquidity events, which I think are an important factor. Then, also talk you through the financial performance for the H1.

Speaker #1: I'll just take you through the screen format, which you're probably very familiar with. There's a Q&A button down at the bottom, and we will be using that to get your questions throughout.

Speaker #1: And we'll come to those at the end. Please do add your name so we can follow up afterwards, if need be. So, what are we going to cover?

Speaker #1: As usual, we'll try and do this in about half an hour. We're going to look at key highlights, so if we move forward to the contents, we're going to go through the key highlights on the portfolio.

Speaker #1: We're going to delve into the portfolio in some more detail with Ben, maybe cover a little bit of the recent liquidity events, which I think are an important factor, and then also talk you through the financial performance for the first half.

Speaker #1: Just turning to our investment approach, the strategy is really unchanged. We continue to favor a diversified portfolio of core plus infrastructure assets.

Richard Sem: Just turning to our investment approach, the strategy is really unchanged. We continue to favor this diversified portfolio of core plus infrastructure assets. You know we are talking an 8% to 10% total return, as you can see in that second block. We have also looked to have a progressive dividend growth. Again, we have had a 3.5% increase in the dividend over the period. Our platform continues to scale.

Speaker #1: you know we're targeting an 8 to 10 percent total return, as you can see in that second block. we've also looked to have a, a, a progressive dividend growth, and again, we've, we've had a 3.5 percent increase in the dividend, over the period.

Speaker #1: Our platform continues to scale. The Pantheon platform is now closing in on $30 billion of assets under management—probably will be there by the end of the year, with over 2,000 assets.

Richard Sem: The Pantheon platform is now closing in on 30 billion of assets under management, probably will be there by the end of the year. Over 2,000 assets. We continue to build the team. We have got 39 professionals currently, and again, we will expect that to be a number of additional hires coming through the end of Q4 and into Q1. I think pretty much unchanged in terms of the partners we are working with, the sourcing GPs, and also the board seats we have got.

Speaker #1: We continue to build the team. We've got 39 professionals currently, and again, we expect that to be a number of additional hires coming through, through the end of Q4 and into Q1.

Speaker #1: And I think pretty much unchanged in terms of the partners we're working with, the sourcing GPs, and also the board seats we've got. So, again, just giving us that really unparalleled visibility on the market.

Richard Sem: Again, just giving us that really unparalleled visibility on the market. We continue as well to see strong growth in our product ranges. We have executed, I think, on more than 6 billion of investments as a platform. As you compare that to PINT keeps us busy, but the platform is very busy indeed. We have also recently launched a new business, international private wealth offering called PGIS, Pantheon Global Infrastructure Secondaries, in line with many other of our product offerings. I think the other thing just to note before I talk about the track record is just, I guess the caution around the macro, around the geopolitical uncertainty we are in right now. Whilst there are strong structural drivers for our portfolio, so whether it is energy transition or digital, particularly fueled by AI demand, we see that as very strong drivers, but we also see some potential headwinds.

Speaker #1: We continue, as well, to see strong growth in our product ranges. So we've executed, I think, on more than $6 billion of investments as a platform.

Speaker #1: So, as you compare that to PINT, PINT keeps us busy, but the platform is very busy indeed. We've also recently launched a new business, an international private wealth offering called PGS—Pantheon Global Infrastructure Secondaries.

Speaker #1: in line with many other of our product offerings. I think the other thing, just to note before I sort of talk about the track record, is just, I guess, the caution around the macro, around the geopolitical uncertainty we're in right now.

Speaker #1: there are strong lots of strong structural drivers, for our portfolio. So whether it's, energy transition, or digital, particularly fueled by AI demand, we, you know, we see, we see that as a very strong drivers, but we also see some, some potential headwinds.

Speaker #1: So with that, probably the right point to start is the NAV total return, which will be a key focus for you all.

Richard Sem: With that, probably the right point to start is the NAV total return, which will be a key focus for you all. NAV total return is -3.3 for the half year. This is disappointing from our perspective, seeing that softening performance. It is a very different story to the tailwinds we have had, particularly from Calpine, as we have seen that share price ramp, and we have been the beneficiary of that in terms of quite significant outperformance from our target. Now with the unwind of that share price, that has had a significant impact on our NAV. You will have followed that because we have given you the sensitivities throughout, so that should not be new news to you. I think over the period from 31 December, the share price has dropped more than $100 from highs in mid-$350s down to today's levels.

Speaker #1: NAV total return is negative 3.3% for the half year. This is disappointing from our perspective, seeing that softening performance. It's a very different story to the tailwinds we've had, particularly from Calpine, as we've seen that share price ramp, and we've been the beneficiary of that in terms of quite significant outperformance from our target.

Speaker #1: but now with kind of the unwind of that share price, we've that's had a significant impact on our, on our NAV. And you'll have followed that because we've given you the sensitivities, throughout, so that shouldn't be new news to you.

Speaker #1: I think over the period from December 31, the share price has dropped more than $100 from highs in the mid $350s, down to today's levels.

Speaker #1: This has contributed to about a 5 and a half piece share decline, or a 4, just over 4 percent decline, on the, on the NAV.

Richard Sem: This has contributed to about a 5.5p share decline or just over 4% decline on the NAV. I will take you through this in a bit more detail, but had CEG remained flat, then the NAV total return would have been marginally positive for the year, with about a 1% NAV total return. We have also been active in realizations of that share position. Ben will take you through the mechanics of that. Needless to say, we have realized shares post period end. The 50% of unrestricted shares have been realized over the summer at a valuation above where the Q2 market is, where the interim market is. We have now got 15 assets, including the recent acquisition of Terra-Gen. NAV per share is GBP 123.9. That is down from the GBP 130.4 as at 31 December.

Speaker #1: Had and, and then I'll take you through this in a bit more detail, but had SEG remain flat, then the NAV total return, would have been marginally positive for the year, with about a 1 percent NAV total return.

Speaker #1: We've also been active in realizations, of that, of that share position. and again, Ben, Ben will take you through, the mechanics of that, but needless to say, we've, we've realized shares, post-period end, the, the, the 50 percent of unrestricted shares have been realized over the summer at a, at a, at a, at a valuation above.

Speaker #1: Where are the Q2 markets, where are the interim markets? We've now got about 50, we've now got 15 assets, including the recent acquisition of TerraGen. NAV per share is 123.9.

Speaker #1: That's down from 130.4, as at 31 December. And as I mentioned previously, the board has committed to a progressive dividend policy and has declared an interim dividend of almost 2.5p, or 2.249p.

Richard Sem: As I mentioned previously, the board is committed to a progressive dividend policy and has declared an interim dividend of almost 2.5p, so 2.249. That is a 3.5% increase in line with last year. Why did we do that? I think the board took the view that we have had incredibly strong cash generation during the period. We expect to be fully covered this year, and for other cash flow expectations next year, particularly around realization activity. Ben is going to take you through EBITDA, but that LTM GBP 68 million figure is down. A lot of that and the material impact has been from the rotation from Calpine into CEG and the realization of that strong EBITDA performance from the portfolio. Ben will take you through a bridge chart on that. The MOIC correspondingly is down to 1.47 times from 1.54 previously.

Speaker #1: that's a 3 and a half percent increase in line with, with last year. why did we do that? I think the board took the view that we've got, we've had incredibly strong cash generation during the period, and we expect to be fully covered this year, and, and, for other cash flow sort of expectations next year, particularly around realization activity again.

Speaker #1: Ben is going to take you through EBITDA, but again, that LTM $68 million figure is down. A lot of that, and the material impact, has been from the rotation from Calpine into SEG, and the realization of that strong EBITDA performance from the portfolio.

Speaker #1: And Ben will kind of take you through, again, a bridge chart on that. And then the MOIC, correspondingly, is down to 1.47 times from 1.54 previously.

Speaker #1: So, maybe just turning to the realizations and new investment activity. The model to recycle capital, I think, is demonstrated quite nicely with this slide.

Richard Sem: Maybe just turning to the realizations and new investment activity. The model to recycle capital, I think, is demonstrated quite nicely with this slide. We have talked about Calpine quite a bit over the past year. The sale was completed in 2026, 26 January. We received just shy of GBP 30 million cash and 326,000 shares. We had that 50% unrestricted coming through in 26 July. As at right now, we have realized that half that became unrestricted at a price of $273 for total proceeds of just shy of GBP 45 million. Turning to Intersect, the development pipeline team and pipeline of data center connected assets was sold and closed at 26 March. We received just shy of GBP 44 million of cash. That represents a DPI of 1.2 times, so distributed to paid in, so 1.2 times our money on a cash basis.

Speaker #1: We've talked about Calpine quite a bit over the past year. The sale was completed on January 26, 2026. We received just shy of $30 million in cash and 326,000 shares.

Speaker #1: We had that 50 percent unrestricted coming through in July '26, and as of right now, we've realized that half—that half that became unrestricted—at a price of $273, for total proceeds of just shy of $45 million.

Speaker #1: Turning to Intersect, the development pipeline, team, and pipeline of data center-connected assets was sold and closed on March 26. We received just shy of $44 million in cash.

Speaker #1: That represents a DPI of 1.2x, so, distributed to paid-in. So 1.2x our money on a cash basis. And then we've retained the grid-connected assets and rebranded that business, IPX Power.

Richard Sem: We have retained the grid connected assets and rebranded that business IPX Power. The total holding mark on this asset is about 1.6 times. We also just prior to the end of the period, made a $55 million commitment to Terra-Gen. We have done that with a new sponsor, to PINT, but not obviously a new one to us at Pantheon, which is Igneo Infrastructure Partners. About 4 gigawatts of renewables in that platform and a strong development pipeline, much of that with interconnections, which is key to actually being able to move these through the development stage. You will note that that is quite a deliberate strategy to take some of the realizations we have had with Calpine and particularly with Intersect to top up our exposure to North American renewables. Again, just looking at that from a portfolio construction perspective.

Speaker #1: The total holding mark on this asset is about 1.6 times. We also, just prior to the end of the period, made a $55 million commitment to TerraGen. We've done that with a new sponsor, to Pint, but not obviously a new one to us at Pantheon.

Speaker #1: Which is Igneo — about 4 gigawatts of renewables in that platform, and a strong development pipeline, much of that with interconnections, which is key to actually being able to move these through the development stage.

Speaker #1: You'll note that that's quite a deliberate strategy—to take some of the realizations we've had with Calpine and, particularly with Intersect, to top up our exposure to North American renewables.

Speaker #1: So, again, just looking at that from a portfolio construction perspective, we've also got a really strong pipeline, which, if we've got time, I'll take you through later on.

Richard Sem: We've also got a really strong pipeline, which if we've got time, I'll take you through later on. Share price performance. Look, it's been a strong share price return, almost 12% over the year, 73% over the three-year, albeit that's from a low base as the sector sold off. I think the one-year NAV total return of 6.1% or 38.6 is leading from a three-year basis, but obviously a little softened on the one-year basis against the AIC cap sector. The other thing I think I wanted to mention was just around how us and the board are thinking about that share price discount and what we're trying to do to narrow that discount. I think there's a few factors. External factors, just the broader rerating of the sector, I think across the infrastructure trust.

Speaker #1: Share price performance, look, it's been, it's been a, it's been a strong share price return, almost 12 percent over, over the year, 73 percent, over the three year, albeit that's from a low base.

Speaker #1: as the sector sold off, I think the one year NAV total return, of 6.1 percent, or 38.6, is leading from a, from a three year basis, but obviously a little softened on the one year basis.

Speaker #1: Again, CAIC cap, sector. And then the other thing I wanted to mention was just around how we and the Board are thinking about that share price discount, and what we're trying to do to narrow that discount.

Speaker #1: I think there are a few factors. External factors, just the broader re-rating of the sector. I think across the infrastructure trust generally, we've definitely had a positive market reception to the recycling that we've been doing.

Richard Sem: Generally, we've definitely, I think, had a positive market reception to the recycling that we've been doing through the proceeds of Calpine and Intersect into Terra-Gen. A relatively new addition has been the post-period appointment of Cadarn Capital, who will assist us in increasing our distribution efforts more broadly. So it is a focus to close that discount. That is a priority for us, and we will continue to track this closely. With that, I'm pleased to hand over to Ben to take you through the portfolio.

Speaker #1: Through the proceeds of Calpine and Intersect into TerraGen. And then, a relatively new addition has been the post-period appointment of Cadarn Capital, who will assist us in increasing our distribution efforts with more focus to close that discount.

Speaker #1: That is a priority for us, and we will continue to track this closely. With that, I am pleased to hand over to Ben to take you through the portfolio.

Speaker #2: Thank you very much, Richard, and good morning, everyone. Thanks for joining us. Just kicking off with a quick overview of the portfolio.

Ben Perkins: Thank you very much, Richard, and good morning, everyone. Thanks for joining us. Just kicking off with a quick overview of the portfolio. We've got around GBP 580 million invested across those 15 assets, with the addition of Terra-Gen to Igneo, as Richard mentioned. Because of the fact that we have effectively topped up our North American exposure, you're not seeing much movement with around a 60/40 split between Europe, including the UK and North America. We've also rotated from power and utilities, the realization portion of the Calpine sale into renewables. Again, as Richard mentioned, given the opportunity that our pipeline affords us, we're able to make a very deliberate decision to rotate those proceeds and keep an exposure to renewables and we clearly like the tailwinds there. Terra-Gen as a business is one that we think is a very attractive opportunity.

Speaker #2: We've got around $580 million invested across those 15 assets, with the addition of TerraGen to Igneo, as Richard mentioned. Because of the fact that we have effectively topped up our North American exposure, you've not seen much movement, with around a 60/40 split between Europe—including the UK—and North America.

Speaker #2: We've also rotated from power and utilities, the realization portion of the Calpine sale, into renewables. And again, as Richard mentioned, given the opportunity that our pipeline affords us, we're able to make a very deliberate decision to rotate those proceeds and keep an exposure to renewables.

Speaker #2: And we clearly like the tailwinds there, and TerraGen as a business is one that we think is a very attractive opportunity. That also means, from a market segment perspective, it's pretty much unchanged.

Ben Perkins: That also means from a market segment perspective, it's pretty much unchanged. Again, the focus when we're looking at deals is looking at contracted returns, ideally looking to get at least our cost back from the contracts that are currently underpinning a business. We do have pockets of other exposure. The 9% regulated exposures with National Gas, which is through an Ofgem regulated regime. We saw a pretty favorable award for their RIIO-GT3 funding round regulatory control period, which started earlier this year. Then we have around a 9% exposure to GDP linkage, which is singularly through our exposure to Primafrio. We now have 12 sponsors, as Richard mentioned, with the addition of Igneo. So really pleased with that panel of GPs that we work with. We continue to look at potential opportunities to add to that. But needless to say, pretty happy with the lineup that we've got.

Speaker #2: Again, the focus, when we're looking at deals, is looking at contracted returns, ideally looking to get at least our cost back from the contracts that are currently underpinning a business.

Speaker #2: We do have pockets of other exposure. The 9 percent regulated exposure is with National Gas, which is under the Ofgem regulated regime. We saw a pretty favorable award for their GT3 funding round, regulatory control period, which started earlier this year.

Speaker #2: And then we have around a 9% exposure to GDP linkage, which is singularly through our exposure to PrimaFrio. We now have 12 sponsors, as Richard mentioned, with the addition of Igneo.

Speaker #2: So, I'm really pleased with that panel of GPs that we work with. We continue to look at potential opportunities to add to that, but needless to say, we're pretty happy with the lineup that we've got.

Speaker #2: We won't dwell too long on this page, as we expand in a bit more detail on the next few pages, but this gives us our usual assessment of where businesses are tracking to plan.

Ben Perkins: Won't dwell too long on this page as we expand in a bit more detail on the next few pages, but this gives us our usual assessment of where businesses are tracking to plan. Just a reminder that this condenses a variety of factors into an assessment of whether we think each of these companies is going to deliver the returns that we set out to at entry. The plans are scored relative to the individual deal level target return. It's not to say that these won't hit within the 8% to 10% NAV total return target, but we're trying to provide meaningful disclosure here. At a really high level, the only change that we've seen during the H1 has been coding Primafrio as falling below plan. We disclosed this for those of you that joined in the Q1 update.

Speaker #2: Just a reminder that this condenses a variety of factors into an assessment of whether we think each of these companies is going to deliver the returns that we set out to at entry.

Speaker #2: So the plans are scored relative to the individual deal level target return. It's not to say, you know, it's not to say that these won't hit within the 8 to 10 percent NAV total return target, but, you know, we, we, we're trying to provide meaningful disclosure here.

Speaker #2: At a really high level, the only change that we've seen during the half year has been coding PrimaFrio as falling below plan. So, we disclosed this for those of you that joined in the Q1 update.

Speaker #2: The company's been encountering some fairly material headwinds, certainly with fuel costs. There have also been some challenges with a couple of their larger customers in terms of potentially looking to diversify their spend.

Ben Perkins: The company's been encountering some fairly material headwinds, certainly with fuel costs. There's also been some challenges with a couple of their larger customers in terms of potentially looking to diversify their spend. That has led to some valuation softening. We see some prospects of recovery, but I think where things currently stand, it's encountering some challenges. We also saw a valuation drop on GlobalConnect in Q2, as a function of where we were seeing or where they were seeing some of the demand for the fiber to the home business, which is an active sale process. Just as a general observation, we've seen fairly subdued valuations. We're seeing sponsors being quite cautious, either increasing discount rates, which we'll see later when we look at the WADR, or decreasing terminal value assumptions.

Speaker #2: And that has led to some valuation softening. We see some prospects of recovery, but I think where things currently stand, it's encountering some challenges.

Speaker #2: We also saw a valuation drop on Global Connect in Q2, as a function of where we were seeing, or where they were seeing, some of the demand for the fiber-to-the-home business, which is an active sale process.

Speaker #2: Just as a general observation, we've seen fairly subdued valuations. We're seeing sponsors being quite cautious, either increasing discount rates—which we'll see later when we look at the WADA—or decreasing terminal value assumptions.

Speaker #2: So, taking that exit value down a turn or two, largely in response to what we're seeing in the macro picture—so really high bond yields, which you'll all be familiar with, the potential for sustained inflation, a continued fuel shock.

Ben Perkins: Taking that exit value down a turn or two, largely in response to what we're seeing in the macro picture. Really high bond yields, which you'll all be familiar with, the potential for sustained inflation, a continued fuel shock. There's a lot for sponsors to be nervous about right now, and we are seeing that flow through to the portfolio valuation. Looking in a bit more detail now, I'll try to be quick. I think you're all familiar with the fundamentals, but starting with data centers, CyrusOne continues to see really strong demand for capacity, really favorable trading. We've got line of sight to EBITDA being around 3x what it was at entry within the next couple of years. The focus now is on securing power and in some cases, capital for that growth.

Speaker #2: There's a lot for sponsors to be nervous about right now, and we are seeing that flow through to the portfolio valuation. So, looking in a bit more detail now—I'll try to be quick.

Speaker #2: I think you're all familiar with the fundamentals, but starting with data centers, SARIS 1 continues to see really strong demand for capacity and really favorable trading.

Speaker #2: We've got line of sight to EBITDA being around three times what it was at entry within the next couple of years. So the focus now is on securing power and, in some cases, capital for that growth.

Speaker #2: we're also seeing them now competing or, or in the market directly with AI, AI labs, not just hyperscalers. It's a slightly different dynamic. but again, it's, it, it, it feeds into that larger growth story.

Ben Perkins: We're also seeing them now competing or in the market directly with AI labs, not just hyperscalers. A slightly different dynamic. But again, it feeds into that larger growth story. Vantage currently have their hands full with the Stargate initiatives. That's around 1.5 gigawatt Frontier campus in Texas, and the 1 gigawatt Lighthouse campus in Wisconsin. They've partnered with Liberty Energy and VoltaGrid to provide specific power solutions there. A familiar story is that a lot of these sites are going to be constrained by power. That is a key focus of not just the hyperscalers, but the DC players that we back. Both of these companies were identified in recent news articles as being potential IPO candidates. We know nothing more about this.

Speaker #2: Vantage currently have their hands full with the Stargate initiative, so that's around 1.5 gigawatt Frontier Campus in Texas and the 1 gigawatt Lighthouse Campus in Wisconsin.

Speaker #2: They've partnered with Liberty Energy and VoltaGrid to provide specific power solutions there. So, a familiar story is that a lot of these sites are going to be constrained by power.

Speaker #2: So that is a key focus of not just the hyperscalers, but the DC players that we back. Both of these companies were identified in recent news articles as being potential IPO candidates.

Speaker #2: We know nothing more about this, but I think what we would say is that we'd always expect our sponsors to keep all options open and to continually appraise what a meaningful exit could look like.

Ben Perkins: But I think what we would say is that we'd always expect our sponsors to keep all options open and to continually appraise what a meaningful exit could look like. Fiber is a bit more of a mixed story. In the case of NBI, they're around 90% complete on their rollout, expect to be materially done by the end of 2026. Now offering a wide range of ISPs on the network. We've seen distributions to date a bit higher than forecast. We are expecting EBITDA to taper off as the subsidies decline. This was expected within the underwriting plan, and it's a reason why, one we'll show you a bit later, how EBITDA has progressed. There has been some softening from a fiber perspective. Once they've completed the rollout, the focus will solely be on commercialization, so boosting penetration across all the intervention areas.

Speaker #2: Fiber is a bit more of a mixed story. In the case of NBI, they're around 90 percent complete on their rollout, and expect to be materially done by the end of '26.

Speaker #2: We are now offering a wide range of ISPs on the network. We've seen distributions to date that are a bit higher than forecast. We are expecting EBITDA to taper off as the subsidies decline.

Speaker #2: This was expected within the underwriting plan, and it's a reason why we'll show you a bit later how EBITDA has progressed. There has been some softening from a fiber perspective.

Speaker #2: Once they've completed the rollout, the focus will slowly shift to commercialization — boosting penetration across all the intervention areas. Delta Fiber: we've scored this below plan, and this has been the case for about two years now.

Ben Perkins: Delta Fiber, we scored this below plan, and it has been the case for about 2 years now. We've seen a lot more competitive pressures, they've been more overbuilt than expected, seeing lower average revenue per user. The regulator recently rejected the proposed sale of around 200,000 connections to Glaspoort on competition grounds. Expect this to be challenged by KPN, which in the long term could be a bit of a silver lining because it makes overbuild look less attractive. But clearly it's a business that I think is still some way away from being the form that we'd expect to be ready for an exit. In terms of GlobalConnect, we've spoken before about the withdrawal from the German fiber to the home market, reducing the outlook. The core business, EBITDA performance remains strong.

Speaker #2: We've seen a lot more competitive pressures. There's been more overbuild than expected, and we're seeing lower average revenue per user. The regulator recently rejected the proposed sale of around 200,000 connections to Glassport on competition grounds.

Speaker #2: I expect this to be challenged by KPN, which in the long term could be a bit of a silver lining, because it makes overbuild look less attractive.

Speaker #2: But clearly, it's a business that I think is still some way away from being in the form that we'd expect it to be, to be ready for an exit.

Speaker #2: In terms of global connect, we've, we've spoken before about the withdrawal from the, the German fiber to the home market, reducing the outlook. the core business, EBITDA performance remains strong.

Speaker #2: But what we saw in Q2 was a reduction in the valuation, reflecting where they're seeing appetite for the fiber-to-the-home portion of the business.

Ben Perkins: What we saw in Q2 was a reduction in the valuation reflecting where they're seeing appetite for the fiber to the home portion of the business. So a little under 50% of EBITDA, which led to around a 10% write down at Q2. So we believe that is reflecting from EQT's perspective, the revised expectations of a sale. Towers, fairly neutral sector-wise. Both the companies we've invested in continue to deliver pretty strong EBITDA growth. We saw very material M&A with Vertical Bridge. Both companies have got fairly visible growth prospects through their build to suit programs and also the co-location pipeline. Slightly negated, we've seen recently by where some of the comp sets are, and that does feed in through to the valuation of these companies.

Speaker #2: So a little under 50 percent of EBITDA, which re led to around a 10 percent write down at Q2. So, we believe that is, is, is reflecting from EQT's perspective, the revised expectations of, of a sale.

Speaker #1: Towers, fairly neutral sector-wise; both the companies we've invested in continue to deliver pretty strong EBITDA growth. We saw very material M&A with Vertical Bridge.

Speaker #1: Both companies have fairly visible growth prospects through their Build to Suit programs and also the co-location pipeline. This has been slightly negated recently by where some of the comp sets are, and that does feed into the valuation of these companies.

Speaker #1: So, looking at both the listed space and transactional, although there's no like-for-like comparison with either of these businesses, it has resulted in some of that flatter performance from a valuation perspective.

Ben Perkins: So looking at both the listed space and transactional, although there's no like for like comparison with either of these businesses, it has resulted in some of that flatter performance from a valuation perspective. Vertical Bridge completed last year a fairly material M&A. They acquired around the 6,000 tower portfolio from Verizon. We've subsequently seen a bit of a softening in the carrier spend story, in the US after February 2025. They did, however, complete the syndication of around 1.5 billion of equity to KKR, which was paying down some of the bridging equity that they put in place, in exchange for some preferred equity with KKR. In terms of Deutsche Funkturm, this is the old GD Towers, performing broadly in line with plan. Again, progressing that steady build-to-suit pipeline pretty well, and have improved co-location lead times since they took over this business fairly impressively.

Speaker #1: Vertical Bridge, completed last year, fairly material M&A. They acquired around a 6,000-tower portfolio from Verizon. We've subsequently seen a bit of a softening in the carrier spend story in the US, after a favorable 2025.

Speaker #1: They did, however, complete the syndication of around $1.5 billion of equity to KKR, which was paying down some of the bridging equity that they put in place.

Speaker #1: In exchange for some preferred equity with KKR. In terms of Deutsche Funk Term, this is the old GD Towers, performing broadly in line with plan.

Speaker #1: Again, progressing that steady Build-to-Suit pipeline pretty well, and have improved co-location lead times since they took over this business, fairly impressively.

Speaker #1: Power and Utilities – Constellation, I think you're all familiar with this. Operational performance remains strong for this underlying business, supported by that increased PPA demand from hyperscalers.

Ben Perkins: Powering Utilities, Constellation, I think you are all familiar with this. Operational performance remains strong of this underlying business, supported by that increased PPA demand from hyperscalers. We saw the PJM capacity market cap hit, so it is a continually favorable dynamic in that market. But there are a few regulatory headwinds, which we think have led to the softening of the share price. It is how, in the US, there is agreement, or mutual agreement, around how the burden of increased grid costs is shared, which is acting as a headwind to new PPA deals. There is also the fact that we saw at the end of June, we saw some softening in the share price because of the overhang that was coming to market with that first restriction.

Speaker #1: We saw the PJM capacity market cap hit. So it's a continually favorable dynamic in that market, but there are a few regulatory headwinds, which we think have led to the softening of the share price.

Speaker #1: it's how in the US there's agreement around or, or, or mutual agreement around how the burden of increased grid cost is shared, which is, is, is acting as a headwind to, to new PPA deals.

Speaker #1: There's also the fact that, at the end of June, we saw some softening in the share price because of the overhang that was coming to market with that first restriction.

Speaker #1: And as we'll touch upon in a few slides, we decided to take some value off the table post-period end by selling down our restricted position.

Ben Perkins: As we will touch upon in a few slides, we decided to take some value off the table post period end, by selling down our restricted position. National Gas had a very favorable RIIO-GT3 funding outcome. We are now seeing some encouraging signs from the hydrogen perspective. Ofgem recently awarded some front-end engineering and design, CapEx recently. We think that is a very encouraging sign for the longer term dynamics, and we continue to expect pretty decent yield from this project. In terms of Cartier Energy, we have seen a period of sustained operational stability following those earlier challenges. Potentially exploring the sale of one asset that attracts very attractive, very positive capacity market pricing in PJM, but still yet to see any material new infill growth. So keeping our eyes peeled on that. Finally, a quick word on Fudura. Fairly resilient performance. A slightly more challenging near-term outlook.

Speaker #1: National Gas had a very favorable GT3 funding outcome. We're now seeing some encouraging signs. From the hydrogen perspective, Ofgem recently awarded some front-end engineering and design capex.

Speaker #1: You know, we think that's a very encouraging sign for the longer-term dynamics. And we continue to expect pretty decent yield from this project.

Speaker #1: And then, in terms of Cartier Energy, we've seen a period of sustained operational stability following those earlier challenges, potentially exploring the sale of one asset.

Speaker #1: That attracts very attractive, very positive capacity market pricing in PJM. But we have yet to see any material new infill growth, so we are keeping our eyes peeled on that.

Speaker #1: Finally, a quick word on Fujora. Fairly resilient performance, but a slightly more challenging near-term outlook. There's been a slower rollout of the adjacent energy solutions, and they do need a resolution of grid congestion in the Netherlands before this business will hit its full potential.

Ben Perkins: There has been a slower rollout of the adjacent energy solutions, and they do need a resolution of grid congestion in the Netherlands before this business will hit its full potential. Zenobē, some of you were able to join us last week at the Battersea visit, continue to win high-profile contracts. We are expecting the bus segment to recover to entry case by 2026. They also benefited from a very large network infrastructure contract award in the US, around $100 million of contracted revenues were awarded. They are expecting their UK BESS footprint to double by the end of 2027, and that is through a balance of tolling agreements and then selectively taking trading and wholesale risk where that augments returns. They also acquired, during the period, sdp energie, so that is a leading German BESS developer that have around a 2 gigawatt pipeline.

Speaker #1: Zenobi, some of you were able to join us last week at the Battersea visit. Continue to explore, continue to win high-profile contracts. We're expecting the bus segment to recover to entry case by 2026.

Speaker #1: They also benefited from a very large network infrastructure contract award in the US—around $100 million of contracted revenues were awarded. They're expecting their UK base footprint to double by the end of 2027, and that's through a balance of tolling agreements and then selectively taking trading and wholesale risk, where that augments returns.

Speaker #1: They also acquired during the period SDP Energies, that's a leading German best developer that has around a two-gigawatt pipeline. So, a very deliberate pivot to the German market where they're seeing some interesting opportunities.

Ben Perkins: So, a very deliberate pivot to the German market where they are seeing some interesting opportunities. In terms of IPX Power, we saw the partial sale, as Richard mentioned, that 1.2 DPI, around GBP 44 million of cash received in March. Really encouraging outcome. The retained exposure there is effectively singularly developing some of the residual grid assets, which they continue to do very effectively, and we would expect an exit of the rest of that position likely before the end of next year or early 2028. Terra-Gen, sorry, was our new commitment. We have called around GBP 29 million of our GBP 40 million commitment. We would expect the rest to be drip fed over the next 18 months. So far so good in terms of executing that business plan. We do not think this is an Intersect Power type deal, so it has not got the adjacent DC play.

Speaker #1: In terms of IPX Power, we saw the partial sale, as Richard mentioned, with 1.2 DPI and around $44 million of cash received in March. Really encouraging outcome.

Speaker #1: The retained exposure there is effectively developing — singularly developing — some of the residual grid assets, which they continue to do very effectively, and we would expect an exit of the rest of that position likely before the end of next year or early 2028.

Speaker #1: And then 20, and then TerraGen—sorry, that was our new commitment. We've called around $29 million of our $40 million commitment. We'd expect the rest to be drip-fed over the next 18 months.

Ben Perkins: Terra-Gen, sorry, was our new commitment. We have called around GBP 29 million of our GBP 40 million commitment. We would expect the rest to be drip fed over the next 18 months. So far so good in terms of executing that business plan. We do not think this is an Intersect Power type deal, so it has not got the adjacent DC play.

Speaker #1: So far, so good in terms of executing that business plan. We don't think this is an Intersect-type deal, so it's not got the adjacent DC play.

Speaker #1: But the thesis is still very strong for an established developer executing on that vast pipeline of opportunities that also have a high degree of interconnection already.

Ben Perkins: But the thesis is still very strong for an established developer executing on that vast pipeline of opportunities that also have a high degree of interconnection already. Then finally, Primafrio. Volumes have increased in this business, but margins have been under sustained pressure from fuel costs and some competition amongst some of their budget supermarkets that they work with. So, seeing real headwinds here. We are starting to see the benefit of some of the new facilities coming online and ramping up, but because the nature of this business is not to contract out its capacity, it does mean that that takes more time than you'd ordinarily see in an otherwise contracted business. In terms of Constellation now, I think you're all very familiar with this story. It feels like we've milked it for a long time.

Speaker #1: And then, finally, Prima Frio—volumes have increased in this business, but margins have been under sustained pressure from fuel costs and some competition amongst some of the budget supermarkets that they work with.

Speaker #1: So, we're seeing real headwinds here. We are starting to see the benefit of some of the new facilities coming online and ramping up, but because the nature of this business is not to contract out its capacity, it does mean that this takes more time than you'd ordinarily see in an otherwise contracted business.

Speaker #1: In terms of Constellation now, I think you're all very familiar with this story. It feels like we've milked it for a long time.

Speaker #1: As a reminder, this was the sale of Cowpine in exchange for cash and Constellation shares. The deal was struck in December 2025. The new update, which Richard touched upon in the intro, was that in Q3—so post-period end—we took the opportunity to dispose of the entirety of our tranche 1 unrestricted position.

Ben Perkins: As a reminder, this was the sale of Calpine in exchange for cash and Constellation shares. The deal was struck in December 2025. The new update, which Richard touched upon at the intro, was that in Q3, so post period end, we took the opportunity to dispose of the entirety of our tranche one unrestricted position. So by 3 September, we'd completed the sale of 163,000 unrestricted Constellation shares. We achieved that at an average price of $273. So we did that through a set of tiered limit orders. We felt it was important not to take all the value off the table in early July, where the share price had clearly been impacted by that overhang. That's been to our benefit, ultimately realizing a price that's come out at around a 10% premium to where the books were closed in June.

Speaker #1: So, by the 3rd of September, we'd completed the sale of 163,000 unrestricted Constellation shares. We achieved that at an average price of $273.

Speaker #1: So we did that through a set of tiered limit orders. We felt it was important not to take all the value off the table in early July, where the share price had clearly been impacted by that overhang.

Speaker #1: and, and that's been to our benefit. Ultimately, realizing a, a, a price that's come out at around a 10% premium to where the books were closed in June, and then, you know, when we look back to the, the, the share price to seg share price at which the deal was struck, around a 15% gain.

Ben Perkins: Then, when we look back to the share price, the CEG share price at which the deal was struck, around a 15% gain. So I think all in, there's no disguising the fact that this has traded off materially from the end of December, from what we think were elevated and, I think if we're being realistic, unsustainable highs, given some of the exuberance from some of the early PPA deals that were announced. So I think ignoring that kind of optical decline, I think we're very pleased with the outcome that we've achieved on this. The remainder of that position, so the 163,000 shares that become unrestricted next year, 1 July, we'll clearly keep the market informed at the time, if and when we've decided to realize that position. But by having trimmed it in July and August this year, we have declined.

Speaker #1: So I think, all in, you know, that there's no disguising the fact that this has traded off materially from the end of December, from what we think were elevated— and I think, if we're being realistic on sustainable highs, given some of the exuberance from some of the early PPA deals that were announced.

Speaker #1: So I think, ignoring that kind of optical decline, I think we're very pleased with the outcome that we've achieved on this.

Speaker #1: The remainder of that position, so the 163,000 shares that become unrestricted, next year, 1st of July, will clearly keep the market informed. at the time, when, when we've decided, if and when we've decided to realize that position, but by having trimmed, trimmed it in July and, and August this year, we have declined.

Speaker #1: We've reduced the now sensitivity to around, 0.25 P for every $10 share movement. In terms of projected cash flows, we, we, we, we keep, so this is the next slide.

Ben Perkins: We've reduced the NAV sensitivity to around 0.25p for every $10 share movement. In terms of projected cash flows, this is the next slide. Thank you. This is our estimated liquidity profile, assuming no reinvestment. I think that's a critical thing to remind people. We're comparing it against where we were forecasting cash flows in FY 2025. So a reduction in realizations of around 15% this year because of where the CEG share price has been, so the prior forecast was based off those numbers, or higher numbers, certainly elevated numbers. One of the deals we've had an assumed exit timing has been delayed from 2028 to 2029 in response to basically the environment and achieving the full value creation story, which has led to putting back some of the realizations from 2028 to 2029.

Speaker #1: Thank you. This is our estimated liquidity profile, assuming no reinvestment. I think that's a critical thing to remind people. And we're comparing it against where we were forecasting cash flows in FY 2025.

Speaker #1: So, a reduction in realizations of around 15% this year because of where the SEG share price has been. So, the prior forecast was based off those numbers.

Speaker #1: or higher numbers, certainly elevated numbers. we've also had, one of the deals we've had an assumed exit timing has been delayed from 2028 to 2029 as a, in response to, to, to, to basically the environment and, and achieving the full value creation story.

Speaker #1: Which has led to putting back some of the realizations from 2028 to 2029. A reminder, we've got a very concentrated assumed exit window from mid-2027 or end-2027 to 2028.

Ben Perkins: A reminder, we have a very concentrated assumed exit window from the end of 2027 or mid-2027 to 2030. This is clearly a fluid situation. These companies are only going to be sold when the sponsors feel they can get best value. There are clearly some valuation headwinds right now, but this remains right now our best estimate of what that realization profile is going to look like. A quick word on financial figures. Discount rate has gone up slightly over the period, in response to some of the underlying risk-free rates. Weighted average gearing has also gone up slightly as a result of flat equity valuations. Hedged debt or fixed debt remains pretty stable. LTM revenue and EBITDA are down as a function of the fact that we stripped out Calpine and replaced it with Constellation. This is not performance related. CapEx spend continues to go up materially.

Speaker #1: To 2030, this is clearly a fluid situation. These companies are only going to be sold when the sponsors feel they can get the best value.

Speaker #1: There are clearly some valuation headwinds right now, but this remains, right now, our best estimate of what that realization profile is going to look like.

Speaker #1: A quick word on financial figures. The discount rate has gone up slightly over the period, in response to some of the underlying risk-free rates. Weighted average gearing has also gone up slightly, as a result of flat equity valuations.

Speaker #1: Hedge debt or fixed debt remains pretty stable. LTM revenue and EBITDA are down as a function of the fact that we've stripped out Cowpine and replaced it with Constellation.

Speaker #1: So, it's not performance-related, and CapEx spend continues to go up materially. I think the more meaningful slide is the next one. Looking at EBITDA movement, which we've broken out for the first time in more detail here.

Ben Perkins: I think the more meaningful slide is the next one. Looking at EBITDA movement, which we have broken out for the first time in more detail here. That net impact from the sale of Calpine and adding Constellation has impacted EBITDA by around GBP 16 million. Just to make sense of that, Calpine's EBITDA at the end of December 2025 on an LTM basis was around $4 billion. Constellation's at June 2026 was around $8 billion. So it is only double, but we own significantly less of CEG, and clearly that was one of the attractive features of Constellation in terms of looking at Calpine. The other one to note is fiber. We have seen the tapering off of the subsidies on NBI, which is in line with the expectations. So nothing to really be scared about here.

Speaker #1: So, that net impact from the sale of Cowpine, and adding Constellation, has impacted EBITDA by around $16 million. Just to make sense of that, Cowpine's EBITDA at the end of December 2025 on an LTM basis was around $4 billion.

Speaker #1: Constellation's at June 26 was around 8 billion. So it's only double, but, but we own significantly less of seg. And, and, and clearly that was one of the attractiveness, the attractive features of Constellation in terms of looking at Cowpine.

Speaker #1: Another one to note is fiber. We've seen the tapering off of the subsidies on MBI, which is in line with expectations.

Speaker #1: So, nothing to really be scared about here, and we will expect that direction of travel to continue as the business tapers up from receiving subsidies from the Irish government.

Ben Perkins: We would expect that direction of travel to continue as the business tapers up from receiving subsidies from the Irish government. The other notable drop has been from Primafrio because of some of those operational challenges which we mentioned. This just sets out, attributes those CEG fair value losses around 5.5p. As Richard mentioned, I think stripping that out, we would be in around 1% NAV TR territory for the period. Clearly subdued from some of the flat valuations we have seen. But generally speaking, aside from that CEG movement, everything else moving broadly in line with expectations in terms of expenses and the dividend that we paid during the period. A quick look on capital allocation. So around GBP 170 million of sources. Net position, when we factor in all our buffers, is around GBP 70 million of available funds.

Speaker #1: And then the other notable drop has been from Prima Frio, because of some of those valuation issues, and some of those operational challenges which we mentioned.

Speaker #1: This just sets out, attributes those segments' fair value losses around £5.5 million. As Richard mentioned, I think stripping that out, we'd be in around 1% NAV TR territory for the period.

Speaker #1: Clearly subdued from some of the flat valuations we've seen. But generally speaking, aside from that SEG movement, everything else is moving broadly in line with expectations in terms of expenses and the dividend that we paid during the period.

Speaker #1: And then a quick look at capital allocation. So, around $170 million of sources; our net position, when we factor in all our buffers, is around $70 million of available funds.

Speaker #1: Naturally, we're quite keen to deploy some of that capital, which Richard is going to touch upon briefly in a minute. We have today, and continue to operate, a fairly cautious approach.

Ben Perkins: Naturally quite keen to deploy some of that capital, which Richard is going to touch upon briefly in a minute. We today and continue to operate a fairly cautious approach with using the RCF. Again, that is mindful of the fairly lumpy profile of what we see in terms of realizations. But it goes without saying, I think the lenders would love us to use it, and in the future, it may be something that we use to mitigate against some of these large cash inflows that we see. Finally from me, the portfolio movements here. I am not going to go through them in detail, but you can see on the far right column, Constellation, GlobalConnect, and Primafrio are the downward movers.

Speaker #1: We're using, using the RCF, again, that's, that's mindful of, of the fairly lumpy profile of, of, of, of what we see in terms of realizations.

Speaker #1: But it goes without saying, I think the lenders would love us to use it. And in the future, it may be something that we use to mitigate against some of these large cash inflows that we see.

Speaker #1: Finally, on me, from me, the portfolio movements here—I’m not going to go through them in detail, but you can see on the far-right column: Constellation, Global Connect, and Prima Frio are the downward movers.

Speaker #1: And then we've had some more positive news from National Gas, Zenobian, and also IPX Power. But notwithstanding those, we've seen more of a flat performance across the portfolio during the half year.

Ben Perkins: And then we have had some more positive news from National Gas, Zenobē, and also IPX Power, but notwithstanding those, more of a flat performance across the portfolio during the H1. With that, I will hand back to Richard for a quick look at the pipeline.

Speaker #1: With that, I will hand back to Richard for a quick look at the pipeline.

Speaker #2: Thanks, Ben. so I'm just conscious of the time, so I'm going to speed through this. Left-hand side, usual deal funnel, that you expect us to see, 3% conversion on that deal flow.

Richard Sem: Thanks, Ben. I am just conscious of the time, so I am going to speed through this. Left-hand side, usual deal funnel that you expect us to see, 3% conversion on that deal flow. We have competed about GBP 4.5 billion of deals across the wider platform. I am just taking you through two deals we did not do in PINT, because I think it is useful to see where the deal flow has been. So there was a North American data center platform. It was about an GBP 80 million ticket we put into that. We sat out or we sat PINT out of that deal just because of our current digital and data center exposures, so from a portfolio construction perspective. And then there was also a global aircraft leasing business. This was actually a regional business, a regional jet business. We did not get allocation here.

Speaker #2: We've completed about $4.5 billion of deals across the wider platform. Just taking you through two deals we didn't do in PINT, because I think it's useful to kind of see where the deal flow has been.

Speaker #2: So, it was a North American data center platform. It was about an $80 million ticket we put into that. We sat out, or we sat pent out of that deal just because of our current digital and data center exposures.

Speaker #2: So, from a portfolio construction perspective—and then, there was also a global aircraft leasing business. This is actually a regional business, a regional jet business. We didn't get allocation here.

Speaker #2: It would have been too small a ticket. And again, from a portfolio construction perspective, we want to be increasing the size of tickets so that we sort of target around 20 or so deals.

Richard Sem: It would have been too small a ticket. Again, from a portfolio construction perspective, we want to be increasing the size of tickets so that we target that 20 or so deals. If we put lots of small tickets in, then we end up getting, from a portfolio construction perspective, just too big a portfolio in terms of numbers. If I look at the live opportunities, there is a couple of European logistics assets. One in Europe, which is a trailer leasing platform. Then in the US, DCLI, that is a marine chassis leasing business. So this is an area we think is quite nicely protected from GDP shocks, and so a nice way also for us to take up that 9% transportation and logistics exposure that we are currently at, where we are slightly underweight. So focused on those two opportunities.

Speaker #2: And if we put lots of small tickets in, then we end up getting, from our portfolio construction perspective, just too big a portfolio in terms of numbers.

Speaker #2: if I look at the live opportunities, there's a, there's a couple of, there's a couple of European sort of logistics assets. one in Europe, which is kind of a, a trailer leasing platform.

Speaker #2: And then in the U.S., DLE is a marine chassis leasing business. So this is an area we think is quite nicely protected from GDP shocks, and it is a nice way for us to increase that 9% transportation and logistics exposure that we're currently at, where we're slightly underweight.

Speaker #2: So, sort of focused on those two opportunities. There's a German utility company, there's a Japanese best development platform, and then a biomethane platform in Italy, which we're currently running the slide rule across.

Richard Sem: There is a German utility company, there is a Japanese BESS development platform, and then a biomethane platform in Italy, which we are currently running the slide rule across. So we are almost there. Just some quick conclusions as ever. Look, I think we have got a diversified portfolio. We are really pleased generally with how that portfolio has come along. Total shareholder return has been really positive, given that share price rerating. Disappointing NAV total return, but again, a lot of that contributed from the CEG share price decline. I think what is an interesting number to look at is that 10.3% NAV total return since 31 December 2022. So if you look at it in the round, yes, we have been overcompensated by holding that risk, and undercompensated obviously more recently.

Speaker #2: So, we're almost there. Just some quick conclusions, as ever. Look, I think we've got a diversified portfolio. We're really pleased, generally, with how that portfolio has come along.

Speaker #2: Total shareholder return has been really positive. Given that sort of share price rerating, it's disappointing to see the NAV total return, but again, a lot of that was contributed by the SEG share price decline.

Speaker #2: I think what's an interesting number to look at is that 10.3% NAV total return since 31 December '22. So if you look at it in the round, yes, we've been sort of over-compensated by holding that risk.

Speaker #2: And sort of under-compensated, obviously, more recently. But if we look at it in the long term, that 10.3% is still in excess of our 8% to 10% target return.

Richard Sem: But if we looked at it on the long term, that 10.3 is still in excess of our 8% to 10% target return. So very pleased with that and continuing to look to de-risk that position. Dividend up 3.5% to GBP 2.249 for the interim. That has covered off the sales and the redeployment into Intersect. Sorry, the sale of Intersect and then the redeployment into Terra-Gen. And look, we have GBP 60 million of available funds, so there is a really good quality opportunity to deploy that capital into new assets and we will continue to look at that more closely. So that is it. We are a few minutes over. Apologies for that. Let us maybe turn to Q&A. I can see one has come in. So first question, I think from Conor. Thank you.

Richard Sem: But if we looked at it on the long term, that 10.3% is still in excess of our 8% to 10% target return. So very pleased with that and continuing to look to de-risk that position. Dividend up 3.5% to GBP 2.249 for the interim. That has covered off the sales and the redeployment into Intersect. Sorry, the sale of Intersect and then the redeployment into Terra-Gen. And look, we have GBP 60 million of available funds, so there is a really good quality opportunity to deploy that capital into new assets and we will continue to look at that more closely. So that is it. We are a few minutes over. Apologies for that. Let us maybe turn to Q&A. I can see one has come in. So first question, I think from Conor. Thank you.

Speaker #2: So, very pleased with that, and continuing to look to de-risk that position. Dividend up 3.5%, to 2.249 for the interim. Ben’s covered off the sales and the redeployment into Intersect.

Speaker #2: And then, sorry—the sale of Intersect, and then the redeployment into TerraGen. Look, we've got $60 million of available funds, so there's a really good quality opportunity to deploy that capital into new assets.

Speaker #2: And we'll continue to look at that more closely. So that's it, we're a few minutes over—apologies for that. Let's maybe turn to Q&A.

Speaker #2: I can see one has come in, so first question, I think, from Connor. Thank you. In terms of the pipeline, is there a likelihood of additional commitments to any of the existing portfolio companies, given expansion plans that some have?

Richard Sem: In terms of the pipeline, is there a likelihood of additional commitments to any of the existing portfolio companies, given expansion plans that some have? Ben, do you want to take that?

Speaker #2: Ben, do you want to—do you want to take that?

Speaker #1: Yeah, sure. I, I, I think, I think we touched upon this in the past, that we, we like the companies that we invest in to have fully funded business plans.

Ben Perkins: Yeah, sure. I think we have touched upon this in the past, that we like the companies that we invest in to have fully funded business plans. So we are not obliged to put in capital, but there are pockets of opportunity. As it happens, a deal like CyrusOne, which has been very capital hungry, we made a large overcommitment at the start, and that meant that last year when they had to call more equity, we had the ability or within that existing commitment. So there is nothing immediate term that we are expecting to have to. But if some of these companies continue outperforming on their plans and, most specifically looking at some of the DCs, it could be an opportunity. What we tend to see is that the need is so vast, where they are outperforming, that they have to go and tap up a whole new strategic investor altogether.

Speaker #1: so we are not obliged to put in capital, but there are pockets of opportunity. we, as it happens, a deal like Cyrus One, which has been very capital hungry, we made a large overcommitment at the start, and that meant that last year, when they had to, to call more equity, we had the ability or within that existing commitment.

Speaker #1: So there's nothing in the immediate term that we're expecting to have to do. But if some of these companies continue outperforming on their plans—and I'm, you know, most specifically looking at some of the DCs—it could be an opportunity.

Ben Perkins: So there is nothing immediate term that we are expecting to have to. But if some of these companies continue outperforming on their plans and, most specifically looking at some of the DCs, it could be an opportunity. What we tend to see is that the need is so vast, where they are outperforming, that they have to go and tap up a whole new strategic investor altogether.

Speaker #1: What we tend to see is that the need is so vast, where they're outperforming, that they have to go and tap a whole new strategic investor altogether.

Speaker #1: And that's what we saw with Vantage last year, where they added Silver Lake, because of the sheer scale of the additional capital that they needed for some of their Stargate work.

Ben Perkins: And that is what we saw with Vantage last year, where they added Silver Lake, because of the sheer scale of the additional capital that they needed for some of their Stargate work.

Speaker #2: That's also fair to say. We've also got the, the 19 million also have undrawn, which, you know, will be, a large proportion of that will be deployed into the, into the platform assets.

Richard Sem: It is also fair to say we have also got the GBP 19 million also of undrawn, which a large proportion of that will be deployed into the platform assets. We will give, I guess, last calls for any questions. You know where to find us, so if there is any questions, please do pop us an email or pick up the phone. I am happy to cover anything off. I hope you liked the additional reporting we have done on the assets as we continue to try and find more ways of being transparent within the confines of what we can and cannot say around the platform. That is it. Thanks very much, everybody. Look forward to catching up soon. Thanks for joining.

Speaker #2: We'll give, I guess, last calls for any questions. You know where to find us, so if there are any questions, please do pop us an email or pick up the phone. We're happy to cover anything off.

Speaker #2: But I hope you liked the additional reporting we've done on the assets, as we continue to try and find more ways of being transparent within the confines of what we can and cannot say around the platform.

Speaker #2: So that's it. Thanks very much, everybody. I look forward to catching up soon. Thanks for joining.

Ben Perkins: Goodbye. Thank you.

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