Good morning, ladies and gentlemen, and welcome to the Pantheon International Plc investor presentation. Questions are encouraged. They can be submitted at any time via the Q&A tab that is just situated on the right-hand corner of your screen. Please simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and will publish our responses where it is appropriate to do so on the Investor Meet Company platform. Before we begin, we would just like to submit the following poll. I would now like to hand you over to Charlotte Morris. Charlotte, good morning. Good morning. It is good to be here. I guess we will get started. I am sure there are many viewers today that are familiar with PIN, but perhaps also some that are new to the company. What I might just start with is a bit of an overview of what PIN is. PIN aims to provide investors of all types and sizes with a simple way to access private equity. It offers a global balanced portfolio of high-quality private companies that is diversified, and you can see it as a nice, standalone, well-rounded investment in private equity. There have been all sorts of challenges in recent years. We continue to believe that the fundamental drivers of private equity remain strong. Think of things like the desire of companies to stay private for longer. Public markets have been shrinking. There are some sectors and sizes of companies that are much harder to access through public markets. Pantheon's view is that the best private equity managers who take a hands-on approach to managing their portfolios have still got the credentials to outperform public markets in the years to come. For us, private equity has a place in any investor's portfolio, and buying shares in Pantheon International is a really simple, straightforward way of getting that kind of exposure. If we turn to the first page here, these pie charts give you a bit more detail about what PIN looks like, and what our kind of underlying portfolio is providing an investor. There are two main ways of investing in private equity, through funds or straight into companies. PIN is making all of its investments alongside really good quality private equity managers who manage the companies, and they are the ones day to day that are working on growing the companies, executing their strategy, and so on. About half of PIN's portfolio is in directs and the other half in funds, and we are aiming to keep that balance between funds and directs. Funds serve as the foundation strategy, so they give you diversification. They offer a nice, stable base for PIN's consistent deployment approach, while directs give you really fee-efficient, direct access to high-conviction companies with the ability for us to do diligence on those businesses and to target particular investments that might fit PIN's targets on size of a company, the industry it is operating in, and also geography. The second pie chart here, you can see we lean towards the smaller end of the market. Small and mid-market buyouts, which are well-established businesses where the private equity manager has control of the company alongside the management team. When we think about the current market environment for private equity, our view is that there needs to be an increased focus on operational value add and lots of different ways to win, rather than relying on maybe just one strategy to generate returns. We continue to believe that the best place to do that is in the mid-market. In addition, those smaller mid-size companies are prime targets for trade buyers, strategic buyers, so larger companies operating in the same space, as well as for our larger buyout private equity managers who can take those companies through the next stage of their growth. We are not really relying on public markets for the exits in our portfolio. That is one of the reasons that we like this smaller end of the spectrum. On the third pie chart here for region, PIN is emphasizing North America that has the deepest and most developed private equity market. In the final pie chart here, the portfolio is diversified by sector. Technology is the largest sector, and that includes software exposure. It is about a quarter of the portfolio where we have invested alongside software specialist managers. We will come back and talk a bit about the kind of managers that we back later. The next two sectors in PIN's portfolio are healthcare and consumer. Within those two, we are looking for resilient companies that are responding to long-term trends. Things like aging populations or the need for higher quality healthcare provision, or companies that are offering goods or services that are still in demand, even if the wider macro economy is going through a-- We are coming into performance. This year, PIN generated NAV per share growth of 4.3%, and that really has reflected a bit more subdued level of returns in private equity more widely and a mixed macro picture over the past year. Over the longer term, PIN has generated 11%, 12% returns, which is what we aim to provide. We believe that our returns can get back to that level, both as we see the private equity market recover, but also as we see the impact of some of the strategic changes that PIN has made over the past year. We will come to talk about some of those in a minute too. Our share price performance this year was strong, 37.5% increase. [audio distortion] reflected the narrowing of the discount benchmarks. If we dig into that a little bit more here, there were modest underlying valuation gains and investment income with that contributed 3.8% to the NAV. The majority of PIN's unhedged portfolio is U.S. dollar denominated. The impact from foreign exchange movements was moderately positive, and that added 0.7% to the NAV. PIN has continued to buy back its own shares in order to capture value for shareholders while the shares have been trading at a discount. During this period, PIN invested GBP 118 million in share buybacks, and that contributed another 2.2% to the NAV. So we are starting to see a pickup in activity and signs of a wider recovery in private equity. You can see that in the net portfolio cash that we have been generating in the bar chart on the right-hand side here. We have had positive net cash even in the worst points of recent years, with GBP 1.6 billion of net cash flow generated over the last year. The portfolio has held up well in the current macro environment. Now, on this page, just thinking about the distribution rate over the year, that was 16%. That is the amount of cash that came back from the portfolio, company exits, dividends, et c, as a percentage of opening NAV. That has doubled since the low of 8% two years ago. It is still below the long-term average, but there has been a clear increase in exit volumes. Exits overall were at a really healthy 2.9x. That is when we compare the actual cash coming back from a company sale to the value that we held the asset before the sale process happened. We saw a jump of 18% on average across all the companies sold during the year. Now, the two pie charts at the bottom here, you can see that the exits took place across all different sectors, with the majority being secondary buyouts as an exit route. That is when a company is sold to another private equity sponsor. While the trade sales, so those larger corporates operating in the same space, represented about 1/3 of the exits. There has been some interesting dynamics around the buyer universe in the last few years. Usually, we would see more of an even split between trade buyers and secondary buyouts. The macro uncertainty that we have seen in recent years has arguably made it harder for corporate buyers to build conviction. So we have seen a bit less activity from corporates and where the larger private equity sponsors have had dry powder, so some of their capital that they need to invest, they have been relatively more active in the market. Some examples of the companies that were sold during the year are here at the top right in the box there. Wiz was a venture exit that generated a blended 30 times return on the invested capital for PIN, and that was a company that started as a venture investment, went through growth rounds, and that was sold to Google. It is a cloud cybersecurity platform. Froneri, the next one on the list here is a global ice cream manufacturer. You may not know Froneri the name, but it makes ice creams like [Häagen-Dazs] and Nuii. Actually, ice cream is quite resilient through downturns, and that company generated a 2.7x return for PIN. Of that available cash, we invested 70% of it into share buybacks. You can see on the first pie chart on the left and 30% into new investments. That is the cash that is left over after any obligations of the vehicle had been met. We try and keep a balance between buybacks and new investments. Obviously, buybacks are accretive to NAV per share when the discount is wide, as it has been in recent years. But new investments are also important to refresh the portfolio and maintain the growth engine. We made, at the bottom here, you can see new investments into tech specialists like Hg, venture managers like Index and Accel, the healthcare specialist, Water Street. So those were fund commitments that we made, primaries where there is not really any cash outlay on day one, but they will use that capital over time to invest in companies over the coming, call it, four or five years. Then in terms of the direct investments, we made eight company investments into the businesses where you can see the logos at the bottom here. So a pharmaceutical commercialization business, Swixx, a garlic bread manufacturer, Furlani. That is the leading business in Canada and number two in the U.S. And again, garlic bread actually is one of those quite resilient food products. CSL on the right-hand side is a connectivity provider. It connects things like alarm systems and medical devices. So a variety of different investments that we have made during the period. Alongside those new investments, as I said, buybacks have been fee has allocated a significant amount of capital over the past few years, and in this financial year, right at the back in May, announced another GBP 180 million allocated from the proceeds of an asset sale that we completed at the end of June. So over the past few years, you can see on this bar chart here, PIN has been particularly active on share buybacks with around GBP 580 million returned to shareholders since the 2022 financial year. Now, PIN provides investors with a balanced, diversified portfolio of private companies to build long-term value. We have been recognizing the changes in the private equity environment, and in recognition of that, we have made some changes to strategy in the last year, including an increased focus amongst our primary managers, so backing around 25 core managers going forward. As I mentioned before, these are groups that have a focus on operational value creation, and that is something that we think will help managers to have winning investments and generate strong returns going forward. Investing consistently through the cycle is important. So we aim to focus on that in particular going forward while operating a balanced approach to capital allocation. So making sure that we are making new investments, refreshing the portfolio, but also dedicating capital towards share buybacks when the discount is wide and where that can be accretive to NAV per share. I mentioned briefly that we sold a portfolio of assets in the secondary market this year. We intend to do that more regularly too. It is an important way to manage our own liquidity, augment the level of cash that we have got coming back from the portfolio from companies being sold, and manage the sort of divestment end. As much as we are being really focused on where we are making new investments, we also tend to focus more on how we manage the divestment of the portfolio too. All of that really is underpinned with prudent gearing. So thinking about the balance sheet, both the level of gearing, but also in terms of the cost of that gearing, and making sure that we are getting commercially attractive products. This page here shows some of the progress that we have made, in particular during this year, against the strategic aims that we and the Board set out around this time last year. I talked about the investment strategy. The portfolio sale that we executed this year allowed us to reduce the number of managers from around 90 to 62, cutting those by about 1/3. We have delivered on becoming a more active seller of assets by executing on that transaction that was just under 11% of PIN's NAV at the end of March, and we were pleased with the pricing that we got on that transaction at an 8% discount to the reference NAV date that we were using there. I just mentioned now the importance of the balance sheet and being quite careful there about how we manage it. We extended the tenor of the revolving credit facility, and that was on improved terms, so that resulted in about GBP 1 million of savings. Again, in terms of thinking about the cost base, we renegotiated the management fee that PIN pays to Pantheon to manage the portfolio, both to reduce that in absolute terms, and that represented a 19% reduction in the level of the fee compared to the 2025 financial year, but also to really simplify the fee and just make it a process that is just 1% of the company NAV. Really simple to understand and far more simple than the complex structure that we had in place before. I talked about allocating capital and making sure that we have sufficient capital in the distribution pool that was introduced in October last year. That is seeded with 20% of the gross distributions each month to provide an ongoing source of capital for share buybacks when the discount is wide. Finally, private equity can come across as being quite opaque, and it is harder to understand what is going on in the underlying portfolio companies. We really have a high priority around driving more portfolio insights, offering more transparency around the underlying portfolio, and helping investors to understand what the drivers of underlying performance will be. When we think about the themes that we are looking to focus on in 2026, these reflect that evolving private equity market environment. As I mentioned before, we really like the mid-market. We think that is somewhere where we can look for companies and managers that focus on more defensive areas of the private equity market, so companies with a nice growth profile and mainly with some sector tailwinds. I touched on this before. We prefer sector specialists. These groups are typically able to generate more in terms of operating performance. Across everything that we are doing, we are looking for high-quality companies and high-quality managers that we can partner with. If you have watched before, you will have seen our top 25 companies, and we have presented that again here. The largest exposure that we have makes up 1.5% of portfolio NAV. You may recognize some of the names here. Action is a discount retailer headquartered in the Netherlands. Revolut, the fintech company. There are other exposures here across education assets, healthcare providers, cybersecurity, financial services, really reflecting the diversified nature of the portfolio. Now, if we roll performance forward, as you can see on page here, we have the period through to July, where we are modestly up for the couple of months in the period, with share buybacks in particular contributing. That GBP 180 million from the proceeds of the secondary sale that we completed, has really driven a kind of enhanced buyback approach the last couple of months that contributed to the NAV per share. Over the long term, PIN has generated attractive returns through this portfolio of high quality private companies where we see that growth and additional value being extracted at exit. If I kind of round up the presentation today, and just to summarize a little, we have been executing our refined strategy over the past year, and we will continue to focus on that in future. We are focusing on this number of managers, reducing down to really concentrate in those high conviction groups, reducing the cost base, and also just being really mindful of where the company is spending. We have demonstrated the Board's commitment to capital returns. We continue to believe that the fundamental drivers of private equity and PIN's way of approaching the asset class remains strong. As I said at the outset, our aim is to just offer that simple access to a global portfolio of high quality private companies to investors of all types, all sizes. We continue to look for ways in which we can improve outcomes for PIN and its shareholders. That really goes to the heart of how private equity operates, and it is why we are excited and confident about PIN's prospects today and going forward. With that, maybe I will hand back and we can take a look at some questions. Perfect, Charlotte. That is great. Thank you very much indeed for your presentation this morning. Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab that is situated on the right-hand corner of your screen. Charlotte, we have received a number of questions, so perhaps, if we dive straight into it. The first question that we have here asks, "Can you give us an update on potential new partners? I think that question is talking about the narrowing the focus of the managers around 25 core managers. We, as I mentioned in the presentation, reduced the number of managers by about 1/3 in the period from the interim report, November 30th, through to, obviously, that was accelerated by the asset sale. When we think about the groups that we want to back going forward, it really is these groups that have the ability to genuinely grow companies, do more with their assets, and help them to grow top line. Ideally, also be more efficient and improve their margins, but genuinely growing businesses. In this kind of environment, that needs to come from doing more with the companies, more operational involvement with the companies. When we are screening managers for our primary picks, those are some of the top priorities that we are looking at. We will consider other things, based on what we see going forward. We dig quite a lot into the performance attribution and what has really driven returns in the portfolio and in the track record of a manager, so that we can identify whether they genuinely have been operationally involved in their companies or maybe some of their returns have come from using debt more aggressively. That is not something that we love at Pantheon. Or whether they have just been in the right place at the right time and actually they have got a good track record, but it has come from a rising market and a favorable environment than it has been in the past. You really need to be able to identify those groups that have the skill set, the experience, the expertise to actually identify the right kind of companies, work with them, and genuinely create value, and also demonstrate that they can exit those companies successfully. Those are some of the things that, the themes that we are looking for in those core managers that we are concentrating in going forward. Thank you. Just a follow-up to that, how long do you think it will take for PIN to get to the targeted 25 core managers? Yeah, that's a great question because private equity certainly has a slower cadence to it than other types of, excuse me, other types of investment. If you think about private equity managers typically raise capital in roughly three-year cycles. The roadmap that we have for primary commitments over the coming years covers a three-year time horizon. Each of those managers, once you've made a fund commitment, typically has around four or five years to invest their portfolio. Companies tend to be held for, call it, five, six years. When you put all of that together, what we expect is that this is a multi-year transition. We can accelerate that with further portfolio sales, and it could also accelerate if we see exit activity in the market pick up and see naturally some of our fund positions realize and crystallize. But I think you're looking at a kind of three to four year window before you see that transition play out. Thank you. We have someone here asking, can you talk about the software exposure and potential impact of AI on those companies? Another excellent question. We provided a little software feature within our annual report this year, really to have a place to give a bit more detail around how we think about software, and I touched on some of it in the presentation. For us, software is something that we typically invest in alongside software specialists, and that has been, and is today really important because software day- to- day. It's not something where they're kind of doing a bit of research around a particular investment and dipping in and out of the sector. As I say, it's what they're investing in all the time, so they're really tapped into what's going on in the market and both the opportunities and the threats that can present themselves within that software space. What we have seen since the beginning of this year is some disruption that has arisen from concerns around what AI could mean for software companies and how that plays out and what it means for value within private equity-owned businesses. So you saw quite a lot of volatility in public software company valuations, and that has really been actually very volatile. There was a big downdraft early in the year and then a recovery, and you have seen a little bit more of a nuance starting to emerge where you started off with a real kind of blanket concern around software stocks broadly, and they are now starting to see some nuance, which is also what we hear from our software specialist managers. So it is not clear that all software is dead at the expense of AI. I think what is very clear to us is that there are different software products that have different characteristics and different levels of resilience, different levels of AI integration already in their business model. So there will be winners and losers across the software spectrum. If you go back to our annual report, there is a feature there that, in the managers review actually, we explained a little bit around how Pantheon thinks about the risks and opportunities around the AI threat to software. What we have done within application software in particular is, develop eight archetypes within application software to give a sense of the level of risk around AI replacing or eating software as lunch, as people like to say. PIN's portfolio, we have gone through company by company and see about 75% of the portfolio falls into the three archetypes that we see as being lowest risk. So they are things like systems of record, vertical SaaS, the parts of the software universe where those products can be really integrated in what their customers do. So they might be the backbone of how a customer operates their own business, such that it is really key to them and really important that they have absolute accuracy, reliability, and it is built into the way that they operate and the way that their staff are trained. Those sorts of software products are insulated from the potential disruption from AI, especially where the managers and the management teams operating those companies are thinking about AI and implementing their own AI tools within their software products so that a customer does not need to go elsewhere to have that AI layer. I think the conclusion really is that AI really has a very different impact depending on which part of the software universe a company sits in. We will continue to see that kind of play out over time. What gives us comfort is the nature of the software businesses that PIN has in its portfolio, and also the managers that are owning and operating those companies that are best positioned to navigate that changing market environment. Perfect. Thank you. The next question asks, PIN's history was to invest in secondary PE transactions. Could you explain to a non-expert in PE why you now focus on primary and direct investments, and what makes these areas more attractive? Secondaries have two different types of transaction. Fund secondaries, where you are buying a portfolio of private equity funds that somebody else owns and you're replacing them in those funds. What we call manager-led secondaries, you may hear them referred to as continuation funds or continuation vehicles or GP-led transactions. Unhelpfully, there are lots of terms for this type of deal. That's where you're doing a secondary deal around a company within a manager's portfolio. The difference between the two is that a fund secondary is where an investor initiates that transaction, and a manager-led secondary, sort of in the name, is where the manager initiates that secondary transaction. They play out in slightly different ways, and the profile of them is quite different in that manager-led secondaries are typically around a handful and what Pantheon does a single company, and that falls within directs. The fund secondaries tend to be very diversified, and they're more of a cashflow pay because you should be closer to getting cash back from those transactions. Those types of transactions, the fund secondaries, which is the part of secondary investing that PIN doesn't have in current strategy, that part of secondaries tends to generate a lower MOIC overall, because there's typically a bit less uplift remaining, and they tend to be very diversified. They are really helpful when you're starting a private equity program to mitigate the J-curve because you don't see those kind of four below one times. Where PIN has an established, mature portfolio, there's a certain level of diversification that you want, but actually, those fund secondaries tend to give you a lot more diversification. We feel that we could generate better returns through a bit more alpha that comes from things like the direct transactions, where you have high conviction around a single company. The other part of direct is co-investments, where it's similar dynamic. You're picking a company to invest in, always alongside our managers, but still a little bit more high conviction than the diversified nature of the fund secondaries. We feel that that alpha element of the portfolio should help us to generate stronger returns overall. You have a different kind of risk profile that comes with that, but given the diversified nature of the wider portfolio and that the tickets that we're taking in these directs are still a percent of the portfolio, there is still an adequate level of diversification, but more potential for outperformance to come from those directs. Thanks, Charlotte. We have someone asking, you switched from a net cash position to gearing the portfolio. How do you balance the cash drag with increased risk of gearing up? Yeah. We started our geared position early 2024, and we have always had a kind of revolving credit facility, but we took out private placement notes at the beginning of 2024, and since then, also have been using the credit line more than we had done historically. I think the reality when you look back over time is that the net cash position that we maintained, having a bit more of a conservative approach to gearing historically, has meant that we have had a drag that has come from holding that kind of net cash position. What our active capital management approach that we talked about this time last year, September of last year, what that intends to do is facilitate consistent investment deployment through the cycle. Historically, by having a net cash position, we were in a place where if you saw a higher level of cash coming back from your portfolio, rather than just having more cash drag come from holding that in cash, we would typically reinvest that into new transactions. That historically has led to quite cyclical investment pattern over time. Active capital management anchors us to consistent deployment through the years. If your anchor is a consistent amount going into new investments, then cash can oscillate over time. At the moment, where we are at the sort of bottom and coming out of the bottom of the cycle, we are in a geared position. What we would expect to see is as you go through to the top of the cycle, where you start to see a significant amount of distributions coming back from the portfolio, which is typically what you see as you go through to the top of the cycle, we would use that to repay debt and get into, at certain points of the cycle, a net cash position, so that we've accumulated the cash, so that when you turn at the top and start going through back down into the down cycle, you have sufficient cash to maintain that investment deployment whilst also having capital available for share buybacks, because typically, when you go into a down cycle, that's when the discount tends to widen as well. The gearing really can help us facilitate that consistent investment through the cycle. Again, that's one of the things that we think is an improvement in strategy that will support those generating strong returns going forward. Perfect. That actually concludes all of the questions for this morning. Thank you very much indeed, Charlotte, for being so generous with your time there and addressing all of those. Of course, if there are any that do come through, we'll make these available to you after the meeting just to add any responses where appropriate. Charlotte, perhaps before really now just looking to redirect those on the call to provide you with their feedback, which I know is particularly important to yourself and the company, if I could please just ask you for a few closing comments just to wrap up with, that'd be great. Yeah, for sure. Thanks for those listeners that submitted their questions. It's great to have that kind of feedback and hear the things that are interesting and top of mind for you. I think it has been an interesting environment in the last few years, as I touched on in the presentation, I think there's a lot changing in the market environment. We've taken quite a bit of time in the last couple of years to really think about how we position PIN going forward and give ourselves comfort that we truly believe in the fundamental drivers of private equity and that we are approaching the market in the right way going forward. We're excited for the period to come. We're confident about where PIN sits today. We think the refinements that we've made to strategy and the progress that we've made in particular this year in executing on that plan can help us to be positioned well today, but also in the future. We're excited to have some of you as our investors alongside us to see that play out. Perfect, Charlotte. That's great. Thank you once again for updating investors this morning. Could I please ask investors not to close this session as you'll now be automatically redirected for the opportunity to provide your feedback. On behalf of the management team of Pantheon International Plc, we would like to thank you for attending today's presentation. That now concludes today's session, so good morning to you all.