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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
International Public Partnerships
International Public Partnerships (INPP) investor relations material
International Public Partnerships H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary10 Sep, 2026
Executive summary
NAV per share increased by 1.3% to 153.4p (GBP 1.534) at 30 June 2026, with an annualized total NAV return of 8.2% and total NAV stable at £2.7bn.
Dividend growth continued with a 2.5% annual increase, targeting 8.79p per share for 2026 and a yield of 6.4%, maintaining the longest unbroken record among UK listed infrastructure trusts.
Portfolio comprises 135 essential infrastructure assets across nine countries, with 99% of revenues secured by long-term contracts or regulation and minimal market demand risk.
Disciplined capital recycling realized or committed over £440m since mid-2023, with over £480m reinvested or committed at projected returns above 11%.
Share buyback program extended to September 2027, with approximately £150m repurchased to date, adding 1.9p per share to NAV.
Financial highlights
NAV per share rose from 151.5p to 153.4p in six months, with a 0.043 GBP dividend paid and total NAV at £2.7bn.
Dividend cover improved to 1.3x for the half-year, up from 1.1x last year, and ongoing charges remained stable at 1.11%.
Cash from investments rose to £158.3m, supporting strong dividend coverage.
Share buybacks contributed 1.9p NAV accretion.
Profit before tax for H1 2026 was £107.0m, down from £142.6m in H1 2025.
Outlook and guidance
Dividend targets set at 8.79p for 2026 and 9.01p for 2027, with at least 2.5% annual growth projected for the next 25 years, supported by portfolio cash flows.
Pipeline of near-term investment opportunities valued at £290m, with a wider pipeline of £3.0bn and estimated double-digit returns.
Board remains confident in the strategy and continuity of delivery.
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Latest events from International Public Partnerships
- Higher yields pressured NAV, but cash generation strengthened and dividend growth accelerated.INPP
H2 2023 - NAV up 4.7% to 151.5p, 10.6% return, 7.1% yield, and Sizewell C boosts long-term dividends.INPPH2 2025
- NAV per share up 2.8% to 148.7p, profit before tax £142.6m, and dividend yield over 7%.INPPH1 2025
- £250m Sizewell C investment delivers inflation-linked returns, protections, and ESG impact.INPPInvestor Update
- 3% dividend growth, 9.3% projected return, and strong portfolio resilience in H1 2024.INPPH1 2024
- Dividend growth, strong returns, and capital returns continue despite higher discount rates.INPPH2 2024
Next International Public Partnerships earnings date
H2 202625 Mar, 2027
International Public Partnerships
Next International Public Partnerships earnings date
H2 202625 Mar, 2027
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Frequently asked questions
International Public Partnerships Limited is a Guernsey-based closed-ended investment company focused on providing its investors with stable, long-term, inflation-linked returns. The company achieves this through a diversified portfolio of infrastructure assets and businesses that meet societal and environmental needs. It operates in various sectors, including energy transmission, education, transport, health, courts, wastewater, police, and military housing, with investments in the United Kingdom, Australia, Europe, North America, and other parts of the world. The company is headquartered in Saint Peter Port, Guernsey, and its shares are listed on the London Stock Exchange.