International Public Partnerships (INPP) H1 2026 earnings summary

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.