INTERNATIONAL PUBLIC PARTNERSHIPS LD - Full Year Results

International Public Partnerships Limited (INPP:LSE) delivered a strong investor update highlighting resilient company performance, stable financial results, and a disciplined growth strategy centred on essential infrastructure assets. The portfolio, comprising over 130 investments across OECD markets, continues to generate predictable, inflation-linked revenue with 98% of income backed by government or regulated contracts, supporting long-term visibility on cash flows, margins and dividend growth. For FY2025, INPP reported NAV per share growth of 4.7% to 151.5p and a total NAV return of 10.6%, alongside a fully covered dividend of 8.58p, with forward guidance confirming continued dividend increases through 2027. The company maintains a robust capital allocation strategy, recycling capital from mature assets, executing share buybacks, and reinvesting into higher-return opportunities such as Sizewell C, enhancing portfolio returns and EBITDA potential. With a projected net return of 10.3% and a dividend yield of approximately 7%, INPP offers an attractive risk-adjusted income profile in a volatile macro environment. The diversified portfolio, strong order book of investments, and low correlation to broader equity markets reinforce its defensive positioning, while ongoing ESG initiatives and infrastructure development underpin long-term sustainable growth and shareholder value.