INTERNATIONAL PUBLIC PARTNERSHIPS LD - Interim Results for the six months to 30 June 2026

International Public Partnerships (INPP) has delivered another period of resilient operational and financial performance, with NAV per share increasing 1.3% to 153.4p at 30 June 2026 and an annualised total NAV return of 8.2%. The infrastructure investment trust has reconfirmed its 2026 dividend target of 8.79p per share, representing 2.5% annual growth, with dividends covered 1.3 times by operating cash during the period. INPP’s investment case remains underpinned by 135 essential infrastructure investments across nine countries, with 99% of portfolio revenues secured through long-term contracts or regulated arrangements. Its capital recycling strategy remains central to the growth strategy, with more than £440 million of mature assets realised at or above published valuations and over £480 million reinvested or committed at projected returns exceeding 11%. This represents an uplift of more than 200 basis points compared with the portfolio’s 9.1% discount rate. Capital allocation has strengthened portfolio quality, extending the weighted average asset life from 37 to 41 years, increasing inflation protection to 0.8% and extending the projected dividend growth horizon to at least 25 years. Portfolio assets continued to perform broadly in line with expectations, supported by strong availability across regulated investments and public-private partnerships. The company also highlighted progress in sustainability, decarbonisation and community outcomes. Despite market volatility and challenges in the UK alternative fibre market, management remains confident in INPP’s long-term strategy, secure income generation and ability to compound shareholder value through disciplined capital allocation and inflation-protected cash flows.