International Public Partnerships (LON: INPP) reported a net asset value of 153.4p per share at 30 June 2026, up 1.9p or 1.3% from 151.5p at year-end 2025, as the FTSE 250-listed infrastructure investment trust marked its 20th anniversary year.
Total NAV remained broadly stable at £2.7 billion. Annualized total NAV return came in at 8.2% for the period, down from 10.6% for full-year 2025. The weighted average discount rate was unchanged at 9.1%, reflecting a 110 basis point increase from June 2023 to June 2026. Inflation linkage rose slightly to 0.8% from 0.7% at December 2025.
Share buybacks generated 1.9p of NAV accretion, with approximately £150 million repurchased under the authorized £225 million program. Investments at fair value increased marginally from £2,641.6 million to £2,644.5 million.
Net operating cash flows of £142.1 million more than doubled from £86.9 million a year earlier, while corporate costs declined to £15.1 million from £16.8 million. The company paid £77.4 million in dividends during the half and generated £158.3 million in cash from investments, including realization proceeds.
Dividend cover on an operating cash basis improved to 1.3 times from 1.1 times a year ago, with the board targeting an uninterrupted growth track record spanning two decades. The 2026 dividend target is 8.79p per share, representing a 2.5% annual increase, followed by 9.01p in 2027.
Since mid-2023, INPP has committed or deployed over £480 million in new investments at an average return exceeding 11%. Key commitments include £254 million for Sizewell C nuclear power, expected to deliver an IRR of 11.5% to 13% over the 2025–2030 window; £65 million for Moray West OFTO; and £40 million for BeNEX railway operations starting December 2027.
Asset disposals and realizations since mid-2023 totaled over £440 million, including a £40 million OFTO disposal in H1 2026 and a commitment to divest nine Building Schools for the Future projects for approximately £58 million, expected to close in Q4 2026.
The near-term pipeline holds £502.8 million in equity value across regulated assets and operating businesses, with estimated IRRs ranging from 10% to 15%.
The portfolio comprises 135 assets across nine OECD countries with a weighted average life of approximately 41 years. Revenue protection remains strong, with 99% of assets backed by long-term contracted or regulated revenues. PPP operational availability stood at 99.8% against a 98% target, with performance deductions of just 0.2%.
Sizewell C remains a focal point, with current commitments totaling approximately £185 million out of the £254 million originally allocated. The company also exercised a £50 million accordion option on its corporate debt facility, increasing total commitments to £350 million.
