International Public Partnerships (INPP) reported that its net asset value per share rose 1.3%, or 1.9 pence, to 153.4p as of 30 June 2026, according to slides presented on 10 September 2026 marking the firm's half-year results and its 20th anniversary since its 2006 IPO.
Total NAV remained broadly stable at £2.7 billion. The annualized total NAV return stood at 8.2%, down from 10.6% at year-end 2025. The company said base-case reinvestment scenarios could map over £5.4 billion by 2066, or over £7.2 billion at an 11% return.
Cash dividend cover improved to 1.3 times, up from 1.1 times a year earlier. INPP reaffirmed its 2026 dividend target of 8.79 pence per share, representing 2.5% growth, and set a 2027 target of 9.01 pence per share.
The weighted average discount rate was maintained at 9.1%, unchanged from 31 December 2025 but elevated compared with a historical average of 8.0%. Government bond yields rose 30 basis points to 4.9%, partially offset by a 30 basis point tightening in the weighted average risk premium to 4.2%. Discount rate ranges by segment were: PPP projects 8.0%–11.0%, regulated investments 8.5%–10.5%, and operating businesses 9.0%–12.0%.
Since mid-2023, INPP has committed or deployed over £480 million across new projects, including £77 million in Moray East OFTO, £254 million through 2030 in Sizewell C, and £55 million in BeNEX expansions, carrying average returns exceeding 11%, inflation linkage above 1.0%, and a weighted average five-year cash yield above 6.0%. The firm has realized or committed to realize over £440 million from asset disposals, including a minority stake sale of Moray East OFTO during H1 2026 that yielded approximately £40 million and a committed disposal of nine Building Schools for the Future projects totaling £58 million, expected to close in Q4.
Current pipeline commitments total approximately £290 million, comprising Sizewell C at £185 million through 2030, Moray West OFTO at £65 million expected in 2026, and BeNEX RVMF expansion at £40 million through 2030. The near-term uncommitted pipeline comprises £502.8 million in equity value — £237.5 million in regulated assets at estimated 10%–12% IRR and £273.0 million in operating businesses at estimated 10%–15% IRR — within a wider pipeline pool of £3.0 billion.
INPP holds 135 infrastructure investments with a weighted average portfolio life of approximately 41 years, extended from 37 years previously. Ninety-nine percent of revenues are backed by long-term secure contracts, up from 98%, and inflation-linked cash flows stand at 0.8%. Sector allocation is led by transport at 23%, followed by energy transmission (18%), gas distribution (16%), wastewater (16%), education (12%), low-carbon energy (3%), and other assets (12%). Geographically, the UK accounts for 72% of the portfolio, with Belgium at 9%, Australia at 7%, and Germany at 5%.
Operational highlights included PPP assets achieving 99.8% availability against a target exceeding 98.0%, with performance deductions of 0.2% against a 3.0% threshold across nine countries. The number of homes capable of being powered by renewable energy via offshore transmission increased by 1.0 million to 3.7 million. Sizewell C construction has more than 2,000 people on site daily, and BeNEX was awarded a new concession providing 1.6 million train kilometers annually starting December 2027.
The company deployed approximately £150 million of its £225 million share buyback programme. Its corporate debt facility was expanded from £300 million to £350 million via a £50 million accordion option; £215.2 million was utilized for letters of credit supporting Sizewell C, with the balance undrawn for cash as of 30 June 2026. A digital infrastructure equity interest in toob will be transferred for a de minimis amount due to market headwinds, reducing exposure to roughly 1%.
