International Public Partnerships Ltd · LSE:INPP
International Public Partnerships — H1 2025 Earnings Presentation
52 slides from International Public Partnerships's earnings presentation, September 2025
Slide 1: H1 2025 Results Presentation
H1 2025 RESULTS PRESENTATION IMAGE September 2025 Tideway, UK Photo credit: Tideway
Slide 2: Important Information
IMPORTANT INFORMATION The information in this document has been prepared at the direction of International Public Partnerships Limited (“INPP” or the Potential investors should be aware that any investment in the Company is speculative, involves a high degree of risk, and could "Company") solely for
Slide 3: Team Introductions
TEAM INTRODUCTIONS INPP LEAD TEAM Jamie Hossain Muhammad Anwer Erica Sibree Dan Ward Dan Watson INPP Lead and INPP CFO and Head of Capital Head of INPP Head of Senior Investment Head of Valuations Solutions and Investor Asset Management Sustainability Director Relations >19 years at Amber >13 years
Slide 4: Overview
OVERVIEW IMAGE Angel trains, UK Photo credit: Angel Trains H1 2025 RESULTS PRESENTATION 4
Slide 5: Delivering Long-Term Benefits
DELIVERING LONG-TERM BENEFITS OUR PURPOSE IS TO INVEST RESPONSIBLY IN SOCIAL AND PUBLIC INFRASTRUCTURE THAT DELIVERS LONG-TERM BENEFITS FOR ALL STAKEHOLDERS SOURCE AND STRUCTURE OPTIMISE DELIVER ▪ Portfolio of cash generative, ▪ Active asset management ▪ Consistently growing dividends essential infr
Slide 6: Investment Case
INVESTMENT CASE IMAGE Rolleston College, New Zealand PREDICTABLE, LONG-TERM, DIVERSIFIED PORTFOLIO OF LOW-RISK ACTIVE AND RESPONSIBLE INFLATION-LINKED CASH FLOWS INFRASTRUCTURE ASSETS INVESTMENT MANAGEMENT 10.2% 50% 37% 13% Portfolio Optimisation ABILITY TO OUTPERFORM PROJECTED NET RETURN1 REGULATED
Slide 7: H1 2025 Highlights
H1 2025 HIGHLIGHTS IMAGE Dudgeon OFTO Photo credit: Jan Arne Wold/Equinor 148.7p 8.58p 1.1x 1.12% NAV PER SHARE1 2025 DIVIDEND TARGET PER SHARE2 CASH DIVIDEND COVER3 ONGOING CHARGES4 31 December 2024: 144.7p per share 2024: 8.37p per share H1 2024: 1.1x H1 2024: 1.17% SUSTAINABILITY HIGHLIGHTS5 >181
Slide 8: Strategic Developments
STRATEGIC DEVELOPMENTS IMAGE H1 2025 RESULTS PRESENTATION 8 Durham Regional Courthouse, Ontario, Canada Photo credit: WZMH Architects
Slide 9: Measures Taken to Further Optimise the Portfolio
MEASURES TAKEN TO FURTHER OPTIMISE THE PORTFOLIO RECENT ACTIONS TAKEN 2025 ACTIONS Realisations of over £345m at prices in line c.£90m of realisations announced during 2025 1 Additional realisations with, or above, the most recently published valuations since June 2023 in line with, or above, the mo
Slide 10: Financial Performance
FINANCIAL PERFORMANCE IMAGE BeNEX, Germany Photo credit: ODEG H1 2025 RESULTS PRESENTATION 10
Slide 11: NAV Movements
NAV MOVEMENTS FOREIGN EXCHANGE RATES Over the period, Sterling SHARE BUYBACK INVESTMENT RISK PREMIA weakened against the Euro and MACROECONOMIC ASSUMPTIONS The Company continued its share The negative impact of the increase in Danish Krone but strengthened against the Company's other Short-term infl
Slide 12: Delivering Year-on-Year Dividend Growth
DELIVERING YEAR-ON-YEAR DIVIDEND GROWTH 2025 DIVIDEND TARGET1 2025 AND 2026 TARGET DIVIDEND YIELD2 SUSTAINABLE FUTURE DIVIDEND GROWTH TARGET1 DIVIDEND GROWTH3 8.58p 2.5% 7.1% >20 years 1. Future profit projection and dividends cannot be guaranteed. Projections are based on current estimates and may
Slide 13: Predictable, Long-Term Investment Receipts
PREDICTABLE, LONG-TERM INVESTMENT RECEIPTS Peaks in the projected cash flow profile are generally due to: ▪ Cash released towards the end of a PPP project (e.g. in 2036); and ▪ Value ascribed to assets which will be owned by the Company at the end of a fixed concession or licence period (e.g. in 203
Slide 14: Valuation Discount Rate Overview
VALUATION DISCOUNT RATE OVERVIEW NAV PER SHARE 1 WEIGHTED AVERAGE DISCOUNT NAV SENSITIVITY TO -/+100BPS RATE 2 DISCOUNT RATE CHANGES 148.7p 9.0% 14.6p / (12.3p) 31 December 2024: 144.7p 31 December 2024: 9.0% 31 December 2024: 14.4p / (12.1p) Variance: 4.0p Variance: 0% Variance: 0.2p / 0.2p DISCOUN
Slide 15: H1 2025 Portfolio Review
H1 2025 PORTFOLIO REVIEW IMAGE Moray East OFTO, UK H1 2025 RESULTS PRESENTATION 15
Slide 16: Responsible Investment Progress
RESPONSIBLE INVESTMENT PROGRESS THE COMPANY CONTINUES TO FOCUS ON ITS APPROACH TO RESPONSIBLE INVESTMENT AND MADE GOOD PROGRESS AGAINST ITS ESG POLICY OBJECTIVES DELIVERED IN H1 2025 PLANNED FOR H2 2025 ▪ The Company is seeking to refresh its screening approach, incorporating the latest Disclosure ▪
Slide 17: H1 2025 Updates - Regulated Investments
H1 2025 UPDATES - REGULATED INVESTMENTS1 ▪ Major construction works have been completed and to date, the system has prevented almost 8 million cubic metres of sewage from entering the River Tideway Thames2. Commissioning is expected to complete in the second half of 2025 Tideway is the ‘Super-Sewer’
Slide 18: H1 2025 Updates - PPP Projects
H1 2025 UPDATES - PPP PROJECTS1 ▪ Diversified portfolio of over 120 PPPs continues to perform strongly with Performance availability of 99.7%2 and performance deductions of only 0.2% during the Solid performance period continues ▪ The overall availability of assets was reduced to 98.7% when combinin
Slide 19: H1 2025 Updates - Operating Businesses
H1 2025 UPDATES - OPERATING BUSINESSES1 ▪ Angel Trains continued to perform well during H1 2025 with its trains on lease Angel Trains to TOCs across the UK as planned A rolling stock leasing ▪ In August 2025, the Company completed a partial disposal in Angel Trains, company which owns more realising
Slide 20: Sizewell C – Investment Rationale
SIZEWELL C – INVESTMENT RATIONALE ONCE OPERATIONAL, SIZEWELL C WILL GENERATE APPROXIMATELY 3.2GW OF BASELOAD, LOW-CARBON ELECTRICITY, FORECAST TO MEET 7% OF THE UK’S ELECTRICITY NEEDS c.£250m total Enhanced investor Cash yield from Attractive, fixed No exposure to Governance rights equity commitment
Slide 21: Looking Forward
LOOKING FORWARD IMAGE Gold Coast Light Rail, Australia Photo credit: TransLink, Department of Transport and Main Roads H1 2025 RESULTS PRESENTATION 21
Slide 22: Commitment to Delivering Shareholder Value
COMMITMENT TO DELIVERING SHAREHOLDER VALUE While the Company currently prioritises the return of capital to shareholders given the market environment, it will carefully consider opportunities to reinvest divestment proceeds into new and follow-on investment opportunities 1. ENHANCED DIVESTMENT PROGR
Slide 23: Strong Investment Case
STRONG INVESTMENT CASE INPP REMAINS WELL POSITIONED FOR 2025 1 2 3 10.2%1 7.1% 0.7%3 Projected Net Return which Dividend yield2 and strong Inflation linkage provides is 4.6% more than a 30-year dividend growth good protection in a higher- UK government bond inflation environment 4 5 6 Consistent div
Slide 24: Q&A
Q&A IMAGE Shirley Boys' and Avonside Girls' Schools, New Zealand H1 2025 RESULTS PRESENTATION 24
Slide 25: Appendices
APPENDICES IMAGE Liverpool Library, UK Photo credit: Bob Wheeler Photography H1 2025 RESULTS PRESENTATION 25
Slide 26: Portfolio Overview and Valuation
PORTFOLIO OVERVIEW AND VALUATION IMAGE Angel Trains, UK Photo credit: Angel Trains H1 2025 RESULTS PRESENTATION 26
Slide 27: Valuation Methodology
VALUATION METHODOLOGY NAV CALCULATION1 ADDITIONAL VALUE DRIVERS ▪ Sum-of-the-parts’ aggregation of the present value of each of the We believe additional value may exist relative to that captured in our valuation Company’s investments plus other balance sheet items process. These items are not captu
Slide 28: Historic NAV Performance
HISTORIC NAV PERFORMANCE NAV PER SHARE – LAST FIVE YEARS 30 Jun 21 30 Jun 22 30 Jun 23 30 Jun 24 30 June 25 NAV1 PER SHARE 145.1p 157.3p 155.2p 149.5p 148.7p NAV PER SHARE – SINCE INCEPTION 180.0 160.0 NAV Per Share Share Price 140.0 120.0 100.0 80.0 60.0 40.0 20.0 - Dec 06 Dec 14 Dec 07 Dec 08 Dec
Slide 29: Top 10 Investments
TOP 10 INVESTMENTS % INVESTMENT % INVESTMENT STATUS AT % HOLDING AT FAIR VALUE AT FAIR VALUE AT PRIMARY SDG NAME OF INVESTMENT LOCATION SECTOR 30 JUNE 2025 30 JUNE 20251 30 JUNE 2025 31 DEC 2024 SUPPORTED UK Waste Water Under Construction 18% Risk Capital 15.6% 15.0% Gas UK Operational 7% Risk Capit
Slide 30: Investments at Fair Value
INVESTMENTS AT FAIR VALUE INVESTMENTS INVESTMENTS AT FAIR VALUE PORTFOLIO RETURN1 FOREIGN EXCHANGE RATES An increase of £6.7m due The rebased investments at fair value The Portfolio Return captures broadly Over the period, Sterling weakened against to new investments made of £2,493.1m is presented t
Slide 31: Portfolio Analysis as at June 2025
PORTFOLIO ANALYSIS AS AT 30 JUNE 2025 1. The majority of assets and businesses benefit from availability-based or regulated revenues. ‘Other’ includes Health (4%), Digital (3%), FHSP (2%), and Judicial (2%) among other assets.. 2. Risk Capital includes both investment and business level equity and s
Slide 32: Revenue Type and Service Providers
REVENUE TYPE AND SERVICE PROVIDERS PORTFOLIO BY REVENUE TYPE1 INPP SERVICE PROVIDERS1 OTHER ROLLING OPERATING STOCK & DIGITAL BUSINESSES2 INFRABEL INFRASTRUCTURE4 DOWNER & SPOTLESS 8% 13% 13% 6% HUNT MILITARY COMMUNITIES PPPs WITH 3% REVENUE RISK MECHANISMS3 BOUYGUES 3% 11% REGULATED INVESTMENTS 3%
Slide 33: PPP Hand-Back - Overview
PPP HAND-BACK - OVERVIEW HAND-BACK REMAINS IN SHARP FOCUS ACROSS THE INDUSTRY AS INPP HAND-BACK DATES SPREAD OVER NEXT 25 YEARS SCHEMES BEGIN TO BE HANDED-BACK TO THE PUBLIC SECTOR INPP PPP hand-back dates1 ▪ Authority rights 10.00% ▪ Survey the property to assess condition relative to hand-back req
Slide 34: Valuation Sensitivities and Discount Rate Trends
VALUATION SENSITIVITIES AND DISCOUNT RATE TRENDS ESTIMATED IMPACT OF CHANGES IN KEY VARIABLES TO 30 JUNE 2025 BASED ON PORTFOLIO INFLATION- NAV OF 148.7 PENCE PER SHARE LINKAGE1 0.7%p.a. Discount rates +/- 1% -12.3 14.6 Inflation +/- 1% -9.8 11.0 Foreign Exchange +/- 10% -3.9 3.9 (31 December 2024:
Slide 35: High Levels of Protection to Increasing Base Rates
HIGH LEVELS OF PROTECTION TO INCREASING BASE RATES ASSET LEVEL DEBT HEDGED FOR THE FULL TERM (PPPS & OFTOS; 56%) ▪ Asset level debt is non-recourse to the Company ▪ Generally fixed-term, fixed-rate debt ▪ Weighted average asset leverage of c.69%1 ▪ Principal generally amortises to nil over the conce
Slide 36: Macroeconomic Assumptions
MACROECONOMIC ASSUMPTIONS 30 JUNE 2025 31 DECEMBER 2024 UK RPI: 3.25% until Dec 2025, RPI: 3.25% until Dec 2025, 3.00% until Dec 2026, 3.00% until Dec 2026, 2.75% thereafter1 2.75% thereafter1 CPIH: 3.00% until Dec 2025, CPIH: 2.25% 2.25% until 2026, 2.50% therafter Australia 2.75% until Dec 2026, 2
Slide 37: Projected Cash Flows Under a +100bps Inflation Scenario
PROJECTED CASH FLOWS UNDER A +100BPS INFLATION SCENARIO PROJECTED ANNUAL CASH FLOWS AVAILABLE FOR DIVIDENDS (+100BPS INFLATION) 1 (£m) 500 400 300 200 100 0 2028 2045 2025 2026 2027 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2046 2047 2048 2049 2050 2051 2052 205
Slide 38: ESG Reporting Framework
ESG REPORTING FRAMEWORK INPP seeks to provide ESG KPIs and disclosures, which have been designed to support investor reporting requirements and to highlight the positive impact of the Fund’s approach to ESG DISCLOSURE FRAMEWORK KPIs AND DISCLOSURES REPORTING CATEGORY POSITIVE Sector-specific disclos
Slide 39: Portfolio Information
PORTFOLIO INFORMATION INVESTMENT ACTIVITY Capital invested during the six months to 30 June 2025 included funding of £6.1m into three long-standing investment commitments to: • Flinders University Health and Medical Research Building (‘HMRB’); • Gold Coast Light Rail – Stage 3; and • toob The invest
Slide 40: Sizewell C - Strategic Portfolio Fit
SIZEWELL C - STRATEGIC PORTFOLIO FIT SUPPORTING KEY PORTFOLIO METRICS AND SHAREHOLDER VALUE Portfolio as at 30 June 2025 Portfolio as at 31 Dec 2030 (incl. SZC stake)1 WEIGHTED AVERAGE DISCOUNT RATE OF THE PORTFOLIO2 9.0% 9.3% (0.3%) INFLATION-LINKAGE CASH FLOWS3 0.7% 0.8% (+0.1%) PROGRESSIVE FULLY
Slide 41: Investment Receipts Forecast – Incl Sizewell C
INVESTMENT RECEIPTS FORECAST – INCL SIZEWELL C NET ASSET VALUE GROWTH POTENTIAL AND STRONG, PREDICTABLE CASH RECEIPTS PROFILE PROJECTED INVESTMENT CASH RECEIPTS AND NAV (incl. SZC stake) 550 3,500 500 3,000 450 Projected Cash Receipts - £'000s 400 2,500 Projected NAV - £'000s 350 2,000 300 250 1,500
Slide 42: Sizewell C in Summary
SIZEWELL C IN SUMMARY PROVIDING INPP WITH FURTHER ATTRACTIVE, REGULATED, RISK-ADJUSTED RETURNS 1 2 3 A compelling opportunity Extensive diligence and Regulated utility highly for INPP’s investors to engagement by Amber and comparable to INPP’s pre- benefit from predicable the Board to structure an e
Slide 43: Future Opportunities
FUTURE OPPORTUNITIES The Company does not need to make additional investments to deliver current projected returns. Further investment opportunities will be assessed against the Company’s relevant strategic KPIs and will only be considered where the overall level of returns are judged to be signific
Slide 44: Cash Generation and Operating Costs
CASH GENERATION AND OPERATING COSTS Six months to Six months to SUMMARY OF CASH FLOWS 30 June 2025 30 June 2024 £(m) £(m) Opening cash balance 76.5 128.6 Comparative period to June 2024 includes £107.8m of cash Cash from investments 106.7 213.6 proceeds from realisation activity Corporate costs (16.
Slide 45: About Amber Infrastructure
ABOUT AMBER INFRASTRUCTURE IMAGE Tideway, UK Photo credit: Tideway H1 2025 RESULTS PRESENTATION 45
Slide 46: Amber at a Glance
AMBER AT A GLANCE AMBER INFRASTRUCTURE EXPERIENCED INFRASTRUCTURE FUND MANAGER 9 ~180 Investing in transport, energy, digital and public infrastructure Local presence across Europe, Australia and North America FUNDS MANAGED GLOBAL OR ADVISED1 PROFESSIONALS Specialist team across investment originati
Slide 47: Amber's Managed or Advised Funds
AMBER’S MANAGED OR ADVISED FUNDS Amber manages or advises nine funds and other managed accounts FUND SIZE OVERVIEW GEOGRAPHY SECTORS VINTAGE INVESTMENTS FTSE 250-listed investment Company investing Public/social infrastructure and £2.7bn1 OECD 2006 >140 in long-term public infrastructure assets low
Slide 48: Overview of Boyd Watterson Global Asset Management Group
OVERVIEW OF BOYD WATTERSON GLOBAL ASSET MANAGEMENT GROUP Boyd Watterson Global operates through its subsidiaries in multiple, attractive asset classes across a global footprint1 90+2 300+ Boyd Watterson Global is a global diversified Real Estate, Infrastructure, and Fixed Years of Experience Employe
Slide 49: Boyd Watterson Global – Asset Classes
BOYD WATTERSON GLOBAL – ASSET CLASSES Boyd Watterson Global operates in multiple, attractive asset classes across a global footprint 1 BOYD WATTERSON GLOBAL ASSET CLASSES AS OF MARCH 31, 2025 FIXED INCOME/ REAL ESTATE2 INFRASTRUCTURE EQUITY2 ASSETS UNDER $8.6 billion $10.2 billion $17.5 billion MANA
Slide 50: Global Footprint
GLOBAL FOOTPRINT Boyd Watterson Global Asset Management operates in multiple, attractive asset classes across a global footprint NORTH AMERICA UNITED KINGDOM AND EUROPE AUSTRALIA AND NEW ZEALAND Calgary Edinburgh Vilnius Darwin New York Detroit Hartford Warsaw London Chicago Baltimore Cleveland Brus
Slide 51: Contacts
CONTACTS IMAGE Shirley Boys' and Avonside Girls' Schools, New Zealand H1 2025 RESULTS PRESENTATION 51
Slide 52: Contact Details
CONTACT DETAILS AMBER FUND MANAGEMENT (INVESTMENT ADVISER) FTI CONSULTING (COMMUNICATIONS ADVISORS) Senior Investment Director: Jamie Hossain Mitch Barltrop, Ed Berry, Maxime Lopes Telephone: +44 (0)20 7939 0550 Telephone: (0) 7807 296 032 / (0) 7703 330 199 / (0) 7890 896 777 Email: Jamie.Hossain@a
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