International Public Partnerships Ltd · LSE:INPP
International Public Partnerships — H1 2026 Earnings Presentation
37 slides from International Public Partnerships's earnings presentation, September 2026
Slide 1: H1 2026 Results Presentation
H1 2026 RESULTS PRESENTATION IMAGE Gold Coast Light Rail, Australia September 2026 Photo credit: TransLink, Department of Transport and Main Roads
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: Half-Year Financial Highlights as at 30 June 2026
HALF-YEAR FINANCIAL HIGHLIGHTS AS AT 30 JUNE 2026 153.4p £2.7bn 8.2% 9.1% NAV PER SHARE1 NAV1 TOTAL NAV RETURN (ANNUALISED)2 WEIGHTED AVERAGE DISCOUNT RATE 31 December 2025: 151.5p per share 31 December 2025: £2.7bn 31 December 2025: 10.6% 31 December 2025: 9.1% Movement 1.3% Movement 0.1% 8.79p 1.3
Slide 4: In Our 20th Anniversary Year
IN OUR 20TH ANNIVERSARY YEAR 1 2 3 4 Track record of reliable and Capital allocation targets Differentiated portfolio Highly predictable income from progressive income with primary market assets, composition of low-risk long-term contracted cash long-term capital growth including first-of-kind proje
Slide 5: Track Record of Reliable and Progressive Income
1 TRACK RECORD OF RELIABLE AND PROGRESSIVE INCOME UNINTERRUPTED, PROGRESSIVE DIVIDEND GROWTH SINCE IPO A dividend grown by at least 2.5% annually for ~20 years, with a minimum annual dividend cover of 1.1x 8.79p | 9.01p 2.5% 6.4% ~25 years 2026 and 2027 Dividend 2026 and 2027 Dividend Dividend Yield
Slide 6: Capital Allocation Targets: Primary Market Assets
2 CAPITAL ALLOCATION TARGETS PRIMARY MARKET ASSETS >11% AVERAGE RETURN ON INVESTMENT COMMITMENTS SINCE MID-2023 CAPITAL COMMITTED OR DEPLOYED SINCE MID-2023 (£m) 500 450 40 480 400 65 350 254 300 250 200 150 100 15 29 50 77 77 0 2024 2024 2023-2026 2025-2030 2026 2026-2030 Total Moray East OFTO BeNE
Slide 7: Realisations at an Implied Return of <9.1%
2 REALISATIONS AT AN IMPLIED RETURN OF <9.1% SINCE THE MARKET SHIFT IN LATE 2022, INPP HAS BEEN PRIORITISING REALISING CAPITAL FROM SELECTIVE MATURE ASSETS AND REDEPLOYING INTO HIGHER RETURNING ASSETS AND SHARE BUYBACKS CUMULATIVE REALISATION ACTIVITY SINCE MID-2023 (£m) Education OFTO disposal disp
Slide 8: Differentiated Portfolio Composition of Low-Risk Essential Infrastructure Assets
3 DIFFERENTIATED PORTFOLIO COMPOSITION OF LOW-RISK ESSENTIAL INFRASTRUCTURE ASSETS SUPPORTING KEY PORTFOLIO METRICS AND SHAREHOLDER VALUE Portfolio as at 30 June 2023 Portfolio as at 30 June 2026 Portfolio protected by 98% 99% (+1%) long-term secure revenues Three years of Weighted average discount
Slide 9: A Reliable Source of Income and Projected Long-Term Capital Growth
4 A RELIABLE SOURCE OF INCOME AND PROJECTED LONG-TERM CAPITAL GROWTH PROJECTED INVESTMENT PORTFOLIO RECEIPTS AND ILLUSTRATIVE NAV GROWTH WITH REINVESTMENT The chart captures a number of scenarios: ▪ The projected cash flows for the next 30 years, with no changes to the portfolio as at 30 June 2026;
Slide 10: Financial Performance
FINANCIAL PERFORMANCE IMAGE BeNEX, Germany Photo credit: agilis I Dietmar Denger
Slide 11: NAV Movements
NAV MOVEMENTS 1 2 3 4 1▪ The yields on the government bonds used as part of the valuation process increased from the last reported period, reducing the NAV by £59.7m 2▪ This negative impact was fully offset by a reduction in the investment risk premia, ensuring that valuations continue to reflect th
Slide 12: Valuation Discount Rate Overview
VALUATION DISCOUNT RATE OVERVIEW DISCOUNT RATE RANGES 1 ▪ Transaction volumes are beginning to pick up, with the Company Portfolio Portfolio active in a number of processes ▪ Improving market activity gives greater visibility on asset pricing, PPP though buyers remain price disciplined projects3 ▪ D
Slide 13: 2026 Half-Year Portfolio Review
2026 HALF-YEAR PORTFOLIO REVIEW IMAGE Moray East OFTO, UK
Slide 14: Portfolio Highlights – H1 2026
PORTFOLIO HIGHLIGHTS – H1 20261 ▪ Having performed strongly against its RIIO-2 commitments, Cadent is now focused on delivering its RIIO-3 objectives Regulated investments ▪ Post period-end, in August, Tideway successfully achieved ‘Handover’ - the point at which the operator takes over operational
Slide 15: Strong Track Record of Distributions Received Against Prior Year Forecast
STRONG TRACK RECORD OF DISTRIBUTIONS RECEIVED AGAINST THE PRIOR YEAR FORECAST ▪ With 99% of the portfolio backed by long-term contracted or regulated Regulated investments (53%) revenues, distributions depend principally on asset availability rather Tideway, Cadent, Sizewell C 11 OFTOs (offshore tra
Slide 16: Responsible Approach to Investment
RESPONSIBLE APPROACH TO INVESTMENT INFRASTRUCTURE IS INHERENTLY LINKED TO REAL-WORLD OUTCOMES. ESSENTIAL ASSETS SUCH AS TRANSPORT, HEALTHCARE, EDUCATION AND UTILITIES ENABLE THE DELIVERY OF PUBLIC SERVICES AND SUPPORT THE FUNCTIONING OF LOCAL COMMUNITIES AND ECONOMIES >706,000 >183,000 ANNUAL PATIEN
Slide 17: 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 2026 PLANNED FOR H2 2026 ▪ The Company, through its Investment ▪ The Company released the fifth edition of Adviser will co
Slide 18: Investment Case
INVESTMENT CASE 1 2 3 4 Track record of reliable Capital allocation targets Differentiated portfolio Highly predictable income and progressive income primary market assets, composition of low-risk from long-term contracted with long-term capital including essential infrastructure cash flows growth f
Slide 19: Appendices
APPENDICES IMAGE Sizewell C, UK
Slide 20: 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 21: Historic NAV Performance
HISTORIC NAV PERFORMANCE NAV PER SHARE – LAST FIVE YEARS 30 Jun 22 30 Jun 23 30 Jun 24 30 June 25 30 June 26 NAV1 PER SHARE 157.3p 155.2p 149.5p 148.7p 153.4 NAV RETURN – SINCE INCEPTION 300 Total Shareholder Return Total NAV Return 250 200 150 100 50 0 Dec 09 Dec 14 Dec 06 Dec 07 Dec 08 Dec 10 Dec
Slide 22: Investments at Fair Value
INVESTMENTS AT FAIR VALUE 1 2 3 4 5 6 1▪ An increase of £43.4m due to new investments made during the period, alongside divestments of £40.5m as the Company continues its active capital recycling programme 2▪ A decrease of £117.7m due to distributions paid out from the portfolio during the period 3▪
Slide 23: Future Opportunities
FUTURE OPPORTUNITIES CURRENT COMMITMENTS PIPELINE The Board and the Investment Adviser continue to monitor market conditions The pipeline presented in the graphics includes nearer-term and shortlisted investments. closely, assessing investment and divestment opportunities to ensure the portfolio rem
Slide 24: Top 10 Investments
TOP 10 INVESTMENTS FAIR VALUE % INVESTMENT % INVESTMENT NAME OF % HOLDING AT MOVEMENT PRIMARY SDG LOCATION SECTOR FAIR VALUE AT 30 FAIR VALUE AT INVESTMENT 30 JUNE 2026 DURING THE SUPPORTED JUNE 2026 31 DEC 2025 PERIOD CADENT UK Gas Distribution 7% 16.1% 15.6% 3.9% Cadent's fair value increased by c
Slide 25: Top 10 Investments Continued
TOP 10 INVESTMENTS CONTINUED % INVESTMENT % INVESTMENT FAIR VALUE NAME OF % HOLDING AT PRIMARY SDG LOCATION SECTOR FAIR VALUE AT 30 FAIR VALUE AT MOVEMENT DURING INVESTMENT 30 JUNE 2026 SUPPORTED JUNE 2026 31 DEC 2025 THE PERIOD EAST ANGLIA ONE Energy UK 100% 4.2% 4.3% (1.6%) OFTO Transmission The f
Slide 26: Portfolio Analysis as at 30 June 2026
PORTFOLIO ANALYSIS AS AT 30 JUNE 2026 2 1. The majority of assets and businesses benefit from availability-based or regulated revenues. ‘Other’ includes Health (4%), FHSP (2%), Digital (1%), and Judicial (1%) among other assets. 2. INPP’s investment case is supported by a highly attractive, secure l
Slide 27: Revenue Type and Service Providers
REVENUE TYPE AND SERVICE PROVIDERS PORTFOLIO BY REVENUE TYPE1 SERVICE PROVIDERS1 HONEYWELL AMEY 1% INTERNATIONAL 1% OTHER ROLLING STOCK & DIGITAL HUNT MILITARY KIER 1% INFRASTRUCTURE4 COMMUNITIES OCS BOUYGUES REGULATED 12% MITIE3 2%2% INVESTMENTS 2% (CADENT, 2% TIDEWAY, 3% SIZEWELL C) PPPs WITH DOWN
Slide 28: Valuation Sensitivities and Discount Rate Trends
VALUATION SENSITIVITIES AND DISCOUNT RATE TRENDS ESTIMATED IMPACT OF CHANGES IN KEY VARIABLES BASED ON NAV OF 153.4 PENCE PER PORTFOLIO INFLATION- SHARE AS AT 30 JUNE 2026 LINKAGE1 0.8% (31 December 2025: 0.7%) HISTORICAL WEIGHTED AVERAGE DISCOUNT RATE 10% 8% 6% 4% 2% 0% Dec-10 Jun-11 Dec-11 Jun-12
Slide 29: Macroeconomic Assumptions
MACROECONOMIC ASSUMPTIONS 30 JUNE 2026 31 DECEMBER 2025 UK RPI: 4.00% until Dec 2026, RPI: 3.50% until Dec 2027, 3.60% until Dec 2027, 2.75% thereafter1, 2.75% thereafter1 CPIH: 3.30% until Dec 2026, CPIH: 3.00% until Dec 2026, 2.75% until 2027, 2.75% until 2027, 2.50% thereafter 2.50% thereafter Au
Slide 30: 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; 53%) ▪ Asset level debt is non-recourse to the Company ▪ Generally fixed-term, fixed-rate debt ▪ Weighted average asset leverage of c.66%1 ▪ Principal generally amortises to nil over the conce
Slide 31: Cash Generation and Operating Costs
CASH GENERATION AND OPERATING COSTS Six months to Six months to SUMMARY OF CASH FLOWS 30 June 2026 30 June 2025 £(m) £(m) Opening cash balance 54.5 76.5 Cash from investments 158.3 106.7 Includes cash proceeds from realisation activity Corporate costs (15.1) (16.8) Reflects the costs of renewal, and
Slide 32: 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 33: About the Investment Adviser (Amber Infrastructure)
ABOUT THE INVESTMENT ADVISER (AMBER INFRASTRUCTURE) IMAGE Tideway, UK Photo credit: Tideway 2026 HALF-YEAR RESULTS PRESENTATION 33
Slide 34: An Overview of Amber Infrastructure
AN OVERVIEW OF AMBER INFRASTRUCTURE 2006 >300 Differentiating characteristics: • Amber has market-leading expertise in infrastructure investment SOURCED AND MANAGED GLOBAL • Amber has proactive relationships with government, and a strong THE COMPANY’S INVESTMENTS EMPLOYEES 1 SINCE IPO track record o
Slide 35: Amber's Managed or Advised Funds
AMBER’S MANAGED OR ADVISED FUNDS Amber manages or advises nine funds and managed accounts1 FUND SIZE OVERVIEW GEOGRAPHY SECTORS VINTAGE INVESTMENTS FTSE 250-listed investment Company £2.7bn NAV Public/social infrastructure investing in long-term public infrastructure OECD 2006 >130 (30 June 2026) an
Slide 36: Contacts
CONTACTS IMAGE Shirley Boys' and Avonside Girls' Schools, New Zealand 2026 HALF-YEAR RESULTS PRESENTATION 36
Slide 37: Contact Details
CONTACT DETAILS AMBER FUND MANAGEMENT (INVESTMENT ADVISER) FTI CONSULTING (COMMUNICATIONS ADVISORS) INPP Portfolio Manager: Jamie Hossain Mitch Barltrop Telephone: +44 (0)20 7939 0550 Telephone: +44 (0)78 0729 6032 Email: Jamie.Hossain@amberinfrastructure.com INPP.SC@fticonsulting.com INPP CFO and H
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