International Public Partnerships Ltd · LSE:INPP
International Public Partnerships — FY2025 Earnings Presentation
46 slides from International Public Partnerships's earnings presentation, March 2026
Slide 1: 2025 Results Presentation
2025 RESULTS PRESENTATION IMAGE March 2026 Sizewell C, UK Photo credit: Sizewell C
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: In Our 20th Anniversary Year
IN OUR 20TH ANNIVERSARY YEAR OUR PURPOSE IS TO INVEST RESPONSIBLY IN SOCIAL AND PUBLIC INFRASTRUCTURE THAT DELIVERS LONG-TERM BENEFITS FOR ALL STAKEHOLDERS Predictable long-term, Predictable, attractive and A diversified portfolio of Positive environmental inflation-linked cash flows growing dividen
Slide 4: Investment Case
INVESTMENT CASE PROJECTED NET RETURN1 DIVIDEND YIELD2 INFLATION-LINKAGE3 10.3% 7.1% 0.7% Weighted average discount rate less Ongoing 2026 target: 8.79p / share price p.a. additional return per 1% rise in inflation Charges, adjusted for share price discount to NAV 24 Mar 2026 DIVERSIFIED PORTFOLIO OF
Slide 5: 2025 Highlights
2025 HIGHLIGHTS 151.5p 8.58p 1.1x 1.09% NAV PER SHARE1 2025 DIVIDEND PER SHARE2 CASH DIVIDEND COVER3 ONGOING CHARGES4 31 December 2024: 144.7p per share 2024: 8.37p per share 2024: 1.1x 2024: 1.14% INPP IS RECOGNISED AS A NEXT GENERATION DIVIDEND HERO BY THE AIC5 DIVIDENDS GROWN BY AT ABILITY TO GRO
Slide 6: Low-Risk Portfolio Delivering Return Certainty
LOW-RISK PORTFOLIO DELIVERING RETURN CERTAINTY PORTFOLIO BACKED BY SECURE REVENUES The Company’s investment case is supported by a highly The Company’s revenues are predominantly government or predictable, secure revenue base government backed availability or regulated revenues, with very limited ma
Slide 7: Long-Term Capital Allocation
LONG-TERM CAPITAL ALLOCATION A DISCIPLINED STRATEGY, CONSISTENTLY EXECUTED — DELIVERING LONG-TERM VALUE AND ENHANCING SHAREHOLDER RETURNS 1. DIVESTMENT PROGRAMME 2. SHARE BUYBACK PROGRAMME ▪ The Board reconfirms the increased quantum ▪ c.£130m of realisations in 2025, across PPP, of capital being re
Slide 8: Financial Performance
FINANCIAL PERFORMANCE IMAGE BeNEX, Germany Photo credit: ODEG 2025 FULL-YEAR RESULTS PRESENTATION 8
Slide 9: NAV Movements
NAV MOVEMENTS FOREIGN EXCHANGE RATES Over the year, Sterling weakened against the Euro, SHARE BUYBACK INVESTMENT RISK PREMIA Australian Dollar and Danish MACROECONOMIC ASSUMPTIONS The Company continued and further The negative impact of the increase in Krone, while strengthening Short term inflation
Slide 10: Valuation Discount Rate Overview
VALUATION DISCOUNT RATE OVERVIEW DISCOUNT RATE RANGES Portfolio Portfolio ▪ Transaction volumes are slowly recovering, with the Company participating in a number of transactions during the year PPP projects3 ▪ Overall market activity has improved in 2025 providing more visibility around asset pricin
Slide 11: Delivering Year-on-Year Dividend Growth
DELIVERING YEAR-ON-YEAR DIVIDEND GROWTH 2025 DIVIDEND 2026 AND 2027 TARGET DIVIDEND YIELD2 SUSTAINABLE FUTURE DIVIDEND GROWTH TARGET1 DIVIDEND GROWTH3 8.58p 2.5% 7.1% >25 years 1. Future profit projection and dividends cannot be guaranteed. Projections are based on current estimates and may vary in
Slide 12: Predictable, Long-Term Investment Receipts
PREDICTABLE, LONG-TERM INVESTMENT RECEIPTS Based on the portfolio as at 31 December 2025 Projected NAV continues to increase to the mid-2030s, the growth will be more pronounced as INPP continues to invest in Sizewell C Peaks in the projected cash flow profile are generally due to: ▪ Cash released t
Slide 13: 2025 Portfolio Review
2025 PORTFOLIO REVIEW IMAGE Moray East OFTO, UK 2025 FULL-YEAR RESULTS PRESENTATION 13
Slide 14: 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 PATIENTS TREA
Slide 15: 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 2025 PLANNED FOR 2026 ▪ The Company will monitor the ▪ The Company released the fifth edition of implementation of UK Sustain
Slide 16: 2025 Updates - Regulated Investments
2025 UPDATES - REGULATED INVESTMENTS1 ▪ In February 2025, the sewer was fully connected and became capable of Tideway preventing sewage spills that would otherwise have polluted the River Thames Tideway is the ‘Super-Sewer’ under the ▪ Commissioning, which includes the storm testing phase of the pro
Slide 17: New Regulated Investment: Sizewell C
NEW REGULATED INVESTMENT: SIZEWELL C PROVIDING INPP WITH FURTHER ATTRACTIVE, RISK-ADJUSTED RETURNS ▪ Sizewell C is the UK’s latest nuclear power station in Suffolk, and the first to be funded under the Regulated Asset Base (‘RAB’) model1 ▪ INPP has committed c.£254m of equity to be deployed over up
Slide 18: 2025 Updates - PPP Projects
2025 UPDATES - PPP PROJECTS1 Performance ▪ Diversified portfolio of over 100 PPPs continues to perform strongly with availability of 99.8%2 and performance deductions of only 0.3% during the year Solid performance continues ▪ The overall asset availability of 99.7% for the year reflects the Company’
Slide 19: 2025 Updates - Operating Businesses
2025 UPDATES - OPERATING BUSINESSES1 ▪ Angel Trains continued to perform well during the year 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 c
Slide 20: Strong Investment Case
STRONG INVESTMENT CASE INPP REMAINS WELL POSITIONED FOR THE LONG-TERM 10.3% 7.1% 0.7% Projected Net Return1 Dividend yield2 and strong Inflation linkage3 provides dividend growth good protection in a higher- inflation environment Dividend growth of at least A low-risk portfolio, A robust pipeline of
Slide 21: Appendices
APPENDICES IMAGE Liverpool Library, UK Photo credit: Bob Wheeler Photography 2025 FULL-YEAR RESULTS PRESENTATION 21
Slide 22: Portfolio Overview
PORTFOLIO OVERVIEW IMAGE Angel Trains, UK Photo credit: Angel Trains 2025 FULL-YEAR RESULTS PRESENTATION 22
Slide 23: 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 24: Historic NAV Performance
HISTORIC NAV PERFORMANCE NAV PER SHARE – LAST FIVE YEARS 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 NAV1 PER SHARE 148.2 159.1 152.6 144.7 151.5 NAV RETURN – SINCE INCEPTION 300 Total Shareholder Return Total NAV Return 250 200 150 100 50 0 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec
Slide 25: Top 10 Investments
TOP 10 INVESTMENTS % INVESTMENT % INVESTMENT FAIR VALUE NAME OF % HOLDING AT PRIMARY SDG LOCATION SECTOR FAIR VALUE AT 31 FAIR VALUE AT MOVEMENT INVESTMENT 30 JUNE 20251 SUPPORTED DEC 2025 31 DEC 2024 DURING THE YEAR TIDEWAY UK Waste Water 18% Risk Capital 15.8% 15.0% 7.6% Tideway delivered a fair v
Slide 26: Top 10 Investments Continued
TOP 10 INVESTMENTS CONTINUED % INVESTMENT % INVESTMENT FAIR VALUE NAME OF % HOLDING AT PRIMARY SDG LOCATION SECTOR FAIR VALUE AT 31 FAIR VALUE AT MOVEMENT INVESTMENT 30 JUNE 20251 SUPPORTED DEC 2025 31 DEC 2024 DURING THE YEAR BENEX Germany Transport 100% Risk Capital 4.2% 3.2% 35.1% The fair value
Slide 27: Investments at Fair Value
INVESTMENTS AT FAIR VALUE INVESTMENTS An increase of £47.3m due to new INVESTMENTS AT FAIR VALUE PORTFOLIO RETURN1 FOREIGN EXCHANGE RATES investments made during the year. The rebased investments at fair value The Portfolio Return of £239.2m Over the year, Sterling weakened against the There were di
Slide 28: Portfolio Analysis as at December 2025
PORTFOLIO ANALYSIS AS AT 31 DECEMBER 2025 2 1. The majority of assets and businesses benefit from availability-based or regulated revenues. ‘Other’ includes Health (4%), Digital (2%), FHSP (2%), and Judicial (1%) among other assets. 2. INPP’s investment case is supported by a highly attractive, secu
Slide 29: Revenue Type and Service Providers
REVENUE TYPE AND SERVICE PROVIDERS PORTFOLIO BY REVENUE TYPE1 INPP SERVICE PROVIDERS1 OTHER ROLLING KIER STOCK & DIGITAL HONEYWELL OTHERS INFRASTRUCTURE4 AMEY OCS 12% G4S HUNT MILITARY 7% 1% 1% COMMUNITIES 1% 2% PPPs WITH BOUYGUES 2% REVENUE RISK 2% MECHANISMS3 11% MITIE 2% REGULATED 2% INVESTMENTS
Slide 30: Valuation Sensitivities and Discount Rate Trends
VALUATION SENSITIVITIES AND DISCOUNT RATE TRENDS ESTIMATED IMPACT OF CHANGES IN KEY VARIABLES TO 31 DECEMBER 2025 BASED ON PORTFOLIO INFLATION- NAV OF 151.5 PENCE PER SHARE LINKAGE1 0.7%p.a. Discount rates +/- 1% -13.4 15.9 Inflation +/- 1% -10.5 11.4 Foreign Exchange +/- 10% -4.2 4.2 (31 December 2
Slide 31: 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; 55%) ▪ Asset level debt is non-recourse to the Company ▪ Generally fixed-term, fixed-rate debt ▪ Weighted average asset leverage of c.67%1 ▪ Principal generally amortises to nil over the conce
Slide 32: Macroeconomic Assumptions
MACROECONOMIC ASSUMPTIONS 31 DECEMBER 2025 31 DECEMBER 2024 UK RPI: 3.50% until Dec 2027, RPI: 3.25% until Dec 2025, 2.75% thereafter1 3.00% until Dec 2026, 2.75% thereafter1 CPIH: 3.00% until Dec 2026, CPIH: 2.25% 2.75% until 2027, 2.50% thereafter Australia 3.00% until Dec 2026, 2.75% until Dec 20
Slide 33: 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 34: Cash Generation and Operating Costs
CASH GENERATION AND OPERATING COSTS Year to Year to SUMMARY OF CASH FLOWS 31 December 2025 31 December 2024 £(m) £(m) Opening cash balance 76.5 128.6 Cash from investments 297.7 359.9 Includes cash proceeds from realisation activity Corporate costs (34.2) (34.6) Reflects the costs of renewal, and le
Slide 35: About Sizewell C
ABOUT SIZEWELL C 2025 FULL-YEAR RESULTS PRESENTATION 35
Slide 36: Sizewell C Overview
SIZEWELL C OVERVIEW CRITICAL ENERGY INFRASTRUCTURE ▪ Reliable, weather-independent baseload power at scale complementing the UK’s roll-out of ~£250m intermittent renewables stabilising the grid and serving the UK’s energy security CAPPED INVESTMENT1 SUPPORTS JOB CREATION AND BUILDING CRUCIAL SKILLS
Slide 37: Government Support Package (GSP)
GOVERNMENT SUPPORT PACKAGE (‘GSP’) FORMING A ROBUST AND COMPREHENSIVE SUPPORT PACKAGE MITIGATING KEY RISKS FOR INVESTORS ▪ Investors are not required to commit further capital beyond their original commitment as the GSP steps in beyond the Higher Regulatory Construction cost Threshold (‘HRT’) – the
Slide 38: Total Funding Obligation
TOTAL FUNDING OBLIGATION INPP’S TOTAL FUNDING OBLIGATION IS CAPPED FOR CONSTRUCTION WITH SIGNIFICANT DOWNSIDE PROTECTIONS Allowable Capital Spend RAB Build-up Debt / Equity Financing Severe Outcome – Spend above HRT Revenue, investors or HMG 100% of Allowable Capital1 provide debt / equity under Con
Slide 39: SZC RAB Profile
SZC RAB PROFILE RAB GROWTH THROUGH DEBT / EQUITY DURING CONSTRUCTION BEFORE DEPRECIATING OVER OPERATIONAL LIFE ILLUSTRATIVE RAB BUILD UP AND ALLOWED REVENUE PROFILE OVER PROJECT LIFETIME Allowed revenue has no exposure to power sales through market price incentives 1 Return on RAB Other Costs RAB De
Slide 40: Allowed Return Profile
ALLOWED RETURN PROFILE ALLOWED RETURN PROFILE FIXED FOR ENTIRE CONSTRUCTION PERIOD Commencement COD COD+3yrs 60+years Post-Construction Pre-PCR phase Post-PCR (Operations) Phase Review (PCR) Construction Operations Agreed Regulatory Period 5-year periodic regulatory review Set by: Allowed Returns Ov
Slide 41: Allowed Revenue Building Blocks
ALLOWED REVENUE BUILDING BLOCKS AS GOVERNED BY THE PROJECT’S ECONOMIC LICENCE ALLOWED REVENUE BUILDING BLOCKS (REAL BASIS) Other Costs Allowed Allowed RAB Tax and Revenue1 Return Depreciation Allowance Allowances RAB x WACC, where Allowance for corporation Depreciation of RAB over WACC is fixed for
Slide 42: About the Investment Adviser (Amber Infrastructure)
ABOUT THE INVESTMENT ADVISER (AMBER INFRASTRUCTURE) IMAGE Tideway, UK Photo credit: Tideway 2025 FULL-YEAR RESULTS PRESENTATION 42
Slide 43: 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 EMPLOYEES • Amber has proactive relationships with government, and a strong THE COMPANY’S INVESTMENTS ONE OF THE LARGEST SINCE I
Slide 44: 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 investing Public/social infrastructure and £2.7bn2 OECD 2006 >130 in long-term public infrastructure assets low risk
Slide 45: Contacts
CONTACTS IMAGE Shirley Boys' and Avonside Girls' Schools, New Zealand 2025 FULL-YEAR RESULTS PRESENTATION 45
Slide 46: Contact Details
CONTACT DETAILS AMBER FUND MANAGEMENT (INVESTMENT ADVISER) FTI CONSULTING (COMMUNICATIONS ADVISORS) INPP Portfolio Manager: 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@amber
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