International Public Partnerships Ltd · LSE:INPP
International Public Partnerships — Investor Presentation (July 2025)
21 slides from International Public Partnerships's investor presentation, July 2025
Slide 1: Sizewell C Investment
SIZEWELL C INVESTMENT July 2025 IMAGE 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: Introduction
INTRODUCTION IMAGE Sizewell C, UK 3 Photo credit: Sizewell C
Slide 4: Team Introductions
TEAM INTRODUCTIONS SPEAKERS Jamie Hossain Cyril Baseden Erica Sibree Muhammad Anwer Daniel Watson Senior Investment Senior Investment Head of Capital Head of Valuations Head of Sustainability Director Director Solutions and Investor Relations EXTENDED DEAL TEAM Lisa Goatcher- Mary Seely Amanda Woods
Slide 5: Sizewell C Investment
SIZEWELL C INVESTMENT IMAGE Sizewell C, UK 5 Photo credit: Sizewell C
Slide 6: Transaction Highlights
TRANSACTION HIGHLIGHTS INPP CONSORTIUM SELECTED AS PREFERRED BIDDER ON SIZEWELL C Stepped, five-year equity Adaptation of RAB-based Enhanced investor Strong co-investor commitment 'Tideway' model protections alignment and expertise ▪ c.£250m total equity ▪ Proven Regulated Asset Base ▪ INPP is insul
Slide 7: Investment Rationale
INVESTMENT RATIONALE PROVIDING ATTRACTIVE, REGULATED, RISK-ADJUSTED RETURNS FROM A COMPELLING COMBINATION OF CASH YIELD AND CAPITAL GROWTH, WITH COMPREHENSIVE DOWNSIDE PROTECTIONS Predictable Cash yield from Opportunity for Attractive, fixed No exposure to Enhanced inflation-linked day one of signif
Slide 8: Investment Receipts Forecast
INVESTMENT RECEIPTS FORECAST NET ASSET VALUE GROWTH POTENTIAL AND STRONG, PREDICTABLE CASH RECEIPTS PROFILE PROJECTED INVESTMENT CASH RECEIPTS AND NAV (incl. SZC stake) 600 3,500 550 3,000 500 Projected Cash Receipts - £'000s 450 2,500 400 Projected NAV - £'000s 350 2,000 300 250 1,500 200 1,000 150
Slide 9: Capital Allocation
CAPITAL ALLOCATION UK’S FIRST NUCLEAR PROJECT UNDER THE REGULATED ASSET BASE MODEL 1. Nuclear RAB model offering 2. Government Support Package attractive, regulated, risk- (‘GSP’) providing 3. Proven RAB model execution adjusted returns with immediate comprehensive downside through Tideway experienc
Slide 10: A Key Differentiator: Replication Strategy at SZC
A KEY DIFFERENTIATOR: REPLICATION STRATEGY AT SZC LEARNINGS FROM HINKLEY POINT C WILL REDUCE RISK AND IMPROVE PROJECT DELIVERY Sizewell C follows the approved design MAIN ASPECTS AND BENEFITS and delivery approach used for Hinkley 1. PROVEN TECHNOLOGY Point C (‘HPC’)1, the UK's first EPR EPR (Europe
Slide 11: Disciplined Reinvestment
DISCIPLINED REINVESTMENT ALIGNED WITH INPP’S CAPITAL RECYCLING STRATEGY 1. ENHANCED DIVESTMENT PROGRAMME 2. INCREASED CAPITAL RETURNS ▪ Building on over £315m of realisations ▪ The Board remains committed to increase completed during the 24 months to 30 June the quantum of capital being returned to
Slide 12: Governance of INPP's Stake in Sizewell C
GOVERNANCE OF INPP’S STAKE IN SIZEWELL C STRONG PRIVATE SECTOR GOVERNANCE WITH PUBLIC POLICY ALIGNMENT ▪ Strong governance rights through HoldCo Board directorship (Amber) and adequate conflict of interest protections regarding UK Government’s equity and debt interests INPP’s equity commitment Conso
Slide 13: Market Opportunity
MARKET OPPORTUNITY STRUCTURAL SHIFTS IN LOW-RISK, CORE INFRASTRUCTURE ALLOCATION UNLOCKING REGULATED INFRASTRUCTURE OPPORTUNITY IMAGE Sizewell C, UK Photo credit: Sizewell C STRATEGIC FIT FOR INPP ▪ £14.2bn funding required from all sources for Sizewell C for the Spending Review period1 1 Matches IN
Slide 14: Strategic Portfolio Fit
STRATEGIC PORTFOLIO FIT SUPPORTING KEY PORTFOLIO METRICS AND SHAREHOLDER VALUE Portfolio as at 31 Dec 2024 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 COVERED DIVIDE
Slide 15: In Summary
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 existing inv
Slide 16: Appendices
APPENDICES IMAGE Sizewell C, UK 16 Photo credit: Sizewell C
Slide 17: Portfolio Overview
PORTFOLIO OVERVIEW Portfolio as at 31-Dec 2024 Portfolio as at 31-Dec 2030 (incl. Sizewell C stake) Dec - 2024 SZC Case - 2030 SZC Transport Transport 14% Energy Transmission 10% Energy Transmission 20% 22% NAV split by Gas Distribution 8% Gas Distribution Sector 15% Education Education 14% 19% Wast
Slide 18: Portfolio Overview
PORTFOLIO OVERVIEW Portfolio as at 31-Dec 2024 Portfolio as at 31-Dec 2030 (incl. Sizewell C stake) Dec - 2024 SZC Case - 2030 100% Incl. SZC 100% NAV split by 50% - 100% Investment 49% 46% 50% - 100% 42% Ownership 54% < 50% < 50% 5% 4% Dec - 2024 SZC Case - 2030 Construction Construction Incl. SZC
Slide 19: INPP's Historic NAV Performance
INPP’S HISTORIC NAV PERFORMANCE NAV PER SHARE – LAST FIVE YEARS 31 Dec 20 31 Dec 21 31 Dec 22 31 Dec 23 31 Dec 24 NAV1 PER SHARE 147.1p 148.2p 159.1p 152.6p 144.7p 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 - 1. See the Company’s 2024
Slide 20: Nuclear Liabilities Fund (NLF)
NUCLEAR LIABILITIES FUND (NLF) STRATEGIC CO-INVESTOR - AMBER TO MANAGE NLF’S INVESTMENT IN SIZEWELL C ON ITS BEHALF Why are they investing in Who is NLF? Amber Infrastructure’s Role Sizewell C? ▪ First Established in 1996 to fund the long- ▪ Part of the MAP’s long-term ▪ Appointed by NLF to manage t
Slide 21: 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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