International Public Partnership

International Public Partnerships Ltd reported that its net asset value per share rose 1.9 pence to 153.4 pence at 30 June 2026, a gain of about 1.3% over six months, with an annualized total NAV return of 8.2% including dividends paid. The company reconfirmed its 2026 dividend target at 8.79 pence per share, up 2.5% year on year, and declared a first quarterly interim dividend of 2.19 pence payable 15 September, while setting a 2027 target of 9.01 pence. Dividend cover for the half-year was 1.3 times, up from 1.1 times a year earlier on operating cash alone, though the company expects it to ease toward its normal 1.1 to 1.2 times range over the full year. INPP said it has realized or committed to realize over GBP440 million of capital since mid-2023, about 17% of its portfolio, all at or above published valuations, and reinvested or committed over GBP480 million at an average projected return above 11%. The company extended its share buyback program of up to GBP225 million to 30 September 2027, with roughly GBP150 million bought back to date generating about 1.9 pence of NAV accretion, and it upsized its GBP350 million corporate debt facility on existing terms. The portfolio now holds 135 investments across nine countries with a weighted average life of about 41 years, 99% of revenues long-term and secure, and inflation linkage strengthened from 0.7% to 0.8%.