INPP Shares (LON:INPP) Move Higher on Solid H1 Results, Reaffirmed Dividend

International Public Partnerships shares (LON:INPP) are 3% higher today, as the firm announced strong half-year results, showcasing a 2.8% increase in Net Asset Value (NAV) per share.

The FTSE 250-listed infrastructure investment company attributes this growth to robust portfolio performance, strategic asset realisations above NAV, and the accretive impact of its ongoing share buyback program.

The company reaffirmed its dividend growth target of approximately 2.5% for both 2025 and 2026, continuing its consistent dividend growth since its IPO in 2006. To enhance investor income streams, INPP has shifted to quarterly dividend distributions, with the first interim dividend for 2025, set at 2.14p, payable on September 15, 2025.

Since the beginning of the year, INPP has announced approximately £90 million in realisations, bringing the total to over £345 million since June 2023, representing about 13% of the portfolio. All realisations were executed at or above the latest published valuations, validating the NAV across diverse asset types.

INPP reiterated its commitment to return up to £200 million of capital by March 31, 2026, funded by divestments and surplus operating cash flows. As of June 30, 2025, approximately £80 million of shares have been repurchased since the program's inception in January 2024.

The company is also committed to investing about £250 million over the next five years in Sizewell C, expecting returns exceeding those from share buybacks. Additionally, INPP was selected as the preferred bidder for the Moray West OFTO, with an anticipated investment of around £65 million in early 2026.

If you AskTraders

The market is expected to react positively to the strong NAV growth and commitment to shareholder returns. The continued discount to NAV, coupled with a high dividend yield, presents a compelling narrative.

Mike Gerrard, Chair of International Public Partnerships, noted, “Our portfolio continued to perform exceptionally well during the period, delivering resilient cash flows and demonstrating the strength of our high-quality, diversified asset base…With a strong pipeline of opportunities ahead, the Company is well positioned to recycle capital into higher-returning investments and deliver sustainable long-term capital growth.”