CORRECTED-International Public Partnerships FY NAV per share rises  on portfolio performance

Overview

• UK infrastructure investor's full-year NAV per share rose 4.7% yr/yr, driven by portfolio gains

• Company met 2025 dividend target and shifted to quarterly payments, maintaining progressive policy

• Share buybacks exceeded £135 mln, boosting NAV; asset disposals completed at or above valuations

Outlook

• Company reconfirms 2026 full-year dividend target at 8.79p per share

• International Public Partnerships declares 2027 dividend target at 9.01p per share

• Company expects portfolio cash receipts to cover dividends for at least next 25 yrs

Result Drivers

• PORTFOLIO PERFORMANCE - Co said NAV growth was underpinned by resilient cash flow expectations and strong operational performance across essential infrastructure assets

• ASSET DISPOSALS - Asset disposals completed at or above published valuations, providing direct market evidence for portfolio valuation

• FOREIGN EXCHANGE AND MACRO MOVES - Positive foreign exchange and macroeconomic movements contributed to NAV growth, offsetting impact from higher government bond yields

Company press release: ID:nRSZ1711Ya

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the investment management & fund operators peer group is "buy."

• Wall Street's median 12-month price target for International Public Partnerships Ltd is GBp145.00, about 14.7% above its March 25 closing price of GBp126.40

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