International Public Partnerships announces its 2026 full-year dividend target reconfirmed at 8.79p per share (c.2.5% growth), and 2027 full-year dividend target declared at 9.01p per share (c.2.5% growth)[vi].
Dividend Growth:
This reflects the longest track record of uninterrupted dividend increases among infrastructure investment trusts since inception in 2006, making 2026 an attractive dividend yield of 7.1%
INPP achieved its 2025 full-year dividend target of 8.58p per share, representing c.2.5% dividend growth and an unbroken record of dividend increases of at least 2.5% in every year since IPO in 2006.
The frequency of dividend payments increased from semi-annual to quarterly during 2025, providing investors with regular income: interim dividends of 2.14p (September 2025), 2.14p (December 2025), 2.15p (March 2026) per share paid, with a final payment of 2.15p expected to be paid on 8 June 2026. The 2025 dividend target was met and fully covered by operating cash flows. The company expects to continue its long-term target rate of a 2.5% annual increase from 2026 onwards. From 2025, the dividend frequency increased from semi-annual to quarterly payments to provide investors with more regular income.
The Company does not need to make additional investments to deliver current projected returns and reconfirms that the projected cash receipts from the existing portfolio are such that even if no further investments are made, the Company currently expects to be able to continue to meet its existing progressive dividend policy for at least the next 25 years. These dividends are expected to be fully covered by portfolio distributions and the annual increases are in line with the Company's long-term projected annual dividend growth rate of c.2.5%
Other financial highlights:
- Net Asset Value ('NAV') per share increased by 6.8p or 4.7% from 144.7p (31 December 2024) to 151.5p (31 December 2025) which, when combined with dividends paid, delivered a NAV total return of 10.6%[iv].
- NAV growth was underpinned by strong portfolio performance, uplift from divestments and positive foreign exchange and macroeconomic movements, more than offsetting £156.3 million of dividends and £77.0 million of share buybacks returned to shareholders during the year. The weighted average discount rate increased from 9.0% to 9.1%, principally reflecting the recycling of capital from lower-returning into higher-returning assets.
