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8 September 2022

INTERNATIONAL PUBLIC PARTNERSHIPS LIMITED

('INPP', the 'Company')

HALF-YEAR RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2022

International Public Partnerships ('INPP', the 'Company'), the FTSE 250-listed infrastructure investment company, is pleased to announce its results for the six months to 30 June 2022.

HIGHLIGHTS FOR THE SIX MONTHS TO 30 JUNE 2022

·    NAV increased 18.9% to £3.0 billion (31 December 2021: £2.5 billion) whilst NAV per share increased 6.1% to 157.3 pence (31 December 2021: 148.2 pence). The increases were driven by, among other things, the portfolio's inflation-linkage, the successful capital raise and the revaluation of the Company's investment in Tideway during the period.

·    Despite an uncertain macroeconomic backdrop, the Company has again delivered robust, predictable shareholder returns with a c.2.5% increase in its H1 2022 dividend to 3.87 pence per share (30 June 2021: 3.78 pence per share). The Board has also reconfirmed its full-year dividend targets for 2022 and 2023 at 7.74 pence per share and 7.93 pence per share[i], respectively. The Company achieved cash dividend cover in the period of 1.2x[ii] (H1 2021: 1.3x).

·    The Company continued to perform well with the quality of the portfolio's inflation-linked cash flows highlighted during the period, and the overall inflation-linkage maintained at 0.7% (31 December 2021: 0.7%)[iii].

·    The Company's active asset management approach of its Investment Adviser has ensured all the portfolio's investment performance objectives were met during the period, including asset availability of 99.8% achieved against a target of over 98%. Strong ongoing asset performance continues to create long-term value for both investors and the local communities which our assets serve.

·    The Investment Adviser continued to originate high-quality investments, with the Company making new investments and investment commitments of £56.1 million during the period, covering the transport, digital, education and waste water sectors.

·    The Company has categorised itself as an 'Article 8' financial product under the EU's Sustainable Finance Disclosure Regulation ('SFDR'). This illustrates the Company's continued focus on ESG and will support its approach to enhancing ESG data collection to inform both SFDR and the Taskforce on Climate-Related Financial Disclosures ('TCFD') reporting.

·    The successful completion of the Company's significantly oversubscribed capital raise totalling £325 million (before issue costs) indicated strong endorsement of the Company's investment objectives from both existing and new shareholders.

·    The Company has delivered a total shareholder return ('TSR') of 238.3% since IPO, equivalent to an annualised TSR of 8.1%[iv].

·    The Company's £250 million corporate debt facility ('CDF') is undrawn in cash terms, with £16.4 million committed in respect of support for the investment pipeline. The remaining proceeds of the capital raise total £116.9 million, together with the CDF, can be used to support the investment pipeline.

·    IFRS profit before tax was £219.2 million (H1 2021: £27.2 million), principally reflective of the unrealised fair value gain on the portfolio in the period.

Mike Gerrard, Chair of International Public Partnerships, said: "I am pleased to report another successful six-month period for the Company, characterised by strong financial and operational performance. The quality of the portfolio's inflation-linkage cash flows and their positive impact on the Company's NAV demonstrates the resilience of our investment case against a volatile economic backdrop."

INVESTMENT ACTIVITY

The Company's £56.1 million of new cash investments and investment commitments included:

·    Thames Tideway, UK: In June 2022, the Company conditionally agreed to acquire a further shareholding in Tideway, London's new "super sewer", increasing its stake to approximately 18% through the investment of approximately £42.0 million of additional capital. This investment completed on 7 September 2022. The project remains a key investment for the Company, given its attractive financial proposition, positive future impact on the environment and strong engagement with local communities, which closely reflects the Company's own values as a responsible investor.

·    Gold Coast Light Rail, Australia: The Company announced in April 2022 that financial close had been reached on Stage 3 of the Gold Coast Light Rail project, where it will make an additional investment of c.£7.1 million in 2025. The Company's existing investment into Stages 1 and 2 of the project has seen 60 million passenger trips in total, with usage increasing by 43% across the transport network. This has made an important contribution to the reduction of reliance on car transport in the Gold Coast region.

·    Other: Further investments totalling £7.0 million were made during the period, including into several availability-based UK public-private partnership ('PPP') schemes, the Diabolo Rail Link ('Diabolo') and the National Digital Infrastructure Fund ('NDIF').

OPERATIONAL PERFORMANCE AND ASSET STEWARDSHIP

Responsible investment is a core component of the Company's ability to deliver essential public services, maintain relationships with its clients and local communities, and preserve and grow the long-term value of each investment. The references to SDGs below refer to the contribution of each mentioned asset to defined UN Sustainable Development Goals.

Social infrastructure | SDG 3, 4, 8 & 16: Good health and wellbeing; quality education; decent work and economic growth; peace, justice and strong institutions

Availability-based PPPs account for 29% of the Company's portfolio by investment fair value with asset availability of 99.8% achieved against a target of over 98% for those investments. The Company's public sector clients commissioned and funded over 528 contract variations during the period, at a combined value of £7 million. The completed changes ranged from cleaning regimes to supporting operational assets throughout the pandemic within the education and healthcare facilities, to the delivery of significant transport facility upgrades.

Energy transmission | SDG 7: Affordable and clean energy

·    OFTOs, UK: During the period, Ofgem released a second consultation regarding the potential regulatory developments underpinning an extension of the OFTO revenue stream. All parties recognise that the life extension of renewable energy assets (including offshore transmission assets) is required to meet the UK's net zero emissions targets. Ofgem expects to publish summaries of feedback received as well as its decisions in Autumn 2022; the Investment Adviser continues to be actively engaged with all relevant industry stakeholders and will keep investors informed of forthcoming developments.

Transport | SDG 8, 9 & 11: Decent work and economic growth; industry innovation and infrastructure; sustainable cities and communities

·    Diabolo Rail Link, Belgium: Passenger numbers as of June 2022 had increased to approximately 85% of pre-Covid levels. Of the €24 million committed to the project by the Company in December 2020, €6.7 million remains available to protect Diabolo's liquidity position and ensure compliance with its debt covenants. The extent and timing of any further cash injections is dependent on the trajectory of the recovery in passenger numbers. Traffic forecasts for Diabolo estimate a return of pre-Covid levels of usage by 2024. Discussions are continuing with Infrabel, the Belgian rail network owner, over the implementation of a passenger fare adjustment which could partially mitigate the impact of lower passenger numbers seen over the past couple of years.

·    Angel Trains, UK: Revenues have continued to be largely unaffected by the Covid-19 pandemic, on account of the fact the majority of the asset's revenues are generated from the contractual leasing of rolling stock to TOCs. Unlike the TOCs, Angel Trains is not involved in, or directly impacted by, any of the disputes underpinning the industrial action that occurred during the period, though the Company continues to monitor the situation. During the period, Angel Trains successfully acquired the Readypower Group, a specialist rail and infrastructure services provider specialising in the supply of on and off-track plant equipment as well as other maintenance and operating services to the UK rail sector. The acquisition is evidence of Angel Trains' wider commitment to investing in and supporting the enhancement of the UK rail industry.

Gas distribution | SDG 8, 9 & 11: Decent work and economic growth; industry innovation and infrastructure; sustainable cities and communities

·    Cadent, UK: Whilst Cadent is largely insulated from changes in gas prices and the associated energy price caps, aside from where the changes can cause timing differences in certain cash flows, the Company continues to closely monitor the implications of changes in gas prices and other developments in the sector. During the period, Cadent's proposal to convert 2,000 homes in Ellesmere Port, Whitby, from natural gas to hydrogen was shortlisted by Ofgem to be the UK's first ever 'hydrogen village'. Should the proposal be successful, the 2,000 homes will be supplied with hydrogen for cooking and heating fuel from 2025. The investment remains the Company's largest by fair value, representing 15.1% of the portfolio, and is evidence of the Company's ongoing support of the UK Government in meeting its net zero targets through the transition to cleaner fuels.

Wastewater | SDG 6, 8, 9 & 11: clean water and sanitation; decent work and economic growth; industry innovation and infrastructure; sustainable cities and communities

·    Tideway, UK: During the period, Tideway reached the end of the primary tunnelling phase, which was a key milestone for the project, and over half of the secondary lining had been completed by the end of the period. Overall construction works were 80% complete at the end of June 2022, with the focus now principally being on the completion of the secondary lining as well as the system commissioning phase. As reported above, an additional stake was acquired on 7 September 2022.

OUTLOOK

The portfolio has demonstrated its resilience over its approximately 16-year history by, among other things, consistently meeting its published forward dividend guidance. The largely regulated or availability-based nature of the underlying cash flows, with high levels of inflation-linkage, means the portfolio is well positioned despite the uncertainty in the wider market.

The outlook for infrastructure investment remains strong. There continues to be a need for infrastructure investment across the countries where the Company invests, and the sectors where its activity is focused continue to drive the transition towards climate goals. We remain confident in the ability of our Investment Adviser to continue to generate a high-quality pipeline of future investment opportunities that will deliver long-term benefits for all stakeholders.

ENDS

NOTES TO EDITORS

Amber Infrastructure                                                                    

Erica Sibree / Amy Edwards                                                        

+44 (0) 7557 646 499 / (0) 7827 238 355                                   

FTI Consulting

Ed Berry / Mitch Barltrop / Jenny Boyd

+44 (0) 7703 330 199 / (0) 7807 296 032 / (0) 7971 005 577

About International Public Partnerships ('INPP'):

INPP is a listed infrastructure investment company that invests in global public infrastructure projects and businesses, which meets societal and environmental needs, both now, and into the future.

INPP is a responsible, long-term investor in over 140 infrastructure projects and businesses. The portfolio consists of utility and transmission, transport, education, health, justice and digital infrastructure projects and businesses, in the UK, Europe, Australia and North America. INPP seeks to provide its shareholders with both a long-term yield and capital growth.

Amber Infrastructure Group ('Amber') is the Investment Adviser to INPP and consists of over 160 staff who are responsible for the management of, advice on and origination of infrastructure investments.

Visit the INPP website at www.internationalpublicpartnerships.com for more information.

Important Information

This announcement contains information that is inside information for the purposes of the Market Abuse Regulation (EU) No. 596/2014.

This announcement is an advertisement. It does not constitute a prospectus relating to the Company and does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in the Company in any jurisdiction nor shall it, or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with or act as any inducement to enter into, any contract therefor.

Forward-looking statements are subject to risks and uncertainties and accordingly the Company's actual future financial results and operational performance may differ materially from the results and performance expressed in, or implied by, the statements. These forward-looking statements speak only as at the date of this announcement. The Company, Amber and Numis Securities expressly disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect actual results or any change in the assumptions, conditions or circumstances on which any such statements are based unless required to do so by the Financial Services and Markets Act 2000, the Prospectus Rules of the Financial Conduct Authority or other applicable laws, regulations or rules.