London · Delayed Price · Currency is GBP · Price in GBX International Public Partnerships Earnings Call Transcripts
Fiscal Year 2026
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NAV per share rose 1.3% to GBP 1.534, with an annualized NAV return of 8.2% and dividend cover at 1.3x. Capital recycling drove reinvestment at returns above 11%, while inflation protection and robust asset sales supported resilient performance.
Fiscal Year 2025
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NAV per share rose 4.7% to GBP 1.515, with a 10.6% total NAV return and a 7.1% dividend yield. Portfolio resilience is underpinned by 98% government-backed or regulated revenues, ongoing capital recycling, and strong inflation linkage, supporting 25+ years of dividend growth.
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NAV per share rose 2.8% to 148.7p, driven by strong asset performance and premium divestments. Dividend yield exceeds 7% with consistent 2.5% annual growth, and a robust pipeline includes Sizewell C, offering double-digit returns.
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A £250 million investment in Sizewell C is set to deliver low-teen IRR, extend dividend coverage, and enhance portfolio diversification. Strong government protections insulate against construction and nuclear risks, while the RAB model ensures predictable, inflation-linked returns.
Fiscal Year 2024
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Portfolio delivered resilient performance with a 10.7% projected net return and 7.6% dividend yield, despite a NAV decline from higher discount rates. Enhanced divestment and share buyback programs aim to return up to £200m to shareholders by March 2026, with continued dividend growth and strong ESG progress.
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Consistent financial returns and operational resilience were delivered, with a 2% NAV per share decrease offset by strong dividend growth and a 9.3% projected annual return. Portfolio assets performed well, supported by prudent capital allocation, robust liquidity, and ongoing ESG progress.