FINANCIAL CLOSE REACHED: PARTIAL OFTO DIVESTMENT

23 February 2026

c.£42m raised from a partial disposal of Moray East OFTO

International Public Partnerships Limited, the listed infrastructure investment company ('INPP' or the 'Company'), is pleased to announce that it has reached financial close on the sale of the previously announced minority stake in the Moray East Offshore Transmission Owner ('OFTO') to Daiwa Energy & Infrastructure Co. Ltd ('Daiwa').

The transaction announced in December 2025[1] has realised c.£42 million in exchange for a 49% shareholding, with the sale price being at a premium to the Company's last published valuation[2]. INPP will retain a majority stake of 51% in Moray East OFTO including majority board representation.

INPP's Investment Adviser, Amber Infrastructure, will continue to manage the Moray East OFTO on behalf of Daiwa given Amber's extensive experience in the sector, which dates back to the first OFTO that closed in 2011.

Overview of Moray East OFTO

The Moray East OFTO relates to the offshore electricity transmission assets connecting the 950MW Moray East wind farm located 22km off the Caithness Coast in the outer Moray Firth, to the National Grid. The transmission assets comprise the onshore and offshore substations and

connecting cables, c.285km in length.

Moray East OFTO is one of 11 OFTO assets within the Company's portfolio and INPP is preferred bidder on its twelfth OFTO, Moray West, which is anticipated to complete in 2026. The Company's OFTO portfolio makes an important contribution to the UK's transition to a net zero carbon economy by being capable of transmitting enough renewable electricity to power the equivalent of approximately 3.7 million homes, of which the Moray East OFTO accounts for around 1.0 million.

Disciplined approach to capital allocation

INPP has realised c.£387 million of proceeds since July 2023 across the energy transmission, social, transport and digital infrastructure sectors, equivalent to c.14% of the portfolio, as at 30 June 2025. All realisations have either been in line with, or at a premium to, the relevant published valuations.

The Company continues to optimise the current portfolio, focusing on targeted realisations. The Moray East OFTO divestment is made at a premium to the last published NAV and is consistent with the Company's disciplined approach to capital allocation, guided by three key principles: (i) prudent use of its Corporate Debt Facility; (ii) a targeted divestment programme to demonstrate value and realise capital; and (iii) the strategic deployment of proceeds towards expanding the share buyback programme or reinvesting, where the long-term characteristics of a new investment are expected to outperform the benefits available through share buybacks.

The majority of the proceeds from this partial disposal are expected to fund INPP's next commitment in the previously announced Sizewell C investment as well as fund its continuing share buyback programme.

ENDS.

For further information:

Erica Sibree                                                      +44 (0) 7557 676 499

Amber Fund Management Limited                                             

Hugh Jonathan                                                  +44 (0)20 7260 1263

Deutsche Numis           

Mitch Barltrop/ Maxime Lopes                            +44 (0) 7703 330 199 / (0) 7890 896 777
FTI Consulting

About International Public Partnerships:

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 130 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, New Zealand 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 in this capacity is responsible for investment origination, asset management and fund management of the Company.

Amber is part of Boyd Watterson Global Asset Management Group LLC, a global diversified infrastructure, real estate and fixed income business with over $36 billion in assets under management and over 300 employees with offices in eight US cities and presence in twelve countries (as at 30 June 2025).