The infra300® Debt index is a representative market index that accurately reflects the monthly performance of recent senior debt from the 300 unlisted infrastructure companies that are also the constituents of the infra300 equity index.

Among the highlights of Q3 2025:

• The infra300 Debt index experienced improved performance in Q3 2025 compared to Q2 2025, posting a 1.21% quarter-over-quarter total return. This gain was primarily driven by higher debt prices, supported by narrower credit spreads and declining interest rates in the US, while rates in Europe and Australia remained largely unchanged.

• In Q3 2025 Yield has increased by 3 bps to 4.71% as compared to Q2 2025. This increase marks a reversal from the prior quarter’s decrease, reflecting improved investor sentiment and easing financial conditions, driven in part by anticipated monetary policy loosening in the US and stabilization of interest rates in the UK and Eurozone.

• In Q3 2025, the average senior infrastructure credit spread decreased slightly by 8 bps, reaching 96, compared to Q2 2025.

• The top five performing debt instruments recorded an average quarter-over-quarter price increase of 0.63%, primarily driven by lower yield, reflecting the impact of declining interest rate expectations.

• Cash returns of the infra300 Debt index were 4.14% year-over-year, supported by the stable interest payments of private infrastructure debt instruments. Alongside price appreciation, the income component reflects the predictable cash flows and strong debt servicing capacity of infrastructure borrowers.

• The Network Utilities sector was the top performing sector, with a total return of 9%.

• Contracted and Regulated revenue companies contributed the most to the index returns.

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