The infra100® Equity index is a global representation of the 100 largest unlisted infrastructure companies. It is a market benchmark designed to provide an accurate reflection of the performance of large cap unlisted infrastructure.

Among the highlights of Q1 2026:

• The infra100® index recorded a quarter-over-quarter total return of 1.17% in Q1 2026, with performance supported by cash income which continued to offset negative price returns.

• Transport and Renewable Power were the leading sector contributors in Q1 2026, with Transport adding 0.56 to total returns and Renewable Power contributing 0.26, while Data Infrastructure (0.13) and Social Infrastructure (0.08) provided additional positive contributions, reflecting a concentration of performance within a limited number of sectors.

• Merchant business models and project-finance structures were the primary drivers of returns, with merchant assets contributing 0.65 and project-finance structures adding 0.60, while contracted assets contributed 0.41, underscoring a broadening of return drivers across business models and corporate structures within the infra100 universe.

• Cash income was the main source of index performance, with quarter-on-quarter cash return contributions of 1.58 offsetting negative price return contributions of -0.42; over the year, cash returns totalled 9.07, partially offset by negative price returns of -1.89.

• Valuation dynamics in Q1 2026 were dominated by interest rate movements, which accounted for 84.54% of exit value changes over the quarter, representing a marked shift from one year ago when the equity risk premium was the dominant driver at 69.80%; the equity risk premium fell by 4bps over the quarter while rising interest rates drove the cost of equity up by 0.24 percentage points.

• The top-performing infra100 constituents were predominantly Australian assets spanning Transport, Social Infrastructure, Network Utilities, and Data Infrastructure, benefiting from favourable valuation dynamics and declining costs of equity during the quarter.

Read the full report.

Find out more about the infra100® index.