The infra300® index, widely recognised as the industry benchmark for infrastructure performance, tracks the monthly returns of 300 unlisted infrastructure companies worldwide. This index spans a diverse range of sectors, offering a holistic view of global infrastructure market trends and performance.

Among the highlights of Q1 2026:

• The infra300® index delivered a quarter-over-quarter total return of 1.07% in Q1 2026, with performance driven primarily by cash income, which continued to offset negative price returns during the quarter.

• Transport, Renewable Power, and Social Infrastructure led performance in Q1 2026, contributing 0.40, 0.28, and 0.12 to total returns respectively, while Power Generation ex-Renewables added 0.11, highlighting continued return concentration across a small number of sectors.

• Merchant assets and project finance structures were the primary contributors in Q1 2026, with merchant assets adding 0.56 and project finance vehicles contributing 0.77, underscoring the broadening of return drivers across business models and corporate structures during the quarter.

• Cash returns remained the dominant driver of performance in Q1 2026, with quarter-on-quarter cash return contributions of 1.51, partially offset by -0.44 in price returns, while year-on-year cash returns of 10.57 were partially offset by price returns of -3.43, reinforcing the income-oriented nature of private infrastructure returns.

• The top-performing infra300 constituents in Q1 2026 were concentrated in Australia, primarily within Network Utilities and Transport, benefiting from favourable valuation dynamics and declining costs of equity during the quarter.

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