The infraGreen index is a benchmark for private renewable infrastructure investments, accurately reflecting the performance of unlisted companies in the renewable energy sector.

Among the highlights of Q1 2026:

• The infraGreen® index delivered a quarter-over-quarter total return of 1.26% in Q1 2026, reflecting continued steady performance from renewable infrastructure assets driven predominantly by cash income, which offset negative price returns during the quarter.

• Wind power assets were the primary driver of index performance in Q1 2026, contributing 1.18 percentage points to total returns, while solar power companies added 0.07, reflecting a concentration of returns within wind generation. Contracted business models and project-finance structures were the primary drivers of returns in Q1 2026, with contracted assets contributing 0.73 and project-finance vehicles adding 0.91, while merchant assets contributed 0.34, reflecting a broadening of return drivers relative to prior periods.

• Capital growth was the main source of returns, with quarter-on-quarter price return contributions of 0.93; on a year-on-year basis, cash returns of 9.63 continued to outweigh negative price returns of -1.93, reinforcing the income-oriented nature of renewable infrastructure returns.

• Valuation dynamics in Q1 2026 were dominated by interest rate movements, which accounted for 89.39% of exit value changes over the quarter, a marked shift from one year ago when the equity risk premium was the largest driver at 40.68%; the equity risk premium fell by 4bps over the quarter while the cost of equity rose by 0.25 percentage points, driven by rising rates.

• The top-performing infraGreen constituents in Q1 2026 were predominantly Australian wind power assets, led by Bluff Point Wind Farm at 5.71%, benefiting from favourable valuation dynamics and declining costs of equity during the quarter.

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