Q4 2025 infra100® Index Report
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 Q4 2025:
- The infra100® index recorded a quarter-over-quarter total return of 1.93% in Q4 2025, with performance supported by strong cash income despite continued volatility in price returns; over the full year 2025, the index delivered a total return of 12.07% (EW, LCU).
- Renewable Power and Network Utilities were the leading sector contributors in Q4 2025, with Renewable Power adding 1.01 to total returns and Network Utilities contributing 0.49, while smaller positive contributions from other sectors reflected a concentration of performance within a limited number of assets.
- Contracted business models and corporate structures were the primary drivers of returns, with contracted assets contributing 1.24 and corporate structures adding 1.33, underscoring the importance of predictable cash flows and balance-sheet-backed infrastructure assets within the infra100 universe.
- Cash income was the main source of index performance, with quarter-on-quarter cash return contributions of 6.89 offsetting negative price return contributions of -4.96; over the year, cash returns totalled 9.62, supplemented by 2.45 in positive price returns.
- Valuation dynamics in Q4 2025 were dominated by equity risk premium movements, which accounted for 97% of exit value changes over the quarter, while over a three-year horizon, changes in interest rates and dividend forecasts together explained 66% of valuation movements.
- The top-performing infra100 constituents were UK-based Transport and Network Utilities assets, benefiting from declining domestic interest rates and a reduction in the cost of equity during the quarter.
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