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 Q4 2025:

• The Infra300 Debt Index delivered improved performance in Q4 2025 relative to Q3 2025, posting a 0.70% quarter-over-quarter total return. Performance was supported by declining UK government bond yields and stable US Treasury rates, which helped offset the impact of higher Eurozone yields. Despite a modest widening in credit spreads during the quarter, the overall interest rate environment remained supportive, contributing to positive price performance and returns.

• In Q4 2025, yield increased by 11 bps to 4.83% compared to Q3 2025, extending the upward trend observed in the previous quarter. This continued increase reflects improving 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 Q4 2025, the average senior infrastructure credit spread increased slightly by 9 bps, reaching 105, compared to Q3 2025.

• The top five performing debt instruments recorded an average quarter-over-quarter price decrease of 10%, primarily driven by lower yield, reflecting the impact of declining interest rate expectations.

• Cash returns of the infra300 Debt index were 3.91% year-over-year, supported by the stable interest payments of private infrastructure debt instruments. Alongside price return, 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 3.71%.

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

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