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 Q4 2025:

• The infra300® index delivered a quarter-over-quarter total return of 1.89% in Q4 2025 and 8.03% for the full year 2025, with annual performance driven primarily by cash income, which consistently offset negative price returns over the year.

• Transport, Renewable Power, and Network Utilities led performance in Q4 2025, contributing 0.44, 0.38, and 0.30 to total returns, respectively, while Power Generation ex-Renewables added 0.19, highlighting continued return concentration across a small number of sectors.

• Contracted revenue models and project finance structures were the primary contributors throughout 2025, adding 0.95 and 1.15 in Q4 alone, underscoring the resilience of assets with predictable cash flows in a changing macroeconomic environment.

• Cash returns remained the dominant driver of performance in 2025, with year-on-year cash return contributions of 10.71, partially offset by -2.68 in price returns, reinforcing the income-oriented nature of private infrastructure returns.

• The top-performing infra300 constituents in 2025 were concentrated in the UK, primarily within Transport and Network Utilities, benefiting from declining costs of equity and favourable valuation dynamics during the year.

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