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 Q4 2025:

• The infraGreen® index delivered a quarter-over-quarter total return of 1.79% in Q4 2025 and 7.28% for the full year 2025, reflecting steady performance from renewable infrastructure assets despite a moderation in price returns.

• Solar and wind power assets were the primary drivers of index performance in Q4 2025, with solar power companies contributing 0.98 percentage points to total returns and wind power companies accounting for the remaining sector contribution.

• Contracted revenue models and project-finance structures dominated performance, contributing 1.52 and 1.56, respectively, highlighting the importance of long-term contracted cash flows within the renewable infrastructure universe.

• Cash income was the main source of returns, with quarter-on-quarter cash return contributions of 9.06 offsetting negative price return contributions of -7.27; on a year-on-year basis, cash returns of 9.73 continued to outweigh negative price returns of -2.45.

• Valuation dynamics in 2025 were influenced primarily by dividend forecast revisions in the short term and equity risk premium changes over longer horizons, with dividend forecasts accounting for 59.08% of exit value changes over the last quarter, while equity risk premia explained 58.05% of valuation changes over the past three years.

• The top-performing infraGreen constituents were all UK-based renewable assets, spanning both solar and wind power, benefiting from declining domestic yields and lower costs of equity during the quarter.

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