We enter 2026 with investment optimism. While growth risks linger and inflation remains sticky, these conditions historically favour infrastructure assets. At the same time, powerful secular trends, decarbonisation and digitalisation, are creating significant opportunities across the sector.

Valuations for listed infrastructure look fair on an absolute basis and attractive relative to broader equity markets and private transactions. Our focus remains on actively managing a portfolio of high quality infrastructure assets with high barriers to entry and strong strategic positions, delivering inflation-linked cash flows and attractive risk-adjusted returns through the economic cycle.