Looking ahead to 2026, we see several conditions supporting listed infrastructure as a compelling allocation: low macro sensitivity, attractive valuations relative to equities and robust fundamentals that provide a foundation for future performance. The macro backdrop is supportive, with rate cuts easing financing costs and policy tailwinds fuelling new investment across energy and digital infrastructure.

Valuations haven’t been this attractive in two decades, and most subsectors are positioned for positive earnings growth. As investors look for stability and upside in an uncertain market, listed infrastructure stands out, benefiting from durable income streams, inflation-linked cash flows, and long-term themes such as AI-driven power demand, the clean energy transition, and urbanisation.
 
In Europe, listed infrastructure remains well-positioned heading into 2026 as expansionary policy continues to support investment across energy transition and modernisation projects. Germany’s €500 billion multi-year commitment underscores the scale of the opportunity, while improvements in regulatory frameworks and a renewed focus on supply chain autonomy are driving momentum across utilities, clean energy, and transport infrastructure. 

We expect these policy and investment tailwinds to sustain strong fundamentals across the region in the year ahead.