Infrastructure entered second half 2026 from a position of relative resilience, but with a more cautious investment tone than appeared likely at the start of the year. The asset class continues to benefit from defensive demand characteristics and exposure to structural investment themes; however, renewed geopolitical disruption, energy-market volatility and a higher-rate environment have tempered the previously more positive outlook for growth, valuations and market activity. Investors are likely to place greater emphasis on pricing discipline, balance sheet strength, inflation protection, operational execution and visibility of demand.
At the same time, the need to finance energy security, electrification, digital capacity, sustainable transport and strategic resilience remains significant, particularly in Europe, where policy support and capital requirements continue to reinforce the long-term opportunity set.
Back to focus on resilience
Infra
