Valuation update for the energy and infrastructure sector
19 March 2026
Explore the latest valuation trends in the energy & infrastructure sector, with a spotlight on the role of terminal value. Our Q4 2025 update provides a snapshot of some of the main publicly available valuation trends across the energy & infrastructure sector, covering both debt and equity metrics.
Three key themes from the valuation update:
- Regional differences in government bond yield movements: this quarter saw stable Government bond yields in the U.S. and the UK, while the Eurozone and Australia experienced increases.
- Persistent discounts to net asset value across listed infrastructure funds: discounts continued across listed funds, although some UK listed funds saw share price increases supported by expectations of lower gilt yields.
- Terminal value remained an important feature of infrastructure valuations: terminal value continues to be used where assets are expected to operate beyond initial concession periods.
Download our quarterly valuation update for Q4 2025.
Please note that this update covers information only up to 31 December 2025, to see the previous valuation update, go here.
Our experts
Karishma Merchant Director - London, United Kingdom
Shifali Aggarwal Director - Head of UK Energy Advisory - London, United Kingdom