Global Infrastructure Playbook – 2Q 2026

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Global Infrastructure Playbook – 2Q 2026

Global Foundation

July 26, 2026 09:00 PM GMT

Morgan Stanley & Co. LLCMGlobal Listed Infrastructure Robert S Kad

Equity Analyst

Global Infrastructure Playbook Robert.Kad@morganstanley.comDevin McDermott +1 212 761-0065

Equity Analyst and Commodities Strategist

Devin.McDermott@morganstanley.com +1 212 761-1125

– 2Q 2026 Victoria Xiong, CFA

Research Associate

Victoria.Xiong@morganstanley.com +1 212 761-0228

In our Global Infrastructure Playbook, we compile sector views Joy Golub

and preferred OWs from our listed infrastructure research teams ResearchJoy.Golub@morganstanley.comAssociate +1 212 761-4924

and our quant research team applies a quantitative framework Morgan Stanley & Co. International plc+

to determining the best sectors and regions in which to invest Ronald Ho, CFA

across global infrastructure. QuantitativeRonald.Ho@morganstanley.comAnalyst +44 20 7425-2722

Stephan M Kessler

Key Takeaways QuantitativeStephan.Kessler@morganstanley.comAnalyst +44 20 7425-2854

In 2Q26, GLIO VettaFi Developed Listed Infrastructure Index was up +1.9% Stephan Heller

(+14.7% YTD as of July 22). QuantitativeStephan.Heller@morganstanley.comAnalyst +44 20 7425-9753

For the quarter, Morgan Stanley Research's Global Listed Infrastructure Preferred Morgan Stanley & Co. LLC

OW List decreased a median of -0.3% (+10.2% YTD as of July 22). Ronald Kamdem, CFA

In 2Q 2026, the MSCI World Index was up +12.2% (+10.3% YTD as of July 22) and Ronald.Kamdem@morganstanley.com +1 212 296-8319

the S&P 500 increased +14.4% (+10.0% YTD as of July 22). Ravi Shanker

Ravi.Shanker@morganstanley.com +1 212 761-6350

MORGAN STANLEY GLOBAL INFRASTRUCTURE RESEARCH LIBRARY Cesar A Medina

• Playbooks Cesar.Medina@morganstanley.com +1 212 761-4911