Its investment case rests on active ownership, portfolio optimisation, and disciplined capital allocation across waste, recycling and energy assets. On a look-through basis, FY25 revenue was A$93.4m and EBITDA was A$18.6m, with look-through EBITDA up 27% year on year. Management also disclosed an FY26 forecast of A$114.0m look-through revenue, A$25.0m look-through EBITDA and A$6.8m NPAT. A strategic review update later outlined FY26 underlying revenue of A$113.4m-A$120.9m and underlying EBITDA of A$22.5m-A$25.0m, followed by FY27 underlying revenue of A$129.7m-A$139.7m and underlying EBITDA of A$26.0m-A$28.0m. Bottom LineInfragreen offers a differentiated small-cap way to access sustainable infrastructure through a portfolio of waste, recycling and energy assets.