Insights

2025 Outlook Report | Investing in Infrastructure: CEE

05 Mar 2025

“The CEE region remains one of the fastest-growing areas within the European Union, with investment activity continuing to rise across most sectors despite global market volatility and geopolitical considerations. Driven by a combination of EU funding, national investment programs and private sector growth, the region offers diverse opportunities for infrastructure investors, from stable, regulated markets with reliable returns to developing markets with higher risk-reward profiles and long-term potential - ensuring capacity to support all types of investment and investor profiles”

Christian Roy, Head of CEE

Executive Summary

This report marks the first of what will be an annual overview of the Central & Eastern Europe (CEE) region. Over the last decade and more so over the last few years, the region has been characterised by rapid development across infrastructure, most notably through energy transition, digital connectivity and sustainable transport infrastructure sectors. Regularly outperforming Western European markets, the combination of a prevalent financing gap and the need for high-quality infrastructure has positioned the CEE region among the most attractive for international investors, boasting a strong pipeline of investment with the security offered by the European Union regulatory landscape. Whilst there remains a significant valuation gap between the CEE and the rest of Europe, this is consistently shrinking year on year¹.

This report will cover some of the key themes characterising the region in 2025, in light of the ongoing war in Ukraine and expected impact of a new administration in the U.S. The region’s strong performance and staunch resilience in light of the challenges it faces have been the highlight of 2024, and with shifting dynamics – the potential for further growth in 2025 and beyond continues to build momentum.

Amber Infrastructure has supported the region’s emergence as a prime destination for investment for a number of years, primarily as the exclusive investment adviser of the Three Seas Initiative Investment Fund. Partnering with regional development banks, international financial institutions and private sector investors, Amber Infrastructure has overseen the commitment of >€1 billion to date.

Download 2025 Outlook Report here

2025 Outlook Report

image of train on tracks in the countryside

Source: Forvis Mazars 2025 – Inbound M&A report 2024/2025

Disclaimer

This document and the information contained herein is the proprietary information of Amber Infrastructure Limited (Amber). It may not be distributed, published, reproduced (in whole or in part) by any medium or in any form, or disclosed or made available by recipients, to any other person or used for any other purpose, without prior written permission from Amber. The information contained in this document is provided for general information only and should not be construed as a solicitation, offer, invitation, inducement or recommendation. Infrastructure is a longer-term investment and is subject to external threats and an ever-changing environment. Any reference to the Three Seas Initiative Investment Fund SICAV-RAIF (3SIIF) is for illustrative purposes only and is not a personal recommendation to invest in, buy or sell any fund, security or investment company nor to adopt any particular investment strategy. Examples of infrastructure assets and case studies used are not recommendations, but are illustrative only to demonstrate the capabilities, skills and experience of Amber and its affiliates. Any views and opinions expressed are those of Amber. Information, statistics, and data within this communication is subject to change and should not be acted or relied upon by any person without obtaining specific and relevant legal, tax, securities or investment advice. Sources are Amber unless otherwise stated.