TPI forecast

We have slightly revised down our tender price inflation forecast to 2028. This reflects slower-than-expected growth in the first half of 2025.

While short-term momentum has eased, we still expect inflation to pick up from 2026 onwards. The medium-term outlook remains stable. As project pipelines grow and the investment climate improves, we anticipate steady inflationary growth returning.

That said, key pressures remain. Labour costs continue to rise, and global tariff uncertainty is adding further complexity to pricing and procurement. These issues could affect project timelines if not carefully managed.

In this context, planning becomes even more important. Early engagement with contractors and suppliers will be essential to secure value and keep costs predictable.