25/09/2025 - Brookfield Corporation: 2025 Investor Day

Brookfield Infrastructure Partners

September 25, 2025

Inflection Point

The Next Wave of Digitalization Differentiated Deployment

Asset Rotation: Compounding Value Behind the Scenes Closing Remarks and Q&A

Inflection Point

Sam Pollock

Chief Executive Officer, Infrastructure

Our mission is to own highly contracted and regulated businesses that generate long-term, consistent growth with minimal variability

If executed well, this will lead to annual FFO per unit growth of 10%+

B R OOK F I E L D .C OM 4

Our full-cycle business strategy entails:

Deploy capital at or above 12-15% target returns

Crystalize value through capital recycling

Maintain a strong financial position

B R OOK F I E L D .C OM 5

Our long-term track record for cash flow growth has been strong…

14%

FFO per unit

CAGR $3.32

$0.42

2009 2011 2013 2015 2017 2019 2021 2023 2025F 1

1. 2025 FFO per unit is based on average analyst consensus sourced from Bloomberg

B R OOK F I E L D .C OM 6

...leading to 16 years of distribution increases

9%

Distributions per unit

CAGR $1.72

$0.42

2009 2011 2013 2015 2017 2019 2021 2023 2025F 1

1. 2025 distribution is based on Q2 2025 YTD distributions annualized

B R OOK F I E L D .C OM 7

Our long-term track record is important, however

how have we done lately?

B R OOK F I E L D .C OM 8

($US, unless otherwise noted)	2020	20251	CAGR
Funds from operations (FFO)	$1.5B	$2.6B	13%
FFO per unit	$2.09	$3.32	10%
Payout ratio	78%	67%	11% Lower

We have delivered solid growth across our key metrics, while lowering our payout ratio by 11%

1. 2025 based on average analyst consensus FFO per unit sourced from Bloomberg

B R OOK F I E L D .C OM 9

Despite a prolonged period of U.S. dollar strength…

FFO per unit FFO per unit

Constant currency

~12%

CAGR

$3.70

$2.09

~10%

CAGR

$3.32

$2.09

2020 2025F 1 2020 2025F 1

1. 2025 FFO per unit is based on average analyst consensus sourced from Bloomberg

B R OOK F I E L D .C OM 10

…and higher borrowing costs that reduced average annual FFO by ~2-3%

U.S. 10-year treasury yield1

Cycle peak ~4.9% (Oct 2023)

Pandemic trough ~0.6% (Aug 2020)

5%

4%

3%

2%

1%

0%

2020 2021 2022 2023 2024 2025

1. Source: FRED, Federal Reserve Bank of St. Louis (Series: WGS10YR; weekly averages between January 2020 and September 2025)

B R OOK F I E L D .C OM 11

We are at an inflection point in our growth outlook

B R OOK F I E L D .C OM 12

($US, unless otherwise noted)	2020	Today	Change
Organic growth backlog	$2B	$8B	4x
Number of "platform" investments	4	10	2.5x
Asset rotation	$0.5B1	$2.8B	5x

We have executed on our strategic priorities to strengthen our business

1. Trailing 2-year average for 2019 and 2020

B R OOK F I E L D .C OM 13

2025 has been an excellent year for executing our plan

$2.1B		$2.8B
Invested in growth		Proceeds from
initiatives		capital recycling
Brookfield +	Korean Industrial Gas Business	~20% IRR ~4.0x MoC

B R OOK F I E L D .C OM 14

Interest rates Stable or decreasing

Foreign currencies U.S. dollar trending lower1

Capital expenditures Massive investment cycle across all segments

The current economic backdrop is trending favorably

1. Measured by the ICE U.S. Dollar Index (DXY), which decreased ~10% in 1H 2025

B R OOK F I E L D .C OM 15

This gives us conviction we can meaningfully step up our FFO growth, leading to higher distributions for unitholders

14%

10%

Last five years

Annual FFO per unit growth Track record

Strategic enhancements completed

Normalizing for FX and interest rates

B R OOK F I E L D .C OM 16

The execution playbook to deliver higher FFO growth

AI Infrastructure is here

Differentiated deployment

Scaling asset rotation

B R OOK F I E L D .C OM 17

The Next Wave of Digitalization

Lief Williams

Managing Director, Infrastructure

Last year, we set the stage

B R OOK F I E L D .C OM 19

We might have underestimated the opportunity set…

B R OOK F I E L D .C OM 20

…the growth is exponential and much bigger than we had imagined…

Hyperscaler capex1

($B)

~$400

Semiconductor chips

(power density per rack)

Last Year

~10x

Increase

10-15 kW

5x

Inc se

rea

This Year

~5-10x

Increase

~50%

Increase

~$270

2024 2025F

Non-AI workloads

Current AI workloads

Future AI workloads

1. Actual 2024 and forecasted 2025 annual capital expenditures for six hyperscale companies, based on publicly available disclosures

B R OOK F I E L D .C OM 21

…which has catalyzed a step change in our data center growth

Development potential

+50%

3.6 GW

2.3 GW

Q4 2023 Q2 2025

B R OOK F I E L D .C OM 22

Digitalization trend has accelerated, requiring an unprecedented amount of capital

B R OOK F I E L D .C OM 23

The AI infrastructure perimeter

$7T+

Digital Hubs & AI Factories Power & Transmission Compute Infrastructure Strategic Adjacencies

New data center capacity from land acquisition to ready-for-service

Power & electricity transmission infrastructure to energize compute

GPU partnerships, as well as design and manufacturing of chips

Fiber connectivity, cooling solutions, semiconductor and robotics manufacturing

B R OOK F I E L D .C OM 24

AI factories: A $2T opportunity set

Power

AI Factory

Compute

B R OOK F I E L D .C OM 25

AI factories: An evolution of our existing investment perimeter

We currently invest over $10M per MW

Land Building

Grid connection

Cooling

Mechanical systems

Electrical systems

B R OOK F I E L D .C OM 26

AI factories: An evolution of our existing investment perimeter

Opportunity to invest an incremental +$30M per MW, which is 4x what we invest today

(GPUs)

Specialized networking

cooling

Behind-the-meter power

Chips

Liquid

Land Building

Grid connection

Cooling

Mechanical systems

Electrical systems

B R OOK F I E L D .C OM 27

Forming several partnerships to build AI factories

AI factories

7

Compute capacity

6GW

$200B

Expected deployment capital

Under development

Near-term opportunity

Compute capacity

+1GW

$30-50B

Expected deployment capital

B R OOK F I E L D .C OM 28

Key takeaways

AI infrastructure is a natural extension of our business

Investment perimeter and capital requirements are enormous and growing

BIP will be investing in AI infrastructure at returns that exceed our targets

B R OOK F I E L D .C OM 29

Differentiated Deployment

Scott Peak

President

Attachments

• Original document
• Permalink

Disclaimer

Brookfield Infrastructure Partners LP published this content on September 25, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on September 25, 2025 at 19:11 UTC.