07/08/2025 - Brookfield Corporation: Q2 2025 Supplemental Information

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Q2 2025 Highlights

Key Performance Metrics

Three Months Ended

Six Months Ended

$638 $0.43

million of FFO distributions per unit

68%

payout ratio

(See "Reconciliation of Non-IFRS Financial Measures")

June 30

June 30

Performance Highlights

US$ Millions, Except Per Unit Information, unaudited 2025 2024 2025 2024

Funds from operations (FFO)	$ 638	$ 608	$ 1,284	$ 1,223
Per unit FFO1	0.81	0.77	1.63	1.55
Distributions per unit	0.43	0.405	0.86	0.81
Payout ratio2	68%	68%	68%	67%
Growth of per unit FFO	5%	7%	5%	8%
Adjusted funds from operations (AFFO)	482	440	1,019	952
Return on Invested Capital (ROIC)3	14%	13%	14%	14%
Net income attributable to the partnership4	69	8	194	178
Net (loss) income per limited partner unit5	(0.03)	(0.10)	0.01	-
Adjusted Earnings	227	223	443	434
Adjusted Earnings per unit1	0.29	0.28	0.56	0.55

Key Balance Sheet Metrics

As of

US$ Millions, unaudited June 30, 2025 December 31, 2024

Total assets	$ 108,691	$ 104,590
Corporate borrowings	4,988	4,542
Invested capital	12,866	12,971

1. Average units on a time weighted average basis for the three and six-month periods ended June 30, 2025 of 791.7 million

   • FFO of $638 million, or $0.81 per unit, in the second quarter represents an increase of 5% over the prior year or 9% after normalizing for foreign exchange

     • Organic growth was above our target range, capturing annual inflationary rate increases, higher volumes across our midstream businesses and earnings from capital commissioned over the last 12 months, particularly at our data centers

     • Results benefited from the contribution of a tuck-in acquisition at our Indian telecom tower portfolio, partially offset by the impact of capital recycling initiatives and foreign exchange

   • Distribution of $0.43 per unit represents an increase of 6% compared to the prior year

   • Payout ratio for the quarter of 68% falls within our long-term 60-70% target range

   • Net income benefited from strong operational performance and gains recognized on dispositions that closed during the quarter, partially offset by mark to market losses on our corporate hedging

   and 792.0 million (2024: 792.1 million and 792.1 million)

2. Payout ratio defined as distributions paid (inclusive of GP incentive and preferred unit) divided by FFO

3. ROIC is calculated as AFFO over the last twelve months adjusted for estimated return of capital, divided by average invested capital

4. Includes net income attributable to limited partners, the general partner, and non-controlling interests ‒ Redeemable

   activities

   • Total assets increased from December 31, 2024 due to recent acquisitions and benefits

     Partnership Units held by Brookfield, Exchange LP units, BIPC exchangeable LP units and BIPC exchangeable shares

5. Average limited partnership units outstanding on a time weighted average basis for the three and six-month period ended June 30, 2025 of 461.3 million and 461.6 million (2024: 461.5 million and 461.4 million)

   of foreign exchange, partially offset by the impact of asset sales

   2
   
   

   Q2 2025 Highlights (cont'd)

   Operations

   • Deployed $720 million of growth capital expenditures (~$160 million net of debt) to increase rate base at our utility operations, and expand capacity at our transport, midstream, and data businesses

   • At our U.K regulated distribution business, year-to-date connections are 9% ahead of prior year. In May, we signed an agreement to acquire the fiber connection portfolio of a leading U.K. homebuilder, expanding our existing fiber connections footprint by over 30%

   • Our Brazilian electricity transmission operation exercised its option to acquire our construction partner's 50% stake in a concession of transmission lines spanning over 1,200 kilometers for R$840 million

   • Transport operations performed well with continued volume strength at our rail and ports businesses, a 3% increase in traffic levels at our toll roads, along with realized average rate increases of 3% across the portfolio

   • Advanced several highly accretive projects at our Canadian natural gas gathering and processing operation, expected to generate ~C$135 million of incremental annual EBITDA

     • Reached a positive final investment decision on the NEBC Connector project, a ~215 km liquids pipeline

     • Completed the expansion of our Gordondale facility, providing incremental processing capacity and connectivity into key sales markets

   • Commissioned ~225 megawatts of contracted hyperscale capacity during the last twelve months

     • We have ~580 megawatts of booked-but-not-built capacity that we expect to come online over the next 3 years

       Strategic Initiatives

   • Closed our previously announced acquisition of Colonial Enterprises, the largest refined products system in the U.S., for equity consideration of $3.4 billion (BIP's share - $500 million)

   • Signed an agreement to acquire a leading railcar leasing platform with GATX for equity consideration of $1.2 billion (BIP's share - $300 million), with closing expected in Q1 2026

   • Signed an agreement to acquire Hotwire, a leading provider of bulk fiber-to-the home services platform in the U.S., for equity consideration of $4 billion (BIP's share - up to $500 million), with closing expected in Q3 2025

   • Secured another $1 billion of capital recycling proceeds during the quarter across four asset sales processes, bringing total proceeds to

     $2.4 billion for the year; highlights include:

     • Completed the sale of a 23% interest in our Australian export terminal for net proceeds of ~$280 million

     • Agreed to sell an additional 60% interest in a portfolio of operating sites at our European hyperscale data center platform for net proceeds of $1.1 billion (BIP's share - $200 million)

     • Agreed to sell a further 33% interest in a portfolio of fully contracted containers at our global intermodal logistics operation, for net proceeds of ~$420 million (BIP's share - $115 million)

     • Agreed to a partial sale of our U.K ports operation for net proceeds of ~$700 million (BIP's share - $385 million), with closing expected in Q4 2025

       Financing and Liquidity

   • Current liquidity totals $5.7 billion; including ~$2.4 billion of corporate liquidity and over $1.5 billion of cash across our businesses

   • Well-laddered debt maturity profile with an average term of ~8 years with ~90%1of debt fixed rate and no significant maturities this year

3

1. Excludes (i) most revolving and capital expenditure facilities and (ii) BRL denominated financing given limited availability of fixed rate debt

   Our Mission

   • To own and operate a globally diversified portfolio of high quality infrastructure assets that will generate sustainable and growing distributions over the long-term for our unitholders

     Performance Targets and Measures

   • Target a 12% to 15%+ total annual return on invested capital measured over the long term

   • Expect to generate returns from in-place cash flows plus growth through investments in upgrades and expansions of our asset base

   • Growth in FFO per unit is one of the key performance metrics that we use to assess our ability to sustainably increase distributions in future periods

     Basis of Presentation

   • Our consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB)

   • For each operating segment, this Supplemental Information outlines Brookfield Infrastructure's proportionate share of results in order to demonstrate the impact of key value drivers of each operating segment on the partnership's overall performance

     BIP has a conservative payout ratio underpinned by stable, highly regulated or contracted cash flows generated from operations

   • We believe that a payout of 60-70% of FFO is appropriate

   • Targeting 5% to 9% annual distribution growth, in light of expected per unit FFO growth

   • Distribution payout is reviewed with the Board of Directors in the first quarter of each year

   • The Board of Directors declared a quarterly distribution in the amount of $0.43 per unit, payable on September 29, 2025 to unitholders of record as at the close of business on August 29, 2025. This quarterly distribution represents a 6% increase compared to the prior year

   • Distributions have grown at a compound annual growth rate of 8% over the last 12 years

   • Below is a summary of our distribution history over the last 12 years1

$1.72

8%

$0.69

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025F

1. Annual distribution amounts have been adjusted for the 3-for-2 stock split effective September 14, 2016, the special distribution of BIPC shares

   5
   
   

   effective March 31, 2020, and the 3-for-2 stock split effective June 10, 2022

   Over the last 12 years, BIP has been able to achieve its target payout ratio of 60-70% of funds from operations while increasing its distribution by an average of 8%

   • Objective is to pay a distribution that is sustainable on a long-term basis while retaining sufficient liquidity within our operations to fund recurring growth capital expenditures and general corporate requirements

   • We fund all of our growth initiatives through a combination of issuances of common equity, preferred equity, corporate debt, proceeds from asset sales and retained internally generated cash flow

- Available funding and assessment of corporate liquidity is undertaken prior to committing to all new investments and capital projects

• Based on our distribution track record, the Partnership's average distribution payout ratio for the last 12 years is 69% of FFO, as shown below

Total

US$ Millions, unaudited 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2013-2024

FFO	$ 682	$ 724	$ 808	$ 944	$ 1,170	$ 1,231	$ 1,384	$ 1,454	$ 1,733	$ 2,087	$ 2,288	$ 2,468	$ 16,973
AFFO	553	593	672	771	941	982	1,096	1,173	1,412	1,701	1,838	1,862	13,594
Distributions
Limited Partner units	322	404	479	535	651	742	820	900	984	1,112	1,187	1,281	9,417
Incentive distribution	66	44	64	80	113	136	158	183	206	240	266	295	1,851
Preferred units1	-	-	3	13	30	41	49	51	67	66	63	68	451
Total distributions	388	448	546	628	794	919	1,027	1,134	1,257	1,418	1,516	1,644	11,719
FFO payout ratio2	57%	62%	68%	67%	68%	75%	74%	78%	73%	68%	66%	67%	69%
AFFO payout ratio2	70%	76%	81%	81%	84%	94%	94%	97%	89%	83%	82%	88%	86%

1. Preferred unit distributions in 2022, 2023 and 2024 include perpetual subordinated notes

2. FFO payout ratio is calculated by dividing total distributions paid to all shareholders by FFO, while the AFFO payout ratio is similar but deducts maintenance capital from FFO

   Organic growth demonstrates our ability to deliver sustainable cash flow growth

   • Our business is well-positioned to deliver per unit FFO organic growth of 6 - 9%, the three principle drivers of recurring annual cash flow growth embedded in our businesses are:

     Inflationary Indexation

3 - 4%

1 - 2%

2 - 3%

6 - 9%

Current inflation is ~4-5%1

Transport + Midstream operations performing well

Capital to be commissioned of ~$7.7B

~8%

1. Represents contribution to FFO growth from a blend of inflation and price escalators

   7
   
   

   • Own and operate a diversified portfolio of high-quality, long-life utilities, transport, midstream and data assets

     
     
     
     
     
     
     
     
     

   • Generate stable cash flows with ~85% of FFO supported by regulated or long-term contracted revenues

Regulated Transmission

Europe

Americas

Asia Pacific

Commercial & Residential Distribution

Rail

Toll Roads Diversified Terminals Midstream

Data Transmission & Distribution

Data Storage

The following tables present selected income statement and balance sheet information by operating segment on a proportionate basis:

Statements of Operations Statements of Financial Position

Three Months Ended

June 30

Six Months Ended

June 30 As of

US$ Millions, unaudited 2025 2024 2025 2024 US$ Millions, unaudited June 30, 2025 December 31, 2024

Net income (loss) by segment
Utilities	$ 87	$ 55	$ 235	$ 127
Transport	132	127	290	216
Midstream	202	4	233	23
Data	(77)	(9)	(91)	137
Corporate	(275)	(169)	(473)	(325)
Net income	$ 69	$ 8	$ 194	$ 178

Net assets by segment
Utilities	$ 9,503	$ 8,911
Transport	11,377	11,720
Midstream	8,818	9,658
Data	11,754	9,358
Corporate	(2,914)	(2,731)
Total net assets	$ 38,538	$ 36,916

Adjusted EBITDA by segment Net debt by segment

Utilities	$ 318	$ 307	$ 642	$ 623
Transport	408	425	803	826
Midstream	239	227	503	483
Data	181	139	347	269
Corporate	(108)	(92)	(205)	(189)
Adjusted EBITDA	$ 1,038	$ 1,006	$ 2,090	$ 2,012

Utilities	$ 6,163	$ 5,693
Transport	6,801	7,123
Midstream	5,213	5,954
Data	8,232	5,806
Corporate	4,504	4,266
		$ 28,842
Net debt	$ 30,913

FFO by segment Capitalization

Utilities	$ 187	$ 180	$ 379	$ 370
Transport	304	319	592	621
Midstream	157	143	326	313
Data	113	78	215	146
Corporate	(123)	(112)	(228)	(227)
FFO	$ 638	$ 608	$ 1,284	$ 1,223

Invested Captial	$ 12,866	$ 12,971
Total Market Capitalization	27,623	26,311
Enterprise Value	59,651	56,364

Operating Segments

Segment Overview

• Businesses that generate long-term returns on regulated or contractual asset base (rate base)

• Rate base increases with capital that we invest to upgrade and/or expand our systems

• Virtually all Adjusted EBITDA is supported by regulated or contractual revenues

  Objectives

• Invest capital to increase our rate base

• Earn an attractive return on rate base

• Provide safe and reliable service to our customers

  Operations

• Regulated Transmission:

  • ~3,100 km of operational transmission lines in Brazil

  • ~3,500 km of natural gas pipelines in Brazil and India

• Commercial & Residential Distribution:

  • ~8.6 million connections, predominantly electricity and natural gas

  • Provides residential decarbonization infrastructure services, as well as other essential home services and policies to

    ~10.4 million customers with ~17.2 million policies and ~1.7 million rental contracts in Canada, the United States, Germany and the U.K.

  • Over 0.7 million long-term contracted sub-metering services within Canada and the United States

  • ~3.0 million meters under management in Australia and New Zealand

The following table presents selected key performance metrics of our utilities segment:

Three Months Ended Six Months Ended

June 30 June 30

US$ Millions, unaudited 2025 2024 2025 2024

Rate base	$ 7,120	$ 6,848	$ 7,120	$ 6,848
Adjusted EBITDA	318	307	642	623
Funds from operations (FFO)	187	180	379	370
Maintenance capital	(21)	(18)	(41)	(36)
Adjusted funds from operations (AFFO) Return on rate base1,2	$ 166 12%	$ 162 12%	$ 338 12%	$ 334 12%

1. Return on rate base is calculated as Adjusted EBITDA divided by weighted average rate base

2. Return on rate base excludes impact of EBITDA earned from our home services policies, connections revenue, return of capital and IFRS 16 adjustments

   • Adjusted EBITDA and FFO were $318 million and $187 million in Q2'25 compared to $307 million and $180 million in the prior year

     • Results benefited from strong organic growth due to the continued benefit of inflation indexation and the commissioning of ~$450 million of capital into the rate base over the last twelve months

       • FFO was impacted by higher borrowing costs associated with funding growth projects and higher interest rates in Brazil

     • Prior year results included earnings from two Mexican regulated natural gas transmission pipelines, divested in Q1 2025

11

The following table presents our share of the utilities segment's financial results:

Financial Results

• Adjusted EBITDA and FFO were $318 million and

$187 million, respectively, versus $307 million

Three Months Ended Six Months Ended

June 30 June 30

and $180 million, respectively, in the prior year

- Commercial & Residential Distribution:

US$ Millions, unaudited 2025 2024 2025 2024

Revenue	$ 633	$ 619	$ 1,279	$ 1,243
Connections revenue	43	39	81	74
Cost attributable to revenues	(358)	(351)	(718)	(694)
Adjusted EBITDA	318	307	642	623
Interest expense	(103)	(97)	(201)	(186)
Other expense	(28)	(30)	(62)	(67)
Funds from operations (FFO)	187	180	379	370
Depreciation and amortization	(83)	(79)	(163)	(158)
Deferred taxes and other items	(17)	(46)	19	(85)
Net income	$ 87	$ 55	$ 235	$ 127

The following table presents our share of Adjusted EBITDA and FFO for this

Results benefited from inflation indexation, growth in the customer base at our U.K. regulated distribution business, and capital commissioned into rate base over the last 12 months

• FFO was impacted by higher borrowings to fund ongoing capital projects

• Regulated Transmission: Adjusted EBITDA and FFO decreased from the prior year from the sale of two Mexican regulated natural gas transmission pipelines in Q1 2025

  • The base business benefited from annual inflationary tariff increases across our operations, partially offset the depreciation of the Brazilian real

  • FFO was further impacted by higher borrowing costs from higher interest rates in Brazil

operating segment by business:

Adjusted EBITDA FFO

Three Months Ended

June 30

Six Months Ended

June 30

Three Months Ended

June 30

Six Months Ended

June 30

US$ Millions, unaudited 2025 2024 2025 2024 2025 2024 2025 2024

Commercial & Residential Distribution Regulated Transmission	$ 183 135	$ 167 140	$ 368 274	$ 341 282	$ 127 60	$ 117 63	$ 257 122	$ 236 134
Total	$ 318	$ 307	$ 642	$ 623	$ 187	$ 180	$ 379	$ 370

The following tables present our share of capital backlog and rate base:

Capital Backlog

Projects that we have been awarded and/ or filed with regulators with anticipated

US$ Millions, unaudited

For the Three Month

Period Ended June 30, 2025

For the Six Month Period Ended June 30, 2025

For the Twelve Month

Period Ended December 31, 2024

commissioning into rate base in the next two to three years

Capital backlog, start of period	$ 570 $ 542		$ 562
Additional capital project mandates	135 266		485
Less: capital expenditures	(129) (241)		(487)
Foreign exchange and other	29 38		(18)
Capital backlog, end of period	605	605	542
Construction work in progress	548	548	477
Total capital to be commissioned	$ 1,153	$ 1,153	$ 1,019

• Ended the period with ~$1.2 billion of total capital to be commissioned into rate base

  • New connection mandates awarded were partially offset by capital projects commissioned into rate base

• The largest contributor to capital expected to be commissioned into rate base is our U.K. regulated distribution business (~$800 million)

  Rate Base1

  US$ Millions, unaudited

  For the Three Month

  Period Ended June 30, 2025

  For the Six Month Period Ended June 30, 2025

  For the Twelve Month

  Period Ended December 31, 2024

• Rate base increased compared to December 31, 2024

  Rate base, start of period	$ 6,614	$ 6,699	$ 7,117
  Capital expenditures commissioned	111	209	468
  Inflation and other indexation	24	172	57
  Acquisitions (asset sales)	144	(321)	78
  Regulatory depreciation	(28)	(55)	(173)
  Foreign exchange and other	255	416	(848)
  Rate base, end of period	$ 7,120	$ 7,120	$ 6,699

  • Rate base benefited from inflation indexation, new connections at our

    U.K regulated distribution business and long-term rental contracts secured at our residential decarbonization infrastructure platform

  • Rate base also benefited from the acquisition of an additional 50% interest in a portfolio of operational electricity transmission lines in Brazil, offset by the sale of our

1. Rate base excludes our North American and European residential warranty businesses

   interest in two Mexican regulated natural gas transmission pipelines

   Segment Overview

   • Provide transportation for freight, commodities and passengers

   • Rail and toll road revenues are subject to

     The following table presents selected key performance metrics for our transport segment:

     regulatory price ceilings, while ports are

     primarily unregulated

     Objectives

   • Increase throughput of existing assets

   • Expand networks in a capital efficient manner to support incremental customer demand

   • Provide safe and reliable service for our customers

     Operations

   • Diversified Terminals

     • Global fleet of ~7 million twenty-foot equivalent unit (TEU) intermodal containers

     • ~30 million tonnes per annum liquefied natural gas (LNG) export terminal in the United States

     • An ~85 million tonnes per annum export facility in Australia

     • 10 terminals in the U.K., and Australia facilitating global trade of goods, natural resources and commodities

   • Rail

     • 113 short line freight railroads comprising

       ~21,000 km of track in North America and Europe

     • Sole provider of rail network in the southern half of Western Australia with

       ~5,500 km of track and operator of ~9,800 km of rail in Brazil, of which 8,000 km are owned

   • Toll Roads

Three Months Ended Six Months Ended

June 30 June 30

US$ Millions, unaudited 2025 2024 2025 2024

Growth capital expenditures	$ 51	$ 89	$ 102	$ 163
Adjusted EBITDA margin1	66%	65%	67%	65%
Funds from operations (FFO)	$ 304	$ 319	$ 592	$ 621
Maintenance capital	(90)	(99)	(124)	(146)
Adjusted funds from operations (AFFO)	$ 214	$ 220	$ 468	$ 475

1. Adjusted EBITDA margin is Adjusted EBITDA divided by revenues

   • FFO was $304 million in Q2'25 compared to $319 million in the prior year

     • Results benefited from strong asset utilization, continued volume strength at our rail and ports businesses, and a 3% increase in toll road volumes along with a 3% inflationary increase in rates

       • Results were impacted by the depreciation of the Brazilian real and lower rates on foreign exchange hedge contracts

     • Prior year results reflect the contribution from a portfolio of fully contracted containers at our global intermodal logistics operation, in which we sold a 33% minority interest in Q1 2025

     • ~3,300 km of motorways in Brazil and Peru

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The following table presents our share of the transport segment's financial results:

Three Months Ended Six Months Ended

June 30 June 30

Revenue	$ 618	$ 650	$ 1,199	$ 1,264
Cost attributable to revenues	(210)	(225)	(396)	(438)
Adjusted EBITDA	408	425	803	826
Interest expense	(93)	(100)	(194)	(191)
Other expense	(11)	(6)	(17)	(14)
Funds from operations (FFO)	304	319	592	621
Depreciation and amortization	(138)	(134)	(280)	(262)
Deferred taxes and other items	(34)	(58)	(22)	(143)
Net income	$ 132	$ 127	$ 290	$ 216

US$ Millions, unaudited 2025 2024 2025 2024

The following table presents our share of adjusted EBITDA and FFO for this operating segment by business:

Financial Results

• Adjusted EBITDA and FFO were $408 million and

  $304 million, respectively, versus $425 million and

  $319 million, respectively, in the prior year

  • Diversified Terminals: Adjusted EBITDA and FFO decreased from the prior year from the sale of a 33% minority interest in a portfolio of fully contracted containers at our global intermodal logistics operation

  • Rail: Adjusted EBITDA and FFO benefited from inflationary tariff increases of 2% across the portfolio, and a 4% increase in volumes at our Brazilian rail network, offset by lower volumes at our Australian rail operation and the impact of foreign exchange

  • Toll Roads: Adjusted EBITDA and FFO benefited from an average inflationary tariff increase of 4% and a 3% increase in traffic volumes

    • Results were impacted by the depreciation of the Brazilian real and higher borrowing costs

Adjusted EBITDA FFO

Three Months Ended

June 30

Six Months Ended

June 30

Three Months Ended

June 30

Six Months Ended

June 30

US$ Millions, unaudited 2025 2024 2025 2024 2025 2024 2025 2024

Diversified Terminals	$ 213	$ 219	$ 432	$ 438	$ 156	$ 162	$ 315	$ 323
Rail	129	139	243	252	105	110	192	199
Toll Roads	66	67	128	136	43	47	85	99
Total	$ 408	$ 425	$ 803	$ 826	$ 304	$ 319	$ 592	$ 621

Capital Backlog

We expect enhancements to our networks over the next two to three years to expand capacity and support additional volumes, leading to cash flow growth over the long term

The following table presents our share of growth capital backlog:

US$ Millions, unaudited

For the Three Month Period

Ended June 30, 2025

For the Six Month Period

Ended June 30, 2025

For the Twelve Month Period

Ended December 31, 2024

Capital backlog, start of period Additional capital project mandates Impact of (asset sales) acquisitions Less: capital expenditures Foreign exchange and other	$ 469 $ 461 26 74 (155) (155) (51) (102) 23 34	$ 714 151 9 (337) (76)
Capital backlog, end of period Construction work in progress	$ 312 $ 312 138 138	$ 461 193
Total capital to be commissioned	$ 450 $ 450	$ 654

• Consists of the following types of projects:

  • Diversified Terminals: Increasing capacity of our terminals by deepening the berths and expanding, enhancing and modernizing our existing infrastructure (~$10 million)

  • Rail: Upgrading and expanding our network to capture volume growth from incremental activity in the sectors we serve (~$285 million)

  • Toll Roads: Expanding the capacity of our roads by increasing and widening lanes on certain routes to support traffic growth (~$155 million)

    Midstream Operations The following tables present selected key performance metrics for our midstream

    segment and our share of financial results:

    Segment Overview

• Systems that provide transmission, gathering and processing, and storage services

• Profitability based on the volume and price achieved for the provision of these services

• Businesses are either unregulated or subject to price ceilings

  Objectives

• Satisfy customer growth requirements by increasing the utilization of our assets and expanding our capacity in a capital efficient manner

• Provide safe and reliable service to our customers

• Generate attractive cash yield to accelerate return on and of capital

  Operations

• Midstream:

  • ~19,500 kilometers of pipelines which include long-haul, conventional and natural gas gathering pipelines in the United States and Canada

  • 16 natural gas and natural gas liquids processing facilities with ~5.6 billion cubic feet (Bcf) per day of gross processing capacity in Canada

  • ~280 Bcf of natural gas storage in the United States and Canada

  • 4 terminals with tank capacity of 685,000 barrels per day (b/d) across the United States

  • 525,000 tonnes per year of polypropylene production capacity in Canada

Three Months Ended Six Months Ended

June 30 June 30

US$ Millions, unaudited 2025 2024 2025 2024

Adjusted EBITDA margin1Funds from operations (FFO) Maintenance capital	62% $ 157 (31)	58% $ 143 (44)	62% $ 326 (78)	57% $ 313 (77)
Adjusted funds from operations (AFFO)	$ 126	$ 99	$ 248	$ 236

1. Adjusted EBITDA margin is Adjusted EBITDA divided by revenues

   Three Months Ended Six Months Ended

   June 30 June 30

   US$ Millions, unaudited 2025 2024 2025 2024

   Revenue Cost attributable to revenues	$ 385 (146)	$ 389 (162)	$ 810 (307)	$ 850 (367)
   Adjusted EBITDA Interest expense Other expense	239 (78) (4)	227 (83) (1)	503 (165) (12)	483 (165) (5)
   Funds from operations (FFO) Depreciation and amortization Deferred taxes and other items	157 (107) 152	143 (107) (32)	326 (218) 125	313 (242) (48)
   Net Income	$ 202	$ 4	$ 233	$ 23

   • Adjusted EBITDA and FFO were $239 million and $157 million in Q2'25 compared to

     $227 million and $143 million in the prior year

     • Adjusted EBITDA and FFO benefited from strong asset utilization, higher contracted revenues across our midstream operations and higher take or pay processing volumes at our polypropylene facility, partially offset by lower rates on foreign exchange hedge contracts

     • FFO was impacted by higher borrowing costs associated with the refinancing completed at our North American gas storage operations in the prior year

     • Prior year results include a full quarter contribution from our U.S. gas pipeline which was divested in Q2 2025

       17
       
       

       Capital Backlog

       Enhancements to our systems over the next two to three years that will best position our assets for value maximization

       The following table presents our share of growth capital backlog:

       US$ Millions, unaudited

       For the Three Month Period

       Ended June 30, 2025

       For the Six Month Period

       Ended June 30, 2025

       For the Twelve Month Period

       Ended December 31, 2024

       Capital backlog, start of period Additional capital project mandates Less: capital expenditures Impact of acquisitions (asset sales) Foreign exchange and other	$ 178 $ 230 93 101 (29) (89) (61) (61) 8 8	$ 270 126 (155) - (11)
       Capital backlog, end of period Construction work in progress	$ 189 $ 189 46 46	$ 230 142
       Total capital to be commissioned	$ 235 $ 235	$ 372

   • Projects related to capacity expansion across our midstream operations

     • Reached a positive final investment decision on the NEBC Connector project, a ~215 km liquids pipeline at our Canadian natural gas gathering and processing operation

     • Completed the expansion of the Gordondale facility at our Canadian natural gas gathering and processing operation, providing incremental processing capacity and connectivity to key markets

     • Commissioned two key projects related to pipeline expansion at our Canadian diversified midstream operation

       18
       
       

       Segment Overview

   • Businesses that provide critical infrastructure and essential services to telecom companies, technology and cloud computing providers, and enterprise clients

   • Adjusted EBITDA underpinned by both regulated and unregulated services, secured by long-term

     The following table presents selected key performance metrics for our data segment:

     Three Months Ended Six Months Ended

     June 30 June 30

     inflation-linked contracts

     Objectives

   • Increase profitability through site rental revenue growth

   • Maintain high level of service by managing availability and reliability of our customers' network

   • Deploy capital in response to customer demands for increased densification of their networks

     Operations

   • Data Transmission & Distribution:

     • ~308,000 operational telecom towers in India, France, Germany, Austria and the U.K.

     • ~28,000 km of fiber optic cable located in Australia, Brazil and the United States

     • Over 70 distributed antenna systems in the U.K.

     • ~420,000 fiber-to-the-premise connections in Australia and the United States

     • 2 semiconductor manufacturing foundries in the United States

   • Data Storage:

     • Over 140 data centers with ~1.1 gigawatt of critical load capacity, and an additional

~580 megawatts of contracted capacity

US$ Millions, unaudited 2025 2024 2025 2024

Growth capital expenditures	$ 513	$ 374	$ 1,020	$ 602
Adjusted EBITDA margin1	68%	65%	68%	64%
Funds from operations (FFO)	113	78	215	146
Maintenance capital	(14)	(7)	(22)	(12)
Adjusted funds from operations (AFFO)	$ 99	$ 71	$ 193	$ 134

1. Adjusted EBITDA margin is Adjusted EBITDA divided by revenues

   • FFO was $113 million in Q2'25 compared to $78 million in the prior year, representing a step change increase of 45%

     • Results benefited from additional points-of-presence at our tower and fiber operations and the commissioning of additional megawatts across our global data center platform

     • Current year results also reflect contribution from the tuck-in acquisition of 76,000 telecom tower sites in India

     • Improved margins primarily related to improved rates and higher utilization at our recently acquired U.S. colocation data center operation

   • Growth capital expenditures increased over prior year primarily from construction progress at our semiconductor manufacturing foundries in the United States which is tracking on time and in accordance with plan

     19
     
     

     The following table presents our share of the data segment's financial results:

     Three Months Ended Six Months Ended

     June 30 June 30

     Financial Results

   • Adjusted EBITDA and FFO were $181 million and

     $113 million, respectively, versus $139 million and

     US$ Millions, unaudited 2025 2024 2025 2024

     Revenue Cost attributable to revenues	$ 266 (85)	$ 213 (74)	$ 512 (165)	$ 422 (153)
     Adjusted EBITDA	181	139	347	269
     Interest expense	(74)	(62)	(144)	(130)
     Other income	6	1	12	7
     Funds from operations (FFO)	113	78	215	146
     Depreciation and amortization	(93)	(91)	(185)	(178)
     Deferred taxes and other items	(97)	4	(121)	169
     Net (loss) income	$ (77)	$ (9)	$ (91)	$ 137

     The following table presents our share of Adjusted EBITDA and FFO for this operating segment by business:

     $78 million, respectively, in the prior year

     • Data Transmission & Distribution: Adjusted EBITDA and FFO benefited from additional points-of-presence across our portfolio

       • Current year results also reflect contribution from the tuck-in acquisition of 76,000 telecom tower sites in India

     • Data Storage: Results benefited from the commissioning of additional megawatts across our global data center portfolio and new customer contracts at our U.S. colocation data center operation

     Adjusted EBITDA FFO

     Three Months Ended

     June 30

     Six Months Ended

     June 30

     Three Months Ended

     June 30

     Six Months Ended

     June 30

     US$ Millions, unaudited 2025 2024 2025 2024 2025 2024 2025 2024

     Data Transmission & Distribution Data Storage	$ 106 75	$ 87 52	$ 209 138	$ 171 98	$ 73 40	$ 55 23	$ 146 69	$ 105 41
     Total	$ 181	$ 139	$ 347	$ 269	$ 113	$ 78	$ 215	$ 146

     Capital Backlog

     Additions and improvements to our networks and sites over the next two or three years that are expected to accommodate growing data consumption, leading to cash flow growth over the long term

     The following table presents our share of growth capital backlog:

     US$ Millions, unaudited

     For the Three Month Period

     Ended June 30, 2025

     For the Six Month Period

     Ended June 30, 2025

     For the Twelve Month Period

     Ended December 31, 2024

     Capital backlog, start of period	$ 3,593	$ 3,888	$ 4,104
     Impact of acquisitions (asset sales)	4	4	(4)
     Additional capital project mandates	139	333	1,031
     Less: capital expenditures	(513)	(1,020)	(1,187)
     Foreign exchange and other	39	57	(56)
     Capital backlog, end of period	$ 3,262	$ 3,262	$ 3,888
     Construction work in progress	2,626	2,626	1,829
     Total capital to be commissioned	$ 5,888	$ 5,888	$ 5,717

   • Capital to be commissioned includes ~$4.4 billion within our Data Transmission & Distribution operations and ~$1.5 billion at our Data Storage operations:

     • Data Transmission & Distribution:

       • ~$3.9 billion from our partnership with Intel to build two semiconductor foundries in the United States (~$690 million spent in 2025 and ~$1.8 billion spent to date)

       • ~$200 million related to the build-out of additional sites and new tenancies at our telecom tower operations

       • ~$215 million for additional connections across our global fiber operations

     • Data Storage: Increasing the capacity of our data storage network with the build-out of new sites or expansion of existing data centers

       • Total capital to be commissioned primarily relates to the construction of several new facilities at our global data center operations, the majority of which are underpinned by attractive long-term contracts with investment grade, global hyperscale customers

       • ~$1.3 billion in backlog and work in progress at our hyperscale data center platforms primarily in Europe and the U.S.

         The following table presents the components of corporate on a proportionate basis:

         Financial Results

         Three Months Ended Six Months Ended

         June 30 June 30

         • General and administrative costs were consistent

         US$ Millions, unaudited 2025 2024 2025 2024

         General and administrative costs Base management fee	$ (3) (105)	$ (3) (89)	$ (6) (199)	$ (6) (183)
         Adjusted EBITDA Other income Financing costs	(108) 51 (66)	(92) 48 (68)	(205) 108 (131)	(189) 94 (132)
         Funds from operations (FFO) Deferred taxes and other items	(123) (152)	(112) (57)	(228) (245)	(227) (98)
         Net loss	$ (275)	$ (169)	$ (473)	$ (325)

         with prior year

     • Anticipate general and administrative costs of

       ~$12 million per year, excluding the base management fee

   • We pay Brookfield an annual base management fee equal to 1.25% of our market value, plus recourse debt net of cash and financial assets

   • Other income includes interest and dividend income, as well as realized gains or losses earned on corporate financial assets

   • Financing costs include interest expense and standby fees on our committed credit facility, less interest earned on cash balances

Total liquidity was ~$5.7 billion at June 30, 2025, of which ~$2.4 billion is at the corporate level, comprised of the following:

US$ Millions, unaudited June 30, 2025 December 31, 2024

Corporate cash and financial assets	$ 484	$ 276
Committed corporate credit facility	2,225	2,225
Subordinated corporate credit facility	1,000	1,000
Draws under corporate credit facility	(113)	(300)
Commitments under corporate credit facility	(10)	(10)
Commercial paper	(1,145)	(850)
Proportionate cash retained in businesses	1,523	1,525
Proportionate availability under subsidiary credit facilities	1,767	1,617
Total liquidity	$ 5,731	$ 5,483

• We maintain sufficient liquidity at all times to participate in attractive opportunities as they arise, withstand sudden adverse changes in economic circumstances, and maintain a relatively high payout of our FFO to unitholders

• Principal sources of liquidity are cash flows from operations, undrawn credit facilities, proceeds from capital recycling, and access to public and private capital markets

• We may, from time to time, invest in financial assets comprised mainly of liquid equity and debt infrastructure securities in order to earn attractive short-term returns and for strategic purposes

• We finance our assets principally at the operating company level with debt that generally has long-term maturities, few restrictive covenants and no recourse to either Brookfield Infrastructure or our other operations.

• On a proportionate basis as of June 30, 2025, scheduled principal repayments over the next five years are as follows:

US$ Millions, unaudited

Average Term

(years) 2025 2026 2027 2028 2029 Beyond Total

Recourse borrowings Net corporate borrowings1	16	$ -	$ -	$ 331	$ 515	$ 515	$ 2,398	$ 3,759
Total recourse borrowings1	16	-	-	331	515	515	2,398	3,759
Utilities
Commercial & Residential Distribution	10	36	369	226	622	421	2,920	4,594
Regulated Transmission	8	27	84	109	166	417	992	1,795
	9	63	453	335	788	838	3,912	6,389
Transport
Diversified Terminals	5	69	385	809	309	901	1,960	4,433
Rail	6	12	190	24	244	223	1,038	1,731
Toll Roads	8	47	137	170	148	126	592	1,220
	6	128	712	1,003	701	1,250	3,590	7,384
Midstream2	6	9	217	302	821	1,146	2,739	5,234
Data
Data Transmission & Distribution	7	18	192	174	556	852	4,469	6,261
Data Storage	4	70	533	310	334	356	1,061	2,664
	6	88	725	484	890	1,208	5,530	8,925
Total non-recourse borrowings	7	288	2,107	2,124	3,200	4,442	15,771	27,932
Total borrowings1,2	8	$ 288	$ 2,107	$ 2,455	$ 3,715	$ 4,957	$ 18,169	$ 31,691
		1%	7%	8%	12%	15%	57%	100%

1. Total borrowings, recourse borrowings and the average term to maturity are presented on a pro-forma basis to exclude draws of $113 million on our corporate credit facility, $1,145 million of commercial paper and deferred financing fees of $29 million

2. Midstream term to maturity includes hybrid notes outstanding until the first call date in 2029 adjusting these notes until legal maturity in 2079 would result in the segment average term to be 10 years, and total borrowings to be 9 years

   24
   
   

   The following table presents our share of borrowings, cash and net debt by segment:

   As of

   US$ Millions, unaudited June 30, 2025 December 31, 2024

   Borrowings
   Utilities	$ 6,389	$ 5,966
   Transport	7,384	7,513
   Midstream	5,234	6,076
   Data	8,925	6,546
   Corporate	4,988	4,542
   Total borrowings	$ 32,920	$ 30,643
   Cash retained in businesses
   Utilities	$ 226	$ 273
   Transport	583	390
   Midstream	21	122
   Data	693	740
   Corporate	484	276
   Total cash retained and financial assets	$ 2,007	$ 1,801
   Net debt
   Utilities	$ 6,163	$ 5,693
   Transport	6,801	7,123
   Midstream	5,213	5,954
   Data	8,232	5,806
   Corporate	4,504	4,266
   Total net debt	$ 30,913	$ 28,842

   • The weighted average cash interest rate payable was 6.0% for the overall business, in which our utilities, transport, midstream, data and corporate segments were 7.3%, 6.0%, 5.6%, 6.0%, 5.1%, respectively

The following table presents supplemental measures to assist users in understanding and evaluating the partnership's capital structure:

As of

US$ Millions, Except Per Unit Information, unaudited June 30, 2025 December 31, 2024

Partnership units outstanding, end of period Price	654.8 $ 33.50	655.5 $ 31.79
Partnership Market Capitalization Class A Shares of BIPC outstanding Price	21,936 136.7 $ 41.60	20,838 136.8 $ 40.01
BIPC Market Capitalization	5,687	5,473
Combined Market Capitalization	27,623	26,311
Preferred units	1,115	1,211
Proportionate net debt	30,913	28,842
Enterprise Value (EV)	$ 59,651	$ 56,364
Proportionate Net Debt to Capitalization (based on market value)	52%	51%
Proportionate Net Debt to Capitalization (based on invested capital)	71%	69%
Corporate Borrowings to Capitalization (based on invested capital)	11%	11%

The following table provides the calculation of one of our performance measures, Return on Invested Capital:

Three Months Ended

June 30

Six Months Ended

June 30

US$ Millions, unaudited 2025 2024 2025 2024

FFO	$ 638	$ 608	$ 1,284	$ 1,223
Maintenance Capital	(156)	(168)	(265)	(271)
Return of Capital	(32)	(30)	(64)	(61)
Adjusted AFFO	$ 450	$ 410	$ 955	$ 891
Weighted Average Invested Capital	$ 12,961	$ 13,035	$ 12,966	$ 13,034
Return on Invested Capital (ROIC)1	14%	13%	14%	14%

1. Return on invested capital is calculated as adjusted AFFO over the last twelve months divided by weighted average invested capital

   To the extent that it is economic to do so, we hedge a portion of our equity investments and/or cash flows exposed to foreign currencies. The following principles form the basis of our foreign currency hedging strategy:

   • We leverage any natural hedges that may exist within our operations

   • We utilize local currency debt financing to the extent possible

   • We may utilize derivative contracts to the extent that natural hedges are insufficient The following table presents our hedged position in foreign currencies as at June 30, 2025:

Foreign Currency Hedges

US$ Millions, unaudited	USD1	GBP	EUR	AUD	BRL	CAD2	INR	Other
Gross equity investment - US$	$ 3,900	2,593	2,004	1,394	1,258	855	105	310
Corporate Items - US$3	(3,679)	-	-	-	-	-	-	-
Equity investment	221	2,593	2,004	1,394	1,258	855	105	310
FX contracts - US$	7,101	(2,593)	(2,004)	(1,172)	(330)	(855)	(105)	(42)
Net unhedged - US$	$ 7,322	-	-	222	928	-	-	268
% of equity investment hedged	N/A	100%	100%	84%	26%	100%	100%	14%

1. USD net equity investment excludes $389 million of preferred units and $293 million of perpetual subordinated notes

2. CAD net equity investment excludes $433 million of preferred units and preferred shares

3. Includes medium-term notes, draws on our revolving credit facility, commercial paper issuances, the deposit from our parent and working capital at the corporate level

   • As at June 30, 2025, 84% of overall net equity is USD functional

   • We have implemented a strategy to hedge all of our expected FFO generated in GBP, EUR, AUD, CAD, and INR for the next 24 months

   • For the three months ended June 30, 2025, 29%, 20%, 19%, 12%, 9%, and 11% of our pre-corporate FFO was generated in USD, CAD, BRL, GBP, AUD and other, respectively

   • Due to our FFO hedging program ~80% of our pre-corporate FFO is effectively generated in USD and the balance in BRL

The following table highlights the sources and uses of cash during the year:

Three Months Ended June 30 Six Months Ended June 30

US$ Millions, unaudited 2025 2024 2025 2024

Funds from operations (FFO) Maintenance capital	$ 638 (156)	$ 608 (168)	$ 1,284 (265)	$ 1,223 (271)
Funds available for distribution (AFFO) Distributions paid	482 (436)	440 (411)	1,019 (873)	952 (822)
Funds available for reinvestment	46	29	146	130
Growth capital expenditures	(722)	(620)	(1,452)	(1,068)
Debt funding of growth capex	563	519	1,064	827
Non-recourse (repayments) draws	(115)	895	325	860
Proceeds from capital recycling	825	149	1,148	647
New and follow-on investments1	(33)	(374)	(56)	(815)
Net draws (repayments) on corporate credit facility and commercial paper	(78)	23	108	640
Partnership unit issuances, net of (repurchases)	(26)	3	(24)	6
Debt issuances (redemptions)	91	153	91	(378)
Deposits from parent / affiliates	(210)	-	(148)	-
Changes in financial asset portfolio	345	(126)	227	(126)
Impact of foreign currency movements	31	(25)	61	(48)
Cash retained in term deposits2	-	-	(1,248)	-
Changes in working capital and other	44	(42)	(36)	(291)
Change in proportionate cash and financial assets	761	584	206	384
Opening, proportionate cash and financial assets	1,246	1,596	1,801	1,796
Closing, proportionate cash and financial assets	$ 2,007	$ 2,180	$ 2,007	$ 2,180

1. New and follow-on investments in 2024 includes a North American data center platform acquired in Q4 2023 but funded on January 26, 2024

2. Includes term deposits at our U.S. semiconductor manufacturing facility from a bond issuance completed in Q1 2025

   • Financing plan: We fund recurring growth capital expenditures with cash flow generated by operations, as well as debt financing that is sized to maintain credit profile

   • To fund large-scale development projects and acquisitions, we will evaluate a number of capital sources including proceeds from the sale of non-core assets as well as equity and debt financings

     We fund growth initiatives with proceeds from capital recycling, capital market issuances and retained operating cash flows

   • We target retaining 15% of our operating cash flows (FFO) for the equity component of recurring growth capital expenditures

   • We look to fund new investment opportunities and large-scale growth capital expenditure projects with proceeds from capital recycling and capital market issuances

Over the last five years, we have deployed ~$12 billion in acquisitions and organic growth initiatives, which has been funded through our capital recycling program, capital market issuances and retained cash flows

For the year ended December 31

US$ Millions, unaudited 2020		2021	2022	2023	2024	2020 - 2024
Capital deployed in new investments1,2	$ 976	$ 3,048	$ 2,238	$ 2,652	$ 626	$ 9,540
Growth capital expenditures (net of non-recourse debt financing)	397	476	729	423	651	2,676
Total growth initiatives	1,373	3,524	2,967	3,075	1,277	12,216
Capital raised in capital markets3	(502)	(3,206)	(1,058)	(1,264)	149	(5,881)
Proceeds from asset sales4	(370)	(1,938)	(750)	(1,865)	(1,230)	(6,153)
Funding from retained cash flows and credit facility draws	$ 501	$ (1,620)	$ 1,159	$ (54)	$ 196	$ 182

1. Capital deployed in new investments excludes investments in financial assets

2. 2022 includes the $1.2 billion acquisition of HomeServe on January 4, 2023 (and is excluded from 2023) and 2023 includes the $0.4 billion acquisition of Compass on October 3, 2023 which was funded on January 26, 2024

3. 2024 capital raised in capital markets is net of a $531 million redemption of medium-term notes, which occurred in February 2024

4. 2024 proceeds from asset sales exclude the upfinancings at our U.S. gas pipeline and our Mexican regulated natural gas transmission business, which occurred in Q4 2023

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Brookfield Infrastructure Partners LP published this content on August 07, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on August 07, 2025 at 15:35 UTC.