Brookfield Infrastructure Partners Lp Limited Partnership · NYSE:BIP
Brookfield Infrastructure Partners Lp Limited Partnership — Brookfield Infrastructure Partners — Q2 2025 Earnings Presentation
45 slides from Brookfield Infrastructure Partners Lp Limited Partnership's earnings presentation, Jul 31, 2025
Slide 1: Three Months Ended June 30, 2025
THREE MONTHS ENDED June 30, 2025
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Statement Regarding Forward-Looking Statements This Supplemental Information contains forward-looking information within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of certain securities laws including Section 27A of the U.S. Secu
Slide 3: Q2 2025 Highlights
Q2 2025 Highlights $638 $0.43 68% Key Performance Metrics million of FFO distributions per unit payout ratio Three Months Ended Six Months Ended (See “Reconciliation of Non-IFRS Financial Measures”) June 30 June 30 Performance Highlights US$ Millions, Except Per Unit Information, unaudited 2025 2024
Slide 4: Q2 2025 Highlights (cont’d)
Q2 2025 Highlights (cont’d) Strategic Initiatives Operations • Closed our previously announced acquisition of Colonial Enterprises, • Deployed $720 million of growth capital expenditures the largest refined products system in the U.S., for equity consideration (~$160 million net of debt) to increase
Slide 5: Our Business
Our Business 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
Slide 6: Distribution Profile
Distribution Profile 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 • D
Slide 7: Distribution Payout Ratio
Distribution Payout Ratio 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 liq
Slide 8: Organic Growth within our Business
Organic Growth within our Business 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: Volu
Slide 9: Our Operations
Our Operations • 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 Europe Transmission Commercial & Residential Distributio
Slide 10: Selected Income Statement and Balance Sheet Information
Selected Income Statement and Balance Sheet Information 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 Six Months Ended June 30 June 30 As
Slide 11: Operating Segments
Operating Segments Brookfield | 1°
Slide 12: Utilities Operations
Utilities Operations Segment Overview • Businesses that generate long-term returns on The following table presents selected key performance metrics of our utilities regulated or contractual asset base (rate base) segment: • Rate base increases with capital that we invest to Three Months Ended Six Mo
Slide 13: Utilities Operations (cont’d)
Utilities Operations (cont’d) Financial Results • Adjusted EBITDA and FFO were $318 million and The following table presents our share of the utilities segment’s financial results: $187 million, respectively, versus $307 million and $180 million, respectively, in the prior year Three Months Ended Si
Slide 14: Utilities Operations (cont’d) – Capital Backlog
Utilities Operations (cont’d) Capital Backlog The following tables present our share of capital backlog and rate base: Projects that we have been awarded and/ or filed with regulators with anticipated commissioning into rate base in the next For the Three Month For the Six Month For the Twelve Month
Slide 15: Transport Operations
Transport Operations Segment Overview • Provide transportation for freight, commodities and passengers The following table presents selected key performance metrics for our transport • Rail and toll road revenues are subject to segment: regulatory price ceilings, while ports are primarily unregulate
Slide 16: Transport Operations (cont’d)
Transport Operations (cont’d) The following table presents our share of the transport segment’s financial results: Financial Results • Adjusted EBITDA and FFO were $408 million and Three Months Ended Six Months Ended $304 million, respectively, versus $425 million and June 30 June 30 $319 million, r
Slide 17: Transport Operations (cont’d) – Capital Backlog
Transport Operations (cont’d) 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: For the Three Mont
Slide 18: Midstream Operations
Midstream Operations The following tables present selected key performance metrics for our midstream segment and our share of financial results: Segment Overview Three Months Ended Six Months Ended • Systems that provide transmission, gathering June 30 June 30 and processing, and storage services US
Slide 19: Midstream Operations (cont’d) – Capital Backlog
Midstream Operations (cont’d) 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: For the Three Month Period For the Six Month Period For the Twelve Mo
Slide 20: Data Operations
Data Operations Segment Overview • Businesses that provide critical infrastructure and essential services to telecom companies, technology and cloud computing providers, and The following table presents selected key performance metrics for our data enterprise clients segment: • Adjusted EBITDA under
Slide 21: Data Operations (cont’d)
Data Operations (cont’d) The following table presents our share of the data segment’s financial results: Financial Results Three Months Ended Six Months Ended June 30 June 30 • Adjusted EBITDA and FFO were $181 million and $113 million, respectively, versus $139 million and US$ Millions, unaudited 2
Slide 22: Data Operations (cont’d) – Capital Backlog
Data Operations (cont’d) 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: F
Slide 23: Corporate
Corporate 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 with prior year General and administrative
Slide 24: Liquidity
Liquidity 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 Subordin
Slide 25: Maturity Profile
Maturity Profile • 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 prin
Slide 26: Proportionate Net Debt
Proportionate Net Debt 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 borro
Slide 27: Supplemental Measures
Supplemental Measures 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 654.8
Slide 28: Foreign Currency Hedging Strategy
Foreign Currency Hedging Strategy 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 exis
Slide 29: Capital Reinvestment
Capital Reinvestment 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) $ 638 $ 608 $ 1,284 $ 1,223 Maintenance capital (156) (168) (265) (271) Funds
Slide 30: Capital Reinvestment (cont’d)
Capital Reinvestment (cont’d) 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 ne
Slide 31: Capital Reinvestment (cont’d)
Capital Reinvestment (cont’d) The following tables present the components of growth and maintenance capital expenditures by operating segment: Three Months Ended June 30 Six Months Ended June 30 US$ Millions, unaudited 2025 2024 2025 2024 Growth capital expenditures by segment Utilities $ 129 $ 124
Slide 32: Asset Sales
Asset Sales Since inception we have completed over 36 transactions for ~$9.6 billion in proceeds, with an average IRR of 23% Over the last five years, we have generated ~$5.5 billion of proceeds from 22 transactions. Each was completed at a premium to the IFRS carrying value at the time of sale, and
Slide 33: Partnership Capital
Partnership Capital The total number of partnership units outstanding consisted of the following: As of Millions of partnership units, unaudited June 30, 2025 December 31, 2024 Redeemable partnership units 190.3 190.3 1 Limited partnership units 462.1 462.8 General partnership units 2.4 2.4 2 Class
Slide 34: Appendix – Reconciliation Of Non-IFRS Financial Measures
Appendix – Reconciliation Of Non-IFRS Financial Measures 33
Slide 35: Reconciliation of Non-IFRS Measures to IFRS Measures
Reconciliation of Non-IFRS Measures to IFRS Measures Reconciliation of Net Income to Funds from Operations Three Months Ended June 30 Six Months Ended June 30 US$ Millions, unaudited 2025 2024 2025 2024 1 Net income attributable to partnership $ 69 $ 8 $ 194 $ 178 Add back or deduct the following: D
Slide 36: Reconciliation of Non-IFRS Measures to IFRS Measures (cont’d)
Reconciliation of Non-IFRS Measures to IFRS Measures (cont’d) Reconciliation of Net Income to Adjusted Earnings Three Months Ended June 30 Six Months Ended June 30 US$ Millions, unaudited 2025 2024 2025 2024 1 Net income attributable to partnership $ 69 $ 8 $ 194 $ 178 Add back or deduct the followi
Slide 37: Reconciliation of Non-IFRS Measures to IFRS Measures (cont’d)
Reconciliation of Non-IFRS Measures to IFRS Measures (cont’d) Reconciliation of Net Income to Adjusted Earnings Per Unit Three Months Ended June 30 Six Months Ended June 30 US$ Millions, Except Per Unit Information, unaudited 2025 2024 2025 2024 1 Net (loss) income per limited partnership unit $ (0.
Slide 38: Reconciliation of Non-IFRS Measures to IFRS Measures (cont’d)
Reconciliation of Non-IFRS Measures to IFRS Measures (cont’d) Reconciliation of Proportionate Operating Results to Consolidated Operating Results Brookfield Infrastructure's Share For the Three Months Ended Contribution Attributable to June 30, 2025 from investments non-controlling As per IFRS 1 US$
Slide 39: Reconciliation of Non-IFRS Measures to IFRS Measures (cont’d)
Reconciliation of Non-IFRS Measures to IFRS Measures (cont’d) Reconciliation of Proportionate Operating Results to Consolidated Operating Results Brookfield Infrastructure's Share For the Three Months Ended Contribution from Attributable to June 30, 2024 investments in non-controlling As per IFRS 1
Slide 40: Reconciliation of Non-IFRS Measures to IFRS Measures (cont’d)
Reconciliation of Non-IFRS Measures to IFRS Measures (cont’d) Reconciliation of Proportionate Operating Results to Consolidated Operating Results Brookfield Infrastructure's Share For the Six Months Ended Contribution from Attributable to June 30, 2025 investments in non-controlling As per IFRS 1 US
Slide 41: Reconciliation of Non-IFRS Measures to IFRS Measures (cont’d)
Reconciliation of Non-IFRS Measures to IFRS Measures (cont’d) Reconciliation of Proportionate Operating Results to Consolidated Operating Results Brookfield Infrastructure's Share For the Six Months Ended Contribution from Attributable to June 30, 2024 investments in non-controlling As per IFRS 1 US
Slide 42: Reconciliation of Non-IFRS Measures to IFRS Measures (cont’d)
Reconciliation of Non-IFRS Measures to IFRS Measures (cont’d) Reconciliation of Partnership Capital to Invested Capital For the Three Months Ended June 30 For the Six Months Ended June 30 Partnership Capital Invested Capital Partnership Capital Invested Capital US$ Millions, unaudited 2025 2024 2025
Slide 43: Reconciliation of Non-IFRS Measures to IFRS Measures (cont’d)
Reconciliation of Non-IFRS Measures to IFRS Measures (cont’d) Reconciliation of Proportionate Assets to Consolidated Assets – as of June 30, 2025 Total Attributable to Brookfield Infrastructure Contribution Attributable from to non- Working US$ Millions, Brookfield investment controlling capital As
Slide 44: Reconciliation of Non-IFRS Measures to IFRS Measures (cont’d)
Reconciliation of Non-IFRS Measures to IFRS Measures (cont’d) Reconciliation of Consolidated Debt to Proportionate Debt As of US$ Millions, unaudited June 30, 2025 December 31, 2024 Consolidated debt $ 52,628 $ 51,094 Add: proportionate share of debt of investment in associates Utilities 273 608 Tra
Slide 45: Use of Non-IFRS Measures
Use of Non-IFRS Measures • Funds from operations (FFO), Adjusted funds from operations (AFFO), Adjusted EBITDA, Adjusted earnings, invested capital and their per share equivalents, where applicable, are non-IFRS measures which do not have any standard meaning prescribed by IFRS and therefore may not
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