Brookfield Business Corporation Class A · TSX:BBUC
Brookfield Business Corporation Class A — Q1 2026 Earnings Presentation
43 slides from Brookfield Business Corporation Class A's earnings presentation, May 8, 2026
Slide 1: Brookfield Infrastructure Partners L.P. Q1 2026 Supplemental Information
2026 Brookfield Infrastructure Partners L.P. Qi SUPPLEMENTAL INFORMATION Brookfield = THREE MONTHS ENDED MARCH 31, 2026
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: Q1 2026 Highlights
Q1 2026 Highlights $709 $0.455 65% million of FFO distributions per unit payout ratio Key Performance Metrics Three Months Ended Performance Highlights (See “Reconciliation of Non-IFRS Financial Measures”) March 31 • FFO of $709 million, or $0.90 per unit, in the first US$ Millions, Except Per Unit
Slide 4: Q1 2026 Highlights (cont’d)
Q1 2026 Highlights (cont’d) Operations Strategic Initiatives • 1 Deployed $492 million of growth capital expenditures (~$184 million net of • On January 1st, closed the previously announced acquisition of a leading debt) to increase rate base at our utility operations, and expand capacity at our rai
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 9% • 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 Europe Regulated 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 March 31 As of US$ Millions, unaudi
Slide 11: Operating Segments
Operating Segments Q1 2026 BIP Supplemental
Slide 12: Utilities Operations
Utilities Operations Segment Overview The following table presents selected key performance metrics of our • Businesses that generate long-term returns on regulated utilities segment: or contractual asset base (rate base) Three Months Ended • Rate base increases with capital that we invest to upgrad
Slide 13: Utilities Operations (cont’d)
Utilities Operations (cont’d) Financial Results The following table presents our share of the utilities segment’s financial results: • Adjusted EBITDA and FFO for the first quarter were Three Months Ended $335 million and $201 million, respectively, versus March 31 $324 million and $192 million, res
Slide 14: Utilities Operations (cont’d) Capital Backlog
Utilities Operations (cont’d) Capital Backlog Projects that we have been awarded and/or filed with The following tables present our share of capital backlog and rate base: regulators with anticipated commissioning into rate base in the next two to three years For the Three Month For the Twelve Month
Slide 15: Transport Operations
Transport Operations Segment Overview The following table presents selected key performance metrics for our transport segment: • Provide transportation for freight, commodities and passengers Three Months Ended • Rail and toll road revenues are subject to regulatory price ceilings, March 31 while po
Slide 16: Transport Operations (cont’d)
Transport Operations (cont’d) The following table presents our share of the transport segment’s financial Financial Results results: • Adjusted EBITDA and FFO for the first quarter were Three Months Ended $386 million and $283 million, respectively, versus $395 March 31 million and $288 million, res
Slide 17: Transport Operations (cont’d) Capital Backlog
Transport Operations (cont’d) Capital Backlog We expect enhancements to our networks over the next two to three years to expand capacity and support additional volumes, leading to cash flow growth over the long term The following table presents our share of growth capital backlog: For the Three Mont
Slide 18: Midstream Operations
Midstream Operations The following tables present selected key performance metrics for our midstream segment and our share of financial results: Three Months Ended Segment Overview March 31 • Systems that provide transmission, gathering and US$ Millions, unaudited 2026 2025 processing, and storage s
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 Ended For the Twelve Month Period Ended US
Slide 20: Data Operations
Data Operations Segment Overview The following table presents selected key performance metrics for our data segment: • Businesses that provide critical infrastructure and essential services to telecom companies, technology and cloud Three Months Ended computing providers, and enterprise clients Marc
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 • Adjusted EBITDA and FFO for the first quarter were March 31 $229 million and $149 million, respectively, versus US$ Millions, unaudited 2026 2025 $166 milli
Slide 22: Data Operations (cont’d) Capital Backlog
Data Operations (cont’d) Capital Backlog Additions and improvements to our networks and sites over the next two or three years that are expected to accommodate growing data consumption, leading to cash flow growth over the long term The following table presents our share of growth capital backlog: F
Slide 23: Corporate
Corporate The following table presents the components of corporate on a proportionate basis: Financial Results Three Months Ended • General and administrative costs were consistent with March 31 prior year US$ Millions, unaudited 2026 2025 – Anticipate general and administrative costs of General and
Slide 24: Liquidity
Liquidity Total liquidity was ~$5.3 billion at March 31, 2026, of which ~$2.5 billion is at the corporate level, comprised of the following: US$ Millions, unaudited March 31, 2026 December 31, 2025 Corporate cash and financial assets $ 86 $ 283 Committed corporate credit facility 2,225 2,225 Subordi
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 March 31, 2026, scheduled pri
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 March 31, 2026 December 31, 2025 Borrowings Utilities $ 6,497 $ 6,555 Transport 7,625 7,344 Midstream 5,987 6,053 Data 10,277 10,714 Corporate 4,989 4,947 Total bo
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 March 31, 2026 December 31, 2025 Partnership units outstanding, end of period 651.2
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 March 31 US$ Millions, unaudited 2026 2025 Funds from operations (FFO) $ 709 $ 646 Maintenance capital (113) (109) Funds available for distribution (AFFO) 596 537 Distributions paid (
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 March 31 US$ Millions, unaudited 2026 2025 Growth capital expenditures by segment Utilities $ 158 $ 112 Transport 51 51 Midstream 34 60 Da
Slide 32: Asset Sales
Asset Sales Since inception we have completed over 46 transactions for ~$12 billion in proceeds, with an average IRR of 23% Over the last five years, we have generated ~$7.4 billion of proceeds from 28 transactions. Each was completed at a premium to the IFRS carrying value at the time of sale, and
Slide 33: Partnership Capital
Partnership Capital The total number of partnership units outstanding consisted of the following: As of Millions of partnership units, unaudited March 31, 2026 December 31, 2025 Redeemable partnership units 190.3 190.3 Limited partnership units1 458.5 461.3 General partnership units 2.4 2.4 Class A
Slide 34: Appendix – Reconciliation of Non-IFRS Financial Measures
Appendix – Reconciliation of Non-IFRS Financial Measures Q1 2026 BIP Supplemental
Slide 35: Reconciliation of Non-IFRS Measures to IFRS Measures
Reconciliation of Non-IFRS Measures to IFRS Measures Reconciliation of Net Income to Funds from Operations Three Months Ended March 31 US$ Millions, unaudited 2026 2025 Net (loss) income attributable to partnership 1 $ (61) $ 125 Add back or deduct the following: Depreciation and amortization 456 42
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 March 31 US$ Millions, unaudited 2026 2025 Net (loss) income attributable to partnership1 $ (61) $ 125 Add back or deduct the following: Depreciation and amortization ex
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 March 31 US$ Millions, Except Per Unit Information, unaudited 2026 2025 Net (loss) income per limited partnership unit1 $ (0.20) $ 0.04 Add back or deduct the f
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 from Attributable to March 31, 2026 investments in non-controlling As per IFRS U
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 March 31, 2025 investments in non-controlling As per IFRS U
Slide 40: 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 March 31 Partnership Capital Invested Capital US$ Millions, unaudited 2026 2025 2026 2025 Opening balance1 $ 8,432 $ 8,074 $ 12,806 $ 12,971 Items impact
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 Assets to Consolidated Assets – as of March 31, 2026 Total Attributable to Brookfield Infrastructure Contribution Attributable from to non- Working US$ Millions, Brookfield investment in controlling capital
Slide 42: 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 March 31, 2026 December 31, 2025 Consolidated debt $ 64,493 $ 64,498 Add: proportionate share of debt of investment in associates Utilities 380 112 Tr
Slide 43: 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