Brookfield Infrastructure Partners Lp Limited Partnership · NYSE:BIP
Brookfield Infrastructure Partners Lp Limited Partnership — Brookfield Infrastructure Partners — Investor Day (September 2025)
66 slides from Brookfield Infrastructure Partners Lp Limited Partnership's investor day presentation, Sep 25, 2025
Slide 1: Brookfield Infrastructure Partners
Brookfield Infrastructure Partners September 25, 2025
Slide 2: Inflection Point
Inflection Point The Next Wave of Digitalization Differentiated Deployment Asset Rotation: Compounding Value Behind the Scenes Closing Remarks and Q&A
Slide 3: Inflection Point
Inflection Point Sam Pollock Chief Executive Officer, Infrastructure
Slide 4: Our mission is to own highly contracted and regulated businesses
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%+ BROOKFIELD.COM 4
Slide 5: Our full-cycle business strategy entails:
Our full-cycle business strategy entails: Deploy capital at Crystalize value Maintain a or above 12–15% through capital strong financial target returns recycling position BROOKFIELD.COM 5
Slide 6: Our long-term track record for cash flow growth has been strong…
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 BROOKFIELD.COM 6
Slide 7: ...leading to 16 years of distribution increases
...leading to 16 years of distribution increases 9% Distributions per unit CAGR $1.72 $0.42 2009 2011 2013 2015 2017 2019 2021 2023 2025F 1 1. 2025 distribution is based on Q2 2025 YTD distributions annualized BROOKFIELD.COM 7
Slide 8: Our long-term track record is important, however how have we done lately?
Our long-term track record is important, however how have we done lately? BROOKFIELD.COM 8
Slide 9: We have delivered solid growth across our key metrics, while lowering our payout ratio
We have delivered solid growth across our key metrics, while lowering our payout ratio by 11% ($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 1. 2025 based on average analyst consensus FFO per unit
Slide 10: Despite a prolonged period of U.S. dollar strength…
Despite a prolonged period of U.S. dollar strength… FFO per unit FFO per unit Constant currency ~10% ~12% CAGR CAGR $3.70 $3.32 $2.09 $2.09 2020 2025F 1 2020 2025F 1 1. 2025 FFO per unit is based on average analyst consensus sourced from Bloomberg BROOKFIELD.COM 10
Slide 11: …and higher borrowing costs that reduced average annual FFO by ~2-3%
…and higher borrowing costs that reduced average annual FFO by ~2-3% U.S. 10-year treasury yield1 5% Cycle peak ~4.9% (Oct 2023) 4% 3% 2% 1% Pandemic trough ~0.6% (Aug 2020) 0% 2020 2021 2022 2023 2024 2025 1. Source: FRED, Federal Reserve Bank of St. Louis (Series: WGS10YR; weekly averages between
Slide 12: We are at an inflection point in our growth outlook
We are at an inflection point in our growth outlook BROOKFIELD.COM 12
Slide 13: We have executed on our strategic priorities to strengthen our business
We have executed on our strategic priorities to strengthen our business ($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 1. Trailing 2-year average for 2019 and 2020 BROOKFIELD.COM 13
Slide 14: 2025 has been an excellent year for executing our plan
2025 has been an excellent year for executing our plan $ 2.1B Invested in growth $ 2.8B Proceeds from initiatives capital recycling Brookfield Korean Industrial ~20% IRR + Gas Business ~4.0x MoC BROOKFIELD.COM 14
Slide 15: The current economic backdrop is trending favorably
The current economic backdrop is trending favorably Interest rates Foreign currencies Capital expenditures Stable or decreasing U.S. dollar trending lower1 Massive investment cycle across all segments 1. Measured by the ICE U.S. Dollar Index (DXY), which decreased ~10% in 1H 2025 BROOKFIELD.COM 15
Slide 16: This gives us conviction we can meaningfully step up our FFO growth
This gives us conviction we can meaningfully step up our FFO growth, leading to higher distributions for unitholders Annual FFO per unit growth Track record 14% Strategic enhancements completed Normalizing for FX and interest rates 10% Last five years BROOKFIELD.COM 16
Slide 17: The execution playbook to deliver higher FFO growth
The execution playbook to deliver higher FFO growth AI Infrastructure Differentiated Scaling asset is here deployment rotation BROOKFIELD.COM 17
Slide 18: The Next Wave of Digitalization
The Next Wave of Digitalization Lief Williams Managing Director, Infrastructure
Slide 19: Last year, we set the stage
Last year, we set the stage Digitalization tailwinds are BIP is well positioned to stronger than we had participate in the growing anticipated opportunity set BROOKFIELD.COM 19
Slide 20: We might have underestimated the opportunity set…
We might have underestimated the opportunity set… BROOKFIELD.COM 20
Slide 21: …the growth is exponential and much bigger than we had imagined…
…the growth is exponential and much bigger than we had imagined… Hyperscaler capex1 Semiconductor chips ($B) (power density per rack) ~5-10x ~$400 This Year Increase Last Year ~50% Increase ~$270 ~10x Increase 5x 10-15 kW Increase 2024 2025F Non-AI Current AI Future AI workloads workloads workloads
Slide 22: …which has catalyzed a step change in our data center growth
…which has catalyzed a step change in our data center growth Development potential +50% 3.6 GW 2.3 GW Q4 2023 Q2 2025 BROOKFIELD.COM 22
Slide 23: Digitalization trend has accelerated, requiring an unprecedented amount of capital
Digitalization trend has accelerated, requiring an unprecedented amount of capital BROOKFIELD.COM 23
Slide 24: The AI infrastructure perimeter
The AI infrastructure perimeter $ 7T+ Digital Hubs & AI Factories Power & Transmission Compute Infrastructure Strategic Adjacencies New data center capacity Power & electricity GPU partnerships, as Fiber connectivity, cooling from land acquisition to transmission infrastructure to well as design and
Slide 25: AI factories: A $2T opportunity set
AI factories: A $2T opportunity set Power AI Factory Compute BROOKFIELD.COM 25
Slide 26: AI factories: An evolution of our existing investment perimeter
AI factories: An evolution of our existing investment perimeter We currently invest over $10M per MW Land Building Grid Cooling connection Mechanical Electrical systems systems BROOKFIELD.COM 26
Slide 27: AI factories: An evolution of our existing investment perimeter
AI factories: An evolution of our existing investment perimeter Opportunity to invest an incremental +$30M per MW, which is 4x what we invest today Land Building Chips Liquid Grid (GPUs) cooling Cooling connection Specialized Behind-the- networking meter power Mechanical Electrical systems systems B
Slide 28: Forming several partnerships to build AI factories
Forming several partnerships to build AI factories Under development Near-term opportunity 7 AI factories 6GW Compute capacity 1 + GW Compute capacity $ 200B Expected deployment $ 30–50B Expected deployment capital capital BROOKFIELD.COM 28
Slide 29: Key takeaways
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 Opportunity for BIP to deploy ~$500 million annually BROOKFIELD.COM 29
Slide 30: Differentiated Deployment
Differentiated Deployment Scott Peak President
Slide 31: Setting the stage
Setting the stage The infrastructure super cycle enables us to selectively pursue only the best transactions We continue to Our origination capabilities allow us to source marquee deliver investment investments across market cycles returns above our stated targets Our asset management approach gener
Slide 32: The right themes at the right time
The right themes at the right time The Three Ds continue to be as Our investment opportunity set relevant as ever with significant continues to evolve, enabling capital requirement tailwinds us to select only the best assets BROOKFIELD.COM 32
Slide 33: Evolution of our investment opportunity set
Evolution of our investment opportunity set 10 Years Ago 5 Years Ago Today Transport • Ports • Ports • Ports • Toll roads • Toll roads • Toll roads • Rail • Rail • Rail • Container leasing • Railcar leasing Midstream • Gas pipelines & storage • Gas pipelines & storage • Gas pipelines & storage Utili
Slide 34: Applying established frameworks to new transactions
Applying established frameworks to new transactions Large-scale data center LNG project corporate corporate contracts financing partnerships partnerships residential fiber-to- stabilized data Bulk fiber infrastructure the-home centers & containers carve-outs asset proprietary Infrastructure Brookfie
Slide 35: Our best investments often surface in periods of uncertainty
Our best investments often surface in periods of uncertainty BROOKFIELD.COM 35
Slide 36: Exceptional investments over time
Exceptional investments over time Korean Industrial Gas Business Brookfield + S&P 500 Index Trade wars Inflation escalation & rate response Covid-19 2019 2020 2021 2022 2023 2024 2025 BROOKFIELD.COM 36
Slide 37: Over $22 billion of marquee transactions this year
Over $22 billion of marquee transactions this year Sector Midstream Data Transport Utilities Deal Type Value based Platform Corporate partnership Corporate carve-out Brookfield Korean Industrial + Gas Business EV: $9.1 B EV: $6.9 B EV: $5.3 B EV: $1.0 B Closed: July 2025 Closed: Sept 2025 Closing: Q
Slide 38: Colonial is a world-class infrastructure business
Colonial is a world-class infrastructure business Critical and irreplaceable U.S. refined products pipeline system Multi-decade track record of strong performance serving the East Coast $9.1B 90% 9x Enterprise Utilization EV / Lowest-cost transport option for over 200 customers value rate EBITDA Why
Slide 39: Aligned with our midstream rules
Aligned with our midstream rules Essential & irreplaceable asset Supplies ~50% of U.S. East Coast demand Highly contracted and/or regulated FERC regulated, with high utilization Attractive cash generation & payback 7-year payback period Conservative underwriting Declining utilization, no terminal va
Slide 40: Executing outperformance in Colonial's business plan
Executing outperformance in Colonial’s business plan > 20% Return Energy Transition Margin Enhancement Positioned to transport new products Pursue incremental margin Optimization initiatives Underwritten Drive operational efficiency, Target Return eliminate bureaucracy Align team with busine
Slide 41: Hotwire is the leading provider of bulk fiber in the U.S.
Hotwire is the leading provider of bulk fiber in the U.S. Provides critical fiber services to homeowner associations Services underpinned by long-term, take-or-pay contracts with attractive $6.9B 600,000+ annual escalators Enterprise value Signed customers Over 200 homebuilder relationships Investme
Slide 42: Unlocking hidden value
Unlocking hidden value Pre-Transaction Post-Transaction Development Growth Platform • Over 2,000 operating employees 100% owned • Premier customer relationship portfolio 100% owned • 240,000 contracted fiber connections Development Engine Co. Stabilized Contracted Portfolio • Over 360,000 stabilized
Slide 43: Executing outperformance in Hotwire's business plan
Executing outperformance in Hotwire’s business plan > 20% Return Brookfield Ecosystem New Partnerships Significant value creation levers Expand homebuilder Self-Funding Model arrangements Underwritten Future sell-downs New products / lines of Target Return business 5–10 Year Hold Period BROO
Slide 44: Key takeaways
Key takeaways We continue to execute on the right themes at the right time Our investment opportunity set is massive, and we are ideally positioned to continue to invest opportunistically Our asset management approach creates credible upside not reflected in initial underwriting returns We continue
Slide 45: Asset Rotation: Compounding Value Behind the Scenes
Asset Rotation: Compounding Value Behind the Scenes David Krant Chief Financial Officer
Slide 46: Our capital recycling program is a key differentiator that will fuel our next phase
Our capital recycling program is a key differentiator that will fuel our next phase of growth BROOKFIELD.COM 46
Slide 47: We raised a record $2.8 billion already this year
We raised a record $2.8 billion already this year Australian Container U.K. U.S. Natural Gas Australian European Data Terminals Ports Pipeline Terminal Centers $480M $430M $390M $580M $300M BROOKFIELD.COM 47
Slide 48: Executed using several approaches
Executed using several approaches Full exits Partial sales Carve-outs Stabilized Capital structure Public market asset program optimization exits BROOKFIELD.COM 48
Slide 49: Our ability to recycle capital creates value in three ways
Our ability to recycle capital creates value in three ways Reduces reliance on Crystalizes value Accretive source of capital markets created perpetual capital BROOKFIELD.COM 49
Slide 50: New investments substantially funded with capital recycling proceeds
New investments substantially funded with capital recycling proceeds ($US, billions, unless otherwise noted) 2011–15 2016–20 2021–25 Capital deployed in new investments1 $4.6 $7.2 $9.9 Proceeds from capital recycling initiatives ($1.5) ($3.5) ($8.6) Remaining amount funded by debt or equity $3.1 $3.
Slide 51: Our exits crystalize the value compounded during our ownership
Our exits crystalize the value compounded during our ownership BROOKFIELD.COM 51
Slide 52: This year's exits generated strong results
This year’s exits generated strong results ($US, millions, unless otherwise noted) Exit Strategy Proceeds Realized IRR Realized MoC Full exit $480 17% 3.6x Partial sale $430 19% 7.5x Partial sale $390 18% 2.9x (staged exit) Stabilized asset $300 22% 1.4x program Public sell-down $580 22% 3.8x Other
Slide 53: Often, these results exceed those captured in our reported performance metrics
Often, these results exceed those captured in our reported performance metrics BROOKFIELD.COM 53
Slide 54: Net income only captures the benefit on exit
Net income only captures the benefit on exit ($US, millions, unless otherwise noted) Carrying Value Exit Proceeds Gain on Sale Premium to Carrying Value $130 $480 $350 380% $1301 $430 $300 330% $240 $390 $150 160% $405 $580 $175 140% 1. Represents BIP’s carrying value for the 34% stake sold, followi
Slide 55: Even for mature investments, IFRS valuations were significantly lower than exit values
Even for mature investments, IFRS valuations were significantly lower than exit values Tangible assets valued at replacement cost rather than market values Platform value (intangibles) not eligible for revaluation No value ascribed to volume growth or project backlog Across our eight asset sales thi
Slide 56: And FFO only captured part of the profit we earned
And FFO only captured part of the profit we earned Additional Years Invested Multiple Total Profit Cumulative FFO Benefit ($US, millions, unless otherwise Owned Capital of Capital Generated Contribution noted) (Unreported) 10 years $205 3.6x $530 $200 $330 15 years $801 7.5x $520 $300 $220 10 years
Slide 57: The sale of mature, de-risked investments provides an accretive source of capital
The sale of mature, de-risked investments provides an accretive source of capital and highlights the value of our franchises BROOKFIELD.COM 57
Slide 58: Asset sales provide an accretive source of capital
Asset sales provide an accretive source of capital 9-11% Target cost of asset sales Lowest Highest Cost Cost ~4% ~6% 12-15%+ Corporate debt Preferred equity Common equity Limited by BBB+ corporate ratings BROOKFIELD.COM 58
Slide 59: Our businesses are highly sought after by investors
Our businesses are highly sought after by investors 7% FFO yield 15x ~10-11% Implied EV / EBITDA Buyer's cost of capital Helpful in understanding impact on reported metrics in the short term BROOKFIELD.COM 59
Slide 60: And highlight the value embedded in our business
And highlight the value embedded in our business EV/EBITDA multiple 15x 11-12x BIP trading multiple Implied exit multiple last 24 months 2025 exits BROOKFIELD.COM 60
Slide 61: And will create significant value on reinvestment
And will create significant value on reinvestment Undiscounted Redeployed Realized Incremental per Unit Value at IRRs of Profit Compounding Creation $3B compounding 15% $9.1B $3.6B ~$4-5/unit for 10 years at 11% = 16% $10.2B $4.7B ~$6/unit $5.5B of realized profit 17% $11.4B $5.9B ~$7-8/unit BROOKFI
Slide 62: Capital recycling will create significant value in the years ahead
Capital recycling will create significant value in the years ahead We will meet our $3 billion target this year Target $3 billion in the next 12-18 months and $2-3 billion on a run rate basis Redeployment will create significant value for unitholders BROOKFIELD.COM 62
Slide 63: Closing Remarks and Q&A
Closing Remarks and Q&A Sam Pollock Chief Executive Officer, Infrastructure
Slide 64: BIP remains the go-to grow-tility!
BIP remains the go-to grow-tility! Growth inflection Investing into Deploying above- Asset rotation point AI infrastructure target returns compounds value BROOKFIELD.COM 64
Slide 65: Q&A
Q&A
Slide 66: Thank You
Thank You
Brookfield Infrastructure Partners — Investor Day (September 2025) on 6ix