Brookfield Infrastructure Partners Lp Limited Partnership · NYSE:BIP
Brookfield Infrastructure Partners Lp Limited Partnership — Brookfield Infrastructure Partners — Q4 2025 Earnings Presentation
53 slides from Brookfield Infrastructure Partners Lp Limited Partnership's earnings presentation, Jan 29, 2026
Slide 1: Fourth Quarter and Full Year, December 31, 2025
FOURTH QUARTER AND FULL YEAR, DECEMBER 31, 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: 2025 Highlights
2025 Highlights $2.6 $1.72 66% billion of FFO distributions per unit payout ratio Key Performance Metrics (See “Reconciliation of Non-IFRS Financial Measures”) Twelve Months Ended December 31 Performance Highlights US$ Millions, Except Per Unit Information, unaudited 2025 2024 • FFO of $2.6 billion
Slide 4: 2025 Highlights (cont’d)
2025 Highlights (cont’d) Operations Strategic Initiatives • Deployed $3.3 billion of growth capital expenditures (~$675 million net • Secured five new investments during the year, diversified by sector and of debt) to increase rate base at our utility operations, and expand region, representing appr
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 off 60-70% of FFO is appropriate • Targeting 5% to 9% annual distribution growth, in light of expected per unit FFO growth •
Slide 7: Distribution Payout Ratio
Distribution Payout Ratio Over the last 10 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 Twelve Months Ended December 31 As of US$ Millions, un
Slide 11: Operating Segments
Operating Segments Q4 2025 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 or utilities segment: contractual asset base (rate base) Twelve Months Ended December 31 • Rate base increases with capital that we inv
Slide 13: Utilities Operations (cont’d)
Utilities Operations (cont’d) The following table presents our share of the utilities segment’s financial results: Financial Results • Adjusted EBITDA and FFO were $1,328 million and Twelve Months Ended December 31 $786 million, respectively, versus $1,252 million and US$ Millions, unaudited 2025 20
Slide 14: Utilities Operations (cont’d)
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 For the Twelve Month Period Ended base in the next two to three years Decemb
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 Twelve Months Ended December 31 • Rail and toll road revenues are subject to regulatory price US$ Millions,
Slide 16: Transport Operations (cont’d)
Transport Operations (cont’d) Financial Results The following table presents our share of the transport segment’s financial • Adjusted EBITDA and FFO were $1,563 million and results: $1,144 million, respectively, versus $1,646 million and Twelve Months Ended December 31 $1,224 million, respectively,
Slide 17: Transport Operations (cont’d)
Transport Operations (cont’d) Capital Backlog We expect enhancements to our networks over the next two to three years to expand capacity and support additional volumes, leading to cash flow growth over the long term The following table presents our share of growth capital backlog: For the Twelve Mon
Slide 18: Midstream Operations
Midstream Operations The following tables present selected key performance metrics for our midstream segment and our share of financial results: Twelve Months Ended December 31 Segment Overview US$ Millions, unaudited 2025 2024 • Systems that provide transmission, gathering and processing, and stora
Slide 19: Midstream Operations (cont’d)
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 Twelve Month Period Ended December 31 US$ Millions, unaudited
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 Twelve Months Ended December 31 and cloud computing providers, and enterprise
Slide 21: Data Operations (cont’d)
Data Operations (cont’d) Financial Results The following table presents our share of the data segment’s financial results: • Adjusted EBITDA and FFO were $786 million and Twelve Months Ended December 31 $502 million, respectively, versus $597 million and $333 million, respectively, in the prior year
Slide 22: Data Operations (cont’d)
Data Operations (cont’d) Capital Backlog Additions and improvements to our networks and sites over the next two or three years that are expected to accommodate growing data consumption, leading to cash flow growth over the long term The following table presents our share of growth capital backlog: F
Slide 23: Corporate
Corporate The following table presents the components of corporate on a proportionate basis: Financial Results Twelve Months Ended December 31 • General and administrative costs were consistent with prior US$ Millions, unaudited 2025 2024 year General and administrative costs $ (12) $ (12) – Corpora
Slide 24: Liquidity
Liquidity Total liquidity was $6.0 billion at December 31, 2025, of which ~$2.7 billion is at the corporate level, comprised of the following: US$ Millions, unaudited December 31, 2025 December 31, 2024 Corporate cash and financial assets $ 283 $ 276 Committed corporate credit facility 2,225 2,225 S
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 December 31, 2025, scheduled
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 December 31, 2025 December 31, 2024 Non-recourse borrowings Utilities $ 6,555 $ 5,966 Transport 7,344 7,513 Midstream 6,053 6,076 Data 10,714 6,546 Corporate 4,947
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 December 31, 2025 December 31, 2024 Partnership units outstanding, end of period 65
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: Twelve Months Ended December 31 US$ Millions, unaudited 2025 2024 Funds from operations (FFO) $ 2,627 $ 2,468 Maintenance capital (663) (606) Funds available for distribution (AFFO) 1,964 1,862 Distribu
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: Twelve Months Ended December 31 US$ Millions, unaudited 2025 2024 Growth capital expenditures by segment Utilities $ 577 $ 487 Transport 363 337 Midstream 14
Slide 32: Asset Sales
Asset Sales Since inception we have completed over 42 transactions for ~$11.4 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, an
Slide 33: Partnership Capital
Partnership Capital The total number of partnership units outstanding consisted of the following: As of Millions of partnership units, unaudited December 31, 2025 December 31, 2024 Redeemable partnership units 190.3 190.3 Limited partnership units1 461.3 462.8 General partnership units 2.4 2.4 Class
Slide 34: Review of Fourth Quarter Performance
Review of Fourth Quarter Performance Q4 2025 BIP Supplemental
Slide 35: Q4 2025 Highlights
Q4 2025 Highlights Key Performance Metrics Performance Highlights (See “Reconciliation of Non-IFRS Financial Measures") Three months ended December 31 • FFO of $689 million or $0.87 per unit in the fourth US$ Millions, Except Per Unit Information, unaudited 2025 2024 quarter represents an increase o
Slide 36: Selected Income Statement
Selected Income Statement The following tables present selected income statement information by operating segment on a proportionate basis: Statements of Operations Three Months Ended December 31 US$ Millions, unaudited 2025 2024 Net income (loss) by segment Utilities $ 81 $ 60 Transport 505 84 Mids
Slide 37: Utilities Operations
Utilities Operations The following table presents our utilities segment’s proportionate share of Financial Results financial results: • Adjusted EBITDA and FFO were $355 million and Three Months Ended December 31 $217 million, respectively, versus $317 million and $202 million, respectively, in the
Slide 38: Transport Operations
Transport Operations The following table presents our transport segment’s proportionate share Financial Results of financial results: • Adjusted EBITDA and FFO were $365 million and $266 million, respectively, versus $403 million and $295 million, respectively, Three Months Ended December 31 in the
Slide 39: Midstream Operations
Midstream Operations The following table presents our midstream segment’s proportionate Financial Results share of financial results: • Adjusted EBITDA and FFO were $276 million and $186 million, respectively, versus $253 million and $165 Three Months Ended December 31 million respectively, in the p
Slide 40: Data Operations
Data Operations The following table presents our data segment’s proportionate share of Financial Results financial results: • Adjusted EBITDA and FFO were $228 million and Three Months Ended December 31 $149 million, respectively, versus $177 million and $102 million, respectively, in the prior year
Slide 41: Corporate
Corporate The following table presents the components of corporate on a Financial Results proportionate basis: • General and administrative costs were relatively consistent with prior year Three Months Ended December 31 – Corporate and administrative costs were ~$3 million for US$ Millions, unaudite
Slide 42: Appendix – Reconciliation of Non-IFRS Financial Measures
Appendix – Reconciliation of Non-IFRS Financial Measures Q4 2025 BIP Supplemental
Slide 43: 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 December 31 Twelve Months Ended December 31 US$ Millions, unaudited 2025 2024 2025 2024 Net income attributable to partnership 1 $ 457 $ 265 $ 1,091 $ 391 Add back or deduct
Slide 44: 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 December 31 Twelve Months Ended December 31 US$ Millions, unaudited 2025 2024 2025 2024 Net income attributable to partnership 1 $ 457 $ 265 $ 1,091 $ 391 Add back or de
Slide 45: 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 December 31 Twelve Months Ended December 31 US$ Millions, unaudited 2025 2024 2025 2024 Net income per limited partnership unit 1 $ 0.45 $ 0.22 $ 0.90 $ 0.04 Ad
Slide 46: 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 Contribution For the Twelve Months Ended from Attributable to December 31, 2025 investments in non-controlling As per IF
Slide 47: 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 Twelve Months Ended Contribution from Attributable to December 31, 2024 investments in non-controlling As per IF
Slide 48: 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 December 31, 2025 investments in non-controlling As per IFR
Slide 49: 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 December 31, 2024 investments in non-controlling As per IFR
Slide 50: 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 December 31 For the Twelve Months Ended December 31 Partnership Capital Invested Capital Partnership Capital Invested Capital US$ Millions, unaudited 202
Slide 51: 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 December 31, 2025 Total Attributable to Brookfield Infrastructure Contribution Attributable from to non- Working US$ Millions, Brookfield investment in controlling capi
Slide 52: 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 December 31, 2025 December 31, 2024 Consolidated debt $ 64,498 $ 51,094 Add: proportionate share of debt of investment in associates Utilities 112 608
Slide 53: 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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