2026
Brookfield Infrastructure Partners L.P.
Q1 S UP PLE ME N TA L INFO R MAT I ON
Brookfield T HR E E MO NT HS END E D MA R C H 31, 2 02 6
Q1 2026 Highlights
Key Performance Metrics
$709
million of FFO
$0.455
distributions per unit
65%
payout ratio
(See "Reconciliation of Non-IFRS Financial Measures")
Three Months Ended
March 31
Performance Highlights
FFO of $709 million, or $0.90 per unit, in the first
Funds from operations (FFO)
$ 709
$ 646
Per unit FFO1
0.90
0.82
Distributions per unit
0.455
0.43
Payout ratio2
65%
68%
Growth of per unit FFO
10%
5%
Adjusted funds from operations (AFFO)
596
537
Return on Invested Capital (ROIC)3
15%
14%
Net (loss) income attributable to the partnership4
(61)
125
Net (loss) income per limited partner unit5
(0.20)
0.04
Adjusted Earnings
235
216
Adjusted Earnings per unit1
0.30
0.27
US$ Millions, Except Per Unit Information, unaudited 2026 2025
Key Balance Sheet Metrics
quarter represents an increase of 10% over the prior year
Results benefited from organic growth within our 6-9% target range, capturing annual rate increases from inflation indexation, strong market sensitive revenues in our midstream segment, and the commissioning of over
$1.7 billion of capital projects that are now contributing to earnings
Results also benefited from currency appreciation and a full quarter contribution from recently completed acquisitions, which was largely offset by the impact of asset sales completed over the last twelve months
Distribution of $0.455 per unit represents an increase of 6% compared to the prior year
As of • Payout ratio for the quarter of 65% falls within our
US$ Millions, unaudited March 31, 2026 December 31, 2025
Total assets | $ 124,509 | $ 128,150 |
Corporate borrowings | 4,989 | 4,947 |
Invested capital | 12,908 | 12,806 |
Average units on a time weighted average basis for the three month periods ended March 31, 2026 of 791.9 million (2025: 792.3 million)
Payout ratio defined as distributions paid (inclusive of GP incentive and preferred unit) divided by FFO
ROIC is calculated as AFFO over the last twelve months adjusted for estimated return of capital, divided by average invested capital
Includes net income attributable to limited partners, the general partner, and non-controlling interests ‒ Redeemable Partnership Units held by Brookfield, Exchange LP units, BIPC exchangeable LP units and BIPC exchangeable shares
Average limited partnership units outstanding on a time weighted average basis for the three month periods ended March 31, 2026 of 459.8 million (2025: 461.9 million)
long-term 60-70% target range
Net loss during the quarter was primarily driven by mark-to-market hedge losses in our midstream segment as a result of elevated commodity prices. As these hedges settle, we expect to realize the benefit of higher commodity prices in our earnings
Total assets decreased from December 31, 2025 due to the impact of asset sales
Q1 2026 Highlights (cont'd)
OperationsDeployed $492 million of growth capital expenditures1 (~$184 million net of debt) to increase rate base at our utility operations, and expand capacity at our transport, midstream, and data businesses
Across our utilities businesses:
In Europe, the connections base at our U.K regulated distribution business grew 9% over the prior year supported by developer activity and incremental contribution from previously completed tuck-in acquisitions
In the U.S., demand for our rental product remains strong at our U.S. residential infrastructure business, with penetration rates reaching record levels during the quarter, underpinning a growing base of recurring revenue and greater cash flow stability
Transport operations delivered strong commercial progress during the quarter:
Our global intermodal logistics business entered into a notable multi year agreement with major customer, supporting higher fleet utilization and cash flow stability
Across our midstream businesses:
Our U.S. refined products pipeline system achieved record utilization of approximately 98% for the quarter, reflecting strong customer demand and the successful execution of several operational initiatives
Our Canadian diversified midstream operation benefited from strong asset utilization and attractive commodity pricing, and reached a final investment decision on a carbon capture facility underpinned by a longterm take-or-pay arrangement that will support future earnings growth
Growth in our data segment continued to accelerate:
Commissioned over 200 MWs of contracted capacity across our global data center portfolio over the last twelve months, and signed additional leases representing 34 MWs of capacity during the quarter in addition to securing $60 million of additional bookings at our U.S. retail colocation data center operation
Our French telecom tower operation entered into a long-term agreement with a leading mobile network operator in France, representing a 20-year anchor tenancy and $35 million of run-rate EBITDA
Strategic Initiatives
On January 1st, closed the previously announced acquisition of a leading railcar leasing platform with GATX, for total BIP equity of $300 million
Launched a new equipment leasing platform with an original equipment manufacturer (OEM), committing up to $1.5 billion of capital (BIP's share -
$375 million)
Advanced our partnership with Bloom Energy, signing an additional $430 million capex project, bringing total capex committed under the framework to approximately $1.6 billion. BIP's total equity commitment associated with the framework to date is approximately $60 million
Secured ~$1 billion of capital recycling proceeds during the quarter, which includes: (i) a secondary sale of a 12% interest in our North American gas storage operation, (ii) the initial tranche of our sell down of a portfolio of stabilized data centers at our U.S. hyperscale data center platform, (iii) the sale of the largest of four concessions within our Brazilian electricity transmission operation and (iv) following quarter-end, our Canadian diversified midstream operation agreed to the sale of its bulk liquid storage business
Financing and LiquidityCurrent liquidity totals $5.3 billion; including ~$2.5 billion of corporate liquidity and ~$1.2 billion of cash across our businesses
Refinanced approximately $1.5 billion of non-recourse debt on a net-to-BIP basis, with no incremental borrowing costs for the business
Well-laddered debt maturity profile with an average term of ~7 years with
~90% of debt fixed rate and no significant maturities this year
Excludes $644 million of growth capital expenditures at our U.S. semiconductor manufacturing facility, which was fully funded with cash on hand as the debt was pre-financed in prior periods
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 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
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