Brookfield Infrastructure Partners L P : Q1 2026 Supplemental

Published: 2026-04-29 07:20:17 ET BIP

Published on 04/29/2026 at 07:20 am EDT

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%

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)

Deployed $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

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

Current 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

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

Distribution payout is reviewed with the Board of Directors in the first quarter of each year

The Board of Directors declared a quarterly distribution in the amount of $0.455 per unit, payable on June 30, 2026 to unitholders of record as at the close of business on May 29, 2026. This quarterly distribution represents a 6% increase compared to the prior year

Distributions have grown at a compound annual growth rate of 9% over the last 15 years

Below is a summary of our distribution history over the last 15 years1

$1.82

$0.48

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026F

Annual distribution amounts have been adjusted for the 3-for-2 stock split effective September 14, 2016, the special distribution of BIPC shares effective March 31, 2020, and the 3-for-2 stock split effective June 10, 2022

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 liquidity within our operations to fund recurring growth capital expenditures and general corporate requirements

We fund all of our growth initiatives through a combination of issuances of common equity, preferred equity, corporate debt, proceeds from asset sales and retained internally generated cash flow

- Available funding and assessment of corporate liquidity is undertaken prior to committing to all new investments and capital projects

Based on our distribution track record, the Partnership's average distribution payout ratio for the last 12 years is 69% of FFO, as

shown below Total

US$ Millions, unaudited 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2014-2025

FFO

$ 724

$ 808

$ 944

$ 1,170

$ 1,231

$ 1,384

$ 1,454

$ 1,733

$ 2,087

$ 2,288

$ 2,468

$ 2,627

$ 18,918

AFFO

593

672

771

941

982

1,096

1,173

1,412

1,701

1,838

1,862

1,964

15,005

Distributions

Limited Partner units

404

479

535

651

742

820

900

984

1,112

1,187

1,281

1,361

10,456

Incentive distribution

113

136

158

183

206

240

266

295

320

2,105

Preferred units1

513

Total distributions

448

546

628

794

919

1,027

1,134

1,257

1,418

1,516

1,644

1,743

13,074

FFO payout ratio2

62%

68%

67%

68%

75%

74%

78%

73%

68%

66%

67%

66%

69%

AFFO payout ratio2

76%

81%

84%

94%

97%

89%

83%

82%

88%

89%

87%

Preferred unit distributions in 2022, 2023, 2024 and 2025 include perpetual subordinated notes

FFO payout ratio is calculated by dividing total distributions paid to all shareholders by FFO, while the AFFO payout ratio is similar but deducts maintenance capital from FFO

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:

Inflationary Indexation

Volume Upside from GDP Growth

Cash Flows Reinvested

Organic Growth

Target

3 - 4%

1 - 2%

2 - 3%

6 - 9%

Current Environment

Current inflation is

~3%1

Midstream operations performing well

Capital to be 8%

commissioned of ~$9.6B

In order to showcase the sustainability of our cash flow growth year-over-year, we calculate organic growth prior to fees and corporate expenses and remove the following impacts: i) contributions from acquisitions and capital recycling initiatives completed in the last 12 months; ii) impacts of foreign exchange since the previous period; and iii) movements in results at our midstream operations that are impacted by volatility caused by unhedged commodity prices

Represents contribution to FFO growth from a blend of inflation and price escalators

Our Operations

Own and operate a diversified portfolio of high-quality, long-life utilities, transport, midstream and data assets

Europe

Americas

Generate stable cash flows with ~85% of FFO supported by regulated or long-term contracted revenues

Asia Pacific

Regulated Transmission

Commercial & Residential Distribution

Rail

Toll Roads Diversified Terminals Midstream

Data Transmission & Distribution

Data Storage

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, unaudited 2026 2025 US$ Millions, unaudited March 31, 2026 December 31, 2025

Net (loss) income by segment

Utilities

$ 79

$ 148

Transport

158

Midstream

(4)

Data

(48)

(14)

Corporate

(148)

(198)

Net (loss) income

$ (61)

$ 125

Net assets by segment

Utilities

$ 9,671

$ 9,900

Transport

11,679

11,582

Midstream

9,895

10,275

Data

13,450

13,622

Corporate

(2,537)

(3,174)

Total net assets

$ 42,158

$ 42,205

Adjusted EBITDA by segment Net debt by segment

Utilities

$ 335

$ 324

Transport

386

395

Midstream

282

264

Data

229

166

Corporate

(109)

(97)

Adjusted EBITDA

$ 1,123

$ 1,052

Utilities

$ 6,330

$ 6,395

Transport

7,169

7,012

Midstream

5,904

6,015

Data

9,760

9,687

Corporate

4,903

4,664

Net debt

$ 34,066

$ 33,773

FFO by segment Capitalization

Utilities

$ 201

$ 192

Transport

283

288

Midstream

190

169

Data

149

102

Corporate

(114)

(105)

FFO

$ 709

$ 646

Invested Capital

$ 12,908

$ 12,806

Total Market Capitalization

29,249

28,966

Enterprise Value

64,337

63,761

Operating Segments

Utilities Operations

Segment Overview

Businesses that generate long-term returns on regulated or contractual asset base (rate base)

Rate base increases with capital that we invest to upgrade and/or expand our systems

Virtually all Adjusted EBITDA is supported by regulated or contractual revenues

Objectives

Invest capital to increase our rate base

Earn an attractive return on rate base

Provide safe and reliable service to our customers

Operations

Regulated Transmission:

~1,900 km of operational transmission lines in Brazil

~3,500 km of natural gas pipelines in Brazil, and India

Production facilities in South Korea with capacity of ~314,500 normal meter cubed per hour ("Nm3/hr") of industrial gases and 140,000 tons per annum ("tpa") of liquefied carbon dioxide

Commercial & Residential Distribution:

~7.3 million connections, predominantly electricity and natural gas

Provides residential decarbonization infrastructure services, as well as other essential home services and policies to ~9.8 million customers with ~17.4 million policies and ~1.7 million rental contracts in Canada, the United States and Europe

~0.8 million long-term contracted sub-metering services within Canada and the United States

~3.2 million meters under management in Australia and New Zealand

The following table presents selected key performance metrics of our utilities segment:

Three Months Ended

March 31

US$ Millions, unaudited 2026 2025

Rate base

$ 6,846

$ 6,614

Adjusted EBITDA

335

324

Funds from operations (FFO)

201

192

Maintenance capital

(20)

Adjusted funds from operations (AFFO)

Return on rate base1,2

$ 181

12%

$ 172

12%

Return on rate base is calculated as Adjusted EBITDA divided by weighted average rate base

Return on rate base excludes impact of EBITDA earned from our home services policies, connections revenue, return of capital and IFRS 16 adjustments

Adjusted EBITDA and FFO for the first quarter were $335 million and $201 million compared to $324 million and $192 million in the prior year

Results benefited from inflation indexation and currency appreciation, primarily the appreciation of GBP (+5%) and BRL (+11%), in addition to over $500 million of capital commissioned into the rate base over the last twelve months, partially offset by higher borrowings costs to fund capital projects

Results included contribution from our recently acquired South Korean industrial gas business, offset by the sale of the largest of four concessions within our Brazilian electricity transmission operation and the sale of our Mexican regulated natural gas transmission pipelines in Q1 2025

Utilities Operations (cont'd)

The following table presents our share of the utilities segment's financial results:

Three Months Ended

March 31

US$ Millions, unaudited 2026 2025

Revenue

$ 697

$ 646

Connections revenue

Cost attributable to revenues

(407)

(360)

Adjusted EBITDA

335

324

Interest expense

(111)

(98)

Other expense

(23)

(34)

Funds from operations (FFO)

201

192

Depreciation and amortization

(88)

(80)

Deferred taxes and other items

(34)

Net income

$ 79

148

The following table presents our share of Adjusted EBITDA and FFO for this operating segment by business:

Adjusted EBITDA and FFO for the first quarter were

$335 million and $201 million, respectively, versus

$324 million and $192 million, respectively, in the prior year

Commercial & Residential Distribution: Results benefited from inflation indexation, growth in the customer base and higher connections revenue at our U.K. regulated distribution business, and over $500 million of capital commissioned into rate base over the last 12 months

Regulated Transmission: Results benefited from foreign exchange (most notably the Brazilian real)

Results included contribution from our recently acquired South Korean industrial gas business, more than offset by the sale of our Mexican regulated natural gas transmission pipelines in Q1 2025

FFO was impacted by higher borrowing costs from additional borrowings

Adjusted EBITDA FFO

Three Months Ended March 31 Three Months Ended March 31

US$ Millions, unaudited 2026 2025 2026 2025

Commercial & Residential Distribution

Regulated Transmission

$ 210

125

$ 185

139

$ 149

$ 130

Total

$ 335

$ 324

$ 201

$ 192

Utilities Operations (cont'd)

The following tables present our share of capital backlog and rate base:

Capital Backlog

US$ Millions, unaudited

For the Three Month

Period Ended March 31, 2026

For the Three Month

Period Ended March 31, 2026

For the Twelve Month

Period Ended December 31, 2025

For the Twelve Month

Period Ended December 31, 2025

Ended the period with ~$1.3 billion of total capital to be commissioned into rate base

Capital backlog, start of period

$ 664

$ 542

Additional capital project mandates

186

663

Less: capital expenditures

(158)

(577)

Foreign exchange and other

(16)

Capital backlog, end of period

676

664

Construction work in progress

604

589

Total capital to be commissioned

$ 1,280

$ 1,253

New connection mandates awarded were partially offset by capital projects commissioned into rate base

The largest contributor to capital expected to be commissioned into rate base is our U.K. regulated distribution business (~$850 million)

Rate Base1

Rate base decreased compared to December 31, 2025

Rate base benefited from inflation indexation, new connections at our U.K. regulated distribution business and long-term rental contracts secured at our residential infrastructure platform

Rate base, start of period

$ 7,036

$ 6,699

Capital expenditures commissioned

124

492

Inflation and other indexation

252

Acquisitions (asset sales)

(343)

(503)

Regulatory depreciation

(36)

(110)

Foreign exchange and other

206

Rate base, end of period

$ 6,846

$ 7,036

Rate base was impacted by the sale of the largest of four concessions within our Brazilian electricity transmission operation and the sale of a partial interest in our Indian gas transmission operation

1. Rate base excludes our North American and European residential warranty businesses

Transport Operations

Segment Overview

Provide transportation for freight, commodities and passengers

Rail and toll road revenues are subject to regulatory price ceilings, while ports are primarily unregulated

Objectives

Increase throughput of existing assets

Expand networks in a capital efficient manner to support incremental customer demand

Provide safe and reliable service for our customers

Operations

Diversified Terminals

Global fleet of ~7 million twenty-foot equivalent unit (TEUs) intermodal containers

~30 million tonnes per annum liquefied natural gas (LNG) export terminal in the United States

6 terminals in the U.K. facilitating global trade of goods, natural resources and commodities

Port handling and logistics business in Australia and New Zealand which handles over 30 million tonnes of cargo annually

Rail

Over 110 short line and regional freight railroads comprising

~21,000 km of track in North America and Europe

A track network spanning ~5,500 kilometers in Western Australia, serving as the network operator in the southern half of the state

~9,800 kilometers of rail in Brazil, of which 8,000 km are owned

~123,000 railcars and 400 locomotives, operating across North America

Toll Roads

~3,200 km of motorways in Brazil

The following table presents selected key performance metrics for our transport segment:

Three Months Ended

March 31

US$ Millions, unaudited 2026 2025

Growth capital expenditures

$ 51

Adjusted EBITDA margin1

61%

68%

Funds from operations (FFO)

$ 283

$ 288

Maintenance capital

(63)

(34)

Adjusted funds from operations (AFFO)

$ 220

$ 254

Adjusted EBITDA margin is Adjusted EBITDA divided by revenues

FFO for the first quarter was $283 million compared to $288 million in the prior year

Adjusting for the impact of asset sales, FFO benefited from higher volumes and tariffs generally across our rail and toll road businesses, partially offset by lower volumes at our Brazilian rail and port logistics business reflecting weather-related constraints during the quarter

Prior year results reflect contribution from various businesses that were sold over the last twelve months, including our Australian export terminal, our Australian container terminal operations, a portfolio of fully contracted containers at our global intermodal logistics operation and a partial interest in our U.K. ports operation

The impact from these asset sales was partially offset by contribution from the acquisition of our North American railcar leasing platform

Maintenance capex increased over the prior year primarily due to the timing of fleet replacement at our global intermodal logistics operation

BROOKFIELD.COM 14

Transport Operations (cont'd)

The following table presents our share of the transport segment's financial results:

Three Months Ended

March 31

Revenue

Cost attributable to revenues

$ 629

(243)

$ 581

(186)

Adjusted EBITDA

Interest expense Other expense

386

(100)

(3)

395

(101)

(6)

Funds from operations (FFO)

Depreciation and amortization Deferred taxes and other items

283

(146)

(77)

288

(142)

Net income

$ 60

$ 158

US$ Millions, unaudited 2026 2025

The following table presents our share of adjusted EBITDA and FFO for this

Financial Results

Adjusted EBITDA and FFO for the first quarter were

$386 million and $283 million, respectively, versus $395 million and $288 million, respectively, in the prior year

Diversified Terminals: Adjusted EBITDA and FFO decreased from the prior year due to various businesses sold over the last twelve months including our Australian export terminal, our Australian container terminal operations, a portfolio of fully contracted containers at our global intermodal logistics operation and a partial interest in our U.K. ports operation

Rail: Adjusted EBITDA and FFO increased due to contribution from the acquisition of our North American railcar leasing platform and inflationary tariff and volume increases of 1% across the portfolio, partially offset by lower volumes at our Brazilian rail and port logistics business reflecting weather-related constraints during the quarter

Toll Roads: Adjusted EBITDA and FFO benefited from the impact of foreign exchange and an average inflationary tariff increase of 6% and a 1% increase in traffic volumes

operating segment by business:

Adjusted EBITDA FFO

Diversified Terminals Rail

Toll Roads

$ 180

132

$ 219

114

$ 140

$ 159

Total

$ 386

$ 395

$ 283

$ 288

Three Months Ended

March 31

Three Months Ended

March 31

US$ Millions, unaudited

2026

2025

2026

2025

Transport Operations (cont'd)

Capital Backlog

The following table presents our share of growth capital backlog:

US$ Millions, unaudited

For the Three Month Period Ended

March 31, 2026

For the Twelve Month Period Ended

December 31, 2025

Capital backlog, start of period Additional capital project mandates Impact of (asset sales) acquisitions Less: capital expenditures

Foreign exchange and other

$ 357

306

- (51)

$ 461

362

(158)

(363)

Capital backlog, end of period

Construction work in progress

$ 624

193

$ 357

189

Total capital to be commissioned

$ 817

$ 546

Consists of the following types of projects:

Diversified Terminals: Increasing capacity of our terminals by deepening the berths and expanding, enhancing and modernizing our existing infrastructure (~$5 million)

Rail: Upgrading and expanding our network to capture volume growth from incremental activity in the sectors we serve (~$370 million)

Toll Roads: Expanding the capacity of our roads by increasing and widening lanes on certain routes to support traffic growth (~$440 million)

Midstream Operations The following tables present selected key performance metrics for our midstream segment and

Segment Overview

our share of financial results:

Three Months Ended

March 31

Systems that provide transmission, gathering and processing, and storage services

Profitability based on the volume and price achieved for the provision of these services

Businesses are either unregulated or subject to price ceilings

Objectives

Satisfy customer growth requirements by increasing the utilization of our assets and expanding our capacity in a capital efficient manner

Provide safe and reliable service to our customers

Generate attractive cash yield to accelerate return on and of capital

Operations

Midstream:

~19,500 kilometers of pipelines which include long-haul, conventional and natural gas gathering pipelines in the United States and Canada

16 natural gas and natural gas liquids processing facilities with ~5.6 billion cubic feet (Bcf) per day of gross processing capacity in Canada

~280 Bcf of natural gas storage in the United States and Canada

4 terminals with tank capacity of 685,000 barrels across the United States

525,000 tonnes per year of polypropylene production capacity in Canada

US$ Millions, unaudited 2026 2025

Adjusted EBITDA margin1 Funds from operations (FFO)

Maintenance capital

57%

$ 190

(20)

62%

$ 169

(47)

Adjusted funds from operations (AFFO)

$ 170

$ 122

Adjusted EBITDA margin is Adjusted EBITDA divided by revenues

Three Months Ended

March 31

US$ Millions, unaudited 2026 2025

Revenue

Cost attributable to revenues

$ 495

(213)

$ 425

(161)

Adjusted EBITDA Interest expense

Other expense

282

(85)

(7)

264

(87)

(8)

Funds from operations (FFO) Depreciation and amortization

Deferred taxes and other items

190

(112)

(82)

169

(111)

(27)

Net Income

$ (4)

$ 31

Adjusted EBITDA and FFO for the first quarter were $282 million and $190 million compared to $264 million and $169 million in the prior year

Results benefited from higher utilization rates at our polypropylene facility and higher market sensitive revenues across the segment, driven by elevated commodity prices

Current year results include contribution from the acquisition of our U.S. refined products pipeline system during the quarter, while prior year results include contribution from our U.S. gas pipeline, which was sold in Q2 2025

Midstream Operations (cont'd)

Capital Backlog

The following table presents our share of growth capital backlog:

US$ Millions, unaudited

For the Three Month Period Ended

March 31, 2026

For the Twelve Month Period Ended

December 31, 2025

Capital backlog, start of period Additional capital project mandates Less: capital expenditures

Impact of acquisitions (asset sales)

Foreign exchange and other

$ 153

(34)

- (3)

$ 230

114

(148)

(50)

Capital backlog, end of period

Construction work in progress

$ 126

$ 153

Total capital to be commissioned

$ 219

$ 232

Projects related to capacity expansion across our midstream operations

Data Operations

Businesses that provide critical infrastructure and essential services to telecom companies, technology and cloud computing providers, and enterprise clients

Adjusted EBITDA underpinned by both regulated and unregulated services, secured by long-term inflation-linked contracts

Increase profitability through site rental revenue growth

Maintain high level of service by managing availability and reliability of our customers' network

Deploy capital in response to customer demands for increased densification of their networks

Data Transmission & Distribution:

~309,000 operational telecom towers in India, France, Germany, Austria and the U.K.

~80,000 km of fiber optic cable located in Australia, Brazil and the United States

Over 80 distributed antenna systems in the U.K.

One operational semiconductor manufacturing facility and one under construction

~750,000 fiber-to-the-premise connections in Australia and the United States

Data Storage:

Over 150 data centers with ~1.3 gigawatts of operating capacity today and an additional ~1.1 gigawatts of future development capability

The following table presents selected key performance metrics for our data segment:

Three Months Ended

March 31

US$ Millions, unaudited 2026 2025

Growth capital expenditures

$ 893

$ 507

Adjusted EBITDA margin1

65%

67%

Funds from operations (FFO)

149

102

Maintenance capital

(10)

(8)

Adjusted funds from operations (AFFO)

$ 139

$ 94

Adjusted EBITDA margin is Adjusted EBITDA divided by revenues

FFO for the first quarter was $149 million compared to $102 million in the prior year, representing a step change increase of 46%

Results benefited from additional points-of-presence at our tower and fiber operations, the commissioning of additional megawatts across our global data center platform and additional income generated by our data center developers as they execute their business plans

Current year results also reflect contribution from our U.S. bulk fiber network, which we acquired in Q3 2025

Growth capital expenditures increased over prior year reflecting the approval and advancement of new development projects across our data center platforms and construction progress at our semiconductor manufacturing foundry, which is tracking on time and in accordance with plan

Data Operations (cont'd)

The following table presents our share of the data segment's financial results:

Three Months Ended

March 31

US$ Millions, unaudited 2026 2025

Revenue

Cost attributable to revenues

$ 351

(122)

$ 246

(80)

Adjusted EBITDA Interest expense

Other income

229

(87)

166

(70)

Funds from operations (FFO) Depreciation and amortization

Deferred taxes and other items

149

(110)

(87)

102

(92)

(24)

Net loss

$ (48)

$ (14)

The following table presents our share of Adjusted EBITDA and FFO for this operating segment by business:

Financial Results

Adjusted EBITDA and FFO for the first quarter were

$229 million and $149 million, respectively, versus

$166 million and $102 million, respectively, in the prior year

Data Transmission & Distribution: Adjusted EBITDA and FFO benefited from additional points-of-presence across our portfolio

Current year results include contribution from the acquisition of our U.S. bulk fiber network in Q3 2025

Data Storage: Results benefited from the commissioning of additional megawatts across our global data center portfolio

Results also benefited from additional income generated by our data center developers as they execute their business plans

Adjusted EBITDA FFO

Three Months Ended March 31 Three Months Ended March 31

US$ Millions, unaudited 2026 2025 2026 2025

Data Transmission & Distribution

Data Storage

$ 130

$ 103

$ 86

$ 73

Total

$ 229

$ 166

$ 149

$ 102

Data Operations (cont'd)

Capital Backlog

The following table presents our share of growth capital backlog:

US$ Millions, unaudited

For the Three Month Period Ended

March 31, 2026

For the Twelve Month Period Ended

December 31, 2025

Capital backlog, start of period

$ 3,530

$ 3,888

Impact of acquisitions (asset sales)

132

Additional capital project mandates

383

1,699

Less: capital expenditures

(893)

(2,220)

Foreign exchange and other

(17)

Capital backlog, end of period

$ 3,003

$ 3,530

Construction work in progress

4,248

3,593

Total capital to be commissioned

$ 7,251

$ 7,123

Capital to be commissioned includes ~$4.8 billion within our Data Transmission & Distribution operations and ~$2.5 billion at our Data Storage operations:

Data Transmission & Distribution:

~$3.9 billion from our partnership with Intel to build two semiconductor foundries in the United States (~$0.6 billion spent in 2026 and

~$3.2 billion spent to date)

~$540 million for additional connections across our global fiber operations

~$310 million related to the build-out of additional sites and new tenancies at our telecom tower operations

Data Storage: Increasing the capacity of our data storage network with the build-out of new sites or expansion of existing data centers

Total capital to be commissioned primarily relates to the construction of several new facilities at our global data center operations, the majority of which are underpinned by attractive long-term contracts with investment grade, global hyperscale customers

~$2.1 billion in backlog and work in progress at our hyperscale data center platforms primarily in Europe and the U.S.

Corporate

The following table presents the components of corporate on a proportionate basis:

Three Months Ended

March 31

General and administrative costs

Base management fee

$ (3)

(106)

$ (3)

(94)

Adjusted EBITDA Other income

Financing costs

(109)

(60)

(97)

(65)

Funds from operations (FFO)

Deferred taxes and other items

(114)

(34)

(105)

(93)

Net loss

$ (148)

$ (198)

US$ Millions, unaudited 2026 2025

Financial Results

General and administrative costs were consistent with prior year

Anticipate general and administrative costs of

~$12 million per year, excluding the base management fee

We pay Brookfield an annual base management fee equal to 1.25% of our market value, plus recourse debt net of cash and financial assets

Other income includes interest and dividend income, as well as realized gains or losses earned on corporate financial assets

Financing costs include interest expense and standby fees on our committed credit facility, less interest earned on cash balances

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

Subordinated corporate credit facility

1,000

Draws under corporate credit facility

(76)

Commitments under corporate credit facility

(11)

Commercial paper

(749)

(735)

Proportionate cash retained in businesses

1,223

1,557

Proportionate availability under subsidiary credit facilities

1,645

1,711

Total liquidity

$ 5,343

$ 6,030

We maintain sufficient liquidity at all times to participate in attractive opportunities as they arise, withstand sudden adverse changes in economic circumstances, and maintain a relatively high payout of our FFO to unitholders

Principal sources of liquidity are cash flows from operations, undrawn credit facilities, proceeds from capital recycling, and access to public and private capital markets

We may, from time to time, invest in financial assets comprised mainly of liquid equity and debt infrastructure securities in order to earn attractive short-term returns and for strategic purposes

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 principal repayments over the next five years are as follows:

Average Term

US$ Millions, unaudited

(years)3 2026 2027 2028 2029 2030 Beyond Total

Recourse borrowings

Net corporate borrowings1

$ -

$ 324

$ 503

$ 359

$ 2,505

$ 4,194

Total recourse borrowings1

324

503

359

2,505

4,194

Utilities

Commercial & Residential Distribution

143

215

890

422

765

2,378

4,813

Regulated Transmission

144

215

388

784

1,684

212

299

1,034

637

1,153

3,162

6,497

Transport

Diversified Terminals

267

224

257

285

563

1,930

3,526

Rail

178

343

421

1,595

2,656

Toll Roads

205

169

269

183

521

1,443

541

495

769

607

1,167

4,046

7,625

Midstream2

259

330

1,706

699

2,973

5,987

Data

Data Transmission & Distribution

334

204

654

716

907

4,755

7,570

Data Storage

116

1,045

309

519

667

2,707

385

320

1,699

1,025

1,426

5,422

10,277

Total non-recourse borrowings

1,158

1,373

3,832

3,975

4,445

15,603

30,386

Total borrowings1,2,3

$ 1,158

$ 1,697

$ 4,335

$ 4,478

$ 4,804

$ 18,108

$ 34,580

13%

14%

52%

100%

Total borrowings, recourse borrowings and the average term to maturity are presented on a pro-forma basis to exclude draws of $76 million on our corporate credit facility, $749 million of commercial paper and deferred financing fees of $30 million

Midstream term to maturity includes hybrid notes outstanding until the first call date in 2029 adjusting these notes until legal maturity in 2079 would result in the segment average term to be 10 years, and total borrowings to be 8 years

Well-laddered debt maturity profile with an average term of ~7 years with ~90% of debt fixed rate and no significant maturities this year. Fixed rate debt excludes (i) most revolving and capital expenditure facilities and (ii) BRL denominated financing given limited availability of fixed rate 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 borrowings

$ 35,375

$ 35,613

Cash retained in businesses

Utilities

$ 167

$ 160

Transport

456

332

Midstream

Data

517

1,027

Corporate

283

Total cash retained and financial assets

$ 1,309

$ 1,840

Net debt

Utilities

$ 6,330

$ 6,395

Transport

7,169

7,012

Midstream

5,904

6,015

Data

9,760

9,687

Corporate

4,903

4,664

Total net debt

$ 34,066

$ 33,773

The weighted average cash interest rate payable was 5.9% for the overall business, in which our utilities, transport, midstream, data and corporate segments were 7.2%, 6.0%, 5.4%, 5.9%, and 4.8%, respectively

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

Price

651.2

$ 36.12

654.1

$ 34.74

Partnership Market Capitalization

Class A Shares of BIPC outstanding Price

23,521

140.5

$ 40.77

22,723

137.5

$ 45.40

BIPC Market Capitalization

5,728

6,243

Combined Market Capitalization

29,249

28,966

Preferred units

1,022

Proportionate net debt

34,066

33,773

Enterprise Value (EV)

$ 64,337

$ 63,761

Proportionate Net Debt to Capitalization (based on market value)

53%

Proportionate Net Debt to Capitalization (based on invested capital)

73%

Corporate Borrowings to Capitalization (based on invested capital)

11%

The following table provides the calculation of one of our performance measures, Return on Invested Capital:

Three Months Ended

March 31

US$ Millions, unaudited 2026 2025

FFO

$ 709

$ 646

Maintenance Capital

(113)

(109)

Return of Capital

(38)

(32)

Adjusted AFFO

Weighted Average Invested Capital

$ 558

$ 12,886

$ 505

$ 13,017

Return on Invested Capital (ROIC)1

15%

14%

Return on invested capital is calculated as adjusted AFFO over the last twelve months divided by weighted average invested capital

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 exist within our operations

We utilize local currency debt financing to the extent possible

We may utilize derivative contracts to the extent that natural hedges are insufficient The following table presents our hedged position in foreign currencies as at March 31, 2026:

Foreign Currency Hedges

US$ Millions, unaudited

USD1

GBP

EUR

AUD

BRL

CAD2

INR

Other

Gross equity investment - US$

$ 5,281

2,704

1,615

1,046

1,194

126

(9)

393

Corporate Items - US$3

(3,235)

Equity investment

2,046

2,704

1,615

1,046

1,194

126

(9)

393

FX contracts - US$

5,190

(2,499)

(1,615)

(807)

(126)

(152)

Net unhedged - US$

$ 7,236

205

239

1,194

241

% of equity investment hedged

N/A

92%

100%

77%

100%

39%

USD net equity investment excludes $389 million of preferred units and $293 million of perpetual subordinated notes

CAD net equity investment excludes $340 million of preferred units and preferred shares

Includes medium-term notes, draws on our revolving credit facility, commercial paper issuances, the deposit from our parent and working capital at the corporate level

As at March 31, 2026, 79% of overall net equity is USD functional

We have implemented a strategy to hedge all of our expected FFO generated in GBP, EUR, AUD, CAD, and INR for the next 24 months

For the three months ended March 31, 2026, 37%, 17%, 14%, 16%, 6%, and 10% of our pre-corporate FFO was generated in USD, CAD, BRL, GBP, AUD and other, respectively

Due to our FFO hedging program ~85% of our pre-corporate FFO is effectively generated in USD and the balance in BRL

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)

Maintenance capital

$ 709

(113)

$ 646

(109)

Funds available for distribution (AFFO)

596

537

Distributions paid

(461)

(437)

Funds available for reinvestment

135

100

Growth capital expenditures1

(1,136)

(730)

Debt funding of growth capex

308

501

Non-recourse (repayments) draws

440

Proceeds from capital recycling

382

323

New and follow-on investments

(181)

(23)

Net draws (repayments) on corporate credit facility and commercial paper

186

Partnership unit issuances, net of (repurchases)

Deposits from parent / affiliates

Changes in financial asset portfolio

(104)

(118)

Impact of foreign currency movements

Cash retained in term deposits2

(1,248)

Changes in working capital and other

(151)

(80)

Change in proportionate cash and financial assets

(531)

(555)

Opening, proportionate cash and financial assets

1,840

1,801

Closing, proportionate cash and financial assets

$ 1,309

$ 1,246

Includes $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

Includes term deposits at our U.S. semiconductor manufacturing facility from a bond issuance completed in Q1 2025

Financing plan: We fund recurring growth capital expenditures with cash flow generated by operations, as well as debt financing that is sized to maintain credit profile

To fund large-scale development projects and acquisitions, we will evaluate a number of capital sources including proceeds from the sale of non-core assets as well as equity and debt financings

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 new investment opportunities and large-scale growth capital expenditure projects with proceeds from capital recycling and capital market issuances

Over the last ten years, we have deployed ~$22 billion in acquisitions and organic growth initiatives, which has been funded through our capital recycling program, capital market issuances and retained cash flows

For the year ended December 31

US$ Millions, unaudited

2016-17

2018-19

2020-21

2022-23

2024-25

2016-2025

Capital deployed in new investments1

$ 3,378

$ 2,801

$ 4,024

$ 4,890

$ 2,197

$ 17,290

Growth capital expenditures (net of non-recourse debt)

803

813

873

1,152

1,326

4,967

Total growth initiatives

4,181

3,614

4,897

6,042

3,523

22,257

Capital raised in capital markets

(2,276)

(1,548)

(3,708)

(2,322)

(264)

(10,118)

Proceeds from asset sales

(1,317)

(1,813)

(2,308)

(2,615)

(4,001)

(12,054)

Funding from retained cash flows and credit facility draws $ 588 $ 253 $ (1,119) $ 1,105 $ (742) $ 85

1. Capital deployed in new investments excludes investments in financial assets

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

Midstream

Data

893

507

Total $ 1,136 $ 730

Three Months Ended March 31

US$ Millions, unaudited 2026 2025

Maintenance capital expenditures by segment

Utilities

$ 20

Transport

Midstream

Data

Total $ 113 $ 109

Following the closing of our new investments and asset sales, we estimate annual maintenance capital expenditures for the upcoming year will be

$90-105 million, $320-340 million, $155-165 million, and $50-60 million for our utilities, transport, midstream, and data segments, respectively, for a total range between $615-$670 million

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 the combined gain over book value was ~70%.

US$ Millions, unaudited

2021

2022

2023

2024

2025

Total

Proceeds on sale

$ 1,900

$ 750

$ 1,850

$ 100

$ 2,770

$ 7,370

Less: IFRS carrying value

(850)

(550)

(1,300)

(50)

(1,560)

(4,310)

Gain on sale

$ 1,050

$ 200

$ 550

$ 50

$ 1,210

$ 3,060

Cumulative revaluation gains

400

150

770

1,320

Total Gains

$ 1,450

$ 350

$ 550

$ 50

$ 1,980

$ 4,380

2021 Transactions include a 12.5% interest in a U.S. gas pipeline, a portfolio of smart meters at our U.K. regulated distribution business, Canadian and U.S. district energy operations, and a 17% interest in a Chilean toll road business 2022 Transactions include a North American container terminal operation, a portfolio of towers at our New Zealand integrated data distribution business, and five Brazilian transmission concessions 2023 Transactions include Indian toll roads operations, two facilities at our U.S. gas storage portfolio, a freehold landlord port in Australia, a New Zealand integrated data distribution business, a 12.5% interest in a U.S. gas pipeline, an Australian regulated utility and financial assets 2024 Transactions include the fiber platform at our French telecom infrastructure business and subsidiaries of our Australian port operation 2025 Transactions include the sale of a 67% interest in a portfolio of fully contracted containers within our global intermodal logistics operations, two Mexican regulated natural gas transmission pipelines, our remaining 25% interest in a U.S. gas pipeline, 49% of our interest in an Australian export terminal operation, 90% interest in a portfolio of stabilized data center assets at our European hyperscale data center platform, our Australian container terminal operation, 10% of our North American gas storage platform, and 34% interest in our U.K. ports operation

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

Limited partnership units1

458.5

461.3

General partnership units

2.4

Class A shares of BIPC2

140.5

137.6

Total partnership units 791.7 791.6

Includes 0.9 million Exchange LP units as at March 31, 2026 (0.9 million units as at December 31, 2025)

Includes 4.5 million BIPC exchangeable LP units as at March 31, 2026 (4.6 million units as at December 31, 2025)

In 2026, issued 3 million exchangeable shares in relation to BIPC's "at the market" (ATM) program, and repurchased an equivalent number of units under BIP's normal course issuer bid ("NCIB")

The general partner may be entitled to incentive distribution rights, as follows:

To the extent quarterly distributions on partnership units are greater than $0.1218, the general partner is entitled to 15% of incremental distributions above this threshold until distributions reach $0.1320 per unit

To the extent quarterly distributions on partnership units are greater than $0.1320, the general partner is entitled to 25% of incremental distributions above this threshold

Incentive distributions of $87 million were paid during the quarter versus $80 million in the prior year as a result of the increase in units and the 6% increase in our distribution on partnership units

34 million preferred units outstanding at March 31, 2026; 18 million were issued at par value of C$25 per unit, 16 million were issued at par value of US$25 per unit

During the three months ended March 31, 2026, preferred unit distributions of $10 million were paid

$300 million of fixed rate perpetual subordinated notes were issued on January 31, 2022 and are classified as a separate class of non-controlling interest

During the three months ended March 31, 2026, interest of $4 million was paid

Appendix - Reconciliation of Non-IFRS Financial 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 partnership1 Add back or deduct the following:

Depreciation and amortization Deferred income taxes

Mark-to-market and other

$ (61)

456

(19)

333

$ 125

425

(4)

100

FFO

Maintenance capital expenditures

709

(113)

646

(109)

AFFO

$ 596

$ 537

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 expense due to application of revaluation model and acquisition accounting

193

172

Mark-to-market and other

107

Gain on sale of subsidiaries or ownership changes

(4)

(120)

Adjusted Earnings

$ 235

$ 216

Adjusted Earnings provides a supplemental understanding of the performance of our underlying operations and also gives users enhanced comparability of our ongoing performance relative to peers; defined as net income attributable to our partnership, excluding the following:

Incremental depreciation and amortization expense attributable to purchase price accounting and in accordance with our partnership's accounting policy to measure property, plant and equipment using the revaluation method

Mark-to-market gains (losses) and other income (expenses) corresponding to amounts that are not related to the revenue earning activities and are not normal, recurring expenses necessary for business operations, including one-time transaction costs associated with recent acquisitions

Gains on the disposition of subsidiaries, associates and joint ventures

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 following:

Depreciation and amortization expense due to application of revaluation model and acquisition accounting

0.24

0.22

Mark-to-market and other

0.27

0.16

Gain on sale of subsidiaries or ownership changes

(0.01)

(0.15)

Adjusted Earnings per unit2

$ 0.30

$ 0.27

Average limited partnership units outstanding on a time weighted average basis for the three-month period ended March 31, 2026 of 459.8 million (2025: 461.9 million)

Average units on a time weighted average basis for the three month period ended March 31, 2026 of 791.9 million (2025: 792.3 million)

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 March 31, 2026

US$ Millions Utilities Transport Midstream Data Corporate Total

Contribution from investments in associates

Attributable to non-controlling

interest

As per IFRS financials1

Revenues

Costs attributed to revenues

General and administrative costs

$ 742

(407)

$ 629

(243)

$ 495 $

(213)

351 $

(122)

- $

(109)

2,217 $ (505)

(985) 200

(109) -

$ 4,589

(2,745)

$ 6,301

(3,530)

(109)

Adjusted EBITDA

335

386

282

229

(109)

1,123

(305)

1,844

Other (expense) income

(23)

(3)

(7)

(5)

(82)

(58)

Interest expense

(111)

(100)

(85)

(87)

(60)

(443)

(697)

(1,047)

FFO

201

283

190

149

(114)

709

(217)

1,065

Depreciation and amortization

(88)

(146)

(112)

(110)

(456)

114

(733)

(1,075)

Deferred taxes

(7)

(2)

(10)

Mark-to-market and other

(27)

(75)

(92)

(105)

(34)

(333)

131

(142)

(344)

Share of earnings from associates

(18)

(23)

(41)

Net income attributable to non-controlling interest

(209)

Net (loss) income attributable to partnership2

$ 79

$ 60

$ (4) $

(48) $

(148) $

(61) $

$ -

$ (61)

The above tables provide each segment's results in the format that management organizes its segments to make operating decisions and assess performance. Each segment is presented on a proportionate basis, taking into account Brookfield Infrastructure's ownership in operations using consolidation and the equity method whereby the Partnership either controls or exercises significant influence over the investment, respectively. The above table reconciles Brookfield Infrastructure's proportionate operating results to consolidated operating results presented on the Partnership's consolidated statements of operations by removing contributions from investments in associates, reflecting the contributions attributable to non-controlling interests, and adjusting for working capital

Reconciliation of Non-IFRS Measures to IFRS Measures (cont'd)

Adjusted EBITDA

324

395

264

166

(97)

1,052

(343)

1,582

Other (expense) income

(34)

(6)

(8)

(98)

(73)

Interest expense

(98)

(101)

(87)

(70)

(65)

(421)

(577)

(899)

FFO

192

288

169

102

(105)

646

(234)

907

Depreciation and amortization

(80)

(142)

(111)

(92)

(425)

120

(655)

(960)

Deferred taxes

(5)

(3)

Mark-to-market and other

(22)

(25)

(96)

(100)

(6)

112

Share of earnings from -

123

Net income attributable to non- -

(401)

Net income (loss) attributable to $ 148

$ 158

$ 31

$ (14) $

(198) $

125

$ -

$ 125

Reconciliation of Proportionate Operating Results to Consolidated Operating Results

Brookfield Infrastructure's Share

For the Three Months Ended March 31, 2025

US$ Millions

Utilities Transport Midstream Data Corporate Total

Contribution from investments in associates

Attributable to

non-controlling As per IFRS interest financials1

Revenues

$ 684

$ 581

$ 425

$ 246

$ -

$ 1,936

$ (468)

$ 3,924

$ 5,392

Costs attributed to revenues

(360)

(186)

(161)

(80)

(787)

125

(2,342)

(3,004)

General and administrative costs

(97)

associates

controlling interest partnership2

Reconciliation of Non-IFRS Measures to IFRS Measures (cont'd)

Reconciliation of Partnership Capital to Invested Capital

Partnership Capital

Invested Capital

US$ Millions, unaudited

2026

2025

2026

2025

For the Three Months Ended March 31

Opening balance1

$ 8,432

$ 8,074

$ 12,806

$ 12,971

Items impacting Partnership Capital

Net (loss) income

(61)

125

Other comprehensive income

139

101

Ownership changes and other

Distributions to unitholders

(461)

(437)

Items impacting Invested Capital

Preferred unit issuances, net of (redemptions)

Items impacting both metrics

Equity issuances, net of (buybacks)

102

Ending balance

8,092

7,865

12,908

12,973

Weighted Average Invested Capital

$ -

$ 12,886

$ 13,017

Invested Capital, which tracks the amount of capital that has been contributed to our partnership, is a measure we utilize to assess returns on capital deployed, relative to targeted returns. Invested Capital is different from partnership capital as it includes capital raised from preferred unitholders and excludes retained earnings, accumulated other comprehensive income and ownership changes recognized since inception

Disclaimer

Brookfield Infrastructure Partners LP published this content on April 29, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 29, 2026 at 11:19 UTC.