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Brookfield Infrastructure Partners L.P. 2025 Q3 SUPPLEMENT AL INFORMA TION THREE MONTHS ENDED SEPTEMBER 30, 2025
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Q3 2025 BIP Supplemental 1BROOKFIELD.COM 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. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations. The words “expect”, “target”, “believe”, “objective”, “anticipate”, “plan”, “estimate”, “growth”, “increase”, “return”, “expand”, “maintain”, derivatives thereof and other expressions of similar import, or the negative variations thereof, and similar expressions of future or conditional verbs such as “will”, “may”, “should”, “could”, “backlog”, “potential”, “believe”, “increase”, “intend”, or derivations thereof which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters, identify forward-looking statements and information. Forward-looking statements and information in this Supplemental Information include among others, statements with respect to our cash flows, participation in a growing asset class, assets tending to appreciate in value over time, current and proposed growth initiatives in our assets and operations, increases in FFO per unit and resulting capital appreciation, returns on capital and on equity, increasing demand for commodities and global movement of goods, volume increases in the businesses in which we operate, expected capital expenditures, the impact of planned capital projects by customers of our businesses, the extent of our corporate, general and administrative expenses, our ability to close acquisitions and the expected timing thereof, our capacity to take advantage of opportunities in the marketplace, the future prospects of the assets that Brookfield Infrastructure operates or will operate, ability to identify, acquire and integrate new acquisition opportunities, long-term targeted returns on our assets, sustainability of distribution levels, the level of distribution growth and payout ratios over the next several years and our expectations regarding returns to our unitholders as a result of such growth, operating results and margins for our business and each of our operations, future prospects for the markets for our products, Brookfield Infrastructure’s plans for growth through internal growth and capital investments, ability to achieve stated objectives, ability to drive operating efficiencies, return on capital expectations for the business, contract prices and regulated rates for our operations, our expected future maintenance and capital expenditures, commissioning of capital from our backlog, ability to deploy capital in accretive investments, impact on the business resulting from our view of future economic conditions, our ability to maintain sufficient financial liquidity, our ability to draw down funds under our bank credit facilities, our ability to secure financing through the issuance of equity or debt, expansions of existing operations, financing plans for operating companies, foreign currency management activities and other statements with respect to our beliefs, outlooks, plans, expectations and intentions. Although we believe that Brookfield Infrastructure’s anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on them. The future performance and prospects of Brookfield Infrastructure Involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Brookfield Infrastructure to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information. Factors that could cause actual results of Brookfield Infrastructure to differ materially from those contemplated or implied by the statements in this presentation include general economic and market conditions in the jurisdictions in which we operate (including that management’s expectations may differ from actual economic and market trends), regulatory developments and changes in inflation rates in the U.S. and elsewhere, the impact of market conditions on our business, the fact that success of Brookfield Infrastructure is dependent on market demand for an infrastructure company, which is unknown, the availability of and our ability to obtain equity and debt financing and the terms thereof, foreign currency risk, the outcome and timing of various regulatory, legal and contractual issues, global credit and financial markets, the competitive business environment in the industries in which we operate, the competitive market for acquisitions and other growth opportunities, our ability to satisfy conditions precedent required to complete, our ability to integrate acquisitions into existing operations and the future performance of those acquisitions, our ability to close planned transactions, our ability to complete large capital expansion projects on time and within budget, favorable commodity prices, our ability to achieve the milestones necessary to deliver the targeted returns to our unitholders, weakening demand for products and services in the markets for the commodities that underpin demand for our infrastructure, ability to negotiate favorable take-or-pay contractual terms, the continued operation of large capital projects by customers of our businesses which themselves rely on access to capital and continued favorable commodity prices, changes in technology which have the potential to disrupt business and industries in which we invest, uncertainty with respect to future sources of investment opportunities, traffic on our toll roads and other risks and factors described in the documents filed by Brookfield Infrastructure Partners L.P. with the securities regulators in Canada and the United States including under “Risk Factors” in its most recent Annual Report on Form 20-F. We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements to make decisions with respect to Brookfield Infrastructure, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, Brookfield Infrastructure undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise. Cautionary Statement Regarding Use of Non-IFRS, Accounting Measures Although our financial results are determined in accordance with International Financial Reporting Standards (IFRS), the basis of presentation throughout much of this report differs from IFRS in that it is organized by business segment and utilizes, funds from operations (FFO), Adjusted funds from operations (AFFO), Adjusted EBITDA and invested capital as important measures. This is reflective of how we manage the business and, in our opinion, enables the reader to better understand our affairs. We provide a reconciliation to the most directly comparable IFRS measure on pages 33-44 of this Supplemental Information. Readers are encouraged to consider both measures in assessing Brookfield Infrastructure's results. Business Environment and Risks Brookfield Infrastructure's financial results are impacted by various factors, including the performance of each of our operations and various external factors influencing the specific segments and geographic locations in which we operate; macro-economic factors such as economic growth, changes in currency, inflation and interest rates; regulatory requirements and initiatives; and litigation and claims that arise in the normal course of business. These and other factors are described in Brookfield Infrastructure’s most recent Annual Report on Form 20-F which is available on our website at www.brookfieldinfrastructure.com and at www.sec.gov/ edgar.shtml and www.sedar.com.
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Q3 2025 BIP Supplemental 2BROOKFIELD.COM • FFO of $654 million, or $0.83 per unit, in the third quarter represents an increase of 9% over the prior year – Organic growth was at the high end of our target range, capturing annual inflationary rate increases, higher volumes across our networks, and earnings from capital commissioned over the last 12 months – Results were also supported by the contribution from our new investments, which were more than offset by the impact of capital recycling initiatives • Distribution of $0.43 per unit represents an increase of 6% compared to the prior year • Payout ratio for the quarter of 67% falls within our long-term 60-70% target range • Net income benefited from strong operational performance, gains recognized on dispositions that closed during the quarter and mark to mark gains on our corporate hedging activities, partially offset by the impact of lost income associated with recent asset sales • Total assets increased from December 31, 2024 due to recent acquisitions and benefits of foreign exchange, partially offset by the impact of asset sales 1. Average units on a time weighted average basis for the three and nine-month periods ended September 30, 2025 of 791.5 million and 790.2 million (2024: 792.2 million and 792.1 million) 2. Payout ratio defined as distributions paid (inclusive of GP incentive and preferred unit) divided by FFO 3. ROIC is calculated as AFFO over the last twelve months adjusted for estimated return of capital, divided by average invested capital 4. I n c l u d e s n e t i n c o m e a t t r i b u t a b l e t o l i m i t e d p a r t n e r s , t h e g e n e r a l p a r t n e r , a n d n o n - c o n t r o l l i n g i n t e r e s t s ‒ R e d e e m a b l e P a r t n e r s h i p Units held by Brookfield, Exchange LP units, BIPC exchangeable LP units and BIPC exchangeable shares 5. Average limited partnership units outstanding on a time weighted average basis for the three and nine-month periods ended September 30, 2025 of 461.1 million and 459.8 million (2024: 461.7 million and 461.5 million) As of US$ Millions, unaudited September 30, 2025 December 31, 2024 Total assets $ 124,299 $ 104,590 Corporate borrowings 5,263 4,542 Invested capital 12,869 12,971 Q3 2025 Highlights Key Performance Metrics Performance Highlights $654 million of FFO $0.43 distributions per unit (See “Reconciliation of Non-IFRS Financial Measures”) Three Months Ended September 30 Nine Months Ended September 30 US$ Millions, Except Per Unit Information, unaudited 2025 2024 2025 2024 Funds from operations (FFO) $ 654 $ 599 $ 1,938 $ 1,822 Per unit FFO1 0.83 0.76 2.46 2.31 Distributions per unit 0.43 0.405 1.29 1.215 Payout ratio2 67 % 69 % 67 % 68 % Growth of per unit FFO 9 % 4 % 6 % 7 % Adjusted funds from operations (AFFO) 460 432 1,479 1,384 Return on Invested Capital (ROIC)3 14 % 12 % 14 % 13 % Net income (loss) attributable to the partnership4 440 (52) 634 126 Net income (loss) per limited partner unit5 0.44 (0.18) 0.45 (0.18) Adjusted Earnings 262 201 705 635 Adjusted Earnings per unit1 0.33 0.25 0.89 0.80 67% payout ratio Key Balance Sheet Metrics
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Q3 2025 BIP Supplemental 3BROOKFIELD.COM Operations • Deployed $990 million of growth capital expenditures (~$170 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 due to higher demand for gas connections and the acquisition of approximately 50,000 fiber connections – In the U.S., rental penetration was up 6% over the prior year as several new sales and operational initiatives are driving higher value rental products • Transport operations performed well with continued volume strength across our networks, and realized rate increases of 1% across our rail networks and 5% across our toll road portfolio • Completed the tuck in acquisition of 450,000 fully-leased containers at our global intermodal logistics operation, increasing its total fleet capacity by approximately 6% • Our recently acquired U.S. pipeline system reached a record high utilization rate of 94% during the quarter, resulting from favorable market fundamentals and several operational initiatives to enhance throughput • Secured a new take-or-pay contract at our Canadian diversified midstream operation with the long-haul pipeline system that is expected to contribute ~C$10m of annual EBITDA • Commissioned 80 megawatts of contracted hyperscale capacity during the quarter and initiated 45 megawatts of new billings at our U.S. retail colocation data center business Q3 2025 Highlights (cont’d) Strategic Initiatives • Closed the previously announced acquisitions of our U.S. pipeline system and U.S. fiber network for total BIP equity of $1 billion • Agreed to acquire Clarus, a New Zealand natural gas infrastructure business for equity consideration of ~$270 million (BIP’s share - ~$70 million), with closing expected in 2026 • Agreed to acquire a South Korean industrial gas business for equity consideration of $500 million (BIP’s share - ~$125 million), with closing expected in Q4 2025 • Established a $5 billion framework agreement with Bloom Energy to install up to 1 gigawatt of behind the meter power solutions for data centers and AI factories, BIP invested approximately $140 million in the project which should be completed in fourth quarter • Secured an additional ~$700 million of capital recycling proceeds during the quarter, bringing total proceeds to over $3 billion for the year; highlights include: – Sold our remaining 26% interest in our Australian export terminal operation for net proceeds of $350 million – Completed the sale of a 33% interest in our Indian gas pipeline and agreed to sell our U.K. intermodal operations for combined proceeds of ~$100 million at BIP’s share – Successfully completed an IPO of our North American gas storage operation, raising ~$230 million of proceeds at BIP’s share Financing and Liquidity • Current liquidity totals $5.5 billion; including ~$2.5 billion of corporate liquidity and ~$1.4 billion of cash across our businesses • Well-laddered debt maturity profile with an average term of ~8 years with ~90% of debt fixed rate and no significant maturities this year
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Q3 2025 BIP Supplemental 4BROOKFIELD.COM 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 Our Business
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Q3 2025 BIP Supplemental 5BROOKFIELD.COM 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025F 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 $0.43 per unit, payable on November 28, 2025 to unitholders of record as at the close of business on December 31, 2025. This quarterly distribution represents a 6% increase compared to the prior year • Distributions have grown at a compound annual growth rate of 8% over the last 12 years • Below is a summary of our distribution history over the last 12 years1 1. 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 8% $1.72 $0.69 Distribution Profile
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Q3 2025 BIP Supplemental 6BROOKFIELD.COM Over the last 12 years, BIP has been able to achieve its target payout ratio of 60-70% of funds from operations while increasing its distribution by an average of 8% • Objective is to pay a distribution that is sustainable on a long-term basis while retaining sufficient liquidity within our operations to fund recurring growth capital expenditures and general corporate requirements • We fund all of our growth initiatives through a combination of issuances of common equity, preferred equity, corporate debt, proceeds from asset sales and retained internally generated cash flow – Available funding and assessment of corporate liquidity is undertaken prior to committing to all new investments and capital projects • Based on our distribution track record, the Partnership’s average distribution payout ratio for the last 12 years is 69% of FFO, as shown below Total US$ Millions, unaudited 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2013-2024 FFO $ 682 $ 724 $ 808 $ 944 $ 1,170 $ 1,231 $ 1,384 $ 1,454 $ 1,733 $ 2,087 $ 2,288 $ 2,468 $ 16,973 AFFO 553 593 672 771 941 982 1,096 1,173 1,412 1,701 1,838 1,862 13,594 Distributions Limited Partner units 322 404 479 535 651 742 820 900 984 1,112 1,187 1,281 9,417 Incentive distribution 66 44 64 80 113 136 158 183 206 240 266 295 1,851 Preferred units1 — — 3 13 30 41 49 51 67 66 63 68 451 Total distributions 388 448 546 628 794 919 1,027 1,134 1,257 1,418 1,516 1,644 11,719 FFO payout ratio2 57 % 62 % 68 % 67 % 68 % 75 % 74 % 78 % 73 % 68 % 66 % 67 % 69% AFFO payout ratio2 70 % 76 % 81 % 81 % 84 % 94 % 94 % 97 % 89 % 83% 82% 88% 86% Distribution Payout Ratio 1. Preferred unit distributions in 2022, 2023 and 2024 include perpetual subordinated notes 2. 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
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Q3 2025 BIP Supplemental 7BROOKFIELD.COM 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: 1. Represents contribution to FFO growth from a blend of inflation and price escalators • 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 Inflationary Indexation Current inflation is ~3-4%1 3 – 4% Volume Upside from GDP Growth Transport + Midstream operations performing well 1 – 2% Cash Flows Reinvested Capital to be commissioned of ~$7.8B 2 – 3% Organic Growth ~8-9% 6 – 9% Current Environment Target
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Q3 2025 BIP Supplemental 8BROOKFIELD.COM Regulated Transmission Commercial & Residential Distribution Rail Toll Roads Diversified Terminals Midstream Data Transmission & Distribution Data Storage Americas Europe Asia Pacific • Own and operate a diversified portfolio of high-quality, long-life utilities, transport, midstream and data assets • Generate stable cash flows with ~85% of FFO supported by regulated or long-term contracted revenues Our Operations
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Q3 2025 BIP Supplemental 9BROOKFIELD.COM The following tables present selected income statement and balance sheet information by operating segment on a proportionate basis: Statements of Operations Three Months Ended September 30 Nine Months Ended September 30 As of US$ Millions, unaudited 2025 2024 2025 2024 US$ Millions, unaudited September 30, 2025 December 31, 2024 Net income (loss) by segment Net assets by segment Utilities $ 49 $ 60 $ 284 $ 187 Utilities $ 9,465 $ 8,911 Transport 462 100 752 316 Transport 10,854 11,720 Midstream 31 17 264 40 Midstream 9,937 9,658 Data 22 2 (69) 139 Data 12,823 9,358 Corporate (124) (231) (597) (556) Corporate (3,253) (2,731) Net income (loss) $ 440 $ (52) $ 634 $ 126 Total net assets $ 39,826 $ 36,916 Adjusted EBITDA by segment Net debt by segment Utilities $ 331 $ 312 $ 973 $ 935 Utilities $ 6,200 $ 5,693 Transport 395 417 1,198 1,243 Transport 6,540 7,123 Midstream 237 238 740 721 Midstream 5,911 5,954 Data 211 151 558 420 Data 8,585 5,806 Corporate (107) (113) (312) (302) Corporate 4,856 4,266 Adjusted EBITDA $ 1,067 $ 1,005 $ 3,157 $ 3,017 Net debt $ 32,092 $ 28,842 FFO by segment Capitalization Utilities $ 190 $ 188 $ 569 $ 558 Invested Capital $ 12,869 $ 12,971 Transport 286 308 878 929 Total Market Capitalization 27,157 26,311 Midstream 156 147 482 460 Enterprise Value 60,364 56,364 Data 138 85 353 231 Corporate (116) (129) (344) (356) FFO $ 654 $ 599 $ 1,938 $ 1,822 Selected Income Statement and Balance Sheet Information Statements of Financial Position
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Q3 2025 BIP Supplemental Operating Segments
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Q3 2025 BIP Supplemental 11BROOKFIELD.COM 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: – ~3,100 km of operational transmission lines in Brazil – ~3,500 km of natural gas pipelines in Brazil and India • Commercial & Residential Distribution: – ~8.8 million connections, predominantly electricity and natural gas – Provides residential decarbonization infrastructure services, as well as other essential home services and policies to ~10.5 million customers with ~17.3 million policies and ~1.7 million rental contracts in Canada, the United States, Germany and the U.K. – Over 0.7 million long-term contracted sub-metering services within Canada and the United States – ~3.0 million meters under management in Australia and New Zealand 1. Return on rate base is calculated as Adjusted EBITDA divided by weighted average rate base 2. Return on rate base excludes impact of EBITDA earned from our home services policies, connections revenue, return of capital and IFRS 16 adjustments The following table presents selected key performance metrics of our utilities segment: • Adjusted EBITDA and FFO for the third quarter were $331 million and $190 million in Q3'25 compared to $312 million and $188 million in the prior year – Adjusted EBITDA increased by 6% as the current period benefited from the continued benefit of inflation indexation and the commissioning of over $450 million of capital into the rate base over the last twelve months • FFO was impacted by higher borrowing costs associated with funding growth projects and higher interest rates in Brazil – Prior year results included earnings from two Mexican regulated natural gas transmission pipelines, divested in Q1 2025 Three Months Ended September 30 Nine Months Ended September 30 US$ Millions, unaudited 2025 2024 2025 2024 Rate base $ 7,097 $ 7,036 $ 7,097 $ 7,036 Adjusted EBITDA 331 312 973 935 Funds from operations (FFO) 190 188 569 558 Maintenance capital (19) (20) (60) (56) Adjusted funds from operations (AFFO) $ 171 $ 168 $ 509 $ 502 Return on rate base1,2 12 % 12 % 12 % 12 % Installed smart meters 1.6 or 1.5 prior period + 75k Q3 results = 1.6m
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Q3 2025 BIP Supplemental 12BROOKFIELD.COM Financial Results • Adjusted EBITDA and FFO for the third quarter were $331 million and $190 million, respectively, versus $312 million and $188 million, respectively, in the prior year – Commercial & Residential Distribution: Results benefited from inflation indexation, growth in the customer base and higher connections revenue at our U.K. regulated distribution business, and capital commissioned into rate base over the last 12 months – Regulated Transmission: Results benefited from inflationary tariff increases across our operations • Prior year results include contribution from our two Mexican regulated natural gas transmission pipelines which were divested in Q1 2025 • FFO was impacted by higher borrowing costs from higher interest rates in Brazil The following table presents our share of the utilities segment’s financial results: Three Months Ended September 30 Nine Months Ended September 30 US$ Millions, unaudited 2025 2024 2025 2024 Revenue $ 676 $ 631 $ 1,955 $ 1,874 Connections revenue 44 38 125 112 Cost attributable to revenues (389) (357) (1,107) (1,051) Adjusted EBITDA 331 312 973 935 Interest expense (113) (98) (314) (284) Other expense (28) (26) (90) (93) Funds from operations (FFO) 190 188 569 558 Depreciation and amortization (84) (78) (247) (236) Deferred taxes and other items (57) (50) (38) (135) Net income $ 49 $ 60 $ 284 $ 187 Adjusted EBITDA FFO Three Months Ended September 30 Nine Months Ended September 30 Three Months Ended September 30 Nine Months Ended September 30 US$ Millions, unaudited 2025 2024 2025 2024 2025 2024 2025 2024 Commercial & Residential Distribution $ 190 $ 177 $ 558 $ 518 $ 130 $ 125 $ 387 $ 361 Regulated Transmission 141 135 415 417 60 63 182 197 Total $ 331 $ 312 $ 973 $ 935 $ 190 $ 188 $ 569 $ 558 Utilities Operations (cont’d) The following table presents our share of Adjusted EBITDA and FFO for this operating segment by business:
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Q3 2025 BIP Supplemental 13BROOKFIELD.COM Capital Backlog Projects that we have been awarded and/or filed with regulators with anticipated commissioning into rate base in the next two to three years • Ended the period with ~$1.2 billion of total capital to be commissioned into rate base – 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 (~$800 million) Rate Base1 • Rate base increased compared to December 31, 2024 – Rate base benefited from inflation indexation, new connections at our U.K regulated distribution business and long-term rental contracts secured at our residential decarbonization infrastructure platform – Rate base also benefited from the acquisition of an additional 50% interest in a portfolio of operational electricity transmission lines in Brazil, offset by the sale of our interest in two Mexican regulated natural gas transmission pipelines and the sale of a partial interest in our Indian gas pipeline The following tables present our share of capital backlog and rate base: US$ Millions, unaudited For the Three Month Period Ended September 30, 2025 For the Nine Month Period Ended September 30, 2025 For the Twelve Month Period Ended December 31, 2024 Capital backlog, start of period $ 605 $ 542 $ 562 Additional capital project mandates 146 412 485 Less: capital expenditures (147) (388) (487) Foreign exchange and other (7) 31 (18) Capital backlog, end of period 597 597 542 Construction work in progress 563 563 477 Total capital to be commissioned $ 1,160 $ 1,160 $ 1,019 US$ Millions, unaudited For the Three Month Period Ended September 30, 2025 For the Nine Month Period Ended September 30, 2025 For the Twelve Month Period Ended December 31, 2024 Rate base, start of period $ 7,120 $ 6,699 $ 7,117 Capital expenditures commissioned 120 329 468 Inflation and other indexation 66 238 57 Acquisitions (asset sales) (152) (473) 78 Regulatory depreciation (33) (88) (173) Foreign exchange and other (24) 392 (848) Rate base, end of period $ 7,097 $ 7,097 $ 6,699 1. Rate base excludes our North American and European residential warranty businesses Utilities Operations (cont’d)
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Q3 2025 BIP Supplemental 14BROOKFIELD.COM • FFO for the third quarter was $286 million compared to $308 million in the prior year – Adjusting for the impact of asset sales, FFO benefited from continued volume strength across our networks and average rate increases of 1% across our rail networks and 5% across our toll road portfolio – Prior year results reflect the contribution from our Australian export terminal which was divested during the quarter, and the contribution from a portfolio of fully contracted containers at our global intermodal logistics operation, in which we sold a 33% minority interest in Q1 2025 • Maintenance capex increased over the prior year due to the timing of fleet replacement at our global intermodal logistics operation • Growth capital expenditures increased over prior year primarily from the tuck in acquisition of a portfolio of fully-leased containers at our global intermodal logistics operation, increasing its total fleet capacity by approximately 6% Transport Operations The following table presents selected key performance metrics for our transport segment: Three Months Ended September 30 Nine Months Ended September 30 US$ Millions, unaudited 2025 2024 2025 2024 Growth capital expenditures $ 202 $ 89 $ 304 $ 252 Adjusted EBITDA margin1 65% 65% 66% 65% Funds from operations (FFO) $ 286 $ 308 $ 878 $ 929 Maintenance capital (121) (99) (245) (245) Adjusted funds from operations (AFFO) $ 165 $ 209 $ 633 $ 684 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 (TEU) 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 • Rail – 113 short line freight railroads comprising ~21,000 km of track in North America and Europe – Sole provider of rail network in the southern half of Western Australia with ~5,500 km of track and operator of ~9,800 km of rail in Brazil, of which 8,000 km are owned • Toll Roads – ~3,300 km of motorways in Brazil and Peru 1. Adjusted EBITDA margin is Adjusted EBITDA divided by revenues
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Q3 2025 BIP Supplemental 15BROOKFIELD.COM Transport Operations (cont’d) Financial Results • Adjusted EBITDA and FFO for the third quarter were $395 million and $286 million, respectively, versus $417 million and $308 million, respectively, in the prior year – Diversified Terminals: Adjusted EBITDA and FFO decreased from the prior year from the sale of our Australian export terminal during the quarter and the sale of a 33% minority interest in a portfolio of fully contracted containers at our global intermodal logistics operation in Q1 2025 – Rail: Adjusted EBITDA and FFO benefited from inflationary tariff increases of 1% across the portfolio, and a 8% increase in rail volumes at our Brazilian rail network, offset by lower volumes at our Australian rail operation and the impact of foreign exchange – Toll Roads: Adjusted EBITDA and FFO benefited from an average inflationary tariff increase of 5% and a 2% increase in traffic volumes • FFO was impacted by higher borrowing costs The following table presents our share of the transport segment’s financial results: Three Months Ended September 30 Nine Months Ended September 30 US$ Millions, unaudited 2025 2024 2025 2024 Revenue $ 609 $ 640 $ 1,808 $ 1,904 Cost attributable to revenues (214) (223) (610) (661) Adjusted EBITDA 395 417 1,198 1,243 Interest expense (100) (106) (294) (297) Other expense (9) (3) (26) (17) Funds from operations (FFO) 286 308 878 929 Depreciation and amortization (143) (142) (423) (404) Deferred taxes and other items 319 (66) 297 (209) Net income $ 462 $ 100 $ 752 $ 316 Adjusted EBITDA FFO Three Months Ended September 30 Nine Months Ended September 30 Three Months Ended September 30 Nine Months Ended September 30 US$ Millions, unaudited 2025 2024 2025 2024 2025 2024 2025 2024 Diversified Terminals $ 199 $ 223 $ 631 $ 661 $ 150 $ 165 $ 465 $ 488 Rail 122 128 365 380 90 99 282 298 Toll Roads 74 66 202 202 46 44 131 143 Total $ 395 $ 417 $ 1,198 $ 1,243 $ 286 $ 308 $ 878 $ 929 The following table presents our share of adjusted EBITDA and FFO for this operating segment by business:
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Q3 2025 BIP Supplemental 16BROOKFIELD.COM 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: • 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 (~$10 million) – Rail: Upgrading and expanding our network to capture volume growth from incremental activity in the sectors we serve (~$270 million) – Toll Roads: Expanding the capacity of our roads by increasing and widening lanes on certain routes to support traffic growth (~$180 million) US$ Millions, unaudited For the Three Month Period Ended September 30, 2025 For the Nine Month Period Ended September 30, 2025 For the Twelve Month Period Ended December 31, 2024 Capital backlog, start of period $ 312 $ 461 $ 714 Additional capital project mandates 195 269 151 Impact of (asset sales) acquisitions — (155) 9 Less: capital expenditures (202) (304) (337) Foreign exchange and other 3 37 (76) Capital backlog, end of period $ 308 $ 308 $ 461 Construction work in progress 154 154 193 Total capital to be commissioned $ 462 $ 462 $ 654
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Q3 2025 BIP Supplemental 17BROOKFIELD.COM Midstream Operations The following tables present selected key performance metrics for our midstream segment and our share of financial results: • Adjusted EBITDA and FFO for the third quarter were $237 million and $156 million compared to $238 million and $147 million in the prior year – Results benefited from strong asset utilization, higher contracted revenues across our midstream operations and higher take or pay processing volumes at our polypropylene facility, partially offset by lower rates on foreign exchange hedge contracts – Current year results include contribution from the acquisition of our U.S. pipeline system during the quarter, while prior year results include contribution from our U.S. gas pipeline which was divested in Q2 2025 Segment Overview • Systems that provide transmission, gathering and processing, and storage services • Profitability based on the volume and price achieved for the provision of these services • Businesses are either unregulated or subject to price ceilings Objectives • Satisfy customer growth requirements by increasing the utilization of our assets and expanding our capacity in a capital efficient manner • Provide safe and reliable service to our customers • Generate attractive cash yield to accelerate return on and of capital Operations • Midstream: – ~19,500 kilometers of pipelines which include long-haul, conventional and natural gas gathering pipelines in the United States and Canada – 16 natural gas and natural gas liquids processing facilities with ~5.6 billion cubic feet (Bcf) per day of gross processing capacity in Canada – ~280 Bcf of natural gas storage in the United States and Canada – 4 terminals with tank capacity of 685,000 barrels per day (b/d) across the United States – 525,000 tonnes per year of polypropylene production capacity in Canada Three Months Ended September 30 Nine Months Ended September 30 US$ Millions, unaudited 2025 2024 2025 2024 Adjusted EBITDA margin1 58% 60% 61% 58% Funds from operations (FFO) $ 156 $ 147 $ 482 $ 460 Maintenance capital (44) (40) (122) (117) Adjusted funds from operations (AFFO) $ 112 $ 107 $ 360 $ 343 Three Months Ended September 30 Nine Months Ended September 30 US$ Millions, unaudited 2025 2024 2025 2024 Revenue $ 409 $ 396 $ 1,219 $ 1,246 Cost attributable to revenues (172) (158) (479) (525) Adjusted EBITDA 237 238 740 721 Interest expense (83) (88) (248) (253) Other expense 2 (3) (10) (8) Funds from operations (FFO) 156 147 482 460 Depreciation and amortization (114) (108) (332) (350) Deferred taxes and other items (11) (22) 114 (70) Net Income $ 31 $ 17 $ 264 $ 40 1. Adjusted EBITDA margin is Adjusted EBITDA divided by revenues
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Q3 2025 BIP Supplemental 18BROOKFIELD.COM Midstream Operations (cont’d) The following table presents our share of growth capital backlog: US$ Millions, unaudited For the Three Month Period Ended September 30, 2025 For the Nine Month Period Ended September 30, 2025 For the Twelve Month Period Ended December 31, 2024 Capital backlog, start of period $ 189 $ 230 $ 270 Additional capital project mandates 8 109 126 Less: capital expenditures (27) (116) (155) Impact of acquisitions (asset sales) 11 (50) — Foreign exchange and other (4) 4 (11) Capital backlog, end of period $ 177 $ 177 $ 230 Construction work in progress 66 66 142 Total capital to be commissioned $ 243 $ 243 $ 372 Capital Backlog Enhancements to our systems over the next two to three years that will best position our assets for value maximization • Projects related to capacity expansion across our midstream operations
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Q3 2025 BIP Supplemental 19BROOKFIELD.COM • FFO for the third quarter was $138 million compared to $85 million in the prior year, representing a step change increase of 62% – 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 from an increase in income earned by our hyperscale developers as they execute their business plans – Current year results also reflect contribution from our U.S. fiber network acquired during the quarter, and the full quarter contribution from the tuck- in acquisition of 76,000 telecom tower sites in India – Improved margins primarily related to improved rates and higher utilization at our recently acquired U.S. colocation data center operation • Growth capital expenditures increased over prior year primarily from construction progress at our semiconductor manufacturing foundry which is tracking on time and in accordance with plan Data Operations Segment Overview • 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 Objectives • 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 Operations • Data Transmission & Distribution: – ~308,000 operational telecom towers in India, France, Germany, Austria and the U.K. – ~77,000 km of fiber optic cable located in Australia, Brazil and the United States – Over 70 distributed antenna systems in the U.K. – ~700,000 fiber-to-the-premise connections in Australia and the United States – 2 semiconductor manufacturing foundries in the United States • Data Storage: – Over 140 data centers with ~1.1 gigawatt of critical load capacity, and an additional ~500 megawatts of contracted capacity The following table presents selected key performance metrics for our data segment: Three Months Ended September 30 Nine Months Ended September 30 US$ Millions, unaudited 2025 2024 2025 2024 Growth capital expenditures $ 609 $ 297 $ 1,629 $ 899 Adjusted EBITDA margin1 71 % 67 % 69 % 65 % Funds from operations (FFO) 138 85 353 231 Maintenance capital (10) (8) (32) (20) Adjusted funds from operations (AFFO) $ 128 $ 77 $ 321 $ 211 1. Adjusted EBITDA margin is Adjusted EBITDA divided by revenues
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Q3 2025 BIP Supplemental 20BROOKFIELD.COM Data Operations (cont’d) The following table presents our share of the data segment’s financial results: Three Months Ended September 30 Nine Months Ended September 30 US$ Millions, unaudited 2025 2024 2025 2024 Revenue $ 296 $ 226 $ 808 $ 648 Cost attributable to revenues (85) (75) (250) (228) Adjusted EBITDA 211 151 558 420 Interest expense (77) (67) (221) (197) Other income 4 1 16 8 Funds from operations (FFO) 138 85 353 231 Depreciation and amortization (112) (84) (297) (262) Deferred taxes and other items (4) 1 (125) 170 Net income (loss) $ 22 $ 2 $ (69) $ 139 Adjusted EBITDA FFO Three Months Ended September 30 Nine Months Ended September 30 Three Months Ended September 30 Nine Months Ended September 30 US$ Millions, unaudited 2025 2024 2025 2024 2025 2024 2025 2024 Data Transmission & Distribution $ 117 $ 96 $ 326 $ 267 $ 79 $ 60 $ 225 $ 165 Data Storage 94 55 232 153 59 25 128 66 Total $ 211 $ 151 $ 558 $ 420 $ 138 $ 85 $ 353 $ 231 Financial Results • Adjusted EBITDA and FFO for the third quarter were $211 million and $138 million, respectively, versus $151 million and $85 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 also reflect contribution from our U.S. fiber network acquired during the quarter, and the full quarter contribution from the tuck-in acquisition of 76,000 telecom tower sites in India – Data Storage: Results benefited from the commissioning of additional megawatts across our global data center portfolio • Results also benefited from an increase in income earned by our hyperscale developers as they execute their business plans The following table presents our share of Adjusted EBITDA and FFO for this operating segment by business:
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Q3 2025 BIP Supplemental 21BROOKFIELD.COM 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: • Capital to be commissioned includes ~$4.6 billion within our Data Transmission & Distribution operations and ~$1.4 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 (~$1.1 billion spent in 2025 and ~$2.2 billion spent to date) • ~$450 million for additional connections across our global fiber operations • ~$210 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 • ~$1.2 billion in backlog and work in progress at our hyperscale data center platforms primarily in Europe and the U.S. US$ Millions, unaudited For the Three Month Period Ended September 30, 2025 For the Nine Month Period Ended September 30, 2025 For the Twelve Month Period Ended December 31, 2024 Capital backlog, start of period $ 3,262 $ 3,888 $ 4,104 Impact of acquisitions (asset sales) 128 132 (4) Additional capital project mandates 53 386 1,031 Less: capital expenditures (609) (1,629) (1,187) Foreign exchange and other (4) 53 (56) Capital backlog, end of period $ 2,830 $ 2,830 $ 3,888 Construction work in progress 3,142 3,142 1,829 Total capital to be commissioned $ 5,972 $ 5,972 $ 5,717
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Q3 2025 BIP Supplemental 22BROOKFIELD.COM Corporate The following table presents the components of corporate on a proportionate basis: Three Months Ended September 30 Nine Months Ended September 30 US$ Millions, unaudited 2025 2024 2025 2024 General and administrative costs $ (3) $ (3) $ (9) $ (9) Base management fee (104) (110) (303) (293) Adjusted EBITDA (107) (113) (312) (302) Other income 55 52 163 146 Financing costs (64) (68) (195) (200) Funds from operations (FFO) (116) (129) (344) (356) Deferred taxes and other items (8) (102) (253) (200) Net loss $ (124) $ (231) $ (597) $ (556) 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
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Q3 2025 BIP Supplemental 23BROOKFIELD.COM Liquidity Total liquidity was ~$5.5 billion at September 30, 2025, of which ~$2.5 billion is at the corporate level, comprised of the following: • We maintain sufficient liquidity at all times to participate in attractive opportunities as they arise, withstand sudden adverse changes in economic circumstances, and maintain a relatively high payout of our FFO to unitholders • Principal sources of liquidity are cash flows from operations, undrawn credit facilities, proceeds from capital recycling, and access to public and private capital markets • We may, from time to time, invest in financial assets comprised mainly of liquid equity and debt infrastructure securities in order to earn attractive short-term returns and for strategic purposes US$ Millions, unaudited September 30, 2025 December 31, 2024 Corporate cash and financial assets $ 407 $ 276 Committed corporate credit facility 2,225 2,225 Subordinated corporate credit facility 1,000 1,000 Draws under corporate credit facility — (300) Commitments under corporate credit facility (11) (10) Commercial paper (1,100) (850) Proportionate cash retained in businesses 1,388 1,525 Proportionate availability under subsidiary credit facilities 1,631 1,617 Total liquidity $ 5,540 $ 5,483
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Q3 2025 BIP Supplemental 24BROOKFIELD.COM 1. Total borrowings, recourse borrowings and the average term to maturity are presented on a pro-forma basis to exclude draws of $0 million on our corporate credit facility, $1,100 million of commercial paper and deferred financing fees of $31 million 2. Midstream term to maturity includes hybrid notes outstanding until the first call date in 2029 adjusting these notes until legal maturity in 2079 would result in the segment average term to be 10 years, and total borrowings to be 8 years 3. Well-laddered debt maturity profile with an average term of ~8 years with ~90% of debt fixed rate and no significant maturities this year. Fixed rate debt excludes (i) most revolving and capital expenditure facilities and (ii) BRL denominated financing given limited availability of fixed rate debt Maturity Profile • We finance our assets principally at the operating company level with debt that generally has long-term maturities, few restrictive covenants and no recourse to either Brookfield Infrastructure or our other operations. • On a proportionate basis as of September 30, 2025, scheduled principal repayments over the next five years are as follows: US$ Millions, unaudited Average Term (years)3 2025 2026 2027 2028 2029 Beyond Total Recourse borrowings Net corporate borrowings1 15 $ — $ — $ 324 $ 503 $ 503 $ 2,864 $ 4,194 Total recourse borrowings1 15 — — 324 503 503 2,864 4,194 Utilities Commercial & Residential Distribution 10 19 191 178 728 414 3,082 4,612 Regulated Transmission 8 5 79 93 155 369 1,033 1,734 9 24 270 271 883 783 4,115 6,346 Transport Diversified Terminals 5 31 377 720 263 281 2,214 3,886 Rail 5 5 193 24 262 225 1,045 1,754 Toll Roads 8 55 150 153 150 120 634 1,262 6 91 720 897 675 626 3,893 6,902 Midstream2 6 4 216 300 776 1,119 3,552 5,967 Data Data Transmission & Distribution 7 8 414 197 672 937 4,658 6,886 Data Storage 4 32 90 202 820 356 1,023 2,523 6 40 504 399 1,492 1,293 5,681 9,409 Total non-recourse borrowings 7 159 1,710 1,867 3,826 3,821 17,241 28,624 Total borrowings1,2,3 8 $ 159 $ 1,710 $ 2,191 $ 4,329 $ 4,324 $ 20,105 $ 32,818 —% 5% 7% 13% 13% 62% 100%
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Q3 2025 BIP Supplemental 25BROOKFIELD.COM Proportionate Net Debt The following table presents our share of borrowings, cash and net debt by segment: As of US$ Millions, unaudited September 30, 2025 December 31, 2024 Borrowings Utilities $ 6,346 $ 5,966 Transport 6,902 7,513 Midstream 5,967 6,076 Data 9,409 6,546 Corporate 5,263 4,542 Total borrowings $ 33,887 $ 30,643 Cash retained in businesses Utilities $ 146 $ 273 Transport 362 390 Midstream 56 122 Data 824 740 Corporate 407 276 Total cash retained and financial assets $ 1,795 $ 1,801 Net debt Utilities $ 6,200 $ 5,693 Transport 6,540 7,123 Midstream 5,911 5,954 Data 8,585 5,806 Corporate 4,856 4,266 Total net debt $ 32,092 $ 28,842 • 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 7.1%, 6.0%, 5.6%, 5.9%, and 4.9%, respectively
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Q3 2025 BIP Supplemental 26BROOKFIELD.COM Supplemental Measures As of US$ Millions, Except Per Unit Information, unaudited September 30, 2025 December 31, 2024 Partnership units outstanding, end of period 654.8 655.5 Price $ 32.89 $ 31.79 Partnership Market Capitalization 21,536 20,838 Class A Shares of BIPC outstanding 136.7 136.8 Price $ 41.12 $ 40.01 BIPC Market Capitalization 5,621 5,473 Combined Market Capitalization 27,157 26,311 Preferred units 1,115 1,211 Proportionate net debt 32,092 28,842 Enterprise Value (EV) $ 60,364 $ 56,364 Proportionate Net Debt to Capitalization (based on market value) 53 % 51 % Proportionate Net Debt to Capitalization (based on invested capital) 71 % 69 % Corporate Borrowings to Capitalization (based on invested capital) 12 % 11 % The following table provides the calculation of one of our performance measures, Return on Invested Capital: Three Months Ended September 30 Nine Months Ended September 30 US$ Millions, unaudited 2025 2024 2025 2024 FFO $ 654 $ 599 $ 1,938 $ 1,822 Maintenance Capital (194) (167) (459) (438) Return of Capital (32) (30) (96) (91) Adjusted AFFO $ 428 $ 402 $ 1,383 $ 1,293 Weighted Average Invested Capital $ 12,866 $ 13,038 $ 12,933 $ 13,035 Return on Invested Capital (ROIC)1 14 % 12 % 14 % 13 % The following table presents supplemental measures to assist users in understanding and evaluating the partnership's capital structure: 1. Return on invested capital is calculated as adjusted AFFO over the last twelve months divided by weighted average invested capital
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Q3 2025 BIP Supplemental 27BROOKFIELD.COM 1. USD net equity investment excludes $389 million of preferred units and $293 million of perpetual subordinated notes 2. CAD net equity investment excludes $433 million of preferred units and preferred shares 3. Includes medium-term notes, draws on our revolving credit facility, commercial paper issuances, the deposit from our parent and working capital at the corporate level Foreign Currency Hedging Strategy • As at September 30, 2025, 83% of overall net equity is USD functional • We have implemented a strategy to hedge all of our expected FFO generated in GBP, EUR, AUD, CAD, and INR for the next 24 months • For the three months ended September 30, 2025, 32%, 18%, 18%, 12%, 7%, and 13% of our pre-corporate FFO was generated in USD, CAD, BRL, GBP, AUD and other, respectively • Due to our FFO hedging program ~80% of our pre-corporate FFO is effectively generated in USD and the balance in BRL To the extent that it is economic to do so, we hedge a portion of our equity investments and/or cash flows exposed to foreign currencies. The following principles form the basis of our foreign currency hedging strategy: • We leverage any natural hedges that may exist within our operations • We utilize local currency debt financing to the extent possible • We may utilize derivative contracts to the extent that natural hedges are insufficient The following table presents our hedged position in foreign currencies as at September 30, 2025: Foreign Currency Hedges US$ Millions, unaudited USD1 GBP EUR AUD BRL CAD2 INR Other Gross equity investment – US$ $ 5,453 2,545 1,848 1,030 1,276 170 67 323 Corporate Items – US$3 (3,863) — — — — — — — Equity investment 1,590 2,545 1,848 1,030 1,276 170 67 323 FX contracts – US$ 5,771 (2,519) (1,848) (789) (338) (170) (67) (40) Net unhedged – US$ $ 7,361 26 — 241 938 — — 283 % of equity investment hedged N/A 99% 100% 77% 26% 100% 100% 12%
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Q3 2025 BIP Supplemental 28BROOKFIELD.COM Capital Reinvestment • 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 The following table highlights the sources and uses of cash during the year: Three Months Ended September 30 Nine Months Ended September 30 US$ Millions, unaudited 2025 2024 2025 2024 Funds from operations (FFO) $ 654 $ 599 $ 1,938 $ 1,822 Maintenance capital (194) (167) (459) (438) Funds available for distribution (AFFO) 460 432 1,479 1,384 Distributions paid (435) (411) (1,308) (1,233) Funds available for reinvestment 25 21 171 151 Growth capital expenditures (985) (543) (2,437) (1,611) Debt funding of growth capex 815 363 1,879 1,190 Non-recourse (repayments) draws (473) (412) (148) 448 Proceeds from capital recycling 544 515 1,692 1,162 New and follow-on investments1 (568) (178) (624) (993) Net draws (repayments) on corporate credit facility and commercial paper (158) 38 (50) 678 Partnership unit issuances, net of (repurchases) — 3 (24) 9 Debt issuances (redemptions) 463 — 554 (378) Deposits from parent / affiliates (59) — (207) — Changes in financial asset portfolio 139 (203) 366 (329) Impact of foreign currency movements 7 22 68 (26) Cash retained in term deposits2 — — (1,248) — Changes in working capital and other 38 (89) 2 (380) Change in proportionate cash and financial assets (212) (463) (6) (79) Opening, proportionate cash and financial assets 2,007 2,180 1,801 1,796 Closing, proportionate cash and financial assets $ 1,795 $ 1,717 $ 1,795 $ 1,717 1. New and follow-on investments in 2024 includes a North American data center platform acquired in Q4 2023 but funded on January 26, 2024 2. Includes term deposits at our U.S. semiconductor manufacturing facility from a bond issuance completed in Q1 2025
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Q3 2025 BIP Supplemental 29BROOKFIELD.COM For the year ended December 31 US$ Millions, unaudited 2020 2021 2022 2023 2024 2020 - 2024 Capital deployed in new investments1,2 $ 976 $ 3,048 $ 2,238 $ 2,652 $ 626 $ 9,540 Growth capital expenditures (net of non-recourse debt financing) 397 476 729 423 651 2,676 Total growth initiatives 1,373 3,524 2,967 3,075 1,277 12,216 Capital raised in capital markets3 (502) (3,206) (1,058) (1,264) 149 (5,881) Proceeds from asset sales4 (370) (1,938) (750) (1,865) (1,230) (6,153) Funding from retained cash flows and credit facility draws $ 501 $ (1,620) $ 1,159 $ (54) $ 196 $ 182 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 five years, we have deployed ~$12 billion in acquisitions and organic growth initiatives, which has been funded through our capital recycling program, capital market issuances and retained cash flows 1. Capital deployed in new investments excludes investments in financial assets 2. 2022 includes the $1.2 billion acquisition of HomeServe on January 4, 2023 (and is excluded from 2023) and 2023 includes the $0.4 billion acquisition of Compass on October 3, 2023 which was funded on January 26, 2024 3. 2024 capital raised in capital markets is net of a $531 million redemption of medium-term notes, which occurred in February 2024 4. 2024 proceeds from asset sales exclude the upfinancings at our U.S. gas pipeline and our Mexican regulated natural gas transmission business, which occurred in Q4 2023 Capital Reinvestment (cont’d)
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Q3 2025 BIP Supplemental 30BROOKFIELD.COM Capital Reinvestment (cont’d) The following tables present the components of growth and maintenance capital expenditures by operating segment: • Following the closing of our new investments and asset sales, we estimate annual maintenance capital expenditures for the upcoming year will be $80-90 million, $330-360 million, $150-160 million and $40-50 million for our utilities, transport, midstream and data segments, respectively, for a total range of $600-660 million Three Months Ended September 30 Nine Months Ended September 30 US$ Millions, unaudited 2025 2024 2025 2024 Growth capital expenditures by segment Utilities $ 147 $ 125 $ 388 $ 354 Transport 202 89 304 252 Midstream 27 32 116 106 Data 609 297 1,629 899 Total $ 985 $ 543 $ 2,437 $ 1,611 Three Months Ended September 30 Nine Months Ended September 30 US$ Millions, unaudited 2025 2024 2025 2024 Maintenance capital expenditures by segment Utilities $ 19 $ 20 $ 60 $ 56 Transport 121 99 245 245 Midstream 44 40 122 117 Data 10 8 32 20 Total $ 194 $ 167 $ 459 $ 438
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Q3 2025 BIP Supplemental 31BROOKFIELD.COM Asset Sales US$ Millions, unaudited 2021 2022 2023 2024 2025 Total Proceeds on sale $ 1,900 $ 750 $ 1,850 $ 100 $ 1,690 $ 6,290 Less: IFRS carrying value (850) (550) (1,300) (50) (1,160) (3,910) Gain on sale $ 1,050 $ 200 $ 550 $ 50 $ 530 $ 2,380 Cumulative revaluation gains 400 150 — — 500 1,050 Total Gains $ 1,450 $ 350 $ 550 $ 50 $ 1,030 $ 3,430 Since inception we have completed over 39 transactions for ~$10.4 billion in proceeds, with an average IRR of 23% Over the last five years, we have generated ~$6.3 billion of proceeds from 25 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 ~60%. 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 and a 90% interest in a portfolio of stabilized data center assets at our European hyperscale data center platform
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Q3 2025 BIP Supplemental 32BROOKFIELD.COM Partnership Capital • 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 $81 million were paid during the quarter versus $74 million in the prior year as a result of the increase in units and the 6% increase in our distribution on partnership units • 44 million preferred units outstanding at September 30, 2025; 28 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 September 30, 2025, preferred unit distributions of $11 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 September 30, 2025, interest of $4 million was paid 1. Includes 0.9 million Exchange LP units as at September 30, 2025 (1.0 million units as at December 31, 2024) 2. Includes 4.6 million BIPC exchangeable LP units as at September 30, 2025 (4.7 million units as at December 31, 2024) As of Millions of partnership units, unaudited September 30, 2025 December 31, 2024 Redeemable partnership units 190.3 190.3 Limited partnership units1 462.1 462.8 General partnership units 2.4 2.4 Class A shares of BIPC2 136.7 136.8 Total partnership units 791.5 792.3 The total number of partnership units outstanding consisted of the following:
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Q3 2025 BIP Supplemental Appendix – Reconciliation of Non-IFRS Financial Measures
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Q3 2025 BIP Supplemental 34BROOKFIELD.COM Reconciliation of Non-IFRS Measures to IFRS Measures Reconciliation of Net Income to Funds from Operations 1. I n c l u d e s n e t i n c o m e a t t r i b u t a b l e t o l i m i t e d p a r t n e r s , t h e g e n e r a l p a r t n e r , a n d n o n - c o n t r o l l i n g i n t e r e s t s ‒ R e d e e m a b l e P a r t n e r s h i p U n i t s h e l d b y B r o o k f i e l d , E x c h a n g e L P u n i t s , B I P C exchangeable LP units and BIPC exchangeable shares Three Months Ended September 30 Nine Months Ended September 30 US$ Millions, unaudited 2025 2024 2025 2024 Net income (loss) attributable to partnership1 $ 440 $ (52) $ 634 $ 126 Add back or deduct the following: Depreciation and amortization 453 412 1,299 1,252 Deferred income taxes (1) (7) (34) (28) Mark-to-market and other (238) 246 39 472 FFO 654 599 1,938 1,822 Maintenance capital expenditures (194) (167) (459) (438) AFFO $ 460 $ 432 $ 1,479 $ 1,384
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Q3 2025 BIP Supplemental 35BROOKFIELD.COM Reconciliation of Net Income to Adjusted Earnings Three Months Ended September 30 Nine Months Ended September 30 US$ Millions, unaudited 2025 2024 2025 2024 Net income (loss) attributable to partnership1 $ 440 $ (52) $ 634 $ 126 Add back or deduct the following: Depreciation and amortization expense due to application of revaluation model and acquisition accounting 181 164 517 494 Mark-to-market and other 20 89 239 15 Gain on sale of subsidiaries or ownership changes (379) — (685) — Adjusted Earnings $ 262 $ 201 $ 705 $ 635 1. I n c l u d e s n e t i n c o m e a t t r i b u t a b l e t o l i m i t e d p a r t n e r s , t h e g e n e r a l p a r t n e r , a n d n o n - c o n t r o l l i n g i n t e r e s t s ‒ R e d e e m a b l e P a r t n e r s h i p U n i t s h e l d b y B r o o k f i e l d , E x c h a n g e L P u n i t s , B I P C exchangeable LP units and BIPC exchangeable shares • 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)
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Q3 2025 BIP Supplemental 36BROOKFIELD.COM Reconciliation of Non-IFRS Measures to IFRS Measures (cont’d) Reconciliation of Net Income to Adjusted Earnings Per Unit Three Months Ended September 30 Nine Months Ended September 30 US$ Millions, Except Per Unit Information, unaudited 2025 2024 2025 2024 Net income (loss) per limited partnership unit1 $ 0.44 $ (0.18) $ 0.45 $ (0.18) Add back or deduct the following: Depreciation and amortization expense due to application of revaluation model and acquisition accounting 0.23 0.21 0.66 0.62 Mark-to-market and other 0.14 0.22 0.64 0.36 Gain on sale of subsidiaries or ownership changes (0.48) — (0.86) — Adjusted Earnings per unit2 $ 0.33 $ 0.25 $ 0.89 $ 0.80 1. Average limited partnership units outstanding on a time weighted average basis for the three and nine-month periods ended September 30, 2025 of 461.1 million and 459.8 million (2024: 461.7 million and 461.5 million) 2. Average units on a time weighted average basis for the three and nine-month periods ended September 30, 2025 of 791.5 million and 790.2 million (2024: 792.2 million and 792.1 million)
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Q3 2025 BIP Supplemental 37BROOKFIELD.COM Reconciliation of Non-IFRS Measures to IFRS Measures (cont’d) Brookfield Infrastructure's Share For the Three Months Ended September 30, 2025 US$ Millions Utilities Transport Midstream Data Corporate Total Contribution from investments in associates Attributable to non-controlling interest As per IFRS financials1 Revenues $ 720 $ 609 $ 409 $ 296 $ — $ 2,034 $ (453) $ 4,394 $ 5,975 Costs attributed to revenues (389) (214) (172) (85) — (860) 124 (2,630) (3,366) General and administrative costs — — — — (107) (107) — — (107) Adjusted EBITDA 331 395 237 211 (107) 1,067 (329) 1,764 Other (expense) income (28) (9) 2 4 55 24 (38) (56) (70) Interest expense (113) (100) (83) (77) (64) (437) 93 (670) (1,014) FFO 190 286 156 138 (116) 654 (274) 1,038 Depreciation and amortization (84) (143) (114) (112) — (453) 122 (719) (1,050) Deferred taxes (9) (4) 1 — 13 1 (9) (106) (114) Mark-to-market and other (48) 323 (12) (4) (21) 238 (267) 88 59 Share of earnings from associates — — — — — — 428 9 437 Net income attributable to non- controlling interest — — — — — — — (310) (310) Net income (loss) attributable to partnership2 $ 49 $ 462 $ 31 $ 22 $ (124) $ 440 $ — $ — $ 440 1. 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. 2. I n c l u d e s n e t i n c o m e a t t r i b u t a b l e t o l i m i t e d p a r t n e r s , t h e g e n e r a l p a r t n e r , a n d n o n - c o n t r o l l i n g i n t e r e s t s ‒ R e d e e m a b l e P a r t n e r s h i p U n i t s h e l d b y B r o o k f i e l d , E x c h a n g e L P u n i t s , B I P C exchangeable LP units and BIPC exchangeable shares Reconciliation of Proportionate Operating Results to Consolidated Operating Results
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Q3 2025 BIP Supplemental 38BROOKFIELD.COM Reconciliation of Non-IFRS Measures to IFRS Measures (cont’d) Brookfield Infrastructure's Share For the Three Months Ended September 30, 2024 US$ Millions Utilities Transport Midstream Data Corporate Total Contribution from investments in associates Attributable to non-controlling interest As per IFRS financials1 Revenues $ 669 $ 640 $ 396 $ 226 $ — $ 1,931 $ (506) $ 3,845 $ 5,270 Costs attributed to revenues (357) (223) (158) (75) — (813) 155 (2,385) (3,043) General and administrative costs — — — — (113) (113) — — (113) Adjusted EBITDA 312 417 238 151 (113) 1,005 (351) 1,460 Other (expense) income (26) (3) (3) 1 52 21 11 (74) (42) Interest expense (98) (106) (88) (67) (68) (427) 102 (548) (873) FFO 188 308 147 85 (129) 599 (238) 838 Depreciation and amortization (78) (142) (108) (84) — (412) 126 (568) (854) Deferred taxes (7) (1) — 3 12 7 6 43 56 Mark-to-market and other (43) (65) (22) (2) (114) (246) 50 (27) (223) Share of earnings from associates — — — — — — 56 — 56 Net income attributable to non- controlling interest — — — — — — — (286) (286) Net income (loss) attributable to partnership2 $ 60 $ 100 $ 17 $ 2 $ (231) $ (52) $ — $ — $ (52) 1. 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 2. I n c l u d e s n e t i n c o m e a t t r i b u t a b l e t o l i m i t e d p a r t n e r s , t h e g e n e r a l p a r t n e r , a n d n o n - c o n t r o l l i n g i n t e r e s t s ‒ R e d e e m a b l e P a r t n e r s h i p U n i t s h e l d b y B r o o k f i e l d , E x c h a n g e L P u n i t s , B I P C exchangeable LP units and BIPC exchangeable shares Reconciliation of Proportionate Operating Results to Consolidated Operating Results
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Q3 2025 BIP Supplemental 39BROOKFIELD.COM Reconciliation of Non-IFRS Measures to IFRS Measures (cont’d) Brookfield Infrastructure's Share For the Nine Months Ended September 30, 2025 US$ Millions Utilities Transport Midstream Data Corporate Total Contribution from investments in associates Attributable to non-controlling interest As per IFRS financials1 Revenues $ 2,080 $ 1,808 $ 1,219 $ 808 $ — $ 5,915 $ (1,399) $ 12,280 $ 16,796 Costs attributed to revenues (1,107) (610) (479) (250) — (2,446) 381 (7,359) (9,424) General and administrative costs — — — — (312) (312) — — (312) Adjusted EBITDA 973 1,198 740 558 (312) 3,157 (1,018) 4,921 Other (expense) income (90) (26) (10) 16 163 53 (21) (284) (252) Interest expense (314) (294) (248) (221) (195) (1,272) 283 (1,833) (2,822) FFO 569 878 482 353 (344) 1,938 (756) 2,804 Depreciation and amortization (247) (423) (332) (297) — (1,299) 356 (2,008) (2,951) Deferred taxes (7) (4) (6) 26 25 34 (31) (35) (32) Mark-to-market and other (31) 301 120 (151) (278) (39) (96) 112 (23) Share of earnings from associates — — — — — — 527 21 548 Net income attributable to non- controlling interest — — — — — — — (894) (894) Net income (loss) attributable to partnership2 $ 284 $ 752 $ 264 $ (69) $ (597) $ 634 $ — $ — $ 634 1. 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 2. I n c l u d e s n e t i n c o m e a t t r i b u t a b l e t o l i m i t e d p a r t n e r s , t h e g e n e r a l p a r t n e r , a n d n o n - c o n t r o l l i n g i n t e r e s t s ‒ R e d e e m a b l e P a r t n e r s h i p U n i t s h e l d b y B r o o k f i e l d , E x c h a n g e L P u n i t s , B I P C exchangeable LP units and BIPC exchangeable shares Reconciliation of Proportionate Operating Results to Consolidated Operating Results
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Q3 2025 BIP Supplemental 40BROOKFIELD.COM Reconciliation of Non-IFRS Measures to IFRS Measures (cont’d) Brookfield Infrastructure's Share For the Nine Months Ended September 30, 2024 US$ Millions Utilities Transport Midstream Data Corporate Total Contribution from investments in associates Attributable to non-controlling interest As per IFRS financials1 Revenues $ 1,986 $ 1,904 $ 1,246 $ 648 $ — $ 5,784 $ (1,491) $ 11,302 $ 15,595 Costs attributed to revenues (1,051) (661) (525) (228) — (2,465) 446 (6,994) (9,013) General and administrative costs — — — — (302) (302) — — (302) Adjusted EBITDA 935 1,243 721 420 (302) 3,017 (1,045) 4,308 Other (expense) income (93) (17) (8) 8 146 36 44 (251) (171) Interest expense (284) (297) (253) (197) (200) (1,231) 293 (1,555) (2,493) FFO 558 929 460 231 (356) 1,822 (708) 2,502 Depreciation and amortization (236) (404) (350) (262) — (1,252) 350 (1,770) (2,672) Deferred taxes (20) (3) (1) 62 (10) 28 2 227 257 Mark-to-market and other (115) (206) (69) 108 (190) (472) 164 147 (161) Share of earnings from associates — — — — — — 192 — 192 Net income attributable to non- controlling interest — — — — — — — (1,106) (1,106) Net income (loss) attributable to partnership2 $ 187 $ 316 $ 40 $ 139 $ (556) $ 126 $ — $ — $ 126 1. 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 2. I n c l u d e s n e t i n c o m e a t t r i b u t a b l e t o l i m i t e d p a r t n e r s , t h e g e n e r a l p a r t n e r , a n d n o n - c o n t r o l l i n g i n t e r e s t s ‒ R e d e e m a b l e P a r t n e r s h i p U n i t s h e l d b y B r o o k f i e l d , E x c h a n g e L P u n i t s , B I P C exchangeable LP units and BIPC exchangeable shares Reconciliation of Proportionate Operating Results to Consolidated Operating Results
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Q3 2025 BIP Supplemental 41BROOKFIELD.COM Reconciliation of Non-IFRS Measures to IFRS Measures (cont’d) For the Three Months Ended September 30 For the Nine Months Ended September 30 Partnership Capital Invested Capital Partnership Capital Invested Capital US$ Millions, unaudited 2025 2024 2025 2024 2025 2024 2025 2024 Opening balance1 $ 7,625 $ 8,413 $ 12,866 $ 13,038 $ 8,074 $ 9,144 $ 12,971 $ 13,032 Items impacting Partnership Capital Net income (loss) 440 (52) — — 634 126 — — Other comprehensive income (loss) 99 25 — — 347 (74) — — Ownership changes and other 2 (8) — — 8 (2) — — Distributions to unitholders (435) (411) — — (1,308) (1,233) — — Items impacting Invested Capital Preferred unit issuances, net of (redemptions) — — — — — — (96) — Items impacting both metrics Equity issuances, net of (buybacks) 3 3 3 3 (21) 9 (6) 9 Ending balance 7,734 7,970 12,869 13,041 7,734 7,970 12,869 13,041 Weighted Average Invested Capital $ — $ — $ 12,866 $ 13,038 $ — $ — $ 12,933 $ 13,035 1. 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. Reconciliation of Partnership Capital to Invested Capital
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Q3 2025 BIP Supplemental 42BROOKFIELD.COM Reconciliation of Non-IFRS Measures to IFRS Measures (cont’d) 1. The above tables provide each segment’s assets 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 assets to total assets presented on the Partnership’s consolidated statements of financial position by removing net liabilities contained within investments in associates, reflecting the assets attributable to non-controlling interests, and adjusting for working capital assets which are netted against working capital liabilities. Reconciliation of Proportionate Assets to Consolidated Assets – as of September 30, 2025 Total Attributable to Brookfield Infrastructure US$ Millions, unaudited Utilities Transport Midstream Data Corporate Brookfield Infrastructure Contribution from investment in associates Attributable to non- controlling interest Working capital adjustment As per IFRS financials 1 Total assets $ 9,465 $ 10,854 $ 9,937 $ 12,823 $ (3,253) $ 39,826 $ (8,340) $ 81,976 $ 10,837 $ 124,299 Reconciliation of Proportionate Assets to Consolidated Assets – as of December 31, 2024 Total Attributable to Brookfield Infrastructure US$ Millions, unaudited Utilities Transport Midstream Data Corporate Brookfield Infrastructure Contribution from investment in associates Attributable to non- controlling interest Working capital adjustment As per IFRS financials 1 Total assets $ 8,911 $ 11,720 $ 9,658 $ 9,358 $ (2,731) $ 36,916 $ (7,534) $ 66,461 $ 8,747 $ 104,590
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Q3 2025 BIP Supplemental 43BROOKFIELD.COM Reconciliation of Consolidated Debt to Proportionate Debt As of US$ Millions, unaudited September 30, 2025 December 31, 2024 Consolidated debt $ 61,918 $ 51,094 Add: proportionate share of debt of investment in associates Utilities 285 608 Transport 3,139 3,494 Midstream — 488 Data 6,334 4,190 Add: proportionate share of debt directly associated with assets held for sale 489 — Less: debt attributable to non-controlling interest1 (38,604) (29,927) Premium on debt, cross currency swaps and other 326 696 Proportionate debt $ 33,887 $ 30,643 1. Includes draws made under Brookfield's private funds credit facility used to bridge acquisitions over period-end. Borrowings made under the facility are secured by limited partner commitments and are non-recourse to the Partnership Reconciliation of Non-IFRS Measures to IFRS Measures (cont’d)
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Q3 2025 BIP Supplemental 44BROOKFIELD.COM 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 be comparable to similar measures presented by other companies – FFO, Adjusted EBITDA, Adjusted Earnings and AFFO include balances attributable to the Partnership generated by investments in associates and joint ventures accounted for using the equity method and excludes amounts attributable to non-controlling interests based on the economic interests held by non-controlling interests in consolidated subsidiaries. – FFO, AFFO, Adjusted earnings and invested capital are reconciled to Net Income and Partnership capital, respectively, the closest measures determined under IFRS on pages 34, 35 and 41, respectively • FFO is defined as net income excluding the impact of certain non-cash items including depreciation and amortization, deferred income taxes, mark-to- market gains (losses) and other income (expenses) that are not related to normal revenue earning activities or that are not normal, recurring cash operating expenses necessary for business operations. FFO includes income (loss) earned by data center developers which is generated through the development, commercialization, and sale of completed sites. The inclusion of this income reflects the operating performance of such investments and includes income (or losses) recognized in the current and prior periods – Brookfield Infrastructure uses FFO to assess its operating results • Adjusted EBITDA is defined as net income excluding the impact of interest expense, depreciation and amortization, income taxes, mark-to-market gains (losses) and other income (expenses) corresponding to amounts that are not related to normal revenue earning activities and are not normal, recurring cash operating expenses necessary for business operations. Adjusted EBITDA includes income (loss) earned by data center developers which is generated through the development, commercialization, and sale of completed sites. The inclusion of this income reflects the operating performance of such investments and includes income (or losses) recognized in the current and prior periods – Brookfield Infrastructure uses Adjusted EBITDA as a measure of operating performance • Adjusted Earnings is 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 – Gains on the disposition of subsidiaries, associates and joint ventures • AFFO is a measure of our long-term sustainable performance and is calculated as FFO less capital expenditures required to maintain the current performance of our operations (maintenance capital expenditures) • Invested capital tracks the amount of capital that has been contributed to our partnership and is a measure we utilize to assess returns on capital deployed, relative to targeted returns