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Corporate Profile BROOKFIELD INFRASTRUCTURE NYSE: BIP, BIPC TSX: BIP.UN, BIPC FEBRUARY 2026
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FORWARD-LOOKING STATEMENTS This presentation contains forward-looking information within the meaning of Canadian provincial securities laws and other “forward looking statements” within the meaning of 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 applicable Canadian securities regulations. The words “growing”, “target”, “growth”, “anticipate”, “plan”, “objective”, “expect”, “will”, “may”, “backlog”, “potential”, “believe”, “increase”, “intend”, derivations thereof and other expressions 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 presentation include statements regarding our cash flows, participation in a growing asset class, targeting of dividend yield or payout ratio, growth in FFO and distributions, our ability to identify, acquire and integrate new acquisition opportunities, estimated future rates of growth, or expectations regarding economic developments and our ability to benefit from completion and performance of new investments, return objectives, potential demand for additional capacity at our operations, further investment in our existing operations, volume increases in the businesses in which we operate, economic developments in the jurisdictions and markets in which we operate and the effects of such developments on our businesses, targeted equity returns, increasing demand for commodities and global movement of goods, upside potential from development projects, availability of and access to funding for growth projects with debt and internally generated cash flow, future growth prospects including large-scale development and expansion projects, distribution payout ratio, ability to finance our backlog of growth projects, future capital appreciation, trends in global credit and financial markets, likely sources of future investment opportunities, our expectations regarding returns to our unitholders, distribution policy and objectives and other statements with respect to our beliefs, outlooks, plans, expectations and intentions. Although Brookfield Infrastructure believes that these forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on them, or any other forward-looking statements or information in this presentation. The future performance and prospects of Brookfield Infrastructure are subject to a number of known and unknown risks and 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. Except as required by law, Brookfield Infrastructure Partners undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise. IMPORTANT NOTE REGARDING NON-IFRS FINANCIAL MEASURES To measure performance, we focus on net income as well as funds from operations (“FFO”) and invested capital, which we refer to throughout this presentation. We define FFO 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 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. FFO and invested capital are not calculated in accordance with, and do not have any standardized meaning prescribed by International Financial Reporting Standards (“IFRS”). FFO and invested capital are therefore unlikely to be comparable to similar measures presented by other issuers. FFO and invested capital have limitations as analytical tools. See the Reconciliation of Non-IFRS Financial Measures section of the most recent Annual Report on Form 20-F and the Partnership’s Supplemental Information report for a more fulsome discussion including a reconciliation to the most directly comparable IFRS measures. CURRENCY All dollar values are expressed in United States dollars unless otherwise noted. Cautionary Statement 2
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Brookfield Infrastructure 3 Global Diversification Pure-play, publicly traded global owner and operator of utilities, transport, midstream and data assets High-Quality Assets Essential infrastructure that generates stable cash flows, underpinned by contractual and regulatory frameworks Sector Growth Significant capital deployment opportunities from digitalization, decarbonization and deglobalization trends Sustainability Focus Sustainability criteria is embedded into the investment process and is a core driver of long-term value Experienced Management Team Proven track record delivering long-term results through active ownership approach Stable & Growing Distributions 17-year history of increases within or above our annual growth target of 5-9%
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Business Strategy FFO per unit growth target 10%+ Annual distribution growth target 5-9% Payout ratio target 60-70% high-quality assets on a value basis Acquire Enhance Recycle through operations-oriented management mature assets to fund new investments Objective is to own and operate a globally diversified portfolio of high-quality infrastructure assets that will generate sustainable and growing distributions over the long term Target IRR: 12-15%+ 4
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Global Infrastructure Owner & Operator 1. Based on pre-corporate FFO for the last twelve months ended December 31, 2025 2. Includes U.S. denominated FFO and foreign currency denominated FFO that is hedged to the USD 5 Americas1 68% Europe1 20% Asia Pacific1 12% 12 Corporate offices ~57,000 Operating employees +320 Corporate & investment professionals 80%+ FFO in USD1,2
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Essential Infrastructure Diversified Across Asset Classes 6 1. Based on pre-corporate FFO for the last twelve months ended December 31, 2025 Utilities Transport Midstream Data FFO 2025 16%22%37%25% Regulated Transmission Diversified Terminals Rail Commercial & Residential Distribution Toll Roads Data Storage Data Transmission & Distribution Energy Transportation, Storage & Processing 8% 17% 12% 6%19% 10% 6%
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Asset Detail1 7 1. As of December 31, 2025 2. Recourse borrowings exclude draws of $0 million on our corporate credit facility, $735 million of commercial paper and deferred financing fees of $30 million 3. Based on FFO for the last twelve months ended December 31, 2025 4. Twenty-foot equivalent units (TEU) $64B Enterprise value $4.2B Recourse debt2 $2.6B 2025 FFO3 Utilities • 3,500 km of natural gas pipelines and 3,100 km of electricity transmission lines • A global residential decarbonization infrastructure platform servicing 10.5 million customers, as well as 8.9 million electricity and natural gas connections Transport • 36,300 km of rail, 130,000 railcars, 3,200 km of toll roads, 7 million4 intermodal containers, 6 terminals and 30 million tonnes per year of LNG export capacity Midstream • 19,500 km of long-haul, conventional and natural gas gathering pipelines, as well as 280 bcf of natural gas storage and 5.6 bcf/d of processing capacity Data • 308,000 telecom towers, 2 semiconductor manufacturing foundries, 77,000 km of fiber optic cable and 720,000 fiber-to-the-premise connections • Over 150 data centers, with approximately 2.3 GW of contracted capacity
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Generated FFO per unit of $3.32 in 2025, representing a 10% increase from 2024, normalized for record asset sales and foreign exchange Announced a quarterly distribution increase of 6% to $0.455 per unit during 2026, or $1.82 per unit on an annualized basis Invested approximately $2.2 billion of equity into growth initiatives, including $1.5 billion in five new investments diversified by sector and region Exceeded our capital recycling objective of $3 billion for 2025 and have already made progress towards 2026’s target of $3 billion Ended the year with record liquidity of $6 billion, including just under $3 billion at the corporate level 2025 Achievements 8
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Investment Highlights 9 1. Excludes (i) most revolving and capital expenditure facilities and (ii) BRL denominated financing given limited availability of fixed rate debt Track record of delivering long-term value to unitholders Cash flow frameworks provide strong downside protection, with growth potential Solid financial position and well-capitalized balance sheet 14% FFO CAGR 2009-2025 9% Distribution CAGR 2009-2025 85% FFO is protected from, or indexed to, inflation 85% FFO contracted or regulated BBB+ Investment-grade credit ratings from S&P & Fitch 90% Fixed-rate debt1, with an average maturity of eight years
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$1.72 $ 3.32 2009 2011 2013 2015 2017 2019 2021 2023 2025 Value Creation Track Record 10 14% FFO per unit CAGR 9% Distributions per unit CAGR
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Highly Contracted or Regulated Frameworks 11 1. Pre-corporate FFO for the last twelve months ended December 31, 2025 2. Excludes regulated cash flows that are perpetual in nature FFO1 2025 Segmented FFO Contracted/Regulated Utilities 90% Transport 80% Midstream 75% Data 95% Contracted FFO2 Years Utilities 9 Transport 8 Midstream 11 Data 10 85% Contracted or Regulated 9 Year Weighted Average Duration
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Cash Flow Stability 12 1. Pre-corporate FFO for the last twelve months ended December 31, 2025 Utilities Transport Midstream Data FFO1 2025 55%85% 15% 5% 95% 5% 70% 15% 15% 25% 70% 5% No Volume or Price Exposure Rate Regulated with GDP Exposure Market Sensitive 40%
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Inflationary Benefits 13 1. Pre-corporate FFO for the last twelve months ended December 31, 2025 2. Comprised of FFO generated through market sensitive or fixed contract frameworks Utilities Transport Midstream Data 65%95% 5% 25% 95% 5% 35% 30% 35% FFO1 2025 ~85% Inflation Indexed or Protected Inflation Protected (Margin neutral) Inflation Exposed2 (Margin variability) Inflation Indexation (Margin expansion)on) ~70% ~15% ~15% 10%
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~$3B Corporate liquidity2 Strong Financial Position • Self-funded business model through capital recycling, retained cash flow and robust liquidity ‒ Generated $3.1 billion of asset sale proceeds in 2025, with a target of $3 billion for 2026 ‒ Maintain strong capital markets access to fund accretive growth initiatives • Proactively seek long-term fixed-rate debt that is non-recourse to BIP • Investment-grade credit ratings of BBB+ from S&P and Fitch 1. Recourse borrowings excludes draws of $0 million on our corporate credit facility, $735 million of commercial paper and deferred financing fees of $30 million; maturity profile may not tie to the total outstanding due to rounding 2. As of December 31, 2025 3. Total borrowings, excluding (i) most revolving and capital expenditure facilities and (ii) BRL denominated financing given limited availability of fixed rate debts 14 2026 2027 2028 2029 2030 Beyond $0.4B$0.3B Recourse Debt1,2 Outstanding ~$4.2 billion Average Rate 5.0% Average Term 14 Years 90% Non-recourse debt2 $0.5B $2.5B 90% Fixed-rate debt2,3 $0.5B
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Value creation at Brookfield Infrastructure is derived from both organic growth and capital deployment 15
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Illustrative Organic Value Creation: FFO Growth 16 Inflation Indexation 3-4% GDP Growth 1-2% Reinvested Cash Flow 2-3% Organic Growth Target 6-9% 2025 organic growth was at the high end of our target range, capturing inflationary rate increases, higher volumes and recent capital commissioned
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Capital Backlog 17 We believe investing in our record capital backlog over the next 2 to 3 years provides some of the best risk-adjusted returns As of December 31 ($ Million) 2025 2024 Utilities $1,255 $1,020 Transport $545 $655 Midstream $230 $370 Data $7,125 $5,715 Total $9,155 $7,760
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• Partnered with Intel to construct a $30 billion semiconductor manufacturing facility in Arizona • Investment characteristics draw parallels to hyperscale data centers ‒ Generally contracted on a long-term basis, with highly creditworthy counterparties, where we do not assume technological risk • Project has been significantly de-risked ‒ Pace of project funding is advancing well, with over 65% funded to date ‒ Fully established a permanent capital structure comprised of long-term fixed rate debt at attractive rates Backlog Spotlight: U.S. Semiconductor Foundry 18 Investment Details Segment Data Project cost (BIP’s share) ~$3.9 billion Equity investment ~$500 million Transaction close Q4 2022
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• Over 150 operating data centers that have approximately 1.2 GW of critical load capacity ‒ 75% in the Americas, 20% in Europe and 5% in Asia Pacific • Platform development potential to over 3.6 GW ‒ Includes operating and contracted capacity of approximately 2.3 GW, underpinned primarily by hyperscale customers ‒ Approximately 1.3 GW of development potential through commercializing and developing existing asset footprint Backlog Spotlight: Global Data Center Platform1 19 1. As of December 31, 2025, unless otherwise noted Investment Details Segment Data Project backlog (BIP’s share) ~$2.4 billion
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• Entered into a strategic investment partnership with a leading provider of advanced fuel cell technology • $5 billion framework agreement to install up to 1 GW of behind-the-meter (BTM) power solutions for data centers and AI factories ‒ BIP will participate and fund a portion of the equity • Projects to be underpinned by investment-grade customers and a long-term contractual profile • Approximately 230 MW of projects secured ‒ Completed the first project to install 55 MW of BTM power in Q4 2025 ‒ Additional projects signed for hyperscaler customers, expected to be fully deployed by mid 2027 20 Backlog Spotlight: Behind-the-Meter Power Framework Agreement Investment Details Segment Data Project backlog (BIP’s share) ~$50 million Framework established Q3 2025
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Illustrative M&A Value Creation: Return Profile 21 Cash Yield Capital Structure Organic Growth Operational Improvement Target IRR Opportunistic Exit 12-15%+ • Recapitalize • Investment-grade metrics• Inflation indexation • GDP growth • FFO reinvestment • Increase efficiency • Manage costs • Enhance margins • De-risk cash flow • Create platform value • Exit to lower cost of capital buyer 15%+ Annual new investment goal of over $1.5 billion, with a target after-tax levered IRR of 12-15%+
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The ‘Three Ds’ Driving Deployment Opportunities 22 Current economic environment, coupled with global investment themes is driving significant capital deployment opportunities Digitalization Investments driven by exponential increases in data consumption and need for AI infrastructure Decarbonization Utility or residential energy infrastructure investments to meet growing power demand or increase efficiency Deglobalization Supports the reshoring of essential and strategic manufacturing processes and supply chains
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Recent Capital Deployment 23 Transaction Segment Region Description Transaction Close BIP Equity Colonial Midstream U.S. Refined Products Pipeline Q3 2025 $500M Hotwire Data U.S. Bulk Fiber Network Q3 2025 $500M SK Aircore Utilities South Korea Industrial Gas Business Q4 2025 $125M Michigan Rail Transport U.S. North American Railcar Network Q1 2026 $300M Clarus Utilities New Zealand Natural Gas Infrastructure Business Expected Q2 2026 $70M Secured approximately $1.5 billion of new investments during 2025
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• Largest refined products system in the U.S., with 2.5 million bpd of capacity, spanning 5,500 miles • Serving approximately 50% of U.S. East Coast demand as the lowest cost supplier • Multi-decade track record of strong performance, with record utilization of 94% in 2025 • Diversified customer base across 200 well capitalized shippers • Inflation-indexed tolls that have grown at or above inflation • Value based entry results in strong going in yields and expected payback of approximately 7 years Investment Spotlight: U.S. Refined Products Pipeline System 24 1. Transaction enterprise value of $9.1 billion Investment Details Segment Midstream Equity investment1 ~$500 million Transaction close Q3 2025
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• Acquired a leading provider of bulk fiber-to-the- home services in the U.S. • Strategically focused on agreements with homeowner associations (HOA) to provide all residences with critical fiber services ‒ Approximately 360,000 customers, a significant contracted backlog and growth potential through an addressable market of over 12 million HOA units • Services are underpinned by a long-term, take-or- pay and inflation-linked contractual framework, with a 100% contract renewal track record 25 Investment Details Segment Data Equity investment1 ~$500 million Transaction close Q3 2025 1. Transaction enterprise value of $6.9 billion Investment Spotlight: U.S. Bulk Fiber Network
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• Entered a joint venture to acquire one of the largest railcar leasing platforms in North America ‒ Highly diversified fleet with over 125,000 railcars and 440 locomotives • Invested alongside best-in-class strategic partner, GATX Corporation, who will operate and manage the portfolio • Strong downside protection from the in-place cash flows, residual asset value, and structured transfer of ownership to GATX over time • Fully contracted and highly cash generative assets with high utilization 26 Investment Details Segment Transport Equity investment1 ~$300 million Transaction close Q1 2026 1. Transaction enterprise value of $5.3 billion Investment Spotlight: North American Railcar Network
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Capital Recycling Track Record 27 Completed 42 transactions for ~$11.4 billion, with an average IRR of 23% Since 2021, we generated $7.4 billion of proceeds from 28 transactions at a combined ~70% premium to the IFRS carrying value 15-30%<15% 30%+ Transaction IRR 15% ~$11.4B 42 20% 65% Transaction Proceeds Number of Sales 20% 60% 20%
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Sustainability Principles 28 Uphold strong governance practices Mitigate the impact of our operations on the environment Ensure the well- being and safety of our workforce Be good corporate citizens Brookfield Infrastructure’s Sustainability Report is available on our website
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Demonstrating Long-Term Environmental Sustainability 29 Western Canadian Natural Gas G&P Continued to progress emission reduction projects in 2024 and has reduced its emissions intensity by ~30% compared to 2020 Progressing current projects including an acid gas injection project, which has the capacity to sequester up to ~130,000 tCO2e per year The company has two carbon sequestration hubs with the aggregate capacity to sequester an estimated 3 million tCO2e per year U.K. Regulated Distribution Electric heat pump network solution for new build housing is being implemented across six developments that will supply low carbon heat Designed for all new homes to meet a 75-80% emissions reduction target, and have no gas installed to prepare for a net-zero economy Our heat solutions require less electrical capacity than other low carbon solutions and require equivalent capacity to gas fed homes, making them a great alternative for developers facing grid capacity constraints or high connection costs North American Rail Operation Focusing on emissions reductions through science-based targets, including reducing Scope 1, 2 and 3 emissions Continues to upgrade locomotive fleet with new purchases, overhauls and enhancements in support of these targets As a result of its efforts, the North American locomotive fleet recently saw its emissions intensity decrease by ~14% compared to 2020 European Telecom Towers Purchased ~260 GWh of renewable energy in 2024, generating a decrease of its value-chain emissions for leased assets Provides access to 100% renewable energy at its mobile sites, supporting telecom operators in achieving their emissions reductions targets Recently conducted a successful energy audit at its mobile sites, maintaining compliance while enhancing efficiency in the energy management process at sites
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Strong Sustainability Programs 30 U.S. Retail Colocation Data Center Works to create a safe and diverse work environment and engage with its local community through several initiatives Set seven social goals focused on safety, employee engagement, diversity, and ethical business conduct Launched three Employee Resource Groups: Veterans, Women and Green Team with the hope to include new groups for personal and career development Colombian Natural Gas Distribution Supports the local community with the “Con Sabor de Hogar Vanti” (“With Vanti’s Home Flavor”) initiative Provides knowledge and technical skills to women, most of whom are heads of their households, on the preparation and consumption of food using easily accessible, economical and healthy local ingredients Over one hundred women from vulnerable areas and low economic conditions attended the training sessions Australian Rail Improved relationships with a local Aboriginal Corporation in Western Australia while conducting work on a registered cultural heritage site Dedicated individuals were appointed by the local Aboriginal Corporation to be onsite each day to ensure work completed did not disturb a heritage site Led to positive outcomes and enabled 17 individuals to be certified in working safely within the rail corridor, enabling them to work on future projects Canadian Diversified Midstream Introduced the “I Work Safe For…” initiative with the objective of encouraging employees to share photos of the reasons they stay safe at work, including family photos and pictures of loved ones Employees have provided positive feedback and expressed appreciation for the opportunity to create a meaningful space that highlights why safety is important to them Achieved five million hours worked without a lost time incident in its transportation business unit, which operates 7,200 km of pipelines
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Governance & Corporate Structure 31 Flagship Infrastructure Private Funds Brookfield Infrastructure (BIP/BIPC) Brookfield Corporation & Brookfield Asset Mgmt. Returns & Distributions Management Fees & IDR’s Investment ~26% Investment 20-40% Infrastructure Assets Investment Typically controlling interest • Brookfield Infrastructure is the listed infrastructure company of Brookfield Corporation (BN) ‒ BN has a 26% interest in Brookfield Infrastructure ‒ Strong unitholder alignment, with an emphasis on total return through a base management fee and incentive distributions • Origination of investment opportunities through Brookfield’s global platform ‒ BIP/BIPC are the single largest investor in the flagship infrastructure private funds • Private funds invest directly into infrastructure assets and businesses as an owner/operator
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Brookfield Infrastructure: BIP vs BIPC 32 Brookfield Infrastructure Corporation Brookfield Infrastructure Partners NYSE: BIPC TSX: BIPC Stock Ticker NYSE: BIP TSX: BIP.UN $0.455 per quarter Dividends/Distributions $0.455 per quarter 1:1 into BIP Units Exchangeability N/A Canadian Corporation Structure Bermuda Limited Partnership U.S.: 1099 Form Canada: T5 Form Tax Reporting U.S.: K-1 Form Canada: T5013 Form BIPC is a subsidiary of BIP and offers an economically equivalent security in the form of a traditional corporate structure
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Resiliency Growth Tailwinds Key Takeaways 33 We believe Brookfield Infrastructure is an excellent investment choice throughout all market cycles Demonstrated performance through cycles Highly contracted or regulated cash flows Strong financial position and balance sheet Record capital backlog provides highly visible growth Attractive sector trends driving outsized capital deployment Margin expansion during inflationary periods
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Investor Relations Stephen Fukuda Senior Vice President Corporate Development & Investor Relations Tel: 416 956 5129 Email: bip.enquiries@brookfield.com Media John Hamlin Director Communications Tel: +44 204 557 4334 Email: bam.enquiries@brookfield.com https://www.bip.brookfield.com/ Contact Us 34