Brookfield Infrastructure Partners (BIP) investor relations material

Executive summary

• Achieved record capital recycling, exceeding $3 billion target and investing $2.2 billion in growth initiatives in 2025, supporting a self-funding strategy and future FFO growth.

• Generated FFO of $2.6 billion for 2025, up 6% year-over-year, with organic growth at the high end of the target range and strong contributions from new investments.

• Net income attributable to the partnership reached $1.1 billion, up from $391 million in 2024, benefiting from operational strength and capital recycling gains.

• Board approved a 6% increase in quarterly distribution to $0.455 per unit annualized, marking 17 consecutive years of increases.

• Completed $16 billion in financings to de-risk operating company balance sheets.

Financial highlights

• FFO per unit grew 6% to $3.32; AFFO reached $1.96 billion, up from $1.86 billion in 2024.

• Record FFO of $0.87 per unit in Q4 2025.

• Revenue grew to $23.1 billion from $21.0 billion year-over-year.

• Liquidity at year-end totaled $6 billion, including nearly $3 billion at the corporate level.

• Total assets increased to $128.2 billion, driven by acquisitions in the U.S. refined products pipeline and bulk fiber network.

Outlook and guidance

• FFO expected to inflect higher in 2026 as new investments contribute fully and the growth pipeline expands to include AI infrastructure.

• Targeting a return to 10% or higher per unit growth in 2026 and beyond, with 12-15% total annual return on invested capital over the long term.

• Expecting 5-9% annual distribution growth, supported by organic FFO per unit growth of 6-9%.

• Inflation indexation expected at 2%-3% in OECD markets and 2%-4% in emerging markets for 2026.

• Asset sales momentum expected to continue, with $3 billion in proceeds targeted for 2026.