Brookfield Infrastructure Partners (BIP) investor relations material

Executive summary

• Q3 FFO was $717 million, up 10% YoY, and FFO per unit was $0.91; growth met the 10% target for a third consecutive quarter.

• Organic growth across all four segments and ~$1.4 billion of commissioned backlog projects supported results.

• Net income was $69 million versus $440 million, reflecting larger prior-year asset-sale gains and current-period unrealized midstream hedge losses.

Financial highlights

• Nine-month FFO was $2.128 billion versus $1.938 billion; FFO per unit was $2.70 versus $2.46.

• Nine-month AFFO increased 17% YoY to $1.726 billion; lower transport and midstream maintenance spending contributed to the increase.

• Adjusted Earnings were $253 million versus $262 million; Q3 Adjusted Earnings per unit were $0.32 versus $0.33.

• Q3 cash from operating activities was $1.539 billion; nine-month cash from operating activities was $3.925 billion.

Outlook and guidance

• Management remains confident in achieving 10% FFO per unit growth in 2026; long-term targets include 6%–9% organic per-unit FFO growth and 12%–15%+ annual returns on invested capital.

• Expected 2026 deployment exceeds $2 billion; year-to-date equity deployment was ~$1.8 billion in one update.

• Targeting average annual net deployment of ~$500 million in AI infrastructure.

• 2026 asset-sale proceeds target is $2 billion; ~$1.5 billion was secured year to date, with advanced sale processes potentially adding over $1 billion net before year-end.

• Distribution growth target is 5%–9% annually; Q3 distribution of $0.455 per unit was up 6% YoY, within the 60%–70% long-term FFO payout target.