This news release constitutes a “designated news release” for the purposes of the prospectus supplement dated
BROOKFIELD, NEWS,
“Brookfield Infrastructure delivered strong results in the first quarter while continuing to advance a number of strategic initiatives across the business,” said Sam Pollock, Chief Executive Officer of
Overview
During the quarter, we executed on a number of strategic and capital allocation priorities. We secured approximately
| For the three months ended |
||||||
| US$ millions (except per unit amounts), unaudited1 | 2026 | 2025 | ||||
| Net (loss) income2 | $ | (61 | ) | $ | 125 | |
| – per unit3 | $ | (0.20 | ) | $ | 0.04 | |
| FFO4 | $ | 709 | $ | 646 | ||
| – per unit5 | $ | 0.90 | $ | 0.82 | ||
FFO for the first quarter was
Strategic Initiatives
We have had an active start to the year, with business development activity resulting in new strategic capital partnerships and continued progress under established frameworks. These partnerships are bilaterally sourced with high-quality counterparties, providing exclusive access to investment opportunities that require long-duration capital at scale. Increasingly, these frameworks are becoming a more meaningful avenue for growth, reinforcing Brookfield Infrastructure’s position as a partner of choice for the world’s leading companies and expanding our opportunity set to deploy large-scale capital at attractive risk-adjusted returns.
During the quarter, we established a new framework with a leading global investment-grade OEM, launching an exclusive leasing platform for large, mission-critical and long-lived industrial equipment. Through this platform, we will provide long-term leasing solutions that are expected to generate predictable cash flows without residual value, interest rate or refinancing risk. We will have the sole discretion to enter leases under the framework, which contemplates up to
Our
We also remain on track to close Clarus, New Zealand’s leading gas infrastructure utility, in Q2 2026 for an equity purchase price of approximately
Following last year’s record asset sales, we made excellent progress on achieving our 2026 target, securing nearly
Segment Performance
The following table presents FFO by segment:
| For the three months ended |
|||||||
| US$ millions, unaudited1 | 2026 | 2025 | |||||
| FFO by segment | |||||||
| Utilities | $ | 201 | $ | 192 | |||
| Transport | 283 | 288 | |||||
| Midstream | 190 | 169 | |||||
| Data | 149 | 102 | |||||
| Corporate | (114 | ) | (105 | ) | |||
| FFO4 | $ | 709 | $ | 646 | |||
The utilities segment generated FFO of
FFO for the transport segment was
Our midstream segment generated FFO of
The data segment generated FFO of
Balance Sheet and Liquidity
The first quarter experienced elevated market volatility, driven by geopolitical tensions and continued uncertainty around the direction of central bank policy. Despite this backdrop, our proactive approach to managing debt maturities, together with a disciplined financing strategy, allowed us to remain opportunistic in the capital markets. During the quarter, we refinanced approximately
- At our
U.S. LNG export terminal, we opportunistically repriced a$2.2 billion term loan to reduce credit spreads by 25 basis points, saving$5 million annually and extending the average term to seven years. - At our North American railcar leasing platform, we completed the inaugural issuance of
$1 billion of investment grade bonds at attractive credit spreads to partially refinance the acquisition facility. - At our
U.S. hyperscale data center business, we successfully raised$830 million of investment grade asset-backed securities to fund contracted growth. - At our global intermodal logistics operation, we issued
$600 million of seven-year bonds in the investment grade market and$175 million of preferred shares to prefund near-term maturities, enhance balance sheet efficiency, and diversify the business’s capital sources.
Our balance sheet remains well capitalized, with liquidity at the end of the first quarter totaling
During the first quarter, we issued 3 million BIPC shares under the at-the-market equity program, raising approximately
BIP and BIPC Structure
At the direction of the Board, we have recently begun exploring whether a single combined corporate structure would be the best path forward. The goal is to determine if, on a tax-free basis, we can create a single corporate security that would enhance liquidity, increase index inclusion, and create value for our investors.
Distribution and Dividend Declaration
The Board of Directors of BIP declared a quarterly distribution in the amount of
Conference Call and Quarterly Earnings Details
Investors, analysts and other interested parties can access Brookfield Infrastructure’s first quarter 2026 results and supplemental information, under the investor relations section at https://bip.brookfield.com.
To participate in the conference call today at
Additional Information
The Board has reviewed and approved this news release, including the summarized unaudited financial information contained herein.
About
Contact Information
| Media: | Investors: |
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| Director | Managing Director |
| Communications | Corporate Development & Investor Relations |
| Tel: +44 204 557 4334 | Tel: +1 416 956 5129 |
| Email: [email protected] | Email: [email protected] |
Cautionary Statement Regarding Forward-looking Statements
This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities referred to herein, nor shall there be any offer for sale, or solicitation of an offer to buy, any of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offering of any securities referred to herein will be made solely by means of a prospectus and an accompanying prospectus supplement relating to that offering.
This news release may contain forward-looking information within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable securities laws. The words “will”, “target”, “future”, “growth”, “expect”, “believe”, “may”, derivatives thereof and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters, identify the above mentioned and other forward-looking statements. Forward-looking statements in this news release may include statements regarding expansion of Brookfield Infrastructure’s business, the likelihood and timing of successfully completing the transactions referred to in this news release, statements with respect to our assets tending to appreciate in value over time, the future performance of acquired businesses and growth initiatives, the commissioning of our capital backlog, the pursuit of projects in our pipeline, the level of distribution growth over the next several years and our expectations regarding returns to our unitholders as a result of such growth. Although
Any statements contained herein with respect to tax consequences are of a general nature only and are not intended to be, nor should they be construed to be, legal or tax advice to any person, and no representation with respect to tax consequences is made. Unitholders and shareholders are urged to consult their tax advisors with respect to their particular circumstances.
References to the Partnership are to
- Please refer to page 13 for results of
Brookfield Infrastructure Corporation . - Includes net income attributable to limited partners, the general partner, and non-controlling interests ‒ Redeemable Partnership Units held by Brookfield,
Exchange LP units, BIPC exchangeable LP units and BIPC exchangeable shares and class A.2 exchangeable shares. - Average number of limited partnership units outstanding on a time weighted average basis for the three-month period ended
March 31, 2026 of 459.8 million (2025: 461.9 million). - 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 is not adjusted for the 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. FFO also includes 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. We believe that FFO, when viewed in conjunction with our IFRS results, provides a more complete understanding of factors and trends affecting our underlying operations. FFO is a measure of operating performance that is not calculated in accordance with, and does not have any standardized meaning prescribed by IFRS as issued by the
International Accounting Standards Board . FFO is therefore unlikely to be comparable to similar measures presented by other issuers. A reconciliation of net income to FFO is available on page 11 of this release. Readers are encouraged to consider both measures in assessing our company’s results. - Average number of partnership units outstanding on a fully diluted time weighted average basis for the three-month period ended
March 31, 2026 was 791.9 million (2025: 792.3 million).
Consolidated Statements of Financial Position |
|||||
| As of | |||||
| US$ millions, unaudited | 2026 |
2025 |
|||
| Assets | |||||
| Cash and cash equivalents | $ | 2,458 | $ | 3,201 | |
| Financial assets | 21 | 173 | |||
| Property, plant and equipment and investment properties | 69,338 | 69,568 | |||
| Intangible assets and goodwill | 34,675 | 34,975 | |||
| Investments in associates and joint ventures | 6,350 | 6,377 | |||
| Assets held for sale | — | 2,346 | |||
| Deferred income taxes and other | 11,667 | 11,510 | |||
| Total assets | $ | 124,509 | $ | 128,150 | |
| Liabilities and partnership capital | |||||
| Corporate borrowings | $ | 4,989 | $ | 4,947 | |
| Non-recourse borrowings | 59,504 | 59,551 | |||
| Financial liabilities | 3,339 | 3,424 | |||
| Liabilities on held for sale assets | — | 1,289 | |||
| Deferred income taxes and other | 22,443 | 23,399 | |||
| Partnership capital | |||||
| Limited partners | 4,616 | 4,889 | |||
| General partner | 24 | 25 | |||
| Non-controlling interest attributable to: | |||||
| Redeemable partnership units held by Brookfield | 1,917 | 2,017 | |||
| Exchangeable units/shares1 | 1,535 | 1,501 | |||
| Perpetual subordinated notes | 293 | 293 | |||
| Interest of others in operating subsidiaries | 25,120 | 26,086 | |||
| Preferred unitholders | 729 | 729 | |||
| Total partnership capital | 34,234 | 35,540 | |||
| Total liabilities and partnership capital | $ | 124,509 | $ | 128,150 | |
- Includes non-controlling interest attributable to BIPC exchangeable shares and class A.2 exchangeable shares, BIPC exchangeable LP units and
Exchange LP units.
Consolidated Statements of Operating Results |
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| For the three months ended |
|||||||
| US$ millions, except per unit information, unaudited | 2026 | 2025 | |||||
| Revenues | $ | 6,301 | $ | 5,392 | |||
| Direct operating costs | (4,605 | ) | (3,964 | ) | |||
| General and administrative expense | (109 | ) | (97 | ) | |||
| 1,587 | 1,331 | ||||||
| Interest expense | (1,047 | ) | (899 | ) | |||
| Share of (losses) earnings from associates and joint ventures | (41 | ) | 123 | ||||
| Mark-to-market losses | (115 | ) | (126 | ) | |||
| Other (expense) income | (129 | ) | 249 | ||||
| Income before income tax | 255 | 678 | |||||
| Income tax (expense) recovery | |||||||
| Current | (158 | ) | (190 | ) | |||
| Deferred | 51 | 38 | |||||
| Net income | 148 | 526 | |||||
| Non-controlling interest of others in operating subsidiaries | (209 | ) | (401 | ) | |||
| Net (loss) income attributable to partnership | $ | (61 | ) | $ | 125 | ||
| Attributable to: | |||||||
| Limited partners | $ | (86 | ) | $ | 26 | ||
| General partner | 86 | 80 | |||||
| Non-controlling interest | |||||||
| Redeemable partnership units held by Brookfield | (35 | ) | 12 | ||||
| Exchangeable units/shares1 | (26 | ) | 7 | ||||
| Basic and diluted (loss) income per unit attributable to: | |||||||
| Limited partners2 | $ | (0.20 | ) | $ | 0.04 | ||
- Includes non-controlling interest attributable to BIPC exchangeable shares and class A.2 exchangeable shares, BIPC exchangeable LP units and
Exchange LP units. - Average number of limited partnership units outstanding on a time weighted average basis for the three-month period ended
March 31, 2026 was 459.8 million (2025: 461.9 million).
Consolidated Statements of Cash Flows |
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| For the three months ended |
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| US$ millions, unaudited | 2026 | 2025 | |||||
| Operating activities | |||||||
| Net income | $ | 148 | $ | 526 | |||
| Adjusted for the following items: | |||||||
| Earnings from investments in associates and joint ventures, net of distributions received | 143 | 141 | |||||
| Depreciation and amortization expense | 1,075 | 960 | |||||
| Mark-to-market, provisions and other | 216 | (148 | ) | ||||
| Deferred income tax recovery | (51 | ) | (38 | ) | |||
| Change in non-cash working capital, net | (638 | ) | (573 | ) | |||
| Cash from operating activities | 893 | 868 | |||||
| Investing activities | |||||||
| Net proceeds from (investments in): | |||||||
| Operating assets | 1,077 | 431 | |||||
| Long-lived assets | (2,032 | ) | (798 | ) | |||
| Financial assets | 35 | 235 | |||||
| Net settlements of foreign exchange contracts | (18 | ) | (2 | ) | |||
| Other investing activities | (56 | ) | 30 | ||||
| Cash used by investing activities | (994 | ) | (104 | ) | |||
| Financing activities | |||||||
| Distributions to limited and general partners | (461 | ) | (437 | ) | |||
| Net borrowings (repayments): | |||||||
| Corporate | 90 | 186 | |||||
| Subsidiary | 676 | (563 | ) | ||||
| Exchangeable shares issued, net of unit repurchases | 29 | 2 | |||||
| Net capital provided to non-controlling interest | (803 | ) | (415 | ) | |||
| Lease liability repaid and other | (172 | ) | (175 | ) | |||
| Cash used by financing activities | (641 | ) | (1,402 | ) | |||
| Cash and cash equivalents | |||||||
| Change during the period | $ | (742 | ) | $ | (638 | ) | |
| Cash reclassified as held for sale | — | (39 | ) | ||||
| Impact of foreign exchange and other on cash | (1 | ) | 69 | ||||
| Balance, beginning of period | 3,201 | 2,071 | |||||
| Balance, end of period | $ | 2,458 | $ | 1,463 | |||
Reconciliation of Net Income to Funds from Operations |
|||||||
| For the three months ended |
|||||||
| US$ millions, unaudited | 2026 | 2025 | |||||
| Net income | $ | 148 | $ | 526 | |||
| Add back or deduct the following: | |||||||
| Depreciation and amortization | 1,075 | 960 | |||||
| Share of losses (earnings) from investments in associates and joint ventures | 41 | (123 | ) | ||||
| FFO contribution from investments in associates and joint ventures1 | 217 | 234 | |||||
| Deferred tax recovery | (51 | ) | (38 | ) | |||
| Mark-to-market losses | 115 | 126 | |||||
| Other expenses (income)2 | 229 | (132 | ) | ||||
| Consolidated Funds from Operations | $ | 1,774 | $ | 1,553 | |||
| FFO attributable to non-controlling interests3 | (1,065 | ) | (907 | ) | |||
| FFO | $ | 709 | $ | 646 | |||
- FFO contribution from investments in associates and joint ventures correspond to the FFO attributable to the partnership that are generated by its investments in associates and joint ventures accounted for using the equity method.
- Other (income) expense corresponds to amounts that are not related to the revenue earning activities and are not normal, recurring cash operating expenses necessary for business operations. Other income/expenses excluded from FFO primarily includes gains on acquisitions and dispositions of subsidiaries, associates and joint ventures, gains or losses relating to foreign currency translation reclassified from accumulated comprehensive income to other expense, acquisition costs, gains/losses on remeasurement of borrowings, amortization of deferred financing costs, fair value remeasurement gains/losses, accretion expenses on deferred consideration or asset retirement obligations, impairment losses, and gains or losses on debt extinguishment.
- Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by non-controlling interests in consolidated subsidiaries. By adjusting FFO attributable to non-controlling interests, our partnership is able to remove the portion of FFO earned at non-wholly owned subsidiaries that are not attributable to our partnership.
Statements of Funds from Operations per Unit |
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| For the three months ended |
||||||
| US$, unaudited | 2026 | 2025 | ||||
| (Loss) income per limited partnership unit1 | $ | (0.20 | ) | $ | 0.04 | |
| Add back or deduct the following: | ||||||
| Depreciation and amortization | 0.58 | 0.54 | ||||
| Deferred taxes and other items | 0.52 | 0.24 | ||||
| FFO per unit2 | $ | 0.90 | $ | 0.82 | ||
- Average number of limited partnership units outstanding on a time weighted average basis for the three-month period ended
March 31, 2026 was 459.8 million (2025: 461.9 million). - Average number of partnership units outstanding on a fully diluted time weighted average basis for the three-month period ended
March 31, 2026 was 791.9 million (2025: 792.3 million).
Notes:
The Statements of Funds from Operations per unit above are prepared on a basis that is consistent with the Partnership’s Supplemental Information and differs from net income per limited partnership unit as presented in Brookfield Infrastructure’s Consolidated Statements of Operating Results on page 9 of this release, which is prepared in accordance with IFRS. Management uses FFO per unit as a key measure to evaluate operating performance. Readers are encouraged to consider both measures in assessing Brookfield Infrastructure’s results.
Brookfield Infrastructure Corporation Reports Solid First Quarter 2026 Results
The Board of Directors of
The Shares of BIPC are structured with the intention of being economically equivalent to the non-voting limited partnership units of BIP. We believe economic equivalence is achieved through identical dividends and distributions on the Shares and BIP’s units and each Share being exchangeable at the option of the holder for one BIP unit at any time. Given the economic equivalence, we expect that the market price of the Shares will be significantly impacted by the market price of BIP’s units and the combined business performance of our company and BIP as a whole. In addition to carefully considering the disclosure made in this news release in its entirety, shareholders are strongly encouraged to carefully review BIP’s supplemental information and its other continuous disclosure filings. BIP’s supplemental information is available at https://bip.brookfield.com. Copies of the Partnership’s continuous disclosure filings are available electronically on EDGAR on the SEC’s website at https://sec.gov or on SEDAR+ at https://sedarplus.ca.
Results
The net income of BIPC is captured in the Partnership’s financial statements and results.
BIPC reported net income of $36 million for the three-month period ended
Cautionary Statement Regarding Forward-looking Statements
This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities referred to herein, nor shall there be any offer for sale, or solicitation of an offer to buy, any of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offering of any securities referred to herein will be made solely by means of a prospectus and an accompanying prospectus supplement relating to that offering.
This news release may contain forward-looking information within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of Section 27A of the
Consolidated Statements of Financial Position |
|||||||
| As of | |||||||
| US$ millions, unaudited | 2026 |
2025 |
|||||
| Assets | |||||||
| Cash and cash equivalents | $ | 589 | $ | 431 | |||
| Due from |
1,691 | 1,574 | |||||
| Property, plant and equipment | 14,110 | 14,198 | |||||
| Intangible assets | 3,219 | 3,102 | |||||
| Investments in associates | 273 | 295 | |||||
| 1,704 | 1,680 | ||||||
| Deferred tax asset and other | 2,627 | 2,745 | |||||
| Total assets | $ | 24,213 | $ | 24,025 | |||
| Liabilities and equity | |||||||
| Accounts payable and other | $ | 1,058 | $ | 1,208 | |||
| Loans payable to |
101 | 100 | |||||
| Shares classified as financial liability | 5,354 | 5,129 | |||||
| Non-recourse borrowings | 13,341 | 13,169 | |||||
| Financial liabilities | 39 | 23 | |||||
| Deferred tax liabilities and other | 2,410 | 2,391 | |||||
| Equity | |||||||
| Equity in net assets attributable to the Partnership | (1,460 | ) | (1,299 | ) | |||
| Non-controlling interest | 3,370 | 3,304 | |||||
| Total equity | 1,910 | 2,005 | |||||
| Total liabilities and equity | $ | 24,213 | $ | 24,025 | |||
Consolidated Statements of Operating Results |
|||||||
| For the three months ended |
|||||||
| US$ millions, unaudited | 2026 | 2025 | |||||
| Revenues | $ | 884 | $ | 929 | |||
| Direct operating costs | (345 | ) | (355 | ) | |||
| General and administrative expenses | (21 | ) | (19 | ) | |||
| 518 | 555 | ||||||
| Interest expense | (305 | ) | (273 | ) | |||
| Share of earnings from investments in associates | 4 | — | |||||
| Remeasurement of financial liability associated with our exchangeable shares1 | (85 | ) | 307 | ||||
| Mark-to-market and other | (12 | ) | 268 | ||||
| Income before income tax | 120 | 857 | |||||
| Income tax (expense) recovery | |||||||
| Current | (71 | ) | (117 | ) | |||
| Deferred | (13 | ) | 22 | ||||
| Net Income | $ | 36 | $ | 762 | |||
| Attributable to: | |||||||
| Partnership | $ | (112 | ) | $ | 389 | ||
| Non-controlling interest | 148 | 373 | |||||
- Reflects (losses) gains on shares with an exchange/redemption option that are classified as liabilities under IFRS.
Consolidated Statements of Cash Flows |
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| For the three months ended |
|||||||
| US$ millions, unaudited | 2026 | 2025 | |||||
| Operating activities | |||||||
| Net income | $ | 36 | $ | 762 | |||
| Adjusted for the following items: | |||||||
| Earnings from investments in associates, net of distributions received | 23 | — | |||||
| Depreciation and amortization expense | 159 | 195 | |||||
| Mark-to-market and other | 29 | (259 | ) | ||||
| Remeasurement of financial liability associated with our exchangeable shares | 85 | (307 | ) | ||||
| Deferred income tax expense (recovery) | 13 | (22 | ) | ||||
| Change in non-cash working capital, net | (162 | ) | (126 | ) | |||
| Cash from operating activities | 183 | 243 | |||||
| Investing activities | |||||||
| Disposal of subsidiaries, net of cash disposed | — | 431 | |||||
| Purchase of long-lived assets, net of disposals | (133 | ) | (74 | ) | |||
| Other investing activities | — | (389 | ) | ||||
| Cash used by investing activities | (133 | ) | (32 | ) | |||
| Financing activities | |||||||
| Net capital provided to non-controlling interest | (46 | ) | (151 | ) | |||
| Net borrowings | (37 | ) | (470 | ) | |||
| Exchangeable shares issued, net of costs | 139 | — | |||||
| Other financing activities | 30 | (36 | ) | ||||
| Cash from (used by) financing activities | 86 | (657 | ) | ||||
| Cash and cash equivalents | |||||||
| Change during the period | $ | 136 | $ | (446 | ) | ||
| Impact of foreign exchange on cash | 22 | 46 | |||||
| Balance, beginning of period | 431 | 674 | |||||
| Balance, end of period | $ | 589 | $ | 274 | |||
Source:
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English |