This news release constitutes a “designated news release” for the purposes of the prospectus supplement dated November 19, 2025 to the short form base shelf prospectus of
BROOKFIELD, NEWS, July 30, 2026 (GLOBE NEWSWIRE) --
“Brookfield Infrastructure delivered strong results in the first half of the year, generating 10% FFO per unit growth while making significant progress on our asset sale and deployment initiatives,” said Sam Pollock, Chief Executive Officer of
Overview
For the three months | For the six months | |||||||||||||
US$ millions (except per unit amounts), unaudited1 | 2026 | 2025 | 2026 | 2025 | ||||||||||
Net income (loss)2 | $ | 44 | $ | 69 | $ | (17 | ) | $ | 194 | |||||
– per unit3 | $ | (0.07 | ) | $ | (0.03 | ) | $ | (0.27 | ) | $ | 0.01 | |||
FFO4 | $ | 702 | $ | 638 | $ | 1,411 | $ | 1,284 | ||||||
– per unit5 | $ | 0.89 | $ | 0.81 | $ | 1.79 | $ | 1.63 | ||||||
FFO for the second quarter was $702 million, representing 10% growth compared to the prior year on both a quarterly and year-to-date basis. The increase reflects strong organic growth within our 6-9% target range, supported by inflation-linked rate increases in our utilities segment, volume strength and higher utilization across our transport and midstream segments and the commissioning of over $1.5 billion of new capital projects from our backlog, particularly within our data segment. Results also benefited from the strong cash contribution from new investments, which are generating returns meaningfully above the yield on assets sold through our capital recycling program.
Strategic Initiatives
We had a successful first half of the year with our asset rotation strategy having secured or deployed over $800 million into new investments. In the past quarter, we have increased our equity commitment to the Bloom Energy framework to support an additional capex project and advanced the acquisition of Clarus, New Zealand’s leading gas infrastructure utility, with closing expected in the coming weeks.
Momentum in AI infrastructure is accelerating, with our AI factory strategy gaining traction globally and expanding our pipeline of investment opportunities. In the
We also expanded our framework with Bloom Energy five-fold, from $5 billion to $25 billion of total capex, creating a significant pipeline of future deployment opportunities for behind-the-meter power solutions for leading hyperscale and investment-grade customers. Together, these initiatives demonstrate the breadth of our AI infrastructure opportunity set and our ability to originate large-scale projects on a bilateral basis by combining our digital infrastructure and power expertise with flexible capital at scale to support leading energy and technology partners globally. As these opportunities progress, we will only commit material capital once appropriate commercial arrangements are secured and our risk-adjusted return objectives are met.
Our ability to pursue this growing opportunity set is supported by our successful asset sale program. We have generated nearly $1.2 billion of proceeds year to date, including approximately $200 million since last quarter, reinforcing our ability to self-fund growth while recycling capital at attractive valuations. With several sale processes well underway, we remain confident in achieving our capital recycling objective for 2026.
Public markets have been an increasingly effective exit channel to maximize value in our capital recycling program. So far during 2026, we have generated meaningful proceeds from public market transactions, reflecting both the quality of the businesses we have built and the depth of investor demand for scaled, high-quality infrastructure platforms. IPOs and follow-on public market monetizations provide us with an attractive path to crystallize value, broaden the buyer universe and retain flexibility to participate in future upside. They also give us optionality alongside private sale alternatives, supporting value maximization across multiple potential exit paths.
The most significant example was the IPO of our
The IPO represents the next step in our value creation plan. The transaction generated gross proceeds of approximately $1.2 billion at an attractive valuation, which were used primarily for a one-time deleveraging of the business’s balance sheet to better align the business’s capital structure with public market expectations. Brookfield retains a 64% ownership interest in the business and will continue to participate in future value creation, including the potential to grow the platform to approximately 1 GW of capacity through further equipment optimization and under-roof expansion.
We also advanced monetizations across two listed businesses in
Adding to our asset sale progress, we executed a second transaction under our established framework for monetizing de-risked and contracted container portfolios at our global intermodal logistics operation. On July 1, we completed a further programmatic sale of a majority interest in a portfolio of contracted containers, generating approximately $60 million of proceeds at BIP’s share. Including prior sales, we have now sold a 67% interest in a portfolio of containers representing over 25% of the business’s total fleet.
Finally, at our North American railcar leasing platform, we generated approximately $100 million of sale proceeds, or $20 million at BIP’s share. These proceeds were primarily generated through our structured investment framework, which provides for the transfer of ownership to our partner, GATX, over time.
Segment Performance
The following table presents FFO by segment:
For the three months | For the six months | ||||||||||||||
US$ millions, unaudited1 | 2026 | 2025 | 2026 | 2025 | |||||||||||
FFO by segment | |||||||||||||||
Utilities | $ | 196 | $ | 187 | $ | 397 | $ | 379 | |||||||
Transport | 311 | 304 | 594 | 592 | |||||||||||
Midstream | 183 | 157 | 373 | 326 | |||||||||||
Data | 154 | 113 | 303 | 215 | |||||||||||
Corporate | (142 | ) | (123 | ) | (256 | ) | (228 | ) | |||||||
FFO4 | $ | 702 | $ | 638 | $ | 1,411 | $ | 1,284 | |||||||
The utilities segment generated FFO of $196 million, up 5% over the prior year. The increase was driven by inflation indexation, the contribution from over $500 million of capital commissioned into rate base over the last 12 months and the acquisition of our South Korean industrial gas business completed last year. This growth was partially offset by foregone earnings from asset sales, including the largest of four concessions within our Brazilian electricity transmission operation, which closed during the first quarter, and our Mexican regulated natural gas transmission pipeline business, which contributed to results in the comparable period.
FFO for the transport segment was $311 million, representing a 7% increase over the prior year after normalizing for capital recycling activity. The increase was primarily driven by broad-based operating performance, with volumes across our rail, port and toll road operations each increasing 3–7% year over year. In addition, results benefited from the contribution from our leading railcar leasing platform formed in partnership with GATX, which closed on January 1. These contributions were partially offset by foregone earnings from the sale of a 49% interest in our Australian export terminal, the sale of our Australian container terminal business, and a partial sale of our
Our midstream segment generated FFO of $183 million, up 17% compared to the same period last year. The increase reflects strong organic growth across the portfolio, particularly at our Canadian diversified midstream business, which benefited from strong asset utilization and elevated commodity pricing. Results also benefited from the contribution of our recently acquired
The data segment generated FFO of $154 million, representing a step-change increase of 36% compared to the prior year. The increase was driven by the contribution from our
Balance Sheet and Liquidity
Capital markets remained constructive for high-quality issuers during the second quarter, despite ongoing volatility and uncertainty around the path of interest rates. Against this backdrop, we continued to benefit from the strength of our business and our conservative financing structure. Our asset-level balance sheets remain well insulated, with over 95% of our non-recourse term debt, excluding
We recently executed several opportunistic asset-level financings to extend maturities and improve financial flexibility. Notable transactions include:
- At our
U.S . refined products pipeline system, we upsized the existing Term Loan B to approximately $3.3 billion and extended its maturity to approximately seven years, with no scheduled principal amortization. - We successfully issued £425 million of investment-grade notes at our
U.K . regulated distribution operation across 7, 10, and 12-year tenors, refinancing near-term maturities at the lowest credit spreads achieved since 2018. - At our global intermodal logistics operation, we raised approximately $550 million of investment-grade asset-backed securities to finance a portfolio of fully contracted containers. The issuance was launched with a minimum size of $350 million and was subsequently upsized due to robust demand. Pricing was attractive, with an average coupon of 5.3% for a five-year term.
On our corporate balance sheet we have over $2.6 billion of liquidity. This positions us well to execute on our investment pipeline and fund our backlog of organic growth opportunities while maintaining financial discipline. Our maturity profile remains well laddered, with no corporate debt maturities until 2027, and both credit rating agencies recently reaffirmed our BBB+ credit rating during the quarter, reflecting the strength of our balance sheet and overall credit profile.
BIP and BIPC Structure
We recently announced our intention to simplify
We expect the simplification to be tax-deferred for Canadian and U.S. investors and benefit all securityholders by improving trading liquidity, increasing demand from index funds and ETFs, simplifying investor analysis, broadening access to investors who prefer a traditional corporate structure and enhancing governance. For BIP unitholders, the simplification will eliminate onerous partnership tax reporting forms, while also providing preferential dividend tax rates for many Canadian and
A special meeting for securityholders to vote on the simplification will be held on October 14, 2026, and subject to approvals and closing conditions, the simplification transaction is expected to be completed in the fourth quarter of 2026.
Investor Day
We look forward to hosting our Investor Day on September 29, 2026 in
Distribution and Dividend Declaration
The Board of Directors of BIP declared a quarterly distribution in the amount of $0.455 per unit, payable on September 29, 2026 to unitholders of record as at the close of business on August 31, 2026. This distribution represents a 6% increase compared to the prior year. The regular quarterly dividends on the Cumulative Class A Preferred Limited Partnership Units, Series 9 and Series 11 have been declared, which will also be payable on September 29, 2026 to holders on August 31, 2026. The Series 13 and Series 14 regular quarterly dividends have also been declared and will be payable on September 15, 2026 to holders on August 31, 2026. In conjunction with the Partnership’s distribution declaration, the Board of Directors of BIPC has declared an equivalent quarterly dividend of $0.455 per share, also payable on September 29, 2026 to shareholders of record as at the close of business on August 31, 2026.
Conference Call and Quarterly Earnings Details
Investors, analysts and other interested parties can access Brookfield Infrastructure’s second quarter 2026 results and supplemental information, under the investor relations section at https://bip.brookfield.com.
To participate in the conference call today at 9:00 am ET, please pre-register at 2026Q2ConferenceCall. Upon registering, you will be emailed a dial-in number and unique PIN. The conference call will also be webcast live at 2026Q2Webcast.
Additional Information
The Board has reviewed and approved this news release, including the summarized unaudited financial information contained herein.
About
Contact Information
Media: | Investors: |
John Hamlin | Stephen Fukuda |
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 12 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 and six-month period ended June 30, 2026 of 457.6 million and 458.7 million, respectively (2025: 461.3 million and 461.6 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 10 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 and six-month period ended June 30, 2026 was 791.7 million and 791.8 million, respectively (2025: 791.7 million and 792.0 million).
Consolidated Statements of Financial Position | |||||
As of | |||||
US$ millions, unaudited | June 30, | Dec. 31, | |||
Assets | |||||
Cash and cash equivalents | $ | 3,085 | $ | 3,201 | |
Financial assets | 21 | 173 | |||
Property, plant and equipment and investment properties | 66,840 | 69,568 | |||
Intangible assets and goodwill | 32,324 | 34,975 | |||
Investments in associates and joint ventures | 6,960 | 6,377 | |||
Assets held for sale | 1,336 | 2,346 | |||
Deferred tax asset and other | 11,382 | 11,510 | |||
Total assets | $ | 121,948 | $ | 128,150 | |
Liabilities and partnership capital | |||||
Corporate borrowings | $ | 5,263 | $ | 4,947 | |
Non-recourse borrowings | 57,202 | 59,551 | |||
Financial liabilities | 3,408 | 3,424 | |||
Liabilities held for sale | 883 | 1,289 | |||
Deferred tax liability and other | 22,669 | 23,399 | |||
Partnership capital | |||||
Limited partners | 4,413 | 4,889 | |||
General partner | 24 | 25 | |||
Non-controlling interest attributable to: | |||||
Redeemable partnership units held by Brookfield | 1,834 | 2,017 | |||
Exchangeable units/shares1 | 1,368 | 1,501 | |||
Perpetual subordinated notes | 293 | 293 | |||
Interest of others in operating subsidiaries | 23,862 | 26,086 | |||
Preferred unitholders | 729 | 729 | |||
Total partnership capital | 32,523 | 35,540 | |||
Total liabilities and partnership capital | $ | 121,948 | $ | 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 | |||||||||||||||
For the three months | For the six months | ||||||||||||||
US$ millions, except per unit information, unaudited | 2026 | 2025 | 2026 | 2025 | |||||||||||
Revenues | $ | 6,482 | $ | 5,429 | $ | 12,783 | $ | 10,821 | |||||||
Direct operating costs | (4,892 | ) | (3,995 | ) | (9,497 | ) | (7,959 | ) | |||||||
General and administrative expense | (114 | ) | (108 | ) | (223 | ) | (205 | ) | |||||||
1,476 | 1,326 | 3,063 | 2,657 | ||||||||||||
Interest expense | (1,073 | ) | (909 | ) | (2,120 | ) | (1,808 | ) | |||||||
Share of earnings (losses) from associates and joint ventures | 33 | (12 | ) | (8 | ) | 111 | |||||||||
Mark-to-market gains (losses) | 77 | (139 | ) | (38 | ) | (265 | ) | ||||||||
Other income | 165 | 143 | 36 | 392 | |||||||||||
Income before income tax | 678 | 409 | 933 | 1,087 | |||||||||||
Income tax (expense) recovery | |||||||||||||||
Current | (154 | ) | (201 | ) | (312 | ) | (391 | ) | |||||||
Deferred | (35 | ) | 44 | 16 | 82 | ||||||||||
Net income | 489 | 252 | 637 | 778 | |||||||||||
Non-controlling interest of others in operating subsidiaries | (445 | ) | (183 | ) | (654 | ) | (584 | ) | |||||||
Net income (loss) attributable to partnership | $ | 44 | $ | 69 | $ | (17 | ) | $ | 194 | ||||||
Attributable to: | |||||||||||||||
Limited partners | $ | (24 | ) | $ | (6 | ) | $ | (110 | ) | $ | 20 | ||||
General partner | 86 | 80 | 172 | 160 | |||||||||||
Non-controlling interest | |||||||||||||||
Redeemable partnership units held by Brookfield | (11 | ) | (3 | ) | (46 | ) | 9 | ||||||||
Exchangeable units/shares1 | (7 | ) | (2 | ) | (33 | ) | 5 | ||||||||
Basic and diluted (loss) income per unit attributable to: | |||||||||||||||
Limited partners2 | $ | (0.07 | ) | $ | (0.03 | ) | $ | (0.27 | ) | $ | 0.01 | ||||
- 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 and six-month period ended June 30, 2026 was 457.6 million and 458.7 million, respectively (2025: 461.3 million and 461.6 million).
Consolidated Statements of Cash Flows | |||||||||||||||
For the three months | For the six months | ||||||||||||||
US$ millions, unaudited | 2026 | 2025 | 2026 | 2025 | |||||||||||
Operating activities | |||||||||||||||
Net income | $ | 489 | $ | 252 | $ | 637 | $ | 778 | |||||||
Adjusted for the following items: | |||||||||||||||
Earnings from investments in associates and joint ventures, net of distributions received | 58 | 87 | 201 | 228 | |||||||||||
Depreciation and amortization expense | 1,095 | 941 | 2,170 | 1,901 | |||||||||||
Mark-to-market, provisions and other | (176 | ) | 28 | 40 | (120 | ) | |||||||||
Deferred income tax expense (recovery) | 35 | (44 | ) | (16 | ) | (82 | ) | ||||||||
Change in non-cash working capital, net | (8 | ) | (75 | ) | (646 | ) | (648 | ) | |||||||
Cash from operating activities | 1,493 | 1,189 | 2,386 | 2,057 | |||||||||||
Investing activities | |||||||||||||||
Net proceeds from (investments in): | |||||||||||||||
Operating assets | 1,067 | (169 | ) | 2,144 | 262 | ||||||||||
Associates | (248 | ) | 674 | (248 | ) | 674 | |||||||||
Long-lived assets | (1,224 | ) | (960 | ) | (3,256 | ) | (1,758 | ) | |||||||
Financial assets | (27 | ) | (9 | ) | 8 | 226 | |||||||||
Net settlements of foreign exchange contracts | (49 | ) | (16 | ) | (67 | ) | (18 | ) | |||||||
Other investing activities | (10 | ) | 20 | (66 | ) | 50 | |||||||||
Cash used by investing activities | (491 | ) | (460 | ) | (1,485 | ) | (564 | ) | |||||||
Financing activities | |||||||||||||||
Distributions to limited and general partners | (461 | ) | (436 | ) | (922 | ) | (873 | ) | |||||||
Net borrowings: | |||||||||||||||
Corporate | 342 | 100 | 432 | 286 | |||||||||||
Subsidiary | 1,242 | 1,634 | 1,918 | 1,071 | |||||||||||
Net preferred units redeemed | — | (90 | ) | — | (90 | ) | |||||||||
Exchangeable shares issued, net of unit repurchases | 3 | (26 | ) | 32 | (24 | ) | |||||||||
Net capital provided to non-controlling interest | (1,391 | ) | (856 | ) | (2,194 | ) | (1,271 | ) | |||||||
Lease liability repaid and other | (70 | ) | (221 | ) | (242 | ) | (396 | ) | |||||||
Cash (used by) from financing activities | (335 | ) | 105 | (976 | ) | (1,297 | ) | ||||||||
Cash and cash equivalents | |||||||||||||||
Change during the period | $ | 667 | $ | 834 | $ | (75 | ) | $ | 196 | ||||||
Cash reclassified as held for sale | (8 | ) | 11 | (8 | ) | (28 | ) | ||||||||
Impact of foreign exchange and other on cash | (32 | ) | 34 | (33 | ) | 103 | |||||||||
Balance, beginning of period | 2,458 | 1,463 | 3,201 | 2,071 | |||||||||||
Balance, end of period | $ | 3,085 | $ | 2,342 | $ | 3,085 | $ | 2,342 | |||||||
Reconciliation of Net Income to Funds from Operations | |||||||||||||||
For the three months | For the six months | ||||||||||||||
US$ millions, unaudited | 2026 | 2025 | 2026 | 2025 | |||||||||||
Net income | $ | 489 | $ | 252 | $ | 637 | $ | 778 | |||||||
Add back or deduct the following: | |||||||||||||||
Depreciation and amortization | 1,095 | 941 | 2,170 | 1,901 | |||||||||||
Share of losses (earnings) from investments in associates and joint ventures | (33 | ) | 12 | 8 | (111 | ) | |||||||||
FFO contribution from investments in associates and joint ventures1 | 277 | 248 | 494 | 482 | |||||||||||
Deferred tax expense (recovery) | 35 | (44 | ) | (16 | ) | (82 | ) | ||||||||
Mark-to-market (gains) losses | (77 | ) | 139 | 38 | 265 | ||||||||||
Other (income) expenses2 | (76 | ) | (51 | ) | 153 | (183 | ) | ||||||||
Consolidated Funds from Operations | $ | 1,710 | $ | 1,497 | $ | 3,484 | $ | 3,050 | |||||||
FFO attributable to non-controlling interests3 | (1,008 | ) | (859 | ) | (2,073 | ) | (1,766 | ) | |||||||
FFO | $ | 702 | $ | 638 | $ | 1,411 | $ | 1,284 | |||||||
- 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 | ||||||||||||||
For the three months | For the six months | |||||||||||||
US$, unaudited | 2026 | 2025 | 2026 | 2025 | ||||||||||
(Loss) income per limited partnership unit1 | $ | (0.07 | ) | $ | (0.03 | ) | $ | (0.27 | ) | $ | 0.01 | |||
Add back or deduct the following: | ||||||||||||||
Depreciation and amortization | 0.58 | 0.53 | 1.16 | 1.07 | ||||||||||
Deferred taxes and other items | 0.38 | 0.31 | 0.90 | 0.55 | ||||||||||
FFO per unit2 | $ | 0.89 | $ | 0.81 | $ | 1.79 | $ | 1.63 | ||||||
- Average number of limited partnership units outstanding on a time weighted average basis for the three and six-month period ended June 30, 2026 was 457.6 million and 458.7 million, respectively (2025: 461.3 million and 461.6 million).
- Average number of partnership units outstanding on a fully diluted time weighted average basis for the three and six-month period ended June 30, 2026 was 791.7 million and 791.8 million, respectively (2025: 791.7 million and 792.0 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 8 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 Second 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 $61 million for the three-month period ended June 30, 2026, compared to a net loss of $309 million in the prior year. The increase is primarily due to the reduced impact of the revaluation on our own Shares that are classified as liabilities under IFRS. Current period results benefited from inflation-indexation across our businesses and capital commissioned into rate base at our
Cautionary Statement Regarding Forward-looking Statements
This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities referred to herein, nor shall there be any offer for sale, or solicitation of an offer to buy, any of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offering of any securities referred to herein will be made solely by means of a prospectus and an accompanying prospectus supplement relating to that offering.
This news release may contain forward-looking information within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of Section 27A of the
Consolidated Statements of Financial Position | |||||||
As of | |||||||
US$ millions, unaudited | June 30, | Dec. 31, | |||||
Assets | |||||||
Cash and cash equivalents | $ | 690 | $ | 431 | |||
Due from | 1,663 | 1,574 | |||||
Property, plant and equipment | 13,518 | 14,198 | |||||
Intangible assets | 3,238 | 3,102 | |||||
Investments in associates | 275 | 295 | |||||
1,708 | 1,680 | ||||||
Assets held for sale | 1,060 | — | |||||
Deferred tax asset and other | 2,390 | 2,745 | |||||
Total assets | $ | 24,542 | $ | 24,025 | |||
Liabilities and equity | |||||||
Accounts payable and other | $ | 1,166 | $ | 1,208 | |||
Loans payable to | 100 | 100 | |||||
Shares classified as financial liability | 5,392 | 5,129 | |||||
Non-recourse borrowings | 12,786 | 13,169 | |||||
Financial liabilities | 57 | 23 | |||||
Liabilities held for sale | 809 | — | |||||
Deferred tax liability and other | 2,433 | 2,391 | |||||
Equity | |||||||
Equity in net assets attributable to the Partnership | (1,540 | ) | (1,299 | ) | |||
Non-controlling interest | 3,339 | 3,304 | |||||
Total equity | 1,799 | 2,005 | |||||
Total liabilities and equity | $ | 24,542 | $ | 24,025 | |||
Consolidated Statements of Operating Results | |||||||||||||||
For the three months | For the six months | ||||||||||||||
US$ millions, unaudited | 2026 | 2025 | 2026 | 2025 | |||||||||||
Revenues | $ | 940 | $ | 866 | $ | 1,824 | $ | 1,795 | |||||||
Direct operating costs | (368 | ) | (303 | ) | (713 | ) | (658 | ) | |||||||
General and administrative expenses | (22 | ) | (20 | ) | (43 | ) | (39 | ) | |||||||
550 | 543 | 1,068 | 1,098 | ||||||||||||
Interest expense | (322 | ) | (267 | ) | (627 | ) | (540 | ) | |||||||
Share of earnings from investments in associates | 5 | 10 | 9 | 10 | |||||||||||
Remeasurement of financial liability associated with our exchangeable shares1 | (37 | ) | (550 | ) | (122 | ) | (243 | ) | |||||||
Mark-to-market and other | (49 | ) | 57 | (61 | ) | 325 | |||||||||
Income (loss) before income tax | 147 | (207 | ) | 267 | 650 | ||||||||||
Income tax (expense) recovery | |||||||||||||||
Current | (81 | ) | (94 | ) | (152 | ) | (211 | ) | |||||||
Deferred | (5 | ) | (8 | ) | (18 | ) | 14 | ||||||||
Net income (loss) | $ | 61 | $ | (309 | ) | $ | 97 | $ | 453 | ||||||
Attributable to: | |||||||||||||||
Partnership | $ | (83 | ) | $ | (477 | ) | $ | (195 | ) | $ | (88 | ) | |||
Non-controlling interest | 144 | 168 | 292 | 541 | |||||||||||
- Reflects (losses) gains on shares with an exchange/redemption option that are classified as liabilities under IFRS.
Consolidated Statements of Cash Flows | |||||||||||||||
For the three months | For the six months | ||||||||||||||
US$ millions, unaudited | 2026 | 2025 | 2026 | 2025 | |||||||||||
Operating activities | |||||||||||||||
Net income (loss) | $ | 61 | $ | (309 | ) | $ | 97 | $ | 453 | ||||||
Adjusted for the following items: | |||||||||||||||
Earnings from investments in associates, net of distributions received | (3 | ) | (10 | ) | 20 | (10 | ) | ||||||||
Depreciation and amortization expense | 161 | 153 | 320 | 348 | |||||||||||
Mark-to-market and other | 65 | (48 | ) | 94 | (307 | ) | |||||||||
Remeasurement of financial liability associated with our exchangeable shares | 37 | 550 | 122 | 243 | |||||||||||
Deferred income tax expense (recovery) | 5 | 8 | 18 | (14 | ) | ||||||||||
Change in non-cash working capital, net | 157 | 134 | (5 | ) | 8 | ||||||||||
Cash from operating activities | 483 | 478 | 666 | 721 | |||||||||||
Investing activities | |||||||||||||||
Disposal of subsidiaries, net of cash disposed | — | — | — | 431 | |||||||||||
Purchase of long-lived assets, net of disposals | (302 | ) | (168 | ) | (435 | ) | (242 | ) | |||||||
Purchase of financial assets | (48 | ) | (35 | ) | (48 | ) | (35 | ) | |||||||
Other investing activities | 15 | 398 | 15 | 9 | |||||||||||
Cash (used by) from investing activities | (335 | ) | 195 | (468 | ) | 163 | |||||||||
Financing activities | |||||||||||||||
Net capital provided to non-controlling interest | (176 | ) | (367 | ) | (222 | ) | (518 | ) | |||||||
Net borrowings | 194 | 604 | 157 | 134 | |||||||||||
Exchangeable shares issued, net of costs | — | — | 139 | — | |||||||||||
Other financing activities | (60 | ) | 20 | (30 | ) | (16 | ) | ||||||||
Cash (used by) from financing activities | (42 | ) | 257 | 44 | (400 | ) | |||||||||
Cash and cash equivalents | |||||||||||||||
Change during the period | $ | 106 | $ | 930 | $ | 242 | $ | 484 | |||||||
Impact of foreign exchange on cash | (5 | ) | 13 | 17 | 59 | ||||||||||
Balance, beginning of period | 589 | 274 | 431 | 674 | |||||||||||
Balance, end of period | $ | 690 | $ | 1,217 | $ | 690 | $ | 1,217 | |||||||
Source:
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|---|---|
English |