This news release constitutes a “designated news release” for the purposes of the prospectus supplement dated
BROOKFIELD, NEWS,
“In 2025 we exceeded our ambitious
| For the twelve months ended |
|||||
| US$ millions (except per unit amounts), unaudited1 | 2025 | 2024 | |||
| Net income attributable to the partnership2 | $ | 1,091 | $ | 391 | |
| – per unit3 | 0.90 | 0.04 | |||
| FFO4 | 2,627 | 2,468 | |||
| – per unit5 | 3.32 | 3.12 | |||
For the year ended
BIP generated funds from operations (FFO) of
Segment Performance
The following table summarizes FFO by segment:
| For the twelve months ended |
|||||||
| US$ millions, unaudited | 2025 | 2024 | |||||
| FFO by segment | |||||||
| Utilities | $ | 786 | $ | 760 | |||
| Transport | 1,144 | 1,224 | |||||
| Midstream | 668 | 625 | |||||
| Data | 502 | 333 | |||||
| Corporate | (473 | ) | (474 | ) | |||
| FFO | $ | 2,627 | $ | 2,468 | |||
The utilities segment generated FFO of
FFO for the transport segment was
The midstream segment generated FFO of
Lastly, FFO for the data segment was
Update on Strategic Initiatives
Transaction activity accelerated in 2025, with
During the quarter, we completed the inaugural project under the framework agreement with Bloom Energy, installing 55 MW of behind the meter power for a data center site in the
Also during the quarter, we closed the acquisition of a South Korean industrial gas business that is the leading supplier of industrial gases to investment grade semiconductor manufacturers in the country. The total equity purchase price is
On
Asset sales also accelerated in 2025. We achieved a record
First, we agreed to sell the largest of four concessions within our Brazilian electricity transmission operation that spans over 1,200 kilometers. We expect proceeds of approximately
Second, we partnered on a portfolio of stabilized and under-construction data centers in
Distribution and Dividend Increase
The Board of Directors has 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 fourth quarter 2025 results, as well as the annual letter to unitholders and supplemental information, 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 Brookfield Infrastructure
Brookfield Infrastructure is a leading global infrastructure company that owns and operates high-quality, long-life assets in the utilities, transport, midstream and data sectors across the
Brookfield Infrastructure is the flagship listed infrastructure company of Brookfield Asset Management, a global alternative asset manager with over
Contact Information
| Media
Tel: +44 204 557-4334 Email: [email protected] |
Investor Relations
Tel Email: [email protected] |
Cautionary Statement Regarding Forward-looking Statements
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, expectations regarding FFO growth, 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 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 news release. The future performance and prospects of Brookfield Infrastructure are subject to a number of known and unknown risks and uncertainties. Factors that could cause actual results of Brookfield Infrastructure to differ materially from those contemplated or implied by the statements in this news release include general economic conditions in the jurisdictions in which we operate and elsewhere which may impact the markets for our products and services, the ability to achieve growth within Brookfield Infrastructure’s businesses and in particular completion on time and on budget of various large capital projects, which themselves depend on access to capital and continuing favorable commodity prices, and our ability to achieve the milestones necessary to deliver the targeted returns to our unitholders, the impact of market conditions on our businesses, the fact that success of Brookfield Infrastructure is dependent on market demand for an infrastructure company, which is unknown, the availability of equity and debt financing for Brookfield Infrastructure, the impact of health pandemics on our business and operations, the ability to effectively complete transactions in the competitive infrastructure space (including the ability to complete announced and potential transactions that may be subject to conditions precedent, and the inability to reach final agreement with counterparties to transactions referred to in this press release as being currently pursued, given that there can be no assurance that any such transaction will be agreed to or completed) and to integrate acquisitions into existing operations, the future performance of these acquisitions, changes in technology which have the potential to disrupt the business and industries in which we invest, the market conditions of key commodities, the price, supply or demand for which can have a significant impact upon the financial and operating performance of our business and other risks and factors described in the documents filed by Brookfield Infrastructure with the securities regulators in
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 Brookfield Infrastructure are to the Partnership together with its subsidiaries and operating entities. Brookfield Infrastructure’s results include limited partnership units held by public unitholders, redeemable partnership units, general partnership units,
References to the Partnership are to
- Please refer to page 11 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 twelve-month period ended
December 31, 2025 was 460.1 million (2024: 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 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 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 twelve-month period ended
December 31, 2025 was 790.5 million (2024: 792.1 million).
Consolidated Statements of Financial Position |
|||||
| As of |
|||||
| US$ millions, unaudited | 2025 | 2024 | |||
| Assets | |||||
| Cash and cash equivalents | $ | 3,201 | $ | 2,071 | |
| Financial assets | 173 | 255 | |||
| Property, plant and equipment and investment properties | 69,568 | 55,910 | |||
| Intangible assets and goodwill | 34,975 | 28,622 | |||
| Investments in associates and joint ventures | 6,377 | 5,672 | |||
| Assets held for sale | 2,346 | 1,958 | |||
| Deferred income taxes and other | 11,510 | 10,102 | |||
| Total assets | $ | 128,150 | $ | 104,590 | |
| Liabilities and partnership capital | |||||
| Corporate borrowings | $ | 4,947 | $ | 4,542 | |
| Non-recourse borrowings | 59,551 | 46,552 | |||
| Financial liabilities | 3,424 | 2,780 | |||
| Liabilities held for sale | 1,289 | 1,209 | |||
| Deferred income taxes and other | 23,399 | 19,654 | |||
| Partnership capital | |||||
| Limited partners | 4,889 | 4,704 | |||
| General partner | 25 | 27 | |||
| Non-controlling interest attributable to: | |||||
| Redeemable partnership units held by Brookfield | 2,017 | 1,926 | |||
| Exchangeable units/shares1 | 1,501 | 1,417 | |||
| Perpetual subordinated notes | 293 | 293 | |||
| Interest of others in operating subsidiaries | 26,086 | 20,568 | |||
| Preferred unitholders | 729 | 918 | |||
| Total partnership capital | 35,540 | 29,853 | |||
| Total liabilities and partnership capital | $ | 128,150 | $ | 104,590 | |
- 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 twelve months ended |
|||||||
| US$ millions, except per unit information, unaudited | 2025 | 2024 | |||||
| Revenues | $ | 23,100 | $ | 21,039 | |||
| Direct operating costs | (16,876 | ) | (15,676 | ) | |||
| General and administrative expense | (426 | ) | (405 | ) | |||
| 5,798 | 4,958 | ||||||
| Interest expense | (3,868 | ) | (3,387 | ) | |||
| Share of earnings from associates and joint ventures | 627 | 439 | |||||
| Mark-to-market losses | (548 | ) | (26 | ) | |||
| Other income (expense) | 1,112 | (31 | ) | ||||
| Income before income tax | 3,121 | 1,953 | |||||
| Income tax (expense) recovery | |||||||
| Current | (745 | ) | (594 | ) | |||
| Deferred | 156 | 324 | |||||
| Net income | 2,532 | 1,683 | |||||
| Non-controlling interest of others in operating subsidiaries | (1,441 | ) | (1,292 | ) | |||
| Net income attributable to partnership | $ | 1,091 | $ | 391 | |||
| Attributable to: | |||||||
| Limited partners | $ | 449 | $ | 57 | |||
| General partner | 322 | 294 | |||||
| Non-controlling interest | |||||||
| Redeemable partnership units held by Brookfield | 188 | 23 | |||||
| Exchangeable units/shares1 | 132 | 17 | |||||
| Basic and diluted income per unit attributable to: | |||||||
| Limited partners2 | $ | 0.90 | $ | 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 twelve-month period ended
December 31, 2025 was 460.1 million (2024: 461.6 million).
Consolidated Statements of Cash Flows |
|||||||
| For the twelve months ended |
|||||||
| US$ millions, unaudited | 2025 | 2024 | |||||
| Operating activities | |||||||
| Net income | $ | 2,532 | $ | 1,683 | |||
| Adjusted for the following items: | |||||||
| Earnings from investments in associates and joint ventures, net of distributions received | 485 | (156 | ) | ||||
| Depreciation and amortization expense | 4,024 | 3,644 | |||||
| Mark-to-market, provisions and other | (506 | ) | 32 | ||||
| Deferred income tax recovery | (156 | ) | (324 | ) | |||
| Change in non-cash working capital, net | (408 | ) | (226 | ) | |||
| Cash from operating activities | 5,971 | 4,653 | |||||
| Investing activities | |||||||
| Net (investments in) proceeds from: | |||||||
| Operating and held for sale assets | (7,271 | ) | (2,446 | ) | |||
| Associates | 439 | (350 | ) | ||||
| Long-lived assets | (5,703 | ) | (4,366 | ) | |||
| Financial assets | 95 | 350 | |||||
| Net settlements of foreign exchange contracts | (113 | ) | 37 | ||||
| Other investing activities | (108 | ) | (126 | ) | |||
| Cash used by investing activities | (12,661 | ) | (6,901 | ) | |||
| Financing activities | |||||||
| Distributions to limited and general partners | (1,743 | ) | (1,644 | ) | |||
| Net borrowings (repayments): | |||||||
| Corporate | 263 | (144 | ) | ||||
| Subsidiary | 7,927 | 8,715 | |||||
| Net preferred shares redeemed | (181 | ) | — | ||||
| Partnership units (repurchased) issued | (9 | ) | 11 | ||||
| Net capital provided by (to) non-controlling interest | 2,804 | (3,178 | ) | ||||
| Lease liability repaid and other | (1,243 | ) | (1,148 | ) | |||
| Cash from financing activities | 7,818 | 2,612 | |||||
| Cash and cash equivalents | |||||||
| Change during the period | $ | 1,128 | $ | 364 | |||
| Cash reclassified as held for sale | (45 | ) | — | ||||
| Impact of foreign exchange on cash | 47 | (150 | ) | ||||
| Balance, beginning of period | 2,071 | 1,857 | |||||
| Balance, end of period | $ | 3,201 | $ | 2,071 | |||
Reconciliation of Net Income to Funds from Operations |
|||||||
| For the twelve months ended |
|||||||
| US$ millions, unaudited | 2025 | 2024 | |||||
| Net income | $ | 2,532 | $ | 1,683 | |||
| Add back or deduct the following: | |||||||
| Depreciation and amortization | 4,024 | 3,644 | |||||
| Share of earnings from investments in associates and joint ventures | (627 | ) | (439 | ) | |||
| FFO contribution from investments in associates and joint ventures1 | 970 | 941 | |||||
| Deferred tax recovery | (156 | ) | (324 | ) | |||
| Mark-to-market losses | 548 | 26 | |||||
| Other (income) expense2 | (711 | ) | 387 | ||||
| Consolidated Funds from Operations | 6,580 | 5,918 | |||||
| FFO attributable to non-controlling interests3 | (3,953 | ) | (3,450 | ) | |||
| FFO | $ | 2,627 | $ | 2,468 | |||
- 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) expenses 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 twelve months ended |
|||||
| US$, unaudited | 2025 | 2024 | |||
| Income per limited partnership unit1 | $ | 0.90 | $ | 0.04 | |
| Add back or deduct the following: | |||||
| Depreciation and amortization | 2.19 | 2.12 | |||
| Deferred taxes and other items | 0.23 | 0.96 | |||
| FFO per unit2 | $ | 3.32 | $ | 3.12 | |
- Average number of limited partnership units outstanding on a time weighted average basis for the twelve-month period ended
December 31, 2025 was 460.1 million (2024: 461.6 million). - Average number of partnership units outstanding on a fully diluted time weighted average basis for the twelve-month period ended
December 31, 2025 was 790.5 million (2024: 792.1 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 7 of this release, which is prepared in accordance with IFRS. Management uses funds from operations per unit (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 2025 Year-End Results
& Announces Dividend Increase
The Board of Directors of Brookfield Infrastructure Corporation (“BIPC” or our “company”) (NYSE, TSX: BIPC) today has declared a quarterly dividend in the amount of
The Shares of BIPC are structured with the intention of being economically equivalent to the non-voting limited partnership units of
Results
The net income of BIPC is captured in the Partnership’s financial statements and results.
BIPC reported net income of
Cautionary Statement Regarding Forward-looking Statements
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
| Brookfield Infrastructure Corporation Consolidated Statements of Financial Position |
|||||||
| As of |
|||||||
| US$ millions, unaudited | 2025 | 2024 | |||||
| Assets | |||||||
| Cash and cash equivalents | $ | 431 | $ | 674 | |||
| Due from Brookfield Infrastructure | 1,574 | 1,278 | |||||
| Property, plant and equipment | 14,198 | 12,572 | |||||
| Intangible assets | 3,102 | 2,892 | |||||
| Investments in associates | 295 | — | |||||
| 1,680 | 1,609 | ||||||
| Assets held for sale | — | 1,958 | |||||
| Deferred tax asset and other | 2,745 | 2,604 | |||||
| Total assets | $ | 24,025 | $ | 23,587 | |||
| Liabilities and Equity | |||||||
| Accounts payable and other | $ | 1,208 | $ | 994 | |||
| Loans payable to Brookfield Infrastructure | 100 | 102 | |||||
| Shares classified as financial liability | 5,129 | 4,644 | |||||
| Non-recourse borrowings | 13,169 | 12,178 | |||||
| Financial liabilities | 23 | 33 | |||||
| Liabilities held for sale | — | 1,209 | |||||
| Deferred tax liabilities and other | 2,391 | 2,205 | |||||
| Equity | |||||||
| Equity in net assets attributable to the Partnership | (1,299 | ) | (1,253 | ) | |||
| Non-controlling interest | 3,304 | 3,475 | |||||
| Total equity | 2,005 | 2,222 | |||||
| Total liabilities and equity | $ | 24,025 | $ | 23,587 | |||
| Brookfield Infrastructure Corporation Consolidated Statements of Operating Results |
|||||||
| For the twelve months ended |
|||||||
| US$ millions, unaudited | 2025 | 2024 | |||||
| Revenues | $ | 3,668 | $ | 3,666 | |||
| Direct operating costs | (1,334 | ) | (1,378 | ) | |||
| General and administrative expense | (80 | ) | (75 | ) | |||
| 2,254 | 2,213 | ||||||
| Interest expense | (1,155 | ) | (1,065 | ) | |||
| Share of earnings from investments in associates | 25 | — | |||||
| Remeasurement of financial liability associated with our exchangeable shares1 | (441 | ) | (477 | ) | |||
| Mark-to-market and other | 402 | (234 | ) | ||||
| Income before income tax | 1,085 | 437 | |||||
| Income tax expense | |||||||
| Current | (379 | ) | (356 | ) | |||
| Deferred | (6 | ) | (9 | ) | |||
| Net income | $ | 700 | $ | 72 | |||
| Attributable to: | |||||||
| Partnership | $ | (241 | ) | $ | (608 | ) | |
| Non-controlling interest | 941 | 680 | |||||
- Reflects gains (losses) on shares with an exchange/redemption option that are classified as liabilities under IFRS.
| Brookfield Infrastructure Corporation Consolidated Statements of Cash Flows |
|||||||
| For the twelve months ended |
|||||||
| US$ millions, unaudited | 2025 | 2024 | |||||
| Operating activities | |||||||
| Net income | $ | 700 | $ | 72 | |||
| Adjusted for the following items: | |||||||
| Earnings from investments in associates, net of distributions received | (4 | ) | — | ||||
| Depreciation and amortization expense | 668 | 775 | |||||
| Mark-to-market and other | (358 | ) | 323 | ||||
| Remeasurement of shares classified as financial liability | 441 | 477 | |||||
| Deferred income tax expense | 6 | 9 | |||||
| Change in non-cash working capital, net | 155 | 87 | |||||
| Cash from operating activities | 1,608 | 1,743 | |||||
| Investing activities | |||||||
| Disposal of subsidiaries, net of cash disposed | 431 | — | |||||
| Disposal of associates | 426 | — | |||||
| Purchase of long-lived assets, net of disposals | (1,393 | ) | (1,088 | ) | |||
| Purchase of financial assets and other | 22 | (22 | ) | ||||
| Acquisition of subsidiaries | (98 | ) | — | ||||
| Cash used by investing activities | (612 | ) | (1,110 | ) | |||
| Financing activities | |||||||
| Exchangeable shares issued | 38 | — | |||||
| Net capital provided to non-controlling interest | (1,087 | ) | (1,846 | ) | |||
| Net (repayments) borrowings | (213 | ) | 1,469 | ||||
| Other financing activities | (29 | ) | (51 | ) | |||
| Cash used by financing activities | (1,291 | ) | (428 | ) | |||
| Cash and cash equivalents | |||||||
| Change during the period | $ | (295 | ) | $ | 205 | ||
| Impact of foreign exchange on cash | 52 | (70 | ) | ||||
| Balance, beginning of period | 674 | 539 | |||||
| Balance, end of period | $ | 431 | $ | 674 | |||
Source:
| Title | Document |
|---|---|
English |