Brookfield Infrastructure Partners L.P. (BIP) 2023 Year-End Results [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Brookfield Infrastructure Partners reported strong 2023 results, with **Funds from Operations (FFO)** increasing **10%** to **$2.3 billion**, driven by **8%** organic growth and contributions from new investments, while **Net income attributable to the partnership** was **$432 million** | Financial Metric | 2023 | 2022 | | :--- | :--- | :--- | | Net income attributable to the partnership | $432 million | $407 million | | Net income per unit | $0.14 | $0.14 | | Funds from Operations (FFO) | $2,288 million | $2,087 million | | FFO per unit | $2.95 | $2.71 | - **FFO** growth of **10%** was supported by **8%** organic growth, reflecting strong inflation linkage, volume growth, and the commissioning of approximately **$1 billion** in new capital projects[5](index=5&type=chunk) - Over **$2 billion** was deployed into new investments in Q3 and Q4 2023, which favorably impacted results, partially offset by **$1.9 billion** of asset sales that closed in Q2 2023[5](index=5&type=chunk) - CEO Sam Pollock stated, "We believe 2024 will be an even better year, and we are already off to a strong start on our capital recycling and deployment initiatives"[4](index=4&type=chunk) [Segment Performance](index=1&type=section&id=Segment%20Performance) Overall **FFO** growth was driven by strong performance in the Utilities and Transport segments, which increased by **19%** and **12%** respectively, with the Data segment also seeing a **15%** increase due to acquisitions, partially offset by a decline in the Midstream segment primarily from a partial asset sale | FFO by Segment (US$ millions) | 2023 | 2022 | Change | | :--- | :--- | :--- | :--- | | Utilities | $879 | $739 | +19% | | Transport | $888 | $794 | +12% | | Midstream | $684 | $743 | -8% | | Data | $275 | $239 | +15% | | **Total FFO** | **$2,288** | **$2,087** | **+10%** | [Utilities](index=1&type=section&id=Utilities) The Utilities segment generated **FFO** of **$879 million**, a **19%** increase from the prior year, primarily driven by inflation indexation of approximately **6%**, contributions from **$500 million** of newly commissioned capital, and strong performance from the HomeServe business acquired in January 2023 - **FFO** increased by **19%** to **$879 million** in 2023 from **$739 million** in 2022[6](index=6&type=chunk) - Key growth drivers included inflation indexation (**~6%**), commissioning of **~$500 million** of capital into the rate base, and the acquisition of HomeServe[6](index=6&type=chunk) [Transport](index=2&type=section&id=Transport) The Transport segment's **FFO** increased by **12%** to **$888 million**, supported by inflationary tariff increases and higher volumes across its networks, with rail networks seeing an **8%** rate increase and **2%** volume growth, and toll roads experiencing a **4%** increase in traffic and **9%** tariff growth, alongside a positive contribution from the acquisition of Triton - **FFO** increased by **12%** to **$888 million** in 2023 from **$794 million** in 2022[7](index=7&type=chunk) - Performance drivers included: - Rail networks: **8%** average annual rate increase and **2%** volume growth - Toll roads: **4%** increase in traffic levels and **9%** tariff increase - Contribution from the acquisition of Triton, a global intermodal logistics operation[7](index=7&type=chunk) [Midstream](index=2&type=section&id=Midstream) The Midstream segment's **FFO** decreased to **$684 million** from **$743 million** in the previous year, primarily due to the partial sale of a U.S. gas pipeline and normalization of market-sensitive revenues, though results were supported by increased utilization and higher contracted cash flows - **FFO** declined to **$684 million** in 2023 from **$743 million** in 2022[8](index=8&type=chunk) - The decrease was mainly due to the partial sale of a U.S. gas pipeline and normalization of market-sensitive revenues at a Canadian midstream business[8](index=8&type=chunk) [Data](index=2&type=section&id=Data) The Data segment's **FFO** grew by **15%** to **$275 million**, largely driven by three significant acquisitions completed during the year, including a European telecom tower operation and two hyperscale data center platforms - **FFO** increased by **15%** to **$275 million** in 2023 from **$239 million** in 2022[1](index=1&type=chunk) - Growth was primarily attributable to three large-scale acquisitions made during the year[1](index=1&type=chunk) [Update on Strategic Initiatives](index=2&type=section&id=Update%20on%20Strategic%20Initiatives) In 2023, the company deployed over **$2 billion** in acquisitions, including Triton and two hyperscale data center platforms, and post-year-end, acquired **40** data center sites from Cyxtera for approximately **$1.3 billion** and American Tower's India operations for **$2 billion**, while progressing on its capital recycling plan targeting **$2 billion** in proceeds for 2024 - Deployed over **$2 billion** in three acquisitions in 2023, including the take-private of Triton and two hyperscale data center platforms[9](index=9&type=chunk) - Acquired **40** data center sites from Cyxtera for **~$1.3 billion**, creating a leading retail colocation provider in North America[10](index=10&type=chunk) - Acquired American Tower's operations in India (**78,000** telecom sites) for **$2 billion**, creating one of the largest tower platforms globally with **253,000** sites[11](index=11&type=chunk) - The company is on track to achieve its **$2 billion** capital recycling target for 2024, having already generated **$550 million** from opportunistic financings of two North American pipeline operations[12](index=12&type=chunk) [Distribution and Dividend Declaration](index=2&type=section&id=Distribution%20and%20Dividend%20Declaration) The Board of Directors announced the **15th** consecutive distribution increase, raising the quarterly payout by **6%** to **$0.405** per unit, payable on March 29, 2024, to unitholders of record as of February 29, 2024 - Declared a quarterly distribution of **$0.405** per unit, representing a **6%** increase compared to the prior year[3](index=3&type=chunk)[13](index=13&type=chunk) - This marks the **15th** consecutive distribution increase for the company[3](index=3&type=chunk) [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) This section presents the unaudited consolidated financial statements for Brookfield Infrastructure Partners L.P. as of and for the year ended December 31, 2023, including the Statement of Financial Position, Statement of Operating Results, and Statement of Cash Flows [Consolidated Statements of Financial Position](index=5&type=section&id=Consolidated%20Statements%20of%20Financial%20Position) As of December 31, 2023, **Total Assets** increased to **$100.8 billion** from **$73.0 billion** in 2022, driven by significant growth in property, plant, and equipment, while **Total Liabilities** rose to **$66.8 billion** from **$47.4 billion**, primarily due to an increase in non-recourse borrowings | Balance Sheet Item (US$ millions) | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Total Assets | $100,784 | $72,969 | | Total Liabilities | $66,768 | $47,415 | | Total Partnership Capital | $34,016 | $25,554 | [Consolidated Statements of Operating Results](index=5&type=section&id=Consolidated%20Statements%20of%20Operating%20Results) For the year ended December 31, 2023, **Revenues** grew to **$17.9 billion** from **$14.4 billion** in 2022, with **Net Income Attributable to Partnership** at **$432 million**, a slight increase from **$407 million** in the prior year, as higher revenues were partially offset by increased direct operating and interest expenses | Income Statement Item (US$ millions) | 2023 | 2022 | | :--- | :--- | :--- | | Revenues | $17,931 | $14,427 | | Net Income | $1,448 | $1,375 | | Net Income Attributable to Partnership | $432 | $407 | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For 2023, **Cash from operating activities** increased to **$4.1 billion**, **Cash used by investing activities** was significantly higher at **$13.0 billion** due to acquisitions, and **Cash from financing activities** was a strong inflow of **$9.4 billion**, driven by new borrowings and capital from non-controlling interests, resulting in a net increase in cash of **$507 million** | Cash Flow Item (US$ millions) | 2023 | 2022 | | :--- | :--- | :--- | | Cash from operating activities | $4,078 | $3,131 | | Cash used by investing activities | $(12,990) | $(3,365) | | Cash from financing activities | $9,419 | $56 | | Change in cash during the period | $507 | $(178) | [Reconciliation of Non-IFRS Measures](index=7&type=section&id=Reconciliation%20of%20Non-IFRS%20Measures) This section provides a reconciliation of the non-IFRS measure, **Funds from Operations (FFO)**, to the most directly comparable IFRS measure, **Net Income**, which management uses as a key measure to evaluate operating performance [Reconciliation of Net Income to FFO](index=7&type=section&id=Reconciliation%20of%20Net%20Income%20to%20FFO) For 2023, the company reconciled a **Net Income** of **$1.45 billion** to **Funds from Operations (FFO)** of **$2.29 billion**, with primary adjustments including adding back **$2.74 billion** in **depreciation and amortization** and including a **$923 million** **FFO** contribution from investments in associates and joint ventures | Reconciliation Item (US$ millions) | 2023 | 2022 | | :--- | :--- | :--- | | Net Income | $1,448 | $1,375 | | Depreciation and amortization | $2,739 | $2,158 | | FFO attributable to non-controlling interests | $(2,669) | $(2,348) | | Other adjustments | $769 | $902 | | **FFO** | **$2,288** | **$2,087** | [Statements of Funds from Operations per Unit](index=8&type=section&id=Statements%20of%20Funds%20from%20Operations%20per%20Unit) **FFO per unit** increased to **$2.95** in 2023 from **$2.71** in 2022, derived by adjusting the IFRS-based **earnings per limited partnership unit** for non-cash items like **depreciation and amortization** | FFO per Unit Calculation (US$) | 2023 | 2022 | | :--- | :--- | :--- | | Earnings per limited partnership unit | $0.14 | $0.14 | | Depreciation and amortization | $1.84 | $1.66 | | Deferred taxes and other items | $0.97 | $0.91 | | **FFO per unit** | **$2.95** | **$2.71** | Brookfield Infrastructure Corporation (BIPC) 2023 Year-End Results [BIPC Financial Highlights and Dividend](index=8&type=section&id=BIPC%20Financial%20Highlights%20and%20Dividend) Brookfield Infrastructure Corporation (**BIPC**) reported 2023 **net income** of **$606 million**, a decrease from **$1.6 billion** in the prior year primarily due to the accounting revaluation of its own shares, though underlying earnings were modestly higher year-over-year, and the Board declared a **6%** increase in the quarterly dividend to **$0.405** per share, identical to the distribution on BIP units - **BIPC** reported **net income** of **$606 million** for 2023, compared to **$1,619 million** in 2022, with the decline mainly due to the impact of the revaluation of its own shares, which are classified as liabilities under IFRS[45](index=45&type=chunk) - The Board of Directors declared a quarterly dividend of **$0.405** per share, a **6%** increase from the prior year, which is economically equivalent to the BIP distribution[42](index=42&type=chunk) [BIPC Consolidated Financial Statements](index=9&type=section&id=BIPC%20Consolidated%20Financial%20Statements) This section presents the unaudited consolidated financial statements for Brookfield Infrastructure Corporation (**BIPC**) as of and for the year ended December 31, 2023, including the Statement of Financial Position, Statement of Operating Results, and Statement of Cash Flows [BIPC Consolidated Statements of Financial Position](index=9&type=section&id=BIPC%20Consolidated%20Statements%20of%20Financial%20Position) As of December 31, 2023, **BIPC**'s **Total Assets** grew significantly to **$23.9 billion** from **$10.2 billion** in 2022, driven by a large increase in property, plant, and equipment, while **Total Liabilities** also increased substantially, primarily due to a rise in non-recourse borrowings | Balance Sheet Item (US$ millions) | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Total Assets | $23,909 | $10,178 | | Total Liabilities | $19,841 | $10,539 | | Total Equity | $4,068 | $(361) | [BIPC Consolidated Statements of Operating Results](index=10&type=section&id=BIPC%20Consolidated%20Statements%20of%20Operating%20Results) For 2023, **BIPC**'s **Revenues** increased to **$2.5 billion** from **$1.9 billion** in 2022, with **Net Income** at **$606 million**, down from **$1.6 billion**, largely due to a negative variance of over **$1 billion** in the 'Remeasurement of exchangeable and class B shares' line item compared to the prior year | Income Statement Item (US$ millions) | 2023 | 2022 | | :--- | :--- | :--- | | Revenues | $2,503 | $1,886 | | Remeasurement of exchangeable shares | $34 | $1,058 | | Net Income | $606 | $1,619 | [BIPC Consolidated Statements of Cash Flows](index=10&type=section&id=BIPC%20Consolidated%20Statements%20of%20Cash%20Flows) For 2023, **BIPC** generated **$1.06 billion** in **Cash from operating activities**, with **Cash used by investing activities** increasing to **$3.17 billion** due to acquisitions, and **Financing activities** providing a net cash inflow of **$2.18 billion**, resulting in a net increase in cash of **$68 million** for the year | Cash Flow Item (US$ millions) | 2023 | 2022 | | :--- | :--- | :--- | | Cash from operating activities | $1,059 | $893 | | Cash used by investing activities | $(3,174) | $(1,047) | | Cash from (used by) financing activities | $2,183 | $(4) | | Change in cash during the period | $68 | $(158) | Other Information [About Brookfield Infrastructure](index=3&type=section&id=About%20Brookfield%20Infrastructure) 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, focusing on assets with contracted and regulated revenues that generate stable cash flows, and is the flagship listed infrastructure company of Brookfield Asset Management - The company owns and operates assets across the utilities, transport, midstream, and data sectors in the Americas, Asia Pacific, and Europe[19](index=19&type=chunk) - It is the flagship listed infrastructure company of Brookfield Asset Management, a global alternative asset manager with over **$850 billion** of assets under management[20](index=20&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This news release contains forward-looking statements regarding business expansion, transaction completions, and future performance, with the company cautioning that these statements are based on reasonable assumptions but are subject to known and unknown risks and uncertainties that could cause actual results to differ materially - The document contains forward-looking information concerning future events, trends, and prospects, which are not historical facts[22](index=22&type=chunk) - Readers are cautioned not to place undue reliance on these statements as future performance is subject to numerous risks and uncertainties, including economic conditions, market demand, and the ability to complete and integrate transactions[23](index=23&type=chunk)

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Brookfield Infrastructure Partners L.P. (NYSE:BIP) Q3 2023 Earnings Conference Call November 1, 2023 9:00 AM ET Corporate Participants David Krant - Chief Financial Officer Sam Pollock - Chief Executive Officer Ben Vaughan - Chief Operating Officer Conference Call Participants Cherilyn Radbourne - TD Cowen Robert Kwan - RBC Capital Markets Devin Dodge - BMO Capital Markets Robert Hope - Scotiabank Robert Catellier - CIBC Capital Markets Frederic Bastien - Raymond James Patrick Kenny - NBF Operator Thank you ...

1. 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. 2. Other 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 dispositions of subsidiari ...

Funds from Operations (FFO) Performance - Funds from operations (FFO) for the first quarter was $554 million, increasing 12% relative to the comparable period[1] - The utilities segment generated FFO of $208 million, an increase of 25% from the same period last year, with organic growth over 10%[2] - The midstream segment generated $198 million of FFO, consistent with the prior year[3] - The transport segment saw FFO of $192 million, an increase of 11% excluding the divested North American container terminal[24] - The data segment generated FFO of $70 million, an increase of 21% from the same period last year, with organic growth of 9%[25] - FFO increased to $111 million this quarter, representing a 9% increase compared to the same period in the prior year[37] - Consolidated Funds from Operations (FFO) reached $1,138 million, up from $1,059 million in the same period last year[39] - FFO per unit was $554 million, compared to $493 million in the prior year[39] - FFO (Funds from Operations) remained stable at $227 million in both Q1 2023 and Q1 2022[48] Organic Growth and Inflation Impact - Organic growth for the quarter was robust at 9%, reflecting the benefits of continued elevated levels of inflation on tariffs and strong volumes across transport networks[1] - The utilities segment generated FFO of $208 million, an increase of 25% from the same period last year, with organic growth over 10%[2] - The data segment generated FFO of $70 million, an increase of 21% from the same period last year, with organic growth of 9%[25] Acquisitions and Divestitures - Brookfield Infrastructure announced the acquisition of 100% of Triton for $85 per share, equating to an enterprise value of $13.3 billion[5] - Brookfield Infrastructure completed the sale of two U.S. gas storage assets for gross proceeds of $235 million, with attractive transaction multiples of 21x and 15x EBITDA[6] - The company expects its asset sale program to generate approximately $2 billion of proceeds this year[28] Financial Position and Cash Flow - Total assets increased to $81,925 million as of March 31, 2023, up from $72,969 million as of December 31, 2022[35] - Cash and cash equivalents rose to $1,515 million as of March 31, 2023, compared to $1,279 million as of December 31, 2022[35] - Net investments in operating assets were $4,699 million, significantly higher than $42 million in the prior year[36] - Cash used by operating activities was $10 million in Q1 2023, compared to $123 million generated in Q1 2022[47] - Cash used by investing activities decreased to $129 million in Q1 2023 from $639 million in Q1 2022[47] - Cash and cash equivalents decreased by $143 million in Q1 2023, compared to an increase of $609 million in Q1 2022[47] Net Income and Expenses - Net income for the quarter was $143 million, down from $294 million in the same period last year[39] - Depreciation and amortization expense increased to $645 million, up from $544 million in the prior year[39] - Net loss for Q1 2023 was $195 million, compared to $216 million in Q1 2022[61] - Brookfield Infrastructure reported net income of $23 million for the three-month period ended March 31, 2023, compared to $70 million in the prior year[75] Revenues and Costs - Revenues for the quarter were $497 million, up from $461 million in the same period last year[46] - Revenues increased to $4,218 million in Q1 2023 from $3,411 million in Q1 2022[53] - Direct operating costs rose to $3,229 million in Q1 2023 from $2,506 million in Q1 2022[53] Interest Expense and Earnings - Interest expense increased to $153 million, up from $102 million in the prior year[46] - Interest expense increased to $568 million in Q1 2023 from $409 million in Q1 2022[53] - Share of earnings from associates and joint ventures grew to $103 million in Q1 2023 from $54 million in Q1 2022[53] - Mark-to-market losses increased to $94 million in Q1 2023 from $54 million in Q1 2022[53] Dividends and Distributions - Brookfield Infrastructure declared a quarterly distribution of $0.3825 per unit, payable on June 30, 2023[8] - Brookfield Infrastructure declared a quarterly dividend of $0.3825 per class A exchangeable subordinate voting share, payable on June 30, 2023[73] Data Segment Expansion - Data4 plans to add 400 megawatts of capacity, with a significant proportion already contracted or reserved, and a total Brookfield equity investment of $2.4 billion (BIP's share – approximately $600 million)[76]

Brookfield Infrastructure Partners L.P. (NYSE:BIP) Q2 2023 Earnings Conference Call August 3, 2023 9:00 AM ET Company Participants David Krant - CFO Udhay Mathialagan - MD, Investments & CEO, Global Data Centre Sam Pollock - CEO Ben Vaughan - COO Conference Call Participants Cherilyn Radbourne - TD Cowen Robert Hope - Scotiabank Robert Kwan - RBC Capital Markets Devin Dodge - BMO Capital Markets Naji Baydoun - iA Capital Markets Andrew Kuske - Credit Suisse Operator Hello and thank you for standing by. Welc ...