Brookfield Infrastructure Reports Strong First Quarter 2026 Results
Rhea-AI Summary
Brookfield Infrastructure (NYSE: BIP) reported Q1 2026 FFO of $709 million and FFO per unit of $0.90, a 10% increase year-over-year. Net loss was $61 million vs. income of $125 million a year earlier, driven by unrealized hedge losses in midstream.
Key developments: data FFO +46%, midstream FFO +12%, ~ $1.0 billion of capital recycling proceeds secured to date, ~ $400 million of new investment opportunities, and a declared quarterly distribution of $0.455 per unit payable June 30, 2026.
Positive
- FFO +10% to $709 million
- FFO per unit $0.90 (+10% YoY)
- Data segment FFO +46%
- $1.0 billion of capital recycling proceeds secured to date
- $400 million of new investment opportunities secured
Negative
- Net loss of $61 million vs. $125 million income in Q1 2025
- Unrealized hedge losses in midstream offsetting one-time gains
- Foregone earnings from over $3.6 billion of asset sales completed over the last 12 months
News Market Reaction – BIP
On the day this news was published, BIP declined 1.53%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
BIP’s -2.02% move contrasts with mixed peers: SRE -0.12%, AES -0.03%, AQN +0.32%, CIG 0%, ALE -0.10%, pointing to stock-specific reaction to earnings.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 07 | Q3 2025 earnings | Positive | +2.6% | FFO and data segment growth plus strong asset sale proceeds and liquidity. |
| Jul 31 | Q2 2025 earnings | Positive | +0.3% | Higher net income and FFO with multiple acquisitions and asset sale proceeds. |
| Apr 30 | Q1 2025 earnings | Positive | +1.9% | FFO growth, capital commissioning, Colonial acquisition and higher distribution. |
| Nov 06 | Q3 2024 earnings | Positive | +0.6% | FFO increase and capital recycling target achieved despite net loss from hedges. |
| Aug 01 | Q2 2024 earnings | Positive | -1.7% | Robust FFO growth led by transport segment and expanding organic project backlog. |
Earnings releases have generally been received positively, with modest single-day gains following FFO growth and distribution increases, even when net income was pressured by hedge-related items.
Recent earnings for Brookfield Infrastructure have consistently highlighted growing FFO, ongoing capital recycling, and expansion in data and midstream assets. Q2 and Q3 2025 showed solid FFO increases and rising distributions, while Q3 2024 combined higher FFO with a reported net loss driven by hedging marks. Today’s Q1 2026 update, with higher FFO per unit and a 6% distribution increase, fits this pattern of emphasizing cash-generation metrics and recycling proceeds into new platforms and partnerships.
Historical Comparison
In the last five earnings releases, BIP’s average one-day move was about 0.72%, with most quarters showing small positive reactions to FFO growth and distribution increases.
Across recent earnings, Brookfield Infrastructure has repeatedly delivered FFO growth, higher distributions, and sizable capital recycling, while scaling data and midstream platforms and maintaining strong liquidity.
Market Pulse Summary
This announcement underscores Brookfield Infrastructure’s focus on FFO growth, capital recycling and balance sheet strength. Q1 2026 delivered $709M of FFO, $0.90 per unit, and a higher $0.455 distribution, while liquidity stood at $5.3B. Investors may weigh the reported $61M net loss from hedging against expanding data and midstream contributions, new partnerships, and the track record of redeploying asset sale proceeds into higher-growth platforms.
Key Terms
funds from operations (ffo) financial
capital recycling financial
at-the-market equity program financial
asset-backed securities financial
non-recourse debt financial
investment grade bonds financial
AI-generated analysis. Not financial advice.
This news release constitutes a “designated news release” for the purposes of the prospectus supplement dated November 19, 2025 to the short form base shelf prospectus of Brookfield Infrastructure Corporation and Brookfield Infrastructure Partners L.P. dated January 29, 2025
BROOKFIELD, NEWS, April 29, 2026 (GLOBE NEWSWIRE) -- Brookfield Infrastructure Partners L.P. (Brookfield Infrastructure, BIP, or the Partnership) (NYSE: BIP; TSX: BIP.UN) today announced its results for the first quarter ended March 31, 2026.
“Brookfield Infrastructure delivered strong results in the first quarter while continuing to advance a number of strategic initiatives across the business,” said Sam Pollock, Chief Executive Officer of Brookfield Infrastructure. “Our strategic partnerships with high-quality counterparties are increasingly an important driver of growth, expanding our opportunity set and reinforcing our position as a partner of choice for large-scale infrastructure investment.”
Overview
Brookfield Infrastructure generated funds from operations (FFO) per unit of
During the quarter, we executed on a number of strategic and capital allocation priorities. We secured approximately
| For the three months ended March 31 | ||||||
| US$ 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 | ||
Brookfield Infrastructure reported a net loss of
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 March 31 | |||||||
| 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 9:00am ET, please pre-register at https://register-conf.media-server.com/register/BIeb7b7ecb8ee44aaeb2d2a5d6e821974b. Upon registering, you will be emailed a dial-in number, and unique PIN. The conference call will also be webcast live at https://edge.media-server.com/mmc/p/vvuf582m.
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 Americas, Asia Pacific and Europe. We are focused on assets that have contracted and regulated revenues that generate predictable and stable cash flows. Investors can access its portfolio either through Brookfield Infrastructure Partners L.P. (NYSE: BIP; TSX: BIP.UN), a Bermuda-based limited partnership, or Brookfield Infrastructure Corporation (NYSE, TSX: BIPC), a Canadian corporation. Further information is available at https://bip.brookfield.com.
Brookfield Infrastructure is the flagship listed infrastructure company of Brookfield Asset Management, a global alternative asset manager, headquartered in New York with over
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: john.hamlin@brookfield.com | Email: stephen.fukuda@brookfield.com |
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 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 Canada and the United States including under “Risk Factors” in Brookfield Infrastructure’s most recent Annual Report on Form 20-F and other risks and factors that are described therein. Except as required by law, Brookfield Infrastructure undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise. 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, Exchange LP units, BIPC exchangeable LP units and BIPC exchangeable shares and class A.2 exchangeable shares.
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 Brookfield Infrastructure Partners L.P.
- 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).
| Brookfield Infrastructure Partners L.P. Consolidated Statements of Financial Position | |||||
| As of | |||||
| US$ millions, unaudited | Mar. 31, 2026 | Dec. 31, 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.
| Brookfield Infrastructure Partners L.P. Consolidated Statements of Operating Results | |||||||
| For the three months ended March 31 | |||||||
| 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).
| Brookfield Infrastructure Partners L.P. Consolidated Statements of Cash Flows | |||||||
| For the three months ended March 31 | |||||||
| 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 | |||
| Brookfield Infrastructure Partners L.P. Reconciliation of Net Income to Funds from Operations | |||||||
| For the three months ended March 31 | |||||||
| 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.
| Brookfield Infrastructure Partners L.P. Statements of Funds from Operations per Unit | ||||||
| For the three months ended March 31 | ||||||
| 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 Brookfield Infrastructure Corporation (“BIPC” or our “company”) (NYSE, TSX: BIPC) today 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 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
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 U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations. The words “believe”, “expect”, “will” 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 include statements regarding the impact of the market price of BIP’s units and the combined business performance of our company and BIP as a whole on the market price of the Shares. 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 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 BIPC with the securities regulators in Canada and the United States including “Risk Factors” in BIPC’s most recent Annual Report on Form 20-F and other risks and factors that are described therein. Except as required by law, Brookfield Infrastructure Corporation undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.
| Brookfield Infrastructure Corporation Consolidated Statements of Financial Position | |||||||
| As of | |||||||
| US$ millions, unaudited | Mar. 31, 2026 | Dec. 31, 2025 | |||||
| Assets | |||||||
| Cash and cash equivalents | $ | 589 | $ | 431 | |||
| Due from Brookfield Infrastructure | 1,691 | 1,574 | |||||
| Property, plant and equipment | 14,110 | 14,198 | |||||
| Intangible assets | 3,219 | 3,102 | |||||
| Investments in associates | 273 | 295 | |||||
| Goodwill | 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 Brookfield Infrastructure | 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 | |||
| Brookfield Infrastructure Corporation Consolidated Statements of Operating Results | |||||||
| For the three months ended March 31 | |||||||
| 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.
| Brookfield Infrastructure Corporation Consolidated Statements of Cash Flows | |||||||
| For the three months ended March 31 | |||||||
| 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 | |||
